Exhibit 99.2 - -------------------------------------------------------------------------------- CONVERSION APPRAISAL REPORT CBES BANCORP, INC. PROPOSED HOLDING COMPANY FOR COMMUNITY BANK OF EXCELSIOR SPRINGS, A SAVINGS BANK Excelsior Springs, Missouri Stock Prices As Of: June 14, 1996 - -------------------------------------------------------------------------------- Prepared By: RP Financial, LC. 1700 North Moore Street Suite 2210 Arlington, Virginia 22209 [LETTERHEAD APPEARS HERE] June 14, 1996 Board of Directors Community Bank of Excelsior Springs, A Savings Bank 1001 N. Jesse James Road Excelsior Springs, Missouri 64024-1201 Gentlemen: At your request, we have completed and hereby provide an independent appraisal of the estimated pro forma market value of the common stock which is to be issued by CBES Bancorp, Inc. (the "Holding Company"), in connection with the mutual-to-stock conversion of Community Bank of Excelsior Springs, A Savings Bank, (the "Bank"). It is our understanding that the Holding Company will offer its stock in a subscription offering to the Bank's Eligible Account Holders, to the Bank's Employee Stock Ownership Plan ("ESOP"), to Supplemental Eligible Account Holders of the Bank, and to Other Members of the Bank. Subject to these priorities, shares of Common Stock may also be offered in the Community offering. This appraisal is furnished pursuant to the requirements of Regulation 563b.7 and has been prepared in accordance with the "Guidelines for Appraisal Reports for the Valuation of Savings and Loan Associations Converting from Mutual to Stock Form of Organization" of the Office of Thrift Supervision ("OTS"), including the most recent revisions as of October 21, 1994, and applicable regulatory interpretations thereof. Description of Reorganization - ----------------------------- The Board of Directors of the Bank has adopted a Plan of Conversion (the "Plan") pursuant to which the Bank will convert from a federally chartered mutual savings bank to a federally-chartered stock savings bank. In the reorganization process, to become effective concurrent with the completion of the stock sale, which is targeted for the third calendar quarter of 1996: (1) the Bank will issue all of its outstanding shares to the Holding Company; (2) the Holding Company will sell in a subscription offering and possible community offering Holding Company stock in the amount equal to the appraised value of the Bank; and (3) up to 50 percent of the net proceeds will be retained at the holding company level with the balance used to purchase the stock of the Bank. RP Financial, LC. - ----------------- RP Financial, LC. ("RP Financial") is a financial consulting firm that among other services specializes in financial valuations and analyses of business enterprises and securities. The background and experience of RP Financial are detailed in Exhibit V-1. We believe that, except for the fee we will receive for our appraisal of the shares to be issued by the Holding Company and assistance in preparing the business plan to accompany the conversion application, we are independent of the Bank, the Holding Company and other parties engaged by the Bank to assist in the stock issuance process. RP Financial, LC. Board of Directors June 14, 1996 Page 2 Valuation Methodology - --------------------- In preparing our appraisal, we have reviewed the Holding Company's Application for Approval of Conversion, including the Proxy Statement, as filed with the OTS and the Holding Company's Form S-B2 registration statement as filed with the Securities and Exchange Commission ("SEC"). We have conducted an analysis of the Bank and the Holding Company (hereinafter, collectively referred to as "the Bank"), that has included due diligence related discussions with the Bank's management; KPMG Peat Marwick LLP, the Bank's independent auditor; Luse Lehman Gorman Pomerenk & Schick, the Bank's special counsel; and Trident Securities, Inc., who has been retained by the Bank as a financial and marketing advisor in connection with the stock offering. The assumptions set forth in the appraisal were based on such discussions, but all valuation conclusions were reached independently of such discussions. In addition, where appropriate, we have considered information based on other available published sources that we believe are reliable. While we believe the information and data gathered from all these sources are reliable we cannot guarantee the accuracy or completeness of such information. We have investigated the competitive environment within which the Bank operates, and have assessed the Bank's relative strengths and weaknesses. We have kept abreast of the changing regulatory and legislative environment and analyzed the potential impact on the Bank and the industry as a whole. We have analyzed the potential effects of the stock offering on the Bank's operating characteristics and financial performance as they relate to the pro forma market value of the shares to be issued in the conversion. We have reviewed the economy in the Bank's primary market area and have compared the Bank's financial performance and condition with selected publicly-traded thrift institutions operating in Missouri and other regions. We have reviewed conditions in the securities markets in general and for thrift stocks in particular. Our appraisal is based on the Bank's representation that the information contained in the regulatory applications and additional information furnished to us by the Bank and its independent auditors are truthful, accurate and complete. We did not independently verify the financial statements and other information provided by the Bank and its independent auditors, nor did we independently value the individual assets, liabilities or contingent liabilities of the Bank. The valuation considers the Bank only as a going concern and should not be considered as an indication of the liquidation value of the Bank. Our appraised value is predicated on a continuation of the current operating environment for the Bank and for all thrifts. Changes in the local and national economy, the legislative and regulatory environment, the stock market, interest rates, and other external forces (such as natural disasters) may occur from time to time, often with great unpredictability and may materially impact the value of thrift stocks as a whole or the Bank's value alone. To the extent that such factors can be foreseen, they have been factored into our analysis. Pro forma market value is defined as the price at which the Holding Company's shares would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. Valuation Conclusion - -------------------- It is our opinion that, as of June 14, 1996, the aggregate pro forma market value of the Bank and the Holding Company, was $10,500,000 at the midpoint, equal to 1,050,000 shares offered at a per share value of $10.00. Pursuant to OTS conversion guidelines, the 15 percent offering range indicates a minimum value of $8,925,000 and a maximum value of $12,075,000. Based on the $10.00 per share offering price, this valuation range equates to an offering of 892,500 shares at the minimum to 1,207,500 shares at the maximum. The Holding Company's offering also includes a provision for a superrange maximum value, which if fully exercised, would result in an offering size of $13,886,250, equal to 1,388,625 shares at the $10.00 per share offering price. RP Financial, LC. Board of Directors June 14, 1996 Page 3 Limiting Factors and Considerations - ----------------------------------- Our valuation is not intended, and must not be construed, as a recommendation of any kind as to the advisability of purchasing shares of the common stock to be issued by the holding company. Moreover, because such valuation is necessarily based upon estimates and projections of a number of matters, all of which are subject to change from time to time, no assurance can be given that persons who purchase shares of common stock in the initial offering will thereafter be able to sell such shares at prices related to the foregoing valuation of the pro forma market value. The appraisal does not take into account any trading activity with respect to the purchase and sale of common stock in the secondary market, and reflects only a valuation range as of this date for the pro forma market value of the Bank immediately upon issuance of the stock. RP Financial's valuation was determined based on the financial condition and operations of the Bank as of March 31, 1996, the date of the financial data included in the Holding Company's Prospectus. RP Financial is not a seller of securities within the meaning of any federal and state securities laws and any report prepared by RP Financial shall not be used as an offer or solicitation with respect to the purchase or sale of any securities. RP Financial maintains a policy which prohibits the company, its principals or employees from purchasing stock of its client institutions. The valuation will be updated should market conditions or changes in the Bank's operating results warrant. The valuation will also be updated at the completion of the Holding Company's stock offering. These updates will consider, among other things, any developments or changes in the Bank's financial performance and condition, management policies, and current conditions in the equity markets for thrift shares, both existing issues and new issues. Also, these updates will consider changes in other external factors which impact value including, but not limited to: various changes in the legislative and regulatory environment (including changes in the appraisal guidelines), the stock market and the market for thrift stocks, and interest rates. Should any such new developments or changes be material, in our opinion, to the valuation of the shares, appropriate adjustments to the estimated pro forma market value will be made. The reasons for any such adjustments will be explained in the update at the date of the release of the update. Respectfully submitted, RP FINANCIAL, LC. /s/ Ronald S. Riggins Ronald S. Riggins President and Managing Director /s/ Timothy M. Biddle Timothy M. Biddle Vice President RP FINANCIAL, LC. TABLE OF CONTENTS COMMUNITY BANK OF EXCELSIOR SPRINGS Excelsior Springs, Missouri PAGE DESCRIPTION NUMBER - ----------- ------ CHAPTER ONE OVERVIEW AND FINANCIAL ANALYSIS - ----------- Strategic Discussion 1.1 Balance Sheet Trends 1.4 Income and Expense Trends 1.7 Interest Rate Risk Management 1.10 Lending Activities and Strategy 1.10 Asset Quality 1.13 Funding Composition and Strategy 1.13 Subsidiary 1.14 Legal Proceedings 1.14 CHAPTER TWO MARKET AREA - ----------- Introduction 2.1 National Economic Factors 2.2 Market Area Demographics 2.3 Economy 2.5 Market Area Deposit Characteristics 2.6 Competition 2.6 CHAPTER THREE PEER GROUP ANALYSIS - ------------- Selection of Peer Group 3.1 Financial Condition 3.5 Income and Expense Components 3.8 Loan Composition 3.10 Credit Risk 3.12 Interest Rate Risk 3.12 Summary 3.15 RP FINANCIAL, LC. TABLE OF CONTENTS COMMUNITY BANK OF EXCELSIOR SPRINGS Excelsior Springs, Missouri (continued) PAGE DESCRIPTION NUMBER ----------- ------ CHAPTER FOUR VALUATION ANALYSIS - ------------- Introduction 4.1 Appraisal Guidelines 4.1 Valuation Analysis 4.2 1. Financial Condition 4.2 2. Profitability, Growth and Viability of Earnings 4.3 3. Asset Growth 4.4 4. Primary Market Area 4.4 5. Dividends 4.6 6. Liquidity of the Shares 4.7 7. Marketing of the Issue 4.7 A. The Public Market 4.7 B. The New Issue Market 4.12 C. The Acquisition Market 4.15 8. Management 4.15 9. Effect of Government Regulation and Regulatory Reform 4.16 Summary of Adjustments 4.16 Valuation Approaches 4.16 1. Price-to-Earnings ("P/E") 4.18 2. Price-to-Book ("P/B") 4.18 3. Price-to-Assets ("P/A") 4.19 Valuation Conclusion 4.19 RP Financial, L.C. LIST OF TABLES COMMUNITY BANK OF EXCELSIOR SPRINGS Excelsior Springs, Missouri TABLE NUMBER DESCRIPTION PAGE - ------ ----------- ---- 1.1 Summary Balance Sheet Data 1.5 1.2 Historical Income Statement 1.8 2.1 Summary Demographic Data 2.4 2.2 Major Employers in Excelsior Springs 2.5 2.3 Unemployment Rates 2.6 2.4 Deposit Summary 2.7 3.1 Peer Group of Publicly-Traded Thrifts 3.3 3.2 Balance Sheet Composition and Growth Rates 3.6 3.3 Income as a Percent of Average Assets and Yields, Costs, Spreads 3.9 3.4 Loan Portfolio Composition Comparative Analysis 3.11 3.5 Peer Group Credit Risk Comparative Analysis 3.13 3.6 Interest Rate Risk Comparative Analysis 3.14 4.1 Market Area Unemployment Rates 4.5 4.2 Recent Conversions: Conversion Pricing Characteristics 4.13 4.3 Market Pricing Comparatives 4.14 4.4 Public Market Pricing 4.21 RP Financial, LC. Page 1.1 I. OVERVIEW AND FINANCIAL ANALYSIS Community Bank of Excelsior Springs, A Savings Bank ("Community Bank", or the "Bank") is a federally-chartered mutual savings bank headquartered in Excelsior Springs, Missouri, a town in northern Clay County, Missouri. The Bank also operates a branch in the nearby town of Kearney which was opened in January 1995. The Bank considers its primary market for loans and deposits to consist of Clay and Ray Counties, supplemented by business generated from customers in the contiguous counties of Clinton and Lafayette (see Exhibit I-1). The Bank was chartered as a Missouri mutual savings and loan association in 1931 under the name Excelsior Springs Savings and Loan Association, and changed its name to its current form in 1991. In 1995, the Bank amended its charter to become a federal mutual savings bank. The Bank is currently a member of the Federal Home Loan Bank ("FHLB") system and is regulated by the Office of Thrift Supervision ("OTS"). The Bank's deposits are insured up to the regulatory maximums by the Savings Association Insurance Fund ("SAIF") of the Federal Deposit Insurance Corporation ("FDIC"). As of March 31, 1996, the Bank maintained $86.2 million in assets, $67.9 million in deposits and $7.9 million in retained earnings, equal to 9.15 percent of assets. The Bank's Board of Directors has adopted a Plan of Conversion, in which the Bank will reorganize from a federal RP Financial, LC. mutual savings bank to a federal stock savings bank, issuing all of its common stock to a newly formed unitary savings and loan holding company called CBES Bancorp, Inc. (the "Holding Company"). Concurrently, the Holding Company will issue in a subscription and possible community offering common stock in an amount equal to the appraised pro forma market value of the Bank. The closing of the conversion and stock sale is targeted for the third calendar quarter of 1996. Strategic Discussion - -------------------- The Bank is a community-oriented thrift dedicated to meeting the borrowing and savings needs of its local customer base. Throughout its history, the Bank has pursued a traditional thrift operating strategy of 1-4 family mortgage lending in Clay and Ray Counties, Missouri, which are a combination of suburban and rural markets located adjacent to the Kansas City metropolitan area. In recent years, the Bank has also become very active in construction lending in conjunction with the relatively rapid suburban development that has been occurring north of Kansas City, particularly in southern Clay County. The majority of this lending is speculative construction lending. The Bank is also an active originator of consumer loans, the majority of which have consisted of automobile loans. To a lesser extent, the Bank originates multi-family residential/commercial real estate mortgages (collectively, "income property loans"), land loans and various other types of consumer loans. Excess cash at the Bank is reinvested into deposits in other financial institutions and various other types of low- RP Financial, LC. Page 1.2 risk investment securities, including mortgage-backed securities ("MBS"). By emphasizing a traditional thrift operating strategy through the origination of primarily 1-4 family mortgages, the Bank has maintained strong asset quality in recent years. The Bank has also effectively limited its exposure to interest rate risk through its lending strategy, which has involved selling the majority of fixed-rate mortgages in the secondary market, retaining adjustable rate mortgages ("ARMs") for portfolio, and growing the portfolios of shorter-term construction and consumer loans. Community Bank's funding needs have been met primarily with retail deposits, although the Bank has borrowed funds from the FHLB of Des Moines from time to time to meet loan demand. Notwithstanding the recent growth in construction loans, the majority of Community Bank's loans consist of relatively low credit risk residential mortgages (approximately 61 percent of the loan portfolio consists of 1-4 family residential mortgages). This, together with the Bank's generally conservative underwriting standards, has reduced credit risk in recent years. The ratio of non-performing assets ("NPAs", consisting of real estate owned and other repossessed assets, non-accruing loans and delinquent accruing loans) to assets has stayed below 1.00 percent of assets during the last two fiscal years and as of March 31, 1996. The majority of the NPAs are secured by residential mortgages in which management believes exposure to losses is minimal. The Bank realizes that speculative construction loans represent significantly more credit risk than 1-4 family residential mortgages, and intends to continue to closely monitor its exposure to credit risk in light of the anticipated growth in the construction loan portfolio. The Bank's operating strategy has also resulted in low exposure to interest rate risk in recent years. In addition to selling the majority of fixed-rate mortgages in the secondary market and retaining mostly ARMs for portfolio, the Bank has increased the interest rate sensitivity of its loan portfolio by originating construction loans and consumer loans. The Bank also attempts to lengthen the maturity of its deposit base whenever possible, and may use borrowings as an asset-liability management tool when maturities and rates are attractive. The Bank's success at managing interest rate risk is shown by net portfolio value ("NPV") analysis prepared by the OTS as of March 31, 1996, which projected that the NPV would decline by only 9 percent in the event of an instantaneous 200 basis point increase in interest rates. Moreover, the Bank's internally generated gap to assets table indicates a one year gap to assets ratio of positive 10.44 percent. Community Bank intends to continue to adhere to an operating strategy that limits exposure to interest rate risk. The Bank has recorded somewhat variable earnings over the past five and three quarter fiscal years due to fluctuations in non-recurring items. The Bank derives the majority of its earnings from net interest income exceeding operating expenses, with the net interest margin reflecting primarily residential mortgages and retail deposits. In recent years, the Bank has experienced a decline in net interest income, as funding costs have increased, and a concurrent increase in operating expenses due to the increased loan volume and the RP Financial, LC. Page 1.3 increased expenses associated with the new office in Kearney. These two factors have combined to bring the Bank's core earnings to lower levels than were recorded in earlier years. Going forward, the Bank anticipates that earnings will increase due to lower funding costs from the increase in capital, and the favorable yields on the construction loan portfolio and deposit growth at the Kearney branch. A key component of the Bank's operating strategy for the future is to convert to the stock form of ownership. The conversion is intended to accomplish several objectives: provide the opportunity for stock ownership to employees, depositors and management; enhance efforts to serve the local community by providing additional means for participation in community development, community redevelopment and other types of community-related programs; reduce exposure to credit risk by increasing capital; and, increase earnings. The Bank is currently a well-capitalized institution (9.1 percent of assets at March 31, 1996); the additional capital from the stock conversion will be used to further improve the Bank's competitive position in the environment of consolidation within the financial services industry. The additional capital will also provide the Bank with the flexibility to seek and implement better ways to serve its customer base. Such activities will include construction lending and may include branching or acquisition in the future, although there are no plans for branching or acquisition at this time. Most importantly, the proceeds raised in the conversion will provide the Bank with an additional capital cushion to safeguard against contingencies such as earnings declines from an unexpected rise in interest rates or credit losses. As disclosed in the prospectus, the proceeds from stock conversion are anticipated to be invested as follows. o CBES Bancorp, Inc.. Approximately 50 percent of the net proceeds of ------------------- conversion will be retained by the Holding Company. Such funds will be invested initially into U.S. Treasury and agency securities with laddered maturities ranging from 6 months to five years, and a loan to the Bank's Employee Stock Ownership Plan ("ESOP") to fund stock purchases in the conversion. The Holding Company funds are anticipated to be potentially utilized for various corporate purposes, including possible payment of regular and/or special dividends, stock repurchases or expansion through acquisition (no present plans). o The Bank. Approximately 50 percent of the net proceeds of the --------- conversion will be infused into the Bank in exchange for all of the Bank's newly-issued stock. Proceeds infused into the Bank will initially be held in short-term cash and investments until the Bank is able to redeploy the funds into loans receivable pursuant to its lending objectives. The Bank intends to eventually deploy most of the proceeds into loans receivable. The Bank presently has no intention to pursue significant asset growth to leverage its new capital. Additionally, the Bank presently has no plans to further diversify the loan portfolio or open new branches (either through de novo or acquired branches). Instead, the Bank's business plan calls for modest asset growth and the Board of Directors plans to initially operate in an overcapitalized position, fully recognizing that the return on equity ("ROE") is expected to fall below the average for publicly-traded thrifts. RP Financial, LC. Page 1.4 Balance Sheet Trends - -------------------- Over the past five and three quarter fiscal years, the Bank has experienced moderate asset growth of 5.7 percent annually. Between the end of fiscal 1991 and the end of fiscal 1994, assets declined moderately as the Bank experienced deposit outflows and was selling most of its loan originations in the secondary market for asset/liability management purposes. During 1995, in response to the construction boom that started in areas north of Kansas City, including southern Clay County, the Bank began placing more of an emphasis on construction lending to take advantage of the attractive yields such loans offered. To meet the strong demand for construction loans, the Bank grew its deposit base and borrowed funds from the FHLB of Des Moines. As a result, assets grew from $68.5 million at June 30, 1994 to $93.1 million at June 30, 1995, primarily through loan portfolio growth, which grew from $53.5 million at June 30, 1994 to $78.9 million at June 30, 1995. During the nine months ended March 31, 1996, assets declined as the Bank repaid a portion of the FHLB advances with the proceeds from the sale of MBS and investment securities. Since fiscal year end 1991, the portfolios of MBS and cash and investments have fluctuated. MBS peaked at $6.4 million at June 30, 1993 but declined to $0.549 million by March 31, 1996 as the Bank sold MBS. The portfolio of cash and investments has declined each year since fiscal 1991 as excess cash and cash flow from maturing investments has been reinvested into loans receivable or MBS. At March 31, 1996, the portfolio of cash and investments had declined to $4.9 million, or 5.7 percent of assets, down from a five year peak of $18.0 million, or 27.1 percent of assets, at June 30, 1991. Positive earnings during the past five and three quarter fiscal years has led to steady capital growth and the capital to assets ratio increased from 7.8 percent at fiscal year end 1991 to 9.1 percent at March 31, 1996. Exhibit I-3 highlights the Bank's key historical operating ratios. Loans receivable comprised the majority of the Bank's assets at March 31, 1996, totaling $77.3 million, or 89.7 percent of assets. An emphasis on 1-4 family residential lending is reflected in the Bank's loan portfolio, as 61.0 percent of total loans are secured by permanent 1-4 family mortgages. The Bank has increased its loan portfolio diversification in recent years by growing the portfolio of construction loans (20.8 percent of total loans) and consumer loans (12.4 percent). The Bank has more strongly emphasized construction lending to take advantage of the construction boom occurring in Clay County and surrounding areas and for the attractive yields and shorter terms such loans offer. The majority of the Bank's construction loans are speculative loans originated directly to builders. The Bank has also been active in consumer lending, primarily through direct automobile lending. To a lesser extent, the Bank originates land loans (4.2 percent of total loans), and income property loans (1.6 percent of total loans), although such loans are not actively solicited by the Bank but are originated on a case-by-case basis usually to existing Bank customers. Permanent 1-4 family residential mortgages have always comprised the largest portion of the loan portfolio. Table 1.1 Community Bank of Excelsior Springs, A Savings Bank Historical Balance Sheets (Amount and Percent of Assets) For the Fiscal Year Ended June 30, -------------------------------------------------------------------------------------------- 1991 1992 1993 -------------------------- --------------------- --------------------------- Amount Pct Amount Pct Amount Pct ------ --- ------ --- ------ --- ($000) (%) ($000) (%) ($000) (%) Total Amount of: Assets $66,136 100.0%% $65,211 100.0% $66,098 100.0% Cash and Investments 17,952 27.1% 14,439 22.1% 11,186 16.9% Mortgage-Backed Securities 3,985 6.0% 6,382 9.8% 6,406 9.7% Loans receivable (net) 42,943 64.9% 42,540 65.2% 46,799 70.8% Deposits 60,566 91.6% 58,666 90.0% 58,750 65.9% FHLB Advances 0 0.0% 0 0.0% 0 0.0% Retained Earnings 5,143 7.8% 5,500 8.4% 6,309 9.5% Annual ---------------------------------------------------- Growth 1994 1995 March 31, 1996 Rate ------------------------- ------------------------ ----------------------- ---- Amount Pct Amount Pct Amount Pct Pct ------ --- ------ --- ------ --- --- ($000) (%) ($000) (%) ($000) (%) (%) Total Amount of: Assets $68,543 100.0% $93,100 100.0% $86,168 100.0% 5.73% Cash and Investments 7,748 11.3% 6,305 6.8% 4,876 5.7% -24.00% Mortgage-Backed Securities 4,834 7.1% 3,870 4.2% 549 0.8% -34.12% Loans receivable (net) 53,453 76.0% 78,880 84.7% 77,273 89.7% 13.17% Deposits 60,180 87.8% 68,274 73.3% 67,916 76.8% 2.44% FHLB Advances 0 0.0% 15,877 17.1% 9,000 10.4% NM Retained Earnings 6,981 10.2% 7,481 8.0% 7,883 9.1% 9.41% ____________________________ (1) Ratios are as a percent of ending assets. Source: Audited financial reports. RP Financial calculations. RP Financial, LC. Page 1.6 The second largest component of interest-earning assets ("IEA") was the portfolio of cash and investment securities, which totaled $4.9 million, or 5.7 percent of assets, at March 31, 1996 (see Exhibit I-4). The cash and investments portfolio consisted of cash and equivalents ($0.8 million), interest-earning deposits in other financial institutions ($1.3 million), federal agency obligations ($2.0 million), and FHLB stock ($0.8 million). In previous years the Bank had an investment in a mutual fund which was sold in fiscal 1995 for a loss. Over the past five and three quarter fiscal years, the Bank has used cash flow from maturing investments to fund loan originations, and the cash and investments portfolio has declined to current levels from $18.0 million at June 30, 1991. Management utilizes the portfolio of cash and investments for liquidity purposes and as part of the asset-liability management strategy, and the investments portfolio consists of short- to intermediate-term instruments. Management classifies the portfolio of federal agency obligations as "available- for-sale". Going forward, the Bank intends to continue to purchase generally low risk investments and the composition of the cash and investments portfolio is not anticipated to change significantly, although the level will initially increase on a post-conversion basis. The Bank also maintains a small portfolio of MBS which totaled $0.5 million, or 0.6 percent of assets, at March 31, 1996. In the past, MBS have been purchased as an alternative investment to loans receivable, although the portfolio balance has declined in recent years due to low interest rates, rapid repayments, and the redeployment of the cash flow into loans. The MBS portfolio consists primarily of pass-through securities guaranteed by the Federal Home Loan Mortgage Corporation ("FHLMC"), and a nominal balance of securities issued by the Government National Mortgage Association ("GNMA"). Going forward, the Bank may continue to purchase MBS with excess funds provided interest rates are favorable. The Bank's assets were primarily funded with retail deposits and retained earnings at March 31, 1996. Retail deposits have consistently met the majority of the Bank's funding, and totaled $67.9 million, or 78.8 percent of assets, at March 31, 1996. Strong competition for deposits and disintermediation in the low interest rate environment have limited opportunities for deposit growth at the Bank. The deposit growth recorded during fiscal 1995 was attributable to a temporary promotion of higher rate, short-term CDs, and deposits were measured at $68.2 million at June 30, 1995. Since that time, the Bank has experienced some deposit runoff. Borrowings have been used by the Bank in recent periods for the purpose of funding construction loan originations. During fiscal 1995, the Bank borrowed approximately $16.0 million in short- to intermediate-term advances from the FHLB of Des Moines to meet the strong demand for construction loans. The Bank has since repaid $7.0 million of these borrowings, and FHLB advances totaled $9.0 million, or 10.4 percent of assets, at March 31, 1996. Going forward, the Bank may supplement deposit funding with borrowings from time to time, although deposits are expected to continue to comprise the majority of funding liabilities. RP Financial, LC. Page 1.7 Positive earnings during the past five and three-quarter fiscal years contributed to an annual capital growth rate of 9.4 percent for the Bank. Capital growth outpaced asset growth during this period and the capital ratio increased from 7.8 percent at June 30, 1991 to 9.1 percent at March 31, 1996. All of the Bank's capital is tangible capital, and the Bank maintains capital surpluses relative to all regulatory capital requirements. The addition of stock proceeds will increase the capital surpluses. Income and Expense Trends - ------------------------- Table 1.2 displays the Bank's earnings over the past five fiscal years and for the trailing twelve months ended March 31, 1996. The Bank has recorded profitable operations since 1991 but earnings have dropped off since peak levels in fiscal 1993. The recent decline in earnings has been attributable to higher interest expense and higher operating expenses. The reinvestment of interest- free capital received in the stock offering should serve to improve net interest income in future periods. Non-recurring items have had a varying impact on the Bank's earnings since fiscal 1991 as the Bank has sold IEA for gains and losses and recorded a loss on the sale of a mutual fund in fiscal 1995. Exhibit I-5 highlights the changes in the Bank's asset yields and cost of funds over the past two and three quarter years, which have influenced the level of net interest income. Spreads narrowed by 49 basis points between fiscal 1994 and 1995 as the special promotion on CD accounts and the increase in the FHLB advances both increased the Bank's cost of funds by 95 basis points, while asset yields increased by only 46 basis points. The spread narrowed further for the nine months ended March 31, 1996, due to continued high CD costs, which drove up the cost of funds beyond the increase in asset yields experienced by the Bank during this period. During these periods, the Bank's net interest income declined from 3.81 percent of average assets in fiscal 1994 to 3.31 percent in fiscal 1995, and then to 3.12 percent for the twelve months ended March 31, 1996. These trends indicate that although management has been successful in reducing interest rate risk, the Bank's net interest income is still influenced by changes in interest rates. Going forward, the Bank anticipates that net interest income will increase as the higher costing CDs mature and are replaced with lower costing funds. The Bank derives significant income from non-interest sources. For the twelve months ended March 31, 1996, non-interest operating income totaled $0.405 million, or 0.47 percent of average assets. Such income consists of loan servicing fees, loan origination fees on loans sold, other loan fees and charges, deposit fees, and other miscellaneous sources of income. The Bank's secondary market activity has successfully boosted such income by increasing the portfolio of loans serviced for others. Going forward, the Bank anticipates that non-interest income will increase with the growth in the portfolio of loans serviced for others. Table 1.2 Community Bank of Excelsior Springs, A Savings Bank Historical Income Statements (Amount and Percent of Avg. Assets)(1) For the Fiscal Year Ended June 30 ----------------- ---------------- ---------------- --------------- ---------------- 1991 1992 1993 1994 1995 ----------------- ---------------- ---------------- --------------- ---------------- Amount Pct Amount Pct Amount Pct Amount Pct Amount Pct ------ --- ------ --- ------ --- ------ --- ------ --- ($000) (%) ($000) (%) ($000) (%) ($000) (%) ($000) (%) Interest Income $6,066 9.41% $5,722 8.71% $4,914 7.48% $4,656 6.92% $5,818 7.20% Interest Expense (4,277) -6.63% (3,462) -5.27% (2,472) -3.76% (2,093) -3.11% (3,146) -3.89% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Net Interest Income $1,789 2.77% $2,260 3.44% $2,442 3.72% $2,563 3.81% $2,672 3.31% Provision for Loan Losses 0 0.00% (91) -0.14% (28) -0.04% (34) -0.05% (171) -0.21% - ----- --- ------ --- ------ --- ------ ---- ------ Net Interest Income after Provisions $1,789 2.77% $2,169 3.30% $2,414 3.68% $2,529 3.76% $2,501 3.09% Other Income 362 0.56% 285 0.43% 455 0.69% 369 0.55% 369 0.46% Operating Expense (1,449) -2.25% (1,553) -2.36% (1,712) -2.61% (1,849) -2.75% (2,133) -2.64% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Net Operating Income $702 1.09% $902 1.37% $1,157 1.76% $1,049 1.56% $737 0.91% Non-Operating Income - -------------------- Net gain(loss) on sale of IEA ($75) -0.12% ($116) -0.18% $26 0.04% $4 0.01% ($272) -0.34% Net gain(loss) on REO 0 0.00% (39) -0.06% (9) -0.01% 0 0.00% 0 0.00% Other Non-Op. Income/(Expense) -- --- -- --- -- --- 0 0.00% -- --- --- ---- --- ---- --- ---- - ----- --- ---- Net Non-Operating Income (75) -0.12% (154) -0.23% 17 0.03% 4 0.01% (272) 0.34% Net Income Before Tax $627 0.97% $747 1.14% $1,174 1.79% $1,053 1.56% $465 0.58% Income Taxes (284) -0.44% (289) -0.44% (424) -0.65% (352) -0.52% (301) -0.37% Change in Acctg. Principle -- --- -- --- -- --- 0 0.00% -- --- --- ---- --- ---- --- ---- - ------ --- ---- Net Income (Loss) $344 0.53% $458 0.70% $750 1.14% $701 1.04% $164 0.20% Core Earnings - ------------- Net Income Before Taxes $344 0.53% $747 1.14% $1,174 1.79% $1,053 1.56% $465 0.56% Addback: Non-Operating Losses 75 1.12% 154 0.23% 9 0.01% 0 0.00% 272 0.34% Deduct: Non-Operating Gains 0 0.00% 0 0.00% (26) -0.04% 0 0.00% 0 0.00% Tax Effect (29) -0.04% (361) -0.55% (463) -0.71% (421) -0.63% (295) -0.36% --- ----- ---- ----- ---- ------ ---- ------ ---- ----- Core Net Income $390 0.60% $541 0.82% $694 1.06% $632 0.94% $442 0.55% For the 12 Months Ended 03/31/96 ------------------- Amount Pct ______ ___ ($000) (%) Interest Income $6,822 7.92% Interest Expense (4,133) -4.80% ------ ------ Net Interest Income $2,689 3.12% Provision for Loan Losses (216) -0.25% ----- ------ Net Interest Income after Provisions $2,473 2.87% Other Income 405 0.47% Operating Expense (2,285) -2.65% ------ ------ Net Operating Income $593 0.69% Non-Operating Income - -------------------- Net gain(loss) on sale of IEA $230 0.27% Net gain(loss) on REO 0 0.00% Other Non-Op. Income/(Expense) -- --- --- ---- Net Non-Operating Income 230 0.27% Net Income Before Tax $823 0.95% Income Taxes (297) -0.34% Change in Acctg. Principle -- --- --- ---- Net Income (Loss) $526 0.61% Core Earnings - ------------- Net Income Before Taxes $823 0.95% Addback: Non-Operating Losses 0 0.00% Deduct: Non-Operating Gains (230) -0.27% Tax Effect (237) -0.28% ------ ------ Core Net Income $357 0.41% ____________________________ (1) Ratios are as a percent of average assets. (2) Assumes tax rate of 40.0 percent. Source: Audited financial reports. RP Financial calculations. RP Financial, LC. Page 1.9 Community Bank operates with a relatively high level of operating expenses, which represented 2.65 percent of average assets for the twelve months ended March 31, 1996. The Bank's high operating expenses are a result of several factors. First, the high loan origination volume and increase in secondary market activity in recent years has increased the staffing needs of the Bank. Second, the Bank recently opened the Kearney branch and the additional expenses associated with this office have not yet been fully leveraged by the Bank. The Bank's operating expenses are expected to increase following the conversion as a result of the following items. First, two stock plans, a leveraged Employee Stock Ownership Plan ("ESOP") and a Recognition and Retention Plan ("RRP"), are expected to purchase stock in the Holding Company (the ESOP is expected to purchase 8.0 percent at the time of conversion and the RRP is expected to purchase 4.0 percent of the stock in the year following conversion). The amortization expenses associated with both plans will be included in future operating expenses. Second, as a publicly-traded institution, the Bank will incur additional legal, accounting, printing/mailing and related costs. Loan loss provisions have steadily increased during the past five and three quarter fiscal years. For the trailing twelve months ended March 31, 1996, the Bank recorded a provision for loan losses of $0.216 million, or 0.25 percent of average assets, up from a level of $0.171 million, or 0.21 percent of average assets, in fiscal 1995. The increase in loan loss provisions during the trailing twelve month period was attributable to management's assessment of trends in the loan portfolio, market conditions, and other factors. At March 31, 1996, the general valuation allowance ("GVA") balance was equal to $347,000, or 0.45 percent of loans receivable and 105.8 percent of NPAs, as compared to $226,000, or 0.29 percent of loans and 139.51 percent of NPAs at fiscal year end 1995 (see Exhibit I-6). Future loan loss provisions will continue to be established in accordance with the Bank's asset classification and loss reserve policies. Over the past five and three quarter fiscal years, non-operating gains and losses have had a varying impact on the Bank's operations. Such income totaled $0.230 million, or 0.27 percent of average assets, for the trailing twelve months ended March 31, 1996, and consisted of gains on the sales of loans, MBS and investment securities. During fiscal 1995, the Bank wrote down its investment in a mutual fund for a loss of $0.314, or 0.34 percent of average assets, which was partially offset by a gain on the sale of loans. Other gains and losses recorded by the Bank have consisted of sales of IEA. Going forward, the Bank anticipates that it will record non-operating income from time to time as IEA classified as available for sale are sold, although such income is not anticipated to have a major impact on earnings. RP Financial, LC. Page 1.10 Interest Rate Risk Management - ----------------------------- The Bank manages interest rate risk through the following balance sheet strategies: retaining the majority of ARM originations for portfolio, selling the majority of fixed-rate mortgages in the secondary market, maintaining relatively high proportions of shorter-term construction and consumer loans, attempting to lengthen the maturity of deposits during periods of low interest rates, maintaining a strong capital ratio, and keeping non-earning assets low. The Bank monitors its interest rate risk exposure through the use of a net portfolio value ("NPV") analysis calculated by the OTS (see Exhibit I-7), through the use of an in-house Sendero model, and through an internally generated gap-to-assets analysis. The NPV analysis as of March 31, 1996 shows that in the event of an immediate and sustained increase of 200 basis points in interest rates, the NPV is calculated to decline by 9 percent, and in the event of an immediate decline of 200 basis points in interest rates, the NPV is calculated to decrease by 4 percent. The internal gap analysis prepared by the Bank as of March 31, 1996 indicated that in the one year repricing bucket, the Bank had a positive gap to assets ratio of 10.4 percent. Overall, both the NPV and the gap analysis indicate that the Bank has been effective in limiting exposure to changes in interest rates. Lending Activities and Strategy - ------------------------------- The Bank's historical lending activities emphasize the origination of 1-4 family mortgage loans (see Exhibits I-9 and I-10, loan composition and lending activity, respectively). However, in recent years the Bank has also concentrated on loan portfolio diversification by stepping up originations of construction loans and consumer loans. To a lesser extent, Community Bank originates mortgages secured by income property, and originates land loans. The loan portfolio diversification at the Bank has been achieved primarily through the use of speculative construction loans and automobile loans, both of which types of loans increase the Bank's exposure to credit risk. In recognition of this, management believes it has taken adequate steps to reduce the underlying credit risk associated with such lending as detailed herein. As of March 31, 1996, residential mortgage loans secured by 1-4 family properties totaled $52.5 million, or 61.0 percent of total loans receivable. The Bank originates both ARMs and fixed-rate residential mortgages. Fixed-rate mortgages are offered with maturities ranging from 15 to 30 years, with the majority of these loans sold in the secondary market as part of the Bank's asset-liability management strategy. The Bank retains the servicing on a portion of the loans sold. RP Financial, LC. Page 1.11 Approximately 87 percent of the Bank's residential mortgages consisted of ARMs at March 31, 1996. Community Bank offers ARMs with one-year adjustment periods that are indexed to the one year constant maturity Treasury index with an adjustment margin of 2.75 percentage points for owner-occupied property to 3.00 percentage points for investor property. The majority of ARMs are originated with annual and lifetime adjustment caps of 2.0 and 6.0 percentage points, respectively, although in the past the Bank originated ARMs with annual and lifetime adjustments caps of 1.0 and 5.0 percentage points, respectively. Generally, ARMs are retained for portfolio as part of the Bank's asset/liability management strategy. Residential loans made by the Bank are originated with maximum loan-to- value ("LTV") ratios of 95 percent; loans with LTV ratios in excess of 80 percent require private mortgage insurance ("PMI"). The Bank will also originate residential mortgages that are not strictly conforming to secondary market standards, which may restrict their sale in the secondary market but also gives the Bank additional competitive flexibility in originating mortgages. Essentially all of the residential mortgages originated by the Bank are secured by property in the local market area. The primary area of loan portfolio diversification at the Bank is construction lending, and such loans totaled $17.9 million, or 20.8 percent of total loans at March 31, 1996, up from a level of $7.9 million, or 13.6 percent of total loans at June 30, 1994. In recent years, the Bank has enhanced its construction lending activity in response to the construction boom in areas north of Kansas City, particularly southern Clay County. The large majority (69 percent) of the Bank's construction loans are speculative loans originated directly to builders for the construction of unsold homes. The Bank believes it has limited the risks associated with such lending by establishing lending relationships with a select number of local builders and limiting the amount outstanding to any single builder at one time. To a lesser extent, the Bank originates construction loans directly to the owner of the property. Both types of construction loans are generally structured as fixed rate loans with twelve month terms. Substantially all of the Bank's construction loans are secured by properties located in Clay County, although the Bank attempts to diversify its construction portfolio among different subdivisions. The Bank also originates land loans for the purchase of undeveloped land on which the purchaser can later build a home. Land loans totaled $3.6 million, or 4.2 percent of total loans, at March 31, 1996. Terms on land loans are typically five to ten years, and such loans are originated pursuant to the same underwriting criteria as construction loans. The Bank also originates mortgages secured by income property, although such lending has never been a major component of the Bank's lending strategy and such loans totaled only $1.3 million, or 1.6 percent of total loans receivable, at March 31, 1996. Income property loans are generally made on a case by case basis to local customers, and are generally secured by duplexes and small office buildings in the Bank's market area. RP Financial, LC. Page 1.12 Income property loans are generally originated as ARMs and carry rates indexed to the comparable maturity Treasury plus a margin. LTVs on income property loans typically do not exceed 80 percent. To complement the Bank's 1-4 family permanent mortgage lending activities, the Bank offers second mortgage/home equity loans, which typically carry maximum maturities of 15 years and fixed-rates. In most cases, the Bank has the first mortgage as well. The Bank has also recently implemented an FHA Title I lending program. These loans are to be originated to Clay County residents for home improvement and other purposes, and the majority of these loans will be sold in the secondary market. FHA Title I loans generally have fixed rates and terms up to 10 years. The Bank's second most prominent area of loan portfolio diversification is consumer lending, which totaled $10.8 million, or 12.4 percent of assets at March 31, 1996. The Bank offers a variety of types of consumer loans, including automobile loans, loans secured by deposit accounts, home improvement loans, and other secured and unsecured loans. The most prominent type of consumer loan in the portfolio is automobile loans, which totaled $8.8 million, or 10.2 percent of total loans receivable and 82.0 percent of consumer loans, at March 31, 1996. The Bank originates both direct and indirect automobile loans. Direct automobile loans, which accounted for nearly 75 percent of total automobile loans, are made by the Bank directly to the owner of the car. Applications for indirect automobile loans are limited to one of several local automobile dealers and are underwritten pursuant to the Bank's standards. Automobile loans have terms of up to 5 years and are fixed rate. The Bank will lend up to 80 percent of the dealer cost on new cars and up to 80 percent of the published NADA value on used cars. All automobile loans are originated to local residents. As shown in Exhibit I-10, the Bank's overall loan origination volume has increased during each of the twelve month periods shown, from $45.4 million in 1994 to $62.5 million for the twelve months ended March 31, 1996. The majority of the Bank's origination activity has occurred in fixed-rate instruments over the past several years, although the majority of the long-term fixed-rate residential mortgages have been sold in the secondary market pursuant to the asset/liability management strategy of the Bank. The table also highlights the Bank's increased emphasis on construction lending, with originations increasing from $9.5 million in fiscal 1994 to $23.0 million for the twelve month period ending March 31, 1996. RP Financial, LC. Page 1.13 Asset Quality - ------------- As shown in Exhibit I-12, the Bank has operated with strong asset quality over the past several years due to an emphasis on conservative lending policies and underwriting guidelines. As of March 31, 1996, NPAs totaled $328,000, or 0.38 percent of assets, and consisted of $95,000 of non-accruing loans, $222,000 in accruing loans 90 days or more delinquent, and $11,000 in repossessed automobiles. The Bank has experienced a moderate increase in NPAs from $162,000, or 0.17 percent of assets at fiscal year end 1995 to $0.328 million, or 0.38 percent of assets, at March 31, 1996, due to an increase in delinquent accruing residential mortgage loans. Management does not believe that the increase in NPAs represents any extraordinary exposure to credit losses, and believes the delinquent loans pose limited risk of loss given historical trends and the conservative underwriting standards at the Bank. At March 31, 1996, the GVA balance totaled $347,000, or 105.79 percent of NPAs and 0.45 percent of loans. Management established additional loan loss provisions during the nine months ended March 31, 1996 due to the increase in loans receivable. Management believes the reserve coverage ratio is currently adequate, and will continue to establish loan loss provisions in accordance with asset classification and reserve policies. Funding Composition and Strategy - -------------------------------- Deposits have consistently been the Bank's primary source of funds over the past several years and totaled $67.9 million, or 78.8 percent of assets at March 31, 1996. The Bank's deposit products include certificates of deposit ("CDs") as well as passbook, NOW accounts, money market accounts, and non-interest bearing accounts (see Exhibit I-13). As with most savings institutions, CDs have been the Bank's primary source of deposits (see Exhibit I-14), and as of March 31, 1996, the CD portfolio totaled $49.0 million, or 72.2 percent of deposits. The majority of the Bank's CDs are short-term, and approximately 81 percent were scheduled to mature in one year or less at March 31, 1996. Jumbo CDs, which tend to be more rate sensitive than other types of CDs, totaled $3.0 million, or 6.1 percent of total CDs, at March 31, 1996. The Bank does not offer premium rates on jumbo CDs and does not utilize brokered CDs. Except for periodic special promotions, the Bank typically offers CD rates that are comparable with CD rates offered by the local competition. Lower costing transaction and savings accounts comprised the balance of the Bank's deposits, totaling $18.9 million, or 27.8 percent, of total deposits at March 31, 1996. NOW accounts comprised the majority of these non-CD deposits, totaling $7.9 million, followed by MMDAs ($5.8 million), passbook accounts ($3.7 million) and non-interest checking accounts ($1.5 million). Consistent with the general increase in short- RP Financial, LC. Page 1.14 term interest rates during fiscal 1995, the Bank has experienced a moderate internal deposit shift into higher rate CDs, which has increased the Bank's cost of funds. Borrowings have been utilized by the Bank in recent years as a supplemental funding source to meet the growing demand for construction loans. Specifically, during fiscal 1995, the Bank borrowed $16.0 million in short- to intermediate- term advances from the FHLB of Des Moines. During the nine months ended March 31, 1996, the Bank sold IEA and used the proceeds to repay $7.0 million of the higher costing advances. At March 31, 1996, the outstanding balance totaled $9.0 million and had a weighted average interest rate of 5.91 percent, down from 6.91 percent at June 30, 1995. The Bank intends to continue to supplement deposits with borrowings from time to time as market conditions warrant. On a pro forma basis, the Bank will also have borrowings in the form of the ESOP loan from the Holding Company. Subsidiary - ---------- The Bank has one wholly-owned subsidiary, CBES Service Corporation ("CBES"). CBES was established in 1983 for the purpose of offering credit life, health and accident insurance to its customers. At March 31, 1996, the Bank's investment in CBES totaled $1,000. Income from CBES was nominal in fiscal 1995 and fiscal year 1996 to date. Legal Proceedings - ----------------- The Bank is currently not involved in any legal proceedings other than routine legal proceedings that occur in the ordinary course of business, which, in aggregate, involve amounts that are believed to be immaterial to the financial condition of the Bank. RP Financial, LC. Page 2.1 II. MARKET AREA Introduction - ------------ Community Bank conducts operations out of its headquarters office in Excelsior Springs, Missouri, which is located approximately 25 miles northeast of Kansas City. The Bank also maintains an office in Kearney. Both Excelsior Springs and Kearney are located in Clay County. which is included as part of the Kansas City, Missouri Metropolitan Statistical Area ("MSA"). Exhibit II-1 provides a description of the Bank's offices. Excelsior Springs and Kearney are small towns with 1990 populations estimated at 11,000 and 2,000, respectively. As one of the counties in the MSA, Clay County has a relatively large population (estimated at 166,000 as of 1995), which ranked seventh in the state of Missouri. The northern portion of Clay County contains a combination of suburban and rural areas with a number of small towns. Southern Clay County is more suburban in nature, and contains a number of bedroom communities for commuters who are employed in areas closer to Kansas City, particularly at the larger manufacturing employers. Management considers the Bank's primary market area to be Clay County, supplemented by loans and deposits generated from customers living primarily in Ray County, and to a lesser extent customers living in the adjacent counties of Clinton and Lafayette. The Bank has served the market area since its inception in 1931. The economy in Clay County was founded on agriculture, although today most of the employment is provided by light manufacturing, services, and retail trade. Competition in the market area is intense, with 17 commercial banks and 7 other thrift institutions operating in Clay County. Some of these commercial banks are subsidiaries of much larger regional holding companies (Commerce Bank and Boatmen's First National Bank, and United Missouri Bank), and thus have vastly greater resources at their disposal than Community Bank. The other banks and thrifts are smaller and much more localized in nature, and compete with the Bank on largely on the basis of their community orientation and customer loyalty. The Bank has also experienced a strong mortgage lending competition from a number of different mortgage-banking companies operating in the market area. The following sections analyze the market area's historical and forecasted demographic growth trends, the market area economy, and the competitive environment to help determine the growth potential that exists for the Bank. The ability of the market area to provide growth opportunities is an important consideration that is reflected in our determination of the pro forma market value determined herein. RP Financial, LC. Page 2.2 National Economic Factors - ------------------------- The national economy experienced moderate growth during 1995 with overall GDP measured at 2.0 percent, down from the 1994 level of 3.5 percent. During the first half of 1995, economic growth declined rapidly due to rises in the jobless rate, a decline in retail sales, and lower construction spending. GDP growth during the second quarter of 1995 slowed to 1.3 percent annually, which was the slowest growth in almost four years. In a move to revive the sagging economy, the Federal Reserve cut short-term interest rates by 0.25 percent in early July 1995. Amid mixed economic data, such as a drop in July durable goods orders and an increase in July new housing starts, the Fed held rates steady during its meeting in late August. Despite initial indications of lackluster third quarter GDP growth to match low second quarter growth, the economy picked up late in the quarter and third quarter GDP growth increased to approximately 4.2 percent annually. However, the fourth quarter was beset by low consumer confidence, which made for weak holiday sales, and GDP growth declined to 0.9 percent in the fourth quarter. In efforts to revive the flagging economy, the Fed cut short- term interest rates in late December 1995. Record-breaking winter weather conditions further slowed the economy in January of 1996, triggering another rate cut by the Fed on January 31. However, unemployment declined sharply in February, although the January figures were skewed by the weather and by striking GM workers. The two recent cuts in interest rates also triggered an increase in sales of new homes in February. Although most sectors of the country recorded sluggish economic growth in the Federal Reserve's most recent Beige Book report on March 14, the Fed did not reduce interest rates in their meeting on the 26th of March, as Fed Chairman Greenspan remained generally upbeat about economic conditions. March 1996 saw an increase in retail sales and a slight increase in the CPI, although inflation remains very low in relation to historical standards. Unemployment declined in March as well. First quarter GDP growth was measured at 2.3 percent which was higher than the 1.5 to 1.8 percent forecasted by most economists. This higher than expected GDP growth was attributable to an increase in consumer spending, which increased by 3.5 percent in the first quarter. During the second quarter of 1996, the home sales trended sharply upward, and the latest jobs report for May indicated a much higher than anticipated increase in the number of jobs. In light of these trends, many economists are predicting GDP growth of 3.5 to 4.0 percent, although economic activity is widely expected to slow in the second half of the year as higher interest rates take effect. Signs of a weakening economy in the first half of 1995 led to a decline in both short-term and long-term interest rates. The Fed increased short-term interest rates in February and July 1995, but a rally in the bond market pushed long term rates lower in late August and early September. Rates remained relatively flat throughout October and November given the uncertainty regarding the federal debt. In late December 1995 and late January 1996, the Fed cut interest rates again by 25 basis points in efforts to stimulate sluggish RP Financial, LC. Page 2.3 economic growth. Since January 1996, generally improving economic conditions along with continued low inflation forestalled additional cuts in short term rates by the Fed in its Federal Open Market Committees on March 26 and May 22. Current Indications by the Fed are that additional rate cuts will be contingent upon inflation and the strength of economic growth during the remainder of the year. Exhibit II-2 displays historical interest rates for the past several years. Market Area Demographics - ------------------------ Demographic growth in the market area has been measured by examining trends in population, households and income, summarized by the data presented in Table 2.1. Clay County had a population estimated at 166,000 as of 1995, and experienced population growth at a rate of 1.5 percent between 1990 and 1995, which was higher than Missouri averages. This higher than average growth rate is projected to continue over the next five years, supported by the underlying strength of the Kansas City area economy. Household growth trends have largely mirrored population growth trends. Median household and per capita income levels in Clay County are higher than state averages, as the general strength of the economy has minimized unemployment and a substantial portion of the jobs in the County are provided by higher wage professional and/or technical services and skilled manufacturing (see Exhibit II-3). Other favorable income statistics for Clay County include a higher distribution of income levels in the upper levels relative to state and national averages. Table 2.1 Community Bank of Excelsior Springs Summary Demographic Data Year Growth Rate Growth Rate ----------------------------------------- Population (000) 1990 1995 2000 1990-95 1995-2000 - ---------------- ---- ---- ---- ------- --------- (%) (%) UNITED STATES 248,710 263,006 277,084 1.1% 1.0% MISSOURI 5,117 5,316 5,536 0.7% 0.8% CLAY 153 168 177 1.5% 1.4% Households (000) - ---------------- UNITED STATES 91,947 97,070 102,202 1.1% 1.0% MISSOURI 1,961 2,039 2,123 0.7% 0.8% CLAY 59 64 68 1.5% 1.4% Median Household Income ($) - --------------------------- UNITED STATES $29,199 $33,610 $32,972 2.9% -0.4% MISSOURI 26,417 28,782 27,847 1.7% -0.7% CLAY 34,062 36,005 34,619 1.1% -0.8% Per Capita Income - 1995 ($) - ------------------------------ UNITED STATES $13,179 $16,405 ---- 4.5% ---- MISSOURI 12,987 14,388 ---- 2.1% ---- CLAY 14,464 16,287 ---- 2.4% ---- 1995 Age Distribution(%) 0-14 Years 15-24 Years 25-44 Years 45-64 Years 65+ Years Median Age - ------------------------ ---------- ----------- ----------- ----------- --------- ---------- UNITED STATES 22.1 13.8 31.8 19.5 12.8 34.0 MISSOURI 22.1 13.6 30.4 19.9 14.0 33.5 CLAY 22.3 13.4 33.2 20.3 10.7 32.8 Less Than $15,000 to $25,000 to $50,000 to $100,000 to 1995 HH Income Dist.(%) $15,000 24,999 $49,999 $99,999 $149,999 $150,000+ - ----------------------- ------- ------ ------- ------- -------- --------- UNITED STATES 20.5 15.8 33.8 23.7 4.2 2.0 MISSOURI 24.1 18.3 34.8 19.2 2.4 1.2 CLAY 14.2 16.3 40.2 25.9 2.3 1.0 Residential Housing Permits Issued 1991 1992 1993 1994 - ---------------------------------- ---- ---- ---- ---- UNITED STATES 948,794 1,094,933 119,063 1,371,637 MISSOURI 16,119 20,078 21,702 26,374 CLAY 503 656 681 837 Source: CACI. RP Financial, LC. Page 2.5 Economy - ------- The Clay County economy has its roots in the agriculture industry, although agriculture has gradually declined as a source of county revenues over the decades. Most of the employment in Clay County today is found within the service industries, light manufacturing, and retail trade. Service employment in Clay County is led by the health care industry. Included among the largest service employers in Clay County are a number of hospitals (Liberty Hospital, North Kansas City Hospital, St. Lukes Northland Hospital, and Excelsior Springs Memorial Medical Center) several school districts, and two community colleges. Some of the largest manufacturing employers in Clay County include Ford Motor Company, Farmland Industries and Wilcox Electric. Most of the largest local employers in the Excelsior Springs area are manufacturing companies, as shown in Table 2.2. Table 2.2 Community Bank of Excelsior Springs Major Employers in Excelsior Springs Employer Industry Employee -------- -------- -------- American Italian Pasta Food Processing 250 Precision Technology Plastics 175 Douglas & Lomason Automobile Parts 172 Gilmour Manufacturing Plastics 150 Source: Excelsior Springs Chamber of Commerce. The economy in Clay County and Excelsior Springs has been generally stable, and is tied to the economic trends in the greater Kansas City area. The unemployment rate in Clay County is currently slightly lower than state averages (see Table 2.3), and was lower than the level recorded in the same period one year ago. RP Financial, LC. Page 2.6 Table 2.3 Community Bank of Excelsior Springs Selected Unemployment Rates (1) April 1995 April 1996 Region Unemployment Unemployment ------ ------------ ------------ United States 5.6% 5.4% Missouri 4.8% 4.1% Clay County 3.2% 2.6% (1) Unemployment rates are not seasonally adjusted. Source: Bureau of Labor Statistics. Market Area Deposit Characteristics - ----------------------------------- Table 2.4 displays deposit market trends in Clay County and Missouri over the past several years. Between 1993 and 1995, financial institutions in Missouri and Clay County experienced low deposit growth. The broader market deposit trends indicate that thrifts in Missouri lost deposit market share to commercial banks between 1993 and 1995. However, Clay County thrifts were more successful than their commercial bank competitors in generating deposits between 1993 and 1995. Going forward, thrifts will be at a competitive disadvantage relative to commercial banks as long as the disparity in deposit premiums paid by thrifts relative to commercial banks continues. Although legislation to eliminate this disparity has been proposed, the latest budget agreement did not include such a provision and the ultimate timing of the resolution in the premium disparities is unclear. The result of this premium disparity will be reflected in higher deposit rates offered by commercial banks, which thrifts will find increasingly costly to match. Thus, the thrift industry is likely lose deposit market share to commercial banks until the gap in deposit premiums is eliminated. Competition - ----------- Competition among financial institutions in the Bank's market area is intense. Clay County contains 17 commercial banks with 39 branches and 7 other savings institutions with 14 branches. A significant proportion of the deposits in Clay County are held by commercial banks who are owned by large regional holding companies and offer a much wider variety of services than the Bank. There are also a number of smaller Table 2.4 Community Bank of Excelsior Springs Deposit Summary As of June 30, ---------------------------------------------------------------------------- 1993 1995 Deposit ------------------------------------ ----------------------------------- Market Number of Market No. of Growth Rate Deposits Share Branches Deposits Share Branches 1993-1995 -------- ----- -------- -------- ----- -------- --------- (Dollars In Thousands) (%) A. Deposit Summary - ------------------ State of Missouri $69,768,100 100.0% 2,072 $ 70,971,357 100.0% 2,053 0.9% Commercial Banks 53,544,216 76.7% 1,511 56,939,503 80.2% 1,556 3.1% Credit Unions 4,054,407 5.8% 233 4,083,855 5.8% 233 0.4% Savings and Loans 12,169,477 17.4% 328 9,947,999 14.0% 264 -9.6% Clay County $1,807,633 100.0% 68 $ 1,849,352 100.0% 71 1.1% Commercial Banks 1,221,395 67.6% 36 1,226,409 66.3% 39 0.2% Credit Unions 105,066 5.8% 19 116,453 6.3% 19 5.3% Savings and Loans 481,172 26.6% 13 506,490 27.4% 13 2.6% Community Bank (1) 59,146 12.3% 1 68,864 13.6% 2 7.9% Community Bank (2) 3.3% 3.7% (1) Percent of county S&L deposits. (2) Percent of total county deposits. Source: FDIC; OTS. RP Financial, LC. Page 2.8 commercial banks and thrifts who are locally owned and operate pursuant to a community banking strategy that is similar to Community Bank's. Despite the strong competition in the market area, the Bank was successful in increasing its deposit base between June 30, 1993 and June 30, 1995. The success was generally attributable to an increase in deposit rates offered by the Bank. Going forward, the pressures of the marketplace are likely to intensify as the favorable demographic characteristics in Clay County continue to attract the attention of larger, more regionally oriented commercial banks and thrifts. For example, one of the Bank's thrift competitors recently announced that it was selling control to a much larger savings and loan holding company with a state-wide presence. Moreover, the continued disparity in deposit premiums will put commercial banks at a competitive advantage relative to thrifts in Clay County. While the proceeds from the stock conversion are expected to enhance the Bank's ability to attract funds by providing a capital cushion that allows greater flexibility in terms of products and rates offered, the Bank's prospects for future growth are likely to remain limited by the relatively large number of institutions operating in the market area. RP Financial, LC. Page 3.1 III. PEER GROUP ANALYSIS This chapter presents an analysis of Community Bank's operations versus a group of comparable public companies (the "Peer Group") selected from the universe of all publicly-traded savings institutions. The primary basis of the pro forma market valuation of the Bank is provided by these public companies. Factors affecting the Bank's pro forma market value such as financial condition, credit risk, interest rate risk, and recent operating results can be readily assessed in relation to the Peer Group. Current market pricing of the Peer Group, subject to appropriate adjustments to account for differences between the Community Bank and the Peer Group, will then be used as a basis for the valuation of the Bank's to-be-issued common stock. Selection of Peer Group - ----------------------- We consider the appropriate Peer Group to be comprised of only those publicly-traded savings institutions whose common stock is either listed on a national exchange or is NASDAQ listed, since the market for companies trading in this fashion is regular and reported. We believe non-listed institutions are inappropriate since the trading activity for thinly-traded stocks is typically highly irregular in terms of frequency and price and may not be a reliable indicator of market value. We have excluded from the Peer Group all publicly- traded subsidiary institutions of mutual holding companies, because their pricing ratios are distorted by the minority issuance of their shares. We have also excluded from the Peer Group those companies under acquisition and/or companies whose market prices appear to be distorted by speculative factors or unusual operating conditions. The universe of all publicly-traded institutions is included as Exhibit III-1. Pricing characteristics of all thrift institutions are included as Exhibit IV-2 (institutions excluded from the calculation of averages are denoted with a footnote (8)). Under ideal circumstances, the Peer Group would be comprised of a minimum of ten small publicly-traded Missouri thrifts with capital, earnings, asset sizes, balance sheet composition, risk profiles, operating strategies and market areas comparable to the Bank. Since 10 such institutions do not exist, it was necessary to expand the search beyond state boundaries and with search criteria for smaller, well-capitalized thrift institutions located in the contiguous states of Iowa and Kansas. Thus, in the selection process we applied two primary "screens" to the universe of all public companies as follows: o Screen #1. Missouri institutions with assets of approximately $250 ------------------------------------------------------------------- million or less, well-capitalized (equity-to-asset ratios greater than ---------------------------------------------------------------------- 10.0 percent) and moderate to strong earnings (over 50 basis points). --------------------------------------------------------------------- Thirteen companies met the criteria for Screen #1 and seven were included in the Peer Group (see Exhibit III-2): Companies excluded from the Peer Group included: two subsidiaries of mutual holding companies (PULB - Pulaski SB and GFED - Guaranty FS&LA); three new conversions (JOAC - Joachim Bancorp, HRDN - Hardin Bancorp, and LXMO - Lexington B&L Fin. Corp.); MBLA Financial Corp. was excluded due RP Financial, LC. Page 3.2 to a recent runup in its stock price and resulting substantially higher than average pricing multiples. o Screen #2. Companies located in Iowa and Kansas, assets of $150 ---------------------------------------------------------------- million or less, well-capitalized (equity-to-asset ratios greater than ---------------------------------------------------------------------- 12.0 percent) and moderate to strong earnings (in excess of 50 basis -------------------------------------------------------------------- points). After all qualifying Missouri institutions were considered, -------- we expanded our selection process to consider other institutions in the contiguous states of Kansas and Iowa with under $150 million in assets, equity to assets ratios of at least 12 percent and strong earnings. A total of 4 institutions met the foregoing screening criteria as indicated by the underlined institutions in Exhibit III-3. Three of these companies, SFFC - StateFed Financial and FFSL - First Independence Corp. and GFSB - GFSB Bancorp were included in the Peer Group. The excluded company, WCFB - Webster City FSB of IA, is a subsidiary of a mutual holding company. Table 3.1 lists key characteristics of the Peer Group companies. In general, the Peer Group is comprised of small institutions operating with strong capital ratios, several of whom are facing the same leverage challenge that will be faced by the Bank as a newly-converted company. While the Peer Group is not exactly comparable to the Bank, we believe that it provides a reasonable representation of publicly-traded thrifts with operations comparable to those of the Bank and thus forms a sound basis for valuation. A summary description of the key characteristics of each of the Peer Group companies selected is detailed below. o SHO-ME FINANCIAL CORP. OF MOUNT VERNON, MISSOURI. Sho-Me, the largest member of the Peer Group with $264 million in assets, operates six offices in southern Missouri. Like the Bank, Sho-Me operates in a partly rural market area outside a large metropolitan area (Mount Vernon is located 35 miles west of Springfield). Like the Bank, the majority of Sho-Me Financial's IEA consist of loans receivable, but Sho-Me derives a large proportion of funding from borrowings (26.5 percent of assets, the highest in the Peer Group). Sho-Me exhibited similar lending diversity as the Bank, although with more of an emphasis on non-residential lending. o CAPITAL SAVINGS BANCORP OF JEFFERSON CITY, MISSOURI. Capital Savings is a $203 million company operating seven offices in and around Jefferson City. Capital Savings follows a traditional thrift operating strategy of primarily 1-4 family residential lending. The Bank will have a substantially higher capital ratio but lower earnings than Capital Savings on a pro forma basis. o CAMERON FINANCIAL CORP. OF CAMERON, MISSOURI. Cameron is a $172 million institution operating three offices in the same general northeast Missouri area as the Bank. Cameron is one of the three Peer Group members who converted during the first half of 1995, and operates with a high capital level (26.5 percent, the highest in the Peer Group), similar to the Bank on a pro forma basis. Cameron is similarly diversified into construction lending, which make its earnings and risk profiles similar to Community Bank's, although Cameron is substantially more profitable than the Bank due to lower operating expenses. o SOUTHERN MISSOURI BANCORP OF POPLAR BLUFF, MISSOURI. Southern Missouri is a $162 million thrift operating eight branches in a rural market in the southern part of the state. Operating in a lower growth market than the Bank, Southern Missouri maintains a high proportion of assets in cash and investments and MBS. Southern Missouri is a less diversified lender than Community Bank, but recorded higher earnings. RP FINANCIAL, LC. - --------------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 3.1 Peer Group of Publicly-Traded Thrifts June 18, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value ------ ----------------------------------- ------ ----------------- --------- ------ ------- ---- ---- ----- ------- ($) ($Mil) SMFC Sho-Me Fin. Corp. of MO OTC Southwest MO Thrift 264 6 12-31 06/94 15.75 29 CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 203 7 06-30 12/93 18.00 19 CMRN Cameron Fin. Corp. of MO OTC Northwest MO Thrift 172 3 09-30 04/95 13.50 38 SMBC Southern Missouri Bncrp of MO OTC Southeast MO Thrift 162 8 06-30 04/94 14.75 25 FBSI First Bancshares of MO OTC Southcentral MO Thrift 140 5 06-30 12/93 15.50 20 FFSL First Independence Corp. of KS OTC Southeast KS Thrift 102 1 09-30 10/93 17.75 10 GFSB GFS Bancorp of Grinnell IA OTC Central IA Thrift 81 1 06-30 01/94 20.25 10 PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 77 D 1 09-30 02/95 17.50 15 SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 74 2 06-30 01/94 16.00 13 NSLB NS&L Bancorp of Neosho MO OTC Southwest MO Thrift 59 2 09-30 06/95 12.87 11 NOTES: (1) Or most recent date available (M=March, S=September, D=December, J=June, E=Estimated, and P=Pro Forma) (2) Operating strategies are: Thrift=Traditional Thrift, M.B.=Mortgage Banker, R.E.=Real Estate Developer, Div.=Diversified, and Ret.=Retail Banking. (3) FDIC savings bank institution. Source: Corporate offering circulars, data derived from information published in SNL Securities Quarterly Thrift Report, and financial reports of publicly-traded thrifts. Date of Last Update: 06/18/96 RP Financial, LC. Page 3.4 o FIRST BANCSHARES OF MOUNTAIN GROVE, MISSOURI. First Bancshares has assets of $140 million and operates five offices in a rural market in southern Missouri, approximately 60 miles east of Springfield. First Bancshares' profitability is impacted by its small average branch size, and it was the least profitable member of the Peer Group (0.78 percent of average assets). Lending at First Bancshares is dominated by 1-4 family residential mortgages. o FIRST INDEPENDENCE CORP. OF INDEPENDENCE, KANSAS. First Independence is one of three non-Missouri companies in the Peer Group. First Independence had $102 million in assets and operates out of a single office in Independence, a small town in southeast Kansas approximately 60 miles from the Missouri border. First Independence operates in a low growth market area, and therefore maintains substantial portfolios of cash and investments and MBS, which result in low operating expenses and higher earnings than Community Bank. Lending at First Independence consists primarily of residential mortgages. o GFS BANCORP OF GRINNELL, IOWA. The second of three non-Missouri companies in the Peer Group, GFS Bancorp is a $81 million asset company operating out of a single office in central Iowa. GFS Bancorp diversifies its loan portfolio by maintaining a relatively high proportion of non-residential mortgage loans. GFS Bancorp funds operations to a greater than average extent with borrowings, which has increased its cost of funds, but offsets this disadvantage by maintaining lower than average operating expenses, and is more profitable than the Bank. o PERRY COUNTY FINANCIAL CORP. OF PERRYVILLE, MISSOURI. Perry County has $77 million in assets and operates out of a single office in rural southeastern Missouri. Perry County is the second Peer Group member who converted in the first half of 1995. With limited local loan growth opportunity, Perry County operates with a high level of cash and investments and MBS (46.8 percent and 40.2 percent of assets, respectively). Low asset yields have stifled Perry County's earnings, although low operating expenses have partially offset the low net interest margin, and Perry County was more profitable than the Bank. o STATEFED FINANCIAL CORP. OF DES MOINES, IOWA. StateFed, the last non- Missouri member of the Peer Group, has $74 million in asset and operates out of two offices in Des Moines. Although it converted in January 1994, StateFed still operates with a high capital ratio of approximately 20 percent. StateFed supplements deposits to a greater degree with borrowings and maintains a relatively large portfolio of income producing property loans. o NS&L BANCORP OF NEOSHO, MISSOURI. NS&L Bancorp is the third Peer Group member who converted during the first half of 1995. NS&L Bancorp is the smallest member of the Peer Group with $59 million in assets and operates in a primarily rural market outside of Springfield. NS&L Bancorp maintains a high capital level due to the recent conversion. NS&L Bancorp maintains a high proportion of assets in cash and investments, which limits credit risk but suppresses asset yields. Lending at NS&L Bancorp is comprised primarily of residential mortgages. In aggregate, the Peer Group companies have an average capital ratio that exceeds the industry average (17.1 percent of assets versus 13.2 percent for the all SAIF average), and higher core profitability (1.02 percent versus 0.81 percent for all SAIF-insured publicly-traded thrifts). The Peer Group's higher capital ratio relative to the industry average is due to the fact that many of the Peer Group companies are relatively recent conversions who have not had sufficient time to fully leverage the proceeds raised in their offerings, resulting a lower core ROE of 6.17 percent versus 7.29 percent for the all SAIF average. In terms of pricing, the Peer Group on average trades at a lower price/book ("P/B") multiple and a higher price/earnings ("P/E") multiple RP Financial, LC. Page 3.5 than the industry (see the following table). This pricing differential is attributable to several factors. First, the below market price to book value of the Peer Group signals that the market is not willing to pay a market multiple for excess capital if the return on equity is low. The higher P/E multiple of the Peer Group appears to reflect investor expectations of earnings growth through leveraging and reinvestment of the conversion proceeds. Given the expected similarity of the Bank's pro forma capitalization and earnings to the Peer Group, we anticipate the stock will reflect pricing similarities as well before adjustments discussed herein. As of June 14, 1996 -------------------------- Peer All SAIF Group Insured ------ ------- Equity-to-Assets 17.14% 13.25% Return on Assets ("ROA")-Core 1.02% 0.81% Return on Equity ("ROE")-Core 6.17% 7.29% Market Capitalization ($Mil) $19.18 $119.16 Price-to-Book Ratio ("P/B") 89.51% 104.98% Price-to-Earnings Multiple ("P/E")-Core 16.00x 15.14x Price-to-Assets Ratio ("P/A") 15.20% 13.13% Source: Chapter IV tables. The following sections present a comparison of the Bank's financial condition, income and expense trends, loan composition, interest rate risk and credit risk versus the Peer Group. The conclusions drawn from the comparative analysis are then factored into the valuation analysis discussed in the final chapter. Financial Condition - ------------------- Table 3.2 shows comparative balance sheet measures for the Bank and the Peer Group, reflecting the expected similarities and some differences given the selection procedures outlined above. The Bank's and most of the Peer Group's ratios reflect balances as of or for the twelve months ended March 31, 1996. The Bank's pre-conversion net worth of 9.1 percent was well below the Peer Group's average net worth ratio of 17.1 percent, although the Bank's capital level can be expected to more closely approximate the Peer Group average on a pro forma basis. The increase in the Bank's capital on a pro forma basis can also be expected to reduce its ROE, which will likely be lower than the Peer Group average until the Bank has had time to leverage the capital and increase its earnings. All of the Bank's and the Peer Group's capital consisted of tangible capital, and the Bank and all of the Peer Group companies were in compliance with all fully phased-in regulatory capital requirements. RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 3.2 Balance Sheet Composition and Growth Rates Comparable Institution Analysis As of March 31, 1996 Balance Sheet as a Percent of Assets ---------------------------------------------------------------------------------------- Cash and Borrowed Subd. Net Goodwill Tng Net MEMO: Investments Loans MBS Deposits Funds Debt Worth & Intang Worth Pref.Stock ----------- ------- ----- -------- -------- ------ -------- ---------- ------ ---------- Community Bank of MO - -------------------- March 31, 1996 5.6 89.7 0.6 78.8 10.4 0.0 9.1 0.0 9.1 0.0 SAIF-Insured Thrifts 19.6 64.2 13.0 73.5 11.9 0.1 12.9 0.2 12.7 0.1 State of MO 17.5 66.5 13.4 74.5 9.2 0.0 15.2 0.1 15.0 0.0 Comparable Group Average 19.3 67.1 11.2 70.3 11.5 0.0 17.1 0.0 17.1 0.0 Mid-West Companies 19.3 67.1 11.2 70.3 11.5 0.0 17.1 0.0 17.1 0.0 Comparable Group - ---------------- Mid-West Companies - ------------------ CMRN Cameron Fin. Corp. of MO 14.3 83.0 0.0 70.3 1.9 0.0 26.5 0.0 26.5 0.0 CAPS Capital Savings Bancorp of MO 6.8 77.5 13.9 74.4 13.8 0.0 10.4 0.0 10.4 0.0 FBSI First Bancshares of MO 14.6 82.0 0.8 73.1 9.6 0.0 16.9 0.0 16.9 0.0 FFSL First Independence Corp. of KS 18.7 60.8 19.0 71.7 14.8 0.0 12.6 0.0 12.6 0.0 GFSB GFS Bancorp of Grinnell IA 10.9 83.3 4.4 63.1 23.9 0.0 12.0 0.0 12.0 0.0 NSLB NS&L Bancorp of Neosho MO 39.7 48.0 9.9 75.0 0.0 0.0 23.5 0.0 23.5 0.0 PCBC Perry Co. Fin. Corp. of MO(1) 46.8 11.6 40.2 78.3 0.0 0.0 20.9 0.0 20.9 0.0 SMFC Sho-Me Fin. Corp. of MO 7.1 85.7 4.3 60.6 26.5 0.0 12.0 0.0 12.0 0.0 SMBC Southern Missouri Bncrp of MO 22.0 56.5 19.2 75.2 7.1 0.0 16.4 0.0 16.4 0.0 SFFC StateFed Financial Corp. of IA 12.6 82.2 0.0 61.6 17.5 0.0 20.1 0.0 20.1 0.0 Balance Sheet Annual Growth Rates Regulatory Capital ------------------------------------------------------------ ------------------------- Cash and Loans Borrows. Net Tng Net Assets Investments & MBS Deposits &Subdebt Worth Worth Tangible Core Reg.Cap. ------------------------------------------------------------------------------------------ Community Bank of MO - -------------------- March 31, 1996 -9.93 -39.25 -7.94 -0.70 -57.75 7.16 7.16 9.17 9.17 11.94 SAIF-Insured Thrifts 11.70 10.31 9.50 6.52 -1.25 6.79 6.37 10.62 10.68 23.24 State of MO 11.76 7.06 12.64 7.67 -39.31 8.71 7.14 12.56 12.58 29.10 Comparable Group Average 13.21 -0.42 16.53 6.16 -3.87 -0.30 -0.29 13.20 13.20 31.94 Mid-West Companies 13.21 -0.42 16.53 6.16 -3.87 -0.30 -0.29 13.20 13.20 31.94 Comparable Group - ---------------- Mid-West Companies - ------------------ CMRN Cameron Fin. Corp. of MO 1.73 -40.02 14.41 1.12 NM -2.88 -2.88 20.10 20.10 31.83 CAPS Capital Savings Bancorp of MO 10.55 6.44 10.69 4.77 64.71 4.82 4.82 9.11 9.11 19.27 FBSI First Bancshares of MO 14.51 -6.24 18.81 4.64 NM -2.00 -1.93 13.31 13.31 20.50 FFSL First Independence Corp. of KS 5.90 7.93 5.34 12.54 -10.18 -4.47 -4.47 10.32 10.32 24.83 GFSB GFS Bancorp of Grinnell IA 27.01 20.84 27.46 15.78 NM 3.82 3.82 10.06 10.06 18.49 NSLB NS&L Bancorp of Neosho MO 19.17 32.44 12.82 4.17 NM NM NM 17.50 17.50 49.80 PCBC Perry Co. Fin. Corp. of MO(1) 8.24 6.47 10.80 -3.49 -100.00 NM NM 15.83 15.83 85.87 SMFC Sho-Me Fin. Corp. of MO 28.03 -4.59 30.87 16.11 NM -4.90 -4.90 9.48 9.48 18.24 SMBC Southern Missouri Bncrp of MO 9.93 -21.07 24.60 2.74 NM -0.59 -0.59 12.33 12.33 26.24 SFFC StateFed Financial Corp. of IA 7.00 -6.37 9.51 3.26 30.00 3.80 3.80 13.92 13.92 24.32 (1) Financial information is for the quarter ending December 31, 1995. Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, Inc. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP Financial, LC. Page 3.7 The asset compositions of the Bank and the Peer Group were similar, with loans receivable constituting the majority of IEA for both. The Bank's ratio of loans to assets exceeded the Peer Group's ratio (89.7 percent of assets versus 67.1 percent for the Peer Group), while the Peer Group recorded a higher level of MBS (11.2 percent versus an average of 0.6 percent for the Bank). The Bank maintains a relatively low balance of cash and investments as part of its operating strategy, and the portfolio totaled 2.3 percent of total assets. In contrast, the Peer Group maintained a substantially higher ratio of cash and investments (19.3 percent of assets) due to a combination of lower lending diversity and lower growth markets exhibited by several of the Peer Group members. Following the conversion, the Bank's level of cash and investments is likely to initially increase pending the Bank's deployment of the proceeds. Overall, the Bank's IEA totaled 92.6 percent of assets, which was lower than the Peer Group's ratio of 97.6 percent. The Bank's funding liabilities reflect a funding strategy similar to the Peer Group's. Both the Bank and the Peer Group have relied on deposits as the primary source of funds, as reflected in the current deposits to assets ratios of 78.8 percent and 70.3 percent, respectively. Likewise, both the Bank and the Peer Group used borrowings as a supplemental source of funds, with borrowings to assets ratios of 10.4 percent and 11.5 percent, respectively. Total interest- bearing liabilities ("IBL") maintained by the Bank and the Peer Group equaled 89.2 percent and 81.8 percent, respectively, with the Peer Group's lower ratio attributable to its higher capital ratio. On a pro forma basis, the Bank's IBL ratio will decline substantially as a result of the Bank's enhanced capital base and potential deposit withdrawals to fund stock purchases. The growth rate section of Table 3.2 shows growth rates for key balance sheet items. The growth rates for the Bank are for the nine months ended March 31, 1996 while growth rates for the Peer Group are for the latest trailing twelve months available. The Bank reported asset shrinkage of 9.93 percent since June 30, 1995, while the Peer Group reported asset growth equal to 13.21 percent. The Bank's balance sheet shrinkage occurred through the sale of IEA, although loans declined slightly as well. The Bank used the proceeds from the sale to pay down FHLB advances, and the Bank's deposits declined slightly as well. The higher growth rates for the Peer Group were influenced by the recent conversions of some of the Peer Group members which underscores the Peer Group's growth in MBS. The Peer Group funded asset growth through a combination of deposits and borrowings (the average borrowings growth rate shown for the Peer Group in Table 3.2 is not meaningful since growth rates in excess of 100 percent are shown as "NMs" and are not included in the average). Capital growth rates for the Bank and the Peer Group were not directly comparable since (1) two of the Peer Group companies completed their conversions within the trailing twelve month period; and (2) many of the Peer Group companies were paying dividends and/or repurchasing their stock with excess capital during the past 12 months. RP Financial, LC. Page 3.8 Income and Expense Components - ----------------------------- For the twelve months ended March 31, 1996, the Bank's net income amounted to 0.61 percent of average assets, below the 1.04 percent average return posted by the Peer Group (see Table 3.3). An examination of the components of income and expense for the Bank and the Peer Group indicate similarities, although there are some differences worth noting. Net interest income was the primary component of the Bank's and the Peer Group's earnings. The Bank maintained a lower level of net interest income relative to the Peer Group (3.12 percent of average assets versus 3.23 percent for the Peer Group). The Bank's lower net interest income was attributable to substantially higher interest expenses (4.80 percent of average assets versus 4.12 percent for the Bank), which resulted from the Bank's higher cost of funds and lower capital ratio. The Bank's higher interest expense ratio more than offset the Bank's higher interest income ratio (7.92 percent for the Bank versus 7.35 percent for the Peer Group). The Bank's higher cost of funds was attributable to the higher than average deposit rates paid by the Bank. The reinvestment of the net conversion proceeds may serve to initially dilute the Bank's asset yields due to current market rates on short- to intermediate-term investment securities but the net interest margin should increase with an increase in the IEA/IBL ratio. In another key area of core earnings strength, the Bank operates with a substantially higher operating expense ratio than the Peer Group (2.65 percent versus 1.92 percent of assets for the Peer Group), which is attributable to its loan volume and secondary market activities. These features have inflated the Bank's staffing requirements and compensation expenses, as evidenced by the Bank's lower assets per employee ratio relative to the Peer Group median ($1.795 million and $4.270 million, respectively). Going forward, the Bank's operating expenses will be subject to increases related to operations as a public company and stock plan expenses, thus making the Bank's operating expenses subject to the same factors as the Peer Group. Overall, at the midpoint of the valuation range, the operating expense ratio can be expected to increase by 35 to 40 basis points. When viewed together, net interest income and operating expenses provide insight into an institution's earnings strength, since those sources of income and expense are typically the most prominent components of earnings and are generally more predictable than losses and gains realized from the sale of assets or other non-recurring activities. An expense coverage ratio of greater than 1.0x indicates that an institution is able to sustain pre-tax profitability with less reliance on non-interest sources of income. In this regard, as measured by their expense coverage ratios (net interest income divided by operating expenses), the Peer Group enjoys a substantial advantage over the Bank based on expense coverage ratios of 1.68 and 1.18 times, respectively. RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 3.3 Income as a Percent of Average Assets and Yields, Costs, Spreads Comparable Institution Analysis For the Twelve Months Ended March 31, 1996 Net Interest Income Other Income ---------------------------- ------------------- Loss NII Total Net Provis. After Loan R.E. Other Other Income Income Expense NII on IEA Provis. Fees Oper. Income Income ------ ------ ------- ------- ------- ------- ---- ----- ------ ------ Community Bank of MO - -------------------- March 31, 1996 0.61 7.92 4.80 3.12 0.25 2.87 0.00 0.00 0.47 0.47 SAIF-Insured Thrifts 0.87 7.36 4.19 3.16 0.10 3.05 0.12 -0.01 0.30 0.41 State of MO 0.96 7.32 4.23 3.09 0.04 3.06 0.05 0.02 0.30 0.37 Comparable Group Average 1.04 7.35 4.12 3.23 0.04 3.19 0.04 0.05 0.18 0.28 Mid-West Companies 1.04 7.35 4.12 3.23 0.04 3.19 0.04 0.05 0.18 0.28 Comparable Group - ---------------- Mid-West Companies - ------------------- CMRN Cameron Fin. Corp. of MO 1.61 7.85 3.79 4.06 0.11 3.95 0.06 0.00 0.07 0.13 CAPS Capital Savings Bancorp of MO 0.95 7.57 4.22 3.35 0.06 3.29 0.10 0.01 0.30 0.40 FBSI First Bancshares of MO 0.78 7.32 4.13 3.19 0.07 3.12 0.00 0.08 0.21 0.30 FFSL First Independence Corp. of KS 1.14 7.60 4.44 3.16 0.00 3.16 0.22 0.11 0.00 0.32 GFSB GFS Bancorp of Grinnell IA 1.09 7.89 4.74 3.15 0.03 3.12 0.00 0.01 0.12 0.12 NSLB NS&L Bancorp of Neosho MO 0.94 6.39 3.24 3.16 0.02 3.14 0.01 0.00 0.33 0.34 PCBC Perry Co. Fin. Corp. of MO(1) 1.00 6.64 3.93 2.71 0.00 2.71 0.00 0.00 0.06 0.06 SMFC Sho-Me Fin. Corp. of MO 0.83 7.40 4.37 3.03 0.05 2.99 0.02 0.00 0.35 0.37 SMBC Southern Missouri Bncrp of MO 0.87 6.95 4.01 2.94 0.04 2.90 0.03 0.04 0.29 0.35 SFFC StateFed Financial Corp. of IA 1.18 7.86 4.35 3.51 0.03 3.48 0.00 0.30 0.08 0.38 G&A/Other Exp. Non-Op. Items Yields, Costs, and Spreads ---------------- -------------- ------------------------- MEMO: MEMO: G&A Goodwill Net Extrao. Yield Cost Yld-Cost Assets/ Effective Expense Amort. Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate ------- ------- ------- ------- --------- -------- ------ ----------- -------- Community Bank of MO - -------------------- March 31, 1996 2.65 0.00 0.27 0.00 7.91 5.18 2.73 1,795 36.09 SAIF-Insured Thrifts 2.22 0.02 0.09 0.00 7.59 4.84 2.74 4,041 36.00 State of MO 2.00 0.01 0.06 0.00 7.55 5.02 2.54 3,880 35.66 Comparable Group Average 1.92 0.00 0.03 0.00 7.58 5.06 2.52 4,270 35.74 Mid-West Companies 1.92 0.00 0.03 0.00 7.58 5.06 2.52 4,270 35.74 Comparable Group - ---------------- Mid-West Companies - ------------------ CMRN Cameron Fin. Corp. of MO 1.61 0.00 0.03 0.00 8.03 5.36 2.67 4,539 35.81 CAPS Capital Savings Bancorp of MO 2.13 0.00 0.00 0.00 7.70 4.80 2.90 3,116 38.99 FBSI First Bancshares of MO 2.18 0.01 0.02 0.00 7.51 5.06 2.45 2,809 37.19 FFSL First Independence Corp. of KS 1.86 0.00 0.00 0.00 7.71 5.20 2.52 4,619 45.72 GFSB GFS Bancorp of Grinnell IA 1.73 0.00 0.04 0.00 7.99 5.51 2.49 5,057 29.78 NSLB NS&L Bancorp of Neosho MO 2.22 0.00 0.10 0.00 6.57 4.22 2.35 3,281 30.75 PCBC Perry Co. Fin. Corp. of MO(1) 1.18 0.00 0.00 0.00 6.73 4.87 1.87 7,732 37.16 SMFC Sho-Me Fin. Corp. of MO 2.11 0.00 0.01 0.00 7.62 5.09 2.53 3,665 39.89 SMBC Southern Missouri Bncrp of MO 2.15 0.00 0.08 0.00 7.60 4.94 2.66 3,240 27.19 SFFC StateFed Financial Corp. of IA 2.06 0.00 0.00 0.00 8.29 5.54 2.75 4,636 34.92 (1) Financial information is for the quarter ending December 31, 1995. Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, Inc. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP Financial, LC. Page 3.10 Non-interest operating income made a higher contribution to the Bank's earnings than the Peer Group's earnings, offsetting some of the disadvantage in core earnings. For the trailing twelve months ended March 31, 1996, the Bank recorded non-interest operating income of 0.47 percent of average assets versus a level of 0.28 percent recorded by the Peer Group. The Bank's non-interest operating income level was above the industry average of 0.41 percent, which reveals the greater diversity of operations at Community Bank, as the Bank derives substantially more non-interest income from loan servicing operations and loan origination fees on loans sold. Other sources of non-interest operating income for the Bank and the Peer Group include deposit fees, service charges and late charges on loans, and other miscellaneous fee revenues. Going forward, the Bank anticipates that non-interest operating income will continue to contribute significant amounts to overall revenues, particularly as the portfolio of loans serviced for others grows. Over the last five fiscal years, non-recurring gains and losses have had a varying impact on the Bank's earnings. The gains of 0.27 percent of average assets recorded for the twelve months ended March 31, 1996 were attributable to the sale of IEA. The Peer Group derived most of their earnings from core sources of income and recorded only three basis point of non-recurring income, on average. Going forward, non-operating gains and losses are expected to contribute moderate amounts to the Bank's earnings from time to time as loans and investments in the "available-for-sale" portfolio are sold. The Bank also established higher loan loss provisions than the Peer Group, although both the Bank and the Peer Group reported sound asset quality. Loan Composition - ---------------- Table 3.4 presents data related to the loan composition of the Bank and the Peer Group. An emphasis on low risk residential lending was apparent in both the Bank's and the Peer Group's loan portfolios, with 1-4 family permanent mortgage loans and MBS accounting for 61.2 percent and 81.2 percent of the Bank's and the Peer Group's total loan and MBS portfolios, respectively. The Bank and several of the Peer Group sell loans in the secondary market with servicing retained, thereby deriving fee income through loans serviced for others, although the Bank's servicing portfolio was larger than the Peer Group's average servicing portfolio. The Bank's maintained a comparable level of 1-4 family residential mortgages and a much lower level of MBS than the Peer Group. The Bank's loan portfolio exhibited significantly greater diversification into higher risk weight loans than the Peer Group's average loan portfolio. Construction lending is the Bank's primary method of lending diversification, and such loans comprised 24.9 percent of the total loan and MBS portfolio at March 31, 1996. The Bank also maintains a substantial balance of consumer loans, which totaled 12.3 percent of total loans and RP Financial, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 3.4 Loan Portfolio Composition and Related Information Comparable Institution Analysis As of March 31, 1996 Portfolio Composition as a Percent of MBS and Loans ---------------------------------------------------------- 1-4 Constr. 5+Unit Commerc. Institution MBS Family & Land Comm RE Business Consumer ----------- ------- ------ ------- ------- -------- -------- (%) (%) (%) (%) (%) (%) Community Bank of MO 0.63 60.61 24.87 1.55 0.00 12.33 SAIF-Insured Thrifts 16.71 60.95 4.83 11.47 1.59 6.08 State of MO 17.21 65.65 6.80 8.50 1.08 3.05 Comparable Group Average 16.56 64.64 7.25 9.98 0.73 3.42 Comparable Group ---------------- CMRN Cameron Fin. Corp. of MO 0.01 72.80 29.22 5.25 0.10 3.25 CAPS Capital Savings Bancorp of MO 10.29 79.43 1.73 3.01 0.00 6.18 FBSI First Bancshares of MO 1.02 78.36 7.17 6.67 2.10 6.01 FFSL First Independence Corp. of KS 25.34 61.88 1.69 9.80 0.00 1.92 GFSB GFS Bancorp of Grinnell IA 5.29 64.72 8.05 22.51 1.55 1.38 NSLB NS&L Bancorp of Neosho MO 17.17 76.36 3.48 0.52 0.00 5.67 PCBC Perry Co. Fin. Corp. of MO(1) 77.79 19.33 1.77 0.38 0.01 1.11 SMFC Sho-Me Fin. Corp. of MO 3.19 73.09 10.49 11.87 0.54 3.52 SMBC Southern Missouri Bncrp of MO 25.48 52.56 4.74 10.09 2.69 4.44 SFFC StateFed Financial Corp. of IA 0.00 67.92 4.17 29.64 0.00 0.74 RWA/ Serviced Servicing Institution Assets For Others Assets ----------- ______ __________ ______ (%) ($000) ($000) Community Bank of MO 74.47 30,967 0 SAIF-Insured Thrifts 50.35 409,569 2,446 State of MO 49.32 154,665 1,216 Comparable Group Average 48.28 6,776 0 Comparable Group ---------------- CMRN Cameron Fin. Corp. of MO 61.86 0 0 CAPS Capital Savings Bancorp of MO 48.59 48,637 0 FBSI First Bancshares of MO 64.09 22 0 FFSL First Independence Corp. of KS 43.04 2,792 0 GFSB GFS Bancorp of Grinnell IA 56.18 3,976 0 NSLB NS&L Bancorp of Neosho MO 34.33 0 0 PCBC Perry Co. Fin. Corp. of MO(1) 17.98 0 0 SMFC Sho-Me Fin. Corp. of MO 54.35 12,336 0 SMBC Southern Missouri Bncrp of MO 46.91 0 0 SFFC StateFed Financial Corp. of IA 55.47 0 0 (1) Financial information is for the quarter ending December 31, 1995. Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, Inc. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP Financial, LC. Page 3.12 MBS. The Peer Group achieved most of their loan portfolio diversification through a combination of income property lending and construction lending, which averaged 9.98 percent and 7.25 percent of total loans and MBS, respectively. Overall, however, the Bank's loan portfolio diversification was substantially above that of the Peer Group, as the Bank's construction and consumer loans totaled 37.2 percent of total loans and MBS, while the Peer Group's combined level of income property loans and construction loans totaled only 17.2 percent. The Bank's greater diversification into higher risk-weight loans was reflected in the substantially higher risk-weighted asset base than was recorded by the Peer Group (74.47 percent risk-weighted assets for Community Bank versus 48.28 percent for the Peer Group). Credit Risk - ----------- The Bank's credit risk exposure appears to be higher than the Peer Group's exposure based on the Bank's higher level of risk weight assets, although the Bank's current asset quality ratios are slightly favorable to the Peer Group's. As shown in Table 3.5, as of March 31, 1996, the Bank recorded NPAs of 0.38 percent of assets, lower than the Peer Group average of 0.57 percent, and maintained a lower ratio of non-performing loans ("NPLs") to loans of 0.41 percent versus 0.57 percent for the Peer Group. The Bank's and most of the Peer Group's NPAs consist of non-accruing loans. The Bank and the Peer Group maintained similar ratios of reserves to loans of 0.45 percent and 0.54 percent, respectively. The Bank maintained a higher level of loss reserves as a percent of NPAs (105.79 percent versus 69.64 percent for the Peer Group), although the ratio of reserves to loans receivable was lower despite the Bank's higher risk weighted assets level, based on ratios of 0.45 percent and 0.54 percent for the Bank and the Peer Group, respectively. Interest Rate Risk - ------------------ Table 3.6 reflects the relative interest rate risk exposure of the Bank and the Peer Group. The Bank's lower capital level was the key factor contributing to its lower IEA/IBL ratio relative to the Peer Group (107.5 percent versus 119.7 percent, respectively). The Bank's lower capital and IEA/IBL ratios increases its funding costs relative to the Peer Group. However, the Bank's capital ratio and IEA/IBL ratio will increase on a post-conversion basis. The Bank maintained a higher ratio of non-interest earning assets, which is less favorable from an interest rate risk perspective as it decreases the proportion of assets repricing upward in a rising rate environment, although the difference was nominal. In the absence of available or comparable gap and rate shock analyses for the Peer Group, the change in the quarterly net interest income ratio to average assets for the Bank and the Peer Group has been examined in relation to the change in market interest rates. As shown in Table 3.6, the Bank's net interest margin has RP Financial LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 3.5 Credit Risk Measures and Related Information Comparable Institution Analysis As of March 31, 1996 or Most Recent Date Available NPAs & Rsrves/ REO/ 90+Del/ NPLs/ Rsrves/ Rsrves/ NPAs & Institution Assets Assets Loans Loans NPLs 90+Del ----------- ------ ------ ------- ------ ------ -------- (%) (%) (%) (%) (%) (%) Community Bank of MO 0.01 0.38 0.41 0.45 109.46 105.79 SAIF-Insured Thrifts 0.21 0.95 1.03 0.87 167.21 125.76 State of MO 0.17 0.73 0.64 0.71 136.56 71.04 Comparable Group Average 0.05 0.57 0.57 0.54 135.41 69.64 Comparable Group ---------------- CMRN Cameron Fin. Corp. of MO 0.00 0.79 0.47 0.81 172.10 86.49 CAPS Capital Savings Bancorp of MO 0.04 0.20 0.19 0.38 206.14 152.91 FBSI First Bancshares of MO 0.00 0.43 0.11 0.44 392.31 83.74 FFSL First Independence Corp. of KS 0.00 0.96 1.16 1.10 95.30 70.41 GFSB GFS Bancorp of Grinnell IA 0.08 0.97 1.07 0.61 56.75 52.35 NSLB NS&L Bancorp of Neosho MO 0.00 0.18 0.25 0.15 60.56 40.95 PCBC Perry Co. Fin. Corp. of MO(1) 0.00 0.04 0.33 0.10 31.25 31.25 SMFC Sho-Me Fin. Corp. of MO 0.00 NA NA 0.75 NA NA SMBC Southern Missouri Bncrp of MO 0.42 0.97 0.97 0.66 68.84 39.01 SFFC StateFed Financial Corp. of IA 0.00 NA NA 0.38 NA NA Net Loan NLCs/ Institution Chargoffs Loans ----------- --------- --------- ($000) (%) 67 0.09 Community Bank of MO SAIF-Insured Thrifts 243 0.12 State of MO 54 0.01 Comparable Group Average 5 0.02 Comparable Group ---------------- CMRN Cameron Fin. Corp. of MO 1 0.00 CAPS Capital Savings Bancorp of MO 0 0.00 FBSI First Bancshares of MO 46 0.16 FFSL First Independence Corp. of KS 0 0.00 GFSB GFS Bancorp of Grinnell IA 0 0.00 NSLB NS&L Bancorp of Neosho MO 0 0.00 PCBC Perry Co. Fin. Corp. of MO(1) 0 0.00 SMFC Sho-Me Fin. Corp. of MO 2 0.00 SMBC Southern Missouri Bncrp of MO 3 0.01 SFFC StateFed Financial Corp. of IA 0 0.00 (1) Financial information is for the quarter ending December 31, 1995. Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, Inc. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Balance Sheet Measures -------------------------- Non-Earn. Equity/ IEA/ Assets/ Institution Assets IBL Assets ----------- ------- ----- ------- (%) (%) (%) Community Bank of MO 9.1 107.5 4.1 SAIF-Insured Thrifts 12.8 114.2 3.2 State of MO 15.3 117.6 2.7 Comparable Group Average 17.1 119.7 2.4 Market Interest Rates --------------------- 1 Year Treasury Bill -- -- -- 30 Year Treasury Bond -- -- -- Comparable Group ---------------- CMRN Cameron Fin. Corp. of MO 26.5 134.7 2.7 CAPS Capital Savings Bancorp of MO 10.4 111.4 1.8 FBSI First Bancshares of MO 16.9 117.7 2.6 FFSL First Independence Corp. of KS 12.6 113.9 1.5 GFSB GFS Bancorp of Grinnell IA 12.0 113.4 1.4 NSLB NS&L Bancorp of Neosho MO 23.5 130.0 2.4 PCBC Perry Co. Fin. Corp. of MO(1) 20.9 125.9 1.4 SMFC Sho-Me Fin. Corp. of MO 12.0 111.3 3.0 SMBC Southern Missouri Bncrp of MO 16.4 118.6 2.3 SFFC StateFed Financial Corp. of IA 20.1 119.9 5.2 Table 3.6 Interest Rate Risk Measures and Net Interest Income Volatility Comparable Institution Analysis As of March 31, 1996 or Most Recent Date Available Quarterly Change in Net Interest Income ---------------------------------------------------------- Institution 03/31/96 12/31/95 09/30/95 06/30/95 03/31/95 12/31/94 ----------- -------- -------- -------- -------- -------- -------- (change in net interest income is annualized in basis points) Community Bank of MO 19 38 -18 -31 -48 -27 SAIF-Insured Thrifts 3 4 -1 -10 -6 1 State of MO 8 7 1 -4 -6 2 Comparable Group Average 6 -2 0 0 -14 -0 Market Interest Rates --------------------- 1 Year Treasury Bill 24 5 -84 -74 127 45 30 Year Treasury Bond 71 -12 -80 -45 6 21 Comparable Group ---------------- CMRN Cameron Fin. Corp. of MO 9 2 2 73 -22 2 CAPS Capital Savings Bancorp of MO -9 -1 -7 3 0 -12 FBSI First Bancshares of MO 8 7 -10 19 2 NA FFSL First Independence Corp. of KS 1 -32 -9 -11 -17 -8 GFSB GFS Bancorp of Grinnell IA 29 0 -15 -19 -27 7 NSLB NS&L Bancorp of Neosho MO -29 22 13 -16 9 4 PCBC Perry Co. Fin. Corp. of MO(1) NA -3 2 -1 13 -18 SMFC Sho-Me Fin. Corp. of MO 13 2 11 -11 -34 -7 SMBC Southern Missouri Bncrp of MO 28 -4 5 -13 -31 16 SFFC StateFed Financial Corp. of IA 8 -10 11 -19 -31 12 (1) Financial information is for the quarter ending December 31, 1995. NA-Change is greater than 100 basis points during the quarter. Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, Inc. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP Financial, LC. Page 3.15 recently shown moderately more sensitivity to changing market interest rates than the Peer Group's average net interest margin. On a pro forma basis, the Bank's higher capital position and reinvestment of proceeds in short- to intermediate-term securities can be expected to partially offset some of this interest rate risk. Summary - ------- Based on the above analysis and the criteria employed by in the Peer Group selection process, the Peer Group appears to form a reasonable basis for determining the pro forma market value of the Bank, subject to the adjustments noted in the following section. RP Financial, L.C. Page 4.1 IV. VALUATION ANALYSIS Introduction - ------------ This chapter presents the valuation analysis, consistent with the current valuation methodology promulgated by the OTS, and the key valuation factors and assumptions considered in estimating the pro forma market value of the common stock to be issued in conjunction with the conversion of the Bank from the mutual-to-stock form of ownership. Appraisal Guidelines - -------------------- The OTS appraisal guidelines, originally released in October 1983 and amended October 1994, specify the methodology for estimating the pro forma market value of an institution. The methodology provides for: (1) selection of a peer group of comparable seasoned publicly-traded institutions whose pricing is not distorted due to a variety of factors; (2) a fundamental analysis of the subject company to the peer group; and (3) a pro forma valuation analysis of the subject company based on the market pricing of the peer group as of the date of valuation. The amended valuation guidelines also limit the amount of a new issue discount which may be incorporated into the valuation and thereby curtail the potential price appreciation in the after-market. RP Financial's valuation analysis complies with the appraisal guidelines as revised October 21, 1994, incorporating a "fundamental analysis" relative to the Peer Group and a "technical analysis" of final conversion pricing and trading levels of recently completed stock conversions (given the emphasis of limiting after-market appreciation). It should be noted that such analyses cannot possibly fully account for all the market forces which impact after-market trading activity and pricing characteristics of a stock on a given day. The estimated pro forma market value determined herein is a preliminary value for the Holding Company's to-be-issued stock. Throughout the conversion process, RP Financial will: (1) review changes in the Bank's operations and financial condition; (2) monitor the Bank's operations and financial condition relative to the Peer Group to identify any fundamental changes; (3) monitor the external factors affecting value including, but not limited to, local and national economic conditions, interest rates, and the stock market environment, including the market for thrift stocks; and (4) monitor recently completed conversions and conversion offerings in process, both regionally and nationally. If material changes should occur during the Bank's conversion process, RP Financial will prepare updated valuation reports reflecting such changes and their related impact on value, if any, over the course of the conversion process. RP Financial will also prepare a final valuation update at the closing of the conversion offering to determine if the preliminary range of value continues to be appropriate. RP Financial, L.C. Page 4.2 The appraised value determined herein is based on the current market and operating environment for the Bank and for all thrifts. Subsequent changes in the local and national economy, the legislative and regulatory environment, the stock market, interest rates, and other external forces (such as natural disasters or major world events), which may occur from time to time (often with great unpredictability), may materially impact the market value of all thrift stocks, including the Bank, or the Bank's value alone. To the extent a change in factors impacting the Bank's value can be reasonably anticipated and/or quantified, RP Financial has incorporated the estimated impact into our analysis. Valuation Analysis - ------------------ A fundamental analysis discussing similarities and differences relative to the Peer Group was presented in Chapter III. The following sections focus on differences between Community Bank and the Peer Group and how those differences affect our pro forma valuation. Emphasis is placed on the specific strengths and weaknesses of the Bank relative to the Peer Group in such key areas as financial condition, profitability, growth and viability of earnings, asset growth, primary market area, dividends, liquidity of the issue, marketing of the issue, management, and the effect of government regulations and/or regulatory reform. We have also considered the market for thrift stocks, including new issues, to assess the impact on value of the Bank coming to market at this time. 1. Financial Condition ------------------- The financial condition of an institution is an important determinant in the pro forma market value, because investors typically look to such factors as liquidity, capital, asset composition and quality, and funding sources in assessing investment attractiveness. The similarities and differences in the Bank's and the Peer Group's financial condition are noted as follows: o Overall A/L Composition. 1-4 family residential mortgage loans funded ----------------------- by retail deposits were the primary components of both the Bank's and the Peer Group's balance sheets. The Bank's and the Peer Group's overall level of IEA was similar. Key differences include the Bank's higher level of loans receivable and the Bank's greater loan portfolio diversification into higher risk-weight loans. The Peer Group currently maintains a higher IEA/IBL ratio due to their currently higher capital ratio, although the Bank's ratio will more closely approximate the Peer Group's ratio on a pro forma basis. Both the Bank and the Peer Group utilized borrowings to supplement deposit funding. On balance, while the Bank's asset composition seemingly represents the potential for higher earnings given the higher credit risk, the higher cost funding structure diminishes such potential in the short-run. o Asset Quality. While the Bank and the Peer Group currently have ------------- strong asset quality, as demonstrated by their low NPA ratios, the Bank maintains a higher credit risk profile with its higher risk- weighted assets ratio. The Bank's reserve coverage ratio is slightly more favorable RP Financial, L.C. Page 4.3 than the Peer Group's ratio, although both maintain similar levels of GVAs as a percent of loans. Arguably, the Bank maintains a lower reserve position when taking the higher risk-weight assets ratio into account. o Balance Sheet Liquidity. The Bank operates with substantially lower ----------------------- balance sheet liquidity than the Peer Group based on the lower ratio of cash and investment securities and MBS than the Peer Group. Furthermore, both the Bank and the Peer Group maintain similar levels of borrowings, indicating similar future borrowings capacity. The Bank generates its liquidity by selling loans in the secondary market and maintaining a portfolio of investment securities classified as "available-for-sale". The Bank's liquid assets will also increase with the infusion of the stock proceeds. Overall, however, the Bank's balance sheet liquidity was significantly less favorable than the Peer Group's liquidity. o Capital. While the Bank operates with a lower pre-conversion capital ------- ratio than the Peer Group, this disadvantage will be addressed as a result of the stock offering. The Bank's pro forma equity to assets ratio will approximate the Peer Group's equity-to-assets ratio, providing the Bank with similar leverage potential and cushion against loss but a lower pro forma ROE. On balance, RP Financial applied a moderate downward adjustment for financial condition. 2. Profitability, Growth and Viability of Earnings ----------------------------------------------- Earnings are an important factor in determining pro forma market value, as the level and risk characteristics of an institution's earnings stream and the prospects and ability to generate future earnings are typically heavily factored into the investment decision. The historical income statements of the Bank and the Peer Group were generally reflective of traditional thrift operating strategies, with net interest income and operating expenses being the major determinants of their respective core earnings. The specific factors considered in the valuation include: o Core Earnings. The Bank and the Peer Group derived core earnings from ------------- net interest income, operating expenses and non-interest operating income. The Bank reported a lower expense coverage ratio than the Peer Group due to lower net interest income and higher operating expenses. However, part of this disadvantage was offset by the Bank's higher non-interest operating income, a reflection of the Bank's higher diversification of operations. The Bank's earnings were also more affected by non-operating income and loan loss provisions than the Peer Group's earnings. Overall, the Peer Group's core earnings appear to be more favorable to the Bank's core earnings levels. The redeployment of conversion proceeds into interest-earning assets should serve to further enhance the Bank's net interest income, although higher operating expenses resulting from the amortization of the stock benefit plans and additional expenses associated with operating as a stock company will offset some of this increase. o Interest Rate Risk. The pro forma increase in the IEA/IBL ratio will ------------------ further reduce the Bank's interest rate risk exposure to levels more consistent to the Peer Group. o Credit Risk. Loss provisions had a larger impact on the earnings of ----------- the Bank than the Peer Group. In terms of exposure to credit quality related losses, the Bank maintained lower NPAs RP Financial, LC. Page 4.4 but a higher reserve coverage ratio than the Peer Group. However, the Bank's substantially higher risk loan portfolio exposes it to substantially greater credit risk than the Peer Group. o Earnings Growth Potential. Several factors were considered in ------------------------- assessing earnings growth potential. Opportunities for lending growth in the Bank's market area are currently favorable to the average market area served by the Peer Group companies in light of the construction boom occurring in the Kansas City area, and such loans are generally higher yielding than traditional 30 year mortgages. However, the strong deposit competition in the market area is likely to result in higher funding costs, offsetting some the yield advantage from construction lending. Furthermore, the Bank's construction lending strategy is contingent upon continuing favorable market conditions. On balance, however, we concluded that the Bank's earnings growth potential was slightly favorable to the Peer Group's. o Return on Equity. Immediately following the conversion, the Bank's ---------------- pro forma return on equity will be well below the Peer Group average owing to the Bank's lower pro forma profitability. Over time, however, the Bank anticipates a pick-up in earnings and a concurrent increase in ROE. Nevertheless, it is expected that the market will consider the Bank's stock to be less attractive until the Bank can demonstrate its ability to profitably leverage its equity in a prudent manner. Overall, we have applied a moderate downward adjustment for profitability, growth and viability of earnings, largely reflecting the Bank's lower core earnings, higher credit risk exposure and lower pro forma ROE relative to the Peer Group. 3. Asset Growth ------------ The Bank's ability to grow on a pro forma basis will be facilitated on a pro forma basis, although profitable growth will be restricted by the competitive trends in the Bank's market area and the cost of expansion. The additional capital and holding company structure would facilitate acquisition activity or longer-term wholesale leveraging, but there are currently no plans for such activities. Overall, however, most of the Peer Group members face the same obstacles to growth as the Bank. Thus, no discount was applied for this factor. 4. Primary Market Area ------------------- The general condition of a financial institution's market area has an impact on value, as future success is in part dependent upon opportunities for profitable activities in the local market area. Summary demographic and deposit market share data for the Bank and the Peer Group companies is provided in Table 4.1. The Bank's market area of Clay County, Missouri is a combination of rural and suburban markets that has been experiencing higher than average demographic growth over the past decade. In terms of credit risk exposure, the economy in Clay County has been generally stable, with economic trends tied to the trends in the Kansas City MSA. The per capita income in the Bank's market was above the average of the primary Table 4.1 Peer Group Primary Market Area Demographic/Competition Trends Proj. Population Pop. ------------------------ Institution County 1990 1995 2000 - ----------- ------ ---- ---- ---- (000) (000) Cameron Fin. Corp. of MO Clinton 17 18 19 Capital Savings Bancorp of MO Cole 64 68 72 First Bancshares of MO Wright 17 18 20 First Independence Corp. of KS Montgomery 39 37 37 GFS Bancorp of Grinnell, IA Poweshiek 19 19 19 NS&L Bancorp of MO Newton 44 47 50 Perry Co. Fin. Corp. of MO Perry 17 17 18 Sho-Me Fin. Corp. of MO Lawrence 30 32 33 Southern Missouri Bncrp. of MO Butler 39 40 42 StateFed Financial Corp. of IA Polk 327 350 372 --- --- --- Averages: 61 65 68 Medians: 35 35 35 Community Bank of MO Clay 153 166 177 Per Capita Income Deposit -------------------------------- 1990-95 1995-2000 % State Market Institution County % Change % Change Median Age Amount Average Share(1) - ----------- ------ -------- -------- ---------- ------ ------- -------- Cameron Fin. Corp. of MO Clinton 6.1% 5.4% 36.2 12,510 86.9% 41.6% Capital Savings Bancorp of MO Cole 6.7% 6.0% 34.1 15,908 110.6% 6.6% First Bancshares of MO Wright 8.7% 7.6% 35.8 8,517 59.2% 29.1% First Independence Corp. of KS Montgomery -3.5% -1.5% 36.7 11,364 79.9% 13.7% GFS Bancorp of Grinnell, IA Poweshiek 0.1% 0.1% 35.3 12,823 97.4% 16.4% NS&L Bancorp of MO Newton 6.8% 6.0% 35.9 12,291 85.4% 18.3% Perry Co. Fin. Corp. of MO Perry 4.7% 4.2% 35.2 12,781 88.8% 22.5% Sho-Me Fin. Corp. of MO Lawrence 4.6% 4.2% 36.3 11,250 78.2% 22.1% Southern Missouri Bncrp. of MO Butler 4.5% 4.1% 36.9 10,436 72.5% 16.6% StateFed Financial Corp. of IA Polk 7.0% 6.2% 33.3 16,864 128.1% 1.0% ---- ---- ---- ------ ------ ---- Averages: 4.6% 4.2% 35.6 12,474 88.7% 18.8% Medians: 5.4% 4.8% 35.9 12,401 86.2% 17.5% Community Bank of MO Clay 8.0% 7.1% 33.8 $16,287 113.2% 4.0% (1) Total institution deposits in headquarters county as percent of total county deposits. Source: CACI, Inc; FDIC; OTS. RP Financial, L.C. Page 4.6 markets of the Peer Group members. However, the Bank faces a high degree of competition for deposits from the 17 commercial banks and 7 other savings institutions operating in the market area. Most of the Peer Group companies operate in rural areas. In terms of competition, all of the Peer Group members face significant competition from commercial banks and thrifts operating in their market areas. On balance, we concluded that the favorable demographic characteristics in the Bank's market area were only partially offset by the strong competition, and have applied a slight upward adjustment for this factor. 5. Dividends --------- The Holding Company presently has not established a dividend policy, but will consider instituting a cash dividend policy at some point in the future, based on numerous factors including growth objectives, financial condition, the amount of net proceeds retained by the Holding Company in the conversion, investment opportunities available to the Holding Company and the Bank, profitability, tax considerations, minimum capital requirements, regulatory limitations, stock market characteristics and general economic conditions. Historically, thrifts typically have not established dividend policies at the time of their conversion to stock ownership. Newly converted institutions, in general, have preferred to gain market seasoning, establish an earnings track record and more fully invest the conversion proceeds before establishing a dividend policy. However, during the late 1980s and early 1990s, with negative publicity surrounding the thrift industry, there was a tendency for more thrifts to initiate moderate dividend policies concurrent with their conversion as a means of increasing the attractiveness of the stock offering. Today, fewer institutions are compelled to initially establish dividend policies at the time of their conversion offering to increase the attractiveness of the stock issue as (1) industry profitability has improved, (2) the number of problem thrift institutions has declined, and (3) the stock market cycle for thrift stocks is generally more favorable than in the early 1990s. At the same time, with ROE ratios under pressure, due to high equity levels, well-capitalized institutions are subject to increased competitive pressures to offer dividends. As publicly-traded thrifts' capital levels and profitability have improved and as weakened institutions have been resolved, the proportion of institutions with cash dividend policies has increased. Nine out of the ten institutions in the Peer Group presently pay regular cash dividends, with implied dividend yields ranging from 1.29 percent to 3.89 percent. The average dividend yield on the stocks of the Peer Group institutions was 2.06 percent as of June 14, 1996, representing an average earnings payout ratio of 27.90 percent. As of June 14, 1996, approximately 75 percent of all publicly-traded SAIF-insured thrifts had adopted cash dividend policies (see Exhibit IV-1), exhibiting an average yield of 2.48 percent and an average payout ratio of 34.65 percent. The dividend paying thrifts generally maintain higher than average profitability ratios, facilitating their ability to RP Financial, L.C. Page 4.7 pay cash dividends, which supports a market pricing premium on average relative to non-dividend paying thrifts. The Holding Company will have lower pro forma profitability than the Peer Group immediately following the conversion, which may restrict its ability to pay a dividend that is comparable to the Peer Group's average dividend yield. Accordingly, we have applied a slight downward adjustment for this factor. 6. Liquidity of the Shares ----------------------- The Peer Group is by definition composed of companies that are traded in the public markets, all of which trade on the NASDAQ system. Typically, the number of shares outstanding and market capitalization provides an indication of how much liquidity there will be in a particular stock. The market capitalization of the Peer Group companies ranged from $10.4 million to $39.5 million as of June 14, 1996, with an average market value of $19.2 million. The shares outstanding of the Peer Group members ranged from 0.5 million to 2.9 million, with average shares outstanding of approximately 1.2 million. The Bank's pro forma market value range and shares outstanding will fall in the lower end of the Peer Group range. Accordingly, we anticipate that the liquidity of the Bank's stock will be slightly lower than the Peer Group's and have applied a slight downward adjustment for this factor. 7. Marketing of the Issue ---------------------- We believe that three separate markets exists for thrift stocks coming to market: (1) the after-market for public companies, in which trading activity is regular and investment decisions are made based upon financial condition, earnings, capital, ROE and dividends; (2) the new issue market in which converting thrifts are evaluated on a pro forma basis without the benefit of prior operations as a publicly-held company and stock trading history; and (3) the acquisition market for thrift franchises in Missouri. All three of these markets were considered in the valuation of the Bank's to-be-issued stock. A. The Public Market ----------------- The value of publicly-traded thrift stocks is easily measurable, and is tracked by most investment houses and related organizations. In general, thrift stock values react to market stimuli such as interest rates, inflation, perceived industry health, projected rates of economic growth, regulatory issues and stock market conditions in general. Exhibit IV-2 displays historical stock market trends for various indices and includes historical stock price index values for thrifts and commercial banks. Exhibit IV-3 displays historical stock price indices for thrifts only. RP Financial, L.C. Page 4.8 In terms of assessing general stock market conditions, the stock market has posted generally favorable results over the past year. The upward trend in the stock market was evident during June 1995, as the DJIA approached the 4500 mark in mid-June. Economic data which indicated that the economy was slowing down, such as lower retail sales and a modest increase in the May consumer price index, increased expectations of an interest rate cut by the Fed. Technology stocks continued to lead the market, reflecting the strong earnings growth recorded by the technology sector in general. The first rate cut in nearly three years propelled the stock market to further new highs in mid-July, as the DJIA closed above the 4700 mark in the second week of July. A more upbeat assessment of the economy by the Fed and mixed economic data, both of which lessened the likelihood of further rate cuts by the Fed, caused the stock market to retract modestly in late-July and early-August 1995. Profit taking and moderating expectations of earnings growth in the technology sector further contributed to the pull-back in the stock market, while news of Disney's acquisition of Cap Cities/ABC had little impact on the overall stock market. The strengthening dollar also served to push the DJIA lower in late August, as the blue-chip multinational stocks experienced selling pressure in light of lower earnings expectations from their foreign operations. The sell-off in the stock market was brief, as the DJIA rebounded during the first half of September 1995. Technology stocks initially led the stock market upturn, as investors found technology issues more attractively priced following the downturn in July and August. Favorable inflation data bolstered the DJIA in mid-September, as well as provided for a rally in bond prices. While the DJIA was further boosted by AT&T's breakup announcement, weakness in the dollar and unfavorable inflation data pushed bond and stock prices lower in late September. Quarterly earnings controlled the market in beginning of the fourth quarter, with day-to-day fluctuations reflecting positive and negative earnings surprises particularly in the technology sector. Economic data indicating that the economy was on track for a soft landing provided for a rally in the bond market and stability in stock in mid-October 1995, which was followed by a broad sell-off in the stock market in late-October. The sell-off was primarily attributable to increasing signs of consumer credit weakness and the possibility that such weakness could lead to a recession. However, the downturn was brief, as the DJIA rallied to new highs in early- and mid-November. The rally was initially led by transportation issues, and continued strength in the bond market. Investors poured into defensive issues during the first budget impasse, with the DJIA posting several consecutive highs in mid-November. The DJIA surged past the 5000 mark in late-November, reflecting strength in blue chip issues and a mild rebound in the technology sector amid increasing expectations that the Fed would cut short-term interest rates. Defensive issues sustained the rally through RP Financial, L.C. Page 4.9 early-December, while weakness in the technology sector provided for a slight pull-back in the stock market in mid-December. At the close of 1995, market activity was mixed. Favorable inflation data led to a 0.25 percent cut in interest rates by the Federal Reserve in late December, which served to initially lift stock prices. However, the second budget impasse and weak holiday retail sales quickly erased the positive impact of the cut interest rates by the Fed, as the DJIA dropped sharply one day after the Federal Reserve action. Bond prices rallies on news of the sagging economy, as the 30-year bond yield fell below 6.0 percent in late-December. The stock market began 1996 on a down note, reflecting concern over the budget stalemate in Washington. A sell-off in technology stocks further sustained the decline in the stock market, as investors dumped technology stocks on profit concerns. However, favorable inflation data and strong fourth quarter earnings by some blue chip issues served to abbreviate the decline in the stock market, with the DJIA posting several new highs in the second half of January. Stock prices were further boosted by increasing expectations of another rate cut by the Federal Reserve, which occurred at the end of January. The stock market moved sharply higher in early-February, as the cut in short-term interest rates and strong fourth quarter earnings posted by some large technology companies served to renew investor interest in technology stocks. Low inflation and modest economic growth translated into renewed interest for cyclical stocks as well, with the DJIA posting five consecutive all-time highs during the week ended February 9. Congressional testimony by the Federal Reserve Chairman provided for significant swings in the stock market in mid-February, reflecting changing investor sentiment regarding the possibility of future rate cuts during the Chairman's two-day testimony. The volatility continued through the end of February, reflecting turbulence in the bond market and general uncertainty over future interest rate trends. An unexpectedly large drop in the February unemployment rate provided for a sharp one day sell-off in the stock market on March 8, as bond prices plunged on news of the strong job growth and the possibility that an accelerating economy may lead to higher inflation. However, the stock market recovered the following week, as inflation fears were somewhat alleviated by additional economic data which indicated a more modest pace of economic growth than suggested by the unemployment data, including a 0.2 percent drop in February wholesale prices. After trading in a narrow range through the end of March, merger activity and a jump in IBM's stock propelled the DJIA to a new record in early-April. The upturn was brief, as bond and stock prices slumped following the stronger than expected March employment report which served to rekindle inflation fears. Earnings reports dominated the stock market in mid-April 1996, with day-to-day fluctuations in the market reflecting changing investor sentiment regarding the strength of first quarter earnings and future earnings expectations. Favorable fourth quarter earnings among technology issues pushed the NASDAQ Composite Index to new highs in late-April and early-May, while blue chip stocks lagged the overall market. Stronger than expected first quarter GDP growth stirred major sell-offs in stocks and bonds, resulting in the 30- RP Financial, L.C. Page 4.10 year bond edging above 7.0 percent and a one day drop in the DJIA of almost 77 points. Inflation concerns receded somewhat following a report mid-May report by the Federal Reserve, which indicated that inflation remained in check and near term rate increases were not likely. The positive reading on inflation by the Federal Reserve, along with the Federal Reserve's decision to leave interest rates unchanged at its late-May meeting, served to strengthen bond and stock prices, with the DJIA posting new highs in late-May and the 30-year bond dropping below 7.0 percent. However, signs of an accelerating economy and revised upward estimates of second quarter GDP growth provided for a pullback in the stock market at the end of May and into early June. On June 14, 1996, the DJIA closed at 5649.50, translating into an 10.4 percent increase from year end 1995. The market for thrift stocks has generally been favorable during the past twelve months. Following the stock market in general, thrift issues continued to move higher through the second quarter of 1995. Lower interest rates, healthy economies in most regions of the U.S. and acquisition speculation all contributed to the upward trend exhibited in thrift prices. The run-up in thrift prices moderated somewhat during July and the first half of August 1995, reflecting profit taking, as thrift prices approached historically high pricing multiples, and indications of lower profitability due to shrinking net interest margins. However, the trend in thrift issues remained generally positive, as acquisitions of thrift issues continued at a healthy pace during the first half of the third quarter. The upward trend in thrift prices accelerated in late-August and the first half of September 1995, as acquisition activity among financial institutions became more pronounced. Most notably, acquisitions or mergers involving some of the nation's largest banks were announced during the third quarter, including the proposed merger between Chase Manhattan and Chemical Bank which resulted in the largest banking entity in the U.S. A court ruling favoring thrifts seeking damages against the U.S. government for breach-of- contract involving the accounting treatment of supervisory goodwill further heightened interest in thrift stocks, as the SNL index closed 2.4 percent higher the day of the ruling. Following the significant run-up recorded through mid- September, slightly higher interest rates and profit taking nudged thrift prices lower in late-September. Lower interest rates and generally favorable third quarter earnings propelled thrift prices higher during the first half of October 1995, while credit quality concerns sparked a widespread sell-off in financial stocks during late October. In particular, the concerns were related to rising consumer delinquencies, as indicated by a steady rise in the consumer delinquency index maintained by the American Bankers Association. For the first time since 1991, the index increased for three consecutive quarters. However, sustained by acquisition activity and relatively low interest rates, thrift stocks edged higher during the first half of November. A tax law change in the new congressional budget, which would provide for the elimination of back taxes on bad-debt reserves taken before 1988, served to push thrift stocks higher in late-November, as RP Financial, L.C. Page 4.11 investors speculated that the removal of the potential back taxes would accelerate the pace of mergers and acquisitions in the thrift industry. Uncertainty regarding the Federal Reserve's intentions on cutting short-term interest rates provided for a relatively narrow trading range for thrift stocks during the first half of December. The rate cut by the Fed and reports of sluggish retail sales led to a rally in the bond market in late-December, which, in turn, bolstered prices for thrift and bank issues. Thrift stocks followed the stock market in general lower in early- 1996, reflecting concern that the absence of a budget agreement would lead to higher interest rates. The downturn in thrift stocks was brief, as thrift prices trended higher in the second half of January. Economic data which indicated that inflation was low supported the recovery in thrift prices, with the favorable inflation data serving to calm the credit markets amid increasing expectations that interest rates would remain low. Thrift prices were further boosted by the Federal Reserve's move to cut short-term interest rates at the end of January and generally favorable fourth quarter earnings. Mixed indications on the future direction of interest rates translated into a relatively narrow trading range for thrift stocks throughout February. Interest sensitive issues were among the stocks most severely affected by the sell-off precipitated by the decline in the February 1996 unemployment rate, as prospects for further near-term rate cuts by the Federal Reserve were substantially eliminated by the explosive job growth. Thrift prices rebounded in late-March and early-April as interest rates stabilized. A bullish outlook on the financial institution sector in general served to further bolster prices in early-April, as a number of analysts forecasted healthy first quarter earnings for thrift and bank stocks and that the financial institution sector would outperform the market in general during the balance of 1996. However, thrift prices declined following the March employment report, as interest sensitive stocks were pulled lower by the unfavorable interest rate outlook. The downturn was abbreviated by the generally strong first quarter earnings posted by the bank and thrift issues, which provided for a mild upward trend in thrift stocks in mid-April. Paralleling the stock market in general, thrift prices dropped sharply in early-May following the rise in interest rates caused by the strong first quarter GDP growth. Thrift prices rebounded in mid-May, as interest rates declined slightly on the strength of tame inflation news. At the end of May and early-June, uncertainty over future interest rate trends provided for a flat thrift stock market. The SNL Index for all publicly-traded thrifts closed at 386.3 on June 14, 1996, an increase of 24.7 percent from one year ago. RP Financial, L.C. Page 4.12 B. The New Issue Market -------------------- In addition to thrift stock market conditions in general, the new issue market for converting thrifts is also an important consideration in determining the Association's pro forma market value. The market for converting thrifts was favorable throughout most of 1995, as the improving market for thrift stocks in general translated into stronger demand for converting thrifts as well. Demand for converting issues remained strong in the first quarter of 1996, with most offerings being oversubscribed and posting healthy increases in near term aftermarket trading. In general, the market for the most recent converting issues (offering completed within the past three months) has begun to show signs of weakness, as indicated by generally weak aftermarket trading activity exhibited in the stocks of recently converted institutions despite healthy Subscription and Community Offering takedowns. In comparison to recent prior quarters, the price appreciation exhibited in the most recent offerings has been limited, and in a few cases converting thrift issues have traded below their IPO prices. As shown in Table 4.2, the median one week change in price for offerings completed during the latest three months equaled positive 6.9 percent. In examining the current pricing characteristics of institutions completing their conversions during the last three months (see Table 4.3), we note there exists a considerable difference in pricing ratios compared to the universe of all publicly-traded thrifts. Specifically, the current average P/B ratio of the conversions completed in the most recent three month period of 76.64 percent reflects a discount of 27.0 percent from the average P/B ratio of all publicly-traded SAIF-insured thrifts (equal to 104.98 percent), and the average core P/E ratio of 17.66 times reflects a premium of 16.6 percent from the all SAIF-insured public average core P/E ratio of 15.14 times. The pricing ratios of the better capitalized but lower earning recently converted thrifts suggest that the investment community has determined to discount their stocks on a book basis until the earnings improve through redeployment and leveraging of the proceeds over the longer term. In determining our valuation adjustment for marketing of the issue, we considered trends in both the overall thrift market and the new issue market. The overall market for thrift stocks is considered to be healthy, as thrift stocks have traded in a relatively narrow range and are currently exhibiting pricing ratios that are at historically high levels. Investor interest in the new issue market has generally been strong, as indicated by strong takedowns in recent Subscription and Community Offerings; however, fairly limited price appreciation exhibited in post-conversion trading by recent conversions in general may indicate a less robust market for forthcoming issues of converting thrifts. Also considered in the appraisal was the conversion pricing and after- market performance of other recent standard conversions in the Midwest, including those in Missouri. The table on the following page shows the closing prices after the first day of trading and current pricing ratios for the most recent conversions RP Financial, LC. ---------------------------------------------------------- Table 4.2 Recent Conversions (Last Three Months) Conversion Pricing Characteristics: Sorted Chronologically ---------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- Institutional Information Pre-Conversion Data Offering -------------------------------------- Financial Info. Asset Quality Informative --------------------- Conversion Equity/ NP Av/ Res. Gross % of Exp Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc. - ----------- ----- ---- ------ ------ ------ ------ ---- ----- ---- ----- ($Mil) (%) (%)(2) (%) ($Mil) (%) (%) - ------------------------------------------------------------------------------------------------------------------------------------ CNS Bancorp MO * 06/12/96 CNSB $87 10.66% 0.19% 189% $16.5 132% 3.3% Westwood Financial Corp.(7) NJ 06/07/96 WWFC 85 7.05% 0.00% NM 3.9 99% 9.9% Lexington B&L Fin. Corp. MO * 06/06/96 LXMO 51 14.66% 1.88% 21% 12.7 115% 4.2% First Fed. Fin. Bancorp OH 06/04/96 FFFB 53 9.58% 0.08% 626% 6.7 103% 6.3% First Fed. Bancshares AR 05/03/96 FFBH 454 7.77% 0.13% 201% 51.5 94% 2.7% Citizens First Fin. Corp. IL 05/01/96 CBK 229 6.79% 0.33% 55% 28.2 123% 3.6% North Cincinnati SB(1) OH 05/01/96 P. Sheet 56 4.74% 0.03% 268% 4.0 132% 6.9% Reliance Bancshares WI * 04/19/96 RELI 32 31.16% 0.00% NM 20.5 132% 2.9% Catskill Financial Corp. NY 04/18/96 CATB 231 12.75% 0.70% 112% 56.7 132% 3.3% Yonkers Financial Corp. NY * 04/18/96 YFCB 210 7.72% 1.73% 23% 35.7 132% 2.7% Green Street Financial Corp. NC 04/04/96 GSFC 151 14.97% 0.19% 76% 43.0 132% 2.9% FFD Financial Corp. OH 04/02/96 FFDF 61 13.25% 0.16% 150% 14.5 132% 2.4% Patapsco Bancorp MD 04/02/96 P. Sheet 75 7.95% 0.60% 48% 7.3 91% 8.6% AMB Financial Corp. IN 04/01/96 AMFC 70 9.05% 0.53% 96% 11.2 132% 5.5% First Bergen Bancorp NJ 04/01/96 FBER 225 6.52% 3.26% 88% 31.7 132% 3.0% Heritage Financial Corp. IN 04/01/96 P. Sheet 14 27.53% 0.00% NM 4.9 99% 9.3% Jacksonville Bancorp(7) TX 04/01/96 JXVL 198 10.47% 1.41% 36% 16.2 106% 4.4% London Financial Corp. OH 04/01/96 LONF 35 9.45% 0.13% 416% 5.3 132% 6.9% Pittsb. Home Fin. Corp.(1) PA * 04/01/96 PHFC 162 6.89% 1.36% 42% 21.8 132% 3.3% Scotland Bancorp(1) NC * 04/01/96 SSB 58 15.36% 0.00% NM 18.4 115% 5.0% Stone Street Bancorp(1) NC 04/01/96 SSM 88 14.33% 0.00% NM 27.4 132% 3.7% WHG Bancshares MD 04/01/96 WHGB 85 10.14% 0.23% 77% 16.2 132% 3.5% PFF Bancorp, Inc. CA * 03/29/96 PFFB 1,925 5.75% 1.70% 54% 198.4 132% 2.2% Crazy Woman Creek Bncrp WY * 03/29/96 CRZY 38 15.80% 0.21% 349% 10.6 132% 3.9% Falmouth Co-Op. Bank(1) MA 03/28/96 FCB 74 11.78% 0.00% NM 14.5 132% 4.5% Community Federal Bancorp MS 03/26/96 CFTP 168 14.59% 0.39% 86% 46.3 132% 2.5% GA Financial, Inc. PA 03/26/96 GAF 521 9.25% 0.28% 56% 89.0 132% 2.4% North Central Bancshares(7) IA 03/21/96 FFFD 180 16.47% 0.17% 562% 26.3 106% 3.5% Averages: $200 11.87% 0.56% 162% 30.0 123% 4.4% Medians: 86 10.31% 0.20% 87% 17.5 132% 3.6% Averages, Excluding 2nd Steps $206 11.94% 0.56% 152% $31.7 125% 4.2% Medians, Excluding 2nd Steps 85 10.14% 0.21% 87% 18.4 132% 3.5% Insider Purchases Pro Forma Data ------------------------------------ Pricing Ratios(4) ------------------- ------------------------------------ Benefit Plans ------------- Conversion Recog. Mgmt. Institution State Date Ticker ESOP Plans & Din F/TB P/E P/A - ----------- ----- ---- ------ ------------- ------ ---- ---- ---- (%) (%) (%)(3) (%) (*) (%) - ------------------------------------------------------------------------------------------------------------------------------------ CNS Bancorp MO * 06/12/96 CNSB 8.0% 4.0% 8.0% 71.1% 22.3 16.4% Westwood Financial Corp.(7) NJ 06/07/96 WWFC 0.0% 0.0% 2.5% 80.0% 10.1 7.3% Lexington B&L Fin. Corp. MO * 06/06/96 LXMO 8.0% 4.0% 4.3% 70.1% 16.2 20.6% First Fed. Fin. Bancorp OH 06/04/96 FFFB 8.0% 4.0% 13.4% 63.6% 17.4 11.5% First Fed. Bancshares AR 05/03/96 FFBH 8.0% 4.0% 2.6% 65.0% 10.4 10.3% Citizens First Fin. Corp. IL 05/01/96 CBK 8.0% 4.0% 6.5% 71.7% 17.8 11.2% North Cincinnati SB(1) OH 05/01/96 P. Sheet 6.0% 0.0% 16.1% 65.0% NM 6.7% Reliance Bancshares WI * 04/19/96 RELI 4.0% 4.0% 9.5% 72.3% 27.3 40.7% Catskill Financial Corp. NY 04/18/96 CATB 8.0% 4.0% 2.6% 73.2% 21.2 20.4% Yonkers Financial Corp. NY * 04/18/96 YFCB 8.0% 4.0% 3.7% 76.5% 16.6 14.8% Green Street Financial Corp. NC 04/04/96 GSFC 8.0% 4.0% 3.4% 72.6% 16.2 22.9% FFD Financial Corp. OH 04/02/96 FFDF 8.0% 4.0% 5.4% 71.0% 19.1 19.9% Patapsco Bancorp MD 04/02/96 P. Sheet 8.0% 4.0% 7.4% 61.7% NM 8.9% AMB Financial Corp. IN 04/01/96 AMFC 8.0% 4.0% 5.8% 72.1% 19.5 14.2% First Bergen Bancorp NJ 04/01/96 FBER 8.0% 4.0% 2.4% 76.2% 29.5 12.6% Heritage Financial Corp. IN 04/01/96 P. Sheet 8.0% 0.0% 13.2% 62.9% NM 27.2% Jacksonville Bancorp(7) TX 04/01/96 JXVL 8.0% 4.0% 2.0% 77.7% 14.9 12.6% London Financial Corp. OH 04/01/96 LONF 8.0% 4.0% 26.5% 70.0% 31.6 13.6% Pittsb. Home Fin. Corp.(1) PA * 04/01/96 PHFC 8.0% 4.0% 7.5% 73.6% 18.5 12.1% Scotland Bancorp(1) NC * 04/01/96 SSB 8.0% 4.0% 6.9% 76.3% 18.1 25.2% Stone Street Bancorp(1) NC 04/01/96 SSM 8.0% 4.0% 7.3% 76.8% 18.4 24.7% WHG Bancshares MD 04/01/96 WHGB 8.0% 4.0% 9.3% 72.8% 17.3 16.5% PFF Bancorp, Inc. CA * 03/29/96 PFFB 8.0% 4.0% 0.9% 71.5% 25.4 9.5% Crazy Woman Creek Bncrp WY * 03/29/96 CRZY 6.0% 4.0% 5.5% 70.2% 18.1 22.5% Falmouth Co-Op. Bank(1) MA 03/28/96 FCB 8.0% 0.0% 8.4% 67.8% 20.2 16.6% Community Federal Bancorp MS 03/26/96 CFTP 8.0% 4.0% 6.7% 72.2% 15.5 22.3% GA Financial, Inc. PA 03/26/96 GAF 8.0% 4.0% 1.7% 71.5% 15.7 14.9% North Central Bancshares(7) IA 03/21/96 FFFD 3.2% 0.0% 0.5% 74.2% 12.1 19.7% Averages: 7.3% 3.3% 6.8% 71.4% 18.8 17.0% Meridians: 8.0% 4.0% 6.1% 71.9% 18.1 15.7% Averages, Excluding 2nd Steps 7.7% 3.5% 7.4% 70.7% 19.6 17.4% Medians, Excluding 2nd Steps 8.0% 4.0% 6.7% 71.5% 18.2 16.4% Fin. Characteristics ------------------------- First Conversion IPO Trading % Institution State Date Ticker ROA TE/A ROE Price Day Chg. - ----------- ----- ---- ------ --- ---- --- ----- --- ---- (%) (%) (%) ($) ($) (%) - ----------------------------------------------------------------------------------------------------------------------------------- CNS Bancorp MO * 06/12/96 CNSB 0.7% 23.1% 3.2% $10.00 $11.00 10.0% Westwood Financial Corp.(7) NJ 06/07/96 WWFC 0.7% 9.2% 7.9% 10.00 10.75 7.5% Lexington B&L Fin. Corp. MO * 06/06/96 LXMO 1.3% 29.4% 4.3% 10.00 9.50 -5.0% First Fed. Fin. Bancorp OH 06/04/96 FFFB 0.7% 18.0% 3.7% 10.00 10.75 7.5% First Fed. Bancshares AR 05/03/96 FFBH 1.0% 15.9% 6.3% 10.00 13.00 30.0% Citizens First Fin. Corp. IL 05/01/96 CBK 0.6% 15.6% 4.0% 10.00 10.50 5.0% North Cincinnati SB(1) OH 05/01/96 P. Sheet NM 10.3% NM 10.00 NT NA Reliance Bancshares WI * 04/19/96 RELI 1.5% 56.2% 2.7% 8.00 8.38 4.7% Catskill Financial Corp. NY 04/18/96 CATB 1.0% 27.8% 3.5% 10.00 10.38 3.8% Yonkers Financial Corp. NY * 04/18/96 YFCB 0.9% 19.4% 4.6% 10.00 9.75 3.8% Green Street Financial Corp. NC 04/04/96 GSFC 1.4% 31.5% 4.5% 10.00 12.75 -2.5% FFD Financial Corp. OH 04/02/96 FFDF 1.0% 28.0% 3.7% 10.00 10.50 27.5% Patapsco Bancorp MD 04/02/96 P. Sheet NM 14.5% NM 10.00 NT 5.0% AMB Financial Corp. IN 04/01/96 AMFC 0.7% 19.7% 3.7% 10.00 10.50 NA First Bergen Bancorp NJ 04/01/96 FBER 0.4% 16.5% 2.6% 10.00 10.00 5.0% Heritage Financial Corp. IN 04/01/96 P. Sheet 0.6% 43.2% 1.3% 10.00 NT 0.0% Jacksonville Bancorp(7) TX 04/01/96 JXVL 0.8% 16.2% 5.2% 10.00 9.75 NA London Financial Corp. OH 04/01/96 LONF 0.4% 19.4% 2.2% 10.00 10.81 -2.5% Pittsb. Home Fin. Corp.(1) PA * 04/01/96 PHFC 0.7% 16.4% 4.0% 10.00 11.00 8.1% Scotland Bancorp(1) NC * 04/01/96 SSB 1.4% 33.1% 4.2% 10.00 12.25 10.0% Stone Street Bancorp(1) NC 04/01/96 SSM 1.3% 32.2% 4.2% 15.00 17.50 22.5% WHG Bancshares MD 04/01/96 WHGB 1.0% 22.7% 4.2% 10.00 11.13 16.7% PFF Bancorp, Inc. CA * 03/29/96 PFFB 0.4% 13.2% 2.8% 10.00 11.38 11.2% Crazy Woman Creek Bncrp WY * 03/29/96 CRZY 1.2% 32.1% 3.9% 10.00 10.38 3.8% Falmouth Co-Op. Bank(1) MA 03/28/96 FCB 0.8% 24.4% 3.4% 10.00 10.75 7.5% Community Federal Bancorp MS 03/26/96 CFTP 1.4% 30.9% 4.7% 10.00 12.63 26.3% GA Financial, Inc. PA 03/26/96 GAF 1.0% 20.8% 4.6% 10.00 11.38 13.8% North Central Bancshares(7) IA 03/21/96 FFFD 1.6% 26.5% 6.1% 10.00 10.88 8.7% Averages: 0.9% 23.8% 4.1% $10.11 $11.10 9.5% Medians: 0.9% 21.7% 4.0% 10.00 10.75 7.5% Averages, Excluding 2nd Steps 0.9% 24.6% 3.7% $10.12 $11.19 10.2% Medians, Excluding 2nd Steps 1.0% 22.7% 3.9% 10.00 10.78 7.8% Post-HPO Pricing Trends -------------------------------------------------------- Closing Price: -------------------------------------------------------- After After First % First % Institution State Date Ticker Week (3) Chg. Month(6) Chg. ----------- ----- ---- ------ -------- ---- -------- -------- ($) (%) ($) (%) - -------------------------------------------------------------------------------------------------------------------- CNS Bancorp MO * 06/12/96 CNSB $12.00 20.0% NA NA Westwood Financial Corp.(7) NJ 06/07/96 WWFC 10.38 3.8% NA NA Lexington B&L Fin. Corp. MO * 06/06/96 LXMO 9.75 -2.5% $10.00 0.0% First Fed. Fin. Bancorp OH 06/04/96 FFFB 10.62 6.2% 10.75 7.5% First Fed. Banshares AR 05/03/96 FFBH 13.38 33.8% 13.63 36.3% Citizens First Fin. Corp. IL 05/01/96 CBK 10.00 0.0% 10.13 1.3% North Cincinnati SB(1) OH 05/01/96 P. Sheet NT NA NT NA Reliance Bamcshares WI 04/19/96 RELI 8.25 3.1% 7.94 -0.7% Catskill Financial Corp. NY 04/18/96 CATB 10.50 5.0% 10.38 3.8% Yonkers Financial Corp. NY * 04/18/96 YFCB 10.00 0.0% 9.94 -0.6% FFD Financial Corp. OH 04/02/96 PFDF 12.25 22.5% 12.31 23.1% Green Street Financial Corp. NC 04/04/96 GSFC 10.13 1.3% 10.50 5.0% Patapsco Bancorp MD 04/02/96 P. Sheet NT NA NT NA AMB Financial Corp. IN 04/01/96 AMFC 10.50 5.0% 10.5 5.0% First Bergen Bancorp NJ 04/01/96 FBER 9.50 -5.0% 9.63 -3.8% Heritage Financial Corp. IN 04/01/96 P. Sheet NT NA NT NA Jacksonville Bancorp(7) TX 04/01/96 JXVL 9.63 -3.8% 9.88 -1.2% London Financial Corp. OH 04/01/96 LONF 10.63 6.3% 10.13 1.3% Pittsb. Home Fin. Corp.(1) PA * 04/01/96 PHFC 11.00 10.0% 10.62 6.2% Scotland Bancorp(1) NC * 04/01/96 SSB 12.50 25.0% 11.75 17.5% Stone Street Bancorp(1) NC 04/01/96 SSM 18.00 20.0% 17.75 18.3% WHG Bancshares MD 04/01/96 WHGB 11.44 14.4% 11.38 13.8% PFF Bancorp, Inc. CA * 03/29/96 PFFB 11.62 16.2% 11.63 16.3% Crazy Woman Creek Bncrp WY * 03/29/96 CRZY 10.75 7.5% 10.50 5.0% Falmouth Co-Op. Bank(1) MA 03/28/96 FCB 11.25 12.5% 10.75 7.5% Community Federal Bancorp MS 03/26/96 CFTP 13.13 31.3% 12.62 26.2% GA Financial, Inc. PA 03/26/96 GAF 11.50 15.0% 11.00 10.0% North Central Bancshares(7) IA 03/21/96 FFFD 10.69 6.9% 10.44 4.4% Averages: $11.17 10.2% $11.05 8.8% Medians: 10.69 6.9% 10.50 5.0% Averages Excluding 2nd Steps $11.30 11.2% $11.13 9.5% Meridians, Excluding 2nd Steps 10.88 8.8% 10.62 6.2% Note: * - Appraisal performed by RP Financial; "NT" - Not Traded; "NA" - Not Applicable, Not Available. (1) Non-OTS regulated thrifts. (2) As reported in summary pages of prospectus. (3) As reported in prospectus. (4) Does not take into account the adoption of SOP 93-6. (5) Latest price if offering less than one week old. (6) Latest price if offering more than one week but less than one month old. (7) Second-step conversions. - -------------------------------------------------------------------------------- RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 4.3 Market Pricing Comparatives Prices As of June 14, 1996 Per Share Data Market --------------- Capitalization Book Pricing Ratios(3) --------------- --------------------------------------- Price/ Market 12-Mth Value/ Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) ($Mil) ($) ($) (X) (%) (%) (%) (x) SAIF-Insured Thrifts 17.21 119.16 1.25 16.52 14.29 104.98 13.13 108.21 15.14 Special Selection Grouping(8) 11.04 38.13 0.48 14.39 17.41 76.64 18.95 77.16 17.66 State of MO 16.68 78.87 1.12 15.60 16.68 108.93 16.23 111.86 16.62 Comparable Group - ---------------- Special Comparative Group(8) - ---------------------------- AMFC AMB Financial Corp. of IN 10.12 11.37 0.31 14.37 NM 70.42 14.12 70.42 NM CNSB CNS Bancorp of MO 12.00 19.84 0.45 14.07 NM 85.29 19.68 85.29 NM CATB Catskill Fin. Corp. of NY 10.19 57.95 0.47 13.65 21.68 74.65 20.75 74.65 18.87 CBK Citizens First Fin.Corp. of IL 9.87 27.81 0.56 13.95 17.63 70.75 11.02 70.75 16.18 CFTP Community Fed. Bancorp of MS 13.62 63.05 0.43 14.34 NM 94.98 31.44 94.98 NM CRZY Crazy Woman Creek Bncorp of WY 10.25 10.84 0.34 14.67 NM 69.87 22.85 69.87 NM FFDF FFD Financial Corp. of OH 10.19 14.83 0.52 14.08 19.60 72.37 20.28 72.37 19.60 FCB Falmouth Co-Op Bank of MA 10.25 14.91 0.25 14.84 NM 69.07 16.96 69.07 NM FBER First Bergen Bancorp of NJ 9.31 29.55 0.20 13.46 NM 69.17 11.43 69.17 NM FFBH First Fed. Bancshares of AR 13.75 70.87 0.96 15.38 14.32 89.40 14.22 89.40 14.32 FFFB First Fed. Fin. Bancorp of OH 10.75 7.22 0.58 15.73 18.53 68.34 12.34 68.34 18.53 GAF GA Financial Corp. of PA 11.00 97.90 0.33 14.34 NM 76.71 17.21 76.71 25.00 GSFC Green Street Fin. Corp. of NC 12.87 55.32 0.62 13.78 20.76 93.40 29.44 93.40 20.76 JXVL Jacksonville Bancorp of TX 10.62 28.27 0.59 13.37 18.00 79.43 13.27 79.43 18.00 LXMO Lexington B&L Fin. Corp. of MO 10.00 12.65 0.62 14.27 16.13 70.08 20.62 70.08 16.39 LONF London Financial Corp. of OH 10.50 5.55 0.37 14.81 NM 70.90 14.79 70.90 NM FFFD North Central Bancshares of IA 11.00 44.12 0.65 13.72 16.92 80.17 23.15 80.17 18.03 PFFB PFF Bancorp of Pomona CA 11.44 226.94 0.10 14.57 NM 78.52 11.30 79.44 NM PHFC Pittsburgh Home Fin. of PA 10.37 22.63 0.54 13.58 19.20 76.36 12.55 76.36 19.20 RELI Reliance Bancshares Inc of WI 7.87 20.16 0.29 11.06 NM 71.16 40.01 71.16 NM SSB Scotland Bancorp of NC 12.37 22.76 0.38 14.38 NM 86.02 32.32 86.02 NM SSM Stone Street Bancorp of NC 16.87 30.79 0.43 21.43 NM 78.72 26.52 78.72 NM WHGB WHG Bancshares of MD 11.00 17.82 0.36 14.20 NM 77.46 15.95 77.46 NM WWFC Westwood Fin. Corp. of NJ 10.38 6.72 0.99 14.61 10.48 71.05 7.61 82.97 10.48 YFCB Yonkers Fin. Corp. of NY 9.38 33.50 0.60 13.07 15.63 71.77 13.92 71.77 14.21 Dividends(4) Financial Characteristics(6) ----------------------- ------------------------------------------------------- Amount/ Payout Total Equity/ NPAs/ Reported Core ---------------- -------------- Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE - --------------------- -------- ------ ------- ------ ------- ------- ------- ------- ------- ------- ($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%) SAIF-Insured Thrifts 0.35 1.98 25.53 1,297 13.25 0.95 0.87 8.08 0.81 7.29 Special Selection Grouping(8) 0.06 0.48 2.77 243 24.57 0.77 0.83 4.37 0.84 4.47 State of MO 0.40 2.46 23.72 784 16.72 0.75 0.97 7.45 0.92 7.32 Comparable Group - ---------------- Special Comparative Group(8) - ---------------------------- AMFC AMB Financial Corp. of IN 0.00 0.00 0.00 81 20.06 0.71 0.49 4.30 0.49 4.30 CNSB CNS Bancorp of MO 0.00 0.00 0.00 101 23.07 0.70 0.74 3.20 0.62 2.70 CATB Catskill Fin. Corp. of NY 0.00 0.00 0.00 279 27.79 NA 0.96 3.44 1.10 3.96 CBK Citizens First Fin.Corp. of IL 0.00 0.00 0.00 252 15.57 NA 0.63 4.01 0.68 4.37 CFTP Community Fed. Bancorp of MS 0.00 0.00 0.00 201 33.10 0.34 1.17 6.28 1.14 6.13 CRZY Crazy Woman Creek Bncorp of WY 0.00 0.00 0.00 47 32.70 0.70 0.92 4.63 0.78 3.95 FFDF FFD Financial Corp. of OH 0.00 0.00 0.00 73 28.03 NA 1.04 3.69 1.04 3.69 FCB Falmouth Co-Op Bank of MA 0.00 0.00 0.00 88 24.56 NA 0.45 2.40 0.47 2.50 FBER First Bergen Bancorp of NJ 0.00 0.00 0.00 259 16.52 2.49 0.28 3.06 0.42 4.59 FFBH First Fed. Bancshares of AR 0.00 0.00 0.00 498 15.90 0.09 0.99 6.24 0.99 6.24 FFFB First Fed. Fin. Bancorp of OH 0.00 0.00 0.00 59 18.05 0.09 0.67 3.69 0.67 3.69 GAF GA Financial Corp. of PA 0.00 0.00 0.00 569 22.44 0.19 0.58 4.73 0.78 6.30 GSFC Green Street Fin. Corp. of NC 0.00 0.00 0.00 188 31.53 0.16 1.42 4.50 1.42 4.50 JXVL Jacksonville Bancorp of TX 0.50 4.71 NM 213 16.70 0.86 0.79 6.76 0.79 6.76 LXMO Lexington B&L Fin. Corp. of MO 0.00 0.00 0.00 61 29.42 1.15 1.28 4.34 1.26 4.27 LONF London Financial Corp. of OH 0.00 0.00 0.00 38 20.86 0.21 0.57 4.73 0.57 4.73 FFFD North Central Bancshares of IA 0.25 2.27 38.46 191 28.87 0.13 1.48 7.67 1.39 7.19 PFFB PFF Bancorp of Pomona CA 0.00 0.00 0.00 2,008 14.39 2.29 0.10 1.37 0.10 1.37 PHFC Pittsburgh Home Fin. of PA 0.00 0.00 0.00 180 16.43 1.53 0.65 3.98 0.65 3.98 RELI Reliance Bancshares Inc of WI 0.00 0.00 0.00 50 56.23 NA 1.47 2.62 1.47 2.62 SSB Scotland Bancorp of NC 0.00 0.00 0.00 70 37.58 NA 1.09 3.96 1.09 3.96 SSM Stone Street Bancorp of NC 0.44 2.61 NM 116 33.68 0.31 0.77 3.04 0.77 3.04 WHGB WHG Bancshares of MD 0.00 0.00 0.00 112 20.59 0.35 0.64 5.18 0.64 5.18 WWFC Westwood Fin. Corp. of NJ 0.25 2.41 25.25 88 10.71 NA 0.73 6.78 0.73 6.78 YFCB Yonkers Fin. Corp. of NY 0.00 0.00 0.00 241 19.39 1.63 0.89 4.59 0.98 5.05 (1) Average of High/Low or Bid/Ask price per share. (2) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/CORE = Price to estimated core earnings. (4) Indicated twelve month dividend, based on last quarterly dividend declared. (5) Indicated dividend as a percent of trailing twelve month earnings. (6) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month earnings and average equity and assets balances. (7) Excludes from averages those companies the subject of actual or rumored acquisition activities or unusual operating characteristics. (8) Includes Converted Last 3 Mths (no MHC); Source: Corporate reports, offering circulars, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, Inc. RP Financial, LC. Page 4.15 in the Midwest. The trends indicate that after-market interest in new conversions has fallen off somewhat from levels recorded earlier in the year and last year, which has reduced the pricing ratios for new issues. We have not adjusted the Bank's "marketing of the issue" valuation parameter downward to reflect the weakness in the new issue market. Instead, we have emphasized the pricing of recent conversions, both at conversion and in the after-market, in the determination of the Bank's valuation. Pricing Characteristics of Recent Midwestern U.S. Conversions % Change in Price ------------------ Conversion Pro Forma P/B 1st To Current Date @ Conversion Week 6/14/96 P/B ----- ------------- ------------------------ CNS Bancorp-MO(1) 6/96 71.1% 20.0% 20.0% 85.29% Lexington B&L Financial Corp.-MO 6/96 70.1 (2.5) 0.0 70.08 First Fed. Financial Bancorp-OH 6/96 63.6 6.2 7.5 68.34 Citizens First Fin. Corp.-IL 5/96 71.7 0.0 (1.3) 70.75 Reliance Bancshares-WI 4/96 72.3 3.1 (1.6) 71.16 FFD Fin. Corp.-OH 4/96 71.0 1.3 1.9 72.37 AMB Fin. Corp.-IN 4/96 72.1 5.0 1.2 70.42 London Fin. Corp.-OH 4/96 70.0 6.3 5.0 70.90 (1) CNS Bancorp converted on June 12, 1996. First week pricing reflects current pricing. C. The Acquisition Market ---------------------- Also considered in the valuation was the potential pricing impact of recently completed and pending acquisitions of other thrifts operating in the Bank's market area. As shown in Exhibit IV-4, there have been six completed or announced acquisitions of thrift institutions in Missouri since the beginning of 1995. The Bank's relatively high pro forma capital position may tend to reduce acquisition speculation in the Bank's stock based on expectations that an acquiror would be reluctant to pay an acquisition premium for the Bank's excess capital. However, at the same, the fairly active acquisition market for Missouri institutions and institutions in other nearby states may imply a certain degree of acquisition speculation for the Bank's stock. To the extent that acquisition speculation may impact the Bank's offering, we have largely taken this into account in selecting Missouri and other Midwest companies, which operate in markets that have experienced comparable or greater degree of thrift acquisition activity than the markets served by the Bank. * * * * * * * * * * * RP Financial, L.C. Page 4.16 Taking these factors and trends into account, primarily recent trends in the new issue market and market conditions overall, RP Financial concluded that no adjustment was warranted for purposes of marketing of the issue. 8. Management ---------- The Bank's management team appears to have experience and expertise in all of the key areas of the Bank's operations. Exhibit IV-5 provides summary resumes of the Bank's Board of Directors and executive management. Healthy core profitability, a strong capital position, and low credit risk exposure indicate that the Bank is being effectively managed. The Bank has no apparent senior management vacancies and there appears to be a well-defined organizational structure, separation of functions, and an active Board which oversees and advises on all key strategic and policy decisions. Similarly, the returns, capital positions, and other operating measures of the Peer Group companies are indicative of well-managed financial institutions, which have Boards and management teams that have been effective in implementing conservative and competitive operating strategies. On balance, we concluded that no valuation adjustment relative to the Peer Group was appropriate for this factor. 9. Effect of Government Regulation and Regulatory Reform ----------------------------------------------------- There have been two recent developments in the thrift industry which may have an effect on the pricing of thrifts: (1) the recent discussions by legislators regarding the recapitalizing of the SAIF through a special assessment coupled with possible lower future annual deposit premiums; and, (2) the possibility that back taxes on bad debt reserves taken before 1988 may be required to be recaptured. Since the Bank and all of the Peer Group members are SAIF-insured, we believe the effect of these discussions on the Bank's pro forma pricing has been implicitly accounted for in the pricing ratios of the Peer Group. In summary, as a fully converted SAIF-insured savings institution, the Bank will operate in substantially the same regulatory environment as the Peer Group members -- all of whom are adequately capitalized institutions and are operating with no apparent restrictions. Exhibit IV-6 reflects the Bank's pro forma regulatory capital ratios. RP Financial concluded that the Bank's flexibility of operations are neither materially restricted nor enhanced by its current regulatory status versus the Peer Group and no adjustment was made for this factor. RP Financial, LC. Page 4.17 Summary of Adjustments - ---------------------- Overall, we believe the Bank's pro forma market value should be discounted relative to the Peer Group as follows: Key Valuation Parameters: Valuation Adjustment ------------------------ -------------------- Financial Condition Moderate Downward Profitability, Growth and Viability of Earnings Moderate Downward Asset Growth No Adjustment Primary Market Area Slight Upward Dividends Slight Downward Liquidity of the Shares Slight Downward Marketing of the Issue No Adjustment Management No Adjustment Effect of Government Regulations and Regulatory Reform No Adjustment Valuation Approaches - -------------------- In applying the accepted valuation methodology promulgated by the OTS and adopted by the FDIC, i.e., the pro forma market value approach, we considered the three key pricing ratios in valuing the Bank's to-be-issued stock -- price/earnings ("P/E"), price/book ("P/B"), and price/assets ("P/A") -- all performed on a pro forma basis including the effects of the conversion proceeds. In computing the pro forma impact of the conversion and the related pricing ratios, we have incorporated the valuation parameters disclosed in the Bank's prospectus for offering expenses, the effective tax rate and stock benefit plan assumptions (summarized in Exhibits IV-7 and IV-8). The prospectus reflects a reinvestment based on the one year Treasury Bill as of March 31, 1996, equal to 5.38 percent. In our determination of the appropriate reinvestment rate to use for valuation purposes, we analyzed the T-Bill rate against the average of the Bank's yield of IEA and cost of deposits at March 31, 1996. We also considered a blended reinvestment rate based on the intended use of proceeds by the Bank and the Holding Company as outlined in the business plan, which took into account stock purchased by existing deposits at the institution. On balance, we determined that the rate on the one-year T-Bill, which is reflected in the prospectus, is a reasonable reinvestment rate to use in the valuation. With regard to the employee stock ownership plan and stock reward plans, we have performed the valuation assuming the ESOP purchases 8 percent of the shares at the initial offering prices (10 year amortization) and the RRP acquires 4 percent of the shares in the open market at the $10.00 per share issue price (5 year vesting). we also considered the impact of issuance of RRP shares out of authorized but unissued shares. In our estimate of value, we assessed the relationship of the pro forma pricing ratios relative to the Peer Group and the recent conversions. RP Financial, L.C. Page 4.18 RP Financial's valuation placed an emphasis on the following: o P/E Approach. The P/E approach is generally the best indicator of ------------ long-term value for a stock. Since the Bank and the Peer Group reported pro forma profitability, the P/E approach was heavily considered in this valuation. In applying this approach, we took into account reported earnings and estimated core earnings. o P/B Approach. P/B ratios have generally served as a useful ------------ benchmark in the valuation of thrift stocks, with the greater determinant of long term value being earnings. We have also modified the P/B approach to exclude the impact of intangible assets (i.e., price/tangible book value or "P/TB"). RP Financial considered the P/B approach to be a reliable indicator of value given current market conditions, particularly the market for new conversions, which often exhibit a willingness to pay premium P/E multiples in the expectation that such institutions will implement leveraging strategies to promote earnings growth. At the same time, with lower ROE ratios, new conversions are typically discounted on a book value basis relative to the market at least until there is partial realization of leveraging strategies. o P/A Approach. P/A ratios are generally a less reliable indicator of ------------ market value, as investors do not place exclusive weight simply on the size of total assets as a determinant of market value. Furthermore, this approach does not take into account the amount of stock purchases funded by deposit withdrawals, thus understating the pro forma P/A ratio. Investors place significantly greater weight on book value and earnings -- which have received greater weight in our valuation analysis. At the same time, the P/A ratio is an indicator of franchise value and, in the case of a highly capitalized institution, a high P/A ratio limits the investment community's willingness to pay average market multiples for earnings and book value when ROE is low. The Bank has adopted Statement of Position ("SOP" 93-6), which will cause earnings per share computations to be based on shares issued and outstanding excluding shares owned by an ESOP where there is not a commitment to release such shares. For the purpose of preparing the pro forma pricing tables and exhibits, we have reflected all shares issued in the offering including shares purchased by the ESOP as outstanding to capture the full dilutive impact of such stock to the Bank's shareholders. However, we have considered the impact of adoption of SOP 93-6 on the Bank in the determination of the Bank's pro forma value. Based on the application of the three valuation approaches, taking into consideration the valuation adjustments discussed above, and placing the greatest weight on the P/B and P/E approaches, RP Financial concluded that the pro forma market value of the Bank's conversion stock is $10,500,000 at the midpoint at this time. 1. Price-to-Earnings ("P/E"). The application of the P/E valuation ------------------------- method requires calculating the Bank's pro forma market value by applying a valuation P/E multiple times the pro forma earnings base. Ideally, the pro forma earnings base is composed principally of the Bank's core or recurring earnings base, that is, earnings adjusted to exclude any one-time non-operating items, plus the estimated after-tax earnings benefit RP Financial, LC. Page 4.19 of the reinvestment of net conversion proceeds. The Bank's reported earnings were $0.526 million for the twelve months ended March 31, 1996. In deriving core earnings, our adjustments included deducting the gains on the sales of IEA of $230,000 ($138,000 on an after-tax basis), and applying a normalized tax rate of 40 percent to the Bank's pre-tax core earnings. Factoring in these adjustments resulted in core earnings of approximately $0.357 million. (Note: see Exhibit IV-9 for the similar types of adjustments applied to the Peer Group's earnings in the calculation of their core earnings). Based on the Bank's trailing twelve month core earnings, and incorporating the impact of the pro forma assumptions discussed previously, the Bank's pro forma core P/E multiple at the $10,500,000 midpoint value was 19.53 times, which was at a premium of 22.1 percent to the Peer Group average of 16.00 times core earnings. In reaching the valuation conclusion, we also evaluated the Bank's P/E multiple on the basis of projected earnings growth as reflected in the business plan (the "Plan"). 2. Price-to-Book ("P/B"). The application of the P/B valuation method --------------------- requires calculating the Bank's pro forma market value by applying a valuation P/B ratio to the Bank's pro forma book value. Based on the $10.5 million midpoint valuation, the Bank's pro forma P/B ratio was approximately 63.26 percent. In comparison to the average P/B ratio for the Peer Group of approximately 89.51 percent, the Bank's valuation reflected a 29.3 percent discount relative to the Peer Group. RP Financial considered the discount under this approach to be warranted by the valuation adjustments addressed earlier, the Bank premium core P/E multiple, and the Bank's lower pro forma core ROE (3.24 percent versus 6.17 percent for the Peer Group). Given the emphasis in the revised appraisal guidelines on limiting the new issue discount, RP Financial also considered conversion closing and the current pro forma P/B ratios of recent conversions. It is these companies that perhaps provide the best proxy for aftermarket trading for a new issue such as the Bank's conversion stock. It is the pro forma P/B ratio that investors have recently tended to emphasize in evaluating the trading of new issues. The Bank's pro forma P/B ratios over the valuation range shows slight to no discounting from the current trading average of recent conversions. This is is appropriate given the Bank's smaller offering, resulting lower liquidity of the shares, comparative risk profile and earnings posture. 3. Price-to-Assets ("P/A"). The P/A valuation methodology determines ------------------------ market value by applying a valuation P/A ratio to the Bank's pro forma asset base, conservatively assuming no deposit withdrawals are made to fund stock purchases. In all likelihood there will be deposit withdrawals, which results in understating the pro forma P/A ratio which is computed herein. At the midpoint of the valuation range, the Bank's value equaled 11.07 percent of pro forma assets, which was discounted by 27.2 percent from the Peer Group's RP Financial, L.C. Page 4.20 average P/A ratio of 15.20 percent. While generally emphasized less than the P/E and P/B approaches, the P/A ratio is an indicator of franchise value and, thus, was a factor in deriving the other pricing ratios. It should be noted that the level of other pricing ratios are limited by the franchise value ratio measured by the P/A ratio. Valuation Conclusion - -------------------- Based on the foregoing, it is our opinion that, as of June 14 1996, the aggregate pro forma market value of the Bank and the Holding Company, was $10,500,000 at the midpoint, equal to 1,050,000 shares offered at a per share value of $10.00. Pursuant to OTS conversion guidelines, the 15 percent offering range indicates a minimum value of $8,925,000 and a maximum value of $12,075,000. Based on the $10.00 per share offering price, this valuation range equates to an offering of 892,500 shares at the minimum to 1,207,500 shares at the maximum. In the event that the Bank's appraised value is subject to an increase, up to 1,388,625 shares may be sold at an issue price of $10.00 per share, for an aggregate market value of $13,886,250, without a resolicitation. The comparative pro forma valuation ratios relative to the Peer Group are shown in Table 4.4, and the key valuation assumptions are detailed in Exhibit IV-7. The pro forma calculations for the range are detailed in Exhibit IV-8. RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 4.4 Public Market Pricing Community Bank of MO and the Comparables As of June 14, 1996 Per Share Data Market ---------------- Capitalization Book Pricing Ratios(3) --------------- --------------------------------------- Price/ Market 12-Mth Value/ Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE ------- ------- ------- ------- ------- ------- ------- ------- ------- ($) ($Mil) ($) ($) (X) (%) (%) (%) (X) Community Bank of MO - -------------------- Superrange 10.00 13.89 0.55 14.10 18.03 70.93 14.19 70.93 23.10 Range Maximum 10.00 12.08 0.61 14.89 16.40 67.14 12.54 67.14 21.29 Range Midpoint 10.00 10.50 0.67 15.81 14.86 63.26 11.07 63.26 19.53 Range Minimum 10.00 8.93 0.76 17.04 13.19 58.67 9.55 58.67 17.57 SAIF-Insured Thrifts(7) - ----------------------- Averages 17.21 119.16 1.25 16.52 14.29 104.98 13.13 108.21 15.14 Medians --- --- --- --- 14.29 99.35 11.84 102.42 15.42 All Non-MHC State of MO(7) - -------------------------- Averages 17.14 88.20 1.18 16.38 16.15 105.46 15.94 108.77 16.26 Medians --- --- --- --- 15.62 88.50 15.70 88.50 16.39 Comparable Group Averages - -------------------------- Averages 16.19 19.18 1.14 18.10 15.63 89.51 15.20 89.53 16.00 Medians --- --- --- --- 15.06 88.37 15.03 88.37 15.13 State of MO - ----------- CNSB CNS Bancorp of MO 12.00 19.84 0.45 14.07 NM 85.29 19.68 85.29 NM CMRN Cameron Fin. Corp. of MO 13.50 38.48 0.97 16.06 13.92 84.06 22.31 84.06 14.06 CAPS Capital Savings Bancorp of MO 18.00 18.70 1.75 20.34 10.29 88.50 9.23 88.50 10.29 FBSI First Bancshares of MO 15.50 20.18 0.80 18.26 19.38 84.88 14.37 85.07 19.62 GSBC Great Southern Bancorp of MO 27.50 121.94 2.48 15.04 11.09 182.85 18.50 185.94 11.80 HFSA Hardin Bancorp of Hardin MO 11.75 12.43 0.48 15.16 24.48 77.51 14.91 77.51 24.48 JSBA Jefferson Svgs Bancorp of MO 26.00 108.73 1.52 19.19 17.11 135.49 9.51 165.39 17.45 JOAC Joachim Bancorp of MO 12.25 9.31 0.28 14.15 NM 86.57 25.32 86.57 NM LXMO Lexington B&L Fin. Corp. of MO 10.00 12.65 0.62 14.27 16.13 70.08 20.62 70.08 16.39 MBLF MBLA Financial Corp. of MO(7) 24.00 32.93 1.00 20.67 24.00 116.11 16.88 116.11 24.00 MFSB Mutual Bancompany of MO(7) 21.37 7.12 0.34 18.73 NM 114.10 13.35 114.10 NM NSLB NS&L Bancorp of Neosho MO 12.87 11.43 0.59 15.62 21.81 82.39 19.35 82.39 23.40 NASB North American SB of MO 30.50 69.42 3.74 21.44 8.16 142.26 10.45 148.20 8.54 PCBC Perry Co. Fin. Corp. of MO 17.50 14.98 0.88 19.84 19.89 92.89 19.38 92.89 19.89 RFED Roosevelt Fin. Grp. Inc. of MO 19.25 810.77 1.35 10.54 14.26 182.64 8.88 193.27 10.52 SMFC Sho-Me Fin. Corp. of MO 15.75 28.68 1.08 17.36 14.58 90.73 10.87 90.73 14.72 SMBC Southern Missouri Bncrp of MO 14.75 25.43 0.78 15.41 18.91 95.72 15.70 95.72 20.21 Comparable Group - ---------------- CMRN Cameron Fin. Corp. of MO 13.50 38.48 0.97 16.06 13.92 84.06 22.31 84.06 14.06 CAPS Capital Savings Bancorp of MO 18.00 18.70 1.75 20.34 10.29 88.50 9.23 88.50 10.29 FBSI First Bancshares of MO 15.50 20.18 0.80 18.26 19.38 84.88 14.37 85.07 19.62 Dividends(4) Financial Characteristics(6) ----------------------- ------------------------------------------------------- Reported Core Amount/ Payout Total Equity/ NPAs/ --------------- -------------- Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%) Community Bank of MO - -------------------- Superrange 0.00 0.00 0.00 98 20.01 0.33 0.79 3.93 0.61 3.07 Range Maximum 0.00 0.00 0.00 96 18.68 0.34 0.76 4.09 0.59 3.15 Range Midpoint 0.00 0.00 0.00 95 17.49 0.34 0.74 4.26 0.57 3.24 Range Minimum 0.00 0.00 0.00 93 16.27 0.35 0.72 4.45 0.54 3.34 SAIF-Insured Thrifts(7) - ----------------------- Averages 0.35 1.98 25.53 1,297 13.25 0.95 0.87 8.08 0.81 7.29 Medians --- --- --- --- --- --- --- --- --- --- All Non-MHC State of MO(7) - --------------------------- Averages 0.35 2.06 23.72 864 17.13 0.81 0.97 7.50 0.95 7.60 Medians --- --- --- --- --- --- --- --- --- --- Comparable Group Averages - ------------------------- Averages 0.32 2.06 27.90 133 17.14 0.57 1.04 6.27 1.02 6.17 Medians --- --- --- --- --- --- --- --- --- --- State of MO - ----------- CNSB CNS Bancorp of MO 0.00 0.00 0.00 101 23.07 0.70 0.74 3.20 0.62 2.70 CMRN Cameron Fin. Corp. of MO 0.28 2.07 28.87 172 26.54 0.79 1.61 5.79 1.59 5.73 CAPS Capital Savings Bancorp of MO 0.36 2.00 20.57 203 10.43 0.20 0.95 8.92 0.95 8.92 FBSI First Bancshares of MO 0.20 1.29 25.00 140 16.92 0.43 0.78 4.33 0.77 4.27 GSBC Great Southern Bancorp of MO 0.70 2.55 28.23 659 10.12 2.03 1.72 17.10 1.62 16.07 HFSA Hardin Bancorp of Hardin MO 0.40 3.40 NM 83 19.24 0.11 0.64 4.18 0.64 4.18 JSBA Jefferson Svgs Bancorp of MO 0.32 1.23 21.05 1,143 7.02 0.97 0.60 8.20 0.59 8.04 JOAC Joachim Bancorp of MO 0.50 4.08 NM 37 29.24 0.01 0.65 3.14 0.65 3.14 LXMO Lexington B&L Fin. Corp. of MO 0.00 0.00 0.00 61 29.42 1.15 1.28 4.34 1.26 4.27 MBLF MBLA Financial Corp. of MO(7) 0.40 1.67 40.00 195 14.54 0.33 0.70 4.81 0.70 4.81 MFSB Mutual Bancompany of MO(7) 0.00 0.00 0.00 53 11.70 NA 0.20 1.83 0.23 2.10 NSLB NS&L Bancorp of Neosho MO 0.50 3.89 NM 59 23.49 0.18 0.93 4.27 0.87 3.98 NASB North American SB of MO 0.63 2.07 16.84 664 7.35 3.36 1.33 18.45 1.27 17.61 PCBC Perry Co. Fin. Corp. of MO 0.30 1.71 34.09 77 20.86 0.04 1.00 5.36 1.00 5.36 RFED Roosevelt Fin. Grp. Inc. of MO 0.62 3.22 45.93 9,135 4.86 0.40 0.63 13.98 0.85 18.94 SMFC Sho-Me Fin. Corp. of MO 0.00 0.00 0.00 264 11.98 NA 0.83 6.18 0.82 6.12 SMBC Southern Missouri Bncrp of MO 0.50 3.39 64.10 162 16.40 0.97 0.88 5.01 0.82 4.69 Comparable Group - ---------------- CMRN Cameron Fin. Corp. of MO 0.28 2.07 28.87 172 26.54 0.79 1.61 5.79 1.59 5.73 CAPS Capital Savings Bancorp of MO 0.36 2.00 20.57 203 10.43 0.20 0.95 8.92 0.95 8.92 FBSI First Bancshares of MO 0.20 1.29 25.00 140 16.92 0.43 0.78 4.33 0.77 4.27 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Table 4.4 Public Market Pricing Community Bank of MO and the Comparables As of June 14, 1996 Per Share Data Market --------------- Capitalization Book Pricing Ratios(3) --------------- --------------------------------------- Price/ Market 12-Mth Value/ Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) ($Mil) ($) ($) (X) (%) (%) (%) (X) FFSL First Independence Corp. of KS 17.75 10.35 1.95 22.03 9.10 80.57 10.18 80.57 9.10 GFSB GFS Bancorp of Grinnell IA 20.25 10.43 1.57 18.91 12.90 107.09 12.89 107.09 13.15 NSLB NS&L Bancorp of Neosho MO 12.87 11.43 0.59 15.62 21.81 82.39 19.35 82.39 23.40 PCBC Perry Co. Fin. Corp. of MO 17.50 14.98 0.88 18.84 19.89 92.89 19.38 92.89 19.89 SMFC Sho-Me Fin. Corp. of MO 15.75 28.68 1.08 17.36 14.58 90.73 10.87 90.73 14.72 SMBC Southern Missouri Bncrp of MO 14.75 25.43 0.78 15.41 18.91 95.72 15.70 95.72 20.21 SFFC StateFed Financial Corp. of IA 16.00 13.17 1.03 18.13 15.53 88.25 17.75 88.25 15.53 Dividends(4) Financial Characteristics(6) ----------------------- ------------------------------------------------------ Reported Core Amount/ Payout Total Equity/ NPAs/ --------------- -------------- Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE ------- ------- ------- ------- ------- ------- ------- ------- ------- ------ ($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%) FFSL First Independence Corp. of KS 0.40 2.25 20.51 102 12.64 0.96 1.14 8.56 1.14 8.56 GFSB GFS Bancorp of Grinnell IA 0.30 1.48 19.11 81 12.04 0.97 1.09 8.45 1.06 8.29 NSLB NS&L Bancorp of Neosho MO 0.50 3.89 NM 59 23.49 0.18 0.93 4.27 0.87 3.98 PCBC Perry Co. Fin. Corp. of MO 0.30 1.71 34.09 77 20.86 0.04 1.00 5.36 1.00 5.36 SMFC Sho-Me Fin. Corp. of MO 0.00 0.00 0.00 264 11.98 NA 0.83 6.18 0.82 6.12 SMBC Southern Missouri Bncrp of MO 0.50 3.39 64.10 162 16.40 0.97 0.88 5.01 0.82 4.69 SFFC StateFed Financial Corp. of IA 0.40 2.50 38.83 74 20.11 NA 1.18 5.80 1.18 5.80 (1) Average of high/low or bid/ask price per share. (2) EPS (common earnings per share) is based on actual trailing twelve month data and is shown on a pro forma basis. (3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB = Price to Tangible Book; and P/CORE = Price to Core Earnings. (4) Indicated twelve month dividend, based on last quarterly dividend declared. (5) Indicated twelve month dividend as a percent of trailing twelve month earnings. (6) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and total assets balances. (7) Excludes from averages and medians those companies the subject of actual or rumored acquisition activities or unusual operating characteristics. Source: Corporate reports, offering circulars, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, Inc. EXHIBITS LIST OF EXHIBITS Exhibit Number Description - ------- ----------- I-1 Map of Office Locations I-2 Audited Financial Statements I-3 Key Operating Ratios I-4 Investment Portfolio Composition I-5 Yields and Costs I-6 Loan Loss Allowance Activity I-7 Net Portfolio Value Analysis I-8 Fixed Rate and Adjustable Rate Loans I-9 Loan Portfolio Composition I-10 Loan Originations, Purchases, and Sales I-11 Contractual Maturity By Loan Type I-12 Non-Performing Assets/Classified Assets I-13 Deposit Composition I-14 Time Deposit Rate/Maturity II-1 List of Office Characteristics II-2 Historical Interest Rates II-3 Sources of Personal Income/Employment Sectors III-1 General Characteristics of Publicly-Traded Institutions III-2 Missouri Thrifts LIST OF EXHIBITS(continued) III-3 Thrifts in Continguous States IV-1 Stock Prices: June 14, 1996 IV-2 Historical Stock Price Indices IV-3 Historical Thrift Stock Indices IV-4 Market Area Acquisition Activity IV-5 Directors and Senior Management Summary Resumes IV-6 Pro Forma Regulatory Capital Ratios IV-7 Pro Forma Analysis Sheet IV-8 Pro Forma Effect of Conversion Proceeds IV-9 Peer Group Core Earnings Analysis V-1 Firm Qualifications Statement EXHIBITS NOTE: THE FOLLOWING APPRAISAL EXHIBITS HAVE BEEN CROSS REFERENCED TO THE PROSPECTUS IN THE APPRAISAL FILED FOR EDGAR PURPOSES: (see cross reference sheet on following page) EXHIBIT I-1 Map of Office Location EXHIBIT I-2 Audited Financial Statements EXHIBIT I-3 Key Operating Ratios EXHIBIT I-4 Investment Portfolio Composition EXHIBIT I-5 Yields and Costs EXHIBIT I-6 Loan Loss Allowance Activity EXHIBIT I-7 Net Portfolio Value Analysis EXHIBIT I-8 Fixed Rate and Adjustable Rate Loans EXHIBIT I-9 Loan Portfolio Composition EXHIBIT I-10 Loan Originations, Purchases, and Sales EXHIBIT I-11 Contractual Maturity By Loan Type EXHIBIT I-12 Non-Performing Assets/Classified Assets EXHIBIT I-13 Deposit Composition EXHIBIT I-14 Time Deposit Rate/Maturity EXHIBIT I-15 Borrowings EXHIBIT II-1 List of Branch Offices EXHIBIT IV-5 Summary Director Resumes EXHIBIT IV-6 Pro Forma Regulatory Capital Compliance APPRAISAL/PROSPECTUS CROSS REFERENCE SHEET EXHIBIT NUMBER PROSPECTUS CROSS REFERENCE - -------------- -------------------------- Exhibit I-1: Map of Office Locations Map Exhibit I-2: Audited Financial Statements Audit Financial Statements (Back of Prospectus) Exhibit I-3: Key Financial Ratios Page 12 Exhibit I-4: Investment Portfolio Composition Page 63 Exhibit I-5: Yields and Costs Pages 34 and 35 Exhibit I-6: Loan Loss Allowance Activity Page 61 Exhibit I-7: Net Portfolio Value Analysis Page 41 Exhibit I-8: Fixed and Adjustable Rate Loans Page 49 Exhibit I-9: Loan Portfolio Composition Page 48 Exhibit I-10: Loan Orig., Purchases and Sales Page 56 Exhibit I-11: Contractual Maturity by Loan Type Page 55 Exhibit I-12: Non-Performing Assets Page 58 Exhibit I-13: Deposit Composition Page 65 Exhibit I-14: Time Deposit Rate/Maturity Page 66 Exhibit I-15: Borrowings Page 67 Exhibit II-1: Office Characteristics Page 68 Exhibit IV-5: Directors and Senior Management Summary Resumes Pages 80 and 81 Exhibit IV-6: Pro Forma Regulatory Capital Table Page 27 EXHIBIT II-2 Historical Interest Rates HISTORICAL INTEREST RATES(1) Prime 90 Day One Year 30 Year Year/qtr. Ended Rate T-bill T-bill T-bond - --------------- ---- ------ ------ ------ 1991: Quarter 1 8.75% 5.92% 6.24% 8.26% Quarter 2 8.50% 5.72% 6.35% 8.43% Quarter 3 8.00% 5.22% 5.38% 7.80% Quarter 4 6.50% 3.95% 4.10% 7.47% 1992: Quarter 1 6.50% 4.15% 4.53% 7.97% Quarter 2 6.50% 3.65% 4.06% 7.79% Quarter 3 6.00% 2.75% 3.06% 7.38% Quarter 4 6.00% 3.15% 3.59% 7.40% 1993: Quarter 1 6.00% 2.95% 3.18% 6.93% Quarter 2 6.00% 3.09% 3.45% 6.67% Quarter 3 6.00% 2.97% 3.36% 6.03% Quarter 4 6.00% 3.06% 3.59% 6.34% 1994: Quarter 1 6.25% 3.56% 4.44% 7.09% Quarter 2 7.25% 4.22% 5.49% 7.61% Quarter 3 7.75% 4.79% 5.94% 7.82% Quarter 4 8.50% 5.71% 7.21% 7.88% 1995: Quarter 1 9.00% 5.86% 6.47% 7.43% Quarter 2 9.00% 5.57% 5.63% 6.63% Quarter 3 8.75% 5.42% 5.68% 6.51% Quarter 4 8.50% 5.09% 5.14% 5.96% 1996: Quarter 1 8.25% 5.14% 5.38% 6.67% As of June 7, 1996 8.25% 5.25% 5.83% 7.03% (1) End of period data. Source: SNL Securities. EXHIBIT II-3 Sources of Personal Income/Employment Sectors June 14, 1996 REGIONAL ECONOMIC PROFILE For Counties and Metropolitan Areas (29-047) CLAY MISSOURI - ----------------------------------------------------------------------------------------------------------------------- Item 1988 1989 1990 1991 1992 1993 - ----------------------------------------------------------------------------------------------------------------------- Place of Residence Profile Total personal income ($000) 2,575,917 2,736,908 2,852,558 2,938,291 3,122,204 3,275,764 Nonfarm personal income 2,577,586 2,736,828 2,853,327 2,936,715 3,120,062 3,275,796 Farm income -1,699 80 -769 1,576 2,142 (L) Derivation of Total Personal Income Net earnings 1/ 1,961,575 2,051,544 2,145,858 2,215,341 2,391,063 2,505,372 Transfer payments 266,352 273,418 285,519 331,175 359,063 390,792 Income maintenance 2/ 6,738 8,027 10,533 13,383 16,486 18,048 Unemployment insurance 5,710 6,354 7,822 11,638 12,912 11,944 Retirement and other 253,904 259,031 267,164 306,154 329,665 360,800 Dividends, interest, and rent 347,990 411,946 421,181 391,775 372,078 379,600 Population (thousands) 3/ 149.9 151.7 154.2 156.5 158.5 161.0 Per Capita Incomes ($) 4/ Per capita personal income 17,186 18,041 18,503 18,770 19,701 20,345 Per capita net earnings 13,087 13,523 13,919 14,152 15,087 15,560 Per capita transfer payments 1,777 1,802 1,852 2,116 2,266 2,427 Per capita income maintenance 45 53 68 85 104 112 Per capita unemployment insurance 38 42 51 74 81 74 Per capita retirement & other 1,694 1,707 1,733 1,956 2,080 2,241 Per capita dividends, interest, & rent 2,322 2,715 2,732 2,503 2,348 2,358 Place of Work Profile Total earnings (place of work, $000) 1,676,079 1,746,314 1,845,984 1,917,104 2,128,953 2,233,801 Wages and salaries 1,367,735 1,437,701 1,521,132 1,568,649 1,726,315 1,810,890 Other labor income 144,122 152,430 162,976 181,658 226,551 236,048 Proprietors' income 164,222 156,183 161,876 166,797 176,087 186,863 Nonfarm 166,679 156,945 163,600 166,156 174,883 187,893 Farm -2,457 -762 -1,724 641 1,204 -1,030 Total employment (full & part-time) 77,632 80,920 83,266 84,208 87,029 89,676 Wage and salary jobs 65,666 69,062 70,429 76,670 73,493 76,005 Number of proprietors 11,966 11,858 12,837 13,538 13,536 13,671 Nonfarm /5 11,187 11,080 12,069 12,781 12,777 12,919 Farm 779 778 768 757 759 752 Average earnings per job ($) 21,590 21,581 22,170 22,766 24,463 24,910 Wage & salary earnings per job ($) 20,829 20,818 21,598 22,197 23,490 23,826 Average earnings per nonfarm proprietor ($) 14,899 14,165 13,555 13,000 13,687 14,544 See footnotes at end of table REGIONAL ECONOMIC INFORMATION SYSTEM Table CA30 May 1995 BUREAU OF ECONOMIC ANALYSIS Footnotes for Table CA30 1/ Total earnings less personal contributions for social insurance adjusted to place of residence. 2/ Includes supplemental security income payments, payments to families with dependent children (AFDC), general assistance payments, food stamp payments, and other assistance payments, including emergency assistance. 3/ Census Bureau midyear population estimates. Estimates for 1990-93 reflect State and county population estimates available as of February 1995. 4/ Type of income divided by population yields a per capita for that type of income. 5/ Excludes limited partners. 6/ Cibola, NM was separated from Valencia in June 1981, but in these estimates Valencia includes Cibola through the end of 1981. 7/ La Paz county, AZ was separated from Yuma county on January 1, 1983. 8/ Estimates for 1979 forward reflect Alaska Census Areas as defined in the 1980 Decennial Census; those for prior years reflect Alaska Census Divisions as defined in the 1970 Decennial Census. Estimates from 1988 forward separate Aleutian Islands Census Area Into Aleutian East Borough and Aleutians West Census Area. Denali and Lake + Peninsula Boroughs begin in 1991. Estimates from 1993 forward separate Skagway-Yakutat-Angoon Census Area into Skagway-Hoonah-Angoon Census Area and Yakutat Borough. (L) Less than $50,000 or less than 10 jobs, as appropriate. Estimates are included in totals. (N) Data not available for this year. Table CA30 May 1995 REGIONAL ECONOMIC INFORMATION SYSTEM BUREAU OF ECONOMIC ANALYSIS June 14, 1996 PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/ For Counties and Metropolitan Areas (thousands of dollars) (29-047) CLAY MISSOURI - -------------------------------------------------------------------------------------------------------------------- Item 1988 1989 1990 1991 1992 1993 - -------------------------------------------------------------------------------------------------------------------- Income by place of residence Total personal income ($000) 2,575,917 2,736,908 2,852,558 2,938,291 3,122,204 3,275,764 Nonfarm personal income 2,577,586 2,736,828 2,853,327 2,936,715 3,120,062 3,275,796 Farm income 2/ -1,669 80 -769 1,576 2,142 (L) Population (thousands) 3/ 149.9 151.7 154.2 156.5 158.5 161.0 Per capital personal income (dollars) 17,186 18,041 18,503 18,770 19,701 20,345 Derivation of total personal income Earnings by place of work 1,676,079 1,746,314 1,845,984 1,917,104 2,128,953 2,233,801 Less: Personal cont. for social insur. 4/ 110,489 115,445 120,471 126,418 137,315 145,231 Plus: Adjustments for residence 5/ 395,985 420,675 420,345 424,655 399,425 416,802 Equals: Net earn. by place of residence 1,961,575 2,051,544 2,145,858 2,215,341 2,391,063 2,505,372 Plus: Dividends, interest, and rent 6/ 347,990 411,946 421,181 391,775 372,078 379,600 Plus: Transfer payments 266,352 273,418 285,519 331,175 359,063 390,792 Earnings by place of work Components of Earnings: Wages and salaries 1,367,735 1,437,701 1,521,132 1,568,649 1,726,315 1,810,890 Other labour income 144,122 152,430 162,976 181,658 226,551 236,048 Proprietors' income 7/ 164,222 156,183 161,876 166,797 176,087 186,863 Farm -2,457 -762 -1,724 641 1,204 -1,030 Nonfarm 166,679 156,945 163,600 166,156 174,883 187,893 Earning by Industry: Farm -1,669 80 -769 1,576 2,142 (L) Nonfarm 1,677,748 1,746,234 1,846,753 1,915,528 2,126,811 2,233,833 Private 1,502,491 1,552,475 1,634,478 1,691,490 1,888,323 1,979,463 Ag. serv.. for.. fish.. and other 8/ 3,404 3,996 4,611 (D) 5,564 6,238 Mining 5,514 3,795 3,310 (D) 3,674 3,566 Construction 96,497 101,055 104,386 101,970 107,009 114,213 Manufacturing 536,863 553,934 571,093 580,587 683,395 683,354 Nondurable goods 242,807 264,550 288,715 219,217 317,901 317,972 Durable goods 294,056 289,384 282,378 289,370 365,494 365,382 Transportation and public utilities 116,437 118,816 127,153 131,261 129,192 144,281 Wholesale trade 188,370 194,924 201,163 206,760 232,916 238,127 Retail trade 227,467 230,131 245,007 255,179 268,126 293,790 Finance, insurance, and real estate 63,815 62,575 69,866 70,518 83,208 91,670 Services 264,124 283,249 307,889 336,159 375,239 404,224 Government and government enterprises 175,257 193,759 212,275 224,038 238,488 254,370 Federal, civilian 14,807 16,462 18,255 19,287 13,964 14,351 Military 14,502 15,302 17,062 17,675 10,682 18,753 State and local 145,948 161,995 176,958 187,076 205,842 221,266 See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM Table CA05 May 1995 BUREAU OF ECONOMIC ANALYSIS Footnotes for Table CA05 1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-93 based on 1987 SIC. 2/ Farm income consists of proprietors' net farm income, the wages of hired farm labor, the pay-in-kind of hired farm labor, and the salaries of officers of corporate farms. 3/ Census Bureau midyear population estimates. Estimates for 1990-93 reflect State and county population estimates. 4/ Personal contributions for social insurance are included in earnings by type and industry but excluded from personal income. 5/ U.S. adjustment for residence consists of adjustments for border workers: income of U.S. residents commuting outside U.S. borders to work less income of foreign residents commuting inside U.S. borders to work plus certain Caribbean seasonal workers. 6/ Includes the capital consumption adjustment for rental income of persons. 7/ Includes the inventory valuation and capital consumption adjustments. 8/ "Other" consists of wages and salaries of U.S. residents employed by international organizations and foreign embassies and consulates in the U.S. 13/ Estimates for 1979 forward reflect Alaska Census Areas as defined in the 1980 Decennial Census; those for prior years reflect Alaska Census Divisions as defined in the 1970 Decennial Census. Estimates from 1988 forward separate Aleutian Islands Census Areas into Aleutians East Borough and Aleutians West Census Area. Denali and Lake + Peninsula Boroughs begin in 1991. Estimates from 1993 forward separate Skagway-Yakutat-Angoon Census Area into Skagway-Hoonah-Angoon Census Area and Yakutat Borough. 14/ Cibola, NM was separated from Valencia in June 1981, but in these estimates, Valencia includes Cibola through the end of 1981. 15/ La Paz county, AZ was separated from Yuma county on January 1, 1983. E The estimate shown here constitutes the major portion of the true estimate. (D) Not shown to avoid disclosure of confidential information. (L) Less than $50,000. Estimates are included in totals. (N) Data not available for this year. REGIONAL ECONOMIC INFORMATION SYSTEM Table CA05 May 1995 BUREAU OF ECONOMIC ANALYSIS June 14. 1996 FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/ For Counties and Metropolitan Areas (number of jobs) (29-047) CLAY MISSOURI - ---------------------------------------------------------------------------------------------------- Item 1988 1989 1990 1991 1992 1993 - ---------------------------------------------------------------------------------------------------- Employment by Place of Work Total employment 77,632 80,920 83,266 84,208 87,029 89,676 By Type: Wage and salary 65,632 69,062 70,429 70,670 73,493 76,005 Proprietors 11,966 11,858 12,837 13,538 13,536 13,671 Farm 779 778 768 757 759 752 Nonfarm 2/ 11,187 11,080 12,069 12,781 12,777 12,919 By Industry: Farm 897 906 881 849 855 843 Nonfarm 76,735 80,014 82,385 83,359 86,174 88,833 Private 68,420 71,351 73,336 74,188 76,774 79,016 Ag.serv..for..fish.. and other 3/ 386 426 510 (D) 583 651 Mining 216 185 184 (D) 209 191 Construction 3,800 3,875 3,898 3,869 4,145 4,292 Manufacturing 15,002 16,226 16,723 16,122 16,774 16,687 Transportation and public utilities 3,746 3,940 4,091 4,312 3,917 4,212 Wholesale trade 6,523 6,477 6,475 6,398 6,675 6,869 Retail trade 15,672 16,529 16,976 17,395 18,246 18,870 Finance, insurance, and real estate 4,678 4,502 4,662 4,726 4,770 4,824 Services 18,397 19,191 19,817 20,584 21,455 22,465 Government and government enterprises 8,315 8,663 9,049 9,171 9,400 9,772 Federal, civilian 439 470 495 490 341 330 Military 1,252 1,252 1,290 1,261 1,228 1,193 State and local 6,624 6,941 7,264 7,420 7,831 8,249 See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM Table CA25 May 1995 BUREAU OF ECONOMIC ANALYSIS Footnotes for Table CA25 1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-93 based on 1987 SIC. 2/ Excludes limited partners. 3/ "Other" consists of the number of jobs held by U.S. residents employed by international organizations and foreign embassies. 4/ Cibola; NM was separated from Valencia in June 1981, but in these estimates Valencia includes Cibola through the end of 1981. 5/ La Paz country, AZ was separated from Yuma county on January 1, 1983. 6/ Estimates for 1979 forward reflect Alaska Census Areas as defined in the 1980 Decennial Census; those for prior years reflect Alaska Census Divisions as defined in the 1970 Decennial Census. Estimates from 1988 forward separate Aleutian Islands Census Area into Aleutians East Borough and Aleutians West Census Area. Denali and Lake + Peninsula Boroughs begins in 1991. Estimates from 1993 forward separate Skagway-Yakutat-Angoon Census Area into Skagway-Hoonah-Angoon Census Area and Yakutat Borough. E Estimate shown constitutes the major portion of the true estimate. (D) Not shown to avoid disclosure of confidential information. (L) Less than 10 jobs. Estimates are included in totals. (N) Data not available for this year. Table CA25 May 1995 REGIONAL ECONOMIC INFORMATION SYSTEM BUREAU OF ECONOMIC ANALYSIS EXHIBIT III-1 General Characteristics of Publicly-Traded Institutions RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) California Companies - -------------------- AHM Ahmanson and Co. H.F. of CA NYSE Nationwide M.B. 49,782 335 12-31 10/72 26.50 2,982 GWF Great Western Fin. Corp. of CA NYSE CA,FL Div. 43,763 418 12-31 / 23.50 3,224 GDW Golden West Fin. Corp. of CA NYSE Nationwide M.B. 35,014 232 12-31 05/59 54.62 3,202 GLN Glendale Fed. Bk, FSB of CA NYSE CA Div. 14,368 148 06-30 10/83 18.75 827 CAL CalFed Inc. of Los Angeles CA NYSE CA,NV Div. 14,280 126 12-31 03/83 18.62 918 CSA Coast Savings Financial of CA NYSE California R.E. 8,240 89 12-31 12/85 33.37 620 DSL Downey Financial Corp. of CA NYSE Southern CA Thrift 4,653 52 12-31 01/71 21.62 367 FED FirstFed Fin. Corp. of CA NYSE Los Angeles CA R.E. 4,166 25 12-31 12/83 17.25 183 WES Westcorp Inc. of Orange CA NYSE California Div. 3,077 25 12-31 05/86 18.87 488 BVFS Bay View Capital Corp. of CA OTC San Francisco CA M.B. 2,910 27 12-31 05/86 33.00 288 AFFFZ America First Fin. Fund of CA OTC San Francisco CA Div. 2,333 36 12-31 / 26.00 156 CENF CENFED Financial Corp. of CA OTC Los Angeles CA Thrift 2,114 18 12-31 10/91 21.50 108 PFFB PFF Bancorp of Pomona CA OTC Southern CA Thrift 2,008 23 03-31 03/96 11.25 223 FRC First Republic Bancorp of CA (3) NYSE CA,NV M.B. 1,973 10 12-31 / 14.62 107 CFHC California Fin. Hld. Co. of CA OTC Central CA Thrift 1,278 22 12-31 04/83 20.50 96 REDF RedFed Bancorp of Redlands CA OTC Southern CA Thrift 858 14 12-31 04/94 9.62 39 HTHR Hawthorne Fin. Corp. of CA OTC Southern CA Thrift 773 9 12-31 / 7.50 19 HEMT HF Bancorp of Hemet CA OTC Southern CA Thrift 754 12 06-30 06/95 10.00 66 QCBC Quaker City Bancorp of CA OTC Los Angeles CA R.E. 693 8 06-30 12/93 14.50 57 HBNK Highland Federal Bank of CA OTC Los Angeles CA R.E. 442 11 12-31 / 16.37 38 SGVB SGV Bancorp of W. Covina CA OTC Los Angeles CA Thrift 333 6 06-30 06/95 8.62 24 MBBC Monterey Bay Bancorp of CA OTC West Central CA Thrift 319 6 12-31 02/95 11.87 41 NHSL NHS Financial, Inc. of CA OTC Central CA R.E. 293 3 12-31 / 10.87 27 PCCI Pacific Crest Capital of CA (3) OTC Southern CA R.E. 287 4 12-31 / 8.13 24 PSSB Palm Springs SB of CA OTC Southern CA Thrift 192 4 12-31 / 13.75 16 BYFC Broadway Fin. Corp. of CA OTC Los Angeles CA Thrift 115 4 12-31 01/96 10.00 9 FSSB First FS&LA of San Bern. CA OTC San Bernard. CA Thrift 103 4 06-30 12/92 10.00 3 Florida Companies - ----------------- RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) Florida Companies (continued) - ----------------------------- BANC BankAtlantic Bancorp of FL OTC Southeastern FL M.B. 1,643 40 12-31 11/83 14.00 164 FFPB First Palm Beach Bancorp of FL OTC Southeast FL Thrift 1,465 23 09-30 09/93 21.25 110 HOFL Home Financial Corp. of FL OTC Southern FL R.E. 1,227 8 09-30 10/94 13.81 342 HARB Harbor FSB, MHC of FL (45.7) OTC Eastern FL Thrift 933 22 09-30 01/94 27.00 133 FFFL Fidelity FSB, MHC of FL(47.2) OTC Southeast FL Thrift 792 20 12-31 01/94 13.50 91 BKUNA BankUnited SA of FL OTC Miami FL Thrift 738 6 09-30 12/85 7.75 44 CMSV Commty. Svgs, MHC of FL(47.6) OTC Southeast FL Thrift 632 17 09-30 10/94 14.75 72 SCSL Suncoast S&LA of Hollywood FL OTC Southeastern FL M.B. 466 4 06-30 11/85 6.25 12 FFLC FFLC Bancorp of Leesburg FL OTC Central FL Thrift 331 7 12-31 01/94 17.75 47 FFFG F.F.O. Financial Group of FL OTC Central FL R.E. 306 10 12-31 10/88 2.69 23 FFPC Florida First Bancorp of FL OTC Northwestern FL Thrift 304 9 12-31 11/86 11.12 38 FPRY First Financial Bancorp of FL OTC Northern FL Thrift 240 6 09-30 03/88 20.37 18 FFML First Family Bank, FSB of FL OTC Central FL Thrift 153 D 5 06-30 10/92 21.12 12 Mid-Atlantic Companies - ---------------------- DME Dime Savings Bank, FSB of NY (3) NYSE NY,NJ,FL M.B. 19,414 87 12-31 08/86 13.12 1,297 GPT GreenPoint Fin. Corp. of NY (3) NYSE New York City NY Thrift 14,469 84 06-30 01/94 29.75 1,561 SVRN Sovereign Bancorp of PA OTC PA,NJ,DE M.B. 8,411 121 12-31 08/86 10.37 496 ASFC Astoria Financial Corp. of NY OTC New York City NY Thrift 6,708 46 12-31 11/93 27.00 296 COFD Collective Bancorp Inc. of NJ OTC Southern NJ Thrift 5,059 79 06-30 02/84 24.12 492 LISB Long Island Bancorp of NY OTC Long Island NY M.B. 4,834 36 09-30 04/94 29.87 743 RCSB RCSB Financial, Inc. of NY (3) OTC NY M.B. 4,111 31 11-30 04/86 24.75 334 ALBK ALBANK Fin. Corp. of Albany NY OTC NY,MA Thrift 3,333 57 06-30 04/92 27.25 371 ROSE TR Financial Corp. of NY OTC New York, NY Thrift 3,002 15 12-31 06/93 26.12 234 NYB New York Bancorp, Inc. of NY AMEX Southeastern NY Thrift 2,754 27 09-30 01/88 25.25 296 GRTR Greater New York SB of NY (3) OTC New York NY Div. 2,576 14 12-31 06/87 11.00 146 BKCO Bankers Corp. of NJ (3) OTC Central NJ Thrift 1,916 14 12-31 03/90 17.25 221 NWSB Northwest SB, MHC of PA(29.9) OTC Pennsylvania Thrift 1,767 46 06-30 11/94 11.87 277 MLFB MLF Bancorp of Villanova PA OTC Philadelphia PA M.B. 1,766 17 03-31 08/94 23.75 148 RELY Reliance Bancorp of NY OTC NYC NY Thrift 1,744 17 06-30 03/94 15.50 143 CMSB Cmnwealth SB, MHC of PA (46.3) OTC Philadelphia PA M.B. 1,658 35 06-30 01/94 21.88 189 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) Mid-Atlantic Companies (continued) - ---------------------------------- NSBK Northside SB of Bronx NY (3) OTC New York NY Thrift 1,580 17 09-30 04/86 36.12 174 JSBF JSB Financial, Inc. of NY OTC New York City R.E. 1,548 13 12-31 06/90 32.62 337 HAVN Haven Bancorp of Woodhaven NY OTC New York City NY Thrift 1,485 9 12-31 09/93 27.75 119 QCSB Queens County SB of NY (3) OTC New York City NY R.E. 1,260 9 12-31 11/93 47.62 291 WSFS WSFS Financial Corp. of DE (3) OTC DE Div. 1,259 13 12-31 11/86 7.87 112 HARS Harris SB, MHC of PA (23.1) OTC Southeast PA Thrift 1,249 25 12-31 01/94 16.75 188 MFSL Maryland Fed. Bancorp of MD OTC MD Thrift 1,143 25 02-28 06/87 29.62 93 YFED York Financial Corp. of PA OTC PA,MD Thrift 1,049 22 06-30 02/84 16.62 101 PFSB PennFed Fin. Services of NJ OTC Northern NJ Thrift 1,023 17 06-30 07/94 15.12 77 FSLA First SB, SLA MHC of NJ (37.6) OTC Eastern NJ Thrift 959 22 12-31 06/92 16.00 104 PVSA Parkvale Financial Corp of PA OTC Southwestern PA Thrift 914 28 06-30 07/87 26.00 84 PKPS Poughkeepsie SB of NY OTC Poughkeepsie NY R.E. 839 7 12-31 11/85 5.50 69 WFSB 1st Washington Bancorp of VA OTC DC Metro Area Thrift 795 17 06-30 05/87 7.94 78 PSBK Progressive Bank, Inc. of NY (3) OTC Eastern NY Thrift 786 15 12-31 08/84 29.00 76 IBSF IBS Financial Corp. of NJ OTC Southwest NJ Thrift 757 8 09-30 10/94 14.00 160 FFIC Flushing Fin. Corp. of NY (3) OTC New York, NY Thrift 739 7 12-31 11/95 15.75 125 PWBC PennFirst Bancorp of PA OTC Western PA Thrift 680 9 12-31 06/90 13.75 55 FSNJ First SB of NJ, MHC (45.0) OTC Northern NJ Thrift 657 D 4 05-31 01/95 14.12 43 SFIN Statewide Fin. Corp. of NJ OTC Northern NJ Thrift 634 14 03-31 10/95 12.12 64 FSFI First State Fin. Serv. of NJ OTC Northeastern NJ Thrift 629 12 09-30 12/87 10.00 40 FCIT First Cit. Fin. Corp of MD OTC DC Metro Area Thrift 624 14 12-31 12/86 17.75 52 PSAB Prime Bancorp, Inc. of PA OTC Southeastern PA Thrift 609 17 12-31 11/88 17.50 65 GAF GA Financial Corp. of PA AMEX Pittsburgh PA Thrift 569 10 12-31 03/96 10.75 96 BFSI BFS Bankorp, Inc. of NY OTC New York NY R.E. 566 5 09-30 05/88 39.50 65 FBBC First Bell Bancorp of PA OTC Pittsburgh PA Thrift 543 7 12-31 06/95 13.44 110 THRD TF Financial Corp. of PA OTC Philadelphia PA Thrift 519 11 06-30 07/94 14.62 66 TSBS Trenton SB, FSB MHC of NJ(35.0 OTC Central NJ Thrift 519 10 12-31 08/95 14.50 129 FMCO FMS Financial Corp. of NJ OTC Southern NJ Thrift 506 14 12-31 12/88 16.25 40 CONE Conestoga Bancorp of Roslyn NY OTC New York, NY Thrift 494 8 03-31 03/94 21.00 100 FSPG First Home SB, SLA of NJ OTC NJ,DE Thrift 466 10 12-31 04/87 17.75 36 CJFC Central Jersey Fin. Corp of NJ OTC Central NJ Thrift 466 D 6 03-31 09/84 30.25 81 LVSB Lakeview SB of Paterson NJ OTC Northern NJ Thrift 455 8 07-31 12/93 19.00 43 MSBB MSB Bancorp of Middletown NY (3) OTC Southeastern NY Thrift 454 D 9 09-30 08/92 15.75 45 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) Mid-Atlantic Companies (continued) - ---------------------------------- PULS Pulse Bancorp of S. River NJ OTC Central NJ Thrift 452 4 09-30 09/86 17.31 67 IROQ Iroquois Bancorp of Auburn NY (3) OTC Central NY Thrift 451 9 12-31 01/86 14.50 34 ANBK American Nat'l Bancorp of MD OTC Baltimore MD R.E. 449 9 07-31 11/95 10.00 40 AHCI Ambanc Holding Co. of NY (3) OTC East-Central NY Thrift 392 9 12-31 12/95 9.38 51 PBCI Pamrapo Bancorp, Inc. of NJ OTC Northern NJ Thrift 368 8 12-31 10/89 19.00 63 CARV Carver FSB of New York, NY OTC New York, NY Thrift 363 D 8 03-31 10/94 7.62 18 SHEN First Shenango Bancorp of PA OTC Western PA Thrift 356 4 12-31 04/93 20.50 47 PFNC Progress Financial Corp. of PA OTC Southeastern PA M.B. 348 9 12-31 07/83 6.50 24 RARB Raritan Bancorp. of Raritan NJ (3) OTC Central NJ Thrift 347 5 12-31 03/87 21.19 30 FOBC Fed One Bancorp of Wheeling WV OTC Northern WV,OH Thrift 340 9 12-31 01/95 14.62 36 CNSK Covenant Bank for Svgs. of NJ (3) OTC Southern NJ Thrift 339 10 12-31 / 12.00 24 FFWM First Fin. Corp of Western MD OTC Western MD Thrift 326 9 06-30 01/92 20.00 44 PBIX Patriot Bank Corp. of PA OTC Southeast PA Thrift 313 7 12-31 12/95 13.00 45 FSBI Fidelity Bancorp, Inc. of PA OTC Southwestern PA Thrift 301 8 09-30 06/88 16.00 22 LFBI Little Falls Bancorp of NJ OTC New Jersey Thrift 286 6 12-31 01/96 9.87 30 CATB Catskill Fin. Corp. of NY (3) OTC Albany NY Thrift 279 P 3 09-30 04/96 10.25 58 FKFS First Keystone Fin. Corp of PA OTC Philadelphia PA Thrift 278 5 09-30 01/95 17.25 22 CVAL Chester Valley Bancorp of PA OTC Southeastern PA Thrift 275 6 06-30 03/87 18.62 29 HARL Harleysville SA of PA OTC Southeastern PA Thrift 274 4 09-30 08/87 18.37 24 LFED Leeds FSB, MHC of MD (35.3) OTC Baltimore MD Thrift 267 1 06-30 03/94 14.00 48 IFSB Independence FSB of DC OTC Washington DC Ret. 264 D 4 12-31 06/85 7.50 10 WSB Washington SB, FSB of MD AMEX Southeastern MD Thrift 263 D 3 07-31 / 5.63 24 EQSB Equitable FSB of Wheaton MD OTC Central MD Thrift 260 4 09-30 09/93 22.50 14 FBER First Bergen Bancorp of NJ OTC Northern NJ Thrift 259 2 09-30 04/96 9.25 29 FIBC Financial Bancorp of NY OTC New York, NY Thrift 252 5 09-30 08/94 12.87 24 YFCB Yonkers Fin. Corp. of NY OTC Yonkers NY Thrift 241 P 4 09-30 04/96 9.62 34 WVFC WVS Financial Corp. of PA (3) OTC Pittsburgh PA Thrift 240 5 06-30 11/93 20.75 36 GDVS Greater DV SB,MHC of PA(19.9) (3) OTC Southeast PA Thrift 236 7 12-31 03/95 10.00 33 ESBK Elmira SB of Elmira NY (3) OTC NY,PA Ret. 223 6 12-31 03/85 16.50 12 HFMD Home Federal Corporation of MD OTC Western MD Thrift 217 7 12-31 02/84 10.25 26 CTBK Center Banks, Inc. of NY (3) OTC Central NY Thrift 215 7 12-31 05/86 13.75 13 PEEK Peekskill Fin. Corp. of NY OTC Southeast NY Thrift 194 3 06-30 12/95 12.00 49 LARL Laurel Capital Group of PA OTC Southwestern PA Thrift 193 6 06-30 02/87 15.00 23 RP FINANCIAL, LC. - ------------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) Mid-Atlantic Companies (continued) - ---------------------------------- PHFC Pittsburgh Home Fin. of PA OTC Pittsburgh PA Thrift 180 P 6 09-30 04/96 10.00 22 SBFL SB Fing. Lakes MHC of NY(33.0) OTC Western NY Thrift 177 3 04-30 11/94 16.50 29 SFED SFS Bancorp of Schenectady NY OTC Eastern NY Thrift 166 3 12-31 06/95 11.75 16 HRBF Harbor Federal Bancorp of MD OTC Baltimore MD Thrift 154 D 6 03-31 08/94 12.87 24 TPNZ Tappan Zee Fin. Corp. of NY OTC Southeast NY Thrift 115 1 03-31 10/95 12.00 19 WHGB WHG Bancshares of MD OTC Baltimore MD Thrift 112 5 09-30 04/96 11.50 19 THBC Troy Hill Bancorp of PA OTC Pittsburgh PA Thrift 80 2 06-30 06/94 13.37 14 ALBC Albion Banc Corp. of Albion NY OTC Western NY Thrift 57 2 09-30 07/93 17.00 4 BRFC Bridgeville SB, FSB of PA OTC Western PA Thrift 56 1 12-31 10/94 14.25 16 Mid-West Companies - ------------------ SFB Standard Fed. Bancorp of MI NYSE MI,IN,OH M.B. 13,505 164 12-31 01/87 38.87 1,216 COFI Charter One Financial of OH OTC Northeastern OH Div. 13,174 94 12-31 01/88 35.62 1,607 RFED Roosevelt Fin. Grp. Inc. of MO OTC MO,IL,KS Div. 9,135 78 12-31 01/87 18.25 769 TCB TCF Financial Corp. of MN NYSE MN,IL,MI,WI,OH Div. 7,039 180 12-31 06/86 33.62 1,205 CFB Commercial Federal Corp. of NE NYSE NE,CO,KS,OK M.B. 6,617 91 06-30 12/84 38.12 574 FFHC First Financial Corp. of WI OTC WI,IL Div. 5,419 129 12-31 12/80 23.00 687 SPBC St. Paul Bancorp, Inc. of IL OTC Chicago IL Div. 4,143 52 12-31 05/87 23.50 436 SECP Security Capital Corp. of WI OTC Wisconsin Div. 3,345 42 06-30 01/94 61.00 582 CTZN CitFed Bancorp of Dayton OH OTC Dayton OH M.B. 2,598 33 03-31 01/92 36.75 209 GTFN Great Financial Corp. of KY OTC Kentucky M.B. 2,477 40 12-31 03/94 27.00 396 STND Standard Fin. of Chicago IL OTC Chicago IL Thrift 2,187 13 12-31 08/94 15.25 256 MAFB MAF Bancorp of IL OTC Chicago IL Thrift 1,980 13 06-30 01/90 24.50 128 BELL Bell Bancorp of Chicago IL OTC Chicago IL Thrift 1,939 14 03-31 12/91 37.37 344 ABCW Anchor Bancorp Wisconsin of WI OTC Wisconsin M.B. 1,755 32 03-31 07/92 34.50 170 FISB First Indiana Corp. of IN OTC Central IN M.B. 1,477 28 12-31 08/83 24.50 203 FTFC First Fed. Capital Corp. of WI OTC Southern WI M.B. 1,382 40 12-31 11/89 22.00 139 STFR St. Francis Cap. Corp. of WI OTC Milwaukee WI Thrift 1,296 13 09-30 06/93 25.50 149 DNFC D&N Financial Corp. of MI OTC MI,WI Ret. 1,232 33 12-31 02/85 12.37 84 JSBA Jefferson Svgs Bancorp of MO OTC St. Louis MO,TX Thrift 1,143 D 21 12-31 04/93 27.25 114 FFSW First Fed Fin. Serv. of OH OTC Northeastern OH Thrift 993 18 12-31 04/87 28.00 92 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 20, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) Mid-West Companies (continued) - ------------------------------ AADV Advantage Bancorp of WI OTC WI,IL Thrift 980 15 09-30 03/92 34.00 117 CFSB CFSB Bancorp of Lansing MI OTC Central MI Thrift 772 18 12-31 06/90 20.62 92 OFCP Ottawa Financial Corp. of MI OTC Western MI Thrift 745 12 12-31 08/94 16.25 89 MSBK Mutual SB, FSB of Bay City MI OTC Michigan M.B. 719 24 12-31 07/92 5.50 23 IFSL Indiana Federal Corp. of IN OTC Northwestern IN Thrift 718 15 12-31 02/87 19.12 91 HNFC Hinsdale Financial Corp. of IL OTC Chicago IL M.B. 682 10 09-30 07/92 23.50 63 FFEC First Fed. Bancshares of WI OTC Northwest WI Thrift 672 18 12-31 10/94 16.00 110 LBCI Liberty Bancorp of Chicago IL OTC Chicago IL Thrift 670 4 12-31 12/91 22.75 57 NASB North American SB of MO OTC KS,MO M.B. 664 8 09-30 09/85 29.50 67 GSBC Great Southern Bancorp of MO OTC Southwest MO Div. 659 25 06-30 12/89 27.50 122 FFDP FirstFed Bancshares of IL OTC Chicago IL Thrift 624 3 12-31 07/92 16.12 55 HOMF Home Fed Bancorp of Seymour IN OTC Southern IN Thrift 606 15 06-30 01/88 26.75 59 AVND Avondale Fin. Corp. of IL OTC Chicago IL Ret. 580 6 03-31 04/95 13.25 53 HFFC HF Financial Corp. of SD OTC South Dakota Thrift 574 18 06-30 04/92 15.00 46 FFYF FFY Financial Corp. of OH OTC Youngstown OH Thrift 573 9 06-30 06/93 23.25 121 FNGB First Northern Cap. Corp of WI OTC Northeast WI Thrift 572 20 12-31 12/83 15.69 71 HMNF HMN Financial, Inc. of MN OTC Southeast MN Thrift 542 7 12-31 06/94 15.69 81 FDEF First Defiance Fin. Corp. of OH OTC Northwest OH Thrift 528 9 06-30 10/95 10.62 117 SSBK Strongsville SB of OH OTC Cleveland OH Thrift 505 12 12-31 / 21.50 54 CBCI Calumet Bancorp of Chicago IL OTC Chicago IL Thrift 502 5 06-30 02/92 28.00 75 FFBH First Fed. Bancshares of AR OTC Northern AR Thrift 498 P 8 12-31 05/96 13.75 71 SFSL Security First Corp. of OH OTC Northeastern OH R.E. 470 10 03-31 01/88 13.25 47 FFSX First FS&LA. MHC of IA (45.0) OTC Western IA Thrift 437 12 06-30 06/92 25.75 44 FBCI Fidelity Bancorp of Chicago IL OTC Chicago IL Thrift 433 5 09-30 12/93 16.62 51 ASBI Ameriana Bancorp of IN OTC Eastern IN,OH Thrift 383 8 12-31 02/87 13.00 43 PERM Permanent Bancorp of IN OTC Southwest IN Thrift 378 D 11 03-31 04/94 16.00 35 PMFI Perpetual Midwest Fin. of IA OTC EastCentral IA Thrift 374 4 12-31 03/94 17.00 34 PFSL Pocahnts Fed, MHC of AR (46.4) OTC Northeast AR Thrift 369 5 09-30 04/94 15.75 25 KNK Kankakee Bancorp of IL AMEX Illinois Thrift 363 10 03-31 12/92 19.37 28 SFSB SuburbFed Fin. Corp. of IL OTC IL,IN Thrift 362 12 12-31 02/92 17.62 22 FFKY First Fed. Fin. Corp. of KY OTC Central KY Thrift 351 7 06-30 07/87 42.00 89 SWBI Southwest Bancshares of IL OTC Chicago IL Thrift 350 5 12-31 06/92 27.25 51 CAFI Camco Fin. Corp. of OH OTC Eastern OH M.B. 344 7 12-31 / 20.00 39 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) Mid-West Companies (continued) - ------------------------------ HMCI Homecorp, Inc. of Rockford IL OTC Northern IL Thrift 342 9 12-31 06/90 17.50 20 HVFD Haverfield Corp. of OH OTC Cleveland OH Thrift 340 11 12-31 03/85 17.75 34 HALL Hallmark Capital Corp. of WI OTC Milwaukee WI Thrift 339 3 06-30 01/94 14.81 21 INBI Industrial Bancorp of OH OTC Northern OH Thrift 327 10 12-31 08/95 11.75 65 FFHH FSF Financial Corp. of MN OTC Southern MN Thrift 327 11 09-30 10/94 11.69 45 WOFC Western Ohio Fin. Corp. of OH OTC Western OH Thrift 320 5 12-31 07/94 23.00 53 PVFC PVF Capital Corp. of OH OTC Cleveland OH R.E. 318 7 06-30 12/92 19.00 29 HBFW Home Bancorp of Fort Wayne IN OTC Northeast IN Thrift 313 8 09-30 03/95 14.75 46 CASH First Midwest Fin. Corp. of IA OTC IA,SD R.E. 310 8 09-30 09/93 23.50 42 WCBI WestCo Bancorp of IL OTC Chicago IL Thrift 309 1 12-31 06/92 22.00 59 CBSB Charter Financial Inc. of IL OTC Southern IL Thrift 301 6 09-30 12/95 11.50 57 WBCI WFS Bancorp of Wichita KS OTC Wichita KS Thrift 292 D 4 09-30 06/94 22.87 36 MCBS Mid Continent Bancshares of KS OTC Central KS M.B. 291 7 09-30 06/94 18.62 38 FMBD First Mutual Bancorp of IL OTC Central IL Thrift 285 7 12-31 07/95 12.75 55 PFDC Peoples Bancorp of Auburn IN OTC Northeastern IN Thrift 281 6 09-30 07/87 20.62 49 FFED Fidelity Fed. Bancorp of IN OTC Southwestern IN Thrift 280 4 06-30 08/87 12.00 30 GFCO Glenway Financial Corp. of OH OTC Cincinnati OH Thrift 279 D 6 06-30 11/90 20.50 22 FNSC Financial Security Corp. of IL OTC Chicago IL Thrift 274 2 12-31 12/92 25.37 39 FBCV 1st Bancorp of Vincennes IN OTC Southwestern IN M.B. 273 3 06-30 04/87 26.00 17 SMFC Sho-Me Fin. Corp. of MO OTC Southwest MO Thrift 264 6 12-31 06/94 15.63 28 WFCO Winton Financial Corp. of OH OTC Cincinnati OH R.E. 262 4 09-30 08/88 12.25 24 FCBF FCB Fin. Corp. of Neenah WI OTC Eastern WI Thrift 256 6 03-31 09/93 17.50 44 OSBF OSB Fin. Corp. of Oshkosh WI OTC Eastern WI Thrift 254 7 12-31 06/92 22.75 26 CBK Citizens First Fin.Corp. of IL AMEX Central IL Thrift 252 P 6 12-31 05/96 10.00 28 FFOH Fidelity Financial of OH OTC Cincinnati OH Thrift 249 4 12-31 03/96 10.00 41 WAYN Wayne S&L Co., MHC of OH(46.7) OTC Central OH Thrift 249 6 03-31 06/93 20.50 31 DFIN Damen Fin. Corp. of Chicago IL OTC Chicago IL Thrift 235 4 11-30 10/95 11.62 46 LFSB LFS Bancrop of Lexington KY OTC Lexington KY Thrift 234 4 12-31 04/94 19.25 66 CRCL Circle Financial Corp.of OH OTC Cincinnati OH Thrift 229 8 06-30 08/91 33.84 24 CBIN Community Bank Shares of IN OTC Southeast IN Thrift 224 6 12-31 04/95 13.62 27 FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 216 7 12-31 01/88 15.12 18 WCHI Workingmens Cap. Hldgs of IN OTC South Central IN Thrift 214 2 12-31 06/90 19.87 36 EFBI Enterprise Fed. Bancorp of OH OTC Cincinnati OH Thrift 208 D 5 09-30 10/94 14.25 30 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) Mid-West Companies (continued) - ------------------------------ OHSL OHSL Financial Corp. of OH OTC Cincinnati, OH Thrift 205 4 12-31 02/93 20.75 25 CBCO CB Bancorp of Michigan City IN OTC Northwest IN Thrift 205 3 03-31 12/92 17.25 20 CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 203 7 06-30 12/93 18.00 19 MFBC MFB Corp. of Mishawaka IN OTC Northern IN Thrift 201 4 09-30 03/94 14.00 29 SBCN Suburban Bancorp. of OH OTC Cincinnati OH Thrift 197 8 06-30 09/93 14.50 21 WEFC Wells Fin. Corp. of Wells MN OTC Southcentral MN Thrift 196 7 12-31 04/95 11.25 25 MBLF MBLA Financial Corp. of MO OTC Northeast MO Thrift 195 2 06-30 06/93 23.75 33 LARK Landmark Bancshares of KS OTC Central KS Thrift 193 5 09-30 03/94 15.25 30 FFFD North Central Bancshares of IA OTC Central IA Thrift 191 4 12-31 03/96 10.25 41 GFED Guaranty FS&LA,MHC of MO(31.1) OTC Southwest MO Thrift 186 4 06-30 04/95 11.50 36 PULB Pulaski SB, MHC of MO (29.0) OTC St. Louis MO Thrift 179 5 09-30 05/94 14.00 29 MARN Marion Capital Holdings of IN OTC Central IN Thrift 179 2 06-30 03/93 20.00 40 MWFD Midwest Fed. Fin. Corp of WI OTC Central WI Thrift 178 9 12-31 07/92 16.00 26 FFBZ First Federal Bancorp of OH OTC Eastern OH Thrift 173 6 09-30 06/92 24.50 19 CMRN Cameron Fin. Corp. of MO OTC Northwest MO Thrift 172 3 09-30 04/95 14.00 40 MFFC Milton Fed. Fin. Corp. of OH OTC Southwest OH Thrift 172 2 09-30 10/94 12.87 30 LSBI LSB Bancorp of Lafayette IN OTC Central IN Thrift 163 3 12-31 02/95 15.75 15 SMBC Southern Missouri Bncrp of MO OTC Southeast MO Thrift 162 8 06-30 04/94 14.00 24 THIR Third Financial Corp. of OH OTC Piqua OH Thrift 156 4 09-30 03/93 31.25 36 SJSB SJS Bancorp of St. Joseph MI OTC Southwest MI Thrift 151 4 06-30 02/95 20.75 20 FFWC FFW Corporation of Wabash IN OTC Central IN Thrift 149 3 06-30 03/93 19.25 14 QCFB QCF Bancorp of Virginia MN OTC Northeast MN Thrift 146 2 06-30 04/95 14.00 25 JXSB Jcksnville SB,MHC of IL(43.3%) OTC Central IL Thrift 142 4 12-31 04/95 14.00 18 NEIB Northeast Indiana Bncrp of IN OTC Northeast IN Thrift 141 3 12-31 06/95 11.50 24 FBSI First Bancshares of MO OTC Southcentral MO Thrift 140 5 06-30 12/93 15.75 21 FFWD Wood Bancorp of OH OTC Northern OH Thrift 140 6 06-30 08/93 18.75 19 BWFC Bank West Fin. Corp. of MI OTC Southeast MI Thrift 139 2 06-30 03/95 10.75 25 FKKY Frankfort First Bancorp of KY OTC Frankfort KY Thrift 139 3 06-30 07/95 11.37 39 MWBI Midwest Bancshares, Inc. of IA OTC Southeast IA Thrift 137 5 12-31 11/92 25.75 9 MFCX Marshalltown Fin. Corp. of IA OTC Central IA Thrift 126 2 09-30 03/94 15.50 22 MIFC Mid Iowa Financial Corp. of IA OTC Central IA Thrift 119 6 09-30 10/92 6.25 11 GTPS Great American Bancorp of IL OTC East Central IL Thrift 118 D 3 09-30 06/95 13.75 25 NBSI North Bancshares of Chicago IL OTC Chicago IL Thrift 114 2 06-30 12/93 15.63 18 RP FINANCIAL, LC. - -------------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ --------- ----------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) Mid-West Companies (continued) - ------------------------------ PTRS The Potters S&L Co. of OH OTC Northeast OH Thrift 114 5 12-31 12/93 16.25 9 ASBP ASB Financial Corp. of OH OTC Southern OH Thrift 112 1 06-30 04/95 15.00 26 HFFB Harrodsburg 1st Fin Bcrp of KY OTC Central KY Thrift 109 2 09-30 10/95 15.25 33 FFSL First Independence Corp. of KS OTC Southeast KS Thrift 102 1 09-30 10/93 17.75 10 BDJI First Fed. Bancorp. of MN OTC Northern MN Thrift 101 5 09-30 04/95 13.50 11 WCFB Webster CityFSB,MHC of IA(45.2 OTC Central IA Thrift 97 1 12-31 08/94 12.87 27 INCB Indiana Comm. Bank, SB of IN OTC Central IN Ret. 94 3 06-30 12/94 14.00 13 FSBS First Ashland Fin. Corp. of KY OTC Northeast KY Thrift 90 D 3 09-30 04/95 18.00 26 FFBI First Financial Bancorp of IL OTC Northern IL M.B. 89 2 12-31 10/93 15.50 7 FTSB Fort Thomas Fin. Corp. of KY OTC Northern KY Thrift 88 2 09-30 06/95 16.75 26 NWEQ Northwest Equity Corp. of WI OTC Northwest WI Thrift 86 3 03-31 10/94 10.25 10 CIBI Community Inv. Corp. of OH OTC NorthCentral OH Thrift 85 D 3 06-30 02/95 14.75 10 KYF Kentucky First Bancorp of KY AMEX Central KY Thrift 84 2 06-30 08/95 13.62 19 HFSA Hardin Bancorp of Hardin MO OTC Western MO Thrift 83 3 03-31 09/95 11.75 12 THR Three Rivers Fin. Corp. of MI AMEX Southwest MI Thrift 81 S 4 06-30 08/95 13.25 11 GFSB GFS Bancorp of Grinnell IA OTC Central IA Thrift 81 1 06-30 01/94 20.50 11 AMFC AMB Financial Corp. of IN OTC Northwest IN Thrift 81 4 12-31 04/96 10.00 11 PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 77 D 1 09-30 02/95 17.25 15 LOGN Logansport Fin. Corp. of IN OTC Northern IN Thrift 76 1 12-31 06/95 12.75 17 SOBI Sobieski Bancorp of S. Bend IN OTC Northern IN Thrift 76 3 06-30 03/95 12.00 10 SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 74 2 06-30 01/94 16.00 13 FFDF FFD Financial Corp. of OH OTC Northeast OH Thrift 73 P 1 06-30 04/96 10.37 15 ATSB AmTrust Capital Corp. of IN OTC Northcentral IN Thrift 73 3 06-30 03/95 10.00 6 GWBC Gateway Bancorp of KY OTC Eastern KY Thrift 73 2 06-30 01/95 14.00 16 HZFS Horizon Fin'l. Services of IA OTC Central IA Thrift 72 3 06-30 06/94 15.50 7 HHFC Harvest Home Fin. Corp. of OH OTC Southwest OH Thrift 70 D 3 09-30 10/94 13.00 12 MIVI Miss. View Hold. Co. of MN OTC Central MN Thrift 70 1 09-30 03/95 11.25 11 CLAS Classic Bancshares of KY OTC Eastern KY Thrift 68 D 1 03-31 12/95 11.12 15 LXMO Lexington B&L Fin. Corp. of MO OTC West Central MO Thrift 61 P 1 09-30 06/96 9.75 12 NSLB NS&L Bancorp of Neosho MO OTC Southwest MO Thrift 59 2 09-30 06/95 12.87 11 CKFB CKF Bancorp of Danville KY OTC Central KY Thrift 59 1 12-31 01/95 20.00 19 MSBF MSB Financial Corp. of MI OTC Southcentral MI Thrift 56 2 06-30 02/95 16.75 11 MFSB Mutual Bancompany of MO OTC Central MO Thrift 53 1 06-30 02/95 21.00 7 RP FINANCIAL, LC. - ---------------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 20, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ---------------------------------- ------ ---------------- -------- ------ ------- ----- ----- ----- ------ ($Mil) ($) ($Mil) Mid-West Companies (continued) - ------------------------------ RELI Reliance Bancshares Inc of WI (3) OTC Milwaukee WI Thrift 50 P 1 June 04/96 7.50 19 SHFC Seven Hills Fin. Corp. of OH OTC Cincinnati OH Thrift 46 3 06-30 12/93 14.50 8 HBBI Home Building Bancorp of IN OTC Southwest IN Thrift 42 2 09-30 02/95 17.69 6 CSBF CSB Financial Group Inc of IL OTC Centralia IL Thrift 41 1 09-30 10/95 9.00 9 LONF London Financial Corp. of OH OTC Central OH Thrift 38 1 09-30 04/96 10.50 6 JOAC Joachim Bancorp of MO OTC Eastern MO Thrift 37 1 03-31 12/95 12.75 10 New England Companies - --------------------- PBCT Peoples Bank, MHC of CT(32.3) (3) OTC Southwestern CT Div. 6,916 79 12-31 07/88 20.37 798 WBST Webster Financial Corp. of CT OTC Central CT Thrift 3,813 39 12-31 12/86 28.00 227 CFCX Center Fin. Corp of CT (3) OTC Western CT M.B. 3,670 36 12-31 08/86 20.87 302 PHBK Peoples Heritage Fin Grp of ME (3) OTC ME,NH Div. 3,302 76 12-31 12/86 20.12 343 SBOS Boston Bancorp of MA (3) OTC Eastern MA Thrift 1,715 D 7 10-31 11/83 42.00 221 EGFC Eagle Financial Corp. of CT OTC Western CT Thrift 1,429 23 09-30 02/87 23.50 106 DSBC DS Bancor Inc. of Derby CT (3) OTC Southwestern CT Thrift 1,248 22 12-31 12/85 31.37 95 ANDB Andover Bancorp, Inc. of MA (3) OTC Northeastern MA M.B. 1,142 10 12-31 05/86 25.75 109 SISB SIS Bank of Sprinfield MA (3) OTC Central MA Div. 1,135 20 12-31 02/95 16.87 96 WLDN Walden Bancorp of MA (3) OTC Eastern MA M.B. 1,019 16 04-30 12/85 18.75 100 MDBK Medford Savings Bank of MA (3) OTC Eastern MA Thrift 981 16 12-31 03/86 21.25 96 CFX Cheshire Fin. Corp. of NH (3) AMEX S.W. NH,MA M.B. 958 23 12-31 02/87 13.75 104 AFCB Affiliated Comm BC, Inc of MA OTC MA Thrift 938 13 12-31 / 16.62 84 FFES First FS&LA of E. Hartford CT OTC Central CT Thrift 933 12 12-31 06/87 17.00 44 FMLY Family Bancorp of Haverhill MA (3) OTC MA,NH Div. 887 21 12-31 11/86 24.12 99 MASB MassBank Corp. of Reading MA (3) OTC Eastern MA Thrift 859 14 12-31 05/86 33.25 91 EBCP Eastern Bancorp of NH OTC VT, NH M.B. 825 23 09-30 11/83 24.25 58 FESX First Essex Bancorp of MA (3) OTC MA,NH Div. 801 10 12-31 08/87 10.37 63 NSSB Norwich Financial Corp. of CT (3) OTC Southeastern CT Thrift 712 15 12-31 11/86 13.37 75 BFD BostonFed Bancorp of MA AMEX Boston MA M.B. 678 8 12-31 10/95 12.25 81 DIBK Dime Financial Corp. of CT (3) OTC Central CT Thrift 671 10 12-31 07/86 13.75 69 GROV GroveBank for Savings of MA (3) OTC Eastern MA Thrift 586 7 12-31 08/86 25.25 39 NSSY Norwalk Savings Society of CT (3) OTC Southwest CT Thrift 542 8 12-31 06/94 19.87 47 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) New England Companies (continued) - --------------------------------- FMCT Farmers & Mechanics Bank of CT (3) OTC Central CT Thrift 537 12 12-31 11/93 19.12 32 PBKB People's SB of Brockton MA (3) OTC Southeastern MA Thrift 533 9 12-31 10/86 10.00 33 BKC American Bank of Waterbury CT (3) AMEX Western CT Thrift 517 15 12-31 12/81 24.12 55 CBNH Community Bankshares Inc of NH (3) OTC Southcentral NH M.B. 517 5 06-30 05/86 17.37 42 SOSA Somerset Savings Bank of MA (3) OTC Eastern MA R.E. 510 5 12-31 07/86 1.50 25 ABBK Abington Savings Bank of MA (3) OTC Southeastern MA M.B. 478 7 12-31 06/86 14.50 27 FSBX Framingham SB of MA (3) OTC Eastern MA Thrift 478 9 12-31 10/86 4.25 59 SWCB Sandwich Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 424 11 04-30 07/86 19.37 36 PBNB Peoples Sav. Fin. Corp. of CT (3) OTC Central CT Thrift 406 8 12-31 08/86 20.50 39 BKCT Bancorp Connecticut of CT (3) OTC Central CT Thrift 403 3 12-31 07/86 19.56 53 PETE Primary Bank of NH (3) OTC Southern NH Ret. 393 8 12-31 10/93 12.25 24 MIDC Midconn Bank of Kensington CT (3) OTC Central CT Thrift 365 10 09-30 09/86 15.25 29 HSBK Hibernia SB of Quincy MA (3) OTC Eastern MA R.E. 355 5 12-31 09/86 14.75 23 WRNB Warren Bancorp of Peabody MA (3) OTC Eastern MA R.E. 355 6 12-31 07/86 12.50 46 LSBX Lawrence Savings Bank of MA (3) OTC Northeastern MA Thrift 324 6 12-31 05/86 5.37 23 CEBK Central Co-Op. Bank of MA (3) OTC Eastern MA Thrift 318 D 11 04-30 10/86 15.25 29 NMSB Newmil Bancorp. of CT (3) OTC Eastern CT Thrift 292 12 06-30 02/86 7.50 31 POBS Portsmouth Bank Shrs Inc of NH (3) OTC Southeastern NH Thrift 267 3 12-31 02/88 13.75 79 NHTB NH Thrift Bancshares of NH OTC Central NH Thrift 252 10 12-31 05/86 10.12 17 BTHL Bethel Bancorp. of ME (3) OTC Eastern ME Thrift 218 8 06-30 08/87 13.00 16 TBK Tolland Bank of CT (3) AMEX Northern CT Thrift 217 7 12-31 12/86 9.62 11 HIFS Hingham Inst. for Sav. of MA (3) OTC Eastern MA Thrift 179 4 12-31 12/88 14.50 19 BSBC Branford SB of CT (3) OTC New Haven CT R.E. 174 5 12-31 11/86 3.37 22 HPBC Home Port Bancorp, Inc. of MA (3) OTC Southeastern MA Thrift 167 2 12-31 08/88 13.75 25 IPSW Ipswich SB of Ipswich MA (3) OTC Northwest MA Thrift 134 4 12-31 05/93 10.50 12 KSBK KSB Bancorp of Kingfield ME (3) OTC Western ME M.B. 127 10 12-31 06/93 22.25 8 MFLR Mayflower Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 111 D 4 04-30 12/87 14.25 12 FCB Falmouth Co-Op Bank of MA (3) AMEX Southeast MA Thrift 88 2 09-30 03/96 10.25 15 NTMG Nutmeg FS&LA of CT OTC CT M.B. 85 3 12-31 / 7.50 5 MCBN Mid-Coast Bancorp of ME OTC Eastern ME Thrift 54 2 03-31 11/89 19.12 4 GLBK Glendale Co-op. Bank of MA (3) OTC Boston MA Thrift 36 D 1 04-30 01/94 17.50 4 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) WAMU Washington Mutual Inc. of WA (3) OTC WA,OR,ID,UT,MT Div. 22,344 246 12-31 03/83 30.00 2,160 WFSL Washington FS&LA of Seattle WA OTC Western US Thrift 4,929 87 09-30 11/82 21.56 918 STSA Sterling Financial Corp. of WA OTC WA,OR M.B. 1,498 41 06-30 / 14.00 76 IWBK Interwest SB of Oak Harbor WA OTC Western WA Div. 1,369 28 12-31 / 24.37 157 MSEA Metropolitan Bancorp of WA OTC Western WA R.E. 778 10 03-31 01/90 13.62 51 KFBI Klamath First Bancorp of OR OTC Southern OR Thrift 605 7 09-30 10/95 14.25 160 FWWB First Savings Bancorp of WA (3) OTC Central WA Thrift 595 D 15 03-31 11/95 15.00 151 HRZB Horizon Financial Corp. of WA (3) OTC Northwest WA Thrift 489 12 03-31 08/86 12.75 84 FMSB First Mutual SB of Bellevue WA (3) OTC Western WA M.B. 371 6 12-31 12/85 13.12 32 CASB Cascade SB of Everett WA OTC Seattle WA Thrift 326 6 06-30 08/92 20.00 33 RVSB Rvrview SB,FSB MHC of WA(40.3) OTC Southwest WA M.B. 210 9 03-31 10/93 16.00 34 South-East Companies - -------------------- LFCT Leader Fin. Corp of Memphis TN OTC Tennessee M.B. 3,178 22 12-31 09/93 45.62 453 FFCH First Fin. Holdings Inc. of SC OTC CHARLESTON SC Div. 1,449 32 09-30 11/83 18.50 118 AMFB American Federal Bank of SC OTC Northwest SC Thrift 1,339 41 12/31 01/89 16.00 175 MGNL Magna Bancorp of MS OTC MS,AL M.B. 1,291 61 06-30 03/91 34.00 237 LIFB Life Bancorp of Norfolk VA OTC Southeast VA Thrift 1,205 17 12-31 10/94 14.12 147 FLFC First Liberty Fin. Corp. of GA OTC Georgia M.B. 982 29 9-30 12/83 22.12 88 HFNC HFNC Financial Corp. of NC OTC Charlotte NC Thrift 716 9 06-30 12/95 16.12 277 VFFC Virginia First Savings of VA OTC Petersburg VA M.B. 714 23 06-30 01/78 12.25 69 CNIT Cenit Bancorp of Norfolk VA OTC Southeastern VA Thrift 667 15 12-31 08/92 34.00 55 VABF Va. Beach Fed. Fin. Corp of VA OTC Southeast VA M.B. 625 11 12-31 11/80 7.62 38 ISBF ISB Financial Corp. of LA OTC SouthCentral LA Thrift 624 14 12-31 04/95 15.63 115 PALM Palfed, Inc. of Aiken SC OTC Southwest SC Thrift 624 16 12-31 12/85 12.62 66 EBSI Eagle Bancshares of Tucker GA OTC Atlanta GA Thrift 558 D 10 03-31 04/86 16.00 50 FFFC FFVA Financial Corp. of VA OTC Southern VA Thrift 518 11 12-31 10/94 16.75 91 CFCP Coastal Fin. Corp. of SC OTC SC Thrift 441 8 09-30 09/90 20.00 55 FSFC First So.east Fin. Corp. of SC OTC Northwest SC Thrift 359 11 06-30 10/93 17.87 73 TSH Teche Holding Company of LA AMEX Southern LA Thrift 346 8 09-30 04/95 13.25 54 FFRV Fid. Fin. Bkshrs. Corp. of VA OTC Southern VA Thrift 322 7 12-31 05/86 12.50 28 ESX Essex Bancorp of VA AMEX VA,NC M.B. 316 14 12-31 / 2.31 2 COOP Cooperative Bk.for Svgs. of NC OTC Eastern NC Thrift 314 16 03-31 08/91 17.25 26 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) South-East Companies (continued) - -------------------------------- JEBC Jefferson Bancorp of Gretna LA OTC Southeast LA Thrift 265 6 12-31 08/94 22.50 49 SOPN First SB, SSB, Moore Co. of NC OTC Central NC Thrift 256 5 06-30 01/94 18.75 70 UFRM United FS&LA of Rocky Mount NC OTC Eastern NC M.B. 252 9 12-31 07/80 8.25 25 MERI Meritrust FSB of Thibodaux LA OTC Southeast LA Thrift 227 8 12-31 / 34.00 26 FLAG Flag Financial Corp of GA OTC Western GA M.B. 226 3 12-31 12/86 12.75 26 CFTP Community Fed. Bancorp of MS OTC Northeast MS Thrift 201 1 09-30 03/96 13.50 62 GSFC Green Street Fin. Corp. of NC OTC Southern NC Thrift 188 P 3 09-30 04/96 12.62 54 PLE Pinnacle Bank of AL AMEX Central AL Thrift 186 5 06-30 12/86 16.00 14 FTF Texarkana Fst. Fin. Corp of AR AMEX Southwest AR Thrift 163 5 09-30 07/95 16.37 32 NFSL Newnan SB, FSB of Newnan GA OTC Western GA M.B. 161 D 8 03-31 03/86 18.25 26 CFFC Community Fin. Corp. of VA OTC Central VA Thrift 160 3 03-31 03/88 21.00 27 FGHC First Georgia Hold. Corp of GA OTC Southeastern GA Thrift 142 6 09-30 02/87 7.00 14 PDB Piedmont Bancorp of NC AMEX Central NC Thrift 125 2 06-30 12/95 13.12 35 FFBS FFBS Bancorp of Columbus MS OTC Columbus MS Thrift 124 3 06-30 06/93 23.00 36 VAFD Valley FSB of Sheffield AL OTC Northern AL Thrift 119 4 09-30 10/87 32.00 12 BFSB Bedford Bancshares of VA OTC Southern VA Thrift 118 3 09-30 08/94 16.00 19 SSM Stone Street Bancorp of NC AMEX Central NC Thrift 116 2 12-31 04/96 16.87 31 SRN Southern Banc Company of AL AMEX Northeast AL Thrift 111 D 4 06-30 10/95 13.25 19 GSLC Guaranty Svgs & Loan FA of VA OTC Charltsvl VA M.B. 103 3 06-30 / 8.50 8 TWIN Twin City Bancorp of TN OTC Northeast TN Thrift 102 3 12-31 01/95 16.00 14 KSAV KS Bancorp of Kenly NC OTC Central NC Thrift 90 3 12-31 12/93 18.00 12 SZB SouthFirst Bancshares of AL AMEX Central AL Thrift 89 2 09-30 02/95 12.00 10 CZF Citisave Fin. Corp. of LA AMEX Baton Rouge LA Thrift 80 5 12-31 07/95 15.75 15 CCFH CCF Holding Company of GA OTC Atlanta GA Thrift 79 3 09-30 07/95 11.50 13 SSB Scotland Bancorp of NC AMEX Thrift 70 1 09-30 04/96 12.12 22 SCCB S. Carolina Comm. Bnshrs of SC OTC Central SC Thrift 44 1 06-30 07/94 16.50 12 South-West Companies - -------------------- CBSA Coastal Bancorp of Houston TX OTC Houston TX M.B. 2,807 40 12-31 / 18.62 92 FBHC Fort Bend Holding Corp. of TX OTC Eastcentral TX M.B. 242 D 4 03-31 06/93 17.75 15 JXVL Jacksonville Bancorp of TX OTC East Central TX Thrift 213 6 09-30 04/96 10.12 27 RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-1 Characteristics of Publicly-Traded Thrifts June 10, 1996(1) Primary Operating Total Fiscal Conv. Stock Market Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value - ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------ ($Mil) ($) ($Mil) South-West Companies (continued) - -------------------------------- LBFI L&B Financial of S. Springs TX OTC Northeast TX Thrift 143 5 06-30 09/94 16.50 26 LOAN Horizon Bancorp, Inc of TX (3) OTC Austin TX R.E. 127 D 7 04-30 / 10.50 15 FSBC First SB, FSB of Clovis NM OTC Eastern NM Thrift 115 3 12-31 08/86 5.50 4 ETFS East Texas Fin. Serv. of TX OTC Northeast TX Thrift 115 2 09-30 01/95 14.75 18 GUPB GFSB Bancorp of Gallup NM OTC Northwest NM Thrift 70 1 06-30 06/95 14.00 13 Western Companies (Excl CA) - --------------------------- FFBA First Colorado Bancorp of Co OTC Denver CO Thrift 1,493 25 12-31 01/96 13.25 269 WSTR WesterFed Fin. Corp. of MT OTC MT Thrift 588 18 06-30 01/94 14.37 63 GBCI Glacier Bancorp of MT OTC Western MT Div. 398 13 06-30 03/84 21.75 73 SFBM Security Bancorp of MT OTC Southcentral MT Thrift 360 16 06-30 11/86 20.50 30 UBMT United SB, FA of MT OTC Central MT Thrift 105 4 12-31 09/86 18.25 22 TRIC Tri-County Bancorp of WY OTC Southeastern WY Thrift 73 2 12-31 09/93 18.50 12 MORG Morgan Financial Corp. of CO OTC Northeast CO Thrift 72 1 06-30 01/93 12.25 10 CRZY Crazy Woman Creek Bncorp of WY OTC Northeast WY Thrift 47 1 09-30 03/96 10.37 11 Other Areas - ----------- NOTES: (1) Or most recent date available (M=March, S=September, D=December, J=June, E=Estimated, and P=Pro Forma) (2) Operating strategies are: Thrift=Traditional Thrift, M.B.=Mortgage Banker, R.E.=Real Estate Developer, Div.=Diversified, and Ret.=Retail Banking. (3) FDIC savings bank. Source: Corporate offering circulars, SNL Securities Quarterly Thrift Report, and financial reports of publicly Traded Thrifts. Date of Last Update: 06/10/96 EXHIBIT III-2 Missouri Thrifts RP FINANCIAL, LC. - ------------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-2 Market Pricing Comparatives Prices As of June 14, 1996 Per Share Data Market ---------------- Capitalization Book Pricing Ratios(3) --------------- --------------------------------------- Price/ Market 12-Mth Value/ Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE - --------------------- -------- ------ -------- ------- ------- ------- ----- -------- ------ ($) ($Mil) ($) ($) (X) (%) (%) (%) (x) SAIF-Insured Thrifts 17.21 119.16 1.25 16.52 14.29 104.98 13.13 108.21 15.14 State of MO 16.68 78.37 1.12 15.60 16.68 108.93 16.23 111.86 16.62 Comparable Group Average 14.04 18.13 0.79 15.32 17.51 94.26 17.80 94.28 17.77 Mid-West Companies 14.04 18.13 0.79 15.32 17.51 94.26 17.80 94.28 17.77 Comparable Group - ---------------- Mid-West Companies - ------------------- CNSB CNS Bancorp of MO 12.00 19.84 0.45 14.07 NM 85.29 19.68 85.29 NM CMRN Cameron Fin. Corp. of MO 13.50 38.48 0.97 16.06 13.92 84.06 22.31 84.06 14.06 - ------------------------------------------------------------------------------------------------------------------- CAPS Capital Savings Bancorp of MO 18.00 18.70 1.75 20.34 10.29 88.50 9.23 88.50 10.29 - ------------------------------------------------------------------------------------------------------------------- FBSI First Bancshares of MO 15.50 20.18 0.80 18.26 19.38 84.88 14.37 85.07 19.62 - ------------------------------------------------------------------------------------------------------------------- GFED Guaranty FS&LA,MHC of MO(31.1) 11.62 9.04 0.58 8.69 20.03 133.72 19.57 133.72 NM JOAC Joachim Bancorp of MO 12.25 9.31 0.28 14.15 NM 86.57 25.32 86.57 NM LXMO Lexington B&L Fin. Corp. of MO 10.00 12.65 0.62 14.27 16.13 70.08 20.62 70.08 16.39 MBLF MBLA Financial Corp. of MO(7) 24.00 32.93 1.00 20.67 24.00 116.11 16.88 116.11 24.00 NSLB NS&L Bancorp of Neosho MO 12.87 11.43 0.59 15.62 21.81 82.39 19.35 82.39 23.40 - ------------------------------------------------------------------------------------------------------------------- PCBC Perry Co. Fin. Corp. of MO 17.50 14.98 0.88 18.84 19.89 92.89 19.38 92.89 19.89 - ------------------------------------------------------------------------------------------------------------------- PULB Pulaski SB, MHC of MO (29.0) 14.75 8.85 0.73 10.82 20.21 136.32 17.22 136.32 21.38 SMFC Sho-Me Fin. Corp. of MO 15.75 28.68 1.08 17.36 14.58 90.73 10.87 90.73 14.72 - ------------------------------------------------------------------------------------------------------------------- SMBC Southern Missouri Bncrp of MO 14.75 25.43 0.78 15.41 18.91 95.72 15.70 95.72 20.21 - ------------------------------------------------------------------------------------------------------------------- Dividends(4) Financial Characteristics(6) ----------------------- ------------------------------------------------------- Amount/ Payout Total Equity/ NPAs/ Reported Core ---------------- ------------- Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE ------- ------ ------- ------- ------ ------- ------- ------- ------- ------- ($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%) SAIF-Insured Thrifts 0.35 1.98 25.53 1,297 13.25 0.95 0.87 8.08 0.81 7.29 State of MO 0.40 2.46 23.72 784 16.72 0.75 0.97 7.45 0.92 7.32 Comparable Group Average 0.34 2.45 21.58 137 19.64 0.47 0.96 5.40 0.89 4.97 Mid-West Companies 0.34 2.45 21.58 137 19.64 0.47 0.96 5.40 0.89 4.97 Comparable Group - ---------------- Mid-West Companies - ------------------- CNSB CNS Bancorp of MO 0.00 0.00 0.00 101 23.07 0.70 0.74 3.20 0.62 2.70 CMRN Cameron Fin. Corp. of MO 0.28 2.07 28.87 172 26.54 0.79 1.61 5.79 1.59 5.73 CAPS Capital Savings Bancorp of MO 0.36 2.00 20.57 203 10.43 0.20 0.95 8.92 0.95 8.92 FBSI First Bancshares of MO 0.20 1.29 25.00 140 16.92 0.43 0.78 4.33 0.77 4.27 GFED Guaranty FS&LA,MHC of MO(31.1) 0.64 5.51 NM 186 14.64 0.07 1.02 7.29 0.55 3.89 JOAC Joachim Bancorp of MO 0.50 4.08 NM 37 29.24 0.01 0.65 3.14 0.65 3.14 LXMO Lexington B&L Fin. Corp. of MO 0.00 0.00 0.00 61 29.42 1.15 1.28 4.34 1.26 4.27 MBLF MBLA Financial Corp. of MO(7) 0.40 1.67 40.00 195 14.54 0.33 0.70 4.81 0.70 4.81 NSLB NS&L Bancorp of Neosho MO 0.50 3.89 NM 59 23.49 0.18 0.93 4.27 0.87 3.98 PCBC Perry Co. Fin. Corp. of MO 0.30 1.71 34.09 77 20.86 0.04 1.00 5.36 1.00 5.36 PULB Pulaski SB, MHC of MO (29.0) 0.80 5.42 NM 179 12.63 0.67 0.84 6.93 0.79 6.55 SMFC Sho-Me Fin. Corp. of MO 0.00 0.00 0.00 264 11.98 NA 0.83 6.18 0.82 6.12 SMBC Southern Missouri Bncrp of MO 0.50 3.39 64.10 162 16.40 0.97 0.88 5.01 0.82 4.69 (1) Average of High/Low or Bid/Ask price per share. (2) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/CORE = Price to estimated core earnings. (4) Indicated twelve month dividend, based on last quarterly dividend declared. (5) Indicated dividend as a percent of trailing twelve month earnings. (6) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month earnings and average equity and assets balances. (7) Excludes from averages those companies the subject of actual or rumored acquisition activities or unusual operating characteristics. Source: Corporate reports, offering circulars, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, Inc. EXHIBIT III-3 Thrifts in Contiguous States RP FINANCIAL, LC. - ------------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit III-3 Market Pricing Comparatives Prices As of June 14, 1996 Per Share Data Market ---------------- Capitalization Book Pricing Ratios(3) --------------- --------------------------------------- Price/ Market 12-Mth Value/ Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE - ---------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ($) ($Mil) ($) ($) (X) (%) (%) (%) (x) SAIF-Insured Thrifts 17.21 119.16 1.25 16.52 14.29 104.98 13.13 108.21 15.14 State of MO 16.68 78.87 1.12 15.60 16.68 108.93 16.23 111.86 16.62 Comparable Group Average 16.38 11.69 1.27 17.35 12.51 101.68 17.49 101.68 12.60 Mid-West Companies 16.88 11.69 1.27 17.35 12.51 101.68 17.49 101.68 12.60 Comparable Group - ----------------- Mid-West Companies - ------------------- FFSL First Independence Corp. of KS 17.75 10.35 1.95 22.03 9.10 80.57 10.18 80.57 9.10 - ----------------------------------------------------------------------------------------------------------------- GFSB GFS Bancorp of Grinnell IA 20.25 10.43 1.57 18.91 12.90 107.09 12.89 107.09 13.15 - ----------------------------------------------------------------------------------------------------------------- SFFC StateFed Financial Corp. of IA 16.00 13.17 1.03 18.13 15.53 88.25 17.75 88.25 15.53 - ----------------------------------------------------------------------------------------------------------------- WCFB Webster CityFSB,MHC of IA(45.2 13.50 12.83 0.51 10.32 NM 130.81 29.15 130.81 NM Dividends(4) Financial Characteristics(6) ------------------- ------------------------------------------------------- Amount/ Payout Total Equity/ NPAs/ Reported Core ---------------- ------------ Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE ------ ------ -------- ------ ------- ------- ------- ------- ------- ------- ($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%) SAIF-Insured Thrifts 0.35 1.98 25.53 1,297 13.25 0.95 0.87 8.08 0.81 7.29 State of MO 0.40 2.46 23.72 784 16.72 0.75 0.97 7.45 0.92 7.32 Comparable Group Average 0.48 3.04 26.15 88 16.77 1.00 1.13 6.95 1.12 6.91 Mid-West Companies 0.48 3.04 26.15 88 16.77 1.00 1.13 6.95 1.12 6.91 Comparable Group - ----------------- Mid-West Companies - ------------------ FFSL First Independence Corp. of KS 0.40 2.25 20.51 102 12.64 0.96 1.14 8.56 1.14 8.56 - ------------------------------------------------------------------------------------------------------------------------ GFSB GFS Bancorp of Grinnell IA 0.30 1.48 19.11 81 12.04 0.97 1.09 8.45 1.06 8.29 - ------------------------------------------------------------------------------------------------------------------------ SFFC StateFed Financial Corp. of IA 0.40 2.50 38.83 74 20.11 NA 1.18 5.80 1.18 5.80 - ------------------------------------------------------------------------------------------------------------------------ WCFB Webster CityFSB,MHC of IA(45.2 0.80 5.93 NM 97 22.28 1.08 1.10 5.00 1.10 5.00 (1) Average of High/Low or Bid/Ask price per share. (2) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/CORE = Price to estimated core earnings. (4) Indicated twelve month dividend, based on last quarterly dividend declared. (5) Indicated dividend as a percent of trailing twelve month earnings. (6) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month earnings and average equity and assets balances. (7) Excludes from averages those companies the subject of actual or rumored acquisition activities or unusual operating characteristics. Source: Corporate reports, offering circulars, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, Inc. EXHIBIT IV-1 Stock Prices: As of June 7, 1996 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Weekly Thrift Market Line - Part One Prices As Of June 14, 1996 Market Capitalization Price Change Data ------------------------ ------------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) Market Averages. SAIF-Insured Thrifts(no MHC) - ---------------------------------------------- SAIF-Insured Thrifts(322) 17.33 5,867 125.7 18.77 14.11 17.26 0.38 132.74 1.53 NYSE Traded Companies(12) 28.39 46,329 1,312.3 30.65 21.28 28.64 -0.97 183.98 2.55 AMEX Traded Companies(17) 13.84 3,282 49.0 14.97 12.32 13.91 -0.40 206.86 1.35 NASDAQ Listed OTC Companies(293) 17.04 4,204 76.9 18.46 13.90 16.95 0.49 125.02 1.48 California Companies(25) 19.30 23,611 604.6 20.87 14.93 19.30 0.31 51.51 3.87 Florida Companies(10) 13.03 5,174 58.6 14.72 14.52 12.97 0.23 68.90 3.13 Mid-Atlantic Companies(63) 16.81 5,737 104.7 18.28 13.88 16.69 0.65 114.42 1.19 Mid-West Companies(149) 17.92 3,827 84.7 19.28 14.55 17.84 0.51 157.61 1.09 New England Companies(9) 17.64 3,542 70.4 19.65 14.89 17.60 -0.26 178.79 -2.08 North-West Companies(6) 17.42 11,909 232.2 18.18 13.05 17.97 -2.48 73.18 8.15 South-East Companies(45) 16.45 3,530 57.9 18.10 13.57 16.37 0.36 179.05 2.26 South-West Companies(7) 13.45 1,879 28.2 14.96 11.87 13.46 0.17 -18.52 -6.18 Western Companies (Excl CA)(8) 16.10 4,158 61.1 16.88 13.47 16.16 -0.35 221.28 5.07 Thrift Strategy(248) 16.21 3,484 59.7 17.64 13.55 16.14 0.44 102.02 0.84 Mortgage Banker Strategy(39) 21.27 11,484 324.4 22.68 16.16 21.17 0.07 216.05 4.31 Real Estate Strategy(16) 18.50 6,379 122.3 19.56 13.30 18.55 -0.06 97.09 4.44 Diversified Strategy(15) 25.50 29,926 697.3 27.46 19.60 25.52 -0.08 191.69 3.07 Retail Banking Strategy(4) 12.03 3,261 41.7 13.72 10.15 11.78 2.80 176.80 -3.72 Companies Issuing Dividends(244) 18.60 6,249 143.0 20.19 15.10 18.54 0.33 152.71 1.34 Companies Without Dividends(78) 13.37 4,648 72.1 14.37 11.04 13.31 0.53 53.63 2.28 Equity/Assets Less than 6%(29) 16.92 19,811 421.3 18.20 12.83 16.77 0.80 76.78 4.37 Equity/Assets 6-12%(147) 19.42 5,433 134.8 21.10 15.31 19.39 0.12 154.44 2.02 Equity/Assets Greater Than than 12%(146) 15.34 3,506 57.5 16.59 13.18 15.26 0.55 95.43 0.30 Converted Last 3 Mths (no MHC)(20) 11.26 3,631 41.7 11.90 10.62 11.16 0.97 0.00 -2.25 Actively Traded Companies(53) 23.15 17,267 440.5 24.98 18.29 23.07 0.46 157.85 3.28 Market Value Below $20 Million(83) 14.06 962 12.6 15.51 12.05 14.05 0.06 85.52 -2.54 Holding Company Structure(275) 17.77 5,929 132.5 19.25 14.60 17.70 0.44 125.71 1.11 Assets Over $1 Billion(61) 24.57 19,220 482.3 26.37 18.86 24.54 0.25 155.85 4.12 Assets $500 Million-$1 Billion(56) 17.58 5,025 78.2 18.81 14.13 17.40 0.91 175.99 3.05 Assets $250-$500 Million(79) 15.87 2,642 38.6 17.36 13.40 15.79 0.35 99.16 1.81 Assets less than $250 Million(126) 14.39 1,414 19.3 15.72 12.10 14.37 0.21 78.59 -0.97 Goodwill Companies(133) 19.63 9,664 226.5 21.28 15.43 19.54 0.57 155.93 3.45 Non-Goodwill Companies(189) 15.65 3,114 52.6 16.95 13.16 15.62 0.24 89.83 -0.01 Acquirors of FSLIC Cases(14) 24.87 34,581 976.9 26.66 18.96 24.99 -0.25 197.38 -0.92 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets Financial Institution EPS(3) EPS(3) Share Share(4) Share - --------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) Market Averages. SAIF-Insured Thrifts(no MHC) - --------------------------------------------- SAIF-Insured Thrifts(322) 1.28 1.15 16.74 16.31 164.37 NYSE Traded Companies(12) 2.35 1.96 21.40 20.05 355.85 AMEX Traded Companies(17) 0.79 0.75 15.14 14.97 104.13 NASDAQ Listed OTC Companies(293) 1.26 1.13 16.63 16.22 159.37 California Companies(25) 1.03 0.86 18.35 17.86 280.83 Florida Companies(10) 1.23 0.77 12.43 12.14 175.66 Mid-Atlantic Companies(63) 1.38 1.31 16.38 15.79 167.39 Mid-West Companies(149) 1.32 1.17 17.52 17.21 150.12 New England Companies(9) 1.56 1.31 18.76 17.22 254.16 North-West Companies(6) 1.30 1.20 13.13 12.35 171.31 South-East Companies(45) 1.11 1.06 14.72 14.44 122.20 South-West Companies(7) 1.14 1.07 16.25 15.66 213.08 Western Companies (Excl CA)(8) 1.07 1.00 16.40 16.00 113.11 Thrift Strategy(248) 1.09 1.03 16.56 16.21 143.76 Mortgage Banker Strategy(39) 2.00 1.43 17.48 16.54 250.48 Real Estate Strategy(16) 1.64 1.61 16.59 16.29 202.91 Diversified Strategy(15) 2.00 1.97 18.72 18.22 236.99 Retail Banking Strategy(4) 1.13 0.86 13.56 13.05 158.37 Companies Issuing Dividends(244) 1.42 1.27 17.41 16.91 168.32 Companies Without Dividends(78) 0.83 0.75 14.56 14.44 152.15 Equity/Assets Less than 6%(29) 1.39 1.09 14.29 13.44 291.39 Equity/Assets 6-12%(147) 1.68 1.47 17.33 16.62 210.91 Equity/Assets Greater than 12%(146) 0.86 0.84 16.65 16.58 93.12 Converted Last 3 Mths (no MHC)(20) 0.47 0.49 14.58 14.57 67.09 Actively Traded Companies(53) 1.99 1.87 18.69 17.91 251.89 Market Value Below $20 Million(83) 1.05 0.83 16.21 16.14 133.60 Holding Company Structure(275) 1.28 1.15 17.27 16.83 163.56 Assets Over $1 Billion(61) 2.00 1.82 20.00 18.71 275.21 Assets $500 Million-$1 Billion(56) 1.34 1.24 16.25 15.78 174.93 Assets $250-$500 Million(79) 1.23 0.97 15.81 15.48 154.89 Assets less than $250 Million(125) 0.91 0.86 15.87 15.84 108.31 Goodwill Companies(133) 1.54 1.38 17.40 16.38 216.23 Non-Goodwill Companies(189) 1.08 0.98 16.26 16.26 126.77 Acquirors of FSLIC Cases(14) 2.19 1.93 18.94 17.75 297.22 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. (9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP FINANCIAL, LC. - ------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of June 14, 1996 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) Market Averages. BIF-Insured Thrifts(no MHC) - -------------------------------------------- BIF-Insured Thrifts(71) 16.54 6,942 121.5 17.96 12.99 16.49 0.20 98.59 4.61 NYSE Traded Companies(3) 13.69 53,098 700.8 14.25 10.44 13.87 -1.27 123.54 10.76 AMEX Traded Companies(4) 14.72 3,115 47.7 16.69 13.16 14.44 1.86 28.64 -5.17 NASDAQ Listed OTC Companies(64) 16.76 5,591 106.4 18.18 13.07 16.73 0.14 102.49 4.92 California Companies(2) 11.13 5,155 64.2 11.88 7.88 11.38 -2.06 216.67 9.48 Mid-Atlantic Companies(19) 18.80 10,955 171.8 20.41 15.06 18.70 0.39 75.79 1.33 Mid-West Companies(1) 7.87 2,562 20.2 8.50 7.50 7.50 4.93 0.00 0.00 New England Companies(44) 16.01 3,644 54.2 17.39 12.47 15.97 0.19 109.50 5.75 North-West Companies(4) 17.51 22,775 598.8 19.28 13.85 17.72 -1.07 41.36 2.13 South-West Companies(1) 10.75 1,387 14.9 11.50 7.50 10.50 2.38 0.00 19.44 Thrift Strategy(44) 16.41 3,552 54.0 17.76 13.10 16.34 0.28 96.54 5.86 Mortgage Banker Strategy(11) 18.15 15,785 238.1 19.54 14.17 18.16 0.19 138.65 4.56 Real Estate Strategy(7) 16.10 3,715 70.0 17.10 11.27 16.15 -0.75 138.17 10.62 Diversified Strategy(7) 16.10 21,376 482.8 18.14 12.17 16.04 0.48 39.06 -5.23 Retail Banking Strategy(2) 14.50 1,330 17.9 17.13 13.13 14.38 0.76 16.56 -6.80 Companies Issuing Dividends(50) 18.67 5,716 123.2 20.19 14.59 18.61 0.26 103.18 5.53 Companies Without Dividends(21) 11.59 9,782 117.7 12.81 9.30 11.58 0.07 76.78 2.09 Equity/Assets Less Than 6%(8) 11.33 23,161 285.7 12.59 8.35 11.44 -1.04 67.51 -2.77 Equity/Assets 6-12%(51) 17.19 5,331 108.7 18.74 13.47 17.10 0.46 105.10 5.76 Equity/Assets Greater Than 12%(12) 16.58 4,782 83.2 17.57 13.53 16.68 -0.27 -6.48 3.25 Converted Last 3 Mths (no MHC)(3) 9.44 3,235 31.0 10.21 9.27 9.33 1.45 0.00 0.00 Actively Traded Companies(30) 17.70 11,015 208.8 18.95 13.90 17.66 0.34 120.05 4.69 Market Value Below $20 Million(11) 13.84 982 12.5 14.73 10.58 13.87 0.08 81.45 8.38 Holding Company Structure(45) 17.09 6,768 135.5 18.55 13.58 17.08 -0.02 102.66 5.55 Assets Over $1 Billion(17) 22.45 19,874 397.4 23.79 16.63 22.52 -0.40 96.13 6.06 Assets $500 Million-$1 Billion(17) 18.94 4,578 77.0 20.42 15.54 18.72 1.33 125.45 0.24 Assets $250-$500 Million(22) 13.27 3,576 38.8 15.08 10.80 13.18 0.15 93.15 3.80 Assets less than $250 Million(15) 13.14 1,567 15.9 14.08 10.13 13.20 -0.22 75.56 8.94 Goodwill Companies(35) 18.17 9,700 185.7 19.87 14.48 18.02 0.87 104.95 3.91 Non-Goodwill Companies(36) 14.96 4,270 59.4 16.12 11.55 15.01 -0.44 88.69 5.36 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share - --------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) Market Averages, Bif-Insured Thrifts(no MHC) - -------------------------------------------- BIF-Insured Thrifts(71) 1.43 1.36 15.26 14.77 176.07 NYSE Traded Companies(3) 0.52 0.64 12.58 12.51 232.41 AMEX Traded Companies(4) 1.14 0.71 14.49 13.78 150.26 NASDAQ Listed OTC Companies(64) 1.49 1.43 15.41 14.92 175.90 California Companies(2) 0.64 0.55 11.42 11.41 182.68 Mid-Atlantic Companies(19) 1.50 1.47 16.97 16.80 190.76 Mid-West Companies(1) 0.29 0.29 11.06 11.06 19.67 New England Companies(44) 1.48 1.38 15.06 14.38 178.02 North-West Companies(4) 1.43 1.42 14.17 13.64 148.84 South-West Companies(1) 1.24 0.97 7.91 7.64 91.48 Thrift Strategy(44) 1.40 1.33 15.72 15.26 166.23 Mortgage Banker Strategy(11) 1.55 1.54 16.29 15.55 229.21 Real Estate Strategy(7) 1.46 1.34 12.71 12.67 124.13 Diversified Strategy(7) 1.86 1.69 12.78 12.04 186.36 Retail Banking Strategy(2) 0.19 0.20 16.33 15.86 258.61 Companies Issuing Dividends(50) 1.71 1.63 16.52 15.89 194.35 Companies Without Dividends(21) 0.80 0.73 12.33 12.18 133.72 Equity/Assets 6%(8) 0.92 0.79 9.66 9.56 180.00 Equity/Assets 6-12%(51) 1.61 1.52 15.44 14.80 193.50 Equity/Assets Less Than12%(12) 0.93 0.94 17.77 17.77 91.78 Converted Last 3 Mths (no MHC)(3) 0.34 0.36 13.18 13.18 43.07 Actively Traded Companies(30) 1.58 1.56 16.07 15.28 197.35 Market Value Below $20 Million(11) 1.19 1.07 15.01 14.46 175.71 Holding Company Structure(45) 1.52 1.48 15.60 15.08 167.99 Assets Over $1 Billion(17) 2.04 1.98 18.17 17.50 236.53 Assets $500 Million-$1 Billion(17) 1.66 1.49 17.23 16.77 193.64 Assets $250-$500 Million(22) 1.09 1.06 12.80 12.36 143.09 Assets less than $250 Million(15) 1.12 1.04 13.97 13.57 147.21 Goodwill Companies(35) 1.57 1.44 16.35 15.36 215.23 Non-Goodwill Companies(36) 1.30 1.28 14.20 14.20 138.13 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. (9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP FINANCIAL, LC. - ------------------------------------------------ Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of June 14, 1996 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From ---------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - ---------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) Market Averages. MHC Institutions - --------------------------------- SAIF-Insured Thrifts(19) 15.96 5,017 24.2 18.09 12.44 16.08 -0.50 107.50 -4.31 BIF-Insured Thrifts(2) 16.19 21,219 135.4 18.06 12.32 15.19 4.91 184.24 0.54 NASDAQ Listed OTC Companies(21) 15.98 6,637 35.3 18.09 12.43 15.99 0.04 133.08 -3.83 Florida Companies(3) 18.08 5,505 45.3 21.50 14.55 18.42 -1.03 0.00 -11.71 Mid-Atlantic Companies(9) 14.11 7,692 26.4 16.56 11.52 14.22 -0.73 57.50 -6.42 Mid-West Companies(7) 16.45 1,911 11.8 17.80 12.31 16.34 0.88 157.50 -1.56 New England Companies(1) 22.37 39,166 264.3 23.12 15.25 20.37 9.82 184.24 17.74 North-West Companies(1) 15.00 2,155 11.8 17.00 11.36 16.00 -6.25 0.00 3.16 Thrift Strategy(18) 15.68 5,079 23.9 17.87 12.33 15.74 -0.15 107.50 -5.41 Mortgage Banker Strategy(2) 15.00 2,155 11.8 17.00 11.36 16.00 -6.25 0.00 3.16 Diversified Strategy(1) 22.37 39,166 264.3 23.12 15.25 20.37 9.82 184.24 17.74 Companies Issuing Dividends(21) 15.98 6,637 35.3 18.09 12.43 15.99 0.04 133.08 -3.83 Equity/Assets Less Than 6%(1) 14.75 1,610 11.0 17.25 11.00 15.75 -6.35 0.00 -7.06 Equity/Assets 6-12%(13) 17.50 8,081 46.2 19.73 13.29 17.53 -0.18 133.08 -4.01 Equity/Assets Greater Than 12%(7) 13.55 4,880 20.2 15.39 11.14 13.37 1.33 0.00 -3.05 Actively Traded Companies(1) 15.75 6,512 31.5 17.50 12.50 16.00 -1.56 57.50 -4.55 Market Value Below $20 Million(1) 14.00 1,250 7.8 14.25 10.50 14.00 0.00 0.00 0.94 Holding Company Structure(1) 15.75 6,512 31.5 17.50 12.50 16.00 -1.56 57.50 -4.55 Assets Over $1 Billion(4) 17.04 24,584 115.8 19.04 13.29 16.33 3.43 184.24 -0.11 Assets $500 Million-$1 Billion(6) 16.44 5,826 38.6 19.42 13.34 16.65 -0.77 57.50 -7.79 Assets $250-$500 Million(3) 18.08 2,255 15.9 20.87 13.75 18.50 -2.71 157.50 -4.77 Assets less than $250 Million(8) 14.45 2,159 10.0 15.69 10.92 14.42 0.40 0.00 -1.90 Goodwill Companies(10) 16.57 11,223 56.0 18.50 12.72 16.53 -0.12 133.08 -1.48 Non-Goodwill Companies(11) 15.50 2,885 18.4 17.75 12.18 15.54 0.17 0.00 -5.74 MHC Institutions(21) 15.98 6,637 35.3 18.09 12.43 15.99 0.04 133.08 -3.83 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share - ---------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) Market Averages. MHC Institutions - --------------------------------- SAIF-Insured Thrifts(19) 0.85 0.83 13.16 12.91 126.55 BIF-Insured Thrifts(2) 1.13 0.94 11.49 11.49 124.34 NASDAQ Listed OTC Companies(21) 0.88 0.84 13.00 12.77 126.33 Florida Companies(3) 1.29 1.26 14.73 14.68 145.72 Mid-Atlantic Companies(9) 0.56 0.62 12.15 11.77 107.34 Mid-West Companies(7) 0.87 0.79 13.39 13.37 136.71 New England Companies(1) 1.90 1.53 14.12 14.12 176.59 North-West Companies(1) 1.21 1.09 10.71 9.48 97.22 Thrift Strategy(18) 0.80 0.79 13.06 12.88 125.16 Mortgage Banker Strategy(2) 1.21 1.09 10.71 9.48 97.22 Diversified Strategy(1) 1.90 1.53 14.12 14.12 176.59 Companies Issuing Dividends(21) 0.88 0.84 13.00 12.77 126.33 Equity/Assets Less Than 6%(1) 1.23 1.26 13.64 13.64 229.43 Equity/Assets 6-12%(13) 0.96 0.96 14.20 13.92 148.90 Equity/Assets Greater Than 12%(7) 0.68 0.58 10.84 10.68 72.92 Actively Traded Companies(1) 1.24 1.19 13.98 12.14 147.32 Market Value Below $20 Million(1) 0.48 0.39 13.41 13.41 113.76 Holding Company Structure(1) 1.24 1.19 13.98 12.14 147.32 Assets Over $1 Billion(4) 1.12 0.99 11.88 11.56 121.22 Assets $500 Million-$1 Billion(6) 1.04 1.06 14.49 14.12 143.41 Assets $250-$500 Million(3) 1.21 1.18 15.94 15.90 187.55 Assets less than $250 Million(8) 0.54 0.51 11.19 11.04 92.49 Goodwill Companies(10) 1.08 0.95 13.16 12.65 128.21 Non-Goodwill Companies(11) 0.71 0.76 12.87 12.87 124.80 MHC Institutions(21) 0.88 0.84 13.00 12.77 126.33 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. (9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP FINANCIAL, LC. - ------------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of June 14, 1996 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - ---------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NYSE Traded Companies - --------------------- AHM Ahmanson and Co. H.F. of CA 26.62 112,512 2,995.1 27.75 21.00 26.50 0.45 41.97 0.45 CAL CalFed Inc. of Los Angeles CA 18.37 49,313 905.9 19.00 12.37 18.62 -1.34 -9.01 16.63 CSA Coast Savings Financial of CA 32.62 18,583 606.2 34.62 19.37 33.37 -2.25 182.18 -5.78 CFB Commercial Federal Corp. of NE 38.62 15,067 581.9 38.87 27.12 38.12 1.31 946.61 2.30 DME Dime Savings Bank, FSB of NY* 13.12 98,847 1,296.9 13.25 9.87 13.12 0.00 30.42 12.91 DSL Downey Financial Corp. of CA 20.75 16,973 352.2 24.05 16.79 21.62 -4.02 21.06 -4.60 FRC First Republic Bancorp of CA* 14.25 7,349 104.7 15.25 11.00 14.62 -2.53 216.67 8.61 FED FirstFed Fin. Corp. of CA 17.50 10,624 185.9 18.50 12.37 17.25 1.45 8.36 23.94 GLN Glendale Fed. Bk, FSB of CA 18.50 44,085 815.6 19.00 12.37 18.75 -1.33 13.85 4.99 GDW Golden West Fin. Corp. of CA 54.50 58,623 3,195.0 56.25 44.37 54.62 -0.22 108.09 -1.36 GWF Great Western Fin. Corp. of CA 23.75 137,205 3,258.6 27.12 20.25 23.50 1.06 36.73 -6.39 GPT GreenPoint Fin. Corp. of NY(8)* 29.37 52,457 1,540.7 30.50 22.44 29.75 -1.28 N.A. 9.79 SFB Standard Fed. Bancorp of MI 38.12 31,289 1,192.7 43.12 31.87 38.87 -1.93 309.45 -3.18 TCB TCF Financial Corp. of MN 33.12 35,835 1,186.9 37.62 22.94 33.62 -1.49 399.55 0.00 WES Westcorp Inc. of Orange CA 18.25 25,836 471.5 21.91 14.52 18.87 -3.29 148.98 3.58 AMEX Traded Companies - ---------------------- BKC American Bank of Waterbury CT* 24.50 2,286 56.0 27.62 21.37 24.12 1.58 30.67 -10.09 BFD BostonFed Bancorp of MA 12.25 6,590 80.7 12.62 10.00 12.25 0.00 N.A. 4.26 CFX Cheshire Fin. Corp. of NH* 14.37 7,561 108.7 17.50 13.50 13.75 4.51 20.76 -8.06 CZF Citisave Fin. Corp. of LA 14.25 965 13.8 16.50 12.75 15.75 -9.52 N.A. -3.39 CBK Citizens First Fin.Corp. of IL 9.87 2,818 27.8 10.50 9.75 10.00 -1.30 N.A. N.A. ESX Essex Bancorp of VA(8) 2.25 1,051 2.4 5.50 0.94 2.31 -2.60 -86.57 19.68 FCB Falmouth Co-Op Bank of MA* 10.25 1,455 14.9 11.37 10.25 10.25 0.00 N.A. N.A. GAF GA Financial Corp. of PA 11.00 8,900 97.9 11.50 10.75 10.75 2.33 N.A. N.A. KNK Kankakee Bancorp of IL 19.25 1,439 27.7 21.00 18.25 19.37 -0.62 92.50 2.01 KYF Kentucky First Bancorp of KY 13.37 1,389 18.6 13.62 11.37 13.62 -1.84 N.A. 8.08 NYB New York Bancorp, Inc. of NY 25.25 11,725 296.1 26.12 19.00 25.25 0.00 256.14 12.22 PDB Piedmont Bancorp of NC 13.25 2,645 35.0 13.62 12.00 13.12 0.99 N.A. 6.00 PLE Pinnacle Bank of AL 16.12 890 14.3 19.25 15.50 16.00 0.75 138.81 -10.44 SSB Scotland Bancorp of NC 12.37 1,840 22.8 12.62 11.62 12.12 2.06 N.A. N.A. SZB SouthFirst Bancshares of AL 12.25 855 10.5 16.00 11.25 12.00 2.08 N.A. -20.97 SRN Southern Banc Company of AL 13.25 1,455 19.3 13.37 11.37 13.25 0.00 N.A. 2.95 SSM Stone Street Bancorp of NC 16.87 1,825 30.8 18.50 16.75 16.87 0.00 N.A. N.A. TSH Teche Holding Company of LA 13.25 4,094 54.2 14.50 11.75 13.25 0.00 N.A. -3.64 FTF Texarkana Fst. Fin. Corp of AR 16.50 1,984 32.7 16.50 10.00 16.37 0.79 N.A. 16.86 THR Three Rivers Fin. Corp. of MI 13.37 860 11.5 13.62 11.37 13.25 0.91 N.A. 9.14 TBK Tolland Bank of CT* 9.75 1,157 11.3 10.25 7.50 9.62 1.35 34.48 2.63 WSB Washington SB, FSB of MD 5.50 4,220 23.2 6.25 3.56 5.63 -2.31 340.00 10.00 NASDAQ Listed OTC Companies - --------------------------- FBCV 1st Bancorp of Vincennes IN 26.62 666 17.7 34.05 26.00 26.00 2.38 N.A. -8.74 WFSB 1st Washington Bancorp of VA(8) 7.94 9,883 78.5 8.00 5.00 7.94 0.00 98.50 13.43 ALBK ALBANK Fin. Corp. of Albany NY 27.25 13,605 370.7 30.62 21.46 27.25 0.00 17.20 9.00 AMFC AMB Financial Corp. of IN 10.12 1,124 11.4 11.00 9.75 10.00 1.20 N.A. N.A. ASBP ASB Financial Corp. of OH 15.00 1,714 25.7 16.50 11.37 15.00 0.00 N.A. -5.48 ABBK Abington Savings Bank of MA(8)* 15.37 1,884 29.0 18.50 12.75 14.50 6.00 132.18 -10.90 AADV Advantage Bancorp of WI 34.00 3,449 117.3 34.50 23.40 34.00 0.00 269.57 12.58 AFCB Affiliated Comm BC, Inc of MA 16.75 5,072 85.0 18.00 16.06 16.62 0.78 N.A. -3.57 ALBC Albion Banc Corp. of Albion NY 16.50 261 4.3 18.75 14.25 17.00 -2.94 26.92 0.00 ATSB AmTrust Capital Corp. of IN 9.87 567 5.6 11.25 8.25 10.00 -1.30 N.A. -3.71 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share - ---------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) NYSE Traded Companies - -------------------- AHM Ahmanson and Co. H.F. of CA 3.65 0.44 20.40 19.12 442.46 CAL CalFed Inc. of Los Angeles CA 1.68 1.58 13.08 13.08 289.58 CSA Coast Savings Financial of CA 2.09 1.81 22.89 22.51 443.41 CFB Commercial Federal Corp. of NE 3.47 3.45 26.57 23.87 439.20 DME Dime Savings Bank, FSB of NY* 0.68 0.93 9.98 9.87 196.40 DSL Downey Financial Corp. of CA 1.68 1.47 22.83 22.43 274.12 FRC First Republic Bancorp of CA* 0.35 0.34 15.17 15.15 268.42 FED FirstFed Fin. Corp. of CA 0.71 0.79 18.38 18.07 392.11 GLN Glendale Fed. Bk, FSB of CA 0.42 0.99 17.49 16.12 325.92 GDW Golden West Fin. Corp. of CA 4.42 4.37 39.79 37.43 597.27 GWF Great Western Fin. Corp. of CA 1.92 1.75 18.42 16.13 318.96 GPT GreenPoint Fin. Corp. of NY(8)* 2.03 2.12 29.18 16.62 275.83 SFB Standard Fed. Bancorp of MI 3.92 3.54 30.02 25.61 431.63 TCB TCF Financial Corp. of MN 2.78 2.63 15.10 14.44 196.44 WES Westcorp Inc. of Orange CA 1.42 0.71 11.78 11.74 119.08 AMEX Traded Companies - --------------------- BKC American Bank of Waterbury CT* 2.02 0.82 19.37 18.37 226.11 BFD BostonFed Bancorp of MA 0.20 0.17 13.90 13.90 102.85 CFX Cheshire Fin. Corp. of NH* 1.15 0.95 11.99 10.70 126.74 CZF Citisave Fin. Corp. of LA 1.02 0.70 15.02 15.01 82.61 CBK Citizens First Fin.Corp. of IL 0.56 0.61 13.95 13.95 89.59 ESX Essex Bancorp of VA(8) 0.97 -2.35 7.72 -0.25 300.25 FCB Falmouth Co-Op Bank of MA* 0.25 0.26 14.84 14.84 60.43 GAF GA Financial Corp. of PA 0.33 0.44 14.34 14.34 63.90 KNK Kankakee Bancorp of IL 1.15 1.13 24.73 22.94 252.38 KYF Kentucky First Bancorp of KY 0.57 0.57 14.28 14.28 60.46 NYB New York Bancorp, Inc. of NY 2.72 2.58 13.58 13.58 234.92 PDB Piedmont Bancorp of NC 0.58 0.59 14.05 14.05 47.20 PLE Pinnacle Bank of AL 1.71 1.53 17.10 16.50 208.76 SSB Scotland Bancorp of NC 0.38 0.38 14.38 14.38 38.27 SZB SouthFirst Bancshares of AL 0.55 0.76 15.48 15.48 103.98 SRN Southern Banc Company of AL 0.36 0.36 15.51 15.34 76.12 SSM Stone Street Bancorp of NC 0.43 0.43 21.43 21.43 63.62 TSH Teche Holding Company of LA 0.92 0.90 14.51 14.51 84.54 FTF Texarkana Fst. Fin. Corp of AR 1.48 1.11 16.98 16.98 82.35 THR Three Rivers Fin. Corp. of MI 0.51 0.49 14.90 14.81 94.69 TBK Tolland Bank of CT* 1.12 0.82 11.74 11.19 187.76 WSB Washington SB, FSB of MD 0.57 0.42 5.03 5.03 62.24 NASDAQ Listed OTC Companies - --------------------------- FBCV 1st Bancorp of Vincennes IN 9.81 -0.71 32.33 32.33 410.09 WFSB 1st Washington Bancorp of VA(8) 0.51 0.21 4.79 4.79 80.47 ALBK ALBANK Fin. Corp. of Albany NY 2.21 2.21 23.58 20.81 244.99 AMFC AMB Financial Corp. of IN 0.31 0.31 14.37 14.37 71.65 ASBP ASB Financial Corp. of OH 0.64 0.64 15.04 15.04 65.18 ABBK Abington Savings Bank of MA(8)* 0.85 0.56 16.52 14.45 253.96 AADV Advantage Bancorp of WI 2.51 2.26 27.77 24.06 284.11 AFCB Affiliated Comm BC, Inc of MA 1.21 1.45 18.97 18.82 185.00 ALBC Albion Banc Corp. of Albion NY 0.66 0.56 23.26 23.26 217.21 ATSB AmTrust Capital Corp. of IN 0.37 0.08 13.32 13.18 128.87 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of June 14, 1996 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From ---------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ------- ------- -------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- AHCI Ambanc Holding Co. of NY* 9.56 5,422 51.8 10.31 9.38 9.38 1.92 N.A. -5.44 ASBI Ameriana Bancorp of IN 13.00 3,325 43.2 14.44 11.25 13.00 0.00 40.85 -8.77 AFFFZ America First Fin. Fund of CA 27.00 6,011 162.3 29.75 24.50 26.00 3.85 44.00 -9.24 AMFB American Federal Bank of SC 15.75 10,921 172.0 16.50 13.75 16.00 -1.56 231.58 3.28 ANBK American Nat'l Bancorp of MD 9.87 3,980 39.3 10.25 8.05 10.00 -1.30 N.A. 1.23 ABCW Anchor Bancorp Wisconsin of WI 34.00 4,934 167.8 36.25 25.80 34.50 -1.45 15.76 -5.21 ANDB Andover Bancorp, Inc. of MA* 24.25 4,243 102.9 26.06 18.25 25.75 -5.83 125.58 14.82 ASFC Astoria Financial Corp. of NY 27.37 21,917 599.9 28.13 17.69 27.00 1.37 4.27 19.99 AVND Avondale Fin. Corp. of IL 13.00 4,015 52.2 15.25 12.72 13.25 -1.89 N.A. -10.34 BFSI BFS Bankorp, Inc. of NY 38.50 1,635 62.9 39.50 24.75 39.50 -2.53 324.94 9.22 BKCT Bancorp Connecticut of CT* 20.75 2,706 56.1 21.04 12.71 19.56 6.08 137.14 40.30 BWFC Bank West Fin. Corp. of MI 10.75 2,296 24.7 10.87 8.75 10.75 0.00 N.A. 6.23 BANC BankAtlantic Bancorp of FL 13.50 11,743 158.5 16.00 10.24 14.00 -3.57 159.62 -10.00 BKUNA BankUnited SA of FL 7.50 5,693 42.7 8.75 6.12 7.75 -3.23 38.12 22.55 BKCO Bankers Corp. of NJ* 17.25 12,794 220.7 18.78 16.25 17.25 0.00 176.00 6.15 BVFS Bay View Capital Corp. of CA 33.50 6,900 231.2 35.25 24.00 33.00 1.52 69.62 17.54 BFSB Bedford Bancshares of VA 16.62 1,195 19.9 18.75 15.25 16.00 3.88 58.29 -4.32 BTHL Bethel Bancorp. of ME* 13.00 1,203 15.6 13.25 10.75 13.00 0.00 10.64 13.04 SBOS Boston Bancorp of MA(8)* 41.87 5,251 219.9 44.00 35.75 42.00 -0.31 154.68 4.02 BSBC Branford SB of CT* 3.25 6,559 21.3 3.50 2.12 3.37 -3.56 53.30 13.24 BRFC Bridgeville SB, FSB of PA 13.75 1,124 15.5 15.25 12.25 14.25 -3.51 -3.51 -5.17 BYFC Broadway Fin. Corp. of CA 10.00 893 8.9 11.00 10.00 10.00 0.00 N.A. N.A. CBCO CB Bancorp of Michigan City IN 17.25 1,188 20.5 19.25 12.50 17.25 0.00 56.82 -4.17 CCFH CCF Holding Company of GA 12.00 1,131 13.6 12.75 10.75 11.50 4.35 N.A. -5.88 CENF CENFED Financial Corp. of CA 21.50 5,031 108.2 23.41 17.50 21.50 0.00 37.12 -1.47 CFSB CFSB Bancorp of Lansing MI 21.25 4,476 95.1 24.00 17.73 20.62 3.06 136.11 -1.16 CKFB CKF Bancorp of Danville KY 19.50 932 18.2 20.25 12.75 20.00 -2.50 N.A. 1.30 CSBF CSB Financial Group Inc of IL 9.12 1,035 9.4 9.62 8.81 9.00 1.33 N.A. -4.00 CFHC California Fin. Hld. Co. of CA 20.87 4,668 97.4 21.88 15.00 20.50 1.80 98.76 1.80 CBCI Calumet Bancorp of Chicago IL 28.50 2,668 76.0 28.50 26.50 28.00 1.79 40.74 2.70 CAFI Camco Fin. Corp. of OH 19.62 1,971 38.7 20.00 13.81 20.00 -1.90 N.A. 9.00 CMRN Cameron Fin. Corp. of MO 13.50 2,850 38.5 15.50 11.37 14.00 -3.57 N.A. -6.05 CAPS Capital Savings Bancorp of MO 18.00 1,039 18.7 19.50 16.50 18.00 0.00 35.85 -2.70 CARV Carver FSB of New York, NY 7.87 2,314 18.2 10.75 6.81 7.62 3.28 25.92 -12.56 CASB Cascade SB of Everett WA 16.50 2,040 33.7 16.50 12.40 20.00 -17.50 28.91 24.06 CATB Catskill Fin. Corp. of NY* 10.19 5,687 58.0 10.75 10.06 10.25 -0.59 N.A. N.A. CNIT Cenit Bancorp of Norfolk VA 35.00 1,606 56.2 40.25 33.00 34.00 2.94 120.40 -4.76 CTBK Center Banks, Inc. of NY* 13.75 932 12.8 15.25 13.00 13.75 0.00 25.00 -2.20 CFCX Center Fin. Corp of CT(8)* 22.87 14,487 331.3 22.87 14.12 20.87 9.58 238.81 30.69 CEBK Central Co-Op. Bank of MA* 15.50 1,933 30.0 17.00 10.75 15.25 1.64 195.24 3.33 CJFC Central Jersey Fin. Corp of NJ(8) 30.75 2,668 82.0 31.31 19.00 30.25 1.65 229.94 23.00 CBSB Charter Financial Inc. of IL 11.50 4,974 57.2 12.25 8.52 11.50 0.00 N.A. 6.38 COFI Charter One Financial of OH(8) 35.19 45,115 1,587.6 38.00 24.25 35.62 -1.21 101.09 14.92 CVAL Chester Valley Bancorp of PA 18.25 1,580 28.8 20.48 18.12 18.62 -1.99 61.08 -5.19 CRCL Circle Financial Corp.of OH(8) 34.00 708 24.1 35.50 25.00 33.84 0.47 209.09 25.93 CTZN CitFed Bancorp of Dayton OH 37.06 5,686 210.7 38.87 26.50 36.75 0.84 311.78 7.42 CLAS Classic Bancshares of KY 11.00 1,322 14.5 11.75 10.50 11.12 -1.08 N.A. -6.38 CMSB Cmnwealth SB, MHC of PA (46.3)(8) 21.50 8,642 82.8 24.87 14.87 21.88 -1.74 N.A. -4.44 CBSA Coastal Bancorp of Houston TX 18.56 4,958 92.0 18.75 15.63 18.62 -0.32 N.A. 6.06 CFCP Coastal Fin. Corp. of SC 20.19 2,742 55.4 21.50 14.80 20.00 0.95 101.90 27.78 COFD Collective Bancorp Inc. of NJ 24.25 20,407 494.9 28.25 20.00 24.12 0.54 218.24 -4.41 CMSV Commty. Svgs, MHC of FL(47.6) 15.25 4,869 36.3 18.25 14.25 14.75 3.39 N.A. -10.29 CBIN Community Bank Shares of IN 13.62 1,984 27.0 14.75 12.00 13.62 0.00 N.A. -4.42 CBNH Community Bankshares Inc of NH* 17.75 2,416 42.9 19.75 15.75 17.37 2.19 373.33 -5.94 CFTP Community Fed. Bancorp of MS 13.62 4,629 53.0 13.62 12.50 0.89 0.89 N.A. N.A. Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share - --------------------- -------- ------- ------- ------- -------- ($) ($) ($) ($) ($) NASDAQ Listed OTC Companies (continued) - --------------------------------------- AHCI Ambanc Holding Co. of NY* -0.02 -0.03 13.87 13.87 72.36 ASBI Ameriana Bancorp of IN 1.00 0.97 13.41 13.39 115.21 AFFFZ America First Fin. Fund of CA 3.20 3.18 26.41 25.79 388.14 AMFB American Federal Bank of SC 1.55 1.69 10.07 9.29 122.62 ANBK American Nat'l Bancorp of MD 0.37 0.36 12.31 12.31 112.82 ABCW Anchor Bancorp Wisconsin of WI 2.94 2.86 24.00 23.37 355.61 ANDB Andover Bancorp, Inc. of MA* 2.25 2.36 20.44 20.44 269.10 ASFC Astoria Financial Corp. of NY 2.21 2.19 26.16 21.28 306.07 AVND Avondale Fin. Corp. of IL 0.93 0.65 15.35 15.35 144.39 BFSI BFS Bankorp, Inc. of NY 6.20 5.99 28.20 28.20 346.45 BKCT Bancorp Connecticut of CT* 1.65 1.65 16.09 16.09 148.88 BWFC Bank West Fin. Corp. of MI 0.41 0.24 11.99 11.99 60.63 BANC BankAtlantic Bancorp of FL 1.44 1.12 11.65 10.70 139.90 BKUNA BankUnited SA of FL 1.12 0.86 7.93 7.49 129.72 BKCO Bankers Corp. of NJ* 1.62 1.71 14.69 14.38 149.72 BVFS Bay View Capital Corp. of CA -0.46 1.15 29.46 28.72 421.78 BFSB Bedford Bancshares of VA 1.20 1.20 15.85 15.85 98.41 BTHL Bethel Bancorp. of ME* 1.08 0.83 13.72 11.53 181.37 SBOS Boston Bancorp of MA(8)* 7.08 3.39 40.29 40.29 326.62 BSBC Branford SB of CT* 0.20 0.20 2.31 2.31 26.59 BRFC Bridgeville SB, FSB of PA 0.59 0.59 14.13 14.13 49.57 BYFC Broadway Fin. Corp. of CA 0.49 0.55 14.73 14.73 129.03 CBCO CB Bancorp of Michigan City IN 2.07 2.07 15.79 15.79 172.41 CCFH CCF Holding Company of GA 0.59 0.56 14.79 14.79 69.65 CENF CENFED Financial Corp. of CA 1.97 1.36 21.02 20.98 420.11 CFSB CFSB Bancorp of Lansing MI 1.58 1.55 14.30 14.30 172.40 CKFB CKF Bancorp of Danville KY 0.75 0.75 17.21 17.21 63.05 CSBF CSB Financial Group Inc of IL 0.32 0.32 12.30 12.30 39.82 CFHC California Fin. Hld. Co. of CA 0.77 0.67 18.48 18.32 273.69 CBCI Calumet Bancorp of Chicago IL 2.28 2.27 31.99 31.99 188.31 CAFI Camco Fin. Corp. of OH 2.12 1.62 14.52 14.52 174.38 CMRN Cameron Fin. Corp. of MO 0.97 0.96 16.06 16.06 60.52 CAPS Capital Savings Bancorp of MO 1.75 1.75 20.34 20.34 194.95 CARV Carver FSB of New York, NY 0.31 0.40 15.12 14.38 156.97 CASB Cascade SB of Everett WA 0.86 0.45 9.94 9.94 159.93 CATB Catskill Fin. Corp. of NY* 0.47 0.54 13.65 13.65 49.12 CNIT Cenit Bancorp of Norfolk VA 1.57 1.84 29.00 27.92 415.61 CTBK Center Banks, Inc. of NY* 1.27 1.31 16.32 16.32 230.66 CFCX Center Fin. Corp of CT(8)* 1.60 1.09 15.46 14.44 253.30 CEBK Central Co-Op. Bank of MA* 0.99 0.93 16.38 14.30 164.61 CJFC Central Jersey Fin. Corp of NJ(8) 1.89 1.80 20.58 19.13 174.74 CBSB Charter Financial Inc. of IL 0.65 0.65 12.95 12.61 60.48 COFI Charter One Financial of OH(8) 0.37 2.39 20.16 19.84 292.01 CVAL Chester Valley Bancorp of PA 1.54 1.48 15.90 15.90 173.78 CRCL Circle Financial Corp.of OH(8) 1.47 1.26 34.51 29.94 324.02 CTZN CitFed Bancorp of Dayton OH 2.84 2.32 30.62 26.54 456.89 CLAS Classic Bancshares of KY 0.21 0.19 14.76 14.76 51.28 CMSB Cmnwealth SB, MHC of PA (46.3)(8) 1.27 1.13 15.93 14.00 191.82 CBSA Coastal Bancorp of Houston TX 1.93 1.92 18.76 15.22 566.10 CFCP Coastal Fin. Corp. of SC 1.51 1.36 9.79 9.79 160.91 COFD Collective Bancorp Inc. of NJ 2.62 2.56 17.47 16.22 247.89 CMSV Commty. Svgs, MHC of FL(47.6) 0.99 0.96 15.35 15.35 129.90 CBIN Community Bank Shares of IN 0.96 0.94 12.84 12.84 113.06 CBNH Community Bankshares Inc of NH* 1.41 1.17 15.46 15.46 213.92 CFTP Community Fed. Bancprp of MS 0.43 0.42 14.34 14.34 43.32 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of June 14, 1996 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- CFFC Community Fin. Corp. of VA 20.00 1,270 25.4 21.00 13.50 21.00 -4.76 185.71 11.11 CIBI Community Inv. Corp. of OH 15.25 701 10.7 17.50 12.75 14.75 3.39 N.A. 0.00 CONE Conestoga Bancorp of Roslyn NY(8) 21.00 4,742 99.6 21.12 14.37 21.00 0.00 N.A. 4.37 COOP Cooperative Bk.for Svgs. of NC 17.25 1,492 25.7 22.50 17.25 17.25 0.00 72.50 -15.85 CNSK Covenant Bank for Svgs. of NJ* 12.00 1,959 23.5 13.22 8.62 12.00 0.00 N.A. -9.23 CRZY Crazy Woman Creek Bncorp of WY 10.25 1,058 10.8 11.00 10.25 10.37 -1.16 N.A. N.A. DNFC D&N Financial Corp. of MI 13.44 6,829 91.8 13.62 9.38 12.37 8.65 53.60 10.89 DSBC DS Bancor Inc. of Derby CT* 31.25 3,029 94.7 33.00 23.33 31.37 -0.38 89.97 22.55 DFIN Damen Fin. Corp. of Chicago IL 11.50 3,967 45.6 11.94 11.00 11.62 -1.03 N.A. 1.14 DIBK Dime Financial Corp. of CT* 14.25 5,024 71.6 14.50 9.50 13.75 3.64 35.71 5.56 EBSI Eagle Bancshares of Tucker GA 16.00 3,117 49.9 19.00 13.62 16.00 0.00 120.69 -15.79 EGFC Eagle Financial Corp. of CT 23.75 4,491 106.7 27.75 20.75 23.50 1.06 171.43 -9.52 ETFS East Texas Fin. Serv. of TX 14.75 1,194 17.6 16.75 13.75 14.75 0.00 N.A. -9.23 EBCP Eastern Bancorp of NH 24.00 2,398 57.6 27.50 19.25 24.25 -1.03 186.74 -10.28 ESBK Elmira SB of Elmira NY* 16.75 706 11.8 18.75 14.50 16.50 1.52 16.56 -10.67 EFBI Enterprise Fed. Bancorp of OH 14.25 2,085 29.7 18.00 13.75 14.25 0.00 N.A. -3.39 EQSB Equitable FSB of Wheaton MD 24.25 600 14.6 24.25 20.37 22.50 7.78 N.A. 7.78 FFFG F.F.O. Financial Group of FL 2.81 8,430 23.7 3.00 2.25 2.69 4.46 -66.19 9.77 FCBF FCB Fin. Corp. of Neenah WI 18.25 2,513 45.9 18.50 15.50 17.50 4.29 N.A. -1.35 FFBS FFBS Bancorp of Columbus MS 22.75 1,573 35.8 24.00 15.50 23.00 -1.09 N.A. 33.82 FFDF FFD Financial Corp. of OH 10.19 1,455 14.8 10.75 10.00 10.37 -1.74 N.A. N.A. FFLC FFLC Bancorp of Leesburg FL 18.50 2,638 48.8 20.25 16.00 17.75 4.23 N.A. -1.33 FFFC FFVA Financial Corp. of VA 17.50 5,426 95.0 17.50 13.25 16.75 4.48 N.A. 27.27 FFWC FFW Corporation of Wabash IN 19.25 739 14.2 19.75 16.50 19.25 0.00 N.A. -2.53 FFYF FFY Financial Corp. of OH 23.25 5,193 120.7 23.50 19.00 23.25 0.00 N.A. 10.71 FMCO FMS Financial Corp. of NJ 17.50 2,467 43.2 17.50 12.50 16.25 7.69 94.44 2.94 FFHH FSF Financial Corp. of MN 12.12 3,861 46.8 13.50 10.75 11.69 3.68 N.A. -6.77 FMLY Family Bancorp of Haverhill MA(8)* 24.25 4,087 99.1 24.37 14.67 24.12 0.54 365.45 35.70 FMCT Farmers & Mechanics Bank of CT(8)* 30.25 1,661 50.2 30.25 15.75 19.12 58.21 N.A. 37.50 FOBC Fed One Bancorp of Wheeling WV 14.62 2,489 36.4 16.25 13.00 14.62 0.00 46.20 -3.31 FFRV Fid. Fin. Bkshrs. Corp. of VA 12.50 2,279 28.5 14.75 10.75 12.50 0.00 42.86 -9.88 FBCI Fidelity Bancorp of Chicago IL 16.62 3,085 51.3 17.00 13.25 16.62 0.00 N.A. 8.13 FSBI Fidelity Bancorp, Inc. of PA 16.00 1,367 21.9 17.50 13.41 16.00 0.00 106.99 6.67 FFFL Fidelity FSB, MHC of FL(47.2) 13.25 6,720 42.0 17.00 10.91 13.50 -1.85 N.A. -18.46 FFED Fidelity Fed. Bancorp of IN 11.25 2,493 28.0 14.77 10.46 12.00 -6.25 59.57 -23.83 FFOH Fidelity Financial of OH 9.94 4,073 40.5 10.89 5.61 10.00 -0.60 N.A. -8.72 FIBC Financial Bancorp of NY 12.50 1,873 23.4 14.87 11.75 12.87 -2.87 N.A. -9.09 FNSC Financial Security Corp. of IL(8) 25.37 1,524 38.7 26.50 16.50 25.37 0.00 153.70 14.02 FSBS First Ashland Fin. Corp. of KY(8) 18.00 1,463 26.3 18.37 13.00 18.00 0.00 N.A. 24.14 FBSI First Bancshares of MO 15.50 1,302 20.2 17.00 14.50 15.75 -1.59 21.57 -3.13 FBBC First Bell Bancorp of PA 13.69 8,166 111.8 14.25 10.00 13.44 1.86 N.A. 2.39 FBER First Bergen Bancorp of NJ 9.31 3,174 29.5 10.00 9.25 9.25 0.65 N.A. N.A. FCIT First Cit. Fin. Corp of MD 17.75 2,914 51.7 19.09 14.09 17.75 0.00 104.26 2.78 FFBA First Colorado Bancorp of Co 13.19 20,302 267.8 13.62 7.75 13.25 -0.45 299.70 20.02 FDEF First Defiance Fin.Corp. of OH 10.75 10,978 118.0 11.00 7.41 10.62 1.22 N.A. 6.23 FESX First Essex Bancorp of MA* 10.75 6,035 64.9 12.00 8.13 10.37 3.66 79.17 -5.45 FFES First FS&LA of E. Hartford CT 17.00 2,594 44.1 21.50 16.75 17.00 0.00 161.54 -15.00 FSSB First FS&LA of San Bern. CA 10.00 328 3.3 14.50 10.00 10.00 0.00 0.00 -20.00 FFSX First FS&LA. MHC of IA (45.0) 25.75 1,706 19.5 28.62 18.00 25.75 0.00 157.50 -3.74 FFML First Family Bank, FSB of FL 21.00 545 11.4 23.00 14.50 21.12 -0.57 223.08 0.00 FFSW First Fed Fin. Serv. of OH 28.37 3,275 92.9 28.37 18.18 28.00 1.32 66.88 31.40 BDJI First Fed. Bancorp. of MN 13.00 819 10.6 14.75 11.25 13.50 -3.70 N.A. -5.45 FFBH First Fed. Bancshares of AR 13.75 5,154 70.9 14.00 13.00 13.75 0.00 N.A. N.A. FFEC First Fed. Bancshares of WI 15.25 6,855 104.5 16.19 12.00 16.00 -4.69 N.A. 0.00 FTFC First Fed. Capital Corp. of WI 21.88 6,298 137.8 22.87 15.75 22.00 -0.55 94.49 21.56 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share - --------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) NASDAQ Listed OTC Companies (continued) - --------------------------------------- CFFC Community Fin. Corp. of VA 1.58 1.58 17.24 17.24 125.82 CIBI Community Inv. Corp. of OH 1.20 1.14 17.45 17.45 121.56 CONE Conestoga Bancorp of Roslyn NY(8) 0.68 0.55 16.86 16.86 104.25 COOP Cooperative Bk.for Svgs. of NC 0.60 0.51 19.64 17.27 210.32 CNSK Covenant Bank for Svgs. of NJ* 0.97 0.97 8.74 8.74 172.93 CRZY Crazy Woman Creek Bncorp of WY 0.34 0.29 14.67 14.67 44.86 DNFC D&N Financial Corp. of MI 1.80 1.59 10.16 10.00 180.40 DSBC DS Bancor Inc. of Derby CT* 2.69 2.41 26.99 26.06 411.93 DFIN Damen Fin. Corp. of Chicago IL 0.44 0.43 14.34 14.34 59.32 DIBK Dime Financial Corp. of CT* 1.93 2.17 10.63 10.10 133.64 EBSI Eagle Bancshares of Tucker GA 1.53 1.48 11.91 11.91 179.12 EGFC Eagle Financial Corp. of CT 3.66 1.79 22.70 16.42 318.09 ETFS East Texas Fin. Serv. of TX 0.87 0.81 18.90 18.90 96.28 EBCP Eastern Bancorp of NH 2.10 1.74 26.48 24.93 343.99 ESBK Elmira SB of Elmira NY* 0.46 0.46 19.89 19.00 315.91 EFBI Enterprise Fed. Bancorp of OH 0.99 0.68 15.52 15.49 99.61 EQSB Equitable FSB of Wheaton MD 3.42 3.39 22.75 22.75 433.56 FFFG F.F.O. Financial Group of FL 0.15 0.15 2.18 2.18 36.26 FCBF FCB Fin. Corp. of Neenah WI 1.02 1.00 18.78 18.78 101.73 FFBS FFBS Bancorp of Columbus MS 1.00 1.00 15.37 15.37 78.55 FFDF FFD Financial Corp. of OH 0.52 0.52 14.08 14.08 50.24 FFLC FFLC Bancorp of Leesburg FL 1.14 1.15 21.26 21.26 125.29 FFFC FFVA Financial Corp. of VA 1.19 1.16 15.57 15.26 95.42 FFWC FFW Corporation of Wabash IN 1.74 1.94 21.76 21.76 201.48 FFYF FFY Financial Corp. of OH 1.34 1.38 20.25 20.25 110.37 FMCO FMS Financial Corp. of NJ 1.69 1.69 13.49 13.12 204.99 FFHH FSF Financial Corp. of MN 0.48 0.48 13.51 13.51 84.61 FMLY Family Bancorp of Haverhill MA(8)* 2.01 1.80 16.84 15.41 217.12 FMCT Farmers & Mechanics Bank of CT(8)* 0.20 -0.07 17.95 17.95 323.27 FOBC Fed One Bancorp of Wheeling WV 1.31 1.31 16.53 15.65 136.43 FFRV Fid. Fin. Bkshrs. Corp. of VA 1.35 1.33 12.01 12.00 141.10 FBCI Fidelity Bancorp of Chicago IL 0.98 0.92 16.91 16.85 140.37 FSBI Fidelity Bancorp, Inc. of PA 1.25 1.23 16.06 15.93 220.51 FFFL Fidelity FSB, MHC of FL(47.2) 0.73 0.68 12.06 11.92 117.84 FFED Fidelity Fed. Bancorp of IN 1.38 1.30 5.70 5.70 112.37 FFOH Fidelity Financial of OH 0.46 0.46 12.47 12.47 61.22 FIBC Financial Bancorp of NY 0.80 0.79 14.33 14.25 134.48 FNSC Financial Security Corp. of IL(8) 1.41 1.31 25.83 25.83 179.85 FSBS First Ashland Fin. Corp. of KY(8) 0.51 0.51 16.24 16.24 61.67 FBSI First Bancshares of MO 0.80 0.79 18.26 18.22 107.89 FBBC First Bell Bancorp of PA 0.94 0.93 13.99 13.99 66.45 FBER First Bergen Bancorp of NJ 0.20 0.30 13.46 13.46 81.46 FCIT First Cit. Fin. Corp of MD 1.45 1.18 13.45 13.45 214.18 FFBA First Colorado Bancorp of Co 0.69 0.69 11.90 11.76 73.52 FDEF First Defiance Fin.Corp. of OH 0.53 0.52 12.22 12.22 48.12 FESX First Essex Bancorp of MA* 1.28 1.08 10.18 10.18 132.80 FFES First FS&LA of E. Hartford CT 1.98 1.96 22.29 22.22 359.84 FSSB First FS&LA of San Bern. CA -0.52 -1.09 17.77 16.97 314.90 FFSX First FS&LA. MHC of IA (45.0) 1.62 1.49 21.53 21.42 255.87 FFML First Family Bank, FSB of FL 2.34 1.38 15.77 15.77 281.19 FFSW First Fed Fin. Serv. of OH 2.41 1.94 16.15 14.69 303.35 BDJI First Fed. Bancorp. of MN 0.85 0.85 17.65 17.65 122.75 FFBH First Fed. Bancshares of AR 0.96 0.96 15.38 15.38 96.71 FFEC First Fed. Bancshares of WI 0.82 0.80 14.04 13.47 98.07 FTFC First Fed. Capital Corp. of WI 1.88 1.38 15.03 14.15 219.45 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of June 14, 1996 Market Capitalization Price Change Data ----------------------- ------------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ------------------------ Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- -------- ------ ------- -------- ------- ------- ------- -------- ------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- FFFB First Fed. Fin. Bancorp of OH 10.75 672 7.2 10.63 10.00 10.63 1.13 N.A. N.A. FFKY First Fed. Fin. Corp. of KY 22.00 4,215 92.7 22.00 14.12 21.00 4.76 39.68 43.14 FFBZ First Federal Bancorp of OH 24.50 785 19.2 24.50 14.25 24.50 0.00 145.00 20.99 FFWM First Fin. Corp of Western MD 20.75 2,188 45.4 23.75 17.75 20.00 3.75 107.50 5.06 FFCH First Fin. Holdings Inc. of SC 18.75 6,366 119.4 22.25 18.00 18.50 1.35 53.06 -2.60 FPRY First Financial Bancorp of FL(8) 21.25 894 19.0 21.37 17.50 20.37 4.32 185.62 4.94 FFBI First Financial Bancorp of IL 16.00 472 7.6 16.25 14.50 15.50 3.23 N.A. 0.00 FFHC First Financial Corp. of WI 22.37 29,885 668.5 24.00 16.37 23.00 -2.74 42.03 -2.74 FFHS First Franklin Corp. of OH 15.00 1,187 17.8 17.50 12.25 15.12 -0.79 14.33 -5.48 FGHC First Georgia Hold. Corp of GA 7.00 2,024 14.2 7.83 4.17 7.00 0.00 82.77 -8.74 FSPG First Home SB, SLA of NJ 18.00 2,030 36.5 19.00 14.00 17.75 1.41 200.00 -5.26 FFSL First Independence Corp. of KS 17.75 583 10.3 19.25 15.50 17.75 0.00 N.A. -5.33 FISB First Indiana Corp. of IN 24.00 8,278 198.7 25.19 16.25 24.50 -2.04 77.78 11.84 FKFS First Keystone Fin. Corp of PA 17.00 1,292 22.0 20.87 13.75 17.25 -1.45 N.A. -18.54 FLFC First Liberty Fin. Corp. of GA 21.75 3,982 86.6 22.75 16.25 22.12 -1.67 185.43 2.35 CASH First Midwest Fin. Corp. of IA 23.50 1,790 42.1 24.25 16.87 23.50 0.00 N.A. 0.00 FMBD First Mutual Bancorp of IL 13.00 4,352 56.6 14.75 11.12 12.75 1.96 N.A. -4.55 FMSB First Mutual SB of Bellevue WA* 13.25 2,447 32.4 16.00 8.90 13.12 0.99 70.97 -2.14 FNGB First Northern Cap. Corp of WI 16.00 4,557 72.9 16.50 13.25 15.69 1.98 9.89 -3.03 FFPB First Palm Beach Bancorp of FL 21.75 5,181 112.7 24.87 18.75 21.25 2.35 N.A. 2.98 FSNJ First SB of NJ, MHC (45.0) 14.37 3,017 19.5 19.50 12.50 14.12 1.77 N.A. -16.70 FSBC First SB, FSB of Clovis NM 5.50 696 3.8 7.00 5.12 5.50 0.00 -18.52 -18.52 FSLA First SB, SLA MHC of NJ (37.6) 15.75 6,512 31.5 17.50 12.50 16.00 -1.56 57.50 -4.55 SOPN First SB, SSB, Moore Co. of NC 18.25 3,744 68.3 20.25 17.25 18.75 -2.67 N.A. 2.47 FWWB First Savings Bancorp of WA* 14.62 10,065 147.2 15.37 12.37 15.00 -2.53 N.A. 11.43 SHEN First Shenango Bancorp of PA 21.50 2,308 49.6 22.25 18.50 20.50 4.88 N.A. 4.88 FSFC First So.east Fin. Corp. of SC 17.87 4,101 73.3 20.25 16.87 17.87 0.00 N.A. -5.95 FSFI First State Fin. Serv. of NJ 10.37 4,025 41.7 14.12 10.00 10.00 3.70 155.42 -23.86 FFDP FirstFed Bancshares of IL 16.00 3,387 54.2 16.75 12.00 16.12 -0.74 140.24 12.91 FLAG Flag Financial Corp of GA 12.50 2,008 25.1 15.00 10.75 12.75 -1.96 27.55 -9.09 FFPC Florida First Bancorp of FL(8) 11.19 3,374 37.8 11.19 5.50 11.12 0.63 495.21 51.83 FFIC Flushing Fin. Corp. of NY* 15.87 7,958 126.3 16.50 14.12 15.75 0.76 N.A. 3.25 FBHC Fort Bend Holding Corp. of TX 17.75 817 14.5 20.25 16.50 17.75 0.00 N.A. -1.39 FTSB Fort Thomas Fin. Corp. of KY 16.75 1,574 26.4 17.00 11.25 16.75 0.00 N.A. 38.20 FKKY Frankfort First Bancorp of KY 11.87 3,450 41.0 15.87 11.00 11.37 4.40 N.A. -10.42 GFSB GFS Bancorp of Grinnell IA 20.25 515 10.4 20.75 15.25 20.50 -1.22 N.A. 1.25 GUPB GFSB Bancorp of Gallup NM 13.50 949 12.8 15.00 12.87 14.00 -3.57 N.A. -5.26 GWBC Gateway Bancorp of KY 13.87 1,176 16.3 16.25 13.50 14.00 -0.93 N.A. -2.67 GBCI Glacier Bancorp of MT 21.75 3,360 73.1 22.27 16.14 21.75 0.00 350.31 18.14 GLBK Glendale Co-op. Bank of MA* 16.50 247 4.1 19.00 12.75 17.50 -5.71 N.A. -12.00 GFCO Glenway Financial Corp. of OH 20.25 1,091 22.1 24.50 16.19 20.50 -1.22 N.A. -17.35 GTPS Great American Bancorp of IL 14.25 1,850 26.4 15.12 11.87 13.75 3.64 N.A. -2.13 GTFN Great Financial Corp. of KY 26.87 14,653 393.7 27.37 18.62 27.00 -0.48 N.A. 14.34 GSBC Great Southern Bancorp of MO 27.50 4,434 121.9 27.50 17.62 27.50 0.00 841.78 11.11 GDVS Greater DV SB,MHC of PA(19.9)* 10.00 3,272 6.5 13.00 9.38 10.00 0.00 N.A. -16.67 GRTR Greater New York SB of NY* 11.25 13,289 149.5 13.31 9.25 11.00 2.27 20.84 -6.25 GSFC Green Street Fin. Corp. of NC 12.87 4,298 55.3 13.12 12.12 12.62 1.98 N.A. N.A. GROV GroveBank for Savings of MA* 25.37 1,538 39.0 26.50 23.00 25.25 0.48 186.02 2.51 GFED Guaranty FS&LA,MHC of MO(31.1) 11.62 3,125 9.0 12.50 8.00 11.50 1.04 N.A. -2.11 GSLC Guaranty Svgs & Loan FA of VA 8.37 919 7.7 8.50 6.31 8.50 -1.53 N.A. 8.00 HEMT HF Bancorp of Hemet CA 9.75 6,612 64.5 10.25 8.19 10.00 -2.50 N.A. -1.22 HFFC HF Financial Corp. of SD(8) 15.19 3,055 46.4 16.75 13.00 15.00 1.27 203.80 -0.39 HFNC HFNC Financial Corp. of NC 16.50 17,192 283.7 16.50 13.12 16.12 2.36 N.A. 25.76 HMNF HMN Financial, Inc. of MN 16.12 5,180 83.5 16.12 13.56 15.69 2.74 N.A. 0.75 HALL Hallmark Capital Corp. of WI 15.00 1,443 21.6 16.25 13.25 14.81 1.28 N.A -3.23 Current Per Share Financials ----------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share - --------------------- -------- ------- ------- ------- -------- ($) ($) ($) ($) ($) NASDAQ Listed OTC Companies (continued) - --------------------------------------- FFFB First Fed. Fin. Bancorp of OH 0.58 0.58 15.73 15.73 87.15 FFKY First Fed. Fin. Corp. of KY 1.32 1.15 11.69 10.91 83.28 FFBZ First Federal Bancorp of OH 2.39 2.35 17.23 17.21 220.63 FFWM First Fin. Corp of Western MD 0.64 0.59 18.70 18.70 149.22 FFCH First Fin. Holdings Inc. of SC 1.62 1.65 15.04 15.04 227.64 FPRY First Financial Bancorp of FL(8) 1.47 1.10 17.07 17.07 268.88 FFBI First Financial Bancorp of IL 1.12 1.17 16.66 16.66 187.74 FFHC First Financial Corp. of WI 2.34 2.27 13.30 12.63 181.34 FFHS First Franklin Corp. of OH 1.10 1.08 17.31 17.31 182.08 FGHC First Georgia Hold. Corp of GA 0.59 0.59 5.73 5.07 70.22 FSPG First Home SB, SLA of NJ 2.19 2.13 14.97 14.57 229.74 FFSL First Independence Corp. of KS 1.95 1.95 22.03 22.03 174.32 FISB First Indiana Corp. of IN 2.11 1.79 15.98 15.75 178.41 FKFS First Keystone Fin. Corp of PA 1.01 1.09 17.84 17.84 215.33 FLFC First Liberty Fin. Corp. of GA 2.15 1.70 16.84 14.14 246.53 CASH First Midwest Fin. Corp. of IA 1.95 1.55 21.72 20.25 173.02 FMBD First Mutual Bancorp of IL 0.61 0.59 16.56 16.56 65.56 FMSB First Mutual SB of Bellevue WA* 1.45 1.43 10.07 10.07 151.61 FNGB First Northern Cap. Corp of WI 1.03 0.88 15.98 15.98 125.56 FFPB First Palm Beach Bancorp of FL 1.69 1.68 21.60 21.03 282.84 FSNJ First SB of NJ, MHC (45.0) 0.08 0.66 17.70 17.70 217.79 FSBC First SB, FSB of Clovis NM 0.53 0.41 7.86 7.86 165.94 FSLA First SB, SLA MHC of NJ (37.6) 1.24 1.19 13.98 12.14 147.32 SOPN First SB, SSB, Moore Co. of NC 1.00 1.02 17.94 17.94 68.45 FWWB First Savings Bancorp of WA* 0.53 0.52 15.25 15.25 59.11 SHEN First Shenango Bancorp of PA 1.44 1.36 20.40 20.40 154.12 FSFC First So.east Fin. Corp. of SC 0.78 0.77 17.19 17.19 87.66 FSFI First State Fin. Serv. of NJ 0.96 0.75 10.69 10.13 156.19 FFDP FirstFed Bancshares of IL 1.10 0.69 16.62 15.87 184.23 FLAG Flag Financial Corp of GA 1.05 0.93 10.76 10.76 112.53 FFPC Florida First Bancorp of FL(8) 0.75 0.69 6.24 6.24 90.11 FFIC Flushing Fin. Corp. of NY* 0.48 0.46 17.39 17.39 92.91 FBHC Fort Bend Holding Corp. of TX 2.13 1.93 21.52 21.52 295.91 FTSB Fort Thomas Fin. Corp. of KY 0.70 0.70 13.58 13.58 55.88 FKKY Frankfort First Bancorp of KY 0.53 0.42 13.87 13.87 40.18 GFSB GFS Bancorp of Grinnell IA 1.57 1.54 18.91 18.91 157.11 GUPB GFSB Bancorp of Gallup NM 0.76 0.76 17.09 17.09 74.21 GWBC Gateway Bancorp of KY 0.66 0.66 15.52 15.52 62.08 GBCI Glacier Bancorp of MT 1.76 1.76 11.41 11.39 118.52 GLBK Glendale Co-op. Bank of MA* 1.13 0.95 23.71 23.71 145.36 GFCO Glenway Financial Corp. of OH 1.37 1.31 24.02 23.39 255.37 GTPS Great American Bancorp of IL 0.41 0.41 18.72 18.72 63.62 GTFN Great Financial Corp. of KY 1.55 1.26 19.19 18.88 169.06 GSBC Great Southern Bancorp of MO 2.48 2.33 15.04 14.79 148.62 GDVS Greater DV SB,MHC of PA(19.9)* 0.35 0.35 8.86 8.86 72.09 GRTR Greater New York SB of NY* 0.89 0.87 11.01 11.01 193.82 GSFC Green Street Fin. Corp. of NC 0.62 0.62 13.78 13.78 43.71 GROV GroveBank for Savings of MA* 2.96 2.79 23.79 23.74 381.30 GFED Guaranty FS&LA,MHC of MO(31.1) 0.58 0.31 8.69 8.69 59.37 GSLC Guaranty Svgs & Loan FA of VA 0.70 0.43 6.93 6.93 112.04 HEMT HF Bancorp of Hemet CA 0.20 0.20 13.05 13.04 114.09 HFFC HF Financial Corp. of SD(8) 1.41 1.10 16.86 16.81 187.90 HFNC HFNC Financial Corp. of NC 0.32 0.38 14.21 14.21 41.66 HMNF HMN Financial, Inc. of MN 1.13 1.01 17.54 17.54 104.64 HALL Hallmark Capital Corp. of WI 1.14 1.02 18.38 18.38 235.12 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of June 14, 1996 Market Capitalization Price Change Data ----------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From --------------- ----------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- HARB Harbor FSB, MHC of FL (45.7) 25.75 4,925 57.7 29.25 18.50 27.00 -4.63 N.A. -6.36 HRBF Harbor Federal Bancorp of MD 13.12 1,858 24.4 15.50 12.50 12.87 1.94 31.20 -9.52 HFSA Hardin Bancorp of Hardin MO 11.75 1,058 12.4 13.00 11.25 11.75 0.00 N.A. -7.84 HARL Harleysville SA of PA 18.37 1,287 23.6 19.75 14.75 18.37 0.00 3.49 22.47 HARS Harris SB, MHC of PA (23.1) 17.00 11,211 42.5 20.50 15.50 16.75 1.49 N.A. -15.00 HFFB Harrodsburg 1st Fin Bcrp of KY 15.00 2,182 32.7 15.75 12.37 15.25 -1.64 N.A. 0.00 HHFC Harvest Home Fin. Corp. of OH 13.00 895 11.6 13.00 10.00 13.00 0.00 N.A. 6.12 HAVN Haven Bancorp of Woodhaven NY 28.31 4,287 121.4 28.31 17.75 27.75 2.02 N.A. 19.86 HVFD Haverfield Corp. of OH 18.00 1,904 34.3 18.75 12.27 17.75 1.41 16.13 33.33 HTHR Hawthorne Fin. Corp. of CA 8.50 2,599 22.1 8.50 2.25 7.50 13.33 -69.09 70.00 HSBK Hibernia SB of Quincy MA* 14.50 1,556 22.6 18.00 13.75 14.75 -1.69 90.29 -10.77 HBNK Highland Federal Bank of CA 16.00 2,296 36.7 17.00 11.00 16.37 -2.26 N.A. 3.23 HIFS Hingham Inst. for Sav. of MA* 14.00 1,297 18.2 14.75 10.50 14.50 -3.45 207.02 -5.08 HNFC Hinsdale Financial Corp. of IL 25.00 2,690 67.3 26.00 17.80 23.50 6.38 150.00 16.28 HBFW Home Bancorp of Fort Wayne IN 14.87 3,094 46.0 16.00 12.87 14.75 0.81 N.A. -2.49 HBBI Home Building Bancorp of IN 17.69 322 5.7 18.00 12.87 17.69 0.00 N.A. 7.21 HOMF Home Fed Bancorp of Seymour IN 27.25 2,224 60.6 27.25 21.25 26.75 1.87 81.67 2.83 HFMD Home Federal Corporation of MD(8) 10.75 2,519 27.1 11.37 5.87 10.25 4.88 10.26 38.71 HOFL Home Financial Corp. of FL(8) 13.62 24,771 337.4 16.25 13.06 13.81 -1.38 172.40 -12.13 HPBC Home Port Bancorp, Inc. of MA* 13.00 1,842 23.9 15.00 10.00 13.75 -5.45 62.50 10.64 HMCI Homecorp, Inc. of Rockford IL 17.50 1,126 19.7 18.50 14.00 17.50 0.00 75.00 5.29 LOAN Horizon Bancorp, Inc of TX* 10.75 1,387 14.9 11.50 7.50 10.50 2.38 N.A. 19.44 HZFS Horizon Fin'l. Services of IA 15.50 448 6.9 16.37 11.75 15.50 0.00 N.A. 1.64 HRZB Horizon Financial Corp. of WA* 12.56 6,580 82.6 13.75 11.37 12.75 -1.49 -6.48 -3.38 IBSF IBS Financial Corp. of NJ 14.00 11,410 159.7 15.46 11.93 14.00 0.00 N.A. 2.64 ISBF ISB Financial Corp. of LA 16.00 7,381 118.1 17.00 14.00 15.63 2.37 N.A. 6.67 IFSB Independence FSB of DC 8.00 1,279 10.2 9.25 6.75 7.50 6.67 300.00 -5.21 INCB Indiana Comm. Bank, SB of IN 13.69 922 12.6 16.75 11.75 14.00 -2.21 N.A. -10.23 IFSL Indiana Federal Corp. of IN 20.37 4,737 96.5 21.25 16.25 19.12 6.54 170.16 -4.14 INBI Industrial Bancorp of OH 11.87 5,554 65.9 16.00 11.75 11.75 1.02 N.A. -13.67 IWBK Interwest SB of Oak Harbor WA 24.00 6,434 154.4 25.12 13.75 24.37 -1.52 140.00 17.82 IPSW Ipswich SB of Ipswich MA* 10.75 1,174 12.6 10.87 4.60 10.50 2.38 N.A. 30.30 IROQ Iroquois Bancorp of Auburn NY* 14.50 2,349 34.1 15.50 11.12 14.50 0.00 107.14 11.54 JSBF JSB Financial, Inc. of NY 33.12 10,333 342.2 34.87 28.87 32.62 1.53 188.00 4.74 JXVL Jacksonville Bancorp of TX 10.62 2,662 28.3 11.99 7.32 10.12 4.94 N.A. -8.76 JXSB Jcksnville SB,MHC of IL(43.3%) 14.00 1,250 7.8 14.25 10.50 14.00 0.00 N.A. 0.94 JEBC Jefferson Bancorp of Gretna LA(8) 22.12 2,196 48.6 22.50 19.00 22.50 -1.69 N.A. 14.91 JSBA Jefferson Svgs Bancorp of MO 26.00 4,182 108.7 30.75 18.00 27.25 -4.59 N.A. -6.31 JOAC Joachim Bancorp of MO 12.25 760 9.3 13.50 11.50 12.75 -3.92 N.A. -9.26 KSAV KS Bancorp of Kenly NC 18.00 663 11.9 22.00 15.75 18.00 0.00 N.A. 2.86 KSBK KSB Bancorp of Kingfield ME* 22.00 374 8.2 22.25 15.50 22.25 -1.12 N.A. 14.29 KFBI Klamath First Bancorp of OR 14.12 11,254 158.9 14.25 12.50 14.25 -0.91 N.A. 2.69 LBFI L&B Financial of S. Springs TX(8) 16.25 1,584 25.7 16.87 11.50 16.50 -1.52 N.A. 14.04 LSBI LSB Bancorp of Lafayette IN 16.25 965 15.7 17.37 13.50 15.75 3.17 N.A. -5.80 LVSB Lakeview SB of Paterson NJ 20.50 2,266 46.5 20.50 15.23 19.00 7.89 N.A. 20.23 LARK Landmark Bancshares of KS 15.25 1,951 29.8 15.25 11.75 15.25 0.00 N.A. 10.91 LARL Laurel Capital Group of PA 14.75 1,508 22.2 16.50 13.67 15.00 -1.67 15.23 -4.84 LSBX Lawrence Savings Bank of MA* 5.50 4,245 23.3 6.62 3.75 5.37 2.42 59.88 19.05 LFCT Leader Fin. Corp of Memphis TN(8) 45.50 9,924 451.5 46.37 27.50 45.62 -0.26 N.A. 21.76 LFED Leeds FSB, MHC of MD (35.3) 13.75 3,448 17.2 16.75 12.25 14.00 -1.79 N.A. -3.51 LXMO Lexington B&L Fin. Corp. of MO 10.00 1,265 12.7 10.00 9.50 9.75 2.56 N.A. N.A. LBCI Liberty Bancorp of Chicago IL 23.87 2,487 59.4 26.87 22.25 22.75 4.92 138.70 -5.47 LIFB Life Bancorp of Norfolk VA 14.12 10,403 146.9 16.62 13.81 14.12 0.00 N.A. -5.87 LFBI Little Falls Bancorp of NJ 9.87 3,042 30.0 11.50 9.50 9.87 0.00 N.A. N.A. LOGN Logansport Fln. Corp of IN 13.75 1,322 18.2 13.75 11.25 12.75 7.84 N.A. 5.71 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share - --------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) NASDAQ Listed OTC Companies (continued) - --------------------------------------- HARB Harbor FSB, MHC of FL (45.7) 2.15 2.14 16.78 16.78 189.41 HRBF Harbor Federal Bancorp of MD 0.67 0.67 15.79 15.79 83.00 HFSA Hardin Bancorp of Hardin MO 0.48 0.48 15.16 15.16 78.81 HARL Harleysville SA of PA 1.71 1.74 15.02 15.02 212.90 HARS Harris SB, MHC of PA (23.1) 0.73 0.72 13.45 12.60 111.45 HFFB Harrodsburg 1st Fin Bcrp of KY 0.49 0.49 14.28 14.28 49.82 HHFC Harvest Home Fin. Corp. of OH 0.69 0.69 14.65 14.65 78.56 HAVN Haven Bancorp of Woodhaven NY 2.23 2.20 21.82 21.69 346.41 HVFD Haverfield Corp. of OH 1.19 1.12 14.81 14.76 178.38 HTHR Hawthorne Fin. Corp. of CA -0.59 -0.76 11.26 11.19 297.46 HSBK Hibernia SB of Quincy MA* 1.42 1.13 14.85 14.85 228.19 HBNK Highland Federal Bank of CA 0.43 0.42 15.08 15.08 192.47 HIFS Hingham Inst. for Sav. of MA* 1.45 1.45 13.88 13.88 138.31 HNFC Hinsdale Financial Corp. of IL 1.58 1.52 20.20 19.58 253.54 HBFW Home Bancorp of Fort Wayne IN 0.86 0.86 16.60 16.60 101.09 HBBI Home Building Bancorp of IN 0.59 0.59 18.61 18.61 131.70 HOMF Home Fed Bancorp of Seymour IN 3.18 2.76 22.59 21.72 272.60 HFMD Home Federal Corporation of MD(8) 1.00 0.98 7.41 7.31 86.02 HOFL Home Financial Corp. of FL(8) 0.83 0.79 12.64 12.64 49.55 HPBC Home Port Bancorp, Inc. of MA* 1.57 1.58 10.20 10.20 90.59 HMCI Homecorp, Inc. of Rockford IL 1.12 0.76 18.41 18.41 303.50 LOAN Horizon Bancorp, Inc of TX* 1.24 0.97 7.91 7.64 91.48 HZFS Horizon Fin'l. Services of IA 0.72 0.67 18.66 18.66 161.22 HRZB Horizon Financial Corp. of WA* 1.10 1.10 12.03 12.03 74.31 IBSF IBS Financial Corp. of NJ 0.71 0.72 13.53 13.53 66.34 ISBF ISB Financial Corp. of LA 0.98 0.98 16.37 16.36 84.50 IFSB Independence FSB of DC 1.10 0.52 13.36 11.48 206.21 INCB Indiana Comm. Bank, SB of IN 0.67 0.67 15.35 15.35 102.47 IFSL Indiana Federal Corp. of IN 1.56 1.46 14.88 13.83 151.51 INBI Industrial Bancorp of OH 0.82 0.82 11.26 11.26 58.88 IWBK Interwest SB of Oak Harbor WA 2.07 1.91 14.63 14.21 212.71 IPSW Ipswich SB of Ipswich MA* 1.43 1.25 7.22 7.22 114.20 IROQ Iroquois Bancorp of Auburn NY* 1.60 1.59 11.67 11.67 192.02 JSBF JSB Financial, Inc. of NY 2.19 2.32 32.70 32.70 149.84 JXVL Jacksonville Bancorp of TX 0.59 0.59 13.37 13.37 80.04 JXSB Jcksnville SB,MHC of IL(43.3%) 0.48 0.39 13.41 13.41 113.76 JEBC Jefferson Bancorp of Gretna LA(8) 1.21 1.21 16.13 16.13 120.69 JSBA Jefferson Svgs Bancorp of MO 1.52 1.49 19.19 15.72 273.30 JOAC Joachim Bancorp of MO 0.28 0.28 14.15 14.15 48.39 KSAV KS Bancorp of Kenly NC 1.51 1.53 20.56 20.53 135.55 KSBK KSB Bancorp of Kingfield ME* 2.67 2.56 23.33 21.47 340.57 KFBI Klamath First Bancorp of OR 0.66 0.66 14.90 14.90 53.73 LBFI L&B Financial of S. Springs TX(8) 0.93 0.92 15.50 15.50 90.42 LSBI LSB Bancorp of Lafayette IN 1.28 1.21 17.96 17.96 168.41 LVSB Lakeview SB of Paterson NJ 2.20 1.32 19.99 15.35 200.86 LARK Landmark Bancshares of KS 0.94 0.82 17.05 17.05 99.13 LARL Laurel Capital Group of PA 1.71 1.65 13.67 13.67 127.99 LSBX Lawrence Savings Bank of MA* 0.78 0.79 5.76 5.76 76.21 LFCT Leader Fin. Corp of Memphis TN(8) 4.04 3.95 25.71 25.71 320.21 LFED Leeds FSB, MHC of MD (35.3) 0.78 0.78 12.65 12.65 77.34 LXMO Lexington B&L Fin. Corp. of MO 0.62 0.61 14.27 14.27 48.50 LBCI Liberty Bancorp of Chicago IL 1.45 1.45 25.66 25.59 269.38 LIFB Life Bancorp of Norfolk VA 0.89 0.93 14.74 14.20 115.79 LFBI Little Falls Bancorp of NJ 0.18 0.13 14.29 13.14 93.87 LOGN Logansport Fla. Corp. of IN 0.76 0.75 15.09 15.49 57.86 RP FINANICAL. LC. - ------------------------------------------ Finanical Services Industry Consultants 1700 North Moore Street, sulte 2210 Arlington, virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Port One Prices As Of June 14, 1996 Market Capitalization Price Change Data ---------------------- ----------------------------------------------- Shares Market 52 Week (1) % Change From -------------- ---------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ------- ------- ------- -------- ------- ------- ------ ------- ------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - -------------------------------------- LONF London Financial Corp. of Dll 10.50 529 5.6 11.25 9.75 10.50 0.00 N.A. N.A. LISB Long Island Bancorp of NY 30.12 24,859 748.8 30.44 18.75 29.87 0.84 N.A. 14.22 NAFB HAF Bancorp of IL 24.25 5,244 127.2 26.81 70.45 24.50 -1.02 185.29 -3.00 NBLF NBLA Financial Corp. of NO(8) 24.00 1,372 32.9 26.00 13.50 23.75 1.05 N.A. 23.90 NFBC NFB Corp of NI shawaka IN 14.00 2,078 29.1 16.25 13.00 14.00 0.00 N.A. -5.08 NLFB NLF Bancorp of Villanova PA 23.75 6,247 148.4 25.00 18.75 23.75 0.00 N.A. 6.74 NSBB NSB Bancorp of Middletowm NY* 16.12 2,833 45.7 27.25 15.00 15.75 2.36 61.20 -12.86 NSBF NSB Financial Corp. of NI 16.87 676 11.4 19.50 14.50 16.75 0.72 N.A. -11.21 NGNL Magna Bancorp of MS 35.00 6,959 243.6 36.25 21.00 34.00 2.94 600.00 21.74 NARN Marlon Capital Holdings of IN 20.75 2,003 41.6 20.75 18.50 20.00 3.75 N.A. 3.75 NSCX Marshalltown Fin. Corp. of IA(8) 15.50 1,411 21.9 16.75 12.75 15.50 0.00 N.A. -1.59 MFSL Maryland Fed. Bancorp of MD 28.50 3,150 9.8 33.25 28.50 29.62 -3.78 171.43 -5.00 MASB MassBank Corp. of Reading MA* 32.87 2,734 89.9 34.50 26.00 33.25 -1.14 166.59 3.53 MFLR Mayflower Co-op. Bank of MA* 14.75 873 12.1 14.75 9.50 14.25 3.51 195.00 34.09 NDBK Nedfofd Savings Bank of MA* 21.50 4,530 97.4 24.25 17.25 21.25 1.18 207.14 0.00 NERI Nerltrust FSB of Thibodaux LA 34.00 774 26.3 34.00 17.75 34.00 0.00 N.A. 9.68 MWBX Metro West of MA* 4.12 13,882 57.2 4.87 3.25 4.25 -3.06 0.00 0.00 MSEA Metropolitan Bancorp of MA 13.62 3,710 50.5 15.00 10.12 13.62 0.00 87.35 4.77 MCBS Mid Continent Bancshares of KS 18.50 2,061 38.1 19.00 15.50 18.62 -0.64 N.A. 0.00 MIFC Mid Iowa Financial Corp. of IA 6.25 1,730 10.8 7.87 4.75 6.25 0.00 25.00 -19.35 MCBN Mid-Coast Bancorp of NE 19.12 229 4.4 20.25 14.05 19.12 0.00 234.85 11.68 MIDC Midtown Bank of Kensington CT* 16.00 1,904 30.5 16.00 11.00 15.25 4.92 52.38 14.29 MWBI Midwest Bancshares, Inc. of IA 25.75 357 9.2 27.12 22.12 25.75 0.00 157.50 0.00 MWFD Midwest Fed. Fin. Corp of WI 15.87 1,613 25.9 16.00 8.25 16.00 -0.81 217.40 47.63 HFFC Hilton Fed. Fin. Corp. of OH 12.87 2,301 29.6 17.12 11.50 12.87 0.00 N.A. -20.80 MIVI Miss. View Hold. Co. of MN 11.25 968 10.8 12.25 9.38 11.25 0.00 N.A. -1.06 MBBC Monterey Bay Bancorp of CA 11.87 3,414 40.5 13.06 9.87 11.87 0.00 N.A. 2.15 MORG Morgan Financial Corp. of CO 12.25 833 10.2 12.50 9.00 12.25 0.00 N.A. 2.00 MFSB Mutual Bancompany of MO(8) 21.37 333 7.1 21.75 12.50 21.00 1.76 N.A. 18.72 MSBK Mutual SB, FSB of Bay City NI 5.37 4,271 22.9 7.37 5.25 5.50 -2.36 -38.63 -10.50 MHTB WH Thrift Bancshares of NH 9.87 1,690 16.7 11.00 9.00 10.12 -2.47 113.64 -2.47 MHSL NHS Financial, Inc. of CA(8) 10.87 2,523 27.4 11.00 7.75 10.87 0.00 38.83 8.70 NSLB NS&L Bancorp of Neosho MO 12.87 888 11.4 13.75 11.75 12.87 0.00 N.A. -2.87 NMSB Newmil Bancorp. of CT* 6.75 4,179 28.2 7.50 5.75 7.50 -10.00 5.97 -3.57 NFSL Newnan SB, FSB of Newnan GA 19.75 1,447 28.6 19.75 12.75 18.25 8.22 58.00 14.49 NASB North American SB of MO 30.50 2,276 69.4 32.37 22.50 29.50 3.39 617.65 -4.69 NBSI North Bancshares of Chicago IL 15.75 1,172 18.5 16.25 12.87 15.63 0.77 N.A. 16.67 FFFD North Central Bancshares of IA 11.00 4,011 44.1 12.68 9.22 10.25 7.32 N.A. 4.27 NEIB Northeast Indiana Bncrp of IN 11.75 2,062 24.2 13.50 11.25 11.50 2.17 N.A. -2.08 NSBK Northside SB of Bronx NY* 36.25 4,815 174.5 36.25 23.00 36.12 0.36 127.27 18.85 NWEQ Northwest Equity Corp. of WI 10.25 981 10.1 11.37 8.75 10.25 0.00 N.A. -5.70 NWSB Northwest SB, MHC of PA(29.9) 11.75 23,376 40.5 13.50 9.12 11.87 -1.01 N.A. -3.05 NSSY Norwalk Savings Society of CT* 20.37 2,371 48.3 21.88 15.37 19.87 2.52 N.A. 7.21 NSSB Norwich Financial Corp. of CT* 13.56 5,604 76.0 15.25 11.25 13.37 1.42 93.71 5.36 NTMG Nutmeg FS&LA of CT 7.25 708 5.1 7.75 5.17 7.50 -3.33 N.A. 8.70 OHSL OHSL Financial Corp. of OH 20.12 1,224 24.6 22.00 17.25 20.75 -3.04 N.A. -6.42 OSBF OSB Fin. Corp. of Oshkosh WI 24.00 1,141 27.4 24.87 22.75 22.75 5.49 108.70 1.05 OFCP Ottawa Financial Corp. of MI 16.37 5,455 89.3 16.75 13.31 16.25 0.74 N.A. 4.73 PFFB PFF Bancorp of Pomona CA 11.44 19,837 226.9 11.75 10.75 11.25 1.69 N.A. N.A. PVFC PVF Capital Corp. of OH 20.25 1,549 31.4 20.75 12.04 19.00 6.58 203.60 10.96 PCCI Pacific Crest Capital of CA* 8.00 2,960 23.7 8.50 4.75 8.13 -1.60 N.A. 10.34 PALM Palfed, Inc. of Aiken SC 12.50 5,222 65.3 13.50 10.75 12.62 -0.95 -18.67 5.31 PSSB Palm Springs SB of CA(8) 13.87 1,313 15.7 14.00 7.52 13.75 0.87 206.86 58.51 PBCI Pamrapo Bancorp, Inc. of NJ 20.00 3,317 66.3 26.12 18.25 19.00 5.26 255.24 -6.98 PVSA Parkvale Financial Corp of PA 26.00 3,233 84.1 28.50 19.40 25.00 0.00 214.01 -5.45 Current Per Share Financials ------------------------------------- Financial Institution Tangible - --------------------- Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ NASDAQ Listed OTC Companies (continued) EPS(3) EPS(3) Share Share(4) Share - -------------------------------------- ----- ------- ------- ------- -------- LONF London Financial Corp. of Dll 0.37 0.37 14.81 14.81 70.99 LISB Long Island Bancorp of NY 1.84 1.72 20.79 20.79 194.47 NAFB HAF Bancorp of IL 1.11 3.20 20.91 20.91 377.61 NBLF NBLA Financial Corp. of No(8) 1.00 1.00 20.67 20.67 142.18 NFBC NFB Corp of NI shawaka IN 0.63 0.62 18.67 18.67 96.68 NLFB NLF Bancorp of Villanova PA 1.86 1.65 22.46 21.90 282.67 NSBB NSB Bancorp of Middletowm NY* 0.83 0.89 15.53 15.26 160.30 NSBF NSB Financial Corp of NI 1.53 1.40 18.86 18.86 83.31 NGNL Magna Bancorp of MS 3.08 2.91 18.12 17.02 185.48 NARN Marlon Capital Holdings of IN 1.23 1.23 21.48 21.48 89.53 NSCX Marshalltown Fin. Corp. of IA(8) 0.29 0.29 13.71 13.71 89.46 MFSL Maryland Fed. Bancorp of MD 2.71 2.37 29.84 29.34 362.96 MASB MassBank Corp. of Reading MA* 3.24 3.17 31.91 31.91 314.16 MflR Mayflower Co-op. Bank of MA* 0.95 0.89 12.51 12.23 126.78 NDBK Nedfofd Savings Bank of MA* 2.15 2.11 19.24 17.45 216.55 NERI Nerltrust FSB of Thibodaux LA 2.89 2.89 21.83 21.83 293.44 MWBX Metro West of MA* 0.41 0.41 2.57 2.57 34.41 MSEA Metropolitan Bancorp of MA 1.39 1.50 13.71 12.41 209.75 MCBS Mid Continent Bancshares of KS 1.75 1.48 17.68 17.65 141.15 MIFC Mid Iowa Financial Corp. of IA 0.53 0.51 6.23 6.22 69.01 MCBN Mid-Coast Bancorp of NE 1.33 1.22 21.51 21.51 237.39 MIDC Midtown Bank of Kensington CT* 0.64 0.62 18.13 15.11 191.83 MWBI Midwest Bancshares, Inc. of IA 3.71 3.62 26.58 26.58 383.22 MWFD Midwest Federal Financial Corp. of 1.22 0.98 10.20 9.74 109.15 HFFC Hilton Fed. Fin. Corp. of OH 0.79 0.73 14.91 14.91 74.62 MIVI Miss. View Hold Co.of MN 0.95 0.90 13.78 13.78 73.05 MBBC Monterey Bay Bancorp of CA 0.18 0.22 13.99 13.82 93.40 MORG Morgan Financial Corp. of CO 0.80 0.77 12.61 12.61 86.02 ??SB Mutual Bancompany of MO(B) 0.34 0.39 18.73 18.73 160.09 MSBK Mutual SB, FSB of Bay City NI 0.02 -0.16 9.19 9.19 168.46 MHTB WH Thrift Bancshares of NH 0.83 0.87 11.49 11.49 149.40 MHSL NHS Financial, Inc. of CA(8) 0.19 0.18 9.78 9.76 155.98 NSLB NS&L Bancorp of Neosho MO 0.59 0.55 15.62 15.62 66.50 NMSB Newmil Bancorp. of CT* 1.47 1.46 7.77 7.77 69.77 NFSL Newnan SB, FSB of Newnan GA 2.10 1.83 12.86 12.7 111.03 NASB North American SB of MO 3.74 3.57 21.44 20.58 291.85 NBSI North Bancshares of Chicago IL 0.54 0.49 16.92 16.92 97.56 FFFD North Central Bancshares of IA 0.65 0.61 13.72 13.72 47.52 NEIB Northeast Indiana Bncrp of IN 0.70 0.70 13.92 13.92 68.43 NSBK Northside SB of Bronx NY* 3.73 3.22 25.40 25.16 328.23 NWEQ Northwest Equity Corp. of WI 0.86 0.82 12.09 12.09 88.03 NWSB Northwest SB, MHC of PA(29.9) 0.73 0.73 8.07 7.97 75.61 NSSY Norwalk Savings Society of CT* 1.59 1.36 18.24 18.24 228.47 NSSB Norwich Financial Corp. of CT* 0.98 0.98 13.43 12.12 126.99 NTMG Nutmeg FS&LA of CT 0.76 0.46 7.20 7.20 120.33 OHSL OHSL Financial Corp. of OH 1.53 1.49 20.85 20.85 167.86 OSBF OSB Fin. Corp. of Oshkosh WI 0.38 0.66 28.00 28.00 222.36 OFCP Ottawa Financial Corp. of MI 0.72 0.72 14.92 11.96 136.66 PFFB PFF Bancorp of Pomona CA 0.10 0.10 14.57 14.40 101.23 PVFC PVF Capital Corp. of OH 2.26 1.99 13.77 13.77 205.36 PCCI Pacific Crest Capital of CA* 0.93 0.75 7.66 7.66 96.93 PALM Palfed, Inc. of Aiken SC 0.82 0.69 10.09 9.60 119.41 PSSB Palm Springs SB of CA(8) 1.07 0.57 10.34 10.34 169.84 PBCI Pamrapo Bancorp, Inc. of NJ 1.59 1.59 17.21 17.05 111.06 PVSA Parkvale Financial Corp of PA 2.90 2.71 20.99 20.89 282.71 RP FINANCIAL, LC. ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part One Prices As Of June 14, 1996 Market Capitalization Price Change Data ----------------------- -------------------------------------------------- Shares Market 52 Week (1) % Change From ---------------- -------------------------- Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- -------- ------ --------- -------- ------ ------ ------ ------- ------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- PBIX Patriot Bank Corp. of PA 13.12 3,498 45.9 13.12 12.31 13.00 0.92 N.A. 1.94 PEEK Peekskill Fin. Corp. of NY 11.75 4,100 48.2 12.12 11.12 12.00 -2.08 N.A. -3.05 PFSB PennFed Fin. Services of NJ 15.87 5,077 80.6 16.00 12.25 15.12 4.96 N.A. 7.59 PWBC PennFirst Bancorp of PA 13.50 3,996 53.9 13.75 11.87 13.75 -1.82 69.17 0.00 PBKB People's SB of Brockton MA* 9.87 3,340 33.0 10.50 5.75 10.00 -1.30 66.16 -6.00 PFDC Peoples Bancorp of Auburn IN 20.25 2,356 47.7 22.50 18.00 20.62 -1.79 15.71 -1.79 PBCT Peoples Bank, MHC of CT(32.3)* 22.37 39,166 264.3 23.12 15.25 20.37 9.82 184.24 17.74 PHBK Peoples Heritage Fin Grp of ME* 20.25 17,028 344.8 22.75 15.00 20.12 0.65 32.27 -10.99 PBNB Peoples Sav. Fin. Corp. of CT* 20.50 1,915 39.3 22.50 18.00 20.50 0.00 107.70 6.49 PERM Permanent Bancorp of IN 15.75 2,186 34.4 18.50 14.00 16.00 -1.56 N.A. -3.08 PMFI Perpetual Midwest Fin. of IA 17.00 2,017 34.3 17.75 14.25 17.00 0.00 N.A. 3.03 PCBC Perry Co. Fin. Corp. of MO 17.50 856 15.0 21.50 14.75 17.25 1.45 N.A. -10.26 PHFC Pittsburgh Home Fin. of PA 10.37 2,182 22.6 11.12 9.87 10.00 3.70 N.A. N.A. PFSL Pocahnts Fed, MHC of AR (46.4) 14.75 1,610 11.0 17.25 11.00 15.75 -6.35 N.A. -7.06 POBS Portsmouth Bank Shrs Inc of NH(8)* 13.87 5,737 79.6 15.20 10.78 13.75 0.87 33.24 -7.96 PKPS Poughkeepsie SB of NY 5.25 12,535 65.8 6.00 4.62 5.50 -4.55 -32.26 0.00 PETE Primary Bank of NH* 12.25 1,953 23.9 15.50 11.75 12.25 0.00 N.A. -2.93 PSAB Prime Bancorp, Inc. of PA 17.62 3,723 65.6 20.68 15.68 17.50 0.69 153.89 -12.99 PFNC Progress Financial Corp. of PA 6.25 3,730 23.3 7.25 4.75 6.50 -3.85 -43.23 11.01 PSBK Progressive Bank, Inc. of NY* 29.50 2,631 77.6 29.75 24.25 29.00 1.72 120.64 0.00 PULB Pulaski SB, MHC of MO (29.0) 14.75 2,094 8.9 16.50 11.75 14.00 5.36 N.A. -1.67 PULS Pulse Bancorp of S. River NJ 17.50 3,886 68.0 17.75 14.50 17.31 1.10 41.47 2.94 QCFB QCF Bancorp of Virginia MN 14.50 1,783 25.9 15.12 12.00 14.00 3.57 N.A. -1.69 QCBC Quaker City Bancorp of CA 14.37 3,928 56.4 14.75 11.12 14.50 -0.90 91.60 3.60 QCSB Queens County SB of NY* 47.62 6,110 291.0 47.87 31.50 47.62 0.00 N.A. 20.37 RCSB RCSB Financial, Inc. of NY* 25.62 13,514 346.2 25.81 19.00 24.75 3.52 108.12 7.87 RARB Raritan Bancorp. of Raritan NJ* 20.75 1,427 29.6 22.50 20.50 21.19 -2.08 112.82 -3.49 REDF RedFed Bancorp of Redlands CA 9.62 4,060 39.1 10.62 7.75 9.62 0.00 N.A. -4.94 RELY Reliance Bancorp of NY 15.63 9,226 144.2 16.50 13.12 15.50 0.84 N.A. 6.91 RELI Reliance Bancshares Inc of WI* 7.87 2,562 20.2 8.50 7.50 7.50 4.93 N.A. N.A. RFED Roosevelt Fin. Grp. Inc. of MO 19.25 42,118 810.8 19.75 15.25 18.25 5.48 393.59 -0.62 RVSB Rvrview SB,FSB MHC of WA(40.3) 15.00 2,155 11.8 17.00 11.36 16.00 -6.25 N.A. 3.16 SCCB S. Carolina Comm. Bnshrs of SC 16.50 747 12.3 20.50 14.75 16.50 0.00 N.A. -8.94 SBFL SB Fing. Lakes MHC of NY(33.0) 16.00 1,785 9.4 16.75 9.50 16.50 -3.03 N.A. -1.54 SFED SFS Bancorp of Schenectady NY 12.00 1,395 16.7 13.50 11.00 11.75 2.13 N.A. -7.69 SGVB SGV Bancorp of W. Covina CA 8.62 2,728 23.5 10.12 8.00 8.62 0.00 N.A. -11.59 SISB SIS Bank of Sprinfield MA* 17.25 5,718 98.6 18.75 12.25 16.87 2.25 N.A. 5.38 SJSB SJS Bancorp of St. Joseph MI 20.75 983 20.4 20.75 14.75 20.75 0.00 N.A. 5.06 SWCB Sandwich Co-Op. Bank of MA* 20.00 1,873 37.5 21.50 15.63 19.37 3.25 132.02 9.59 SFBM Security Bancorp of MT 20.25 1,462 29.6 21.25 19.50 20.50 -1.22 161.29 -3.57 SECP Security Capital Corp. of WI 61.25 9,536 584.1 62.50 48.00 61.00 0.41 N.A. 1.66 SFSL Security First Corp. of OH 13.12 3,532 46.3 15.75 11.50 13.25 -0.98 -16.70 -7.93 SHFC Seven Hills Fin. Corp. of OH(8) 16.00 536 8.6 17.37 14.37 14.50 10.34 6.67 10.34 SMFC Sho-Me Fin. Corp. of MO 15.75 1,821 28.7 16.75 14.50 15.63 0.77 N.A. 5.00 SOBI Sobieski Bancorp of S. Bend IN 12.25 837 10.3 13.25 10.12 12.00 2.08 N.A. -5.77 SOSA Somerset Savings Bank of MA(8)* 1.47 16,652 24.5 1.88 1.12 1.50 -2.00 -71.29 7.30 SMBC Southern Missouri Bncrp of MO 14.75 1,724 25.4 17.50 13.50 14.00 5.36 N.A. -1.67 SWBI Southwest Bancshares of IL 27.12 1,871 50.7 28.25 26.00 27.25 -0.48 171.20 2.34 SVRN Sovereign Bancorp of PA 10.25 47,838 490.3 11.25 8.75 10.37 -1.16 129.31 6.33 STFR St. Francis Cap. Corp. of WI 25.25 5,857 147.9 28.00 19.00 25.50 -0.98 N.A. 8.60 SPBC St. Paul Bancorp, Inc. of IL 23.12 18,550 428.9 26.62 22.25 23.50 -1.62 37.05 -9.33 STND Standard Fin. of Chicago IL 15.12 16,765 253.5 15.37 12.87 15.25 -0.85 N.A. 3.42 SFFC StateFed Financial Corp. of IA 16.00 823 13.2 19.75 15.25 16.00 0.00 N.A. -11.70 SFIN Statewide Fin. Corp. of NJ 12.31 5,270 64.9 13.75 11.75 12.12 1.57 N.A. -5.74 STSA Sterling Financial Corp. of WA 14.75 5,426 80.0 14.75 10.23 14.00 5.36 62.27 7.27 Current Per Share Financials ------------------------------------------ Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share - --------------------- -------- ------- ------ -------- ------- ($) ($) ($) ($) ($) NASDAQ Listed OTC Companies (continued) - --------------------------------------- PBIX Patriot Bank Corp. of PA 0.42 0.43 15.47 15.47 89.48 PEEK Peekskill Fin. Corp. of NY 0.44 0.46 14.49 14.49 47.24 PFSB PennFed Fin. Services of NJ 1.32 1.43 18.08 14.32 201.45 PWBC PennFirst Bancorp of PA 1.00 0.99 13.37 12.18 170.28 PBKB People's SB of Brockton MA* 0.74 0.53 7.87 7.45 159.62 PFDC Peoples Bancorp of Auburn IN 1.70 1.69 18.19 18.19 119.18 PBCT Peoples Bank, MHC of CT(32.3)* 1.90 1.53 14.12 14.12 176.59 PHBK Peoples Heritage Fin Grp of ME* 2.14 2.11 16.24 13.97 193.90 PBNB Peoples Sav. Fin. Corp. of CT* 1.80 1.88 22.94 21.22 212.15 PERM Permanent Bancorp of IN 0.53 0.53 19.26 18.98 172.88 PMFI Perpetual Midwest Fin. of IA 0.73 0.73 17.87 17.87 185.44 PCBC Perry Co. Fin. Corp. of MO 0.88 0.88 18.84 18.84 90.32 PHFC Pittsburgh Home Fin. of PA 0.54 0.54 13.58 13.58 82.64 PFSL Pocahnts Fed, MHC of AR (46.4) 1.23 1.26 13.64 13.64 229.43 POBS Portsmouth Bank Shrs Inc of NH(8) 1.06 0.89 11.68 11.68 46.61 PKPS Poughkeepsie SB of NY 1.23 1.62 5.69 5.69 66.95 PETE Primary Bank of NH* -0.08 -0.07 12.76 12.71 201.31 PSAB Prime Bancorp, Inc. of PA 1.61 1.43 15.44 14.44 163.57 PFNC Progress Financial Corp. of PA 0.81 0.63 5.15 5.11 93.30 PSBK Progressive Bank, Inc. of NY* 2.73 2.81 26.45 26.45 298.58 PULB Pulaski SB, MHC of MO (29.0) 0.73 0.69 10.82 10.82 85.68 PULS Pulse Bancorp of S. River NJ 1.36 1.37 13.84 13.84 116.43 QCFB QCF Bancorp of Virginia MN 1.28 1.28 17.81 17.81 81.66 QCBC Quaker City Bancorp of CA 0.84 0.81 17.43 17.33 176.42 QCSB Queens County SB of NY* 3.39 3.50 35.00 35.00 206.14 RCSB RCSB Financial, Inc. of NY* 2.43 2.39 22.19 21.45 304.21 RARB Raritan Bancorp. of Raritan NJ* 1.94 1.91 17.60 17.16 243.06 REDF RedFed Bancorp of Redlands CA -1.06 -1.02 11.90 11.90 211.32 RELY Reliance Bancorp of NY 1.14 1.09 16.75 11.30 189.07 RELI Reliance Bancshares Inc of WI* 0.29 0.29 11.06 11.06 19.67 RFED Roosevelt Fin. Grp. Inc. of MO 1.35 1.83 10.54 9.96 216.88 RVSB Rvrview SB,FSB MHC of WA(40.3) 1.21 1.09 10.71 9.48 97.22 SCCB S. Carolina Comm. Bnshrs of SC 0.80 0.80 16.80 16.80 59.02 SBFL SB Fing. Lakes MHC of NY(33.0) -0.52 -0.19 11.40 11.40 98.92 SFED SFS Bancorp of Schenectady NY 0.74 0.74 16.68 16.68 118.69 SGVB SGV Bancorp of W. Covina CA 0.12 0.12 11.94 11.94 122.09 SISB SIS Bank of Sprinfield MA* 2.29 2.33 14.73 14.73 198.53 SJSB SJS Bancorp of St. Joseph MI 0.88 0.86 17.89 17.89 153.36 SWCB Sandwich Co-Op. Bank of MA* 1.92 1.80 19.46 18.18 226.31 SFBM Security Bancorp of MT 1.71 1.27 21.98 18.92 246.25 SECP Security Capital Corp. of WI 2.99 3.09 59.20 59.20 350.74 SFSL Security First Corp. of OH 1.50 1.57 11.58 11.26 132.97 SHFC Seven Hills Fin. Corp. of OH(8) 0.31 0.29 18.01 18.01 84.91 SMFC Sho-Me Fin. Corp. of MO 1.08 1.07 17.36 17.36 144.91 SOBI Sobieski Bancorp of S. Bend IN 0.39 0.39 16.87 16.87 91.23 SOSA Somerset Savings Bank of MA(8)* 0.10 0.10 1.67 1.67 30.60 SMBC Southern Missouri Bncrp of MO 0.78 0.73 15.41 15.41 93.96 SWBI Southwest Bancshares of IL 2.27 2.26 22.42 22.42 186.82 SVRN Sovereign Bancorp of PA 1.13 1.02 7.15 4.63 175.82 STFR St. Francis Cap. Corp. of WI 2.70 1.84 23.08 22.04 221.20 SPBC St. Paul Bancorp, Inc. of IL 1.95 1.90 20.64 20.57 223.33 STND Standard Fin. of Chicago IL 1.03 0.93 16.05 16.04 130.43 SFFC StateFed Financial Corp. of IA 1.03 1.03 18.13 18.13 90.14 SFIN Statewide Fin. Corp. of NJ 0.53 0.65 13.36 13.32 120.39 STSA Sterling Financial Corp. of WA 0.92 0.90 11.55 9.26 276.01 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Prices As Of June 14, 1996 Market Capitalization Price Change Data ----------------------- ------------------------------------------------ Shares Market 52 Week (1) % Change From -------------- ------------------------ Price/ Outst- Capital- Last Last Dec 31, Dec 31, Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2) - --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ($) (000) ($Mil) ($) ($) ($) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- SSBK Strongsville SB of OH 21.25 2,531 53.8 21.75 17.00 21.50 -1.16 N.A. 8.97 SFSB SuburbFed Fin. Corp. of IL 17.50 1,261 22.1 18.17 14.83 17.62 -0.68 162.37 6.06 SBCN Suburban Bancorp. of OH 15.00 1,481 22.2 18.50 14.50 14.50 3.45 N.A. -18.92 SCSL Suncoast S&LA of Hollywood FL 6.12 1,990 12.2 7.19 5.81 6.25 -2.08 -10.13 -2.08 THRD TF Financial Corp. of PA 14.50 4,523 65.6 16.00 13.25 14.62 -0.82 N.A. -5.66 ROSE TR Financial Corp. of NY 26.50 8,948 237.1 27.75 17.37 26.12 1.45 N.A. 3.92 TPNZ Tappan Zee Fin. Corp. of NY 12.25 1,620 19.8 13.00 11.25 12.00 2.08 N.A. -2.93 PTRS The Potters S&L Co. of OH 16.25 533 8.7 18.50 15.25 16.25 0.00 N.A. -4.75 THIR Third Financial Corp. of OH(8) 31.87 1,136 36.2 32.00 18.25 31.25 1.98 N.A. 21.41 TSBS Trenton SB, FSB MHC of NJ(35.0 14.25 8,912 44.4 15.00 11.37 14.50 -1.72 N.A. 9.62 TRIC Tri-County Bancorp of WY 18.50 631 11.7 18.50 13.87 18.50 0.00 N.A. 12.12 THBC Troy Hill Bancorp of PA 13.00 1,068 13.9 14.00 11.50 13.37 -2.77 N.A. 0.00 TWIN Twin City Bancorp of TN 16.00 898 14.4 18.25 13.50 16.00 0.00 N.A. -5.88 UFRM United FS&LA of Rocky Mount NC 8.00 3,065 24.5 8.50 5.25 8.25 -3.03 146.15 6.67 UBMT United SB, FA of MT 18.25 1,223 22.3 18.75 17.00 18.25 0.00 73.81 4.29 VABF Va. Beach Fed. Fin. Corp of VA 7.37 4,962 36.6 9.94 6.81 7.62 -3.28 57.14 -4.90 VAFD Valley FSB of Sheffield AL(8) 32.00 367 11.7 35.25 24.87 32.00 0.00 204.76 -8.57 VFFC Virginia First Savings of VA 12.75 5,615 71.6 12.75 8.37 12.25 4.08 ***.** 12.14 WBCI WFS Bancorp of Wichita KS(8) 22.87 1,561 35.7 22.87 18.75 22.87 0.00 N.A. 3.39 WHGB WHG Bancshares of MD 11.00 1,620 17.8 11.75 10.87 11.50 -4.35 N.A. N.A. WSFS WSFS Financial Corp. of DE* 7.50 14,179 106.3 10.00 5.63 7.87 -4.70 3.45 -15.67 WVFC WVS Financial Corp. of PA* 20.75 1,736 36.0 22.25 16.00 20.75 0.00 N.A. 8.53 WLDN Walden Bancorp of MA* 18.75 5,312 99.6 20.00 15.75 18.75 0.00 163.34 -1.32 WRNB Warren Bancorp of Peabody MA* 12.50 3,718 46.5 13.25 8.00 12.50 0.00 270.92 11.11 WFSL Washington FS&LA of Seattle WA 21.50 42,592 915.7 23.46 19.32 21.56 -0.28 47.36 -7.73 WAMU Washington Mutual Inc. of WA* 29.62 72,007 2,132.8 32.00 22.75 30.00 -1.27 59.59 2.60 WAYN Wayne S&L Co., MHC of OH(46.7) 20.75 1,492 13.7 22.00 17.14 20.50 1.22 N.A. -5.29 WCFB Webster CityFSB,MHC of IA(45.2 13.50 2,100 12.8 13.50 9.75 12.87 4.90 N.A. 8.00 WBST Webster Financial Corp. of CT 28.75 8,104 233.0 30.50 23.00 28.00 2.68 204.56 -2.54 WEFC Wells Fin. Corp. of Wells MN 11.50 2,188 25.2 11.50 9.06 11.25 2.22 N.A. 4.55 WCBI WestCo Bancorp of IL 21.62 2,678 57.9 22.00 14.83 22.00 -1.73 116.20 21.26 WSTR WesterFed Fin. Corp. of MT 14.37 4,396 63.2 17.12 14.25 14.37 0.00 N.A. -13.54 WOFC Western Ohio Fin. Corp. of OH 23.25 2,309 53.7 24.37 18.75 23.00 1.09 N.A. 0.00 WFCO Winton Financial Corp. of OH(8) 13.50 1,986 26.8 15.00 10.87 12.25 10.20 N.A. 24.20 FFWD Wood Bancorp of OH 18.50 1,034 19.1 19.50 14.12 18.75 -1.33 N.A. 2.78 WCHI Workingmens Cap. Hldgs of IN(8) 20.00 1,798 36.0 20.25 15.50 19.87 0.65 300.00 14.29 YFCB Yonkers Fin. Corp. of NY 9.38 3,571 33.5 10.12 9.31 9.62 -2.49 N.A. N.A. YFED York Financial Corp. of PA 16.87 6,050 102.1 18.86 14.32 16.62 1.50 78.52 0.00 Current Per Share Financials ---------------------------------------- Tangible Trailing 12 Mo. Book Book 12 Mo. Core Value/ Value/ Assets/ Financial Institution EPS(3) EPS(3) Share Share(4) Share - --------------------- -------- ------- ------- ------- ------- ($) ($) ($) ($) ($) NASDAQ Listed OTC Companies (continued) - --------------------------------------- SSBK Strongsville SB of OH 1.88 1.59 16.50 16.15 199.38 SFSB SuburbFed Fin. Corp. of IL 1.41 1.21 20.52 20.40 287.29 SBCN Suburban Bancorp. of OH 0.53 0.77 17.31 17.31 133.11 SCSL Suncoast S&LA of Hollywood FL 0.74 -0.92 6.59 6.56 234.42 THRD TF Financial Corp. of PA 0.94 0.91 16.43 16.43 114.79 ROSE TR Financial Corp. of NY 2.71 2.14 20.91 20.91 335.49 TPNZ Tappan Zee Fin. Corp. of NY 0.52 0.48 13.80 13.80 70.86 PTRS The Potters S&L Co. of OH 1.15 1.13 20.79 20.79 213.62 THIR Third Financial Corp. of OH(8) 1.89 1.69 24.87 24.87 137.05 TSBS Trenton SB, FSB MHC of NJ(35.0 1.05 0.70 11.08 10.83 58.20 TRIC Tri-County Bancorp of WY 0.98 0.95 20.75 20.75 116.38 THBC Troy Hill Bancorp of PA 1.02 0.93 16.73 16.73 75.36 TWIN Twin City Bancorp of TN 1.21 1.05 15.70 15.70 114.06 UFRM United FS&LA of Rocky Mount NC 0.73 0.64 6.81 6.81 82.27 UBMT United SB, FA of MT 1.32 1.31 20.12 20.12 85.51 VABF Va. Beach Fed. Fin. Corp of VA 0.32 0.01 8.28 8.28 125.95 VAFD Valley FSB of Sheffield AL(8) 1.09 1.06 26.14 26.14 323.23 VFFC Virginia First Savings of VA 1.48 1.22 9.82 9.46 127.15 WBCI WFS Bancorp of Wichita KS(8) 0.86 0.94 21.35 21.34 187.16 WHGB WHG Bancshares of MD 0.36 0.36 14.20 14.20 68.95 WSFS WSFS Financial Corp. of DE* 1.91 1.13 5.21 5.14 88.82 WVFC WVS Financial Corp. of PA* 1.63 1.82 20.93 20.93 138.41 WLDN Walden Bancorp of MA* 1.58 1.75 17.98 15.38 191.88 WRNB Warren Bancorp of Peabody MA* 1.56 1.49 8.54 8.54 95.45 WFSL Washington FS&LA of Seattle WA 1.88 1.80 14.04 13.36 115.73 WAMU Washington Mutual Inc. of WA* 2.62 2.61 19.33 17.19 310.31 WAYN Wayne S&L Co., MHC of OH(46.7) 0.95 0.89 15.32 15.32 166.56 WCFB Webster CityFSB,MHC of IA(45.2 0.51 0.51 10.32 10.32 46.31 WBST Webster Financial Corp. of CT 2.00 2.14 24.27 18.45 470.53 WEFC Wells Fin. Corp. of Wells MN 0.72 0.70 13.40 13.40 89.66 WCBI WestCo Bancorp of IL 1.50 1.49 18.07 18.07 115.48 WSTR WesterFed Fin. Corp. of MT 0.99 0.93 17.77 17.77 133.82 WOFC Western Ohio Fin. Corp. of OH 1.10 0.83 25.19 23.72 138.40 WWFC Westwood Fin. Corp. of NJ 0.99 0.99 14.61 12.51 136.46 WFCO Winton Financial Corp. of OH(8) 1.04 0.85 10.42 10.14 132.09 FFWD Wood Bancorp of OH 1.56 1.51 19.72 19.72 135.12 WCHI Workingmens Cap. Hldgs of IN(8) 1.07 1.05 14.55 14.55 118.84 YFCB Yonkers Fin. Corp. of NY 0.60 0.66 13.07 13.07 67.39 YFED York Financial Corp. of PA 1.65 1.44 15.22 15.22 173.33 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ----------------------------------------------------------- ---------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ------------------------ ------------- ------ ------- ------ Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs(7) Loans ------ ------ ------ ------ ------ ------ ------ ------ ------- ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Averages. SAIF-Insured Thrifts(no MHCs) - ---------------------------------------------- SAIF-Insured Thrifts(322) 13.31 13.12 0.87 8.17 6.97 0.81 7.35 0.97 127.98 0.88 NYSE Traded Companies(12) 6.31 5.96 0.70 11.72 7.94 0.58 9.64 1.58 62.19 1.33 AMEX Traded Companies(17) 18.40 18.32 0.83 6.71 5.46 0.80 6.35 0.61 132.94 0.70 NASDAQ Listed OTC Companies(295) 13.32 13.13 0.88 8.10 7.01 0.83 7.31 0.95 131.00 0.87 California Companies(25) 7.62 7.48 0.33 5.18 3.79 0.27 4.11 2.34 50.59 1.32 Florida Companies(10) 7.64 7.46 0.75 12.69 9.73 0.53 6.73 1.08 105.23 1.01 Mid-Atlantic Companies(63) 11.93 11.63 0.87 9.02 7.89 0.84 8.63 1.25 85.49 1.09 Mid-West Companies(149) 14.72 14.58 0.94 7.87 6.90 0.87 7.12 0.59 169.82 0.71 New England Companies(9) 8.08 7.46 0.63 8.69 8.61 0.53 7.21 1.35 49.90 1.10 North-West Companies(6) 10.61 10.24 0.96 10.34 7.28 0.90 9.45 0.87 71.09 0.84 South-East Companies(45) 15.70 15.54 1.02 8.66 6.71 0.97 8.06 0.99 124.58 0.86 South-West Companies(7) 12.45 12.34 0.72 7.33 8.19 0.69 6.85 0.86 41.09 0.86 Western Companies (Excl CA)(8) 17.09 16.91 1.04 7.61 6.38 0.99 7.17 0.26 211.26 0.57 Thrift Strategy(248) 14.89 14.72 0.87 7.09 6.36 0.83 6.64 0.86 137.28 0.81 Mortgage Banker Strategy(39) 7.52 7.21 0.84 11.92 9.29 0.64 8.38 1.32 77.80 0.94 Real Estate Strategy(16) 9.03 8.89 0.90 10.74 8.87 0.92 11.02 1.86 84.24 1.54 Diversified Strategy(15) 7.97 7.78 0.97 12.92 8.05 0.92 12.63 1.02 151.77 1.27 Retail Banking Strategy(4) 9.43 9.18 0.73 9.92 9.80 0.58 7.67 1.37 76.19 0.92 Companies Issuing Dividends(244) 13.25 13.04 0.95 8.76 7.41 0.88 7.95 0.84 134.57 0.84 Companies Without Dividends(78) 13.49 13.38 0.64 6.35 8.45 0.60 5.49 1.38 106.29 1.01 Equity/Assets less than 6%(29) 4.98 4.73 0.52 10.66 7.40 0.41 8.06 1.74 83.49 1.06 Equity/Assets 6-12%(147) 8.54 8.24 0.84 10.30 8.45 0.75 9.15 1.17 110.62 1.03 Equity/Assets less than 12%(146) 19.67 19.61 0.98 5.58 5.41 0.96 5.44 0.58 156.51 0.69 Converted Last 3 Mths (no MHC)(20) 23.59 23.58 0.82 4.54 4.26 0.83 4.66 0.78 157.79 0.79 Actively Traded Companies(53) 8.58 8.30 0.92 11.34 8.38 0.88 10.65 1.43 85.94 1.03 Market Value Below $20 Million(83) 15.71 15.67 0.84 6.73 6.84 0.75 5.38 0.86 117.93 0.72 Holding Company Structure(275) 13.89 13.68 0.87 7.76 6.71 0.82 7.12 0.92 130.77 0.85 Assets Over $1 Billion(61) 8.05 7.58 0.83 11.08 8.20 0.76 10.10 1.15 101.18 1.03 Assets $500 Million-$1 Billion(56) 11.31 11.07 0.85 8.76 7.01 0.81 8.14 1.34 133.20 1.03 Assets $250-$500 Million(79) 11.54 11.35 0.83 8.37 7.42 0.74 6.84 0.93 135.90 0.90 Assets less than $250 Million(126) 18.06 18.04 0.93 6.28 6.03 0.89 5.88 0.70 135.29 0.72 Goodwill Companies(133) 9.27 8.82 0.82 9.66 7.66 0.74 8.47 1.17 97.22 0.96 Non-Goodwill Companies(189) 16.24 16.24 0.91 7.10 6.46 0.87 6.55 0.81 152.50 0.82 Acquirors of FSLIC Cases(14) 7.07 6.70 0.88 12.89 9.72 0.84 12.16 1.45 51.18 0.92 Pricing Ratios Dividend Data(6) ----------------------------------------------- -------------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ ---------- ------- ------- ------ (X) (%) (%) (%) (x) ($) (%) (%) Market Averages. SAIF-Insured Thrifts(no MHCs) - ---------------------------------------------- SAIF-Insured Thrifts(322) 14.18 104.06 13.03 107.30 15.01 0.34 1.87 25.85 NYSE Traded Companies(12) 12.83 134.82 8.65 143.08 14.52 0.42 1.49 16.50 AMEX Traded Companies(17) 15.97 93.51 16.27 94.20 17.16 0.35 2.37 26.64 NASDAQ Listed OTC Companies(295) 14.16 103.31 13.03 106.48 14.93 0.33 1.86 26.26 California Companies(25) 13.77 101.59 7.45 104.33 15.53 0.27 1.13 16.04 Florida Companies(10) 11.59 107.59 7.96 110.30 13.96 0.16 0.87 11.16 Mid-Atlantic Companies(63) 12.97 101.95 11.48 106.87 13.55 0.32 1.78 23.48 Mid-West Companies(149) 14.83 102.90 14.16 105.10 15.73 0.34 1.91 27.20 New England Companies(9) 11.32 93.54 7.44 102.87 12.94 0.51 2.76 32.40 North-West Companies(6) 14.91 134.17 13.05 143.27 14.27 0.27 1.32 18.23 South-East Companies(45) 14.87 113.25 16.53 115.83 15.26 0.37 2.23 30.64 South-West Companies(7) 13.51 81.31 9.90 85.14 14.38 0.30 2.13 21.90 Western Companies (Excl CA)(8) 15.12 102.67 16.20 104.74 16.03 0.43 2.49 36.99 Thrift Strategy(248) 14.97 98.51 14.01 100.93 15.57 0.33 1.97 28.45 Mortgage Banker Strategy(39) 11.24 120.44 9.15 128.56 13.21 0.34 1.52 16.80 Real Estate Strategy(16) 12.84 110.26 9.66 112.25 13.03 0.17 0.83 8.83 Diversified Strategy(15) 12.25 148.58 11.72 153.48 12.72 0.60 2.41 27.99 Retail Banking Strategy(4) 12.29 91.51 8.42 94.49 16.07 0.14 1.33 18.06 Companies Issuing Dividends(244) 14.18 108.11 13.49 111.82 14.92 0.45 2.48 34.59 Companies Without Dividends(78) 14.18 91.53 11.59 93.31 15.40 0.00 0.00 0.00 Equity/Assets less than 6%(29) 10.98 119.25 5.98 128.32 12.88 0.24 1.17 13.46 Equity/Assets 6-12%(147) 12.50 113.16 9.57 118.30 13.50 0.36 1.83 22.52 Equity/Assets less than 12%(146) 16.89 91.77 17.86 92.26 17.24 0.33 2.06 32.14 Converted Last 3 Mths (no MHC)(20) 17.67 77.24 18.44 77.29 18.20 0.06 0.48 2.14 Actively Traded Companies(53) 11.72 124.78 10.51 131.82 12.36 0.49 2.12 25.20 Market Value Below $20 Million(83) 14.84 87.10 13.44 87.59 15.84 0.26 1.76 25.31 Holding Company Structure(275) 14.60 103.31 13.45 105.59 15.24 0.35 1.92 26.84 Assets Over $1 Billion(61) 12.29 126.35 9.95 136.51 13.35 0.48 2.00 23.95 Assets $500 Million-$1 Billion(56) 13.77 107.05 11.82 110.72 14.69 0.29 1.57 22.61 Assets $250-$500 Million(79) 13.49 104.07 11.62 105.98 14.65 0.33 1.97 26.11 Assets less than $250 Million(126) 15.98 91.19 16.06 91.49 16.42 0.29 1.90 28.43 Goodwill Companies(133) 12.64 113.80 10.29 121.50 13.91 0.39 1.89 24.16 Non-Goodwill Companies(189) 15.39 97.00 15.01 97.00 15.90 0.30 1.87 27.15 Acquirors of FSLIC Cases(14) 10.89 130.26 9.07 137.91 12.61 0.43 1.99 21.15 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances; ROI (return on investment) is current EPS divided by current price. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ---------------------- --------------- Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans ------- ------- ------ ------- ------- ------- ------- ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Averages. BIF-Insured Thrifts(no NHCs) - --------------------------------------------- BIF-Insured Thrifts(71) 10.43 10.18 0.93 10.98 8.80 0.88 10.18 1.68 93.53 1.49 NYSE Traded Companies(3) 5.37 5.33 0.24 4.68 3.82 0.30 5.92 2.64 36.28 1.17 AMEX Traded Companies(4) 12.21 11.77 0.75 8.27 7.54 0.53 5.60 2.73 45.60 1.37 NASDAQ Listed OTC Companies(64) 10.48 10.24 0.97 11.39 9.06 0.93 10.65 1.60 97.47 1.51 California Companies(2) 6.78 6.77 0.61 11.41 7.04 0.51 9.40 4.57 31.17 1.83 Mid-Atlantic Companies(19) 10.53 10.46 0.83 10.28 8.05 0.81 9.47 1.92 80.22 1.43 Mid-West Companies(1) 56.23 56.23 1.47 2.62 3.68 1.47 2.62 0.00 0.00 0.49 New England Companies(44) 9.03 8.68 0.94 11.21 9.40 0.89 10.47 1.56 87.70 1.60 North-West Companies(4) 13.71 13.54 1.12 12.13 8.04 1.11 12.03 0.31 256.34 0.95 South-West Companies(1) 8.65 8.35 1.54 17.77 11.53 1.20 13.90 0.42 127.82 0.78 Thrift Strategy(44) 12.01 11.76 0.94 10.03 8.54 0.90 9.53 1.57 88.31 1.45 Mortgage Banker Strategy(11) 7.24 6.88 0.74 10.13 8.21 0.73 10.10 1.16 121.43 1.22 Real Estate Strategy(7) 9.61 9.56 1.24 14.45 9.78 1.12 12.71 2.07 95.15 1.73 Diversified Strategy(7) 6.87 6.55 1.16 18.46 13.00 0.98 15.19 2.69 91.76 2.03 Retail Banking Strategy(2) 6.32 6.16 0.05 0.82 1.05 0.05 0.86 1.31 68.51 1.24 Companies Issuing Dividends(50) 9.20 8.89 1.01 11.72 9.42 0.97 11.11 1.14 108.75 1.39 Companies Without Dividends(21) 13.27 13.18 0.74 9.26 7.36 0.68 8.03 3.25 48.95 1.72 Equity/Assets less than 6%(8) 5.38 5.31 0.74 14.03 9.43 0.58 10.93 3.69 44.18 1.81 Equity/Assets 6-12%(51) 8.25 7.93 0.95 11.78 9.57 0.90 11.09 1.50 94.12 1.51 Equity/Assets less than 12%(12) 23.69 23.69 0.97 5.38 4.78 0.99 5.44 1.31 137.58 1.19 Converted Last 3 Mths (no MHC)(3) 36.19 36.19 0.95 2.82 3.58 1.01 3.03 0.00 0.00 1.14 Actively Traded Companies(30) 8.50 8.10 0.90 10.73 8.87 0.89 10.63 1.29 95.02 1.52 Market Value Below $20 Million(11) 9.98 9.72 0.80 9.69 8.62 0.71 8.54 1.54 89.01 1.21 Holding Company Structure(45) 11.59 11.33 1.04 11.60 9.26 1.00 10.88 1.48 101.04 1.57 Assets Over $1 Billion(17) 7.83 7.54 0.98 13.40 9.74 0.93 12.27 1.99 79.90 1.57 Assets $500 Million-$1 Billion(17) 10.22 9.93 0.93 10.87 8.54 0.84 9.76 1.17 110.69 1.58 Assets $250-$500 Million(22) 10.17 9.94 0.89 10.50 8.68 0.88 10.14 2.02 80.14 1.51 Assets less than $250 Million(15) 13.41 13.22 0.94 9.44 8.31 0.88 8.67 1.43 108.50 1.31 Goodwill Companies(35) 7.85 7.35 0.82 10.93 8.65 0.74 9.68 1.44 84.25 1.41 Non-Goodwill Companies(36) 12.93 12.93 1.03 11.02 8.94 1.02 10.66 1.93 103.15 1.57 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) Market Averages. BIF-Insured Thrifts(no MHCs) - --------------------------------------------- BIF-Insured Thrifts(71) 11.39 110.33 10.75 113.88 11.64 0.37 2.00 22.27 NYSE Traded Companies(3) 19.29 112.70 5.99 113.49 14.11 0.00 0.00 0.00 AMEX Traded Companies(4) 11.11 99.61 11.08 105.97 13.51 0.52 2.64 32.48 NASDAQ Listed OTC Companies(64) 11.25 111.00 10.90 114.45 11.51 0.37 2.03 22.34 California Companies(2) 8.60 99.19 6.78 99.25 10.67 0.00 0.00 0.00 Mid-Atlantic Companies(19) 12.56 110.36 10.85 111.48 12.07 0.37 1.61 19.16 Mid-West Companies(1) 0.00 71.16 40.01 71.16 0.00 0.00 0.00 0.00 New England Companies(44) 11.11 110.11 9.65 114.95 11.57 0.40 2.36 25.15 North-West Companies(4) 10.62 121.27 14.98 126.04 10.68 0.40 2.10 28.55 South-West Companies(1) 8.67 135.90 11.75 140.71 11.08 0.16 1.49 12.90 Thrift Strategy(44) 11.78 105.96 11.66 109.14 11.88 0.38 2.10 23.88 Mortgage Banker Strategy(11) 11.87 113.81 8.23 118.90 11.75 0.38 2.06 23.71 Real Estate Strategy(7) 10.97 126.85 12.46 127.65 12.14 0.31 1.51 15.05 Diversified Strategy(7) 8.88 124.46 8.50 131.34 9.65 0.34 1.80 17.14 Retail Banking Strategy(2) 0.00 90.11 5.69 92.27 0.00 0.32 1.91 0.00 Companies Issuing Dividends(50) 11.07 114.87 10.43 119.46 11.24 0.53 2.87 31.29 Companies Without Dividends(21) 12.39 99.82 11.50 100.97 12.85 0.00 0.00 0.00 Equity/Assets less than 6%(8) 12.31 122.37 6.56 124.14 12.93 0.05 0.47 6.31 Equity/Assets 6-12%(51) 10.89 113.55 9.34 118.07 11.15 0.45 2.45 26.26 Equity/Assets less than 12%(12) 14.90 88.01 19.91 88.01 14.53 0.19 0.79 13.43 Converted Last 3 Mths (no MHC)(3) 21.68 71.63 25.91 71.63 18.87 0.00 0.00 0.00 Actively Traded Companies(30) 11.83 112.19 9.42 117.80 11.48 0.46 2.43 25.33 Market Value Below $20 Million(11) 10.64 98.44 9.21 102.23 12.21 0.23 1.57 14.71 Holding Company Structure(45) 10.90 110.13 11.90 114.05 11.20 0.40 2.17 24.86 Assets Over $1 Billion(17) 11.03 122.64 9.67 127.82 10.90 0.43 1.64 18.01 Assets $500 Million-$1 Billion(17) 11.04 111.35 10.98 115.50 12.22 0.53 2.78 32.38 Assets $250-$500 Million(22) 12.07 107.70 10.28 110.25 11.46 0.32 2.02 23.46 Assets less than $250 Million(15) 11.09 101.42 12.19 104.20 12.15 0.23 1.59 14.99 Goodwill Companies(35) 11.95 112.44 8.77 119.65 12.21 0.48 2.49 29.15 Non-Goodwill Companies(36) 10.81 108.29 12.68 108.29 11.08 0.26 1.53 16.06 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances; ROI (return on investment) is current EPS divided by current price. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14,1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ---------------------- --------------- Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans ------- ------- ------ ------- ------- ------- ------- ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Market Averages. MHC Institutions - --------------------------------- SAIF-Insured Thrifts(19) 11.89 11.67 0.78 6.84 5.19 0.73 6.57 0.69 83.87 0.82 BIF-Insured Thrifts(2) 10.14 10.14 0.80 9.31 6.00 0.69 7.88 2.36 44.03 1.42 NASDAQ Listed OTC Companies(21) 11.72 11.52 0.78 7.09 5.27 0.73 6.70 0.85 79.44 0.88 Florida Companies(3) 10.30 10.26 0.89 8.83 6.78 0.86 8.60 0.72 107.38 0.97 Mid-Atlantic Companies(9) 12.45 12.12 0.68 5.25 4.03 0.68 5.55 1.11 50.81 0.89 Mid-West Companies(7) 12.13 12.12 0.74 6.66 5.19 0.64 5.90 0.59 94.58 0.76 New England Companies(1) 8.00 8.00 1.11 14.66 8.49 0.89 11.81 1.66 65.45 1.65 North-West Companies(1) 11.02 9.75 1.30 11.97 8.07 1.17 10.78 0.26 119.16 0.51 Thrift Strategy(18) 11.97 11.81 0.74 6.39 4.94 0.70 6.19 0.84 77.83 0.85 Mortgage Banker Strategy(2) 11.02 9.75 1.30 11.97 8.07 1.17 10.78 0.26 119.16 0.51 Diversified Strategy(1) 8.00 8.00 1.11 14.66 8.49 0.89 11.81 1.66 65.45 1.65 Companies Issuing Dividends(21) 11.72 11.52 0.78 7.09 5.27 0.73 6.70 0.85 79.44 0.88 Equity/Assets less than 6%(1) 5.95 5.95 0.56 9.43 8.34 0.58 9.66 0.26 146.44 1.14 Equity/Assets 6-12%(13) 9.93 9.69 0.68 7.17 5.22 0.68 7.14 0.89 87.47 0.90 Equity/Assets less than 12%(7) 15.61 15.44 1.00 6.61 4.94 0.83 5.53 0.87 46.77 0.79 Actively Traded Companies(1) 9.49 8.24 0.86 9.52 7.87 0.83 9.13 0.96 55.11 1.08 Market Value Below $20 Million(1) 11.79 11.79 0.43 3.82 3.43 0.35 3.10 0.52 90.42 0.60 Holding Company Structure(1) 9.49 8.24 0.86 9.52 7.87 0.83 9.13 0.96 55.11 1.08 Assets Over $1 Billion(4) 10.25 9.95 0.95 9.86 6.33 0.87 8.88 1.13 67.59 1.17 Assets $500 Million-$1 Billion(6) 11.26 10.96 0.90 7.95 6.02 0.83 7.78 0.76 81.42 0.95 Assets $250-$500 Million(3) 10.24 10.22 0.74 7.85 6.77 0.73 7.72 0.15 187.85 0.64 Assets less than $250 Million(8) 13.17 13.01 0.65 5.11 3.76 0.60 4.70 1.09 51.85 0.80 Goodwill Companies(10) 11.19 10.75 0.95 8.90 6.39 0.82 7.79 0.68 93.85 0.80 Non-Goodwill Companies(11) 12.15 12.15 0.65 5.60 4.36 0.66 5.82 0.99 65.03 0.94 MHC Institutions(21) 11.72 11.52 0.78 7.09 5.27 0.73 6.70 0.85 79.44 0.88 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) Market Averages. MHC Institutions - --------------------------------- SAIF-Insured Thrifts(19) 16.51 123.04 14.76 125.84 17.68 0.60 3.82 44.90 BIF-Insured Thrifts(2) 11.77 135.65 13.27 135.65 14.62 0.58 3.59 42.11 NASDAQ Listed OTC Companies(21) 16.20 124.30 14.61 126.82 17.48 0.60 3.79 44.59 Florida Companies(3) 15.18 120.89 12.19 121.32 15.80 0.83 4.59 63.26 Mid-Atlantic Companies(9) 16.66 119.55 15.05 123.35 18.78 0.44 3.15 35.56 Mid-West Companies(7) 17.99 124.06 15.31 124.15 18.42 0.71 4.57 54.74 New England Companies(1) 11.77 158.43 12.67 158.43 14.62 0.80 3.58 42.11 North-West Companies(1) 12.40 140.06 15.43 158.23 13.76 0.20 1.33 16.53 Thrift Strategy(18) 16.83 121.53 14.68 123.32 17.98 0.61 3.94 48.96 Mortgage Banker Strategy(2) 12.40 140.06 15.43 158.23 13.76 0.20 1.33 16.53 Diversified Strategy(1) 11.77 158.43 12.67 158.43 14.62 0.80 3.58 42.11 Companies Issuing Dividends(21) 16.20 124.30 14.61 126.82 17.48 0.60 3.79 44.59 Equity/Assets less than 6%(1) 11.99 108.14 6.43 108.14 11.71 0.80 5.42 65.04 Equity/Assets 6-12%(13) 15.14 125.03 12.38 128.28 16.75 0.59 3.29 43.28 Equity/Assets less than 12%(7) 18.95 125.35 19.62 126.99 20.74 0.60 4.43 33.33 Actively Traded Companies(1) 12.70 112.66 10.69 129.74 13.24 0.40 2.54 32.26 Market Value Below $20 Million(1) 0.00 104.40 12.31 104.40 0.00 0.40 2.86 0.00 Holding Company Structure(1) 12.70 112.66 10.69 129.74 13.24 0.40 2.54 32.26 Assets Over $1 Billion(4) 17.05 143.47 14.49 146.93 18.11 0.56 3.18 41.60 Assets $500 Million-$1 Billion(6) 14.36 114.19 13.05 117.74 17.13 0.63 3.71 48.03 Assets $250-$500 Million(3) 15.17 112.14 11.42 112.35 15.54 0.72 4.29 54.74 Assets less than $250 Million(8) 18.62 129.25 17.02 131.52 19.48 0.56 3.90 16.53 Goodwill Companies(10) 15.48 127.29 14.19 132.90 17.31 0.48 2.89 34.96 Non-Goodwill Companies(11) 17.01 121.85 14.96 121.85 17.67 0.70 4.53 63.85 MHC Institutions(21) 16.20 124.30 14.61 126.82 17.48 0.60 3.79 44.59 (1) Average of high/low or bid/ask price per share. (2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and are not annualized (3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis. (4) Excludes intangibles (such as goodwill, value of core deposits, etc.). (5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and average common equity and assets balances; ROI (return on investment) is current EPS divided by current price. (6) Annualized, based on last regular quarterly cash dividend announcement. (7) Indicated dividend as a percent of trailing twelve month earnings. (8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics. * All thrifts are SAIF insured unless otherwise noted with an asterisk. Parentheses following market averages indicate the number of institutions included in the respective averages. All figures have been adjusted for stock splits, stock dividends, and secondary offerings. Source: Corporate reports and offering circulars for publicly traded companies, and RP Financial, Inc. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ---------------------- --------------- Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans ------- ------- ------ ------- ------- ------- ------- ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NYSE Traded Companies - --------------------- AHM Ahmanson and Co. H.F. of CA 4.61 4.32 0.80 17.30 13.71 0.10 2.09 2.30 33.64 1.25 CAL CalFed Inc. of Los Angeles CA 4.52 4.52 0.58 13.78 9.15 0.55 12.96 1.61 77.66 1.85 CSA Coast Savings Financial of CA 5.16 5.08 0.46 9.62 6.41 0.40 8.33 1.62 48.77 1.17 CFB Commercial Federal Corp. of NE 6.05 5.43 0.84 15.46 8.98 0.84 15.37 1.02 73.31 1.02 DME Dime Savings Bank, FSB of NY* 5.08 5.03 0.34 6.97 5.18 0.46 9.54 NA NA 1.24 DSL Downey Financial Corp. of CA 8.33 8.18 0.61 7.57 8.10 0.53 6.62 2.03 29.06 0.66 FRC First Republic Bancorp of CA* 5.65 5.64 0.14 2.38 2.46 0.13 2.31 2.64 36.28 1.09 FED FirstFed Fin. Corp. of CA 4.69 4.61 0.18 3.94 4.06 0.20 4.38 2.56 73.84 2.55 GLN Glendale Fed. Bk, FSB of CA 5.37 4.95 0.12 2.49 2.27 0.29 5.87 2.08 65.06 1.78 GDW Golden West Fin. Corp. of CA 6.66 6.27 0.75 11.76 8.11 0.74 11.63 1.37 31.65 0.53 GWF Great Western Fin. Corp. of CA 5.78 5.06 0.60 10.98 8.08 0.54 10.01 1.81 43.93 1.15 GPT GreenPoint Fin. Corp. of NY(8)* 10.58 6.03 0.92 6.87 6.91 0.96 7.17 2.94 24.69 1.67 SFB Standard Fed. Bancorp of MI 6.96 5.93 0.94 13.84 10.28 0.85 12.50 0.45 59.52 0.38 TCB TCF Financial Corp. of MN 7.69 7.35 1.37 20.13 8.39 1.29 19.04 0.92 102.63 1.23 WES Westcorp Inc. of Orange CA 9.89 9.86 1.21 13.72 7.78 0.60 6.86 1.24 107.17 2.37 AMEX Traded Companies - --------------------- BKC American Bank of Waterbury CT* 8.57 8.12 0.96 10.74 8.24 0.39 4.36 2.95 33.54 1.46 BFD BostonFed Bancorp of MA 13.51 13.51 0.21 2.42 1.63 0.18 2.05 1.67 40.40 0.85 CFX Cheshire Fin. Corp. of NH* 9.46 8.44 0.99 10.03 8.00 0.82 8.28 1.09 76.02 1.08 CZF Citisave Fin. Corp. of LA 18.18 18.17 1.28 9.16 7.16 0.88 6.28 0.30 38.75 0.21 CBK Citizens First Fin.Corp. of IL 15.57 15.57 0.63 4.01 5.67 0.68 4.37 NA NA 0.24 ESX Essex Bancorp of VA(8) 2.57 -0.08 0.32 7.80 43.11 -0.78 -18.91 3.32 47.35 1.88 FCB Falmouth Co-Op Bank of MA* 24.56 24.56 0.45 2.40 2.44 0.47 2.50 NA NA 1.31 GAF GA Financial Corp. of PA 22.44 22.44 0.58 4.73 3.00 0.78 6.30 0.19 78.79 0.41 KNK Kankakee Bancorp of IL 9.80 9.09 0.50 4.56 5.97 0.49 4.48 0.59 110.93 1.02 KYF Kentucky First Bancorp of KY 23.62 23.62 1.12 5.40 4.26 1.12 5.40 0.15 299.19 0.87 NYB New York Bancorp, Inc. of NY 5.78 5.78 1.18 19.84 10.77 1.12 18.82 1.63 45.81 1.22 PDB Piedmont Bancorp of NC 29.77 29.77 1.34 6.02 4.38 1.36 6.12 0.72 65.30 0.66 PLE Pinnacle Bank of AL 8.19 7.90 0.79 10.40 10.61 0.71 9.31 0.22 303.63 1.04 SSB Scotland Bancorp of NC 37.58 37.58 1.09 3.96 3.07 1.09 3.96 NA NA 0.52 SZB SouthFirst Bancshares of AL 14.89 14.89 0.55 3.25 4.49 0.76 4.49 0.56 52.60 0.45 SRN Southern Banc Company of AL 20.38 20.15 0.50 4.33 2.72 0.50 4.33 NA NA 0.25 SSM Stone Street Bancorp of NC 33.68 33.68 0.77 3.04 2.55 0.77 3.04 0.31 126.92 0.60 TSH Teche Holding Company of LA 17.16 17.16 1.17 7.06 6.94 1.14 6.91 0.24 362.84 1.10 FTF Texarkana Fst. Fin. Corp of AR 20.62 20.62 1.86 11.49 8.97 1.39 8.62 0.36 196.08 0.89 THR Three Rivers Fin. Corp. of MI 15.74 15.64 0.59 6.68 3.81 0.57 6.41 0.73 70.06 0.77 TBK Tolland Bank of CT* 6.25 5.96 0.61 9.90 11.49 0.44 7.25 4.14 27.24 1.62 WSB Washington SB, FSB of MD 8.08 8.08 0.94 12.56 10.36 0.69 9.25 NA NA 0.95 NASDAQ Listed OTC Companies - --------------------------- FBCV 1st Bancorp of Vincennes IN 7.88 7.88 2.25 35.91 36.85 -0.16 -2.60 0.38 86.69 0.46 WFSB 1st Washington Bancorp of VA(8) 5.95 5.95 0.64 11.09 6.42 0.26 4.57 0.87 86.57 1.70 ALBK ALBANK Fin. Corp. of Albany NY 9.62 8.49 0.99 9.39 8.11 0.99 9.39 1.03 70.00 1.09 AMFC AMB Financial Corp. of IN 20.06 20.06 0.49 4.30 3.06 0.49 4.30 0.71 63.16 0.66 ASBP ASB Financial Corp. of OH 23.07 23.07 1.03 4.75 4.27 1.03 4.75 1.48 53.58 1.30 ABBK Abington Savings Bank of MA(8)* 6.50 5.69 0.36 5.29 5.53 0.24 3.48 0.37 88.30 0.58 AADV Advantage Bancorp of WI 9.77 8.47 0.90 9.33 7.38 0.81 8.40 0.56 100.02 1.04 AFCB Affiliated Comm BC, Inc of MA 10.25 10.17 0.71 6.31 7.22 0.86 7.56 1.34 57.09 1.28 ALBC Albion Banc Corp. of Albion NY 10.71 10.71 0.30 2.87 4.00 0.25 2.43 0.72 61.31 0.55 ATSB AmTrust Capital Corp. of IN 10.34 10.23 0.31 2.75 3.75 0.07 0.59 1.31 38.02 0.73 AHCI Ambanc Holding Co. of NY* 19.17 19.17 -0.03 -0.23 -0.21 -0.04 -0.35 4.22 24.58 1.64 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) NYSE Traded Companies - --------------------- AHM Ahmanson and Co. H.F. of CA 7.29 130.49 6.02 139.23 NM 0.88 3.31 24.11 CAL CalFed Inc. of Los Angeles CA 10.93 140.44 6.34 140.44 11.63 0.00 0.00 0.00 CSA Coast Savings Financial of CA 15.61 142.51 7.36 144.91 18.02 0.00 0.00 0.00 CFB Commercial Federal Corp. of NE 11.13 145.35 8.79 161.79 11.19 0.40 1.04 11.53 DME Dime Savings Bank, FSB of NY* 19.29 131.46 6.68 132.93 14.11 0.00 0.00 0.00 DSL Downey Financial Corp. of CA 12.35 90.89 7.57 92.51 14.12 0.48 2.31 28.57 FRC First Republic Bancorp of CA* NM 93.94 5.31 94.06 NM 0.00 0.00 0.00 FED FirstFed Fin. Corp. of CA 24.65 95.21 4.46 96.85 22.15 0.00 0.00 0.00 GLN Glendale Fed. Bk, FSB of CA NM 105.77 5.68 114.76 18.69 0.00 0.00 0.00 GDW Golden West Fin. Corp. of CA 12.33 136.97 9.12 145.61 12.47 0.38 0.70 8.60 GWF Great Western Fin. Corp. of CA 12.37 128.94 7.45 147.24 13.57 1.00 4.21 52.08 GPT GreenPoint Fin. Corp. of NY(8)* 14.47 100.65 10.65 176.71 13.85 0.80 2.72 39.41 SFB Standard Fed. Bancorp of MI 9.72 126.98 8.83 148.85 10.77 0.76 1.99 19.39 TCB TCF Financial Corp. of MN 11.91 219.34 16.86 229.36 12.59 0.75 2.26 26.98 WES Westcorp Inc. of Orange CA 12.85 154.92 15.33 155.45 NM 0.38 2.08 26.76 AMEX Traded Companies - --------------------- BKC American Bank of Waterbury CT* 12.13 126.48 10.84 133.37 NM 1.36 5.55 67.33 BFD BostonFed Bancorp of MA NM 88.13 11.91 88.13 NM 0.20 1.63 NM CFX Cheshire Fin. Corp. of NH* 12.50 119.85 11.34 134.30 15.13 0.72 5.01 62.61 CZF Citisave Fin. Corp. of LA 13.97 94.87 17.25 94.94 20.36 0.30 2.11 29.41 CBK Citizens First Fin.Corp. of IL 17.63 70.75 11.02 70.75 16.18 0.00 0.00 0.00 ESX Essex Bancorp of VA(8) 2.32 29.15 0.75 NM NM 0.00 0.00 0.00 FCB Falmouth Co-Op Bank of MA* NM 69.07 16.96 69.07 NM 0.00 0.00 0.00 GAF GA Financial Corp. of PA NM 76.71 17.21 76.71 25.00 0.00 0.00 0.00 KNK Kankakee Bancorp of IL 16.74 77.84 7.63 83.91 17.04 0.40 2.08 34.78 KYF Kentucky First Bancorp of KY 23.46 93.63 22.11 93.63 23.46 0.50 3.74 NM NYB New York Bancorp, Inc. of NY 9.28 185.94 10.75 185.94 9.79 0.80 3.17 29.41 PDB Piedmont Bancorp of NC 22.84 94.31 28.07 94.31 22.46 0.48 3.62 NM PLE Pinnacle Bank of AL 9.43 94.27 7.72 97.70 10.54 0.72 4.47 42.11 SSB Scotland Bancorp of NC NM 86.02 32.32 86.02 NM 0.00 0.00 0.00 SZB SouthFirst Bancshares of AL 22.27 79.13 11.78 79.13 16.12 0.50 4.08 NM SRN Southern Banc Company of AL NM 85.43 17.41 86.38 NM 0.35 2.64 NM SSM Stone Street Bancorp of NC NM 78.72 26.52 78.72 NM 0.44 2.61 NM TSH Teche Holding Company of LA 14.40 91.32 15.67 91.32 14.72 0.50 3.77 54.35 FTF Texarkana Fst. Fin. Corp of AR 11.15 97.17 20.04 97.17 14.86 0.45 2.73 30.41 THR Three Rivers Fin. Corp. of MI NM 89.73 14.12 90.28 NM 0.30 2.24 58.82 TBK Tolland Bank of CT* 8.71 83.05 5.19 87.13 11.89 0.00 0.00 0.00 WSB Washington SB, FSB of MD 9.65 109.34 8.84 109.34 13.10 0.10 1.82 17.54 NASDAQ Listed OTC Companies - --------------------------- FBCV 1st Bancorp of Vincennes IN 2.71 82.34 6.49 82.34 NM 0.40 1.50 4.08 WFSB 1st Washington Bancorp of VA(8) 15.57 165.76 9.87 165.76 NM 0.12 1.51 23.53 ALBK ALBANK Fin. Corp. of Albany NY 12.33 115.56 11.12 130.95 12.33 0.48 1.76 21.72 AMFC AMB Financial Corp. of IN NM 70.42 14.12 70.42 NM 0.00 0.00 0.00 ASBP ASB Financial Corp. of OH 23.44 99.73 23.01 99.73 23.44 0.30 2.00 46.88 ABBK Abington Savings Bank of MA(8)* 18.08 93.04 6.05 106.37 NM 0.40 2.60 47.06 AADV Advantage Bancorp of WI 13.55 122.43 11.97 141.31 15.04 0.32 0.94 12.75 AFCB Affiliated Comm BC, Inc of MA 13.84 88.30 9.05 89.00 11.55 0.48 2.87 39.67 ALBC Albion Banc Corp. of Albion NY 25.00 70.94 7.60 70.94 NM 0.31 1.88 46.97 ATSB AmTrust Capital Corp. of IN NM 74.10 7.66 74.89 NM 0.00 0.00 0.00 AHCI Ambanc Holding Co. of NY* NM 68.93 13.21 68.93 NM 0.00 0.00 NM RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ---------------------- --------------- Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans ------- ------- ------ ------- ------- ------- ------- ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- ASBI Ameriana Bancorp of IN 11.64 11.62 0.93 7.22 7.69 0.90 7.00 0.56 50.63 0.40 AFFFZ America First Fin. Fund of CA 6.80 6.64 0.81 12.56 11.85 0.81 12.48 0.65 46.82 0.50 AMFB American Federal Bank of SC 8.21 7.58 1.29 16.11 9.84 1.41 17.57 0.50 151.69 1.27 ANBK American Nat'l Bancorp of MD 10.91 10.91 0.34 3.61 3.75 0.33 3.51 1.40 69.89 1.61 ABCW Anchor Bancorp Wisconsin of WI 6.75 6.57 0.87 12.13 8.65 0.85 11.80 0.61 214.80 1.63 ANDB Andover Bancorp, Inc. of MA* 7.60 7.60 0.87 11.60 9.28 0.91 12.17 1.60 63.49 1.46 ASFC Astoria Financial Corp. of NY 8.55 6.95 0.75 8.45 8.07 0.74 8.37 0.85 23.49 0.62 AVND Avondale Fin. Corp. of IL 10.63 10.63 0.65 6.66 7.15 0.45 4.65 0.85 82.48 1.72 BFSI BFS Bankorp, Inc. of NY 8.14 8.14 1.84 24.85 16.10 1.78 24.01 1.48 69.83 1.13 BKCT Bancorp Connecticut of CT* 10.81 10.81 1.18 10.65 7.95 1.18 10.65 1.69 74.29 2.13 BWFC Bank West Fin. Corp. of MI 19.78 19.78 0.69 3.38 3.81 0.41 1.98 0.08 112.71 0.13 BANC BankAtlantic Bancorp of FL 8.33 7.65 0.97 14.59 10.67 0.76 11.35 1.25 91.39 2.12 BKUNA BankUnited SA of FL 6.11 5.77 1.02 26.11 14.93 0.78 20.05 0.90 32.13 0.38 BKCO Bankers Corp. of NJ* 9.81 9.60 1.12 11.36 9.39 1.18 11.99 1.59 24.80 0.56 BVFS Bay View Capital Corp. of CA 6.98 6.81 -0.10 -1.46 -1.37 0.76 3.66 1.23 76.86 1.33 BFSB Bedford Bancshares of VA 16.11 16.11 1.26 7.57 7.22 1.26 7.57 1.24 43.93 0.64 BTHL Bethel Bancorp. of ME* 7.56 6.36 0.61 8.16 8.31 0.47 6.27 NA NA 1.48 SBOS Boston Bancorp of MA(8)* 12.34 12.34 1.91 21.36 16.91 0.91 10.23 0.65 18.09 0.61 BSBC Branford SB of CT* 8.69 8.69 0.76 9.05 6.15 0.76 9.05 2.31 87.06 2.77 BRFC Bridgeville SB, FSB of PA 28.51 28.51 1.24 4.21 4.29 1.24 4.21 0.25 102.85 0.70 BYFC Broadway Fin. Corp. of CA 11.42 11.42 0.40 6.29 4.90 0.45 7.06 2.40 34.37 1.05 CBCO CB Bancorp of Michigan City IN 9.16 9.16 1.36 13.92 12.00 1.36 13.92 0.84 77.80 1.45 CCFH CCF Holding Company of GA 21.23 21.23 0.86 5.17 4.92 0.82 4.91 0.63 84.80 0.90 CENF CENFED Financial Corp. of CA 5.00 4.99 0.48 9.87 9.16 0.33 6.81 1.22 54.40 0.89 CFSB CFSB Bancorp of Lansing MI 8.29 8.29 0.94 11.62 7.44 0.92 11.40 0.09 662.31 0.69 CKFB CKF Bancorp of Danville KY 27.30 27.30 1.24 4.40 3.85 1.24 4.40 1.70 10.61 0.21 CSBF CSB Financial Group Inc of IL 30.89 30.89 0.82 3.62 3.51 0.82 3.62 0.78 37.38 0.55 CFHC California Fin. Hld. Co. of CA 6.75 6.69 0.28 4.24 3.69 0.24 3.69 1.39 46.09 0.87 CBCI Calumet Bancorp of Chicago IL 16.99 16.99 1.21 7.25 8.00 1.20 7.22 1.23 82.56 1.36 CAFI Camco Fin. Corp. of OH 8.33 8.33 1.22 15.53 10.81 0.93 11.87 0.56 54.79 0.36 CMRN Cameron Fin. Corp. of MO 26.54 26.54 1.61 5.79 7.19 1.59 5.73 0.79 86.49 0.81 CAPS Capital Savings Bancorp of MO 10.43 10.43 0.95 8.92 9.72 0.95 8.92 0.20 152.91 0.38 CARV Carver FSB of New York, NY 9.63 9.16 0.20 2.06 3.94 0.25 2.66 1.13 27.64 1.88 CASB Cascade SB of Everett WA 6.22 6.22 0.56 8.94 5.21 0.29 4.68 2.40 37.69 1.26 CATB Catskill Fin. Corp. of NY* 27.79 27.79 0.96 3.44 4.61 1.10 3.96 NA NA 1.63 CNIT Cenit Bancorp of Norfolk VA 6.98 6.72 0.42 5.90 4.49 0.49 6.92 0.51 109.75 1.17 CTBK Center Banks, Inc. of NY* 7.08 7.08 0.56 8.10 9.24 0.58 8.35 1.07 115.49 1.55 CFCX Center Fin. Corp of CT(8)* 6.10 5.70 0.70 11.37 7.00 0.47 7.75 2.61 44.33 1.46 CEBK Central Co-Op. Bank of MA* 9.95 8.69 0.60 6.40 6.39 0.57 6.01 2.31 41.68 1.39 CJFC Central Jersey Fin. Corp of NJ(8) 11.78 10.95 1.11 10.71 6.15 1.06 10.20 1.91 33.63 1.30 CBSB Charter Financial Inc. of IL 21.41 20.85 1.12 6.95 5.65 1.12 6.95 0.49 149.63 1.05 COFI Charter One Financial of OH(8) 6.90 6.79 0.18 2.81 1.05 1.18 18.12 0.42 117.80 0.92 CVAL Chester Valley Bancorp of PA 9.15 9.15 0.91 10.02 8.44 0.87 9.63 1.03 92.67 1.20 CRCL Circle Financial Corp.of OH(8) 10.65 9.24 0.50 4.34 4.32 0.43 3.72 0.10 213.87 0.35 CTZN CitFed Bancorp of Dayton OH 6.70 5.81 0.68 9.99 7.66 0.55 8.16 0.85 74.34 1.06 CLAS Classic Bancshares of KY 28.78 28.78 0.44 2.82 1.91 0.40 2.55 0.51 77.33 0.62 CMSB Cmnwealth SB, MHC of PA (46.3)(8) 8.30 7.30 0.78 8.32 5.91 0.69 7.40 0.44 103.05 0.85 CBSA Coastal Bancorp of Houston TX 3.31 2.69 0.37 10.64 10.40 0.37 10.58 0.67 32.48 0.54 CFCP Coastal Fin. Corp. of SC 6.08 6.08 0.99 16.43 7.48 0.89 14.80 0.42 209.91 1.02 COFD Collective Bancorp Inc. of NJ 7.05 6.54 1.06 15.87 10.80 1.04 15.51 0.57 45.24 0.53 CMSV Commty. Svgs, MHC of FL(47.6) 11.82 11.82 0.83 6.60 6.49 0.81 6.40 1.24 44.70 1.02 CBIN Community Bank Shares of IN 11.36 11.36 0.90 8.26 7.05 0.88 8.09 0.12 219.42 0.50 CBNH Community Bankshares Inc of NH* 7.23 7.23 0.78 10.93 7.94 0.65 9.07 0.46 159.64 1.09 CFTP Community Fed. Bancorp of MS 33.10 33.10 1.17 6.28 3.16 1.14 6.13 0.34 84.38 0.53 CFFC Community Fin. Corp. of VA 13.70 13.70 1.29 9.70 7.90 1.29 9.70 0.45 139.66 0.70 CIBI Community Fin. Corp. of OH 14.36 14.36 1.00 7.71 7.87 0.95 7.33 0.73 69.05 0.68 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- ASBI Ameriana Bancorp of IN 13.00 96.94 11.28 97.09 13.40 0.56 4.31 56.00 AFFFZ America First Fin. Fund of CA 8.44 102.23 6.96 104.69 8.49 1.60 5.93 50.00 AMFB American Federal Bank of SC 10.16 156.41 12.84 169.54 9.32 0.40 2.54 25.81 ANBK American Nat'l Bancorp of MD NM 80.18 8.75 80.18 NM 0.00 0.00 0.00 ABCW Anchor Bancorp Wisconsin of WI 11.56 141.67 9.56 145.49 11.89 0.40 1.18 13.61 ANDB Andover Bancorp, Inc. of MA* 10.78 118.64 9.01 118.64 10.28 0.60 2.47 26.67 ASFC Astoria Financial Corp. of NY 12.38 104.63 8.94 128.62 12.50 0.44 1.61 19.91 AVND Avondale Fin. Corp. of IL 13.98 84.69 9.00 84.69 20.00 0.00 0.00 0.00 BFSI BFS Bankorp, Inc. of NY 6.21 136.52 11.11 136.52 6.43 0.00 0.00 0.00 BKCT Bancorp Connecticut of CT* 12.58 128.96 13.94 128.96 12.58 0.72 3.47 43.64 BWFC Bank West Fin. Corp. of MI NM 89.66 17.73 89.66 NM 0.28 2.60 68.29 BANC BankAtlantic Bancorp of FL 9.38 115.88 9.65 126.17 12.05 0.18 1.33 12.50 BKUNA BankUnited SA of FL 6.70 94.58 5.78 100.13 8.72 0.00 0.00 0.00 BKCO Bankers Corp. of NJ* 10.65 117.43 11.52 119.96 10.09 0.56 3.25 34.57 BVFS Bay View Capital Corp. of CA NM 113.71 7.94 116.64 NM 0.60 1.79 NM BFSB Bedford Bancshares of VA 13.85 104.86 16.89 104.86 13.85 0.36 2.17 30.00 BTHL Bethel Bancorp. of ME* 12.04 94.75 7.17 112.75 15.66 0.32 2.46 29.63 SBOS Boston Bancorp of MA(8)* 5.91 103.92 12.82 103.92 12.35 0.76 1.82 10.73 BSBC Branford SB of CT* 16.25 140.69 12.22 140.69 16.25 0.00 0.00 0.00 BRFC Bridgeville SB, FSB of PA 23.31 97.31 27.74 97.31 23.31 0.32 2.33 54.24 BYFC Broadway Fin. Corp. of CA 20.41 67.89 7.75 67.89 18.18 0.20 2.00 40.82 CBCO CB Bancorp of Michigan City IN 8.33 109.25 10.01 109.25 8.33 0.00 0.00 0.00 CCFH CCF Holding Company of GA 20.34 81.14 17.23 81.14 21.43 0.40 3.33 67.80 CENF CENFED Financial Corp. of CA 10.91 102.28 5.12 102.48 15.81 0.33 1.53 16.75 CFSB CFSB Bancorp of Lansing MI 13.45 148.60 12.33 148.60 13.71 0.44 2.07 27.85 CKFB CKF Bancorp of Danville KY NM 113.31 30.93 113.31 NM 0.40 2.05 53.33 CSBF CSB Financial Group Inc of IL NM 74.15 22.90 74.15 NM 0.00 0.00 0.00 CFHC California Fin. Hld. Co. of CA NM 112.93 7.63 113.92 NM 0.44 2.11 57.14 CBCI Calumet Bancorp of Chicago IL 12.50 89.09 15.13 89.09 12.56 0.00 0.00 0.00 CAFI Camco Fin. Corp. of OH 9.25 135.12 11.25 135.12 12.11 0.46 2.34 21.70 CMRN Cameron Fin. Corp. of MO 13.92 84.06 22.31 84.06 14.06 0.28 2.07 28.87 CAPS Capital Savings Bancorp of MO 10.29 88.50 9.23 88.50 10.29 0.36 2.00 20.57 CARV Carver FSB of New York, NY NM 52.05 5.01 54.73 19.68 0.00 0.00 0.00 CASB Cascade SB of Everett WA 19.19 166.00 10.32 166.00 NM 0.00 0.00 0.00 CATB Catskill Fin. Corp. of NY* 21.68 74.65 20.75 74.65 18.87 0.00 0.00 0.00 CNIT Cenit Bancorp of Norfolk VA 22.29 120.69 8.42 125.36 19.02 0.80 2.29 50.96 CTBK Center Banks, Inc. of NY* 10.83 84.25 5.96 84.25 10.50 0.24 1.75 18.90 CFCX Center Fin. Corp of CT(8)* 14.29 147.93 9.03 158.38 20.98 0.28 1.22 17.50 CEBK Central Co-Op. Bank of MA* 15.66 94.63 9.42 108.39 16.67 0.00 0.00 0.00 CJFC Central Jersey Fin. Corp of NJ(8) 16.27 149.42 17.60 160.74 17.08 1.12 3.64 59.26 CBSB Charter Financial Inc. of IL 17.69 88.80 19.01 91.20 17.69 0.24 2.09 36.92 COFI Charter One Financial of OH(8) NM 174.55 12.05 177.37 14.72 0.92 2.61 NM CVAL Chester Valley Bancorp of PA 11.85 114.78 10.50 114.78 12.33 0.40 2.19 25.97 CRCL Circle Financial Corp.of OH(8) 23.13 98.52 10.49 113.56 NM 0.68 2.00 46.26 CTZN CitFed Bancorp of Dayton OH 13.05 121.03 8.11 139.64 15.97 0.28 0.76 9.86 CLAS Classic Bancshares of KY NM 74.53 21.45 74.53 NM 0.00 0.00 0.00 CMSB Cmnwealth SB, MHC of PA (46.3)(8) 16.93 134.97 11.21 153.57 19.03 0.50 2.33 39.37 CBSA Coastal Bancorp of Houston TX 9.62 98.93 3.28 121.94 9.67 0.40 2.16 20.73 CFCP Coastal Fin. Corp. of SC 13.37 206.23 12.55 206.23 14.85 0.50 2.48 33.11 COFD Collective Bancorp Inc. of NJ 9.26 138.81 9.78 149.51 9.47 0.80 3.30 30.53 CMSV Commty. Svgs, MHC of FL(47.6) 15.40 99.35 11.74 99.35 15.89 0.70 4.59 70.71 CBIN Community Bank Shares of IN 14.19 106.07 12.05 106.07 14.49 0.34 2.50 35.42 CBNH Community Bankshares Inc of NH* 12.59 114.81 8.30 114.81 15.17 0.60 3.38 42.55 CFTP Community Fed. Bancorp of MS NM 94.98 31.44 94.98 NM 0.00 0.00 0.00 CFFC Community Fin. Corp. of VA 12.66 116.01 15.90 116.01 12.66 0.52 2.60 32.91 CIBI Community Fin. Corp. of OH 12.71 87.39 12.55 87.39 13.38 0.16 1.05 13.31 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ---------------------- --------------- Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans ------- ------- ------ ------- ------- ------- ------- ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- CONE Conestoga Bancorp of Roslyn NY(8) 16.17 16.17 0.67 4.11 3.24 0.54 3.33 0.16 26.87 0.18 COOP Cooperative Bk.for Svgs. of NC 9.34 8.21 0.28 3.11 3.48 0.24 2.64 0.22 95.46 0.28 CNSK Covenant Bank for Svgs. of NJ* 5.05 5.05 0.62 11.55 8.08 0.62 11.55 2.04 38.62 1.43 CRZY Crazy Woman Creek Bncorp of WY 32.70 32.70 0.92 4.63 3.32 0.78 3.95 0.70 85.20 1.14 DNFC D&N Financial Corp. of MI 5.63 5.54 1.05 19.69 13.39 0.93 17.40 0.59 138.44 0.98 DSBC DS Bancor Inc. of Derby CT* 6.55 6.33 0.66 10.49 8.61 0.59 9.40 1.82 31.42 0.79 DFIN Damen Fin. Corp. of Chicago IL 24.17 24.17 0.81 5.02 3.83 0.79 4.91 0.14 92.58 0.35 DIBK Dime Financial Corp. of CT* 7.95 7.56 1.50 19.84 13.54 1.69 22.30 0.99 199.52 2.98 EBSI Eagle Bancshares of Tucker GA 6.65 6.65 0.97 13.73 9.56 0.94 13.29 0.49 138.35 0.98 EGFC Eagle Financial Corp. of CT 7.14 5.16 1.30 17.60 15.41 0.63 8.61 1.23 55.16 1.20 ETFS East Texas Fin. Serv. of TX 19.63 19.63 0.89 4.59 5.90 0.83 4.27 0.45 55.47 0.65 EBCP Eastern Bancorp of NH 7.70 7.25 0.60 8.23 8.75 0.50 6.82 1.81 23.60 0.74 ESBK Elmira SB of Elmira NY* 6.30 6.01 0.14 2.29 2.75 0.14 2.29 0.80 89.84 1.00 EFBI Enterprise Fed. Bancorp of OH 15.58 15.55 1.12 5.47 6.95 0.77 3.75 0.01 NA 0.27 EQSB Equitable FSB of Wheaton MD 5.25 5.25 0.84 16.16 14.10 0.83 16.02 0.98 22.55 0.33 FFFG F.F.O. Financial Group of FL 6.01 6.01 0.46 6.98 5.34 0.46 6.98 3.77 45.17 2.74 FCBF FCB Fin. Corp. of Neenah WI 18.46 18.46 1.03 5.31 5.59 1.01 5.21 NA NA 0.51 FFBS FFBS Bancorp of Columbus MS 19.57 19.57 1.31 6.46 4.40 1.31 6.46 0.70 76.75 0.79 FFDF FFD Financial Corp. of OH 28.03 28.03 1.04 3.69 5.10 1.04 3.69 NA NA 0.32 FFLC FFLC Bancorp of Leesburg FL 16.97 16.97 0.94 5.42 6.16 0.94 5.47 0.08 365.93 0.51 FFFC FFVA Financial Corp. of VA 16.32 15.99 1.30 7.25 6.80 1.27 7.06 0.48 132.38 1.09 FFWC FFW Corporation of Wabash IN 10.80 10.80 0.90 8.12 9.04 1.01 9.05 0.06 620.00 0.52 FFYF FFY Financial Corp. of OH 18.35 18.35 1.21 6.53 5.76 1.25 6.73 0.88 66.89 0.78 FMCO FMS Financial Corp. of NJ 6.58 6.40 0.84 13.04 9.66 0.84 13.04 1.11 49.19 0.95 FFHH FSF Financial Corp. of MN 15.97 15.97 0.62 3.34 3.96 0.62 3.34 0.09 250.67 0.39 FMLY Family Bancorp of Haverhill MA(8)* 7.76 7.10 0.96 12.66 8.29 0.86 11.34 1.19 61.53 1.42 FMCT Farmers & Mechanics Bank of CT(8)* 5.55 5.55 0.06 1.13 0.66 -0.02 -0.39 2.52 33.97 1.43 FOBC Fed One Bancorp of Wheeling WV 12.12 11.47 1.00 7.73 8.96 1.00 7.73 0.28 152.99 1.16 FFRV Fid. Fin. Bkshrs. Corp. of VA 8.51 8.50 0.99 11.83 10.80 0.97 11.66 1.16 84.92 1.20 FBCI Fidelity Bancorp of Chicago IL 12.05 12.00 0.77 5.66 5.90 0.73 5.31 0.53 20.66 0.16 FSBI Fidelity Bancorp, Inc. of PA 7.28 7.22 0.60 7.78 7.81 0.59 7.65 0.81 55.09 1.02 FFFL Fidelity FSB, MHC of FL(47.2) 10.23 10.12 0.64 6.24 5.51 0.60 5.81 0.38 78.38 0.41 FFED Fidelity Fed. Bancorp of IN 5.07 5.07 1.30 26.09 12.27 1.22 24.57 0.07 428.14 0.35 FFOH Fidelity Financial of OH 20.37 20.37 0.82 5.54 4.63 0.82 5.54 0.40 80.88 0.43 FIBC Financial Bancorp of NY 10.66 10.60 0.65 5.40 6.40 0.64 5.33 2.80 19.48 1.07 FNSC Financial Security Corp. of IL(8) 14.36 14.36 0.77 5.66 5.56 0.71 5.26 2.77 31.27 1.24 FSBS First Ashland Fin. Corp. of KY(8) 26.33 26.33 0.87 4.09 2.83 0.87 4.09 NA NA 0.17 FBSI First Bancshares of MO 16.92 16.89 0.78 4.33 5.16 0.77 4.27 0.43 83.74 0.44 FBBC First Bell Bancorp of PA 21.05 21.05 1.55 7.69 6.87 1.53 7.61 0.11 97.74 0.14 FBER First Bergen Bancorp of NJ 16.52 16.52 0.28 3.06 2.15 0.42 4.59 2.49 59.97 3.49 FCIT First Cit. Fin. Corp of MD 6.28 6.28 0.71 11.35 8.17 0.58 9.23 3.43 33.61 1.63 FFBA First Colorado Bancorp of Co 16.19 16.00 0.98 8.50 5.23 0.98 8.50 0.25 84.38 0.33 FDEF First Defiance Fin.Corp. of OH 25.39 25.39 1.15 5.36 4.93 1.13 5.26 NA NA 0.48 FESX First Essex Bancorp of MA* 7.67 7.67 0.94 13.05 11.91 0.79 11.01 0.77 108.82 1.32 FFES First FS&LA of E. Hartford CT 6.19 6.17 0.60 8.87 11.65 0.59 8.78 0.83 40.36 1.94 FSSB First FS&LA of San Bern. CA 5.64 5.39 -0.17 -2.90 -5.20 -0.35 -6.09 4.86 16.11 1.21 FFSX First FS&LA. MHC of IA (45.0) 8.41 8.37 0.63 7.77 6.29 0.58 7.15 0.17 229.25 0.53 FFML First Family Bank, FSB of FL 5.61 5.61 0.82 16.10 11.14 0.48 9.50 0.42 105.69 0.61 FFSW First Fed Fin. Serv. of OH 5.32 4.84 0.85 15.68 8.49 0.69 12.62 0.15 196.94 0.47 BDJI First Fed. Bancorp. of MN 14.38 14.38 0.70 5.24 6.54 0.70 5.24 0.23 211.89 0.98 FFBH First Fed. Bancshares of AR 15.90 15.90 0.99 6.24 6.98 0.99 6.24 0.09 278.68 0.35 FFEC First Fed. Bancshares of WI 14.32 13.74 0.96 5.83 5.38 0.94 5.69 0.13 104.41 0.19 FTFC First Fed. Capital Corp. of WI 6.85 6.45 0.91 13.51 8.59 0.67 9.91 NA NA 0.84 FFFB First Fed. Fin. Bancorp of OH 18.05 18.05 0.67 3.69 5.40 0.67 3.69 0.09 617.39 0.86 FFKY First Fed. Fin. Corp. of KY 14.04 13.10 1.65 11.51 6.00 1.44 10.03 0.45 102.40 0.53 FFBZ First Federal Bancorp of OH 7.81 7.80 1.10 14.70 9.76 1.08 14.45 0.62 144.45 1.01 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- CONE Conestoga Bancorp of Roslyn NY(8) NM 124.56 20.14 124.56 NM 0.00 0.00 0.00 COOP Cooperative Bk.for Svgs. of NC NM 87.83 8.20 99.88 NM 0.00 0.00 0.00 CNSK Covenant Bank for Svgs. of NJ* 12.37 137.30 6.94 137.30 12.37 0.00 0.00 0.00 CRZY Crazy Woman Creek Bncorp of WY NM 69.87 22.85 69.87 NM 0.00 0.00 0.00 DNFC D&N Financial Corp. of MI 7.47 132.28 7.45 134.40 8.45 0.00 0.00 0.00 DSBC DS Bancor Inc. of Derby CT* 11.62 115.78 7.59 119.92 12.97 0.24 0.77 8.92 DFIN Damen Fin. Corp. of Chicago IL NM 80.20 19.39 80.20 NM 0.24 2.09 54.55 DIBK Dime Financial Corp. of CT* 7.38 134.05 10.66 141.09 6.57 0.28 1.96 14.51 EBSI Eagle Bancshares of Tucker GA 10.46 134.34 8.93 134.34 10.81 0.52 3.25 33.99 EGFC Eagle Financial Corp. of CT 6.49 104.63 7.47 144.64 13.27 0.92 3.87 25.14 ETFS East Texas Fin. Serv. of TX 16.95 78.04 15.32 78.04 18.21 0.20 1.36 22.99 EBCP Eastern Bancorp of NH 11.43 90.63 6.98 96.27 13.79 0.72 3.00 34.29 ESBK Elmira SB of Elmira NY* NM 84.21 5.30 88.16 NM 0.64 3.82 NM EFBI Enterprise Fed. Bancorp of OH 14.39 91.82 14.31 91.99 20.96 0.00 0.00 0.00 EQSB Equitable FSB of Wheaton MD 7.09 106.59 5.59 106.59 7.15 0.00 0.00 0.00 FFFG F.F.O. Financial Group of FL 18.73 128.90 7.75 128.90 18.73 0.00 0.00 0.00 FCBF FCB Fin. Corp. of Neenah WI 17.89 97.18 17.94 97.18 18.25 0.72 3.95 70.59 FFBS FFBS Bancorp of Columbus MS 22.75 148.02 28.96 148.02 22.75 0.50 2.20 50.00 FFDF FFD Financial Corp. of OH 19.60 72.37 20.28 72.37 19.60 0.00 0.00 0.00 FFLC FFLC Bancorp of Leesburg FL 16.23 87.02 14.77 87.02 16.09 0.40 2.16 35.09 FFFC FFVA Financial Corp. of VA 14.71 112.40 18.34 114.68 15.09 0.40 2.29 33.61 FFWC FFW Corporation of Wabash IN 11.06 88.47 9.55 88.47 9.92 0.60 3.12 34.48 FFYF FFY Financial Corp. of OH 17.35 114.81 21.07 114.81 16.85 0.60 2.58 44.78 FMCO FMS Financial Corp. of NJ 10.36 129.73 8.54 133.38 10.36 0.20 1.14 11.83 FFHH FSF Financial Corp. of MN NM 89.71 14.32 89.71 NM 0.50 4.13 NM FMLY Family Bancorp of Haverhill MA(8)* 12.06 144.00 11.17 157.37 13.47 0.48 1.98 23.88 FMCT Farmers & Mechanics Bank of CT(8)* NM 168.52 9.36 168.52 NM 0.00 0.00 0.00 FOBC Fed One Bancorp of Wheeling WV 11.16 88.45 10.72 93.42 11.16 0.54 3.69 41.22 FFRV Fid. Fin. Bkshrs. Corp. of VA 9.26 104.08 8.86 104.17 9.40 0.20 1.60 14.81 FBCI Fidelity Bancorp of Chicago IL 16.96 98.29 11.84 98.64 18.07 0.24 1.44 24.49 FSBI Fidelity Bancorp, Inc. of PA 12.80 99.63 7.26 100.44 13.01 0.29 1.81 23.20 FFFL Fidelity FSB, MHC of FL(47.2) 18.15 109.87 11.24 111.16 19.49 0.60 4.53 NM FFED Fidelity Fed. Bancorp of IN 8.15 197.37 10.01 197.37 8.65 0.80 7.11 57.97 FFOH Fidelity Financial of OH 21.61 79.71 16.24 79.71 21.61 0.20 2.01 43.48 FIBC Financial Bancorp of NY 15.63 87.23 9.30 87.72 15.82 0.30 2.40 37.50 FNSC Financial Security Corp. of IL(8) 17.99 98.22 14.11 98.22 19.37 0.00 0.00 0.00 FSBS First Ashland Fin. Corp. of KY(8) NM 110.84 29.19 110.84 NM 0.00 0.00 0.00 FBSI First Bancshares of MO 19.38 84.88 14.37 85.07 19.62 0.20 1.29 25.00 FBBC First Bell Bancorp of PA 14.56 97.86 20.60 97.86 14.72 0.20 1.46 21.28 FBER First Bergen Bancorp of NJ NM 69.17 11.43 69.17 NM 0.00 0.00 0.00 FCIT First Cit. Fin. Corp of MD 12.24 131.97 8.29 131.97 15.04 0.00 0.00 0.00 FFBA First Colorado Bancorp of Co 19.12 110.84 17.94 112.16 19.12 0.30 2.27 43.48 FDEF First Defiance Fin.Corp. of OH 20.28 87.97 22.34 87.97 20.67 0.28 2.60 52.83 FESX First Essex Bancorp of MA* 8.40 105.60 8.09 105.60 9.95 0.48 4.47 37.50 FFES First FS&LA of E. Hartford CT 8.59 76.27 4.72 76.51 8.67 0.60 3.53 30.30 FSSB First FS&LA of San Bern. CA NM 56.27 3.18 58.93 NM 0.00 0.00 NM FFSX First FS&LA. MHC of IA (45.0) 15.90 119.60 10.06 120.21 17.28 0.72 2.80 44.44 FFML First Family Bank, FSB of FL 8.97 133.16 7.47 133.16 15.22 0.16 0.76 6.84 FFSW First Fed Fin. Serv. of OH 11.77 175.67 9.35 193.12 14.62 0.48 1.69 19.92 BDJI First Fed. Bancorp. of MN 15.29 73.65 10.59 73.65 15.29 0.00 0.00 0.00 FFBH First Fed. Bancshares of AR 14.32 89.40 14.22 89.40 14.32 0.00 0.00 0.00 FFEC First Fed. Bancshares of WI 18.60 108.62 15.55 113.21 19.06 0.28 1.84 34.15 FTFC First Fed. Capital Corp. of WI 11.64 145.58 9.97 154.63 15.86 0.64 2.93 34.04 FFFB First Fed. Fin. Bancorp of OH 18.53 68.34 12.34 68.34 18.53 0.00 0.00 0.00 FFKY First Fed. Fin. Corp. of KY 16.67 188.20 26.42 201.65 19.13 0.48 2.18 36.36 FFBZ First Federal Bancorp of OH 10.25 149.19 11.10 142.36 10.43 0.44 1.80 18.41 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ ---------------------- --------------- Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans - --------------------- ------- ------- ------ ------ ------ ------ ------ ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- FFWM First Fin. Corp of Western MD 12.53 12.53 0.42 3.52 3.08 0.39 3.24 2.02 116.36 3.17 FFCH First Fin. Holdings Inc. of SC 6.61 6.61 0.75 11.29 8.64 0.77 11.50 1.36 55.75 0.93 FPRY First Financial Bancorp of FL(8) 6.35 6.35 0.57 8.93 6.92 0.43 6.68 NA NA 0.84 FFBI First Financial Bancorp of IL 8.87 8.87 0.69 6.63 7.00 0.72 6.93 0.40 98.60 0.55 FFHC First Financial Corp. of WI 7.33 6.96 1.28 18.96 10.46 1.24 18.40 0.52 85.22 0.67 FFHS First Franklin Corp. of OH 9.51 9.51 0.63 6.59 7.33 0.62 6.47 0.73 57.88 0.64 FGHC First Georgia Hold. Corp of GA 8.16 7.22 0.86 10.81 8.43 0.86 10.81 1.51 47.32 0.84 FSPG First Home SB, SLA of NJ 6.52 6.34 1.01 15.73 12.17 0.98 15.30 0.97 79.35 1.40 FFSL First Independence Corp. of KS 12.64 12.64 1.14 8.56 10.99 1.14 8.56 0.96 70.41 1.10 FISB First Indiana Corp. of IN 8.96 8.83 1.17 13.93 8.79 1.00 11.82 1.70 64.84 1.32 FKFS First Keystone Fin. Corp of PA 8.28 8.28 0.48 5.48 5.94 0.51 5.92 2.86 19.07 0.91 FLFC First Liberty Fin. Corp. of GA 6.83 5.74 0.96 14.60 9.89 0.76 11.54 0.88 92.83 1.12 CASH First Midwest Fin. Corp. of IA 12.55 11.70 1.22 9.29 8.30 0.97 7.38 0.39 148.22 0.81 FMBD First Mutual Bancorp of IL 25.26 25.26 0.98 4.24 4.69 0.95 4.10 0.09 471.37 0.52 FMSB First Mutual SB of Bellevue WA* 6.64 6.64 1.02 15.30 10.94 1.01 15.08 0.19 359.89 0.83 FNGB First Northern Cap. Corp of WI 12.73 12.73 0.84 6.54 6.44 0.72 5.58 0.13 358.40 0.52 FFPB First Palm Beach Bancorp of FL 7.64 7.44 0.68 8.13 7.77 0.67 8.08 0.81 48.51 0.55 FSNJ First SB of NJ, MHC (45.0) 8.13 8.13 0.04 0.52 0.56 0.37 4.27 0.98 41.68 1.18 FSBC First SB, FSB of Clovis NM 4.74 4.74 0.31 6.79 9.64 0.24 5.25 1.44 21.82 0.98 FSLA First SB, SLA MHC of NJ (37.6) 9.49 8.24 0.86 9.52 7.87 0.83 9.13 0.96 55.11 1.08 SOPN First SB, SSB, Moore Co. of NC 26.21 26.21 1.48 5.67 5.48 1.50 5.78 0.03 936.92 0.35 FWWB First Savings Bancorp of WA* 25.80 25.80 1.02 8.65 3.63 1.00 8.48 0.23 283.53 1.12 SHEN First Shenango Bancorp of PA 13.24 13.24 1.01 7.19 6.70 0.95 6.79 0.49 146.55 1.10 FSFC First So.east Fin. Corp. of SC 19.61 19.61 0.90 4.60 4.36 0.89 4.55 0.14 238.66 0.52 FSFI First State Fin. Serv. of NJ 6.84 6.49 0.63 9.28 9.26 0.49 7.25 4.97 21.02 1.28 FFDP FirstFed Bancshares of IL 9.02 8.61 0.63 6.51 6.88 0.39 4.08 0.14 145.75 0.38 FLAG Flag Financial Corp of GA 9.56 9.56 0.91 9.92 8.40 0.81 8.79 1.69 36.23 0.90 FFPC Florida First Bancorp of FL(8) 6.92 6.92 0.85 12.80 6.70 0.78 11.77 0.82 150.67 2.11 FFIC Flushing Fin. Corp. of NY* 18.72 18.72 0.58 4.55 3.02 0.56 4.36 0.90 80.61 1.78 FBHC Fort Bend Holding Corp. of TX 7.27 7.27 0.74 10.13 12.00 0.67 9.18 NA NA 1.42 FTSB Fort Thomas Fin. Corp. of KY 24.30 24.30 1.30 5.84 4.18 1.30 5.84 1.78 19.53 0.42 FKKY Frankfort First Bancorp of KY 34.52 34.52 1.36 4.94 4.47 1.08 3.91 0.10 66.67 0.09 GFSB GFS Bancorp of Grinnell IA 12.04 12.04 1.09 8.45 7.75 1.06 8.29 0.97 52.35 0.61 GUPB GFSB Bancorp of Gallup NM 23.03 23.03 1.24 5.07 5.63 1.24 5.07 NA NA 0.87 GWBC Gateway Bancorp of KY 25.00 25.00 1.05 3.92 4.76 1.05 3.92 0.19 57.04 0.46 GBCI Glacier Bancorp of MT 9.63 9.61 1.59 16.27 8.09 1.59 16.27 0.23 225.96 0.72 GLBK Glendale Co-op. Bank of MA* 16.31 16.31 0.78 4.96 6.85 0.65 4.17 NA NA 0.70 GFCO Glenway Financial Corp. of OH 9.41 9.16 0.56 5.87 6.77 0.54 5.62 NA NA 0.29 GTPS Great American Bancorp of IL 29.42 29.42 0.68 2.82 2.88 0.68 2.82 0.45 53.28 0.37 GTFN Great Financial Corp. of KY 11.35 11.17 1.00 8.15 5.77 0.81 6.62 4.16 11.85 0.67 GSBC Great Southern Bancorp of MO 10.12 9.95 1.72 17.10 9.02 1.62 16.07 2.03 106.34 2.54 GDVS Greater DV SB,MHC of PA(19.9)* 12.29 12.29 0.48 3.95 3.50 0.48 3.95 3.05 22.60 1.18 GRTR Greater New York SB of NY* 5.68 5.68 0.46 8.39 7.91 0.45 8.20 9.21 9.89 2.16 GSFC Green Street Fin. Corp. of NC 31.53 31.53 1.42 4.50 4.82 1.42 4.50 0.16 67.98 0.19 GROV GroveBank for Savings of MA* 6.24 6.23 0.81 13.33 11.67 0.77 12.57 0.80 70.34 0.78 GFED Guaranty FS&LA,MHC of MO(31.1) 14.64 14.64 1.02 7.29 4.99 0.55 3.89 0.07 NA 1.59 GSLC Guaranty Svgs & Loan FA of VA 6.19 6.19 0.68 11.24 8.36 0.42 6.90 3.14 23.56 0.94 HEMT HF Bancorp of Hemet CA 11.44 11.43 0.19 1.70 2.05 0.19 1.70 0.59 60.30 1.21 HFFC HF Financial Corp. of SD(8) 8.97 8.95 0.78 8.71 9.28 0.61 6.80 0.69 93.68 0.88 HFNC HFNC Financial Corp. of NC 34.11 34.11 0.80 3.76 1.94 0.95 4.46 1.62 64.19 1.59 HMNF HMN Financial, Inc. of MN 16.76 16.76 1.10 6.35 7.01 0.99 5.67 0.14 305.95 0.73 HALL Hallmark Capital Corp. of WI 7.82 7.82 0.57 6.40 7.60 0.51 5.73 0.09 390.48 0.60 HARB Harbor FSB, MHC of FL (45.7) 8.86 8.86 1.19 13.64 8.35 1.18 13.58 0.54 199.07 1.48 HRBF Harbor Federal Bancorp of MD 19.02 19.02 0.81 3.82 5.11 0.81 3.82 0.06 547.06 0.46 HFSA Hardin Bancorp of Hardin MO 19.24 19.24 0.64 4.18 4.09 0.64 4.18 0.11 140.43 0.29 HAAL Harleysville SA of PA 7.05 7.05 0.82 11.92 9.31 0.83 12.13 0.05 NA 0.75 Pricing Ratios Dividend Data(6) ---------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- FFWM First Fin. Corp of Western MD NM 110.96 13.91 110.96 NM 0.48 2.31 NM FFCH First Fin. Holdings Inc. of SC 11.57 124.67 8.24 124.67 11.36 0.64 3.41 39.51 FPRY First Financial Bancorp of FL(8) 14.46 124.49 7.90 124.49 19.32 0.80 3.76 54.42 FFBI First Financial Bancorp of IL 14.29 96.04 8.52 96.04 13.68 0.00 0.00 0.00 FFHC First Financial Corp. of WI 9.56 168.20 12.34 177.12 9.85 0.60 2.68 25.64 FFHS First Franklin Corp. of OH 13.64 86.66 8.24 86.66 13.89 0.28 1.87 25.45 FGHC First Georgia Hold. Corp of GA 11.86 122.16 9.97 138.07 11.86 0.00 0.00 0.00 FSPG First Home SB, SLA of NJ 8.22 120.24 7.83 123.54 8.45 0.48 2.67 21.92 FFSL First Independence Corp. of KS 9.10 80.57 10.18 80.57 9.10 0.40 2.25 20.51 FISB First Indiana Corp. of IN 11.37 150.19 13.45 152.38 13.41 0.56 2.33 26.54 FKFS First Keystone Fin. Corp of PA 16.83 95.29 7.89 95.29 15.60 0.00 0.00 0.00 FLFC First Liberty Fin. Corp. of GA 10.12 129.16 8.82 153.82 12.79 0.52 2.39 24.19 CASH First Midwest Fin. Corp. of IA 12.05 108.20 13.58 116.05 15.16 0.44 1.87 22.56 FMBD First Mutual Bancorp of IL 21.31 78.50 19.83 78.50 22.03 0.28 2.15 45.90 FMSB First Mutual SB of Bellevue WA* 9.14 131.58 8.74 131.58 9.27 0.20 1.51 13.79 FNGB First Northern Cap. Corp of WI 15.53 100.13 12.74 100.13 18.18 0.60 3.75 58.25 FFPB First Palm Beach Bancorp of FL 12.87 100.69 7.69 103.42 12.95 0.40 1.84 23.67 FSNJ First SB of NJ, MHC (45.0) NM 81.19 6.60 81.19 21.77 0.50 3.48 NM FSBC First SB, FSB of Clovis NM 10.38 69.97 3.31 69.97 13.41 0.00 0.00 0.00 FSLA First SB, SLA MHC of NJ (37.6) 12.70 112.66 10.69 129.74 13.24 0.40 2.54 32.26 SOPN First SB, SSB, Moore Co. of NC 18.25 101.73 26.66 101.73 17.89 0.60 3.29 60.00 FWWB First Savings Bancorp of WA* NM 95.87 24.73 95.87 NM 0.20 1.37 37.74 SHEN First Shenango Bancorp of PA 14.93 105.39 13.95 105.39 15.81 0.48 2.23 33.33 FSFC First So.east Fin. Corp. of SC 22.91 103.96 20.39 103.96 23.21 0.48 2.69 61.54 FSFI First State Fin. Serv. of NJ 10.80 97.01 6.64 102.37 13.83 0.22 2.12 22.92 FFDP FirstFed Bancshares of IL 14.55 96.27 8.68 100.82 23.19 0.40 2.50 36.36 FLAG Flag Financial Corp of GA 11.90 116.17 11.11 116.17 13.44 0.34 2.72 32.38 FFPC Florida First Bancorp of FL(8) 14.92 179.33 12.42 179.33 16.22 0.24 2.14 32.00 FFIC Flushing Fin. Corp. of NY* NM 91.26 17.08 91.26 NM 0.00 0.00 0.00 FBHC Fort Bend Holding Corp. of TX 8.33 82.48 6.00 82.48 9.20 0.28 1.58 13.15 FTSB Fort Thomas Fin. Corp. of KY 23.93 123.34 29.97 123.34 23.93 0.25 1.49 35.71 FKKY Frankfort First Bancorp of KY 22.40 85.58 29.54 85.58 NM 0.36 3.03 67.92 GFSB GFS Bancorp of Grinnell IA 12.90 107.09 12.89 107.09 13.15 0.30 1.48 19.11 GUPB GFSB Bancorp of Gallup NM 17.76 78.99 18.19 78.99 17.76 0.40 2.96 52.63 GWBC Gateway Bancorp of KY 21.02 89.37 22.34 89.37 21.02 0.40 2.88 60.61 GBCI Glacier Bancorp of MT 12.36 190.62 18.35 190.96 12.36 0.58 2.67 32.95 GLBK Glendale Co-op. Bank of MA* 14.60 69.59 11.35 69.59 17.37 0.00 0.00 0.00 GFCO Glenway Financial Corp. of OH 14.78 84.30 7.93 86.58 15.46 0.68 3.36 49.64 GTPS Great American Bancorp of IL NM 76.12 22.40 76.12 NM 0.40 2.81 NM GTFN Great Financial Corp. of KY 17.34 140.02 15.89 142.32 21.33 0.48 1.79 30.97 GSBC Great Southern Bancorp of MO 11.09 182.85 18.50 185.94 11.80 0.70 2.55 28.23 GDVS Greater DV SB,MHC of PA(19.9)* NM 112.87 13.87 112.87 NM 0.36 3.60 NM GRTR Greater New York SB of NY* 12.64 102.18 5.80 102.18 12.93 0.00 0.00 0.00 GSFC Green Street Fin. Corp. of NC 20.76 93.40 29.44 93.40 20.76 0.00 0.00 0.00 GROV GroveBank for Savings of MA* 8.57 106.64 6.65 106.87 9.09 0.72 2.84 24.32 GFED Guaranty FS&LA,MHC of MO(31.1) 20.03 133.72 19.57 133.72 NM 0.64 5.51 NM GSLC Guaranty Svgs & Loan FA of VA 11.96 120.78 7.47 120.78 19.47 0.10 1.19 14.29 HEMT HF Bancorp of Hemet CA NM 74.71 8.55 74.77 NM 0.00 0.00 0.00 HFFC HF Financial Corp. of SD(8) 10.77 90.09 8.08 90.36 13.81 0.33 2.17 23.40 HFNC HFNC Financial Corp. of NC NM 116.12 39.61 116.12 NM 0.00 0.00 0.00 HMNF HMN Financial, Inc. of MN 14.27 91.90 15.41 91.90 15.96 0.00 0.00 0.00 HALL Hallmark Capital Corp. of WI 13.16 81.61 6.38 81.61 14.71 0.00 0.00 0.00 HARB Harbor FSB, MHC of FL (45.7) 11.98 153.46 13.59 153.46 12.03 1.20 4.66 55.81 HRBF Harbor Federal Bancorp of MD 19.58 83.09 15.81 83.09 19.58 0.40 3.05 59.70 HFSA Hardin Bancorp of Hardin MO 24.48 77.51 14.91 77.51 24.48 0.40 3.40 NM HAAL Harleysville SA of PA 10.74 122.30 8.63 122.30 10.56 0.40 2.18 23.39 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ---------------------- --------------- Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans ------- ------- ------ ------- ------- ------- ------- ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- HARS Harris SB, MHC of PA (23.1) 12.07 11.31 0.69 5.54 4.29 0.68 5.47 0.75 66.68 0.92 HFFB Harrodsburg 1st Fin Bcrp of KY 28.66 28.66 1.05 4.73 3.27 1.05 4.73 0.60 45.62 0.40 HHFC Harvest Home Fin. Corp. of OH 18.65 18.65 0.89 4.74 5.31 0.89 4.74 0.20 75.00 0.28 HAVN Haven Bancorp of Woodhaven NY 6.30 6.26 0.67 10.24 7.88 0.66 10.11 1.17 50.83 1.48 HVFD Haverfield Corp. of OH 8.30 8.27 0.65 8.20 6.61 0.62 7.71 0.78 103.98 0.95 HTHR Hawthorne Fin. Corp. of CA 3.79 3.76 -0.21 -5.46 -6.94 -0.27 -7.03 11.39 17.41 2.44 HSBK Hibernia SB of Quincy MA* 6.51 6.51 0.68 9.99 9.79 0.54 7.95 0.42 146.75 1.03 HBNK Highland Federal Bank of CA 7.83 7.83 0.22 2.87 2.69 0.21 2.81 1.98 84.53 2.22 HIFS Hingham Inst. for Sav. of MA* 10.04 10.04 1.11 10.78 10.36 1.11 10.78 0.34 204.87 1.00 HNFC Hinsdale Financial Corp. of IL 7.97 7.72 0.62 8.20 6.32 0.59 7.88 0.13 277.71 0.39 HBFW Home Bancorp of Fort Wayne IN 16.42 16.42 0.86 5.00 5.78 0.86 5.00 NA NA 0.60 HBBI Home Building Bancorp of IN 14.13 14.13 0.45 3.17 3.34 0.45 3.17 0.23 446.39 1.48 HOMF Home Fed Bancorp of Seymour IN 8.29 7.97 1.20 15.06 11.67 1.04 13.07 0.47 102.67 0.58 HFMD Home Federal Corporation of MD(8) 8.61 8.50 1.18 14.27 9.30 1.16 13.98 4.75 35.71 2.59 HOFL Home Financial Corp. of FL(8) 25.51 25.51 1.71 6.69 6.09 1.63 6.37 0.06 499.44 1.43 HPBC Home Port Bancorp, Inc. of MA* 11.26 11.26 1.75 15.23 12.08 1.76 15.32 0.65 216.13 1.75 HMCI Homecorp, Inc. of Rockford IL 6.07 6.07 0.37 6.28 6.40 0.25 4.26 3.24 15.53 0.65 LOAN Horizon Bancorp, Inc of TX* 8.65 8.35 1.54 17.77 11.53 1.20 13.90 0.42 127.82 0.78 HZFS Horizon Fin'l. Services of IA 11.57 11.57 0.46 3.70 4.65 0.43 3.44 1.57 28.85 0.67 HRZB Horizon Financial Corp. of WA* 16.19 16.19 1.53 9.53 8.76 1.53 9.53 NA NA 0.82 IBSF IBS Financial Corp. of NJ 20.39 20.39 1.10 5.11 5.07 1.12 5.18 0.07 198.42 0.66 ISBF ISB Financial Corp. of LA 19.37 19.36 1.26 6.94 6.13 1.26 6.94 NA NA 0.91 IFSB Independence FSB of DC 6.48 5.57 0.55 8.92 13.75 0.26 4.22 2.68 7.66 0.38 INCB Indiana Comm. Bank, SB of IN 14.98 14.98 0.68 4.41 4.89 0.68 4.41 NA NA 0.61 IFSL Indiana Federal Corp. of IN 9.82 9.13 1.02 10.77 7.66 0.96 10.08 1.41 65.46 1.20 INBI Industrial Bancorp of OH 19.12 19.12 1.48 8.08 6.91 1.48 8.08 0.40 107.81 0.54 IWBK Interwest SB of Oak Harbor WA 6.88 6.68 1.08 14.86 8.62 1.00 13.71 0.59 59.11 0.62 IPSW Ipswich SB of Ipswich MA* 6.32 6.32 1.39 22.24 13.30 1.21 19.44 2.23 46.20 1.37 IROQ Iroquois Bancorp of Auburn NY* 6.08 6.08 0.86 14.60 11.03 0.86 14.51 1.60 46.24 1.00 JSBF JSB Financial, Inc. of NY 21.82 21.82 1.47 6.73 6.61 1.55 7.13 NA NA 0.61 JXVL Jacksonville Bancorp of TX 16.70 16.70 0.79 6.76 5.56 0.79 6.76 0.86 54.59 0.69 JXSB Jcksnville SB,MHC of IL(43.3%) 11.79 11.79 0.43 3.82 3.43 0.35 3.10 0.52 90.42 0.60 JEBC Jefferson Bancorp of Gretna LA(8) 13.36 13.36 1.00 7.78 5.47 1.00 7.78 0.46 54.63 1.08 JSBA Jefferson Svgs Bancorp of MO 7.02 5.75 0.60 8.20 5.85 0.59 8.04 0.97 48.62 0.66 JOAC Joachim Bancorp of MO 29.24 29.24 0.65 3.14 2.29 0.65 3.14 0.01 NA 0.31 KSAV KS Bancorp of Kenly NC 15.17 15.15 1.14 6.94 8.39 1.15 7.03 0.73 41.55 0.37 KSBK KSB Bancorp of Kingfield ME* 6.85 6.30 0.79 12.18 12.14 0.76 11.67 1.73 40.97 1.04 KFBI Klamath First Bancorp of OR 27.73 27.73 1.34 6.14 4.67 1.34 6.14 0.11 134.99 0.20 LBFI L&B Financial of S. Springs TX(8) 17.14 17.14 1.07 5.78 5.72 1.05 5.71 0.50 120.17 1.35 LSBI LSB Bancorp of Lafayette IN 10.66 10.66 0.82 6.96 7.88 0.78 6.58 0.19 295.51 0.65 LVSB Lakeview SB of Paterson NJ 9.95 7.64 1.15 10.31 10.73 0.69 6.19 1.89 34.35 1.75 LARK Landmark Bancshares of KS 17.20 17.20 0.91 5.28 6.16 0.79 4.60 0.37 97.05 0.64 LARL Laurel Capital Group of PA 10.68 10.68 1.36 13.21 11.59 1.31 12.75 0.70 142.16 1.31 LSBX Lawrence Savings Bank of MA* 7.56 7.56 1.12 14.66 14.18 1.13 14.85 1.98 62.75 2.73 LFCT Leader Fin. Corp of Memphis TN(8) 8.03 8.03 1.41 17.25 8.88 1.37 16.87 16.94 4.30 1.10 LFED Leeds FSB, MHC of MD (35.3) 16.36 16.36 1.03 6.35 5.67 1.03 6.35 0.01 NA 0.24 LXMO Lexington B&L Fin. Corp. of MO 29.42 29.42 1.28 4.34 6.20 1.26 4.27 1.15 35.02 0.49 LBCI Liberty Bancorp of Chicago IL 9.53 9.50 0.56 5.51 6.07 0.56 5.51 0.12 421.89 0.70 LIFB Life Bancorp of Norfolk VA 12.73 12.26 0.85 5.95 6.30 0.88 6.22 0.73 107.84 1.73 LFBI Little Falls Bancorp of NJ 15.22 14.00 0.22 2.42 1.82 0.16 1.75 1.56 20.85 0.94 LOGN Logansport Fin. Corp. of IN 26.77 26.77 1.41 5.71 5.53 1.40 5.63 0.37 79.86 0.44 LONF London Financial Corp. of OH 20.86 20.86 0.57 4.73 3.52 0.57 4.73 0.21 239.74 0.69 LISB Long Island Bancorp of NY 10.69 10.69 0.95 8.77 6.11 0.89 8.20 NA NA 1.45 MAFB MAF Bancorp of IL 5.54 5.54 0.88 15.21 12.82 0.90 15.65 0.46 104.05 0.63 MBLF MBLA Financial Corp. of MO(8) 14.54 14.54 0.70 4.81 4.17 0.70 4.81 0.33 83.20 0.51 MFBC MFB Corp. of Mishawaka IN 19.31 19.31 0.69 3.41 4.50 0.68 3.36 0.05 325.00 0.25 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- HARS Harris SB, MHC of PA (23.1) 23.29 126.39 15.25 134.92 23.61 0.58 3.41 NM HFFB Harrodsburg 1st Fin Bcrp of KY NM 105.04 30.11 105.04 NM 0.40 2.67 NM HHFC Harvest Home Fin. Corp. of OH 18.84 88.74 16.55 88.74 18.84 0.40 3.08 57.97 HAVN Haven Bancorp of Woodhaven NY 12.70 129.74 8.17 130.52 12.87 0.60 2.12 26.91 HVFD Haverfield Corp. of OH 15.13 121.54 10.09 121.95 16.07 0.54 3.00 45.38 HTHR Hawthorne Fin. Corp. of CA NM 75.49 2.86 75.96 NM 0.00 0.00 NM HSBK Hibernia SB of Quincy MA* 10.21 97.64 6.35 97.64 12.83 0.28 1.93 19.72 HBNK Highland Federal Bank of CA NM 106.10 8.31 106.10 NM 0.00 0.00 0.00 HIFS Hingham Inst. for Sav. of MA* 9.66 100.86 10.12 100.86 9.66 0.32 2.29 22.07 HNFC Hinsdale Financial Corp. of IL 15.82 123.76 9.86 127.68 16.45 0.00 0.00 0.00 HBFW Home Bancorp of Fort Wayne IN 17.29 89.58 14.71 89.58 17.29 0.20 1.34 23.26 HBBI Home Building Bancorp of IN NM 95.06 13.43 95.06 NM 0.30 1.70 50.85 HOMF Home Fed Bancorp of Seymour IN 8.57 120.63 10.00 125.46 9.87 0.50 1.83 15.72 HFMD Home Federal Corporation of MD(8) 10.75 145.07 12.50 147.06 10.97 0.16 1.49 16.00 HOFL Home Financial Corp. of FL(8) 16.41 107.75 27.49 107.75 17.24 0.80 5.87 NM HPBC Home Port Bancorp, Inc. of MA* 8.28 127.45 14.35 127.45 8.23 0.60 4.62 38.22 HMCI Homecorp, Inc. of Rockford IL 15.63 95.06 5.77 95.06 23.03 0.00 0.00 0.00 LOAN Horizon Bancorp, Inc of TX* 8.67 135.90 11.75 140.71 11.08 0.16 1.49 12.90 HZFS Horizon Fin'l. Services of IA 21.53 83.07 9.61 83.07 23.13 0.32 2.06 44.44 HRZB Horizon Financial Corp. of WA* 11.42 104.41 16.90 104.41 11.42 0.32 2.55 29.09 IBSF IBS Financial Corp. of NJ 19.72 103.47 21.10 103.47 19.44 0.24 1.71 33.80 ISBF ISB Financial Corp. of LA 16.33 97.74 18.93 97.80 16.33 0.32 2.00 32.65 IFSB Independence FSB of DC 7.27 59.88 3.88 69.69 15.38 0.22 2.75 20.00 INCB Indiana Comm. Bank, SB of IN 20.43 89.19 13.36 89.19 20.43 0.35 2.56 52.24 IFSL Indiana Federal Corp. of IN 13.06 136.90 13.44 147.29 13.95 0.72 3.53 46.15 INBI Industrial Bancorp of OH 14.48 105.42 20.16 105.42 14.48 0.30 2.53 36.59 IWBK Interwest SB of Oak Harbor WA 11.59 164.05 11.28 168.90 12.57 0.48 2.00 23.19 IPSW Ipswich SB of Ipswich MA* 7.52 148.89 9.41 148.89 8.60 0.20 1.86 13.99 IROQ Iroquois Bancorp of Auburn NY* 9.06 124.25 7.55 124.25 9.12 0.32 2.21 20.00 JSBF JSB Financial, Inc. of NY 15.12 101.28 22.10 101.28 14.28 1.20 3.62 54.79 JXVL Jacksonville Bancorp of TX 18.00 79.43 13.27 79.43 18.00 0.50 4.71 NM JXSB Jcksnville SB,MHC of IL(43.3%) NM 104.40 12.31 104.40 NM 0.40 2.86 NM JEBC Jefferson Bancorp of Gretna LA(8) 18.28 137.14 18.33 137.14 18.28 0.30 1.36 24.79 JSBA Jefferson Svgs Bancorp of MO 17.11 135.49 9.51 165.39 17.45 0.32 1.23 21.05 JOAC Joachim Bancorp of MO NM 86.57 25.32 86.57 NM 0.50 4.08 NM KSAV KS Bancorp of Kenly NC 11.92 87.55 13.28 87.68 11.76 0.60 3.33 39.74 KSBK KSB Bancorp of Kingfield ME* 8.24 94.30 6.46 102.47 8.59 0.20 0.91 7.49 KFBI Klamath First Bancorp of OR 21.39 94.77 26.28 94.77 21.39 0.26 1.84 39.39 LBFI L&B Financial of S. Springs TX(8) 17.47 104.84 17.97 104.84 17.66 0.40 2.46 43.01 LSBI LSB Bancorp of Lafayette IN 12.70 90.48 9.65 90.48 13.43 0.32 1.97 25.00 LVSB Lakeview SB of Paterson NJ 9.32 102.55 10.21 133.55 15.53 0.25 1.22 11.36 LARK Landmark Bancshares of KS 16.22 89.44 15.38 89.44 18.60 0.40 2.62 42.55 LARL Laurel Capital Group of PA 8.63 107.90 11.52 107.90 8.94 0.32 2.17 18.71 LSBX Lawrence Savings Bank of MA* 7.05 95.49 7.22 95.49 6.96 0.00 0.00 0.00 LFCT Leader Fin. Corp of Memphis TN(8) 11.26 176.97 14.21 176.97 11.52 0.72 1.58 17.82 LFED Leeds FSB, MHC of MD (35.3) 17.63 108.70 17.78 108.70 17.63 0.64 4.65 NM LXMO Lexington B&L Fin. Corp. of MO 16.13 70.08 20.62 70.08 16.39 0.00 0.00 0.00 LBCI Liberty Bancorp of Chicago IL 16.46 93.02 8.86 93.28 16.46 0.60 2.51 41.38 LIFB Life Bancorp of Norfolk VA 15.87 95.79 12.19 99.44 15.18 0.44 3.12 49.44 LFBI Little Falls Bancorp of NJ NM 69.07 10.51 75.11 NM 0.10 1.01 55.56 LOGN Logansport Fin. Corp. of IN 18.09 88.77 23.76 88.77 18.33 0.40 2.91 52.63 LONF London Financial Corp. of OH NM 70.90 14.79 70.90 NM 0.00 0.00 0.00 LISB Long Island Bancorp of NY 16.37 144.88 15.49 144.88 17.51 0.40 1.33 21.74 MAFB MAF Bancorp of IL 7.80 115.97 6.42 115.97 7.58 0.32 1.32 10.29 MBLF MBLA Financial Corp. of MO(8) 24.00 116.11 16.88 116.11 24.00 0.40 1.67 40.00 MFBC MFB Corp. of Mishawaka IN 22.22 74.99 14.48 74.99 22.58 0.00 0.00 0.00 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ---------------------- --------------- Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans ------- ------- ------ ------- ------- ------- ------- ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- MLFB MLF Bancorp of Villanova PA 7.95 7.75 0.70 8.06 7.83 0.62 7.15 0.59 125.65 1.64 MSBB MSB Bancorp of Middletown NY* 9.69 9.52 0.53 5.65 5.15 0.57 6.05 NA NA 0.57 MSBF MSB Financial Corp. of MI 22.64 22.64 1.93 7.88 9.07 1.76 7.21 0.60 100.59 0.69 MGNL Magna Bancorp of MS 9.77 9.18 1.76 18.10 8.80 1.66 17.10 4.18 16.96 1.01 MARN Marion Capital Holdings of IN 23.99 23.99 1.40 5.77 5.93 1.40 5.77 0.93 120.08 1.42 MFCX Marshalltown Fin. Corp. of IA(8) 15.33 15.33 0.33 2.14 1.87 0.33 2.14 NA NA 0.20 MFSL Maryland Fed. Bancorp of MD 8.22 8.08 0.75 9.08 9.51 0.65 7.94 0.48 81.70 0.45 MASB MassBank Corp. of Reading MA* 10.16 10.16 1.04 10.42 9.86 1.02 10.20 0.33 87.49 1.00 MFLR Mayflower Co-Op. Bank of MA* 9.87 9.65 0.84 7.86 6.44 0.79 7.37 1.58 59.62 1.49 MDBK Medford Savings Bank of MA* 8.88 8.06 1.02 11.63 10.00 1.00 11.41 0.55 135.58 1.38 MERI Meritrust FSB of Thibodaux LA 7.44 7.44 1.01 13.99 8.50 1.01 13.99 0.23 131.08 0.62 MWBX Metro West of MA* 7.47 7.47 1.25 17.15 9.95 1.25 17.15 2.43 38.37 1.37 MSEA Metropolitan Bancorp of WA 6.54 5.92 0.71 10.67 10.21 0.77 11.51 NA NA 1.76 MCBS Mid Continent Bancshares of KS 12.53 12.50 1.37 9.90 9.46 1.16 8.37 0.21 59.97 0.25 MIFC Mid Iowa Financial Corp. of IA 9.03 9.01 0.83 8.92 8.48 0.80 8.59 0.15 142.62 0.44 MCBN Mid-Coast Bancorp of ME 9.06 9.06 0.56 6.32 6.96 0.51 5.80 1.10 36.89 0.51 MIDC Midconn Bank of Kensington CT* 9.45 7.88 0.34 3.56 4.00 0.32 3.45 2.04 24.62 0.72 MWBI Midwest Bancshares, Inc. of IA 6.94 6.94 0.99 14.20 14.41 0.96 13.86 0.27 175.00 0.85 MWFD Midwest Fed. Fin. Corp of WI 9.34 8.92 1.19 12.30 7.69 0.96 9.88 0.26 294.77 1.06 MFFC Milton Fed. Fin. Corp. of OH 19.98 19.98 1.13 4.93 6.14 1.05 4.56 0.40 54.24 0.35 MIVI Miss. View Hold. Co. of MN 18.86 18.86 1.32 6.75 8.44 1.25 6.40 0.14 888.89 2.07 MBBC Monterey Bay Bancorp of CA 14.98 14.80 0.19 1.27 1.52 0.23 1.55 0.60 71.38 0.60 MORG Morgan Financial Corp. of CO 14.66 14.66 0.97 6.43 6.53 0.93 6.18 0.28 60.61 0.24 MFSB Mutual Bancompany of MO(8) 11.70 11.70 0.20 1.83 1.59 0.23 2.10 NA NA NA MSBK Mutual SB, FSB of Bay City MI 5.46 5.46 0.01 0.21 0.37 -0.09 -1.71 0.11 215.12 0.83 NHTB NH Thrift Bancshares of NH 7.69 7.69 0.57 7.35 8.41 0.59 7.70 1.39 56.18 0.96 NHSL NHS Financial, Inc. of CA(8) 8.43 8.42 0.17 1.97 1.75 0.16 1.86 2.05 57.88 1.36 NSLB NS&L Bancorp of Neosho MO 23.49 23.49 0.93 4.27 4.58 0.87 3.98 0.18 40.95 0.15 NMSB Newmil Bancorp. of CT* 11.14 11.14 2.04 19.29 21.78 2.03 19.16 2.88 61.88 3.42 NFSL Newnan SB, FSB of Newnan GA 11.58 11.50 1.85 17.54 10.63 1.62 15.29 0.67 128.82 1.07 NASB North American SB of MO 7.35 7.05 1.33 18.45 12.26 1.27 17.61 3.36 26.33 1.05 NBSI North Bancshares of Chicago IL 17.34 17.34 0.57 3.03 3.43 0.52 2.75 NA NA 0.36 FFFD North Central Bancshares of IA 28.87 28.87 1.48 7.67 5.91 1.39 7.19 0.13 743.80 1.18 NEIB Northeast Indiana Bncrp of IN 20.34 20.34 1.10 5.50 5.96 1.10 5.50 0.25 272.13 0.74 NSBK Northside SB of Bronx NY* 7.74 7.67 1.14 15.51 10.29 0.98 13.39 0.51 84.90 1.67 NWEQ Northwest Equity Corp. of WI 13.73 13.73 1.08 6.99 8.39 1.03 6.67 0.92 54.33 0.61 NWSB Northwest SB, MHC of PA(29.9) 10.67 10.54 1.05 9.37 6.21 1.05 9.37 0.98 70.63 0.94 NSSY Norwalk Savings Society of CT* 7.98 7.98 0.75 8.92 7.81 0.64 7.63 3.01 27.48 1.20 NSSB Norwich Financial Corp. of CT* 10.58 9.54 0.84 7.50 7.23 0.84 7.50 1.92 113.80 3.44 NTMG Nutmeg FS&LA of CT 5.98 5.98 0.63 10.78 10.48 0.38 6.52 NA NA 0.56 OHSL OHSL Financial Corp. of OH 12.42 12.42 0.96 7.50 7.60 0.93 7.30 0.26 97.54 0.36 OSBF OSB Fin. Corp. of Oshkosh WI 12.59 12.59 0.17 1.33 1.58 0.30 2.31 0.14 258.58 0.56 OFCP Ottawa Financial Corp. of MI 10.92 8.75 0.92 4.93 4.40 0.92 4.93 0.38 95.16 0.45 PFFB PFF Bancorp of Pomona CA 14.39 14.23 0.10 1.37 0.87 0.10 1.37 2.29 42.84 1.23 PVFC PVF Capital Corp. of OH 6.71 6.71 1.13 17.84 11.16 0.99 15.71 NA NA NA PCCI Pacific Crest Capital of CA* 7.90 7.90 1.09 20.44 11.63 0.88 16.48 6.49 26.06 2.56 PALM Palfed, Inc. of Aiken SC 8.45 8.04 0.66 8.56 6.56 0.56 7.20 4.14 31.72 1.69 PSSB Palm Springs SB of CA(8) 6.09 6.09 0.62 10.84 7.71 0.33 5.78 4.09 15.83 0.75 PBCI Pamrapo Bancorp, Inc. of NJ 15.50 15.35 1.42 9.06 7.95 1.42 9.06 3.05 24.34 1.26 PVSA Parkvale Financial Corp of PA 7.42 7.39 1.05 14.79 11.15 0.98 13.82 0.18 850.40 2.28 PBIX Patriot Bank Corp. of PA 17.29 17.29 0.56 3.99 3.20 0.57 4.08 0.23 243.20 0.88 PEEK Peekskill Fin. Corp. of NY 30.67 30.67 1.06 4.96 3.74 1.11 5.19 0.83 31.67 1.32 PFSB PennFed Fin. Services of NJ 8.97 7.11 0.73 7.10 8.32 0.79 7.70 0.96 26.31 0.44 PWBC PennFirst Bancorp of PA 7.85 7.15 0.61 7.47 7.41 0.60 7.40 0.64 63.45 1.45 PBKB People's SB of Brockton MA* 4.93 4.67 0.73 12.13 7.50 0.53 8.69 1.27 76.25 1.93 PFDC Peoples Bancorp of Auburn IN 15.26 15.26 1.45 9.62 8.40 1.44 9.56 0.33 97.48 0.41 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- MLFB MLF Bancorp of Villanova PA 12.77 105.74 8.40 108.45 14.39 0.76 3.20 40.86 MSBB MSB Bancorp of Middletown NY* 19.42 103.80 10.06 105.64 18.11 0.60 3.72 72.29 MSBF MSB Financial Corp. of MI 11.03 89.45 20.25 89.45 12.05 0.50 2.96 32.68 MGNL Magna Bancorp of MS 11.36 193.16 18.87 205.64 12.03 0.60 1.71 19.48 MARN Marion Capital Holdings of IN 16.87 96.60 23.18 96.60 16.87 0.80 3.86 65.04 MFCX Marshalltown Fin. Corp. of IA(8) NM 113.06 17.33 113.06 NM 0.00 0.00 0.00 MFSL Maryland Fed. Bancorp of MD 10.52 95.51 7.85 97.14 12.03 0.64 2.25 23.62 MASB MassBank Corp. of Reading MA* 10.15 103.01 10.46 103.01 10.37 0.88 2.68 27.16 MFLR Mayflower Co-Op. Bank of MA* 15.53 117.91 11.63 120.61 16.57 0.40 2.71 42.11 MDBK Medford Savings Bank of MA* 10.00 111.75 9.93 123.21 10.19 0.68 3.16 31.63 MERI Meritrust FSB of Thibodaux LA 11.76 155.75 11.59 155.75 11.76 0.60 1.76 20.76 MWBX Metro West of MA* 10.05 160.31 11.97 160.31 10.05 0.10 2.43 24.39 MSEA Metropolitan Bancorp of WA 9.80 99.34 6.49 109.75 9.08 0.00 0.00 0.00 MCBS Mid Continent Bancshares of KS 10.57 104.64 13.11 104.82 12.50 0.40 2.16 22.86 MIFC Mid Iowa Financial Corp. of IA 11.79 100.32 9.06 100.48 12.25 0.08 1.28 15.09 MCBN Mid-Coast Bancorp of ME 14.38 88.89 8.05 88.89 15.67 0.50 2.62 37.59 MIDC Midconn Bank of Kensington CT* 25.00 88.25 8.34 105.89 NM 0.60 3.75 NM MWBI Midwest Bancshares, Inc. of IA 6.94 96.88 6.72 96.88 7.11 0.52 2.02 14.02 MWFD Midwest Fed. Fin. Corp of WI 13.01 155.59 14.54 162.94 16.19 0.15 0.95 12.30 MFFC Milton Fed. Fin. Corp. of OH 16.29 86.32 17.25 86.32 17.63 0.48 3.73 60.76 MIVI Miss. View Hold. Co. of MN 11.84 81.64 15.40 81.64 12.50 0.00 0.00 0.00 MBBC Monterey Bay Bancorp of CA NM 84.85 12.71 85.89 NM 0.00 0.00 0.00 MORG Morgan Financial Corp. of CO 15.31 97.15 14.24 97.15 15.91 0.24 1.96 30.00 MFSB Mutual Bancompany of MO(8) NM 114.10 13.35 114.10 NM 0.00 0.00 0.00 MSBK Mutual SB, FSB of Bay City MI NM 58.43 3.19 58.43 NM 0.00 0.00 0.00 NHTB NH Thrift Bancshares of NH 11.89 85.90 6.61 85.90 11.34 0.50 5.07 60.24 NHSL NHS Financial, Inc. of CA(8) NM 111.15 9.37 111.37 NM 0.16 1.47 NM NSLB NS&L Bancorp of Neosho MO 21.81 82.39 19.35 82.39 23.40 0.50 3.89 NM NMSB Newmil Bancorp. of CT* 4.59 86.87 9.67 86.87 4.62 0.20 2.96 13.61 NFSL Newnan SB, FSB of Newnan GA 9.40 153.58 17.79 154.66 10.79 0.40 2.03 19.05 NASB North American SB of MO 8.16 142.26 10.45 148.20 8.54 0.63 2.07 16.84 NBSI North Bancshares of Chicago IL NM 93.09 16.14 93.09 NM 0.40 2.54 74.07 FFFD North Central Bancshares of IA 16.92 80.17 23.15 80.17 18.03 0.25 2.27 38.46 NEIB Northeast Indiana Bncrp of IN 16.79 84.41 17.17 84.41 16.79 0.30 2.55 42.86 NSBK Northside SB of Bronx NY* 9.72 142.72 11.04 144.08 11.26 1.00 2.76 26.81 NWEQ Northwest Equity Corp. of WI 11.92 84.78 11.64 84.78 12.50 0.36 3.51 41.86 NWSB Northwest SB, MHC of PA(29.9) 16.10 145.60 15.54 147.43 16.10 0.30 2.55 41.10 NSSY Norwalk Savings Society of CT* 12.81 111.68 8.92 111.68 14.98 0.00 0.00 0.00 NSSB Norwich Financial Corp. of CT* 13.84 100.97 10.68 111.88 13.84 0.40 2.95 40.82 NTMG Nutmeg FS&LA of CT 9.54 100.69 6.03 100.69 15.76 0.00 0.00 0.00 OHSL OHSL Financial Corp. of OH 13.15 96.50 11.99 96.50 13.50 0.76 3.78 49.67 OSBF OSB Fin. Corp. of Oshkosh WI NM 85.71 10.79 85.71 NM 0.64 2.67 NM OFCP Ottawa Financial Corp. of MI 22.74 109.72 11.98 136.87 22.74 0.32 1.95 44.44 PFFB PFF Bancorp of Pomona CA NM 78.52 11.30 79.44 NM 0.00 0.00 0.00 PVFC PVF Capital Corp. of OH 8.96 147.06 9.86 147.06 10.18 0.00 0.00 0.00 PCCI Pacific Crest Capital of CA* 8.60 104.44 8.25 104.44 10.67 0.00 0.00 0.00 PALM Palfed, Inc. of Aiken SC 15.24 123.89 10.47 130.21 18.12 0.08 0.64 9.76 PSSB Palm Springs SB of CA(8) 12.96 134.14 8.17 134.14 24.33 0.12 0.87 11.21 PBCI Pamrapo Bancorp, Inc. of NJ 12.58 116.21 18.01 117.30 12.58 0.90 4.50 56.60 PVSA Parkvale Financial Corp of PA 8.97 123.87 9.20 124.46 9.59 0.52 2.00 17.93 PBIX Patriot Bank Corp. of PA NM 84.81 14.66 84.81 NM 0.24 1.83 57.14 PEEK Peekskill Fin. Corp. of NY NM 81.09 24.87 81.09 NM 0.36 3.06 NM PFSB PennFed Fin. Services of NJ 12.02 87.78 7.88 110.82 11.10 0.00 0.00 0.00 PWBC PennFirst Bancorp of PA 13.50 100.97 7.93 110.84 13.64 0.36 2.67 36.00 PBKB People's SB of Brockton MA* 13.34 125.41 6.18 132.48 18.62 0.28 2.84 37.84 PFDC Peoples Bancorp of Auburn IN 11.91 111.32 16.99 111.32 11.98 0.56 2.77 32.94 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ---------------------- --------------- Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans ------- ------- ------ ------- ------- ------- ------- ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- PBCT Peoples Bank, MHC of CT(32.3)* 8.00 8.00 1.11 14.66 8.49 0.89 11.81 1.66 65.45 1.65 PHBK Peoples Heritage Fin Grp of ME* 8.38 7.20 1.21 14.20 10.57 1.19 14.00 1.24 130.41 2.11 PBNB Peoples Sav. Fin. Corp. of CT* 10.81 10.00 0.85 7.91 8.78 0.89 8.26 0.44 86.77 0.64 PERM Permanent Bancorp of IN 11.14 10.98 0.32 2.72 3.37 0.32 2.72 1.85 31.59 1.07 PMFI Perpetual Midwest Fin. of IA 9.64 9.64 0.41 4.10 4.29 0.41 4.10 0.53 136.14 0.93 PCBC Perry Co. Fin. Corp. of MO 20.86 20.86 1.00 5.36 5.03 1.00 5.36 0.04 31.25 0.10 PHFC Pittsburgh Home Fin. of PA 16.43 16.43 0.65 3.98 5.21 0.65 3.98 1.53 34.96 0.93 PFSL Pocahnts Fed, MHC of AR (46.4) 5.95 5.95 0.56 9.43 8.34 0.58 9.66 0.26 146.44 1.14 POBS Portsmouth Bank Shrs Inc of NH(8)* 25.06 25.06 2.29 9.01 7.64 1.93 7.56 0.21 122.90 0.83 PKPS Poughkeepsie SB of NY 8.50 8.50 1.94 24.70 23.43 2.56 32.53 2.68 36.80 1.34 PETE Primary Bank of NH* 6.34 6.31 -0.04 -0.64 -0.65 -0.04 -0.56 1.81 47.18 1.48 PSAB Prime Bancorp, Inc. of PA 9.44 8.83 1.02 10.92 9.14 0.91 9.69 0.60 105.04 1.05 PFNC Progress Financial Corp. of PA 5.52 5.48 0.86 19.19 12.96 0.67 14.93 1.33 44.33 0.94 PSBK Progressive Bank, Inc. of NY* 8.86 8.86 0.98 10.51 9.25 1.01 10.82 1.09 97.07 1.52 PULB Pulaski SB, MHC of MO (29.0) 12.63 12.63 0.84 6.93 4.95 0.79 6.55 0.67 37.37 0.31 PULS Pulse Bancorp of S. River NJ 11.89 11.89 1.17 10.07 7.77 1.18 10.14 1.45 38.35 1.88 QCFB QCF Bancorp of Virginia MN 21.81 21.81 1.52 7.75 8.83 1.52 7.75 NA NA NA QCBC Quaker City Bancorp of CA 9.88 9.82 0.50 4.91 5.85 0.48 4.74 2.31 57.33 1.54 QCSB Queens County SB of NY* 16.98 16.98 1.72 9.78 7.12 1.77 10.10 0.75 120.88 1.09 RCSB RCSB Financial, Inc. of NY* 7.29 7.05 0.80 10.95 9.48 0.79 10.77 0.83 76.65 1.27 RARB Raritan Bancorp. of Raritan NJ* 7.24 7.06 0.81 10.82 9.35 0.80 10.65 0.48 155.58 1.32 REDF RedFed Bancorp of Redlands CA 5.63 5.63 -0.47 -8.41 -11.02 -0.45 -8.09 4.50 31.29 1.76 RELY Reliance Bancorp of NY 8.86 5.98 0.88 6.79 7.29 0.85 6.49 0.85 29.31 0.54 RELI Reliance Bancshares Inc of WI* 56.23 56.23 1.47 2.62 3.68 1.47 2.62 NA NA 0.49 RFED Roosevelt Fin. Grp. Inc. of MO 4.86 4.59 0.63 13.98 7.01 0.85 18.94 0.40 59.09 0.57 RVSB Rvrview SB,FSB MHC of WA(40.3) 11.02 9.75 1.30 11.97 8.07 1.17 10.78 0.26 119.16 0.51 SCCB S. Carolina Comm. Bnshrs of SC 28.46 28.46 1.36 4.54 4.85 1.36 4.54 NA NA 0.89 SBFL SB Fing. Lakes MHC of NY(33.0) 11.52 11.52 -0.54 -4.46 -3.25 -0.20 -1.63 1.68 29.38 1.02 SFED SFS Bancorp of Schenectady NY 14.05 14.05 0.63 4.91 6.17 0.63 4.91 0.71 52.95 0.59 SGVB SGV Bancorp of W. Covina CA 9.78 9.78 0.11 1.12 1.39 0.11 1.12 1.84 13.07 0.31 SISB SIS Bank of Sprinfield MA* 7.42 7.42 1.26 17.35 13.28 1.28 17.65 1.11 116.01 2.54 SJSB SJS Bancorp of St. Joseph MI 11.67 11.67 0.63 5.03 4.24 0.61 4.91 0.29 144.27 0.67 SWCB Sandwich Co-Op. Bank of MA* 8.60 8.03 0.85 10.27 9.60 0.79 9.63 1.34 64.69 1.31 SFBM Security Bancorp of MT 8.93 7.68 0.69 7.99 8.44 0.51 5.94 0.14 235.42 0.71 SECP Security Capital Corp. of WI 16.88 16.88 0.89 5.11 4.88 0.92 5.28 0.12 964.94 1.53 SFSL Security First Corp. of OH 8.71 8.47 1.18 13.57 11.43 1.23 14.21 0.44 208.07 1.02 SHFC Seven Hills Fin. Corp. of OH(8) 21.21 21.21 0.36 1.69 1.94 0.34 1.58 0.22 51.02 0.14 SMFC Sho-Me Fin. Corp. of MO 11.98 11.98 0.83 6.18 6.86 0.82 6.12 NA NA 0.75 SOBI Sobieski Bancorp of S. Bend IN 18.49 18.49 0.42 2.27 3.18 0.42 2.27 NA NA 0.41 SOSA Somerset Savings Bank of MA(8)* 5.46 5.46 0.32 6.25 6.80 0.32 6.25 9.74 15.15 1.88 SMBC Southern Missouri Bncrp of MO 16.40 16.40 0.88 5.01 5.29 0.82 4.69 0.97 39.01 0.66 SWBI Southwest Bancshares of IL 12.00 12.00 1.19 8.94 8.37 1.19 8.90 0.25 87.66 0.31 SVRN Sovereign Bancorp of PA 4.07 2.63 0.70 16.67 11.02 0.63 15.04 0.55 74.40 0.68 STFR St. Francis Cap. Corp. of WI 10.43 9.96 1.30 11.85 10.69 0.89 8.08 0.04 906.03 0.76 SPBC St. Paul Bancorp, Inc. of IL 9.24 9.21 0.88 9.69 8.43 0.86 9.44 0.74 125.05 1.35 STND Standard Fin. of Chicago IL 12.31 12.30 0.87 6.21 6.81 0.79 5.61 0.14 189.20 0.49 SFFC StateFed Financial Corp. of IA 20.11 20.11 1.18 5.80 6.44 1.18 5.80 NA NA 0.38 SFIN Statewide Fin. Corp. of NJ 11.10 11.06 0.52 5.43 4.31 0.64 6.66 1.26 41.78 1.47 STSA Sterling Financial Corp. of WA 4.18 3.35 0.33 7.72 6.24 0.32 7.56 0.63 82.62 0.87 SSBK Strongsville SB of OH 8.28 8.10 1.00 11.90 8.85 0.85 10.06 0.49 46.78 0.31 SFSB SuburbFed Fin. Corp. of IL 7.14 7.10 0.51 7.04 8.06 0.44 6.04 0.27 82.72 0.51 SBCN Suburban Bancorp. of OH 13.00 13.00 0.40 2.98 3.53 0.57 4.33 0.20 794.18 2.06 SCSL Suncoast S&LA of Hollywood FL 2.81 2.80 0.33 11.53 12.09 -0.41 -14.33 0.31 47.77 0.19 THRD TF Financial Corp. of PA 14.31 14.31 0.92 5.57 6.48 0.89 5.39 0.35 82.72 0.53 ROSE TR Financial Corp. of NY 6.23 6.23 0.86 12.76 10.23 0.68 10.08 0.92 49.56 0.91 TPNZ Tappan Zee Fin. Corp. of NY 19.48 19.48 0.80 6.07 4.24 0.74 5.61 1.77 32.15 1.26 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (x) (%) (%) (%) (x) ($) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- PBCT Peoples Bank, MHC of CT(32.3)* 11.77 158.43 12.67 158.43 14.62 0.80 3.58 42.11 PHBK Peoples Heritage Fin Grp of ME* 9.46 124.69 10.44 144.95 9.60 0.68 3.36 31.78 PBNB Peoples Sav. Fin. Corp. of CT* 11.39 89.36 9.66 96.61 10.90 0.92 4.49 51.11 PERM Permanent Bancorp of IN NM 81.78 9.11 82.98 NM 0.20 1.27 37.74 PMFI Perpetual Midwest Fin. of IA 23.29 95.13 9.17 95.13 23.29 0.30 1.76 41.10 PCBC Perry Co. Fin. Corp. of MO 19.89 92.89 19.38 92.89 19.89 0.30 1.71 34.09 PHFC Pittsburgh Home Fin. of PA 19.20 76.36 12.55 76.36 19.20 0.00 0.00 0.00 PFSL Pocahnts Fed, MHC of AR (46.4) 11.99 108.14 6.43 108.14 11.71 0.80 5.42 65.04 POBS Portsmouth Bank Shrs Inc of NH(8)* 13.08 118.75 29.76 118.75 15.58 0.60 4.33 56.60 PKPS Poughkeepsie SB of NY 4.27 92.27 7.84 92.27 3.24 0.10 1.90 8.13 PETE Primary Bank of NH* NM 96.00 6.09 96.38 NM 0.00 0.00 NM PSAB Prime Bancorp, Inc. of PA 10.94 114.12 10.77 122.02 12.32 0.68 3.86 42.24 PFNC Progress Financial Corp. of PA 7.72 121.36 6.70 122.31 9.92 0.00 0.00 0.00 PSBK Progressive Bank, Inc. of NY* 10.81 111.53 9.88 111.53 10.50 0.80 2.71 29.30 PULB Pulaski SB, MHC of MO (29.0) 20.21 136.32 17.22 136.32 21.38 0.80 5.42 NM PULS Pulse Bancorp of S. River NJ 12.87 126.45 15.03 126.45 12.77 0.70 4.00 51.47 QCFB QCF Bancorp of Virginia MN 11.33 81.41 17.76 81.41 11.33 0.00 0.00 0.00 QCBC Quaker City Bancorp of CA 17.11 82.44 8.15 82.92 17.74 0.00 0.00 0.00 QCSB Queens County SB of NY* 14.05 136.06 23.10 136.06 13.61 1.00 2.10 29.50 RCSB RCSB Financial, Inc. of NY* 10.54 115.46 8.42 119.44 10.72 0.48 1.87 19.75 RARB Raritan Bancorp. of Raritan NJ* 10.70 117.90 8.54 120.92 10.86 0.60 2.89 30.93 REDF RedFed Bancorp of Redlands CA NM 80.84 4.55 80.84 NM 0.00 0.00 NM RELY Reliance Bancorp of NY 13.71 93.31 8.27 138.32 14.34 0.46 2.94 40.35 RELI Reliance Bancshares Inc of WI* NM 71.16 40.01 71.16 NM 0.00 0.00 0.00 RFED Roosevelt Fin. Grp. Inc. of MO 14.26 182.64 8.88 193.27 10.52 0.62 3.22 45.93 RVSB Rvrview SB,FSB MHC of WA(40.3) 12.40 140.06 15.43 158.23 13.76 0.20 1.33 16.53 SCCB S. Carolina Comm. Bnshrs of SC 20.63 98.21 27.96 98.21 20.63 0.60 3.64 75.00 SBFL SB Fing. Lakes MHC of NY(33.0) NM 140.35 16.17 140.35 NM 0.40 2.50 NM SFED SFS Bancorp of Schenectady NY 16.22 71.94 10.11 71.94 16.22 0.00 0.00 0.00 SGVB SGV Bancorp of W. Covina CA NM 72.19 7.06 72.19 NM 0.00 0.00 0.00 SISB SIS Bank of Sprinfield MA* 7.53 117.11 8.69 117.11 7.40 0.00 0.00 0.00 SJSB SJS Bancorp of St. Joseph MI 23.58 115.99 13.53 115.99 24.13 0.40 1.93 45.45 SWCB Sandwich Co-Op. Bank of MA* 10.42 102.77 8.84 110.01 11.11 1.00 5.00 52.08 SFBM Security Bancorp of MT 11.84 92.13 8.22 107.03 15.94 0.64 3.16 37.43 SECP Security Capital Corp. of WI 20.48 103.46 17.46 103.46 19.82 0.60 0.98 20.07 SFSL Security First Corp. of OH 8.75 113.30 9.87 116.52 8.36 0.44 3.35 29.33 SHFC Seven Hills Fin. Corp. of OH(8) NM 88.84 18.84 88.84 NM 0.36 2.25 NM SMFC Sho-Me Fin. Corp. of MO 14.58 90.73 10.87 90.73 14.72 0.00 0.00 0.00 SOBI Sobieski Bancorp of S. Bend IN NM 72.61 13.43 72.61 NM 0.00 0.00 0.00 SOSA Somerset Savings Bank of MA(8)* 14.70 88.02 4.80 88.02 14.70 0.00 0.00 0.00 SMBC Southern Missouri Bncrp of MO 18.91 95.72 15.70 95.72 20.21 0.50 3.39 64.10 SWBI Southwest Bancshares of IL 11.95 120.96 14.52 120.96 12.00 1.08 3.98 47.58 SVRN Sovereign Bancorp of PA 9.07 143.36 5.83 221.38 10.05 0.08 0.78 7.08 STFR St. Francis Cap. Corp. of WI 9.35 109.40 11.42 114.56 13.72 0.40 1.58 14.81 SPBC St. Paul Bancorp, Inc. of IL 11.86 112.02 10.35 112.40 12.17 0.40 1.73 20.51 STND Standard Fin. of Chicago IL 14.68 94.21 11.59 94.26 16.26 0.32 2.12 31.07 SFFC StateFed Financial Corp. of IA 15.53 88.25 17.75 88.25 15.53 0.40 2.50 38.83 SFIN Statewide Fin. Corp. of NJ 23.23 92.14 10.23 92.42 18.94 0.00 0.00 0.00 STSA Sterling Financial Corp. of WA 16.03 127.71 5.34 159.29 16.39 0.00 0.00 0.00 SSBK Strongsville SB of OH 11.30 128.79 10.66 131.58 13.36 0.48 2.26 25.53 SFSB SuburbFed Fin. Corp. of IL 12.41 85.28 6.09 85.78 14.46 0.32 1.83 22.70 SBCN Suburban Bancorp. of OH NM 86.66 11.27 86.66 19.48 0.60 4.00 NM SCSL Suncoast S&LA of Hollywood FL 8.27 92.87 2.61 93.29 NM 0.00 0.00 0.00 THRD TF Financial Corp. of PA 15.43 88.25 12.63 88.25 15.93 0.32 2.21 34.04 ROSE TR Financial Corp. of NY 9.78 126.73 7.90 126.73 12.38 0.64 2.42 23.62 TPNZ Tappan Zee Fin. Corp. of NY 23.56 88.77 17.29 88.77 NM 0.20 1.63 38.46 RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 (continued) Weekly Thrift Market Line - Part Two Prices As Of June 14, 1996 Key Financial Ratios Asset Quality Ratios ---------------------------------------------------------- ----------------------- Tang. Financial Institution Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/ - --------------------- ---------------------- --------------- Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans ------- ------- ------ ------- ------- ------- ------- ------- ------ ------ (%) (%) (%) (%) (%) (%) (%) (%) (%) (% NASDAQ Listed OTC Companies (continued) - --------------------------------------- PTAS The Potters S&L Co. of OH 9.73 9.73 0.54 5.69 7.08 0.53 5.59 2.49 72.71 3.96 THIR Third Financial Corp. of OH(8) 18.15 18.15 1.40 7.87 5.93 1.26 7.03 0.23 325.62 0.91 TSBS Trenton SB, FSB MHC of NJ(35.0 19.04 18.61 1.81 11.21 7.37 1.20 7.47 0.48 69.57 0.55 TRIC Tri-County Bancorp of NY 17.83 17.83 0.94 4.70 5.30 0.91 4.56 0.18 318.32 1.45 THBC Troy Hill Bancorp of PA 22.20 22.20 1.40 6.20 7.85 1.27 5.65 2.95 30.03 1.09 TWIN Twin City Bancorp of TN 13.76 13.76 1.07 7.77 7.56 0.93 6.74 0.46 39.79 0.26 UFRM United FS&LA of Rocky Mount NC 8.28 8.28 0.87 11.37 9.13 0.77 9.97 0.66 178.39 1.90 UBMT United SB, FA of MT 23.53 23.53 1.50 6.68 7.23 1.49 6.63 NA NA 0.25 VABF Va. Beach Fed. Fin. Corp of VA 6.57 6.57 0.23 3.94 4.34 0.01 0.12 1.76 36.50 0.93 VAFD Valley FSB of Sheffield AL(8) 8.09 8.09 0.32 4.06 3.41 0.31 3.95 0.79 42.34 0.43 VFFC Virginia First Savings of VA 7.72 7.44 1.19 16.32 11.61 0.98 13.45 2.89 31.46 1.01 WBCI WFS Bancorp of Wichita KS(8) 11.41 11.40 0.47 4.13 3.76 0.51 4.51 NA NA 0.72 WHGB WHG Bancshares of MD 20.59 20.59 0.64 5.18 3.27 0.64 5.18 0.35 42.31 0.23 WSFS WSFS Financial Corp. of DE* 5.87 5.79 2.17 42.73 25.47 1.29 25.28 3.27 59.85 3.01 WVFC WVS Financial Corp. of PA* 15.12 15.12 1.23 8.09 7.86 1.38 9.04 0.45 178.29 1.35 WLDN Walden Bancorp of MA* 9.37 8.02 0.96 10.85 8.43 1.07 12.02 0.75 158.52 1.89 WRNB Warren Bancorp of Peabody MA* 8.95 8.95 1.64 19.67 12.48 1.56 18.79 2.05 62.35 2.12 WFSL Washington FS&LA of Seattle WA 12.13 11.54 1.75 13.70 8.74 1.67 13.12 0.60 41.03 0.35 WAMU Washington Mutual Inc. of WA* 6.23 5.54 0.91 15.07 8.85 0.90 15.01 0.51 125.59 1.04 WAYN Wayne S&L Co., MHC of OH(46.7) 9.20 9.20 0.58 6.36 4.58 0.54 5.96 1.35 26.40 0.43 WCFB Webster CityFSB,MHC of IA(45.2 22.28 22.28 1.10 5.00 3.78 1.10 5.00 1.08 37.62 0.74 WBST Webster Financial Corp. of CT 5.16 3.92 0.51 10.33 6.96 0.55 11.05 1.44 89.48 1.86 WEFC Wells Fin. Corp. of Wells MN 14.95 14.95 0.81 6.24 6.26 0.79 6.07 0.39 70.55 0.32 WCBI WestCo Bancorp of IL 15.65 15.65 1.32 8.47 6.94 1.31 8.41 0.58 49.47 0.41 WSTR WesterFed Fin. Corp. of MT 13.28 13.28 0.76 5.73 6.89 0.72 5.38 0.07 468.93 0.55 WOFC Western Ohio Fin. Corp. of OH 18.20 17.14 1.10 4.22 4.73 0.83 3.18 0.34 78.86 0.44 WFCO Winton Financial Corp. of OH(8) 7.89 7.68 0.93 12.26 7.70 0.76 10.02 0.53 64.84 0.41 FFWD Wood Bancorp of OH 14.59 14.59 1.17 8.14 8.43 1.14 7.88 0.18 192.22 0.46 WCHI Workingmens Cap. Hldgs of IN(8) 12.24 12.24 0.91 7.59 5.35 0.90 7.45 0.23 72.95 0.19 YFCB Yonkers Fin. Corp. of NY 19.39 19.39 0.89 4.59 6.40 0.98 5.05 1.63 26.77 1.09 YFED York Financial Corp. of PA 8.78 8.78 0.98 11.40 9.78 0.85 9.95 2.24 26.68 0.68 Pricing Ratios Dividend Data(6) ----------------------------------------- ----------------------- Price/ Price/ Ind. Divi- Price/ Price/ Price/ Tang. Core Div./ dend Payout Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7) - --------------------- ------- ------- ------- ------ -------- ------- ------- ------- (X) (%) (%) (%) (x) ($) (%) (%) NASDAQ Listed OTC Companies (continued) - --------------------------------------- PTRS The Potters S&L Co. of OH 14.13 78.16 7.61 78.16 14.38 0.24 1.48 20.87 THIR Third Financial Corp. of OH(8) 16.86 128.15 23.25 128.15 18.86 0.68 2.13 35.98 TSBS Trenton SB, FSB MHC of NJ(35.0 13.57 128.61 24.48 131.58 20.36 0.35 2.46 33.33 TRIC Tri-County Bancorp of WY 18.88 89.16 15.90 89.16 19.47 0.50 2.70 51.02 THBC Troy Hill Bancorp of PA 12.75 77.70 17.25 77.70 13.98 0.40 3.08 39.22 TWIN Twin City Bancorp of TN 13.22 101.91 14.03 101.91 15.24 0.64 4.00 52.89 UFRM United FS&LA of Rocky Mount NC 10.96 117.47 9.72 117.47 12.50 0.20 2.50 27.40 UBMT United SB, FA of MT 13.83 90.71 21.34 90.71 13.93 0.88 4.82 66.67 VABF Va. Beach Fed. Fin. Corp of VA 23.03 89.01 5.85 89.01 NM 0.16 2.17 50.00 VAFD Valley FSB of Sheffield AL(8) NM 122.42 9.90 122.42 NM 0.60 1.88 55.05 VFFC Virginia First Savings of VA 8.61 129.84 10.03 134.78 10.45 0.10 0.78 6.76 WBCI WFS Bancorp of Wichita KS(8) NM 107.12 12.22 107.17 24.33 0.40 1.75 46.51 WHGB WHG Bancshares of MD NM 77.46 15.95 77.46 NM 0.00 0.00 0.00 WSFS WSFS Financial Corp. of DE* 3.93 143.95 8.44 145.91 6.64 0.00 0.00 0.00 WVFC WVS Financial Corp. of PA* 12.73 99.14 14.99 99.14 11.40 0.40 1.93 24.54 WLDN Walden Bancorp of MA* 11.87 104.28 9.77 121.91 10.71 0.64 3.41 40.51 WRNB Warren Bancorp of Peabody MA* 8.01 146.37 13.10 146.37 8.39 0.44 3.52 28.21 WFSL Washington FS&LA of Seattle WA 11.44 153.13 18.58 160.93 11.94 0.88 4.09 46.81 WAMU Washington Mutual Inc. of WA* 11.31 153.23 9.55 172.31 11.35 0.88 2.97 33.59 WAYN Wayne S&L Co., MHC of OH(46.7) 21.84 135.44 12.46 135.44 23.31 0.84 4.05 NM WCFB Webster CityFSB,MHC of IA(45.2 NM 130.81 29.15 130.81 NM 0.80 5.93 NM WBST Webster Financial Corp. of CT 14.38 118.46 6.11 155.83 13.43 0.64 2.23 32.00 WEFC Wells Fin. Corp. of Wells MN 15.97 85.82 12.83 85.82 16.43 0.00 0.00 0.00 WCBI WestCo Bancorp of IL 14.41 119.65 18.72 119.65 14.51 0.45 2.08 30.00 WSTR WesterFed Fin. Corp. of MT 14.52 80.87 10.74 80.87 15.45 0.34 2.37 34.34 WOFC Western Ohio Fin. Corp. of OH 21.14 92.30 16.80 98.02 NM 1.00 4.30 NM WFCO Winton Financial Corp. of OH(8) 12.98 129.56 10.22 133.14 15.88 0.42 3.11 40.38 FFWD Wood Bancorp of OH 11.86 93.81 13.69 93.81 12.25 0.36 1.95 23.08 WCHI Workingmens Cap. Hldgs of IN(8) 18.69 137.46 16.83 137.46 19.05 0.36 1.80 33.64 YFCB Yonkers Fin. Corp. of NY 15.63 71.77 13.92 71.77 14.21 0.00 0.00 0.00 YFED York Financial Corp. of PA 10.22 110.84 9.73 110.84 11.72 0.60 3.56 36.36 EXHIBIT IV-2 Historical Stock Price Indices Historical Stock Price Indices(1) SNL SNL NASDAQ Thrift Bank Year/Qtr. Ended DJIA S&P 500 Composite Index Index --------------- ---- ------- --------- ----- ----- 1991: Quarter 1 2881.1 375.2 482.3 125.5 66.0 Quarter 2 2957.7 371.2 475.9 130.5 82.0 Quarter 3 3018.2 387.9 526.9 141.8 90.7 Quarter 4 3168.0 417.1 586.3 144.7 103.1 1992: Quarter 1 3235.5 403.7 603.8 157.0 113.3 Quarter 2 3318.5 408.1 563.6 173.3 119.7 Quarter 3 3271.7 417.8 583.3 167.0 117.1 Quarter 4 3301.1 435.7 677.0 201.1 136.7 1993: Quarter 1 3435.1 451.7 690.1 228.2 151.4 Quarter 2 3516.1 450.5 704.0 219.8 147.0 Quarter 3 3555.1 458.9 762.8 258.4 154.3 Quarter 4 3754.1 466.5 776.8 252.5 146.2 1994: Quarter 1 3625.1 445.8 743.5 241.6 143.1 Quarter 2 3625.0 444.3 706.0 269.6 152.6 Quarter 3 3843.2 462.6 764.3 279.7 149.2 Quarter 4 3834.4 459.3 752.0 244.7 137.6 1995: Quarter 1 4157.7 500.7 817.2 278.4 152.1 Quarter 2 4556.1 544.8 933.5 313.5 171.7 Quarter 3 4789.1 584.4 1,043.5 362.3 195.3 Quarter 4 5117.1 615.9 1,052.1 376.5 207.6 1996: Quarter 1 5587.1 645.5 1,101.4 382.1 225.1 As of June 7, 1996 5697.1 673.3 1,229.8 385.1 228.8 (1) End of period data. Source: SNL Securities; Wall Street Journal. EXHIBIT IV-3 Historical Thrift Stock Indices MONTHLY MARKET REPORT INDEX VALUES INDEX VALUES PERCENT CHANGE SINCE ----------------------------------------- ----------------------------------- 05/31/96 04/30/96 12/29/95 06/01/95 04/30/96 12/29/95 06/01/95 -------- -------- -------- -------- -------- -------- -------- All Pub. Traded Thrifts 383.0 380.3 376.5 309.5 0.7 1.7 23.7 MHC Index 429.2 459.0 485.5 349.5 -6.5 -6.4 22.8 INSURANCE INDICES - ------------------------------------------------------------------------------------------------------------- SAIF Thrifts 358.8 356.1 356.4 293.6 0.7 0.7 22.2 BIF Thrifts 455.6 452.6 436.9 357.2 0.6 4.3 27.5 STOCK EXCHANGE INDICES - ------------------------------------------------------------------------------------------------------------- AMEX Thrifts 135.1 134.1 137.7 121.9 0.7 -1.8 10.8 NYSE Thrifts 256.2 249.9 257.6 212.6 2.5 -0.6 20.5 OTC Thrifts 459.9 460.3 449.5 368.8 -0.1 2.3 24.7 GEOGRAPHICAL INDICES - ------------------------------------------------------------------------------------------------------------- New England Thrifts 321.6 320.2 316.1 255.7 0.4 1.7 25.7 Mid-Atlantic Thrifts 746.6 745.4 720.1 596.6 0.2 3.7 25.1 Southwest Thrifts 262.5 253.4 241.7 193.0 3.6 8.6 36.0 Midwest Thrifts 967.3 981.7 951.5 775.3 -1.5 1.7 24.8 Southeast Thrifts 385.2 381.8 367.2 300.1 0.9 4.9 28.4 Western Thrifts 375.7 363.8 380.4 315.6 3.3 -1.2 19.0 ASSET SIZE INDICES - ------------------------------------------------------------------------------------------------------------- Less than $250M 545.4 545.4 538.4 454.5 0.0 1.3 20.0 $250M to $500M 687.7 690.9 680.3 570.0 -0.5 1.1 20.6 $500M to $1B 436.1 430.0 431.4 357.1 1.4 1.1 22.1 $1B to $5B 431.6 431.3 421.7 341.9 0.1 2.4 26.2 Over $5B 236.8 231.7 233.5 192.5 2.2 1.4 23.0 COMPARATIVE INDICES - ------------------------------------------------------------------------------------------------------------- Dow Jones industrials 5643.2 5569.1 5117.1 4473.4 1.3 10.3 26.1 S&P 500 669.1 654.2 615.9 533.5 2.3 8.6 25.4 All SNL indices are market-value weighted; i.e., an institution's effect on an is proportionate to that institution's market capitalization. All SNL thrift indices, except for the SNL MHC index, began at 100 on March 30, 1984. The SNL MHC index began at 201,082 on Dec 31. 1992 the level of the SNL Thrift index on that date on March 30. 1984 the S&P 500 closed at 159.2 and the Dow Jones industries stood at 1164.9. New England: CT, ME, MA, NH, RI, VT; Middle Atlantic: DE, DC, PA, MD, NJ NY, PR; Southeast: AL, AR, FL, GA, MS, NC, SC, TN, VA, WV, WV; Midwest: IA, IL, IN, KS, KY, MI, MN, MO, ND, NE, OH, SD, WI; Southeast: CO, LA, NM, OK, TX, UT;Western: AZ, AK, CA, HI, ID, MT, NV, OR, WA, WY. SOURCE: SNL SECURITIES JUNE 1996 EXHIBIT IV-4 Regional Acquisition Activity RP Financial, LC. ---------------------------------------------------------------------- EXHIBIT IV - 4 COMPLETED AND PENDING ACQUISITIONS OF MISSOURI THRIFTS, 1995-PRESENT ---------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ TRANSACTIONS TARGET COMPANY'S FINANCIAL DATA AT COMPLETION DATE - ------------------------------------------------------------------------------------------------------------------------------------ DATE ANNOUNCED/ TARGET/STATE POOLING/ EQUITY/ T.T. T.T. NPAs(1) RESERVES COMPLETED ACQUIROR/STATE PURCHASE ASSETS ASSETS ROAA ROAE ASSESTS NPAs --------- -------------- -------- ------ ------ ---- ---- ------- ---- ($000) (%) (%) (%) (%) (%) - ------------------------------------------------------------------------------------------------------------------------------------ 04/09/96 Mutual Bancompany Pooling $54,913 11.31% 0.22% 2.16% 0.21% 159.32% Pending Roosevelt Financial Group/MO 03/22/96 Sentinel Fin. Corp., Kansas City Pooling $161,879 6.35% 0.40% 6.59% 0.01% NM Pending Roosevelt Fin. Group/MO 06/09/95 St. Francois Fin. Corp. Purchase $39,751 18.53% 0.75% 4.16% 0.31% 179.72% Pending New Era Bancorp/MO 06/16/95 Kirksville Bancshares, Kirksville Pooling $136,205 15.25% 0.99% 6.46% 0.08% 1052.83% 12/29/95 Roosevelt Financial Group/MO 04/13/95 WSB Bancorp Purchase $95,676 18.98% 0.80% 4.33% 0.06% 514.75% 10/23/95 Roosevelt Financial Group/MO 07/13/94 UNSL Financial Corp. Pooling $488,416 8.03% 0.90% 10.62% 1.47% 51.02% 01/06/95 Mercantile Bancorp/MO - ------------------------------------------------------------------------------------------------------------------------------------ - -------------------------------------------------------------------------------------------------------------------- Acquisition Terms Control Premium Acquisition Pricing At Completion Date - -------------------------------------------------------------------------------------------------------------------- Offer Price/ Total Offer Cash One Day DATE ANNOUNCED/ Deal Price/ Debt Pre-Offer COMPLETED Value Share Stock Price P/B P/TB P/A P/E --------- ----- ------- ----- ----- --- ---- --- --- (SMII) ($) (x) (%) (%) (%) (%) - -------------------------------------------------------------------------------------------------------------------- 04/09/96 $7.7 $23.00 Stock 1.97 124% 124% 14.00% NM Pending 03/22/96 $13.5 $26.33 Stock NOT TRADED 117% 117% 8.90% 19.70 Pending 06/09/95 $10.8 $24.00 Cash NOT TRADED 127% 127% 28.70% NM Pending 06/16/95 $28.5 $40.13 Stock NOT TRADED 137% 137% 20.92% 21.16 12/29/95 04/13/95 $26.2 $22.75 Cash 1.08 128% 128% 27.38% 31.20 10/23/95 07/13/94 $61.2 $37.51 Stock 1.13 150% 150% 12.53% 14.46 01/06/95 - -------------------------------------------------------------------------------------------------------------------- (1) NPAs consist of REO, non-accruing loans, and loans 90+ days delinquent. JUNE 7, 1996 Source: SNL Securities; American Banker. EXHIBIT IV-7 Pro Forma Analysis Sheet RP Financial, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-7 PRO FORMA ANALYSIS SHEET -- PAGE 1 Community Bank of MO Prices as of June 14, 1996 Comparable All MO All SAIF Companies Companies Companies ------------- ------------- ------------- Price Multiple: Symbol Subject(1) Mean Median Mean Median Mean Median - -------------- ------ ---------- ----- ------ ----- ------ ----- ------- Price-earnings ratio = P/E 14.86x 15.63x 15.06x 16.15x 16.62x 14.29x 14.29x Price-core earnings = P/CORE 19.53x 16.00x 15.13x 16.26x 16.39x 15.14x 15.42x Price-book ratio = P/B 63.26x 89.51% 88.37% 105.46% 88.50% 104.98% 99.35% Price-tng book ratio = P/TB 63.26x 89.53% 88.37% 108.77% 88.50% 108.21% 102.42% Price-assets ratio = P/A 11.07x 15.20% 15.03% 15.94% 15.70% 13.13% 11.84% Valuation Parameters - -------------------- Pre-Conv Earnings (Y) $ 526,000 Est ESOP Borrowings (E) $ 840,000 Pre-Conv Book Value (B) $ 7,883,000 Cost of ESOP Borrowings (S) 0.00% (4) Pre-Conv Assets (A) $ 86,168,000 Amort of ESOP Borrowings (T) 10 Years Reinvestment Rate(2) (R) 3.23% MRP Amount (M) $ 420,000 Est Conversion Exp(3) (X) 525,000 MRP Expense (N) $ 84,000 Proceeds Not Reinvested (Z) $ 1,260,000 Calculation of Pro Forma Value After Conversion - ----------------------------------------------- 1. V = P/E (Y-R(X+Z)-ES-(1-TAX)E/T-(1-TAX)N)) V = $ 10,497,867 ------------------------------------------------- 1-(P/E)R 2. V = P/B (B-X-E-M) V = $10,499,714 --------------------------- 1-P/B 3. V = P/A (A-X-M-E) V = $ 10,503,990 --------------------------- 1-P/A Total Price Total Conclusion Shares Per Share Value - ---------- ------ --------- -------- Appraised Value 1,050,000 $10.00 $ 10,500,000 RANGE: - ----- - - Minimum 892,500 $10.00 $ 8,925,000 - - Maximum 1,207,500 $10.00 $ 12,075,000 - - Superrange 1,388,625 $10.00 $ 13,886,250 (1) Pricing ratios shown reflect the midpoint appraised value. (2) Net return assumes a reinvestment rate of 5.38 percent, and a tax rate of 40.00 percent. (3) Conversion expenses reflect estimated expenses as presented in offering document. (4) Assumes a borrowings cost of 0.00 percent and a tax rate of 40.00 percent. RP Financial, Inc. - ------------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-7 PRO FORMA ANALYSIS SHEET -- PAGE 2 Community Bank of MO Prices as of June 14, 1996 Mean Pricing Median Pricing ----------------- ----------------- Valuation Approach Subject Peers (Disc) Peers (Disc) - ------------------ ------- ------- -------- ------- ------- P/E Price-earnings 14.86x 15.63x -4.92% 15.06x -1.31% P/CORE Price-core earnings 19.53x 16.00x 22.11% 15.13x 29.14% P/B Price-book 63.26% 89.51% -29.32% 88.37% -28.42% P/TB Price-tang. book 63.26% 89.53% -29.34% 88.37% -28.42% P/A Price-assets 11.07% 15.20% -27.21% 15.03% -26.38% Average Premium (Discount) -13.73% -11.08% EXHIBIT IV-8 Pro Forma Effect of Conversion Proceeds RP Financial, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-8 PRO FORMA EFFECT OF CONVERSION PROCEEDS Community Bank of MO At the Minimum of the Range 1. Conversion Proceeds Pro-forma market value ------------------------------ $ 8,925,000 Less: Estimated offering expenses --------------- 525,000 ----------- Net Conversion Proceeds ----------------------------- $ 8,400,000 2. Estimated Additional Income from Conversion Proceeds Net Conversion Proceeds ----------------------------- $ 8,400,000 Less: Held in Non-Earning Assets(5)(1) ---------- 1,071,000 ----------- Net Proceeds Reinvested ----------------------------- $ 7,329,000 Estimated net incremental rate of return ------------ 3.23 % ----------- Earnings Increase ----------------------------------- $ 236,580 Less: Estimated cost of ESOP borrowings(1) ------ 0 Less: Amortization of ESOP borrowings(2) -------- 42,840 Less: MRP Expense(4)----------------------------- 42,840 ----------- Net Earnings Increase ------------------------------- $ 150,900 3. Pro-Forma Earnings (rounded) Period Before Conversion After Conversion ------ ----------------- ---------------- 12 Months ended March 31, 1996 $ 526,000 $ 676,900 12 Months ended March 31, 1996 (Core) $ 357,000 $ 507,900 4. Pro-Forma Net Worth (rounded) Date Before Conversion Conversion Proceeds After Conversion ---- ----------------- ------------------- ---------------- March 31, 1996 $ 7,883,000 $ 7,329,000 (3)(4) $ 15,212,000 5. Pro-Forma Net Assets (rounded) Date Before Conversion Conversion Proceeds After Conversion ---- ----------------- ------------------- ---------------- March 31, 1996 $ 86,168,000 $ 7,329,000 $ 93,497,000 NOTE: Shares for calculating per share amounts: 892,500 (1) Estimated ESOP borrowings of $ 714,000 with an after-tax cost of 0.00 percent, assuming a borrowing cost of 0.00 percent and a tax rate of 40.00 percent. ESOP financed by holding company - excluded from reinvestment and total assets. (2) ESOP borrowings are amortized over 10 years, amortization is tax-effected. (3) ESOP borrowings of $ 714,000 are omitted from net worth. (4) $ 357,000 purchased by the MRP with an estimated pre-tax expense of $ 71,400 and a tax rate of 40.00 percent. (5) Stock purchased by MRP does not generate reinvestment income. RP Financial, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-8 PRO FORMA EFFECT OF CONVERSION PROCEEDS Community Bank of MO At the Midpoint of the Range 1. Conversion Proceeds Pro-forma market value .............................. $ 10,500,000 Less: Estimated offering expenses ............... 525,000 ----------- Net Conversion Proceeds ............................. $ 9,975,000 2. Estimated Additional Income from Conversion Proceeds Net Conversion Proceeds ............................. $ 9,975,000 Less: Held in Non-Earning Assets(5)(1) .......... 1,260,000 ----------- Net Proceeds Reinvested ............................. $ 8,715,000 Estimated net incremental rate of return ............ 3.23 % ----------- Earnings Increase ................................... $ 281,320 Less: Estimated cost of ESOP borrowings(1) ...... 0 Less: Amortization of ESOP borrowings(2) ........ 50,400 Less: MRP Expense(4) ............................ 50,400 ----------- Net Earnings Increase ............................... $ 180,520 3. Pro-Forma Earnings (rounded) Period Before Conversion After Conversion ------ ----------------- ---------------- 12 Months ended March 31, 1996 $ 526,000 $ 706,520 12 Months ended March 31, 1996 (Core) $ 357,000 $ 537,520 4. Pro-Forma Net Worth (rounded) Date Before Conversion Conversion Proceeds After Conversion ---- ----------------- ------------------- ---------------- March 31, 1996 $ 7,883,000 $ 8,715,000 (3)(4) $ 16,598,000 5. Pro-Forma Net Assets (rounded) Date Before Conversion Conversion Proceeds After Conversion ---- ----------------- ------------------- ---------------- March 31, 1996 $ 86,168,000 $ 8,715,000 $ 94,883,000 NOTE: Shares for calculating per share amounts: 1,050,000 (1) Estimated ESOP borrowings of $ 840,000 with an after-tax cost of 0.00 percent, assuming a borrowing cost of 0.00 percent and a tax rate of 40.00 percent. ESOP financed by holding company - excluded from reinvestment and total assets. (2) ESOP borrowings are amortized over 10 years, amortization is tax-effected. (3) ESOP borrowings of $ 840,000 are omitted from net worth. (4) $ 420,000 purchased by the MRP with an estimated pre-tax expense of $ 84,000 and a tax rate of 40.00 percent. (5) Stock purchased by MRP does not generate reinvestment income. RP Financial, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-8 PRO FORMA EFFECT OF CONVERSION PROCEEDS Community Bank of MO At the Maximum of the Range 1. Conversion Proceeds Pro-forma market value .............................. $ 12,075,000 Less: Estimated offering expenses ............... 525,000 ----------- Net Conversion Proceeds ............................. $ 11,550,000 2. Estimated Additional Income from Conversion Proceeds Net Conversion Proceeds ............................. $ 11,550,000 Less: Held in Non-Earning Assets(5)(1) .......... 1,449,000 ----------- Net Proceeds Reinvested ............................. $ 10,101,000 Estimated net incremental rate of return ............ 3.23 % ----------- Earnings Increase ................................... $ 326,060 Less: Estimated cost of ESOP borrowings(1) ...... 0 Less: Amortization of ESOP borrowings(2) ........ 57,960 Less: MRP Expense(4) ............................ 57,960 ----------- Net Earnings Increase ............................... $ 210,140 3. Pro-Forma Earnings (rounded) Period Before Conversion After Conversion ------ ----------------- ---------------- 12 Months ended March 31, 1996 $ 526,000 $ 736,140 12 Months ended March 31, 1996 (Core) $ 357,000 $ 567,140 4. Pro-Forma Net Worth (rounded) Date Before Conversion Conversion Proceeds After Conversion ---- ----------------- ------------------- ---------------- March 31, 1996 $ 7,883,000 $ 10,101,000 (3)(4) $ 17,984,000 5. Pro-Forma Net Assets (rounded) Date Before Conversion Conversion Proceeds After Conversion ---- ----------------- ------------------- ---------------- March 31, 1996 $ 86,168,000 $ 10,101,000 $ 96,269,000 NOTE: Shares for calculating per share amounts: 1,207,500 (1) Estimated ESOP borrowings of $ 966,000 with an after-tax cost of 0.00 percent, assuming a borrowing cost of 0.00 percent and a tax rate of 40.00 percent. ESOP financed by holding company - excluded from reinvestment and total assets. (2) ESOP borrowings are amortized over 10 years, amortization is tax-effected. (3) ESOP borrowings of $ 966,000 are omitted from net worth. (4) $ 483,000 purchased by the MRP with an estimated pre-tax expense of $ 96,600 and a tax rate of 40.00 percent. (5) Stock purchased by MRP does not generate reinvestment income. RP Financial, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Exhibit IV-8 PRO FORMA EFFECT OF CONVERSION PROCEEDS Community Bank of MO At the Superrange Maximum 1. Conversion Proceeds Pro-forma market value .............................. $ 13,886,250 Less: Estimated offering expenses ............... 525,000 ----------- Net Conversion Proceeds ............................. $ 13,361,250 2. Estimated Additional Income from Conversion Proceeds Net Conversion Proceeds ............................. $ 13,361,250 Less: Held in Non-Earning Assets(5)(1) .......... 1,666,350 ----------- Net Proceeds Reinvested ............................. $ 11,694,900 Estimated net incremental rate of return ............ 3.23 % ----------- Earnings Increase ................................... $ 377,511 Less: Estimated cost of ESOP borrowings(1) ...... 0 Less: Amortization of ESOP borrowings(2) ........ 66,654 Less: MRP Expense(4)............................. 66,654 ----------- Net Earnings Increase ............................... $ 244,203 3. Pro-Forma Earnings (rounded) Period Before Conversion After Conversion ------ ----------------- ---------------- 12 Months ended March 31, 1996 $ 526,000 $ 770,203 12 Months ended March 31, 1996 (Core) $ 357,000 $ 601,203 4. Pro-Forma Net Worth (rounded) Date Before Conversion Conversion Proceeds After Conversion ---- ----------------- ------------------- ---------------- March 31, 1996 $ 7,883,000 $ 11,694,900 (3)(4) $ 19,577,900 5. Pro-Forma Net Assets (rounded) Date Before Conversion Conversion Proceeds After Conversion ---- ----------------- ------------------- ---------------- March 31, 1996 $ 86,168,000 $ 11,694,900 $ 97,862,900 NOTE: Shares for calculating per share amounts: 1,388,625 (1) Estimated ESOP borrowings of $ 1,110,900 with an after-tax cost of 0.00 percent, assuming a borrowing cost of 0.00 percent and a tax rate of 40.00 percent. ESOP financed by holding company - excluded from reinvestment and total assets. (2) ESOP borrowings are amortized over 10 years, amortization is tax-effected. (3) ESOP borrowings of $ 1,110,900 are omitted from net worth. (4) $ 555,450 purchased by the MRP with an estimated pre-tax expense of $ 111,090 and a tax rate of 40.00 percent. (5) Stock purchased by MRP does not generate reinvestment income. EXHIBIT IV-9 Peer Group Core Earnings Analysis RP FINANCIAL, LC. - ----------------------------------------- Financial Services Industry Consultants 1700 North Moore Street, Suite 2210 Arlington, Virginia 22209 (703) 528-1700 Core Earnings Analysis Comparable Institution Analysis For the Twelve Months Ended March 31, 1996 Estimated Net Income Less: Net Tax Effect Less: Extd Core Income Estimated to Common Gains(Loss) @ 34% Items to Common Shares Core EPS ---------- ----------- ---------- ---------- ---------- ---------- ------- ($000) ($000) $000) ($000) ($000) ($000) ($) Comparable Group - ---------------- CMRN Cameron Fin. Corp. of MO 2,761 -55 19 0 2,725 2,850 0.96 CAPS Capital Savings Bancorp of MO 1,820 0 0 0 1,820 1,039 1.75 FBSI First Bancshares of MO 1,042 -26 9 0 1,025 1,302 0.79 FFSL First Independence Corp. of KS 1,138 0 0 0 1,138 583 1.95 GFSB GFS Bancorp of Grinnell IA 811 -28 10 0 793 515 1.54 NSLB NS&L Bancorp of Neosho MO 527 -55 19 0 491 888 0.55 PCBC Perry Co. Fin. Corp. of MO(1) 756 0 0 0 756 856 0.88 SMFC Sho-Me Fin. Corp. of MO 1,966 -30 10 0 1,946 1,821 1.07 SMBC Southern Missouri Bncrp of MO 1,337 -126 43 0 1,254 1,724 0.73 SFFC StateFed Financial Corp. of IA 847 0 0 0 847 823 1.03 (1) Financial information is for the quarter ending December 31, 1995. Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, Inc. calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information. Copyright (c) 1995 by RP Financial, LC. EXHIBIT V-1 RP Financial, LC. Firm Qualifications Statement FIRM QUALIFICATION STATEMENT RP Financial provides financial and management consulting and valuation services to the financial services industry nationwide, with special emphasis on federally-insured financial institutions. RP Financial establishes long-term client relationships through its wide array of services, emphasis on quality and timeliness, hands-on involvement by our principals and senior consulting staff, and careful structuring of strategic plans and transactions. RP Financial's staff draws from backgrounds in financial institution consulting, regulatory agencies and investment banking, thereby providing our clients with considerable resources. STRATEGIC AND CAPITAL PLANNING RP Financial's strategic and capital planning services are designed to provide effective workable plans with quantifiable results. Through a program referred to as SAFE, Strategic Alternatives Financial Evaluations, RP Financial analyzes strategic actions which will enhance shareholder value or otherwise achieve desired results. Our planning services involve conducting situation analyses and establishing mission statements, strategic goals and objectives, with overall emphasis on enhancement of franchise value, capital management and planning, earnings improvement and operational issues. Our planning services include the development of strategies in the following areas: capital formation and management, interest rate risk management, development of investment and liquidity portfolio targets, development of loan and servicing portfolio targets and development of funding composition targets. Our proprietary financial simulation model provides the basis for evaluating the financial impact of alternative strategies as well as assessing the feasibility and compatibility of such strategies with regulations and accounting guidelines. MERGER AND ACQUISITION SERVICES RP Financial's merger and acquisition (M&A) services include targeting candidates and potential acquirors, assessing acquisition merit, conducting detailed due diligence, negotiating and structuring transactions, preparing merger business plans and financial simulations, rendering fairness opinions and assisting in implementing post-acquisition strategies. Through our financial simulations, in-house data bases of public and non-public banks and savings institutions, valuation expertise and regulatory and accounting knowledge, RP Financial's M&A consulting focuses on structuring transactions to enhance shareholder returns. VALUATION SERVICES RP Financial's extensive valuation practice includes valuations for a variety of purposes including mergers and acquisitions, mutual-to-stock conversions, ESOPs, subsidiary and related industry companies, mark-to-market transactions, loan and servicing portfolios, non-traded securities, deposit portfolios and core deposits. Our principals and staff are highly experienced in performing valuation appraisals which conform with regulatory guidelines and appraisal industry standards. RP Financial is the nation's leading valuation firm for mutual-to-stock conversions of thrift institutions. OTHER CONSULTING SERVICES AND DATA BASES RP Financial offers a variety of other services including branching strategies, feasibility studies and special research studies, which are complemented by our quantitative and computer skills. RP Financial's consulting services are aided by its in-house data base resources for commercial banks and savings institutions and proprietary valuation and financial simulation models. RP Financial's Key Personnel (Years of Relevant Experience) Ronald S. Riggins, Managing Director (16) William E. Pommerening, Managing Director (11) Gregory E. Dunn, Senior Vice President (15) James P. Hennessey, Senior Vice President (10) James J. Oren, Vice President (8) Timothy M. Biddle, Vice President (7) Alan P. Carruthers, Senior Consultant-Community Banking (14)