-------------------------------------------------
CONVERSION APPRAISAL REPORT
FULTON BANCORP, INC.
PROPOSED HOLDING COMPANY FOR
FULTON SAVINGS BANK, FSB
Fulton, Missouri
Stock Prices As Of:
July 12, 1996
-------------------------------------------------
Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
[LETTERHEAD OF RP FINANCIAL, L.C. APPEARS HERE]
July 12, 1996
Board of Directors
Fulton Savings Bank, FSB
410 Market Street
Fulton, Missouri 65251
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 Fulton Bancorp, Inc. (the "Holding Company"), in connection with
the mutual-to-stock conversion of Fulton Savings Bank, FSB, (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 a Direct Community Offering and a
Syndicated 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 capital stock savings bank. In the
reorganization process, to become effective concurrent with the completion of
the stock sale, which is targeted for the fourth 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
July 12, 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-1 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; Moore, Horton & Carlson, P.C., the Bank's independent
auditor; Breyer and Aguggia, 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 July 12, 1996, the aggregate pro forma market
value of the Bank and the Holding Company, was $13,000,000 at the midpoint,
equal to 1,300,000 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 $11,050,000 and a maximum value of $14,950,000. Based on the $10.00
per share offering price, this valuation range equates to an offering of
1,105,000 shares at the minimum to 1,495,000 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 $17,192,500, equal
to 1,319,250 shares at the $10.00 per share offering price.
RP Financial, LC.
Board of Directors
July 12, 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 April 30, 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/ James J. Oren
James J. Oren
Vice President
RP Financial, LC.
TABLE OF CONTENTS
FULTON SAVINGS BANK, FSB
Fulton, 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 1.12
Funding Composition and Strategy 1.12
Subsidiary 1.13
Legal Proceedings 1.13
CHAPTER TWO MARKET AREA
- -----------
Introduction 2.1
National Economic Factors 2.2
Market Area Demographics 2.3
Economy 2.5
Deposit Trends and Competition 2.7
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
Interest Rate Risk 3.12
Credit Risk 3.12
Summary 3.15
RP Financial, LC.
TABLE OF CONTENTS
FULTON SAVINGS BANK, FSB
Fulton, 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 4.8
A. The Public Market 4.8
B. The New Issue Market 4.12
C. The Acquisition Market 4.16
8. Management 4.16
9. Effect of Government Regulation and Regulatory
Reform 4.17
Summary of Adjustments 4.17
Valuation Approaches 4.18
1. Price-to-Earnings ("P/E") 4.19
2. Price-to-Book ("P/B") 4.20
3. Price-to-Assets ("P/A") 4.20
Valuation Conclusion 4.21
RP Financial, LC.
LIST OF TABLES
FULTON SAVINGS BANK, FSB
Fulton, Missouri
TABLE
NUMBER DESCRIPTION PAGE
- ------ ----------- ----
1.1 Historical Balance Sheets 1.5
1.2 Historical Income Statements 1.8
2.1 Summary Demographic Data 2.4
2.2 Major Market Area Employers 2.6
2.3 Market Area Unemployment Trends 2.7
2.4 Deposit Summary 2.8
3.1 Peer Group of Publicly-Traded Thrifts 3.3
3.2 Balance Sheet Composition and Growth Rates 3.6
3.3 Income as a Percent of Average Assets
and Yields, Costs, Spreads 3.9
3.4 Loan Portfolio Composition & Related Info. 3.11
3.5 Credit Risk Measures & Related Information 3.13
3.6 Interest Rate Risk Comparative Analysis 3.14
4.1 Peer Group Primary Market Area Demographics/Competition Trends 4.5
4.2 Recent Conversions: Market Pricing Comparatives 4.13
4.3 Market Pricing Comparatives 4.15
4.4 Pricing Characteristics of Recent Midwestern Conversions 4.16
4.5 Public Market Pricing: Valuation Conclusion 4.22
RP Financial, LC.
Page 1.1
I. OVERVIEW AND FINANCIAL ANALYSIS
Fulton Savings Bank, FSB ("Fulton Savings", or the "Bank") is a
federally- chartered mutual savings bank headquartered in Fulton, Callaway
County, Missouri. The Bank also operates a branch in the nearby town of Holts
Summit. The Bank considers its primary market for deposits to consist of
Callaway County as both offices are located in that county. Lending activities
are concentrated in Callaway and Boone Counties, and to a lesser extent in Cole
and Audrain Counties, with the metropolitan area of Columbia, Missouri providing
a source of lending opportunities (see Exhibit I-1). The Bank was chartered as a
Missouri mutual savings and loan association in 1912, and 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 April 30,
1996, the Bank maintained $85.5 million in assets, $70.3 million in deposits and
$9.1 million in retained earnings, equal to 10.7 percent of assets.
The Bank's Board of Directors has adopted a Plan of Conversion, in
which the Bank will reorganize from a federal mutual savings bank to a federal
capital stock savings bank, issuing all of its common stock to a newly formed
unitary savings and loan holding company called Fulton Bancorp, Inc. ("Fulton
Bancorp" or 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 fourth 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 primarily in Callaway and Boone Counties, Missouri,
supplemented with active originations of other loan types such as commercial
real estate, construction and consumer loans. The more urbanized area of
Columbia, Boone County provides a source of commercial real estate loans (multi-
family and non-residential). The Bank is also an active originator of consumer
loans, the majority of which have consisted of secured consumer loans,
automobile loans, home improvement loans, and education loans. In recent years
Fulton Savings has experienced loan demand (residential mortgage and
nonresidential mortgage), in excess of available funds for loan originations.
The Bank has followed a strategy of originating fixed rate residential loans and
selling such loans in the secondary market servicing retained, and originating
and selling adjustable rate residential loans and commercial real estate loans
to other Missouri financial institutions while generally
RP Financial, LC.
Page 1.2
retaining 10-20 percent of the loan balance and the loan servicing. Excess
cash at the Bank is reinvested into deposits in other financial institutions
and various other types of low-risk investment securities, including U.S.
government and federal agency obligations.
By emphasizing a traditional thrift operating strategy through the
origination of primarily 1-4 family mortgage loans, and a concentration of
lending on local properties, the Bank has maintained good asset quality in
recent years. The Bank has also effectively limited its exposure to interest
rate risk through its lending strategies, which has involved selling essentially
all fixed-rate residential mortgage loans with servicing retained, retaining a
majority of adjustable rate residential mortgages ("ARMs") for portfolio, and
growing the portfolios of adjustable rate commercial real estate loans and
shorter-term construction and consumer loans. The Bank also attempts to lengthen
the maturity of its deposit base whenever possible, and utilizes borrowings as
an asset-liability management tool when maturities and rates are attractive. The
strategy of selling loans servicing retained has resulted in a substantial
portfolio of loans serviced for others ("LSFOs"), which totaled over $84 million
as of April 30, 1996. Income from this servicing portfolio provides additional
revenue diversification from changes in interest rates. Fulton Saving's funding
needs have been met primarily with retail deposits, although the Bank has
recently borrowed funds from the FHLB of Des Moines to meet loan demand. 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 8 percent in the event of an instantaneous 200
basis point increase in interest rates. Fulton Savings intends to continue to
adhere to an operating strategy that limits exposure to interest rate risk.
Notwithstanding the recent growth in commercial real estate,
construction and consumer loans, the majority of Fulton Savings' loans consist
of relatively low credit risk residential mortgages (approximately 60 percent of
the gross loan portfolio consists of 1-4 family residential mortgages). This,
together with the Bank's generally conservative underwriting standards, has
minimized credit risk in recent years. The ratio of non-performing assets
("NPAs", consisting of real estate owned and other repossessed assets, non-
accruing loans, delinquent accruing loans and restructured loans) to assets has
stayed below 1.00 percent of assets during the last two fiscal years. The
majority of the NPAs are secured by residential mortgages or residential real
estate in which management believes exposure to losses is minimal.
The Bank has recorded somewhat variable earnings over the past five
fiscal years due to fluctuations in the net interest margin. The Bank derives
earnings from net interest income exceeding operating expenses supported by non-
interest income, including income from loan servicing operations. In the most
recent two fiscal years the Bank experienced a decline in net interest income,
as funding costs have increased, reducing the Bank's core earnings to lower
levels than were recorded in earlier years. During fiscal 1996, Fulton Savings
more aggressively priced deposit products in order to obtain additional funds
for lending operations; this
RP Financial, LC.
Page 1.3
strategy resulted in higher overall deposit costs and a lower net interest
margin. Since 1995, the Bank has also utilized higher costing FHLB advances to
fund loan originations. Going forward, the Bank anticipates that earnings
will benefit from lower funding costs from the increase in capital and
continued expansion of the LSFO portfolio.
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 (10.7 percent of assets at April 30, 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 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 Fulton Bancorp, Inc.. Approximately 50 percent of the net proceeds
---------------------
of conversion will be initially retained by the Holding Company.
Subsequent to the conversion, Fulton Bancorp intends to loan a
majority of the funds retained to the Bank for use in ongoing
operations of Fulton Savings. The minimal amount of funds retained by
the Holding Company are expected to be invested initially into U.S.
Treasury and agency securities with laddered maturities ranging from
6 months to two 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 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. In addition, the Holding Company is expected to
downstream additional conversion proceeds to the Bank via a loan in
order to provide additional funds for lending activities. 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
RP Financial, LC.
Page 1.4
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.
Balance Sheet Trends
- --------------------
Since fiscal 1992, the Bank has experienced asset growth of 4.2 percent
annually. Between fiscal 1992 and fiscal 1994 assets remained essentially
constant as the Bank experienced only slight increases in deposit levels. To
meet strong loan demand during fiscal year 1995, the Bank borrowed funds from
the FHLB of Des Moines, while during fiscal 1996 Fulton Savings more
aggressively priced deposit products. The combination of these two strategies
resulted in an increase in assets of $11.9 million, or 16.1 percent, from fiscal
1994 to 1996. Growth in assets was channeled primarily into loan portfolio
growth, which grew from $60.3 million at April 30, 1994 to $76.2 million at
April 30, 1996.
Since fiscal year end 1992, the cash and investments portfolio has
declined as excess cash and cash flow from maturing investments has been
reinvested into loans receivable. At April 30, 1996, the portfolio of cash and
investments totaled $6.8 million, or 7.9 percent of assets, down from a five
year peak of $13.7 million, or 18.9 percent of assets, at April 30, 1992. MBS,
which totaled $2.0 million at April 30, 1992, declined to less than $1,000 by
April 30, 1996 as the Bank sold MBS and reinvested such funds into loans
receivable. Positive earnings during the past five fiscal years has led to
steady capital growth and the capital to assets ratio increased from 8.4 percent
at fiscal year end 1992 to 10.7 percent at April 30, 1996, although such growth
has been offset by the increase in assets. Exhibit I-2 references the Bank's
audited financial statements, while Exhibit I-3 highlights the Bank's key
historical operating ratios.
Loans receivable comprised the majority of the Bank's assets at
April 30, 1996, totaling $76.2 million, or 89.1 percent of assets. An emphasis
on 1-4 family residential lending is reflected in the Bank's loan portfolio, as
59.6 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 multi-family and non-residential real estate loans (16.0
percent of gross loans), construction loans (9.8 percent of gross loans) and
consumer loans (12.7 percent). The Bank has more strongly emphasized commercial
real estate and construction lending to take advantage of the lending
opportunities, particularly in the Columbia, Boone County area and for the
attractive yields and shorter terms such loans offer. Essentially all of the
Bank's construction loans are made to the owners of the property. The Bank has
also been active in consumer lending, primarily through secured consumer
lending. To a lesser extent, the Bank originates land loans (2.0 percent of
gross loans). Permanent 1-4 family residential mortgages have always comprised
the largest portion of the loan portfolio. In addition to the whole loan
portfolio, Fulton Savings maintained a portfolio of LSFOs of $84.4
RP Financial, LC.
Table 1.1
Fulton Savings Bank, FSB
Historical Balance Sheets (1)
(Amount and Percent of Assets)
-------------------------------------------------------------------
1992 1993
--------------------------------- --------------------------------
Amount Pct Amount Pct
------ --- ------ ---
($000) (%) ($000) (%)
Total Amount of:
Assets $72,345 100.00% $73,623 100.00%
Loans Receivable (net) 54,538 75.39% 56,323 76.50%
Mortgage-Backed Securities 1,986 2.75% 1,689 2.29%
Cash and Investment Securities 13,699 18.94% 13,605 18.46%
Real Estate Owned(Net) 413 0.57% 280 0.38%
Deposits 64,870 89.67% 65,235 88.61%
FHLB Advances, Other Borrowed Funds 0 0.00% 0 0.00%
Stockholders Equity 6,055 8.37% 7,052 9.58%
Offices Open 2 2
As of April 30,
------------------------------------------------------------------
1994 1995
--------------------------------- -------------------------------
Amount Pct Amount Pct
------ --- ------ ---
($000) (%) ($000) (%)
Total Amount of:
Assets $73,620 100.00% $79,351 100.00%
Loans Receivable (net) 60,282 81.88% 68,378 86.17%
Mortgage-Backed Securities 1,196 1.62% 1 0.00%
Cash and Investment Securities 10,207 13.86% 9,014 11.36%
Real Estate Owned(Net) 203 0.28% 5 0.01%
Deposits 64,630 87.79% 65,205 82.17%
FHLB Advances, Other Borrowed Funds 0 0.00% 4,500 5.67%
Stockholders Equity 7,933 10.78% 8,484 10.69%
Offices Open 2 2
4/30/92-
4/30/96
---------------------------- Annualized
1996 Growth Rte
----------------------------- ----------
Amount Pct Pct
------ ---
($000) (%) (%)
Total Amount of:
Assets $85,496 100.00% 4.26%
Loans Receivable (net) 76,199 89.13% 8.72%
Mortgage-Backed Securities 0 0.00% -89.40%
Cash and Investment Securities 6,777 7.93% -16.13%
Real Estate Owned(Net) 198 0.23% -16.82%
Deposits 70,316 32.24% 2.04%
FHLB Advances, Other Borrowed Funds 5,000 5.85% N/M
Stockholders Equity 9,117 10.66% 10.77%
Offices Open 2
(1) Ratios are as a percent of ending assets.
Source: Fulton Savings' audited financial reports.
RP Financial, LC.
Page 1.6
million as of April 30, 1996. The LSFOs consisted of fixed rate residential
loans sold to governmental agencies such as FHLMC and Fannie Mae, and adjustable
rate residential and commercial real estate loans generally sold to other
Missouri financial institutions.
The second largest component of interest-earning assets ("IEA") was the
portfolio of cash and investment securities, which totaled $6.8 million, or 7.9
percent of assets, at April 30, 1996 (see Exhibit I-4). The cash and
investments portfolio consisted of cash and equivalents, including interest-
earning deposits in other financial institutions ($2.9 million), federal agency
obligations ($3.2 million), and FHLB stock ($0.6 million). Over the past four
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 $13.7 million at April 30, 1992. Management utilizes the portfolio
of cash and investments for liquidity purposes and as part of the asset-
liability management strategy, as 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 maintained only a minimal amount of MBS, which totaled less than
$1,000, at April 30, 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 a sale of a large portion of the MBS in fiscal
1995, as the Bank determined to invest available funds into loans receivable.
Going forward, the Bank intends to continue a focus on investment into whole
loans, although MBS may be purchased with available funds. Balances of real
estate owned ("REO") showed a generally declining trend through fiscal 1995, but
increased to $198,000 as of April 30, 1996, consisting of seven residential
units.
The Bank's assets were primarily funded with retail deposits, FHLB
borrowings and retained earnings at April 30, 1996. Retail deposits have
consistently met the majority of the Bank's funding, and totaled $70.3 million,
or 82.2 percent of assets, at April 30, 1996. While strong competition for
deposits and disintermediation in the low interest rate environment limited
opportunities for deposit growth at the Bank, the deposit growth recorded during
fiscal 1996 was attributable to a more aggressive deposit pricing strategy
employed by the Bank. The deposit growth was pursued in order to fund
additional loan originations, and the higher rates paid on deposits during
fiscal 1996 was deemed acceptable due to the strong capital position of the
Bank.
Borrowings have also been used by the Bank in recent periods for the
purpose of funding loan originations. During fiscal 1995, the Bank borrowed
approximately $4.5 million in short- to intermediate-term
RP Financial, LC.
Page 1.7
advances from the FHLB of Des Moines to meet the strong demand for loans. An
additional $0.5 million was borrowed during fiscal 1996, and FHLB advances
totaled $5.0 million, or 5.9 percent of assets, at April 30, 1996. Going
forward, the Bank may supplement deposit funding with borrowings from time to
time, based on funds availability, loan demand, and the costs of borrowing,
although deposits are expected to continue to comprise the majority of funding
liabilities.
Positive earnings during the past five fiscal years contributed to an
annual capital growth rate of 10.8 percent for the Bank. Capital growth outpaced
asset growth during this period and the capital ratio increased from 8.4 percent
at April 30, 1992 to 10.7 percent at April 30, 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. The
Bank has recorded profitable operations since 1992 but earnings have dropped
from the peak level in fiscal 1994. The more recent lower earnings have been
attributable to a lower net interest margin, adversely affected by higher
interest expense. The reinvestment of interest-free capital received in the
stock offering should serve to improve net interest income in future periods.
Most of Fulton Savings' income is recurring in nature, as non-recurring items
have had a minimal impact on the Bank's earnings since fiscal 1992.
Exhibit I-5 highlights the changes in the Bank's asset yields and cost of
funds over the past three fiscal years, which have influenced the level of net
interest income. Spreads narrowed by 36 basis points between fiscal 1995 and
1996, as the more aggressive pricing of certificate of deposits ("CDs") in order
to fund additional loan demand and the increase in higher costing FHLB advances
increased the Bank's cost of funds by 78 basis points, while asset yields
increased by only 42 basis points. During this most recent fiscal year, the
Bank's net interest income declined from 3.20 percent of average assets in
fiscal 1995 to 2.89 percent in fiscal 1996. These trends indicate that although
management has been successful in raising additional funds for lending, such
funds have been obtained at a higher cost. In addition, the Bank's net interest
income is still influenced by changes in interest rates.
The Bank derives significant income from non-interest sources, and believes such
income provides additional income diversification and protection from changes in
the net interest margin due to interest rate fluctuations. For fiscal 1996,
non-interest operating income totaled $0.486 million, or 0.59 percent of average
assets. A majority of this income results from the Bank's LSFO portfolio, which
totaled $84.4 million as of April 30, 1996. The Bank receives servicing fees of
approximately 30 to 35 basis points on the LSFO portfolio,
RP Financial, LC.
Table 1.2
Fulton Savings Bank, FSB
Historical Income Statements
(Amount and Percent of Assets)(1)
For the Fiscal Year Ended April 30,
-------------------------------------------------------------------------------------
1992 1993
------------------ -----------------------
Amount Pct Amount Pct
------ --- ------ ---
($000) (%) ($000) (%)
Interest Income $6,438 9.22% $5,997 8.14%
Interest Expense (4,066) -5.82% (3,345) -4.54%
------ ------ ------ ------
Net Interest Income $2,372 3.40% $2,652 3.60%
Provision for Loan Losses (201) -0.29% (160) -0.22%
---- ------ ---- -----
Net Interest Income after Provisions $2,171 3.11% $2,492 3.38%
Loan Servicing Income 269 0.39% 286 0.39%
Other Income 124 0.18% 141 0.19%
Operating Expense (1,388) -1.99% (1,612) -2.19%
------ ------ ------ ------
Net Operating Income $1,176 1.68% $1,306 1.77%
Gain(Loss) on Sale of Securities 0 0.00% 0 0.00%
Provision for Loss on Foreclosed RE (0) -0.00% (13) -0.02%
-- ------ --- ------
Net Non-Operating Income ($0) - 0.00% ($13) -0.02%
Net Income Before Tax $1,176 1.68% $1,293 1.76%
Income Taxes (457) -0.65% (505) -0.69%
---- ------ ----- ------
Net Inc(Loss) Before Extraordinary Items $719 1.03% $788 1.07%
Cumulative Effect of Change in
Accounting For Income Taxes 0 0.00% 209 0.28%
- ---- --- ----
Net Income (Loss) $719 1.03% $997 1.35%
Estimated Core Earnings:
- ------------------------
Net Income Before Extraordinary Items $719 1.03% $788 1.07%
Addback(Deduct): Non-Operating Income 0 0.00% 13 0.02%
Tax Effect (37.1%) (0) -0.00% (5) -0.01%
- ---- - -----
Estimated Core Net Income $719 1.03% $796 1.08%
1994 1995 1996
--------------------- ----------------------- ---------------------
Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%)
Interest Income $5,413 6.88% $5,355 7.10% $6,172 7.46%
Interest Expense (2,671) -3.39% (2,944) -3.91% (3,781) -4.57%
------- ------ ------- ------ ----- -------
Net Interest Income $2,742 3.49% $2,411 3.20% $2,391 2.89%
Provision for Loan Losses (48) -0.06% (118) -0.16% (44) -0.05%
---- ------ ----- ------ ---- ------
Net Interest Income after Provisions $2,694 3.42% $2,293 3.04% $2,346 2.84%
Loan Servicing Income 262 0.33% 255 0.34% 281 0.34%
Other Income 163 0.21% 160 0.21% 205 0.25%
Operating Expense (1,741) -2.21% (1,809) -2.40% (1,849) -2.24%
------- ------ ------- ------ ------- ------
Net Operating Income $1,377 1.75% $900 1.19% $983 1.19%
Gain(Loss) on Sale of Securities (11) -0.01% (55) -0.07% 0 0.00%
Provision for Loss on Foreclosed RE 0 0.00% 0 0.00% 0 0.00%
- ----- - ----- - -----
Net Non-Operating Income ($11) -0.01% ($55) -0.07% $0 0.00%
Net Income Before Tax $1,366 1.74% $844 1.12% $983 1.19%
Income Taxes (485) -0.62% (301) -0.40% (363) -0.44%
----- ------ ----- ------ ----- ------
Net Inc(Loss) Before Extraordinary Items $881 1.12% $543 0.72% $620 0.75%
Cumulative Effect of Change in
Accounting For Income Taxes 0 0.00% 0 0.00% 0 0.00%
- ---- - ----- - -----
Net Income (Loss) $881 1.12% $543 0.72% $620 0.75%
Estimated Core Earnings:
- ------------------------
Net Income Before Extraordinary Items $881 1.12% $543 0.72% $620 0.75%
Addback(Deduct): Non-Operating Income 11 0.01% 55 0.07% 0 0.00%
Tax Effect (37.1%) (4) -0.01% (21) -0.03% 0 0.00%
--- ------ ---- ------ - -----
Estimated Core Net Income $888 1.13% $578 0.77% $620 0.75%
(1) Ratios are as a percent of average assets.
Source: Fulton Savings' audited financial reports.
RP Financial, LC.
Page 1.9
and such income totaled $281,000, or 0.34 percent of average assets, for fiscal
1996. Other operating income consists of various loan and deposit fees and
charges and other miscellaneous sources of income. Going forward, the Bank
anticipates that non-interest income will increase with the growth in the
portfolio of loans serviced for others.
Fulton Savings recorded operating expenses of 2.24 percent of average
assets for fiscal 1996, consisting primarily of personnel, occupancy, data
processing and deposit insurance premium costs. The Bank's operating expenses
have grown in absolute terms in recent years, as expenses have increased in most
categories in line with the expansion of the Bank's asset base and level of
banking activities. The increase in assets has kept the operating expense ratio
in the range of 2.00 to 2.25 percent of average assets, and the recent
utilization of FHLB advances has served to leverage the expense base such that
the operating expense ratio declined by 0.16 percent of average assets from
fiscal 1995 to fiscal 1996.
Fulton Savings' operating expenses are expected to increase following the
conversion as a result of the following items. First, the Bank is in process of
renovating the Holts Summit office which is expected to result in higher
depreciation expense. Second, two stock plans, a leveraged Employee Stock
Ownership Plan ("ESOP") and a Management Recognition Plan and Trust ("MRP"), 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 MRP 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. In addition, as a publicly-traded institution, the Bank
will incur additional legal, accounting, printing/mailing and related costs.
Loan loss provisions have fluctuated during the past five fiscal years, and
for fiscal 1996 the Bank recorded a provision for loan losses of $0.044 million,
or 0.05 percent of average assets. The level of loan loss provisions is
established by the Bank's assessment of trends in the loan portfolio, market
conditions, and other factors. At April 30, 1996, the general valuation
allowance ("GVA") balance was equal to $782,000, or 1.06 percent of net loans
receivable and 99.36 percent of NPAs (including restructured loans), as compared
to $762,000, or 1.12 percent of net loans and 176.80 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 fiscal years, non-operating gains and losses have had
minimal impact on the Bank's operations. No non-operating income or expense was
recorded for fiscal 1996, while for fiscal years 1994 and 1995 the Bank recorded
losses on the sale of MBS as such securities were sold in order to reinvest
funds into whole loans receivable. The only other non-operating item recorded
by Fulton Savings in the past five fiscal years consisted of a $13,000 provision
for real estate owned ("REO") in fiscal 1994.
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 residential adjustable rate mortgage loan
originations for portfolio, selling the majority of fixed-rate residential
mortgage loan originations in the secondary market, maintaining relatively high
proportions of adjustable rate commercial real estate and short-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). 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 8 percent, and in the event of an immediate decline of 200 basis
points in interest rates, the NPV is calculated to decrease by 1 percent.
Overall, the NPV analysis indicates 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-8 and I-9, loan composition and loan
maturity, respectively). However, the Bank has also concentrated on loan
portfolio diversification by building portfolios of commercial real estate
loans, construction loans and consumer loans. To a lesser extent, Fulton Savings
originates land loans. Underscoring the change in portfolio composition, while
gross loans increased from $63.3 million at April 30, 1994 to $78.4 million at
April 30, 1996, the proportion of 1-4 family loans dropped from 66.5 percent to
59.6 percent. Thus, the Bank's credit risk profile has increased in the most
recent two year period.
As of April 30, 1996, residential mortgage loans secured by 1-4 family
properties totaled $46.7 million, or 59.6 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
essentially all of these loans sold in the secondary market without recourse to
FHLMC or FNMA as part of the Bank's asset-liability management strategy. The
Bank retains the servicing on fixed rate loans sold in the secondary market.
Approximately 90 percent of the Bank's residential mortgages held in
portfolio consisted of ARMs at April 30, 1996. Fulton Savings offers ARMs with
one- or three-year adjustment periods that are indexed to the national quarterly
cost of funds index as published by the OTS plus a margin of approximately 3.0
percent. The majority of ARMs are originated with annual adjustment caps of 1.0
to 1.5 percent, and lifetime adjustment
RP Financial, LC.
Page 1.11
caps of 4.5 to 6.0 percentage points. Until recently Fulton Savings adjustable
rate residential mortgage loans utilized the 8th District Cost of Funds Index,
and thus most of the existing portfolio is based on this index. Generally, ARMs
are retained for portfolio as part of asset/liability management strategy,
although the Bank does sell a portion of ARMs to other financial institutions
(with servicing retained) in the central Missouri region. All loan sales are
completed without recourse.
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"). Essentially all of the
residential mortgages originated by the Bank are secured by property in the
local market area.
The Bank has historically been an active originator of multi-family and
non-residential real estate loans. As of April 30, 1996, multi-family real
estate loans totaled $3.8 million, while non-residential real estate loans
totaled $8.7 million, for a total of $12.6 million or 16.0 percent of gross
loans receivable. The Bank's commercial real estate portfolio consists of loans
secured by residential care facilities, nursing homes, medical buildings, small
shopping centers, small office buildings and churches, most of which are located
in central Missouri, including the metropolitan area of Columbia, Missouri.
Based on availability of funds and as market conditions permit, the Bank has in
the past and intends to continue a practice of selling participation interests
in the income property loans it originates. Generally, Fulton Savings retains a
portion of the loan balance sold (10-20 percent), and retains servicing rights
on loans sold. Commercial real estate loans originated by Fulton Savings are
predominantly adjustable rate loans that generally have terms of up to 20 years.
LTVs on income property loans typically do not exceed 75 percent. The Bank seeks
to manage credit risk by lending primarily on local property and to borrowers
with whom management is familiar.
Construction and land loans totaled $9.2 million, or 11.7 percent of gross
loans receivable, at April 30, 1996. Construction loans are made on both
residential property and multi-family or non-residential property. These loans
are structured as interest-only during the construction period, which generally
equals six months. Most construction loans are extended directly to the
purchaser of the home and are originated with the intention of assuming the
permanent financing upon completion of the construction period. The Bank will
occasionally extend construction loans directly to builders for the construction
of speculative homes, although such speculative construction lending is limited.
Construction loans have maximum LTV ratios of 80 to 85 percent, depending upon
the security type. The Bank also occasionally originates loans for the
acquisition of land upon which the purchaser can then build or make improvements
necessary to build or sell as improved lots. As of April 30, 1996, the Bank had
land loans totalling $1.5 million. Land loans originated by the Bank generally
have a term to maturity of up to 10 to 20 years. Maximum LTVs are limited to 65
percent.
RP Financial, LC.
Page 1.12
Fulton Savings has also actively originated consumer loans, which totaled
$9.9 million, or 12.6 percent of assets at April 30, 1996. The Bank offers a
variety of types of consumer loans, including automobile loans, loans secured by
deposit accounts, home improvement loans, education loans and other secured and
unsecured loans. The most prominent type of consumer loan in the portfolio is
secured consumer loans.
As shown in Exhibit I-10, Fulton Savings' overall loan origination volume
increased from $36.0 million in 1995 to $51.3 million for fiscal 1996. The
Bank's origination activity has occurred in both fixed-rate and adjustable-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 balance of loans
sold also include commercial real estate loans sold to other local financial
institutions with a portion of the loan balance retained by the Bank. The table
highlights the Bank's increased emphasis on commercial real estate,
construction, land and consumer lending, with originations increasing from $14.3
million, or 33.1 percent, of loan originations in fiscal 1994 to $26.0 million,
or 51.1 percent of loan originations for fiscal 1996.
Asset Quality
- -------------
As shown in Exhibit I-11, 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 April 30, 1996, NPAs (including restructured
loans), totaled $787,000, or 0.92 percent of assets, and consisted of $319,000
of non-accruing loans, $197,000 in REO and $271,000 of restructured loans. The
Bank experienced an increase in NPAs from $431,000, or 0.54 percent of assets,
at fiscal year end 1995, due to an increase in both non-accruing loans and REO.
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 April 30, 1996, the GVA balance totaled $782,000, or
99.36 percent of NPAs and 1.07 percent of loans. 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 $70.3 million, or 82.2 percent of assets, at
April 30, 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-12). As with most savings
institutions, CDs have been the Bank's primary
RP Financial, LC.
Page 1.13
source of deposits (see Exhibit I-13), and as of April 30, 1996, the CD
portfolio totaled $55.4 million, or 78.8 percent of deposits. While the majority
of the Bank's CDs are short-term (approximately 61 percent were scheduled to
mature in one year or less at April 30, 1996), the Bank has made progress in
lengthening the maturity of the overall CD portfolio. Jumbo CDs, which tend to
be more rate sensitive than other types of CDs, totaled $5.9 million, or 8.4
percent of total CDs, at April 30, 1996. The Bank does not offer premium rates
on jumbo CDs and does not utilize brokered CDs. In light of current loan demand
and the capital level, the Bank has offered more aggressive rates for certain
deposit products in recent periods.
Lower costing transaction and savings accounts comprised the balance of the
Bank's deposits, totaling $14.9 million, or 21.2 percent of total deposits, at
April 30, 1996. Passbook accounts comprised the majority of these non-CD
deposits, totaling $5.9 million, followed by NOW accounts ($4.3 million), MMDA
accounts ($3.0 million) and non-interest checking accounts ($1.7 million).
Consistent with the general increase in short-term interest rates during fiscal
1995 and 1996, the Bank has experienced a moderate internal deposit shift into
higher rate CDs, particularly from MMDA accounts, which has increased the Bank's
cost of funds.
Borrowings have been utilized by the Bank in the most two recent fiscal
years as a supplemental funding source to meet the growing demand for loans (see
Exhibit I-14). Specifically, as of April 30, 1995 the Bank had borrowed $4.5
million in short- to intermediate-term advances from the FHLB of Des Moines. At
April 30, 1996, the outstanding balance totaled $5.0 million and had a weighted
average interest rate of 6.75 percent. 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, Multi-Purpose Service Agency, Inc.
("Service Corporation"). Service Corporation was established for the purpose of
offering credit life insurance to Bank customers. At April 30, 1996, the Bank's
investment in Service Corporation was a deficit of $68,000, and income from this
subsidiary 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
- ------------
Fulton Savings conducts operations out of its headquarters office in
Fulton, Callaway County, Missouri, and a branch office located in Holts Summit,
also in Callaway County. Exhibit I-1 details the locations of the Bank's
offices, while Exhibit II-1 details the general characteristics of the Bank's
offices. The city of Fulton, the county seat, serves as the economic and
employment center of Callaway County. Additional employment and economic
activity is present in the nearby larger metropolitan areas of Columbia (Boone
County) and Jefferson City (Cole County), as Columbia provides significant
employment in education (the University of Missouri) and medicine, and Jefferson
City serves as the location of the state capital of Missouri, resulting in a
significant concentration of government employment. While Callaway County is a
more rural county with a much lower population base and overall smaller economy
than Boone and Cole Counties, the economy has been stable historically due to
the economies in contiguous counties. Callaway County represents the Bank's
primary market area for deposit generation as most of Fulton Savings' depositors
live in this county, particularly in the areas surrounding the Bank's office
locations. Lending activities are concentrated both in Callaway County and the
city of Columbia, as the larger metropolitan area in Columbia provides
additional lending opportunities. While Callaway County is not included in any
regional metropolitan statistical area ("MSA"), the city of Columbia is located
in the Columbia MSA, defined as Boone County.
In general, the Bank serves an average growth market area. The Callaway
County economy, historically based on agriculture, has diversified in recent
years to include employment in health care, education, manufacturing and
local/state government. A large utility electrical generation plant is also
located in this county. Following an economic slowdown in the mid-1980s, the
economy of the market area has recovered and been relatively stable over the
past decade. The Boone County market area has historically been very stable due
to the presence of the University of Missouri and related employment and
employment in the health care sector.
Competition from other financial institutions operating in Callaway
County includes five commercial banks and two other savings institutions, of
which only one commercial bank has a larger presence than Fulton Savings. The
Bank maintains a market share of approximately one-fourth of overall financial
institution deposits in Callaway County, providing an opportunity to operate
competitively in the marketplace. Similar to the Bank, the other financial
institutions are locally-owned community-oriented banks and savings
institutions. While the Bank has strived to remain competitive, both from a rate
and service perspective, until recently Fulton Savings has experienced little
growth in deposits and market share due to increases in deposits of the
commercial bank and savings institution competitors.
RP FINANCIAL, LC.
Page 2.2
Future business and growth opportunities for Fulton Savings will be
partially influenced by economic and demographic characteristics of the market
served, particularly the future growth and stability of the regional economy,
demographic growth trends, and the nature and intensity of the competitive
environment for financial institutions. These factors have been briefly
examined in the following pages to help determine the growth potential that
exists for the Bank and the relative economic health of the market area, and the
related impact on value.
National Economic Factors
- -------------------------
The nation's economy generally advanced at a moderate pace during the
second half of 1995, with inflation continuing to remain under control. Gross
domestic product ("GDP") growth in the third quarter was reported at an annual
rate of 3.2 percent, as construction picked up in most regions of the U.S. and
retail prices remained relatively stable. The Federal Reserve cut short-term
interest rates by 0.25 percent in early-July 1995, which improved the business
outlook for future expansion. Economic data through most of the fourth quarter
of 1995 suggested that the economy was slowing and GDP growth was reported at
0.5 percent for the fourth quarter of 1995, as weak retail sales during the
holiday shopping season and a slight increase in the November unemployment rate
provided indications of a slowing national economy at the end of the fourth
quarter.
Despite the adverse winter conditions in early 1996, a strike by General
Motors Corporation workers, weak manufacturing orders and minimal growth in
personal income, GDP growth for the first quarter of 1996 was reported at a
moderate 2.2 percent annual rate. While the winter weather caused reductions in
consumer spending in January and low growth in personal income, economic reports
for February indicated that pent-up demand resulted in increases in personal
income, consumer spending and auto sales. Auto sales for March 1996 were
characterized as strong, and gasoline prices reached a 12-year high reflecting
earlier than usual spring-time demand for fuel. Negative trends reported in the
first quarter of 1996 included lower planned capital investment spending by
businesses, a decline in new home sales in February, and mixed performance of
the index of leading economic indicators. Economic data released in April
included continued moderate levels of capital spending by business, an increase
in durable goods production, although the manufacturing sector remained weak.
Signs of a strengthening economy were evident in the second quarter of 1996, as
unemployment remained low and consumer spending for May was up strongly. A
higher than expected job creation report for June and a strong increase in the
average hourly earnings resulted in an additional decline in the unemployment
rate to 5.3 percent, and a sharp one day decline in the Dow Jones Industrial
Average of 115 points, or over 2 percent during the first week in July. As of
early July 1996, economists were predicting GDP growth in the range of 4.0
percent for the second calendar quarter of 1996, although most economists are
expecting a slowdown in the economy later in calendar year 1996.
RP Financial, LC.
Page 2.3
Interest rates trended lower in the second half of 1995 to their lowest
level in almost two years as continued favorable inflation news, federal reserve
action and strong performance in the stock market resulted in higher bond
prices. Signs of economic weakness in the fourth quarter of 1995 further served
to push interest rates lower, with expectations increasing that the weak economy
would support an interest rate cut by the Federal Reserve. The Federal Reserve
cut short-term interest rates by 0.25 percent in late-December, which served to
push interest rates lower through the end of 1995. The absence of progress in
the budget negotiations pushed bond prices lower at the beginning of 1996, as
the credit markets became increasingly concerned that no balance budget deal
would be reached in the near term. However, bond prices generally stabilized in
late-January, in light of the favorable inflation data and increasing
expectations of another interest rate cut by the Federal Reserve. At its
January meeting, the Federal Reserve trimmed two short-term interest rates by
0.25 percent. Interest rates increased in February 1996 due to uncertainty over
the Republican Party's eventual success in cutting the federal budget deficit
and trends in the presidential campaign. A report of high growth in employment
in early March (and a belief that the Fed would not cut rates during March),
resulted in a jump in interest rates to levels not seen for over two years.
During April 1996 interest rates increased to levels above 7.0 percent due to
higher than expected job creation reports, however subsequent data issued by the
Federal Reserve indicated that inflation remained in check and that near term
interest rate increases were not likely. Following a period of fluctuating
interest rates in May and early June, signs of an accelerating economy and
revised upward estimates of second and third quarter GDP growth provided for a
sharp rise in interest rates in early July 1996. As of July 12, 1996, one- and
thirty-year U.S. Government bonds were yielding 5.84 percent and 7.06 percent,
respectively, versus comparative year ago rates of 5.44 percent and 6.54
percent. Exhibit II-2 presents data regarding historical market interest rate
trends.
Market Area Demographics
- ------------------------
Demographic growth trends in the Bank's primary market area of Callaway
County have been measured by changes in population, number of households and
median household income and other data, with trends in those areas summarized by
the data presented in Table 2.1. Information is included for Boone County as the
Bank pursues lending opportunities in that area. Missouri and the U.S. data is
provided for comparative purposes, and trends in this data provide some
indication of future levels of business activities for financial institutions.
Over the last five years, both Callaway and Boone County have
experienced growth in population and households exceeding the state and national
averages in percentage terms, although the absolute growth is small given the
relatively small size of the Bank's market. Callaway and Boone County's
estimated population is currently 159,000, with Callaway County having an
estimated population of only 35,000. The growth reflects
Table 2.1
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 5,318 5,536 0.7% 0.8%
CALLAWAY 33 35 37 1.2% 1.1%
BOONE 112 124 134 1.8% 1.7%
Households (0000)
- -----------------------
United States 91,947 97,070 102,202 1.1% 1.0%
Missouri 1,961 2,039 2,123 0.7% 0.8%
Callaway 12 12 13 1.1% 1.2%
Boone 42 47 51 2.0% 1.8%
Median Household Income ($)
- -----------------------
UNITED STATES $29,199 $33,610 $32,972 2.9% -0.4%
MISSOURI 26,417 28,782 27,847 1.7% -0.7%
CALLAWAY 26,668 27,845 27,181 0.9% -0.5%
BOONE 25,862 28,295 27,234 1.8% -0.8%
Per Capita Income - 1995 ($)
- ----------------------------
UNITED STATES $13,179 $16,405 ------ 4.5% -----
MISSOURI 12,987 14,388 ------ 2.1% -----
CALLAWAY 11,013 11,723 ------ 1.3% -----
BOONE 12,726 14,381 ------ 2.5% -----
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
CALLAWAY 22.3 16.3 29.9 19.3 12.1 32.6
BOONE 20.5 20.0 35.7 15.5 8.3 27.7
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
CALLAWAY 22.2 20.3 39.6 16.6 1.2 0.2
BOONE 25.4 18.1 32.9 19.9 2.5 1.2
Source: CACI.
RP Financial, LC.
Page 2.5
expansion of the local economy in various industry segments, and the presence of
the metropolitan areas of Columbia and Jefferson City. Such trends are expected
to continue, although the total population base is small. The growth has been
partially abated by the agriculture base in rural areas. Agriculture is a sector
of the economy which has experienced slow growth or contraction in recent
paralleling national trends.
While Callaway and Boone Counties maintain median household income
levels comparable to the state level, the per capita income figures for Callaway
County currently approximate 81 percent of the state level. Age distribution
figures show that Callaway and Boone Counties have a higher proportion of
residents between the ages of 15 and 24, reflecting the presence of two
universities in Fulton, William Woods University and Westminster College, and
the University of Missouri in Columbia. Income distribution levels also show
that Callaway County has a higher proportion of lower income households (below
$50,000 annually), reflecting the more rural nature of the county, while Boone
County has a household income profile that more matches statewide averages. The
Callaway County population (the location of the Bank's office locations) is
projected to continue to expand at a higher rate than statewide, although the
absolute increase will be small, thus growth opportunities in this competitive
market are expected to be limited with competitive marketing, service and rate
competition.
Economy
- -------
As a majority of the Bank's business activities are conducted in
Callaway County and the city of Columbia (primarily lending), the Bank's market
area economy is dominated by the Callaway County economy with secondary effects
by the Columbia area and, to a lesser extent, Jefferson City. Employment in
Callaway County is generally diversified, containing employment in health care,
utilities, education, manufacturing, other services and local government.
Manufacturing is represented by a number of smaller manufacturing facilities.
Education is represented by the local public schools, Westminster College and
William Woods University. Employment in Columbia is heavily weighted in the
education, insurance and health care sectors, while Jefferson City also contains
significant employment centered around the state government activities and the
resulting peripheral employment. Table 2.2 on the following page displays a list
of major employers in Callaway County, and the Columbia/Boone County and
Jefferson City/Cole County areas. Exhibit II-3 present additional data
concerning sources of personal income and employment sectors.
RP FINANCIAL, LC.
Page 2.6
Table 2.2
Major Market Area Employers
Employer Industry Employees
- -------- -------- ---------
Callaway County
Fulton State Hospital Mental Institution 1,260
Union Electric Company Utility 1,000
Stride Rite Shoe Manufacturing 340
Missouri Recep. and Diag. Correctional Facility 270
Fulton Public Schools Education 250
William Woods University Education 203
Missouri School for the Deaf Education 181
Westminster College Education 175
Ovid Bell Press Printing 167
City of Fulton Local Government 150
Callaway Community Hospital Health Care 150
Columbia City/Boone County
University of Missouri Education 12,936
University of Missouri Hospital Health Care 3,217
Boone County Hospital Health Care 1,450
Board of Education Public Schools 1,300
AB Chance Metal Products Manuf 1,200
Truman Memorial Veteran's Hospital Health Care 1,130
Columbia Regional Hospital Health Care 950
Shelter Insurance Company Insurance 915
City of Columbia Local Government 900
Jefferson City/Cole County
Missouri State Govt. State Govt. 13,000
Scholastic, Inc. Book Distributor 1,350
Capital Region Medical Center Medical Center 1,070
Jefferson City Public Schools Public Schools 930
ABB Power Underground Trans. 900
St. Mary's Health Center Medical Center 800
Lincoln University Education 711
Cheesbourgh Ponds, Inc. Personal Products 600
Wal-Mart Super Center Retailing 521
Von Hoffman Press Printing 357
Modine Manufacturing Manufacturing 352
Source: Local Area Chambers of Commerce
RP Financial, LC.
Page 2.7
Table 2.3 displays unemployment data in the market area as of April 1996
and April 1995. The unemployment rates for Callaway and Boone Counties remain
well below state and national averages. This data reflects in part the
employment opportunities in Callaway County and in nearby Columbia and Jefferson
City and attractiveness of the Callaway County market area for employers versus
more rural areas of the state.
Table 2.3
Market Area Unemployment Trends
Region April 1995 April 1996
- ------ ---------- ----------
United States 5.6% 5.4%
Missouri 4.8 4.1
Callaway County 2.9 3.5
Boone County 1.8 1.4
Source: U.S. Bureau of Labor Statistics
Deposit Trends and Competition
- ------------------------------
Fulton Savings' market area (defined as Callaway County for deposits),
is characterized by the presence of a number of locally-based and locally-owned
financial institutions, including commercial banks and savings institutions. In
Callaway County there are five commercial banks, of which only one has an asset
size and deposit base larger than that of Fulton Savings. A total of three
savings institutions with four office locations operate in Callaway County, and
Fulton Savings holds a majority of savings institution deposits. As a portion of
Callaway County residents commute to work in either Columbia or Jefferson City,
and thus there is strong competition from other financial institutions in these
larger metropolitan areas, including credit unions.
Table 2.4 displays deposit market trends for the state of Missouri and
the primary market area from June 30, 1993 to June 30 1995. Overall, financial
institution deposits showed an increase statewide, with commercial banks and
credit union deposits showing growth, while savings institutions lost deposits.
This trend of minimal increases in overall deposits, similar to the rest of the
nation, reflects in part disintermediation whereby banking customers have also
placed available funds into other types of financial intermediaries such as
mutual funds, investment firms, brokerage houses, and insurance companies. The
significant shrinkage in SAIF-insured thrift deposits in Missouri was due to a
number of thrift acquisitions by commercial banks during this time period
coupled with the impact of disintermediation.
RP Financial, LC.
-----------------------------------
Table 2.4
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 $68,988,093 100.0% 1,639 $70,250,832 100.0% 2,132 0.9%
Commercial Banks 54,506,985 79.0% 1,330 56,816,569 80.9% 1,584 2.1%
Credit Unions 3,274,400 4.7% N/A 3,486,264 5.0% 284 3.2%
Savings Institutions 11,206,708 16.2% 309 9,947,999 14.2% 264 -5.8%
Callaway County $273,031 100.0% 15 $274,968 100.0% 15 0.4%
Commercial Banks 186,659 68.4% 11 185,187 67.3% 11 -0.4%
Credit Unions 0 0.0% 0 0 0.0% 0 0.0%
Savings Institutions 86,372 31.6% 4 89,781 32.7% 4 2.0%
Fulton Savings Bank(1) 65,088 75.4% 2 66,442 74.0% 2 1.0%
Fulton Savings Bank(2) 23.8% 24.2%
- ----------------------------------------------------------------------------------------------------------------------------------
(1) Percent of county S&L/bank deposits.
(2) Percent of total county deposits.
Source: FDIC; OTS; Thompson Credit Union Directory.
RP Financial LC.
Page 2.9
Deposit trends in Callaway County also exhibited a slight deposit
increase, as total deposits increased by 0.4 percent over the two year period,
however contrary to state and nationwide trends savings institutions gained
market share to commercial banks. Fulton Savings holds a relatively large
percentage of overall deposits in Callaway County and experienced a slight
increase in deposits.
Summary
- -------
The overall condition of the Bank's market area can be characterized as
relatively stable with a diversified economy and low unemployment. Going
forward, in view of the numbers and types of competitors in Callaway County, the
competition for deposits is expected to remain substantial, which will result in
Fulton Savings having to pay competitive deposit rates to maintain local market
share. The reinvestment of stock proceeds from the conversion may mitigate to
some extent the potentially higher funding costs to attract deposits through
anticipated loyalty of local shareholders and referrals from local shareholders.
RP Financial, LC.
Page 3.1
III. PEER GROUP ANALYSIS
This chapter presents an analysis of Fulton Savings' 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 Fulton Savings' 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 Fulton Savings 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 states
contiguous to Missouri. 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 less than $300 million,
--------------------------------------------------------------------
well-capitalized (equity-to-asset ratios greater than 10.0 percent).
--------------------------------------------------------------------
Eleven companies met the criteria for Screen #1 and eight were included
in the Peer Group (see Exhibit III-2): Companies excluded from the Peer
Group consisted of three companies who have recently completed
conversions (JOAC - Joachim Bancorp, CNSB - CNS Bancorp, and LXMO -
Lexington B&L Fin. Corp.).
RP Financial LC.
Page 3.2
o Screen #2. Companies located in contiguous states, assets of $150
------------------------------------------------------------------
million or less, well-capitalized (equity-to-asset ratios between 15.0
----------------------------------------------------------------------
percent and 25.0 percent) and moderate to strong earnings (ROA greater
----------------------------------------------------------------------
than 0.50 percent of average assets and less than 1.25 percent of
-----------------------------------------------------------------
average assets). After all qualifying Missouri institutions were
----------------
considered, we expanded our selection process to consider other
institutions in the states contiguous to Missouri meeting the above
listed criteria. A total of 3 institutions met the foregoing screening
criteria as indicated by the underlined institutions in Exhibit III-3.
Two of these companies, SFFC - StateFed Financial Corp. of IA and KYF -
Kentucky First Bancorp of KY were included in the Peer Group. The
excluded company, NBSI - North Bancshares of Chicago, IL was excluded
due to its location in the large metropolitan Chicago, IL area.
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). 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 lending diversity in the areas of construction/land and
commercial real estate 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 higher
capital ratio 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 northwest Missouri area.
Cameron is one of five Peer Group members who converted during 1995, and
operates with a high capital level (26.5 percent, the highest in the Peer
Group), higher than the Bank on a pro forma basis. Cameron is diversified
primarily into construction lending, which make its earnings and risk
profiles similar to Fulton Savings', although Cameron is substantially more
profitable than the Bank due to lower operating expenses and lower interest
expense.
o Southern Missouri Bancorp of Poplar Bluff, Missouri. Southern Missouri is
a $162 million thrift operating eight branches in a rural market in the
southern part of the state. Operating in a low growth market, Southern
Missouri maintains a high proportion of assets in cash and investments and
MBS. Southern Missouri is a less diversified lender than Fulton Savings,
and has a similar income statement structure to Fulton Savings.
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.1
Peer Group of Publicly-Traded Thrifts
July 19, 1996(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------- ----------------------------------- ------ ----------------- --------- ------ ------- ---- ----- ------ -------
($) ($Mil)
SMFC Sho-Me Fin. Corp. of MO OTC Southwest MO Thrift 264 6 12-31 06/94 16.00 29
CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 203 7 06-30 12/93 18.12 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 14.12 24
FBSI First Bancshares of MO OTC Southcentral MO Thrift 140 5 06-30 12/93 15.63 20
KYF Kentucky First Bancorp of KY AMEX Central KY Thrift 84 2 06-30 08/95 15.00 21
HFSA Hardin Bancorp of Hardin MO OTC Western MO Thrift 83 3 03-31 09/95 11.75 12
PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 77 D 1 09-30 02/95 16.25 14
SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 74 2 06-30 01/94 15.75 13
NSLB NS&L Bancorp of Neosho MO OTC Southwest MO Thrift 59 2 09-30 06/95 12.56 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: 07/19/96
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 Kentucky First Bancorp of Cynthiana, Kentucky. Kentucky First is one of
two non-Missouri companies in the Peer Group. Kentucky First had $84
million in assets and operates out of two offices in Cynthiana, a small
town in northern Kentucky approximately 25 miles north of Lexington.
Kentucky First maintains substantial portfolios of cash and investments and
MBS, which result in low operating expenses and higher earnings than Fulton
Savings. Lending at Kentucky First is diversified into commercial real
estate loans.
o Hardin Bancorp of Hardin, Missouri. Hardin Bancorp is an $83 million asset
company operating out of three offices in west-central Missouri. Hardin
Bancorp diversifies its earning assets by maintaining a relatively high
proportion of mortgage backed securities, which lowers the yield on earning
assets. This disadvantage is offset in part by maintaining lower than
average operating expenses.
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 fourth Peer Group member who converted in
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 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 second 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 fifth Peer Group
member who converted during 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 (19.0 percent of assets versus 13.3 percent for the
all SAIF average), and higher core profitability (0.98 percent versus 0.80
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 5.45 percent versus 7.21 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 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
RP Financial, LC.
Page 3.5
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 July 12, 1996
--------------------
Peer All SAIF
Group Insured
------- ---------
Equity-to-Assets 18.96% 13.30%
Return on Assets ("ROA")-Core 0.98% 0.80%
Return on Equity ("ROE")-Core 5.45% 7.21%
Market Capitalization ($Mil) $20.36 $115.39
Price-to-Book Ratio ("P/B") 87.86% 102.41%
Price-to-Earnings Multiple
("P/E")-Core 17.73x 15.01x
Price-to-Assets Ratio ("P/A") 16.62% 12.87%
Source: Chapter IV tables.
The following sections present a comparison of the Bank's financial
condition, income and expense trends, loan composition, interest rate risk and
credit risk versus the Peer Group. The conclusions drawn from the comparative
analysis are then factored into the valuation analysis discussed in the final
chapter.
Financial Condition
- -------------------
Table 3.2 shows comparative balance sheet measures for the Bank and the
Peer Group, reflecting the expected similarities and some differences given the
selection procedures outlined above. Information for Fulton Savings is as of
April 30, 1996, while 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 10.7 percent was well below the Peer Group's average net worth ratio of 19.0
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.
The asset compositions of the Bank and the Peer Group were similar, with
loans receivable constituting the majority of interest earning assets ("IEA")
for both. The Bank's ratio of loans to assets exceeded the Peer Group's ratio
(89.1 percent of assets versus 63.0 percent for the Peer Group), while the Peer
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
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
Fulton SB, FSB of Fulton, MO
- ----------------------------
April 30, 1996 7.9 89.1 0.0 82.2 5.9 0.0 10.7 0.0 10.7 0.0
SAIF-Insured Thrifts 19.4 64.4 12.9 73.8 11.8 0.1 12.8 0.2 12.6 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 20.0 63.0 14.3 70.9 9.1 0.0 19.0 0.0 19.0 0.0
Mid-West Companies 20.0 63.0 14.3 70.9 9.1 0.0 19.0 0.0 19.0 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
HFSA Hardin Bancorp of Hardin MO 14.4 54.0 29.0 79.9 0.0 0.0 19.2 0.0 19.2 0.0
KYF Kentucky First Bancorp of KY 22.0 49.7 25.6 60.9 14.8 0.0 23.6 0.0 23.6 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
State of MO
- -----------
CNSB CNS Bancorp of MO(3) 19.4 60.9 15.6 88.4 0.0 0.0 10.7 0.0 10.7 0.0
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
GSBC Great Southern Bancorp of MO 13.6 82.8 0.0 59.3 29.8 0.0 10.1 0.2 10.0 0.0
GFED Guaranty FS&LA, MHC of MO(31.1) 14.0 70.3 11.4 84.5 0.0 0.0 14.6 0.0 14.6 0.0
HFSA Hardin Bancorp of Hardin MO 14.4 54.0 29.0 79.9 0.0 0.0 19.2 0.0 19.2 0.0
JSBA Jefferson Svgs Bancorp of MO(1) 15.8 69.0 12.1 76.1 15.3 0.0 7.0 1.3 5.8 0.0
JOAC Joachim Bancorp of MO 35.4 62.4 0.3 69.7 0.0 0.0 29.2 0.0 29.2 0.0
LXMO Lexington B&L Fin. Corp. of MO(3) 13.6 80.2 4.6 84.2 0.0 0.0 14.7 0.0 14.7 0.0
MBLF MBLA Financial Corp. of MO(2) 10.8 53.5 34.9 44.7 40.1 0.0 14.5 0.0 14.5 0.0
MFSB Mutual Bancompany of MO(2) 14.7 73.6 8.9 85.9 1.7 0.0 11.7 0.0 11.7 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
NASB North American SB of MO 3.4 83.5 9.9 78.9 12.0 0.0 7.3 0.3 7.1 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
PULB Pulaski SB, MHC of MO (29.0) 13.5 80.9 3.6 84.4 1.7 0.0 12.6 0.0 12.6 0.0
RFED Roosevelt Fin. Grp. Inc. of MO 3.4 41.3 52.2 53.9 38.8 0.3 5.6 0.3 5.3 0.7
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
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.
------ ----------- ------ -------- -------- -------- ------- -------- -------- --------
Fulton SB, FSB of Fulton, MO
- ----------------------------
April 30, 1996 7.74 -24.82 11.44 7.84 11.11 7.46 7.46 10.64 10.64 18.46
SAIF-Insured Thrifts 11.74 10.64 9.55 6.71 -0.87 6.69 6.20 10.46 10.52 22.82
State of MO 11.05 6.33 12.01 7.16 -39.31 8.38 6.94 12.47 12.49 28.96
Comparable Group Average 14.22 -1.15 18.13 2.74 -26.32 -0.29 -0.28 14.60 14.60 35.11
Mid-West Companies 14.22 -1.15 18.13 2.74 -26.32 -0.29 -0.28 14.60 14.60 35.11
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
HFSA Hardin Bancorp of Hardin MO 9.73 -5.87 12.21 -1.25 -100.00 NM NM 13.81 13.81 32.30
KYF Kentucky First Bancorp of KY 33.27 27.35 36.54 -4.72 NM NM NM 20.59 20.59 42.77
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
State of MO
- -----------
CNSB CNS Bancorp of MO(3) -0.43 -5.35 1.92 -0.91 NM 4.50 4.50 11.26 11.26 27.08
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
GSBC Great Southern Bancorp of MO 7.98 12.42 7.43 2.09 22.01 8.59 8.90 8.70 8.70 13.40
GFED Guaranty FS&LA, MHC of MO(31.1) 10.19 -16.72 14.84 14.43 -100.00 46.99 46.99 13.80 13.80 26.87
HFSA Hardin Bancorp of Hardin MO 9.73 -5.87 12.21 -1.25 -100.00 NM NM 13.81 13.81 32.30
JSBA Jefferson Svgs Bancorp of MO(1) 32.81 28.17 31.54 69.98 -33.21 10.33 -9.60 5.85 5.85 11.98
JOAC Joachim Bancorp of MO 22.55 92.84 3.62 0.66 NM NM NM 21.50 21.50 44.10
LXMO Lexington B&L Fin. Corp. of MO(3) 3.56 39.84 -0.41 2.18 NM 9.38 9.38 14.38 14.38 29.20
MBLF MBLA Financial Corp. of MO(2) 1.80 6.66 1.29 1.94 1.69 0.19 0.19 13.65 13.62 39.50
MFSB Mutual Bancompany of MO(2) -6.37 -16.25 -4.59 -4.42 -66.04 3.28 3.28 10.90 10.90 24.00
NSLB NS&L Bancorp of Neosho MO 19.17 32.44 12.82 4.17 NM NM NM 17.50 17.50 49.80
NASB North American SB of MO 11.43 -43.69 16.20 3.50 NM 13.71 14.84 7.10 7.40 12.40
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
PULB Pulaski SB, MHC of MO (29.0) -3.07 35.22 -7.43 -0.36 -66.67 5.05 5.05 12.50 12.50 28.90
RFED Roosevelt Fin. Grp. Inc. of MO 0.88 -2.67 1.24 1.37 -1.29 15.97 15.61 5.42 5.45 14.26
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
(1) Financial information is for the quarter ending December 31, 1995.
(2) Excluded from averages due to announced or pending acquisition.
(3) Growth rates have been annualized from available financial information.
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
Group recorded a higher level of MBS (14.3 percent versus zero 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 7.9 percent of total
assets. In contrast, the Peer Group maintained a substantially higher ratio of
cash and investments (20.0 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 97.0 percent of assets, which was
lower than the Peer Group's ratio of 97.3 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 82.2 percent and 70.9 percent, respectively. Likewise, both the Bank and the
Peer Group used borrowings as a supplemental source of funds, with borrowings to
assets ratios of 5.9 percent and 9.1 percent, respectively. Total interest-
bearing liabilities ("IBL") maintained by the Bank and the Peer Group equaled
88.1 percent and 80.0 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 fiscal year ended April
30, 1996 while growth rates for the Peer Group are for the latest trailing
twelve months available. The Bank reported an increase in assets of 7.74 percent
since April 30, 1995, while the Peer Group reported asset growth equal to 14.22
percent, higher than industry averages. The Bank's balance sheet expansion
occurred in the area of loans receivable, with cash and investments declining to
fund additional increases in loans receivable. Asset growth was support by
growth in deposits, borrowings and equity. The higher asset growth rate for the
Peer Group was influenced by the recent conversions of some of the Peer Group
members, and the Peer Group also directed funds into loans receivable. 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 April 30, 1996, the Bank's net income
amounted to 0.75 percent of average assets, below the 0.99 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 (2.89 percent of average assets versus 3.20 percent
for the Peer Group). The Bank's lower net interest income was attributable to
substantially higher interest expense (4.57 percent of average assets versus
3.99 percent for the Peer Group), which resulted from Fulton Savings' higher
cost of funds and lower capital ratio. The Bank's higher interest expense ratio
more than offset Fulton Savings' higher interest income ratio (7.46 percent for
the Bank versus 7.19 percent for the Peer Group). Fulton Savings' interest
income was supported by the higher proportion of earning assets in whole loans
receivable and the greater loan portfolio diversification into higher yielding
commercial real estate, construction and consumer loans. 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
higher operating expense ratio than the Peer Group (2.24 percent versus 1.96
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 ($2.442
million and $4.122 million, respectively). Going forward, Fulton Savings'
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 10 to 15 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 an advantage over the Bank based on
expense coverage ratios of 1.63 and 1.29 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
------ ------ ------- ------ ------- ------- ---- ------ ------ ------
Fulton SB, FSB of Fulton, MO
----------------------------
April 30, 1996 0.75 7.46 4.57 2.89 0.05 2.84 0.34 0.00 0.25 0.59
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
------- ------- ------- ------- --------- -------- ------ ---------- --------
Fulton SB, FSB of Fulton, MO
---------------------------- 2.24 0.00 0.00 0.00 7.81 5.21 2.60 2,442 36.97
April 30, 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
------ ------ ------- ------ ------- ------- ---- ----- ------ ------
SAIF-Insured Thrifts 0.85 7.31 4.18 3.13 0.10 3.03 0.12 -0.01 0.30 0.41
State of MO 0.92 7.08 4.17 2.91 0.04 2.87 0.04 0.02 0.39 0.45
Comparable Group Average 0.99 7.19 3.99 3.20 0.04 3.16 0.03 0.04 0.22 0.29
Mid-West Companies 0.99 7.19 3.99 3.20 0.04 3.16 0.03 0.04 0.22 0.29
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
------- ------- ------- ------- --------- -------- ------ ---------- --------
SAIF-Insured Thrifts 2.20 0.02 0.09 0.00 7.53 4.82 2.72 4,042 36.29
State of MO 1.97 0.01 0.06 0.00 7.43 5.03 2.40 3,911 36.07
Comparable Group Average 1.96 0.00 0.02 0.00 7.44 4.96 2.48 4,122 34.79
Mid-West Companies 1.96 0.00 0.02 0.00 7.44 4.96 2.48 4,122 34.79
Net Interest Income Other Income
---------------------------- -------------------
Loss NII Total
Net Provis. After Loan R.E. Other Other
Comparable Group Income Income Expense NII on IEA Provis. Fees Oper. Income Income
---------------- ------ ------ ------- ------ ------- ------- ---- ----- ------- -------
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
HFSA Hardin Bancorp of Hardin MO 0.64 6.95 4.32 2.63 0.02 2.61 0.07 0.00 0.28 0.35
KYF Kentucky First Bancorp of KY 1.11 7.01 3.59 3.42 0.02 3.40 0.00 0.00 0.19 0.19
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
Comparable Group ---------------- -------------- ----------------------------
----------------
MEMO: MEMO:
G&A Goodwill Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Mid-West Companies Expense Amort. Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
------------------ ------- ------- ------- ------ --------- -------- ------ ---------- ---------
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
HFSA Hardin Bancorp of Hardin MO 1.98 0.00 0.00 0.00 7.08 5.15 1.93 4,389 35.07
KYF Kentucky First Bancorp of KY 1.99 0.00 0.00 0.00 7.24 4.55 2.68 3,817 30.93
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
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
------ ------ ------- ------ ------- ------- ---- ----- ------ ------
State of MO
-----------
CNSB CNS Bancorp of MO 0.37 5.70 3.72 1.99 0.06 1.93 0.00 0.00 0.46 0.46
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
GSBC Great Southeren Bancorp of MO 1.72 8.32 4.36 3.96 0.19 3.77 0.07 0.10 1.21 1.38
GFED Guaranty FS&LA,MHC of MO(31.1) 1.02 7.52 4.55 2.97 0.00 2.97 0.06 0.00 0.07 0.13
HFSA Hardin Bancorp of Hardin MO 0.64 6.95 4.32 2.63 0.02 2.61 0.07 0.00 0.28 0.35
JSBA Jefferson Svgs Bancorp of MO(1) 0.60 6.93 4.78 2.16 0.03 2.12 0.06 0.07 0.09 0.21
JOAC Joachim Bancorp of MO 0.63 7.13 3.52 3.61 0.04 3.58 0.05 -0.01 0.14 0.17
LXMO Lexington B&L Fin. Corp. of MO 0.81 4.85 3.71 1.15 0.05 1.10 0.00 0.00 1.59 1.59
MBLF MBLA Financial Corp. of MO(2) 0.70 6.84 4.92 1.92 0.00 1.92 0.00 0.00 0.01 0.01
MFSB Mutal Bancompany of MO(2) 0.21 6.44 4.34 2.10 0.04 2.06 0.00 0.00 0.17 0.17
NSLB NS&L Bancorp of Neasha MO 0.94 6.39 3.24 3.16 0.02 3.14 0.01 0.00 0.33 0.34
NASB North America SB of MO 1.33 8.32 5.00 3.33 -0.11 3.43 0.09 0.01 0.67 0.77
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
PULB Pulaski SB, MHC of MO (29.0) 0.84 7.26 3.94 3.32 0.03 3.29 0.00 0.00 0.28 0.28
RFED Roosevelt Fin. Grp. Inc. of MO 0.67 7.25 5.27 1.97 0.01 1.96 0.08 0.01 0.23 0.32
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 Southeren Missouri Bncrp of MO 0.87 6.95 4.01 2.94 0.04 2.90 0.03 0.04 0.29 0.35
G&A/Other Exp. Non-Op. Items Yields, Costs, and Spreads
---------------- --------------- ----------------------------
MEMO: MEMO:
G&A Goodwill Net Extrao. Yield Cost Yld-Cost Assets/ Effectiv
Expense Amort. Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
_______ _______ _______ _______ _________ ________ ______ __________ ________
State of MO
- -----------
CNSB CNS Bancorp of MO 1.86 0.00 0.00 0.00 6.98 4.89 2.08 3,216 31.95
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
GSBC Great Southeren Bancorp of MO 2.51 0.01 0.17 0.00 8.66 4.91 3.76 1,739 38.31
GFED Guaranty FS&LA,MHC of MO(31.1) 2.20 0.00 0.70 0.00 7.83 5.39 2.44 3,255 36.07
HFSA Hardin Bancorp of Hardin MO 1.98 0.00 0.00 0.00 7.08 5.15 1.93 4,389 35.07
JSBA Jefferson Svgs Bancorp of MO(1) 1.37 0.05 0.02 0.00 7.12 5.24 1.88 4,969 35.70
JOAC Joachim Bancorp of MO 2.82 0.00 0.00 0.00 7.32 4.51 2.82 2,452 32.25
LXMO Lexington B&L Fin. Corp. of MO 1.53 0.00 0.00 0.00 6.04 5.35 0.69 5,074 46.29
MBLF MBLA Financial Corp. of MO(2) 0.80 0.00 0.01 0.00 6.90 5.80 1.10 16,256 38.03
MFSB Mutal Bancompany of MO(2) 2.23 0.00 -0.04 0.00 6.63 4.92 1.71 3,332 NM
NSLB NS&L Bancorp of Neasha MO 2.22 0.00 0.10 0.00 6.57 4.22 2.35 3,281 30.75
NASB North America SB of MO 2.19 0.03 0.09 0.00 8.60 5.49 3.11 2,815 39.93
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
PULB Pulaski SB, MHC of MO (29.0) 2.48 0.00 0.07 0.00 7.41 4.56 2.85 2,330 38.39
RFED Roosevelt Fin. Grp. Inc. of MO 0.93 0.02 -0.34 0.00 7.48 5.66 1.82 7,875 32.18
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
MBC Southeren Missouri Bncrp of MO 2.15 0.00 0.08 0.00 7.60 4.94 2.66 3,240 27.19
(1) Financial information is for the quarter ending December 31, 1995.
(2) Excluded from averages due to announced or pending acquisition.
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
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 April 30, 1996, the Bank
recorded non-interest operating income of 0.59 percent of average assets versus
a level of 0.29 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 Fulton Savings, as the Bank
derives substantially more non-interest income from loan servicing operations.
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.
During the most recent fiscal year, Fulton Savings has recorded no non-
recurring gains or losses. The Peer Group derived most of their earnings from
core sources of income and recorded only minimal non-recurring income, on
average. Going forward, non-operating gains and losses are expected to continue
to be minimal. Loan loss provisions for the Peer Group and Fulton Savings' were
similar at 0.04 and 0.05 percent of average assets, respectively.
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 59.6 percent and 62.1 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 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 greater diversification into higher
risk weight loans than the Peer Group's average loan portfolio. Commercial real
estate lending is the Bank's primary method of lending diversification, and such
loans comprised 16.0 percent of the total loan and MBS portfolio at April 30,
1996. The Bank also maintains a substantial balance of construction and land
loans, which totaled 11.7 percent of total loans and MBS. The Peer Group
achieved most of their loan portfolio diversification through a combination of
income property lending and construction lending, which averaged 9.39 percent
and 6.63 percent of total loans and MBS, respectively. Overall, however, the
Bank's loan portfolio diversification was
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
----------- ------- ------ ------ ------- -------- --------
(%) (%) (%) (%) (%) (%)
Fulton SB, FSB of Fulton, MO 0.00 59.61 11.74 16.00 0.38 12.27
SAIF-Insured Thrifts 16.77 60.88 4.85 11.42 1.57 6.14
State of MO 18.00 64.36 7.12 8.92 0.81 3.25
Comparable Group Average 19.06 62.13 6.63 9.39 0.91 4.22
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
HFSA Hardin Bancorp of Hardin MO 37.34 54.18 2.44 0.32 0.40 6.65
KYF Kentucky First Bancorp of KY 18.36 47.25 1.09 26.18 2.90 4.60
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 0.84 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
State of MO
-----------
CNSB CNS Bancorp of MO NA NA NA NA NA NA
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
GSBC Great Southern Bancorp of MO 0.39 45.32 10.97 40.90 2.29 4.49
GFED Guaranty FS&LA,MHC of MO(31.1) 13.25 64.42 14.46 11.61 0.20 1.39
HFSA Hardin Bancorp of Hardin MO 37.34 54.18 2.44 0.32 0.40 6.65
JSBA Jefferson Svgs Bancorp of MO(1) 14.93 70.58 11.56 6.24 0.22 0.51
JOAC Joachim Bancorp of MO 0.59 89.41 1.55 6.08 0.00 2.37
LXMO Lexington B&L Fin. Corp. of MO NA NA NA NA NA NA
MBLF MBLA Financial Corp. of MO(2) 19.25 73.80 0.00 6.47 0.35 0.25
MFSB Mutual Bancompany of MO(2) 11.32 81.04 0.74 6.06 0.00 0.95
NSLB NS&L Bancorp of Neosho MO 17.17 76.36 3.48 0.52 0.00 5.67
NASB North American SB of MO 11.17 54.63 7.04 25.11 3.02 1.53
PCBC Perry Co. Fin. Corp. of MO(1) 77.79 19.33 1.77 0.38 0.01 1.11
PULB Pulaski SB, MHC of MO (29.0) 4.25 90.84 0.01 3.93 0.01 1.00
RFED Roosevelt Fin. Grp. Inc. of MO 53.08 44.04 0.18 1.77 0.30 0.68
SMFC Sho-Me Fin. Corp. of MO 3.19 73.09 10.49 11.87 0.84 3.52
SMBC Southern Missouri Bncrp of MO 25.48 52.56 4.74 10.09 2.69 4.44
RWA/ Serviced Servicing
Institution Assets For Others Assets
----------- ------ ---------- ------
(%) ($000) ($000)
Fulton SB, FSB of Fulton, MO 60.11 84,364 0
SAIF-Insured Thrifts 50.38 409,537 2,432
State of MO 48.87 158,634 1,145
Comparable Group Average 47.29 6,484 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
HFSA Hardin Bancorp of Hardin MO 40.43 3,841 0
KYF Kentucky First Bancorp of KY 48.84 0 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
State of MO
-----------
CNSB CNS Bancorp of MO 42.58 21,710 0
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
GSBC Great Southern Bancorp of MO 71.07 82,417 0
GFED Guaranty FS&LA,MHC of MO(31.1) 54.49 10,292 0
HFSA Hardin Bancorp of Hardin MO 40.43 3,841 0
JSBA Jefferson Svgs Bancorp of MO(1) 51.94 54,600 0
JOAC Joachim Bancorp of MO 45.32 0 0
LXMO Lexington B&L Fin. Corp. of MO 49.36 40,462 0
MBLF MBLA Financial Corp. of MO(2) 35.11 0 0
MFSB Mutual Bancompany of MO(2) 46.89 11,179 0
NSLB NS&L Bancorp of Neosho MO 34.33 0 0
NASB North American SB of MO 64.98 406,516 2,887
PCBC Perry Co. Fin. Corp. of MO(1) 17.98 0 0
PULB Pulaski SB, MHC of MO (29.0) 44.54 15,947 0
RFED Roosevelt Fin. Grp. Inc. of MO 38.02 2,000,000 16,576
SMFC Sho-Me Fin. Corp. of MO 54.35 12,336 0
SMBC Southern Missouri Bncrp of MO 46.91 0 0
(1) Financial information is for the quarter ending December 31, 1995.
(2) Excluded from averages due to announced or pending acquisition.
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
substantially above that of the Peer Group, as the Bank's commercial real
estate, construction, consumer and commercial business loans totaled 40.4
percent of total loans and MBS, while the Peer Group's combined level of these
loan categories totaled only 21.2 percent. The Bank's greater diversification
into higher risk-weight loans was reflected in the higher risk-weighted asset
base than was recorded by the Peer Group (60.11 percent risk-weighted assets for
Fulton Savings versus 47.29 percent for the Peer Group).
Credit Risk
- -----------
Fulton Savings' credit risk exposure appears to be higher than the Peer
Group's exposure based on the Bank's higher level of risk weight assets, and
Fulton Savings' current asset quality ratios are also less favorable to the Peer
Group. As shown in Table 3.5, as of April 30, 1996, the Bank recorded NPAs of
0.92 percent of assets, higher than the Peer Group average of 0.36 percent, and
maintained a higher ratio of non-performing loans ("NPLs") to loans of 0.80
percent versus 0.36 percent for the Peer Group. Most of the Peer Group's NPAs
consist of non-accruing loans, while Fulton Savings' NPAs consist of non-accrual
loans, REO and restructured loans. Offsetting these disadvantages, the Bank
recorded a higher ratio of reserves to loans. The Bank maintained a lower level
of loss reserves as a percent of NPAs (99.36 percent versus 109.25 percent for
the Peer Group).
Interest Rate Risk
- ------------------
Table 3.6 reflects the relative interest rate risk exposure of Fulton
Savings 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 (110.1
percent versus 122.0 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 recently shown 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 lower exposure to changes in
interest rates.
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 & Net Loan NLCs/
Institution Assets Assets Loans Loans NPLs 90+Del Chargoffs Loans
- ----------- ------ ------ ------ ------ ------ -------- --------- ----------
(%) (%) (%) (%) (%) (%) ($000) (%)
Fulton SB, FSB of Fulton, MO 0.23 0.92 0.80 1.06 132.54 99.36 27 0.04
SAIF-Insured Thrifts 0.21 0.96 1.06 0.87 162.95 121.19 240 0.12
State of MO 0.16 0.75 0.69 0.69 124.95 67.23 48 0.01
Comparable Group Average 0.05 0.36 0.36 0.48 153.09 109.25 5 0.02
Comparable Group
- ----------------
CMRN Cameron Fin. Corp. of MO 0.00 0.79 0.47 0.81 172.10 86.49 1 0.00
CAPS Capital Savings Bancorp of MO 0.04 0.20 0.19 0.38 206.14 152.91 0 0.00
FBSI First Bancshares of MO 0.00 0.43 0.11 0.44 392.31 83.74 46 0.16
HFSA Hardin Bancorp of Hardin MO 0.00 0.11 0.21 0.29 140.43 140.43 0 0.00
KYF Kentucky First Bancorp of KY 0.00 0.15 NA 0.87 NA 299.19 0 0.00
NSLB NS&L Bancorp of Neosho MO 0.00 0.18 0.25 0.15 60.56 40.95 0 0.00
PCBC Perry Co. Fin. Corp. of MO(1) 0.00 0.04 0.33 0.10 31.25 31.25 0 0.00
SMFC Sho-Me Fin. Corp. of MO 0.00 NA NA 0.75 NA NA 2 0.00
SMBC Southern Missouri Bncrp of MO 0.42 0.97 0.97 0.66 68.84 39.01 3 0.01
SFFC StateFed Financial Corp. of IA 0.00 NA NA 0.38 NA NA 0 0.00
State of MO
- -----------
CNSB CNS Bancorp of MO 0.19 0.70 0.81 0.60 73.84 53.70 0 0.00
CMRN Cameron Fin. Corp. of MO 0.00 0.79 0.47 0.81 172.10 86.49 1 0.00
CAPS Capital Savings Bancorp of MO 0.04 0.20 0.19 0.38 206.14 152.91 0 0.00
FBSI First Bancshares of MO 0.00 0.43 0.11 0.44 392.31 83.74 46 0.16
GSBC Great Southern Bancorp of MO 0.73 2.03 1.53 2.54 166.26 106.34 35 0.03
GFED Guaranty FS&LA,MHC of MO(31.1) 0.00 0.07 0.10 1.59 NA NA 0 0.00
HFSA Hardin Bancorp of Hardin MO 0.00 0.11 0.21 0.29 140.43 140.43 0 0.00
JSBA Jefferson Svgs Bancorp of MO(1) 0.38 0.97 0.83 0.66 79.52 48.62 10 0.01
JOAC Joachim Bancorp of MO 0.00 0.01 0.02 0.31 NA NA 0 0.00
LXMO Lexington B&L Fin. Corp. of MO 0.06 1.15 1.32 0.49 36.81 35.02 10 0.00
MBLF MBLA Financial Corp. of MO(2) 0.03 0.33 0.57 0.51 90.22 83.20 0 0.00
MFSB Mutual Bancompany of MO(2) 0.00 NA NA NA NA NA 3 0.00
NSLB NS&L Bancorp of Neosho MO 0.00 0.18 0.25 0.15 60.56 40.95 0 0.00
NASB North American SB of MO 0.64 3.36 3.22 1.05 32.56 26.33 263 -0.15
PCBC Perry Co. Fin. Corp. of MO(1) 0.00 0.04 0.33 0.10 31.25 31.25 0 0.00
PULB Pulaski SB, MHC of MO (29.0) 0.14 0.67 0.39 0.31 79.26 37.37 5 0.01
RFED Roosevelt Fin. Grp. Inc. of MO 0.17 0.40 0.27 0.57 209.46 59.09 444 0.05
SMFC Sho-Me Fin. Corp. of MO 0.00 NA NA 0.75 NA NA 2 0.00
SMBC Southern Missouri Bncrp of MO 0.42 0.97 0.97 0.66 68.84 39.01 3 0.01
(1) Financial information is for the quarter ending December 31, 1995.
(2) Excluded from averages due to announced or pending acquisition.
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.[CAPTION]
RP FINANCIAL, LC.
__________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.6
Interest Rate Risk Measures and Net Interest Income Volatility
Comparable Institution Analysis
As of March 31, 1996 or Most Recent Date Available
Balance Sheet Measures
__________________________
Non-Earn.
Equity/ IEA/ Assets/
Institution Assets IBL Assets
___________ ______ ______ ______
(%) (%) (%)
Fulton SB, FSB of Fulton, MO 10.7 110.1 3.0
SAIF-Insured Thrifts 12.6 113.8 3.3
State of MO 15.0 117.0 2.7
Comparable Group Average 19.0 122.0 2.6
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
HFSA Hardin Bancorp of Hardin MO 19.2 122.0 2.5
KYF Kentucky First Bancorp of KY 23.6 128.7 2.6
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
State of MO
CNSB CNS Bancorp of MO 10.7 108.4 4.1
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
GSBC Great Southern Bancorp of MO 10.0 108.2 3.6
GFED Guaranty FS&LA,MHC of MO(31.1) 14.6 113.1 4.4
HFSA Hardin Bancorp of Hardin MO 19.2 122.0 2.5
JSBA Jefferson Svgs Bancorp of MO(1) 5.8 105.9 3.2
JOAC Joachim Bancorp of MO 29.2 140.7 1.9
LXMO Lexington B&L Fin. Corp. of MO 14.7 116.9 1.6
MBLF MBLA Financial Corp. of MO(2) 14.5 116.9 0.8
MFSB Mutual Bancompany of MO(2) 11.7 110.9 2.8
NSLB NS&L Bancorp of Neosho MO 23.5 130.0 2.4
NASB North American SB of MO 7.1 106.6 3.1
PCBC Perry Co. Fin. Corp. of MO(1) 20.9 125.9 1.4
PULB Pulaski SB, MHC of MO (29.0) 12.6 113.8 2.0
RFED Roosevelt Fin. Grp. Inc. of MO 5.3 104.3 3.0
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
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)
Fulton SB, FSB of Fulton, MO 21 8 -30 35 0 0
SAIF-Insured Thrifts 3 4 -1 -10 -6 1
State of MO 9 7 2 -4 -6 2
Comparable Group Average 5 13 5 -2 -12 -1
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
HFSA Hardin Bancorp of Hardin MO 19 68 10 -51 14 5
KYF Kentucky First Bancorp of KY 2 50 13 2 -45 -13
NSLB NS&L Bancorp of Neosho MO -29 22 13 -18 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
State of MO
CNSB CNS Bancorp of MO 16 15 8 NA NA NA
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
GSBC Great Southern Bancorp of MO -6 -6 -8 16 -14 -1
GFED Guaranty FS&LA,MHC of MO(31.1) -6 -15 13 2 -8 -16
HFSA Hardin Bancorp of Hardin MO 19 68 10 -51 14 5
JSBA Jefferson Svgs Bancorp of MO(1) NA 16 29 -6 -23 3
JOAC Joachim Bancorp of MO 60 -12 -12 -22 -5 NA
LXMO Lexington B&L Fin. Corp. of MO -6 NA NA NA NA NA
MBLF MBLA Financial Corp. of MO(2) 14 1 -20 -14 -32 -34
MFSB Mutual Bancompany of MO(2) -2 22 7 -8 -0 -23
NSLB NS&L Bancorp of Neosho MO -29 22 13 -18 9 4
NASB North American SB of MO 21 -2 -21 -31 6 15
PCBC Perry Co. Fin. Corp. of MO(1) NA -3 2 -1 13 -18
PULB Pulaski SB, MHC of MO (29.0) 2 19 3 -3 7 30
RFED Roosevelt Fin. Grp. Inc. of MO 11 5 -15 -18 -3 0
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
(1) Financial information is for the quarter ending December 31, 1995.
(2) Excluded from averages due to announced or pending acquisition.
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
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, LC.
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, LC.
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 Fulton Savings 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. Traditional 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 greater loan
portfolio diversification into higher risk-weight loans. The Peer
Group currently maintains a higher IEA/IBL ratio due to a higher
average capital ratio, although the Bank's ratio is expected to exceed
the Peer Group's average ratio on a pro forma basis. Both the Bank
and the Peer Group utilized borrowings to supplement deposit funding.
On balance, the Bank's asset composition seemingly represents the
potential for higher earnings given the greater proportion of loans
receivable and more diversification into higher yielding commercial
real estate, construction and consumer loans. However, this advantage
is offset in part by the higher credit risk associated with these
types of loans.
RP Financial, LC.
Page 4.3
o Asset Quality. The Bank exhibited lower asset quality than the Peer
-------------
Group in terms of total NPAs as a percent of assets and net loans
receivable, and the Bank maintains a higher credit risk profile with
its higher risk-weighted assets ratio. The Bank's reserve coverage
ratio as a percent of loans receivable is more favorable than the Peer
Group's ratio, although the higher NPAs maintained by Fulton Savings'
results in lower reserve coverage ratios as a percent of non-
performing loans and total NPAs.
o Balance Sheet Liquidity. The Bank operates with lower balance sheet
-----------------------
liquidity than the Peer Group based on the lower ratio of cash and
investment securities and MBS than the Peer Group. 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
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 is expected to exceed the Peer Group's equity-to-assets ratio,
providing the Bank with comparable leverage potential and cushion
against loss but a lower pro forma ROE.
On balance, RP Financial applied a slight 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, with Fulton Savings recording lower core income in comparison
to the Peer Group. 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 emphasis on selling loans with servicing retained. Non-
operating income and loan loss provisions had similar and overall
minor impacts on the Bank's and Peer Group's earnings. 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. On a
pro forma basis, Fulton Savings' profitability are expected to
approximate that of the Peer Group.
RP Financial, LC.
Page 4.4
o Interest Rate Risk. Fulton Savings maintains an earning asset
------------------
portfolio with a high proportion of interest sensitive assets. The
pro forma increase in the IEA/IBL ratio can be expected to further
reduce the Bank's interest rate risk exposure.
o Credit Risk. Loss provisions had a similar impact on the earnings of
-----------
the Bank and the Peer Group. In terms of exposure to credit quality
related losses, the Bank maintained higher NPAs and a higher reserve
coverage ratio as a percent of loans receivable than the Peer Group.
However, the Bank's higher risk loan portfolio exposes it to greater
credit risk than the Peer Group.
o Earnings Growth Potential. Several factors were considered in assessing
-------------------------
earnings growth potential. While opportunities for lending growth in
the Bank's market area appear favorable, Fulton Savings' current loan
demand is in excess of available funds and the ability to increase the
loan portfolio is limited given the already high concentration of
loans receivable. Recent history reveals that obtaining additional
retail deposit funds is possible, however at elevated costs which
increase funding costs and narrow the net interest margin. On
balance, we concluded that the Bank's earnings growth potential was
not in excess of the Peer Group average.
o Return on Equity. Immediately following the conversion, the Bank's pro
----------------
forma return on equity will be below the Peer Group average owing to
the Bank's lower higher equity position. 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 made a moderate downward adjustment for profitability,
growth and viability of earnings relative to the Peer Group.
3. Asset Growth
------------
The Bank's ability to grow on a pro forma basis 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 Callaway County, Missouri is a rural market that
has been experiencing moderate demographic growth over the past decade. In terms
of credit risk exposure, the economy in Callaway
Table 4.1
Peer Group Primary Market Area Demographic/Competition Trends
Proj.
Population Pop. 1990-95 1995-2000
-------------------
Institution County 1990 1995 2000 % Change % Change Median Age Amount
- ----------- ------ ---- ---- ---- -------- -------- ---------- ------
(000) (000)
Cameron Fin. Corp. of MO Clinton 17 18 19 6.1% 5.4% 36.2 12,510
Capital Savings Bancorp of MO Cole 64 68 72 6.7% 6.0% 34.1 15,908
First Bancshares of MO Wright 17 18 20 8.7% 7.6% 35.8 8,517
Hardin Bancorp of Hardin, MO Ray 22 22 22 0.2% 0.2% 35.7 12,663
Kentucky First Bancorp of KY Harrison 16 17 18 4.3% 3.9% 36.1 11,804
NS&L Bancorp of MO Newton 44 47 50 6.8% 6.0% 35.9 12,291
Perry Co. Fin. Corp. of MO Perry 17 17 18 4.7% 4.2% 35.2 12,781
Sho-Me Fin. Corp. of MO Lawrence 30 32 33 4.6% 4.2% 36.3 11,250
Southern Missouri Bncrp. of MO Butler 39 40 42 4.5% 4.1% 36.9 10,436
StateFed Financial Corp. of IA Polk 327 350 372 7.0% 6.2% 33.3 16,864
--- --- --- ---- ---- ---- ------
Averages: 59 63 67 5.3% 4.8% 35.6 12,502
Medians: 26 27 27 5.4% 4.8% 35.9 12,401
Fulton SB of Fulton, MO Callaway 33 35 37 6.5% 5.8% 33.2 $11,723
Per Capital Income Deposit
------------------
%State Market
Institution Average Share(1)
- ----------- ------- -------
Cameron Fin. Corp. of MO 86.9% 41.6%
Capital Savings Bancorp of MO 110.6% 6.6%
First Bancshares of MO 59.2% 29.1%
Hardin Bancorp of Hardin, MO 88.0% 23.2%
Kentucky First Bancorp of KY 97.0% 27.8%
NS&L Bancorp of MO 85.4% 18.3%
Perry Co. Fin. Corp. of MO 88.8% 22.5%
Sho-Me Fin. Corp. of MO 78.2% 22.1%
Southern Missouri Bncrp. of MO 72.5% 16.6%
StateFed Financial Corp. of IA 128.1% 1.0%
------ -----
89.5% 20.9%
87.5% 22.3%
Fulton SB of Fulton, MO 81.5% 24.2%
(1) Total institution deposits in headquarters county as percent of total
county deposits.
Source: CACI, Inc; FDIC; OTS.
RP Financial, LC.
Page 4.6
County has been generally stable, with economic trends tied to the trends in the
nearby Jefferson City and Columbia, Missouri markets. The per capita income in
the Bank's market was below the average of the primary markets of the Peer Group
members. The Bank faces a high degree of competition for deposits from the 5
commercial banks and 2 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 no adjustment is warranted for this factor.
5. Dividends
---------
The Holding Company presently has not established a dividend policy, but
intends to adopt a policy of paying regular cash dividends beginning in the
first full quarter following consummation of the conversion. The actual dividend
level will be based on numerous factors including growth objectives, financial
condition, the amount of net proceeds retained by the Holding Company in the
conversion, investment opportunities available to the Holding Company and the
Bank, profitability, tax considerations, minimum capital requirements,
regulatory limitations, stock market characteristics and general economic
conditions.
Historically, 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 of the ten
institutions in the Peer Group presently pay regular cash dividends, with
implied dividend yields ranging from 1.28 percent to 3.98 percent. The average
dividend yield on the stocks of the Peer Group institutions was 2.40 percent as
of July 12, 1996, representing an average earnings payout ratio of 30.21
percent. As of July 12, 1996, approximately 76 percent of all publicly-traded
SAIF-insured thrifts had adopted cash dividend policies (see
RP Financial, LC.
Page 4.7
Exhibit IV-1), exhibiting an average yield of 2.54
percent and an average payout ratio of 35.28 percent. The dividend paying
thrifts generally maintain higher than average profitability ratios,
facilitating their ability to pay cash dividends, which supports a market
pricing premium on average relative to non-dividend paying thrifts.
The Holding Company would appear to have the capacity to pay dividends
based on pro forma capital and earnings, although increases in future dividends
may be restricted by limited earnings growth. The Holding Company's stated
intention to implement a dividend shortly after completion of the conversion is
a favorable comparison to the Peer Group companies and thus no adjustment is
warranted for this valuation factor.
6. Liquidity of the Shares
-----------------------
The Peer Group is by definition composed of companies that are traded in
the public markets, nine of which trade on the NASDAQ system and one that trades
on the Amex. Typically, the number of shares outstanding and market
capitalization provides an indication of how much liquidity there will be in a
particular stock. The market capitalization of the Peer Group companies ranged
from $11.8 million to $38.5 million as of July 12, 1996, with an average market
value of $20.2 million. The shares outstanding of the Peer Group members ranged
from 0.8 million to 2.8 million, with average shares outstanding of
approximately 1.4 million. The Bank's pro forma market value range and shares
outstanding will fall in the Peer Group range. Accordingly, we anticipate that
the liquidity of the Bank's stock will be comparable to the Peer Group's and
thus no adjustment for this factor is warranted.
RP Financial, LC.
Page 4.8
7. Marketing of the Issue
----------------------
We believe that three separate markets exist 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.
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.
RP Financial, LC.
Page 4.9
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 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
RP Financial, LC.
Page 4.10
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 first 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-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 throughout the first half of June.
Following a period of stock price volatility, as investors continued to react to
signs of higher economic growth and uncertain second quarter earnings reports, a
stronger than expected jobs creation growth report for June, a corresponding
drop of the unemployment rate from 5.6 to 5.3 percent and expectations of very
strong economic expansion for the second quarter resulted in a sharp drop in the
stock market in the first ten days of July. On July 12, 1996, the DJIA closed
at 5510.6, translating into a 7.7 percent increase from year end 1995, but down
3.3 percent from its June 5, 1996 peak.
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
RP Financial, LC.
Page 4.11
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 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
RP Financial, LC.
Page 4.12
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 throughout June, uncertainty over future interest rate trends provided
for a flat thrift stock market. The overall decline in the stock market, and an
increase in interest rates to above 7.00 percent in early July again caused a
pullback in the overall thrift market. The SNL Index for all publicly-traded
thrifts closed at 375.6 on July 12, 1996, an increase of 15.2 percent from one
year ago, but a decrease of 4.1 percent from its peak of 391.7 on July 2, 1996.
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 6.2
percent.
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 Information
- ------------------------------------------------------------------------------------------------------------------------------------
Conversion Equity/ NPAs/ Res. Gross % of Exp./
Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc.
- ----------- ----- ---- ------ ------ ------ ------- ---- ----- ---- -----
($Mil) (%) (%)(2) (%) ($Mil) (%) (%)
Ocean Financial Corp. NJ * 07/03/96 OCFC $1,130 8.15% 1.01% 52% $167.8 132% 2.6%
Home Financial Bancorp(1) IN 07/02/96 HWEN 34 9.85% 0.24% 148% 5.1 89% 6.1%
First Lancaster Bancshares KY * 07/01/96 FLKY 35 13.95% 1.57% 22% 9.6 132% 4.6%
Heartland Bancshares IL 07/01/96 P. Sheet 61 7.75% 0.93% 53% 8.8 125% 5.8%
Kenwood Bancorp(7) OH * 07/01/96 P. Sheet 48 6.88% 0.00% NM 1.6 102% 22.2%
Eagle BancGroup IL * 07/01/96 EGLB 152 7.40% 0.93% 64% 13.0 90% 5.3%
Provident Financial Holdings CA * 06/28/96 PROV 558 7.10% 1.80% 50% 51.3 101% 2.2%
Prestige Bancorp PA 06/27/96 PRBC 94 7.56% 0.33% 95% 9.6 96% 5.0%
Wayne Bancorp NJ 06/27/96 WYNE 196 8.91% 1.79% 46% 22.3 89% 4.4%
Mechanics SB(1) CT 06/26/96 MECH 670 3.68% 2.75% 56% 52.9 132% 3.6%
Dime Community Bancorp NY * 06/26/96 DIME 1,094 7.46% 0.75% 77% 145.5 132% 2.5%
Commonwealth Bancorp(7) PA * 06/17/96 CMSB 2,054 6.71% 0.51% 109% 98.7 110% 1.9%
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 P. Sheet 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(1) 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%
Averages: $346 9.47% 0.80% 119% $37.4 115% 5.1%
Medians: 123 7.73% 0.61% 64% 18.5 119% 3.9%
Averages, Excluding 2nd Steps $286 9.88% 0.90% 120% $37.8 117% 4.1%
Medians, Excluding 2nd Steps 152 7.77% 0.75% 60% 20.5 125% 3.6%
- -----------------------------------------------------------------------------------------------------------
Insider Purchases Pro Forma Data
---------------------------------------------------------------------------
Pricing Ratios(4) Fin. Characteristics
---------------------------------------------------------------------------
Benefit Plans
-------------
Recog. Mgmt.
Institution ESOP Plans & Dirs. P/TB P/E P/A ROA TE/A ROE
- ----------- ---- ----- ------- ---- --- --- --- ---- ---
(%) (%) (%)(3) (%) (x) (%) (%) (%) (%)
Ocean Financial Corp. 8.0% 4.0% 1.2% 75.9% 15.4 14.2% 0.9% 18.8% 4.9%
Home Financial Bancorp(1) 8.0% 4.0% 7.1% 67.5% 13.4 13.3% 1.0% 19.6% 5.0%
First Lancaster Banshares 8.0% 4.0% 9.4% 74.2% 18.5 22.2% 1.2% 29.8% 4.0%
Heartland Bancshares 8.0% 4.0% 14.8% 73.3% NM 12.8% NM 17.5% NM
Kenwood Bancorp(7) 8.0% 4.0% 6.4% 67.6% NM 6.0% 0.1% 8.8% 1.7%
Eagle BancGroup 8.0% 4.0% 6.3% 59.2% NM 8.0% 0.1% 13.5% 0.6%
Provident Financial Holdings 8.0% 4.0% 2.9% 61.4% NM 8.5% 0.2% 13.9% 1.1%
Prestige Bancorp 8.0% 4.0% 6.9% 63.9% 24.7 9.4% 0.4% 14.7% 2.6%
Wayne Bancorp 8.0% 4.0% 4.4% 61.8% 18.6 10.4% 0.6% 16.8% 3.3%
Mechanics SB(1) 2.3% 0.0% 1.5% 77.3% NM 7.3% NM 9.5% NM
Dime Community Bancorp 8.0% 4.0% 2.7% 80.3% 15.9 11.9% 0.7% 16.9% 4.0%
Commonwealth Bancorp(7) 8.0% 4.0% 0.1% 109.3% 12.1 8.4% 0.7% 6.7% 10.4%
CNS Bancorp 8.0% 4.0% 8.0% 71.1% 22.3 16.4% 0.7% 23.1% 3.2%
Westwood Financial Corp.(7) 0.0% 0.0% 2.5% 80.0% 10.1 7.3% 0.7% 9.2% 7.9%
Lexington B&L Fin. Corp. 8.0% 4.0% 4.3% 70.1% 16.2 20.6% 1.3% 29.4% 4.3%
First Fed. Fin. Bancorp 8.0% 4.0% 13.4% 63.6% 17.4 11.5% 0.7% 18.0% 3.7%
First Fed. Bancshares 8.0% 4.0% 2.6% 65.0% 10.4 10.3% 1.0% 15.9% 6.3%
Citizens First Fin. Corp. 8.0% 4.0% 6.5% 71.7% 17.8 11.2% 0.6% 15.6% 4.0%
North Cincinnati SB(1) 6.0% 0.0% 16.1% 65.0% NM 6.7% NM 10.3% NM
Reliance Bancshares(1) 4.0% 4.0% 9.5% 72.3% 27.3 40.7% 1.5% 56.2% 2.7%
Catskill Financial Corp. 8.0% 4.0% 2.6% 73.2% 21.2 20.4% 1.0% 27.8% 3.5%
Yonkers Financial Corp. 8.0% 4.0% 3.7% 76.5% 16.6 14.8% 0.9% 19.4% 4.6%
7.1% 3.5% 6.0% 71.8% 17.4 13.3% 0.8% 18.7% 4.1%
8.0% 4.0% 5.4% 71.4% 17.0 11.3% 0.7% 16.9% 4.0%
7.4% 3.6% 6.5% 69.6% 18.2 14.2% 0.8% 20.4% 3.6%
8.0% 4.0% 6.3% 71.1% 17.6 11.9% 0.8% 17.5% 3.8%
- ----------------------------------------------------------------------------------------------
Post-IPO Pricing Trends
-------------------------------------------------------------
Closing Price:
-------------------------------------------------------------
First After After
IPO Trading % First % First %
Price Day Chg. Week(5) Chg. Month(6) Chg.
----- --- ---- ------- ---- -------- ----
($) ($) (%) ($) (%) ($) (%)
- ----------------------------------------------------------------------------------------------
Ocean Financial Corp. $20.00 $21.25 6.3% 20.75 3.8% NA NA
Home Financial Bancorp(1) 10.00 10.25 2.5% 9.88 -1.2% NA NA
First Lancaster Banshares 10.00 13.25 32.5% 13.38 33.8% NA NA
Heartland Bancshares 10.00 NT NA NT NA NT NA
Kenwood Bancorp(7) 10.00 NT NA NT NA NT NA
Eagle BancGroup 10.00 11.25 12.5% 11.25 12.5% NA NA
Provident Financial Holdings 10.00 10.97 9.7% 10.81 8.1% 10.63 6.3%
Prestige Bancorp 10.00 10.38 3.8% 10.25 2.5% 9.75 -2.5%
Wayne Bancorp 10.00 11.13 11.2% 11.38 13.8% 11.25 12.5%
Mechanics SB(1) 10.00 11.50 15.0% 11.50 15.0% 11.19 11.9%
Dime Community Bancorp 10.00 12.00 20.0% 12.00 20.0% 12.00 20.0%
Commonwealth Bancorp(7) 10.00 10.50 5.0% 10.75 7.5% 10.50 5.0%
CNS Bancorp 10.00 11.00 10.0% 12.00 20.0% 11.50 15.0%
Westwood Financial Corp.(7) 10.00 10.75 7.5% 10.38 3.8% 10.62 6.2%
Lexington B&L Fin. Corp. 10.00 9.50 -5.0% 9.75 -2.5% 10.12 1.2%
First Fed. Fin. Bancorp. 10.00 10.75 7.5% 10.62 6.2% 11.00 10.0%
First Fed. Bancshares 10.00 13.00 30.0% 13.38 33.8% 13.63 36.3%
Citizens First Fin. Corp. 10.00 10.50 5.0% 10.00 0.0% 10.13 1.3%
North Cincinnati SB(1) 10.00 NT NA NT NA NT NA
Reliance Bancshares(1) 8.00 8.38 4.7% 8.25 3.1% 7.94 -0.7%
Catskill Financial Corp. 10.00 10.38 3.8% 10.50 5.0% 10.38 3.8%
Yonkers Financial Corp. 10.00 9.75 -2.5% 10.00 0.0% 9.94 -0.6%
$10.36 $11.39 9.4% $11.41 9.7% $10.70 8.4%
10.00 10.75 7.5% 10.75 6.2% 10.62 6.2%
$10.42 $11.48 9.8% $11.51 10.2% $10.73 8.8%
10.00 10.97 7.5% 10.81 6.2% 10.63 6.3%
Note: * - Appraisal performed by RP Financial;
"NT" - Not Traded; "NA" - Not Applicable, Not Available.
(1) Non-OTS regulated thrifts. July 9, 1996
(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.
Page 4.14
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
78.47 percent reflects a discount of 25.7 percent from the average P/B ratio of
all publicly-traded SAIF-insured thrifts (equal to 105.61 percent), and the
average core P/E ratio of 16.43 times reflects a premium of 9.5 percent from the
all SAIF-insured public average core P/E ratio of 15.01 times. The pricing
ratios of the better capitalized recently converted thrifts suggest that the
investment community has determined to discount their stocks on a book basis
until leveraging of the proceeds is completed over the longer term. Excluding
two of the recent conversions which were actually second-step conversions of
mutual holding companies (which already have a lengthy trading history), the
average P/TB ratio of recent conversions equalled 76.07 percent.
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 stable, 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 mixed, with some offerings oversubscribed in
the Subscription Offerings while other offerings have sold only within the range
of value. 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, however certain offerings have been
affected by specific regional market factors such as acquisition speculation.
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. Table 4.4 shows the closing prices after the first
day of trading and current pricing ratios for the most recent conversions in the
Midwest. While pricing for one of the recent conversions, CNS Bancorp, Inc.,
appears to have been affected by acquisition speculation in the local
marketplace, overall 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.
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 July 12, 1996
Market Per Share Data
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 16.80 115.39 1.23 16.52 14.10 102.41 12.87 105.61 15.01
Special Selection Grouping(8) 11.23 52.75 0.45 14.96 16.64 75.54 15.33 78.47 16.43
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CNSB CNS Bancorp of MO 11.50 19.01 0.45 14.07 NM 81.73 18.86 81.73 NM
CATB Catskill Fin. Corp. of NY 10.00 56.87 0.47 13.65 21.28 73.26 20.36 73.26 18.52
CBK Citizens First Fin.Corp. of IL 9.94 28.01 0.56 13.95 17.75 71.25 11.09 71.25 16.30
CMSB Cmnwealth Bancorp of PA 10.19 183.25 0.83 12.41 12.28 82.11 8.55 111.37 12.74
DIME Dime Community Bancorp of NY 11.75 170.94 0.63 14.17 18.65 82.92 14.03 94.38 20.26
EGLB Eagle BancGroup of IL 11.00 14.33 0.10 16.89 NM 65.13 8.81 65.13 NM
FFBH First Fed. Bancshares of AR 13.12 67.62 0.96 15.38 13.67 85.31 13.57 85.31 13.67
FLKY First Lancaster Bncshrs of KY 13.62 13.06 0.54 13.47 NM 101.11 30.17 101.11 NM
HWEN Home Financial Bancorp of IN 10.12 5.12 0.75 14.81 13.49 68.33 13.42 68.33 13.49
LXMO Lexington B&L Fin. Corp. of MO 9.87 12.49 0.62 14.27 15.92 69.17 20.35 69.17 16.18
MECH Mechanics SB of Hartford CT 11.25 59.51 -2.10 12.94 NM 86.94 8.25 86.94 NM
OCFC Ocean Fin. Corp. of NJ 20.12 168.77 1.27 26.36 15.84 76.33 14.32 76.33 15.48
PRBC Prestige Bancorp of PA 9.87 9.50 0.41 15.66 24.07 63.03 9.28 63.03 24.07
PROV Provident Fin. Holdings of CA 10.50 53.91 0.18 16.29 NM 64.46 8.96 64.46 21.00
RELI Reliance Bancshares Inc of WI 8.37 21.44 0.29 11.06 NM 75.68 42.55 75.68 NM
WYNE Wayne Bancorp of NJ 10.75 23.98 0.54 16.17 19.91 66.48 11.19 66.48 16.54
WWFC Westwood Fin. Corp. of NJ 10.50 6.79 0.99 14.61 10.61 71.87 7.69 83.93 10.61
YFCB Yonkers Fin. Corp. of NY 9.75 34.82 0.60 13.07 16.25 74.60 14.47 74.60 14.77
Dividends(4) Financial Characteristics(6)
---------------------------- --------------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ----------------- ------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- -------- ------ -------- ------- ------- ------- ------ ------ ----- ------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.35 2.04 26.13 1,293 13.30 0.96 0.86 7.97 0.80 7.21
Special Selection Grouping(8) 0.01 0.14 1.77 444 20.12 1.30 0.66 2.87 0.77 3.94
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
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
CMSB Cmnwealth Bancorp of PA 0.25 2.45 30.17 2,140 10.41 0.44 0.70 6.69 0.67 6.45
DIME Dime Community Bancorp of NY 0.00 0.00 0.00 1,218 16.92 2.59 0.75 4.45 0.69 4.09
EGLB Eagle BancGroup of IL 0.00 0.00 0.00 163 13.53 0.80 0.08 0.59 0.08 0.59
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
FLKY First Lancaster Bncshrs of KY 0.00 0.00 0.00 43 29.83 1.23 1.20 4.01 1.20 4.01
HWEN Home Financial Bancorp of IN 0.00 0.00 0.00 38 19.64 0.39 0.99 5.06 0.99 5.06
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
MECH Mechanics SB of Hartford CT 0.00 0.00 NM 721 9.49 5.43 -1.54 -16.23 0.00 0.00
OCFC Ocean Fin. Corp. of NJ 0.00 0.00 0.00 1,179 18.75 0.97 0.90 4.82 0.92 4.93
PRBC Prestige Bancorp of PA 0.00 0.00 0.00 102 14.72 0.38 0.39 2.62 0.39 2.62
PROV Provident Fin. Holdings of CA 0.00 0.00 0.00 602 13.90 2.22 0.15 1.10 0.43 3.07
RELI Reliance Bancshares Inc of WI 0.00 0.00 0.00 50 56.23 NA 1.47 2.62 1.47 2.62
WYNE Wayne Bancorp of NJ 0.00 0.00 0.00 214 16.83 1.46 0.56 3.34 0.68 4.02
WWFC Westwood Fin. Corp. of NJ 0.00 0.00 0.00 88 10.71 0.02 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 4.16
Table 4.4
Pricing Characteristics of Recent
Midwestern U.S. Conversions
% Change in Price
------------------------
Conversion Pro Forma P/B 1st To Current
Date @ Conversion Week 7/12/96 P/TB
---- ------------- ------------------------
Home Financial Bancorp of IN 7/96 67.5% (1.2%) 1.3% 68.33%
Eagle Bancgroup of IL 7/96 59.2 12.5 10.0 65.13
CNS Bancorp of MO 6/96 71.1 20.0 15.0 81.73
Lexington B&L Financial Corp of MO 6/96 70.1 (2.5) (1.3) 69.17
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.
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. A history of
core profitability, a strong capital position and no outstanding regulatory
issues 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.
RP Financial, LC.
Page 4.17
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.
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 Slight Downward
Profitability, Growth and Viability of Earnings Moderate Downward
Asset Growth No Adjustment
Primary Market Area No Adjustment
Dividends No Adjustment
Liquidity of the Shares No Adjustment
Marketing of the Issue No Adjustment
Management No Adjustment
Effect of Government Regulations and Regulatory Reform No Adjustment
RP Financial, LC.
Page 4.18
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 arithmetic average of Fulton Savings' yield
on interest earning assets and cost of deposits as of April 30, 1996, equal to
6.40 percent. In our determination of the appropriate reinvestment rate to use
for valuation purposes, we analyzed the Bank's yield on IEA and cost of deposits
against the U. S. Treasury One Year T-Bill rate average of 5.62 percent at April
30, 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 arithmetic average of Fulton
Savings' yield on interest earning assets and cost of deposits, 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 8.0 percent
of the shares at the initial offering prices (10 year amortization) and the MRP
acquires 4.0 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 MRP
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'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/TB approach to be a reliable indicator of value
given current market conditions, particularly the market for new
conversions, which often exhibit a willingness to pay premium P/E
multiples in the expectation that such institutions will implement
leveraging strategies to promote earnings growth. At the same time,
with lower ROE ratios, new conversions are typically discounted on
a book value basis relative to the market at least until there is
partial realization of leveraging strategies.
RP Financial, LC.
Page 4.19
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 $13,000,000 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 of the reinvestment of net
conversion proceeds. The Bank's reported earnings were $0.620 million for the
twelve months ended April 30, 1996, and included no non-recurring items. (Note:
see Exhibit IV-9 for 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 $13,000,000 midpoint value was 14.01
times, which was at a discount of 21.0 percent to the Peer Group average of
17.73 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").
RP Financial, LC.
Page 4.20
2. Price-to-Tangible Book ("P/TB"). The application of the P/TB
--------------------------------
valuation method requires calculating the Bank's pro forma market value by
applying a valuation P/TB ratio to the Bank's pro forma tangible book value.
Based on the $13.0 million midpoint valuation, the Bank's pro forma P/TB ratio
was 64.95 percent. In comparison to the average P/TB ratio for the Peer Group of
approximately 87.88 percent, the Bank's valuation reflected a 26.1 percent
discount relative to the Peer Group. RP Financial considered the discount under
this approach to be warranted by the valuation adjustments addressed earlier and
the Bank's lower pro forma core ROE (4.64 percent versus 5.45 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.
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 13.49 percent of pro forma
assets, which was discounted by 18.8 percent from the Peer Group's average P/A
ratio of 16.62 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.
RP Financial, LC.
Page 4.21
Valuation Conclusion
- --------------------
Based on the foregoing, it is our opinion that, as of July 12, 1996, the
aggregate pro forma market value of the Bank and the Holding Company, was
$13,000,000 at the midpoint, equal to 1,300,000 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 $11,050,000 and a maximum value of
$14,950,000. Based on the $10.00 per share offering price, this valuation range
equates to an offering of 1,105,000 shares at the minimum to 1,495,000 shares at
the maximum. In the event that the Bank's appraised value is subject to an
increase, up to 1,719,250 shares may be sold at an issue price of $10.00 per
share, for an aggregate market value of $17,192,500, without a resolicitation.
The comparative pro forma valuation ratios relative to the Peer Group are shown
in Table 4.5, and the key valuation assumptions are detailed in Exhibit IV-7.
The pro forma calculations for the range are detailed in Exhibit IV-8.
RP FINANCIAL, LC.
----------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.5
Public Market Pricing
Fulton SB, FSB of Fulton, MO and the Comparables
As of July 12, 1996
Market
Capitalization Per Share Data
--------------- -------------- Pricing Ratios(3)
Book ---------------------------------------
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
Fulton SB, FSB of Fulton, MO
----------------------------
Superrange 10.00 17.19 0.60 13.79 16.62 72.53 17.18 72.53 16.62
Range Maximum 10.00 14.95 0.65 14.54 15.30 68.80 15.24 68.80 15.30
Range Midpoint 10.00 13.00 0.71 15.40 14.01 64.95 13.49 64.95 14.01
Range Minimum 10.00 11.05 0.79 16.56 12.58 60.39 11.67 60.39 12.58
SAIF-Insured Thrifts(7)
-----------------------
Averages 16.80 115.39 1.23 16.52 14.10 102.41 12.87 105.61 15.01
Medians --- --- --- --- 13.99 98.05 11.55 100.50 15.28
All Non-MHC State MO(7)
--------------------------
Averages 16.69 82.07 1.18 16.38 15.75 102.42 15.61 105.54 15.87
Medians --- --- --- --- 16.02 87.92 15.03 87.92 16.18
Comparable Group Averages
-------------------------
Averages 14.87 20.24 0.89 16.95 17.36 87.86 16.62 87.88 17.73
Medians --- --- --- --- 18.28 86.23 16.25 86.33 18.90
State of MO
-----------
CNSB CNS Bancorp of MO 11.50 19.01 0.45 14.07 NM 81.73 18.86 81.73 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 18.12 18.83 1.75 20.34 10.35 89.09 9.29 89.09 10.35
FBSI First Bancshares of MO 15.63 20.35 0.80 18.26 19.54 85.60 14.49 85.78 19.78
GSBC Great Southern Bancorp of MO 27.00 119.72 2.48 15.04 10.89 179.52 18.17 182.56 11.59
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 24.50 102.46 1.52 19.19 16.12 127.67 8.96 155.85 16.44
JOAC Joachim Bancorp of MO 12.44 9.45 0.28 14.15 NM 87.92 25.71 87.92 NM
LXMO Lexington B&L Fin. Corp. of MO 9.87 12.49 0.62 14.27 15.92 69.17 20.35 69.17 16.18
MBLF MBLA Financial Corp. of MO(7) 22.50 30.87 1.00 20.67 22.50 108.85 15.83 108.85 22.50
MFSB Mutual Bancompany of MO(7) 21.00 6.99 0.34 18.73 NM 112.12 13.12 112.12 NM
NSLB NS&L Bancorp of Neosho MO 12.56 11.15 0.59 15.62 21.29 80.41 18.89 80.41 22.84
NASB North American SB of MO 29.75 67.71 3.74 21.44 7.95 138.76 10.19 144.56 8.33
PCBC Perry Co. Fin. Corp. of MO 16.25 13.91 0.88 18.84 18.47 86.25 17.99 86.25 18.47
RFED Roosevelt Fin. Grp. Inc. of MO 17.37 731.59 1.35 10.54 12.87 164.80 8.01 174.40 9.49
SMFC Sho-Me Fin. Corp. of MO 16.00 29.14 1.08 17.36 14.81 92.17 11.04 92.17 14.95
SMBC Southern Missouri Bncrp of MO 14.12 24.34 0.78 15.41 18.10 91.63 15.03 91.63 19.34
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 18.12 18.83 1.75 20.34 10.35 89.09 9.29 89.09 10.35
FBSI First Bancshares of MO 15.63 20.35 0.80 18.26 19.54 85.60 14.49 85.78 19.78
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ --------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
Fulton SB, FSB of Fulton, MO
----------------------------
Superrange 0.00 0.00 0.00 100 23.68 0.79 1.03 4.36 1.03 4.36
Range Maximum 0.00 0.00 0.00 98 22.15 0.80 1.00 4.50 1.00 4.50
Range Midpoint 0.00 0.00 0.00 96 20.76 0.82 0.96 4.64 0.96 4.64
Range Minimum 0.00 0.00 0.00 95 19.33 0.83 0.93 4.80 0.93 4.80
SAIF-Insured Thrifts(7)
-----------------------
Averages 0.35 2.04 26.13 1,293 13.30 0.96 0.86 7.97 0.80 7.21
Medians --- --- --- --- --- --- --- --- --- ---
All Non-MHC Sta of MO(7)
-----------------------
Averages 0.35 2.11 23.72 864 17.13 0.81 0.97 7.50 0.95 7.60
Medians --- --- --- --- --- --- --- --- --- ---
Comparable Group Averages
-------------------------
Averages 0.34 2.40 30.21 132 18.96 0.36 0.99 5.53 0.98 5.45
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 1.99 20.57 203 10.43 0.20 0.95 8.92 0.95 8.92
FBSI First Bancshares of MO 0.20 1.28 25.00 140 16.92 0.43 0.78 4.33 0.77 4.27
GSBC Great Southern Bancorp of MO 0.70 2.59 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 1.31 21.05 1,143 7.02 0.97 0.60 8.20 0.59 8.04
JOAC Joachim Bancorp of MO 0.50 4.02 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 1.78 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 3.98 NM 59 23.49 0.18 0.93 4.27 0.87 3.98
NASB North American SB of MO 0.63 2.12 16.84 664 7.35 3.36 1.33 18.45 1.27 17.61
PCBC Perry Co. Fin. Corp. of MO 0.30 1.85 34.09 77 20.86 0.04 1.00 5.36 1.00 5.36
RFED Roosevelt Fin. Grp. Inc. of MO 0.62 3.57 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 3.54 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 1.99 20.57 203 10.43 0.20 0.95 8.92 0.95 8.92
FBSI First Bancshares of MO 0.20 1.28 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 4.5
Public Market Pricing
Fulton SB, FSB of Fulton, MO and the Comparables
As of July 12, 1996
Market
Capitalization Per Share Data Pricing Ratios(3)
--------------- -------------- ---------------------------------------
Book
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ------- ------- ------- -------- ------ ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
HFSA Hardin Bancorp of Hardin MO 11.75 12.43 0.48 15.16 24.48 77.51 14.91 77.51 24.48
KYF Kentucky First Bancorp of KY 15.00 20.84 0.57 14.28 NM 105.04 24.81 105.04 NM
NSLB NS&L Bancorp of Neosho MO 12.56 11.15 0.59 15.62 21.29 80.41 18.89 80.41 22.84
PCBC Perry Co. Fin. Corp. of MO 16.25 13.91 0.88 18.84 18.47 86.25 17.99 86.25 18.47
SMFC Sho-Me Fin. Corp. of MO 16.00 29.14 1.08 17.36 14.81 92.17 11.04 92.17 14.95
SMBC Southern Missouri Bncrp of MO 14.12 24.34 0.78 15.41 18.10 91.63 15.03 91.63 19.34
SFFC StateFed Financial Corp. of IA 15.75 12.96 1.03 18.13 15.29 86.87 17.47 86.87 15.29
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ --------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------ ------- ------ ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
HFSA Hardin Bancorp of Hardin MO 0.40 3.40 NM 83 19.24 0.11 0.64 4.18 0.64 4.18
KYF Kentucky First Bancorp of KY 0.50 3.33 NM 84 23.62 0.15 1.12 5.40 1.12 5.40
NSLB NS&L Bancorp of Neosho MO 0.50 3.98 NM 59 23.49 0.18 0.93 4.27 0.87 3.98
PCBC Perry Co. Fin. Corp. of MO 0.30 1.85 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 3.54 64.10 162 16.40 0.97 0.88 5.01 0.82 4.69
SFFC StateFed Financial Corp. of IA 0.40 2.54 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
RP Financial, LC.
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 Loan Portfolio Composition
I-9 Fixed Rate and Adjustable Rate Loans
I-10 Loan Originations, Purchases, and Sales
I-11 Non-Performing Assets/Classified Assets
I-12 Deposit Composition
I-13 Time Deposit Rate/Maturity
I-14 Borrowings
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
RP Financial, LC.
LIST OF EXHIBITS(continued)
III-3 Thrifts in Continguous States
IV-1 Stock Prices: July 12, 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
EXHIBIT I-1
Fulton Savings Bank, FSB
Map of Office Location
[MAP OF MISSOURI APPEARS HERE]
EXHIBIT I-2
Audited Financial Statements
[Incorporated by Reference]
EXHIBIT I-3
Fulton Savings Bank, FSB
Key Operating Ratios
At or For the
Year Ended April 30,
------------------------------------------------
1996 1995 1994 1993 1992
---- ---- ---- ---- ----
KEY FINANCIAL RATIOS:
Performance Ratios:
Return on assets(1) ........................... 0.75% 0.72% 1.12% 1.07% 1.03%
Return to equity(2) ........................... 7.00 6.55 11.92 12.13 12.58
Retained earnings to assets(3) ................ 10.70 10.93 10.06 8.82 8.21
Interest rate spread(4) ....................... 2.60 2.96 3.58 3.39 3.18
Net interest margin(5) ........................ 3.02 3.33 3.90 3.75 3.59
Average interest-earning assets
to average interest-bearing liabilities ...... 108.84 109.15 108.64 107.71 106.64
Noninterest expense as a
percent of average total assets .............. 2.23 2.39 2.37 2.21 2.00
Asset Quality Ratios:
Nonaccrual and 90 days or more
past due loans as a percent
of loans receivable, net ..................... 0.43 0.23 1.53 0.44 1.72
Nonperforming assets as a
percent of total assets ...................... 0.60 0.20 1.53 0.72 1.86
Allowance for losses as a
percent of gross loans receivable ............ 1.05 1.11 1.09 1.26 1.17
Allowance for losses as a
percent of nonperforming loans ............... 245.44 498.05 72.18 291.78 68.78
Net charge-offs to average
outstanding loans ............................ 0.03 0.03 0.17 0.14 0.05
- ---------------
(1) Net earnings divided by average total assets.
(2) Net earnings divided by average equity.
(3) Average retained earnings divided by average total assets.
(4) Difference between weighted average yield on interest-earning assets and
weighted average rate on interest-bearing liabilities.
(5) Net interest income as a percentage of average interest-earning assets.
EXHIBIT I-4
Fulton Savings Bank, FSB
Investment Portfolio Composition
At April 30,
---------------------------------------------------------------------------------
1996 1995 1994
---------------------- ---------------------------- ----------------------------
Carrying Percent of Carrying Percent of Carrying Percent of
Value Portfolio Value Portfolio Value Portfolio
----- --------- ----- --------- ----- ---------
(Dollars in Thousands)
Available for sale:
Investment securities:
U.S. Government and federal
agency obligations ......... $3,216 100.00% $4,201 99.98% $ -- --%
Mortgage-backed securities... -- -- 1 .02 -- --
----- ------ ----- ------ ----- ----
Total available for sale.. 3,216 100.00 4,202 100.00 -- --
Held to maturity:
Investment securities:
U.S. Government and federal
agency obligations ......... -- -- -- -- 4,260 78.08
Mortgage-backed securities... -- -- -- -- 1,196 21.92
----- ------ ------ ------ ------ ------
Total held to maturity -- -- -- -- 5,456 100.00
----- ------ ------ ------ ------ ------
Total...................... $3,126 100.00% $4,202 100.00% $5,456 100.00%
====== ====== ====== ====== ====== ======
At April 30, 1996
--------------------------------------------------------------------
Amount Due or Repricing within:
Over One to
One Year or Less Five Years Totals
------------------- ------------------- -------------------
Weighted Weighted Weighted
Carrying Average Carrying Average Carrying Average
Value Yield Value Yield Value Yield
-------- ------- -------- -------- -------- -------
(Dollars in Thousands)
U.S. Government and
federal agency
obligations ........ $2,511 5.92% $705 6.65% $3,216 6.08%
EXHIBIT I-5
Fulton Savings Bank, FSB
Yields and Costs
Year Ended April 30,
-------------------------------------------------------------------------------
1996 1995 1994
------------------------- ------------------------- -------------------------
Average Average Average
Average Yield/ Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost Balance Interest Cost
------- -------- ------ ------- -------- ------ ------- -------- ------
(Dollars in Thousands)
Interest-earnings assets:
Loans receivable, net (1) ..................... $71,380 $5,689 7.97% $64,942 $4,913 7.57% $59,206 $4,888 8.26%
Mortgage-backed securities
available for sale ........................... 1 -- 9.18 370 44 11.92 -- -- --
Mortgage-backed securities
held to maturity ............................. -- -- -- -- -- -- 1,530 121 7.87
U.S. Government and federal agency
securities avaiable for sale ................. 3,895 253 6.48 4,335 240 5.54 -- -- --
U.S. Government and federal agency
securities held to maturity .................. -- -- -- -- -- -- 4,503 218 4.85
FHLB stock .................................... 628 45 7.17 616 50 8.07 622 49 7.92
Interest-bearing deposits ..................... 3,133 185 5.90 2,216 108 4.89 4,381 137 3.12
------- ------ ------- ------- ------- ------
Total Interest-earning assets ................ 79,037 6,172 7.81 72,479 5,355 7.39 70,242 5,413 7.71
Noninterest earning assets ..................... 3,695 3,308 3,248
------- ------- -------
Total average assets ......................... $82,732 $75,787 $73,490
======= ======= =======
Interest-bearing liabilities:
NOW, money market and passbook
accounts ..................................... $14,728 387 2.62 $17,090 485 2.84 $17,906 485 2.71
Certificates of deposit ....................... 53,273 3,077 5.78 47,237 2,262 4.79 46,752 2,186 4.68
------- ------ ------- ------ ------- ------
Total average deposits ....................... 68,001 3,464 5.09 64,237 2,747 4.27 64,658 2,671 4.13
FHLB advances ................................. 4,616 317 6.88 2,077 197 9.51 -- -- --
------- ------ ------- ------ ------- ------
Total interest-bearing
liabilities .................................. 72,617 3,781 5.21 66,404 2,944 4.43 64,658 2,671 4.13
------ ------ ------
Noninterest bearing liabilities ................ 1,261 1,097 1,442
------- ------- -------
Total average liabilities .................... 73,878 67,501 66,100
Average retained earnings ...................... 8,854 8,286 7,300
------- ------- -------
Total liabilities and retained
earnings ..................................... $82,732 $75,787 $73,490
======= ======= =======
Net interest income ............................ $2,391 $2,411 $2,742
====== ====== ======
Interest rate spread ........................... 2.60 2.96 3.58
Net interest margin ............................ 3.02% 3.33% 3.90%
Ratio of average interest-earning
assets to average interest bearing
liabilities ................................... 108.84% 109.15% 108.64%
- ---------------------------------
(1) Average loans receivable includes nonaccruing loans. Interest income
does not include interest on loans 90 days or more past due.
EXHIBIT I-5(continued)
Fulton Savings Bank, FSB
Yields and Costs
At April 30, Year Ended April 30.
--------------------------------
1996 1996 1995 1994
------------ ---- ---- ----
Weighted average yield on:
Loans receivable, net.......... 7.76% 7.97% 7.57% 8.26%
Mortgage-backed securities
available for sale........... -- 9.18 11.92 --
Mortgage-backed securities
held to maturity............. -- -- -- 7.87
U.S. Government and federal
agency obligations
available for sale........... 6.08 6.48 5.54 --
U.S. Government and federal
agency obligations held
to maturity.................. -- -- -- 4.85
FHLB stock..................... 6.71 7.17 8.07 7.92
Interest-bearing deposits...... 3.42 5.90 4.89 3.12
All interest-earning assets.... 7.61 7.81 7.39 7.71
Weighted average rate paid on:
NOW, money market and
passbook accounts............ 2.63 2.62 2.84 2.71
Certificate accounts........... 5.80 5.78 4.79 4.68
FHLB advances.................. 6.75 6.88 9.51 --
All interest-bearing
liabilities.................. 5.28 5.21 4.43 4.13
Interest rate spread (spread
between weighted average
rate on all interest-
earning assets and all
interest-bearing
liabilities)................... 2.38 2.60 2.96 3.58
Net interest margin (net
interest income as a
percentage of average
interest-earning assets)....... n/a 3.02 3.33 3.90
EXHIBIT I-6
Fulton Savings Bank, FSB
Loan Loss Allowance Activity
Year Ended April 30,
--------------------------------------
1996 1995 1994
---- ---- ----
(Dollars in Thounsands)
Allowance at beginning of period .................... $762 $665 $719
Provision for loan losses ........................... 44 118 48
Recoveries:
Mortgage loans:
One- to four-family ............................... 1 -- --
Multi-family ...................................... -- -- --
Commercial ........................................ -- -- --
Construction ...................................... -- -- --
Land .............................................. -- 2 4
Consumer and other loans ........................... 2 26 6
---- ---- ----
Total recoveries ................................. 3 28 10
Charge-offs:
One- to four-family ............................... 1 -- --
Multi-family ...................................... -- -- --
Commercial ........................................ -- -- --
Construction ...................................... -- -- --
Land .............................................. 10 22 61
Consumer and other loans ........................... 16 27 51
---- ---- ----
Total charge-offs ................................ 27 49 112
---- ---- ----
Net charge-offs .................................. 24 21 102
---- ---- ----
Balance at end of period ......................... $782 $762 $665
==== ==== ====
Allowance for loan losses as a percentage of
total loans outstanding at the end of the period .. 0.97% 1.07% 1.05%
Net charge-offs as a percentage of average
loans outstanding during the period ............... 0.03 0.03 0.17
Allowance for loan losses as a percentage of
nonperforming loans at end of period .............. 245.44 498.05 72.18
EXHIBIT I-7
Fulton Savings Bank, FSB
Net Portfolio Value Analysis
Net Portfolio as % of
Net Portfolio Value Portfolio Value of Assets
------------------------------- -------------------------
Basis Point("bp")
Change in Rates $ Amount $ Change(1) % Change NPV Ratio(2) Change(3)
----------------- -------- ----------- -------- ------------ ----------
(Dollars in Thousands)
400 $ 8,925 $ (2,611) (23)% 10.77% (234) bp
300 9,795 (1,742) (15) 11.61 (150) bp
200 10,572 (964) (8) 12.33 (78) bp
100 11,189 (347) (3) 12.86 (25) bp
0 11,537 -- -- 13.11 --
(100) 11,566 30 -- 13.04 (7) bp
(200) 11,385 (152) (1) 12.77 (34) bp
(300) 11,211 (325) (3) 12.50 (61) bp
(400) 11,241 (296) (3) 12.43 (68) bp
- ----------------
(1) Represents the increase (decrease) of the estimated NPV at the indicated
change in interest rates compared to the NPV assuming no change in
interest rates.
(2) Calculated as the estimated NPV divided by the portfolio value of total
assets ("PV").
(3) Calculated as the increase (decrease) of the NPV ratio assuming the
indicated change in interest rates over the estimated NPV ratio assuming
no change in interest rates.
EXHIBIT I-8
Fulton Savings Bank, FSB
Loan Portfolio Composition
At April 30,
-------------------------------------------------------------
1996 1995 1994
----------------- ----------------- -----------------
Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ -------
(Dollars in Thousands)
Mortgage loans:
One- to four-familly........ $46,741 59.61% $46,244 65.37% $42,088 66.46%
Multi-family................ 3,845 4.90 3,588 5.07 3,379 5.34
Commercial.................. 8,706 11.10 6,560 9.27 5,877 9.28
Construction................ 7,686 9.80 5,142 7.27 3,938 6.22
Land........................ 1,518 1.94 1,188 1.68 1,129 1.78
------- ------ ------- ------ ------- ------
Total mortgage loans...... 68,496 87.35 62,722 88.66 56,411 89.08
Consumer and other loans...... 9,922 12.65 8,020 11.34 6,917 10.92
------- ------ ------- ------ ------- ------
Total loans................. 78,418 100.00% 70,742 100.00% 63,328 100.00%
====== ====== ======
Less:
Undisbursed loan funds...... 3,743 2,175 2,381
Allowance for loan losses... 782 762 665
------- ------- -------
Loan receivable, net...... $73,893 $67,805 $60,282
======= ======= =======
EXHIBIT I-9
Fulton Savings Bank, FSB
Fixed Rate and Adjustable Rate Loans
After After After
One Year 3 Years 5 Years
Within Through Through Through Beyond
One Year 3 Years 5 Years 10 Years 10 Years Total
-------- ------- ------- -------- -------- -----
(In Thousands)
Mortgage loans:
One- to four-family ..... $ 307 $1,142 $1,194 $4,837 $39,261 $46,741
Multi-family ............ 4 55 49 266 3,471 3,845
Commercial .............. -- 285 444 613 7,364 8,706
Construction ............ 7,686(1) -- -- -- -- 7,686
Land .................... 347 56 27 79 1,009 1,518
Consumer and other loans . 3,556 3,478 1,566 974 348 9,922
------ ------ ------ ------ ------- -------
Total gross loans $11,900 $5,016 $3,280 $6,769 $51,453 $78,418
======= ====== ====== ====== ======= =======
- ------------
(1) Includes 32 loans totalling $4.5 million that will convert to permanent
loans.
The following table sets forth the dollar amount of all loans due after
April 30, 1997, which have fixed interest rates and have floating or adjustable
interest rates.
Fixed- Floating- or
Rates Adjustable Rates
------ ----------------
(In Thousands)
Mortgage loans:
One- to four-family ............. $4,677 $41,757
Multi-family .................... -- 3,841
Commercial ...................... 1,301 7,405
Construction .................... -- --
Land ............................ 57 1,114
Consumer and other loans ......... 5,835 531
------- -------
Total gross loans $11,870 $54,648
======= =======
EXHIBIT I-10
Fulton Savings Bank, FSB
Loan Originations, Purchases, and Sales
Year Ended April 30,
-------------------------
1996 1995 1994
------- ------- -------
(In Thousands)
Loans originated:
Mortgage loans:
One- to four-family............. $25,263 $19,150 $28,856
Multi-family.................... 4,519 545 308
Commercial...................... 4,415 1,167 2,242
Construction.................... 8,365 7,683 5,355
Land............................ 655 108 110
Consumer and other loans......... 8,079 7,002 6,249
------- ------- -------
Total loans originated......... 51,296 35,655 43,120
Loans purchased:
Mortgage loans:
One- to four-family............. -- 669 --
Construction.................... 484 277 --
------- ------- -------
Total loans purchased......... 484 946 --
Loans sold:
Whole loans..................... 3,812 1,617 13,311
Participations.................. 18,820 10,191 7,032
------- ------- -------
Total loans sold.............. 22,632 11,808 20,343
Less:
Principal repayments.......... 20,463 16,507 18,823
Transfer to real estate
owned........................ 271 93 49
Loans held for sale........... 2,306 573 --
------- ------- -------
23,040 17,173 18,872
------- ------- -------
Net increase in loans
receivable, net................ $6,108 $7,620 $3,905
======= ======= =======
EXHIBIT I-11
Fulton Savings Bank, FSB
Non-Performing Assets/Classified Assets
At April 30,
----------------------------------
1996 1995 1994
---- ---- ----
(Dollars in Thousands)
Loans accounted for on
a nonaccrual basis:
Mortgage loans:
One- to four-family ................................. $175 $135 $247
Commercial .......................................... 69 -- 642
Consumer and other loans ............................. 75 18 32
--- --- -----
Total ............................................ 319 153 921
Accruing loans which are
contractually past due 90 days or more ............... -- -- --
--- --- -----
Total of nonaccrual and
90 days past due loans ............................... 319 153 921
Real estate owned, net ................................ 197 5 203
--- --- -----
Total nonperforming assets ........................ $516 $158 $1,124
==== ==== ======
Restructured loans .................................... $271 $273 $260
Nonaccrual and 90 days or more past due loans
as a percentage of loans receivable, net ............. 0.43% 0.23% 1.53%
Nonaccrual and 90 days or more past due loans
as a percentage of total assets ...................... 0.37 0.19 1.25
Nonperforming assets as a percentage of
total assets ......................................... 0.60 0.20 1.53
At April 30,
----------------------
1996 1995
---- ----
(In Thousands)
Loss ..................................... $ -- $ --
Doubtful ................................. -- --
Substandard .............................. 798 1,135
Special mention .......................... 708 201
------ -----
Total classified assets ................. $1,506 $1,336
====== ======
EXHIBIT I-12
Fulton Savings Bank, FSB
Deposit Composition
Weighted Percentage
Average Minimum of Total
Interest Rate Term Checking and Savings Deposits Amount Balance Deposits
- ------------- ----- ------------------------------ ------ ------- ---------
(In Thousands)
--% None Non-interest bearing $200 $1,710 2.443%
2.62 None NOW 400 4,259 6.06
3.43 None Money Market Deposit 1,500 3,040 4.32
3.03 None Passbook none 5,910 8.41
Certificates of Deposit
-----------------------
3.70 91 Day Fixed term, fixed rate 1,000 105 0.15
5.21 6 Mo. Fixed term, fixed rate 1,000 6,858 9.75
4.95 9 Mo. Fixed term, fixed rate 1,000 51 0.07
5.62 12 Mo. Fixed term, fixed rate 1,000 14,654 20.84
6.05 18 Mo. Fixed term, fixed rate 1,000 724 1.03
6.75 20 Mo. Fixed term, fixed rate 1,000 100 0.14
6.11 24 Mo. Fixed term, fixed rate 1,000 13,746 19.55
6.18 30 Mos Fixed term, fixed rate 1,000 2,211 3.15
5.66 36 Mo. Fixed term, fixed rate 1,000 6,078 8.64
5.17 42 Mo. Fixed term, fixed rate 1,000 185 0.26
5.96 48 Mo. Fixed term, fixed rate 1,000 4,793 6.82
6.04 60 Mo. Fixed term, fixed rate 1,000 5,871 8.35
7.59 96 Mo. Fixed term, fixed rate 1,000 21 0.03
------- ------
Total $70,316 100.00%
======= ======
The following table indicates the amount of the Savings Bank's jumbo
certificates of deposit by time remaining until maturity as of April 30, 1996.
Jumbo certificates of deposit are certificates in amounts of $100,000 or more.
Maturity Period Amount
--------------- -------------
(In Thousands
Three months or less $ 418
Over three through six months 1,123
Over six through 12 months 2,221
Over 12 months 2,117
------
Total jumbo certificates
of deposit $5,879
======
EXHIBIT I-13
Fulton Savings Bank, FSB
Time Deposit Rate/Maturity
At April 30,
------------------------------------
1996 1995 1994
---- ---- ----
(In Thousands)
2.00-2.99% .............. $ -- $ 8 $ 77
3.00-3.99% .............. 105 451 14,348
4.00-4.99% .............. 6,119 12,879 18,785
5.00-5.99% .............. 26,144 16,993 8,148
6.00-6.99% .............. 20,261 17,539 3,005
7.00-7.99% .............. 2,751 2,862 1,424
8.00-8.99% .............. 17 45 55
9.00-9.99% .............. -- -- --
10.00-10.99% ............ -- 1 1
------- ------- -------
Total ................... $55,397 $50,778 $45,843
======= ======= =======
The following table sets forth the amount and maturities of time deposits
at April 30, 1996.
Amount Due
------------------------------------------------------------------
Less Than 1-2 2-3 3-4 After
One Year Years Years Years 4 Years Total
-------- ----- ----- ----- ------- -----
(In Thousands)
3.00-3.99% .............. $ 105 $ -- $ -- $ -- $ -- $ 105
4.00-4.99% .............. 5,962 157 -- -- -- 6,119
5.00-5.99% .............. 17,458 6,404 2,130 140 12 26,144
6.00-6.99% .............. 8,674 6,628 2,117 2,506 336 20,261
7.00-7.99% .............. 1,767 133 505 261 85 2,751
8.00-8.99% .............. -- -- 3 -- 14 17
-------- -------- ------- ------ ------ -------
Total ................... $ 33,966 $ 13,322 $ 4,755 $2,907 $ 447 $55,397
======== ======== ======= ====== ====== =======
EXHIBIT I-14
Fulton Savings Bank, FSB
Borrowings
At of For the
Year Ended April 30,
-----------------------------------
1996 1995 1994
---- ---- ----
(Dollars in Thousands)
Maximum amount of FHLB advances outstanding
at any month end during the period........ $5,500 $4,500 --
Approximate average FHLB advances
outstanding............................... 4,555 3,093 --
Approximate weighted average rate paid on
FHLB advances during the period........... 6.62% 7.23% --
Balance of FHLB advances outstanding
at end of period.......................... $5,000 $4,500 --
Weighted average rate paid on
FHLB advances at end of period............ 6.75% 6.84% --
EXHIBIT II-1
Fulton Savings Bank, FSB
List of Branch Offices
Properties
The Savings Bank operates two full service facilities, both of which it
owns. At April 30, 1996, the net book value of the property (including land and
building) and the Savings Bank's fixtures, furniture and equipment was $1.3
million.
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 July 12, 1996 8.25% 5.13% 5.86% 7.06%
(1) End of period data.
Source: SNL Securities.
EXHIBIT II-3
Sources of Personal Income/Employment Sectors
July 11, 1996
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
For Counties and Metropolitan Areas
(thousands of dollars)
(29-000) MISSOURI
- ------------------------------------------------------------------------------------------------------------------------------------
ITEM 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 84,347,614 89,245,490 93,347,234 98.554,001 102,092,560 108,639,057
Nonfarm personal income 83,574,887 88,609,858 92,794,651 97,627,530 101,493,343 107,779,064
Farm income 2/ 772,727 635,632 552,583 926,471 599,217 859.993
Population (thousands) 3/ 5,095.8 5,126.3 5,157.7 5,192.8 5,235.2 5,277.7
Per capita personal income (dollars) 16,552 17,409 18,099 18,979 19,501 20,585
Derivation of total personal income
Earnings by place of work 61,700,150 64,814,625 66,740,347 71,220,222 74,109,361 79,334,967
Less: Personal cont. for social insur. 4/ 4,050,987 4,168,829 4,352,675 4,598,082 4,352,675 5,245,334
Plus: Adjustment for residence 5/ -2,459,587 -2,580,294 -2,593,683 -2,701,542 -2,785,157 -2,871,560
Equals: Net earn. by place of residence 55,189,576 58,065,502 59,793,989 63,920,598 66,489,847 71,218,073
Plus: Dividends, interest, and rent 6/ 16,744,130 17,812,528 17,885,642 17,915,777 17,599,728 18,641,606
Plus: Transfer payments 12,413,908 13,367,460 15,667,603 16,717,626 18,002,985 18,779,378
Earnings by place of work
Components of Earnings:
Wages and salaries 50,199,921 52,664,675 53,931,984 56,880,266 59,111,717 62,808,155
Other labor income 5,046,170 5,436,324 5,960,407 6,810,203 7,306,447 7,865,431
Proprietors' income 7/ 6,454,059 6,713,626 6,847,956 7,529,753 7,691,197 8,661,381
Farm proprietors' 616,943 457,930 379,073 734,121 392,518 666,214
Nonfarm proprietors' income 5,837,116 6,255,696 6,468,883 6,795,632 7,298,679 7,995,167
Earnings by Industry:
Farm earnings 772,727 635,632 552,632 926,471 599,217 859,993
Nonfarm earnings 60,927,423 64,178,993 66,187,764 70,293,751 73,510,144 78,474,974
Private earnings 52,320,506 54,922,772 56,382,676 60,130,431 62,957,089 67,422,161
Ag. serv .for .fish .and other 8/ 252,617 293,631 346,804 371,242 398,340 442,945
Mining 215,428 228,304 230,823 238,100 258,159 240,190
Construction 3,512,115 3,564,276 3,388,798 3,609,734 3,901,730 4,734,464
Manufacturing 13,732,076 13,953,508 13,973,228 14,722,806 14,974,341 15,772,046
Nondurable goods 5,661,254 5,822,461 6,034,252 6,319,648 6,570,064 6,856,380
Durable goods 8,070,822 8,131,047 7,938,976 8,403,158 8,404,277 8,915,666
Transportation and public utilities 5,635,237 6,130,253 6,346,741 6,431,224 6,615,224 6,828,529
Wholesale trade 4,594,620 4,790,688 4,963,144 5,354,888 5,366,602 5,701,931
Retail trade 6,170,291 6,294,599 6,495,646 6,945,027 7,387,124 7,937,077
Finance, insurance, and rea1 estate 4,022,257 4,305,709 4,443,696 4,874,095 5,170,035 5,428,604
Services 14,185,865 15,361,804 16,193,796 17,583,315 18,885,358 20,336,375
Government and government enterprises 8,606,917 9,256,221 9,805,088 10,163,320 10,553,055 11,052,813
Federal, civilian 2,195,806 2,362,425 2,497,104 2,507,190 2,585,060 2,671,733
Military 512,133 536,323 561,827 598,053 570,658 542,871
State and local 5,898,978 6,357,473 6,746,157 7,058,077 7,397,337 7,838,209
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05 June 1996 BUREAU OF ECONOMIC ANALYSIS
July 11, 1996
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
For Counties and Metropolitan Areas
(thousands of dollars)
(29-027) CALLAWAY MISSOURI
- ----------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ----------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 455,122 480,489 496,342 522,355 533,405 571,461
Nonfarm personal income 448,939 476,454 491,035 513,971 527,205 565,801
Farm income 2/ 6,183 4,035 5,307 8,384 6,200 5,660
Population (thousands) 3/ 32.6 32.9 33.3 33.6 34.3 34.6
Per capita personal income (dollars) 13,944 14,608 14,900 15,529 15,542 16,530
Derivation of total personal income
Earnings by place of work 289,533 300,646 304,451 322,754 323,617 332,078
Less: Personal cont. for social insur. 4/ 18,184 18,504 18,943 20,247 20,558 21,595
Plus: Adjustment for residence 5/ 38,842 44,942 45,799 51,435 60,449 72,664
Equals: Net earn. by place of residence 310,191 327,084 331,307 353,942 363,508 383,147
Plus: Dividends, interest, and rent 6/ 73,694 76,204 74,233 74,263 72,847 77,310
Plus: Transfer payments 71,237 77,201 90,802 94,150 97,050 111,004
Earnings by place of work
Components of Earnings:
Wages and salaries 231,086 240,356 240,724 251,967 250,537 254,555
Other labor income 25,219 27,117 28,884 32,662 34,147 35,452
Proprietors' income 7/ 33,228 33,173 34,843 38,125 38,933 42,071
Farm proprietors' income 5,086 2,784 4,085 7,030 4,747 4,297
Nonfarm proprietors' income 28,142 30,389 30,758 31,095 34,186 37,774
Earnings by Industry:
Farm earnings 6,183 4,035 5,307 8,384 6,200 5,660
Nonfarm earnings 283,350 296,611 299,144 314,370 317,417 326,418
Private earnings 212,246 221,488 223,114 234,397 236,263 244,833
Ag. serv., for ., fish., and other 8/ 1,223 1,496 2,309 2,523 2,783 3,024
Mining 1,616 1,735 1,925 1,954 2,154 2,256
Construction 11,931 13,253 13,133 22,367 24,515 20,943
Manufacturing 58,179 62,292 58,860 54,951 55,721 64,738
Nondurable goods 11,043 11,752 11,091 13,656 14,507 15,442
Durable goods 47,136 50,540 47,769 41,295 41,214 49,296
Transportation and public utilities 66,291 66,559 60,523 65,594 64,337 60,608
Wholesale trade 5,876 6,439 7,459 7,792 5,923 7,023
Retail trade 26,001 24,381 25,328 26,982 28,199 30,904
Finance. insurance, and real estate 4,909 6,544 5,406 6,426 7,218 7,598
Services 36,223 38,789 48,171 45,808 45,413 47,739
Government and government enterprises 71,104 75,123 76,030 79,973 81,154 81,585
Federal, civilian 5,348 5,638 5,654 6,038 6,176 6,343
Military 2,875 2,708 3,519 3,309 2,924 3,037
State and local 62,881 66,777 66,857 70,626 72,054 72,205
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05 June 1996 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CAO5
1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-94 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 1990-94 reflect
county population estimates available as of October 1995.
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 Area into the 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 June 1[illegible] BUREAU OF ECONOMIC ANALYSIS
July 11,1996
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
For Counties and Metropolitan Areas
(number of jobs)
(29-000) MISSOURI
- -----------------------------------------------------------------------------------------------------------------------------------
ITEM 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Employment by Place of Work
Total full- & part-time employment 2,930,940 2,978,516 2,951,490 2,984,780 3,044,762 3,127,435
By Type:
Wage and salary employment 2,459,914 2,481,271 2,441,175 2,473,895 2,527,854 2,604,020
Proprietors' employment 471,026 497,245 510,315 510,885 516,908 523,415
Farm proprietors 113,967 112,555 110,839 111,410 109,600 107,552
Nonfarm proprietors' employment 2/ 357,059 384,690 399,476 399,475 407,308 415,863
By Industry:
Farm employment 130,122 126,838 122,434 125,356 121,698 121,440
Nonfarm employment 2,800,818 2,851,678 2,829,056 2,859,424 2,923,064 3,005,995
Private employment 2,402,587 2,445,138 2,421,766 2,448,697 2,509,149 2,587,978
Ag.serv..for..fish.. and other 3/ 21,618 23,639 25,036 25,307 27,930 29,810
Mining 8,258 8,505 7,628 7,619 7,477 7,483
Construction 145,791 146,292 141,278 148,432 154,913 171,057
Manufacturing 451,615 449,207 429,498 423,672 423,778 428,030
Transportation and public utilities 174,625 180,601 179,703 175,778 180,223 184,444
Wholesale trade 153,479 151,533 151,102 152,469 148,553 151,969
Retail trade 493,606 493,890 490,669 499,642 512,157 531,002
Finance, insurance, and real estate 208,907 211,890 208,538 204,801 210,460 214,326
Services 744,688 779,581 788,314 810,977 843,658 869,857
Government and government enterprises 398,231 406,540 407,290 410,727 413,915 418,017
Federal, civilian 72,245 72,946 71,541 70,114 68,386 67,537
Military 45,142 44,493 42,940 42,939 39,862 36,785
State and local 280,844 289,101 292,809 297,674 305,667 313,695
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 June 1996 BUREAU OF ECONOMIC ANALYSIS
July 11, 1996
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
For Counties and Metropolitan Areas
(number of jobs)
(29-027) CALLAWAY MISSOURI
- -----------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Employment by Place of Work
Total full- & part-time employment 16,216 16,399 16,528 16,247 15,962 16,223
By Type:
Wage and salary employment 12,878 12,882 12,897 12,655 12,344 12,574
Proprietors' employment 3,338 3,517 3,631 3,592 3,618 3,649
Farm proprietors' employment 1,397 1,382 1,361 1,368 1,346 1,320
Nonfarm proprietors' employment 2/ 1,941 2,135 2,270 2,224 2,272 2,329
By Industry:
Farm employment 1,516 1,487 1,446 1,470 1,435 1,422
Nonfarm employment 14,700 14,912 15,082 14,777 14,527 14,801
Private employment 10,829 10,983 11,262 10,820 10,562 10,910
Ag.serv.,for.,fish., and other 3/ 126 131 190 195 224 234
Mining 63 69 72 61 63 63
Construction 641 725 745 987 994 921
Manufacturing 2,350 2,335 2,132 2,003 2,007 2,189
Transportation and public utilities 1,761 1,783 1,717 1,522 1,302 1,267
Wholesale trade 341 307 326 326 301 342
Retail trade 2,180 2,096 2,117 2,247 2,183 2,359
Finance, insurance, and real estate 492 485 478 475 498 508
Services 2,902 3,052 3,485 3,004 2,990 3,027
Government and government enterprises 3,871 3,929 3,820 3,957 3,965 3,891
Federal, civilian 200 199 191 191 182 176
Military 228 223 233 215 201 191
State and local 3,443 3,507 3,396 3,551 3,582 3,524
See footnotes at end of table REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 June 1996 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CA25
1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-94 based on
1987 SIC.
2/ Excludes limited partners.
3/ "Other" consists of the number of jobs held by U.S. residents employed by
international organizations and foreign embassies and consulates in the
United States.
4/ Cibola. NM was separated from Valencia in June 1981, but in these estimates
Valencia includes Cibola through the end of 1981.
5/ La Paz county, AZ was separated from Yuma county on January 1, 1983.
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 Bor. and
Aleutians West Census Area. Denali and Lake + Peninsula Boroughs begin in
1991. Estimates form 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.
July 11, 1996
REGIONAL ECONOMIC PROFILE
For Counties and Metropolitan Areas
(29-000) MISSOURI
- -----------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 84,347,614 89,245,490 93,347,234 98,554,001 102,092,560 108,639,057
Nonfarm personal income 83,574,887 88,609,858 92,794,651 97,627,530 101,493,343 107,779,064
Farm income 772,727 635,632 552,583 926,471 599,217 859,993
Derivation of Total Personal Income
Net earnings 1/ 55,189,576 58,065,502 59,793,989 63,920,598 66,489,847 71,218,073
Transfer payments 12,413,908 13,367,460 15,667,603 16,717,626 18,002,985 18,779,378
Income maintenance 2/ 830,971 944,198 1,110,208 1,334,990 1,422,636 1,481,597
Unemployment insurance 251,646 322,266 439,690 576,835 514,852 331,416
Retirement and other 11,331,291 12,100,996 14,118,705 14,805,801 16,065,497 16,966,365
Dividends, interest, and rent 16,744,130 17,812,528 17,885,642 17,915,777 17,599,728 18,641,606
Population (thousands) 3/ 5,095.8 5,126.3 5,157.7 5,192.8 5,235.2 5,277.7
Per Capita Incomes ($) 4/
Per capita personal income 16,552 17,409 18,099 18,979 19,501 20,585
Per capita net earnings 10,830 11,327 11,593 12,309 12,700 13,494
Per capita transfer payments 2,436 2,608 3,038 3,219 3,439 3,558
Per capita income maintenance 163 184 215 257 272 281
Per capita unemployment insurance 49 63 85 111 98 63
Per capita retirement & other 2,224 2,361 2,737 2,851 3,069 3,215
Per capital dividends, interest & rent 3,286 3,475 3,468 3,450 3,362 3,532
Place of Work Profile
Total earnings (place of work, $000) 61,700,150 64,814,625 66,740,347 71,220,222 74,109,361 79,334,967
Wages and salaries 50,199,921 52,664,675 53,931,984 56,880,266 59,111,717 62,808,155
Other labor income 5,046,170 5,436,324 5,960,407 6,810,203 7,306,447 7,865,431
Proprietors' income 6,454,059 6,713,626 6,847,956 7,529,753 7,691,197 8,661,381
Nonfarm proprietor's income 5,837,116 6,255,696 6,468,883 6,795,632 7,298,679 7,995,167
Farm proprietors' income 616,943 457,930 379,073 734,121 392,518 666,214
Total employment (full & part-time) 2,930,940 2,978,516 2,951,490 2,984,780 3,044,762 3,127,435
Wage and salary jobs 2,459,914 2,481,271 2,441,175 2,473,895 2,527,854 2,604,020
Number of proprietors 471,026 497,245 510,315 510,885 516,908 523,415
Number of nonfarm proprietors 5/ 357,059 384,690 399,476 399,475 407,308 415,863
Number of farm proprietors 113,967 112,555 110,839 111,410 109,600 107,552
Average earnings per job ($) 21,051 21,761 22,612 23,861 24,340 25,367
Wage & salary earnings per job ($) 20,407 21,225 22,093 22,992 23,384 24,120
Average earnings per nonfarm
proprietor ($) 16,348 16,262 16,193 17,011 17,919 19,225
See footnotes at end of table REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
July 11, 1996
REGIONAL ECONOMIC PROFILE
For Counties and Metropolitan Area
(29-027) CALLAWAY MISSOURI
- -----------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 455,122 480,489 496,342 522,355 533,405 571,461
Nonfarm prsonal income 488,939 476,454 491,035 513,971 527,205 565,801
Farm income 6,183 4,035 5,307 8,384 6,200 5,660
Derivation of Total Personal Income
Net earnings 1/ 310,191 327,084 331,307 353,942 363,508 383,147
Transfer payments 71,237 77,201 90,802 94,150 97,050 111,004
Income maintenace 2/ 3,906 4,346 5,007 6,095 6,546 6,722
Unemployment Insurance 1,311 1,552 2,173 3,074 2,771 1,520
Retire and other 66,020 71,303 83,622 84,981 87,733 102,762
Dividends interest and rent 73,694 76,204 74,233 74,263 72,847 77,310
Population (thousands) 3/ 32.6 32.9 33.3 33.6 34.3 34.6
Per Capita Incomes ($) 4/
Per capita personal income 13,944 14,608 14,900 15,529 15,542 16,530
per capita net earnings 9,503 9,944 9,946 10,522 10,592 11,083
per capita transfer payments 2,183 2,347 2,726 2,799 2,828 3,211
Per capita income maintenance 120 132 150 181 191 194
per capita unemployment insurance 40 47 65 91 81 44
per capita retirement & other 2,023 2,168 2,510 2,526 2,556 2,972
per capita dividends, interest, & rent 2,258 2,317 2,228 2,208 2,123 2,236
Place of work profile
Total earnings (place of work, $000) 289,533 300,646 304,451 322,754 323,617 332,078
Wages and salaries 231,086 240,356 240,724 251,967 250,537 254,555
Other labor income 25,219 27,117 28,884 32,662 34,147 35,452
Proprietors' income 33,228 33,173 34,843 38,125 38,933 42,071
Nonfarm proprietors' income 28,142 30,389 30,758 31,095 34,186 37,774
Farm proprietors' income 5,086 2,784 4,085 7,030 4,747 4,297
Total employment (full & part-time) 16,216 16,399 16,528 16,247 15,962 16,223
Wage & salary jobs 12,878 12,882 12,897 12,655 12,344 12,574
Number of proprietors 3,338 3,517 3,631 3,592 3,618 3,649
Number of nonfarm proprietors 5/ 1,941 2,135 2,270 2,224 2,272 2,329
Number of farm proprietors 1,397 1,382 1,361 1,368 1,346 1,320
Average earnings per job ($) 17,855 18,333 18,420 19,865 20,274 20,470
Wage & salary earnings per job ($) 17,944 18,658 18,665 19,910 20,296 20,245
Average earnings per nonfarm proprietor ($) 14,499 14,234 13,550 13,982 15,047 16,219
See footnotes at end of table.
Table CA30 June 1996 REGIONAL ECONOMIC INFORMATION SYSTEM
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 1990-94
reflect county population estimates available as of October 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 Aleutians East Bor.
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 $50,000 or less than 10 jobs, as appropriate. Estimates are
included in totals.
(N) Data not available for this year.
REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
EXHIBIT III-1
General Characteristics of Publicly-Traded Institutions
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
July 15, 1996(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------- ----------------------------------- ------ ----------------- -------- ------ ------- ----- ----- ------ ------
($Mil) ($) ($Mil)
California Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA NYSE Nationwide M.B. 49,782 335 12-31 10/72 25.00 2,813
GWF Great Western Fin. Corp. of CA NYSE CA,FL Div. 43,763 418 12-31 / 21.88 3,002
GDW Golden West Fin. Corp. of CA NYSE Nationwide M.B. 35,014 232 12-31 05/59 52.87 3,099
GLN Glendale Fed. Bk, FSB of CA NYSE CA Div. 14,368 148 06-30 10/83 17.25 760
CAL CalFed Inc. of Los Angeles CA NYSE CA,NV Div. 14,280 126 12-31 03/83 17.37 857
CSA Coast Savings Financial of CA NYSE California R.E. 8,240 89 12-31 12/85 30.75 571
DSL Downey Financial Corp. of CA NYSE Southern CA Thrift 4,653 52 12-31 01/71 21.00 356
FED FirstFed Fin. Corp. of CA NYSE Los Angeles CA R.E. 4,166 25 12-31 12/83 17.37 185
WES Westcorp Inc. of Orange CA NYSE California Div. 3,077 25 12-31 05/86 18.12 468
BVFS Bay View Capital Corp. of CA OTC San Francisco CA M.B. 2,910 27 12-31 05/86 32.50 224
AFFFZ America First Fin. Fund of CA OTC San Francisco CA Div. 2,333 36 12-31 / 26.25 158
CENF CENFED Financial Corp. of CA OTC Los Angeles CA Thrift 2,114 18 12-31 10/91 21.62 109
PFFB PFF Bancorp of Pomona CA OTC Southern CA Thrift 2,008 23 03-31 03/96 10.75 213
FRC First Republic Bancorp of CA (3) NYSE CA,NV M.B. 1,973 10 12-31 / 13.62 100
CFHC California Fin. Hld. Co. of CA OTC Central CA Thrift 1,278 22 12-31 04/83 22.37 105
REDF RedFed Bancorp of Redlands CA OTC Southern CA Thrift 858 14 12-31 04/94 8.50 35
HTHR Hawthorne Fin. Corp. of CA OTC Southern CA Thrift 773 9 12-31 / 8.25 21
HEMT HF Bancorp of Hemet CA OTC Southern CA Thrift 754 12 06-30 06/95 9.25 61
QCBC Quaker City Bancorp of CA OTC Los Angeles CA R.E. 693 8 06-30 12/93 12.87 51
PROV Provident Fin. Holdings of CA OTC M.B. 602 P 0 06-30 06/96 10.50 54
HBNK Highland Federal Bank of CA OTC Los Angeles CA R.E. 442 11 12-31 / 15.00 34
SGVB SGV Bancorp of W. Covina CA OTC Los Angeles CA Thrift 333 6 06-30 06/95 8.25 23
MBBC Monterey Bay Bancorp of CA OTC West Central CA Thrift 319 6 12-31 02/95 11.75 40
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 / 8.50 25
PSSB Palm Springs SB of CA OTC Southern CA Thrift 192 4 12-31 / 13.87 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
July 15, 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 13.25 156
FFPB First Palm Beach Bancorp of FL OTC Southeast FL Thrift 1,465 23 09-30 09/93 20.25 105
HOFL Home Financial Corp. of FL OTC Southern FL R.E. 1,227 8 09-30 10/94 13.44 333
HARB Harbor FSB, MHC of FL (45.7) OTC Eastern FL Thrift 933 22 09-30 01/94 24.00 118
FFFL Fidelity FSB, MHC of FL(47.2) OTC Southeast FL Thrift 792 20 12-31 01/94 12.50 84
BKUNA BankUnited SA of FL OTC Miami FL Thrift 738 6 09-30 12/85 7.25 41
CMSV Commty. Svgs, MHC of FL(47.6) OTC Southeast FL Thrift 632 17 09-30 10/94 16.00 78
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 18.00 47
FFFG F.F.O. Financial Group of FL OTC Central FL R.E. 306 10 12-31 10/88 2.62 22
FFPC Florida First Bancorp of FL OTC Northwestern FL Thrift 304 9 12-31 11/86 11.00 37
FFML First Family Bank, FSB of FL OTC Central FL Thrift 153 D 5 06-30 10/92 21.00 11
Mid-Atlantic Companies
----------------------
DME Dime Savings Bank, FSB of NY (3) NYSE NY,NJ,FL M.B. 19,414 87 12-31 08/86 12.50 1,236
GPT GreenPoint Fin. Corp. of NY (3) NYSE New York City NY Thrift 14,469 84 06-30 01/94 27.50 1,443
SVRN Sovereign Bancorp of PA OTC PA,NJ,DE M.B. 8,411 121 12-31 08/86 10.00 478
ASFC Astoria Financial Corp. of NY OTC New York City NY Thrift 6,708 46 12-31 11/93 26.19 574
COFD Collective Bancorp Inc. of NJ OTC Southern NJ Thrift 5,059 79 06-30 02/84 23.25 474
LISB Long Island Bancorp of NY OTC Long Island NY M.B. 4,834 36 09-30 04/94 29.25 727
RCSB RCSB Financial, Inc. of NY (3) OTC NY M.B. 4,111 34 11-30 04/86 25.75 320
ALBK ALBANK Fin. Corp. of Albany NY OTC NY,MA Thrift 3,333 57 06-30 04/92 25.62 349
ROSE TR Financial Corp. of NY OTC New York, NY Thrift 3,002 15 12-31 06/93 26.50 237
NYB New York Bancorp, Inc. of NY AMEX Southeastern NY Thrift 2,754 27 09-30 01/88 25.87 303
GRTR Greater New York SB of NY (3) OTC New York NY Div. 2,576 14 12-31 06/87 10.62 141
CMSB Cmnwealth Bancorp of PA OTC Philadelphia PA M.B. 2,140 P 35 06-30 06/96 10.19 183
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 11.50 269
MLFB MLF Bancorp of Villanova PA OTC Philadelphia PA M.B. 1,766 17 03-31 08/94 24.50 153
RELY Reliance Bancorp of NY OTC NYC NY Thrift 1,744 17 06-30 03/94 16.00 148
NSBK Northside SB of Bronx NY (3) OTC New York NY Thrift 1,580 17 09-30 04/86 35.25 170
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
July 15, 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)
- -----------------------------------
JSBF JSB Financial, Inc. of NY OTC New York City R.E. 1,548 13 12-31 06/90 32.75 338
HAVN Haven Bancorp of Woodhaven NY OTC New York City NY Thrift 1,485 9 12-31 09/93 28.00 120
QCSB Queens County SB of NY (3) OTC New York City NY R.E. 1,260 9 12-31 11/93 47.00 287
WSFS WSFS Financial Corp. of DE (3) OTC DE Div. 1,259 13 12-31 11/86 6.88 98
HARS Harris SB, MHC of PA (23.1) OTC Southeast PA Thrift 1,249 25 12-31 01/94 16.00 179
DIME Dime Community Bancorp of NY OTC Thrift 1,218 P 0 06-30 06/96 11.75 171
OCFC Ocean Fin. Corp. of NJ OTC Thrift 1,179 P 0 12-31 07/96 20.12 169
MFSL Maryland Fed. Bancorp of MD OTC MD Thrift 1,143 25 02-28 06/87 29.31 92
YFED York Financial Corp. of PA OTC PA,MD Thrift 1,049 22 06-30 02/84 16.75 101
PFSB PennFed Fin. Services of NJ OTC Northern NJ Thrift 1,023 17 06-30 07/94 14.94 76
FSLA First SB, SLA MHC of NJ (37.6) OTC Eastern NJ Thrift 959 22 12-31 06/92 15.75 103
PVSA Parkvale Financial Corp of PA OTC Southwestern PA Thrift 914 28 06-30 07/87 24.50 79
PKPS Poughkeepsie SB of NY OTC Poughkeepsie NY R.E. 839 7 12-31 11/85 5.06 63
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 28.00 74
IBSF IBS Financial Corp. of NJ OTC Southwest NJ Thrift 757 8 09-30 10/94 12.94 148
FFIC Flushing Fin. Corp. of NY (3) OTC New York, NY Thrift 739 7 12-31 11/95 16.87 134
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 14.62 44
SFIN Statewide Fin. Corp. of NJ OTC Northern NJ Thrift 634 14 03-31 10/95 11.25 59
FSFI First State Fin. Serv. of NJ OTC Northeastern NJ Thrift 629 12 09-30 12/87 12.87 52
FCIT First Cit. Fin. Corp of MD OTC DC Metro Area Thrift 624 14 12-31 12/86 16.25 47
PSAB Prime Bancorp, Inc. of PA OTC Southeastern PA Thrift 609 17 12-31 11/88 18.50 69
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 38.25 63
FBBC First Bell Bancorp of PA OTC Pittsburgh PA Thrift 543 7 12-31 06/95 13.37 109
THRD TF Financial Corp. of PA OTC Philadelphia PA Thrift 519 11 06-30 07/94 14.25 64
TSBS Trenton SB, FSB MHC of NJ (35.0 OTC Central NJ Thrift 519 10 12-31 08/95 12.62 112
FMCO FMS Financial Corp. of NJ OTC Southern NJ Thrift 506 14 12-31 12/88 16.25 40
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 30.00 80
LVSB Lakeview SB of Paterson NJ OTC Northern NJ Thrift 455 8 07-31 12/93 20.25 46
MSBB MSB Bancorp of Middletown NY (3) OTC Southeastern NY Thrift 454 D 9 09-30 08/92 16.50 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
July 15, 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 17.75 69
IROQ Iroquois Bancorp of Auburn NY (3) OTC Central NY Thrift 451 9 12-31 01/86 16.00 38
ANBK American Nat'l Bancorp of MD OTC Baltimore MD R.E. 449 9 07-31 11/95 10.50 42
AHCI Ambanc Holding Co. of NY (3) OTC East-Central NY Thrift 392 9 12-31 12/95 9.50 52
PBCI Pamrapo Bancorp, Inc. of NJ OTC Northern NJ Thrift 368 8 12-31 10/89 20.00 66
CARV Carver FSB of New York, NY OTC New York, NY Thrift 368 8 03-31 10/94 8.00 19
SHEN First Shenango Bancorp of PA OTC Western PA Thrift 356 4 12-31 04/93 20.06 46
PFNC Progress Financial Corp. of PA OTC Southeastern PA M.B. 348 9 12-31 07/83 6.25 23
RARB Raritan Bancorp. of Raritan NJ (3) OTC Central NJ Thrift 347 5 12-31 03/87 20.50 29
FOBC Fed One Bancorp of Wheeling WV OTC Northern WV,OH Thrift 340 9 12-31 01/95 14.12 35
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 21.12 46
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 10.25 31
CATB Catskill Fin. Corp. of NY (3) OTC Albany NY Thrift 279 P 3 09-30 04/96 10.00 57
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 18.25 29
HARL Harleysville SA of PA OTC Southeastern PA Thrift 274 4 09-30 08/87 17.50 23
LFED Leeds FSB, MHC of MD (35.3) OTC Baltimore MD Thrift 267 1 06-30 03/94 13.75 47
IFSB Independence FSB of DC OTC Washington DC Ret. 264 D 4 12-31 06/85 7.75 10
EQSB Equitable FSB of Wheaton MD OTC Central MD Thrift 260 4 09-30 09/93 24.00 14
FBER First Bergen Bancorp of NJ OTC Northern NJ Thrift 259 2 09-30 04/96 9.12 29
WSB Washington SB, FSB of MD AMEX Southeastern MD Thrift 255 3 07-31 / 5.63 24
FIBC Financial Bancorp of NY OTC New York, NY Thrift 252 5 09-30 08/94 12.37 23
YFCB Yonkers Fin. Corp. of NY OTC Yonkers NY Thrift 241 P 4 09-30 04/96 9.75 35
WVFC WVS Financial Corp. of PA (3) OTC Pittsburgh PA Thrift 240 5 06-30 11/93 20.50 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 18.00 13
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 13.50 13
WYNE Wayne Bancorp of NJ OTC Thrift 214 P 0 12-31 06/96 10.75 24
HRBF Harbor Federal Bancorp of MD OTC Baltimore MD Thrift 197 6 03-31 08/94 12.50 22
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
July 15, 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)
----------------------------------
PEEK Peekskill Fin. Corp. of NY OTC Southeast NY Thrift 194 3 06-30 12/95 11.87 49
LARL Laurel Capital Group of PA OTC Southwestern PA Thrift 193 6 06-30 02/87 14.75 22
PHFC Pittsburgh Home Fin. of PA OTC Pittsburgh PA Thrift 180 P 6 09-30 04/96 9.75 21
SBFL SB Fing. Lakes MHC of NY(33.0) OTC Western NY Thrift 177 3 04-30 11/94 16.00 29
SFED SFS Bancorp of Schenectady NY OTC Eastern NY Thrift 166 3 12-31 06/95 12.25 17
TPNZ Tappan Zee Fin. Corp. of NY OTC Southeast NY Thrift 115 1 03-31 10/95 11.62 19
WHGB WHG Bancshares of MD OTC Baltimore MD Thrift 112 5 09-30 04/96 11.25 18
PRBC Prestige Bancorp of PA OTC Thrift 102 P 0 12-31 06/96 9.87 10
WWFC Westwood Fin. Corp. of NJ OTC Northern NJ Thrift 88 P 2 03-31 06/96 10.50 7
THBC Troy Hill Bancorp of PA OTC Pittsburgh PA Thrift 80 2 06-30 06/94 13.00 14
ALBC Albion Banc Corp. of Albion NY OTC Western NY Thrift 57 2 09-30 07/93 16.75 4
BRFC Bridgeville SB, FSB of PA OTC Western PA Thrift 56 1 12-31 10/94 15.00 17
Mid-West Companies
------------------
SFB Standard Fed. Bancorp of MI NYSE MI,IN,OH M.B. 13,505 164 12-31 01/87 38.50 1,205
COFI Charter One Financial of OH OTC Northeastern OH Div. 13,174 94 12-31 01/88 33.62 1,517
RFED Roosevelt Fin. Grp. Inc. of MO OTC MO,IL,KS Div. 9,135 78 12-31 01/87 17.37 732
TCB TCF Financial Corp. of MN NYSE MN,IL,MI,WI,OH Div. 7,039 180 12-31 06/86 33.37 1,196
CFB Commercial Federal Corp. of NE NYSE NE,CO,KS,OK M.B. 6,617 91 06-30 12/84 36.12 544
FFHC First Financial Corp. of WI OTC WI,IL Div. 5,419 129 12-31 12/80 22.75 680
SPBC St. Paul Bancorp, Inc. of IL OTC Chicago IL Div. 4,143 52 12-31 05/87 22.62 420
SECP Security Capital Corp. of WI OTC Wisconsin Div. 3,345 42 06-30 01/94 59.75 570
CTZN CitFed Bancorp of Dayton OH OTC Dayton OH M.B. 2,598 33 03-31 01/92 36.25 206
GTFN Great Financial Corp. of KY OTC Kentucky M.B. 2,477 40 12-31 03/94 25.50 374
STND Standard Fin. of Chicago IL OTC Chicago IL Thrift 2,187 13 12-31 08/94 16.12 270
MAFB MAF Bancorp of IL OTC Chicago IL Thrift 1,980 13 06-30 01/90 23.50 123
ABCW Anchor Bancorp Wisconsin of WI OTC Wisconsin M.B. 1,755 32 03-31 07/92 34.62 171
FISB First Indiana Corp. of IN OTC Central IN M.B. 1,477 28 12-31 08/83 22.25 184
FTFC First Fed. Capital Corp. of WI OTC Southern WI M.B. 1,382 40 12-31 11/89 19.75 124
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 12.62 86
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
July 19, 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)
------------------------------
JSBA Jefferson Svgs Bancorp of MO OTC St. Louis MO,TX Thrift 1,143 D 21 12-31 04/93 24.50 102
FFSW First Fed Fin. Serv. of OH OTC Northeastern OH Thrift 993 18 12-31 04/87 29.50 97
AADV Advantage Bancorp of WI OTC WI,IL Thrift 980 15 09-30 03/92 33.25 115
CFSB CFSB Bancorp of Lansing MI OTC Central MI Thrift 772 18 12-31 06/90 20.25 91
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 6.00 26
IFSL Indiana Federal Corp. of IN OTC Northwestern IN Thrift 718 15 12-31 02/87 19.50 92
HNFC Hinsdale Financial Corp. of IL OTC Chicago IL M.B. 682 10 09-30 07/92 23.62 64
FFEC First Fed. Bancshares of WI OTC Northwest WI Thrift 672 18 12-31 10/94 14.75 101
LBCI Liberty Bancorp of Chicago IL OTC Chicago IL Thrift 670 4 12-31 12/91 24.50 61
NASB North American SB of MO OTC KS,MO M.B. 664 8 09-30 09/85 29.75 68
GSBC Great Southern Bancorp of MO OTC Southwest MO Div. 659 25 06-30 12/89 27.00 120
FFDP FirstFed Bancshares of IL OTC Chicago IL Thrift 624 3 12-31 07/92 16.37 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 12.62 51
HFFC HF Financial Corp. of SD OTC South Dakota Thrift 574 18 06-30 04/92 15.25 47
FFYF FFY Financial Corp. of OH OTC Youngstown OH Thrift 573 9 06-30 06/93 23.75 123
FNGB First Northern Cap. Corp of WI OTC Northeast WI Thrift 572 20 12-31 12/83 15.25 69
HMNF HMN Financial, Inc. of MN OTC Southeast MN Thrift 542 7 12-31 06/94 15.50 80
FDEF First Defiance Fin.Corp. of OH OTC Northwest OH Thrift 528 9 06-30 10/95 10.12 111
SSBK Strongsville SB of OH OTC Cleveland OH Thrift 505 12 12-31 / 21.00 53
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 13.12 68
SFSL Security First Corp. of OH OTC Northeastern OH R.E. 470 10 03-31 01/88 13.50 48
FFSX First FS&LA. MHC of IA (45.0) OTC Western IA Thrift 437 12 06-30 06/92 24.75 42
FBCI Fidelity Bancorp of Chicago IL OTC Chicago IL Thrift 433 5 09-30 12/93 15.75 49
PERM Permanent Bancorp of IN OTC Southwest IN Thrift 396 11 03-31 04/94 15.75 34
ASBI Ameriana Bancorp of IN OTC Eastern IN,OH Thrift 383 8 12-31 02/87 13.31 44
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 14.50 23
KNK Kankakee Bancorp of IL AMEX Illinois Thrift 363 10 03-31 12/92 18.87 27
SFSB SuburbFed Fin. Corp. of IL OTC IL,IN Thrift 362 12 12-31 02/92 16.75 21
FFKY First Fed. Fin. Corp. of KY OTC Central KY Thrift 351 7 06-30 07/87 20.00 84
RP FINANCIAL, LC.
------------------------------------------
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
July 19, 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)
------------------------------
SWBI Southwest Bancshares of IL OTC Chicago IL Thrift 350 5 12-31 06/92 27.00 48
CAFI Camco Fin. Corp. of OH OTC Eastern OH M.B. 344 7 12-31 / 19.25 40
HMCI Homecorp, Inc. of Rockford IL OTC Northern IL Thrift 342 9 12-31 06/90 17.12 19
HVFD Haverfield Corp. of OH OTC Cleveland OH Thrift 340 11 12-31 03/85 18.00 34
HALL Hallmark Capital Corp. of WI OTC Milwaukee WI Thrift 339 3 06-30 01/94 14.75 21
INBI Industrial Bancorp of OH OTC Northern OH Thrift 327 10 12-31 08/95 10.75 60
FFHH FSF Financial Corp. of MN OTC Southern MN Thrift 327 11 09-30 10/94 11.62 45
WOFC Western Ohio Fin. Corp. of OH OTC Western OH Thrift 320 5 12-31 07/94 20.00 46
PVFC PVF Capital Corp. of OH OTC Cleveland OH R.E. 318 7 06-30 12/92 18.00 28
HBFW Home Bancorp of Fort Wayne IN OTC Northeast IN Thrift 313 8 09-30 03/95 15.31 47
CASH First Midwest Fin. Corp. of IA OTC IA,SD R.E. 310 8 09-30 09/93 21.75 39
WCBI WestCo Bancorp of IL OTC Chicago IL Thrift 309 1 12-31 06/92 21.00 56
CBSB Charter Financial Inc. of IL OTC Southern IL Thrift 301 6 09-30 12/95 11.00 55
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 18.00 37
FMBD First Mutual Bancorp of IL OTC Central IL Thrift 285 7 12-31 07/95 12.00 52
PFDC Peoples Bancorp of Auburn IN OTC Northeastern IN Thrift 281 6 09-30 07/87 19.50 46
FFED Fidelity Fed. Bancorp of IN OTC Southwestern IN Thrift 280 4 06-30 08/87 11.25 28
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 27.00 18
SMFC Sho-Me Fin. Corp. of MO OTC Southwest MO Thrift 264 6 12-31 06/94 16.00 29
WFCO Winton Financial Corp. of OH OTC Cincinnati OH R.E. 262 4 09-30 08/88 13.75 27
FCBF FCB Fin. Corp. of Neenah WI OTC Eastern WI Thrift 256 6 03-31 09/93 17.25 43
OSBF OSB Fin. Corp. of Oshkosh WI OTC Eastern WI Thrift 254 7 12-31 06/92 23.00 26
CBK Citizens First Fin.Corp. of IL AMEX Central IL Thrift 252 P 6 12-31 05/96 9.94 28
FFOH Fidelity Financial of OH OTC Cincinnati OH Thrift 249 4 12-31 03/96 9.81 40
WAYN Wayne S&L Co., MHC of OH(46.7) OTC Central OH Thrift 249 6 03-31 06/93 20.00 30
DFIN Damen Fin. Corp. of Chicago IL OTC Chicago IL Thrift 235 4 11-30 10/95 11.50 46
CRCL Circle Financial Corp.of OH OTC Cincinnati OH Thrift 229 8 06-30 08/91 35.00 25
CBIN Community Bank Shares of IN OTC Southeast IN Thrift 224 6 12-31 04/95 12.00 24
FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 216 7 12-31 01/88 15.50 18
WCHI Workingmens Cap. Hldgs of IN OTC South Central IN Thrift 214 2 12-31 06/90 20.62 37
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
July 15, 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)
- -------------------------------
EFBI Enterprise Fed. Bancorp of OH OTC Cincinnati, OH Thrift 208 D 5 09-30 10/94 14.00 29
OHSL OHSL Financial Corp. of OH OTC Cincinnati, OH Thrift 205 4 12-31 02/93 19.50 24
CBCO CB Bancorp of Michigan City IN OTC Northwest IN Thrift 205 3 03-31 12/92 17.00 20
CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 203 7 06-30 12/93 18.12 19
MFBC MFB Corp. of Mishawaka IN OTC Northern IN Thrift 201 4 09-30 03/94 14.00 28
SBCN Suburban Bancorp. of OH OTC Cincinnati OH Thrift 197 8 06-30 09/93 15.00 22
WEFC Wells Fin. Corp. of Wells MN OTC Southcentral MN Thrift 196 7 12-31 04/95 11.37 25
MBLF MBLA Financial Corp. of MO OTC Northeast MO Thrift 195 2 06-30 06/93 22.50 31
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 10.62 43
GFED Guaranty FS&LA, MHC of MO(31.1) OTC Southwest MO Thrift 186 4 06-30 04/95 11.25 35
PULB Pulaski SB, MHC of MO (29.0) OTC St. Louis MO Thrift 179 5 09-30 05/94 13.25 28
MARN Marion Capital Holdings of IN OTC Central IN Thrift 179 2 06-30 03/93 21.00 42
MWFD Midwest Fed. Fin. Corp of WI OTC Central WI Thrift 178 9 12-31 07/92 15.75 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 13.50 38
MFFC Milton Fed. Fin. Corp. of OH OTC Southwest OH Thrift 172 2 09-30 10/94 12.50 29
EGLB Eagle BancGroup of IL OTC Thrift 163 P 0 12-31 07/96 11.00 14
LSBI LSB Bancorp of Lafayette IN OTC Central IN Thrift 163 3 12-31 02/95 15.00 14
SMBC Southern Missouri Bncrp of MO OTC Southeast MO Thrift 162 8 06-30 04/94 14.12 24
THIR Third Financial Corp. of OH OTC Piqua OH Thrift 156 4 09-30 03/93 32.00 36
SJSB SJS Bancorp of St. Joseph MI OTC Southwest MI Thrift 151 4 06-30 02/95 20.70 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 15.25 27
JXSB Jcksnville SB, MHC of IL(43.3%) OTC Central IL Thrift 142 4 12-31 04/95 13.00 16
NEIB Northeast Indiana Bncrp of IN OTC Northeast IN Thrift 141 3 12-31 06/95 12.12 25
FBSI First Bancshares of MO OTC Southcentral MO Thrift 140 5 06-30 12/93 15.63 20
FFWD Wood Bancorp of OH OTC Northern OH Thrift 140 6 06-30 08/93 19.75 20
BWFC Bank West Fin. Corp. of MI OTC Southeast MI Thrift 139 2 06-30 03/95 11.50 26
FKKY Frankfort First Bancorp of KY OTC Frankfort KY Thrift 139 3 06-30 07/95 12.25 42
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
GTPS Great American Bancorp of IL OTC East Central IL Thrift 121 3 09-30 06/95 13.25 25
RP FINANCIAL, LC.
------------------------------------------
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
July 15, 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)
------------------------------
MIFC Mid Iowa Financial Corp. of IA OTC Central IA Thrift 119 6 09-30 10/92 6.37 11
NBSI North Bancshares of Chicago IL OTC Chicago IL Thrift 114 2 06-30 12/93 15.25 18
PTRS The Potters S&L Co. of OH OTC Northeast OH Thrift 114 5 12-31 12/93 16.12 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 16.75 37
FFSL First Independence Corp. of KS OTC Southeast KS Thrift 102 1 09-30 10/93 17.75 10
CNSB CNS Bancorp of MO OTC Central MO Thrift 101 P 5 12-31 06/96 11.50 19
BDJI First Fed. Bancorp. of MN OTC Northern MN Thrift 101 5 09-30 04/95 12.25 10
WCFB Webster City FSB,MHC of IA (45.2 OTC Central IA Thrift 97 1 12-31 08/94 12.75 27
INCB Indiana Comm. Bank, SB of IN OTC Central IN Ret. 94 3 06-30 12/94 13.87 13
FSBS First Ashland Fin. Corp. of KY OTC Northeast KY Thrift 90 D 3 09-30 04/95 18.25 27
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 16.37 26
NWEQ Northwest Equity Corp. of WI OTC Northwest WI Thrift 86 3 03-31 10/94 10.50 10
CIBI Community Inv. Corp. of OH OTC NorthCentral OH Thrift 85 D 3 06-30 02/95 15.00 11
KYF Kentucky First Bancorp of KY AMEX Central KY Thrift 84 2 06-30 08/95 15.00 21
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 13.12 11
GFSB GFS Bancorp of Grinnell IA OTC Central IA Thrift 81 1 06-30 01/94 20.25 10
AMFC AMB Financial Corp. of IN OTC Northwest IN Thrift 81 4 12-31 04/96 10.25 12
PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 77 D 1 09-30 02/95 16.25 14
LOGN Logansport Fin. Corp. of IN OTC Northern IN Thrift 76 1 12-31 06/95 13.50 18
SOBI Sobieski Bancorp of S. Bend IN OTC Northern IN Thrift 76 3 06-30 03/95 12.12 10
SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 74 2 06-30 01/94 15.75 13
FFDF FFD Financial Corp. of OH OTC Northeast OH Thrift 73 P 1 06-30 04/96 10.25 15
ATSB AmTrust Capital Corp. of IN OTC Northcentral IN Thrift 73 3 06-30 03/95 8.56 5
GWBC Gateway Bancorp of KY OTC Eastern KY Thrift 73 2 06-30 01/95 13.75 16
HZFS Horizon Fin'l. Services of IA OTC Central IA Thrift 72 3 06-30 06/94 14.75 7
HHFC Harvest Home Fin. Corp. of OH OTC Southwest OH Thrift 70 D 3 09-30 10/94 12.50 11
MIVI Miss. View Hold. Co. of MN OTC Central MN Thrift 70 1 09-30 03/95 10.75 10
CLAS Classic Bancshares of KY OTC Eastern KY Thrift 68 D 1 03-31 12/95 10.69 14
LXMO Lexington B&L Fin. Corp. of MO OTC West Central MO Thrift 61 P 1 09-30 06/96 9.87 12
NSLB NS&L Bancorp of Neosho MO OTC Southwest MO Thrift 59 2 09-30 06/95 12.56 11
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
July 15, 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)
------------------------------
CKFB CKF Bancorp of Danville KY OTC Central KY Thrift 59 1 12-31 01/95 19.50 18
MSBF MSB Financial Corp. of MI OTC Southcentral MI Thrift 56 2 06-30 02/95 17.25 12
MFSB Mutual Bancompany of MO OTC Central MO Thrift 53 1 06-30 02/95 21.00 7
RELI Reliance Bancshares Inc of WI (3) OTC Milwaukee WI Thrift 50 P 1 June 04/96 8.37 21
SHFC Seven Hills Fin. Corp. of OH OTC Cincinnati OH Thrift 46 3 06-30 12/93 18.12 10
FLKY First Lancaster Bncshrs of KY OTC Thrift 43 P 0 06-30 07/96 13.62 13
HBBI Home Building Bancorp of IN OTC Southwest IN Thrift 42 2 09-30 02/95 20.25 7
CSBF CSB Financial Group Inc of IL OTC Centralia IL Thrift 41 1 09-30 10/95 9.25 10
HWEN Home Financial Bancorp of IN OTC Thrift 38 P 0 06-30 07/96 10.12 5
LONF London Financial Corp. of OH OTC Central OH Thrift 38 1 09-30 04/96 10.25 5
JOAC Joachim Bancorp of MO OTC Eastern MO Thrift 37 1 03-31 12/95 12.44 9
New England Companies
---------------------
PBCT Peoples Bank, MHC of CT(32.3) (3) OTC Southwestern CT Div. 6,916 79 12-31 07/88 21.12 827
WBST Webster Financial Corp. of CT OTC Central CT Thrift 3,813 39 12-31 12/86 29.00 235
CFCX Center Fin. Corp of CT (3) OTC Western CT M.B. 3,670 36 12-31 08/86 24.25 351
PHBK Peoples Heritage Fin Grp of ME (3) OTC ME,NH Div. 3,302 76 12-31 12/86 19.50 332
EGFC Eagle Financial Corp. of CT OTC Western CT Thrift 1,429 23 09-30 02/87 24.75 111
DSBC DS Bancor Inc. of Derby CT (3) OTC Southwestern CT Thrift 1,248 22 12-31 12/85 34.50 105
ANDB Andover Bancorp, Inc. of MA (3) OTC Northeastern MA M.B. 1,142 10 12-31 05/86 24.75 105
SISB SIS Bank of Springfield MA (3) OTC Central MA Div. 1,135 20 12-31 02/95 17.62 101
WLDN Walden Bancorp of MA (3) OTC Eastern MA M.B. 1,019 16 04-30 12/85 20.00 106
MDBK Medford Savings Bank of MA (3) OTC Eastern MA Thrift 981 16 12-31 03/86 21.50 97
CFX Cheshire Fin. Corp. of NH (3) AMEX S.W. NH,MA M.B. 958 23 12-31 02/87 13.00 98
AFCB Affiliated Comm BC, Inc of MA OTC MA Thrift 938 13 12-31 / 16.75 85
FFES First FS&LA of E. Hartford CT OTC Central CT Thrift 933 12 12-31 06/87 17.50 45
FMLY Family Bancorp of Haverhill MA (3) OTC MA, NH Div. 887 21 12-31 11/86 23.87 98
MASB MassBank Corp. of Reading MA (3) OTC Eastern MA Thrift 859 14 12-31 05/86 32.75 90
EBCP Eastern Bancorp of NH OTC VT, NH M.B. 825 23 09-30 11/83 16.00 58
FESX First Essex Bancorp of MA (3) OTC MA, NH Div. 801 10 12-31 08/87 10.25 62
MECH Mechanics SB of Hartford CT (3) *** Thrift 721 P 0 12-31 06/96 11.25 60
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
July 15, 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)
- ----------------------------------
NSSB Norwich Financial Corp. of CT (3) OTC Southeastern CT Thrift 712 15 12-31 11/86 14.50 81
BFD BostonFed Bancorp of MA AMEX Boston MA M.B. 678 8 12-31 10/95 11.87 78
DIBK Dime Financial Corp. of CT (3) OTC Central CT Thrift 671 10 12-31 07/86 15.00 75
GROV GroveBank for Savings of MA (3) OTC Eastern MA Thrift 586 7 12-31 08/86 29.50 45
NSSY Norwalk Savings Society of CT (3) OTC Southwest CT Thrift 542 8 12-31 06/94 21.75 52
FMCT Farmers & Mechanics Bank of CT (3) OTC Central CT Thrift 537 12 12-31 11/93 30.25 50
PBKB People's SB of Brockton MA (3) OTC Southeastern MA Thrift 533 9 12-31 10/86 9.50 32
BKC American Bank of Waterbury CT (3) AMEX Western CT Thrift 517 15 12-31 12/81 25.37 58
CBNH Community Bankshares Inc of NH (3) OTC Southcentral NH M.B. 517 5 06-30 05/86 18.50 45
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 15.94 30
MWBX Metro West of MA (3) OTC Eastern MA Thrift 478 9 12-31 10/86 3.75 52
SWCB Sandwich Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 424 11 04-30 07/86 20.25 38
PBNB Peoples Sav. Fin. Corp. of CT (3) OTC Central CT Thrift 406 8 12-31 08/86 21.75 42
BKCT Bancorp Connecticut of CT (3) OTC Central CT Thrift 403 3 12-31 07/86 22.75 62
PETE Primary Bank of NH (3) OTC Southern NH Ret. 393 8 12-31 10/93 12.12 24
MIDC Midconn Bank of Kensington CT (3) OTC Central CT Thrift 365 10 09-30 09/86 18.37 35
HSBK Hibernia SB of Quincy MA (3) OTC Eastern MA R.E. 355 5 12-31 09/86 14.12 22
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 5.34 23
CEBK Central Co-Op. Bank of MA (3) OTC Eastern MA Thrift 318 D 11 04-30 10/86 17.75 34
NMSB Newmil Bancorp. of CT (3) OTC Eastern CT Thrift 292 12 06-30 02/86 6.81 28
POBS Portsmouth Bank Shrs Inc of NH (3) OTC Southeastern NH Thrift 267 3 12-31 02/88 13.00 75
NHTB NH Thrift Bancshares of NH OTC Central NH Thrift 252 10 12-31 05/86 9.87 17
NEBC Northeast Bancorp of ME (3) OTC Eastern ME Thrift 218 8 06-30 08/87 13.50 16
TBK Tolland Bank of CT (3) AMEX Northern CT Thrift 217 7 12-31 12/86 9.75 11
HIFS Hingham Inst. for Sav. of MA (3) OTC Eastern MA Thrift 179 4 12-31 12/88 14.00 18
BSBC Branford SB of CT (3) OTC New Haven CT R.E. 174 5 12-31 11/86 3.00 20
HPBC Home Port Bancorp, Inc. of MA (3) OTC Southeastern MA Thrift 167 2 12-31 08/88 13.50 25
IPSW Ipswich SB of Ipswich MA (3) OTC Northwest MA Thrift 134 4 12-31 05/93 11.87 14
KSBK KSB Bancorp of Kingfield ME (3) OTC Western ME M.B. 127 10 12-31 06/93 22.50 8
MFLR Mayflower Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 113 4 04-30 12/87 14.00 12
FCB Falmouth Co-Op Bank of MA (3) AMEX Southeast MA Thrift 88 2 09-30 03/96 10.50 15
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
July 15, 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)
---------------------------------
NTMG Nutmeg FS&LA of CT OTC CT M.B. 85 3 12-31 / 7.25 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 16.50 4
North-West Companies
--------------------
WAMU Washington Mutual Inc. of WA (3) OTC WA, OR, ID, UT, MT Div. 22,344 246 12-31 03/83 29.62 2,133
WFSL Washington FS&LA of Seattle WA OTC Western US Thrift 4,929 87 09-30 11/82 21.12 892
STSA Sterling Financial Corp. of WA OTC WA, OR M.B. 1,498 41 06-30 / 13.75 75
IWBK Interwest SB of Oak Harbor WA OTC Western WA Div. 1,369 28 12-31 / 24.75 159
MSEA Metropolitan Bancorp of WA OTC Western WA R.E. 778 10 03-31 01/90 16.94 63
KFBI Klamath First Bancorp of OR OTC Southern OR Thrift 605 7 09-30 10/95 14.12 159
FWWB First Savings Bancorp of WA (3) OTC Central WA Thrift 595 D 15 03-31 11/95 14.50 146
HRZB Horizon Financial Corp. of WA (3) OTC Northwest WA Thrift 489 12 03-31 08/86 12.50 82
FMSB First Mutual SB of Bellevue WA (3) OTC Western WA M.B. 371 6 12-31 12/85 12.25 30
CASB Cascade SB of Everett WA OTC Seattle WA Thrift 326 6 06-30 08/92 16.50 34
RVSB Rvrview SB, FSB MHC of WA (40.3) OTC Southwest WA M.B. 210 9 03-31 10/93 14.37 31
South-East Companies
--------------------
LFCT Leader Fin. Corp of Memphis TN OTC Tennessee M.B. 3,178 22 12-31 09/93 43.50 432
FFCH First Fin. Holdings Inc. of SC OTC CHARLESTON SC Div. 1,449 32 09-30 11/83 19.00 121
AMFB American Federal Bank of SC OTC Northwest SC Thrift 1,339 41 12/31 01/89 15.87 173
MGNL Magna Bancorp of MS OTC MS, AL M.B. 1,291 61 06-30 03/91 35.00 244
LIFB Life Bancorp of Norfolk VA OTC Southeast VA Thrift 1,205 17 12-31 10/94 14.25 148
FLFC First Liberty Fin. Corp. of GA OTC Georgia M.B. 982 29 9-30 12/83 21.00 84
HFNC HFNC Financial Corp. of NC OTC Charlotte NC Thrift 716 9 06-30 12/95 16.00 275
VFFC Virginia First Savings of VA OTC Petersburg VA M.B. 714 23 06-30 01/78 11.37 64
CNIT Cenit Bancorp of Norfolk VA OTC Southeastern VA Thrift 667 15 12-31 08/92 32.50 52
VABF Va. Beach Fed. Fin. Corp of VA OTC Southeast VA M.B. 625 11 12-31 11/80 7.00 35
ISBF ISB Financial Corp. of LA OTC SouthCentral LA Thrift 624 14 12-31 04/95 13.81 102
RP FINANCIAL, LC.
------------------------------------------
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
July 15, 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)
--------------------------------
PALM Palfed, Inc. of Aiken SC OTC Southwest SC Thrift 624 16 12-31 12/85 12.12 63
EBSI Eagle Bancshares of Tucker GA OTC Atlanta GA Thrift 558 D 10 03-31 04/86 14.75 46
FFFC FFVA Financial Corp. of VA OTC Southern VA Thrift 518 11 12-31 10/94 17.00 92
CFCP Coastal Fin. Corp. of SC OTC SC Thrift 441 8 09-30 09/90 22.00 60
FSFC First So.east Fin. Corp. of SC OTC Northwest SC Thrift 359 11 06-30 10/93 9.62 39
TSH Teche Holding Company of LA AMEX Southern LA Thrift 346 8 09-30 04/95 12.87 53
FFRV Fid. Fin. Bkshrs. Corp. of VA OTC Southern VA Thrift 322 7 12-31 05/86 12.75 29
ESX Essex Bancorp of VA AMEX VA, NC M.B. 316 14 12-31 / 2.62 3
COOP Cooperative Bk.for Svgs. of NC OTC Eastern NC Thrift 314 16 03-31 08/91 16.50 25
JEBC Jefferson Bancorp of Gretna LA OTC Southeast LA Thrift 265 6 12-31 08/94 22.00 48
SOPN First SB, SSB, Moore Co. of NC OTC Central NC Thrift 256 5 06-30 01/94 18.00 67
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 / 31.25 24
FLAG Flag Financial Corp of GA OTC Western GA M.B. 226 3 12-31 12/86 11.50 23
CFTP Community Fed. Bancorp of MS OTC Northeast MS Thrift 201 1 09-30 03/96 13.00 60
GSFC Green Street Fin. Corp. of NC OTC Southern NC Thrift 188 P 3 09-30 04/96 13.00 56
PLE Pinnacle Bank of AL AMEX Central AL Thrift 186 5 06-30 12/86 16.62 15
FTF Texarkana Fst. Fin. Corp of AR AMEX Southwest AR Thrift 163 5 09-30 07/95 16.00 32
NFSL Newnan SB, FSB of Newnan GA OTC Western GA M.B. 161 D 8 03-31 03/86 19.75 29
CFFC Community Fin. Corp. of VA OTC Central VA Thrift 160 3 03-31 03/88 19.50 25
FGHC First Georgia Hold. Corp of GA OTC Southeastern GA Thrift 142 6 09-30 02/87 6.50 13
PDB Piedmont Bancorp of NC AMEX Central NC Thrift 125 2 06-30 12/95 12.62 33
FFBS FFBS Bancorp of Columbus MS OTC Columbus MS Thrift 124 3 06-30 06/93 22.50 35
VAFD Valley FSB of Sheffield AL OTC Northern AL Thrift 119 4 09-30 10/87 31.00 11
BFSB Bedford Bancshares of VA OTC Southern VA Thrift 118 3 09-30 08/94 16.50 20
SSM Stone Street Bancorp of NC AMEX Central NC Thrift 116 2 12-31 04/96 16.62 30
SRN Southern Banc Company of AL AMEX Northeast AL Thrift 111 D 4 06-30 10/95 12.62 18
GSLC Guaranty Svgs & Loan FA of VA OTC Charltsvl VA M.B. 103 3 06-30 / 7.75 7
TWIN Twin City Bancorp of TN OTC Northeast TN Thrift 102 3 12-31 01/95 16.25 15
KSAV KS Bancorp of Kenly NC OTC Central NC Thrift 90 3 12-31 12/93 20.00 13
SZB SouthFirst Bancshares of AL AMEX Central AL Thrift 89 2 09-30 02/95 12.50 11
CZF Citisave Fin. Corp. of LA AMEX Baton Rouge LA Thrift 80 5 12-31 07/95 14.50 14
CCFH CCF Holding Company of GA OTC Atlanta GA Thrift 79 3 09-30 07/95 11.87 13
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
July 15, 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)
--------------------------------
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 16.00 12
South-West Companies
--------------------
CBSA Coastal Bancorp of Houston TX OTC Houston TX M.B. 2,807 40 12-31 / 18.50 92
FBHC Fort Bend Holding Corp. of TX OTC Eastcentral TX M.B. 244 4 03-31 06/93 17.25 14
JXVL Jacksonville Bancorp of TX OTC East Central TX Thrift 213 6 09-30 04/96 10.12 27
LBFI L&B Financial of S. Springs TX OTC Northeast TX Thrift 143 5 06-30 09/94 16.37 26
LOAN Horizon Bancorp, Inc of TX (3) OTC Austin TX R.E. 127 D 7 04-30 / 9.75 14
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 14.50 17
GUPB GFSB Bancorp of Gallup NM OTC Northwest NM Thrift 70 1 06-30 06/95 13.56 13
Western Companies (Excl CA)
---------------------------
FFBA First Colorado Bancorp of Co OTC Denver CO Thrift 1,493 25 12-31 01/96 13.62 277
WSTR WesterFed Fin. Corp. of MT OTC MT Thrift 588 18 06-30 01/94 14.50 64
GBCI Glacier Bancorp of MT OTC Western MT Div. 398 13 06-30 03/84 21.25 71
SFBM Security Bancorp of MT OTC Southcentral MT Thrift 360 16 06-30 11/86 20.87 31
UBMT United SB, FA of MT OTC Central MT Thrift 105 4 12-31 09/86 18.00 22
TRIC Tri-County Bancorp of WY OTC Southeastern WY Thrift 73 2 12-31 09/93 18.00 11
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 10.12 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.
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
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
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
SAIF-Insured Thrifts 19.4 64.4 12.9 73.8 11.8 0.1 12.8 0.2 12.6 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 21.3 63.8 12.5 75.4 5.4 0.0 18.2 0.0 18.2 0.0
Mid-West Companies 21.3 63.8 12.5 75.4 5.4 0.0 18.2 0.0 18.2 0.0
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CNSB CNS Bancorp of MO(3) 19.4 60.9 15.6 88.4 0.0 0.0 10.7 0.0 10.7 0.0
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
- ----------------------------------------------------------------------------------------------------------------------------
HFSA Hardin Bancorp of Hardin MO 14.4 54.0 29.0 79.9 0.0 0.0 19.2 0.0 19.2 0.0
- ----------------------------------------------------------------------------------------------------------------------------
JOAC Joachim Bancorp of MO 35.4 62.4 0.3 69.7 0.0 0.0 29.2 0.0 29.2 0.0
LXMO Lexington B&L Fin. Corp. of MO(3) 13.6 80.2 4.6 84.2 0.0 0.0 14.7 0.0 14.7 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
- ----------------------------------------------------------------------------------------------------------------------------
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.
------ ----------- ------ -------- -------- -------- ------- -------- -------- --------
SAIF-Insured Thrifts 11.74 10.64 9.55 6.71 -0.87 6.69 6.20 10.46 10.52 22.82
State of MO 11.05 6.33 12.01 7.16 -39.31 8.38 6.94 12.47 12.49 28.96
Comparable Group Average 11.60 8.63 12.76 2.79 -45.10 1.19 1.20 14.42 14.42 34.95
Mid-West Companies 11.60 8.63 12.76 2.79 -45.10 1.19 1.20 14.42 14.42 34.95
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CNSB CNS Bancorp of MO(3) -0.43 -5.35 1.92 -0.91 NM 4.50 4.50 11.26 11.26 27.08
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
- ----------------------------------------------------------------------------------------------------------------------------
HFSA Hardin Bancorp of Hardin MO 9.73 -5.87 12.21 -1.25 -100.00 NM NM 13.81 13.81 32.30
- ----------------------------------------------------------------------------------------------------------------------------
JOAC Joachim Bancorp of MO 22.55 92.84 3.62 0.66 NM NM NM 21.50 21.50 44.10
LXMO Lexington B&L Fin. Corp. of M 3.56 39.84 -0.41 2.18 NM 9.38 9.38 14.38 14.38 29.20
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
- ----------------------------------------------------------------------------------------------------------------------------
(1) Financial information is for the quarter ending December 31, 1995.
(3) Growth rates have been annualized from available financial information.
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.
1
RP FINANCIAL, L.C.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-2
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
------ ------ ------- ------ ------- ------- ---- ----- ------ ------
SAIF-Insured Thrifts 0.85 7.31 4.18 3.13 0.10 3.03 0.12 -0.01 0.30 0.41
State of MO 0.92 7.08 4.17 2.91 0.04 2.87 0.04 0.02 0.39 0.45
Comparable Group Average 0.86 6.80 3.90 2.89 0.05 2.85 0.03 0.01 0.37 0.41
Mid-West Companies 0.86 6.80 3.90 2.89 0.05 2.85 0.03 0.01 0.37 0.41
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CNSB CNS Bancorp of MO 0.37 5.70 3.72 1.99 0.06 1.93 0.00 0.00 0.46 0.46
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
- -----------------------------------------------------------------------------------------------------------------------
HFSA Hardin Bancorp of Hardin MO 0.64 6.95 4.32 2.63 0.02 2.61 0.07 0.00 0.28 0.35
- -----------------------------------------------------------------------------------------------------------------------
JOAC Joachim Bancorp of MO 0.63 7.13 3.52 3.61 0.04 3.58 0.05 -0.01 0.14 0.17
LXMO Lexington B&L Fin. Corp. of MO 0.81 4.85 3.71 1.15 0.05 1.10 0.00 0.00 1.59 1.59
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
- -----------------------------------------------------------------------------------------------------------------------
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
------- ------- -------- ------- --------- -------- ------ ---------- --------
SAIF-Insured Thrifts 2.20 0.02 0.09 0.00 7.53 4.82 2.72 4,042 36.29
State of MO 1.97 0.01 0.06 0.00 7.43 5.03 2.40 3,911 36.07
Comparable Group Average 1.98 0.00 0.02 0.00 7.20 4.93 2.27 3,956 35.69
Mid-West Companies 1.98 0.00 0.02 0.00 7.20 4.93 2.27 3,956 35.69
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CNSB CNS Bancorp of MO 1.86 0.00 0.00 0.00 6.98 4.89 2.08 3,216 31.95
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
- ----------------------------------------------------------------------------------------------------------------------------------
HFSA Hardin Bancorp of Hardin MO 1.98 0.00 0.00 0.00 7.08 5.15 1.93 4,389 35.07
- ----------------------------------------------------------------------------------------------------------------------------------
JOAC Joachim Bancorp of MO 2.82 0.00 0.00 0.00 7.32 4.51 2.82 2,452 32.25
LXMO Lexington B&L Fin. Corp. of MO 1.53 0.00 0.00 0.00 6.04 5.35 0.69 5,074 46.29
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
- ----------------------------------------------------------------------------------------------------------------------------------
(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
Exhibit III-2
Market Pricing Comparatives
Prices As of July 12, 1996
Per Share Data
Market ---------------
Capitalization Pricing Ratios(3)
--------------- Book ---------------------------------------
Price/ Market 12-Mth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
-------------------- -------- ------ ------ ------ ----- ------ ------ ------ -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 16.80 115.39 1.23 16.52 14.10 102.41 12.87 105.61 15.01
State of MO 16.17 73.40 1.12 15.60 16.15 105.19 15.80 107.94 16.11
Comparable Group Average 13.79 19.05 0.79 16.32 17.43 84.14 17.17 84.16 17.83
Mid-West Companies 13.79 19.05 0.79 16.32 17.43 84.14 17.17 84.16 17.83
Comparable Group
----------------
Mid-West Companies
------------------
CNSB CNS Bancorp of MO 11.50 19.01 0.45 14.07 NM 81.73 18.86 81.73 NM
CMRN Cameron Fin. Corp. of MO 13.50 38.48 0.97 16.06 13.92 84.06 22.31 84.06 14.06
CAPS Capital Savings Bancorp of MO 18.12 18.83 1.75 20.34 10.35 89.09 9.29 89.09 10.35
FBSI First Bancshares of MO 15.63 20.35 0.80 18.26 19.54 85.60 14.49 85.78 19.78
HFSA Hardin Bancorp of Hardin MO 11.75 12.43 0.48 15.16 24.48 77.51 14.91 77.51 24.48
JOAC Joachim Bancorp of MO 12.44 9.45 0.28 14.15 NM 87.92 25.71 87.92 NM
LXMO Lexington B&L Fin. Corp. of MO 9.87 12.49 0.62 14.27 15.92 69.17 20.35 69.17 16.18
NSLB NS&L Bancorp of Neosho MO 12.56 11.15 0.59 15.62 21.29 80.41 18.89 80.41 22.84
PCBC Perry Co. Fin. Corp. of MO 16.25 13.91 0.88 18.84 18.47 86.25 17.99 86.25 18.47
SMFC Sho-Me Fin. Corp. of MO 16.00 29.14 1.08 17.36 14.81 92.17 11.04 92.17 14.95
SMBC Southern Missouri Bncrp of MO 14.12 24.34 0.78 15.41 18.10 91.63 15.03 91.63 19.34
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
---------------- ---------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
-------------------- ------- ----- -------- ------ ------ ------ ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.35 2.04 26.13 1,293 13.30 0.96 0.86 7.97 0.80 7.21
State of MO 0.40 2.56 23.72 784 16.72 0.75 0.97 7.45 0.92 7.32
Comparable Group Average 0.28 2.01 21.58 124 20.69 0.46 0.93 4.98 0.91 4.85
Mid-West Companies 0.28 2.01 21.58 124 20.69 0.46 0.93 4.98 0.91 4.85
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 1.99 20.57 203 10.43 0.20 0.95 8.92 0.95 8.92
FBSI First Bancshares of MO 0.20 1.28 25.00 140 16.92 0.43 0.78 4.33 0.77 4.27
HFSA Hardin Bancorp of Hardin MO 0.40 3.40 NM 83 19.24 0.11 0.64 4.18 0.64 4.18
JOAC Joachim Bancorp of MO 0.50 4.02 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
NSLB NS&L Bancorp of Neosho MO 0.50 3.98 NM 59 23.49 0.18 0.93 4.27 0.87 3.98
PCBC Perry Co. Fin. Corp. of MO 0.30 1.85 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 3.54 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
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
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
SAIF-Insured Thrifts 19.4 64.4 12.9 73.8 11.8 0.1 12.8 0.2 12.6 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 24.6 61.0 11.2 62.7 15.7 0.0 20.4 0.0 20.4 0.0
Mid-West Companies 24.6 61.0 11.2 62.7 15.7 0.0 20.4 0.0 20.4 0.0
Comparable Group
- ----------------
Mid-West Companies
- ------------------
KYF Kentucky First Bancorp of KY 22.0 49.7 25.6 60.9 14.8 0.0 23.6 0.0 23.6 0.0
- ----------------------------------------------------------------------------------------------------------------------------
NBSI North Bancshares of Chicago IL 39.2 50.9 7.8 65.6 14.6 0.0 17.3 0.0 17.3 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
------------------------------------------------------------
Cash and Loans Borrows. Net Tng Net
Assets Investments & MBS Deposits &Subdebt Worth Worth
------ ----------- ------ -------- -------- -------- -------
SAIF-Insured Thrifts 11.74 10.64 9.55 6.71 -0.87 6.69 6.20
State of MO 11.05 6.33 12.01 7.16 -39.31 8.38 6.94
Comparable Group Average 14.93 9.12 16.22 0.50 29.54 -1.11 -1.11
Mid-West Companies 14.93 9.12 16.22 0.50 29.54 -1.11 -1.11
Comparable Group
- ----------------
Mid-West Companies
- ------------------
KYF Kentucky First Bancorp of KY 33.27 27.35 36.54 -4.72 NM NM NM
- -------------------------------------------------------------------------------------------------
NBSI North Bancshares of Chicago IL 4.52 6.36 2.60 2.96 29.08 -6.02 -6.02
SFFC StateFed Financial Corp. of IA 7.00 -6.37 9.51 3.26 30.00 3.80 3.80
- -------------------------------------------------------------------------------------------------
Regulatory Capital
--------------------------
Tangible Core Reg.Cap.
-------- ------- ---------
SAIF-Insured Thrifts 10.46 10.52 22.82
State of MO 12.47 12.49 28.96
Comparable Group Average 16.63 16.63 37.07
Mid-West Companies 16.63 16.63 37.07
Comparable Group
- ----------------
Mid-West Companies
- ------------------
KYF Kentucky First Bancorp of KY 20.59 20.59 42.77
- ---------------------------------------------------------------
NBSI North Bancshares of Chicago IL 15.38 15.38 44.11
SFFC StateFed Financial Corp. of IA 13.92 13.92 24.32
- ---------------------------------------------------------------
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 (@) 1995 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-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
------ ------ ------- --- -- --- ------- ---- ----- ------ ------
SAIF-Insured Thrifts 0.85 7.31 4.18 3.13 0.10 3.03 0.12 -0.01 0.30 0.41
State of MO 0.92 7.08 4.17 2.91 0.04 2.87 0.04 0.02 0.39 0.45
Comparable Group Average 0.95 7.28 3.93 3.36 0.03 3.33 0.00 0.10 0.14 0.24
Mid-West Companies 0.95 7.28 3.93 3.36 0.03 3.33 0.00 0.10 0.14 0.24
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
------- ------ ----- ----- --------- ------- ------ ------- --------
SAIF-Insured Thrifts 2.20 0.02 0.09 0.00 7.53 4.82 2.72 4,042 36.29
State of MO 1.97 0.01 0.06 0.00 7.43 5.03 2.40 3,911 36.07
Comparable Group Average 2.17 0.00 0.02 0.00 7.54 5.01 2.54 4,009 32.81
Mid-West Companies 2.17 0.00 0.02 0.00 7.54 5.01 2.54 4,009 32.81
Net Interest Income Other Income
--------------------------- ------------------------------
Loss NII Total
Comparable Group Net Provis. After Loan R.E. Other Other
- ---------------- Income Income Expense NII on IEA Provis. Fees Oper. Income Income
------ ------ ------- --- -- --- ------- ---- ---- ------ ------
Mid-West Companies
KYF Kentucky First Bancorp of KY 1.11 7.01 3.59 3.42 0.02 3.40 0.00 0.00 0.19 0.19
- -----------------------------------------------------------------------------------------------------------------------
NBSI North Bancshares of Chicago IL 0.57 6.98 3.85 3.13 0.03 3.10 0.00 0.00 0.14 0.14
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
------- ------ ----- ----- -- ------ -------- ------- -------- --------
Mid-West Companies
- ------------------
KYF Kentucky First Bancorp of KY 1.99 0.00 0.00 0.00 7.24 4.55 2.68 3,817 30.93
- --------------------------------------------------------------------------------------------------------------------------
NBSI North Bancshares of Chicago IL 2.47 0.00 0.07 0.00 7.11 4.93 2.18 3,573 32.58
SFFC StateFed Financial Corp. of IA 2.06 0.00 0.00 0.00 8.29 5.54 2.75 4,636 34.92
- --------------------------------------------------------------------------------------------------------------------------
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
Exhibit III-3
Market Pricing Comparatives
Prices As of July 12, 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
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 16.80 115.39 1.23 16.52 14.10 102.41 12.87 105.61 15.01
State of MO 16.17 73.40 1.12 15.60 16.15 105.19 15.80 107.94 16.11
Comparable Group Average 15.33 17.22 0.71 16.44 15.29 94.01 19.30 94.01 15.29
Mid-West Companies 15.33 17.22 0.71 16.44 15.29 94.01 19.30 94.01 15.29
Comparable Group
----------------
Mid-West Companies
------------------
KYF Kentucky First Bancorp of KY 15.00 20.84 0.57 14.28 NM 105.04 24.81 105.04 NM
- --------------------------------------------------------------------------------------------------------------------
NBSI North Bancshares of Chicago IL 15.25 17.87 0.54 16.92 NM 90.13 15.63 90.13 NM
SFFC StateFed Financial Corp. of IA 15.75 12.96 1.03 18.13 15.29 86.87 17.47 86.87 15.29
- -------------------------------------------------------------------------------------------------------------------
Dividends(4) Financial Characteristics(6)
--------------------- ------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
---------------- ------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
--------------------- -------- ------ ------- ------ ------- ------- ------- ------- ------- ----
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.35 2.04 26.13 1,293 13.30 0.96 0.86 7.97 0.80 7.21
State of MO 0.40 2.56 23.72 784 16.72 0.75 0.97 7.45 0.92 7.32
Comparable Group Average 0.43 2.83 56.45 91 20.36 0.15 0.96 4.74 0.94 4.65
Mid-West Companies 0.43 2.83 56.45 91 20.36 0.15 0.96 4.74 0.94 4.65
Comparable Group
----------------
Mid-West Companies
------------------
KYF Kentucky First Bancorp of KY 0.50 3.33 NM 84 23.62 0.15 1.12 5.40 1.12 5.40
- ---------------------------------------------------------------------------------------------------------------------
NBSI North Bancshares of Chicago IL 0.40 2.62 74.07 114 17.34 NA 0.57 3.03 0.52 2.75
SFFC StateFed Financial Corp. of IA 0.40 2.54 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 (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 July 12, 1996
RP FINANCIAL, LC.
-------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1
Weekly Thrift Market Line - Part One
Prices As Of July 12, 1996
Market Capitalization Price Change Data
---------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
---------------------------------------------
SAIF-Insured Thrifts(330) 16.88 5,887 120.9 18.67 14.37 17.09 -1.16 128.02 -0.09
NYSE Traded Companies(12) 27.47 46,329 1,254.7 30.79 21.98 28.25 -2.67 174.36 -0.84
AMEX Traded Companies(17) 13.85 3,282 49.1 15.08 12.30 13.88 -0.23 212.55 1.74
NASDAQ Listed OTC Companies(301) 16.59 4,262 75.3 18.35 14.16 16.79 -1.15 120.25 -0.14
California Companies(26) 18.31 22,842 552.2 20.58 14.92 18.80 -2.37 47.11 0.20
Florida Companies(9) 12.66 5,172 56.4 14.72 11.12 12.89 -1.92 66.94 0.15
Mid-Atlantic Companies(68) 16.31 5,999 104.0 18.00 14.11 16.49 -1.05 114.67 -0.03
Mid-West Companies(152) 17.50 3,770 81.5 19.23 14.88 17.70 -1.16 150.94 -0.41
New England Companies(9) 16.90 3,675 70.9 18.63 14.52 16.98 -0.64 155.88 -1.65
North-West Companies(6) 18.05 13,480 263.7 19.09 13.66 17.90 0.26 68.11 7.78
South-East Companies(45) 16.08 3,515 56.2 18.17 13.85 16.31 -1.10 169.29 0.33
South-West Companies(7) 13.24 1,879 27.8 14.96 12.00 13.29 -0.46 -18.52 -7.61
Western Companies (Excl CA)(8) 16.08 4,158 62.1 16.88 13.48 16.10 -0.01 223.35 5.13
Thrift Strategy(254) 15.90 3,498 58.7 17.59 13.79 16.07 -1.06 101.38 -0.34
Mortgage Banker Strategy(41) 19.97 11,520 303.1 22.02 16.33 20.33 -1.27 196.87 1.52
Real Estate Strategy(16) 18.20 6,601 123.6 20.01 13.89 18.65 -2.57 89.39 0.49
Diversified Strategy(15) 24.91 29,928 665.2 27.50 20.14 25.00 -0.47 184.60 0.53
Retail Banking Strategy(4) 11.72 3,261 39.9 13.88 10.44 12.24 -4.10 165.86 -6.52
Companies Issuing Dividends(250) 18.12 6,222 136.8 20.02 15.35 18.30 -0.90 148.32 0.07
Companies Without Dividends(80) 13.02 4,842 71.2 14.46 11.30 13.31 -1.97 46.05 -0.75
Equity/Assets less than 6%(29) 16.50 19,811 396.3 18.41 13.03 16.80 -1.47 72.21 1.82
Equity/Assets 6-12%(149) 19.06 5,496 132.4 21.12 15.88 19.29 -1.12 148.50 0.28
Equity/Assets greater than 12%(152) 14.87 3,577 56.7 16.37 13.19 15.04 -1.13 93.89 -0.96
Converted Last 3 Mths (no MHC)(15) 11.51 4,473 54.1 12.16 11.19 11.82 -2.55 0.00 -9.10
Actively Traded Companies(53) 22.84 17,540 432.0 25.28 18.99 23.16 -1.07 154.43 1.09
Market Value Below $20 Million(85) 13.77 961 12.3 15.31 12.16 13.84 -0.47 89.90 -3.70
Holding Company Structure(283) 17.27 5,933 126.7 19.09 14.82 17.50 -1.31 119.86 -0.50
Assets Over $1 Billion(64) 23.61 18,939 451.4 25.98 19.21 23.96 -1.33 150.90 2.04
Assets $500 Million-$1 Billion(57) 17.01 5,093 76.5 18.78 14.52 17.29 -1.73 164.43 0.41
Assets $250-$500 Million(78) 15.53 2,620 37.2 17.37 13.60 15.72 -1.19 97.17 0.04
Assets less than $250 Million(131) 14.13 1,407 18.9 15.60 12.25 14.24 -0.79 81.08 -1.69
Goodwill Companies(136) 19.08 9,797 219.0 21.19 15.86 19.36 -1.26 148.92 1.43
Non-Goodwill Companies(194) 15.32 3,111 51.2 16.88 13.32 15.48 -1.09 89.41 -1.30
Acquirors of FSLIC Cases(14) 24.06 34,556 938.8 26.76 19.62 24.66 -2.27 185.63 -4.30
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- ------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
---------------------------------------------
SAIF-Insured Thrifts(330) 1.26 1.13 16.72 16.28 162.60
NYSE Traded Companies(12) 2.35 1.96 21.36 20.01 355.85
AMEX Traded Companies(17) 0.79 0.75 15.13 14.97 104.02
NASDAQ Listed OTC Companies(301) 1.23 1.11 16.61 16.20 157.54
California Companies(26) 0.99 0.85 18.25 17.78 273.96
Florida Companies(9) 1.23 0.78 12.45 12.16 175.79
Mid-Atlantic Companies(68) 1.34 1.28 16.53 15.86 164.80
Mid-West Companies(152) 1.30 1.15 17.46 17.16 148.59
New England Companies(9) 1.49 1.25 17.78 16.29 241.42
North-West Companies(6) 1.28 1.15 13.04 12.36 163.81
South-East Companies(45) 1.12 1.06 14.66 14.37 123.06
South-West Companies(7) 1.12 1.05 16.25 15.66 213.57
Western Companies (Excl CA)(8) 1.07 1.00 16.40 16.00 113.11
Thrift Strategy(254) 1.08 1.02 16.59 16.24 143.01
Mortgage Banker Strategy(41) 1.90 1.37 17.07 16.11 240.62
Real Estate Strategy(16) 1.66 1.62 16.83 16.61 202.34
Diversified Strategy(15) 2.00 1.97 18.69 18.19 236.98
Retail Banking Strategy(4) 1.13 0.86 13.56 13.05 158.37
Companies Issuing Dividends(250) 1.40 1.25 17.31 16.81 165.36
Companies Without Dividends(80) 0.82 0.75 14.90 14.64 153.97
Equity/Assets less than 6%(29) 1.39 1.09 14.28 13.42 291.39
Equity/Assets 6-12%(149) 1.67 1.47 17.32 16.59 209.16
Equity/Assets greater than 12%(152) 0.83 0.81 16.62 16.54 93.20
Converted Last 3 Mths (no MHC)(15) 0.63 0.66 15.44 14.97 93.88
Actively Traded Companies(53) 2.00 1.88 18.81 18.03 252.96
Market Value Below $20 Million(85) 1.02 0.80 16.12 16.03 133.03
Holding Company Structure(283) 1.25 1.13 17.22 16.78 161.07
Assets Over $1 Billion(64) 1.94 1.78 19.88 18.57 267.30
Assets $500 Million-$1 Billion(57) 1.31 1.22 16.23 15.80 171.37
Assets $250-$500 Million(78) 1.24 0.98 15.80 15.47 156.06
Assets less than $250 Million(131) 0.89 0.84 15.84 15.80 108.36
Goodwill Companies(136) 1.53 1.36 17.33 16.28 213.49
Non-Goodwill Companies(194) 1.06 0.96 16.29 16.29 126.46
Acquirors of FSLIC Cases(14) 2.19 1.93 18.92 17.73 297.28
(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
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 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) 16.68 6,594 108.4 18.25 13.30 16.88 -1.21 102.47 5.82
NYSE Traded Companies(3) 17.87 52,884 926.1 19.87 15.00 18.79 -5.53 113.46 4.73
AMEX Traded Companies(4) 14.66 3,116 45.7 16.69 13.03 14.66 -0.61 26.34 -7.03
NASDAQ Listed OTC Companies(63) 16.86 4,386 70.0 18.39 13.27 17.04 -1.03 107.63 6.60
California Companies(2) 11.06 5,155 62.6 12.19 8.25 11.63 -3.08 202.67 10.53
Mid-Atlantic Companies(19) 19.16 13,081 233.1 21.20 15.77 19.37 -1.02 75.05 1.14
Mid-West Companies(1) 8.37 2,562 21.4 8.50 7.50 8.13 2.95 0.00 0.00
New England Companies(44) 16.42 3,687 55.1 17.78 12.81 16.58 -1.11 115.22 8.40
North-West Companies(4) 13.08 6,364 86.1 15.13 11.07 13.83 -5.45 25.57 -0.95
South-West Companies(1) 9.75 1,387 13.5 11.50 7.75 9.38 3.94 0.00 8.33
Thrift Strategy(44) 17.02 4,758 88.3 18.41 13.62 17.17 -0.66 102.52 8.71
Mortgage Banker Strategy(11) 18.10 15,663 227.5 19.94 14.34 18.51 -2.81 138.48 3.42
Real Estate Strategy(7) 15.81 3,715 69.0 17.38 11.54 16.02 -1.29 132.58 7.82
Diversified Strategy(7) 12.97 11,250 146.7 15.36 10.90 13.44 -3.93 26.79 -10.31
Retail Banking Strategy(2) 15.06 1,330 18.2 17.13 13.13 14.75 1.56 25.26 -3.98
Companies Issuing Dividends(48) 19.07 5,193 107.2 20.73 15.02 19.30 -0.98 111.02 7.69
Companies Without Dividends(23) 11.78 9,462 110.9 13.18 9.77 11.94 -1.67 68.27 1.09
Equity/Assets less than 6%(8) 10.85 23,161 271.6 12.69 8.83 11.30 -3.72 59.16 -7.07
Equity/Assets 6-12%(52) 17.42 4,900 93.2 19.02 13.79 17.57 -0.87 110.82 7.82
Equity/Assets greater than 12%(11) 16.62 4,782 83.4 17.88 13.61 16.94 -1.33 -6.92 3.49
Converted Last 3 Mths (no MHC)(3) 9.87 4,513 45.9 10.33 9.56 9.85 0.41 0.00 0.00
Actively Traded Companies(29) 17.57 8,626 131.9 18.90 14.02 17.96 -2.49 125.98 6.22
Market Value Below $20 Million(12) 13.07 1,447 13.2 13.98 9.99 12.83 0.99 75.13 8.71
Holding Company Structure(44) 16.96 5,067 83.5 18.58 13.67 17.26 -1.76 106.72 6.53
Assets Over $1 Billion(16) 22.34 18,399 340.2 24.26 17.22 22.83 -2.65 99.12 5.66
Assets $500 Million-$1 Billion(18) 18.82 4,626 76.6 20.42 15.63 19.28 -2.49 130.31 2.19
Assets $250-$500 Million(22) 13.66 3,576 39.4 15.43 11.07 13.78 -0.88 99.51 6.39
Assets less than $250 Million(15) 13.28 1,567 16.0 14.23 10.29 13.07 0.99 74.33 9.07
Goodwill Companies(35) 18.53 9,034 160.8 20.35 14.84 18.72 -1.05 112.29 5.72
Non-Goodwill Companies(36) 14.94 4,301 59.3 16.28 11.85 15.16 -1.35 87.74 5.93
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. BIF-Insured Thrifts(no MHC)
--------------------------------------------
BIF-Insured Thrifts(71) 1.38 1.34 15.40 14.76 175.37
NYSE Traded Companies(3) 1.02 1.13 18.11 13.88 246.88
AMEX Traded Companies(4) 1.14 0.71 14.48 13.77 150.24
NASDAQ Listed OTC Companies(63) 1.48 1.42 15.37 14.91 174.03
California Companies(2) 0.64 0.55 11.42 11.41 182.68
Mid-Atlantic Companies(19) 1.55 1.53 17.72 16.89 196.66
Mid-West Companies(1) 0.29 0.29 11.06 11.06 19.67
New England Companies(44) 1.39 1.34 15.00 14.34 177.00
North-West Companies(4) 1.03 1.02 12.45 12.45 95.01
South-West Companies(1) 1.24 0.97 7.91 7.64 91.48
Thrift Strategy(44) 1.34 1.32 15.98 15.24 168.20
Mortgage Banker Strategy(11) 1.60 1.59 16.51 15.77 232.21
Real Estate Strategy(7) 1.46 1.34 12.71 12.67 124.13
Diversified Strategy(7) 1.70 1.50 11.47 11.01 161.57
Retail Banking Strategy(2) 0.19 0.20 16.33 15.86 258.61
Companies Issuing Dividends(48) 1.72 1.64 16.90 16.04 195.82
Companies Without Dividends(23) 0.68 0.70 12.34 12.14 133.51
Equity/Assets less than 6%(8) 0.92 0.79 9.66 9.56 180.00
Equity/Assets 6-12%(52) 1.53 1.49 15.63 14.78 192.21
Equity/Assets greater than 12%(11) 0.93 0.94 17.77 17.77 91.78
Converted Last 3 Mths (no MHC)(3) -0.45 0.28 12.55 12.55 68.39
Actively Traded Companies(29) 1.55 1.54 16.02 15.28 194.05
Market Value Below $20 Million(12) 1.11 1.00 13.94 13.44 163.52
Holding Company Structure(44) 1.51 1.46 15.56 15.08 165.04
Assets Over $1 Billion(16) 2.03 1.97 19.01 17.59 236.00
Assets $500 Million-$1 Billion(18) 1.41 1.39 16.94 16.52 189.81
Assets $250-$500 Million(22) 1.09 1.06 12.80 12.36 143.09
Assets less than $250 Million(15) 1.12 1.05 13.97 13.56 147.40
Goodwill Companies(35) 1.57 1.44 16.73 15.40 215.08
Non-Goodwill Companies(36) 1.20 1.24 14.16 14.16 138.07
(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
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 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(18) 15.37 5,017 23.3 18.09 12.86 15.62 -1.66 102.50 -7.87
BIF-Insured Thrifts(2) 15.56 21,219 128.0 18.06 13.53 15.81 -1.16 168.36 -2.75
NASDAQ Listed OTC Companies(20) 15.39 6,637 33.7 18.09 12.92 15.64 -1.61 124.45 -7.36
Florida Companies(3) 17.50 5,505 43.8 21.50 16.08 18.42 -5.42 0.00 -13.90
Mid-Atlantic Companies(8) 13.78 7,692 25.4 16.56 11.85 13.89 -0.73 57.50 -8.69
Mid-West Companies(7) 15.64 1,911 11.3 17.80 12.31 15.78 -1.10 147.50 -6.57
New England Companies(1) 21.12 39,166 249.5 23.12 17.44 21.62 -2.31 168.36 11.16
North-West Companies(1) 14.37 2,155 11.3 17.00 11.82 14.37 0.00 0.00 -1.17
Thrift Strategy(18) 15.12 5,079 23.0 17.87 12.73 15.38 -1.66 102.50 -8.73
Mortgage Banker Strategy(1) 14.37 2,155 11.3 17.00 11.82 14.37 0.00 0.00 -1.17
Diversified Strategy(1) 21.12 39,166 249.5 23.12 17.44 21.62 -2.31 168.36 11.16
Companies Issuing Dividends(20) 15.39 6,637 33.7 18.09 12.92 15.64 -1.61 124.45 -7.36
Equity/Assets less than 6%(1) 14.50 1,610 10.8 17.25 11.00 14.75 -1.69 0.00 -8.63
Equity/Assets 6-12%(12) 16.97 8,081 44.3 19.73 14.07 17.26 -1.77 124.45 -6.72
Equity/Assets greater than 12%(7) 12.80 4,880 18.8 15.39 11.23 12.99 -1.32 0.00 -8.28
Actively Traded Companies(1) 15.75 6,512 31.5 17.50 13.25 15.75 0.00 57.50 -4.55
Market Value Below $20 Million(1) 13.00 1,250 7.3 14.25 10.50 13.00 0.00 0.00 -6.27
Holding Company Structure(1) 15.75 6,512 31.5 17.50 13.25 15.75 0.00 57.50 -4.55
Assets Over $1 Billion(3) 16.21 24,584 109.7 19.04 14.21 16.71 -3.17 168.36 -4.65
Assets $500 Million-$1 Billion(6) 15.92 5,826 37.0 19.42 14.23 16.31 -2.29 57.50 -10.73
Assets $250-$500 Million(3) 17.67 2,255 15.6 20.87 13.87 17.58 0.39 147.50 -6.54
Assets less than $250 Million(8) 13.83 2,159 9.6 15.69 11.10 14.01 -1.26 0.00 -6.16
Goodwill Companies(9) 15.73 11,223 53.0 18.50 13.34 16.05 -2.25 124.45 -6.60
Non-Goodwill Companies(11) 15.10 2,885 18.0 17.75 12.58 15.30 -1.08 0.00 -7.98
MHC Institutions(20) 15.39 6,637 33.7 18.09 12.92 15.64 -1.61 124.45 -7.36
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
---------------------------------
SAIF-Insured Thrifts(18) 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(20) 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(8) 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(1) 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(20) 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%(12) 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(3) 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(9) 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(20) 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
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 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 25.00 112,512 2,812.8 27.75 21.00 26.12 -4.29 33.33 -5.66
CAL CalFed Inc. of Los Angeles CA 17.37 49,313 856.6 19.00 13.50 18.00 -3.50 -13.97 10.29
CSA Coast Savings Financial of CA 30.75 18,583 571.4 35.12 19.37 32.37 -5.00 166.00 -11.18
CFB Commercial Federal Corp. of NE 36.12 15,067 544.2 39.00 30.37 37.87 -4.62 878.86 -4.32
DME Dime Savings Bank, FSB of NY* 12.50 98,847 1,235.6 13.75 10.12 13.12 -4.73 24.25 7.57
DSL Downey Financial Corp. of CA 21.00 16,973 356.4 24.05 17.02 21.75 -3.45 22.52 -3.45
FRC First Republic Bancorp of CA* 13.62 7,349 100.1 15.37 11.00 15.00 -9.20 202.67 3.81
FED FirstFed Fin. Corp. of CA 17.37 10,624 184.5 18.50 12.37 17.25 0.70 7.55 23.02
GLN Glendale Fed. Bk, FSB of CA 17.25 44,085 760.5 19.62 12.50 18.00 -4.17 6.15 -2.10
GDW Golden West Fin. Corp. of CA 52.87 58,623 3,099.4 56.69 44.37 54.50 -2.99 101.87 -4.31
GWF Great Western Fin. Corp. of CA 21.88 137,205 3,002.0 27.12 20.25 23.00 -4.87 25.96 -13.76
GPT GreenPoint Fin. Corp. of NY* 27.50 52,457 1,442.6 30.50 23.87 28.25 -2.65 N.A. 2.80
SFB Standard Fed. Bancorp of MI 38.50 31,289 1,204.6 43.12 33.62 38.25 0.65 313.53 -2.21
TCB TCF Financial Corp. of MN 33.37 35,835 1,195.8 37.62 24.75 34.00 -1.85 403.32 0.75
WES Westcorp Inc. of Orange CA 18.12 25,836 468.1 21.91 14.64 17.87 1.40 147.20 2.84
AMEX Traded Companies
---------------------
BKC American Bank of Waterbury CT* 25.37 2,286 58.0 27.62 21.62 24.75 2.51 35.31 -6.90
BFD BostonFed Bancorp of MA 11.87 6,590 78.2 12.62 10.00 12.00 -1.08 N.A. 1.02
CFX Cheshire Fin. Corp. of NH* 13.00 7,566 98.4 17.50 12.75 13.50 -3.70 9.24 -16.83
CZF Citisave Fin. Corp. of LA 14.50 965 14.0 16.50 12.75 14.00 3.57 N.A. -1.69
CBK Citizens First Fin.Corp. of IL 9.94 2,818 28.0 10.50 9.75 10.12 -1.78 N.A. N.A.
ESX Essex Bancorp of VA(8) 2.62 1,051 2.8 5.50 1.75 2.75 -4.73 -84.36 39.36
FCB Falmouth Co-Op Bank of MA* 10.50 1,455 15.3 11.37 10.25 10.37 1.25 N.A. N.A.
GAF GA Financial Corp. of PA 10.75 8,900 95.7 11.50 10.50 10.87 -1.10 N.A. N.A.
KNK Kankakee Bancorp of IL 18.87 1,439 27.2 21.00 18.25 18.87 0.00 88.70 0.00
KYF Kentucky First Bancorp of KY 15.00 1,389 20.8 15.25 11.37 14.12 6.23 N.A. 21.26
NYB New York Bancorp, Inc. of NY 25.87 11,725 303.3 26.12 19.00 25.87 0.00 264.88 14.98
PDB Piedmont Bancorp of NC 12.62 2,645 33.4 13.62 12.00 13.25 -4.75 N.A. 0.96
PLE Pinnacle Bank of AL 16.62 890 14.8 19.25 15.50 16.62 0.00 146.22 -7.67
SSB Scotland Bancorp of NC 12.12 1,840 22.3 12.62 11.62 12.37 -2.02 N.A. N.A.
SZB SouthFirst Bancshares of AL 12.50 855 10.7 16.00 11.37 12.62 -0.95 N.A. -19.35
SRN Southern Banc Company of AL 12.62 1,455 18.4 13.37 11.37 12.62 0.00 N.A. -1.94
SSM Stone Street Bancorp of NC 16.62 1,825 30.3 18.50 16.62 17.00 -2.24 N.A. N.A.
TSH Teche Holding Company of LA 12.87 4,094 52.7 14.50 11.75 12.87 0.00 N.A. -6.40
FTF Texarkana Fst. Fin. Corp of AR 16.00 1,984 31.7 16.50 12.50 16.00 0.00 N.A. 13.31
THR Three Rivers Fin. Corp. of MI 13.12 860 11.3 13.62 11.37 13.37 -1.87 N.A. 7.10
TBK Tolland Bank of CT* 9.75 1,157 11.3 10.25 7.50 10.00 -2.50 34.48 2.63
WSB Washington SB, FSB of MD 5.63 4,220 23.8 6.25 3.62 5.50 2.36 350.40 12.60
NASDAQ Listed OTC Companies
---------------------------
FBCV 1st Bancorp of Vincennes IN 27.00 666 18.0 32.86 26.00 26.37 2.39 N.A. -7.44
WFSB 1st Washington Bancorp of VA(8) 7.94 9,883 78.5 8.03 5.00 8.00 -0.75 98.50 13.43
ALBK ALBANK Fin. Corp. of Albany NY 25.62 13,605 348.6 30.62 22.81 26.37 -2.84 10.19 2.48
AMFC AMB Financial Corp. of IN 10.25 1,124 11.5 11.00 9.75 10.75 -4.65 N.A. N.A.
ASBP ASB Financial Corp. of OH 15.00 1,714 25.7 16.50 11.62 15.00 0.00 N.A. -5.48
ABBK Abington Savings Bank of MA(8)* 15.94 1,884 30.0 18.50 13.75 15.75 1.21 140.79 -7.59
AADV Advantage Bancorp of WI 33.25 3,449 114.7 34.50 24.00 34.25 -2.92 261.41 10.10
AFCB Affiliated Comm BC, Inc of MA 16.75 5,072 85.0 18.00 16.06 17.37 -3.57 N.A. -3.57
ALBC Albion Banc Corp. of Albion NY 16.75 261 4.4 18.75 14.75 17.00 -1.47 28.85 1.52
ATSB AmTrust Capital Corp. of IN 8.56 567 4.9 11.25 8.50 8.50 0.71 N.A. -16.49
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 1.69 1.59 12.64 12.64 289.58
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* 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 11.98 10.69 126.66
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 0.59 0.44 4.97 4.97 60.42
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
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 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* 9.50 5,422 51.5 10.31 9.38 9.50 0.00 N.A. -6.03
ASBI Ameriana Bancorp of IN 13.31 3,325 44.3 14.44 12.19 13.50 -1.41 44.20 -6.60
AFFFZ America First Fin. Fund of CA 26.25 6,011 157.8 29.75 24.50 26.75 -1.87 40.00 -11.76
AMFB American Federal Bank of SC 15.87 10,921 173.3 16.75 14.25 16.12 -1.55 234.11 4.07
ANBK American Nat'l Bancorp of MD 10.50 3,980 41.8 10.62 8.44 10.62 -1.13 N.A. 7.69
ABCW Anchor Bancorp Wisconsin of WI 34.62 4,934 170.8 36.25 25.90 34.75 -0.37 17.88 -3.48
ANDB Andover Bancorp, Inc. of MA* 24.75 4,243 105.0 27.00 19.00 25.50 -2.94 130.23 17.19
ASFC Astoria Financial Corp. of NY 26.19 21,917 574.0 28.13 18.25 26.87 -2.53 -0.23 14.82
AVND Avondale Fin. Corp. of IL 12.62 4,015 50.7 15.25 12.62 13.00 -2.92 N.A. -12.97
BFSI BFS Bankorp, Inc. of NY 38.25 1,635 62.5 39.75 25.25 38.50 -0.65 322.19 8.51
BKCT Bancorp Connecticut of CT* 22.75 2,706 61.6 23.50 13.75 23.25 -2.15 160.00 53.82
BWFC Bank West Fin. Corp. of MI 11.50 2,296 26.4 11.50 8.75 11.00 4.55 N.A. 13.64
BANC BankAtlantic Bancorp of FL 13.25 11,743 155.6 16.00 12.00 13.50 -1.85 154.81 -11.67
BKUNA BankUnited SA of FL 7.25 5,693 41.3 8.75 6.12 7.50 -3.33 33.52 18.46
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 32.50 6,900 224.3 35.25 24.00 33.25 -2.26 64.56 14.04
BFSB Bedford Bancshares of VA 16.50 1,195 19.7 18.75 15.63 16.50 0.00 57.14 -5.01
BSBC Branford SB of CT* 3.00 6,559 19.7 3.50 2.12 3.37 -10.98 41.51 4.53
BRFC Bridgeville SB, FSB of PA(8) 15.00 1,124 16.9 15.25 12.25 15.12 -0.79 5.26 3.45
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 17.00 1,188 20.2 19.25 13.00 17.50 -2.86 54.55 -5.56
CCFH CCF Holding Company of GA 11.87 1,131 13.4 12.75 10.75 12.00 -1.08 N.A. -6.90
CENF CENFED Financial Corp. of CA 21.62 5,031 108.8 23.41 17.95 21.75 -0.60 37.88 -0.92
CFSB CFSB Bancorp of Lansing MI 20.25 4,476 90.6 24.00 17.95 20.75 -2.41 125.00 -5.81
CKFB CKF Bancorp of Danville KY 19.50 932 18.2 20.25 13.00 19.50 0.00 N.A. 1.30
CNSB CNS Bancorp of MO 11.50 1,653 19.0 12.00 11.00 11.50 0.00 N.A. N.A.
CSBF CSB Financial Group Inc of IL 9.25 1,035 9.6 9.62 8.81 9.25 0.00 N.A. -2.63
CFHC California Fin. Hld. Co. of CA 22.37 4,689 104.9 22.75 16.25 22.25 0.54 113.05 9.12
CBCI Calumet Bancorp of Chicago IL 28.00 2,668 74.7 28.50 26.75 28.06 -0.21 38.27 0.90
CAFI Camco Fin. Corp. of OH 19.25 2,070 39.8 19.29 13.81 18.69 3.00 N.A. 12.31
CMRN Cameron Fin. Corp. of MO 13.50 2,850 38.5 15.50 11.87 13.50 0.00 N.A. -6.05
CAPS Capital Savings Bancorp of MO 18.12 1,039 18.8 19.50 16.50 18.00 0.67 36.75 -2.05
CARV Carver FSB of New York, NY 8.00 2,314 18.5 10.75 6.81 7.75 3.23 28.00 -11.11
CASB Cascade SB of Everett WA 16.50 2,040 33.7 17.25 12.40 16.50 0.00 28.91 24.06
CATB Catskill Fin. Corp. of NY* 10.00 5,687 56.9 10.75 10.00 10.12 -1.19 N.A. N.A.
CNIT Cenit Bancorp of Norfolk VA 32.50 1,606 52.2 40.25 32.50 34.00 -4.41 104.66 -11.56
CTBK Center Banks, Inc. of NY* 13.50 932 12.6 15.25 13.50 13.50 0.00 22.73 -3.98
CFCX Center Fin. Corp of CT(8)* 24.25 14,487 351.3 24.31 15.00 24.25 0.00 259.26 38.57
CEBK Central Co-Op. Bank of MA* 17.75 1,933 34.3 17.75 10.75 17.00 4.41 238.10 18.33
CJFC Central Jersey Fin. Corp of NJ(8) 30.00 2,668 80.0 31.31 21.00 30.50 -1.64 221.89 20.00
CBSB Charter Financial Inc. of IL 11.00 4,974 54.7 12.25 9.54 11.37 -3.25 N.A. 1.76
COFI Charter One Financial of OH(8) 33.62 45,115 1,516.8 38.00 25.50 35.00 -3.94 92.11 9.80
CVAL Chester Valley Bancorp of PA 18.25 1,580 28.8 20.48 18.12 18.25 0.00 61.08 -5.19
CRCL Circle Financial Corp.of OH(8) 35.00 708 24.8 35.50 25.00 35.00 0.00 218.18 29.63
CTZN CitFed Bancorp of Dayton OH 36.25 5,686 206.1 39.50 31.00 38.00 -4.61 302.78 5.07
CLAS Classic Bancshares of KY 10.69 1,322 14.1 11.75 10.37 10.56 1.23 N.A. -9.02
CMSB Cmnwealth Bancorp of PA 10.19 17,953 183.2 12.39 8.65 10.50 -2.95 N.A. -9.10
CBSA Coastal Bancorp of Houston TX 18.50 4,958 91.7 18.75 15.63 18.50 0.00 N.A. 5.71
CFCP Coastal Fin. Corp. of SC 22.00 2,742 60.3 22.50 14.80 22.00 0.00 120.00 39.24
COFD Collective Bancorp Inc. of NJ 23.25 20,374 473.7 28.25 21.75 24.00 -3.13 205.12 -8.36
CMSV Commty. Svgs, MHC of FL(47.6) 16.00 4,869 38.1 18.25 14.25 16.25 -1.54 N.A. -5.88
CBIN Community Bank Shares of IN 12.00 1,984 23.8 14.75 12.00 12.62 -4.91 N.A. -15.79
CBNH Community Bankshares Inc of NH* 18.50 2,416 44.7 19.75 15.75 18.50 0.00 393.33 -1.96
CFTP Community Fed. Bancorp of MS 13.00 4,629 60.2 13.75 12.50 13.50 -3.70 N.A. N.A.
CFFC Community Fin. Corp. of VA 19.50 1,270 24.8 21.00 15.00 20.75 -6.02 178.57 8.33
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
BSBC Branford SB of CT* 0.20 0.20 2.31 2.31 26.59
BRFC Bridgeville SB, FSB of PA(8) 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
CNSB CNS Bancorp of MO 0.45 0.38 14.07 14.07 60.98
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 18.40 18.23 272.46
CBCI Calumet Bancorp of Chicago IL 2.28 2.27 31.99 31.99 188.31
CAFI Camco Fin. Corp. of OH 2.02 1.54 13.83 13.83 166.04
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 0.33 0.33 15.02 14.30 158.88
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 Bancorp of PA 0.83 0.80 12.41 9.15 119.19
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 17.50 16.25 248.29
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. Bancorp of MS 0.43 0.42 14.34 14.34 43.32
CFFC Community Fin. Corp. of VA 1.58 1.58 17.24 17.24 125.82
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 1996
Price Change Data
Market Capitalization -----------------------------------------------
---------------------- 52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
CIBI Community Inv. Corp. of OH 15.00 701 10.5 17.50 13.00 15.00 0.00 N.A. -1.64
COOP Cooperative Bk.for Svgs. of NC 16.50 1,492 24.6 22.50 16.50 17.00 -2.94 65.00 -19.51
CNSK Covenant Bank for Svgs. of NJ* 12.00 1,959 23.5 13.22 8.84 12.00 0.00 N.A. -9.23
CRZY Crazy Woman Creek Bncorp of WY 10.12 1,058 10.7 11.00 10.00 10.25 -1.27 N.A. N.A.
DNFC D&N Financial Corp. of MI 12.62 6,829 86.2 14.25 10.25 14.00 -9.86 44.23 4.13
DSBC DS Bancor Inc. of Derby CT* 34.50 3,029 104.5 36.50 23.33 34.75 -0.72 109.73 35.29
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
DIME Dime Community Bancorp of NY 11.75 14,548 170.9 12.12 11.69 12.00 -2.08 N.A. N.A.
DIBK Dime Financial Corp. of CT* 15.00 5,024 75.4 15.63 10.37 15.12 -0.79 42.86 11.11
EGLB Eagle BancGroup of IL 11.00 1,303 14.3 11.75 11.00 11.75 -6.38 N.A. N.A.
EBSI Eagle Bancshares of Tucker GA 14.75 3,117 46.0 19.00 14.00 15.50 -4.84 103.45 -22.37
EGFC Eagle Financial Corp. of CT 24.75 4,491 111.2 27.75 21.25 24.50 1.02 182.86 -5.71
ETFS East Texas Fin. Serv. of TX 14.50 1,194 17.3 16.75 13.75 14.62 -0.82 N.A. -10.77
EBCP Eastern Bancorp of NH 16.00 3,597 57.6 18.33 14.33 16.50 -3.03 27.49 -10.26
ESBK Elmira SB of Elmira NY* 18.00 706 12.7 18.75 14.50 17.12 5.14 25.26 -4.00
EFBI Enterprise Fed. Bancorp of OH 14.00 2,085 29.2 18.00 13.75 14.00 0.00 N.A. -5.08
EQSB Equitable FSB of Wheaton MD 24.00 600 14.4 26.25 21.00 24.50 -2.04 N.A. -4.00
FFFG F.F.O. Financial Group of FL 2.62 8,430 22.1 3.00 2.25 2.75 -4.73 -68.47 2.34
FCBF FCB Fin. Corp. of Neenah WI 17.25 2,513 43.3 18.50 15.50 17.50 -1.43 N.A. -6.76
FFBS FFBS Bancorp of Columbus MS 22.50 1,573 35.4 24.25 16.00 23.00 -2.17 N.A. 32.35
FFDF FFD Financial Corp. of OH 10.25 1,455 14.9 10.75 10.00 10.62 -3.48 N.A. N.A.
FFLC FFLC Bancorp of Leesburg FL 18.00 2,619 47.1 20.25 17.25 18.50 -2.70 N.A. -4.00
FFFC FFVA Financial Corp. of VA 17.00 5,426 92.2 18.25 13.37 17.25 -1.45 N.A. 23.64
FFWC FFW Corporation of Wabash IN 19.25 739 14.2 20.00 16.50 20.00 -3.75 N.A. -2.53
FFYF FFY Financial Corp. of OH 23.75 5,193 123.3 23.75 19.50 23.50 1.06 N.A. 13.10
FMCO FMS Financial Corp. of NJ 16.25 2,467 40.1 17.50 14.50 16.37 -0.73 80.56 -4.41
FFHH FSF Financial Corp. of MN 11.62 3,861 44.9 13.50 11.50 11.75 -1.11 N.A. -10.62
FMLY Family Bancorp of Haverhill MA(8)* 23.87 4,087 97.6 25.25 14.67 24.62 -3.05 358.16 33.58
FMCT Farmers & Mechanics Bank of CT(8)* 30.25 1,661 50.2 30.37 15.75 30.31 -0.20 N.A. 37.50
FOBC Fed One Bancorp of Wheeling WV 14.12 2,489 35.1 16.25 13.00 14.50 -2.62 41.20 -6.61
FFRV Fid. Fin. Bkshrs. Corp. of VA 12.75 2,279 29.1 14.75 12.00 13.50 -5.56 45.71 -8.07
FBCI Fidelity Bancorp of Chicago IL 15.75 3,085 48.6 17.00 13.50 16.00 -1.56 N.A. 2.47
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) 12.50 6,720 39.6 17.00 12.50 14.00 -10.71 N.A. -23.08
FFED Fidelity Fed. Bancorp of IN 11.25 2,493 28.0 14.77 10.46 11.75 -4.26 59.57 -23.83
FFOH Fidelity Financial of OH 9.81 4,073 40.0 10.89 5.61 10.00 -1.90 N.A. -9.92
FIBC Financial Bancorp of NY 12.37 1,873 23.2 14.87 12.25 12.50 -1.04 N.A. -10.04
FNSC Financial Security Corp. of IL(8) 25.37 1,523 38.6 26.50 17.00 25.62 -0.98 153.70 14.02
FSBS First Ashland Fin. Corp. of KY(8) 18.25 1,463 26.7 18.37 13.00 18.25 0.00 N.A. 25.86
FBSI First Bancshares of MO 15.63 1,302 20.4 17.00 15.00 15.25 2.49 22.59 -2.31
FBBC First Bell Bancorp of PA 13.37 8,166 109.2 14.25 11.87 13.50 -0.96 N.A. 0.00
FBER First Bergen Bancorp of NJ 9.12 3,174 28.9 10.00 9.00 9.19 -0.76 N.A. N.A.
FCIT First Cit. Fin. Corp of MD 16.25 2,914 47.4 19.09 14.09 17.75 -8.45 87.00 -5.91
FFBA First Colorado Bancorp of Co 13.62 20,302 276.5 13.62 7.92 12.94 5.26 312.73 23.93
FDEF First Defiance Fin.Corp. of OH 10.12 10,978 111.1 11.00 7.99 10.37 -2.41 N.A. 0.00
FESX First Essex Bancorp of MA* 10.25 6,035 61.9 12.00 8.62 11.00 -6.82 70.83 -9.85
FFES First FS&LA of E. Hartford CT 17.50 2,594 45.4 21.50 16.75 17.50 0.00 169.23 -12.50
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) 24.75 1,706 18.7 28.62 18.00 24.50 1.02 147.50 -7.48
FFML First Family Bank, FSB of FL 21.00 545 11.4 23.00 14.50 21.00 0.00 223.08 0.00
FFSW First Fed Fin. Serv. of OH 29.50 3,275 96.6 29.50 18.18 29.00 1.72 73.53 36.64
BDJI First Fed. Bancorp. of MN 12.25 819 10.0 14.75 11.87 13.06 -6.20 N.A. -10.91
FFBH First Fed. Bancshares of AR 13.12 5,154 67.6 14.00 13.00 14.00 -6.29 N.A. N.A.
FFEC First Fed. Bancshares of WI 14.75 6,855 101.1 16.19 12.25 15.50 -4.84 N.A. -3.28
FTFC First Fed. Capital Corp. of WI 19.75 6,298 124.4 22.87 15.75 20.00 -1.25 75.56 9.72
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)
---------------------------------------
CIBI Community Inv. Corp. of OH 1.20 1.14 17.45 17.45 121.56
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
DIME Dime Community Bancorp of NY 0.63 0.58 14.17 12.45 83.75
DIBK Dime Financial Corp. of CT* 1.93 2.17 10.63 10.10 133.64
EGLB Eagle BancGroup of IL 0.10 0.10 16.89 16.89 124.84
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 1.40 1.16 17.65 16.62 229.33
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 1.15 1.16 21.42 21.42 126.20
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) 1.42 1.37 25.85 25.85 179.89
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
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 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)
---------------------------------------
FFKY First Fed. Fin. Corp. of KY 20.00 4,215 84.3 22.00 14.12 21.00 -4.76 26.98 30.12
FFBZ First Federal Bancorp of OH 24.50 785 19.2 24.50 15.50 24.50 0.00 145.00 20.99
FFWM First Fin. Corp of Western MD 21.12 2,188 46.2 23.75 17.75 20.25 4.30 111.20 6.94
FFCH First Fin. Holdings Inc. of SC 19.00 6,366 121.0 22.25 17.50 17.50 8.57 55.10 -1.30
FFBI First Financial Bancorp of IL 15.50 472 7.3 16.25 15.00 15.50 0.00 N.A. -3.13
FFHC First Financial Corp. of WI 22.75 29,905 680.3 24.00 17.00 22.94 -0.83 44.44 -1.09
FFHS First Franklin Corp. of OH 15.50 1,187 18.4 17.50 13.50 15.00 3.33 18.14 -2.33
FGHC First Georgia Hold. Corp of GA 6.50 2,024 13.2 7.83 4.17 6.12 6.21 69.71 -15.25
FSPG First Home SB, SLA of NJ 17.75 2,030 36.0 19.00 15.00 17.75 0.00 195.83 -6.58
FFSL First Independence Corp. of KS 17.75 583 10.3 19.25 15.75 17.75 0.00 N.A. -5.33
FISB First Indiana Corp. of IN 22.25 8,278 184.2 25.19 16.67 23.62 -5.80 64.81 3.68
FKFS First Keystone Fin. Corp of PA 17.25 1,292 22.3 20.87 14.25 17.00 1.47 N.A. -17.35
FLKY First Lancaster Bncshrs of KY 13.62 959 13.1 13.62 13.12 13.37 1.87 N.A. N.A.
FLFC First Liberty Fin. Corp. of GA 21.00 3,982 83.6 22.75 16.75 21.75 -3.45 175.59 -1.18
CASH First Midwest Fin. Corp. of IA 21.75 1,790 38.9 24.25 18.25 22.50 -3.33 N.A. -7.45
FMBD First Mutual Bancorp of IL 12.00 4,352 52.2 14.75 11.37 12.00 0.00 N.A. -11.89
FMSB First Mutual SB of Bellevue WA* 12.25 2,447 30.0 16.00 9.09 13.00 -5.77 58.06 -9.53
FNGB First Northern Cap. Corp of WI 15.25 4,557 69.5 16.50 13.25 15.25 0.00 4.74 -7.58
FFPB First Palm Beach Bancorp of FL 20.25 5,181 104.9 24.87 20.00 20.87 -2.97 N.A. -4.12
FSNJ First SB of NJ, MHC (45.0) 14.62 3,017 19.9 19.50 12.50 14.12 3.54 N.A. -15.25
FSBC First SB, FSB of Clovis NM 5.50 696 3.8 7.00 5.25 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 13.25 15.75 0.00 57.50 -4.55
SOPN First SB, SSB, Moore Co. of NC 18.00 3,744 67.4 20.25 17.25 18.25 -1.37 N.A. 1.07
FWWB First Savings Bancorp of WA* 14.50 10,065 145.9 15.63 12.37 15.25 -4.92 N.A. 10.52
SHEN First Shenango Bancorp of PA 20.06 2,308 46.3 22.25 18.75 20.50 -2.15 N.A. -2.15
FSFC First So.east Fin. Corp. of SC(8) 9.62 4,101 39.5 20.25 9.25 9.75 -1.33 N.A. -49.37
FSFI First State Fin. Serv. of NJ(8) 12.87 4,025 51.8 14.12 10.00 13.00 -1.00 217.00 -5.51
FFDP FirstFed Bancshares of IL 16.37 3,387 55.4 17.62 12.67 17.25 -5.10 145.80 15.53
FLAG Flag Financial Corp of GA 11.50 2,008 23.1 15.00 11.50 12.25 -6.12 17.35 -16.36
FFPC Florida First Bancorp of FL(8) 11.00 3,374 37.1 11.25 6.00 11.06 -0.54 485.11 49.25
FFIC Flushing Fin. Corp. of NY* 16.87 7,958 134.3 18.25 14.12 17.37 -2.88 N.A. 9.76
FBHC Fort Bend Holding Corp. of TX 17.25 817 14.1 20.25 17.00 17.25 0.00 N.A. -4.17
FTSB Fort Thomas Fin. Corp. of KY 16.37 1,574 25.8 17.75 11.25 17.25 -5.10 N.A. 35.07
FKKY Frankfort First Bancorp of KY 12.25 3,450 42.3 15.87 11.00 12.12 1.07 N.A. -7.55
GFSB GFS Bancorp of Grinnell IA 20.25 515 10.4 20.75 15.75 20.25 0.00 N.A. 1.25
GUPB GFSB Bancorp of Gallup NM 13.56 949 12.9 15.00 12.87 13.50 0.44 N.A. -4.84
GWBC Gateway Bancorp of KY 13.75 1,176 16.2 16.25 13.50 14.12 -2.62 N.A. -3.51
GBCI Glacier Bancorp of MT 21.25 3,360 71.4 22.27 16.14 21.62 -1.71 339.96 15.43
GLBK Glendale Co-op. Bank of MA* 16.50 247 4.1 19.00 13.00 16.50 0.00 N.A. -12.00
GFCO Glenway Financial Corp. of OH 20.50 1,091 22.4 24.50 18.50 20.75 -1.20 N.A. -16.33
GTPS Great American Bancorp of IL 13.25 1,850 24.5 15.12 11.87 14.25 -7.02 N.A. -9.00
GTFN Great Financial Corp. of KY 25.50 14,653 373.7 27.37 20.00 25.87 -1.43 N.A. 8.51
GSBC Great Southern Bancorp of MO 27.00 4,434 119.7 27.50 19.75 26.94 0.22 824.66 9.09
GDVS Greater DV SB,MHC of PA(19.9)* 10.00 3,272 6.5 13.00 9.62 10.00 0.00 N.A. -16.67
GRTR Greater New York SB of NY* 10.62 13,289 141.1 13.31 9.87 10.81 -1.76 14.07 -11.50
GSFC Green Street Fin. Corp. of NC 13.00 4,298 55.9 13.12 12.12 13.12 -0.91 N.A. N.A.
GROV GroveBank for Savings of MA* 29.50 1,538 45.4 31.25 23.00 30.50 -3.28 232.58 19.19
GFED Guaranty FS&LA,MHC of MO(31.1) 11.25 3,125 8.8 12.50 8.00 11.50 -2.17 N.A. -5.22
GSLC Guaranty Svgs & Loan FA of VA 7.75 919 7.1 8.50 6.37 7.50 3.33 N.A. 0.00
HEMT HF Bancorp of Hemet CA 9.25 6,612 61.2 10.25 8.19 9.62 -3.85 N.A. -6.28
HFFC HF Financial Corp. of SD(8) 15.25 3,055 46.6 16.75 13.44 15.00 1.67 205.00 0.00
HFNC HFNC Financial Corp. of NC 16.00 17,192 275.1 16.62 13.12 16.12 -0.74 N.A. 21.95
HMNF HMN Financial, Inc. of MN 15.50 5,180 80.3 16.50 13.75 16.12 -3.85 N.A. -3.13
HALL Hallmark Capital Corp. of WI 14.75 1,443 21.3 16.25 13.75 15.25 -3.28 N.A. -4.84
HARB Harbor FSB, MHC of FL (45.7) 24.00 4,925 53.8 29.25 21.50 25.00 -4.00 N.A. -12.73
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)
---------------------------------------
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
FFBI First Financial Bancorp of IL 1.12 1.17 16.66 16.66 187.74
FFHC First Financial Corp. of WI 2.33 2.27 13.29 12.62 181.21
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
FLKY First Lancaster Bncshrs of KY 0.54 0.54 13.47 13.47 45.15
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(8) 0.78 0.77 17.19 17.19 87.66
FSFI First State Fin. Serv. of NJ(8) 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 2.06 1.81 21.51 21.51 298.86
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 0.42 0.41 17.95 17.95 65.16
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
HARB Harbor FSB, MHC of FL (45.7) 2.15 2.14 16.78 16.78 189.41
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 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)
---------------------------------------
HRBF Harbor Federal Bancorp of MD 12.50 1,754 21.9 15.50 12.50 12.50 0.00 25.00 -13.79
HFSA Hardin Bancorp of Hardin MO 11.75 1,058 12.4 13.00 11.00 11.62 1.12 N.A. -7.84
HARL Harleysville SA of PA 17.50 1,287 22.5 19.75 15.00 17.50 0.00 -1.41 16.67
HARS Harris SB, MHC of PA (23.1) 16.00 11,211 40.0 20.50 15.50 16.50 -3.03 N.A. -20.00
HFFB Harrodsburg 1st Fin Bcrp of KY 16.75 2,182 36.5 16.75 12.37 16.50 1.52 N.A. 11.67
HHFC Harvest Home Fin. Corp. of OH 12.50 895 11.2 13.25 10.25 12.50 0.00 N.A. 2.04
HAVN Haven Bancorp of Woodhaven NY 28.00 4,287 120.0 28.75 18.25 27.75 0.90 N.A. 18.54
HVFD Haverfield Corp. of OH 18.00 1,904 34.3 19.00 12.27 18.00 0.00 16.13 33.33
HTHR Hawthorne Fin. Corp. of CA 8.25 2,599 21.4 9.00 2.25 8.50 -2.94 -70.00 65.00
HSBK Hibernia SB of Quincy MA* 14.12 1,556 22.0 18.00 14.12 14.25 -0.91 85.30 -13.11
HBNK Highland Federal Bank of CA 15.00 2,296 34.4 17.00 11.00 16.00 -6.25 N.A. -3.23
HIFS Hingham Inst. for Sav. of MA* 14.00 1,297 18.2 14.75 10.75 14.00 0.00 207.02 -5.08
HNFC Hinsdale Financial Corp. of IL 23.62 2,690 63.5 26.75 18.60 24.00 -1.58 136.20 9.86
HBFW Home Bancorp of Fort Wayne IN 15.31 3,094 47.4 16.00 12.87 15.19 0.79 N.A. 0.39
HBBI Home Building Bancorp of IN 20.25 322 6.5 21.25 13.00 21.25 -4.71 N.A. 22.73
HOMF Home Fed Bancorp of Seymour IN 26.75 2,224 59.5 27.25 23.25 26.25 1.90 78.33 0.94
HFMD Home Federal Corporation of MD(8) 10.25 2,519 25.8 11.37 6.12 10.25 0.00 5.13 32.26
HWEN Home Financial Bancorp of IN 10.12 506 5.1 10.25 9.87 10.00 1.20 N.A. N.A.
HOFL Home Financial Corp. of FL(8) 13.44 24,771 332.9 16.25 12.62 13.00 3.38 168.80 -13.29
HPBC Home Port Bancorp, Inc. of MA* 13.50 1,842 24.9 15.00 11.00 13.50 0.00 68.75 14.89
HMCI Homecorp, Inc. of Rockford IL 17.12 1,126 19.3 18.50 14.00 17.00 0.71 71.20 3.01
LOAN Horizon Bancorp, Inc of TX* 9.75 1,387 13.5 11.50 7.75 9.38 3.94 N.A. 8.33
HZFS Horizon Fin'l. Services of IA 14.75 448 6.6 16.37 12.12 15.00 -1.67 N.A. -3.28
HRZB Horizon Financial Corp. of WA* 12.50 6,580 82.3 13.75 11.75 13.25 -5.66 -6.92 -3.85
IBSF IBS Financial Corp. of NJ 12.94 11,410 147.6 15.46 12.50 12.87 0.54 N.A. -5.13
ISBF ISB Financial Corp. of LA 13.81 7,381 101.9 17.00 13.62 14.50 -4.76 N.A. -7.93
IFSB Independence FSB of DC 7.75 1,279 9.9 9.25 6.75 8.00 -3.13 287.50 -8.18
INCB Indiana Comm. Bank, SB of IN 13.87 922 12.8 16.75 12.12 13.94 -0.50 N.A. -9.05
IFSL Indiana Federal Corp. of IN 19.50 4,737 92.4 21.50 16.25 19.75 -1.27 158.62 -8.24
INBI Industrial Bancorp of OH 10.75 5,554 59.7 16.00 10.75 11.12 -3.33 N.A. -21.82
IWBK Interwest SB of Oak Harbor WA 24.75 6,434 159.2 25.12 13.87 24.00 3.13 147.50 21.50
IPSW Ipswich SB of Ipswich MA* 11.87 1,174 13.9 12.62 4.75 11.50 3.22 N.A. 43.88
IROQ Iroquois Bancorp of Auburn NY* 16.00 2,349 37.6 16.00 11.50 15.25 4.92 128.57 23.08
JSBF JSB Financial, Inc. of NY 32.75 10,333 338.4 34.87 29.25 33.12 -1.12 184.78 3.57
JXVL Jacksonville Bancorp of TX 10.12 2,662 26.9 11.99 7.49 10.37 -2.41 N.A. -13.06
JXSB Jcksnville SB,MHC of IL(43.3%) 13.00 1,250 7.3 14.25 10.50 13.00 0.00 N.A. -6.27
JEBC Jefferson Bancorp of Gretna LA(8) 22.00 2,196 48.3 22.50 19.00 22.12 -0.54 N.A. 14.29
JSBA Jefferson Svgs Bancorp of MO 24.50 4,182 102.5 30.75 18.25 25.00 -2.00 N.A. -11.71
JOAC Joachim Bancorp of MO 12.44 760 9.5 13.50 11.50 12.75 -2.43 N.A. -7.85
KSAV KS Bancorp of Kenly NC 20.00 663 13.3 22.00 16.50 18.25 9.59 N.A. 14.29
KSBK KSB Bancorp of Kingfield ME* 22.50 374 8.4 22.50 15.50 22.00 2.27 N.A. 16.88
KFBI Klamath First Bancorp of OR 14.12 11,254 158.9 14.62 12.50 14.12 0.00 N.A. 2.69
LBFI L&B Financial of S. Springs TX(8) 16.37 1,584 25.9 17.00 11.75 17.00 -3.71 N.A. 14.88
LSBI LSB Bancorp of Lafayette IN 15.00 965 14.5 17.37 13.50 15.50 -3.23 N.A. -13.04
LVSB Lakeview SB of Paterson NJ 20.25 2,266 45.9 20.75 15.68 20.25 0.00 N.A. 18.77
LARK Landmark Bancshares of KS 15.25 1,951 29.8 15.87 12.75 15.25 0.00 N.A. 10.91
LARL Laurel Capital Group of PA 14.75 1,508 22.2 16.50 14.33 14.75 0.00 15.23 -4.84
LSBX Lawrence Savings Bank of MA* 5.34 4,245 22.7 6.62 3.87 5.37 -0.56 55.23 15.58
LFCT Leader Fin. Corp of Memphis TN(8) 43.50 9,924 431.7 46.37 31.25 44.25 -1.69 N.A. 16.40
LFED Leeds FSB, MHC of MD (35.3) 13.75 3,448 17.2 16.75 12.62 13.50 1.85 N.A. -3.51
LXMO Lexington B&L Fin. Corp. of MO 9.87 1,265 12.5 10.12 9.50 10.12 -2.47 N.A. N.A.
LBCI Liberty Bancorp of Chicago IL 24.50 2,487 60.9 26.87 22.25 24.75 -1.01 145.00 -2.97
LIFB Life Bancorp of Norfolk VA 14.25 10,403 148.2 16.62 14.00 14.19 0.42 N.A. -5.00
LFBI Little Falls Bancorp of NJ 10.25 3,042 31.2 11.50 9.50 10.37 -1.16 N.A. N.A.
LOGN Logansport Fin. Corp. of IN 13.50 1,322 17.8 13.75 11.25 13.00 3.85 N.A. 3.85
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)
---------------------------------------
HRBF Harbor Federal Bancorp of MD 0.57 0.57 15.90 15.90 112.18
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
HWEN Home Financial Bancorp of IN 0.75 0.75 14.81 14.81 75.39
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 Fin. Corp. of IN 0.76 0.75 15.49 15.49 57.86
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 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 OH 10.25 529 5.4 11.25 9.75 10.37 -1.16 N.A. N.A.
LISB Long Island Bancorp of NY 29.25 24,859 727.1 32.87 18.75 29.87 -2.08 N.A. 10.92
MAFB MAF Bancorp of IL 23.50 5,244 123.2 26.81 21.36 23.50 0.00 176.47 -6.00
MBLF MBLA Financial Corp. of MO(8) 22.50 1,372 30.9 26.00 15.00 23.25 -3.23 N.A. 16.16
MFBC MFB Corp. of Mishawaka IN 14.00 1,974 27.6 16.25 13.00 14.00 0.00 N.A. -5.08
MLFB MLF Bancorp of Villanova PA 24.50 6,247 153.1 25.00 19.50 24.25 1.03 N.A. 10.11
MSBB MSB Bancorp of Middletown NY* 16.50 2,833 46.7 27.25 15.00 17.25 -4.35 65.00 -10.81
MSBF MSB Financial Corp. of MI 17.25 676 11.7 19.50 14.75 17.25 0.00 N.A. -9.21
MGNL Magna Bancorp of MS 35.00 6,959 243.6 37.25 24.75 37.25 -6.04 600.00 21.74
MARN Marion Capital Holdings of IN 21.00 2,003 42.1 21.00 18.50 20.25 3.70 N.A. 5.00
MFCX 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 29.31 3,150 92.3 33.25 28.25 29.12 0.65 179.14 -2.30
MASB MassBank Corp. of Reading MA* 32.75 2,734 89.5 34.50 26.50 33.50 -2.24 165.61 3.15
MFLR Mayflower Co-Op. Bank of MA* 14.00 873 12.2 14.75 9.50 13.25 5.66 180.00 27.27
MDBK Medford Savings Bank of MA* 21.50 4,530 97.4 24.25 19.50 22.75 -5.49 207.14 0.00
MERI Meritrust FSB of Thibodaux LA 31.25 774 24.2 34.00 20.62 31.25 0.00 N.A. 0.81
MWBX Metro West of MA* 3.75 13,882 52.1 4.87 3.50 3.87 -3.10 -8.98 -8.98
MSEA Metropolitan Bancorp of WA(8) 16.94 3,710 62.8 16.94 10.12 13.62 24.38 133.01 30.31
MCBS Mid Continent Bancshares of KS 18.00 2,061 37.1 19.25 15.50 18.37 -2.01 N.A. -2.70
MIFC Mid Iowa Financial Corp. of IA 6.37 1,730 11.0 7.87 5.06 6.37 0.00 27.40 -17.81
MCBN Mid-Coast Bancorp of ME 19.12 229 4.4 20.25 14.52 19.12 0.00 234.85 11.68
MIDC Midconn Bank of Kensington CT* 18.37 1,904 35.0 19.00 13.00 19.00 -3.32 74.95 31.21
MWBI Midwest Bancshares, Inc. of IA 25.75 357 9.2 27.12 23.50 25.75 0.00 157.50 0.00
MWFD Midwest Fed. Fin. Corp of WI 15.75 1,633 25.7 16.00 8.25 15.75 0.00 215.00 46.51
MFFC Milton Fed. Fin. Corp. of OH 12.50 2,301 28.8 17.12 12.00 12.50 0.00 N.A. -23.08
MIVI Miss. View Hold. Co. of MN 10.75 958 10.3 12.25 9.50 10.75 0.00 N.A. -5.45
MBBC Monterey Bay Bancorp of CA 11.75 3,414 40.1 13.06 9.87 11.87 -1.01 N.A. 1.12
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) 21.00 333 7.0 21.75 13.00 21.00 0.00 N.A. 16.67
MSBK Mutual SB, FSB of Bay City MI 6.00 4,271 25.6 7.37 5.25 5.75 4.35 -31.43 0.00
NHTB NH Thrift Bancshares of NH 9.87 1,690 16.7 11.00 9.25 9.87 0.00 113.64 -2.47
NHSL NHS Financial, Inc. of CA(8) 10.87 2,523 27.4 11.00 7.75 11.00 -1.18 38.83 8.70
NSLB NS&L Bancorp of Neosho MO 12.56 888 11.2 13.75 11.75 12.62 -0.48 N.A. -5.21
NMSB Newmil Bancorp. of CT* 6.81 4,179 28.5 7.50 5.75 6.88 -1.02 6.91 -2.71
NFSL Newnan SB, FSB of Newnan GA 19.75 1,447 28.6 19.75 13.00 18.87 4.66 58.00 14.49
NASB North American SB of MO 29.75 2,276 67.7 32.37 24.00 29.62 0.44 600.00 -7.03
NBSI North Bancshares of Chicago IL 15.25 1,172 17.9 16.25 13.00 15.25 0.00 N.A. 12.96
FFFD North Central Bancshares of IA 10.62 4,011 42.6 12.68 9.22 10.87 -2.30 N.A. 0.66
NEBC Northeast Bancorp of ME* 13.50 1,203 16.2 13.50 10.75 13.00 3.85 14.89 17.39
NEIB Northeast Indiana Bncrp of IN 12.12 2,062 25.0 13.50 11.25 11.81 2.62 N.A. 1.00
NSBK Northside SB of Bronx NY* 35.25 4,815 169.7 36.25 24.00 35.25 0.00 121.00 15.57
NWEQ Northwest Equity Corp. of WI 10.50 981 10.3 11.37 9.00 10.25 2.44 N.A. -3.40
NWSB Northwest SB, MHC of PA(29.9) 11.50 23,376 39.7 13.50 9.69 12.00 -4.17 N.A. -5.12
NSSY Norwalk Savings Society of CT* 21.75 2,371 51.6 22.25 16.25 21.62 0.60 N.A. 14.47
NSSB Norwich Financial Corp. of CT* 14.50 5,604 81.3 15.63 11.25 15.44 -6.09 107.14 12.67
NTMG Nutmeg FS&LA of CT 7.25 708 5.1 7.75 5.17 7.25 0.00 N.A. 8.70
OHSL OHSL Financial Corp. of OH 19.50 1,224 23.9 22.00 17.25 19.50 0.00 N.A. -9.30
OSBF OSB Fin. Corp. of Oshkosh WI 23.00 1,141 26.2 24.87 22.75 23.62 -2.62 100.00 -3.16
OCFC Ocean Fin. Corp. of NJ 20.12 8,388 168.8 21.25 19.87 20.87 -3.59 N.A. N.A.
OFCP Ottawa Financial Corp. of MI 16.25 5,455 88.6 16.75 13.50 16.31 -0.37 N.A. 3.97
PFFB PFF Bancorp of Pomona CA 10.75 19,837 213.2 11.75 10.62 10.81 -0.56 N.A. N.A.
PVFC PVF Capital Corp. of OH 18.00 1,549 27.9 20.75 12.04 18.50 -2.70 169.87 -1.37
PCCI Pacific Crest Capital of CA* 8.50 2,960 25.2 9.00 5.50 8.25 3.03 N.A. 17.24
PALM Palfed, Inc. of Aiken SC 12.12 5,222 63.3 13.50 11.00 12.12 0.00 -21.15 2.11
PSSB Palm Springs SB of CA(8) 13.87 1,131 15.7 14.00 8.00 13.87 0.00 206.86 58.51
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)
---------------------------------------
LONF London Financial Corp. of OH 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
MAFB MAF Bancorp of IL 3.11 3.20 20.91 20.91 377.61
MBLF MBLA Financial Corp. of MO(8) 1.00 1.00 20.67 20.67 142.18
MFBC MFB Corp. of Mishawaka IN 0.66 0.65 19.66 19.66 101.77
MLFB MLF Bancorp of Villanova PA 1.86 1.65 22.46 21.90 282.67
MSBB MSB Bancorp of Middletown NY* 0.83 0.89 15.53 15.26 160.30
MSBF MSB Financial Corp. of MI 1.53 1.40 18.86 18.86 83.31
MGNL Magna Bancorp of MS 3.08 2.91 18.12 17.02 185.48
MARN Marion Capital Holdings of IN 1.23 1.23 21.48 21.48 89.53
MFCX 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* 1.04 0.98 12.42 12.15 129.65
MDBK Medford Savings Bank of MA* 2.15 2.11 19.24 17.45 216.55
MERI Meritrust 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 WA(8) 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 ME 1.33 1.22 21.51 21.51 237.39
MIDC Midconn 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 Fed. Fin. Corp of WI 1.22 0.98 10.20 9.74 109.15
MFFC Milton 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
MFSB Mutual Bancompany of MO(8) 0.34 0.39 18.73 18.73 160.09
MSBK Mutual SB, FSB of Bay City MI 0.02 -0.16 9.19 9.19 168.46
NHTB NH Thrift Bancshares of NH 0.83 0.87 11.49 11.49 149.40
NHSL NHS Financial, Inc. of CA(8) 0.19 0.18 9.78 9.76 115.98
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 12.77 111.03
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
NEBC Northeast Bancorp of ME* 1.08 0.83 13.72 11.53 181.37
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
OCFC Ocean Fin. Corp. of NJ 1.27 1.30 26.36 26.36 140.55
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
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 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)
---------------------------------------
PBCI Pamrapo Bancorp, Inc. of NJ 20.00 3,317 66.3 26.12 18.25 19.25 3.90 255.24 -6.98
PVSA Parkvale Financial Corp of PA 24.50 3,233 79.2 28.50 21.60 25.25 -2.97 195.89 -10.91
PBIX Patriot Bank Corp. of PA 13.00 3,498 45.5 13.12 12.31 12.75 1.96 N.A. 1.01
PEEK Peekskill Fin. Corp. of NY 11.87 4,100 48.7 12.12 11.12 11.87 0.00 N.A. -2.06
PFSB PennFed Fin. Services of NJ 14.94 5,077 75.9 16.00 13.37 15.25 -2.03 N.A. 1.29
PWBC PennFirst Bancorp of PA 13.75 3,996 54.9 13.75 11.87 13.75 0.00 72.31 1.85
PBKB People's SB of Brockton MA* 9.50 3,340 31.7 10.50 6.88 9.50 0.00 59.93 -9.52
PFDC Peoples Bancorp of Auburn IN 19.50 2,356 45.9 22.50 18.75 20.00 -2.50 11.43 -5.43
PBCT Peoples Bank, MHC of CT(32.3)* 21.12 39,166 249.5 23.12 17.44 21.62 -2.31 168.36 11.16
PHBK Peoples Heritage Fin Grp of ME* 19.50 17,028 332.0 22.75 16.50 20.25 -3.70 27.37 -14.29
PBNB Peoples Sav. Fin. Corp. of CT* 21.75 1,915 41.7 22.37 19.00 22.00 -1.14 120.36 12.99
PERM Permanent Bancorp of IN 15.75 2,135 33.6 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 14.50 17.00 0.00 N.A. 3.03
PCBC Perry Co. Fin. Corp. of MO 16.25 856 13.9 21.50 15.25 17.75 -8.45 N.A. -16.67
PHFC Pittsburgh Home Fin. of PA 9.75 2,182 21.3 11.12 9.75 10.37 -5.98 N.A. N.A.
PFSL Pocahnts Fed, MHC of AR (46.4) 14.50 1,610 10.8 17.25 11.00 14.75 -1.69 N.A. -8.63
POBS Portsmouth Bank Shrs Inc of NH(8)* 13.00 5,737 74.6 15.20 11.40 13.62 -4.55 24.88 -13.74
PKPS Poughkeepsie SB of NY 5.06 12,535 63.4 5.75 4.62 5.12 -1.17 -34.71 -3.62
PRBC Prestige Bancorp of PA 9.87 963 9.5 10.50 9.75 10.25 -3.71 N.A. N.A.
PETE Primary Bank of NH* 12.12 1,953 23.7 15.50 11.75 12.37 -2.02 N.A. -3.96
PSAB Prime Bancorp, Inc. of PA 18.50 3,725 68.9 20.68 17.05 18.12 2.10 166.57 -8.64
PFNC Progress Financial Corp. of PA 6.25 3,730 23.3 7.25 5.12 6.25 0.00 -43.23 11.01
PSBK Progressive Bank, Inc. of NY* 28.00 2,631 73.7 29.75 24.25 29.06 -3.65 109.42 -5.08
PROV Provident Fin. Holdings of CA 10.50 5,134 53.9 11.00 10.37 10.81 -2.87 N.A. N.A.
PULB Pulaski SB, MHC of MO (29.0) 13.25 2,094 8.0 16.50 11.75 14.00 -5.36 N.A. -11.67
PULS Pulse Bancorp of S. River NJ 17.75 3,886 69.0 18.00 14.50 18.00 -1.39 43.49 4.41
QCFB QCF Bancorp of Virginia MN 15.25 1,783 27.2 15.25 12.25 15.25 0.00 N.A. 3.39
QCBC Quaker City Bancorp of CA 12.87 3,928 50.6 14.75 12.37 13.62 -5.51 71.60 -7.21
QCSB Queens County SB of NY* 47.00 6,110 287.2 49.00 31.75 48.37 -2.83 N.A. 18.81
RCSB RCSB Financial, Inc. of NY* 25.75 12,409 319.5 26.87 20.12 25.75 0.00 109.18 8.42
RARB Raritan Bancorp. of Raritan NJ* 20.50 1,427 29.3 22.50 20.25 20.25 1.23 110.26 -4.65
REDF RedFed Bancorp of Redlands CA 8.50 4,060 34.5 10.62 7.75 8.56 -0.70 N.A. -16.01
RELY Reliance Bancorp of NY 16.00 9,226 147.6 16.50 13.12 16.12 -0.74 N.A. 9.44
RELI Reliance Bancshares Inc of WI* 8.37 2,562 21.4 8.50 7.50 8.13 2.95 N.A. N.A.
RFED Roosevelt Fin. Grp. Inc. of MO 17.37 42,118 731.6 19.75 15.25 17.69 -1.81 345.38 -10.33
RVSB Rvrview SB,FSB MHC of WA(40.3) 14.37 2,155 11.3 17.00 11.82 14.37 0.00 N.A. -1.17
SCCB S. Carolina Comm. Bnshrs of SC 16.00 747 12.0 20.50 16.00 16.12 -0.74 N.A. -11.70
SBFL SB Fing. Lakes MHC of NY(33.0) 16.00 1,785 9.4 16.75 10.25 16.50 -3.03 N.A. -1.54
SFED SFS Bancorp of Schenectady NY 12.25 1,395 17.1 13.50 11.12 12.50 -2.00 N.A. -5.77
SGVB SGV Bancorp of W. Covina CA 8.25 2,728 22.5 10.12 8.00 8.50 -2.94 N.A. -15.38
SISB SIS Bank of Sprinfield MA* 17.62 5,718 100.8 18.75 13.25 17.75 -0.73 N.A. 7.64
SJSB SJS Bancorp of St. Joseph MI 20.70 983 20.3 20.75 15.12 20.25 2.22 N.A. 4.81
SWCB Sandwich Co-Op. Bank of MA* 20.25 1,873 37.9 21.50 16.50 20.25 0.00 134.92 10.96
SFBM Security Bancorp of MT 20.87 1,462 30.5 21.25 19.87 20.37 2.45 169.29 -0.62
SECP Security Capital Corp. of WI 59.75 9,536 569.8 62.50 49.75 59.00 1.27 N.A. -0.83
SFSL Security First Corp. of OH 13.50 3,532 47.7 15.75 11.50 13.50 0.00 -14.29 -5.26
SHFC Seven Hills Fin. Corp. of OH(8) 18.12 536 9.7 18.12 14.37 18.12 0.00 20.80 24.97
SMFC Sho-Me Fin. Corp. of MO 16.00 1,821 29.1 16.75 14.50 16.25 -1.54 N.A. 6.67
SOBI Sobieski Bancorp of S. Bend IN 12.12 837 10.1 13.25 10.75 12.50 -3.04 N.A. -6.77
SOSA Somerset Savings Bank of MA(8)* 1.50 16,652 25.0 1.88 1.12 1.50 0.00 -70.70 9.49
SMBC Southern Missouri Bncrp of MO 14.12 1,724 24.3 17.50 13.50 14.75 -4.27 N.A. -5.87
SWBI Southwest Bancshares of IL 27.00 1,794 48.4 28.25 26.00 27.12 -0.44 170.00 1.89
SVRN Sovereign Bancorp of PA 10.00 47,838 478.4 11.25 9.05 9.87 1.32 123.71 3.73
STFR St. Francis Cap. Corp. of WI 25.50 5,857 149.4 28.00 20.00 25.00 2.00 N.A. 9.68
SPBC St. Paul Bancorp, Inc. of IL 22.62 18,550 419.6 26.62 22.62 22.75 -0.57 34.08 -11.29
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)
---------------------------------------
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
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 0.59 0.58 19.44 19.18 185.43
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
PRBC Prestige Bancorp of PA 0.41 0.41 15.66 15.66 106.41
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 15.43 14.43 163.48
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
PROV Provident Fin. Holdings of CA 0.18 0.50 16.29 16.29 117.23
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* 2.84 2.82 24.17 23.36 331.30
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 2.37 2.36 23.38 23.38 194.84
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
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of July 12, 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)
---------------------------------------
STND Standard Fin. of Chicago IL 16.12 16,765 270.3 16.50 13.19 16.37 -1.53 N.A. 10.26
SFFC StateFed Financial Corp. of IA 15.75 823 13.0 19.75 15.50 16.12 -2.30 N.A. -13.08
SFIN Statewide Fin. Corp. of NJ 11.25 5,270 59.3 13.75 11.25 12.25 -8.16 N.A. -13.86
STSA Sterling Financial Corp. of WA 13.75 5,426 74.6 15.00 10.23 14.75 -6.78 51.27 0.00
SSBK Strongsville SB of OH 21.00 2,531 53.2 21.75 17.50 20.50 2.44 N.A. 7.69
SFSB SuburbFed Fin. Corp. of IL 16.75 1,261 21.1 18.17 16.00 17.25 -2.90 151.12 1.52
SBCN Suburban Bancorp. of OH 15.00 1,481 22.2 18.50 14.25 15.50 -3.23 N.A. -18.92
SCSL Suncoast S&LA of Hollywood FL 6.25 1,990 12.4 7.19 5.75 6.12 2.12 -8.22 0.00
THRD TF Financial Corp. of PA 14.25 4,523 64.5 16.00 13.87 14.37 -0.84 N.A. -7.29
ROSE TR Financial Corp. of NY 26.50 8,948 237.1 27.75 17.37 27.50 -3.64 N.A. 3.92
TPNZ Tappan Zee Fin. Corp. of NY 11.62 1,620 18.8 13.00 11.25 11.62 0.00 N.A. -7.92
PTRS The Potters S&L Co. of OH 16.12 533 8.6 18.50 16.00 16.12 0.00 N.A. -5.51
THIR Third Financial Corp. of OH(8) 32.00 1,136 36.4 32.00 18.50 31.62 1.20 N.A. 21.90
TSBS Trenton SB, FSB MHC of NJ(35.0) 12.62 8,912 39.3 15.00 11.37 12.75 -1.02 N.A. -2.92
TRIC Tri-County Bancorp of WY 18.00 631 11.4 18.50 13.87 18.00 0.00 N.A. 9.09
THBC Troy Hill Bancorp of PA 13.00 1,068 13.9 14.00 11.87 13.25 -1.89 N.A. 0.00
TWIN Twin City Bancorp of TN 16.25 898 14.6 18.25 13.50 17.50 -7.14 N.A. -4.41
UFRM United FS&LA of Rocky Mount NC 8.25 3,065 25.3 8.50 6.00 8.25 0.00 153.85 10.00
UBMT United SB, FA of MT 18.00 1,223 22.0 18.75 17.00 18.75 -4.00 71.43 2.86
VABF Va. Beach Fed. Fin. Corp of VA 7.00 4,962 34.7 9.94 6.81 7.00 0.00 49.25 -9.68
VAFD Valley FSB of Sheffield AL(8) 31.00 367 11.4 35.25 24.87 32.00 -3.13 195.24 -11.43
VFFC Virginia First Savings of VA 11.37 5,615 63.8 14.25 9.25 12.00 -5.25 ***.** 0.00
WBCI WFS Bancorp of Wichita KS(8) 22.87 1,561 35.7 23.06 18.75 23.06 -0.82 N.A. 3.39
WHGB WHG Bancshares of MD 11.25 1,620 18.2 11.75 10.87 11.06 1.72 N.A. N.A.
WSFS WSFS Financial Corp. of DE* 6.88 14,179 97.6 10.00 6.25 7.37 -6.65 -5.10 -23.56
WVFC WVS Financial Corp. of PA* 20.50 1,736 35.6 22.25 16.00 20.50 0.00 N.A. 7.22
WLDN Walden Bancorp of MA* 20.00 5,312 106.2 20.75 15.75 20.25 -1.23 180.90 5.26
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 21.12 42,246 892.2 23.46 19.32 20.12 4.97 44.76 -9.36
WAMU Washington Mutual Inc. of WA(8)* 29.62 72,007 2,132.8 32.00 22.75 30.50 -2.89 59.59 2.60
WYNE Wayne Bancorp of NJ 10.75 2,231 24.0 11.75 10.75 11.25 -4.44 N.A. N.A.
WAYN Wayne S&L Co., MHC of OH(46.7) 20.00 1,492 13.2 22.00 17.14 20.00 0.00 N.A. -8.72
WCFB Webster CityFSB,MHC of IA(45.2) 12.75 2,100 12.1 13.50 9.75 12.69 0.47 N.A. 2.00
WBST Webster Financial Corp. of CT 29.00 8,104 235.0 30.50 23.37 28.75 0.87 207.20 -1.69
WEFC Wells Fin. Corp. of Wells MN 11.37 2,188 24.9 11.75 9.06 11.62 -2.15 N.A. 3.36
WCBI WestCo Bancorp of IL 21.00 2,678 56.2 22.00 15.17 21.00 0.00 110.00 17.78
WSTR WesterFed Fin. Corp. of MT 14.50 4,396 63.7 17.12 14.00 14.62 -0.82 N.A. -12.76
WOFC Western Ohio Fin. Corp. of OH 20.00 2,309 46.2 24.37 20.00 23.00 -13.04 N.A. -13.98
WWFC Westwood Fin. Corp. of NJ 10.50 647 6.8 11.00 10.25 10.62 -1.13 N.A. N.A.
WFCO Winton Financial Corp. of OH(8) 13.75 1,986 27.3 15.00 10.87 13.50 1.85 N.A. 26.49
FFWD Wood Bancorp of OH 19.75 1,034 20.4 19.75 14.25 19.50 1.28 N.A. 9.72
WCHI Workingmens Cap. Hldgs of IN(8) 20.62 1,798 37.1 20.62 15.50 20.62 0.00 312.40 17.83
YFCB Yonkers Fin. Corp. of NY 9.75 3,571 34.8 10.12 9.31 10.12 -3.66 N.A. N.A.
YFED York Financial Corp. of PA 16.75 6,050 101.3 18.86 14.89 16.75 0.00 77.25 -0.71
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)
---------------------------------------
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
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 1.90 1.82 14.16 13.47 116.67
WAMU Washington Mutual Inc. of WA(8)* 2.62 2.61 19.33 17.19 310.31
WYNE Wayne Bancorp of NJ 0.54 0.65 16.17 16.17 96.07
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 Exhibit IV-1
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios
----------------------------------------------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5)
- --------------------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(330) 13.38 13.18 0.87 8.04 7.01 0.81 7.24
NYSE Traded Companies(12) 6.30 5.95 0.70 11.73 8.23 0.58 9.65
AMEX Traded Companies(17) 18.41 18.32 0.83 6.71 5.45 0.80 6.35
NASDAQ Listed OTC Companies(301) 13.40 13.19 0.88 7.96 7.05 0.82 7.19
California Companies(26) 7.88 7.74 0.33 5.02 3.80 0.28 4.08
Florida Companies(9) 7.64 7.46 0.75 12.70 9.97 0.53 6.73
Mid-Atlantic Companies(68) 11.94 11.56 0.84 8.68 7.89 0.82 8.34
Mid-West Companies(152) 14.87 14.74 0.94 7.76 6.94 0.87 7.02
New England Companies(9) 8.08 7.66 0.63 8.69 8.50 0.53 7.21
North-West Companies(6) 11.43 11.11 1.01 10.28 6.79 0.93 9.05
South-East Companies(45) 15.60 15.43 1.02 8.76 6.92 0.97 8.15
South-West Companies(7) 12.44 12.33 0.72 7.26 8.24 0.68 6.75
Western Companies (Excl CA)(8) 17.09 16.91 1.04 7.61 6.38 0.99 7.17
Thrift Strategy(254) 14.93 14.75 0.87 6.99 6.40 0.83 6.56
Mortgage Banker Strategy(41) 7.75 7.40 0.82 11.50 9.26 0.63 8.18
Real Estate Strategy(16) 9.24 9.13 0.91 10.74 9.11 0.93 10.98
Diversified Strategy(15) 7.96 7.77 0.97 12.93 8.24 0.92 12.64
Retail Banking Strategy(4) 9.43 9.18 0.73 9.92 10.16 0.58 7.67
Companies Issuing Dividends(250) 13.59 13.37 0.95 8.66 7.46 0.89 7.88
Companies Without Dividends(80) 12.71 12.56 0.60 6.09 5.62 0.57 5.27
Equity/Assets (less than)6%(29) 4.97 4.72 0.52 10.67 7.51 0.41 8.07
Equity/Assets 6-12%(149) 8.62 8.29 0.84 10.24 8.59 0.76 9.10
Equity/Assets (greater than)12%(152) 19.55 19.48 0.96 5.43 5.41 0.94 5.31
Converted Last 3 Mths (no MHC)(15) 17.91 17.49 0.73 4.12 5.45 0.75 4.28
Actively Traded Companies(53) 8.62 8.35 0.92 11.36 8.54 0.88 10.63
Market Value Below $20 Million(85) 15.65 15.58 0.81 6.57 6.80 0.73 5.24
Holding Company Structure(283) 13.99 13.79 0.86 7.61 6.73 0.82 6.99
Assets Over $1 Billion(64) 8.40 7.88 0.83 10.80 8.27 0.76 9.86
Assets $500 Million-$1 Billion(57) 11.53 11.31 0.84 8.57 7.01 0.81 8.00
Assets $250-$500 Million(78) 11.41 11.22 0.83 8.43 7.59 0.74 6.87
Assets less than $250 Million(131) 17.93 17.90 0.91 6.15 6.03 0.87 5.77
Goodwill Companies(136) 9.39 8.90 0.82 9.57 7.78 0.74 8.38
Non-Goodwill Companies(194) 16.22 16.22 0.90 6.96 6.47 0.86 6.44
Acquirors of FSLIC Cases(14) 7.06 6.69 0.88 12.91 10.06 0.85 12.17
Asset Quality Ratios Pricing Ratios
----------------------- -----------------------------------------
Price/ Price/
NPAs Resvs/ Resvs/ Price/ Price/ Price/ Tang. Core
Financial Institution Assets NPAs Loans Earning Book Assets Book Earnings
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (X) (%) (%) (%) (x)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(330) 0.97 123.41 0.87 13.96 101.47 12.79 104.69 14.86
NYSE Traded Companies(12) 1.58 62.19 1.33 12.47 130.84 8.42 138.79 14.02
AMEX Traded Companies(17) 0.61 132.94 0.70 15.07 93.81 16.24 94.50 16.40
NASDAQ Listed OTC Companies(301) 0.96 125.94 0.86 13.99 100.62 12.78 103.79 14.82
California Companies(26) 2.33 50.09 1.31 13.32 96.81 7.27 99.31 15.45
Florida Companies(9) 1.08 87.23 1.01 11.17 104.45 7.69 107.08 13.42
Mid-Atlantic Companies(68) 1.20 91.85 1.07 13.06 98.18 11.04 103.46 13.82
Mid-West Companies(152) 0.60 159.91 0.70 14.56 100.78 14.08 102.87 15.47
New England Companies(9) 1.35 49.90 1.10 11.40 94.10 7.45 103.65 13.05
North-West Companies(6) 0.93 78.60 0.66 15.72 139.63 14.26 148.04 15.31
South-East Companies(45) 1.03 121.14 0.87 14.34 111.18 16.09 113.74 14.73
South-West Companies(7) 0.94 41.42 0.86 13.33 80.09 9.72 83.91 14.25
Western Companies (Excl CA)(8) 0.26 211.26 0.67 15.14 102.45 16.14 104.58 16.06
Thrift Strategy(254) 0.86 132.31 0.80 14.78 96.48 13.77 98.88 15.42
Mortgage Banker Strategy(41) 1.32 75.84 0.94 10.95 115.05 8.90 123.27 13.09
Real Estate Strategy(16) 1.86 84.24 1.52 12.53 106.65 9.58 107.89 12.76
Diversified Strategy(15) 1.02 152.83 1.27 11.96 145.49 11.49 150.18 12.36
Retail Banking Strategy(4) 1.37 76.19 0.92 12.08 88.70 8.26 91.57 15.74
Companies Issuing Dividends(250) 0.82 134.26 0.84 13.88 105.81 13.50 109.47 14.76
Companies Without Dividends(80) 1.45 89.33 0.98 14.33 87.90 10.60 89.75 15.25
Equity/Assets (less than)6%(29) 1.74 83.49 1.06 10.73 116.66 5.84 125.47 12.57
Equity/Assets 6-12%(149) 1.14 117.63 1.01 12.35 111.14 9.45 116.06 13.28
Equity/Assets (greater than)12%(152) 0.64 138.15 0.70 16.61 89.27 17.34 89.80 17.12
Converted Last 3 Mths (no MHC)(15) 1.01 128.50 0.72 16.22 74.92 13.65 78.44 16.26
Actively Traded Companies(53) 1.49 89.61 1.01 11.48 122.56 10.39 129.33 12.14
Market Value Below $20 Million(85) 0.88 112.61 0.70 14.59 85.53 13.16 86.14 15.69
Holding Company Structure(283) 0.93 125.00 0.84 14.37 100.58 13.25 103.84 15.12
Assets Over $1 Billion(64) 1.17 101.52 1.03 12.24 121.82 9.90 131.93 13.26
Assets $500 Million-$1 Billion(57) 1.30 134.14 1.01 13.47 103.34 11.59 106.72 14.52
Assets $250-$500 Million(78) 0.94 129.94 0.90 13.41 102.38 11.22 104.26 14.65
Assets less than $250 Million(131) 0.73 126.25 0.71 15.66 89.57 15.75 89.95 16.16
Goodwill Companies(136) 1.14 104.97 0.95 12.64 110.86 10.12 118.63 13.84
Non-Goodwill Companies(194) 0.85 137.60 0.82 15.03 94.79 14.70 94.79 15.66
Acquirors of FSLIC Cases(14) 1.52 51.96 0.92 10.54 125.94 8.82 133.32 12.20
Dividend Data(6)
-------------------------
Ind. Divi-
Div./ dend Payout
Financial Institution Share Yield Ratio(7)
- --------------------- ------- ------- --------
($) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
SAIF-Insured Thrifts(330) 0.34 1.92 26.40
NYSE Traded Companies(12) 0.42 1.54 16.50
AMEX Traded Companies(17) 0.37 2.52 29.54
NASDAQ Listed OTC Companies(301) 0.33 1.90 26.75
California Companies(26) 0.26 1.12 15.32
Florida Companies(9) 0.16 0.90 11.11
Mid-Atlantic Companies(68) 0.30 1.70 21.99
Mid-West Companies(152) 0.34 1.95 27.57
New England Companies(9) 0.48 2.73 32.40
North-West Companies(6) 0.34 1.66 22.59
South-East Companies(45) 0.40 2.47 34.65
South-West Companies(7) 0.30 2.18 21.99
Western Companies (Excl CA)(8) 0.47 2.80 45.13
Thrift Strategy(254) 0.34 2.01 29.07
Mortgage Banker Strategy(41) 0.33 1.56 16.77
Real Estate Strategy(16) 0.18 0.91 9.57
Diversified Strategy(15) 0.60 2.50 28.38
Retail Banking Strategy(4) 0.14 1.34 18.06
Companies Issuing Dividends(250) 0.45 2.54 35.28
Companies Without Dividends(80) 0.00 0.00 0.00
Equity/Assets (less than)6%(29) 0.24 1.20 13.53
Equity/Assets 6-12%(149) 0.37 1.89 23.11
Equity/Assets (greater than)12%(152) 0.32 2.09 32.56
Converted Last 3 Mths (no MHC)(15) 0.02 0.16 2.01
Actively Traded Companies(53) 0.51 2.23 26.11
Market Value Below $20 Million(85) 0.26 1.74 25.68
Holding Company Structure(283) 0.35 1.97 27.49
Assets Over $1 Billion(64) 0.47 1.99 23.51
Assets $500 Million-$1 Billion(57) 0.29 1.61 22.76
Assets $250-$500 Million(78) 0.33 2.00 25.75
Assets less than $250 Million(131) 0.30 1.98 30.25
Goodwill Companies(136) 0.39 1.93 24.40
Non-Goodwill Companies(194) 0.30 1.91 27.91
Acquirors of FSLIC Cases(14) 0.43 2.06 21.26
(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
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(71) 10.48 10.18 0.90 10.43 8.35 0.87 9.91 1.79 91.38 1.51
NYSE Traded Companies(3) 7.10 5.57 0.46 5.41 5.13 0.52 6.34 2.79 30.49 1.33
AMEX Traded Companies(4) 12.21 11.77 0.75 8.27 7.67 0.53 5.60 3.55 30.39 1.35
NASDAQ Listed OTC Companies(63) 10.55 10.32 0.97 11.33 9.05 0.93 10.59 1.61 97.43 1.52
California Companies(2) 6.78 6.77 0.61 11.41 6.76 0.51 9.40 4.57 31.17 1.83
Mid-Atlantic Companies(19) 10.53 10.22 0.85 10.10 8.25 0.82 9.36 1.98 77.30 1.45
Mid-West Companies(1) 56.23 56.23 1.47 2.62 3.46 1.47 2.62 0.00 0.00 0.49
New England Companies(44) 9.04 8.69 0.88 10.50 8.51 0.87 10.21 1.68 86.92 1.62
North-West Companies(4) 16.21 16.21 1.19 11.16 8.10 1.18 11.03 0.21 321.71 0.92
South-West Companies(1) 8.65 8.35 1.54 17.77 12.72 1.20 13.90 0.42 127.82 0.78
Thrift Strategy(44) 11.91 11.57 0.88 9.34 7.70 0.88 9.26 1.71 85.39 1.47
Mortgage Banker Strategy(11) 7.24 6.88 0.76 10.13 8.47 0.75 10.11 1.16 129.18 1.22
Real Estate Strategy(7) 9.61 9.56 1.24 14.45 10.01 1.12 12.71 2.07 95.15 1.73
Diversified Strategy(7) 7.00 6.75 1.21 19.14 14.52 1.00 15.23 3.12 85.00 2.23
Retail Banking Strategy(2) 6.32 6.16 0.05 0.82 0.95 0.05 0.86 1.31 68.51 1.24
Companies Issuing Dividends(48) 9.29 8.90 1.02 11.58 9.37 0.98 11.01 1.20 107.70 1.41
Companies Without Dividends(23) 12.91 12.78 0.64 8.08 6.26 0.65 7.66 3.39 47.83 1.71
Equity/Assets (less than)6%(8) 5.38 5.31 0.74 14.03 10.00 0.58 10.93 3.69 44.18 1.81
Equity/Assets 6-12%(52) 8.36 7.97 0.90 11.04 8.89 0.88 10.71 1.64 91.49 1.54
Equity/Assets (greater than)12%(11) 23.69 23.69 0.97 5.38 4.76 0.99 5.44 1.31 137.58 1.19
Converted Last 3 Mths (no MHC)(3) 31.17 31.17 0.30 -3.39 -3.50 0.86 2.19 5.43 32.22 1.44
Actively Traded Companies(29) 8.59 8.20 0.90 10.57 8.87 0.89 10.46 1.32 94.12 1.54
Market Value Below $20 Million(12) 9.85 9.61 0.80 9.69 8.48 0.72 8.64 1.59 90.72 1.34
Holding Company Structure(44) 11.73 11.48 1.05 11.51 9.31 1.01 10.78 1.52 101.32 1.58
Assets Over $1 Billion(16) 8.14 7.57 0.99 12.82 9.89 0.94 11.72 2.17 72.82 1.61
Assets $500 Million-$1 Billion(18) 10.17 9.90 0.76 9.07 6.61 0.78 9.11 1.48 107.56 1.61
Assets $250-$500 Million(22) 10.17 9.94 0.89 10.50 8.59 0.88 10.14 2.02 80.14 1.51
Assets less than $250 Million(15) 13.39 13.20 0.94 9.48 8.32 0.88 8.71 1.40 110.08 1.31
Goodwill Companies(35) 7.98 7.36 0.83 10.68 8.63 0.75 9.45 1.53 81.79 1.43
Non-Goodwill Companies(36) 12.82 12.82 0.96 10.20 8.08 0.98 10.34 2.05 100.62 1.59
Pricing Ratios Dividend Data(6)
----------------------------------------- ---------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- --------------------------------------------
BIF-Insured Thrifts(71) 11.19 109.74 10.82 114.14 11.67 0.36 1.89 21.62
NYSE Traded Companies(3) 15.96 103.09 7.14 127.34 13.21 0.27 0.97 13.14
AMEX Traded Companies(4) 10.86 98.32 11.01 104.40 12.79 0.34 1.34 16.83
NASDAQ Listed OTC Companies(63) 11.02 111.32 11.05 114.61 11.56 0.37 2.02 22.48
California Companies(2) 9.14 100.37 6.92 100.43 11.33 0.00 0.00 0.00
Mid-Atlantic Companies(19) 12.38 108.31 10.73 113.11 11.88 0.41 1.73 21.05
Mid-West Companies(1) 0.00 75.68 42.55 75.68 0.00 0.00 0.00 0.00
New England Companies(44) 10.87 111.71 9.80 116.60 11.73 0.37 2.12 23.34
North-West Companies(4) 9.91 106.88 16.48 106.88 9.97 0.27 2.07 29.30
South-West Companies(1) 7.86 123.26 10.66 127.62 10.05 0.16 1.64 12.90
Thrift Strategy(44) 11.65 107.83 11.81 112.73 12.12 0.39 2.05 24.57
Mortgage Banker Strategy(11) 11.55 111.13 8.05 116.18 11.42 0.30 1.47 16.43
Real Estate Strategy(7) 10.64 123.31 12.13 124.03 11.78 0.37 1.66 16.68
Diversified Strategy(7) 8.07 113.78 7.98 118.04 8.92 0.23 1.63 13.86
Retail Banking Strategy(2) 0.00 92.74 5.86 95.05 0.00 0.32 1.78 0.00
Companies Issuing Dividends(48) 10.80 114.73 10.52 120.42 11.21 0.53 2.82 31.11
Companies Without Dividends(23) 12.32 99.52 11.45 101.26 12.95 0.00 0.00 0.00
Equity/Assets (less than)6%(8) 11.83 116.93 6.26 118.61 12.41 0.05 0.49 6.31
Equity/Assets 6-12%(52) 10.72 113.25 9.44 118.90 11.27 0.42 2.27 25.00
Equity/Assets (greater than)12%(11) 14.74 88.60 20.19 88.60 14.39 0.23 0.94 15.32
Converted Last 3 Mths (no MHC)(3) 21.28 78.63 23.72 78.63 18.52 0.00 0.00 0.00
Actively Traded Companies(29) 11.36 111.33 9.51 116.68 11.54 0.45 2.43 25.48
Market Value Below $20 Million(12) 10.91 101.88 9.40 105.40 12.31 0.21 1.45 13.29
Holding Company Structure(44) 10.92 109.40 12.06 112.95 11.22 0.39 2.04 23.49
Assets Over $1 Billion(16) 11.06 116.76 9.60 125.69 10.87 0.46 1.71 19.27
Assets $500 Million-$1 Billion(18) 11.20 111.48 10.96 115.33 12.33 0.45 2.23 27.91
Assets $250-$500 Million(22) 11.53 109.40 10.45 112.22 11.68 0.32 2.01 23.89
Assets less than $250 Million(15) 10.86 101.90 12.34 104.72 11.91 0.23 1.58 14.93
Goodwill Companies(35) 11.62 111.57 8.88 120.64 12.31 0.46 2.28 27.06
Non-Goodwill Companies(36) 10.77 108.03 12.66 108.03 11.06 0.27 1.53 16.70
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(18) 11.89 11.67 0.78 6.84 5.42 0.73 6.57 0.69 83.87 0.82
BIF-Insured Thrifts(2) 10.14 10.14 0.80 9.31 6.25 0.69 7.88 2.36 44.03 1.42
NASDAQ Listed OTC Companies(20) 11.72 11.52 0.78 7.09 5.51 0.73 6.70 0.85 79.44 0.88
Florida Companies(3) 10.30 10.26 0.89 8.83 7.00 0.86 8.60 0.72 107.38 0.97
Mid-Atlantic Companies(8) 12.45 12.12 0.68 5.25 4.20 0.68 5.55 1.11 50.81 0.89
Mid-West Companies(7) 12.13 12.12 0.74 6.66 5.45 0.64 5.90 0.59 94.58 0.76
New England Companies(1) 8.00 8.00 1.11 14.66 9.00 0.89 11.81 1.66 65.45 1.65
North-West Companies(1) 11.02 9.75 1.30 11.97 8.42 1.17 10.78 0.26 119.16 0.51
Thrift Strategy(18) 11.97 11.81 0.74 6.39 5.15 0.70 6.19 0.84 77.83 0.85
Mortgage Banker Strategy(1) 11.02 9.75 1.30 11.97 8.42 1.17 10.78 0.26 119.16 0.51
Diversified Strategy(1) 8.00 8.00 1.11 14.66 9.00 0.89 11.81 1.66 65.45 1.65
Companies Issuing Dividends(20) 11.72 11.52 0.78 7.09 5.51 0.73 6.70 0.85 79.44 0.88
Equity/Assets (less than)6%(1) 5.95 5.95 0.56 9.43 8.48 0.58 9.66 0.26 146.44 1.14
Equity/Assets 6-12%(12) 9.93 9.69 0.68 7.17 5.41 0.68 7.14 0.89 87.47 0.90
Equity/Assets (greater than)12%(7) 15.61 15.44 1.00 6.61 5.25 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 3.69 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(3) 10.25 9.95 0.95 9.86 6.64 0.87 8.88 1.13 67.59 1.17
Assets $500 Million-$1 Billion(6) 11.26 10.96 0.90 7.95 6.29 0.83 7.78 0.76 81.42 0.95
Assets $250-$500 Million(3) 10.24 10.22 0.74 7.85 6.90 0.73 7.72 0.15 187.85 0.64
Assets less than $250 Million(8) 13.17 13.01 0.65 5.11 3.97 0.60 4.70 1.09 51.85 0.80
Goodwill Companies(9) 11.19 10.75 0.95 8.90 6.73 0.82 7.79 0.68 93.85 0.80
Non-Goodwill Companies(11) 12.15 12.15 0.65 5.60 4.50 0.66 5.82 0.99 65.03 0.94
MHC Institutions(20) 11.72 11.52 0.78 7.09 5.51 0.73 6.70 0.85 79.44 0.88
Pricing Ratios Dividend Data(6)
--------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- -------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(18) 16.47 118.28 14.13 120.98 17.55 0.61 4.02 41.45
BIF-Insured Thrifts(2) 11.12 131.22 12.92 131.22 13.80 0.58 3.69 42.11
NASDAQ Listed OTC Companies(20) 16.13 119.57 14.01 122.01 17.32 0.61 3.99 41.53
Florida Companies(3) 14.82 116.97 11.87 117.38 15.42 0.87 4.93 55.81
Mid-Atlantic Companies(8) 16.00 116.57 14.56 120.26 18.17 0.44 3.22 35.56
Mid-West Companies(7) 18.44 117.75 14.48 117.83 18.96 0.72 4.84 54.74
New England Companies(1) 11.12 149.58 11.96 149.58 13.80 0.80 3.79 42.11
North-West Companies(1) 11.88 134.17 14.78 151.58 13.18 0.22 1.53 18.18
Thrift Strategy(18) 16.80 117.09 14.08 118.83 17.86 0.62 4.13 45.33
Mortgage Banker Strategy(1) 11.88 134.17 14.78 151.58 13.18 0.22 1.53 18.18
Diversified Strategy(1) 11.12 149.58 11.96 149.58 13.80 0.80 3.79 42.11
Companies Issuing Dividends(20) 16.13 119.57 14.01 122.01 17.32 0.61 3.99 41.53
Equity/Assets (less than)6%(1) 11.79 106.30 6.32 106.30 11.51 0.80 5.52 65.04
Equity/Assets 6-12%(12) 14.69 121.27 12.02 124.44 16.35 0.60 3.46 38.98
Equity/Assets (greater than)12%(7) 19.02 118.55 18.52 120.08 20.42 0.60 4.66 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 96.94 11.43 96.94 0.00 0.40 3.08 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(3) 16.26 137.01 13.84 140.28 17.26 0.56 3.34 41.60
Assets $500 Million-$1 Billion(6) 13.83 110.01 12.45 113.50 16.61 0.64 3.92 40.47
Assets $250-$500 Million(3) 14.90 109.99 11.26 110.18 15.25 0.72 4.36 54.74
Assets less than $250 Million(8) 19.10 123.79 16.28 125.97 19.96 0.56 4.14 18.18
Goodwill Companies(9) 14.72 120.81 13.38 126.23 16.40 0.49 3.07 35.24
Non-Goodwill Companies(11) 17.54 118.55 14.53 118.55 18.23 0.71 4.74 60.43
MHC Institutions(20) 16.13 119.57 14.01 122.01 17.32 0.61 3.99 41.53
(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 Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 4.61 4.32 0.80 17.30 14.60 0.10 2.09 2.30 33.64 1.25
CAL CalFed Inc. of Los Angeles CA 4.36 4.36 0.58 13.97 9.73 0.55 13.14 1.61 77.66 1.85
CSA Coast Savings Financial of CA 5.16 5.08 0.46 9.62 6.80 0.40 8.33 1.62 48.77 1.17
CFB Commercial Federal Corp. of NE 6.05 5.43 0.84 15.46 9.61 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 5.44 0.46 9.54 NA NA 1.24
DSL Downey Financial Corp. of CA 8.33 8.18 0.61 7.57 8.00 0.53 6.62 2.03 29.06 0.66
FRC First Republic Bancorp of CA* 5.65 5.64 0.14 2.38 2.57 0.13 2.31 2.64 36.28 1.09
FED FirstFed Fin. Corp. of CA 4.69 4.61 0.18 3.94 4.09 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 2.43 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 8.36 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 8.78 0.54 10.01 1.81 43.93 1.15
GPT GreenPoint Fin. Corp. of NY* 10.58 6.03 0.92 6.87 7.38 0.96 7.17 2.94 24.69 1.67
SFB Standard Fed. Bancorp of MI 6.96 5.93 0.94 13.84 10.18 0.85 12.50 0.45 59.52 0.38
TCB TCF Financial Corp. of MN 7.69 7.35 1.37 20.13 8.33 1.29 19.04 0.92 102.63 1.23
WES Westcorp Inc. of Orange CA 9.89 9.86 1.21 13.72 7.84 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 7.96 0.39 4.36 2.95 33.54 1.46
BFD BostonFed Bancorp of MA 13.51 13.51 0.21 2.42 1.68 0.18 2.05 1.67 40.40 0.85
CFX Cheshire Fin. Corp. of NH* 9.46 8.44 0.99 10.03 8.85 0.82 8.29 NA NA 1.02
CZF Citisave Fin. Corp. of LA 18.18 18.17 1.28 9.16 7.03 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 5.63 0.68 4.37 NA NA 0.24
ESX Essex Bancorp of VA(8) 2.57 -0.08 0.32 7.80 37.02 -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 2.38 0.47 2.50 NA NA 1.31
GAF GA Financial Corp. of PA 22.44 22.44 0.58 4.73 3.07 0.78 6.30 0.19 78.79 0.41
KNK Kankakee Bancorp of IL 9.80 9.09 0.50 4.56 6.09 0.49 4.48 0.59 110.93 1.02
KYF Kentucky First Bancorp of KY 23.62 23.62 1.12 5.40 3.80 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 10.51 1.12 18.82 1.63 45.81 1.22
PDB Piedmont Bancorp of NC 29.77 29.77 1.34 6.02 4.60 1.36 6.12 0.72 65.30 0.66
PLE Pinnacle Bank of AL 8.19 7.90 0.79 10.40 10.29 0.71 9.31 0.22 303.63 1.04
SSB Scotland Bancorp of NC 37.58 37.58 1.09 3.96 3.14 1.09 3.96 NA NA 0.52
SZB SouthFirst Bancshares of AL 14.89 14.89 0.55 3.25 4.40 0.76 4.49 0.56 52.60 0.45
SRN Southern Banc Company of AL 20.38 20.15 0.50 4.33 2.85 0.50 4.33 NA NA 0.25
SSM Stone Street Bancorp of NC 33.68 33.68 0.77 3.04 2.59 0.77 3.04 0.31 126.92 0.60
TSH Teche Holding Company of LA 17.16 17.16 1.17 7.06 7.15 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 9.25 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 3.89 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 8.23 8.23 0.94 12.58 10.48 0.70 9.38 NA NA 0.99
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 7.88 7.88 2.25 35.91 36.33 -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 8.63 0.99 9.39 1.03 70.00 1.09
AMFC AMB Financial Corp. of IN 20.06 20.06 0.49 4.30 3.02 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 5.33 0.24 3.48 0.37 88.30 0.58
AADV Advantage Bancorp of WI 9.77 8.47 0.90 9.33 7.55 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 3.94 0.25 2.43 0.72 61.31 0.55
ATSB AmTrust Capital Corp. of IN 10.34 10.23 0.31 2.75 4.32 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 6.85 122.55 5.65 130.75 NM 0.88 3.52 24.11
CAL CalFed Inc. of Los Angeles CA 10.28 137.42 6.00 137.42 10.92 0.00 0.00 0.00
CSA Coast Savings Financial of CA 14.71 134.34 6.93 136.61 16.99 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 10.41 135.94 8.22 151.32 10.47 0.40 1.11 11.53
DME Dime Savings Bank, FSB of NY* 18.38 125.25 6.36 126.65 13.44 0.00 0.00 0.00
DSL Downey Financial Corp. of CA 12.50 91.98 7.66 93.62 14.29 0.48 2.29 28.57
FRC First Republic Bancorp of CA* NM 89.78 5.07 89.90 NM 0.00 0.00 0.00
FED FirstFed Fin. Corp. of CA 24.46 94.50 4.43 96.13 21.99 0.00 0.00 0.00
GLN Glendale Fed. Bk, FSB of CA NM 98.63 5.29 107.01 17.42 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 11.96 132.87 8.85 141.25 12.10 0.38 0.72 8.60
GWF Great Western Fin. Corp. of CA 11.40 118.78 6.86 135.65 12.50 1.00 4.57 52.08
GPT GreenPoint Fin. Corp. of NY* 13.55 94.24 9.97 165.46 12.97 0.80 2.91 39.41
SFB Standard Fed. Bancorp of MI 9.82 128.25 8.92 150.33 10.88 0.76 1.97 19.39
TCB TCF Financial Corp. of MN 12.00 220.99 16.99 231.09 12.69 0.75 2.25 26.98
WES Westcorp Inc. of Orange CA 12.76 153.82 15.22 154.34 NM 0.38 2.10 26.76
AMEX Traded Companies
- ---------------------
BKC American Bank of Waterbury CT* 12.56 130.98 11.22 138.11 NM 1.36 5.36 67.33
BFD BostonFed Bancorp of MA NM 85.40 11.54 85.40 NM 0.20 1.68 NM
CFX Cheshire Fin. Corp. of NH* 11.30 108.51 10.26 121.61 13.68 0.00 0.00 0.00
CZF Citisave Fin. Corp. of LA 14.22 96.54 17.55 96.60 20.71 0.30 2.07 29.41
CBK Citizens First Fin.Corp. of IL 17.75 71.25 11.09 71.25 16.30 0.00 0.00 0.00
ESX Essex Bancorp of VA(8) 2.70 33.94 0.87 NM NM 0.00 0.00 0.00
FCB Falmouth Co-Op Bank of MA* NM 70.75 17.38 70.75 NM 0.00 0.00 0.00
GAF GA Financial Corp. of PA NM 74.97 16.82 74.97 24.43 0.00 0.00 0.00
KNK Kankakee Bancorp of IL 16.41 76.30 7.48 82.26 16.70 0.40 2.12 34.78
KYF Kentucky First Bancorp of KY NM 105.04 24.81 105.04 NM 0.50 3.33 NM
NYB New York Bancorp, Inc. of NY 9.51 190.50 11.01 190.50 10.03 0.80 3.09 29.41
PDB Piedmont Bancorp of NC 21.76 89.82 26.74 89.82 21.39 0.48 3.80 NM
PLE Pinnacle Bank of AL 9.72 97.19 7.96 100.73 10.86 0.72 4.33 42.11
SSB Scotland Bancorp of NC NM 84.28 31.67 84.28 NM 0.30 2.48 NM
SZB SouthFirst Bancshares of AL 22.73 80.75 12.02 80.75 16.45 0.50 4.00 NM
SRN Southern Banc Company of AL NM 81.37 16.58 82.27 NM 0.35 2.77 NM
SSM Stone Street Bancorp of NC NM 77.55 26.12 77.55 NM 0.44 2.65 NM
TSH Teche Holding Company of LA 13.99 88.70 15.22 88.70 14.30 0.50 3.89 54.35
FTF Texarkana Fst. Fin. Corp of AR 10.81 94.23 19.43 94.23 14.41 0.45 2.81 30.41
THR Three Rivers Fin. Corp. of MI NM 88.05 13.86 88.59 NM 0.30 2.29 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 9.54 113.28 9.32 113.28 12.80 0.10 1.78 16.95
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 2.75 83.51 6.58 83.51 NM 0.40 1.48 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 11.59 108.65 10.46 123.11 11.59 0.48 1.87 21.72
AMFC AMB Financial Corp. of IN NM 71.33 14.31 71.33 NM 0.00 0.00 0.00
ASBP ASB Financial Corp. of OH 23.44 99.73 23.01 99.73 23.44 0.40 2.67 62.50
ABBK Abington Savings Bank of MA(8)* 18.75 96.49 6.28 110.31 NM 0.40 2.51 47.06
AADV Advantage Bancorp of WI 13.25 119.73 11.70 138.20 14.71 0.32 0.96 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 NM 72.01 7.71 72.01 NM 0.31 1.85 46.97
ATSB AmTrust Capital Corp. of IN 23.14 64.26 6.64 64.95 NM 0.00 0.00 0.00
AHCI Ambanc Holding Co. of NY* NM 68.49 13.13 68.49 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 Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ASBI Ameriana Bancorp of IN 11.64 11.62 0.93 7.22 7.51 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 12.19 0.81 12.48 0.65 46.82 0.50
AMFB American Federal Bank of SC 8.21 7.58 1.29 16.11 9.77 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 3.52 0.33 3.51 1.40 69.89 1.61
ABCW Anchor Bancorp Wisconsin of WI 6.75 6.57 0.87 12.13 8.49 0.85 11.80 0.61 214.80 1.63
ANDB Andover Bancorp, Inc. of MA* 7.60 7.60 0.87 11.60 9.09 0.91 12.17 1.60 63.49 1.46
ASFC Astoria Financial Corp. of NY 8.55 6.95 0.75 8.45 8.44 0.74 8.37 0.85 23.49 0.62
AVND Avondale Fin. Corp. of IL 10.63 10.63 0.65 6.66 7.37 0.45 4.65 0.85 82.48 1.72
BFSI BFS Bankorp, Inc. of NY 8.14 8.14 1.84 24.85 16.21 1.78 24.01 1.48 69.83 1.13
BKCT Bancorp Connecticut of CT* 10.81 10.81 1.18 10.65 7.25 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 3.57 0.41 1.98 0.08 112.71 0.13
BANC BankAtlantic Bancorp of FL 8.33 7.65 0.97 14.59 10.87 0.76 11.35 1.25 91.39 2.12
BKUNA BankUnited SA of FL 6.11 5.77 1.02 26.11 15.45 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 -1.42 0.26 3.66 1.23 76.86 1.33
BFSB Bedford Bancshares of VA 16.11 16.11 1.26 7.57 7.27 1.26 7.57 1.24 43.93 0.64
BSBC Branford SB of CT* 8.69 8.69 0.76 9.05 6.67 0.76 9.05 2.31 87.06 2.77
BRFC Bridgeville SB, FSB of PA(8) 28.51 28.51 1.24 4.21 3.93 1.24 4.21 0.25 102.86 0.70
BYFC Broadway Fin. Corp. of CA 11.42 11.42 0.40 6.29 4.90 0.45 7.06 2.42 34.07 1.05
CBCO CB Bancorp of Michigan City IN 9.16 9.16 1.36 13.92 12.18 1.36 13.92 0.84 77.80 1.45
CCFH CCF Holding Company of GA 21.23 21.23 0.86 5.17 4.97 0.82 4.91 0.63 84.80 0.90
CENF CENFED Financial Corp. of CA 5.00 4.99 0.48 9.87 9.11 0.33 6.81 1.22 54.40 0.89
CFSB CFSB Bancorp of Lansing MI 8.29 8.29 0.94 11.62 7.80 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
CNSB CNS Bancorp of MO 23.07 23.07 0.74 3.20 3.91 0.62 2.70 0.70 53.70 0.60
CSBF CSB Financial Group Inc of IL 30.89 30.89 0.82 3.62 3.46 0.82 3.62 0.78 37.38 0.55
CFHC California Fin. Hld. Co. of CA 6.75 6.69 0.28 4.26 3.44 0.25 3.71 1.26 44.64 0.78
CBCI Calumet Bancorp of Chicago IL 16.99 16.99 1.21 7.25 8.14 1.20 7.22 1.23 82.56 1.36
CAFI Camco Fin. Corp. of OH 8.33 8.33 1.22 15.54 10.49 0.93 11.85 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 9.66 0.95 8.92 0.20 152.91 0.38
CARV Carver FSB of New York, NY 9.45 9.00 0.21 2.19 4.13 0.21 2.19 0.97 33.76 1.44
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 4.70 1.10 3.96 NA NA 1.63
CNIT Cenit Bancorp of Norfolk VA 6.98 6.72 0.42 5.90 4.83 0.49 6.92 0.51 109.75 1.17
CTBK Center Banks, Inc. of NY* 7.08 7.08 0.56 8.10 9.41 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 6.60 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 5.58 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 6.30 1.06 10.20 1.91 33.63 1.30
CBSB Charter Financial Inc. of IL 21.41 20.85 1.12 6.95 5.91 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 1.10 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 4.20 0.43 3.72 0.10 213.87 0.35
CTZN CitFed Bancorp of Dayton OH 6.70 5.81 0.68 9.99 7.83 0.55 8.16 0.85 74.34 1.06
CLAS Classic Bancshares of KY 28.78 28.78 0.44 2.82 1.96 0.40 2.55 0.51 77.33 0.62
CMSB Cmnwealth Bancorp of PA 10.41 7.68 0.70 6.69 8.15 0.67 6.45 0.44 103.05 0.85
CBSA Coastal Bancorp of Houston TX 3.31 2.69 0.37 10.64 10.43 0.37 10.58 0.67 32.48 0.54
CFCP Coastal Fin. Corp. of SC 6.08 6.08 0.99 16.43 6.86 0.89 14.80 0.42 209.91 1.02
COFD Collective Bancorp Inc. of NJ 7.05 6.54 1.06 15.84 11.27 1.04 15.48 NA NA 0.50
CMSV Commty. Svgs, MHC of FL(47.6) 11.82 11.82 0.83 6.60 6.19 0.81 6.40 1.24 44.70 1.02
CBIN Community Bank Shares of IN 11.36 11.36 0.90 8.26 8.00 0.88 8.09 0.12 219.42 0.50
CBNH Community Bankshares Inc of NH* 7.23 7.23 0.78 10.93 7.62 0.65 9.07 0.46 159.64 1.09
CFTP Community Fed. Bancorp of MS 33.10 33.10 1.17 6.28 3.31 1.14 6.13 0.34 84.38 0.53
CFFC Community Fin. Corp. of VA 13.70 13.70 1.29 9.70 8.10 1.29 9.70 0.45 139.66 0.70
CIBI Community Inv. Corp. of OH 14.36 14.36 1.00 7.71 8.00 0.95 7.33 0.73 69.06 0.68
COOP Cooperative Bk.for Svgs. of NC 9.34 8.21 0.28 3.11 3.64 0.24 2.64 0.22 95.46 0.28
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 13.31 99.25 11.55 99.40 13.72 0.56 4.21 56.00
AFFFZ America First Fin. Fund of CA 8.20 99.39 6.76 101.78 8.25 1.60 6.10 50.00
AMFB American Federal Bank of SC 10.24 157.60 12.94 170.83 9.39 0.40 2.52 25.81
ANBK American Nat'l Bancorp of MD NM 85.30 9.31 85.30 NM 0.00 0.00 0.00
ABCW Anchor Bancorp Wisconsin of WI 11.78 144.25 9.74 148.14 12.10 0.40 1.16 13.61
ANDB Andover Bancorp, Inc. of MA* 11.00 121.09 9.20 121.09 10.49 0.60 2.42 26.67
ASFC Astoria Financial Corp. of NY 11.85 100.11 8.56 123.07 11.96 0.44 1.68 19.91
AVND Avondale Fin. Corp. of IL 13.57 82.21 8.74 82.21 19.42 0.00 0.00 0.00
BFSI BFS Bankorp, Inc. of NY 6.17 135.64 11.04 135.64 6.39 0.00 0.00 0.00
BKCT Bancorp Connecticut of CT* 13.79 141.39 15.28 141.39 13.79 0.72 3.16 43.64
BWFC Bank West Fin. Corp. of MI NM 95.91 18.97 95.91 NM 0.28 2.43 68.29
BANC BankAtlantic Bancorp of FL 9.20 113.73 9.47 123.83 11.83 0.18 1.36 12.50
BKUNA BankUnited SA of FL 6.47 91.42 5.59 96.80 8.43 0.00 0.00 0.00
BKCO Bankers Corp. of NJ* 10.65 117.43 11.52 119.96 10.09 0.64 3.71 39.51
BVFS Bay View Capital Corp. of CA NM 110.32 7.71 113.16 NM 0.60 1.85 NM
BFSB Bedford Bancshares of VA 13.75 104.10 16.77 104.10 13.75 0.40 2.42 33.33
BSBC Branford SB of CT* 15.00 129.87 11.28 129.87 15.00 0.00 0.00 0.00
BRFC Bridgeville SB, FSB of PA(8) NM 106.16 30.26 106.16 NM 0.32 2.13 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 8.21 107.66 9.86 107.66 8.21 0.00 0.00 0.00
CCFH CCF Holding Company of GA 20.12 80.26 17.04 80.26 21.20 0.40 3.37 67.80
CENF CENFED Financial Corp. of CA 10.97 102.85 5.15 103.05 15.90 0.36 1.67 18.27
CFSB CFSB Bancorp of Lansing MI 12.82 141.61 11.75 141.61 13.06 0.48 2.37 30.38
CKFB CKF Bancorp of Danville KY NM 113.31 30.93 113.31 NM 0.40 2.05 53.33
CNSB CNS Bancorp of MO NM 81.73 18.86 81.73 NM 0.00 0.00 0.00
CSBF CSB Financial Group Inc of IL NM 75.20 23.23 75.20 NM 0.00 0.00 0.00
CFHC California Fin. Hld. Co. of CA NM 121.58 8.21 122.71 NM 0.44 1.97 57.14
CBCI Calumet Bancorp of Chicago IL 12.28 87.53 14.87 87.53 12.33 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 9.53 139.19 11.59 139.19 12.50 0.44 2.29 21.78
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 10.35 89.09 9.29 89.09 10.35 0.36 1.99 20.57
CARV Carver FSB of New York, NY 24.24 53.26 5.04 55.94 24.24 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* 21.28 73.26 20.36 73.26 18.52 0.00 0.00 0.00
CNIT Cenit Bancorp of Norfolk VA 20.70 112.07 7.82 116.40 17.66 0.80 2.46 50.96
CTBK Center Banks, Inc. of NY* 10.63 82.72 5.85 82.72 10.31 0.24 1.78 18.90
CFCX Center Fin. Corp of CT(8)* 15.16 156.86 9.57 167.94 22.25 0.28 1.15 17.50
CEBK Central Co-Op. Bank of MA* 17.93 108.36 10.78 124.13 19.09 0.00 0.00 0.00
CJFC Central Jersey Fin. Corp of NJ(8) 15.87 145.77 17.17 156.82 16.67 1.12 3.73 59.26
CBSB Charter Financial Inc. of IL 16.92 84.94 18.19 87.23 16.92 0.24 2.18 36.92
COFI Charter One Financial of OH(8) NM 166.77 11.51 169.46 14.07 0.92 2.74 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) 23.81 101.42 10.80 116.90 NM 0.68 1.94 46.26
CTZN CitFed Bancorp of Dayton OH 12.76 118.39 7.93 136.59 15.63 0.28 0.77 9.86
CLAS Classic Bancshares of KY NM 72.43 20.85 72.43 NM 0.00 0.00 0.00
CMSB Cmnwealth Bancorp of PA 12.28 82.11 8.55 111.37 12.74 0.25 2.45 30.12
CBSA Coastal Bancorp of Houston TX 9.59 98.61 3.27 121.55 9.64 0.40 2.16 20.73
CFCP Coastal Fin. Corp. of SC 14.57 224.72 13.67 224.72 16.18 0.44 2.00 29.14
COFD Collective Bancorp Inc. of NJ 8.87 132.86 9.36 143.08 9.08 1.00 4.30 38.17
CMSV Commty. Svgs, MHC of FL(47.6) 16.16 104.23 12.32 104.23 16.67 0.80 5.00 NM
CBIN Community Bank Shares of IN 12.50 93.46 10.61 93.46 12.77 0.34 2.83 35.42
CBNH Community Bankshares Inc of NH* 13.12 119.66 8.65 119.66 15.81 0.60 3.24 42.55
CFTP Community Fed. Bancorp of MS NM 90.66 30.01 90.66 NM 0.30 2.31 69.77
CFFC Community Fin. Corp. of VA 12.34 113.11 15.50 113.11 12.34 0.52 2.67 32.91
CIBI Community Inv. Corp. of OH 12.50 85.96 12.34 85.96 13.16 0.40 2.67 33.33
COOP Cooperative Bk.for Svgs. of NC NM 84.01 7.85 95.54 NM 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
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
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 3.36 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 14.26 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 7.80 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
DIME Dime Community Bancorp of NY 16.92 14.87 0.75 4.45 5.36 0.69 4.09 2.59 30.10 1.20
DIBK Dime Financial Corp. of CT* 7.95 7.56 1.50 19.84 12.87 1.69 22.30 0.99 199.52 2.98
EGLB Eagle BancGroup of IL 13.53 13.53 0.08 0.59 0.91 0.08 0.59 0.80 75.39 1.01
EBSI Eagle Bancshares of Tucker GA 6.65 6.65 0.97 13.73 10.37 0.94 13.29 0.49 138.35 0.98
EGFC Eagle Financial Corp. of CT 7.14 5.16 1.30 17.60 14.79 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 6.00 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 2.56 0.14 2.29 0.80 89.84 1.00
EFBI Enterprise Fed. Bancorp of OH 15.58 15.55 1.12 5.47 7.07 0.77 3.75 0.01 NA 0.27
EQSB Equitable FSB of Wheaton MD 5.25 5.25 0.84 16.16 14.25 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 5.73 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 5.91 1.01 5.21 NA NA 0.51
FFBS FFBS Bancorp of Columbus MS 19.57 19.57 1.31 6.46 4.44 1.31 6.46 0.70 76.75 0.79
FFDF FFD Financial Corp. of OH 28.03 28.03 1.04 3.69 5.07 1.04 3.69 NA NA 0.32
FFLC FFLC Bancorp of Leesburg FL 16.97 16.97 0.94 5.43 6.39 0.95 5.48 0.13 239.95 0.50
FFFC FFVA Financial Corp. of VA 16.32 15.99 1.30 7.25 7.00 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 5.64 1.25 6.73 0.88 66.89 0.78
FMCO FMS Financial Corp. of NJ 6.58 6.40 0.84 13.04 10.40 0.84 13.04 1.11 49.19 0.95
FFHH FSF Financial Corp. of MN 15.97 15.97 0.62 3.34 4.13 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 8.42 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 9.28 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 10.59 0.97 11.66 1.16 84.92 1.20
FBCI Fidelity Bancorp of Chicago IL 12.05 12.00 0.77 5.66 6.22 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 5.84 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 4.69 0.82 5.54 0.40 80.88 0.43
FIBC Financial Bancorp of NY 10.66 10.60 0.65 5.40 6.47 0.64 5.33 2.80 19.48 1.07
FNSC Financial Security Corp. of IL(8) 14.37 14.37 0.77 5.70 5.60 0.75 5.50 2.77 30.87 1.23
FSBS First Ashland Fin. Corp. of KY(8) 26.33 26.33 0.87 4.09 2.79 0.87 4.09 NA NA 0.17
FBSI First Bancshares of MO 16.92 16.89 0.78 4.33 5.12 0.77 4.27 0.43 83.74 0.44
FBBC First Bell Bancorp of PA 21.05 21.05 1.55 7.69 7.03 1.53 7.61 0.11 97.74 0.14
FBER First Bergen Bancorp of NJ 16.52 16.52 0.28 3.06 2.19 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 8.92 0.58 9.23 3.43 33.61 1.63
FFBA First Colorado Bancorp of Co 16.19 16.00 0.98 8.50 5.07 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 5.24 1.13 5.26 NA NA 0.48
FESX First Essex Bancorp of MA* 7.67 7.67 0.94 13.05 12.49 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 11.31 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 6.55 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 8.17 0.69 12.62 0.15 196.94 0.47
BDJI First Fed. Bancorp. of MN 14.38 14.38 0.70 5.24 6.94 0.70 5.24 0.23 211.89 0.98
FFBH First Fed. Bancshares of AR 15.90 15.90 0.99 6.24 7.32 0.99 6.24 0.09 278.68 0.35
FFEC First Fed. Bancshares of WI 14.32 13.74 0.96 5.83 5.56 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 9.52 0.67 9.91 NA NA 0.84
FFKY First Fed. Fin. Corp. of KY 14.04 13.10 1.65 11.51 6.60 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
FFWM First Fin. Corp of Western MD 12.53 12.53 0.42 3.52 3.03 0.39 3.24 2.02 116.36 3.17
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)
- ---------------------------------------
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 68.98 22.56 68.98 NM 0.20 1.98 58.82
DNFC D&N Financial Corp. of MI 7.01 124.21 7.00 126.20 7.94 0.00 0.00 0.00
DSBC DS Bancor Inc. of Derby CT* 12.83 127.83 8.38 132.39 14.32 0.24 0.70 8.92
DFIN Damen Fin. Corp. of Chicago IL NM 80.20 19.39 80.20 NM 0.24 2.09 54.55
DIME Dime Community Bancorp of NY 18.65 82.92 14.03 94.38 20.26 0.00 0.00 0.00
DIBK Dime Financial Corp. of CT* 7.77 141.11 11.22 148.51 6.91 0.28 1.87 14.51
EGLB Eagle BancGroup of IL NM 65.13 8.81 65.13 NM 0.00 0.00 0.00
EBSI Eagle Bancshares of Tucker GA 9.64 123.85 8.23 123.85 9.97 0.60 4.07 39.22
EGFC Eagle Financial Corp. of CT 6.76 109.03 7.78 150.73 13.83 0.92 3.72 25.14
ETFS East Texas Fin. Serv. of TX 16.67 76.72 15.06 76.72 17.90 0.20 1.38 22.99
EBCP Eastern Bancorp of NH 11.43 90.65 6.98 96.27 13.79 0.48 3.00 34.29
ESBK Elmira SB of Elmira NY* NM 90.50 5.70 94.74 NM 0.64 3.56 NM
EFBI Enterprise Fed. Bancorp of OH 14.14 90.21 14.05 90.38 20.59 0.00 0.00 0.00
EQSB Equitable FSB of Wheaton MD 7.02 105.49 5.54 105.49 7.08 0.00 0.00 0.00
FFFG F.F.O. Financial Group of FL 17.47 120.18 7.23 120.18 17.47 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 16.91 91.85 16.96 91.85 17.25 0.72 4.17 70.59
FFBS FFBS Bancorp of Columbus MS 22.50 146.39 28.64 146.39 22.50 0.50 2.22 50.00
FFDF FFD Financial Corp. of OH 19.71 72.80 20.40 72.80 19.71 0.20 1.95 38.46
FFLC FFLC Bancorp of Leesburg FL 15.65 84.03 14.26 84.03 15.52 0.40 2.22 34.78
FFFC FFVA Financial Corp. of VA 14.29 109.18 17.82 111.40 14.66 0.40 2.35 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 17.72 117.28 21.52 117.28 17.21 0.60 2.53 44.78
FMCO FMS Financial Corp. of NJ 9.62 120.46 7.93 123.86 9.62 0.20 1.23 11.83
FFHH FSF Financial Corp. of MN 24.21 86.01 13.73 86.01 24.21 0.50 4.30 NM
FMLY Family Bancorp of Haverhill MA(8)* 11.88 141.75 10.99 154.90 13.26 0.48 2.01 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 10.78 85.42 10.35 90.22 10.78 0.54 3.82 41.22
FFRV Fid. Fin. Bkshrs. Corp. of VA 9.44 106.16 9.04 106.25 9.59 0.20 1.57 14.81
FBCI Fidelity Bancorp of Chicago IL 16.07 93.14 11.22 93.47 17.12 0.24 1.52 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) 17.12 103.65 10.61 104.87 18.38 0.60 4.80 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 21.33 78.67 16.02 78.67 21.33 0.20 2.04 43.48
FIBC Financial Bancorp of NY 15.46 86.32 9.20 86.81 15.66 0.30 2.43 37.50
FNSC Financial Security Corp. of IL(8) 17.87 98.14 14.10 98.14 18.52 0.00 0.00 0.00
FSBS First Ashland Fin. Corp. of KY(8) NM 112.38 29.59 112.38 NM 0.00 0.00 0.00
FBSI First Bancshares of MO 19.54 85.60 14.49 85.78 19.78 0.20 1.28 25.00
FBBC First Bell Bancorp of PA 14.22 95.57 20.12 95.57 14.38 0.20 1.50 21.28
FBER First Bergen Bancorp of NJ NM 67.76 11.20 67.76 NM 0.00 0.00 0.00
FCIT First Cit. Fin. Corp of MD 11.21 120.82 7.59 120.82 13.77 0.00 0.00 0.00
FFBA First Colorado Bancorp of Co 19.74 114.45 18.53 115.82 19.74 0.32 2.35 46.38
FDEF First Defiance Fin. Corp. of OH 19.09 82.82 21.03 82.82 19.46 0.28 2.77 52.83
FESX First Essex Bancorp of MA* 8.01 100.69 7.72 100.69 9.49 0.48 4.68 37.50
FFES First FS&LA of E. Hartford CT 8.84 78.51 4.86 78.76 8.93 0.60 3.43 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) 15.28 114.96 9.67 115.55 16.61 0.72 2.91 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 12.24 182.66 9.72 200.82 15.21 0.48 1.63 19.92
BDJI First Fed. Bancorp. of MN 14.41 69.41 9.98 69.41 14.41 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 13.67 85.31 13.57 85.31 13.67 0.00 0.00 0.00
FFEC First Fed. Bancshares of WI 17.99 105.06 15.04 109.50 18.44 0.28 1.90 34.15
FTFC First Fed. Capital Corp. of WI 10.51 131.40 9.00 139.58 14.31 0.64 3.24 34.04
FFKY First Fed. Fin. Corp. of KY 15.15 171.09 24.02 183.32 17.39 0.48 2.40 36.36
FFBZ First Federal Bancorp of OH 10.25 142.19 11.10 142.36 10.43 0.44 1.80 18.41
FFWM First Fin. Corp of Western MD NM 112.94 14.15 112.94 NM 0.48 2.27 NM
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FFCH First Fin. Holdings Inc. of SC 6.61 6.61 0.75 11.29 8.53 0.77 11.50 1.36 55.75 0.93
FFBI First Financial Bancorp of IL 8.87 8.87 0.69 6.63 7.23 0.72 6.93 0.53 75.27 0.55
FFHC First Financial Corp. of WI 7.33 6.96 1.28 18.90 10.24 1.24 18.41 0.43 100.08 0.67
FFHS First Franklin Corp. of OH 9.51 9.51 0.63 6.59 7.10 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 9.08 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 12.34 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 9.48 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 5.86 0.51 5.92 2.86 19.07 0.91
FLKY First Lancaster Bncshrs of KY 29.83 29.83 1.20 4.01 3.96 1.20 4.01 1.23 16.83 0.23
FLFC First Liberty Fin. Corp. of GA 6.83 5.74 0.96 14.60 10.24 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 8.97 0.97 7.38 0.39 148.22 0.81
FMBD First Mutual Bancorp of IL 25.26 25.26 0.98 4.24 5.08 0.95 4.10 0.16 256.84 0.52
FMSB First Mutual SB of Bellevue WA* 6.64 6.64 1.02 15.30 11.84 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 6.75 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 8.35 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 0.55 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 5.56 1.50 5.78 0.03 936.92 0.35
FWWB First Savings Bancorp of WA* 25.80 25.80 1.02 8.65 3.66 1.00 8.48 0.23 283.53 1.12
SHEN First Shenango Bancorp of PA 13.24 13.24 1.01 7.19 7.18 0.95 6.79 0.49 146.55 1.10
FSFC First So.east Fin. Corp. of SC(8) 19.61 19.61 0.90 4.60 8.11 0.89 4.55 0.14 238.66 0.52
FSFI First State Fin. Serv. of NJ(8) 6.84 6.49 0.63 9.28 7.46 0.49 7.25 4.97 21.02 1.28
FFDP FirstFed Bancshares of IL 9.02 8.61 0.63 6.51 6.72 0.39 4.08 0.14 145.75 0.38
FLAG Flag Financial Corp of GA 9.56 9.56 0.91 9.92 9.13 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 6.82 0.78 11.77 0.82 150.67 2.11
FFIC Flushing Fin. Corp. of NY* 18.72 18.72 0.58 4.55 2.85 0.56 4.36 0.90 80.61 1.78
FBHC Fort Bend Holding Corp. of TX 7.20 7.20 0.71 9.74 11.94 0.62 8.55 1.29 42.72 1.42
FTSB Fort Thomas Fin. Corp. of KY 24.30 24.30 1.30 5.84 4.28 1.30 5.84 1.78 19.53 0.42
FKKY Frankfort First Bancorp of KY 34.52 34.52 1.36 4.94 4.33 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 5.60 1.24 5.07 NA NA 0.87
GWBC Gateway Bancorp of KY 25.00 25.00 1.05 3.92 4.80 1.05 3.92 0.19 57.04 0.46
GBCI Glacier Bancorp of MT 9.63 9.61 1.59 16.27 8.28 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 6.68 0.54 5.62 NA NA 0.29
GTPS Great American Bancorp of IL 27.55 27.55 0.68 2.55 3.17 0.66 2.49 0.45 53.28 0.37
GTFN Great Financial Corp. of KY 11.35 11.17 1.00 8.15 6.08 0.81 6.62 4.16 11.85 0.67
GSBC Great Southern Bancorp of MO 10.12 9.95 1.72 17.10 9.19 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 8.38 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 4.77 1.42 4.50 0.16 67.98 0.19
GROV GroveBank for Savings of MA* 6.24 6.23 0.81 13.33 10.03 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 5.16 0.55 3.89 0.07 NA 1.59
GSLC Guaranty Svgs & Loan FA of VA 6.19 6.19 0.68 11.24 9.03 0.42 6.90 3.14 23.56 0.94
HEMT HF Bancorp of Hemet CA 11.44 11.43 0.19 1.70 2.16 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 9.25 0.61 6.80 0.69 93.68 0.88
HFNC HFNC Financial Corp. of NC 34.11 34.11 0.80 3.76 2.00 0.95 4.46 1.62 64.19 1.59
HMNF HMN Financial, Inc. of MN 16.76 16.76 1.10 6.35 7.29 0.99 5.67 0.14 305.95 0.73
HALL Hallmark Capital Corp. of WI 7.82 7.82 0.57 6.40 7.73 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 8.96 1.18 13.58 0.54 199.07 1.48
HRBF Harbor Federal Bancorp of MD 14.17 14.17 0.61 3.19 4.56 0.61 3.19 0.23 97.99 0.37
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
HARL Harleysville SA of PA 7.05 7.05 0.82 11.92 9.77 0.83 12.13 0.05 NA 0.78
HARS Harris SB, MHC of PA (23.1) 12.07 11.31 0.69 5.54 4.56 0.68 5.47 0.75 66.68 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) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FFCH First Fin. Holdings Inc. of SC 11.73 126.33 8.35 126.33 11.52 0.64 3.37 39.51
FFBI First Financial Bancorp of IL 13.84 93.04 8.26 93.04 13.25 0.00 0.00 0.00
FFHC First Financial Corp. of WI 9.76 171.18 12.55 180.27 10.02 0.60 2.64 25.75
FFHS First Franklin Corp. of OH 14.09 89.54 8.51 89.54 14.35 0.32 2.06 29.09
FGHC First Georgia Hold. Corp of GA 11.02 113.44 9.26 128.21 11.02 0.00 0.00 0.00
FSPG First Home SB, SLA of NJ 8.11 118.57 7.73 121.83 8.33 0.48 2.70 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 10.55 139.24 12.47 141.27 12.43 0.56 2.52 26.54
FKFS First Keystone Fin. Corp of PA 17.08 96.69 8.01 96.69 15.83 0.00 0.00 0.00
FLKY First Lancaster Bncshrs of KY NM 101.11 30.17 101.11 NM 0.00 0.00 0.00
FLFC First Liberty Fin. Corp. of GA 9.77 124.70 8.52 148.51 12.35 0.52 2.48 24.19
CASH First Midwest Fin. Corp. of IA 11.15 100.14 12.57 107.41 14.03 0.44 2.02 22.56
FMBD First Mutual Bancorp of IL 19.67 72.46 18.30 72.46 20.34 0.28 2.33 45.90
FMSB First Mutual SB of Bellevue WA* 8.45 121.65 8.08 121.65 8.57 0.20 1.63 13.79
FNGB First Northern Cap. Corp of WI 14.81 95.43 12.15 95.43 17.33 0.60 3.93 58.25
FFPB First Palm Beach Bancorp of FL 11.98 93.75 7.16 96.29 12.05 0.40 1.98 23.67
FSNJ First SB of NJ, MHC (45.0) NM 82.60 6.71 82.60 22.15 0.50 3.42 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 18.00 100.33 26.30 100.33 17.65 0.60 3.33 60.00
FWWB First Savings Bancorp of WA* NM 95.08 24.53 95.08 NM 0.20 1.38 37.74
SHEN First Shenango Bancorp of PA 13.93 98.33 13.02 98.33 14.75 0.48 2.39 33.33
FSFC First So.east Fin. Corp. of SC(8) 12.33 55.96 10.97 55.96 12.49 0.16 1.66 20.51
FSFI First State Fin. Serv. of NJ(8) 13.41 120.39 8.24 127.05 17.16 0.22 1.71 22.92
FFDP FirstFed Bancshares of IL 14.88 98.50 8.89 103.15 23.72 0.40 2.44 36.36
FLAG Flag Financial Corp of GA 10.95 106.88 10.22 106.88 12.37 0.34 2.96 32.38
FFPC Florida First Bancorp of FL(8) 14.67 176.28 12.21 176.28 15.94 0.24 2.18 32.00
FFIC Flushing Fin. Corp. of NY* NM 97.01 18.16 97.01 NM 0.00 0.00 0.00
FBHC Fort Bend Holding Corp. of TX 8.37 80.20 5.77 80.20 9.53 0.28 1.62 13.59
FTSB Fort Thomas Fin. Corp. of KY 23.39 120.54 29.29 120.54 23.39 0.25 1.53 35.71
FKKY Frankfort First Bancorp of KY 23.11 88.32 30.49 88.32 NM 0.36 2.94 67.92
GFSB GFS Bancorp of Grinnell IA 12.90 107.09 12.89 107.09 13.15 0.40 1.98 25.48
GUPB GFSB Bancorp of Gallup NM 17.84 79.34 18.27 79.34 17.84 0.40 2.95 52.63
GWBC Gateway Bancorp of KY 20.83 88.60 22.15 88.60 20.83 0.40 2.91 60.61
GBCI Glacier Bancorp of MT 12.07 186.24 17.93 186.57 12.07 0.64 3.01 36.36
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 14.96 85.35 8.03 87.64 15.65 0.68 3.32 49.64
GTPS Great American Bancorp of IL NM 73.82 20.33 73.82 NM 0.40 3.02 NM
GTFN Great Financial Corp. of KY 16.45 132.88 15.08 135.06 20.24 0.48 1.88 30.97
GSBC Great Southern Bancorp of MO 10.89 179.52 18.17 182.56 11.59 0.70 2.59 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* 11.93 96.46 5.48 96.46 12.21 0.00 0.00 0.00
GSFC Green Street Fin. Corp. of NC 20.97 94.34 29.74 94.34 20.97 0.40 3.08 64.52
GROV GroveBank for Savings of MA* 9.97 124.00 7.74 124.26 10.57 0.72 2.44 24.32
GFED Guaranty FS&LA,MHC of MO(31.1) 19.40 129.46 18.95 129.46 NM 0.64 5.69 NM
GSLC Guaranty Svgs & Loan FA of VA 11.07 111.83 6.92 111.83 18.02 0.10 1.29 14.29
HEMT HF Bancorp of Hemet CA NM 70.88 8.11 70.94 NM 0.00 0.00 0.00
HFFC HF Financial Corp. of SD(8) 10.82 90.45 8.12 90.72 13.86 0.33 2.16 23.40
HFNC HFNC Financial Corp. of NC NM 112.60 38.41 112.60 NM 0.00 0.00 0.00
HMNF HMN Financial, Inc. of MN 13.72 88.37 14.81 88.37 15.35 0.00 0.00 0.00
HALL Hallmark Capital Corp. of WI 12.94 80.25 6.27 80.25 14.46 0.00 0.00 0.00
HARB Harbor FSB, MHC of FL (45.7) 11.16 143.03 12.67 143.03 11.21 1.20 5.00 55.81
HRBF Harbor Federal Bancorp of MD 21.93 78.62 11.14 78.62 21.93 0.40 3.20 70.18
HFSA Hardin Bancorp of Hardin MO 24.48 77.51 14.91 77.51 24.48 0.40 3.40 NM
HARL Harleysville SA of PA 10.23 116.51 8.22 116.51 10.06 0.40 2.29 23.39
HARS Harris SB, MHC of PA (23.1) 21.92 118.96 14.36 126.98 22.22 0.58 3.63 NM
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HFFB Harrodsburg 1st Fin Bcrp of KY 28.66 28.66 1.05 4.73 2.93 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 5.52 0.89 4.74 0.20 75.00 0.28
HAVN Haven Bancorp of Woodhaven NY 6.30 6.26 0.67 10.24 7.96 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 -7.15 -0.27 -7.03 11.39 17.41 2.44
HSBK Hibernia SB of Quincy MA* 6.51 6.51 0.68 9.99 10.06 0.54 7.95 0.42 146.75 1.03
HBNK Highland Federal Bank of CA 7.83 7.83 0.22 2.87 2.87 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 6.69 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 5.62 0.86 5.00 NA NA 0.60
HBBI Home Building Bancorp of IN 14.13 14.13 0.45 3.17 2.91 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 11.89 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 9.76 1.16 13.98 4.75 35.71 2.59
HWEN Home Financial Bancorp of IN 19.64 19.64 0.99 5.06 7.41 0.99 5.06 0.39 76.34 0.37
HOFL Home Financial Corp. of FL(8) 25.51 25.51 1.71 6.69 6.18 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 11.63 1.76 15.32 0.65 216.13 1.75
HMCI Homecorp, Inc. of Rockford IL 6.07 6.07 0.37 6.28 6.54 0.25 4.26 3.24 15.53 0.65
LOAN Horizon Bancorp, Inc of TX* 8.65 8.35 1.54 17.77 12.72 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 4.88 0.43 3.44 1.57 28.85 0.67
HRZB Horizon Financial Corp. of WA* 16.19 16.19 1.53 9.53 8.80 1.53 9.53 NA NA 0.82
IBSF IBS Financial Corp. of NJ 20.39 20.39 1.10 5.11 5.49 1.12 5.18 0.07 198.42 0.66
ISBF ISB Financial Corp. of LA 19.37 19.36 1.26 6.94 7.10 1.26 6.94 NA NA 0.91
IFSB Independence FSB of DC 6.48 5.57 0.55 8.92 14.19 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 4.83 0.68 4.41 NA NA 0.61
IFSL Indiana Federal Corp. of IN 9.82 9.13 1.02 10.77 8.00 0.96 10.08 1.41 65.46 1.20
INBI Industrial Bancorp of OH 19.12 19.12 1.48 8.08 7.63 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 8.36 1.00 13.71 0.59 59.11 0.62
IPSW Ipswich SB of Ipswich MA* 6.32 6.32 1.39 22.24 12.05 1.21 19.44 2.23 46.20 1.37
IROQ Iroquois Bancorp of Auburn NY* 6.08 6.08 0.86 14.60 10.00 0.86 14.51 1.60 46.24 1.00
JSBF JSB Financial, Inc. of NY 21.82 21.82 1.47 6.73 6.69 1.55 7.13 NA NA 0.61
JXVL Jacksonville Bancorp of TX 16.70 16.70 0.79 6.76 5.83 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 3.69 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 5.50 1.00 7.78 0.46 54.63 1.08
JSBA Jefferson Svgs Bancorp of MO 7.02 5.75 0.60 8.20 6.20 0.59 8.04 0.97 48.62 0.66
JOAC Joachim Bancorp of MO 29.24 29.24 0.65 3.14 2.25 0.65 3.14 0.01 NA 0.31
KSAV KS Bancorp of Kenly NC 15.17 15.15 1.14 6.94 7.55 1.15 7.03 0.73 41.55 0.37
KSBK KSB Bancorp of Kingfield ME* 6.85 6.30 0.79 12.18 11.87 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 5.68 1.05 5.71 0.50 120.17 1.35
LSBI LSB Bancorp of Lafayette IN 10.66 10.66 0.82 6.96 8.53 0.78 6.58 0.19 295.51 0.65
LVSB Lakeview SB of Paterson NJ 9.95 7.64 1.15 10.31 10.86 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 14.61 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 9.29 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 6.28 1.26 4.27 1.15 35.02 0.49
LBCI Liberty Bancorp of Chicago IL 9.53 9.50 0.56 5.51 5.92 0.56 5.51 0.12 421.89 0.70
LIFB Life Bancorp of Norfolk VA 12.73 12.26 0.85 5.95 6.25 0.88 6.22 0.73 107.84 1.73
LFBI Little Falls Bancorp of NJ 15.22 14.00 0.22 2.42 1.76 0.16 1.75 1.56 20.85 0.94
LOGN Logansport Fin. Corp. of IN 26.77 26.77 1.41 5.71 5.63 1.40 5.63 0.37 79.86 0.44
LONF London Financial Corp. of OH 20.86 20.86 0.57 4.73 3.61 0.57 4.73 0.21 239.74 0.69
LISB Long Island Bancorp of NY 10.69 10.69 0.95 8.77 6.29 0.89 8.20 NA NA 1.45
MAFB MAF Bancorp of IL 5.54 5.54 0.88 15.21 13.23 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 4.44 0.70 4.81 0.33 83.20 0.51
MFBC MFB Corp. of Mishawaka IN 19.32 19.32 0.69 3.40 4.71 0.68 3.35 NA NA 0.24
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)
- ---------------------------------------
HFFB Harrodsburg 1st Fin Bcrp of KY NM 117.30 33.62 117.30 NM 0.40 2.39 NM
HHFC Harvest Home Fin. Corp. of OH 18.12 85.32 15.91 85.32 18.12 0.40 3.20 57.97
HAVN Haven Bancorp of Woodhaven NY 12.56 128.32 8.08 129.09 12.73 0.60 2.14 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 73.27 2.77 73.73 NM 0.00 0.00 NM
HSBK Hibernia SB of Quincy MA* 9.94 95.08 6.19 95.08 12.50 0.28 1.98 19.72
HBNK Highland Federal Bank of CA NM 99.47 7.79 99.47 NM 0.00 0.00 0.00
HIFS Hingham Inst. for Sav. of MA* 9.66 100.86 10.12 100.86 9.66 0.36 2.57 24.83
HNFC Hinsdale Financial Corp. of IL 14.95 116.93 9.32 120.63 15.54 0.00 0.00 0.00
HBFW Home Bancorp of Fort Wayne IN 17.80 92.23 15.14 92.23 17.80 0.20 1.31 23.26
HBBI Home Building Bancorp of IN NM 108.81 15.38 108.81 NM 0.30 1.48 50.85
HOMF Home Fed Bancorp of Seymour IN 8.41 118.42 9.81 123.16 9.69 0.50 1.87 15.72
HFMD Home Federal Corporation of MD(8) 10.25 138.33 11.92 140.22 10.46 0.00 0.00 0.00
HWEN Home Financial Bancorp of IN 13.49 68.33 13.42 68.33 13.49 0.00 0.00 0.00
HOFL Home Financial Corp. of FL(8) 16.19 106.33 27.12 106.33 17.01 0.80 5.95 NM
HPBC Home Port Bancorp, Inc. of MA* 8.60 132.35 14.90 132.35 8.54 0.60 4.44 38.22
HMCI Homecorp, Inc. of Rockford IL 15.29 92.99 5.64 92.99 22.53 0.00 0.00 0.00
LOAN Horizon Bancorp, Inc of TX* 7.86 123.26 10.66 127.62 10.05 0.16 1.64 12.90
HZFS Horizon Fin'l. Services of IA 20.49 79.05 9.15 79.05 22.01 0.32 2.17 44.44
HRZB Horizon Financial Corp. of WA* 11.36 103.91 16.82 103.91 11.36 0.40 3.20 36.36
IBSF IBS Financial Corp. of NJ 18.23 95.64 19.51 95.64 17.97 0.24 1.85 33.80
ISBF ISB Financial Corp. of LA 14.09 84.36 16.34 84.41 14.09 0.32 2.32 32.65
IFSB Independence FSB of DC 7.05 58.01 3.76 67.51 14.90 0.22 2.84 20.00
INCB Indiana Comm. Bank, SB of IN 20.70 90.36 13.54 90.36 20.70 0.35 2.52 52.24
IFSL Indiana Federal Corp. of IN 12.50 131.05 12.87 141.00 13.36 0.72 3.69 46.15
INBI Industrial Bancorp of OH 13.11 95.47 18.26 95.47 13.11 0.30 2.79 36.59
IWBK Interwest SB of Oak Harbor WA 11.96 169.17 11.64 174.17 12.96 0.52 2.10 25.12
IPSW Ipswich SB of Ipswich MA* 8.30 164.40 10.39 164.40 9.50 0.20 1.68 13.99
IROQ Iroquois Bancorp of Auburn NY* 10.00 137.10 8.33 137.10 10.06 0.32 2.00 20.00
JSBF JSB Financial, Inc. of NY 14.95 100.15 21.86 100.15 14.12 1.20 3.66 54.79
JXVL Jacksonville Bancorp of TX 17.15 75.69 12.64 75.69 17.15 0.50 4.94 NM
JXSB Jcksnville SB,MHC of IL(43.3%) NM 96.94 11.43 96.94 NM 0.40 3.08 NM
JEBC Jefferson Bancorp of Gretna LA(8) 18.18 136.39 18.23 136.39 18.18 0.30 1.36 24.79
JSBA Jefferson Svgs Bancorp of MO 16.12 127.67 8.96 155.85 16.44 0.32 1.31 21.05
JOAC Joachim Bancorp of MO NM 87.92 25.71 87.92 NM 0.50 4.02 NM
KSAV KS Bancorp of Kenly NC 13.25 97.28 14.75 97.42 13.07 0.60 3.00 39.74
KSBK KSB Bancorp of Kingfield ME* 8.43 96.44 6.61 104.80 8.79 0.20 0.89 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) 17.60 105.61 18.10 105.61 17.79 0.40 2.44 43.01
LSBI LSB Bancorp of Lafayette IN 11.72 83.52 8.91 83.52 12.40 0.32 2.13 25.00
LVSB Lakeview SB of Paterson NJ 9.20 101.30 10.08 131.92 15.34 0.25 1.23 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* 6.85 92.71 7.01 92.71 6.76 0.00 0.00 0.00
LFCT Leader Fin. Corp of Memphis TN(8) 10.77 169.19 13.58 169.19 11.01 0.72 1.66 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 15.92 69.17 20.35 69.17 16.18 0.00 0.00 0.00
LBCI Liberty Bancorp of Chicago IL 16.90 95.48 9.09 95.74 16.90 0.60 2.45 41.38
LIFB Life Bancorp of Norfolk VA 16.01 96.68 12.31 100.35 15.32 0.44 3.09 49.44
LFBI Little Falls Bancorp of NJ NM 71.73 10.92 78.01 NM 0.10 0.98 55.56
LOGN Logansport Fin. Corp. of IN 17.76 87.15 23.33 87.15 18.00 0.40 2.96 52.63
LONF London Financial Corp. of OH NM 69.21 14.44 69.21 NM 0.00 0.00 0.00
LISB Long Island Bancorp of NY 15.90 140.69 15.04 140.69 17.01 0.40 1.37 21.74
MAFB MAF Bancorp of IL 7.56 112.39 6.22 112.39 7.34 0.32 1.36 10.29
MBLF MBLA Financial Corp. of MO(8) 22.50 108.85 15.83 108.85 22.50 0.40 1.78 40.00
MFBC MFB Corp. of Mishawaka IN 21.21 71.21 13.76 71.21 21.54 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
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
MLFB MLF Bancorp of Villanova PA 7.95 7.75 0.70 8.06 7.59 0.62 7.15 0.59 125.65 1.64
MSBB MSB Bancorp of Middletown NY* 9.69 9.52 0.53 5.65 5.03 0.57 6.05 NA NA 0.57
MSBF MSB Financial Corp. of MI 22.64 22.64 1.93 7.88 8.87 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 5.86 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 9.25 0.65 7.94 0.48 81.70 0.45
MASB MassBank Corp. of Reading MA* 10.16 10.16 1.04 10.42 9.89 1.02 10.20 0.33 87.49 1.00
MFLR Mayflower Co-Op. Bank of MA* 9.58 9.37 0.88 8.50 7.43 0.83 8.01 1.23 76.96 1.50
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 9.25 1.01 13.99 NA NA NA
MWBX Metro West of MA* 7.47 7.47 1.25 17.15 10.93 1.25 17.15 2.43 38.37 1.37
MSEA Metropolitan Bancorp of WA(8) 6.54 5.92 0.71 10.67 8.21 0.77 11.51 NA NA 1.76
MCBS Mid Continent Bancshares of KS 12.53 12.50 1.37 9.90 9.72 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 8.32 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 3.48 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 7.75 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 6.32 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 8.84 1.25 6.40 0.14 888.89 2.07
MBBC Monterey Bay Bancorp of CA 14.98 14.80 0.19 1.27 1.53 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 1.62 0.23 2.10 NA NA NA
MSBK Mutual SB, FSB of Bay City MI 5.46 5.46 0.01 0.21 0.33 -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 4.70 0.87 3.98 0.18 40.95 0.15
NMSB Newmil Bancorp. of CT* 11.14 11.14 2.04 19.29 21.59 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 12.57 1.27 17.61 3.36 26.33 1.05
NBSI North Bancshares of Chicago IL 17.34 17.34 0.57 3.03 3.54 0.52 2.75 NA NA 0.36
FFFD North Central Bancshares of IA 28.87 28.87 1.48 7.67 6.12 1.39 7.19 0.13 743.80 1.18
NEBC Northeast Bancorp of ME* 7.56 6.36 0.61 8.16 8.00 0.47 6.27 NA NA 1.48
NEIB Northeast Indiana Bncrp of IN 20.34 20.34 1.10 5.50 5.78 1.10 5.50 0.25 272.13 0.74
NSBK Northside SB of Bronx NY* 7.74 7.67 1.14 15.51 10.58 0.98 13.39 0.51 84.90 1.67
NWEQ Northwest Equity Corp. of WI 13.73 13.73 1.08 6.99 8.19 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 6.35 1.05 9.37 0.98 70.63 0.94
NSSY Norwalk Savings Society of CT* 7.98 7.98 0.75 8.92 7.31 0.64 7.63 3.01 27.48 1.20
NSSB Norwich Financial Corp. of CT* 10.58 9.54 0.84 7.50 6.76 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 7.85 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 1.65 0.30 2.31 0.14 258.58 0.56
OCFC Ocean Fin. Corp. of NJ 18.75 18.75 0.90 4.82 6.31 0.92 4.93 0.97 59.78 0.97
OFCP Ottawa Financial Corp. of MI 10.92 8.75 0.92 4.93 4.43 0.92 4.93 0.38 95.16 0.45
PFFB PFF Bancorp of Pomona CA 14.39 14.23 0.10 1.37 0.93 0.10 1.37 2.29 42.84 1.23
PVFC PVF Capital Corp. of OH 6.71 6.71 1.13 17.84 12.56 0.99 15.71 NA NA NA
PCCI Pacific Crest Capital of CA* 7.90 7.90 1.09 20.44 10.94 0.88 16.48 6.49 26.06 2.56
PALM Palfed, Inc. of Aiken SC 8.45 8.04 0.66 8.56 6.77 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 11.84 0.98 13.82 0.18 850.40 2.28
PBIX Patriot Bank Corp. of PA 17.29 17.29 0.56 3.99 3.23 0.57 4.08 0.23 243.20 0.88
PEEK Peekskill Fin. Corp. of NY 30.67 30.67 1.06 4.96 3.71 1.11 5.19 0.83 31.67 1.32
PFSB PennFed Fin. Services of NJ 8.97 7.11 0.73 7.10 8.84 0.79 7.70 0.96 26.31 0.44
PWBC PennFirst Bancorp of PA 7.85 7.15 0.61 7.47 7.27 0.60 7.40 0.64 63.45 1.45
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 13.17 109.08 8.67 111.87 14.85 0.76 3.10 40.86
MSBB MSB Bancorp of Middletown NY* 19.88 106.25 10.29 108.13 18.54 0.60 3.64 72.29
MSBF MSB Financial Corp. of MI 11.27 91.46 20.71 91.46 12.32 0.50 2.90 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 17.07 97.77 23.46 97.77 17.07 0.80 3.81 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 10.82 98.22 8.08 99.90 12.37 0.64 2.18 23.62
MASB MassBank Corp. of Reading MA* 10.11 102.63 10.42 102.63 10.33 0.88 2.69 27.16
MFLR Mayflower Co-Op. Bank of MA* 13.46 112.72 10.80 115.23 14.29 0.40 2.86 38.46
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 10.81 143.15 10.65 143.15 10.81 0.60 1.92 20.76
MWBX Metro West of MA* 9.15 145.91 10.90 145.91 9.15 0.10 2.67 24.39
MSEA Metropolitan Bancorp of WA(8) 12.19 123.56 8.08 136.50 11.29 0.00 0.00 0.00
MCBS Mid Continent Bancshares of KS 10.29 101.81 12.75 101.98 12.16 0.40 2.22 22.86
MIFC Mid Iowa Financial Corp. of IA 12.02 102.25 9.23 102.41 12.49 0.08 1.26 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* NM 101.32 9.58 121.58 NM 0.60 3.27 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 12.91 154.41 14.43 161.70 16.07 0.30 1.90 24.59
MFFC Milton Fed. Fin. Corp. of OH 15.82 83.84 16.75 83.84 17.12 0.48 3.84 60.76
MIVI Miss. View Hold. Co. of MN 11.32 78.01 14.72 78.01 11.94 0.16 1.49 16.84
MBBC Monterey Bay Bancorp of CA NM 83.99 12.58 85.02 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 112.12 13.12 112.12 NM 0.00 0.00 0.00
MSBK Mutual SB, FSB of Bay City MI NM 65.29 3.56 65.29 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 21.29 80.41 18.89 80.41 22.84 0.50 3.98 NM
NMSB Newmil Bancorp. of CT* 4.63 87.64 9.76 87.64 4.66 0.20 2.94 13.61
NFSL Newnan SB, FSB of Newnan GA 9.40 153.58 17.79 154.66 10.79 0.44 2.23 20.95
NASB North American SB of MO 7.95 138.76 10.19 144.56 8.33 0.63 2.12 16.84
NBSI North Bancshares of Chicago IL NM 90.13 15.63 90.13 NM 0.40 2.62 74.07
FFFD North Central Bancshares of IA 16.34 77.41 22.35 77.41 17.41 0.25 2.35 38.46
NEBC Northeast Bancorp of ME* 12.50 98.40 7.44 117.09 16.27 0.32 2.37 29.63
NEIB Northeast Indiana Bncrp of IN 17.31 87.07 17.71 87.07 17.31 0.30 2.48 42.86
NSBK Northside SB of Bronx NY* 9.45 138.78 10.74 140.10 10.95 1.00 2.84 26.81
NWEQ Northwest Equity Corp. of WI 12.21 86.85 11.93 86.85 12.80 0.36 3.43 41.86
NWSB Northwest SB, MHC of PA(29.9) 15.75 142.50 15.21 144.29 15.75 0.30 2.61 41.10
NSSY Norwalk Savings Society of CT* 13.68 119.24 9.52 119.24 15.99 0.00 0.00 0.00
NSSB Norwich Financial Corp. of CT* 14.80 107.97 11.42 119.64 14.80 0.40 2.76 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 12.75 93.53 11.62 93.53 13.09 0.76 3.90 49.67
OSBF OSB Fin. Corp. of Oshkosh WI NM 82.14 10.34 82.14 NM 0.64 2.78 NM
OCFC Ocean Fin. Corp. of NJ 15.84 76.33 14.32 76.33 15.48 0.00 0.00 0.00
OFCP Ottawa Financial Corp. of MI 22.57 108.91 11.89 135.87 22.57 0.32 1.97 44.44
PFFB PFF Bancorp of Pomona CA NM 73.78 10.62 74.65 NM 0.00 0.00 0.00
PVFC PVF Capital Corp. of OH 7.96 130.72 8.77 130.72 9.05 0.00 0.00 0.00
PCCI Pacific Crest Capital of CA* 9.14 110.97 8.77 110.97 11.33 0.00 0.00 0.00
PALM Palfed, Inc. of Aiken SC 14.78 120.12 10.15 126.25 17.57 0.08 0.66 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 8.45 116.72 8.67 117.28 9.04 0.52 2.12 17.93
PBIX Patriot Bank Corp. of PA NM 84.03 14.53 84.03 NM 0.24 1.85 57.14
PEEK Peekskill Fin. Corp. of NY NM 81.92 25.13 81.92 NM 0.36 3.03 NM
PFSB PennFed Fin. Services of NJ 11.32 82.63 7.42 104.33 10.45 0.00 0.00 0.00
PWBC PennFirst Bancorp of PA 13.75 102.84 8.07 112.89 13.89 0.36 2.62 36.00
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
PBKB People's SB of Brockton MA* 4.93 4.67 0.73 12.13 7.79 0.53 8.69 1.27 76.25 1.93
PFDC Peoples Bancorp of Auburn IN 15.26 15.26 1.45 9.62 8.72 1.44 9.56 0.33 97.48 0.41
PBCT Peoples Bank, MHC of CT(32.3)* 8.00 8.00 1.11 14.66 9.00 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 10.97 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 8.28 0.89 8.26 0.44 86.77 0.64
PERM Permanent Bancorp of IN 10.48 10.34 0.34 2.98 3.75 0.34 2.93 1.75 32.22 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 5.42 1.00 5.36 0.04 31.25 0.10
PHFC Pittsburgh Home Fin. of PA 16.43 16.43 0.65 3.98 5.54 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 8.48 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 8.15 1.93 7.56 0.21 122.90 0.83
PKPS Poughkeepsie SB of NY 8.50 8.50 1.94 24.70 24.31 2.56 32.53 2.68 36.80 1.34
PRBC Prestige Bancorp of PA 14.72 14.72 0.39 2.62 4.15 0.39 2.62 0.38 82.47 0.47
PETE Primary Bank of NH* 6.34 6.31 -0.04 -0.64 -0.66 -0.04 -0.56 1.81 47.18 1.48
PSAB Prime Bancorp, Inc. of PA 9.44 8.83 1.02 10.92 8.70 0.91 9.70 NA NA 0.97
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 9.75 1.01 10.82 1.09 97.07 1.52
PROV Provident Fin. Holdings of CA 13.90 13.90 0.15 1.10 1.71 0.43 3.07 2.22 40.31 0.99
PULB Pulaski SB, MHC of MO (29.0) 12.63 12.63 0.84 6.93 5.51 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 7.66 1.18 10.14 1.45 38.35 1.88
QCFB QCF Bancorp of Virginia MN 21.81 21.81 1.52 7.75 8.39 1.52 7.75 NA NA NA
QCBC Quaker City Bancorp of CA 9.88 9.82 0.50 4.91 6.53 0.48 4.74 2.31 57.33 1.54
QCSB Queens County SB of NY* 16.98 16.98 1.72 9.78 7.21 1.77 10.10 0.75 120.88 1.09
RCSB RCSB Financial, Inc. of NY* 7.30 7.05 0.93 10.94 11.03 0.93 10.87 0.78 85.48 1.30
RARB Raritan Bancorp. of Raritan NJ* 7.24 7.06 0.81 10.82 9.46 0.80 10.65 0.48 155.58 1.32
REDF RedFed Bancorp of Redlands CA 5.63 5.63 -0.47 -8.41 -12.47 -0.45 -8.09 4.50 31.29 1.76
RELY Reliance Bancorp of NY 8.86 5.98 0.88 6.79 7.12 0.85 6.49 0.85 29.31 0.54
RELI Reliance Bancshares Inc of WI* 56.23 56.23 1.47 2.62 3.46 1.47 2.62 NA NA 0.49
RFED Roosevelt Fin. Grp. Inc. of MO 4.86 4.59 0.63 13.98 7.77 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 8.42 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 5.00 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 6.04 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 1.45 0.11 1.12 1.84 13.07 0.31
SISB SIS Bank of Sprinfield MA* 7.42 7.42 1.26 17.35 13.00 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 4.25 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 9.48 0.79 9.63 1.34 64.69 1.31
SFBM Security Bancorp of MT 8.93 7.68 0.69 7.99 8.19 0.51 5.94 0.14 235.42 0.71
SECP Security Capital Corp. of WI 16.88 16.88 0.89 5.11 5.00 0.92 5.28 0.12 964.94 1.53
SFSL Security First Corp. of OH 8.71 8.47 1.18 13.57 11.11 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 1.71 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 6.75 0.82 6.12 NA NA 0.75
SOBI Sobieski Bancorp of S. Bend IN 18.49 18.49 0.42 2.27 3.22 0.42 2.27 NA NA 0.41
SOSA Somerset Savings Bank of MA(8)* 5.46 5.46 0.32 6.25 6.67 0.32 6.25 9.74 15.15 1.88
SMBC Southern Missouri Bncrp of MO 16.40 16.40 0.88 5.01 5.52 0.82 4.69 0.97 39.01 0.66
SWBI Southwest Bancshares of IL 12.00 12.00 1.19 8.95 8.78 1.19 8.91 0.13 160.59 0.30
SVRN Sovereign Bancorp of PA 4.07 2.63 0.70 16.67 11.30 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 10.59 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 8.62 0.86 9.44 0.74 125.05 1.35
STND Standard Fin. of Chicago IL 12.31 12.30 0.87 6.21 6.39 0.79 5.61 0.14 189.20 0.49
SFFC StateFed Financial Corp. of IA 20.11 20.11 1.18 5.80 6.54 1.18 5.80 NA NA 0.38
SFIN Statewide Fin. Corp. of NJ 11.10 11.06 0.52 5.43 4.71 0.64 6.66 1.26 41.78 1.47
STSA Sterling Financial Corp. of WA 4.18 3.35 0.33 7.72 6.69 0.32 7.56 0.63 82.62 0.87
SSBK Strongsville SB of OH 8.28 8.10 1.00 11.90 8.95 0.85 10.06 0.49 46.78 0.31
SFSB SuburbFed Fin. Corp. of IL 7.14 7.10 0.51 7.04 8.42 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
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)
- ---------------------------------------
PBKB People's SB of Brockton MA* 12.84 120.71 5.95 127.52 17.92 0.28 2.95 37.84
PFDC Peoples Bancorp of Auburn IN 11.47 107.20 16.36 107.20 11.54 0.56 2.87 32.94
PBCT Peoples Bank, MHC of CT(32.3)* 11.12 149.58 11.96 149.58 13.80 0.80 3.79 42.11
PHBK Peoples Heritage Fin Grp of ME* 9.11 120.07 10.06 139.58 9.24 0.68 3.49 31.78
PBNB Peoples Sav. Fin. Corp. of CT* 12.08 94.81 10.25 102.50 11.57 0.92 4.23 51.11
PERM Permanent Bancorp of IN NM 81.02 8.49 82.12 NM 0.30 1.90 50.85
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 18.47 86.25 17.99 86.25 18.47 0.30 1.85 34.09
PHFC Pittsburgh Home Fin. of PA 18.06 71.80 11.80 71.80 18.06 0.00 0.00 0.00
PFSL Pocahnts Fed, MHC of AR (46.4) 11.79 106.30 6.32 106.30 11.51 0.80 5.52 65.04
POBS Portsmouth Bank Shrs Inc of NH(8)* 12.26 111.30 27.89 111.30 14.61 0.60 4.62 56.60
PKPS Poughkeepsie SB of NY 4.11 88.93 7.56 88.93 3.12 0.10 1.98 8.13
PRBC Prestige Bancorp of PA 24.07 63.03 9.28 63.03 24.07 0.00 0.00 0.00
PETE Primary Bank of NH* NM 94.98 6.02 95.36 NM 0.00 0.00 NM
PSAB Prime Bancorp, Inc. of PA 11.49 119.90 11.32 128.21 12.94 0.68 3.68 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* 10.26 105.86 9.38 105.86 9.96 0.80 2.86 29.30
PROV Provident Fin. Holdings of CA NM 64.46 8.96 64.46 21.00 0.00 0.00 0.00
PULB Pulaski SB, MHC of MO (29.0) 18.15 122.46 15.46 122.46 19.20 0.80 6.04 NM
PULS Pulse Bancorp of S. River NJ 13.05 128.25 15.25 128.25 12.96 0.70 3.94 51.47
QCFB QCF Bancorp of Virginia MN 11.91 85.63 18.67 85.63 11.91 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 15.32 73.84 7.30 74.26 15.89 0.00 0.00 0.00
QCSB Queens County SB of NY* 13.86 134.29 22.80 134.29 13.43 1.33 2.83 39.23
RCSB RCSB Financial, Inc. of NY* 9.07 106.54 7.77 110.23 9.13 0.48 1.86 16.90
RARB Raritan Bancorp. of Raritan NJ* 10.57 116.48 8.43 119.46 10.73 0.60 2.93 30.93
REDF RedFed Bancorp of Redlands CA NM 71.43 4.02 71.43 NM 0.00 0.00 NM
RELY Reliance Bancorp of NY 14.04 95.52 8.46 141.59 14.68 0.46 2.88 40.35
RELI Reliance Bancshares Inc of WI* NM 75.68 42.55 75.68 NM 0.00 0.00 0.00
RFED Roosevelt Fin. Grp. Inc. of MO 12.87 164.80 8.01 174.40 9.49 0.62 3.57 45.93
RVSB Rvrview SB,FSB MHC of WA(40.3) 11.88 134.17 14.78 151.58 13.18 0.22 1.53 18.18
SCCB S. Carolina Comm. Bnshrs of SC 20.00 95.24 27.11 95.24 20.00 0.60 3.75 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 16.55 73.44 10.32 73.44 16.55 0.24 1.96 32.43
SGVB SGV Bancorp of W. Covina CA NM 69.10 6.76 69.10 NM 0.00 0.00 0.00
SISB SIS Bank of Sprinfield MA* 7.69 119.62 8.88 119.62 7.56 0.00 0.00 0.00
SJSB SJS Bancorp of St. Joseph MI 23.52 115.71 13.50 115.71 24.07 0.40 1.93 45.45
SWCB Sandwich Co-Op. Bank of MA* 10.55 104.06 8.95 111.39 11.25 1.00 4.94 52.08
SFBM Security Bancorp of MT 12.20 94.95 8.48 110.31 16.43 0.64 3.07 37.43
SECP Security Capital Corp. of WI 19.98 100.93 17.04 100.93 19.34 0.60 1.00 20.07
SFSL Security First Corp. of OH 9.00 116.58 10.15 119.89 8.60 0.44 3.26 29.33
SHFC Seven Hills Fin. Corp. of OH(8) NM 100.61 21.34 100.61 NM 0.36 1.99 NM
SMFC Sho-Me Fin. Corp. of MO 14.81 92.17 11.04 92.17 14.95 0.00 0.00 0.00
SOBI Sobieski Bancorp of S. Bend IN NM 71.84 13.29 71.84 NM 0.00 0.00 0.00
SOSA Somerset Savings Bank of MA(8)* 15.00 89.82 4.90 89.82 15.00 0.00 0.00 0.00
SMBC Southern Missouri Bncrp of MO 18.10 91.63 15.03 91.63 19.34 0.50 3.54 64.10
SWBI Southwest Bancshares of IL 11.39 115.48 13.86 115.48 11.44 1.08 4.00 45.57
SVRN Sovereign Bancorp of PA 8.85 139.86 5.69 215.98 9.80 0.08 0.80 7.08
STFR St. Francis Cap. Corp. of WI 9.44 110.49 11.53 115.70 13.86 0.40 1.57 14.81
SPBC St. Paul Bancorp, Inc. of IL 11.60 109.59 10.13 109.97 11.91 0.40 1.77 20.51
STND Standard Fin. of Chicago IL 15.65 100.44 12.36 100.50 17.33 0.32 1.99 31.07
SFFC StateFed Financial Corp. of IA 15.29 86.87 17.47 86.87 15.29 0.40 2.54 38.83
SFIN Statewide Fin. Corp. of NJ 21.23 84.21 9.34 84.46 17.31 0.00 0.00 0.00
STSA Sterling Financial Corp. of WA 14.95 119.05 4.98 148.49 15.28 0.00 0.00 0.00
SSBK Strongsville SB of OH 11.17 127.27 10.53 130.03 13.21 0.48 2.29 25.53
SFSB SuburbFed Fin. Corp. of IL 11.88 81.63 5.83 82.11 13.84 0.32 1.91 22.70
SBCN Suburban Bancorp. of OH NM 86.66 11.27 86.66 19.48 0.60 4.00 NM
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultant
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of July 12, 1996
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
SCSL Suncoast S&LA of Hollywood FL 2.81 2.80 0.33 11.53 11.84 -0.41 -14.33 0.31 47.77 0.19
THRD TF Financial Corp. of PA 14.31 14.31 0.92 5.57 6.60 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 4.48 0.74 5.61 1.77 32.15 1.26
PTRS The Potters S&L Co. of OH 9.73 9.73 0.54 5.69 7.13 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 5.91 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 8.32 1.20 7.47 0.48 69.57 0.55
TRIC Tri-County Bancorp of WY 17.83 17.83 0.94 4.70 5.44 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 7.45 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 8.85 0.77 9.97 0.66 178.39 1.90
UBMT United SB, FA of MT 23.53 23.53 1.50 6.68 7.33 1.49 6.63 NA NA 0.25
VABF Va. Beach Fed. Fin. Corp of VA 6.57 6.57 0.23 3.94 4.57 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 3.52 0.31 3.95 0.79 42.34 0.43
VFFC Virginia First Savings of VA 7.72 7.44 1.19 16.32 13.02 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 3.20 0.64 5.18 0.35 42.31 0.23
WSFS WSFS Financial Corp. of DE* 5.87 5.79 2.17 42.73 27.76 1.29 25.28 3.27 59.85 3.01
WVFC WVS Financial Corp. of PA* 15.12 15.12 1.23 8.09 7.95 1.38 9.04 0.45 178.29 1.35
WLDN Walden Bancorp of MA* 9.37 8.02 0.96 10.85 7.90 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 12.14 11.55 1.75 13.73 9.00 1.68 13.15 NA NA 0.37
WAMU Washington Mutual Inc. of WA(8)* 6.23 5.54 0.91 15.07 8.85 0.90 15.01 0.51 125.59 1.04
WYNE Wayne Bancorp of NJ 16.83 16.83 0.56 3.34 5.02 0.68 4.02 1.46 52.15 1.40
WAYN Wayne S&L Co., MHC of OH(46.7) 9.20 9.20 0.58 6.36 4.75 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 4.00 1.10 5.00 1.08 37.62 0.74
WBST Webster Financial Corp. of CT 5.16 3.92 0.51 10.33 6.90 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 6.33 0.79 6.07 0.39 70.55 0.32
WCBI WestCo Bancorp of IL 15.65 15.65 1.32 8.47 7.14 1.31 8.41 0.58 49.47 0.41
WSTR WesterFed Fin. Corp. of MT 13.28 13.28 0.76 5.73 6.83 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 5.50 0.83 3.18 0.34 78.86 0.44
WWFC Westwood Fin. Corp. of NJ 10.71 9.17 0.73 6.78 9.43 0.73 6.78 0.02 868.42 0.50
WFCO Winton Financial Corp. of OH(8) 7.89 7.68 0.93 12.26 7.56 0.76 10.02 0.53 64.84 0.41
FFWD Wood Bancorp of OH 14.59 14.59 1.17 8.14 7.90 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 5.19 0.90 7.45 0.23 72.95 0.19
YFCB Yonkers Fin. Corp. of NY 19.39 19.39 0.89 4.59 6.15 0.98 5.05 1.63 26.77 1.09
YFED York Financial Corp. of PA 8.78 8.78 0.98 11.40 9.85 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)
- ---------------------------------------
SCSL Suncoast S&LA of Hollywood FL 8.45 94.84 2.67 95.27 NM 0.00 0.00 0.00
THRD TF Financial Corp. of PA 15.16 86.73 12.41 86.73 15.66 0.32 2.25 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 22.35 84.20 16.40 84.20 24.21 0.20 1.72 38.46
PTRS The Potters S&L Co. of OH 14.02 77.54 7.55 77.54 14.27 0.24 1.49 20.87
THIR Third Financial Corp. of OH(8) 16.93 128.67 23.35 128.67 18.93 0.68 2.13 35.98
TSBS Trenton SB, FSB MHC of NJ(35.0) 12.02 113.90 21.68 116.53 18.03 0.35 2.77 33.33
TRIC Tri-County Bancorp of WY 18.37 86.75 15.47 86.75 18.95 0.50 2.78 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 13.43 103.50 14.25 103.50 15.48 0.64 3.94 52.89
UFRM United FS&LA of Rocky Mount NC 11.30 121.15 10.03 121.15 12.89 0.20 2.42 27.40
UBMT United SB, FA of MT 13.64 89.46 21.05 89.46 13.74 0.88 4.89 66.67
VABF Va. Beach Fed. Fin. Corp of VA 21.88 84.54 5.56 84.54 NM 0.16 2.29 50.00
VAFD Valley FSB of Sheffield AL(8) NM 118.59 9.59 118.59 NM 0.60 1.94 55.05
VFFC Virginia First Savings of VA 7.68 115.78 8.94 120.19 9.32 0.10 0.88 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 79.23 16.32 79.23 NM 0.00 0.00 0.00
WSFS WSFS Financial Corp. of DE* 3.60 132.05 7.75 133.85 6.09 0.00 0.00 0.00
WVFC WVS Financial Corp. of PA* 12.58 97.95 14.81 97.95 11.26 0.40 1.95 24.54
WLDN Walden Bancorp of MA* 12.66 111.23 10.42 130.04 11.43 0.64 3.20 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 11.12 149.15 18.10 156.79 11.60 0.92 4.36 48.42
WAMU Washington Mutual Inc. of WA(8)* 11.31 153.23 9.55 172.31 11.35 0.88 2.97 33.59
WYNE Wayne Bancorp of NJ 19.91 66.48 11.19 66.48 16.54 0.00 0.00 0.00
WAYN Wayne S&L Co., MHC of OH(46.7) 21.05 130.55 12.01 130.55 22.47 0.88 4.40 NM
WCFB Webster CityFSB,MHC of IA(45.2) 25.00 123.55 27.53 123.55 25.00 0.80 6.27 NM
WBST Webster Financial Corp. of CT 14.50 119.49 6.16 157.18 13.55 0.64 2.21 32.00
WEFC Wells Fin. Corp. of Wells MN 15.79 84.85 12.68 84.85 16.24 0.00 0.00 0.00
WCBI WestCo Bancorp of IL 14.00 116.21 18.18 116.21 14.09 0.48 2.29 32.00
WSTR WesterFed Fin. Corp. of MT 14.65 81.60 10.84 81.60 15.59 0.34 2.34 34.34
WOFC Western Ohio Fin. Corp. of OH 18.18 79.40 14.45 84.32 24.10 1.00 5.00 NM
WWFC Westwood Fin. Corp. of NJ 10.61 71.87 7.69 83.93 10.61 0.00 0.00 0.00
WFCO Winton Financial Corp. of OH(8) 13.22 131.96 10.41 135.60 16.18 0.42 3.05 40.38
FFWD Wood Bancorp of OH 12.66 100.15 14.62 100.15 13.08 0.36 1.82 23.08
WCHI Workingmens Cap. Hldgs of IN(8) 19.27 141.72 17.35 141.72 19.64 0.36 1.75 33.64
YFCB Yonkers Fin. Corp. of NY 16.25 74.60 14.47 74.60 14.77 0.00 0.00 0.00
YFED York Financial Corp. of PA 10.15 110.05 9.66 110.05 11.63 0.60 3.58 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 July 12, 1996 5510.6 646.2 1,103.5 375.6 219.8
(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 429.2 459.0 458.5 349.5 -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 10.6
$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
index 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 Industrials 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, Midwest: IA, IL,
IN, KS, KY, MI, MN, MO, ND, NE, OH, SD, WI; Southwest: CO, LA, NM, OK, TX,
UT; Western: AZ, AK, CA, HI, ID, MT, NV, OR, WA, WY
EXHIBIT IV-4
Market Area Acquisition Activity
------------------------------------------------------------------------
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 Assets NPAs
--------- -------------- -------- ------ ------ ---- ---- ------ ----
($000) (%) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------
04/09/96 Mutual Bancompany, Jefferson City, MO Pooling $54,913 11.31% 0.22% 2.18% 0.21% 159.32%
Pending Roosevelt Financial Group/Chesterfield, MO
03/22/96 Sentinel Fin. Corp., Kansas City, MO Pooling $161,879 6.35% 0.40% 6.59% 0.01% NM
Pending Roosevelt Financial Group/Chesterfield, MO
06/09/95 St. Francois Fin. Corp., Farmington, MO Purchase $39,751 18.53% 0.75% 4.16% 0.31% 179.72%
Pending New Era Bancorp/MO
06/16/95 Kirksville Bancshares, Kirksville, MO Pooling $136,205 15.25% 0.99% 6.46% 0.08% 1052.83%
12/29/95 Roosevelt Financial Group/Chesterfield, MO
04/13/95 WSB Bancorp, Washington, MO Purchase $95,676 18.98% 0.80% 4.33% 0.06% 514.75%
10/23/95 Roosevelt Financial Group/Chesterfield, MO
07/13/94 UNSL Financial Corp., Lebanon, MO Pooling $488,416 8.03% 0.90% 10.62% 1.47% 51.02%
01/06/95 Mercantile Bancorp/MO
- ------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------
Acquisition Terms Control Premium Acquisition Pricing
At Completion Date
- --------------------------------------------------------------------------
Offer
Price/
Total Offer Cash One Day
Deal Price/ Debt Pre-Offer
Value Share Stock Price P/B P/TB P/A P/E
- ----- ----- ----- ----- --- ---- --- ---
($Mil) ($) (x) (%) (%) (%) (x)
- --------------------------------------------------------------------------
$7.7 $23.00 Stock 1.37 124% 124% 14.00% NM
$13.5 $26.33 Stock NOT TRADED 117% 117% 8.90% 19.70
$10.8 $24.00 Cash NOT TRADED 127% 127% 28.70% NM
$28.5 $40.13 Stock NOT TRADED 137% 137% 20.92% 21.16
$26.2 $22.75 Cash 1.08 128% 128% 27.38% 31.20
$61.2 $37.51 Stock 1.13 150% 150% 12.53% 14.48
- --------------------------------------------------------------------------
July 12, 1996
(1) NPAs consist of REO, non-accruing loans, and loans 90+ days deliquent.
Source: SNL Securities; American Banker
EXHIBIT IV-5
Directors and Senior Management Summary Resumes
Dennis J. Adrian is the sole owner of Vandelicht Trucking, Inc., a local
trucking company. He is also the President and majority owner of Mo-Con, Inc.,
a local concrete mixing and delivery firm with which he has been associated
since 1968.
Billy M. Conner is the co-owner and operator of BCGC, Inc., a local
family farming operation.
Kermit D. Gohring is the President and Chief Executive Officer and a
Director of the Holding Company and the Savings Bank. He has been associated
with the Savings Bank since 1964 and President since 1974.
Richard W. Gohring is Executive Vice President and a Director of the
Savings Bank and Vice-President and a Director of the Holding Company. He has
been associated with the Savings Bank since 1985.
Clifford E. Hamilton, Jr. is a Circuit Judge in Columbia, Missouri and
presently serves as a general jurisdiction judge in the Thirteenth Judicial
Circuit of Missouri, which includes Fulton and Columbia. He currently serves as
the Vice Chairman of the Board.
Bonnie K. Smith is Senior Vice President, Secretary-Treasurer and a
Director of the Savings Bank and Secretary-Treasurer of the Holding Company.
She has been associated with the Savings Bank since 1971.
David W. West is the co-owner and operator of a local family farming
operation.
EXHIBIT IV-6
Fulton Savings Bank, FSB
Pro Forma Regulatory Capital Ratios
PRO FORMAT AT APRIL 30, 1996
-----------------------------------------------------------------------------------
15% above
Minimum of Estimated Midpoint of Estimated Maximum of Estimated Maximum of Estimated
Valuation Range Valuation Range Valuation Range Valuation Range
------------------- ------------------- ------------------- -------------------
1,105,000 Shares 1,300,000 Shares 1,495,000 Shares 1,719,250 Shares
April 30, 1996 at $10.00 Per Share at $10.00 Per Share at $10.00 Per Share at $10.00 Per Share
------------------ ------------------- ------------------- ------------------- -------------------
Percent of Percent of Percent of Percent of Percent of
Total Total Total Total Total
Amount Assets(1) Amount Assets(1) Amount Assets(1) Amount Assets(1) Amount Assets(1)
------ --------- ------ --------- ------ --------- ------ --------- ------ ---------
(Dollars in Thousands)
GAAP capital ................ $9,117 10.66% $13,045 14.45% $13,786 15.21% $14,527 15.77% $15,379 16.51%
Tangible capital ............ $9,096 10.64% $13,024 14.43% $13,765 15.10% $14,506 15.75% $15,358 16.49%
Tangible capital requirement. 1,282 1.50 1,354 1.50 1,368 1.50 1,381 1.50 1,397 1.50
------ ----- ------- ----- ------- ----- ------- ----- ------- -----
Excess ...................... $7,814 9.14% $11,670 12.93% $12,397 13.60% $13,125 14.25% $13,961 14.99%
====== ===== ======= ===== ======= ===== ======= ===== ======= =====
Core capital ................ $9,096 10.64% $13,024 14.43% $13,765 15.10% $14,506 15.75% $15,358 16.49%
Core capital requirement(2).. 2,564 3.00 2,709 3.00 2,736 3.00 2,762 3.00 2,793 3.00
------ ----- ------- ----- ------- ----- ------- ----- ------- -----
Excess ...................... $6,532 7.64% $10,315 11.43% $11,029 12.10% $11,744 12.75% $12,565 13.49%
====== ===== ======= ===== ======= ===== ======= ===== ======= =====
Total capital(3) ............ $9,486 18.46% $13,414 25.62% $14,155 26.95% $14,896 28.26% $15,748 29.76%
Risk-based
capital requirement ........ 4,111 8.00 4,188 8.00 4,202 8.00 4,217 8.00 4,233 8.00
------ ----- ------- ----- ------- ----- ------- ----- ------- -----
Excess ...................... $5,375 10.46% $ 9,226 17.62% $ 9,953 18.95% $10,679 20.26% $11,515 21.76%
====== ===== ======= ===== ======= ===== ======= ===== ======= =====
- ------------------------
(1) Tangible capital levels are shown as a percentage of tangible assets. Core
capital levels are shown as a percentage of total adjusted assets. Risk
based capital levels are shown as a percentage of risk-weighted assets.
(2) The current OTS core capital requirement for savings associations is 3% of
total adjusted assets. The OTS has proposed core capital requirements which
would require a core capital ratio of 3% of total adjusted assets for
thrifts that receive the highest supervisory rating for safety and soundness
and a core capital ratio of 4% to 5% for all other thrifts.
(3) Percentage represents total core and supplementary capital divided by total
risk-weighted assets. Assumes net proceeds are invested in assets that carry
a 20% risk-weighting.
EXHIBIT IV-7
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
Fulton SB, FSB of Fulton, MO
Prices as of July 12, 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 14.01x 17.36x 18.28x 15.75x 16.02x 14.10x 13.99x
Price-core earnings = P/CORE 14.01x 17.73x 18.90x 15.87x 16.18x 15.01x 15.28x
Price-book ratio = P/B 64.95% 87.86% 86.23% 102.42% 87.92% 102.41% 98.05%
Price-tng book ratio = P/TB 64.95% 87.88% 86.33% 105.54% 87.92% 105.61% 100.50%
Price-assets ratio = P/A 13.49% 16.62% 16.25% 15.61% 15.03% 12.87% 11.55%
Valuation Parameters
- --------------------
Pre-Conv Earnings (Y) $ 620,080 Est ESOP Borrowings (E) $ 1,040,000
Pre-Conv Book Value (B) $ 9,116,740 Cost of ESOP Borrowings (S) 0.00% (4)
Pre-Conv Assets (A) $ 85,495,990 Amort of ESOP Borrowings (T) 10 Years
Reinvestment Rate(2) (R) 4.02% MRP Amount (M) $ 520,000
Est Conversion Exp(3) (X) 542,000 MRP Expense (N) $ 104,000
Proceeds Not Reinvested (Z) $ 1,560,000
Calculation of Pro Forma Value After Conversion
- -----------------------------------------------
1. V = P/E (Y-R(X+Z)-ES-(1-TAX)E/T-(1-TAX)N)) V = $ 12,998,438
----------------------------------------------
1-(P/E)R
2. V = P/B (B-X-E-M) V = $12,998,784
-----------------------
1-P/B
3. V = P/A (A-X-M-E) V = $ 13,004,103
-----------------------
1-P/A
Total Price Total
Conclusion Shares Per Share Value
- ---------- -------- --------- --------
Appraised Value 1,300,000 $10.00 $ 13,000,000
RANGE:
- ------
- - Minimum 1,105,000 $10.00 $ 11,050,000
- - Maximum 1,495,000 $10.00 $ 14,950,000
- - Superrange 1,719,250 $10.00 $ 17,192,500
(1) Pricing ratios shown reflect the midpoint appraised value.
(2) Net return assumes a reinvestment rate of 6.40 percent, and a tax rate of
37.12 percent.
(3) Conversion expenses include $542,000 of fixed expenses, and variable
expenses (marketing assistance) of 0.00 percent paid to market an
estimated 0.00 percent of the total gross proceeds.
(4) Assumes a borrowings cost of 0.00 percent and a tax rate of 37.12 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
Fulton SB, FSB of Fulton, MO
Prices as of July 12, 1996
Mean Pricing Median Pricing
----------------- -----------------
Valuation Approach Subject Peers (Disc) Peers (Disc)
------------------ ------- ------- ------- ------- -------
P/E Price-earnings 14.01x 17.36x -19.30% 18.28x -23.37%
P/CORE Price-core earnings 14.01x 17.73x -20.98% 18.90x -25.89%
P/B Price-book 64.95% 87.86% -26.07% 86.23% -24.68%
P/TB Price-tang. book 64.95% 87.88% -26.09% 86.33% -24.76%
P/A Price-assets 13.49% 16.62% -18.87% 16.25% -17.01%
Average Premium (Discount) -22.26% -23.14%
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
Fulton SB, FSB of Fulton, MO
At the Minimum of the Range
1. Conversion Proceeds
Pro-forma market value ------------------------------ $ 11,050,000
Less: Estimated offering expenses --------------- 542,000
-----------
Net Conversion Proceeds ----------------------------- $ 10,508,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ----------------------------- $ 10,508,000
Less: Held in Non-Earning Assets(5)(1) ---------- 1,326,000
-----------
Net Proceeds Reinvested ----------------------------- $ 9,182,000
Estimated net incremental rate of return ------------ 4.02 %
-----------
Earnings Increase ----------------------------------- $ 369,513
Less: Estimated cost of ESOP borrowings(1) ------ 0
Less: Amortization of ESOP borrowings(2) -------- 55,586
Less: MRP Expense(4)----------------------------- 55,586
-----------
Net Earnings Increase ------------------------------- $ 258,341
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended April 30, 1996 $ 620,080 $ 878,421
12 Months ended April 30, 1996 (Core) $ 620,080 $ 878,421
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
April 30, 1996 $ 9,116,740 $ 9,182,000 (3)(4) $ 18,298,740
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
April 30, 1996 $ 85,495,990 $ 9,182,000 $ 94,677,990
NOTE: Shares for calculating per share amounts: 1,105,000
(1) Estimated ESOP borrowings of $ 884,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 37.12
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 $ 884,000 are omitted from net worth.
(4) $ 442,000 purchased by the MRP with an estimated pre-tax expense
of $ 88,400 and a tax rate of 37.12 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
Fulton SB, FSB of Fulton, MO
At the Midpoint of the Range
1. Conversion Proceeds
Pro-forma market value ------------------------------ $ 13,000,000
Less: Estimated offering expenses --------------- 542,000
-----------
Net Conversion Proceeds ----------------------------- $ 12,458,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ----------------------------- $ 12,458,000
Less: Held in Non-Earning Assets(5)(1) ---------- 1,560,000
-----------
Net Proceeds Reinvested ----------------------------- $ 10,898,000
Estimated net incremental rate of return ------------ 4.02 %
-----------
Earnings Increase ----------------------------------- $ 438,570
Less: Estimated cost of ESOP borrowings(1) ------ 0
Less: Amortization of ESOP borrowings(2) -------- 65,395
Less: MRP Expense(4)----------------------------- 65,395
-----------
Net Earnings Increase ------------------------------- $ 307,780
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended April 30, 1996 $ 620,080 $ 927,860
12 Months ended April 30, 1996 (Core) $ 620,080 $ 927,860
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
April 30, 1996 $ 9,116,740 $ 10,898,000 (3)(4) $ 20,014,740
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
April 30, 1996 $ 85,495,990 $ 10,898,000 $ 96,393,990
NOTE: Shares for calculating per share amounts: 1,300,000
(1) Estimated ESOP borrowings of $ 1,040,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 37.12
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 $ 1,040,000 are omitted from net worth.
(4) $ 520,000 purchased by the MRP with an estimated pre-tax expense
of $ 104,000 and a tax rate of 37.12 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
Fulton SB, FSB of Fulton, MO
At the Maximum of the Range
1. Conversion Proceeds
Pro-forma market value ------------------------------ $ 14,950,000
Less: Estimated offering expenses --------------- 542,000
-----------
Net Conversion Proceeds ----------------------------- $ 14,408,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ----------------------------- $ 14,408,000
Less: Held in Non-Earning Assets(5)(1) ---------- 1,794,000
-----------
Net Proceeds Reinvested ----------------------------- $ 12,614,000
Estimated net incremental rate of return ------------ 4.02 %
-----------
Earnings Increase ----------------------------------- $ 507,628
Less: Estimated cost of ESOP borrowings(1) ------ 0
Less: Amortization of ESOP borrowings(2) -------- 75,204
Less: MRP Expense(4)----------------------------- 75,204
-----------
Net Earnings Increase ------------------------------- $ 357,219
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended April 30, 1996 $ 620,080 $ 977,299
12 Months ended April 30, 1996 (Core) $ 620,080 $ 977,299
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
----------------- ------------------- -----------------
April 30, 1996 $ 9,116,740 $ 12,614,000 (3)(4) $ 21,730,740
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
April 30, 1996 $ 85,495,990 $ 12,614,000 $ 98,109,990
NOTE: Shares for calculating per share amounts: 1,495,000
(1) Estimated ESOP borrowings of $ 1,196,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 37.12
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 $ 1,196,000 are omitted from net worth.
(4) $ 598,000 purchased by the MRP with an estimated pre-tax expense
of $ 119,600 and a tax rate of 37.12 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
Fulton SB, FSB of Fulton, MO
At the Superrange Maximum
1. Conversion Proceeds
Pro-forma market value ------------------------------ $ 17,192,500
Less: Estimated offering expenses --------------- 542,000
-----------
Net Conversion Proceeds ----------------------------- $ 16,650,500
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ----------------------------- $ 16,650,500
Less: Held in Non-Earning Assets(5)(1) ---------- 2,063,100
-----------
Net Proceeds Reinvested ----------------------------- $ 14,587,400
Estimated net incremental rate of return ------------ 4.02 %
-----------
Earnings Increase ----------------------------------- $ 587,044
Less: Estimated cost of ESOP borrowings(1) ------ 0
Less: Amortization of ESOP borrowings(2) -------- 86,485
Less: MRP Expense(4)----------------------------- 86,485
-----------
Net Earnings Increase ------------------------------- $ 414,073
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended April 30, 1996 $ 620,080 $ 1,034,153
12 Months ended April 30, 1996 (Core) $ 620,080 $ 1,034,153
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- -----------------
April 30, 1996 $ 9,116,740 $ 14,587,400 (3)(4) $ 23,704,140
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
April 30, 1996 $ 85,495,990 $ 14,587,400 $ 100,083,390
NOTE: Shares for calculating per share amounts: 1,719,250
(1) Estimated ESOP borrowings of $ 1,375,400 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 37.12
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 $ 1,375,400 are omitted from net worth.
(4) $ 687,700 purchased by the MRP with an estimated pre-tax expense
of $ 137,540 and a tax rate of 37.12 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
Net Income Less: Net Tax Effect Less: Extd
to Common Gains(Loss) @ 34% Items
---------- ----------- ---------- ----------
($000) ($000) $000) ($000)
Comparable Group
----------------
CMRN Cameron Fin. Corp. of MO 2,761 -55 19 0
CAPS Capital Savings Bancorp of MO 1,820 0 0 0
FBSI First Bancshares of MO 1,042 -26 9 0
HFSA Hardin Bancorp of Hardin MO 511 -2 1 0
KYF Kentucky First Bancorp of KY 786 0 0 0
NSLB NS&L Bancorp of Neosho MO 527 -55 19 0
PCBC Perry Co. Fin. Corp. of MO(1) 756 0 0 0
SMFC Sho-Me Fin. Corp. of MO 1,966 -30 10 0
SMBC Southern Missouri Bncrp of MO 1,337 -126 43 0
SFFC StateFed Financial Corp. of IA 847 0 0 0
Estimated
Core Income Estimated
to Common Shares Core EPS
Comparable Group ---------- ---------- ---------
----------------- ($000) ($000) ($)
CMRN Cameron Fin. Corp. of MO 2,725 2,850 0.96
CAPS Capital Savings Bancorp of MO 1,820 1,039 1.75
FBSI First Bancshares of MO 1,025 1,302 0.79
HFSA Hardin Bancorp of Hardin MO 510 1,058 0.48
KYF Kentucky First Bancorp of KY 786 1,389 0.57
NSLB NS&L Bancorp of Neosho MO 491 888 0.55
PCBC Perry Co. Fin. Corp. of MO(1) 756 856 0.88
SMFC Sho-Me Fin. Corp. of MO 1,946 1,821 1.07
SMBC Southern Missouri Bncrp of MO 1,254 1,724 0.73
SFFC StateFed Financial Corp. of IA 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 (9)
Timothy M. Biddle, Vice President (7)
Alan P. Carruthers, Senior Consultant-Community Banking (14)