RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
December 13, 1996
Board of Directors
Cumberland Mountain Bancshares, M.H.C.
Middlesboro Federal Bank, Federal Savings Bank
1431 Cumberland Avenue
Middlesboro, Kentucky 40965
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 Cumberland Mountain Bancshares, Inc., Middlesboro, Kentucky
("Cumberland Mountain" or the "Company"), in connection with the mutual-to-stock
conversion of Cumberland Mountain Bancshares, M.H.C. (the "Mutual Holding
Company"). The Mutual Holding Company currently has a majority ownership
interest in, and its principal asset consists of, the common stock of
Middlesboro Federal Bank, Federal Savings Bank, Middlesboro, Kentucky
("Middlesboro Federal" or the "Bank"). It is our understanding that the Company
will offer its stock in Subscription, Community and Syndicated Community
offerings to the Bank's Eligible Account Holders, to the Bank's employee stock
ownership plan ("ESOP"), to Supplemental Eligible Account Holders of the Bank,
to Other Members of the Bank, to Directors, Officers and Employees of the Bank,
to Public Stockholders, and to the community (the "Subscription and Community
Offerings").
This Appraisal is furnished pursuant to the conversion regulations
promulgated by the Office of Thrift Supervision ("OTS"). This Appraisal has been
prepared in accordance with the written valuation guidelines promulgated by the
OTS, most recently updated as of October 21, 1994. Specifically, this Appraisal
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 OTS, as successor to the Federal Home Loan Bank
Board ("FHLBB"), dated as of October 21, 1994; and applicable regulatory
interpretations thereof.
Description of Reorganization
- -----------------------------
On December 12, 1996, the Board of Directors of the Bank and the Mutual
Holding Company adopted the Plan of Conversion and Agreement and Plan of
Reorganization (the "Plan") pursuant to which the Mutual Holding Company will
convert from a federally chartered mutual holding company to an Tennessee stock
corporation. In the reorganization process, to become effective concurrent with
the completion of the stock sale, which is targeted for the second calendar
quarter of 1997: (1) the Mutual Holding Company, which currently owns
approximately 64.7 percent of the Bank, will convert from mutual to stock form
and simultaneously merge with and into the Bank, with the Bank being the
surviving entity; (2) an interim savings bank ("Interim") formed by the Company
will then merge into the Bank; (3) as a result of the merger of Interim into the
Bank, the Bank will become a wholly-owned subsidiary of the Company operating
under the name Middlesboro Federal Bank, Federal Savings Bank; and, (4) the
outstanding shares of Bank common stock, (other than those held by the Mutual
Holding Company, which will be cancelled) (the "Public Shares"), will be
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Washington Headquarters
Rosslyn Center
1700 North Moore Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788
RP Financial, LC.
Board of Directors
December 13, 1996
Page 2
converted into shares of common stock of Cumberland Mountain (the "Exchange
Shares") pursuant to a ratio that will result in the holders of such shares
owning the same percentage of the Company as they currently own of the Bank.
Pursuant to the reorganization, Cumberland Mountain will issue shares in
the Subscription and Community Offerings that will represent an ownership
interest in the Company of approximately 64.7 percent (the same percentage
ownership that the Mutual Holding Company currently maintains in the Bank). Also
pursuant to the reorganization, Cumberland Mountain will issue the Exchange
Shares to the current minority stockholders of the Bank in exchange for the
Public Shares pursuant to an exchange ratio determined by the Board of Directors
that will maintain the current minority stockholders' existing ownership
interest (the "Exchange Ratio").
RP Financial, LC.
- -----------------
RP Financial, LC. ("RP Financial") is a financial consulting firm that
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 Company, and the preparation of and
the fee received for the regulatory business plan filed with the application, we
are independent of the Bank, the Mutual Holding Company, the Company and other
parties engaged by the Bank to assist in the stock issuance process.
Valuation Methodology
- ---------------------
In preparing our appraisal, we have reviewed the Mutual Holding Company's
Application for Approval of Conversion, including the Proxy Statement, as filed
with the OTS and the 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 Mutual Holding Company (hereinafter, collectively referred to as
the "Bank") that has included due diligence related discussions with the Bank's
management; Marr, Miller & Myers, PSC, the Bank's independent auditor; Housley
Kantarian & Bronstein, P.C., the Bank's conversion counsel; and Trident
Securities, Inc., which has been retained by the Bank as a financial and
marketing advisor in connection with the Company's stock offering. All
conclusions and assumptions set forth in the appraisal were reached
independently from 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 and 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 Bank. 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 in the Midwest region of the U.S.
We have reviewed conditions in the securities markets in general and for thrift
stocks in particular, including the market for existing thrift issues (including
both full stock institutions and institutions organized as mutual holding
companies), initial public offerings by thrifts and second step conversion
offerings.
RP Financial, LC.
Board of Directors
December 13, 1996
Page 3
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 or liabilities of the Bank. The valuation considers
the Bank only as a publicly-held going concern and should not be considered as
an indication of the liquidation or control values 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 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 December 13, 1996, the aggregate pro forma
market value of the Bank and the Mutual Holding Company, inclusive of the sale
of an approximate 64.7 percent ownership interest in the Subscription and
Community Offerings, was $5,138,636 at the midpoint. Based on the range of value
set forth in the OTS conversion guidelines, the resultant valuation range equals
$4,367,841 at the minimum and $5,909,432 at the maximum. Based on this valuation
and the approximate 64.7 percent ownership interest being sold in the
Subscription and Community Offerings, the midpoint of the Company's stock
offering was $3,325,000, equal to 332,500 shares offered at a per share value of
$10.00. The resultant offering range includes a minimum of $2,826,250 and a
maximum of $3,823,750. Based on the $10.00 per share offering price, this range
equates to an offering of 282,625 shares at the minimum to 382,375 shares at the
maximum. The Company's offering also includes a provision for a super range,
which if exercised, based on a market value of $6,795,847, would result in an
offering size of $4,397,310, equal to 439,731 shares at the $10.00 per share
offering price.
Establishment of Exchange Ratio
- -------------------------------
OTS regulations provide that in a conversion of a mutual holding company,
the minority stockholders are entitled to exchange their shares of the Bank's
common stock for common stock of the Company. The Board of Directors of the
Mutual Holding Company has independently established a formula to determine the
exchange ratio. The formula has been designed to preserve the current aggregate
percentage ownership in the Bank represented by the Public Shares, which is an
approximate 35.3 percent ownership interest. Pursuant to the formula, the
Exchange Ratio will be determined at the end of the Company's stock offering
based on the total number of shares sold in the Subscription and Community
Offerings. Based upon this formula, and the valuation conclusion and offering
range concluded above, the Exchange Ratio would be 0.8564 shares, 1.0076 shares,
1.1587 shares and 1.3325 shares of Cumberland Mountain stock issued for each
Public Share, at the minimum, midpoint, maximum and super range of the offering,
respectively.
RP Financial, LC.
Board of Directors
December 13, 1996
Page 4
Limiting Factors and Considerations
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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. 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,
operations and shares outstanding as of September 30, 1996, the date of the
financial data included in the Company's Prospectus. The proposed Exchange Ratio
and the exchange of Public Shares for newly issued Company shares was determined
independently by the Boards of Directors of the Mutual Holding Company and the
Bank. RP Financial expresses no opinion on the proposed Exchange Ratio and the
exchange of Public Shares for newly issued Company shares.
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
Middlesboro Federal's operating results warrant. The valuation will also be
updated at the completion of the 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
Managing Director
/s/ James J. Oren
James J. Oren
Vice President
JJO:lsl
RP Financial, LC.
TABLE OF CONTENTS
MIDDLESBORO FEDERAL BANK, FEDERAL SAVINGS BANK
Middlesboro, Kentucky
PAGE
DESCRIPTION NUMBER
----------- ------
CHAPTER ONE OVERVIEW AND FINANCIAL ANALYSIS
- -----------
Plan of Conversion and Holding Company Reorganization 1.2
Strategic Discussion 1.3
Balance Sheet Trends 1.5
Income and Expense Trends 1.9
Interest Rate Risk Management 1.12
Lending Activities and Strategy 1.12
Asset Quality 1.14
Funding Composition and Strategy 1.15
Subsidiary Operations 1.15
Legal Proceedings 1.15
CHAPTER TWO MARKET AREA
- -----------
Introduction 2.1
National Economic Factors 2.2
Market Area Demographics 2.4
Economy 2.5
Deposit Trends and Competition 2.7
Summary 2.9
CHAPTER THREE PEER GROUP ANALYSIS
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Selection of Peer Group 3.1
Financial Condition 3.5
Income and Expense Components 3.7
Loan Composition 3.10
Credit Risk 3.10
Interest Rate Risk 3.13
Summary 3.13
RP Financial, LC.
TABLE OF CONTENTS
MIDDLESBORO FEDERAL BANK, FEDERAL SAVINGS BANK
Middlesboro, Kentucky
(continued)
PAGE
DESCRIPTION NUMBER
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CHAPTER FOUR VALUATION ANALYSIS
- ------------
Introduction 4.1
Appraisal Guidelines 4.1
Valuation Analysis 4.2
1. Financial Condition 4.2
2. Profitability, Growth and Viability of Earnings 4.3
3. Asset Growth 4.4
4. Primary Market Area 4.4
5. Dividends 4.6
6. Liquidity of the Shares 4.7
7. Marketing of the Issue 4.7
A. The Public Market 4.8
B. The New Issue Market 4.12
C. Secondary Step Conversion Offerings 4.15
D. The Acquisition Market 4.15
E. Market for Middlesboro Federal Stock 4.15
8. Management 4.19
9. Effect of Government Regulation and Regulatory Reform 4.19
Summary of Adjustments 4.20
Valuation Approaches 4.20
1. Price-to-Tangible Book ("P/TB") 4.22
2. Price-to-Earnings ("P/E") 4.22
3. Price-to-Assets ("P/A") 4.23
Valuation Conclusion 4.23
Establishment of Exchange Ratio 4.24
RP Financial, LC.
LIST OF TABLES
MIDDLESBORO FEDERAL BANK, FEDERAL SAVINGS BANK
Middlesboro, Kentucky
TABLE
NUMBER DESCRIPTION PAGE
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1.1 Historical Balance Sheets 1.6
1.2 Historical Income Statements 1.10
2.1 Major Employers 2.6
2.2 Market Area Unemployment Trends 2.6
2.3 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 3.8
3.4 Loan Portfolio Composition & Related Info. 3.11
3.5 Credit Risk Measures & Related Information 3.12
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 4.14
4.4 Completed Second Step Conversions 4.16
4.5 MHC Institutions - Implied Pricing Ratios 4.17
4.6 Calculation of Exchange Ratios 4.24
4.7 Public Market Pricing: Valuation Conclusion 4.25
RP Financial, LC.
Page 1.1
I. Overview and Financial Analysis
Middlesboro Federal Bank, Federal Savings Bank ("Middlesboro Federal" or
the "Bank") is a federally-chartered stock savings bank headquartered in
Middlesboro, Bell County, Kentucky. The Bank also operates a branch in the town
of Cumberland, Harlan County, Kentucky. The Bank considers its primary market
for deposits to consist of Bell and Harlan Counties, which are along the
Tennessee and Virginia borders. Lending activities are concentrated in the two
market area counties, and in Knox (including Knoxville), Union and Clairborne
Counties in upper east Tennessee, and to a lesser extent in western Lee County,
Virginia (see Exhibit I-1). The Bank was chartered as a Kentucky mutual building
and loan association in 1915, and in 1937 converted to a federal charter and
obtained federal deposit insurance. 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 September 30, 1996, the Bank
maintained $83.8 million in assets, $71.9 million in deposits and $4.4 million
in stockholders' equity, equal to 5.2 percent of assets.
In March 1994, the Bank completed a reorganization from a mutual savings
bank to a stock savings bank concurrent with the reorganization as a federal
mutual holding company. Pursuant to the reorganization, Middlesboro Federal
transferred substantially all of its assets and liabilities to a newly-formed
stock association in exchange for 330,000 shares of stock issued to Cumberland
Mountain Bancshares, M.H.C. (the "Mutual Holding Company" or "MHC").
Simultaneously, the Bank sold 180,000 shares of stock to the public in a
subscription and community offering. As of September 30, 1996 there were 510,000
total shares of the Bank common stock issued and outstanding, of which 330,000
shares, or 64.71 percent, were owned by the Mutual Holding Company and 180,000
shares, or 35.29 percent, were owned by the public. Other than the ownership of
stock in the Bank, the MHC's only other assets are the exclusive ownership of
Home Mortgage Loan Corporation ("Home"), which was formerly a wholly-owned
subsidiary of the Bank, and a deposit account. As a result of the proposed
reorganization and offering, Home and the deposit account will again be merged
with the Bank (Home will be held as a subsidiary).
The Chairman of the Bank recently filed a change of control application
in order to acquire up to 24.9 percent of the shares. In view of the subsequent
conversion application, such change of control application is being withdrawn
and the Chairman's pro forma ownership will not exceed 9.9 percent immediately
following conversion. If the closing conversion value results in pro forma
ownership of the Company, then the Chairman will be required to divest shares
either to the ESOP or an unaffiliated third party.
RP Financial, LC.
Page 1.2
Plan of Conversion and Holding Company Reorganization
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On December 12, 1996, the Board of Directors of the Bank and the Mutual
Holding Company adopted the Plan of Conversion and Agreement and Plan of
Reorganization (the "Plan") pursuant to which the Mutual Holding Company will
convert from mutual to stock form and simultaneously merge with and into the
Bank. A newly formed Tennessee corporation, Cumberland Mountain Bancshares, Inc.
("Cumberland Mountain" or the "Company"), will be formed as a unitary savings
and loan holding company to facilitate the reorganization. In the reorganization
process, to become effective concurrent with the completion of the stock sale
which is targeted for the second calendar quarter of 1997: (1) the Mutual
Holding Company, which currently owns approximately 64.7 percent of the Bank,
will convert from mutual to stock form and simultaneously merge with and into
the Bank, with the Bank being the surviving entity; (2) an interim institution
("Interim") to be formed as a wholly-owned subsidiary of the Company will then
merge into the Bank, with the Bank being the surviving entity (hereinafter
"Middlesboro Federal" or the "Bank"); (3) the publicly-owned shares of Bank
common stock (the "Public Shares") will be converted into shares of common stock
of the Company (the "Exchange Shares") pursuant to a ratio that will result in
the holders of such shares owning the same percentage of the Company as they
currently own of the Bank. Upon consummation of the conversion and
reorganization, the stock of Home and the deposit account will become assets of
the Bank.
Pursuant to the reorganization, Cumberland Mountain will issue shares in
a subscription and community offering that will represent an ownership interest
in the Company of approximately 64.7 percent (the same percentage ownership that
the Mutual Holding Company currently maintains in the Bank). Cumberland Mountain
will also issue the Exchange Shares to the current minority stockholders of the
Bank. The number of exchange shares issued by the Company will be calculated
pursuant to an exchange ratio determined by the Board of Directors that will
maintain the current minority stockholders' existing ownership interest (the
"Exchange Ratio").
The Company anticipates granting common stock awards to directors,
officers and other key personnel (1997 Management Recognition Plan or "1997
MRP") up to 4 percent of the shares being offered publicly, supplementing stock
awards granted in the mutual holding company reorganization (1993 MRP). The
Bank's Employee Stock Ownership Plan ("ESOP") intends to purchase 3.0 percent of
the common stock to be issued and outstanding following the conversion and
reorganization, funded by a loan from the Company.
At this time, no other activities are contemplated for Cumberland
Mountain other than the ownership of the Bank, although in the future Cumberland
Mountain may acquire or organize other operating subsidiaries. Cumberland
Mountain plans to retain a portion of the net proceeds from the sale of common
stock and infuse the remaining proceeds into the Bank.
RP Financial, LC.
Page 1.3
Strategic Discussion
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The Bank is a community-oriented financial institution dedicated to
meeting the borrowing and savings needs of its market area. The Bank has enjoyed
rapid loan growth in recent years, reflecting competitive pricing, increased
marketing and prompt loan approval. Loan growth has been facilitated through
hiring experienced loan officers on an incentive basis, developing a more
customer-oriented approach and developing business relations with real estate
brokers. The Bank has generally pursued a traditional thrift operating strategy
of 1-4 family mortgage lending primarily in Bell and Harlan Counties, Kentucky,
supplementing originations with other loan types such as commercial real estate,
construction and non-mortgage loans. Since local lending opportunities were
limited historically due to poor economic conditions and resultant population
shrinkage in the local area, the Bank increased the level of cash and
investments and mortgage-backed securities ("MBS") held in portfolio. In
addition, the Bank has originated loans in markets where it does not have a
branch location as well as purchased out-of-market loans (including Lexington,
Kentucky). Middlesboro Federal, through Home and the Bank, has originated loans
in several eastern Tennessee counties for many years, particularly in the
Knoxville, Tennessee metropolitan area and the region between Knoxville and
Middlesboro (encompassing Clairborne, Union and Knox Counties, Tennessee).
Approximately $12 million of the Bank's loans were secured by properties in Knox
County, of which $10.8 million were 1-4 family loans. In addition, approximately
$6.8 million in purchased mortgages were secured by properties in central
Kentucky, in the Lexington area. The Bank expects the majority of its loan
activity in the future to be outside Bell and Harden Counties in contiguous
markets, capitalizing on the Bank's reputation in eastern Tennessee.
In recent years, following a management change, Middlesboro Federal has
significantly increased both the level of loan originations and the
diversification of the loan portfolio to include higher levels of commercial
real estate, construction, commercial business and consumer loans. The recent
increase in loan originations has been funded internally through a reduction in
cash and investments and MBS, and externally through deposit growth and borrowed
funds (primarily FHLB advances). The Bank's recent growth is seen as completing
a major phase of balance sheet and market area repositioning, and the Bank
anticipates much slower growth in the future. Prior to the recent increase in
loan originations, Middlesboro Federal also periodically purchased out-of-market
residential and commercial real estate loans for portfolio, although such
purchases have been minimal in recent periods. The Bank intends to sell a
portion of these previously purchased out-of-market loans and repay a portion of
outstanding FHLB advances in early 1997. The Bank retains essentially all loans
for portfolio, as loans originated do not meet agency secondary market standards
due to the lack of title insurance on the property.
The Bank's lending strategies historically have contributed to good asset
quality in recent years, despite the severity of local economic conditions and
population shrinkage. The Bank's allowance for loan loss
RP Financial, LC.
Page 1.4
relative to loans is comparatively low by industry standards, particularly in
view of the recent rapid growth (the portfolio has grown 140 percent since June
30, 1994), increased proportion of higher risk weight loans (an increase from 30
to 40 percent in the last 15 months while total loans grew by 55 percent), and
increased percent of loans outside the markets served by the branch offices
(approximately 59 percent). 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 0.75 percent of assets during the last two fiscal years. The majority of
the NPAs are secured by residential mortgages or residential real estate.
The Bank's lending strategies to limit exposure to interest rate risk
have involved originating adjustable rate residential mortgage loans ("ARMs"),
adjustable rate commercial real estate loans and shorter-term construction,
commercial business and consumer loans. Liability strategies have involved
attempts to lengthen the maturity of deposits, but short-term advances required
in recent months to meet loan demand have countered the impact. The Bank's net
portfolio value ("NPV"), prepared by the OTS as of September 30, 1996, projects
the NPV would decline by 32 percent in the event of an instantaneous 200 basis
point increase in interest rates. Middlesboro Federal anticipates the conversion
proceeds will facilitate improvement in the NPV analysis as the capital will
increase the ratio of interest-earning assets ("IEA") to interest-bearing
liabilities ("IBL") and the proceeds will increase the proportion of shorter-
term or adjustable rate assets. Further, the proceeds from the pending loan sale
are targeted to repay the short-term advances.
The Bank's core profitability has improved with the asset growth and
repositioning which has taken place over the last few years. There has been
improvement from a break-even position in fiscal 1992 to low to moderate core
profitability more recently (ranging from 25 to 35 basis points), primarily due
to an increase in the net interest margin. Further improvement in core
profitability has been limited by competitive pricing to stimulate growth, and
increases in the operating expense ratio despite the rapid growth in assets.
Non-operating losses over the last couple of years have contributed to lower
reported profitability, with the most recent trailing 12 month period reflecting
a loss due to one-time compensation expenses and the special SAIF assessment.
Future core profitability is projected to improve moderately with the
reinvestment benefit of the new capital raised, income benefits of recently
expanded products and services and moderate growth in assets without a
commensurate increase in operating expenses. As a result of the recent loss,
low profitability and the negative impact of assets designated available for
sale ("AFS"), the Bank's equity at September 30, 1996 is very similar to the
level at June 30, 1994, and no interim dividends have been paid on the publicly-
held shares of common stock.
Middlesboro Federal's Board of Directors has determined that a full
conversion to stock form is an attractive business strategy for several reasons.
First, the new structure will provide the ability to diversify business
activities, provide greater flexibility in structuring acquisitions and increase
the future access to capital
RP Financial, LC.
Page 1.5
markets. Second, it will provide the capital necessary to improve the overall
competitive position of the Bank in its market area, with regard to rates and
services offered and ability to expand. Third, an increase in the publicly-held
shares may increase the stock liquidity (there is currently very limited trading
in Middlesboro Federal's stock). Fourth, the conversion may provide the
opportunity for expanded local stock ownership which could enhance the financial
success of the Bank as local shareholders promote the Bank's products and
services. Furthermore, the new structure is being pursued in view of certain
regulatory uncertainties regarding the MHC structure and thrift industry as a
whole. As disclosed in the prospectus, the proceeds from stock conversion are
anticipated to be invested as follows.
. Company. Approximately $100,000 of cash conversion proceeds will
--------
be retained by Cumberland Mountain, with the balance to be invested
in the Bank. Such holding company funds are anticipated to be
invested initially into high-quality short- to intermediate-term
securities and a loan to the Bank's ESOP to fund stock purchases in
the conversion. The Company funds will be utilized for various
corporate purposes, including funding expansion through
diversification or acquisition, stock repurchase programs, funding
stock purchases for the MRP and/or payment of regular or special
dividends, although there are no specific plans at present.
. Middlesboro Federal. The net proceeds infused into the Bank will
--------------------
be exchanged for all of the Bank's newly issued stock. The Bank's
proceeds are anticipated to initially be held in short-term cash
and investments until such funds are redeployed into lending and
investment activities consistent with the Bank's plan.
On a pro forma basis, Middlesboro Federal is expected to have a capital
ratio well above regulatory requirements but moderately below industry averages.
The Board of Directors has determined to pursue a strategy of controlled growth
in order to maintain well-capitalized status, with growth expected to be funded
primarily through local retail deposit growth.
Balance Sheet Trends
- --------------------
Table 1.1 shows key balance sheet items at the close of the last five
fiscal years and at September 30, 1996. Middlesboro Federal's audited financial
statements are incorporated by reference as Exhibit I-2, while historical key
operating ratios are presented in Exhibit I-3. From June 30, 1992 through
September 30, 1996, Middlesboro Federal exhibited annual asset growth of 9.0
percent, with the asset growth channelled into increases in loans receivable. A
majority of the loan growth occurred subsequent to June 30, 1994, when the new
current President became more involved in the Bank's operations and began
diversifying the loan portfolio into higher originations of commercial real
estate and non-mortgage loans. The MBS balance has decreased by approximately 50
percent since 1992, as repayments and sales of MBS have been used for additional
loan originations. The balance of cash and investments declined more rapidly
over the same time period, with funds
RP Financial, LC.
Table 1.1
Middlesboro Federal Bank, Federal Savings Bank
Historical Balance Sheets (1)
(Amount and Percent of Assets)
For the Fiscal Year Ended June 30,
-----------------------------------------------------------------------------------------
1992 1993 1994 1995 1996
----------------- ----------------- ----------------- ----------------- -----------------
Amount Pct Amount Pct Amount Pct Amount Pct Amount Pct
($000) (%) ($000) (%) ($000) (%) ($000) (%) ($000) (%)
Total Amount of:
Assets $58,043 100.00% $59,683 100.00% $62,319 100.00% $67,453 100.00% $74,698 100.00%
Loans Receivable (net) 23,233 40.03% 24,794 41.54% 28,833 46.27% 44,854 66.51% 59,931 80.23%
Mortgage-Backed Securities 15,567 26.82% 15,112 25.32% 15,520 24.90% 11,846 17.56% 7,779 10.41%
Cash and Investment Securities 18,385 31.68% 18,819 31.53% 16,607 26.65% 9,687 14.36% 5,629 7.54%
Deposits 55,066 94.87% 56,414 94.52% 57,858 92.84% 62,595 92.80% 68,976 92.34%
FHLB Advances, Other Borrowed Funds 0 0.00% 0 0.00% 0 0.00% 0 0.00% 1,000 1.34%
Stockholders Equity 2,866 4.94% 3,139 5.26% 4,340 6.96% 4,608 6.83% 4,596 6.15%
AFS Adjustment N/A N/A N/A N/A (121) -0.19% (147) -0.22% (305) -0.41%
End of Period Shares Outstanding N/A N/A 510,000 510,000 510,000
Wghtd Avg Shrs for EPS Calculations(2) N/A N/A N/A 510,000 510,000
Book Value/Share N/A N/A $8.51 $9.03 $9.01
Offices Open 3 3 3 3 2
6/30/92-
9/30/96
As of September 30, Annualized
1996 Growth Rate
------------------- -----------
Amount Pct Pct
------ ---
($000) (%) (%)
Total Amount of:
Assets $83,799 100.00% 9.03%
Loans Receivable (net) 69,371 82.78% 29.35%
Mortgage-Backed Securities 7,655 9.13% -15.38%
Cash and Investment Securities 4,939 5.89% -26.60%
Deposits 71,906 85.81% 6.48%
FHLB Advances, Other Borrowed Funds 6,000 7.16% N/A
Stockholders Equity 4,385 5.23% 10.52%
AFS Adjustment (294) -0.35%
End of Period Shares Outstanding 510,000
Wghtd Avg Shrs for EPS Calculations(2) 510,000
Book Value/Share $8.60
Offices Open 2
(1) Ratios are as a percent of ending assets.
(2) The Bank's minority sale of stock was completed during fiscal 1994.
Source: Middlesboro Federal's audited financial statements.
RP Financial, LC.
Page 1.7
utilized in the lending operations. Middlesboro Federal's annual deposit growth
totaled 6.5 percent, as the Bank has attracted new funds through a combination
of additional advertising and competitive rate offerings. Borrowings (primarily
FHLB advances) have been used as a supplemental funding source in fiscal 1996 to
support lending operations.
The balance of loans receivable increased consistently since fiscal 1992,
although the balance increased at an annual rate of 48 percent since June 30,
1994. Since that time, the Bank has been successful in expanding its loan
origination efforts in the local market and in Tennessee, particularly the
Knoxville area. The Bank has increased the level of commercial real estate,
commercial business and consumer loans, with most of those loan types originated
in Bell and Harlan Counties. At September 30, 1996, loans receivable totaled
$69.4 million, or 82.8 percent of total assets. The composition of the loan
portfolio reflects the more recent diversified lending strategy, as 1-4 family
permanent loans constituted $43.7 million, or 60.3 percent of the gross loan
portfolio, at September 30, 1996, a decline from 70 percent of the loan
portfolio as of one year earlier. At the same date, construction loans totaled
$4.2 million, or 5.8 percent of the loan portfolio. The largest expansion in
the loan portfolio has occurred in commercial real estate, including multi-
family loans, which totaled $13.2 million, or 18.2 percent of the loan
portfolio. These loans are attractive for their higher yields and shorter-
terms. Non-mortgage loans totaled $11.3 million, or 15.6 percent of gross loans
receivable, including $4.5 million of commercial business loans. The Bank has
primarily originated commercial business loans with local businesses in Bell and
Harlan Counties.
MBS totaled $7.7 million at September 30, 1996, the second largest
component of interest-earning assets. The decline of the MBS balance since
fiscal year end 1992 highlights the Bank's strategy of investing funds into
whole loans receivable in order to improve asset yields, as funds from the
repayment, pre-payment and sale of MBS have been utilized for lending
activities. The MBS portfolio consists of FNMA and GNMA pass-through
certificates, of which approximately 57 percent carried adjustable rates. The
entire MBS portfolio was classified as "available for sale" ("AFS") at September
30, 1996, and is carried on the balance sheet at market value. Pursuant to FAS
122, the unrealized pretax loss on the MBS portfolio of $248,000 was tax-
adjusted and deducted from stated equity on the Bank's audited financial
statements. The Bank utilizes a portion of its MBS portfolio to satisfy
regulatory liquidity requirements, preferring to maintain such funds in MBS
instead of lower yielding cash and investments. Going forward, the Bank intends
to continue a focus on investment into whole loans, although MBS may be
purchased with available funds.
The portfolio of cash and investment securities totaled $4.9 million, or
5.9 percent of assets, at September 30, 1996 (see Exhibit I-4). The cash and
investments portfolio consisted of cash and equivalents, including interest-
earning deposits in other financial institutions ($0.8 million), U.S. Government
and agency securities ($2.7 million), investment in a U.S Government Securities
Fund ($0.9 million), FHLB stock ($0.4
RP Financial, LC.
Page 1.8
million) and other investments ($0.1 million). Over the past four fiscal years,
the Bank has used cash flow from maturing investments or sales of investment
securities to fund loan originations, and the cash and investments portfolio has
declined to current levels from $18.4 million at June 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. The Bank classifies the
portfolio of U.S. government and agency obligations as "available-for-sale", and
as of September 30, 1996, an unrealized pretax loss of $195,000 was tax adjusted
and deducted from stated equity on the Bank's audited financial statements.
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.
As noted previously, deposits have traditionally met most of the Bank's
funding needs, and all of the Bank's deposits are generated through its two
office locations. In the last several years, the Bank achieved growth in
deposits by attempting to be more visible in the local market area through
advertising and other marketing efforts and by offering competitive rates. This
strategy facilitated deposit growth, but also eroded spreads as higher cost
deposits increased funding costs. Currently, savings rates offered by
Middlesboro Federal are generally in line with the local competition, with
certificates of deposits ("CDs") accounting for the majority of total deposits.
The Bank has a portfolio of core deposits totaling approximately 26 percent of
deposits, providing a base of lower costing deposits for operations.
Borrowings have also been used by the Bank in recent periods for the
purpose of funding loan originations. During fiscal 1996, the Bank borrowed
approximately $1.0 million in short- to intermediate-term advances from the FHLB
of Cincinnati to meet the strong demand for loans. An additional $5.0 million
was borrowed during the most recent three month period, and FHLB advances
totaled $6.0 million, or 7.2 percent of assets, at September 30, 1996. All of
the borrowings are short term in nature, repricing on a daily basis. Going
forward, the Bank intends to continue using borrowings to support operations,
although deposits are expected to continue to comprise the majority of funding
liabilities.
Positive earnings from fiscal 1992 to fiscal 1994 and proceeds from the
minority stock offering concurrent with the MHC reorganization in fiscal 1994
resulted in an increase in the Bank's capital ratio to $4.3 million, or 7.0
percent of assets, as of June 30, 1996. Since that date, the expansion of the
asset base, coupled with the lower profitability, a negative adjustment to
equity for FAS 122, and a net loss recorded for the twelve months ended
September 30, 1996 caused the Bank's capital ratio to decline to 5.2 percent
(the Bank's reported capital had increased by only $40,000, or 0.9 percent since
June 30, 1994). Middlesboro Federal is currently in compliance with respect to
all of its fully phased-in capital requirements. The addition of
RP Financial, LC.
Page 1.9
conversion proceeds will enhance the Bank's capital position and strengthen
Middlesboro Federal's competitive posture within its market area.
Income and Expense Trends
- -------------------------
Table 1.2 displays the Bank's earnings over the past five fiscal years
and for the twelve months ended September 30, 1996. The Bank recorded low to
moderate profitable operations through fiscal 1996, and a loss of $152,000 for
the twelve months ended September 30, 1996, reflecting several non-operating
expense items. Earnings for the past five fiscal years have fluctuated between
0.20 and 0.45 percent of average assets, and declined to 0.20 percent for fiscal
1996 from the higher level in fiscal 1995. The more recent lower earnings have
been attributable to a lower net interest margin, adversely affected by higher
interest expense. The reinvestment of offering proceeds should improve net
interest income in future periods.
Exhibit I-5 highlights the changes in the Bank's asset yields and cost of
funds over the past two fiscal years and the three months ended September 30,
1996, which have influenced the level of net interest income. Spreads narrowed
by 42 basis points between fiscal 1995 and 1996, as the more aggressive pricing
of CDs and higher costing FHLB advances (in order to fund additional loan
demand) increased the Bank's cost of funds by 86 basis points, while asset
yields increased by only 44 basis points. The change in balance sheet
composition towards higher yielding loans increased the yield/cost spread for
the three months ended September 30, 1996 to 2.85 percent, 68 basis points
higher than the year earlier period. The effect of the higher ratio of loans
receivable is also evident in the most recent twelve month period (see Table
1.2), as the Bank's net interest income improved to 2.76 percent of average
assets versus 1.96 percent for fiscal 1992. These trends indicate that the Bank
has been successful improving the net interest margin, even while funding costs
have risen substantially. Despite balance sheet repositioning, the Bank's net
interest income is still highly influenced by changes in interest rates.
The Bank has increasingly derived more income from non-interest sources,
which has provided some protection from changes in the net interest margin due
to interest rate fluctuations. For the most recent twelve month period, non-
interest operating income totaled $0.363 million, or 0.49 percent of average
assets, a 0.20 percent of average assets improvement from fiscal 1992. A
majority of this income results from the Bank's lending operations, whereby loan
origination income is recognized at the time of origination (the Bank generally
does not charge points, and had no deferred loan origination fees on the books
as of September 30, 1996). This loan origination income is directly related to
the Bank's lending volume and was substantial for the most recent period due to
high lending volumes. Such income may likely decline during periods of lower
lending volume. Other operating income consists of various loan and deposit fees
and charges and other
Table 1.2
Middlesboro Federal Bank, Federal Savings Bank
Historical Income Statements
(Amount and Percent of Assets)(1)
For the Fiscal Year Ended June 30,
---------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996
----------------- ------------------ ------------------ ------------------ ------------------
Amount Pct Amount Pct Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%) ($000) (%) ($000) (%)
Interest Income $4,368 7.65% $3,940 6.77% $3,820 6.26% $4,347 6.70% $5,202 7.32%
Interest Expense (3,249) -5.69% (2,402) -4.13% (2,188) -3.59% (2,445) -3.77% (3,317) -4.67%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Interest Income $1,119 1.96% $1,537 2.64% $1,632 2.67% $1,902 2.93% $1,885 2.65%
Provision for Loan Losses (35) -0.06% (38) -0.07% (32) -0.05% (18) -0.03% (58) -0.08%
--- ------ --- ------ --- ------ --- ------ --- ------
Net Interest Income after
Provisions $1,084 1.90% $1,499 2.58% $1,600 2.62% $1,884 2.90% $1,827 2.57%
Other Income $167 0.29% $189 0.33% $216 0.35% $233 0.36% $292 0.41%
Operating Expense (1,316) -2.31% (1,394) -2.40% (1,589) -2.60% (1,576) -2.43% (1,737) -2.44%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Operating Income ($64) -0.11% $294 0.51% $227 0.37% $541 0.83% $382 0.54%
Gain(Loss) on Sale of Inv. Sec.\MBS $194 0.34% $92 0.16% $7 0.01% ($96) -0.15% $20 0.03%
Deferred Compen. Agree.--
Retired Officer 0 0.00% 0 0.00% 0 0.00% 0 0.00% (143) -0.20%
Director's Retirement Plan 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
SAIF Special Assessment 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
- ----- - ----- - ----- - ----- - -----
Total Non-Operating Inc.\Exp. $194 0.34% $92 0.16% $7 0.01% ($96) -0.15% ($123) -0.17%
Net Income Before Tax $130 0.23% $386 0.66% $234 0.38% $444 0.68% $260 0.37%
Income Taxes (16) -0.03% (124) -0.21% (84) -0.14% (151) -0.23% (114) -0.16%
--- ------ ---- ------ --- ------ ---- ------ ---- ------
Net Inc(Loss) Before Extraordinary
Items $114 0.20% $262 0.45% $150 0.25% $293 0.45% $146 0.20%
Cumulative Effect of Change in
Accounting For Income Taxes $0 0.00% $0 0.00% $0 0.00% $0 0.00% 0 0.00%
-- ----- -- ----- -- ----- -- ----- - -----
Net Income (Loss) $114 0.20% $262 0.45% $150 0.25% $293 0.45% $146 0.20%
Earnings Excluding Non-Operating and Extraord. Items:
- -----------------------------------------------------
Pre-Tax Net Inc. Before Extraordinary
Items $130 0.23% $386 0.66% $234 0.38% $444 0.68% $260 0.37%
Addback(Deduct): Non-Recurring
(Inc)/Exp (194) -0.34% (92) -0.16% (7) -0.01% 96 0.15% 123 0.17%
Tax Effect (34.00%) 22 0.04% (100) -0.17% (77) -0.13% (184) -0.28% (130) -0.18%
-- ----- ---- ------ --- ------ ---- ------ ---- ------
Earnings Excl. Non-Op./Extraord
Items: ($42) -0.07% $194 0.33% $150 0.25% $357 0.55% $252 0.36%
Earnings Per Share:
Reported N/A N/A N/A $0.57 $0.29
Earnings Excl. Non-Op./Extraord
Items: N/A N/A N/A 0.70 0.49
Dividends:
Amount N/A N/A $0.00 $0.00 $0.00
Payout Ratio N/A N/A 0.00% 0.00% 0.00%
Memo:
Expense Coverage Ratio 85.04% 110.29% 102.69% 120.69% 108.54%
Efficiency Ratio 105.14% 82.57% 87.51% 74.45% 81.96%
12 Months Ended
Sept. 30, 1996
----------------
Amount Pct
------ ---
($000) (%)
Interest Income $5,475 7.37%
Interest Expense (3,427) -4.61%
------ ------
Net Interest Income $2,048 2.76%
Provision for Loan Losses (85) -0.11%
--- ------
Net Interest Income after Provisions $1,963 2.64%
Other Income $363 0.49%
Operating Expense (1,816) -2.44%
------ ------
Net Operating Income $510 0.69%
Gain(Loss) on Sale of Inv. Sec.\MBS $20 0.03%
Deferred Compen. Agree.- Retired Officer (143) -0.19%
Director's Retirement Plan (145) -0.20%
SAIF Special Assessment (388) -0.52%
---- ------
Total Non-Operating Inc.\Exp. ($656) -0.88%
Net Income Before Tax ($145) -0.20%
Income Taxes (7) -0.01%
-- ------
Net Inc(Loss) Before Extraordinary Items ($152) -0.20%
Cumulative Effect of Change in
Accounting For Income Taxes 0 0.00%
- -----
Net Income (Loss) ($152) -0.20%
Earnings Excluding Non-Operating and Extraord. Items:
- -----------------------------------------------------
Pre-Tax Net Inc. Before Extraordinary Items ($145) -0.20%
Addback(Deduct): Non-Recurring (Inc)/Exp 656 0.88%
Tax Effect (34.00%) (174) -0.23%
---- ------
Earnings Excl. Non-Op./Extraord Items: $337 0.45%
Earnings Per Share:
Reported ($0.30)
Earnings Excl. Non-Op./Extraord Items: 0.66
Dividends:
Amount $0.00
Payout Ratio 0.00%
Memo:
Expense Coverage Ratio 112.79%
Efficiency Ratio 78.06%
(1) Ratios are as a percent of average assets. Average assets calculated based
on annual average.
Source: Middlesboro Federal's audited financial statements.
RP Financial, LC.
Page 1.11
miscellaneous sources of income. Going forward, the Bank anticipates that non-
interest income will remain primarily related to loan origination volume, as
other income sources are not expected to be developed (the Bank does not have a
loans serviced for others portfolio, and does not intend to sell loans servicing
released).
Middlesboro Federal's operating expenses have increased in the time
period shown in Table 1.2 due to the growth in the asset base. Despite the
strong asset growth and utilization of FHLB advances to partially fund such
growth, the operating expense ratio has ratcheted up to a higher level as a
percent of average assets. The Bank's operating expenses are expected to
initially increase following the conversion as a result of the following items.
First, the Bank is in process of completing an expansion of the main office to
house additional staff and equipment required to support the current higher
asset level, which is expected to result in higher depreciation expense. Second,
Middlesboro Federal expects to open a branch office in Pineville, Bell County,
Kentucky in the near future following regulatory approval. Although this branch
will be a "supermarket branch" requiring lower investment than a free-standing
facility, equipment and personnel expenses will increase, particularly until an
adequate deposit base can be generated. Third, the ESOP and MRP purchases in the
offering and in the year following conversion, respectively, will increase
annual expenses. In addition, as a full stock institution, the Bank may incur
additional legal, accounting, printing/mailing and related costs. The lower
deposit insurance premium in 1997 should help to offset some of these increases.
Loan loss provisions have generally had a small impact on earnings in
recent years, peaking during the twelve months ended September 30, 1996, as the
Bank recorded provisions for loan losses of $0.085 million, or 0.11 percent of
average assets. The Bank is budgeting provisions of $30,000 per quarter for the
next three calendar quarters, a higher quarterly amount than the last 12 months,
in order to improve the general valuation allowance ("GVA") ratio as a percent
of loans receivable. As of September 30, 1996 the GVA balance was equal to
$195,000, or 0.28 percent of net loans receivable and 43.33 percent of NPLs
(including restructured loans), as compared to $148,000, or 0.33 percent of net
loans and 59.20 percent of NPLs at fiscal year end 1995 (see Exhibit I-6).
Historically, non-operating gains and losses have been limited to gains
or losses on the sale of investment securities or MBS that were sold to fund
loan originations (see Table 1.2). During the most recent twelve month period,
Middlesboro Federal has experienced a number of non-operating expenses that
resulted in a reported loss for the twelve months ended September 30, 1996. The
Bank funded a deferred compensation agreement in the amount of $143,000 for a
former officer who retired during fiscal 1996. Middlesboro Federal also funded a
directors retirement plan ("DRP") during the most recent three month period,
resulting in a charge to income of $145,000. This DRP is fully funded as of
September 30, 1996, except for three directors who will receive additional
percentage vesting after a number of years of service. Finally, the Bank
incurred a pre-tax charge of $388,000 for the special SAIF insurance premium
assessment fee at September 30, 1996.
RP Financial, LC.
Page 1.12
Interest Rate Risk Management
- -----------------------------
Middlesboro Federal attempts to manage exposure to interest rate
fluctuations primarily on the asset side of the balance sheet, and has attempted
to enhance the interest sensitivity of its operations through several means,
including: (1) increasing the portfolio of ARMs held in the loan portfolio; (2)
originating shorter-term fixed-rate residential mortgages (10 to 15 year terms)
and fixed-rate balloon loans for portfolio; (3) maintaining an MBS portfolio
containing securities that reprice on an annual basis; (4) holding short-term
investment securities; (5) increasing the balance of short-term to maturity
commercial business loans and consumer loans; and (6) increasing the proportion
of transaction accounts in the deposit base which are believed to be less
interest rate sensitive funds. Exhibit I-7 displays the distribution of the
Bank's fixed and adjustable rate loans.
Middlesboro Federal monitors its exposure to interest rate risk using the
net portfolio value ("NPV") analysis provided by the OTS on a quarterly basis.
As shown in Exhibit I-8, according to the most recent NPV report provided by the
OTS, the Bank's NPV would decline by approximately 32 percent in the event of a
200 basis point instantaneous and sustained rise in interest rates. In the event
interest rates declined by 200 basis points, the Bank's NPV would increase by 15
percent. Although these measures are within the Board-established limits of the
Bank, the Bank is seeking to reduce exposure to interest rate risk, and the
reinvestment of conversion proceeds is expected to contribute to reduced
exposure.
Lending Activities and Strategy
- -------------------------------
The Bank's historical lending activities emphasize the origination of 1-4
family mortgage loans (see Exhibits I-9 and I-10, loan composition and
maturity). However, the Bank has also concentrated on loan portfolio
diversification by building portfolios of commercial real estate loans,
construction loans and non-mortgage loans. Underscoring the change in portfolio
composition, while gross loans increased from $46.7 million at June 30, 1995 to
$72.5 million at September 30, 1996, the proportion of 1-4 family loans dropped
from 70.2 percent to 60.3 percent. The Bank's credit risk profile has increased
over that time period through limited seasoning on a large portion of the
portfolio and increased concentration of higher risk weight loans.
As of September 30, 1996, residential mortgage loans secured by 1-4
family properties totaled $43.7 million, or 60.3 percent of total loans
receivable. The estimated average balance is $85,000. The Bank originates both
ARMs and fixed-rate residential mortgages. Fixed-rate mortgages are offered with
maturities of up to 15 or 20 years, with essentially all of these loans held in
portfolio.
Approximately 77.4 percent of the Bank's 1-4 family residential mortgages
consisted of ARMs at September 30, 1996. Middlesboro Federal offers ARMs with
one-, three-, five- or seven-year adjustment
RP Financial, LC.
Page 1.13
periods that are indexed to the weekly average rate on the corresponding U.S.
Treasury securities, adjusted to a constant maturity. The majority of ARMs are
originated with annual adjustment caps of 2.0 percent, and lifetime adjustment
caps of up to 6.0 percentage points. The current margin is 3.0 percentage
points. ARMs are retained for portfolio as part of asset/liability management
strategy.
Residential loans made by the Bank are generally originated with maximum
loan-to-value ("LTV") ratios of 80 percent. The Bank recently began originating
loans with LTV ratios in excess of 80 percent provided that the borrower pays a
fee to the Bank that equals the private mortgage insurance ("PMI") premium
payment. Thus, the Bank is not requiring PMI coverage for these loans, but is
receiving a fee which is not recognized as income immediately but is placed in
GVAs. Middlesboro Federal has incurred minimal losses from this practice to
date.
Middlesboro Federal has recently increased the level of originations of
commercial real estate loans, primarily non-residential real estate. As of
September 30, 1996, multi-family real estate loans totaled $1.9 million, while
non-residential real estate loans totaled $11.4 million, for a total of $13.2
million, or 18.2 percent of gross loans receivable. The Bank's commercial real
estate portfolio consists of loans secured by churches, motels, office
buildings, retail stores, small shopping centers and other non-residential
property. Commercial real estate loans originated by Middlesboro Federal are
predominantly adjustable rate loans that generally have terms of up to 15 years,
and are indexed to the prime rate of interest. LTVs on income property loans
typically do not exceed 75 percent, while loans on raw land do not exceed 65
percent LTV. The Bank seeks to manage credit risk on such loans by lending
primarily on local property, to borrowers with whom management is familiar, and
obtaining personal guarantees. The largest aggregate amount of loans to any one
borrower was $1.2 million, consisting of 9 loans secured by residential
properties. The largest single loan outstanding was an $850,000 loan secured by
a grocery store.
Construction loans totaled $4.2 million, or 5.8 percent of gross loans
receivable, at September 30, 1996, for both residential property ($3.0 million)
and multi-family/non-residential property ($1.2 million). The Bank has recently
been active in construction lending, in particular to builders for the
construction of speculative homes, although going forward construction lending
is expected to decline substantially, as the Bank has determined to concentrate
on permanent residential property. Construction loans are structured as
interest-only during the construction period, which generally equals six months.
Approximately one half of the construction loans originated by the Bank convert
into permanent loans upon completion of the construction phase. Construction
loans have maximum LTV ratios equal to the requirements of the permanent loans.
Middlesboro Federal has also actively originated consumer loans, which
totaled $6.9 million, or 9.5 percent of gross loans receivable, at September 30,
1996. The Bank offers a variety of types of consumer loans,
RP Financial, LC.
Page 1.14
including loans secured by deposit accounts, automobile, secured and unsecured
personal loans and credit card loans. The most prominent type of consumer loan
in the portfolio is automobile. The Bank considers automobile loans attractive
due to generally higher yields and shorter terms, despite the higher credit
risk. Credit risk is managed by limiting the maximum terms on automobile loans
and other security.
Commercial business loans also represent an area of loan portfolio
diversification for Middlesboro Federal. As of September 30, 1996, the Bank had
$4.5 million of commercial business loans, a dramatic increase from $0.9 million
as of June 30, 1995. These loans are primarily made to local small businesses
in Bell and Harlan Counties, and are attractive due to the higher yields. The
Bank has been able to increase the portfolio of such loans due to personal
contacts by Bank employees in the local communities, although the level of such
loans is not projected to increase substantially in the future. Commercial
business loans usually carry a floating rate indexed to the prime rate and
generally have a 15 year term, and are secured by assets such as inventory,
equipment or other assets and guaranteed by the principals.
As shown in Exhibit I-11, Middlesboro Federal's overall loan origination
volume increased from $23.3 million in 1995 to $40.9 million for the most recent
twelve months. The table highlights the Bank's increased emphasis on commercial
real estate, construction, commercial business and consumer lending, with
originations increasing from $10.7 million, or 45.6 percent, of loan
originations in fiscal 1995 to $24.5 million, or 60.0 percent of loan
originations for the twelve months ended September 30, 1996. In prior years, the
Bank supplemented originations with purchases, particularly from a single
mortgage broker in Lexington, Kentucky. Purchases declined with an increase in
the Bank's originations and applying more stringent standards than for
originated loans.
Asset Quality
- -------------
Exhibit I-12 displays Middlesboro Federal's NPLs from fiscal 1995 to
September 30, 1996, and shows that the level of NPLs has remained between 0.57
and 0.67 percent of total loans, although the absolute balance has increased.
Since the Bank had no real estate owned ("REO") at September 30, 1996, the
balance of NPAs and NPLs was the same. As of September 30, 1996, the ratio of
NPAs to assets equaled 0.54 percent of assets, up from 0.20 percent of assets at
fiscal year end 1995. At September 30, 1996, NPAs totaled $450,000 and consisted
of residential loans and a small balance of consumer loans ($17,000) greater
than 90 days delinquent. As of September 30, 1996, the Bank maintained valuation
allowances of $195,000, equal to 0.27 percent of gross loans receivable and
43.33 percent of NPLs. Middlesboro Federal had classified assets of $408,000 at
September 30, 1996 (see Exhibit I-13), similar to the balance of NPLs.
RP Financial, LC.
Page 1.15
Funding Composition and Strategy
- --------------------------------
Exhibits I-14 and I-15 provide data pertaining to Middlesboro Federal's
deposit composition and costs at fiscal year ends 1995 and 1996 and as of
September 30, 1996. Exhibit I-16 displays information regarding the Bank's
borrowings. Middlesboro Federal's deposits consist of CD accounts, which totaled
$53.5 million, or 74.4 percent of total deposits, and a base of core deposits
(passbook accounts, NOW accounts, non-interest checking accounts, and MMDAs)
which totaled $18.4 million, or 25.6 percent of total deposits. Passbook
accounts were the largest component of core deposits and totaled $8.8 million,
or 12.2 percent of total deposits, at September 30, 1996, followed by NOW
accounts totaling $7.1 million, and non-interest bearing checking accounts
totaling $2.1 million. Going forward, the Bank intends to try to increase the
deposit base to fund lending operations.
CDs accounted for the majority of Middlesboro Federal's deposit base
(74.4 percent) at September 30, 1996. Approximately 48 percent of the CD
portfolio was scheduled to mature in one year or less. Jumbo CDs, which tend to
be more rate sensitive than lower balance CDs, accounted for $9.6 million, or
18.0 percent of deposits, at September 30, 1996. The level of jumbo CDs in the
Bank's CD portfolio is significant in that jumbo CDs tend to be more rate
sensitive than smaller denomination CDs, increasing the Bank's interest rate
risk to a degree.
Subsidiary Operations
- ---------------------
The Bank currently does not have any subsidiary operations. Prior to the
formation of the Mutual Holding Company, the Bank had one subsidiary, MFS&L
Service Corporation ("MFS&L"). From 1988 to June 30, 1992, MFS&L participated in
joint ventures for the purpose of acquiring, developing, constructing and
selling single family residential real estate and held stock in the Bank's data
processing provider. MFS&L discontinued such activity in June 1992. In
connection with the MHC formation, MFS&L became a MHC subsidiary and was renamed
Home Mortgage Loan Corporation ("Home"). As a result of the proposed formation
of the Company and conversion, Home will again become a subsidiary of the Bank.
Activities of Home are limited at present and the primary assets consist of
seasoned loans made prior to June 1992.
Legal Proceedings
- -----------------
Other than the routine legal proceedings that occur in the Bank's
ordinary course of business, the Bank is not involved in litigation which is
expected to have a material impact on the Bank's financial condition or
operations.
RP Financial, LC.
Page 2.1
II. MARKET AREA
Introduction
- ------------
Middlesboro Federal conducts operations out of its headquarters office in
Middlesboro, Bell County, Kentucky, and a branch office in Cumberland, Harlan
County, Kentucky. Both counties are located in extreme southeastern Kentucky
along the Kentucky, Virginia and Tennessee borders, with Harlan County located
northeast of Bell County. The Bank had previously operated a small branch
office located in an enclosed mall in Middlesboro which was closed during fiscal
year 1995. 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
Bank plans to open a new branch office facility in Pineville, Kentucky during
1997. This branch office will be a "supermarket branch" facility in Pineville,
the county seat of Bell County. The city of Middlesboro, containing
approximately 12,000 residents or one-third of the total Bell County population,
serves as the economic and employment center of Bell County, while Cumberland,
Harlan County, is a smaller town of approximately 3,000 residents. Both
counties are rural in nature, with Harlan County maintaining a significant
concentration of employment in coal mining and Bell County having a more
diversified employment base. Both counties experienced economic distress in the
past fifteen years due to the decline in employment in the coal mining industry,
and have thus decreased the dependence on coal mining for employment.
Bell and Harlan Counties represent the Bank's primary market area for
deposit generation as most of Middlesboro Federal's depositors live in these
counties. Lending activities are concentrated in these two counties and in
Clairborne, Union and Knox Counties in upper east Tennessee and in western Lee
County in Virginia. Knox County, Tennessee is the location of the city of
Knoxville, the largest metropolitan area in proximity to Middlesboro Federal,
while Union County is a growing suburban and rural area to the north of
Knoxville. To a lesser extent, lending activities are also pursued in Sullivan
and Washington Counties, Tennessee, which contain the cities of Kingsport,
Johnson City and Bristol. Bell and Harlan Counties, the location of the Bank's
offices, are not included in any regional metropolitan statistical area ("MSA").
The Bank's offices operate in a market area with declining levels of
population and households. The Bell and Harlan County economies, historically
based on coal mining, were severely impacted by the decline of the coal mining
industry in the 1980s as the coal industry became more mechanized and required
fewer laborers. The two county areas have historically reported high
unemployment levels and high poverty rates in comparison to national averages.
The Bell County economy has diversified in recent years to include employment in
manufacturing, health care, education, and local/state government. Harlan County
continues to have significant employment in coal mining although some
diversification has occurred.
RP Financial, LC.
Page 2.2
Competition from other financial institutions operating in Bell and Harlan
Counties includes four commercial banks and three other savings institutions,
with three of the commercial banks and one of the savings institutions having a
larger presence than Middlesboro Federal. The Bank maintains a market share of
approximately eight percent of overall financial institution deposits in Bell
County and twelve percent of deposits in Harlan County. Similar to the Bank,
the other financial institutions are locally-owned community-oriented banks and
savings institutions. Middlesboro Federal has experienced growth in deposits
and market share in recent years due in part to an increased emphasis on
marketing the Bank's products and services. However, competition remains high
in the marketplace.
Future business and growth opportunities for Middlesboro Federal 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
- -------------------------
Over the past year, national economic growth has been mixed. Economic data
through most of the fourth quarter of 1995 suggested that the economy was on
track for a soft landing, as indicated by modest retail sales growth and a
stable inflation picture. 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. Economic data
released in January 1996 continued to indicate a generally sluggish economy, as
highlighted by the Federal Reserve's mid-January "Beige Book" report which
indicated slowing economic growth in its latest nationwide survey of economic
conditions. Record-breaking winter weather conditions further slowed the
economy in January of 1996. Unemployment declined sharply in February, although
the January figures were skewed by the weather and by striking GM workers. A
stronger than expected March 1996 employment report served to rekindle inflation
fears, while other economic indicators suggested that the pace of economic
growth was moderate and inflation was under control.
RP Financial, LC.
Page 2.3
Higher oil and commodity prices heightened inflation concerns in late-April
1996; however, wages, which account for most of the inflation measures, did not
signal that inflation was heating up. Unemployment data for both May and June
suggested a strong pace of economic growth, with the stronger than expected job
growth pushing interest rates higher. Second quarter GDP increased at a healthy
4.7 percent annual rate, however, other economic measures, such as consumer and
producer prices, reflected a more modest pace of economic growth.
The third quarter of 1996 started with a continuation of second quarter
trends, although mid-July Congressional testimony by the Federal Reserve
Chairman hinted of expectations that the economy would taper off slightly in the
second half of 1996. However, much of the economic data released during July and
August continued to indicate a fairly robust pace of economic growth. Such
economic data included a stronger than expected increase in July durable good
orders, the consumer confidence index hitting a six year high and a decline in
the August unemployment rate. Comparatively, for the balance of the third
quarter, economic data, such as a decline in August durable good orders and
smaller than expected increases in August retail sales and consumer prices,
suggested that the economy was cooling off. A slight increase in the September
unemployment rate further signaled a slowing economy.
Economic data released in the beginning of the fourth quarter generally
confirmed that the national economy was slowing. October unemployment remained
at 5.2 percent, although the number of new jobs being added to the economy was
lower compared to job growth recorded during the late-spring and the summer.
Third quarter GDP growth fell to a 2.2 percent annual rate, versus a comparative
4.7 percent rate in the second quarter. Wage data indicated that inflation was
under control, as wages remained flat for production and nonsupervisory workers
in October, despite a $0.50 increase in the minimum wage becoming effective on
October 1, 1996. Modest increases in the October consumer price index and
October retail sales provided further indications that the national economy was
slowing. While the November unemployment rate climbed to 5.4 percent from 5.2
percent in October, inflation concerns were heightened somewhat by an
unexpectedly sharp $0.09 jump in average hourly earnings. Subsequent data for
November and early December continued to reflect a slow growth economy, although
retail sales for the 1996 holiday season are expected to exceed the prior year
levels.
Consistent with the mixed economic activity, interest rate trends have been
varied as well over the past year. Interest rates generally trended lower in
the fourth quarter of 1995, due to the slowing of the economy. The sluggish
economy and a 0.25 percent cut in short-term interest rates by the Federal
Reserve pushed the yield on 30-year U.S. Government bond to slightly below 6.0
percent at year end 1995. Following another 0.25 percent rate cut by the
Federal Reserve in January 1996, interest rates moved higher during the balance
of
RP Financial, LC.
Page 2.4
the first quarter. The upward trend in interest rates reflected generally
improving economic conditions and indications that the Fed would not cut
interest rates further due to mixed inflation signals.
Interest rates continued to edge higher during the second quarter and the
30-year U.S. Government bond yield climbed above 7.0 percent following the
stronger than expected May job growth reported in early-June. The favorable June
employment report had a more severe effect on bond prices, as the large drop in
unemployment provided for one of the largest one day declines in bond prices
with the yield on the 30-year benchmark bond increasing from 6.93 percent to
7.18 percent. During the balance of third quarter, economic data which contained
mixed inflation signals provided for an uneven interest rate environment. After
trending lower for a brief period in July and August, another spike in interest
rates was experienced in late-August and early-September as inflation concerns
were raised by the stronger than expected economic growth. Comparatively, aided
by the Federal Reserve's decision not to raise interest rates at its October and
November meetings, along with economic data providing indications of a cooling
economy, interest rates declined in late-September and October. Interest rates
continued to edge lower through early December, as the October economic data
suggested that inflationary pressures were non-threatening. Bond prices declined
slightly in early-December, as investors focused on weakness in the dollar and
rising oil prices. As of December 13, 1996, one- and thirty-year U.S. Government
bonds were yielding 5.43 percent and 6.57 percent, respectively. Exhibit II-2
provides historical interest rate trends from 1991 through December 13, 1996.
Market Area Demographics
- ------------------------
Demographic growth trends in the Bank's primary market area of Bell and
Harlan Counties 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 Exhibit II-3. Kentucky and 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.
The Bank offices are located in a relatively small market area in terms of
population, as Bell and Harlan Counties reported a total population of
approximately 67,000 as of 1996. Since 1980, both Bell and Harlan Counties have
experienced declines in population and households, in part reflecting the
decline of the coal mining industry. The rural nature of the two counties also
restricts employment opportunities and resultant attractiveness for residents,
and the decline in population and households is projected to continue through
the year 2001. The Commonwealth of Kentucky has reported population and
household growth rates in line with national averages of approximately 1.0
percent annually. Growth in these demographic areas is projected to continue
through the year 2001.
RP Financial, LC.
Page 2.5
The rural nature of the primary market area also results in lower income
levels in comparison to statewide and national averages. Estimated per capita
annual income for 1996 in Bell and Harlan Counties is less than $8,500, over 35
percent less that statewide averages and approximately one-half of the national
average of $16,738. Age distribution figures show that the two market area
counties have a higher proportion of residents over 65 years of age, although
the median ages for Bell and Harlan Counties approximate the Kentucky average.
Income distribution levels are similar to per capita income figures, revealing
that the two market area counties have a higher proportion of lower income
households (below $15,000 annually), reflecting the more rural nature of the
area. Median household income levels are approximately 40 percent lower than the
state averages and 60 percent less than national averages. Based on the
declining population trends and lower income levels, growth opportunities in the
primary market area counties can be expected to be limited, with growth
achievable only through increased market share of local financial institution
deposits.
Economy
- -------
As most of the Bank's deposit gathering activities and a portion of the
lending operations are conducted in Bell and Harlan Counties, the Bank's market
area economy is dominated by these two counties. Employment in Bell County is
generally diversified, containing employment in retail trade, services, state
and local government, mining and manufacturing. Employment in Harlan County
continues to be led by mining, followed by services, state and local government
and retail trade. Reflecting the decline in the coal mining industry, between
1989 and 1994, mining employment in Harlan County dropped by approximately 30
percent, or over 1,000 jobs, although a portion of these jobs have been lost
through increased mechanization of the coal mining process. Recent data
indicates that mining employment totaled over 20 percent of Harlan County's
employment base. Table 2.1 displays a list of manufacturing and other employers
in Bell and Harlan Counties, and Exhibit II-4 presents additional data
concerning sources of personal income and employment sectors. Major coal mining
employers in Harlan County include Manalapan Mining, Arch Minerals and Gray's
Knob Coal Company. The Bank also pursues lending activities in the Knoxville,
Tennessee area (Knox County), including Union County to the north of Knoxville.
This area represents a substantially larger population base for lending
opportunities and economic activity. For example, the total population of Knox
County, Tennessee approximated 336,000 as of 1996. Knoxville is a large
metropolitan area in eastern Tennessee along a major transportation route.
RP Financial, LC.
Page 2.6
Table 2.1
Major Employers
Employer Industry Employees
-------- -------- ---------
Bell County
Pineville Community Hospital Health Care 338
Appalachian Regional Hospital Health Care 297
Cumberland Gap Provision Company Meat Processing 175
M. Fine & Sons Denim Jeans 150
Middlesboro Coca Cola Soft Drinks 92
Dura Line Corporation Plastic Pipe, Fiber Optic Conduit 85
Kentucky Leather Company Leather Tanning 72
J.R. Hoe and Sons, Inc. Fabricated Structural Steel 45
Middlesboro Daily News Newspaper 35
Bell Concrete Industries Concrete Products 35
Martin Manufacturing Corporation Yarn Bleaching 25
Swanson Plating and Machine of Kentucky Chrome Plating 24
Harlan County
Appalachian Regional Hospital Health Care 121
P.L. Bayne Furniture Manufacturing 110
Forestry Products Company Lumber 30
United Gloves Apparel 20
Source: Local Area Chambers of Commerce.
Table 2.2 displays unemployment data in the local market area as of
September 1996 and September 1995. The unemployment rates for Bell and Harlan
Counties remain well above state and national averages, although the employment
situation has improved in the most recent twelve month period. This data
reflects in part the continued decline of the coal mining industry in the
primary market area, and the overall lack of employment opportunities in the
rural market area. The higher unemployment rates in Bell and Harlan Counties are
also significant in light of the ongoing population declines in the two market
area counties. Such lower population figures would be expected to reduce upward
pressure on the unemployment rate as residents leave the local area for other
employment opportunities.
Table 2.2
Market Area Unemployment Trends
Region September 1995 September 1996
------ --------------- ---------------
United States 5.4% 5.0%
Kentucky 5.3 4.5
Bell County 7.9 7.3
Harlan County 19.5 10.7
Source: U.S. Bureau of Labor Statistics.
RP Financial, LC.
Page 2.7
Deposit Trends and Competition
- ------------------------------
Middlesboro Federal's market area (defined as Bell and Harlan Counties for
deposits), is characterized by the presence of a number of locally-based and
locally-owned financial institutions, including commercial banks and savings
institutions. There are two commercial banks in Bell County, both of which are
slightly larger in overall deposits than Middlesboro Federal, and two commercial
banks in Harlan County, one moderately larger and one moderately smaller than
the Bank. A total of three other savings institutions operate in both Bell and
Harlan Counties.
Table 2.3 displays deposit market trends for the state of Kentucky and the
primary market area from June 30, 1993 to June 30, 1995. Overall, financial
institution deposits showed an increase statewide, with commercial banks 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 Kentucky was due to a number of
thrift acquisitions by commercial banks during this time period coupled with the
impact of disintermediation.
Deposit trends in Bell and Harlan Counties exhibited a stronger rate of
deposit increase, as total deposits increased by 2.9 percent and 4.7 percent
annually over the two year period, respectively. The increase in deposits was
recorded by both commercial banks and savings institutions in the two market
area counties. The relatively strong deposit growth in Bell and Harlan Counties
is believed to be attributable to the dramatic reduction in unemployment rates
in recent years as more people were working despite the population shrinkage.
Also, there is only one local brokerage office, which may limit the potential
for disintermediation impacting the nation's financial institutions. Middlesboro
Federal, similar to the other local financial institutions, has recorded
increases in deposits over the time period shown in Table 2.3, and recorded
higher rates of deposit growth than commercial banks and savings institutions
overall. This has resulted in an increase in deposit market share in both market
area counties since June 30, 1993. Data available subsequent to June 30, 1995
for the Bank reveals a continued increase in deposit funds, to $71.9 million at
September 30, 1996, an increase of $9.3 million, or approximately 15 percent
over the fifteen month period. This increase in deposits reveals success in
raising additional retail deposit funds for business operations. The Bank
intends to open a "supermarket branch" office facility in Pineville, Kentucky
during 1997 that is expected to provide additional deposit funds for operations.
----------------------------------------------
Table 2.3
Middlesboro Federal Bank, Federal Savings Bank
Deposit Summary
----------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
As of June 30,
-------------------------------------------------------------------------------------
1993 1995
---------------------------------------- ----------------------------------------- Deposit
Market Number of Market Number of Growth Rate
Deposits Share Branches Deposits Share Branches 1993-1995
-------- ------ --------- -------- ------ ---------- -----------
(Dollars In Thousands) (%)
A. Deposit Summary
- ------------------
State of Kentucky $40,130,672 100.0% 1,459 $41,418,743 100.0% 1,483 1.6%
Commercial Banks 33,714,298 84.0% 1,218 36,661,024 88.5% 1,308 4.3%
Savings Institutions 6,416,374 16.0% 241 4,757,719 11.5% 175 -13.9%
Bell County $296,598 100.0% 16 $314,215 100.0% 16 2.9%
Commercial Banks 167,659 56.5% 10 176,206 56.1% 10 2.5%
Credit Unions 9,382 3.2% 1 10,554 3.4% 1 8.2%
Savings Institutions 119,557 40.3% 5 127,455 40.6% 5 3.3%
Middlesboro Federal 36,056 12.2% 2 39,757 12.7% 1 5.0%
Harlan County $241,801 100.0% 9 $265,163 100.0% 10 4.7%
Commercial Banks 148,102 61.2% 6 163,210 61.6% 6 5.0%
Credit Unions 0 0.0% 0 0 0.0% 0 0.0%
Savings Institutions 93,699 38.8% 3 101,953 38.4% 4 4.3%
Middlesboro Federal 20,358 8.4% 1 22,859 8.6% 1 6.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Source: FDIC; OTS; Thompson Credit Union Directory.
RP Financial, LC.
Page 2.9
Summary
- -------
The overall condition of the Bank's market area can be characterized as
stable with a slowly declining population and household base. The local Bell
County economy has diversified in recent years, while the Harlan County economy
maintains a concentration in coal mining. Unemployment rates remain above state
and national averages, notwithstanding the population declines being
experienced. In order to support the Bank's desired level of business
operations, lending activities have been pursued in larger metropolitan areas
such as Knoxville, Tennessee. Going forward, in view of the local demographic
and economic trends and the numbers and types of competitors in the two market
area counties, the competition for deposits is expected to remain substantial,
which will result in Middlesboro Federal having to pay competitive deposit rates
to maintain and/or increase local market share. The Bank's current deposit
market share in the range of eight to ten percent indicates that some gains in
deposit market share may be achievable. 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 Middlesboro Federal's operations
versus a group of comparable public companies (the "Peer Group") selected from
the universe of all publicly-traded savings institutions. The primary basis of
the pro forma market valuation of the Bank is provided by these public
companies. Factors affecting Middlesboro Federal's pro forma market value such
as financial condition, credit risk, interest rate risk, and recent operating
results can be readily assessed in relation to the Peer Group. Current market
pricing of the Peer Group, subject to appropriate adjustments to account for
differences between the Middlesboro Federal 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 Kentucky 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, moderately-capitalized thrift institutions located in Midwestern or
Southeastern states. Thus, in the selection process we applied three primary
"screens" to the universe of all public companies as follows:
. Screen #1. Midwestern institutions with assets less than $250 million,
-----------------------------------------------------------------------
equity-to-asset ratios between 7.0 and 12.0 percent, core ROA between
---------------------------------------------------------------------
0.20 and 1.00 percent of average assets and core ROE less than 9.00
-------------------------------------------------------------------
percent. Nine companies met the criteria for Screen #1 and all nine
--------
were included in the Peer Group (see Exhibit III-2).
RP Financial, LC.
Page 3.2
. Screen #2. Southeastern institutions with assets less than $250
----------------------------------------------------------------
million, equity-to-asset ratios between 7.0 and 10.0 percent, core ROA
----------------------------------------------------------------------
between 0.20 and 1.00 percent of average assets and core ROE less than
----------------------------------------------------------------------
11.00 percent. After all qualifying Midwestern institutions were
--------------
considered, we expanded our selection process to consider other
institutions in the Southeast. A total of 2 institutions met the
foregoing screening criteria, Pinnacle Bank of AL and First Georgia
Holding Corp. of GA. As indicated in Exhibit III-3, Pinnacle Bank of
AL was included in the Peer Group. First Georgia was excluded due to
unusual pricing characteristics.
. Screen #3. Kentucky institutions with assets less than $250 million,
---------------------------------------------------------------------
equity-to-asset ratios less than 15 percent. We also examined
--------------------------------------------
Kentucky institutions for similar characteristics and selected one
additional thrift, Classic Bancshares, Inc., that met the above
criteria, as shown in Exhibit III-4.
Table 3.1 lists key characteristics of the Peer Group companies. In
general, the Peer Group is comprised of institutions operating with moderate
capital ratios and earnings. 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.
. Community Bank Shares of IN. Community, the largest member of the Peer
Group with $235 million in assets, operates seven offices in southeastern
Indiana. Community operates in a partly rural market area outside a large
metropolitan area (New Albany is located across the Ohio River from
Louisville, Kentucky). Community maintains a higher level of investment in
cash and investments than the Peer Group average and recorded a high level
of non-operating income. Community reported strong asset quality and
reserve coverage ratios.
. First Franklin Corporation of Ohio. First Franklin is a $218 million
institution operating seven offices in Cincinnati, Ohio. First Franklin
converted to stock form in January 1988, and is a well-seasoned public
company. First Franklin was included in the Peer Group because of its
moderate profitability and high cost of funds. First Franklin reported a
high proportion of assets held in MBS, and a correspondingly low risk-asset
ratio.
. OHSL Financial Corporation of Ohio. OHSL, a $218 million thrift operates
four offices in Cincinnati, Ohio, and is a well-seasoned public company
which converted to stock form in February 1993. OHSL currently operates
with a strong capital position (11.6 percent of assets) and a concentration
of residential assets (64.0 percent of loans). OHSL recorded relatively
higher earnings than the Peer Group as a whole due to higher net interest
income.
. Pinnacle Bank of AL. Pinnacle is a $192 million institution operating five
offices in northwestern Alabama. Pinnacle is also a seasoned thrift that
converted in 1986. Pinnacle operates with a low capital level (7.5
percent, the lowest in the Peer Group). Pinnacle is diversified primarily
into construction and commercial real estate lending, which makes its risk-
asset ratio similar to Middlesboro Federal's.
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.1
Peer Group of Publicly-Traded Thrifts
December 18, 1996(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ----------------- --------- ------ ------- ------ ----- ----- -------
($) ($Mil)
CBIN Community Bank Shares of IN OTC Southeast IN Thrift 235 7 12-31 04/95 12.50 25
FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 218 7 12-31 01/88 16.00 19
OHSL OHSL Financial Corp. of OH OTC Cincinnati OH Thrift 218 4 12-31 02/93 20.75 25
PLE Pinnacle Bank of AL AMEX Central AL Thrift 192 5 06-30 12/86 17.00 15
LSBI LSB Fin. Corp. of Lafayette IN OTC Central IN Thrift 178 3 12-31 02/95 18.75 17
CLAS Classic Bancshares of KY OTC Eastern KY Thrift 136 1 03-31 12/95 11.62 15
PTRS The Potters S&L Co. of OH OTC Northeast OH Thrift 125 4 12-31 12/93 18.75 9
BDJI First Fed. Bancorp. of MN OTC Northern MN Thrift 107 5 09-30 04/95 18.00 13
FFBI First Financial Bancorp of IL OTC Northern IL M.B. 97 2 12-31 10/93 15.87 7
CIBI Community Inv. Bancorp of OH OTC NorthCentral OH Thrift 95 3 06-30 02/95 16.75 11
HZFS Horizon Fin'l. Services of IA OTC Central IA Thrift 77 3 06-30 06/94 14.50 6
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: 12/18/96
RP Financial, LC.
Page 3.4
. LSB Financial Corporation of IN. LSB is a $178 million thrift operating
three branches in the city of Lafayette, IN. LSB has a high portion of
earning assets in loans receivable, and relies on borrowed funds to a
greater extent. LSB has also recorded similar asset growth and earning
asset trends as Middlesboro Federal, and has a high net interest margin due
to high yields on earning assets. LSB's loan portfolio reveals a
concentration of commercial real estate and construction loans.
. Classic Bancshares of Ashland, KY. Classic is the only Kentucky thrift
included in the Peer Group, and operates a single office in northeastern
Kentucky. Classic reported a high investment in cash and investments,
resulting in a low net interest margin. Classic reported less loan
portfolio diversification than the other Peer Group members and a
correspondingly low risk-asset ratio.
. The Potters S&L Company of OH. The Potters is located in a small town in
eastern Ohio, operating from four offices. The Potters maintains
substantial portfolios of cash and investments and MBS, which result in low
net interest income. While Potters has a high level of non-performing
assets, it also has a high level of reserves.
. First Federal Bancorp of MN. First Federal is a $107 million asset company
operating out of five offices in west-central Minnesota. First Federal
diversifies its earning assets by maintaining a relatively high proportion
of cash and investments. Net interest income is maintained by a low cost
of funds. The loan portfolio is diversified into commercial real estate
and consumer loans.
. First Financial Bancorp of IL. First Financial has $97 million in assets
and operates out of two offices in northern Illinois. First Financial
converted in 1993 and thus is well seasoned in the marketplace. Operations
are supported by a high level of borrowed funds, and profitability is
affected by a high level of operating expenses. First Financial has a loan
portfolio concentrated in residential lending.
. Community Investment Bancorp of OH. Community Investment has $95 million
in asset and operates out of three offices in northcentral Ohio. Community
Investment operates with the strongest net interest margin of the Peer
Group, due to residential and consumer lending. Reserve coverage levels
are relatively low.
. Horizon Financial Services of Oskaloosa, Iowa. Horizon Financial is a $77
million thrift operating from three office locations in southcentral Iowa.
Horizon Financial is a seasoned thrift, having converted in June 1994, and
has the lowest market value of the Peer Group companies. Horizon Financial
reported moderate earnings and capital levels.
In aggregate, the Peer Group companies have an average capital ratio that
is lower than the industry average (10.23 percent of assets versus 12.79 percent
for the all SAIF average), and lower core profitability (0.64 percent versus
0.83 percent for all SAIF-insured publicly-traded thrifts). The Peer Group's
only moderately lower capital ratio combined with lower earnings results in a
lower core ROE of 5.66 percent versus 7.41 percent for the all SAIF average. In
terms of pricing, the Peer Group on average trades at a lower price/book ("P/B")
multiple and a similar price/earnings ("P/E") multiple relative to the industry
(see the following table). This pricing differential on a book basis indicates
that the thrift market is establishing the market value of these stocks based on
the price/earnings ratio. The much lower earnings performance of these thrifts
reduces ROE, given the only slightly lower equity/assets ratio. Given the
expected similarity of the
RP Financial, LC.
Page 3.5
Bank's pro forma capitalization and earnings to the Peer Group, we anticipate
the stock will reflect pricing similarities as well before adjustments discussed
herein.
As of December 13, 1996
-------------------------
Peer All SAIF
Group Insured
----- --------
Equity-to-Assets 10.23% 12.79%
Return on Assets ("ROA")-Core 0.64% 0.83%
Return on Equity ("ROE")-Core 5.66% 7.41%
Market Capitalization ($Mil) $14.85 $142.09
Price-to-Tangible Book Ratio ("P/TB") 96.99% 119.53%
Price-to-Earnings Multiple ("P/E")-Core 16.47x 15.51x
Price-to-Assets Ratio ("P/A") 9.68% 14.06%
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 Middlesboro Federal and the
Peer Group is as of September 30, 1996. The Bank's pre-conversion net worth of
5.2 percent was well below the Peer Group's average net worth ratio of 10.2
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. The
Bank had no goodwill whereas the Peer Group on average had minimal goodwill. The
Bank and all of the Peer Group companies were in compliance with all fully
phased-in regulatory capital requirements and were considered to be well-
capitalized by FDICIA standards.
In terms of asset composition, the Bank's ratio of loans to assets exceeded
the Peer Group's ratio (82.8 percent of assets versus 65.1 percent for the Peer
Group), while the Peer Group recorded a lower level of MBS (7.5 percent versus
9.1 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 5.9
percent of total assets. In contrast, the Peer Group maintained a substantially
higher ratio of cash and investments (24.3 percent of assets).
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 September 30, 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
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
Middlesboro Fed. Bk, FSB of KY
- ------------------------------
September 30, 1996 5.9 82.8 9.1 85.8 7.2 0.0 5.2 0.0 5.2 0.0
SAIF-Insured Thrifts 18.1 66.2 12.4 71.4 14.1 0.1 12.7 0.2 12.5 0.0
Comparable Group Average 24.3 65.1 7.5 76.0 12.6 0.0 10.2 0.2 10.0 0.0
Mid-West Companies 25.2 64.9 6.9 74.9 13.5 0.0 10.5 0.2 10.2 0.0
Other Comparative Companies 15.1 67.0 13.6 86.8 3.5 0.0 7.7 0.3 7.5 0.0
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CLAS Classic Bancshares of KY 36.8 56.8 0.5 73.0 12.3 0.0 13.8 2.3 11.5 0.0
CBIN Community Bank Shares of IN 37.9 57.8 1.7 78.8 9.1 0.0 10.9 0.0 10.8 0.0
CIBI Community Inv. Bancorp of OH 22.9 73.4 2.3 74.0 13.0 0.0 11.9 0.0 11.9 0.0
BDJI First Fed. Bancorp. of MN 39.8 47.6 9.0 75.6 11.1 0.0 11.5 0.0 11.5 0.0
FFBI First Financial Bancorp of IL 15.0 75.2 7.3 67.8 23.2 0.0 7.7 0.0 7.7 0.0
FFHS First Franklin Corp. of OH 11.0 68.0 18.6 86.7 3.3 0.0 9.1 0.1 9.0 0.0
HZFS Horizon Fin'l. Services of IA 30.9 66.0 0.0 72.0 16.5 0.0 10.7 0.0 10.7 0.0
LSBI LSB Fin. Corp. of Lafayette IN 6.7 87.8 2.2 65.4 24.9 0.0 9.4 0.0 9.4 0.0
OHSL OHSL Financial Corp. of OH 19.8 71.5 6.5 77.8 9.3 0.0 11.6 0.0 11.6 0.0
PTRS The Potters S&L Co. of OH 31.5 44.7 20.9 78.1 12.7 0.0 8.2 0.0 8.2 0.0
South-East Companies
- --------------------
PLE Pinnacle Bank of AL 15.1 67.0 13.6 86.8 3.5 0.0 7.7 0.3 7.5 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.
------ ----------- ------ -------- --------- -------- ------- -------- -------- --------
Middlesboro Fed. Bk, FSB of KY
- ------------------------------
September 30, 1996 18.96 -41.66 27.76 11.73 0.00 -3.89 -3.89 5.56 5.56 9.44
SAIF-Insured Thrifts 11.62 6.29 13.21 5.64 16.00 -0.21 -0.51 10.57 10.65 22.61
Comparable Group Average 11.48 0.72 15.36 3.79 31.78 -4.85 -4.92 8.85 8.83 18.07
Mid-West Companies 12.87 3.07 16.76 3.90 48.39 -5.52 -5.63 8.85 8.96 18.54
Other Comparative Companies -1.04 -18.14 1.41 2.84 -51.26 1.19 1.53 0.00 7.60 13.40
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CLAS Classic Bancshares of KY NM NM 63.53 NM NM NM NM 10.85 10.85 24.00
CBIN Community Bank Shares of IN 15.41 22.77 10.59 14.71 41.86 1.90 1.69 9.79 10.83 22.60
CIBI Community Inv. Bancorp of OH 11.22 3.05 13.56 -0.97 NM -9.15 -9.15 10.30 10.30 21.50
BDJI First Fed. Bancorp. of MN 7.77 8.94 6.55 -1.24 NM -18.34 -18.34 9.55 9.55 19.39
FFBI First Financial Bancorp of IL 28.99 -15.73 41.92 -1.17 NM -7.18 -7.18 7.21 7.21 14.46
FFHS First Franklin Corp. of OH 4.13 -20.76 7.52 3.17 31.10 -0.15 -1.00 6.40 6.40 14.47
HZFS Horizon Fin'l. Services of IA 9.36 NM -10.47 5.75 45.30 -4.40 -4.40 7.80 7.80 14.70
LSBI LSB Fin. Corp. of Lafayette IN 17.95 -41.68 27.36 6.32 98.72 -7.79 -7.79 8.84 8.84 13.93
OHSL OHSL Financial Corp. of OH 10.49 32.95 5.32 9.74 24.95 0.48 0.48 9.55 9.55 19.51
PTRS The Potters S&L Co. of OH 10.51 35.05 1.71 -1.23 NM -5.00 -5.00 8.24 8.24 20.85
South-East Companies
- --------------------
PLE Pinnacle Bank of AL -1.04 -18.14 1.41 2.84 -51.26 1.19 1.53 NM 7.60 13.40
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
Following the conversion, the Bank's level of cash and investments is expected
to initially increase, pending the Bank's deployment of the proceeds into loans.
Overall, the Bank's IEA totaled 97.8 percent of assets, which was higher than
the Peer Group's ratio of 96.9 percent.
While both the Bank and the Peer Group have relied on deposits as the
primary source of funds, the Peer Group on average has utilized borrowings to a
greater extent as reflected in the current deposits to assets ratios of 85.8
percent and 76.0 percent, respectively, and borrowings to assets ratios of 7.2
percent and 12.6 percent, respectively. Total interest-bearing liabilities
("IBL") maintained by the Bank and the Peer Group equaled 93.0 percent and 88.6
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 is expected to
decline as a result of the Bank's enhanced capital base and potential deposit
withdrawals to fund stock purchases. Furthermore, the pending loan sale and
partial repayment of advances should further improve the IBL ratio.
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 fifteen months ended
September 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
nearly 19 percent (annualized) since June 30, 1995, while the Peer Group
reported asset growth equal to 11.5 percent. 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 NM for borrowings indicates a
growth rate above 100 percent). 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
many of the Peer Group companies were paying regular/special dividends,
implementing stock repurchase programs or had converted during the past 12
months.
Income and Expense Components
- -----------------------------
For the twelve months ended September 30, 1996, the Bank's net income
amounted to a net loss of 0.20 percent of average assets, below the 0.37 percent
average return posted by the Peer Group (see Table 3.3). 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 (2.76
percent of average assets versus 3.12 percent for the Peer Group), which was
primarily attributable to substantially higher interest expense (4.61 percent of
average assets versus 4.14 percent for the Peer Group), reflecting the Bank's
higher IBL ratio and recent aggressive posture on growth. The Bank's higher
interest expense ratio more than offsets
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 September 30, 1996
Net Interest Income Other Income G&A/Other Exp.
----------------------------- -------------------- ---------------
Loss NII Total
Net Provis. After Loan R.E. Other Other G&A Goodwill
Income Income Expense NII on IEA Provis. Fees Oper. Income Income Expense Amort.
------ ------ ------- ------ ------- ------- ---- ----- ------ ------ ------- -------
Middlesboro Fed. Bk, FSB of KY
- ------------------------------
September 30, 1996 -0.20 7.37 4.61 2.76 0.11 2.65 0.00 0.00 0.49 0.49 2.44 0.00
SAIF-Insured Thrifts 0.62 7.36 4.14 3.22 0.13 3.09 0.12 0.00 0.31 0.43 2.24 0.02
Comparable Group Average 0.37 7.26 4.14 3.12 0.17 2.95 0.07 -0.01 0.25 0.32 2.30 0.00
Mid-West Companies 0.36 7.22 4.11 3.11 0.18 2.93 0.06 -0.02 0.25 0.29 2.30 0.00
Other Comparable Companies 0.50 7.66 4.46 3.20 0.13 3.07 0.20 0.09 0.26 0.00 2.35 0.02
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CLAS Classic Bancshares of KY 0.37 5.84 3.32 2.53 0.10 2.42 0.03 0.03 0.04 0.11 1.71 0.00
CBIN Community Bank Shares of IN 0.59 7.06 4.15 2.91 0.02 2.89 0.24 0.00 0.38 0.62 2.05 0.00
CIBI Community Inv. Bancorp of OH 0.68 7.81 4.15 3.66 0.17 3.49 0.00 -0.10 0.13 0.03 2.01 0.00
BDJI First Fed. Bancorp. of MN 0.31 7.24 3.92 3.33 0.00 3.33 0.00 0.01 0.51 0.52 2.75 0.00
FFBI First Financial Bancorp of IL 0.12 7.02 4.06 2.96 0.15 2.81 0.21 0.00 0.28 0.49 2.84 0.00
FFHS First Franklin Corp. of OH 0.28 7.23 4.54 2.69 0.04 2.65 0.05 0.00 0.14 0.19 1.91 0.01
HZFS Horizon Fin'l. Services of IA 0.13 7.61 4.34 3.27 0.57 2.70 0.00 -0.09 0.45 0.36 2.57 0.00
LSBI LSB Fin. Corp. of Lafayette IN 0.50 7.74 4.37 3.36 0.49 2.88 0.05 0.00 0.25 0.30 2.44 0.00
OHSL OHSL Financial Corp. of OH 0.57 7.69 4.42 3.27 0.00 3.27 0.00 0.00 0.13 0.13 2.10 0.00
PTRS The Potters S&L Co. of OH 0.03 7.01 3.85 3.16 0.25 2.91 0.00 -0.04 0.23 0.19 2.60 0.00
South-East Companies
- --------------------
PLE Pinnacle Bank of AL 0.50 7.66 4.46 3.20 0.13 3.07 0.20 0.09 0.26 0.56 2.35 0.02
Non-Op. Items Yields, Costs, and Spreads
------------- --------------------------
MEMO: MEMO:
Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
------- ------- --------- -------- ------ ---------- --------
Middlesboro Fed. Bk, FSB of KY
- ------------------------------
September 30, 1996 -0.88 0.00 6.90 4.77 2.13 3,352 34.00
SAIF-Insured Thrifts -0.33 0.00 7.63 4.83 2.80 4,113 35.24
Comparable Group Average -0.40 0.00 7.47 4.74 2.72 4,167 33.10
Mid-West Companies -0.40 0.00 7.42 4.72 2.69 4,331 32.43
Other Comparable Companies -0.44 0.00 7.94 4.93 3.02 2,522 38.45
Comparable Group
- ----------------
Mid-West Companies
- ------------------
CLAS Classic Bancshares of KY -0.40 0.00 6.05 4.24 1.81 13,622 11.76
CBIN Community Bank Shares of IN -0.47 0.00 7.23 4.73 2.50 2,861 40.58
CIBI Community Inv. Bancorp of OH -0.45 0.00 7.92 4.84 3.08 4,309 36.07
BDJI First Fed. Bancorp. of MN -0.57 0.00 7.50 4.62 2.88 2,750 40.60
FFBI First Financial Bancorp of IL -0.38 0.00 7.19 4.52 2.67 2,776 NM
FFHS First Franklin Corp. of OH -0.51 0.00 7.37 5.04 2.34 4,549 31.50
HZFS Horizon Fin'l. Services of IA -0.30 0.00 7.85 4.96 2.90 3,194 26.15
LSBI LSB Fin. Corp. of Lafayette IN 0.07 0.00 8.00 4.92 3.08 3,014 37.94
OHSL OHSL Financial Corp. of OH -0.43 0.00 7.84 5.10 2.75 3,510 34.79
PTRS The Potters S&L Co. of OH -0.55 0.00 7.22 4.29 2.93 2,728 NM
South-East Companies
- --------------------
PLE Pinnacle Bank of AL -0.44 0.00 7.94 4.93 3.02 2,522 38.45
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 3.9
its higher interest income ratio (7.37 percent for the Bank versus 7.26 percent
for the Peer Group). Middlesboro Federal's 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 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 (2.44 percent versus 2.30
percent of assets for the Peer Group), which is attributable to its recent
office expansion and additional personnel hired to support the higher asset
base. 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 ($3.352 million and $4.167 million,
respectively). Going forward, Middlesboro Federal's operating expenses will be
subject to increase related to operations as a publicly-held company, stock plan
expenses and the prospective new branch.
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 1.36 and 1.13 times, respectively. Taking into
account non-interest operating income along with net interest income and
operating expenses, the Bank's efficiency ratio of 75.1 percent compares less
favorably to the Peer Group's ratio of 66.9 percent.
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 September 30, 1996, the Bank
recorded non-interest operating income of 0.49 percent of average assets versus
a level of 0.32 percent recorded by the Peer Group. Going forward, the Bank
anticipates that non-interest operating income will continue to contribute
similar levels to overall revenues.
During the most recent fiscal year, Middlesboro Federal and the Peer Group
recorded a significant level of non-operating income or expense. Both
Middlesboro Federal and the Peer Group's earnings were affected by the SAIF
assessment charge to income during the quarter ended September 30, 1996.
However, the Bank also recorded non-operating expenses in the form of a deferred
compensation agreement for a retired former senior officer and a charge for
implementation of a director's retirement plan. The Bank also recorded
RP Financial, LC
Page 3.10
a small amount of gains on the sale of securities. As a result, net non-
operating items contributed a pre-tax reduction to earnings of 0.88 percent of
average assets versus 0.40 percent of average assets for the Peer Group. Loan
loss provisions for the Peer Group and Middlesboro Federal were similar at 0.11
and 0.17 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 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 64.1 percent and 74.5 percent of the Bank's and the Peer
Group's total loan and MBS portfolios, respectively. Unlike the Bank, several of
the Peer Group sell loans in the secondary market with servicing retained,
thereby deriving fee income through loans serviced for others. The Bank
maintained a lower level of 1-4 family residential mortgages and 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 15.5 percent of the total loan and MBS portfolio at September
30, 1996. The Peer Group achieved most of their loan portfolio diversification
through a combination of income property lending and consumer lending, which
averaged 12.1 percent and 6.9 percent of total loans and MBS, respectively.
Overall, however, the Bank's loan portfolio diversification was above that of
the Peer Group, as the Bank's commercial real estate, construction, consumer and
commercial business loans totaled 35.9 percent of total loans and MBS, while the
Peer Group's combined level of these loan categories totaled only 27.8 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
(61.59 percent risk-weighted assets for Middlesboro Federal versus 51.73 percent
for the Peer Group).
Credit Risk
- -----------
Middlesboro Federal's credit risk exposure appears to be higher than the
Peer Group's exposure based on the Bank's higher level of risk weight assets,
reasonable portfolio growth and lower reserve coverage ratios. As shown in Table
3.5, as of September 30, 1996, the Bank recorded NPAs of 0.54 percent of assets,
lower than the Peer Group average of 0.82 percent, and maintained a lower ratio
of non-performing loans ("NPLs") to loans of 0.62 percent versus 0.95 percent
for the Peer Group. Most of the Bank's and Peer Group's NPAs consist of non-
accruing loans, although the Peer Group reported a level of real estate owned.
The Bank
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 September 30, 1996
Portfolio Composition as a Percent of MBS and Loans
---------------------------------------------------------
1-4 Constr. 5+Unit Commerc. RWA/ Serviced Servicing
Institution MBS Family & Land Comm RE Business Consumer Assets For Others Assets
----------- --- ------ ------ ------- -------- -------- ------ ---------- ------
(%) (%) (%) (%) (%) (%) (%) ($000) ($000)
Middlesboro Fed. Bk, FSB of KY 9.55 54.53 6.26 15.50 5.61 8.55 61.59 0 0
SAIF-Insured Thrifts 15.74 61.48 5.15 11.54 1.61 6.34 51.08 431,340 3,100
Comparable Group Average 12.03 62.48 5.22 12.12 3.64 6.86 51.73 28,496 24
Comparable Group
----------------
CLAS Classic Bancshares of KY 1.65 86.48 2.35 6.81 1.84 1.43 46.12 0 0
CBIN Community Bank Shares
of IN 5.29 69.46 3.10 9.10 12.18 2.40 48.86 50,815 0
CIBI Community Inv. Bancorp
of OH 3.31 75.40 3.85 7.18 1.19 10.44 49.06 650 0
BDJI First Fed. Bancorp.
of MN 17.14 44.60 0.44 19.58 3.36 16.37 50.67 192 0
FFBI First Financial Bancorp
of IL 9.40 73.30 1.48 6.64 0.34 9.73 52.88 53,186 91
FFHS First Franklin Corp.
of OH 22.33 62.00 5.30 10.38 0.00 2.15 45.34 54,227 33
HZFS Horizon Fin'l. Services
of IA 12.38 57.46 2.46 8.04 8.37 12.59 54.14 924 0
LSBI LSB Fin. Corp.
of Lafayette IN 2.61 59.87 10.61 23.24 3.00 5.25 69.70 31,517 64
OHSL OHSL Financial Corp.
of OH 6.82 63.96 8.78 18.55 0.98 5.12 48.65 23,707 15
PLE Pinnacle Bank of AL 18.05 45.87 18.56 11.93 6.69 5.86 61.41 97,624 63
PTRS The Potters S&L Co.
of OH 33.31 48.90 0.51 11.85 2.07 4.13 42.22 615 0
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.
R RES; FTMD 15; FONT 36; EXIT;
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 September 30, 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) (%)
Middlesboro Fed. Bk, FSB of KY 0.00 0.54 0.62 0.28 45.03 43.33 25 0.04
SAIF-Insured Thrifts 0.19 0.87 0.94 0.85 177.70 125.59 263 0.10
Comparable Group Average 0.15 0.82 0.95 1.01 211.84 84.22 53 0.08
Comparable Group
________________
CLAS Classic Bancshares of KY 0.29 0.86 0.57 1.06 185.71 71.29 11 0.00
CBIN Community Bank Shares of IN 0.03 0.22 0.17 0.46 266.52 117.84 0 0.00
CIBI Community Inv. Bancorp of OH 0.11 0.88 1.04 0.64 61.45 53.98 57 0.33
BDJI First Fed. Bancorp. of MN 0.18 0.38 0.11 0.88 825.45 112.10 16 0.13
FFBI First Financial Bancorp of IL 0.00 0.43 0.29 0.61 206.02 106.97 3 0.02
FFHS First Franklin Corp. of OH 0.11 0.52 0.47 0.62 130.61 81.80 29 0.08
HZFS Horizon Fin'l. Services of IA 0.44 1.12 1.01 0.76 75.00 45.26 26 0.21
LSBI LSB Fin. Corp. of Lafayette IN 0.00 1.37 1.55 1.09 70.21 70.21 2 0.01
OHSL OHSL Financial Corp. of OH 0.00 0.22 0.02 0.33 NA 107.97 2 0.01
PLE Pinnacle Bank of AL 0.52 0.83 0.46 1.01 221.04 82.73 42 0.13
PTRS The Potters S&L Co. of OH 0.01 2.20 4.73 3.61 76.43 76.26 397 -0.04
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 3.13
maintained a much lower level of loss reserves as a percent of non-accruing
loans (45.03 percent versus 211.84 percent for the Peer Group).
Interest Rate Risk
- ------------------
Table 3.6 reflects the relative interest rate risk exposure of Middlesboro
Federal 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 (105.2
percent versus 109.4 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 lower ratio of non-interest earning assets, which
is more favorable from an interest rate risk perspective as it increases the
proportion of assets repricing upward in a rising rate environment.
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.
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.
- ------------------------------------------
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 September 30, 1996 or Most Recent Date Available
Balance Sheet Measures Quarterly Change in Net Interest Income
-------------------------- ---------------------------------------------------------
Non-Earn.
Equity/ IEA/ Assets/
Institution Assets IBL Assets 09/30/96 06/30/96 03/31/96 12/31/95 09/30/95 06/30/95
- ----------- ------ ------ ------ -------- -------- -------- -------- -------- --------
(%) (%) (%) (change in net interest income is annualized in basis points)
Middlesboro Fed. Bk, FSB of KY 5.2 105.2 2.2 52 -5 -48 89 NM NM
SAIF-Insured Thrifts 12.5 113.8 3.3 -2 8 4 4 -1 -6
Comparable Group Average 10.0 109.4 3.1 -21 5 7 6 -7 -3
Comparable Group
- ----------------
CLAS Classic Bancshares of KY 11.5 110.4 5.9 -98 -1 81 41 -19 -57
CBIN Community Bank Shares of IN 10.8 110.7 2.6 4 7 -3 7 -8 30
CIBI Community Inv. Bancorp of OH 11.9 113.2 1.4 -49 21 11 31 -6 18
BDJI First Fed. Bancorp. of MN 11.5 111.1 3.7 -30 8 -12 2 -9 51
FFBI First Financial Bancorp of IL 7.7 107.1 2.5 -13 3 -12 -13 -30 -12
FFHS First Franklin Corp. of OH 9.0 108.6 2.3 5 8 -5 4 -18 -11
HZFS Horizon Fin'l. Services of IA 10.7 109.5 3.1 6 6 -6 14 -7 -29
LSBI LSB Fin. Corp. of Lafayette IN 9.4 107.0 3.4 -6 -23 12 5 3 2
OHSL OHSL Financial Corp. of OH 11.6 112.4 2.1 -22 13 8 -21 -3 4
PLE Pinnacle Bank of AL 7.5 105.9 4.3 -8 13 10 5 16 -11
PTRS The Potters S&L Co. of OH 8.2 107.0 2.9 -21 2 -9 -6 4 -19
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 4.1
IV. VALUATION ANALYSIS
Introduction
- ------------
This chapter presents the valuation analysis, consistent with current
valuation methodology promulgated by the OTS, and key valuation factors and
assumptions considered in estimating pro forma market value of the common stock
to be issued in conjunction with the conversion of the MHC. The MHC is
converting to a Tennessee stock corporation pursuant to the Plan. The valuation
has been prepared utilizing the same general pro forma valuation methodology
that has been used in the valuation of standard conversions since 1983. The pro
forma valuation methodology has been modified to reflect the unique
characteristics of the conversion of the MHC, specifically the fact that the MHC
will be selling only a partial ownership interest in the Subscription and
Community Offerings, instead of a 100 percent ownership interest as would be the
case in a standard conversion.
Appraisal Guidelines
- --------------------
The OTS appraisal guidelines, originally released in October 1983, specify
the methodology for estimating the pro forma market value of an institution. The
methodology included: (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 October 1983 OTS
appraisal guidelines as revised on 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 conversions
(given the emphasis of limiting after-market appreciation). It should be noted
that such analysis 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 pro forma market value determined herein is a preliminary value for the
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
RP Financial, LC.
Page 4.2
for thrift stocks; and (4) monitor pending initial and second step conversion
offerings (including those in the offering phase) both regionally and
nationally. If material changes should occur during the 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.
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 Middlesboro Federal, or Middlesboro Federal'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 its analysis.
Valuation Analysis
- ------------------
A fundamental analysis discussing similarities and differences relative to
the Peer Group was presented in Chapter III. The following sections summarize
such differences between the Bank and the Peer Group and how those differences
affect the 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, and in particular new
issues, including second step conversions, to assess the impact on value of
Middlesboro Federal coming to market at this time.
1. Financial Condition
-------------------
The financial strength of an institution is an important determinant in 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 financial strength can be summarized as follows:
. Overall A/L Composition. Permanent residential mortgage loans and MBS
-----------------------
funded by retail deposits were the primary components of both
Middlesboro Federal's and the Peer Group's balance sheets. The Bank
maintains a higher proportion of overall loans receivable than the Peer
Group, offset by a lower level of cash and investments. Middlesboro
Federal also reported a higher level of diversification into higher
credit risk types of loans relative to the Peer Group, indicating higher
yield potential. The Peer Group relied on borrowed funds to a
RP Financial, LC.
Page 4.3
greater extent than the Bank, although retail deposits comprised the
major portion of the respective funding needs.
. Credit Risk. Middlesboro Federal maintains comparatively lower
-----------
NPAs/assets and NPLs/loans ratios, despite a higher credit risk profile.
Further, the Bank has a higher loans assets ratio than the Peer Group,
and a significant portion of the loan portfolio has been originated
within the past one to two years, resulting in a generally unseasoned
loan portfolio.
. Liquidity. Middlesboro Federal maintained a significantly lower level
---------
of cash and investments than the Peer Group and a higher proportion of
MBS. The Bank's proportion of cash and investments is likely to
initially increase on a pro forma basis. Borrowings were utilized to a
slightly higher degree by the Peer Group, and both maintain ample
borrowings capacity. The Bank's loans typically do not meet secondary
market standards for sale, in general due to the lack of a title policy
and property surveys. Overall, Middlesboro Federal appears to have less
balance sheet liquidity than the Peer Group.
. Capital. While the Bank maintains a lower capital position in relation
-------
to the Peer Group, following the infusion of conversion proceeds, the
Bank's capital position will approach but still remain below the Peer
Group average. As a result, the Bank has less leverage capacity than the
Peer Group. Despite a lower pro forma equity position, the Bank's return
on equity ("ROE") is not expected to exceed the Peer Group average due
to lower profitability.
On balance, RP Financial applied a moderate downward adjustment for
financial condition.
2. Profitability, Growth and Viability of Earnings
-----------------------------------------------
Earnings are an important factor in determining pro forma market value, as
the level and risk characteristics of an institution's earnings stream and the
prospects and ability to generate future earnings are typically heavily factored
into an investment decision. The historical income statements of Middlesboro
Federal 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:
. Reported Earnings. The Bank reported a net loss of 0.20 percent of
-----------------
average assets for the most recent twelve month period versus earnings
of 0.37 percent for the Peer Group, with both reflecting the special
SAIF assessment. The differential in reported earnings is due to the
Bank's higher non-operating expenses, lower net interest margin and
higher operating expenses.
. Core Earnings. The Bank also maintains a less favorable core earnings
-------------
posture relative to the Peer Group. The Bank operated with less
favorable net interest income, more favorable non-interest operating
income and less favorable operating expenses than the Peer Group. While
redeployment of conversion proceeds into interest-earning assets should
enhance Middlesboro Federal's net interest income, operating expenses
for the Bank are expected to increase as well. On a pro forma basis,
Middlesboro Federal's core profitability is expected to remain below
that of the Peer Group.
RP Financial, LC.
Page 4.4
. Interest Rate Risk. Middlesboro Federal's NPV measures indicated
------------------
relatively high exposure to rising interest rates. Although gap and NPV
data was not available for the Peer Group, other analyses indicated a
comparable advantage for the Peer Group. The pro forma increase in the
IEA/IBL ratio can be expected to reduce the Bank's interest rate risk
exposure, but the Bank is expected to remain at a disadvantage.
. Credit Risk. Loss provisions had a lower impact on the earnings of the
-----------
Bank in comparison to the Peer Group. In terms of credit quality related
losses, the Bank maintained much lower reserve coverage ratios as a
percent of loans receivable, non-accruing loans and total NPAs. The
Bank's higher risk loan portfolio exposes it to potentially greater
credit risk than the Peer Group, which adds a higher risk of earnings
volatility relative to the Peer Group with a lower reserve position.
. Earnings Growth Potential. Several factors were considered in assessing
-------------------------
earnings growth potential. Middlesboro Federal's recent loan demand has
been in excess of available funds, requiring the third party borrowings
and a liquidity reduction. The Bank's intention to slow asset growth
should limit earnings growth and past rapid growth has narrowed interest
spreads. With lower pro forma capital and expectations of continued
growth in operating expenses with the opening of a new office, the
Bank's earnings appear to have less upside potential than the Peer
Group.
. Return on Equity. On a pro forma basis the Bank's pro forma return on
----------------
equity will be similar to the Peer Group average, as the lower pro forma
profitability is measured against a comparatively lower capital
position.
Overall, RP Financial made a moderate downward adjustment for
profitability, growth and viability of earnings.
3. Asset Growth
------------
The Bank's asset growth in recent periods has been higher than the Peer
Group's, which has resulted in higher funds costs and a lower net interest
margin for the Bank. The Bank intends to grow at a slower rate in future periods
and repay some FHLB advances with the proceeds from a pending loan sale. The
Bank's profitability has shown the strain of growth. We concluded that a slight
downward adjustment was warranted for the Bank's asset growth potential.
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 is included in Table 4.1. The
Bank's market area of Bell County, Kentucky is a rural market that has been
experiencing population declines during recent years, while the Peer Group
companies operate on average in larger growing and more prosperous markets. The
per capita income in the Bank's market falls well below the average of the
primary
Table 4.1
Peer Group Primary Market Area Demographic/Competition Trends
Population Proj. 9/96
--------------------- Pop. 1990-96 1996-2001 Unemp.
Institution County 1990 1996 2001 % Change % Change Rate
- ----------- ------ ---- ----- ---- -------- --------- ------
(000) (000)
Classic Bancshares of KY Boyd 51 50 49 -2.1% -1.9% 5.6%
Community Bank Shares of IN Floyd 64 71 76 9.9% 6.9% 3.5%
Community Inv. Bancorp of OH Crawford 48 47 47 -1.1% -1.2% 5.9%
First Fed. Bancorp of MN Beltrami 34 39 42 12.4% 9.0% 6.6%
First Financial Bancorp of IL Boone 31 36 41 18.3% 12.7% 3.1%
First Franklin Corp. of OH Hamilton 866 866 864 -0.0% -0.3% 6.0%
Horizon Financial Services of IA Mahaska 22 22 22 1.5% 0.9% 2.5%
LSB Financial Corp. of IN Tippecanoe 131 136 141 4.4% 3.6% 2.5%
OHSL Financial Corp. of OH Hamilton 866 866 864 -0.0% -0.3% 6.0%
Pinnacle Bank of AL Walker 68 70 71 3.1% 2.4% 6.0%
The Potters S&L Co. of OH Columbiana 108 113 116 3.9% 2.7% 5.3%
--- ---- ---- ---- ---- ----
Averages: 208 211 212 4.6% 3.1% 4.8%
Medians: 64 70 71 3.1% 2.4% 5.6%
Middlesboro FB, FSB of KY Bell 32 30 30 -3.4% -2.9% 7.3%
Per Capita Income
------------------------- Deposit
Median % State Market
Institution County Age Amount Average Share(1)
- ----------- ------ ------ ------ ------- --------
(Yrs.)
Classic Bancshares of KY Boyd 38.8 15,637 102.2% 6.2%
Community Bank Shares of IN Floyd 35.6 18,006 103.5% 18.3%
Community Inv. Bancorp of OH Crawford 36.0 14,197 81.0% 11.9%
First Fed. Bancorp of MN Beltrami 29.8 11,754 63.1% 14.1%
First Financial Bancorp of IL Boone 34.2 15,290 77.6% 18.7%
First Franklin Corp. of OH Hamilton 34.0 20,703 118.1% 1.2%
Horizon Financial Services of IA Mahaska 35.9 13,028 82.7% 14.3%
LSB Financial Corp. of IN Tippecanoe 27.9 17,597 101.2% 7.1%
OHSL Financial Corp. of OH Hamilton 34.0 20,703 118.1% 1.0%
Pinnacle Bank of AL Walker 36.8 13,075 84.0% 16.9%
The Potters S&L Co. of OH Columbiana 36.5 13,496 77.0% 9.4%
---- ------ ------ -----
Averages: 34.5 15,771 91.7% 10.8%
Medians: 35.6 15,290 84.0% 11.9%
Middlesboro FB, FSB of KY Bell 35.2 $10,048 65.6% 13.1%
(1) Total institution deposits in headquarters county as percent of total county
deposits.
Source: SNL Securities, Inc.; FDIC; OTS.
RP Financial, LC.
Page 4.6
markets of the Peer Group members. The Bank's competitive position is not
dissimilar from the average position of the Peer Group institutions in their
primary market areas. Middlesboro Federal's primary market area has a higher
level of unemployment, which has contributed to the subsequent population
decline. On balance, RP Financial concluded that a moderate downward adjustment
was warranted for market area.
5. Dividends
---------
While the Company intends to periodically consider the establishment of a
dividend policy following completion of the conversion, there is no current
intention to pay a dividend. The ability to pay a dividend will be based on
numerous factors including growth objectives, financial condition, the amount of
net proceeds retained by Company in the conversion, investment opportunities
available to the 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 and a number
of institutions have instituted special 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 eleven institutions in
the Peer Group presently pay regular cash dividends, with implied dividend
yields ranging from 1.49 percent to 4.24 percent. The average dividend yield on
the stocks of the Peer Group institutions was 2.04 percent as of December 13,
1996, representing an average earnings payout ratio of 37.10 percent. As of
December 13, 1996, approximately 80 percent of all publicly-traded SAIF-insured
thrifts had adopted cash dividend policies (see Exhibit IV-1), exhibiting an
average yield of 2.34 percent and an average payout ratio of 41.72 percent. The
dividend paying thrifts generally maintain higher than average profitability
ratios,
RP Financial, LC.
Page 4.7
facilitating their ability to pay cash dividends, which supports a market
pricing premium on average relative to non-dividend paying thrifts.
In MHC form, it has been unusual that the Bank has not paid dividends. The
Company's ability following the completion of the second step conversion to pay
a dividend would appear to be more limited relative to the Peer Group based on
lower pro forma capital and earnings. The Company's stated intention to not
implement a dividend shortly after completion of the conversion is an
unfavorable comparison to the Peer Group companies, particularly in view of the
lower core profitability and capital, and thus a slight downward 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, ten 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 $6.5 million to $25.4 million as of December 13, 1996, with an average
market value of $14.9 million. The shares outstanding of the Peer Group members
ranged from 0.5 million to 2.0 million, with average shares outstanding of
approximately 0.9 million. The Bank's pro forma market value and shares
outstanding will be considerably less than the comparative Peer Group averages,
and the majority of individual Peer Group members. Although the Bank's stock may
be listed on the NASDAQ "pink sheets", we further anticipate that the Bank will
attract a low level of ongoing investor and institutional interest. Accordingly,
we anticipate the liquidity of the Bank's shares will be lower than that of the
Peer Group on average, and thus we have applied a slight downward adjustment for
this factor.
7. Marketing of the Issue
----------------------
We believe that four separate markets exists for thrift stocks coming to
market such as Middlesboro Federal: (A) 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; (B) the new
issue market in which converting thrifts are evaluated on the basis of the same
factors but on a pro forma basis without the benefit of a stock trading history
and reporting quarterly operating results as a publicly-held company; (C) the
market for second step conversions by MHCs; (D) the acquisition market for
thrift franchises in Kentucky; and (E) the market for the public stock of
Middlesboro Federal. All of these markets were considered in the valuation of
the Bank's second step conversion.
RP Financial, LC.
Page 4.8
A. 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 generally trended higher over the past year. The Dow Jones
Industrial Average ("DJIA") rallied to new highs in early- and mid-November
1995, with the rally being 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 Federal Reserve 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 short-term 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 interest rate cut, as the DJIA dropped
sharply shortly after the Federal Reserve action. Bond prices rallied on news
of the sagging economy, as the 30-year bond yield fell below 6.0 percent in
late-December.
The stock market began 1996 on a down note, reflecting concern over
the budget stalemate in Washington. A sell-off in technology stocks further
sustained the decline in the stock market, as investors dumped technology stocks
on profit concerns. However, favorable inflation data and strong fourth quarter
earnings by some blue chip issues served to abbreviate the decline in the stock
market, with the DJIA posting several new highs in the second half of January.
Stock prices were further boosted by increasing expectations of another rate cut
by the Federal Reserve, which occurred at the end of January. The stock market
moved sharply higher in early-February, as the cut in short-term interest rates
and strong fourth quarter earnings posted by some large technology companies
served to renew investor interest in technology stocks. Low inflation and
modest economic growth translated into renewed interest for cyclical stocks as
well, with the DJIA posting five consecutive all-time highs during the week
ended February 9. Congressional testimony by the Federal Reserve Chairman
provided for significant swings in the stock market in mid-February, reflecting
changing investor sentiment regarding the possibility of future rate cuts. The
volatility continued through the end of February, reflecting turbulence in the
bond market and general uncertainty over future interest rate
RP Financial, LC.
Page 4.9
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 price 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 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
reported in early-May 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 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. Stronger than expected job growth in May
further depressed bond prices in early-June, which served to stall the stock
market as well.
Expectations that the Federal Reserve would not tighten interest rates
at its July 1996 meeting provided for a rally in the bond market in late-June,
as the 30-year bond yield dropped below 7.0 percent. The positive interest rate
outlook also served to boost the stock market in early-July, but the rally was
cut short by a larger than expected drop in June unemployment. Bond and stock
prices tumbled following the June unemployment report, as highlighted by a 115
point decline in the DJIA and an increase in the 30-year bond yield to 7.18
percent. The release of second quarter earnings reports provided for a volatile
stock market in mid-July, especially among the technology stocks. Overall, the
stock market declined due to earnings disappointments, with a more severe
decline occurring in the technology driven NASDAQ Composite Index. At the same
time bond prices recovered, as the 30-year bond yield dropped below 7.0 percent
following statements by the Federal Reserve Chairman which indicated he expected
the economy to slow down in the
RP Financial, LC.
Page 4.10
second half of 1996. Stocks and bonds rallied in late-July and early-August, as
economic data indicated a healthy but moderating economy. However, higher
interest rates pushed stocks lower in late-August, reflecting increasing
expectations that the Federal Reserve would tighten interest rates in September.
The decline in the stock market was reversed in early-September, as investors
reacted positively to the inflation data contained in the August employment
report. Oil stocks sustained the upward trend in the stock market in early-
September, as renewed tension between the U.S. and Iraq pushed crude oil prices
to their highest level in five years. Both bond and stock prices surged higher
in mid-September, as most of the economic data for August indicated that economy
was moderating and investors became more optimistic that the Federal Reserve
would not raise interest rates in September.
The Federal Reserve's decision not to raise interest rates at its
September 1996 meeting, and generally healthy third quarter earnings results
sustained the upward momentum in the stock market during the beginning of the
fourth quarter. Favorable inflation data and lower interest rates further
spurred the upward trend in the stock market prior to the election. Investors
were cheered by the "status quo" election results, as stocks rallied strongly
immediately following the election with the DJIA posting ten consecutive
advances through mid-November. Economic stability and a rising bond market
sustained the stock market rally through the end of November. For the entire
month of November, the DJIA increased 492.3 points, or 8.2 percent. Following
the rapid rise in the stock market during November, stocks retreated in early
December. Profit taking, concern about speculative excesses in the stock market
and higher interest rates all contributed to the decline in the stock market.
On December 13, 1996, the DJIA closed at 6304.87, translating into an increase
of 23.2 percent from year end 1995.
Similar to the overall stock market, the market for thrift stocks has
generally been favorable during the past twelve months. Sustained by
acquisition activity and relatively low interest rates, thrift stocks edged
higher during the first half of November 1995. 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, as the
favorable inflation news served to calm the credit markets
RP Financial, LC.
Page 4.11
and increased expectations that interest rates would remain low. Thrift prices
were further boosted by the Federal Reserve's move to cut short-term interest
rates at the end of January and generally favorable fourth quarter earnings.
Mixed indications on the future direction of interest rates translated into a
relatively narrow trading range for thrift stocks throughout February.
Interest sensitive issues were among the stocks most severely affected
by the sell-off precipitated by the decline in the February 1996 unemployment
rate, as prospects for further near-term rate cuts by the Federal Reserve were
substantially eliminated by the explosive job growth. However, 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 release of 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 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 through mid-June, uncertainty over future interest rate
trends provided for a flat thrift stock market.
The Supreme Court's ruling in favor of thrifts seeking damages for
goodwill served to boost thrift prices in the beginning of July, but the upturn
was abbreviated by a sharp increase in interest rates in early-July. The sharp
rise in interest rates, which was prompted by the stronger than expected June
unemployment report, pushed interest-sensitive issues in general lower.
Generally favorable second quarter earnings and lower interest rates supported a
modest recovery in thrift prices in mid-July, although concerns about future
interest rate trends moderated the impact of the healthy second quarter
earnings. Lower interest rates and the announced acquisitions of two large
California thrifts, American Savings with $20 billion in assets and CalFed
Bancorp with $14 billion in assets, pushed the SNL Index higher in late-July and
through mid-August. Thrift stocks settled into a narrow trading range in late-
August and early-September, as higher interest rates dampened interest in the
thrift sector. For the balance of September, trading activity in thrift stocks
was somewhat mixed. Higher thrift prices were recorded in mid-September, as the
yield on the 30-year U.S. Treasury bond briefly dropped below 7.0 percent.
However, the rally in financial services stocks faltered in late-September,
reflecting renewed fears about higher interest rates and rising bad debt on
credit cards.
Thrift prices generally moved higher during October and November
1996. The upward trend in thrift prices was supported by lower interest rates,
with the slow down in economic growth pushing the 30-
RP Financial, LC.
Page 4.12
year U.S. bond rate below 6.5 percent during the second half of November.
Investors also reacted positively to the SAIF rescue legislation, in light of
the reduction in deposit insurance premiums to be paid by SAIF-insured thrifts
following the one time special assessment. Similar to the overall stock market,
thrift prices traded lower in early-December. Profit taking and expectations of
higher interest rates were factors contributing to the pull back in thrift
issues. The SNL Index for all publicly-traded thrifts closed at 473.6 on
December 13, 1996, an increase of 27.0 percent from one year ago.
B. 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 Bank's pro forma market value. Demand for converting issues was
strong in the first quarter of 1996, with most offerings being oversubscribed
and posting healthy increases in near term aftermarket trading. Comparatively,
offerings completed in the second quarter reflected a cooling interest in thrift
IPOs, as indicated by fewer oversubscriptions and generally weak aftermarket
trading performance. The most recently completed offerings, offerings which
have closed during the past three months, have generally been well received in
the market place. Fewer offerings, more attractive pricing, lower interest
rates, and the general positive trend in thrift prices have been among the most
prominent factors contributing to the renewed investor interest shown for
converting thrift issues. As shown in Table 4.2, the median one week change in
price for offerings completed during the latest three months equaled positive
25.0 percent, illustrating market strength for new issues.
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
90.44 percent reflects a discount of 22.4 percent from the average P/B ratio of
all publicly-traded SAIF-insured thrifts (equal to 116.52 percent), and the
average core P/E ratio of 18.54 times reflects a premium of 19.5 percent from
the all SAIF-insured public average core P/E ratio of 15.51 times. The pricing
ratios of the better capitalized but lower earning (based on return on equity
measures) recently converted thrifts suggest that the investment community has
determined to discount their stocks on a book basis until the earnings improve
through redeployment and leveraging of the proceeds over the longer term.
In determining our valuation adjustment for marketing of the issue, we
considered trends in both the overall thrift market and the new issue market.
The overall market for thrift stocks is considered to be healthy, as thrift
stocks are currently exhibiting pricing ratios that are approaching historically
high levels.
RP Financial, LC.
- --------------------------------------------------------------------------------
Table 4.2
Recent Conversions (Last Three Months)
Conversion Pricing Characteristics: Sorted Chronologically
-------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Information Pre-Conversion Data
- ------------------------------------------------------------------------------------------------------------------------------------
Financial Info. Asset Quality
- ------------------------------------------------------------------------------------------------------------------------------------
Conversion Equity/ NP As/ Res.
Institution State Date Ticker Assets Assets Assets Cov.
- ----------- ----- ---- ------ ------ ------- ------ ----
($Mil) (%) (%)(2) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
PS Financial IL 11/27/96 PSFI $55 22.48% 1.06% 32%
Carolina Fincorp(1) NC 11/25/96 CFNC 94 9.18% 0.06% 659%
Delphos Citizens Bancorp OH 11/21/96 DCBI 92 12.65% 1.04% 10%
Fulton Bancorp MO * 10/18/96 FTNB 90 10.33% 0.54% 276%
Chester Bancorp IL * 10/08/96 CNBA 137 8.81% 0.16% 179%
South Street Fin. Corp.(1) NC 10/03/96 SSFC 168 12.33% 0.36% 73%
AFSALA Bancorp NY 10/01/96 AFED 137 6.08% 0.56% 105%
CBES Bancorp MO * 09/30/96 CBES 90 9.00% 0.73% 59%
First Allen Parish Bancorp LA 09/30/96 P. Sheet 30 7.30% 0.43% 242%
Westwood Hmstd.(1) OH * 09/30/96 WEHO 98 14.59% 0.00% NM
Home Bancorp of Elgin IL * 09/27/96 HBEI 300 12.38% 0.49% 60%
Foundation Bancorp OH 09/26/96 P. Sheet 31 9.06% 0.00% NA
Midwest SB IL * 09/23/96 P. Sheet 36 4.33% 0.60% 83%
Peoples Financial Corp. OH 09/13/96 PFFC 78 12.88% 0.77% 32%
Averages: $103 10.81% 0.49% 151%
Medians: 91 9.76% 0.52% 78%
- ------------------------------------------------------------------------------------------------------------------------------------
Offering Insider Purchases
Information
- ------------------------------------------------------------------------------------------------------------------------------------
Benefit Plans
-------------
Conversion Gross % of Exp./ Recog. Mgmt.
Institution State Date Ticker Proc. Mid. Proc. ESOP Plans & Dirs.
- ----------- ----- ---- ------ ---- --- ---- ---- ----- ------
($Mil) (%) (%) (%) (%) (%)(3)
- ------------------------------------------------------------------------------------------------------------------------------------
PS Financial IL 11/27/96 PSFI $21.8 132% 2.7% 8.0% 4.0% 4.8%
Carolina Fincorp(1) NC 11/25/96 CFNC 18.5 132% 4.8% 8.0% 4.0% 7.0%
Delphos Citizens Bancorp OH 11/21/96 DCBI 20.4 132% 2.7% 8.0% 4.0% 3.3%
Fulton Bancorp MO * 10/18/96 FTNB 17.2 132% 3.2% 8.0% 4.0% 7.4%
Chester Bancorp IL * 10/08/96 CNBA 21.8 132% 3.0% 8.0% 4.0% 18.2%
South Street Fin. Corp.(1) NC 10/03/96 SSFC 45.0 132% 3.1% 8.0% 4.0% 2.1%
AFSALA Bancorp NY 10/01/96 AFED 14.5 132% 4.9% 8.0% 4.0% 4.7%
CBES Bancorp MO * 09/30/96 CBES 10.3 98% 5.1% 8.0% 4.0% 10.3%
First Allen Parish Bancorp LA 09/30/96 P. Sheet 2.6 106% 13.2% 8.0% 4.0% 19.3%
Westwood Hmstd.(1) OH * 09/30/96 WEHO 28.4 132% 2.5% 8.0% 4.0% 11.9%
Home Bancorp of Elgin IL * 09/27/96 HBEI 70.1 132% 2.7% 8.0% 4.0% 2.0%
Foundation Bancorp OH 09/26/96 P. Sheet 4.6 132% 5.4% 8.0% 4.0% 16.0%
Midwest SB IL * 09/23/96 P. Sheet 1.9 132% 19.8% 7.0% 3.0% 12.7%
Peoples Financial Corp. OH 09/13/96 PFFC 14.9 100% 3.9% 4.0% 4.0% 6.4%
Averages: $20.9 126% 5.5% 7.6% 3.9% 9.0%
Medians: 17.9 132% 3.5% 8.0% 4.0% 7.2%
- ------------------------------------------------------------------------------------------------------------------------------------
Pro Forma Data
- ------------------------------------------------------------------------------------------------------------------------------------
Pricing Ratios(4) Asset Quality
- ------------------------------------------------------------------------------------------------------------------------------------
Conversion
Institution State Date Ticker P/TB P/E P/A ROA TE/A ROE
- ----------- ----- ---- ------ ---- --- --- --- ---- ---
(%) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
PS Financial IL 11/27/96 PSFI 70.5% 14.2 29.7% 2.1% 42.1% 5.0%
Carolina Fincorp(1) NC 11/25/96 CFNC 77.0% 19.3 16.9% 0.9% 22.0% 4.0%
Delphos Citizens Bancorp OH 11/21/96 DCBI 70.2% 13.6 18.6% 1.4% 26.5% 5.2%
Fulton Bancorp MO * 10/18/96 FTNB 71.9% 15.0 16.4% 1.1% 22.8% 4.8%
Chester Bancorp IL * 10/08/96 CNBA 71.3% 15.7 14.1% 0.9% 19.7% 4.6%
South Street Fin. Corp.(1) NC 10/03/96 SSFC 76.1% 16.2 21.6% 1.3% 28.4% 4.7%
AFSALA Bancorp NY 10/01/96 AFED 71.2% 16.3 9.7% 0.6% 13.7% 4.4%
CBES Bancorp MO * 09/30/96 CBES 61.9% 13.3 10.4% 0.8% 16.9% 4.6%
First Allen Parish Bancorp LA 09/30/96 P. Sheet 63.5% 8.4 8.3% 1.0% 13.0% 7.6%
Westwood Hmstd.(1) OH * 09/30/96 WEHO 73.5% 36.5 23.2% 0.6% 31.5% 2.0%
Home Bancorp of Elgin IL * 09/27/96 HBEI 72.3% 24.0 19.5% 0.8% 26.9% 3.0%
Foundation Bancorp OH 09/26/96 P. Sheet 70.0% 28.2 13.4% 0.5% 19.1% 2.5%
Midwest SB IL * 09/23/96 P. Sheet 66.6% 18.4 5.3% 0.3% 7.9% 3.6%
Peoples Financial Corp. OH 09/13/96 PFFC 64.2% 27.6 16.3% 0.6% 25.4% 2.3%
Averages: 70.0% 19.0 15.9% 0.9% 22.6% 4.2%
Medians: 70.8% 16.2 16.3% 0.8% 22.4% 4.5%
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Information Post-IPO Pricing Trends
- ------------------------------------------------------------------------------------------------------------------------------------
Closing Price:
---------------------------------------------------
First After After
Conversion IPO Trading % First % First %
Institution State Date Ticker Price Day Chg. Week(5) Chg. Month(6) Chg.
- ----------- ----- ---- ------ ----- --- ---- ------ ---- ------- ----
($) ($) (%) ($) (%) ($) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
PS Financial IL 11/27/96 PSFI $10.00 $11.64 16.4% $11.88 18.8% $12.00 20.0%
Carolina Fincorp(1) NC 11/25/96 CFNC 10.00 13.00 30.0% 13.00 30.0% 13.13 31.3%
Delphos Citizens Bancorp OH 11/21/96 DCBI 10.00 12.13 21.2% 12.50 25.0% 11.88 18.8%
Fulton Bancorp MO * 10/18/96 FTNB 10.00 12.50 25.0% 12.88 28.8% 14.75 47.5%
Chester Bancorp IL * 10/08/96 CNBA 10.00 12.94 29.4% 12.88 28.8% 12.88 28.8%
South Street Fin. Corp.(1) NC 10/03/96 SSFC 10.00 12.75 27.5% 12.50 25.0% 12.25 22.5%
AFSALA Bancorp NY 10/01/96 AFED 10.00 11.38 13.8% 11.31 13.1% 12.13 21.2%
CBES Bancorp MO * 09/30/96 CBES 10.00 12.63 26.3% 13.44 34.4% 13.50 35.0%
First Allen Parish Bancorp LA 09/30/96 P. Sheet 10.00 NT NA NT NA NT NA
Westwood Hmstd.(1) OH * 09/30/96 WEHO 10.00 10.75 7.5% 10.63 6.3% 10.63 6.3%
Home Bancorp of Elgin IL * 09/27/96 HBEI 10.00 11.81 18.1% 12.19 21.9% 12.63 26.3%
Foundation Bancorp OH 09/26/96 P. Sheet 10.00 NT NA NT NA NT NA
Midwest SB IL * 09/23/96 P. Sheet 10.00 NT NA NT NA NT NA
Peoples Financial Corp. OH 09/13/96 PFFC 10.00 10.88 8.7% 11.50 15.0% 12.75 27.5%
Averages: $10.00 $12.04 20.4% $12.24 20.4% $12.59 25.9%
Medians: 10.00 12.13 21.2% 12.50 21.2% 12.63 26.3%
Note: * - Appraisal performed by RP Financial; "NT" - Not Traded; "NA" - Not
Applicable, Not Available.
(1) Non-OTS regulated thrifts.
(2) As reported in summary pages of prospectus. December 13, 1996
(3) As reported in prospectus.
(4) Does not take into account the adoption of SOP 93-6.
(5) Latest price if offering less than one week old.
(6) Latest price if offering more than one week but less than one month old.
(7) Second-step conversions.
- --------------------------------------------------------------------------------
RP Financial, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.3
Market Pricing Comparatives
Prices As of December 13, 1996
Market Per Share Data
Capitalization -------------- Pricing Ratios(3)
--------------- Book ---------------------------------------
Price/ Market 12-Mth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- --------------------- -------- -------- ------- ------- ------- ------- ------- ------ -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 18.72 142.09 0.87 16.03 17.22 116.52 14.06 119.53 15.51
Special Selection Grouping(8) 12.96 34.15 0.47 14.41 19.88 90.44 21.73 90.44 18.54
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
AFED AFSALA Bancorp of NY 11.50 16.73 0.61 14.05 18.85 81.85 11.20 81.85 18.85
CBES CBES Bancorp of MO 13.75 14.09 0.70 16.56 19.64 83.03 14.57 83.03 13.61
CFNC Carolina Fincorp of NC 13.12 24.30 0.52 12.99 NM 101.00 22.18 101.00 NM
DCBI Delphos Citizens Bancorp of OH 11.94 24.35 0.73 14.26 16.36 83.73 22.19 83.73 16.36
FTNB Fulton Bancorp of MO 14.87 25.56 0.67 13.92 22.19 106.82 24.36 106.82 22.88
HBEI Home Bancorp of Elgin IL 12.81 89.79 0.06 14.12 NM 90.72 24.23 90.72 NM
PFFC Peoples Fin. Corp. of OH 13.00 19.38 0.36 15.57 NM 83.49 21.21 83.49 NM
SSFC South Street Fin. Corp. of NC 13.87 62.37 0.62 13.15 22.37 105.48 29.99 105.48 21.02
WEHO Westwood Hmstd Fin Corp of OH 11.75 30.74 -0.03 15.10 NM 77.81 25.64 77.81 NM
Financial Characteristics(6)
Dividends(4) --------------------------------------------------------
---------------------- Reported Core
Amount/ Payout Total Equity/ NPAs/ --------------- ---------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------- ------ -------- ------ ------ ------ ------- ------ ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.37 1.98 33.16 1,353 12.79 0.87 0.62 5.36 0.83 7.41
Special Selection Grouping(8) 0.00 0.00 0.00 151 24.00 0.46 0.75 3.68 0.91 4.74
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
AFED AFSALA Bancorp of NY 0.00 0.00 0.00 149 13.68 0.59 0.59 4.34 0.59 4.34
CBES CBES Bancorp of MO 0.00 0.00 0.00 97 17.55 NA 0.80 7.42 1.15 10.70
CFNC Carolina Fincorp of NC 0.00 0.00 0.00 110 21.96 0.06 0.88 4.00 0.88 4.00
DCBI Delphos Citizens Bancorp of OH 0.00 0.00 0.00 110 26.51 0.40 1.36 5.12 1.36 5.12
FTNB Fulton Bancorp of MO 0.00 0.00 0.00 105 22.80 0.92 1.10 4.81 1.06 4.67
HBEI Home Bancorp of Elgin IL 0.00 0.00 0.00 371 26.71 0.49 0.13 0.80 0.68 4.14
PFFC Peoples Fin. Corp. of OH 0.00 0.00 0.00 91 25.40 0.76 0.59 2.31 0.67 2.63
SSFC South Street Fin. Corp. of NC 0.00 0.00 0.00 208 28.43 NA 1.34 4.71 1.43 5.02
WEHO Westwood Hmstd Fin Corp of OH 0.00 0.00 NM 120 32.96 0.03 -0.08 -0.38 0.41 2.03
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (earnings per share) is based on actual trailing twelve month data
and is not shown on a pro forma basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets;
P/TB = Price to tangible book value; and P/CORE = Price to estimated
core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend
declared.
(5) Indicated dividend as a percent of trailing twelve month earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month earnings and average equity and assets
balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Converted Last 3 Mths (no MHC);
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been
obtained from sources we believe are reliable, but we cannot
guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, Inc.
RP Financial, LC.
Page 4.15
Investor interest in the new issue market has been favorable, as most of the
recently completed offerings have been oversubscribed and have recorded price
increases in initial post-conversion trading activity.
C. Secondary Step Conversion Market
--------------------------------
There is a pronounced difference in the pricing of second step
conversions relative to full conversion offerings in which 100 percent of the
shares are issued. As noted in Table 4.4, during the past 12 months, the median
pro forma price/tangible book ratios of second step conversions exceeded 80
percent, as compared to the median price/tangible book of conversions over the
last three months which just exceeds 70 percent, perhaps reflecting the smaller
offering and some seasoning as a public company for second steps. Furthermore,
as shown in Table 4.5, assuming the publicly-traded MHCs completed second step
conversions (utilizing standard assumptions for each MHC) at their current
market prices, the implied median price/tangible book is computed at
approximately 79 percent -- apparently the investment community is factoring in
the potential impact of a second step conversion into the market price of MHCs
today.
Accordingly, before adjusting Middlesboro Federal's value for
fundamental differences, it would be expected that the pro forma price/tangible
book would share more pricing similarity with the second step transactions than
the 100 percent stock conversion offerings.
D. Acquisition Market
------------------
Also considered in the valuation was the potential impact on
Middlesboro Federal's stock price of recently completed and pending acquisitions
of other thrifts operating in Middlesboro Federal's market area. As shown in
Exhibit IV-4, there were six Kentucky thrifts acquired or under announced
acquisition in 1996. The recent acquisition activity involving Kentucky thrifts
may imply a certain degree of acquisition speculation for the Bank's stock, but
the Bank's characteristics and market area are very different than this group.
To the extent that acquisition speculation may impact the Bank's offering, we
have largely taken this into account in selecting primarily Midwestern thrifts
that also experience a degree of thrift acquisition activity. The Chairman of
the Bank recently filed a change of control application in order to acquire up
to 24.9 percent of the shares. In view of the subsequent conversion
application, such change of control application is being withdrawn and the
Chairman's pro forma ownership will not exceed 9.9 percent immediately following
conversion.
E. Market for Middlesboro Federal Stock
------------------------------------
Middlesboro Federal's minority shares of stock are not traded on
NASDAQ or any other exchange and trade very infrequently. Since completion of
the minority stock offering in 1994, management is
------------------------------------
Table 4.4
Completed Second Step Conversions(1)
------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Information Pre-Conversion Data
--------------------------------------------------
Financial Info. Asset Quality
- ------------------------------------------------------------------------------------------------------------------------------------
NPA +
Conversion Equity/ 90 Day/ Res.
Institution State Charter Date Ticker Assets Assets Assets Cov.
- ----------- ----- ------- ---- ------ ------ ------ ------ ----
(State/Fed.) ($Mil) (%) (%)(2) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Kenwood Bancorp OH * F 07/01/96 P.Sheet $48 6.88% 0.00% NM
Commonwealth Bancorp PA * F 06/17/96 CMSB 2,054 6.71% 0.51% 109%
Westwood Financial Corp. NJ F 06/07/96 WWFC 85 7.05% 0.00% NM
Jacksonville Bancorp TX F 04/01/96 JXVL 198 10.47% 1.41% 36%
North Central Bancshares IA F 03/21/96 FFFD 180 16.47% 0.17% 562%
Fidelity Financial of Ohio OH * F 02/04/96 FFOH 227 13.23% 0.50% 69%
First Colorado Bancorp CO * F 01/02/96 FFBA 1,400 12.71% 0.31% 20%
Charter Financial IL * F 12/29/95 CBSB 293 12.17% 0.27% 281%
American National Bancorp MD * F 11/03/95 ANBK 426 6.80% 2.23% 67%
First Defiance Fin. Corp. OH * F 10/02/95 FDEF 476 15.27% 0.24% 135%
Community Bank Shares IN * F 04/10/95 CBIN 205 7.00% 0.33% 80%
Fed One Bancorp WV * F 01/19/95 FOBC 305 9.25% 0.32% 142%
Home Financial Corp. FL * F 10/25/94 HOFL 1,005 13.43% 0.91% 44%
Jefferson Bancorp LA * F 08/18/94 JEBC 257 6.26% 0.91% 25%
Averages: $511 10.26% 0.58% 131%
Medians: 275 9.86% 0.33% 75%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Information Offering Information Insider Purchases
- ------------------------------------------------------------------------------------------------------------------------------------
Benefit Plans
% of
Conversion Gross Original Exp./ Recog. Mgmt.
Institution State Charter Date Ticker Proceeds Midpoint Proc. ESOP Plans & Dirs.
- ----------- ----- ------- ---- ------ -------- -------- ----- ---- ------ -------
(State/Fed.) ($000) (%) (%) (%) (%) (%)(3)
- ------------------------------------------------------------------------------------------------------------------------------------
Kenwood Bancorp OH * F 07/01/96 P.Sheet $1,577 101.7% 22.2% 8.0% 4.0% 6.4%
Commonwealth Bancorp PA * F 06/17/96 CMSB 98,721 109.7% 1.9% 8.0% 4.0% 0.1%
Westwood Financial Corp. NJ F 06/07/96 WWFC 3,853 99.4% 9.9% 0.0% 0.0% 2.5%
Jacksonville Bancorp TX F 04/01/96 JXVL 16,184 106.4% 4.4% 8.0% 4.0% 2.0%
North Central Bancshares IA F 03/21/96 FFFD 26,255 105.6% 3.5% 3.2% 0.0% 0.5%
Fidelity Financial of Ohio OH * F 02/04/96 FFOH 22,781 132.1% 3.2% 8.0% 4.0% 5.6%
First Colorado Bancorp CO * F 01/02/96 FFBA 134,076 105.3% 1.9% 10.0% 2.0% 2.0%
Charter Financial IL * F 12/29/95 CBSB 29,205 115.7% 3.4% 3.3% 0.0% 0.1%
American National Bancorp MD * F 11/03/95 ANBK 21,821 132.3% 3.3% 8.0% 4.0% 0.6%
First Defiance Fin. Corp. OH * F 10/02/95 FDEF 64,769 132.3% 2.3% 8.0% 4.0% 0.9%
Community Bank Shares IN * F 04/10/95 CBIN 10,117 132.3% 4.4% 8.0% 0.0% 17.9%
Fed One Bancorp WV * F 01/19/95 FOBC 16,124 85.0% 7.7% 7.0% 4.0% 0.9%
Home Financial Corp. FL * F 10/25/94 HOFL 175,580 111.6% 3.1% 8.0% 4.0% 0.6%
Jefferson Bancorp LA * F 08/18/94 JEBC 16,116 107.4% 3.9% 7.0% 3.0% 1.5%
Averages: $45,513 112.6% 5.4% 6.8% 2.6% 3.0%
Medians: 22,301 108.6% 3.4% 8.0% 4.0% 1.2%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Information Pro Forma Data
---------------------------------------------------
Pricing Ratios(4) Fin. Characteristics
- ------------------------------------------------------------------------------------------------------------------------------------
Conversion
Institution State Charter Date Ticker P/TB P/E P/A ROA TE/A ROE
- ----------- ----- ------- ---- ------ ---- --- ---- --- ---- ---
(State/Fed.) (%) (%) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Kenwood Bancorp OH * F 07/01/96 P.Sheet 67.6% NM 6.0% 0.1% 8.8% 1.7%
Commonwealth Bancorp PA * F 06/17/96 CMSB 109.3% 12.1 8.4% 0.7% 6.7% 10.4%
Westwood Financial Corp. NJ F 06/07/96 WWFC 80.0% 10.1 7.3% 0.7% 9.2% 7.9%
Jacksonville Bancorp TX F 04/01/96 JXVL 77.7% 14.9 12.6% 0.8% 16.2% 5.2%
North Central Bancshares IA F 03/21/96 FFFD 74.2% 12.1 19.7% 1.6% 26.5% 6.1%
Fidelity Financial of Ohio OH * F 02/04/96 FFOH 82.6% 18.1 16.6% 0.9% 20.0% 4.6%
First Colorado Bancorp CO * F 01/02/96 FFBA 87.0% 12.7 13.2% 1.0% 15.2% 6.9%
Charter Financial IL * F 12/29/95 CBSB 81.4% 12.3 15.5% 1.3% 19.1% 6.6%
American National Bancorp MD * F 11/03/95 ANBK 83.9% 17.7 9.0% 0.5% 10.7% 4.7%
First Defiance Fin. Corp. OH * F 10/02/95 FDEF 85.6% 18.2 20.6% 1.1% 24.1% 4.7%
Community Bank Shares IN * F 04/10/95 CBIN 85.5% 10.3 9.3% 0.9% 10.9% 8.3%
Fed One Bancorp WV * F 01/19/95 FOBC 67.9% 9.0 8.8% 1.0% 13.0% 7.6%
Home Financial Corp. FL * F 10/25/94 HOFL 86.4% 10.6 21.3% 2.0% 24.6% 8.2%
Jefferson Bancorp LA * F 08/18/94 JEBC 71.7% 10.2 7.9% 0.8% 11.1% 7.0%
Averages: 81.5% 12.9 12.6% 1.0% 15.4% 6.4%
Medians: 82.0% 12.1 10.9% 0.9% 14.1% 6.7%
- ------------------------------------------------------------------------------------------------------------------------------------
December 9, 1996
Note: An asterisk (*) signifies conversion appraisals performed by RP
Financial.
(1) Includes only those companies who offered stock when the MHC was formed.
(2) As indicated in prospectus.
(3) As indicated in prospectus. Does not include stock options.
(4) Does not account for the adoption of SOP 93-6.
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.5
MHC INSTITUTIONS -- IMPLIED PRICING RATIOS FULL CONVERSION BASIS
Comparable Institution Analysis
As of December 13, 1996
Fully Converted
Implied Value Per Share (8)
---------------- --------------- Pricing Ratios(3)
Implied Book ---------------------------------------
Price/ Market 12-Mth Value/
Share(1) Val(8) EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
SAIF-Insured Thrifts(7)
- -----------------------
Averages 18.72 142.09 0.87 16.03 17.22 116.52 14.06 119.53 15.51
Medians --- --- --- --- 18.61 111.11 12.43 113.24 15.29
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
Averages 18.06 128.58 0.92 22.61 16.70 78.62 13.65 79.74 15.35
Medians --- --- --- --- 14.88 76.25 13.15 78.79 14.82
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
CHSV County. Svgs, MHC of FL (47.6) 18.25 89.04 1.29 23.24 14.15 78.53 13.40 78.53 13.93
FFFL Fidelity FSB, MHC of FL (47.2) 17.25 115.99 0.68 19.60 NM 88.01 12.76 88.55 17.60
FFSX First FS&LA, MHC of IA (45.0) 30.25 56.96 1.35 34.60 22.41 87.43 11.70 87.88 14.83
FSNJ First SB of NJ, MHC (45.0) 17.25 52.82 0.60 24.07 NM 71.67 7.82 71.67 16.12
FSLA First SB, SLA MHC of NJ (37.6) 18.00 128.99 0.92 23.49 19.57 76.63 12.25 82.08 12.59
GDVS Greater DV SB, MHC of PA (19.9) 10.00 32.72 0.03 15.03 NM 66.53 12.87 66.53 NM
GFED Guaranty FS&LA, MHC of MO (31.1) 11.37 35.53 0.55 15.66 20.67 72.61 17.28 72.61 23.69
HARB Harbor FSB, MHC of FL (45.7) 32.00 157.89 2.15 31.87 14.88 100.41 13.97 102.73 11.59
HARS Harris SB, MHC of PA (23.1) 18.12 203.23 0.35 24.98 NM 72.54 10.95 79.06 19.48
JKSB Jcksnville SB, MHC of IL (43.3%) 12.50 15.90 0.37 18.90 NM 66.14 10.52 66.24 18.36
LFED Leeds FSB, MHC of MD (35.3) 16.00 55.28 0.82 21.39 19.51 74.80 18.16 74.80 14.81
NWSB Northwest SB, MHC of PA (29.9) 13.25 309.73 0.78 17.50 16.99 75.71 14.59 77.44 12.62
PBCT Peoples Bank, MHC of CT (32.3) 27.25 1104.06 2.35 30.97 11.60 87.99 13.99 88.05 13.83
PERT Perpetual of SC, MHC (46.8%) 22.00 33.11 1.63 29.00 13.50 75.86 15.26 75.86 13.50
PFSL Pocahnts Fed, MHC of AR (46.4) 17.25 28.03 1.42 21.78 12.15 79.20 7.11 79.20 9.43
PULB Pulaski SB, MHC of MO (29.0) 14.12 29.57 0.99 19.39 14.26 72.82 15.00 72.82 15.18
RVSB Rvrview SB, FSB MHC of WA (40.3) 16.75 36.78 1.19 19.76 14.08 84.77 15.39 89.91 12.41
SBFL SB Fing. Lakes MHC of NY (33.0) 13.50 24.10 -0.37 18.81 NM 71.77 11.42 71.77 NM
WAYN Wayne S&L Co., MHC of OH (46.7) 23.00 34.45 0.70 25.85 NM 88.97 12.90 88.97 17.83
WCFB Webster City FSB, MHC of IA (45.2) 13.06 27.43 0.56 16.31 23.32 80.07 25.60 80.07 18.39
Financial Characteristics(6)
Dividends(4) -------------------------------------------------------
------------------------ Reported Core
Amount/ Payout Total Equity/ NPAs/ --------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------- -------- ------- ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts(7)
- -----------------------
Averages 0.37 1.98 33.16 1,353 12.79 0.87 0.62 5.36 0.83 7.41
Medians --- --- --- --- --- --- --- --- --- ---
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
Averages 0.61 3.47 43.19 967 17.48 0.76 0.68 3.86 0.89 5.12
Medians --- --- --- --- --- --- --- --- --- ---
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
CHSV County. Svgs, MHC of FL (47.6) 0.80 4.38 62.02 664 17.07 0.53 1.00 5.61 1.01 5.70
FFFL Fidelity FSB, MHC of FL (47.2) 0.80 4.64 NM 909 14.50 0.40 0.54 3.47 0.77 5.00
FFSX First FS&LA, MHC of IA (45.0) 0.72 2.38 53.33 487 13.38 0.13 0.54 3.91 0.81 5.91
FSNJ First SB of NJ, MHC (45.0) 0.50 2.90 NM 675 10.91 0.91 0.29 2.43 0.52 4.32
FSLA First SB, SLA MHC of NJ (37.6) 0.36 2.00 39.13 1,053 15.99 0.75 0.64 3.92 0.99 6.10
GDVS Greater DV SB, MHC of PA (19.9) 0.36 3.60 NM 254 19.34 2.91 0.04 0.19 0.32 1.62
GFED Guaranty FS&LA, MHC of MO (31.1) 0.36 3.17 65.45 206 23.81 1.57 0.84 3.51 0.73 3.06
HARB Harbor FSB, MHC of FL (45.7) 1.20 3.75 55.81 1,130 13.92 0.50 1.03 6.87 1.32 8.82
HARS Harris SB, MHC of PA (23.1) 0.58 3.20 NM 1,856 15.09 0.75 0.26 1.39 0.68 3.70
JKSB Jcksnville SB, MHC of IL (43.3%) 0.40 3.20 NM 151 15.90 0.37 0.32 1.95 0.58 3.58
LFED Leeds FSB, MHC of MD (35.3) 0.68 4.25 NM 304 24.28 0.02 0.96 3.87 1.26 5.10
NWSB Northwest SB, MHC of PA (29.9) 0.32 2.42 41.03 2,123 19.26 0.86 0.92 4.46 1.24 6.01
PBCT Peoples Bank, MHC of CT (32.3) 0.88 3.23 37.45 7,893 15.90 1.42 1.24 7.86 1.04 6.59
PERT Perpetual of SC, MHC (46.8%) 0.00 0.00 0.00 217 20.12 NA 1.13 5.62 1.13 5.62
PFSL Pocahnts Fed, MHC of AR (46.4) 0.84 4.87 59.15 394 8.98 0.32 0.61 6.68 0.78 8.60
PULB Pulaski SB, MHC of MO (29.0) 1.00 7.08 NM 197 20.59 0.53 1.04 5.18 0.98 4.86
RVSB Rvrview SB, FSB MHC of WA (40.3) 0.22 1.31 18.49 239 18.15 0.20 1.14 6.12 1.29 6.94
SBFL SB Fing. Lakes MHC of NY (33.0) 0.40 2.96 NM 211 15.91 1.15 -0.34 -1.94 0.28 1.63
WAYN Wayne S&L Co., MHC of OH (46.7) 0.92 4.00 NM 267 14.50 0.61 0.40 2.70 0.73 4.97
WCFB Webster City FSB, MHC of IA (45.2) 0.80 6.13 NM 107 31.97 0.45 1.08 3.44 1.37 4.36
(1) Current stock price of minority stock. Average of High/Low or Bid/Ask price
per share.
(2) EPS (earnings per share) is based on reported trailing twelve month data and
is shown on a pro forma basis. Public MHC data reflects additional earnings
from reinvestment of proceeds of second step conversion.
(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. Ratios are pro
forma assuming a second step conversion to full stock form.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
earnings (earnings adjusted to reflect second step conversion).
(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 and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
(8) Figures estimated by RP Financial to reflect a second step conversion of the
MHC to full stock form.
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, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.5 (Cont.)
Calculation of Implied Per Share Data -- Incorporating MHC Second Step
Conversion
Comparable Institution Analysts
For the Twelve Months Ended September 30, 1996
Current Ownership Current Per Share Data (MHC Ratios)
------------------------------ ------------------------------------------------------
Total Public MHC Core Book Tangible
Shares Shares Shares EPS EPS Value Book Assets
------ ------ ------ -------- -------- --------- -------- -------
(000) (000) (000) ($) ($) ($) ($) ($)
Publicly-Traded MHC Institutions
- --------------------------------
CMSV Commty. Svgs, MHC of FL (47.6) 4,879 2,380 2,499 1.08 1.10 15.39 15.39 128.31
FFFL Fidelity FSB, MHC of FL (47.2) 6,724 3,168 3,556 0.47 0.77 11.94 11.82 127.51
FFSX First FS&LA, MHC of IA (45.0) 1,883 756 1,127 0.94 1.63 19.39 19.21 243.31
FSLA First SB, SLA MHC of NJ (37.6) 7,166 2,000 5,166 0.63 1.14 12.59 11.03 136.03
FSNJ First SB of NJ, MHC (45.0) 3,062 1,358 1,704 0.38 0.85 16.01 16.01 212.49
GDVS Greater DV SB, MHC of PA (19.9) 3,272 650 2,622 -0.15 0.07 8.30 8.30 70.99
GFED Guaranty FS&LA, MHC of MO (31.1) 3,125 778 2,347 0.36 0.29 8.49 8.49 58.61
HARB Harbor FSB, MHC of FL (45.7) 4,934 2,240 2,694 1.75 2.36 17.19 16.47 214.32
HARS Harris SB, MHC of PA (23.1) 11,216 2,500 8,716 0.03 0.61 13.15 11.09 153.68
JXSB Jcksnville SB, MHC of IL (43.3%) 1,272 558 714 0.21 0.52 13.01 12.98 112.98
LFED Leeds FSB, MHC of MO (35.3) 3,455 1,248 2,207 0.59 0.85 12.80 12.80 79.51
NWSB Northwest SB, MHC of PA (29.9) 23,376 3,450 19,926 0.52 0.79 8.01 7.62 81.35
PBCT Peoples Bank, MHC of CT (32.3) 40,516 11,815 28,701 1.91 1.53 14.76 14.74 178.61
PERT Perpetual of SC, MHC (46.8%) 1,505 705 800 1.36 1.36 19.18 19.18 134.33
PFSL Pocahnts Fed, MHC of AR (46.4) 1,625 748 877 1.21 1.62 13.96 13.96 234.81
PULB Pulaski SB, MHC of MO (29.0) 2,094 600 1,494 0.76 0.70 10.93 10.93 85.70
RVSB Rvrview SB, FSB MHC of MA (40.3) 2,196 786 1,410 0.95 1.11 10.73 9.60 99.83
SBFL SB Fing. Lakes MHC of NY (33.0) 1,785 590 1,195 -0.58 0.10 11.22 11.22 110.61
WAYN Wayne S&L Co., MHC of OH (46.7) 1,498 660 838 0.41 1.00 15.04 15.04 167.46
WCFB Webster City FSB, MHC of IA (45.2) 2,100 950 1,150 0.40 0.55 10.30 10.30 45.00
Impact of Second Step Conversion Pro Forma Per Share Data (Fully Converted)
--------------------------------------------- -------------------------------------------
Share Gross Net Incr. Net Incr. Core Book Tangible
Price Procds(1) Capital(2) Income(3) EPS EPS Value Book Assets
--------- --------- ---------- ---------- ------ ------ ------- -------- --------
($000) ($000) ($000) ($000) ($) ($) ($) ($) ($)
Publicly-Traded MHC Institutions
- --------------------------------
CMSV Commty. Svgs, MHC of FL (47.6) 18.25 45,607 38,310 1,035 1.29 1.31 23.24 23.24 136.16
FFFL Fidelity FSB, MHC of FL (47.2) 17.25 61,341 51,526 1,393 0.68 0.98 19.60 19.48 135.17
FFSX First FS&LA, MHC of IA (45.0) 30.25 34,092 28,637 774 1.35 2.04 34.60 34.42 258.52
FSLA First SB, SLA MHC of NJ (37.6) 18.00 92,988 78,110 2,111 0.92 1.43 23.49 21.93 146.93
FSNJ First SB of NJ, MHC (45.0) 17.25 29,394 24,691 667 0.60 1.07 24.07 24.07 220.55
GDVS Greater DV SB, MHC of PA (19.9) 10.00 26,220 22,025 595 0.03 0.25 15.03 15.03 77.72
GFED Guaranty FS&LA, MHC of MO (31.1) 11.37 26,685 22,416 606 0.55 0.48 15.66 15.66 65.78
HARB Harbor FSB, MHC of FL (45.7) 32.00 86,208 72,415 1,957 2.15 2.76 31.87 31.15 229.00
HARS Harris SB, MHC of PA (23.1) 18.12 157,934 132,664 3,586 0.35 0.93 24.98 22.92 165.51
JXSB Jcksnville SB, MHC of IL (43.3%) 12.50 8,925 7,497 203 0.37 0.68 18.90 18.87 118.87
LFED Leeds FSB, MHC of MO (35.3) 16.00 35,312 29,662 802 0.82 1.08 21.39 21.39 88.10
NWSB Northwest SB, MHC of PA (29.9) 13.25 264,020 221,776 5,994 0.78 1.05 17.50 17.11 90.84
PBCT Peoples Bank, MHC of CT (32.3) 27.25 782,102 656,966 17,757 2.35 1.97 30.97 30.95 194.82
PERT Perpetual of SC, MHC (46.8%) 22.00 17,600 14,784 400 1.63 1.63 29.00 29.00 144.15
PFSL Pocahnts Fed, MHC of AR (46.4) 17.25 15,128 12,708 343 1.42 1.83 21.78 21.78 242.63
PULB Pulaski SB, MHC of MO (29.0) 14.12 21,095 17,720 479 0.99 0.93 19.39 19.39 94.16
RVSB Rvrview SB, FSB MHC of MA (40.3) 16.75 23,618 19,839 536 1.19 1.35 19.76 18.63 108.86
SBFL SB Fing. Lakes MHC of NY (33.0) 13.50 16,133 13,551 366 -0.37 0.31 18.81 18.81 118.20
WAYN Wayne S&L Co., MHC of OH (46.7) 23.00 19,274 16,190 438 0.70 1.29 25.85 25.85 178.27
WCFB Webster City FSB, MHC of IA (45.2) 13.06 15,019 12,616 341 0.56 0.71 16.31 16.31 51.01
(1) Gross proceeds calculated as stock price multiplied by the number of shares
owned by the mutual holding company (i.e., non-public shares).
(2) Net increase in capital reflects gross proceeds less offering expenses,
contra-equity account for leveraged ESOP and deferred compensation account
for restricted stock plan:
Offering expense percent 4.00
ESOP percent purchase 8.00
Recognition plan percent 4.00
(3) Net increase in earnings reflects after-tax reinvestment income (assumes
ESOP and recognition plan do not generate reinvestment income), less after-
tax ESOP amortization and recognition plan vesting:
After-tax reinvestment 3.96
ESOP loan term (years) 10
Recog. plan vesting (yrs) 5
Effective tax rate 34.00
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.
aware of only a few trades involving the Bank's stock, with the most recent
trade completed at a price of $11.68 per share. Due to the absence of an active
trading market for Middlesboro Federal's minority shares, the trading activity
of the stock has been heavily discounted in this valuation analysis.
* * * * * * * * * * *
Taking these factors and trends into account, RP Financial concluded that a
slight upward adjustment was appropriate in the valuation analysis for purposes
of marketing of the issue.
8. Management
----------
Middlesboro Federal's management team has experience and expertise in all
of the key areas of the Bank's operations. Exhibit IV-5 lists Middlesboro
Federal's Board of Directors and executive management with summary resumes. The
Bank's operations to date indicates that Middlesboro Federal's management team,
in conjunction with the Board, has developed and implemented an effective
operating philosophy. Middlesboro Federal has no apparent senior management or
Board vacancies and there appears to be a well-defined organizational structure.
Similarly, the financial results of the Peer Group companies indicate that
they have been effectively managed, as all of the Peer Group companies
maintained healthy capital positions, solid core earnings and favorable credit
quality measures. We have therefore concluded that, in general, Middlesboro
Federal is currently being operated at least as effectively as the Peer Group
companies and no adjustment for this factor was necessary.
9. Effect of Government Regulation and Regulatory Reform
-----------------------------------------------------
The Bank and most of the Peer Group companies were similarly impacted by
the recently enacted SAIF rescue legislation, as the affected institutions are
SAIF-insured and subject to the same one time assessment and their deposits will
be assessed at the same rate going forward. In summary, as a fully-converted
SAIF-insured savings bank, Middlesboro Federal 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. On balance, RP Financial concluded that no adjustment to the Bank's
value was warranted for this factor.
RP Financial, LC.
Page 4.20
Summary of Adjustments
- ----------------------
Overall, we believe the Bank's pro forma market value should take into
account the valuation adjustments relative to the Peer Group:
Key Valuation Parameters: Valuation Adjustment
------------------------ --------------------
Financial Condition Moderate Downward
Profitability, Growth and Viability of Earnings Moderate Downward
Asset Growth Slight Downward
Primary Market Area Slight Downward
Dividends Slight Downward
Liquidity of the Shares Slight Downward
Marketing of the Issue Slight Upward
Management No Adjustment
Effect of Government Regulations and Regulatory Reform No Adjustment
Valuation Approaches
- --------------------
In applying the accepted valuation methodology promulgated by the OTS,
i.e., the pro forma market value approach, we considered the three key pricing
ratios in valuing Middlesboro Federal's to-be-issued stock -- the price/earnings
("P/E"), price/book ("P/B"), and price/assets ("P/A") approaches -- all
performed on a pro forma basis including the effects of the conversion proceeds
from selling the MHC's interest to the public. In computing the pro forma impact
of the conversion and the related pricing ratios, we have incorporated the
assumptions disclosed in Middlesboro Federal's prospectus for offering expenses,
and the effective tax rate and stock benefit plan assumptions (summarized in
Exhibits IV-7 and IV-8). We have utilized the reinvestment rate set forth in the
prospectus, the one year T-Bill rate as of September 30, 1996 of 5.69 percent,
after comparing this rate to the rate derived from the OTS's suggested formula
(6.10 percent), and the blended rate reflecting the Bank's business plan (6.22
percent). With regard to the employee stock ownership plan and stock reward
plans, we have performed the valuation assuming the ESOP purchases an amount
equal to 3.0 percent of the fully converted value (10 year amortization) and the
MRP acquires 4.0 percent of the second step offering. In our estimate of value,
we assessed the relationship of the pro forma pricing ratios relative to the
Peer Group and the recent conversions.
In addition to the three valuation methodologies specified by the OTS, RP
Financial also considered the recent prices for trades of the Bank's stock.
Overall, however, we heavily discounted the price of Middlesboro Federal's stock
as an indication of value given the absence of regular trading activity and
market makers.
RP Financial, LC.
Page 4.21
RP Financial's valuation placed emphasis on the following:
. 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 core profitability, the P/E approach was considered in this
valuation. In applying this approach, we took into account primarily
estimated core earnings.
. 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.
. 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.
. Trading of Middlesboro Federal Stock. Middlesboro Federal has public
------------------------------------
shares outstanding due to the mutual holding company form of ownership.
Because there is no liquid market for Middlesboro Federal's minority
shares of common stock, this valuation method was deemed to be less
relevant than the other valuation methodologies and therefore was
heavily discounted in our valuation.
The Bank intends to adopt 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 OTS valuation approaches, taking into
consideration the valuation adjustments discussed above, and placing the
greatest weight on the P/TB and P/E approaches, followed by the
RP Financial, LC.
Page 4.22
P/A approach, and heavily discounting the recent trading activity in Middlesboro
Federal's stock, RP Financial concluded that the pro forma market value of the
Bank's conversion stock is $5,138,636 at the midpoint at this time.
1. 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 Middlesboro Federal's pro forma tangible book value.
The pre-conversion book value for Middlesboro Federal of $4,418,000 was equal to
the Bank's reported capital at September 30, 1996, plus the $33,000 of mutual
holding company assets which will be consolidated with the Company as a result
of the conversion. Based on the $5,138,636 midpoint valuation, Middlesboro
Federal's pro forma P/TB ratio was 72.32 percent. In comparison to the average
P/TB ratio for the Peer Group of 96.99 percent, Middlesboro Federal's valuation
reflected a discount of 25.44 percent. RP Financial considered the discount
under the P/TB approach to be reasonable in light of the valuation adjustments
discussed previously. Given the historically high P/TB pricing for thrifts in
today's market, a valuation discount under the P/TB approach could only be
expected and is consistent with the aftermarket trading of new conversion
issues.
Given the emphasis on limiting near term aftermarket trading in the revised
appraisal guidelines, RP Financial also considered the pro forma P/TB ratios of
recent conversions in its valuation analysis. It is these companies that
provide a proxy for aftermarket trading for new thrift issues. At the midpoint
value of $5,138,636, Middlesboro Federal's pro forma P/TB ratio of 72.32 percent
represented a discount of 20.0 percent from the 90.44 percent average P/TB ratio
of the recently converted thrifts (see Table 4.3). At the super maximum of the
valuation range, Middlesboro Federal's pro forma P/B ratio of 84.05 percent is
discounted by approximately 7.1 percent from the new conversions.
2. 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 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. Middlesboro Federal reported a net loss of $152,000 for the twelve
months ended September 30, 1996. As shown below, the Bank recorded four non-
operating income items during the twelve month period which were all deemed non-
operating and not included in the core earnings base. The Bank's core earnings
were calculated to equal the following (Note: the adjustments applied to the
Peer Group's earnings in the calculation of core earnings are shown in Exhibit
IV-9, including the SAIF assessment):
RP Financial, LC.
Page 4.23
Amount
------
($000)
Income Before Taxes (145)
Less: Gains of Sale of Investments (20)
Plus: SAIF Assessment Fee 388
Plus: Deferred Comp. Agreement 145
Plus: Director Retirement Plan 143
-----
Adjusted (Core) Income
Before Tax $511
Estimated Income Taxes @ 34% (174)
-----
Adjusted (Core) Income After Tax $337
Based on Middlesboro Federal's trailing twelve month core earnings, and
incorporating the impact of the pro forma assumptions previously discussed, the
Bank's pro forma core P/E multiple at the $5,138,636 midpoint value equaled
12.53 times. Comparatively, the Peer Group posted an average core P/E multiple
of 16.47 times, which indicates a discount of 23.92 percent in the Bank's pro
forma earnings multiple. In reaching the valuation conclusion, we also
evaluated the Bank's price/earnings multiple on the basis of projected earnings
as reflected in the business plan.
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, Middlesboro Federal's value equaled 5.94
percent of pro forma assets. Comparatively, the Peer Group companies exhibited
an average P/A ratio of 9.68 percent, which implies a 38.64 percent discount
being applied to the Bank's pro forma P/A ratio.
Valuation Conclusion
- --------------------
It is our opinion that, as of December 13, 1996, the aggregate pro forma
market value of the Bank, inclusive of the sale of the MHC's ownership interest
in the Subscription and Community Offering was $5,138,636 at the midpoint. Based
on this valuation and the approximate 64.71 percent ownership interest being
sold in the Subscription and Community Offerings, the midpoint value of the
Company's stock offering was $3,325,000 (i.e., 0.6471 x $5,138,636), equal to
332,500 shares at a per share value of $10.00. Pursuant to OTS conversion
guidelines, the 15 percent offering range includes a minimum value of $2,826,250
and a maximum value of $3,823,750. Based on the $10.00 per share offering price,
this range equates to an offering of 282,625 shares at the minimum to 382,375
shares at the maximum. The Company's offering also includes a provision for a
superrange, which if exercised, would result in an offering size of $4,397,313,
equal to 439,731
RP Financial, LC.
Page 4.24
shares at the $10.00 per share offering price. The comparative pro forma
valuation ratios relative to the Peer Group are shown in Table 4.6, and the key
valuation assumptions are detailed in Exhibit IV-7. The pro forma calculations
for the range are detailed in Exhibit IV-8.
Establishment of Exchange Ratio
- -------------------------------
OTS regulations provide that in a conversion of a mutual holding company,
the minority stockholders are entitled to exchange their shares of the Bank's
common stock for common stock of the Company. The Board of Directors of the
Mutual Holding Company has independently established a formula to determine the
exchange ratio. The formula has been designed to preserve the current aggregate
percentage ownership in the Bank represented by the Public Shares, which is an
approximate 35.29 percent ownership interest. Pursuant to the formula, the
Exchange Ratio will be determined at the end of the Company's stock offering
based on the total number of shares sold in the Subscription and Community
offerings. Based upon this formula, and the valuation conclusion and offering
range concluded above, the Exchange Ratio would be 0.8564 shares, 1.0076 shares,
1.1587 shares and 1.3325 shares of Cumberland Mountain stock issued for each
Public Share, at the minimum, midpoint, maximum and supermaximum of the
offering, respectively.
The Exchange Ratio formula and share exchange procedures were determined
independently by the Board of Directors. RP Financial expresses no opinion on
the proposed exchange of Company shares for the Public Shares or on the proposed
Exchange Ratio.
Table 4.6
Middlesboro Federal Bank, Federal Savings Bank
Calculation of Exchange Ratios
Shares Price/ Exchange Implied
Offered Share Shares(1) Exch. Ratio(2)
------- ------ ----------- --------------
($000)
Minimum 282,625 $10.00 154,159 0.8564
Midpoint 332,500 10.00 181,363 1.0076
Maximum 382,375 10.00 208,568 1.1587
Super Maximum 439,731 10.00 239,853 1.3325
(1) Calculated to preserve the Public Shares percentage ownership in the
Company at 35.29 percent (180,000 existing shares outstanding divided
by 510,000 total shares outstanding).
(2) Calculated as pro forma exchange shares divided by 180,000 existing
Public Shares outstanding.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.7
Public Market Pricing
Middlesboro Fed. Bk, FSB of KY and the Comparables
As of December 13, 1996
Market Per Share Data
Capitalization --------------- Pricing Ratios(3) Dividends(4)
--------------- --------------------------------------- ----------------------
Book
Price/ Market 12-Mth Value/ Amount/ Payout
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5)
-------- -------- ------ -------- ------- ------- ----- -------- ------ ------ ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X) ($) (%) (%)
Middlesboro Fed. Bk, FSB of KY
- ------------------------------
Superrange 10.00 6.80 (0.07) 11.90 (133.40) 84.05 7.77 84.05 15.51 0.00 0.00 0.00%
Range Maximum 10.00 5.91 (0.11) 12.80 (89.76) 78.15 6.79 78.15 13.96 0.00 0.00 0.00%
Range Midpoint 10.00 5.14 (0.15) 13.83 (65.22) 72.32 5.94 72.32 12.53 0.00 0.00 0.00%
Range Minimum 10.00 4.37 (0.21) 15.23 (47.61) 65.68 5.08 65.68 11.00 0.00 0.00 0.00%
SAIF-Insured Thrifts(7)
- -----------------------
Averages 18.72 142.09 0.87 16.03 17.22 116.52 14.06 119.53 15.51 0.37 1.98 33.16
Medians --- --- --- --- 18.61 111.11 12.43 113.24 15.29 --- --- ---
Comparable Group Averages
- -------------------------
Averages 16.41 14.85 0.56 17.23 19.15 95.11 9.68 96.99 16.47 0.34 2.04 37.10
Medians --- --- --- --- 18.94 97.43 9.68 97.73 18.00 --- --- ---
Comparable Group
- ----------------
CLAS Classic Bancshares of KY 11.62 15.36 0.23 14.22 NM 81.72 11.28 97.73 NM 0.24 2.07 NM
CBIN Community Bank Shares of IN 12.50 24.80 0.66 12.83 18.94 97.43 10.57 97.58 12.38 0.34 2.72 51.52
CIBI Community Inv. Bancorp of OH 16.75 11.16 0.90 17.00 18.61 98.53 11.77 98.53 12.88 0.40 2.39 44.44
BDJI First Fed. Bancorp. of MN 18.00 12.62 0.45 17.58 NM 102.39 11.76 102.39 18.00 0.00 0.00 0.00
FFBI First Financial Bancorp of IL 15.87 7.17 0.22 16.62 NM 95.49 7.38 95.49 22.67 0.00 0.00 0.00
FFHS First Franklin Corp. of OH 16.00 18.53 0.52 17.07 NM 93.73 8.49 94.56 13.91 0.32 2.00 61.54
HZFS Horizon Fin'l. Services of IA 14.50 6.50 0.21 18.36 NM 78.98 8.47 78.98 NM 0.32 2.21 NM
LSBI LSB Fin. Corp. of Lafayette IN 18.75 17.21 0.90 18.21 20.83 102.97 9.68 102.97 22.87 0.32 1.71 35.56
OHSL OHSL Financial Corp. of OH 20.75 25.38 0.96 20.58 21.61 100.83 11.66 100.83 14.41 0.76 3.66 NM
PLE Pinnacle Bank of AL 17.00 15.13 1.08 16.65 15.74 102.10 7.89 105.79 10.00 0.72 4.24 66.67
PTRS The Potters S&L Co. of OH 18.75 9.49 0.06 20.36 NM 92.09 7.56 92.09 21.07 0.28 1.49 NM
Financial Characteristics(6)
-------------------------------------------------------
Reported Core
Total Equity/ NPAs/ --------------- ---------------
Assets Assets Assets ROA ROE ROA ROE
------- ------- ------- ------- ------- ------- -------
($Mil) (%) (%) (%) (%) (%) (%)
Middlesboro Fed. Bk, FSB of KY
- ------------------------------
Superrange 87 9.24 0.51 (0.06) (0.63) 0.50 5.42
Range Maximum 87 8.69 0.52 (0.08) (0.87) 0.49 5.60
Range Midpoint 87 8.21 0.52 (0.09) (1.11) 0.47 5.77
Range Minimum 86 7.73 0.52 (0.11) (1.38) 0.46 5.97
SAIF-Insured Thrifts(7)
- -----------------------
Averages 1,353 12.79 0.87 0.62 5.36 0.83 7.41
Medians --- --- --- --- --- --- ---
Comparable Group Averages
- -------------------------
Averages 153 10.23 0.82 0.37 3.24 0.64 5.66
Medians --- --- --- --- --- --- ---
Comparable Group
- ----------------
CLAS Classic Bancshares of KY 136 13.80 0.86 0.38 1.79 0.64 3.04
CBIN Community Bank Shares of IN 235 10.85 0.22 0.59 5.15 0.90 7.88
CIBI Community Inv. Bancorp of OH 95 11.94 0.88 0.68 5.05 0.98 7.29
BDJI First Fed. Bancorp. of MN 107 11.49 0.38 0.31 2.22 0.68 4.94
FFBI First Financial Bancorp of IL 97 7.73 0.43 0.12 1.27 0.37 4.03
FFHS First Franklin Corp. of OH 218 9.05 0.52 0.28 2.99 0.62 6.61
HZFS Horizon Fin'l. Services of IA 77 10.73 1.12 0.13 1.11 0.33 2.85
LSBI LSB Fin. Corp. of Lafayette IN 178 9.40 1.37 0.50 4.76 0.46 4.33
OHSL OHSL Financial Corp. of OH 218 11.57 0.22 0.57 4.63 0.85 6.95
PLE Pinnacle Bank of AL 192 7.73 0.83 0.50 6.42 0.79 10.11
PTRS The Potters S&L Co. of OH 125 8.21 2.20 0.03 0.28 0.39 4.17
(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 Location
I-2 Middlesboro Federal's 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 Fixed Rate and Adjustable Rate Loans
I-8 NPV Analysis
I-9 Loan Portfolio Composition
I-10 Contractual Maturity By Loan Type
I-11 Loan Originations, Purchases, and Sales
I-12 Non-Performing Assets
I-13 Classified Assets
I-14 Deposit Composition
I-15 Time Deposit Rate/Maturity
I-16 Borrowings
II-1 List of Branch Offices
II-2 Historical Interest Rates
II-3 Demographic/Economic Reports
II-4 Sources of Personal Income/Employment Sectors
III-1 General Characteristics of Publicly-Traded
Institutions
III-2 Midwestern Peer Thrifts
RP Financial, LC.
LIST OF EXHIBITS(continued)
III-3 Southeastern Peer Thrifts
III-4 Kentucky Thrifts
IV-1 Stock Prices: December 13, 1996
IV-2 Historical Stock Price Indices
IV-3 Historical Thrift Stock Indices
IV-4 Market Area Acquisition Activity
IV-5 Directors and 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
Middlesboro Federal Bank, Federal Savings Bank
Map of Office Location
[MAP OF THE STATE OF KENTUCKY APPEARS HERE]
EXHIBIT I-2
Middlesboro Federal Bank, Federal Savings Bank
Audited Financial Statements
[Incorporated by Reference]
EXHIBIT I-3
Middlesboro Federal Bank, Federal Savings Bank
Key Operating ratios
At or for the
Three Months Ended At of for the
September 30, Year Ended June 30,
-------------- ------------------
1996 1995 1996 1995
---- ---- ---- ----
Key Operating Ratios:
Performance Ratios:
Return on assets (net income divided
by average total assets).......................... (1.06)% 0.44% 0.19% 0.41%
Return on average equity (net income divided by
average stockholders' equity).................... (20.25) 6.67 3.18 6.36
Net interest margin (net interest income divided
by average interest-earning assets).............. 2.99 2.50 2.46 2.77
Ratio of average interest-earning
assets to average interest-bearing
liabilities...................................... 103.05 106.95 111.79 110.94
Ratio of noninterest expense to average
total assets..................................... 4.85 2.34 2.38 2.21
Asset Quality Ratios:
Nonperforming assets to total assets
at end of period................................. 0.54 1.02 0.50 0.37
Nonperforming loans to total loans
at end of period................................. 0.65 1.49 0.62 0.56
Allowance for loan losses to total
loans at end of period........................... 0.28 0.29 0.30 0.33
Allowance for loan losses to nonperforming
loans at end of period........................... 43.33 19.38 48.26 59.20
Provisions for loan losses to total
loans receivable, net............................ 0.04 0.01 0.10 0.04
Net charge-offs to average loans
outstanding...................................... 0.09 0.11 0.04 --
Capital Ratios:
Average stockholders' equity to average assets.... 5.24 6.58 5.81 6.46
Regulatory Capital ratios:
Tangible capital................................. 5.56 6.96 6.53 6.92
Core capital..................................... 5.56 6.96 6.53 6.92
Total Risk-Based capital......................... 9.44 14.10 11.62 12.83
EXHIBIT I-4
Middlesboro Federal Bank, Federal Savings bank
Investment Portfolio Composition
At At June 30,
September 30, ------------------
1996 1996 1995
------------ ---- ----
(Dollars in thousands)
Securities available for sale:
U.S. government and agency securities........ $ 2,749 $ 2,795 $ 940
Franklin U.S. Government Securities Fund..... 888 885 913
Securities held to maturity:
U.S. government and agency securities........ -- -- 3,940
Certificates of deposit...................... 190 576 1,626
Common stock and other....................... 63 63 65
------ ------- -------
Total investment securities................ 3,890 4,319 7,484
Cash and cash equivalents...................... 605 874 1,796
FHLB stock..................................... 444 436 407
------- ------- -------
Total investments.......................... $ 4,939 5,629 $ 9,687
======= ======= =======
EXHIBIT 1-5
Middlesboro Federal Bank, Federal Savings Bank
Yields and Costs
Three Months Ended September 30,
At September 30, --------------------------------------------------------------------------
1996 1996 1995
----------------- ------------------------------------ ------------------------------
Average Average Average Average
Balance Rate Balance Interest Rate Balance Interest Rate
------- ----- ------- -------- ------- ------- -------- -------
INTEREST INCOME:
Loans
Consumer..................... $ 8,343 10.27% $ 7,890 $ 202 10.24% $ 4,977 $ 130 10.45%
Other........................ 1,858 6.21 2,312 42 7.27 2,415 44 7.29
Mortgage..................... 59,365 7.29 56,862 1,075 7.56 41,861 758 7.24
--------- ---------- --------- --------- --------
Total loans................. 69,566 7.64 67,064 1,319 7.87 49,253 932 7.57
--------- ---------- --------- --------- --------
Mortgage-backed securities... 7,655 6.35 7,759 121 6.24 12,042 187 6.21
Investment securities........ 3,890 5.85 4,103 58 5.65 7,141 107 5.99
FHLB stock................... 444 7.00 436 8 7.34 436 7 6.42
--------- ---------- --------- --------- --------
Total interest-earning
assets..................... 81,555 7.39 79,362 1,506 7.59 68,872 1,233 7.16
--------- --------
Non-interest-earning assets.. 2,244 4,437 392
--------- --------- ---------
Total assets................ $ 83,799 $ 83,799 $ 69,264
========= ========= =========
INTEREST EXPENSE
Savings deposits.............. $ 8,780 2.94% $ 8,814 65 2.95% $ 9,572 71 2.96%
Certificates of deposit....... 53,497 5.58 52,207 747 5.72 47,197 689 5.84
Demand, NOW and money market.. 9,629 2.13 10,123 51 2.02 7,625 43 2.26
--------- ---------- --------- --------- --------
Total deposits.............. 71,906 4.80 71,144 863 4.85 64,394 803 4.99
Funds borrowed................ 6,000 5.45 5,867 50 3.41 -- -- --
--------- ---------- --------- --------- --------
Total interest-bearing
liabilities.................. 77,906 4.69 77,071 913 4.74 64,394 803 4.99
--------- --------- --------
Other non-interest-bearing
liabilities.................. 1,508 2,403 311
Total stockholders' equity..... 4,385 4,385 4,559
--------- --------- ---------
Total liabilities and
stockholders' equity...... $ 83,799 $ 83,799 $ 69,264
========= ========= =========
Net interest income............ $ 593 $ 430
========= ========
Interest rate spread........... 2.70% 2.85% 2.17%
====== ====== ======
Net yield on interest-
earning assets............... n/a 2.99% 2.50%
====== ====== ======
Ratio of average interest-
earning assets to average
interest-earning liabilities. n/a 103.05% 106.95%
====== ====== ======
EXHIBIT 1-5 (continued)
Middlesboro Federal Bank, Federal Savings Bank
Yields and Costs
Year Ended June 30,
-----------------------------------------------------------------------------------
1996 1995
------------------------------------- --------------------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- -------- ------- -------- --------
INTEREST INCOME
Loans
Consumer.................................. $ 4,924 $ 528 10.72% $ 2,786 $ 290 10.41%
Other..................................... 2,355 194 8.24 2,415 178 7.37
Mortgage.................................. 52,565 3,427 6.52 38,505 2,521 6.55
---------- ---------- -------- ----------
Total................................... 59,844 4,149 6.93 43,706 2,989 6.84
---------- ---------- -------- ----------
Mortgage-backed securities.................. 10,446 635 6.08 13,683 720 5.26
Investment securities....................... 6,020 389 6.46 10,669 602 5.64
FHLB stock.................................. 436 29 6.65 462 36 7.79
---------- ---------- -------- ----------
Total interest-earning assets................. 76,746 5,202 6.78 68,520 4,347 6.34
---------- ---------- -------- ----------
Non-interest-earning assets................... 2,233 2,852
---------- --------
Total assets.............................. $ 78,979 $ 71,372
========== ========
INTEREST EXPENSE
Deposits
Savings deposits.......................... $ 9,166 270 2.95 $ 9,729 268 2.75
Certificates of deposits.................. 49,955 2,836 5.68 44,607 2,007 4.50
Demand, NOW, and money market............. 9,264 202 2.18 7,131 160 2.24
---------- ---------- -------- ----------
Total deposits.......................... 68,385 3,308 4.84 61,467 2,435 3.96
Funds borrowed.............................. 264 9 3.41 294 10 3.40
---------- ---------- -------- ----------
Total interest-bearing liabilities............ 68,649 3,317 4.83 61,761 2,445 3.97
---------- ----------
Other non-interest-bearing liabilities........ 5,734 5,003
Total stockholders' equity.................... 4,596 4,608
---------- --------
Total liabilities and stockholders' equity $ 78,979 $ 71,372
========== ========
Net interest income........................... $ 1,885 $ 1,902
========== ==========
Interest rate spread.......................... 1.95% 2.37%
====== ======
Net yield on interest-earning assets.......... 2.46% 2.77%
====== ======
Ratio of average interest-earning assets to
average interest-bearing liabilities........ 111.79% 110.94%
====== ======
EXHIBIT I-6
Middlesboro Federal Bank, Federal Savings Bank
Loan Loss Allowance Activity
Three Months Ended
September 30, Year Ended June 30,
------------------ ------------------
1996 1995 1996 1995
---- ---- ---- ----
(Dollars in thousands)
Balance at beginning of period......... $ 180 $ 148 $ 148 $ 131
----- ----- ----- -----
Loans charged off:
Real estate mortgage loans:
Residential......................... -- -- -- --
Commercial.......................... -- -- -- --
Construction.......................... -- -- -- --
Commercial............................ -- -- -- --
Consumer.............................. 17 28 36 4
----- ----- ----- -----
Total charge-offs..................... 17 28 36 4
----- ----- ----- -----
Recoveries:
Real estate mortgage loans:
Residential......................... -- -- 6 --
Commercial.......................... -- -- -- --
Construction.......................... -- -- -- --
Commercial............................ -- -- -- --
Consumer.............................. 2 14 4 3
----- ----- ----- -----
Total recoveries...................... 2 14 10 3
----- ----- ----- -----
Net loans charged off.................. 15 14 26 1
----- ----- ----- -----
Provision for loan losses.............. 30 3 58 18
----- ----- ----- -----
Balance at end of period............... $ 195 $ 137 $ 180 $ 148
===== ===== ===== =====
Ratio of net charge-offs to average
loans outstanding during the period... 0.09% 0.11% 0.04% --%
===== ===== ===== =====
EXHIBIT I-7
Middlesboro Federal Bank, Federal Savings Bank
Fixed Rate and Adjustable Rate Loans
Predetermined Floating or
Rate Adjustable Rates
------------- ----------------
(In thousands)
Real estate mortgage loans:
One- to four-family............. $ 7,766 $ 30,874
Multi-family.................... 374 1,489
Commercial...................... 1,856 7,380
Construction:
One- to four-family............. -- --
Multi-family and commercial..... -- --
Commercial........................ 1,946 769
Consumer loans:
Savings account................. -- --
Automobiles..................... 1,299 --
Credit card..................... -- --
Other........................... 1,293 --
-------- --------
Total......................... $ 14,534 $ 40,512
======== ========
Net Portfolio Value NPV as % of Portfolio Value of Assets
Change -------------------------------------- -------------------------------------
in Rates $ Amounts $ Change % Change NPV Ratio Basis Point Change
- -------- --------- -------- -------- --------- ------------------
(Dollars in thousands)
+400 bp 1,553 (4,445) (74) 1.95 (506) bp
+300 bp 2,848 (3,151) (53) 3.51 (350) bp
+200 bp 4,066 (1,933) (32) 4.91 (210) bp
+100 bp 5,142 (856) (14) 6.11 (91) bp
0 bp 5,998 -- -- 7.02 --
- -100 bp 6,579 581 10 7.60 59 bp
- -200 bp 6,900 902 15 7.90 89 bp
- -300 bp 7,401 1,403 23 8.39 137 bp
- -400 bp 8,150 2,152 36 9.11 209 bp
The following table sets forth the interest rate risk capital component
for the Bank at September 30, 1996 given a hypothetical 200 basis point rate
change in the market interest rates.
September 30, 1996
------------------
Pre-shock NPV Ratio: NPV as % of Portfolio Value of Assets ......... 7.02%
Exposure Measure: Post-Shock NPV Ratio .............................. 4.91%
Sensitivity Measure: Change in NPV Ratio ............................ (210) bp
EXHIBIT 1-9
Middlesboro Federal Bank, Federal Savings Bank
Loan Portfolio Composition
At June 30,
At September 30, ----------------------------------------------------
1996 1996 1995
--------------------- --------------------- -------------------
Amount % Amount % Amount %
------ ------ ------ ------ ------ ------
(Dollars in thousands)
Mortgage loans:
One- to four-family.................. $ 43,711 60.29% $ 38,937 62.14% $ 32,778 70.17%
Multi-family......................... 1,866 2.57 1,877 3.00 - -
Commercial........................... 11,359 15.67 9,307 14.85 5,753 12.32
Construction:
One- to four-family.................. 3,042 4.20 2,964 4.73% 1,725 3.69
Multi-family and commercial.......... 1,176 1.62 146 0.23 - -
Commercial............................. 4,497 6.20 3,432 5.48 888 1.90
Consumer loans:
Savings account...................... 1,833 2.53 1,746 2.79 1,585 3.39
Automobile........................... 2,342 3.23 2,165 3.46 1,737 3.72
Credit card.......................... 507 0.70 448 0.72 74 0.16
Other................................ 2,169 2.99 1,634 2.60 2,172 4.65
--------- ------ --------- ------ --------- ------
Total loans...................... 72,502 100.00% 62,656 100.00% 46,712 100.00%
====== ====== ======
Less:
Loans in process..................... (2,412) (1,949) (760)
Discounts............................ (524) (596) (940)
Allowance for loan losses............ (195) (180) (148)
--------- --------- ---------
Total............................ $ 69,371 $ 59,931 $ 44,864
========= ========= =========
EXHIBIT I-10
Middlesboro Federal Bank, Federal Savings Bank
Contractual Maturity By Loan Type
Due after Due after Due after
Due during the year ending 3 through 5 through 10 through Due after 15
June 30, 5 years after 10 years after 15 years after years after
-------------------------- June 30, June 30, June 30, June 30,
1997 1998 1999 1996 1996 1996 1996 Total
---- ---- ---- -------- -------- -------- -------- -------
(In thousands)
Real estate mortgage loans:
One- to four-family....... $ 297 $ 124 $ 176 $ 314 $ 2,714 $ 6,966 $ 28,346 $ 38,937
Multi-family.............. 14 6 9 15 131 336 1,366 1,877
Commercial................ 71 30 42 75 649 1,665 6,775 9,307
Construction:
One- to four-family....... 2,964 -- -- -- -- -- -- 2,964
Multi-family and commercial 146 -- -- -- -- -- -- 146
Commercial.................. 717 308 607 1,391 409 -- -- 3,432
Consumer loans:
Savings account........... 1,746 -- -- -- -- -- -- 1,746
Automobile................ 866 195 383 721 -- -- -- 2,165
Credit card............... 448 -- -- -- -- -- -- 448
Other..................... 341 147 288 663 195 -- -- 1,634
------ ------ ------ ------- --------- --------- -------- --------
Total................... $7,610 $ 810 $1,505 $ 3,179 $ 4,098 $ 8,967 $ 36,487 $ 62,656
====== ====== ====== ======= ========= ========= ======== ========
EXHIBIT I-11
Middlesboro Federal Bank, Federal Savings Bank
Loan Originations, Purchases, and Sales
Three Months Ended
September 30, Year Ended June 30,
--------------------- ------------------------
1996 1995 1996 1995
------- ------- ------ ------
(In thousands)
Loans originated:
Real estate mortgage loans:
One- to four-family................................. $ 5,429 $ 2,591 $13,562 $12,626
Multi-family........................................ --- --- 339 ---
Commercial.......................................... 2,467 901 3,524 3,794
Construction.......................................... 2,494 1,340 4,885 1,689
Commercial............................................ 1,065 103 2,186 2,590
Consumer loans........................................ 2,919 995 8,331 864
Other................................................. --- --- --- 1,730
-------- -------- -------- --------
Total loans originated........................... $14,374 $ 6,290 $32,827 $ 23,293
======== ======== ======== ========
Loans purchased:
Real estate loans:
Single-family residential......................... $ 190 $ --- $ 202 $ ---
-------- -------- -------- --------
Total loans purchased............................. $ 190 $ --- $ 202 $ ---
======== ======== ======== =========
EXHIBIT I-12
Middlesboro Federal Bank, Federal Savings Bank
Non-Performing Assets
At At June 30,
September 30, ----------------------
1996 1996 1995
------ ------- -------
(Dollars in thousands)
Loans accounted for on a nonaccrual basis: (1)
Real estate mortgage loans:
Residential.................................. $ 433 $ 176 $ 132
Nonresidential............................... --- 173 ---
Construction................................... --- --- ---
Commercial..................................... --- --- ---
Consumer....................................... --- --- 3
------- ------- -------
Total $ 433 $ 349 $ 135
======= ======= =======
Accruing loans which are contractually
past due 90 days or more:
Real estate mortgage loans:
Residential.................................. $ --- $ --- $ ---
Nonresidential............................... --- --- ---
Construction................................... --- --- ---
Commercial..................................... --- --- ---
Consumer....................................... 17 24 115
------- ------- -------
Total...................................... $ 17 $ 24 $115
======= ======= =======
Total nonperforming loans.................. $450 $373 $250
======= ======= =======
Percentage of total loans....................... 0.65% 0.56% 0.57%
======= ======= =======
Other nonperforming assets...................... $--- $--- $---
======= ======= =======
EXHIBIT I-13
Middlesboro Federal Bank, Federal Savings Bank
Classified Assets
Asset Classification and Allowance for Loan Loses. Federal regulations
require savings associations to review their assets on a regular basis and to
classify them as "substandard," "doubtful" or "loss" if warranted. Assets
classified as substandard or doubtful require the institution to establish
general allowances for loan losses. If an asset or portion thereof is classified
as loss, the insured institution must either establish specific loss allowances
in the amount of 100% of the portion of the asset classified as loss or charge
off such amount. An asset which does not currently warrant classification but
which possesses weaknesses or deficiencies deserving close attention is
required to be designated as "special mention." Currently, general loss
allowances established to cover possible losses related to assets classified
substandard or doubtful may be included in determining an institution's
regulatory capital, while specific valuation allowances for loan losses do not
qualify as regulatory capital. See "Regulation -- Regulation of the Bank --
Regulatory Capital Requirements." OTS examiners may disagree with the insured
institution's classifications and amounts reserved. If an institution does not
agree with an examiner's classification of an asset, it may appeal this
determination to the OTS. Management of the Bank reviews assets on a quarterly
basis, and at the end of each quarter, prepares an asset classification listing
in conformity with the OTS regulations, which is reviewed by the Board of
Directors. At September 30, 1996, the Bank had $408,000 in assets classified as
substandard. Substandard loans consisted of seven single-family mortgage loans,
the largest of which had a balance of $155,000 at September 30, 1996 and seven
consumer loans with an aggregate balance of $19,000.
EXHIBIT I-14
Middlesboro Federal Bank, Federal Savings Bank
Deposit Composition
Interest Minimum Minimum Balances in Percentage of
Rate* Term Category Amount Thousands Total Savings
- -------- ------- -------- ------- --------- -------------
2.75% None Passbook accounts $ -- $ 8,780 12.21%
2.78% None NOW accounts 100 7,109 9.89
3.04% None Money market deposit accounts 2,500 451 0.63
-- % None Noninterest-bearing checking accounts 100 2,069 2.88
Certificates of Deposit
-----------------------
5.06% 12-month Fixed-term, fixed-rate 1,000 39,049 54.31
5.32% 2-5 year Fixed-term, fixed-rate 1,000 14,448 20.08
---------- -------
$71,906 100.00%
========== =======
- ---------------
* Weighted average rate.
EXHIBIT I-15
Middlesboro Federal Bank, Federal Savings Bank
Time Deposit Rate/Maturity
Time Deposits by Rates. The following table sets forth the time deposits in
the Bank classified by nominal rates at the dates indicated.
At At June 30,
September 30, ----------------
1996 1996 1995
------------- ------ -------
(In thousands)
3.01 - 5.00% .................... $ -- $ 7,857 $ 4,860
5.01 - 7.00% .................... 53,497 42,750 40,707
7.01 - 9.00% .................... -- -- 134
------- ------- -------
$53,497 $50,607 $45,701
======= ======= =======
Time Deposit Maturity Schedule. The following table sets forth the amount
and maturities of time deposits at September 30, 1996.
Amount Due
---------------------------------------------------
Less Than After
Rate One Year 1-2 Years 2-3 Years 3 Years Total
- ---- --------- --------- --------- ------- -------
(In thousands)
5.01 - 7.00% ............. $ 39,049 $ 10,196 $ 2,413 $ 1,839 $53,497
-------- -------- ------- ------- -------
$ 39,049 $ 10,196 $ 2,413 $ 1,839 $53,497
======== ======== ======= ======= =======
EXHIBIT I-16
Middlesboro Federal Bank, Federal Savings Bank
Borrowings
At or for Three Months At or for Year
Ended September 30, Ended June 30,
--------------------------- -------------------------
1996 1995 1996 1995
------- -------- -------- ------
(Dollars in thousands)
Advances from FHLB:
Amounts outstanding at end of period..... $6,000 --- $1,000 ---
Weighted average rate paid on............ 3.41% --- 3.41% ---
Maximum amount of borrowing outstanding
at any month end......................... $6,000 --- $1,000 ---
Approximate average short-term borrowings
outstanding with respect to.............. $5,867 --- $ 264 ---
Approximate weighted average rate paid on.. 3.41% --- 3.41% ---
EXHIBIT II-1
Middlesboro Federal Bank, Federal Savings Bank
List of Office Locations
Book Value at Deposits at
Year Owned or September 30, Approximate September 30,
Opened Leased 1996 Square Footage 1996
------ ------ ------------- -------------- -------------
(Dollars in thousands)
Main Office:
1431 Cumberland Avenue
Middlesboro, Kentucky 1915 Owned $641 11,906 $46,522
Branch Office:
1501 E. Main Street
Cumberland, Kentucky 1976 Leased 25 1,700 25,384
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%
1996: Quarter 2 8.25% 5.16% 5.68% 6.87%
1996: Quarter 3 8.25% 5.03% 5.69% 6.92%
December 13, 1996 8.25% 4.77% 5.50% 6.58%
(1) End of period data.
Source: SNL Securities.
EXHIBIT II-3
Demographic/Economic Reports
===============================================================================
STATE DEMOGRAPHIC REPORT
===============================================================================
State 00
State Name UNITED STATES
Population
- ----------
1980 226,542,204
1990 248,709,873
1996 265,294,885
2001 278,802,003
Population Growth Rate 1.0
Households
- ----------
1990 91,947,410
1996 98,239,161
2001 103,293,062
Household Growth Rate 1.1
Average Household Size 2.63
Families
- --------
1990 64,517,947
1996 68,967,945
Family Growth Rate 1.1
Race 1990 1996
- ---- ---- ----
% White 80.3 78.6
% Black 12.1 12.3
% Asian
/Pacific Isl. 2.9 3.8
% Hispanic* 9.0 10.4
1996 Age Distribution
- ---------------------
0-4 7.5
5-9 7.3
10-14 7.2
15-19 6.9
20-24 6.8
25-44 31.6
45-64 19.9
65-84 11.4
85+ 1.4
18+ 74.0
Median Age
- ----------
1990 32.9
1996 34.3
Male/Female Ratio 95.6
Per Capita Income $16,738
1996 Household Income
- ---------------------
Base 98,238,455
% less than $15K 19.7
% $15K-25K 15.6
% $25K-50K 34.0
% $50K-100K 24.4
% $100K-150K 4.3
% greater than $150K 2.1
Median Household Income
- -----------------------
1996 $34,530
2001 $33,189
1996 Average Disposable Income
- ------------------------------
Total $33,213
Householder less than 35 $29,095
Householder 35-44 $38,643
Householder 45-54 $43,775
Householder 55-64 $34,976
Householder 65+ $21,850
Spending Potential Index*
- -------------------------
Auto Loan 100
Home Loan 100
Investments 100
Retirement Plans 100
Home Repair 100
Lawn & Garden 100
Remodeling 100
Appliances 100
Electronics 100
Furniture 100
Restaurants 100
Sporting Goods 100
Theater/Concerts 100
Toys & Hobbies 100
Travel 100
Video Rental 100
Apparel 100
Auto Aftermarket 100
Health Insurance 100
Pets & Supplies 100
- -------------------------------------------------------------------------------
* Persons of Hispanic Origin may be of any race.
* Income amounts are expressed in current dollars for 1996.
* The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the
ratio of the average amount spent locally to the average U.S. spending for a
product or service, multiplied by 100.
- -------------------------------------------------------------------------------
Copyright 1996 CACI (800) 292-CACI FAX: (703) 243-6272 12/4/96
================================================================================
STATE DEMOGRAPHIC REPORT
================================================================================
State 21
State Name Kentucky
Population 1996 Age Distribution 1996 Average Disposable Income
- ---------- --------------------- -------------------------------
1980 3,660,324 0-4 6.9 Total $26,128
1990 3,685,296 5-9 6.7 Householder less than 35 $22,795
1996 3,895,554 10-14 7.1 Householder 35-44 $32,586
2001 4,063,325 15-19 7.5 Householder 45-54 $34,788
Population Growth Rate 0.9 20-24 6.9 Householder 55-64 $25,494
25-44 30.7 Householder 65+ $16,947
45-64 20.9
Households 65-84 11.7
- ---------- 85+ 1.4
1990 1,379,782 18+ 74.8 Spending Potential Index*
1996 1,462,541 -------------------------
2001 1,527,071 Median Age Auto Loan 97
---------- Home Loan 85
Household Growth Rate 0.9 1990 33.0 Investments 90
Average Household Size 2.59 1996 34.9 Retirement Plans 86
Home Repair 96
Families Male/Female Ratio 94.2 Lawn & Garden 100
- -------- Remodeling 94
1990 1,015,998 Per Capita Income $12,744 Appliances 99
1996 1,074,880 Electronics 95
Furniture 92
Family Growth Rate 0.9 Restaurants 91
1996 Household Income Sporting Goods 96
--------------------- Theater/Concerts 92
Race 1990 1996 Base 1,462,540 Toys & Hobbies 96
- ---- ---- ---- % less than $15K 29.9 Travel 88
% White 92.0 91.7 % $15K-25K 18.5 Video Rental 97
% Black 7.1 7.3 % $25K-50K 32.7 Apparel 92
% Asian % $50K-100K 16.0 Auto Aftermarket 92
/Pacific Isl.0.5 0.6 % $100K-150K 2.0 Health Insurance 100
% greater than $150K 1.0 Pets & Supplies 99
% Hispanic* 0.6 0.7 Median Household Income
-----------------------
1996 $25,703
2001 $24,407
- --------------------------------------------------------------------------------
* Persons of Hispanic Origin may be of any race.
* Income amounts are expressed in current dollars for 1996.
* The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the
ratio of the average amount spent locally to the average U.S. spending for a
product or service, multiplied by 100.
- --------------------------------------------------------------------------------
Copyright 1996 CACI (800) 292-CACI FAX: (703) 243-6272 12/4/96
----------------------------------------------
COUNTY DEMOGRAPHIC REPORT
----------------------------------------------
State/County 21013
County Name BELL
Population 1996 Age Distribution 1996 Average Disposable Income
- ---------- --------------------- ----------------------------------
1980 34,330 0-4 6.8 Total $17,625
1990 31,506 5-9 6.4 Householder less than 35 $16,472
1996 30,304 10-14 7.3 Householder 35-44 $22,379
2001 29,373 15-19 7.6 Householder 45-54 $20,954
20-24 7.3 Householder 55-64 $16,548
Population Growth Rate -0.6 25-44 29.3 Householder 65+ $13,444
45-64 21.5
Households 65-84 12.3
- ---------- 85+ 1.4
18+ 78.8
1990 11,512 Spending Potential Index*
1996 11,104 -------------------------
2001 10,769
Auto Loan 93
Home Loan 69
Median Age Investments 68
---------- Retirement Plans 69
Home Repair 91
Household Growth Rate -0.6 1990 33.0 Lawn & Garden 98
Average Household Size 2.68 1996 35.2 Remodeling 83
Appliances 97
Families Male/Female Ratio 92.8 Electronics 89
- -------- Furniture 80
Restaurants 79
1990 8,796 Sporting Goods 89
1996 8,454 Per Capita Income $8,003 Theater/Concerts 80
Toys & Hobbies 88
Family Growth Rate -0.6 1996 Household Income Travel 74
------------------------- Video Rental 93
Apparel 78
Base 11,104 Auto Aftermarket 83
Race 1990 1996 % less than $15K 50.6 Health Insurance 100
- ---- ---- ---- % $15K-25K 19.1 Pets & Supplies 95
% White 97.0 96.9 % $25K-50K 22.3
% Black 2.6 2.7 % $50K-100K 6.7
% Asian % $100K-150K 0.9
/Pacific |s|. 0.3 0.3 % greater than $150K 0.3
% Hispanic* 0.2 0.2
Median Household Income
-----------------------
1996 $14,819
2001 $13,659
- --------------------------------------------------------------------------------
* Persons of Hispanic Origin may be of any race.
* Income amounts are expressed in current dollars for 1996.
* The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the
ratio of the average amount spent locally to the average U.S. spending for a
product or service, multiplied by 100.
- --------------------------------------------------------------------------------
Copyright 1996 CACI (800) 292-CACI FAX: (703) 243-6272 12/4/96
COUNTY DEMOGRAPHIC REPORT
State/County 21095
County Name HARLAN
Population
- ----------
1980 41,889
1990 36,574
1996 36,243
2001 36,128
Population Growth Rate -0.1
Households
- ----------
1990 13,269
1996 13,189
2001 13,160
Household Growth Rate -0.1
Average Household Size 2.73
Families
- --------
1990 10,197
1996 10,095
Family Growth Rate -0.2
Race 1990 1996
- ---- ---- ----
% White 96.4 96.4
% Black 3.3 3.3
% Asian
/Pacific Isl. 0.1 0.2
% Hispanic* 0.3 0.3
1996 Age Distribution
- ---------------------
0-4 7.2
5-9 6.7
10-14 7.7
15-19 8.2
20-24 7.2
25-44 29.0
45-64 20.7
65-84 11.9
85+ 1.4
18+ 73.1
Median Age
- ----------
1990 32.6
1996 34.8
Male/Female Ratio 93.7
Per Capita Income $8,371
1996 Household Income
- ---------------------
Base 13,189
%less than
$15K 46.7
%$15K-25K 19.4
%$25K-50K 25.0
%$50K-100K 7.9
%$100K-150K 0.8
%>$150K 0.3
Median Household Income
- -----------------------
1996 $16,137
2001 $14,858
1996 Average Disposable Income
- ------------------------------
Total $18,795
Householder
less than 35 $17,385
Householder 35-44 $25,534
Householder 45-54 $22,589
Householder 55-64 $16,077
Householder 65+ $13,380
Spending Potential Index*
- -------------------------
Auto Loan 94
Home Loan 69
Investments 70
Retirement Plans 70
Home Repair 90
Lawn & Garden 100
Remodeling 84
Appliances 97
Electronics 89
Furniture 80
Restaurants 80
Sporting Goods 89
Theater/Concerts 80
Toys & Hobbies 88
Travel 74
Video Rental 93
Apparel 79
Auto Aftermarket 83
Health Insurance 102
Pets & Supplies 96
- --------------------------------------------------------------------------------
*Persons of Hispanic Origin may be of any race.
*Income amounts are expressed in current dollars for 1996.
*The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the ratio
of the average amount spent locally to the average U.S. spending for a product
or service, multiplied by 100.
- --------------------------------------------------------------------------------
Copyright 1996 CACI (800)292-CACI FAX:(703)243-6272 12/4/96
EXHIBIT II-4
Sources of Personal Income/Employment Sectors
December 06, 1996
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
For counties and Metropolitan Areas
(thousands of dollars)
(21-000) KENTUCKY
- ------------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 50,585,785 54,453,863 57,327,136 61,709,011 64,096,264 76,814,39
Nonfarm personal income 49,559,816 53,441,008 56,275,523 60,441,731 62,977,237 66,665,58
Farm income 2/ 1,025,969 1,012,855 1,051,613 1,267,280 1,119,027 1,148,80
Population (thousands) 3/ 3,677.3 3,692.5 3,715.4 3,752.7 3,794.0 3,826.
Per capital personal income (dollars) 13,756 14,747 15,429 16,444 16,894 17,72
Derivation of total personal income
Earnings by place of work 35,726,348 38,256,483 39,938,396 43,528,557 45,520,710 48,479,46
Less: Personal cont. for social insur. 4/ 2,187,644 2,366,820 2,551,330 2,697,731 2,862,620 3,103,41
Plus: Adjustment for residence 5/ -10,470 22,555 -23,810 -167,040 -198,449 -289,52
Equals: Net earn. by place of residence 33,528,234 35,912,218 37,363,256 40,663,786 42,459,641 45,086,52
Plus: Dividends, interest, and rent 5/ 8,259,252 8,860,561 8,962,176 8,938,207 8,961,006 9,472,46
Plus: Transfer payments 8,798,299 9,681,084 11,001,704 12,107,018 12,675,617 13,255,40
Earnings by place of work
Components of Earnings:
Wages and salaries 28,519,644 30,590,413 31,800,093 34,430,340 35,888,350 38,091,60
Other labor income 3,112,927 3,458,689 3,785,299 4,286,466 4,683,618 5,063,86
Proprietors' income 7/ 4,093,777 4,207,381 4,353,004 4,811,751 4,948,742 5,323,99
Farm proprietors' income 867,454 829,768 873,877 1,092,575 933,093 972,15
Nonfarm proprietors' income 3,226,323 3,377,613 3,479,127 3,719,176 4,015,649 4,351,83
Earnings by Industry:
Farm earnings 1,025,969 1,012,855 1,051,613 1,267,280 1,119,027 1,148,80
Nonfarm earnings 34,700,379 37,243,628 38,886,783 42,261,277 44,401,683 47,330,65
Private earnings 28,539,823 30,639,800 31,693,342 34,406,595 36,400,420 39,042,90
Ag. serv., for., fish., and other 8/ 199,333 221,370 245,945 250,531 263,711 289,15
Mining 1,418,742 1,531,248 1,437,332 1,418,308 1,369,664 1,453,17
Construction 2,046,184 2,120,822 2,067,469 2,292,871 2,484,401 2,723,683
Manufacturing 8,166,278 8,688,009 8,759,168 9,542,766 10,000,287 10,784,122
Nondurable goods 3,397,589 3,568,300 3,744,688 4,079,452 4,187,702 4,433,642
Durable goods 4,768,689 5,119,709 5,014,480 5,463,314 5,812,585 6,350,480
Transportation and public utilities 2,539,759 2,751,202 2,931,892 3,136,116 3,293,924 3,537,846
Wholesale trade 1,874,054 1,985,843 2,080,041 2,237,382 2,293,440 2,480,704
Retail trade 3,762,138 3,956,488 4,137,043 4,420,273 4,739,091 5,072,952
Finance, insurance, and real estate 1,605,556 1,706,916 1,785,303 1,996,156 2,194,583 2,221,050
Services 6,927,779 7,677,902 8,249,149 9,112,192 9,761,319 10,480,215
Government and government enterprises 6,160,556 6,603,828 7,193,441 7,854,682 8,001,263 8,287,752
Federal, civilian 1,200,360 1,322,799 1,395,905 1,455,632 1,500,797 1,538,873
Military 905,642 839,380 870,095 1,100,428 1,043,258 1,035,634
State and local 4,054,554 4,441,649 4,927,441 5,298,622 5,457,208 5,713,245
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05 June 1996 BUREAU OF ECONOMIC ANALYSIS
December 06, 1996
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
For Counties and Metropolitan Areas
(thousands of dollars)
(21-013)BELL KENTUCKY
- ------------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 303,907 327,498 349,248 371,909 382,539 395,849
Nonfarm personal income 303,421 327,098 348,686 371,472 382,009 395,450
Farm income 2/ 486 400 562 437 530 399
Population (thousands) 3/ 31.7 31.5 31.1 30.8 30.8 30.8
Per capita personal income (dollars) 9,587 10,408 11,220 12,069 12,408 12,866
Derivation of total personal income
Earnings by place of work 211,207 221,406 221,605 232,424 245,845 252,915
Less: Personal cont. for social insur. 4/ 13,953 14,609 15,184 15,630 16,741 17,626
Plus: Adjustment for residence 5/ -37,223 -37,839 -38,680 -39,033 -43,048 -42,383
Equals: Net earn. by place of residence 160,031 168,958 167,741 177,761 186,056 192,906
Plus: Dividends, interest, and rent 6/ 44,067 49,214 54,546 51,364 49,356 52,079
Plus: Transfer payments 99,809 109,326 126,961 142,784 147,127 150,864
Earnings by place of work
Components of Earnings:
Wages and salaries 169,564 177,409 176,076 184,769 192,600 196,611
Other labor income 22,297 23,936 24,860 26,650 29,993 31,813
Proprietors' income 7/ 19,346 20,061 20,669 21,005 23,252 24,491
Farm proprietors' income 472 383 546 422 513 383
Nonfarm proprietors' income 18,874 19,678 20,123 20,583 22,739 24,108
Earnings by Industry:
Farm earnings 486 400 562 437 530 399
Nonfarm earnings 210,721 221,006 221,043 231,987 245,315 252,516
Private earnings 175,384 182,212 179,870 188,442 200,255 205,070
Ag. serv., for., fish., and other 8/ 259 216 197 206 211 217
Mining 49,092 50,625 43,727 37,963 43,257 46,657
Construction 8,048 8,263 11,768 15,899 16,312 8,211
Manufacturing 19,558 19,467 18,821 20,650 21,159 22,828
Nondurable goods 15,243 15,083 14,385 16,708 15,991 16,879
Durable goods 4,315 4,384 4,436 3,942 5,168 5,949
Transportation and public utilities 14,406 14,304 14,917 15,219 15,484 16,595
Wholesale trade 7,897 8,672 7,865 10,957 8,876 10,393
Retail trade 28,686 30,151 30,460 31,746 34,286 35,998
Finance insurance, and real estate 7,865 7,594 7,195 7,781 8,108 8,331
Services 39,573 42,920 44,920 48,021 52,562 55,841
Government and government enterprises 35,337 38,794 41,173 43,545 45,060 47,446
Federal, civilian 4,784 5,060 5,142 5,165 5,253 5,233
Military 904 906 873 933 959 948
State and local 29,649 32,828 35,158 37,447 38,848 41,265
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05 June 1996 BUREAU OF ECONOMIC ANALYSIS
December 06, 1996
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
For Counties and Metropolitan Areas
(thousands of dollars)
(21-095) HARLAN KENTUCKY
- ------------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 373,197 407,332 419,513 446,661 445,446 468,243
Nonfarm personal income 373,163 407,327 419,511 446,638 445,431 468,214
Farm income 2/ (L) (L) (L) (L) (L) (L)
Population (thousands) 3/ 37.2 36.5 36.5 36.3 36.3 36.3
Per capita personal income (dollars) 10,039 11,150 11,491 12,303 12,283 12,903
Derivation of total person income
Earnings by place of work 262,104 283,586 274,083 278,902 271,886 288,994
Less: Personal cont. for social insur. 4/ 16,708 17,951 17,995 17,929 18,016 19,465
Plus: Adjustment for residence 5/ -34,124 -39,053 -35,968 -36,860 -32,253 -34,787
Equals: Net earn. by place of residence 211,272 226,582 220,120 224,113 221,617 234,742
Plus: Dividends, interest, and rent 6/ 44,498 54,248 54,621 60,413 54,677 57,726
Plus: Transfer payments 117,427 126,502 144,772 162,135 169,152 175,775
Earnings by place of work
Components of Earnings:
Wages and salaries 215,244 232,023 222,370 224,162 217,479 229,443
Other labor income 35,636 39,887 40,648 43,464 42,314 46,666
Proprietors' income 7/ 11,224 11,676 11,065 11,276 12,093 12,885
Farm proprietors' income (L) (L) (L) (L) (L) (L)
Nonfarm proprietors' income 11,196 11,678 11,070 11,259 12,085 12,863
Earnings by Industry:
Farm earnings (L) (L) (L) (L) (L) (L)
Nonfarm earnings 262,070 283,581 274,081 278,879 271,871 288,965
Private earnings 225,258 243,141 229,311 230,638 221,237 237,194
Ag. serv., for., fish., and other 8/ 73 153 217 244 255 (D)
Mining 129,460 142,613 128,559 122,226 106,262 116,663
Construction 6,259 7,852 8,355 9,092 7,547 (D)
Manufacturing 4,631 4,131 3,809 4,135 4,749 5,011
Nondurable goods 898 994 838 872 934 1,017
Durable goods 3,733 3,137 2,971 3,263 3,815 3,994
Transportation and public utilities 13,100 14,122 13,979 15,108 16,153 16,167
Wholesale trade 9,696 9,767 9,654 10,002 10,763 11,033
Retail trade 23,104 23,786 23,541 24,536 25,400 26,078
Finance, insurance, and real estate 5,174 5,069 4,948 5,001 5,307 7,908
Services 33,761 35,648 36,249 40,294 44,801 45,529
Government and government enterprises 36,812 40,440 44,770 48,241 50,634 51,771
Federal, civilian 4,140 4,715 4,772 4,763 4,491 4,663
Military 1,060 1,048 1,025 1,099 1,128 1,119
State and local 31,612 34,677 38,973 42,379 45,015 45,989
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05 June 1996 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CA05
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 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.
Table CA05 June 1996 REGIONAL ECONOMIC INFORMATION SYSTEM
BUREAU OF ECONOMIC ANALYSIS
December 06, 1996
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
For Counties and Metropolitan Areas
(number of jobs)
(21-000) KENTUCKY
- -----------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------
Employment by Place of Work
Total full- & part-time employment 1,863,254 1,912,850 1,915,123 1,962,472 2,007,711 2,063,321
By Type:
Wage and salary employment 1,541,590 1,576,123 1,571,136 1,616,479 1,657,344 1,709,892
Proprietors' employment 321,664 336,727 343,987 345,993 350,367 353,429
Farm proprietors' employment 105,900 102,899 101,118 100,737 100,036 97,857
Nonfarm proprietors' employment 2/ 215,764 233,828 242,869 245,256 250,331 255,572
By Industry:
Farm employment 127,076 125,162 119,403 122,185 119,857 113,602
Nonfarm employment 1,736,178 1,787,688 1,795,720 1,840,287 1,887,854 1,949,719
Private employment 1,438,062 1,486,341 1,490,079 1,523,928 1,571,180 1,630,159
Ag,serv.,for.,fish., and other 3/ 17,020 18,527 19,344 18,827 20,171 21,612
Mining 38,542 39,374 35,755 33,094 31,678 31,732
Construction 98,782 100,630 98,721 106,202 109,258 113,593
Manufacturing 290,764 294,545 288,831 293,114 302,685 314,834
Transportation and public utilities 91,346 95,605 96,963 96,533 100,949 106,916
Wholesale trade 75,630 76,564 77,520 79,593 77,829 80,391
Retail trade 321,000 327,717 327,555 334,936 346,345 359,024
Finance, insurance, and real estate 94,960 97,141 98,410 97,947 101,128 102,630
Services 410,018 436,138 446,980 463,682 481,137 499,427
Government and government enterprises 298,116 301,347 305,641 316,359 316,674 319,560
Federal, civilian 43,504 45,643 44,105 44,082 42,430 41,848
Military 57,104 51,310 47,590 54,241 50,885 50,072
State and local 197,508 204,394 213,946 218,036 223,359 227,640
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 June 1996 BUREAU OF ECONOMIC ANALYSIS
December 06, 1996
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
For Counties and Metropolitan Areas
(number of jobs)
(21-013) BELL KENTUCKY
- -----------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------
Employment by Place of Work
Total full- & part-time employment 11,472 11,682 11,436 11,255 11,567 11,728
By Type:
Wage and salary employment 10,034 10,124 9,918 9,788 10,069 1O,200
Proprietors' employment 1,438 1,558 1,518 1,467 1,498 1,528
Farm proprietors' employment 59 58 57 57 56 55
Nonfarm proprietors' employment 2/ 1,379 1,500 1,461 1,410 1,442 1,473
By Industry:
Farm employment 63 63 61 61 59 58
Nonfarm employment 11,409 11,619 11,375 11,194 11,508 11,670
Private employment 9,627 9,778 9,461 9,227 9,522 9,676
Ag.serv.,for.,fish., and other 3/ 30 31 25 23 25 26
Mining 1,383 1,390 1,156 956 987 1,046
Construction 524 539 615 716 721 507
Manufacturing 1,074 1,036 1,001 981 944 994
Transportation and public utilities 651 635 622 589 616 658
Wholesale trade 395 429 395 381 410 442
Retail trade 2,635 2,645 2,562 2,535 2,667 2,788
Finance, Insurance, and real estate 489 484 461 432 432 434
Services 2,446 2,589 2,624 2,614 2,720 2,781
Government and government enterprises 1,782 1,841 1,914 1,967 1,986 1,994
Federal, civilian 171 176 160 157 153 151
Military 148 140 134 137 131 123
State and local 1,463 1,525 1,620 1,673 1,702 1,720
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 June 1996 BUREAU OF ECONOMIC ANALYSIS
December 06, 1996
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
For Counties and Metropolitan Areas
(number of jobs)
(21-095) HARLAN KENTUCKY
- -----------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------
Employment by Place of Work
Total full- & part-time employment 11,825 12,092 11,367 11,239 11,021 11,248
By Type:
Wage and salary employment 10,778 11,013 10,292 10,186 9,947 10,152
Proprietors' employment 1,047 1,079 1,075 1,053 1,074 1,096
Farm proprietors' employment 26 26 25 25 25 24
Nonfarm proprietors' employment 2/ 1,021 1,053 1,050 1,028 1,049 1,072
By Industry:
Farm employment 29 29 28 28 28 27
Nonfarm employment 11,796 12,063 11,339 11,211 10,993 11,221
Private employment 9,735 9,919 9,137 8,932 8,715 8,894
Ag.serv.,for.,fish., and other 3/ (L) 10 11 14 11 (D)
Mining 3,283 3,448 2,950 2,637 2,271 2,263
Construction 360 407 359 354 312 (D)
Manufacturing 249 209 199 193 216 237
Transportation and public utilities 597 602 566 575 619 593
Wholesale trade 436 439 419 420 411 420
Retail trade 2,244 2,217 2,103 2,214 2,255 2,217
Finance, insurance, and real estate 332 335 326 331 324 397
Services 2,229 2,252 2,204 2,194 2,296 2,395
Government and government enterprises 2,061 2,144 2,202 2,279 2,278 2,327
Federal, civilian 140 150 139 134 123 127
Military 173 162 157 151 154 145
State and local 1,748 1,832 1,906 1,984 2,001 2,055
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
File CA25 June 1996 BUREAU OF ECONOMIC ANALYSIS
Table CA25
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, MM 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 from 1993 forward separate Skagway-Yakutat-Angoon Census Area into
Skagway-Hoonah-Angoon Census Area and Yakutat Borough.
E Estimate shown constitutes the major portion of the true estimate.
(D) Net shown to avoid disclosure of confidential information.
(L) Less than 10 jobs. Estimates are included in totals.
(N) Data not available for this year.
REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 June 1996 BUREAU OF ECONOMIC ANALYSIS
December 06, 1996
REGIONAL ECONOMIC PROFILE
For Counties and Metropolitan Areas
(21-000) KENTUCKY
- -----------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 50,585,785 54,453,863 57,327,136 61,709,011 64,096,264 67,814,391
Nonfarm personal income 49,559,816 53,441,008 56,275,523 60,441,731 62,977,237 66,665,588
Farm income 1,025,969 1,012,855 1,051,613 1,267,280 1,119,027 1,148,803
Derivation of Total Personal Income
Net earnings 1/ 33,528,234 35,912,218 37,363,256 40,663,786 42,459,641 45,086,525
Transfer payments 8,798,299 9,681,084 11,001,704 12,107,018 12,675,617 13,255,400
Income maintenance 2/ 868,923 987,100 1,135,670 1,319,611 1,381,243 1,415,493
Unemployment insurance 168,104 224,188 313,183 378,881 343,649 263,131
Retirement and other 7,761,272 8,469,796 9,552,851 10,408,526 10,950,725 11,576,776
Dividends, interest, and rent 8,259,252 8,860,561 8,962,176 8,938,207 8,961,006 9,472,466
Population (thousands) 3/ 3,677.3 3,692.5 3,715.4 3,752.7 3,794.0 3,826.8
Per Capita Incomes ($) 4/
Per capita personal income 13,756 14,747 15,429 16,444 16,894 17,721
Per capita net earnings 9,118 9,726 10,056 10,836 11,191 11,782
Per capita transfer payments 2,393 2,622 2,961 3,226 3,341 3,464
Per capita income maintenance 236 267 306 352 364 370
Per capita unemployment insurance 46 61 84 101 91 69
Per capita retirement & other 2,111 2,294 2,571 2,774 2,886 3,025
Per capita dividends, interest, & rent 2,246 2,400 2,412 2,382 2,362 2,475
Place of Work Profile
Total earnings (place of work, $000) 35,726,348 38,256,483 39,938,396 43,528,557 45,520,710 48,479,461
Wages and salaries 28,519,644 30,590,413 31,800,093 34,430,340 35,888,350 38,091,606
Other labor income 3,112,927 3,458,689 3,785,299 4,286,466 4,683,618 5,063,865
Proprietors' income 4,093,777 4,207,381 4,353,004 4,811,751 4,948,742 5,323,990
Nonfarm proprietors' income 3,226,323 3,377,613 3,479,127 3,719,176 4,015,649 4,351,838
Farm proprietors' income 867,454 829,768 873,877 1,092,575 933,093 972,152
Total employment (full & part-time) 1,863,254 1,912,850 1,915,123 1,962,472 2,007,711 2,063,321
Wage and salary jobs 1,541,590 1,576,123 1,571,136 1,616,479 1,657,344 1,709,892
Number of proprietors 321,664 336,727 343,987 345,993 350,367 353,429
Number of nonfarm proprietors /5 215,764 233,828 242,869 245,256 250,331 255,572
Number of farm proprietors 105,900 102,899 101,118 100,737 100,036 97,857
Average earnings per job ($) 19,174 20,000 20,854 22,180 22,673 23,496
Wage & salary earnings per job ($) 18,500 19,409 20,240 21,300 21,654 22,277
Average earnings per nonfarm proprietor ($) 14,953 14,445 14,325 15,164 16,041 17,028
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
December 06, 1996
REGIONAL ECONOMIC PROFILE
For Counties and Metropolitan Areas
(21-013) BELL KENTUCKY
- ----------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ----------------------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 303,907 327,498 349,248 371,909 382,539 395,849
Nonfarm personal income 303,421 327,098 348,686 371,472 382,009 395,450
Farm income 486 400 562 437 530 399
Derivation of Total Personal Income
Net earnings 1/ 160,031 168,958 167,741 177,761 186,056 192,906
Transfer payments 99,809 109,326 126,961 142,784 147,127 150,864
Income maintenance 2/ 15,684 17,635 20,327 24,582 26,582 26,455
Unemployment insurance 1,422 1,805 2,636 3,007 2,603 1,880
Retirement and other 82,703 89,886 103,998 115,195 117,942 122,529
Dividends, interest, and rent 44,067 49,214 54,546 51,364 49,356 52,079
Population (thousands) 3/ 31.7 31.5 31.1 30.8 30.8 30.8
Per Capita Incomes ($) 4/
Per capita personal income 9,587 10,408 11,220 12,069 12,408 12,866
Per capita net earnings 5,048 5,370 5,389 5,768 6,035 6,270
Per capita transfer payments 3,148 3,474 4,079 4,633 4,772 4,904
Per capita income maintenance 495 560 653 798 862 860
Per capita unemployment insurance 45 57 85 98 84 61
Per capita retirement & other 2,609 2,857 3,341 3,738 3,826 3,983
Per capita dividends, interest, & rent 1,390 1,564 1,752 1,657 1,601 1,693
Place of Work Profile
Total earnings (place of work, $000) 211,207 221,406 221,605 232,424 245,845 252,915
Wages and salaries 169,564 177,409 176,076 184,769 192,600 196,611
Other labor income 22,297 23,936 24,860 26,650 29,993 31,813
Proprietors' income 19,346 20,061 20,669 21,005 23,252 24,491
Nonfarm proprietors' income 18,874 19,678 20,123 20,583 22,739 24,108
Farm proprietors' income 472 383 546 422 513 383
Total employment (full & part-time) 11,472 11,682 11,436 11,255 11,567 11,728
Wage and salary jobs 10,034 10,124 9,918 9,788 10,069 10,200
Number of proprietors 1,438 1,558 1,518 1,467 1,498 1,528
Number of nonfarm proprietors /5 1,379 1,500 1,461 1,410 1,442 1,473
Number of farm proprietors 59 58 57 57 56 55
Average earnings per job ($) 18,411 18,953 19,378 20,651 21,254 21,565
Wage & salary earnings per job ($) 16,899 17,524 17,753 18,877 19,128 19,276
Average earnings per nonfarm proprietor ($) 13,687 13,119 13,773 14,598 15,769 16,367
See Footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
December 06, 1996
REGIONAL ECONOMIC PROFILE
For Counties And Metropolitan Areas
(21-095) HARLAN KENTUCKY
- ------------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 373,197 407,332 419,513 446,661 445,661 468,243
Nonfarm personal income 373,163 407,327 419,511 446,638 445,431 468,214
Farm income (L) (L) (L) (L) (L) (L)
Derivation of Total Personal Income
Net earnings 1/ 211,272 226,582 220,120 224,113 221,617 234,742
Transfer payments 117,427 126,502 144,772 162,135 169,152 175,775
Income maintenance 2/ 16,607 18,149 21,116 25,614 27,734 27,650
Unemployment insurance 1,205 1,408 2,602 3,153 2,316 1,891
Retirement and other 99,615 106,945 121,054 133,368 139,102 146,234
Dividends, interest, and rent 44,498 54,248 54,621 60,413 54,677 57,726
Population (thousands) 3/ 37.2 36.5 36.5 36.3 36.3 36.3
Per Capita Incomes ($) 4/
Per capita personal income 10,039 11,150 11,491 12,303 12,283 12,903
Per capita net earnings 5,683 6,202 6,030 6,173 6,111 6,469
Per capita transfer payments 3,159 3,463 3,966 4,466 4,664 4,844
Per capita income maintenance 447 497 578 706 765 762
Per capita unemployment insurance 32 39 71 87 64 52
Per capita retirement & other 2,680 2,927 3,316 3,673 3,836 4,030
Per capita dividends, interest & rent 1,197 1,485 1,496 1,664 1,508 1,591
Place of Work Profile
Total earnings (place of work, $000) 262,104 283,586 274,083 278,902 271,886 288,994
Wages and salaries 215,244 232,023 222,370 224,162 217,479 229,443
Other labor income 35,636 39,887 40,648 43,464 42,314 46,666
Proprietors' income 11,224 11,676 11,065 11,276 12,093 12,885
Nonfarm proprietors' income 11,196 11,678 11,070 11,259 12,085 12,863
Farm proprietors' income (L) (L) (L) (L) (L) (L)
Total employment (full & part-time) 11,825 12,092 11,367 11,239 11,021 11,248
Wage and salary jobs 10,778 11,013 10,292 10,186 9,947 10,152
Number of proprietors 1,047 1,079 1,075 1,053 1,074 1,096
Number or nonfarm proprietors /5 1,021 1,053 1,050 1,028 1,049 1,072
Number or farm proprietors 26 26 25 25 25 24
Average earnings per job ($) 22,165 23,452 24,112 24,816 24,670 25,693
Wage & salary earnings per job ($) 19,971 21,068 21,606 22,007 21,864 22,601
Average earnings per nonfarm
proprietor ($) 10,966 11,090 10,543 10,952 11,520 11,999
footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
s CA30 June 1996 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 $50,000 or less than 10 jobs, as appropriate. Estimates are
included in totals.
(N) Data not available for this year.
REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
EXHIBIT III-1
General Characteristics of Publicly-Traded Institutions
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
December 14, 1996(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
California Companies
- --------------------
AHM Ahmanson and Co. H.F. of CA NYSE Nationwide M.B. 50,588 345 12-31 10/72 31.75 3,349
GWF Great Western Fin. Corp. of CA NYSE CA,FL Div. 43,548 416 12-31 / 30.00 4,123
GDW Golden West Fin. Corp. of CA NYSE Nationwide M.B. 37,012 232 12-31 05/59 64.25 3,686
GLN Glendale Fed. Bk, FSB of CA NYSE CA Div. 15,104 150 06-30 10/83 21.25 1,002
CAL CalFed Inc. of Los Angeles CA NYSE CA,NV Div. 14,127 124 12-31 03/83 24.25 1,199
CSA Coast Savings Financial of CA NYSE California R.E. 8,549 89 12-31 12/85 34.75 646
DSL Downey Financial Corp. of CA NYSE Southern CA Thrift 4,954 52 12-31 01/71 27.87 473
FED FirstFed Fin. Corp. of CA NYSE Los Angeles CA R.E. 4,197 25 12-31 12/83 22.25 234
BVFS Bay View Capital Corp. of CA OTC San Francisco CA M.B. 3,428 27 12-31 05/86 39.00 259
BPLS Bank Plus Corp. of CA OTC Los Angeles CA R.E. 3,323 33 12-31 / 11.25 205
WES Westcorp Inc. of Orange CA NYSE California Div. 3,181 25 12-31 05/86 22.50 585
PFFB PFF Bancorp of Pomona CA OTC Southern CA Thrift 2,486 22 03-31 03/96 14.12 280
AFFFZ America First Fin. Fund of CA OTC San Francisco CA Div. 2,228 36 12-31 / 29.12 175
CENF CENFED Financial Corp. of CA OTC Los Angeles CA Thrift 2,161 18 12-31 10/91 28.75 147
FRC First Republic Bancorp of CA (3) NYSE CA,NV M.B. 2,122 11 12-31 / 17.00 125
CFHC California Fin. Hld. Co. of CA OTC Central CA Thrift 1,339 22 12-31 04/83 29.00 137
HEMT HF Bancorp of Hemet CA OTC Southern CA Thrift 1,004 12 06-30 06/95 11.00 69
REDF RedFed Bancorp of Redlands CA OTC Southern CA Thrift 866 14 12-31 04/94 13.16 93
HTHR Hawthorne Fin. Corp. of CA OTC Southern CA Thrift 828 9 12-31 / 7.37 19
QCBC Quaker City Bancorp of CA OTC Los Angeles CA R.E. 738 8 06-30 12/93 16.37 62
ITLA Imperial Thrift & Loan of CA (3) OTC Los Angeles CA R.E. 736 11 12-31 / 14.50 113
PROV Provident Fin. Holdings of CA OTC M.B. 580 0 06-30 06/96 13.87 71
HBNK Highland Federal Bank of CA OTC Los Angeles CA R.E. 469 11 12-31 / 17.25 40
SGVB SGV Bancorp of W. Covina CA OTC Los Angeles CA Thrift 345 6 06-30 06/95 11.00 29
MBBC Monterey Bay Bancorp of CA OTC West Central CA Thrift 327 6 12-31 02/95 14.75 48
PCCI Pacific Crest Capital of CA (3) OTC Southern CA R.E. 265 4 12-31 / 11.75 35
BYFC Broadway Fin. Corp. of CA OTC Los Angeles CA Thrift 117 3 12-31 01/96 9.25 8
FSSB First FS&LA of San Bern. CA OTC San Bernard. CA Thrift 100 4 06-30 12/92 9.00 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
December 20, 1996(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ----------------------------------- ------ ----------------- --------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Florida Companies (continued)
- -----------------------------
BANC BankAtlantic Bancorp of FL OTC Southeastern FL M.B. 2,170 43 12-31 11/83 12.62 186
FFPB First Palm Beach Bancorp of FL OTC Southeast FL Thrift 1,494 31 09-30 09/93 24.87 127
HARB Harbor FSB, MHC of FL (45.7) OTC Eastern FL Thrift 1,057 22 09-30 01/94 33.00 163
FFFL Fidelity FSB, MHC of FL(47.2) OTC Southeast FL Thrift 857 20 12-31 01/94 17.25 116
BKUNA BankUnited SA of FL OTC Miami FL Thrift 824 7 09-30 12/85 9.00 51
CMSV Commty. Svgs, MHC of FL(47.6) OTC Southeast FL Thrift 626 J 17 09-30 10/94 18.37 90
FFLC FFLC Bancorp of Leesburg FL OTC Central FL Thrift 336 8 12-31 01/94 20.00 51
FFFG F.F.O. Financial Group of FL OTC Central FL R.E. 311 11 12-31 10/88 2.75 23
FFPC Florida First Bancorp of FL OTC Northwestern FL Thrift 297 9 12-31 11/86 11.37 39
FFML First Family Fin. Corp. of FL OTC Central FL Thrift 156 5 06-30 10/92 22.50 12
Mid-Atlantic Companies
- ----------------------
DME Dime Savings Bank, FSB of NY (3) NYSE NY,NJ,FL M.B. 19,683 87 12-31 08/86 14.87 1,583
GPT GreenPoint Fin. Corp. of NY (3) NYSE New York City NY Thrift 13,410 82 06-30 01/94 48.12 2,293
SVRN Sovereign Bancorp of PA OTC PA,NJ,DE M.B. 9,365 120 12-31 08/86 12.75 629
ASFC Astoria Financial Corp. of NY OTC New York City NY Thrift 7,266 46 12-31 11/93 35.00 753
COFD Collective Bancorp Inc. of NJ OTC Southern NJ Thrift 5,253 79 06-30 02/84 33.37 680
LISB Long Island Bancorp of NY OTC Long Island NY M.B. 5,221 J 36 09-30 04/94 30.75 758
RCSB RCSB Financial, Inc. of NY (3) OTC NY M.B. 4,049 J 34 11-30 04/86 29.31 451
ALBK ALBANK Fin. Corp. of Albany NY OTC NY,MA Thrift 3,510 63 06-30 04/92 31.62 414
ROSE TR Financial Corp. of NY OTC New York, NY Thrift 3,141 15 12-31 06/93 30.25 271
NYB New York Bancorp, Inc. of NY AMEX Southeastern NY Thrift 2,941 29 09-30 01/88 33.62 373
GRTR Greater New York SB of NY (3) OTC New York NY Div. 2,567 14 12-31 06/87 14.31 192
BKCO Bankers Corp. of NJ (3) OTC Central NJ Thrift 2,330 15 12-31 03/90 19.50 241
CMSB Cmnwealth Bancorp of PA OTC Philadelphia PA M.B. 2,085 39 06-30 06/96 14.12 253
NWSB Northwest SB, MHC of PA(29.9) OTC Pennsylvania Thrift 1,902 53 06-30 11/94 13.25 310
MLBC ML Bancorp of Villanova PA OTC Philadelphia PA M.B. 1,889 18 03-31 08/94 14.62 174
RELY Reliance Bancorp of NY OTC NYC NY Thrift 1,829 28 06-30 03/94 18.62 166
HARS Harris SB, MHC of PA (23.1) OTC Southeast PA Thrift 1,724 31 12-31 01/94 18.50 207
NSBK Northside SB of Bronx NY (3) OTC New York NY Thrift 1,639 17 09-30 04/86 52.50 255
HAVN Haven Bancorp of Woodhaven NY OTC New York City NY Thrift 1,565 9 12-31 09/93 28.69 124
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
December 14, 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. 1,519 13 12-31 06/90 36.25 354
QCSB Queens County SB of NY (3) OTC New York City NY R.E. 1,326 9 12-31 11/93 48.00 368
WSFS WSFS Financial Corp. of DE (3) OTC DE Div. 1,307 14 12-31 11/86 9.87 137
DIME Dime Community Bancorp of NY OTC Thrift 1,226 0 06-30 06/96 14.50 211
OCFC Ocean Fin. Corp. of NJ OTC Thrift 1,190 0 12-31 07/96 25.87 234
YFED York Financial Corp. of PA OTC PA,MD Thrift 1,154 22 06-30 02/84 16.75 124
PFSB PennFed Fin. Services of NJ OTC Northern NJ Thrift 1,142 17 06-30 07/94 20.12 98
MFSL Maryland Fed. Bancorp of MD OTC MD Thrift 1,128 J 25 02-28 06/87 33.50 105
PVSA Parkvale Financial Corp of PA OTC Southwestern PA Thrift 924 28 06-30 07/87 26.25 106
PSBK Progressive Bank, Inc. of NY (3) OTC Eastern NY Thrift 886 17 12-31 08/84 34.50 90
PKPS Poughkeepsie SB of NY OTC Poughkeepsie NY R.E. 861 9 12-31 11/85 5.12 64
MBB MSB Bancorp of Middletown NY (3) OTC Southeastern NY Thrift 848 17 09-30 08/92 19.12 54
FFIC Flushing Fin. Corp. of NY (3) OTC New York, NY Thrift 770 7 12-31 11/95 18.25 156
IBSF IBS Financial Corp. of NJ OTC Southwest NJ Thrift 742 8 09-30 10/94 15.44 166
PWBC PennFirst Bancorp of PA OTC Western PA Thrift 701 9 12-31 06/90 13.50 53
PSAB Prime Bancorp, Inc. of PA OTC Southeastern PA Thrift 677 18 12-31 11/88 19.37 72
FCIT First Cit. Fin. Corp of MD OTC DC Metro Area Thrift 668 14 12-31 12/86 18.44 54
FSFI First State Fin. Serv. of NJ OTC Northeastern NJ Thrift 666 J 13 09-30 12/87 15.00 59
THRD TF Financial Corp. of PA OTC Philadelphia PA Thrift 663 11 06-30 07/94 15.87 68
SFIN Statewide Fin. Corp. of NJ OTC Northern NJ Thrift 662 16 03-31 10/95 13.94 70
FSNJ First SB of NJ, MHC (45.0) OTC Northern NJ Thrift 651 J 4 05-31 01/95 17.00 52
BFSI BFS Bankorp, Inc. of NY OTC New York NY R.E. 643 5 09-30 05/88 49.50 81
GAF GA Financial Corp. of PA AMEX Pittsburgh PA Thrift 589 10 12-31 03/96 14.75 131
FBBC First Bell Bancorp of PA OTC Pittsburgh PA Thrift 577 7 12-31 06/95 17.06 132
TSBS Trenton SB, FSB MHC of NJ(35.0) OTC Central NJ Thrift 524 10 12-31 08/95 15.63 141
FMCO FMS Financial Corp. of NJ OTC Southern NJ Thrift 519 16 12-31 12/88 17.12 42
PULS Pulse Bancorp of S. River NJ OTC Central NJ Thrift 502 4 09-30 09/86 16.00 49
AHCI Ambanc Holding Co. of NY (3) OTC East-Central NY Thrift 496 9 12-31 12/95 10.62 52
PBIX Patriot Bank Corp. of PA OTC Southeast PA Thrift 490 7 12-31 12/95 13.50 60
FSPG First Home SB, SLA of NJ OTC NJ,DE Thrift 487 10 12-31 04/87 18.25 37
ANBK American Nat'l Bancorp of MD OTC Baltimore MD R.E. 487 9 07-31 11/95 12.12 44
IROQ Iroquois Bancorp of Auburn NY (3) OTC Central NY Thrift 474 9 12-31 01/86 16.50 39
LVSB Lakeview SB of Paterson NJ OTC Northern NJ Thrift 473 8 07-31 12/93 23.25 58
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
December 14, 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)
- ----------------------------------
CJFC Central Jersey Fin. Corp of NJ OTC Central NJ Thrift 464 6 03-31 09/84 37.50 100
CNSK Covenant Bank for Svgs. of NJ (3) OTC Southern NJ Thrift 387 12 12-31 / 12.50 34
SHEN First Shenango Bancorp of PA OTC Western PA Thrift 384 4 12-31 04/93 22.87 52
PFNC Progress Financial Corp. of PA OTC Southeastern PA M.B. 367 9 12-31 07/83 8.50 32
CARV Carver FSB of New York, NY OTC New York, NY Thrift 365 8 03-31 10/94 8.00 19
PBCI Pamrapo Bancorp, Inc. of NJ OTC Northern NJ Thrift 363 8 12-31 10/89 18.87 61
RARB Raritan Bancorp. of Raritan NJ (3) OTC Central NJ Thrift 354 5 12-31 03/87 23.00 35
FFWM First Fin. Corp of Western MD OTC Western MD Thrift 346 9 06-30 01/92 31.75 67
FOBC Fed One Bancorp of Wheeling WV OTC Northern WV,OH Thrift 342 9 12-31 01/95 15.87 40
FSBI Fidelity Bancorp, Inc. of PA OTC Southwestern PA Thrift 318 8 09-30 06/88 19.75 27
HARL Harleysville SA of PA OTC Southeastern PA Thrift 315 4 09-30 08/87 18.25 24
FKFS First Keystone Fin. Corp of PA OTC Philadelphia PA Thrift 294 5 09-30 01/95 19.25 25
CVAL Chester Valley Bancorp of PA OTC Southeastern PA Thrift 284 6 06-30 03/87 18.50 30
CATB Catskill Fin. Corp. of NY (3) OTC Albany NY Thrift 284 3 09-30 04/96 13.87 79
LFBI Little Falls Bancorp of NJ OTC New Jersey Thrift 281 7 12-31 01/96 12.50 36
LFED Leeds FSB, MHC of MD (35.3) OTC Baltimore MD Thrift 275 1 06-30 03/94 15.25 53
EQSB Equitable FSB of Wheaton MD OTC Central MD Thrift 268 J 4 09-30 09/93 27.50 17
FIBC Financial Bancorp of NY OTC New York, NY Thrift 267 5 09-30 08/94 14.50 26
WVFC WVS Financial Corp. of PA (3) OTC Pittsburgh PA Thrift 266 5 06-30 11/93 23.00 40
YFCB Yonkers Fin. Corp. of NY OTC Yonkers NY Thrift 260 4 09-30 04/96 12.12 43
FBER First Bergen Bancorp of NJ OTC Northern NJ Thrift 250 2 09-30 04/96 12.00 38
IFSB Independence FSB of DC OTC Washington DC Ret. 248 2 12-31 06/85 7.62 10
WSB Washington SB, FSB of MD AMEX Southeastern MD Thrift 247 J 3 07-31 / 4.94 21
CTBK Center Banks, Inc. of NY (3) OTC Central NY Thrift 242 7 12-31 05/86 16.25 15
WYNE Wayne Bancorp of NJ OTC Thrift 240 0 12-31 06/96 14.19 32
GDVS Greater DV SB,MHC of PA(19.9) (3) OTC Southeast PA Thrift 232 7 12-31 03/95 10.12 33
ESBK Elmira SB of Elmira NY (3) OTC NY,PA Ret. 221 6 12-31 03/85 16.75 12
HRBF Harbor Federal Bancorp of MD OTC Baltimore MD Thrift 214 6 03-31 08/94 15.50 27
LARL Laurel Capital Group of PA OTC Southwestern PA Thrift 202 6 06-30 02/87 16.00 24
SBFL SB Fing. Lakes MHC of NY(33.0) OTC Western NY Thrift 197 4 04-30 11/94 13.50 24
PHFC Pittsburgh Home Fin. of PA OTC Pittsburgh PA Thrift 195 6 09-30 04/96 13.25 29
PEEK Peekskill Fin. Corp. of NY OTC Southeast NY Thrift 186 3 06-30 12/95 13.37 51
SFED SFS Bancorp of Schenectady NY OTC Eastern NY Thrift 166 3 12-31 06/95 15.00 19
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
December 14, 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)
- ----------------------------------
TPNZ Tappan Zee Fin. Corp. of NY OTC Southeast NY Thrift 120 1 03-31 10/95 14.00 22
PRBC Prestige Bancorp of PA OTC Thrift 104 0 12-31 06/96 12.87 12
THBC Troy Hill Bancorp of PA OTC Pittsburgh PA Thrift 99 2 06-30 06/94 20.00 21
WHGB WHG Bancshares of MD OTC Baltimore MD Thrift 98 J 5 09-30 04/96 12.69 21
WWFC Westwood Fin. Corp. of NJ OTC Northern NJ Thrift 94 2 03-31 06/96 15.25 10
ALBC Albion Banc Corp. of Albion NY OTC Western NY Thrift 60 2 09-30 07/93 17.37 4
BRFC Bridgeville SB, FSB of PA OTC Western PA Thrift 55 1 12-31 10/94 16.00 18
PWBK Pennwood SB of PA (3) OTC Pittsburgh PA Thrift 46 3 12-31 07/96 12.50 8
FSLA First SB, SLA MHC of NJ (37.6) OTC Eastern NJ Thrift 0 17 12-31 06/92 18.00 0
Mid-West Companies
- ------------------
SFB Standard Fed. Bancorp of MI NYSE MI,IN,OH M.B. 15,354 166 12-31 01/87 56.12 1,750
COFI Charter One Financial of OH OTC OH,MI Div. 13,826 155 12-31 01/88 41.00 1,917
RFED Roosevelt Fin. Grp. Inc. of MO OTC MO,IL,KS Div. 9,048 79 12-31 01/87 18.62 785
TCB TCF Financial Corp. of MN NYSE MN,IL,MI,WI,OH Div. 7,115 184 12-31 06/86 43.00 1,499
CFB Commercial Federal Corp. of NE NYSE NE,CO,KS,OK M.B. 6,668 98 06-30 12/84 45.75 634
FFHC First Financial Corp. of WI OTC WI,IL Div. 5,596 129 12-31 12/80 28.00 838
SPBC St. Paul Bancorp, Inc. of IL OTC Chicago IL Div. 4,276 52 12-31 05/87 27.62 499
SECP Security Capital Corp. of WI OTC Wisconsin Div. 3,494 42 06-30 01/94 71.00 654
MAFB MAF Bancorp of IL OTC Chicago IL Thrift 3,163 13 06-30 01/90 34.75 364
GTFN Great Financial Corp. of KY OTC Kentucky M.B. 2,831 41 12-31 03/94 29.30 416
CTZN CitFed Bancorp of Dayton OH OTC Dayton OH M.B. 2,748 33 03-31 01/92 28.25 242
STND Standard Fin. of Chicago IL OTC Chicago IL Thrift 2,340 13 12-31 08/94 19.87 322
ABCW Anchor Bancorp Wisconsin of WI OTC Wisconsin M.B. 1,892 33 03-31 07/92 34.87 161
FISB First Indiana Corp. of IN OTC Central IN M.B. 1,485 28 12-31 08/83 25.37 210
FTFC First Fed. Capital Corp. of WI OTC Southern WI M.B. 1,469 44 12-31 11/89 24.00 148
DNFC D&N Financial Corp. of MI OTC MI,WI Ret. 1,408 35 12-31 02/85 14.87 113
STFR St. Francis Cap. Corp. of WI OTC Milwaukee WI Thrift 1,404 13 09-30 06/93 26.50 145
JSBA Jefferson Svgs Bancorp of MO OTC St. Louis MO,TX Thrift 1,128 21 12-31 04/93 23.50 98
FFSW First Fed Fin. Serv. of OH OTC Northeastern OH Thrift 1,111 18 12-31 04/87 37.75 136
AADV Advantage Bancorp of WI OTC WI,IL Thrift 1,016 15 09-30 03/92 31.75 108
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
December 14, 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)
- ------------------------------
OFCP Ottawa Financial Corp. of MI OTC Western MI Thrift 827 26 12-31 08/94 16.75 87
CFSB CFSB Bancorp of Lansing MI OTC Central MI Thrift 812 18 12-31 06/90 18.25 88
IFSL Indiana Federal Corp. of IN OTC Northwestern IN Thrift 809 15 12-31 02/87 21.75 103
NASB North American SB of MO OTC KS,MO M.B. 740 J 8 09-30 09/85 31.00 70
FFEC First Fed. Bancshares of WI OTC Northwest WI Thrift 729 20 12-31 10/94 18.37 126
MSBK Mutual SB, FSB of Bay City MI OTC Michigan M.B. 678 22 12-31 07/92 5.75 25
LBCI Liberty Bancorp of Chicago IL OTC Chicago IL Thrift 664 4 12-31 12/91 24.25 60
GSBC Great Southern Bancorp of MO OTC Southwest MO Div. 658 25 06-30 12/89 16.75 146
HNFC Hinsdale Financial Corp. of IL OTC Chicago IL M.B. 651 10 09-30 07/92 25.87 70
HOMF Home Fed Bancorp of Seymour IN OTC Southern IN Thrift 633 15 06-30 01/88 35.25 78
AVND Avondale Fin. Corp. of IL OTC Chicago IL Ret. 613 6 03-31 04/95 16.87 61
FNGB First Northern Cap. Corp of WI OTC Northeast WI Thrift 608 20 12-31 12/83 16.00 70
FFDP FirstFed Bancshares of IL OTC Chicago IL Thrift 603 3 12-31 07/92 17.00 56
FFYF FFY Financial Corp. of OH OTC Youngstown OH Thrift 603 10 06-30 06/93 25.75 132
SFSL Security First Corp. of OH OTC Northeastern OH R.E. 600 13 03-31 01/88 15.50 77
HMNF HMN Financial, Inc. of MN OTC Southeast MN Thrift 565 7 12-31 06/94 18.00 84
HFFC HF Financial Corp. of SD OTC South Dakota Thrift 554 19 06-30 04/92 17.25 50
SSBK Strongsville SB of OH OTC Cleveland OH Thrift 542 13 12-31 / 22.50 57
FDEF First Defiance Fin.Corp. of OH OTC Northwest OH Thrift 524 9 06-30 10/95 12.25 121
FFBH First Fed. Bancshares of AR OTC Northern AR Thrift 510 8 12-31 05/96 16.00 82
CBCI Calumet Bancorp of Chicago IL OTC Chicago IL Thrift 493 5 06-30 02/92 32.75 78
FBCI Fidelity Bancorp of Chicago IL OTC Chicago IL Thrift 476 5 09-30 12/93 17.00 49
FFSX First FS&LA. MHC of IA (45.0) OTC Western IA Thrift 458 12 06-30 06/92 28.00 53
PERM Permanent Bancorp of IN OTC Southwest IN Thrift 422 11 03-31 04/94 18.50 39
ASBI Ameriana Bancorp of IN OTC Eastern IN,OH Thrift 400 8 12-31 02/87 15.75 52
PMFI Perpetual Midwest Fin. of IA OTC EastCentral IA Thrift 396 4 12-31 03/94 19.06 37
SFSB SuburbFed Fin. Corp. of IL OTC IL,IN Thrift 391 12 12-31 02/92 20.37 26
HALL Hallmark Capital Corp. of WI OTC Milwaukee WI Thrift 388 3 06-30 01/94 17.50 25
PFSL Pocahnts Fed, MHC of AR (46.4) OTC Northeast AR Thrift 382 5 09-30 04/94 17.25 28
CAFI Camco Fin. Corp. of OH OTC Eastern OH M.B. 378 7 12-31 / 16.00 33
SWBI Southwest Bancshares of IL OTC Chicago IL Thrift 376 5 12-31 06/92 18.50 49
HBEI Home Bancorp of Elgin IL OTC Northern IL Thrift 371 5 12-31 09/96 12.87 90
CBSB Charter Financial Inc. of IL OTC Southern IL Thrift 367 J 6 09-30 12/95 13.00 63
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
December 14, 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)
- ------------------------------
FFKY First Fed. Fin. Corp. of KY OTC Central KY Thrift 357 7 06-30 07/87 20.25 85
FFHH FSF Financial Corp. of MN OTC Southern MN Thrift 355 11 09-30 10/94 14.25 50
KNK Kankakee Bancorp of IL AMEX Illinois Thrift 353 10 03-31 12/92 24.75 35
HVFD Haverfield Corp. of OH OTC Cleveland OH Thrift 351 10 12-31 03/85 19.25 37
PVFC PVF Capital Corp. of OH OTC Cleveland OH R.E. 345 9 06-30 12/92 14.50 34
CASH First Midwest Fin. Corp. of IA OTC IA,SD R.E. 342 J 9 09-30 09/93 24.75 44
HMCI Homecorp, Inc. of Rockford IL OTC Northern IL Thrift 340 9 12-31 06/90 18.00 20
MCBS Mid Continent Bancshares of KS OTC Central KS M.B. 340 7 09-30 06/94 23.37 47
WOFC Western Ohio Fin. Corp. of OH OTC Western OH Thrift 333 J 6 12-31 07/94 20.31 44
INBI Industrial Bancorp of OH OTC Northern OH Thrift 320 10 12-31 08/95 12.50 69
FMBD First Mutual Bancorp of IL OTC Central IL Thrift 316 7 12-31 07/95 14.37 55
HBFW Home Bancorp of Fort Wayne IN OTC Northeast IN Thrift 316 J 8 09-30 03/95 18.50 53
WCBI WestCo Bancorp of IL OTC Chicago IL Thrift 308 1 12-31 06/92 21.50 56
SMFC Sho-Me Fin. Corp. of MO OTC Southwest MO Thrift 292 7 12-31 06/94 21.62 36
WFCO Winton Financial Corp. of OH OTC Cincinnati OH R.E. 283 J 4 09-30 08/88 11.50 23
PFDC Peoples Bancorp of Auburn IN OTC Northeastern IN Thrift 280 6 09-30 07/87 20.50 48
GFCO Glenway Financial Corp. of OH OTC Cincinnati OH Thrift 279 J 6 06-30 11/90 19.87 23
FCBF FCB Fin. Corp. of Neenah WI OTC Eastern WI Thrift 269 6 03-31 09/93 19.25 47
CBK Citizens First Fin.Corp. of IL AMEX Central IL Thrift 266 6 12-31 05/96 13.62 38
FFED Fidelity Fed. Bancorp of IN OTC Southwestern IN Thrift 262 4 06-30 08/87 10.00 25
FBCV 1st Bancorp of Vincennes IN OTC Southwestern IN M.B. 258 1 06-30 04/87 30.50 20
FFOH Fidelity Financial of OH OTC Cincinnati OH Thrift 256 4 12-31 03/96 11.19 46
WAYN Wayne S&L Co., MHC of OH(46.7) OTC Central OH Thrift 251 6 03-31 06/93 23.00 34
OSBF OSB Fin. Corp. of Oshkosh WI OTC Eastern WI Thrift 250 7 12-31 06/92 27.00 31
CBIN Community Bank Shares of IN OTC Southeast IN Thrift 235 7 12-31 04/95 12.50 25
DFIN Damen Fin. Corp. of Chicago IL OTC Chicago IL Thrift 235 3 11-30 10/95 12.25 46
CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 231 7 06-30 12/93 13.50 25
MBLF MBLA Financial Corp. of MO OTC Northeast MO Thrift 227 2 06-30 06/93 20.00 27
FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 218 7 12-31 01/88 17.00 20
OHSL OHSL Financial Corp. of OH OTC Cincinnati, OH Thrift 218 4 12-31 02/93 20.37 25
EFBI Enterprise Fed. Bancorp of OH OTC Cincinnati OH Thrift 214 J 5 09-30 10/94 15.75 33
LARK Landmark Bancshares of KS OTC Central KS Thrift 214 5 09-30 03/94 16.50 31
MFBC MFB Corp. of Mishawaka IN OTC Northern IN Thrift 211 J 4 09-30 03/94 17.00 34
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
December 14, 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)
- ------------------------------
SBCN Suburban Bancorp. of OH OTC Cincinnati OH Thrift 210 8 06-30 09/93 15.25 22
WEFC Wells Fin. Corp. of Wells MN OTC Southcentral MN Thrift 201 7 12-31 04/95 12.56 26
CBCO CB Bancorp of Michigan City IN OTC Northwest IN Thrift 200 3 03-31 12/92 23.00 27
FFFD North Central Bancshares of IA OTC Central IA Thrift 198 4 12-31 03/96 13.37 51
MWFD Midwest Fed. Fin. Corp of WI OTC Central WI Thrift 195 9 12-31 07/92 21.50 34
FFBZ First Federal Bancorp of OH OTC Eastern OH Thrift 184 6 09-30 06/92 14.75 23
GFED Guaranty FS&LA,MHC of MO(31.1) OTC Southwest MO Thrift 183 4 06-30 04/95 11.00 34
MFFC Milton Fed. Fin. Corp. of OH OTC Southwest OH Thrift 181 2 09-30 10/94 14.62 33
PULB Pulaski SB, MHC of MO (29.0) OTC St. Louis MO Thrift 179 J 5 09-30 05/94 14.75 31
LSBI LSB Fin. Corp. of Lafayette IN OTC Central IN Thrift 178 3 12-31 02/95 19.50 18
PFED Park Bancorp of Chicago IL OTC Chicago IL Thrift 177 3 12-31 08/96 11.75 32
CMRN Cameron Fin. Corp. of MO OTC Northwest MO Thrift 176 J 3 09-30 04/95 15.63 45
MARN Marion Capital Holdings of IN OTC Central IN Thrift 175 2 06-30 03/93 20.50 38
EGLB Eagle BancGroup of IL OTC Central IL Thrift 164 1 12-31 07/96 13.50 18
NEIB Northeast Indiana Bncrp of IN OTC Northeast IN Thrift 160 3 12-31 06/95 13.50 26
SMBC Southern Missouri Bncrp of MO OTC Southeast MO Thrift 160 J 8 06-30 04/94 14.19 23
FFWC FFW Corporation of Wabash IN OTC Central IN Thrift 155 3 06-30 03/93 20.75 15
FBSI First Bancshares of MO OTC Southcentral MO Thrift 154 5 06-30 12/93 16.50 20
FFWD Wood Bancorp of OH OTC Northern OH Thrift 152 6 06-30 08/93 16.37 25
SJSB SJS Bancorp of St. Joseph MI OTC Southwest MI Thrift 152 4 06-30 02/95 25.25 23
QCFB QCF Bancorp of Virginia MN OTC Northeast MN Thrift 148 2 06-30 04/95 16.25 23
JXSB Jcksnville SB,MHC of IL(43.3%) OTC Central IL Thrift 144 4 12-31 04/95 12.00 15
BWFC Bank West Fin. Corp. of MI OTC Southeast MI Thrift 140 2 06-30 03/95 11.00 22
MWBI Midwest Bancshares, Inc. of IA OTC Southeast IA Thrift 138 4 12-31 11/92 27.00 9
CLAS Classic Bancshares of KY OTC Eastern KY Thrift 136 1 03-31 12/95 11.87 16
FKKY Frankfort First Bancorp of KY OTC Frankfort KY Thrift 129 3 06-30 07/95 11.37 39
PTRS The Potters S&L Co. of OH OTC Northeast OH Thrift 125 4 12-31 12/93 18.91 10
MFCX Marshalltown Fin. Corp. of IA OTC Central IA Thrift 124 3 09-30 03/94 15.25 22
WEHO Westwood Hmstd Fin Corp of OH OTC Cincinnati OH Thrift 120 2 12-31 09/96 11.50 30
GTPS Great American Bancorp of IL OTC East Central IL Thrift 120 J 3 09-30 06/95 14.75 29
NBSI North Bancshares of Chicago IL OTC Chicago IL Thrift 117 2 06-30 12/93 16.00 17
MIFC Mid Iowa Financial Corp. of IA OTC Central IA Thrift 115 J 6 09-30 10/92 6.37 11
ASBP ASB Financial Corp. of OH OTC Southern OH Thrift 114 1 06-30 04/95 17.75 30
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
December 14, 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)
- ------------------------------
DCBI Delphos Citizens Bancorp of OH OTC Northwest OH Thrift 110 P 1 09-30 11/96 11.87 24
HFFB Harrodsburg 1st Fin Bcrp of KY OTC Central KY Thrift 110 J 2 09-30 10/95 18.25 39
FFSL First Independence Corp. of KS OTC Southeast KS Thrift 109 1 09-30 10/93 19.62 11
BDJI First Fed. Bancorp. of MN OTC Northern MN Thrift 107 5 09-30 04/95 17.87 13
FTNB Fulton Bancorp of MO OTC Central MO Thrift 105 P 2 04-30 10/96 14.12 24
CNSB CNS Bancorp of MO OTC Central MO Thrift 99 5 12-31 06/96 14.62 24
FFBI First Financial Bancorp of IL OTC Northern IL M.B. 97 2 12-31 10/93 15.87 7
CBES CBES Bancorp of MO OTC Western MO Thrift 97 2 06-30 09/96 14.00 14
NWEQ Northwest Equity Corp. of WI OTC Northwest WI Thrift 96 3 03-31 10/94 11.25 10
CIBI Community Inv. Bancorp of OH OTC NorthCentral OH Thrift 95 3 06-30 02/95 16.50 11
WCFB Webster CityFSB,MHC of IA(45.2 OTC Central IA Thrift 95 1 12-31 08/94 13.50 28
PFFC Peoples Fin. Corp. of OH OTC Northeast OH Thrift 91 P 2 09-30 09/96 13.00 19
INCB Indiana Comm. Bank, SB of IN OTC Central IN Ret. 91 3 06-30 12/94 15.50 14
FTSB Fort Thomas Fin. Corp. of KY OTC Northern KY Thrift 89 J 2 09-30 06/95 14.25 22
HFSA Hardin Bancorp of Hardin MO OTC Western MO Thrift 88 3 03-31 09/95 12.00 12
THR Three Rivers Fin. Corp. of MI AMEX Southwest MI Thrift 87 4 06-30 08/95 13.62 12
KYF Kentucky First Bancorp of KY AMEX Central KY Thrift 86 2 06-30 08/95 11.50 16
FFDF FFD Financial Corp. of OH OTC Northeast OH Thrift 85 1 06-30 04/96 13.50 20
GFSB GFS Bancorp of Grinnell IA OTC Central IA Thrift 85 1 06-30 01/94 20.75 10
AMFC AMB Financial Corp. of IN OTC Northwest IN Thrift 84 4 12-31 04/96 12.50 14
SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 81 2 06-30 01/94 16.50 13
SOBI Sobieski Bancorp of S. Bend IN OTC Northern IN Thrift 81 3 06-30 03/95 15.00 13
PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 80 J 1 09-30 02/95 17.25 15
LOGN Logansport Fin. Corp. of IN OTC Northern IN Thrift 80 1 12-31 06/95 11.75 16
HZFS Horizon Fin'l. Services of IA OTC Central IA Thrift 77 3 06-30 06/94 14.94 7
HHFC Harvest Home Fin. Corp. of OH OTC Southwest OH Thrift 76 J 3 09-30 10/94 9.87 9
ATSB AmTrust Capital Corp. of IN OTC Northcentral IN Thrift 72 J 3 06-30 03/95 10.37 5
GWBC Gateway Bancorp of KY OTC Eastern KY Thrift 69 2 06-30 01/95 14.00 16
MIVI Miss. View Hold. Co. of MN OTC Central MN Thrift 69 J 1 09-30 03/95 12.75 12
MSBF MSB Financial Corp. of MI OTC Southcentral MI Thrift 63 2 06-30 02/95 19.25 13
LXMO Lexington B&L Fin. Corp. of MO OTC West Central MO Thrift 61 J 1 09-30 06/96 12.87 16
CKFB CKF Bancorp of Danville KY OTC Central KY Thrift 60 1 12-31 01/95 19.75 19
NSLB NS&L Bancorp of Neosho MO OTC Southwest MO Thrift 57 J 2 09-30 06/95 14.00 12
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
December 14, 1996(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
- ------------------------------
RELI Reliance Bancshares Inc of WI (3) OTC Milwaukee WI Thrift 48 1 June 04/96 7.00 18
HBBI Home Building Bancorp of IN OTC Southwest IN Thrift 43 2 09-30 02/95 18.00 6
CSBF CSB Financial Group Inc of IL OTC Centralia IL Thrift 42 J 1 09-30 10/95 10.00 10
HWEN Home Financial Bancorp of IN OTC Central IN Thrift 39 0 06-30 07/96 13.12 7
FLKY First Lancaster Bncshrs of KY OTC Thrift 38 0 06-30 07/96 16.00 15
LONF London Financial Corp. of OH OTC Central OH Thrift 37 J 1 09-30 04/96 13.00 7
JOAC Joachim Bancorp of MO OTC Eastern MO Thrift 36 1 03-31 12/95 14.50 11
New England Companies
- ---------------------
PBCT Peoples Bank, MHC of CT(32.3) (3) OTC Southwestern CT Div. 7,237 84 12-31 07/88 27.87 1,129
PHBK Peoples Heritage Fin Grp of ME (3) OTC ME,NH Div. 4,456 82 12-31 12/86 27.25 687
WBST Webster Financial Corp. of CT OTC Central CT Thrift 3,984 64 12-31 12/86 37.12 301
CFX Cheshire Fin. Corp. of NH (3) AMEX S.W. NH,MA M.B. 1,521 23 12-31 02/87 15.25 187
EGFC Eagle Financial Corp. of CT OTC Western CT Thrift 1,407 19 09-30 02/87 30.25 137
SISB SIS Bank of Springfield MA (3) OTC Central MA Div. 1,285 21 12-31 02/95 23.94 137
DSBC DS Bancor Inc. of Derby CT (3) OTC Southwestern CT Thrift 1,259 22 12-31 12/85 42.44 129
ANDB Andover Bancorp, Inc. of MA (3) OTC Northeastern MA M.B. 1,199 11 12-31 05/86 25.37 130
WLDN Walden Bancorp of MA (3) OTC Eastern MA M.B. 1,049 17 04-30 12/85 34.50 176
MDBK Medford Savings Bank of MA (3) OTC Eastern MA Thrift 1,008 16 12-31 03/86 25.00 113
AFCB Affiliated Comm BC, Inc of MA OTC MA Thrift 1,005 10 12-31 / 22.62 115
FFES First FS&LA of E. Hartford CT OTC Central CT Thrift 943 12 12-31 06/87 22.75 59
FMLY Family Bancorp of Haverhill MA (3) OTC MA,NH Div. 918 21 12-31 11/86 34.38 148
MASB MassBank Corp. of Reading MA (3) OTC Eastern MA Thrift 879 14 12-31 05/86 37.50 101
FESX First Essex Bancorp of MA (3) OTC MA,NH Div. 869 10 12-31 08/87 13.75 83
EBCP Eastern Bancorp of NH OTC VT, NH M.B. 869 25 09-30 11/83 22.12 81
BFD BostonFed Bancorp of MA AMEX Boston MA M.B. 797 8 12-31 10/95 14.75 97
MECH Mechanics SB of Hartford CT (3) OTC Hartford CT Thrift 710 0 12-31 06/96 15.87 84
NSSB Norwich Financial Corp. of CT (3) OTC Southeastern CT Thrift 694 18 12-31 11/86 19.50 105
DIBK Dime Financial Corp. of CT (3) OTC Central CT Thrift 692 10 12-31 07/86 17.75 91
NSSY Norwalk Savings Society of CT (3) OTC Southwest CT Thrift 637 8 12-31 06/94 24.25 58
GROV GroveBank for Savings of MA (3) OTC Eastern MA Thrift 599 7 12-31 08/86 49.12 76
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
December 14, 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)
- ---------------------------------
CBNH Community Bankshares Inc of NH (3) OTC Southcentral NH M.B. 549 9 06-30 05/86 20.12 49
BKC American Bank of Waterbury CT (3) AMEX Western CT Thrift 548 15 12-31 12/81 29.00 66
PBKB People's SB of Brockton MA (3) OTC Southeastern MA Thrift 513 14 12-31 10/86 10.62 36
SOSA Somerset Savings Bank of MA (3) OTC Eastern MA R.E. 511 5 12-31 07/86 1.97 33
MWBX Metro West of MA (3) OTC Eastern MA Thrift 499 9 12-31 10/86 4.62 64
ABBK Abington Savings Bank of MA (3) OTC Southeastern MA M.B. 484 7 12-31 06/86 19.25 36
SWCB Sandwich Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 461 11 04-30 07/86 29.62 56
PBNB Peoples Sav. Fin. Corp. of CT (3) OTC Central CT Thrift 460 8 12-31 08/86 27.50 52
PETE Primary Bank of NH (3) OTC Southern NH Ret. 414 8 12-31 10/93 13.87 27
BKCT Bancorp Connecticut of CT (3) OTC Central CT Thrift 402 3 12-31 07/86 22.50 60
EIRE Emerald Island Bancorp, MA (3) OTC Eastern MA R.E. 392 7 12-31 09/86 18.00 32
MIDC Midconn Bank of Kensington CT (3) OTC Central CT Thrift 358 10 09-30 09/86 20.25 39
WRNB Warren Bancorp of Peabody MA (3) OTC Eastern MA R.E. 354 6 12-31 07/86 14.87 54
LSBX Lawrence Savings Bank of MA (3) OTC Northeastern MA Thrift 330 6 12-31 05/86 8.13 35
CEBK Central Co-Op. Bank of MA (3) OTC Eastern MA Thrift 326 11 04-30 10/86 17.50 34
NMSB Newmil Bancorp. of CT (3) OTC Eastern CT Thrift 306 12 06-30 02/86 8.50 34
POBS Portsmouth Bank Shrs Inc of NH (3) OTC Southeastern NH Thrift 269 3 12-31 02/88 14.00 80
NHTB NH Thrift Bancshares of NH OTC Central NH Thrift 264 10 12-31 05/86 11.75 20
NEBC Northeast Bancorp of ME (3) OTC Eastern ME Thrift 230 8 06-30 08/87 13.50 17
TBK Tolland Bank of CT (3) AMEX Northern CT Thrift 228 7 12-31 12/86 12.00 14
HIFS Hingham Inst. for Sav. of MA (3) OTC Eastern MA Thrift 193 4 12-31 12/88 18.25 24
HPBC Home Port Bancorp, Inc. of MA (3) OTC Southeastern MA Thrift 189 2 12-31 08/88 16.75 31
BSBC Branford SB of CT (3) OTC New Haven CT R.E. 176 5 12-31 11/86 4.12 27
IPSW Ipswich SB of Ipswich MA (3) OTC Northwest MA Thrift 158 4 12-31 05/93 11.37 13
AFED AFSALA Bancorp of NY OTC Central NY Thrift 149 P 4 09-30 10/96 12.00 17
KSBK KSB Bancorp of Kingfield ME (3) OTC Western ME M.B. 133 J 8 12-31 06/93 26.00 11
MFLR Mayflower Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 116 4 04-30 12/87 15.25 14
NTMG Nutmeg FS&LA of CT OTC CT M.B. 94 3 12-31 / 7.25 5
FCB Falmouth Co-Op Bank of MA (3) AMEX Southeast MA Thrift 88 J 1 09-30 03/96 13.25 19
MCBN Mid-Coast Bancorp of ME OTC Eastern ME Thrift 56 2 03-31 11/89 18.75 4
GLBK Glendale Co-op. Bank of MA (3) OTC Boston MA Thrift 37 J 1 04-30 01/94 20.00 5
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
December 14, 1996(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
WAMU Washington Mutual Inc. of WA (3) OTC WA,OR,ID,UT,MT Div. 22,414 290 12-31 03/83 40.37 2,913
WFSL Washington FS&LA of Seattle WA OTC Western US Thrift 5,115 89 09-30 11/82 25.75 1,048
IWBK Interwest SB of Oak Harbor WA OTC Western WA Div. 1,712 31 12-31 / 32.25 255
STSA Sterling Financial Corp. of WA OTC WA,OR M.B. 1,531 41 06-30 / 13.75 76
FWWB First Savings Bancorp of WA (3) OTC Central WA Thrift 947 16 03-31 11/95 18.37 200
MSEA Metropolitan Bancorp of WA OTC Western WA R.E. 753 10 03-31 01/90 19.25 70
KFBI Klamath First Bancorp of OR OTC Southern OR Thrift 672 7 09-30 10/95 14.87 173
HRZB Horizon Financial Corp. of WA (3) OTC Northwest WA Thrift 500 12 03-31 08/86 12.25 80
FMSB First Mutual SB of Bellevue WA (3) OTC Western WA M.B. 401 6 12-31 12/85 18.00 44
CASB Cascade SB of Everett WA OTC Seattle WA Thrift 340 6 06-30 08/92 14.37 29
RVSB Rvrview SB,FSB MHC of WA(40.3) OTC Southwest WA M.B. 219 9 03-31 10/93 16.75 37
South-East Companies
- --------------------
FFCH First Fin. Holdings Inc. of SC OTC CHARLESTON SC Div. 1,546 32 09-30 11/83 23.00 146
LIFB Life Bancorp of Norfolk VA OTC Southeast VA Thrift 1,405 20 12-31 10/94 18.00 177
AMFB American Federal Bank of SC OTC Northwest SC Thrift 1,395 41 12/31 01/89 19.00 208
MGNL Magna Bancorp of MS OTC MS,AL M.B. 1,302 62 06-30 03/91 18.50 254
FLFC First Liberty Fin. Corp. of GA OTC Georgia M.B. 991 J 29 9-30 12/83 20.06 120
HFNC HFNC Financial Corp. of NC OTC Charlotte NC Thrift 845 8 06-30 12/95 17.44 300
VFFC Virginia First Savings of VA OTC Petersburg VA M.B. 781 23 06-30 01/78 12.75 73
ISBF ISB Financial Corp. of LA OTC SouthCentral LA Thrift 686 16 12-31 04/95 17.12 121
PALM Palfed, Inc. of Aiken SC OTC Southwest SC Thrift 660 19 12-31 12/85 14.50 76
CNIT Cenit Bancorp of Norfolk VA OTC Southeastern VA Thrift 656 J 15 12-31 08/92 39.00 64
EBSI Eagle Bancshares of Tucker GA OTC Atlanta GA Thrift 642 10 03-31 04/86 15.00 68
VABF Va. Beach Fed. Fin. Corp of VA OTC Southeast VA M.B. 604 12 12-31 11/80 9.38 47
FFFC FFVA Financial Corp. of VA OTC Southern VA Thrift 530 11 12-31 10/94 20.50 103
CFCP Coastal Fin. Corp. of SC OTC SC Thrift 453 J 9 09-30 09/90 20.00 69
TSH Teche Holding Company of LA AMEX Southern LA Thrift 380 8 09-30 04/95 13.00 46
FSFC First So.east Fin. Corp. of SC OTC Northwest SC Thrift 329 11 06-30 10/93 9.62 42
FFRV Fid. Fin. Bkshrs. Corp. of VA OTC Southern VA Thrift 329 7 12-31 05/86 24.56 56
COOP Cooperative Bk.for Svgs. of NC OTC Eastern NC Thrift 327 17 03-31 08/91 20.75 31
ANA Acadiana Bancshares of LA (3) AMEX Southern LA Thrift 265 4 12-31 07/96 14.62 40
UFRM United FS&LA of Rocky Mount NC OTC Eastern NC M.B. 264 9 12-31 07/80 8.37 26
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
December 14, 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)
- --------------------------------
SOPN First SB, SSB, Moore Co. of NC OTC Central NC Thrift 263 5 06-30 01/94 18.50 69
MERI Meritrust FSB of Thibodaux LA OTC Southeast LA Thrift 231 8 12-31 / 31.50 24
FLAG Flag Financial Corp of GA OTC Western GA M.B. 229 4 12-31 12/86 11.12 23
SSFC South Street Fin. Corp. of NC (3) OTC South Central NC Thrift 208 P 2 09-30 10/96 14.00 63
CFTP Community Fed. Bancorp of MS OTC Northeast MS Thrift 204 1 09-30 03/96 17.25 74
PERT Perpetual of SC, MHC (46.8%) OTC Northwest SC Thrift 202 P 5 09-30 10/96 21.37 32
PLE Pinnacle Bank of AL AMEX Central AL Thrift 192 5 06-30 12/86 17.00 15
GSFC Green Street Fin. Corp. of NC OTC Southern NC Thrift 176 3 09-30 04/96 15.50 67
ESX Essex Bancorp of VA AMEX VA,NC M.B. 172 12 12-31 / 2.00 2
FTF Texarkana Fst. Fin. Corp of AR AMEX Southwest AR Thrift 164 J 5 09-30 07/95 14.25 28
NFSL Newnan SB, FSB of Newnan GA OTC Western GA M.B. 162 J 8 03-31 03/86 25.25 40
CFFC Community Fin. Corp. of VA OTC Central VA Thrift 161 3 03-31 03/88 21.25 27
FGHC First Georgia Hold. Corp of GA OTC Southeastern GA Thrift 144 J 7 09-30 02/87 8.00 16
PDB Piedmont Bancorp of NC AMEX Central NC Thrift 132 2 06-30 12/95 17.87 49
BFSB Bedford Bancshares of VA OTC Southern VA Thrift 127 3 09-30 08/94 17.75 20
FFBS FFBS Bancorp of Columbus MS OTC Columbus MS Thrift 126 3 06-30 06/93 23.00 36
GSLC Guaranty Svgs & Loan FA of VA OTC Charltsvl VA M.B. 115 3 06-30 / 8.75 8
CFNC Carolina Fincorp of NC (3) OTC Southcentral NC Thrift 110 P 4 06-30 11/96 13.00 24
SRN Southern Banc Company of AL AMEX Northeast AL Thrift 108 4 06-30 10/95 13.50 19
TWIN Twin City Bancorp of TN OTC Northeast TN Thrift 107 3 12-31 01/95 17.50 15
SSM Stone Street Bancorp of NC AMEX Central NC Thrift 106 2 12-31 04/96 19.50 36
KSAV KS Bancorp of Kenly NC OTC Central NC Thrift 96 3 12-31 12/93 20.87 14
SZB SouthFirst Bancshares of AL AMEX Central AL Thrift 91 J 2 09-30 02/95 12.87 11
CCFH CCF Holding Company of GA OTC Atlanta GA Thrift 79 J 3 09-30 07/95 14.50 16
CZF Citisave Fin. Corp. of LA AMEX Baton Rouge LA Thrift 76 5 12-31 07/95 13.50 13
SSB Scotland Bancorp of NC AMEX S. Central NC Thrift 69 2 09-30 04/96 14.00 26
SCCB S. Carolina Comm. Bnshrs of SC OTC Central SC Thrift 43 1 06-30 07/94 15.25 11
MBSP Mitchell Bancorp of NC (3) OTC Western NC Thrift 35 1 12-31 07/96 13.87 14
South-West Companies
- --------------------
CBSA Coastal Bancorp of Houston TX OTC Houston TX M.B. 2,859 40 12-31 / 23.75 118
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
December 14, 1996(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
South-West Companies (continued)
- --------------------------------
FBHC Fort Bend Holding Corp. of TX OTC Eastcentral TX M.B. 282 5 03-31 06/93 25.25 21
JXVL Jacksonville Bancorp of TX OTC East Central TX Thrift 218 6 09-30 04/96 14.50 38
LBFI L&B Financial of S. Springs TX OTC Northeast TX Thrift 145 6 06-30 09/94 17.00 27
LOAN Horizon Bancorp, Inc of TX (3) OTC Austin TX R.E. 141 J 8 04-30 / 18.50 26
ETFS East Texas Fin. Serv. of TX OTC Northeast TX Thrift 115 J 2 09-30 01/95 16.12 18
AABC Access Anytime Bancorp of NM OTC Eastern NM Thrift 109 3 12-31 08/86 5.75 4
GUPB GFSB Bancorp of Gallup NM OTC Northwest NM Thrift 80 1 06-30 06/95 15.25 14
Western Companies (Excl CA)
- ---------------------------
FFBA First Colorado Bancorp of Co OTC Denver CO Thrift 1,501 J 26 12-31 01/96 16.87 321
WSTR WesterFed Fin. Corp. of MT OTC MT Thrift 566 20 06-30 01/94 18.62 82
GBCI Glacier Bancorp of MT OTC Western MT Div. 412 13 06-30 03/84 24.50 83
SFBM Security Bancorp of MT OTC Southcentral MT Thrift 382 16 06-30 11/86 30.25 45
UBMT United SB, FA of MT OTC Central MT Thrift 108 4 12-31 09/86 19.75 24
TRIC Tri-County Bancorp of WY OTC Southeastern WY Thrift 79 2 12-31 09/93 18.25 11
MORG Morgan Financial Corp. of CO OTC Northeast CO Thrift 75 1 06-30 01/93 12.00 9
CRZY Crazy Woman Creek Bncorp of WY OTC Northeast WY Thrift 52 1 09-30 03/96 11.50 12
Other Areas
- -----------
NOTES: (1) Or most recent date available (M=March, S=September, D=December,
J=June, E=Estimated, and P=Pro Forma)
(2) Operating strategies are: Thrift=Traditional Thrift, M.B.=Mortgage
Banker, R.E.=Real Estate Developer, Div.=Diversified, and Ret.=Retail
Banking.
(3) FDIC savings bank.
Source: Corporate offering circulars, SNL Securities Quarterly Thrift Report,
and financial reports of publicly Traded Thrifts.
Date of Last Update: 12/14/96
14
EXHIBIT III-2
Midwestern Peer Thrifts
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-2
Market Pricing Comparatives
Prices As of December 13, 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 18.72 142.09 0.87 16.03 17.22 116.52 14.06 119.53 15.51
Special Selection Grouping(8) 17.09 15.53 0.92 16.39 15.88 108.08 10.42 108.57 14.62
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
ATSB AmTrust Capital Corp. of IN 10.12 5.34 0.63 13.66 16.06 74.08 7.43 74.08 NM
CBCO CB Bancorp of Michigan City IN 24.25 28.18 1.88 16.68 12.90 145.38 14.09 145.38 10.92
CAPS Capital Savings Bancorp of MO 14.00 26.26 0.69 10.41 20.29 134.49 11.36 134.49 13.59
CBIN Community Bank Shares of IN 12.50 24.80 0.66 12.83 18.94 97.43 10.57 97.58 12.38
- --------------------------------------------------------------------------------------------------------------
CIBI Community Inv. Bancorp of OH 16.75 11.16 0.90 17.00 18.61 98.53 11.77 98.53 12.88
- --------------------------------------------------------------------------------------------------------------
FFWC FFW Corporation of Wabash IN 22.00 15.44 1.89 22.04 11.64 99.82 9.99 99.82 9.65
BDJI First Fed. Bancorp. of MN 18.00 12.62 0.45 17.58 NM 102.39 11.76 102.39 18.00
- --------------------------------------------------------------------------------------------------------------
FFBZ First Federal Bancorp of OH 16.00 25.12 0.91 8.92 17.58 179.37 13.62 179.78 13.01
FFBI First Financial Bancorp of IL 15.87 7.17 0.22 16.62 NM 95.49 7.38 95.49 22.67
- --------------------------------------------------------------------------------------------------------------
FFHS First Franklin Corp. of OH 16.00 18.53 0.52 17.07 NM 93.73 8.49 94.56 13.91
- --------------------------------------------------------------------------------------------------------------
FFSL First Independence Corp. of KS 19.62 11.44 1.40 22.30 14.01 87.98 10.54 87.98 10.38
GFSB GFS Bancorp of Grinnell IA 20.75 10.44 1.47 19.59 14.12 105.92 12.25 105.92 10.70
HZFS Horizon Fin'l. Services of IA 14.50 6.50 0.21 18.36 NM 78.98 8.47 78.98 NM
- --------------------------------------------------------------------------------------------------------------
JXSB Jcksnville SB,MHC of IL(43.3%) 12.50 6.98 0.21 13.01 NM 96.08 11.06 96.30 24.04
LSBI LSB Fin. Corp. of Lafayette IN 18.75 17.21 0.90 18.21 20.83 102.97 9.68 102.97 22.87
- --------------------------------------------------------------------------------------------------------------
MIFC Mid Iowa Financial Corp. of IA 6.25 10.52 0.62 6.42 10.08 97.35 9.13 97.50 10.08
MWBI Midwest Bancshares, Inc. of IA 26.50 9.25 2.58 25.98 10.27 102.00 6.72 102.00 6.87
MWFD Midwest Fed. Fin. Corp of WI 18.00 28.87 1.17 10.19 15.38 176.64 14.83 184.80 15.79
OHSL OHSL Financial Corp. of OH 20.75 25.38 0.96 20.58 21.61 100.83 11.66 100.83 14.41
- --------------------------------------------------------------------------------------------------------------
SJSB SJS Bancorp of St. Joseph MI(7) 25.50 23.41 0.28 17.23 NM 148.00 15.41 148.00 NM
PTRS The Potters S&L Co. of OH 18.75 9.49 0.06 20.36 NM 92.09 7.56 92.09 21.07
- --------------------------------------------------------------------------------------------------------------
Dividends(4) Financial Characteristics(6)
----------------------- ------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
---------------- -----------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
-------- ------ ------- ------ ------- ------- ------- ------- ------- ------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.37 1.98 33.16 1,353 12.79 0.87 0.62 5.36 0.83 7.41
Special Selection Grouping(8) 0.37 1.99 29.54 149 9.81 0.79 0.58 5.76 0.78 7.74
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
ATSB AmTrust Capital Corp. of IN 0.00 0.00 0.00 72 10.03 2.58 0.47 4.40 0.03 0.28
CBCO CB Bancorp of Michigan City IN 1.30 5.36 69.15 200 9.69 1.70 1.11 11.72 1.31 13.84
CAPS Capital Savings Bancorp of MO 0.24 1.71 34.78 231 8.45 0.20 0.63 6.34 0.93 9.47
CBIN Community Bank Shares of IN 0.34 2.72 51.52 235 10.85 0.22 0.59 5.15 0.90 7.88
- ---------------------------------------------------------------------------------------------------------------------
CIBI Community Inv. Bancorp of OH 0.40 2.39 44.44 95 11.94 0.88 0.68 5.05 0.98 7.29
- ---------------------------------------------------------------------------------------------------------------------
FFWC FFW Corporation of Wabash IN 0.60 2.73 31.75 155 10.01 0.10 0.90 8.36 1.08 10.09
BDJI First Fed. Bancorp. of MN 0.00 0.00 0.00 107 11.49 0.38 0.31 2.22 0.68 4.94
- ---------------------------------------------------------------------------------------------------------------------
FFBZ First Federal Bancorp of OH 0.24 1.50 26.37 184 7.59 0.50 0.81 10.59 1.10 14.32
FFBI First Financial Bancorp of IL 0.00 0.00 0.00 97 7.73 0.43 0.12 1.27 0.37 4.03
- ---------------------------------------------------------------------------------------------------------------------
FFHS First Franklin Corp. of OH 0.32 2.00 61.54 218 9.05 0.52 0.28 2.99 0.62 6.61
- ---------------------------------------------------------------------------------------------------------------------
FFSL First Independence Corp. of KS 0.40 2.04 28.57 109 11.98 0.57 0.78 6.21 1.06 8.39
GFSB GFS Bancorp of Grinnell IA 0.40 1.93 27.21 85 11.56 1.63 0.91 7.59 1.20 10.02
HZFS Horizon Fin'l. Services of IA 0.32 2.21 NM 77 10.73 1.12 0.13 1.11 0.33 2.85
- ---------------------------------------------------------------------------------------------------------------------
JXSB Jcksnville SB,MHC of IL(43.3%) 0.40 3.20 NM 144 11.52 0.37 0.19 1.60 0.47 3.96
LSBI LSB Fin. Corp. of Lafayette IN 0.32 1.71 35.56 178 9.40 1.37 0.50 4.76 0.46 4.33
- ---------------------------------------------------------------------------------------------------------------------
MIFC Mid Iowa Financial Corp. of IA 0.08 1.28 12.90 115 9.38 0.05 0.93 9.97 0.93 9.97
MWBI Midwest Bancshares, Inc. of IA 0.60 2.26 23.26 138 6.58 0.47 0.66 9.61 0.99 14.37
MWFD Midwest Fed. Fin. Corp of WI 0.30 1.67 25.64 195 8.39 0.24 1.04 11.36 1.01 11.07
OHSL OHSL Financial Corp. of OH 0.76 3.66 NM 218 11.57 0.22 0.57 4.63 0.85 6.95
- ---------------------------------------------------------------------------------------------------------------------
SJSB SJS Bancorp of St. Joseph MI(7) 0.44 1.73 NM 152 10.41 0.35 0.17 1.51 0.49 4.26
PTRS The Potters S&L Co. of OH 0.28 1.49 NM 125 8.21 2.20 0.03 0.28 0.39 4.17
- ---------------------------------------------------------------------------------------------------------------------
(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 Mid-West Companies; Assets less than $250 Million; Equity/Assets
6-12%;
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, Inc.
EXHIBIT III-3
Southeastern Peer Thrifts
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-3
Market Pricing Comparatives
Prices As of December 13, 1996
Per Share Data
Market ---------------
Capitalization Pricing Ratios(3)
--------------- Book ---------------------------------------
Price/ Market 12-Mth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- --------------------- -------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 18.72 142.09 0.87 16.03 17.22 116.52 14.06 119.53 15.51
Special Selection Grouping(8) 17.06 19.86 0.80 13.53 16.66 126.27 10.10 131.70 12.03
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
FGHC First Georgia Hold. Corp of GA 8.62 17.45 0.60 5.91 14.37 145.85 12.11 163.88 14.37
FLAG Flag Financial Corp of GA 11.00 22.41 -0.08 9.89 NM 111.22 9.79 111.22 NM
MERI Meritrust FSB of Thibodaux LA 31.62 24.47 1.59 21.67 19.89 145.92 10.59 145.92 11.71
PLE Pinnacle Bank of AL 17.00 15.13 1.08 16.65 15.74 102.10 7.89 105.79 10.00
- --------------------------------------------------------------------------------------------------------------
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
------------- ---------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------- ----- -------- ------ ------ ------ ----- ----- ----- -----
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.37 1.98 33.16 1,353 12.79 0.87 0.62 5.36 0.83 7.41
Special Selection Grouping(8) 0.46 2.62 41.34 199 8.02 1.95 0.46 5.94 0.67 8.62
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
FGHC First Georgia Hold. Corp of GA 0.08 0.93 13.33 144 8.31 1.34 0.87 10.71 0.87 10.71
FLAG Flag Financial Corp of GA 0.34 3.09 NM 229 8.80 3.67 -0.07 -0.77 0.11 1.15
MERI Meritrust FSB of Thibodaux LA 0.70 2.21 44.03 231 7.26 NA 0.55 7.37 0.93 12.52
PLE Pinnacle Bank of AL 0.72 4.24 66.67 192 7.73 0.83 0.50 6.42 0.79 10.11
- -----------------------------------------------------------------------------------------------------------------------
(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 South-East Companies; Assets less than $250 Million; Equity/Assets
6-12%;
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, Inc.
EXHIBIT III-4
Kentucky Thrifts
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-4
Market Pricing Comparatives
Prices As of December 13, 1996
Market Per Share Data
Capitalization --------------- Pricing Ratios(3)
---------------- Book ---------------------------------------
Price/ Market 12-Mth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- --------------------- -------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 18.72 142.09 0.87 16.03 17.22 116.52 14.06 119.53 15.51
State of KY 16.54 67.63 0.63 14.27 21.60 115.47 25.27 118.87 19.96
Comparable Group
- ----------------
State of KY
- -----------
CKFB CKF Bancorp of Danville KY 19.75 18.58 0.79 16.05 25.00 123.05 31.03 123.05 25.00
CLAS Classic Bancshares of KY 11.62 15.36 0.23 14.22 NM 81.72 11.28 97.73 NM
FFKY First Fed. Fin. Corp. of KY 19.25 80.79 1.03 11.75 18.69 163.83 22.61 175.32 16.45
FLKY First Lancaster Bncshrs of KY 15.50 14.86 0.27 14.08 NM 110.09 39.28 110.09 NM
FTSB Fort Thomas Fin. Corp. of KY 14.25 22.43 0.74 13.75 19.26 103.64 25.24 103.64 19.26
FKKY Frankfort First Bancorp of KY 11.37 39.11 0.32 9.84 NM 115.55 30.38 115.55 NM
GWBC Gateway Bancorp of KY 14.50 16.15 0.54 15.64 NM 92.71 23.24 92.71 19.59
GTFN Great Financial Corp. of KY 29.12 413.04 1.27 19.27 22.93 151.12 14.59 157.58 22.57
HFFB Harrodsburg 1st Fin Bcrp of KY 18.50 39.94 0.57 14.28 NM 129.55 36.45 129.55 NM
KYF Kentucky First Bancorp of KY 11.50 15.97 0.52 13.78 22.12 83.45 18.57 83.45 16.91
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ --------------- ---------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------- ------ -------- ------ ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.37 1.98 33.16 1,353 12.79 0.87 0.62 5.36 0.83 7.41
State of KY 0.36 2.26 45.45 390 22.43 0.95 0.93 4.28 1.09 4.92
Comparable Group
- ----------------
State of KY
- -----------
CKFB CKF Bancorp of Danville KY 0.44 2.23 55.70 60 25.22 1.47 1.28 4.72 1.28 4.72
CLAS Classic Bancshares of KY 0.24 2.07 NM 136 13.80 0.86 0.38 1.79 0.64 3.04
FFKY First Fed. Fin. Corp. of KY 0.48 2.49 46.60 357 13.80 0.54 1.24 8.81 1.41 10.01
FLKY First Lancaster Bncshrs of KY 0.00 0.00 0.00 38 35.68 0.83 0.70 1.52 0.99 2.14
FTSB Fort Thomas Fin. Corp. of KY 0.25 1.75 33.78 89 24.35 1.27 1.33 5.37 1.33 5.37
FKKY Frankfort First Bancorp of KY 0.36 3.17 NM 129 26.30 0.16 0.81 2.52 1.09 3.39
GWBC Gateway Bancorp of KY 0.40 2.76 74.07 69 25.07 0.45 0.83 3.26 1.14 4.47
GTFN Great Financial Corp. of KY 0.48 1.65 37.80 2,831 9.66 3.23 0.70 6.47 0.71 6.57
HFFB Harrodsburg 1st Fin Bcrp of KY 0.40 2.16 70.18 110 28.14 0.58 1.17 4.61 1.17 4.61
KYF Kentucky First Bancorp of KY 0.50 4.35 NM 86 22.25 0.09 0.90 3.71 1.17 4.85
(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 December 13, 1996
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A
Weekly Thrift Market Line - Part One
Prices As Of December 13, 1996
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
SAIF-Insured Thrifts(322) 18.76 6,033 149.0 19.98 14.87 18.76 0.06 154.89 13.68
NYSE Traded Companies(12) 35.23 46,176 1,615.4 37.27 25.34 35.44 -0.18 272.38 25.15
AMEX Traded Companies(17) 15.39 3,208 57.7 17.19 12.45 15.36 0.28 241.19 5.37
NASDAQ Listed OTC Companies(293) 18.30 4,586 95.5 19.44 14.59 18.28 0.06 139.87 13.58
California Companies(25) 21.67 21,784 649.1 22.94 15.84 21.63 0.37 84.73 21.78
Florida Companies(7) 13.55 7,295 86.5 14.50 11.14 13.85 -1.21 48.08 15.13
Mid-Atlantic Companies(66) 18.97 6,153 126.9 19.95 14.72 18.91 0.41 141.93 16.28
Mid-West Companies(151) 18.92 4,075 107.1 20.13 15.32 18.89 0.21 171.88 11.70
New England Companies(10) 19.58 3,449 84.0 20.44 15.22 19.69 -0.61 233.00 17.95
North-West Companies(6) 19.94 13,563 315.9 21.62 15.35 20.20 -1.81 87.95 15.05
South-East Companies(42) 17.05 3,794 64.5 18.79 13.78 17.08 -0.28 189.23 10.17
South-West Companies(7) 16.52 1,866 34.6 17.52 12.54 16.77 -0.99 -16.59 13.89
Western Companies (Excl CA)(8) 17.11 4,353 78.2 17.93 13.80 17.36 -1.23 297.58 17.92
Thrift Strategy(249) 17.45 3,541 69.2 18.63 14.07 17.45 0.03 121.25 11.82
Mortgage Banker Strategy(39) 22.50 12,295 379.2 23.96 17.32 22.52 -0.35 244.04 18.75
Real Estate Strategy(15) 20.40 7,577 148.7 21.41 15.33 20.18 1.32 130.65 19.13
Diversified Strategy(15) 30.56 30,284 898.4 32.11 22.39 30.62 -0.18 209.65 22.84
Retail Banking Strategy(4) 14.06 3,348 50.5 14.50 10.94 13.72 2.28 178.33 10.20
Companies Issuing Dividends(259) 19.48 6,340 164.9 20.78 15.45 19.48 0.03 170.87 13.62
Companies Without Dividends(63) 15.74 4,744 82.7 16.59 12.45 15.73 0.17 76.53 14.07
Equity/Assets
less than 6%(34) 22.14 17,981 494.6 23.50 16.17 22.04 -0.08 150.82 20.10
Equity/Assets 6-12%(152) 20.35 6,191 160.2 21.73 15.99 20.40 -0.11 160.68 15.45
Equity/Assets
greater than 12%(136) 16.18 2,963 53.0 17.17 13.31 16.14 0.29 125.24 8.96
Converted Last 3 Mths (no MHC)(7) 12.80 2,479 31.5 13.14 11.62 12.77 0.24 0.00 0.00
Actively Traded Companies(51) 27.02 17,902 563.7 28.55 20.42 26.99 0.33 188.15 20.28
Market Value Below $20 Million(77) 14.48 954 12.9 15.56 12.31 14.50 -0.05 81.79 3.43
Holding Company Structure(279) 19.16 6,050 155.3 20.39 15.20 19.16 0.12 145.44 13.61
Assets Over $1 Billion(67) 27.61 18,350 537.0 28.99 20.40 27.54 0.33 197.51 24.84
Assets $500 Million-$1 Billion(54) 18.06 5,305 86.1 19.06 14.30 18.03 0.10 184.17 15.42
Assets $250-$500 Million(71) 17.49 2,688 42.6 18.83 14.19 17.56 -0.33 101.63 12.17
Assets less than $250 Million(130) 14.93 1,437 20.6 16.07 12.47 14.92 0.11 100.71 6.44
Goodwill Companies(133) 21.72 10,197 262.7 22.99 16.52 21.74 0.00 186.61 19.57
Non-Goodwill Companies(189) 16.74 3,194 71.6 17.92 13.75 16.72 0.10 97.23 8.93
Acquirors of FSLIC Cases(14) 29.81 33,382 1,146.1 31.40 22.21 29.84 0.63 267.48 14.59
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
EPS(3) EPS(3) Share Share(4) Share
-------- ------- ------- ------- -------
($) ($) ($) ($) ($)
SAIF-Insured Thrifts(322) 0.88 1.19 16.19 15.77 163.46
NYSE Traded Companies(12) 1.73 2.63 20.88 19.42 374.11
AMEX Traded Companies(17) 0.71 0.95 14.71 14.55 109.18
NASDAQ Listed OTC Companies(293) 0.86 1.15 16.09 15.69 158.18
California Companies(25) 0.42 1.03 17.32 16.88 275.94
Florida Companies(7) 0.41 0.63 12.37 12.04 150.89
Mid-Atlantic Companies(66) 1.07 1.42 16.29 15.61 173.31
Mid-West Companies(151) 0.92 1.18 16.81 16.48 149.04
New England Companies(10) 1.20 1.41 17.31 16.00 234.86
North-West Companies(6) 0.94 1.28 12.45 11.85 168.46
South-East Companies(42) 0.76 1.05 13.98 13.79 119.40
South-West Companies(7) 0.54 1.01 15.88 15.07 223.55
Western Companies (Excl CA)(8) 0.86 1.06 15.68 15.65 99.11
Thrift Strategy(249) 0.78 1.07 16.11 15.76 143.75
Mortgage Banker Strategy(39) 1.41 1.60 16.21 15.26 245.01
Real Estate Strategy(15) 0.83 1.38 15.98 15.80 206.98
Diversified Strategy(15) 1.37 2.15 18.55 18.01 236.03
Retail Banking Strategy(4) 0.56 0.77 12.94 12.46 161.93
Companies Issuing Dividends(259) 1.00 1.31 16.39 15.89 163.17
Companies Without Dividends(63) 0.37 0.70 15.37 15.22 164.68
Equity/Assets
less than 6%(34) 0.81 1.41 15.26 14.12 306.43
Equity/Assets 6-12%(152) 1.11 1.47 16.38 15.80 198.33
Equity/Assets
greater than 12%(136) 0.64 0.83 16.21 16.13 90.16
Converted Last 3 Mths (no MHC)(7) 0.44 0.55 14.80 14.80 67.41
Actively Traded Companies(51) 1.58 2.20 18.55 17.71 260.66
Market Value Below $20 Million(77) 0.55 0.79 15.67 15.53 132.28
Holding Company Structure(279) 0.89 1.20 16.62 16.18 162.08
Assets Over $1 Billion(67) 1.34 1.91 19.11 17.80 269.19
Assets $500 Million-$1 Billion(54) 1.02 1.31 15.01 14.67 164.15
Assets $250-$500 Million(71) 0.88 1.11 15.84 15.59 160.31
Assets less than $250 Million(130) 0.58 0.79 15.26 15.19 107.68
Goodwill Companies(133) 1.04 1.47 16.62 15.57 214.72
Non-Goodwill Companies(189) 0.77 1.00 15.90 15.90 128.53
Acquirors of FSLIC Cases(14) 1.61 2.46 18.37 17.09 307.80
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and
assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by public
(non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(75) 18.73 7,963 188.6 19.67 13.64 18.74 0.07 131.52 26.59
NYSE Traded Companies(3) 27.04 53,821 1,349.3 28.16 15.71 26.66 0.60 162.20 47.02
AMEX Traded Companies(5) 16.80 3,978 67.3 17.75 13.50 16.82 -0.20 50.05 10.60
NASDAQ Listed OTC Companies(67) 18.46 5,899 138.2 19.39 13.54 18.49 0.06 136.47 26.33
California Companies(3) 14.25 6,047 89.8 14.96 10.33 14.42 -1.15 277.78 35.31
Mid-Atlantic Companies(20) 20.54 13,333 310.6 21.48 14.95 20.49 0.22 89.09 20.58
New England Companies(42) 18.20 4,117 73.2 19.15 13.22 18.31 -0.30 148.40 28.40
North-West Companies(4) 23.03 22,995 847.2 24.38 15.46 22.25 3.46 86.40 30.66
South-East Companies(4) 13.87 2,515 34.9 14.34 11.75 13.87 0.05 0.00 0.00
Thrift Strategy(48) 18.23 4,563 111.7 19.02 13.43 18.16 0.49 127.57 27.10
Mortgage Banker Strategy(10) 20.36 18,983 319.7 21.81 14.93 20.74 -1.07 171.31 24.48
Real Estate Strategy(8) 18.50 5,072 103.6 19.23 12.48 18.54 -0.53 196.38 37.20
Diversified Strategy(7) 21.35 22,737 706.4 22.87 14.71 21.58 -1.98 80.09 23.62
Retail Banking Strategy(2) 15.81 1,341 20.4 16.69 13.25 15.31 3.45 18.30 3.26
Companies Issuing Dividends(55) 20.50 7,185 206.1 21.55 14.72 20.50 0.13 132.20 26.63
Companies Without Dividends(20) 14.11 9,994 142.9 14.76 10.82 14.15 -0.10 125.09 26.43
Equity/Assets
less than 6%(8) 13.75 19,561 285.6 14.77 10.30 13.88 -0.96 117.50 19.44
Equity/Assets 6-12%(51) 19.85 7,327 206.9 20.89 14.23 19.89 -0.19 137.16 28.21
Equity/Assets
greater than 12%(16) 17.72 4,164 82.6 18.27 13.44 17.54 1.37 -1.34 23.78
Converted Last 3 Mths (no MHC)(2) 13.50 3,175 43.3 14.00 12.56 13.50 0.00 0.00 0.00
Actively Traded Companies(28) 20.39 12,338 291.9 21.56 14.71 20.39 -0.05 163.99 28.63
Market Value Below $20 Million(12) 15.24 892 12.7 16.27 11.66 15.52 -1.12 67.00 19.76
Holding Company Structure(47) 19.25 7,175 180.7 20.22 14.18 19.22 0.37 138.29 28.23
Assets Over $1 Billion(17) 25.57 24,941 692.0 27.06 17.27 25.58 -0.23 125.60 30.82
Assets $500 Million-$1 Billion(18) 19.58 5,037 91.2 20.55 15.05 19.59 0.07 130.52 18.39
Assets $250-$500 Million(22) 16.65 3,351 44.9 17.24 11.94 16.46 1.42 155.76 31.75
Assets less than $250 Million(18) 14.55 1,616 19.1 15.41 11.26 14.80 -1.37 101.53 23.19
Goodwill Companies(38) 21.27 12,058 321.9 22.44 15.31 21.29 -0.09 134.71 24.87
Non-Goodwill Companies(37) 16.42 4,229 67.1 17.14 12.11 16.41 0.21 126.34 28.64
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
EPS(3) EPS(3) Share Share(4) Share
-------- ------- ------- ------- -------
($) ($) ($) ($) ($)
BIF-Insured Thrifts(75) 1.32 1.32 14.91 14.08 165.58
NYSE Traded Companies(3) 1.55 1.66 18.47 13.99 251.54
AMEX Traded Companies(5) 0.91 0.74 15.01 14.57 143.93
NASDAQ Listed OTC Companies(67) 1.35 1.36 14.71 14.04 162.95
California Companies(3) 1.23 1.15 11.73 11.73 157.31
Mid-Atlantic Companies(20) 1.29 1.37 16.26 14.63 184.96
New England Companies(42) 1.46 1.40 14.58 14.01 168.57
North-West Companies(4) 1.52 1.57 14.11 13.34 159.52
South-East Companies(4) 0.22 0.33 14.55 14.55 59.54
Thrift Strategy(48) 1.20 1.20 15.40 14.32 153.27
Mortgage Banker Strategy(10) 1.71 1.71 15.17 14.78 225.79
Real Estate Strategy(8) 1.38 1.37 12.10 12.10 117.06
Diversified Strategy(7) 2.00 2.03 13.24 12.66 190.13
Retail Banking Strategy(2) 0.27 0.25 16.69 16.24 261.20
Companies Issuing Dividends(55) 1.54 1.52 15.63 14.48 183.16
Companies Without Dividends(20) 0.77 0.82 13.02 13.01 119.65
Equity/Assets
less than 6%(8) 1.01 1.07 10.43 10.17 184.41
Equity/Assets 6-12%(51) 1.55 1.53 15.15 13.99 186.69
Equity/Assets
greater than 12%(16) 0.76 0.80 16.39 16.31 89.80
Converted Last 3 Mths (no MHC)(2) 0.57 0.59 13.07 13.07 52.70
Actively Traded Companies(28) 1.67 1.68 15.31 14.58 189.10
Market Value Below $20 Million(12) 1.03 0.99 15.82 15.35 169.30
Holding Company Structure(47) 1.41 1.44 15.09 14.32 160.44
Assets Over $1 Billion(17) 1.98 2.04 16.64 15.20 211.20
Assets $500 Million-$1 Billion(18) 1.44 1.30 15.81 14.52 175.09
Assets $250-$500 Million(22) 1.05 1.12 13.55 13.10 146.67
Assets less than $250 Million(18) 0.99 0.97 14.24 13.91 140.37
Goodwill Companies(38) 1.52 1.52 16.22 14.48 210.40
Non-Goodwill Companies(37) 1.14 1.14 13.71 13.71 124.71
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and
assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for stock
splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(19) 18.00 4,661 25.8 19.11 14.60 17.87 0.65 141.25 4.88
BIF-Insured Thrifts(2) 18.63 21,894 164.2 21.06 13.94 19.00 -1.71 246.25 13.38
NASDAQ Listed OTC Companies(21) 18.06 6,384 39.6 19.31 14.53 17.99 0.41 176.25 5.77
Florida Companies(3) 22.50 5,512 56.6 23.87 16.67 22.87 -1.23 0.00 9.96
Mid-Atlantic Companies(8) 15.16 7,619 26.4 16.86 12.49 15.09 0.45 80.00 -0.20
Mid-West Companies(7) 17.36 1,942 12.5 18.30 14.32 17.07 1.15 202.50 3.23
New England Companies(1) 27.25 40,516 322.0 29.12 18.62 27.87 -2.22 246.25 43.42
North-West Companies(1) 16.75 2,196 13.2 17.25 14.09 16.75 0.00 0.00 15.20
South-East Companies(1) 22.00 1,505 15.5 22.00 20.25 21.37 2.95 0.00 0.00
Thrift Strategy(19) 17.62 4,721 25.4 18.87 14.33 17.51 0.58 141.25 3.00
Mortgage Banker Strategy(1) 16.75 2,196 13.2 17.25 14.09 16.75 0.00 0.00 15.20
Diversified Strategy(1) 27.25 40,516 322.0 29.12 18.62 27.87 -2.22 246.25 43.42
Companies Issuing Dividends(20) 17.85 6,641 40.9 19.16 14.23 17.81 0.28 176.25 5.77
Companies Without Dividends(1) 22.00 1,505 15.5 22.00 20.25 21.37 2.95 0.00 0.00
Equity/Assets
less than 6%(1) 17.25 1,625 12.9 17.25 14.25 17.25 0.00 0.00 8.70
Equity/Assets 6-12%(14) 19.10 8,127 51.1 20.54 14.93 19.04 0.32 176.25 6.74
Equity/Assets
greater than 12%(6) 15.31 2,456 13.0 16.25 13.47 15.17 0.74 0.00 1.67
Actively Traded Companies(1) 18.00 7,166 36.0 18.50 13.18 18.00 0.00 80.00 20.00
Market Value Below $20 Million(1) 12.50 1,272 7.0 14.12 11.50 12.00 4.17 0.00 -9.88
Holding Company Structure(1) 18.00 7,166 36.0 18.50 13.18 18.00 0.00 80.00 20.00
Assets Over $1 Billion(4) 22.66 20,011 121.2 24.41 16.97 23.16 -1.83 246.25 14.93
Assets $500 Million-$1 Billion(5) 17.69 5,458 39.4 18.59 13.30 17.66 0.20 80.00 8.38
Assets $250-$500 Million(4) 21.63 2,115 17.7 22.06 16.90 20.88 3.24 202.50 12.58
Assets less than $250 Million(8) 14.16 2,169 10.0 15.73 12.75 14.12 0.22 0.00 -4.84
Goodwill Companies(10) 20.60 11,031 68.7 21.75 15.56 20.51 0.54 176.25 12.84
Non-Goodwill Companies(11) 15.98 2,582 15.9 17.31 13.69 15.92 0.30 0.00 -0.59
MHC Institutions(21) 18.06 6,384 39.6 19.31 14.53 17.99 0.41 176.25 5.77
MHC Converted Last 3 Months(1) 22.00 1,505 15.5 22.00 20.25 21.37 2.95 0.00 0.00
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
EPS(3) EPS(3) Share Share(4) Share
-------- ------- ------- ------- -------
($) ($) ($) ($) ($)
SAIF-Insured Thrifts(19) 0.64 0.96 13.30 12.95 134.77
BIF-Insured Thrifts(2) 0.88 0.80 11.53 11.52 124.80
NASDAQ Listed OTC Companies(21) 0.66 0.95 13.12 12.81 133.77
Florida Companies(3) 1.10 1.41 14.84 14.56 156.71
Mid-Atlantic Companies(8) 0.20 0.63 11.73 11.15 120.67
Mid-West Companies(7) 0.61 0.90 13.02 12.99 135.41
New England Companies(1) 1.91 1.53 14.76 14.74 178.61
North-West Companies(1) 0.95 1.11 10.73 9.60 99.83
South-East Companies(1) 1.36 1.36 19.18 19.18 134.33
Thrift Strategy(19) 0.58 0.91 13.16 12.88 133.17
Mortgage Banker Strategy(1) 0.95 1.11 10.73 9.60 99.83
Diversified Strategy(1) 1.91 1.53 14.76 14.74 178.61
Companies Issuing Dividends(20) 0.62 0.93 12.80 12.47 133.74
Companies Without Dividends(1) 1.36 1.36 19.18 19.18 134.33
Equity/Assets
less than 6%(1) 1.21 1.62 13.96 13.96 234.81
Equity/Assets 6-12%(14) 0.61 0.97 13.34 12.89 145.53
Equity/Assets
greater than 12%(6) 0.69 0.75 12.34 12.34 80.63
Actively Traded Companies(1) 0.63 1.14 12.59 11.03 136.03
Market Value Below $20 Million(1) 0.21 0.52 13.01 12.98 112.98
Holding Company Structure(1) 0.63 1.14 12.59 11.03 136.03
Assets Over $1 Billion(4) 1.05 1.32 13.28 12.48 156.99
Assets $500 Million-$1 Billion(5) 0.64 0.97 13.98 13.56 151.09
Assets $250-$500 Million(4) 0.79 1.28 15.30 15.25 181.27
Assets less than $250 Million(8) 0.41 0.59 11.52 11.38 89.76
Goodwill Companies(10) 0.82 1.16 13.42 12.73 149.74
Non-Goodwill Companies(11) 0.53 0.77 12.87 12.87 120.71
MHC Institutions(21) 0.66 0.95 13.12 12.81 133.77
MHC Converted Last 3 Months(1) 1.36 1.36 19.18 19.18 134.33
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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) ($Mil) ($) ($) ($) (%) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 31.50 105,496 3,323.1 33.50 21.88 31.75 -0.79 68.00 18.87
CAL CalFed Inc. of Los Angeles CA(8) 24.25 49,427 1,198.6 24.37 14.87 24.25 0.00 20.11 53.97
CSA Coast Savings Financial of CA 35.50 18,584 659.7 36.37 26.50 34.75 2.16 207.09 2.54
CFB Commercial Federal Corp. of NE 46.00 13,857 637.4 48.50 35.00 45.75 0.55 ***.** 21.85
DME Dime Savings Bank, FSB of NY* 14.75 106,447 1,570.1 16.50 10.87 14.87 -0.81 46.62 26.94
DSL Downey Financial Corp. of CA 18.87 25,459 480.4 19.33 13.50 18.17 3.85 65.09 30.14
FRC First Republic Bancorp of CA* 17.00 7,361 125.1 17.87 12.25 17.00 0.00 277.78 29.57
FED FirstFed Fin. Corp. of CA 22.25 10,518 234.0 24.25 12.37 22.25 0.00 37.77 57.58
GLN Glendale Fed. Bk, FSB of CA 22.25 47,166 1,049.4 22.50 15.63 21.25 4.71 36.92 26.28
GDW Golden West Fin. Corp. of CA 62.00 57,376 3,557.3 67.50 49.50 64.25 -3.50 136.73 12.22
GWF Great Western Fin. Corp. of CA 29.50 137,432 4,054.2 31.12 21.12 30.00 -1.67 69.83 16.28
GPT GreenPoint Fin. Corp. of NY* 49.37 47,656 2,352.8 50.12 24.00 48.12 2.60 N.A. 84.56
SFB Standard Fed. Bancorp of MI 56.50 31,192 1,762.3 58.00 37.75 56.12 0.68 506.87 43.51
TCB TCF Financial Corp. of MN 41.75 34,870 1,455.8 45.00 29.25 43.00 -2.91 529.71 26.06
WES Westcorp Inc. of Orange CA 21.37 25,985 555.3 23.87 16.19 22.50 -5.02 191.54 21.28
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 14.25 2,731 38.9 15.12 11.69 14.62 -2.53 N.A. N.A.
BKC American Bank of Waterbury CT* 28.75 2,291 65.9 29.87 24.00 29.00 -0.86 53.33 5.50
BFD BostonFed Bancorp of MA 14.87 6,590 98.0 15.12 11.50 14.75 0.81 N.A. 26.55
CFX Cheshire Fin. Corp. of NH* 16.25 12,257 199.2 16.50 12.50 15.25 6.56 36.55 3.97
CZF Citisave Fin. Corp. of LA 14.00 962 13.5 16.50 13.00 13.50 3.70 N.A. -5.08
CBK Citizens First Fin. Corp. of IL 13.87 2,817 39.1 13.87 9.50 13.62 1.84 N.A. N.A.
ESX Essex Bancorp of VA(8) 2.25 1,053 2.4 4.75 1.62 2.00 12.50 -86.57 19.68
FCB Falmouth Co-Op Bank of MA* 13.12 1,455 19.1 14.00 10.25 13.25 -0.98 N.A. N.A.
GAF GA Financial Corp. of PA 14.75 8,900 131.3 15.37 10.25 14.75 0.00 N.A. N.A.
KNK Kankakee Bancorp of IL 24.00 1,415 34.0 26.37 18.37 24.75 -3.03 140.00 27.19
KYF Kentucky First Bancorp of KY 11.50 1,389 16.0 15.25 11.25 11.50 0.00 N.A. -7.03
NYB New York Bancorp, Inc. of NY 33.87 11,099 375.9 36.25 20.50 33.62 0.74 377.72 50.53
PDB Piedmont Bancorp of NC 10.87 2,751 29.9 19.12 10.37 10.87 0.00 N.A. -13.04
PLE Pinnacle Bank of AL 17.00 890 15.1 18.87 15.50 17.00 0.00 151.85 -5.56
SSB Scotland Bancorp of NC 14.25 1,840 26.2 14.25 11.62 14.00 1.79 N.A. N.A.
SZB SouthFirst Bancshares of AL 12.50 863 10.8 16.00 11.37 12.87 -2.87 N.A. -19.35
SRN Southern Banc Company of AL 13.37 1,382 18.5 13.75 11.37 13.50 -0.96 N.A. 3.89
SSM Stone Street Bancorp of NC 19.62 1,825 35.8 20.12 16.25 19.50 0.62 N.A. N.A.
TSH Teche Holding Company of LA 13.25 3,541 46.9 14.12 12.00 13.00 1.92 N.A. -3.64
FTF Texarkana Fst. Fin. Corp of AR 14.50 1,885 27.3 16.87 13.50 14.25 1.75 N.A. 2.69
THR Three Rivers Fin. Corp. of MI 13.62 851 11.6 14.37 12.00 13.62 0.00 N.A. 11.18
TBK Tolland Bank of CT* 11.62 1,157 13.4 13.25 9.06 12.00 -3.17 60.28 22.32
WSB Washington SB, FSB of MD 4.94 4,220 20.8 5.69 4.38 4.94 0.00 295.20 -1.20
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 30.50 671 20.5 31.50 26.00 30.50 0.00 N.A. 4.56
AFED AFSALA Bancorp of NY 11.50 1,455 16.7 12.12 11.31 12.00 -4.17 N.A. N.A.
ALBK ALBANK Fin. Corp. of Albany NY 31.00 13,100 406.1 32.81 22.92 31.62 -1.96 33.33 24.00
AMFC AMB Financial Corp. of IN 12.87 1,124 14.5 12.94 9.75 12.50 2.96 N.A. N.A.
ASBP ASB Financial Corp. of OH 17.50 1,714 30.0 18.25 13.75 17.75 -1.41 N.A. 10.27
ABBK Abington Savings Bank of MA(8)* 19.62 1,887 37.0 21.25 14.50 19.25 1.92 196.37 13.74
AABC Access Anytime Bancorp of NM 5.63 732 4.1 7.00 5.25 5.75 -2.09 -16.59 -16.59
AADV Advantage Bancorp of WI 31.87 3,393 108.1 34.50 29.60 31.75 0.38 246.41 5.53
AFCB Affiliated Comm BC, Inc of MA 22.62 5,095 115.2 23.00 16.06 22.62 0.00 N.A. 30.22
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 0.62 2.07 18.86 15.82 479.53
CAL CalFed Inc. of Los Angeles CA(8) 1.01 1.60 13.24 13.24 285.81
CSA Coast Savings Financial of CA 0.54 2.12 22.24 21.89 460.02
CFB Commercial Federal Corp. of NE 2.89 4.14 25.95 23.19 481.18
DME Dime Savings Bank, FSB of NY* 0.71 1.20 9.60 9.50 184.91
DSL Downey Financial Corp. of CA 0.80 1.28 15.07 14.82 194.60
FRC First Republic Bancorp of CA* 1.45 1.36 16.04 16.02 288.30
FED FirstFed Fin. Corp. of CA 0.23 1.15 17.49 17.21 399.00
GLN Glendale Fed. Bk, FSB of CA -0.14 1.14 16.87 15.65 320.24
GDW Golden West Fin. Corp. of CA 6.18 7.59 39.57 39.57 645.07
GWF Great Western Fin. Corp. of CA 1.35 2.18 17.84 15.69 316.87
GPT GreenPoint Fin. Corp. of NY* 2.48 2.42 29.76 16.44 281.40
SFB Standard Fed. Bancorp of MI 2.86 3.85 28.72 23.37 492.23
TCB TCF Financial Corp. of MN 2.40 2.84 14.98 14.35 204.03
WES Westcorp Inc. of Orange CA 1.30 0.52 12.10 12.06 122.43
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* -0.43 -0.40 17.03 17.03 97.06
BKC American Bank of Waterbury CT* 2.76 1.87 19.96 19.01 239.19
BFD BostonFed Bancorp of MA 0.34 0.55 13.48 13.48 120.92
CFX Cheshire Fin. Corp. of NH* 0.62 0.82 10.55 9.79 124.07
CZF Citisave Fin. Corp. of LA 0.63 0.84 12.58 12.57 78.62
CBK Citizens First Fin. Corp. of IL 0.21 0.44 14.32 14.32 94.57
ESX Essex Bancorp of VA(8) -7.61 -4.57 0.54 -0.23 162.87
FCB Falmouth Co-Op Bank of MA* 0.39 0.39 15.06 15.06 62.21
GAF GA Financial Corp. of PA 0.44 0.69 14.26 14.26 66.17
KNK Kankakee Bancorp of IL 1.05 1.49 24.99 23.25 249.42
KYF Kentucky First Bancorp of KY 0.52 0.68 13.78 13.78 61.92
NYB New York Bancorp, Inc. of NY 2.88 3.16 13.69 13.69 264.97
PDB Piedmont Bancorp of NC 0.57 0.70 13.54 13.54 48.01
PLE Pinnacle Bank of AL 1.08 1.70 16.65 16.07 215.35
SSB Scotland Bancorp of NC 0.41 0.53 13.47 13.47 37.29
SZB SouthFirst Bancshares of AL 0.57 0.76 15.12 15.12 104.92
SRN Southern Banc Company of AL 0.17 0.46 14.22 14.07 78.06
SSM Stone Street Bancorp of NC 0.67 0.83 20.48 20.48 58.29
TSH Teche Holding Company of LA 0.71 1.03 14.76 14.76 107.20
FTF Texarkana Fst. Fin. Corp of AR 1.27 1.57 14.02 14.02 87.93
THR Three Rivers Fin. Corp. of MI 0.52 0.78 14.87 14.80 102.67
TBK Tolland Bank of CT* 1.19 1.03 12.43 11.94 197.11
WSB Washington SB, FSB of MD 0.56 0.51 5.10 5.10 58.47
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 6.92 -0.65 31.52 31.52 384.44
AFED AFSALA Bancorp of NY 0.61 0.61 14.05 14.05 102.70
ALBK ALBANK Fin. Corp. of Albany NY 1.89 2.41 23.97 20.58 267.92
AMFC AMB Financial Corp. of IN 0.33 0.52 14.40 14.40 74.33
ASBP ASB Financial Corp. of OH 0.37 0.58 14.79 14.79 66.68
ABBK Abington Savings Bank of MA(8)* 1.80 1.51 17.17 15.27 256.53
AABC Access Anytime Bancorp of NM -0.90 -0.34 6.82 6.82 148.79
AADV Advantage Bancorp of WI 0.89 2.34 26.19 24.16 299.55
AFCB Affiliated Comm BC, Inc of MA 1.17 1.69 19.25 19.11 197.33
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ALBC Albion Banc Corp. of Albion NY 17.50 250 4.4 18.00 15.87 17.37 0.75 34.62 6.06
ATSB AmTrust Capital Corp. of IN 10.12 528 5.3 11.25 8.50 10.37 -2.41 N.A. -1.27
AHCI Ambanc Holding Co. of NY* 11.00 4,880 53.7 11.00 9.38 10.62 3.58 N.A. 8.80
ASBI Ameriana Bancorp of IN 15.63 3,278 51.2 16.00 12.87 15.75 -0.76 69.34 9.68
AFFFZ America First Fin. Fund of CA 29.37 6,011 176.5 30.75 25.87 29.12 0.86 56.64 -1.28
AMFB American Federal Bank of SC 19.00 10,955 208.1 19.45 14.25 19.00 0.00 300.00 24.59
ANBK American Nat'l Bancorp of MD 12.25 3,604 44.1 12.62 9.50 12.12 1.07 N.A. 25.64
ABCW Anchor Bancorp Wisconsin of WI 34.75 4,629 160.9 36.25 30.25 34.87 -0.34 18.32 -3.12
ANDB Andover Bancorp, Inc. of MA* 25.75 5,118 131.8 27.87 17.08 25.37 1.50 139.53 46.31
ASFC Astoria Financial Corp. of NY 35.00 21,511 752.9 37.75 22.16 35.00 0.00 33.33 53.44
AVND Avondale Fin. Corp. of IL 16.75 3,603 60.4 17.12 12.50 16.87 -0.71 N.A. 15.52
BFSI BFS Bankorp, Inc. of NY 49.50 1,635 80.9 55.00 35.25 49.50 0.00 446.36 40.43
BKCT Bancorp Connecticut of CT* 22.25 2,665 59.3 23.75 14.17 22.50 -1.11 154.29 50.44
BPLS Bank Plus Corp. of CA 11.25 18,243 205.2 11.75 8.00 11.25 0.00 N.A. 25.00
BWFC Bank West Fin. Corp. of MI 10.75 1,981 21.3 12.25 8.94 11.00 -2.27 N.A. 6.23
BANC BankAtlantic Bancorp of FL 13.00 14,720 191.4 13.75 10.08 12.62 3.01 150.00 8.33
BKUNA BankUnited SA of FL 8.75 5,706 49.9 9.25 6.12 9.00 -2.78 61.14 42.97
BKCO Bankers Corp. of NJ* 20.00 12,378 247.6 20.37 16.25 19.50 2.56 220.00 23.08
BVFS Bay View Capital Corp. of CA 41.50 6,640 275.6 41.87 26.50 39.00 6.41 110.13 45.61
BFSB Bedford Bancshares of VA 18.00 1,144 20.6 18.25 16.00 17.75 1.41 71.43 3.63
BSBC Branford SB of CT* 3.87 6,559 25.4 4.25 2.62 4.12 -6.07 82.55 34.84
BRFC Bridgeville SB, FSB of PA(8) 16.00 1,124 18.0 16.00 13.00 16.00 0.00 12.28 10.34
BYFC Broadway Fin. Corp. of CA 9.12 893 8.1 11.00 9.00 9.25 -1.41 N.A. N.A.
CBCO CB Bancorp of Michigan City IN 24.25 1,162 28.2 25.50 16.25 23.00 5.43 120.45 34.72
CBES CBES Bancorp of MO 13.75 1,025 14.1 14.25 12.62 14.00 -1.79 N.A. N.A.
CCFH CCF Holding Company of GA 15.00 1,131 17.0 15.12 11.31 14.50 3.45 N.A. 17.65
CENF CENFED Financial Corp. of CA 28.00 5,101 142.8 30.37 20.45 28.75 -2.61 78.57 28.32
CFSB CFSB Bancorp of Lansing MI 19.25 4,826 92.9 21.82 17.73 18.25 5.48 113.89 -1.53
CKFB CKF Bancorp of Danville KY 19.75 941 18.6 20.75 18.00 19.75 0.00 N.A. 2.60
CNSB CNS Bancorp of MO 15.00 1,653 24.8 15.25 11.00 14.62 2.60 N.A. N.A.
CSBF CSB Financial Group Inc of IL 10.56 1,035 10.9 10.56 8.81 10.00 5.60 N.A. 11.16
CFHC California Fin. Hld. Co. of CA 28.94 4,721 136.6 29.00 18.87 29.00 -0.21 175.62 41.17
CBCI Calumet Bancorp of Chicago IL 32.62 2,377 77.5 33.87 27.50 32.75 -0.40 61.09 17.55
CAFI Camco Fin. Corp. of OH 16.25 2,076 33.7 19.29 15.75 16.00 1.56 N.A. -5.19
CMRN Cameron Fin. Corp. of MO 15.50 2,850 44.2 16.00 13.50 15.63 -0.83 N.A. 7.86
CAPS Capital Savings Bancorp of MO 14.00 1,876 26.3 14.75 8.87 13.50 3.70 5.66 51.35
CFNC Carolina Fincorp of NC* 13.12 1,852 24.3 13.37 13.00 13.00 0.92 N.A. N.A.
CARV Carver FSB of New York, NY 8.00 2,314 18.5 9.50 7.37 8.00 0.00 28.00 -11.11
CASB Cascade SB of Everett WA 13.00 2,051 26.7 17.50 12.40 14.37 -9.53 1.56 -2.26
CATB Catskill Fin. Corp. of NY* 13.87 5,687 78.9 14.37 9.87 13.87 0.00 N.A. N.A.
CNIT Cenit Bancorp of Norfolk VA 39.25 1,633 64.1 40.50 31.75 39.00 0.64 147.17 6.80
CTBK Center Banks, Inc. of NY* 16.12 946 15.2 16.75 13.12 16.25 -0.80 46.55 14.65
CEBK Central Co-Op. Bank of MA* 18.37 1,965 36.1 18.50 12.50 17.50 4.97 249.90 22.47
CJFC Central Jersey Fin. Corp of NJ(8) 37.50 2,668 100.1 39.25 22.50 37.50 0.00 302.36 50.00
CBSB Charter Financial Inc. of IL 12.50 4,874 60.9 13.00 10.68 13.00 -3.85 N.A. 15.63
COFI Charter One Financial of OH 39.12 46,765 1,829.4 44.00 27.14 41.00 -4.59 123.54 34.11
CVAL Chester Valley Bancorp of PA 18.50 1,636 30.3 20.00 17.26 18.50 0.00 63.28 0.93
CTZN CitFed Bancorp of Dayton OH 29.75 8,582 255.3 32.50 21.75 28.25 5.31 230.56 29.35
CLAS Classic Bancshares of KY 11.62 1,322 15.4 12.12 10.37 11.87 -2.11 N.A. -1.11
CMSB Cmnwealth Bancorp of PA 14.25 17,953 255.8 14.50 9.75 14.12 0.92 N.A. 27.12
CBSA Coastal Bancorp of Houston TX 22.62 4,964 112.3 24.75 16.50 23.75 -4.76 N.A. 29.26
CFCP Coastal Fin. Corp. of SC 21.00 3,436 72.2 22.00 12.48 20.00 5.00 110.00 66.14
COFD Collective Bancorp Inc. of NJ 34.00 20,372 692.6 36.37 22.50 33.37 1.89 346.19 34.02
CMSV Commty. Svgs, MHC of FL(47.6) 18.25 4,879 43.4 19.37 14.25 18.37 -0.65 N.A. 7.35
CBIN Community Bank Shares of IN 12.50 1,984 24.8 14.75 12.00 12.50 0.00 N.A. -12.28
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)
- ---------------------------------------
ALBC Albion Banc Corp. of Albion NY -0.24 0.47 23.07 23.07 239.44
ATSB AmTrust Capital Corp. of IN 0.63 0.04 13.66 13.66 136.16
AHCI Ambanc Holding Co. of NY* 0.23 0.22 14.42 14.42 101.74
ASBI Ameriana Bancorp of IN 0.71 1.06 13.27 13.25 121.94
AFFFZ America First Fin. Fund of CA 1.73 2.92 25.54 25.02 370.59
AMFB American Federal Bank of SC 1.29 1.61 9.88 9.13 127.33
ANBK American Nat'l Bancorp of MD 0.19 0.68 12.36 12.36 135.03
ABCW Anchor Bancorp Wisconsin of WI 2.57 3.54 23.88 23.24 408.64
ANDB Andover Bancorp, Inc. of MA* 2.31 2.38 18.10 18.10 234.23
ASFC Astoria Financial Corp. of NY 1.61 2.44 26.32 21.56 337.79
AVND Avondale Fin. Corp. of IL 0.64 0.67 16.31 16.31 170.09
BFSI BFS Bankorp, Inc. of NY 5.65 6.64 30.71 30.71 393.38
BKCT Bancorp Connecticut of CT* 1.74 1.72 16.38 16.38 150.99
BPLS Bank Plus Corp. of CA -3.71 -3.08 8.66 8.64 182.16
BWFC Bank West Fin. Corp. of MI 0.46 0.25 12.21 12.21 70.43
BANC BankAtlantic Bancorp of FL 0.95 0.96 9.49 8.82 147.45
BKUNA BankUnited SA of FL 0.08 0.38 7.85 7.42 144.47
BKCO Bankers Corp. of NJ* 1.74 1.98 15.15 14.87 188.25
BVFS Bay View Capital Corp. of CA -0.39 2.62 29.17 27.53 516.29
BFSB Bedford Bancshares of VA 1.14 1.46 15.93 15.93 111.33
BSBC Branford SB of CT* 0.26 0.26 2.45 2.45 26.83
BRFC Bridgeville SB, FSB of PA(8) 0.48 0.61 14.12 14.12 48.79
BYFC Broadway Fin. Corp. of CA -0.21 0.27 14.11 14.11 131.30
CBCO CB Bancorp of Michigan City IN 1.88 2.22 16.68 16.68 172.12
CBES CBES Bancorp of MO 0.70 1.01 16.56 16.56 94.36
CCFH CCF Holding Company of GA 0.68 0.65 14.86 14.86 70.14
CENF CENFED Financial Corp. of CA 2.14 2.68 21.35 21.31 423.64
CFSB CFSB Bancorp of Lansing MI 1.12 1.58 13.02 13.02 168.25
CKFB CKF Bancorp of Danville KY 0.79 0.79 16.05 16.05 63.65
CNSB CNS Bancorp of MO 0.20 0.35 14.60 14.60 59.83
CSBF CSB Financial Group Inc of IL 0.36 0.36 12.40 12.40 40.12
CFHC California Fin. Hld. Co. of CA 1.00 1.71 18.32 18.26 283.71
CBCI Calumet Bancorp of Chicago IL 2.07 2.71 33.48 33.48 207.31
CAFI Camco Fin. Corp. of OH 1.32 1.50 13.81 13.81 182.12
CMRN Cameron Fin. Corp. of MO 0.97 0.95 16.26 16.26 61.70
CAPS Capital Savings Bancorp of MO 0.69 1.03 10.41 10.41 123.26
CFNC Carolina Fincorp of NC* 0.52 0.52 12.99 12.99 59.15
CARV Carver FSB of New York, NY -0.05 0.38 14.96 14.28 157.76
CASB Cascade SB of Everett WA 0.77 0.77 10.04 10.04 165.96
CATB Catskill Fin. Corp. of NY* 0.58 0.58 14.49 14.49 49.90
CNIT Cenit Bancorp of Norfolk VA 1.91 2.13 29.22 28.18 401.57
CTBK Center Banks, Inc. of NY* 1.48 1.41 16.78 16.78 255.71
CEBK Central Co-Op. Bank of MA* 0.85 0.92 16.30 14.36 165.86
CJFC Central Jersey Fin. Corp of NJ(8) 1.41 1.94 21.04 19.69 174.09
CBSB Charter Financial Inc. of IL 0.74 0.73 13.09 12.17 75.29
COFI Charter One Financial of OH 0.56 3.34 19.48 17.99 295.65
CVAL Chester Valley Bancorp of PA 1.00 1.50 15.36 15.36 173.83
CTZN CitFed Bancorp of Dayton OH 1.38 2.12 20.39 17.86 320.16
CLAS Classic Bancshares of KY 0.23 0.39 14.22 11.89 103.04
CMSB Cmnwealth Bancorp of PA 0.43 0.62 12.67 9.72 116.13
CBSA Coastal Bancorp of Houston TX 1.32 2.23 18.26 15.04 576.04
CFCP Coastal Fin. Corp. of SC 1.29 1.13 8.04 8.04 131.78
COFD Collective Bancorp Inc. of NJ 2.24 2.77 17.87 16.73 257.83
CMSV Commty. Svgs, MHC of FL(47.6) 1.08 1.10 15.39 15.39 128.31
CBIN Community Bank Shares of IN 0.66 1.01 12.83 12.81 118.25
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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)
- ---------------------------------------
CBNH Community Bankshares Inc of NH* 20.25 2,429 49.2 20.25 17.12 20.12 0.65 440.00 7.31
CFTP Community Fed. Bancorp of MS 17.12 4,282 73.3 17.25 12.25 17.25 -0.75 N.A. N.A.
CFFC Community Fin. Corp. of VA 21.00 1,272 26.7 22.50 16.00 21.25 -1.18 200.00 16.67
CIBI Community Inv. Bancorp of OH 16.75 666 11.2 18.25 14.25 16.50 1.52 N.A. 9.84
COOP Cooperative Bk.for Svgs. of NC 20.50 1,492 30.6 20.87 16.50 20.75 -1.20 105.00 0.00
CNSK Covenant Bank for Svgs. of NJ* 12.00 2,742 32.9 13.44 10.88 12.50 -4.00 N.A. -3.77
CRZY Crazy Woman Creek Bncorp of WY 11.75 1,058 12.4 12.00 10.00 11.50 2.17 N.A. N.A.
DNFC D&N Financial Corp. of MI 15.37 7,587 116.6 15.50 12.00 14.87 3.36 75.66 26.82
DSBC DS Bancor Inc. of Derby CT(8)* 42.50 3,032 128.9 42.56 24.00 42.44 0.14 158.36 66.67
DFIN Damen Fin. Corp. of Chicago IL 12.87 3,771 48.5 12.87 11.00 12.25 5.06 N.A. 13.19
DCBI Delphos Citizens Bancorp of OH 11.94 2,039 24.3 12.50 11.87 11.87 0.59 N.A. N.A.
DIME Dime Community Bancorp of NY 14.87 14,547 216.3 14.87 11.69 14.50 2.55 N.A. N.A.
DIBK Dime Financial Corp. of CT* 17.50 5,129 89.8 18.37 12.00 17.75 -1.41 66.67 29.63
EGLB Eagle BancGroup of IL 13.25 1,303 17.3 13.75 10.50 13.50 -1.85 N.A. N.A.
EBSI Eagle Bancshares of Tucker GA 13.62 4,552 62.0 19.00 13.62 15.00 -9.20 87.86 -28.32
EGFC Eagle Financial Corp. of CT 28.75 4,534 130.4 30.50 22.25 30.25 -4.96 228.57 9.52
ETFS East Texas Fin. Serv. of TX 16.25 1,134 18.4 16.75 14.25 16.12 0.81 N.A. 0.00
EBCP Eastern Bancorp of NH(8) 22.62 3,652 82.6 24.00 15.17 22.12 2.26 80.24 26.86
ESBK Elmira SB of Elmira NY* 17.00 706 12.0 18.75 14.75 16.75 1.49 18.30 -9.33
EIRE Emerald Island Bancorp, MA* 18.50 1,766 32.7 19.00 14.00 18.00 2.78 142.78 13.85
EFBI Enterprise Fed. Bancorp of OH 14.50 2,074 30.1 16.00 12.75 15.75 -7.94 N.A. -1.69
EQSB Equitable FSB of Wheaton MD 26.75 600 16.1 27.50 21.00 27.50 -2.73 N.A. 7.00
FFFG F.F.O. Financial Group of FL 2.75 8,430 23.2 3.13 2.31 2.75 0.00 -66.91 7.42
FCBF FCB Fin. Corp. of Neenah WI 18.75 2,460 46.1 19.50 17.00 19.25 -2.60 N.A. 1.35
FFBS FFBS Bancorp of Columbus MS 23.00 1,570 36.1 24.25 16.50 23.00 0.00 N.A. 35.29
FFDF FFD Financial Corp. of OH 13.12 1,455 19.1 13.75 10.00 13.50 -2.81 N.A. N.A.
FFLC FFLC Bancorp of Leesburg FL 20.25 2,525 51.1 20.87 17.25 20.00 1.25 N.A. 8.00
FFFC FFVA Financial Corp. of VA 21.25 5,023 106.7 21.75 13.37 20.50 3.66 N.A. 54.55
FFWC FFW Corporation of Wabash IN 22.00 702 15.4 22.00 16.50 20.75 6.02 N.A. 11.39
FFYF FFY Financial Corp. of OH 25.87 5,117 132.4 25.87 20.81 25.75 0.47 N.A. 23.19
FMCO FMS Financial Corp. of NJ 17.37 2,468 42.9 17.75 14.75 17.12 1.46 93.00 2.18
FFHH FSF Financial Corp. of MN 14.87 3,478 51.7 14.87 11.37 14.25 4.35 N.A. 14.38
FMLY Family Bancorp of Haverhill MA(8)* 34.38 4,310 148.2 35.50 17.25 34.38 0.00 559.88 92.39
FOBC Fed One Bancorp of Wheeling WV 16.12 2,493 40.2 16.62 13.25 15.87 1.58 61.20 6.61
FFRV Fid. Fin. Bkshrs. Corp. of VA(8) 24.25 2,299 55.8 25.25 12.00 24.56 -1.26 177.14 74.84
FBCI Fidelity Bancorp of Chicago IL 17.12 2,866 49.1 17.25 14.50 17.00 0.71 N.A. 11.39
FSBI Fidelity Bancorp, Inc. of PA 19.00 1,373 26.1 20.50 15.00 19.75 -3.80 145.80 26.67
FFFL Fidelity FSB, MHC of FL(47.2) 17.25 6,724 54.6 18.00 12.00 17.25 0.00 N.A. 6.15
FFED Fidelity Fed. Bancorp of IN 9.50 2,494 23.7 14.77 9.25 10.00 -5.00 34.75 -35.68
FFOH Fidelity Financial of OH 11.37 4,077 46.4 11.50 9.62 11.19 1.61 N.A. 4.41
FIBC Financial Bancorp of NY 14.50 1,791 26.0 16.25 12.37 14.50 0.00 N.A. 5.45
FBSI First Bancshares of MO 16.50 1,206 19.9 16.81 15.00 16.50 0.00 29.41 3.13
FBBC First Bell Bancorp of PA 16.00 7,758 124.1 17.37 13.12 17.06 -6.21 N.A. 19.67
FBER First Bergen Bancorp of NJ 12.00 3,174 38.1 12.12 9.00 12.00 0.00 N.A. N.A.
FCIT First Cit. Fin. Corp of MD 18.75 2,927 54.9 19.09 15.57 18.44 1.68 115.77 8.57
FFBA First Colorado Bancorp of Co 17.50 19,031 333.0 17.75 10.47 16.87 3.73 430.30 59.24
FDEF First Defiance Fin. Corp. of OH 12.06 9,912 119.5 12.50 9.87 12.25 -1.55 N.A. 19.17
FESX First Essex Bancorp of MA* 13.37 6,059 81.0 14.50 10.00 13.75 -2.76 122.83 17.59
FFES First FS&LA of E. Hartford CT 23.00 2,615 60.1 23.75 16.50 22.75 1.10 253.85 15.00
FSSB First FS&LA of San Bern. CA 9.00 328 3.0 12.50 9.00 9.00 0.00 -10.00 -28.00
FFSX First FS&LA. MHC of IA (45.0) 30.25 1,883 22.9 30.25 21.36 28.00 8.04 202.50 24.38
FFML First Family Fin. Corp. of FL(8) 22.00 545 12.0 23.00 19.00 22.50 -2.22 238.46 4.76
FFSW First Fed Fin. Serv. of OH 39.00 3,612 140.9 39.00 21.59 37.75 3.31 129.41 80.64
BDJI First Fed. Bancorp. of MN 18.00 701 12.6 18.00 12.25 17.87 0.73 N.A. 30.91
FFBH First Fed. Bancshares of AR 16.00 5,154 82.5 16.37 12.75 16.00 0.00 N.A. N.A.
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
CBNH Community Bankshares Inc of NH* 1.72 1.40 16.18 16.18 225.91
CFTP Community Fed. Bancorp of MS 0.50 0.63 15.68 15.68 47.65
CFFC Community Fin. Corp. of VA 1.28 1.62 17.59 17.59 126.41
CIBI Community Inv. Bancorp of OH 0.90 1.30 17.00 17.00 142.34
COOP Cooperative Bk.for Svgs. of NC -2.41 -0.16 16.89 16.89 219.30
CNSK Covenant Bank for Svgs. of NJ* 0.36 0.64 7.55 7.55 141.20
CRZY Crazy Woman Creek Bncorp of WY 0.34 0.44 14.62 14.62 48.69
DNFC D&N Financial Corp. of MI 1.19 1.55 10.30 10.16 185.60
DSBC DS Bancor Inc. of Derby CT(8)* 3.05 2.84 28.53 27.72 415.38
DFIN Damen Fin. Corp. of Chicago IL 0.47 0.61 14.02 14.02 62.20
DCBI Delphos Citizens Bancorp of OH 0.73 0.73 14.26 14.26 53.80
DIME Dime Community Bancorp of NY 0.46 0.58 14.79 12.86 84.25
DIBK Dime Financial Corp. of CT* 2.29 2.47 11.58 11.10 134.89
EGLB Eagle BancGroup of IL -0.52 -0.10 16.75 16.75 125.66
EBSI Eagle Bancshares of Tucker GA 0.85 1.13 12.62 12.62 141.07
EGFC Eagle Financial Corp. of CT 3.06 1.88 22.31 16.36 310.23
ETFS East Texas Fin. Serv. of TX 0.83 0.76 19.24 19.24 101.71
EBCP Eastern Bancorp of NH(8) 0.90 1.22 17.41 16.44 237.86
ESBK Elmira SB of Elmira NY* 0.58 0.54 19.93 19.06 312.61
EIRE Emerald Island Bancorp, MA* 1.19 1.28 15.18 15.18 222.19
EFBI Enterprise Fed. Bancorp of OH 0.90 0.62 15.23 15.21 103.12
EQSB Equitable FSB of Wheaton MD 3.30 3.28 23.64 23.64 446.29
FFFG F.F.O. Financial Group of FL 0.07 0.22 2.23 2.23 36.90
FCBF FCB Fin. Corp. of Neenah WI 0.95 1.17 18.92 18.92 109.47
FFBS FFBS Bancorp of Columbus MS 0.85 1.10 15.69 15.69 80.08
FFDF FFD Financial Corp. of OH 0.34 0.47 14.72 14.72 58.72
FFLC FFLC Bancorp of Leesburg FL 0.82 1.26 21.58 21.58 133.07
FFFC FFVA Financial Corp. of VA 1.06 1.34 15.68 15.35 105.53
FFWC FFW Corporation of Wabash IN 1.89 2.28 22.04 22.04 220.16
FFYF FFY Financial Corp. of OH 0.93 1.43 19.98 19.98 117.76
FMCO FMS Financial Corp. of NJ 1.07 1.79 13.71 13.40 210.11
FFHH FSF Financial Corp. of MN 0.48 0.67 13.70 13.70 101.97
FMLY Family Bancorp of Haverhill MA(8)* 1.78 1.86 16.92 15.65 212.95
FOBC Fed One Bancorp of Wheeling WV 0.95 1.35 15.99 15.18 136.99
FFRV Fid. Fin. Bkshrs. Corp. of VA(8) 0.92 1.31 12.07 12.06 143.21
FBCI Fidelity Bancorp of Chicago IL 0.75 1.12 17.04 16.98 166.04
FSBI Fidelity Bancorp, Inc. of PA 0.96 1.68 15.86 15.83 231.52
FFFL Fidelity FSB, MHC of FL(47.2) 0.47 0.77 11.94 11.82 127.51
FFED Fidelity Fed. Bancorp of IN 0.34 0.44 5.03 5.03 104.99
FFOH Fidelity Financial of OH 0.36 0.54 12.46 12.46 62.76
FIBC Financial Bancorp of NY 0.64 1.19 14.40 14.32 148.95
FBSI First Bancshares of MO 0.78 1.12 18.90 18.86 127.95
FBBC First Bell Bancorp of PA 0.99 1.14 13.71 13.71 74.37
FBER First Bergen Bancorp of NJ 0.09 0.45 13.41 13.41 78.76
FCIT First Cit. Fin. Corp of MD 0.99 1.41 13.51 13.51 228.38
FFBA First Colorado Bancorp of Co 0.83 0.83 12.88 12.72 78.89
FDEF First Defiance Fin. Corp. of OH 0.49 0.64 12.17 12.17 52.89
FESX First Essex Bancorp of MA* 1.34 1.15 10.67 10.67 143.45
FFES First FS&LA of E. Hartford CT 1.54 2.34 22.05 22.00 360.48
FSSB First FS&LA of San Bern. CA -3.34 -3.89 14.36 13.71 305.90
FFSX First FS&LA. MHC of IA (45.0) 0.94 1.63 19.39 19.21 243.31
FFML First Family Fin. Corp. of FL(8) 1.19 0.05 16.92 16.92 286.04
FFSW First Fed Fin. Serv. of OH 2.05 2.27 16.50 13.48 307.51
BDJI First Fed. Bancorp. of MN 0.45 1.00 17.58 17.58 153.00
FFBH First Fed. Bancshares of AR 0.58 0.88 16.17 16.17 98.88
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FFEC First Fed. Bancshares of WI(8) 18.37 6,855 125.9 18.37 13.62 18.37 0.00 N.A. 20.46
FTFC First Fed. Capital Corp. of WI 24.00 6,169 148.1 24.00 17.87 24.00 0.00 113.33 33.33
FFKY First Fed. Fin. Corp. of KY 19.25 4,197 80.8 22.00 15.25 20.25 -4.94 22.22 25.24
FFBZ First Federal Bancorp of OH 16.00 1,570 25.1 16.00 10.00 14.75 8.47 60.00 58.10
FFWM First Fin. Corp of Western MD 31.75 2,124 67.4 32.25 17.75 31.75 0.00 217.50 60.76
FFCH First Fin. Holdings Inc. of SC 23.25 6,358 147.8 24.25 17.50 23.00 1.09 89.80 20.78
FFBI First Financial Bancorp of IL 15.87 452 7.2 16.25 15.50 15.87 0.00 N.A. -0.81
FFHC First Financial Corp. of WI 28.50 29,915 852.6 30.25 19.50 28.00 1.79 80.95 23.91
FFHS First Franklin Corp. of OH 16.00 1,158 18.5 17.25 13.50 17.00 -5.88 21.95 0.82
FGHC First Georgia Hold. Corp of GA 8.62 2,024 17.4 9.25 6.00 8.00 7.75 125.07 12.39
FSPG First Home SB, SLA of NJ 19.50 2,030 39.6 19.50 17.50 18.25 6.85 225.00 2.63
FFSL First Independence Corp. of KS 19.62 583 11.4 21.25 17.62 19.62 0.00 N.A. 4.64
FISB First Indiana Corp. of IN 25.50 8,294 211.5 26.00 19.79 25.37 0.51 88.89 18.83
FKFS First Keystone Fin. Corp of PA 20.00 1,292 25.8 20.87 16.75 19.25 3.90 N.A. -4.17
FLKY First Lancaster Bncshrs of KY 15.50 959 14.9 16.25 13.12 16.00 -3.13 N.A. N.A.
FLFC First Liberty Fin. Corp. of GA 18.50 6,003 111.1 21.50 13.50 20.06 -7.78 264.17 30.56
CASH First Midwest Fin. Corp. of IA 24.75 1,779 44.0 24.75 21.75 24.75 0.00 N.A. 5.32
FMBD First Mutual Bancorp of IL 14.87 3,845 57.2 14.87 11.62 14.37 3.48 N.A. 9.18
FMSB First Mutual SB of Bellevue WA* 18.00 2,453 44.2 19.00 11.46 18.00 0.00 132.26 32.94
FNGB First Northern Cap. Corp of WI 16.00 4,381 70.1 18.62 15.25 16.00 0.00 9.89 -3.03
FFPB First Palm Beach Bancorp of FL 23.00 5,093 117.1 25.50 19.94 24.87 -7.52 N.A. 8.90
FSNJ First SB of NJ, MHC (45.0) 17.25 3,062 23.4 18.50 13.75 17.00 1.47 N.A. 0.00
FSLA First SB, SLA MHC of NJ (37.6) 18.00 7,166 36.0 18.50 13.18 18.00 0.00 80.00 20.00
SOPN First SB, SSB, Moore Co. of NC 18.00 3,744 67.4 19.25 16.75 18.50 -2.70 N.A. 1.07
FWWB First Savings Bancorp of WA* 18.50 10,878 201.2 19.00 12.37 18.37 0.71 N.A. 41.01
SHEN First Shenango Bancorp of PA 22.50 2,258 50.8 23.75 20.00 22.87 -1.62 N.A. 9.76
FSFC First So.east Fin. Corp. of SC 9.50 4,388 41.7 20.12 9.12 9.62 -1.25 N.A. -50.00
FSFI First State Fin. Serv. of NJ(8) 15.00 3,929 58.9 15.37 10.00 15.00 0.00 269.46 10.13
FFDP FirstFed Bancshares of IL 16.75 3,277 54.9 17.62 14.00 17.00 -1.47 151.50 18.21
FLAG Flag Financial Corp of GA 11.00 2,037 22.4 14.75 9.75 11.12 -1.08 12.24 -20.00
FFPC Florida First Bancorp of FL(8) 11.37 3,396 38.6 11.50 7.00 11.37 0.00 504.79 54.27
FFIC Flushing Fin. Corp. of NY* 18.75 8,575 160.8 18.87 14.12 18.25 2.74 N.A. 21.99
FBHC Fort Bend Holding Corp. of TX 24.25 819 19.9 25.75 16.87 25.25 -3.96 N.A. 34.72
FTSB Fort Thomas Fin. Corp. of KY 14.25 1,574 22.4 17.75 11.50 14.25 0.00 N.A. 17.57
FKKY Frankfort First Bancorp of KY 11.37 3,440 39.1 15.87 10.00 11.37 0.00 N.A. -14.19
FTNB Fulton Bancorp of MO 14.87 1,719 25.6 14.87 12.50 14.12 5.31 N.A. N.A.
GFSB GFS Bancorp of Grinnell IA 20.75 503 10.4 21.00 19.00 20.75 0.00 N.A. 3.75
GUPB GFSB Bancorp of Gallup NM 15.87 901 14.3 15.87 13.00 15.25 4.07 N.A. 11.37
GWBC Gateway Bancorp of KY 14.50 1,114 16.2 15.25 13.00 14.00 3.57 N.A. 1.75
GBCI Glacier Bancorp of MT 23.37 3,374 78.9 25.25 17.73 24.50 -4.61 383.85 26.94
GLBK Glendale Co-op. Bank of MA* 20.00 247 4.9 21.00 16.50 20.00 0.00 N.A. 6.67
GFCO Glenway Financial Corp. of OH 19.00 1,151 21.9 23.33 17.86 19.87 -4.38 N.A. -18.56
GTPS Great American Bancorp of IL 14.50 1,950 28.3 15.12 13.19 14.75 -1.69 N.A. -0.41
GTFN Great Financial Corp. of KY 29.12 14,184 413.0 29.87 22.62 29.30 -0.61 N.A. 23.91
GSBC Great Southern Bancorp of MO 17.25 8,730 150.6 17.75 11.50 16.75 2.99 490.75 39.45
GDVS Greater DV SB,MHC of PA(19.9)* 10.00 3,272 6.5 13.00 9.25 10.12 -1.19 N.A. -16.67
GRTR Greater New York SB of NY* 13.50 13,440 181.4 14.37 10.12 14.31 -5.66 45.01 12.50
GSFC Green Street Fin. Corp. of NC 15.37 4,298 66.1 16.12 12.12 15.50 -0.84 N.A. N.A.
GROV GroveBank for Savings of MA(8)* 49.12 1,542 75.7 49.12 24.25 49.12 0.00 453.78 98.46
GFED Guaranty FS&LA,MHC of MO(31.1) 11.37 3,125 8.8 12.50 9.75 11.00 3.36 N.A. -4.21
GSLC Guaranty Svgs & Loan FA of VA 8.25 919 7.6 9.50 7.12 8.75 -5.71 N.A. 6.45
HEMT HF Bancorp of Hemet CA 11.00 6,282 69.1 11.37 9.25 11.00 0.00 N.A. 11.45
HFFC HF Financial Corp. of SD 16.50 2,909 48.0 17.50 13.44 17.25 -4.35 230.00 8.20
HFNC HFNC Financial Corp. of NC 17.87 17,192 307.2 18.25 13.12 17.44 2.47 N.A. 36.20
HMNF HMN Financial, Inc. of MN 18.25 4,674 85.3 18.25 14.50 18.00 1.39 N.A. 14.06
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
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
FFEC First Fed. Bancshares of WI(8) 0.67 0.88 14.27 13.73 106.32
FTFC First Fed. Capital Corp. of WI 1.56 1.72 15.10 14.24 238.19
FFKY First Fed. Fin. Corp. of KY 1.03 1.17 11.75 10.98 85.13
FFBZ First Federal Bancorp of OH 0.91 1.23 8.92 8.90 117.49
FFWM First Fin. Corp of Western MD 1.34 1.86 19.01 19.01 162.67
FFCH First Fin. Holdings Inc. of SC 1.11 1.85 14.91 14.91 243.18
FFBI First Financial Bancorp of IL 0.22 0.70 16.62 16.62 214.92
FFHC First Financial Corp. of WI 1.66 2.33 13.41 12.95 187.05
FFHS First Franklin Corp. of OH 0.52 1.15 17.07 16.92 188.54
FGHC First Georgia Hold. Corp of GA 0.60 0.60 5.91 5.26 71.16
FSPG First Home SB, SLA of NJ 2.09 2.54 15.50 15.15 240.00
FFSL First Independence Corp. of KS 1.40 1.89 22.30 22.30 186.17
FISB First Indiana Corp. of IN 1.62 1.86 16.30 16.07 179.10
FKFS First Keystone Fin. Corp of PA 0.68 1.47 17.87 17.87 227.74
FLKY First Lancaster Bncshrs of KY 0.27 0.38 14.08 14.08 39.46
FLFC First Liberty Fin. Corp. of GA 1.60 1.28 11.39 9.65 165.12
CASH First Midwest Fin. Corp. of IA 1.76 1.74 21.94 20.49 192.30
FMBD First Mutual Bancorp of IL 0.35 0.54 16.40 16.40 82.28
FMSB First Mutual SB of Bellevue WA* 1.55 1.49 10.79 10.79 163.31
FNGB First Northern Cap. Corp of WI 0.70 1.08 15.84 15.84 138.78
FFPB First Palm Beach Bancorp of FL 0.11 0.32 20.70 20.15 292.56
FSNJ First SB of NJ, MHC (45.0) 0.38 0.85 16.01 16.01 212.49
FSLA First SB, SLA MHC of NJ (37.6) 0.63 1.14 12.59 11.03 136.03
SOPN First SB, SSB, Moore Co. of NC 0.87 1.08 17.90 17.90 70.30
FWWB First Savings Bancorp of WA* 0.66 0.66 13.73 12.60 87.06
SHEN First Shenango Bancorp of PA 1.18 1.60 20.42 20.42 170.10
FSFC First So.east Fin. Corp. of SC -0.03 0.67 7.55 7.55 75.05
FSFI First State Fin. Serv. of NJ(8) 0.02 -0.19 10.17 9.61 169.49
FFDP FirstFed Bancshares of IL 0.44 0.54 15.76 15.02 183.98
FLAG Flag Financial Corp of GA -0.08 0.12 9.89 9.89 112.38
FFPC Florida First Bancorp of FL(8) 0.52 0.77 6.12 6.12 87.53
FFIC Flushing Fin. Corp. of NY* 0.71 0.67 15.73 15.73 89.81
FBHC Fort Bend Holding Corp. of TX 0.82 1.78 21.24 19.62 343.95
FTSB Fort Thomas Fin. Corp. of KY 0.74 0.74 13.75 13.75 56.46
FKKY Frankfort First Bancorp of KY 0.32 0.43 9.84 9.84 37.42
FTNB Fulton Bancorp of MO 0.67 0.65 13.92 13.92 61.05
GFSB GFS Bancorp of Grinnell IA 1.47 1.94 19.59 19.59 169.40
GUPB GFSB Bancorp of Gallup NM 0.62 0.79 16.37 16.37 88.47
GWBC Gateway Bancorp of KY 0.54 0.74 15.64 15.64 62.38
GBCI Glacier Bancorp of MT 1.61 1.81 11.54 11.53 122.12
GLBK Glendale Co-op. Bank of MA* 1.16 0.97 23.71 23.71 149.55
GFCO Glenway Financial Corp. of OH 1.34 1.36 23.27 22.77 242.23
GTPS Great American Bancorp of IL 0.42 0.41 17.09 17.09 61.37
GTFN Great Financial Corp. of KY 1.27 1.29 19.27 18.48 199.57
GSBC Great Southern Bancorp of MO 1.02 1.16 7.62 7.62 75.33
GDVS Greater DV SB,MHC of PA(19.9)* -0.15 0.07 8.30 8.30 70.99
GRTR Greater New York SB of NY* 0.80 0.71 11.40 11.40 190.97
GSFC Green Street Fin. Corp. of NC 0.48 0.60 14.47 14.47 41.00
GROV GroveBank for Savings of MA(8)* 3.37 3.16 25.21 25.20 388.14
GFED Guaranty FS&LA,MHC of MO(31.1) 0.36 0.29 8.49 8.49 58.61
GSLC Guaranty Svgs & Loan FA of VA 0.50 0.58 6.90 6.90 125.39
HEMT HF Bancorp of Hemet CA -0.10 -0.13 12.70 12.70 159.88
HFFC HF Financial Corp. of SD 1.15 1.45 17.12 17.07 190.49
HFNC HFNC Financial Corp. of NC 0.46 0.58 14.41 14.41 49.16
HMNF HMN Financial, Inc. of MN 0.94 1.10 17.90 17.90 120.96
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HALL Hallmark Capital Corp. of WI 17.62 1,443 25.4 17.75 14.50 17.50 0.69 N.A. 13.68
HARB Harbor FSB, MHC of FL (45.7) 32.00 4,934 71.7 34.25 23.75 33.00 -3.03 N.A. 16.36
HRBF Harbor Federal Bancorp of MD 15.12 1,754 26.5 15.87 12.37 15.50 -2.45 51.20 4.28
HFSA Hardin Bancorp of Hardin MO 12.37 1,005 12.4 12.75 11.00 12.00 3.08 N.A. -2.98
HARL Harleysville SA of PA 18.75 1,292 24.2 20.00 15.00 18.25 2.74 5.63 25.00
HARS Harris SB, MHC of PA (23.1) 18.12 11,216 45.3 20.50 14.75 18.50 -2.05 N.A. -9.40
HFFB Harrodsburg 1st Fin Bcrp of KY 18.50 2,159 39.9 19.00 13.25 18.25 1.37 N.A. 23.33
HHFC Harvest Home Fin. Corp. of OH 9.87 935 9.2 13.75 9.25 9.87 0.00 N.A. -19.43
HAVN Haven Bancorp of Woodhaven NY 28.50 4,323 123.2 29.12 21.88 28.69 -0.66 N.A. 20.66
HVFD Haverfield Corp. of OH 18.50 1,907 35.3 19.75 13.50 19.25 -3.90 19.35 37.04
HTHR Hawthorne Fin. Corp. of CA 7.44 2,599 19.3 9.25 4.38 7.37 0.95 -72.95 48.80
HBNK Highland Federal Bank of CA 17.12 2,296 39.3 17.50 12.00 17.25 -0.75 N.A. 10.45
HIFS Hingham Inst. for Sav. of MA* 17.50 1,297 22.7 18.25 13.00 18.25 -4.11 283.77 18.64
HNFC Hinsdale Financial Corp. of IL 24.25 2,695 65.4 27.75 21.00 25.87 -6.26 142.50 12.79
HBEI Home Bancorp of Elgin IL 12.81 7,009 89.8 13.12 11.81 12.87 -0.47 N.A. N.A.
HBFW Home Bancorp of Fort Wayne IN 18.50 2,887 53.4 19.00 13.75 18.50 0.00 N.A. 21.31
HBBI Home Building Bancorp of IN 18.00 312 5.6 21.25 16.25 18.00 0.00 N.A. 9.09
HOMF Home Fed Bancorp of Seymour IN 35.25 2,226 78.5 35.25 24.50 35.25 0.00 135.00 33.02
HWEN Home Financial Bancorp of IN 13.00 506 6.6 13.75 9.87 13.12 -0.91 N.A. N.A.
HPBC Home Port Bancorp, Inc. of MA* 16.87 1,842 31.1 17.00 11.25 16.75 0.72 110.88 43.57
HMCI Homecorp, Inc. of Rockford IL 17.75 1,129 20.0 19.87 16.50 18.00 -1.39 77.50 6.80
LOAN Horizon Bancorp, Inc of TX(8)* 19.00 1,387 26.4 19.50 8.25 18.50 2.70 N.A. 111.11
HZFS Horizon Fin'l. Services of IA 14.50 448 6.5 16.37 14.00 14.94 -2.95 N.A. -4.92
HRZB Horizon Financial Corp. of WA* 13.25 6,493 86.0 14.00 11.75 12.25 8.16 -1.34 1.92
IBSF IBS Financial Corp. of NJ 15.63 10,754 168.1 16.25 12.50 15.44 1.23 N.A. 14.59
ISBF ISB Financial Corp. of LA 17.50 7,051 123.4 18.50 13.62 17.12 2.22 N.A. 16.67
ITLA Imperial Thrift & Loan of CA* 14.00 7,820 109.5 15.25 11.75 14.50 -3.45 N.A. 14.29
IFSB Independence FSB of DC 7.62 1,280 9.8 8.62 6.75 7.62 0.00 281.00 -9.72
INCB Indiana Comm. Bank, SB of IN 16.50 922 15.2 16.75 12.50 15.50 6.45 N.A. 8.20
IFSL Indiana Federal Corp. of IN(8) 21.75 4,737 103.0 23.00 16.25 21.75 0.00 188.46 2.35
INBI Industrial Bancorp of OH 12.37 5,554 68.7 16.00 9.87 12.50 -1.04 N.A. -10.04
IWBK Interwest SB of Oak Harbor WA 32.25 7,918 255.4 33.00 19.37 32.25 0.00 222.50 58.32
IPSW Ipswich SB of Ipswich MA* 11.62 1,183 13.7 12.62 7.00 11.37 2.20 N.A. 40.85
IROQ Iroquois Bancorp of Auburn NY* 16.75 2,361 39.5 17.00 13.00 16.50 1.52 139.29 28.85
JSBF JSB Financial, Inc. of NY 36.50 9,764 356.4 37.12 31.62 36.25 0.69 217.39 15.43
JXVL Jacksonville Bancorp of TX 14.50 2,644 38.3 15.00 9.38 14.50 0.00 N.A. 24.57
JXSB Jcksnville SB, MHC of IL(43.3%) 12.50 1,272 7.0 14.12 11.50 12.00 4.17 N.A. -9.88
JSBA Jefferson Svgs Bancorp of MO 22.87 4,182 95.6 30.75 22.25 23.50 -2.68 N.A. -17.59
JOAC Joachim Bancorp of MO 14.37 760 10.9 15.25 11.50 14.50 -0.90 N.A. 6.44
KSAV KS Bancorp of Kenly NC 20.87 663 13.8 21.00 17.12 20.87 0.00 N.A. 19.26
KSBK KSB Bancorp of Kingfield ME* 23.00 411 9.5 26.00 16.59 26.00 -11.54 N.A. 31.43
KFBI Klamath First Bancorp of OR 14.94 11,612 173.5 15.12 12.56 14.87 0.47 N.A. 8.65
LBFI L&B Financial of S. Springs TX(8) 17.00 1,584 26.9 17.75 13.87 17.00 0.00 N.A. 19.30
LSBI LSB Fin. Corp. of Lafayette IN 18.75 918 17.2 19.50 14.50 19.50 -3.85 N.A. 8.70
LVSB Lakeview SB of Paterson NJ 23.50 2,487 58.4 24.32 15.19 23.25 1.08 N.A. 51.71
LARK Landmark Bancshares of KS 17.00 1,853 31.5 17.00 13.50 16.50 3.03 N.A. 23.64
LARL Laurel Capital Group of PA 15.87 1,514 24.0 16.25 14.50 16.00 -0.81 23.98 2.39
LSBX Lawrence Savings Bank of MA* 8.25 4,250 35.1 8.87 4.62 8.13 1.48 139.83 78.57
LFED Leeds FSB, MHC of MD (35.3) 16.00 3,455 20.0 16.75 13.00 15.25 4.92 N.A. 12.28
LXMO Lexington B&L Fin. Corp. of MO 13.50 1,265 17.1 13.50 9.50 12.87 4.90 N.A. N.A.
LBCI Liberty Bancorp of Chicago IL(8) 25.50 2,477 63.2 26.50 22.25 24.25 5.15 155.00 0.99
LIFB Life Bancorp of Norfolk VA 18.37 9,847 180.9 18.37 14.00 18.00 2.06 N.A. 22.47
LFBI Little Falls Bancorp of NJ 12.50 2,890 36.1 13.50 9.50 12.50 0.00 N.A. N.A.
LOGN Logansport Fin. Corp. of IN 11.75 1,322 15.5 14.75 11.25 11.75 0.00 N.A. -9.62
LONF London Financial Corp. of OH 13.50 529 7.1 13.50 9.75 13.00 3.85 N.A. N.A.
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
EPS(3) EPS(3) Share Share(4) Share
-------- ------- ------- ------- ---------
($) ($) ($) ($) ($)
HALL Hallmark Capital Corp. of WI 0.98 1.32 18.84 18.84 268.66
HARB Harbor FSB, MHC of FL (45.7) 1.75 2.36 17.19 16.47 214.32
HRBF Harbor Federal Bancorp of MD 0.28 0.59 15.67 15.67 121.90
HFSA Hardin Bancorp of Hardin MO 0.37 0.66 14.66 14.66 87.37
HARL Harleysville SA of PA 1.21 1.95 15.18 15.18 244.19
HARS Harris SB, MHC of PA (23.1) 0.03 0.61 13.15 11.09 153.68
HFFB Harrodsburg 1st Fin Bcrp of KY 0.57 0.57 14.28 14.28 50.75
HHFC Harvest Home Fin. Corp. of OH 0.57 0.57 13.66 13.66 81.71
HAVN Haven Bancorp of Woodhaven NY 1.99 3.01 21.73 21.60 361.95
HVFD Haverfield Corp. of OH 0.72 1.52 14.47 14.45 183.85
HTHR Hawthorne Fin. Corp. of CA 2.42 1.67 12.25 12.25 318.50
HBNK Highland Federal Bank of CA -0.18 0.43 14.57 14.57 204.34
HIFS Hingham Inst. for Sav. of MA* 1.49 1.49 14.45 14.45 148.95
HNFC Hinsdale Financial Corp. of IL 1.14 1.71 20.58 19.99 241.52
HBEI Home Bancorp of Elgin IL 0.06 0.31 14.12 14.12 52.87
HBFW Home Bancorp of Fort Wayne IN 0.91 0.91 16.96 16.96 109.42
HBBI Home Building Bancorp of IN -0.44 0.03 17.62 17.62 136.41
HOMF Home Fed Bancorp of Seymour IN 2.69 3.19 23.21 22.36 284.54
HWEN Home Financial Bancorp of IN 0.36 0.52 15.31 15.31 76.45
HPBC Home Port Bancorp, Inc. of MA* 1.64 1.65 10.66 10.66 102.41
HMCI Homecorp, Inc. of Rockford IL 0.29 0.99 18.09 18.09 301.55
LOAN Horizon Bancorp, Inc of TX(8)* 1.29 0.99 8.38 8.13 101.32
HZFS Horizon Fin'l. Services of IA 0.21 0.54 18.36 18.36 171.10
HRZB Horizon Financial Corp. of WA* 1.14 1.11 12.28 12.28 77.06
IBSF IBS Financial Corp. of NJ 0.42 0.68 13.42 13.42 69.00
ISBF ISB Financial Corp. of LA 0.73 0.99 15.93 15.45 97.27
ITLA Imperial Thrift & Loan of CA* 1.17 1.17 11.06 11.06 94.06
IFSB Independence FSB of DC 0.26 0.39 13.03 11.28 193.66
INCB Indiana Comm. Bank, SB of IN 0.15 0.48 12.10 12.10 98.37
IFSL Indiana Federal Corp. of IN(8) 1.07 1.50 14.77 13.78 170.81
INBI Industrial Bancorp of OH 0.42 0.78 10.92 10.92 57.68
IWBK Interwest SB of Oak Harbor WA 1.37 1.98 14.02 13.66 216.24
IPSW Ipswich SB of Ipswich MA* 1.56 1.29 7.90 7.90 133.66
IROQ Iroquois Bancorp of Auburn NY* 1.25 1.69 12.02 10.77 200.63
JSBF JSB Financial, Inc. of NY 2.60 2.60 33.60 33.60 155.55
JXVL Jacksonville Bancorp of TX 0.54 0.81 13.34 13.34 82.34
JXSB Jcksnville SB, MHC of IL(43.3%) 0.21 0.52 13.01 12.98 112.98
JSBA Jefferson Svgs Bancorp of MO 0.62 1.65 19.53 16.10 269.81
JOAC Joachim Bancorp of MO 0.19 0.33 14.05 14.05 47.54
KSAV KS Bancorp of Kenly NC 1.13 1.58 20.84 20.82 145.02
KSBK KSB Bancorp of Kingfield ME* 2.76 2.76 22.00 20.37 322.46
KFBI Klamath First Bancorp of OR 0.53 0.76 13.21 13.21 57.87
LBFI L&B Financial of S. Springs TX(8) 0.59 0.79 15.51 15.51 91.29
LSBI LSB Fin. Corp. of Lafayette IN 0.90 0.82 18.21 18.21 193.73
LVSB Lakeview SB of Paterson NJ 2.25 1.54 19.47 15.51 190.07
LARK Landmark Bancshares of KS 0.76 1.01 17.48 17.48 115.34
LARL Laurel Capital Group of PA 1.36 1.80 13.88 13.88 133.36
LSBX Lawrence Savings Bank of MA* 1.09 1.09 6.38 6.38 77.71
LFED Leeds FSB, MHC of MD (35.3) 0.59 0.85 12.80 12.80 79.51
LXMO Lexington B&L Fin. Corp. of MO 0.43 0.43 14.81 14.81 48.45
LBCI Liberty Bancorp of Chicago IL(8) 0.86 1.66 25.55 25.48 268.11
LIFB Life Bancorp of Norfolk VA 0.77 1.11 14.77 14.28 142.66
LFBI Little Falls Bancorp of NJ 0.16 0.43 14.45 13.31 97.09
LOGN Logansport Fin. Corp. of IN 0.71 0.89 12.05 12.05 60.31
LONF London Financial Corp. of OH 0.52 0.52 15.02 15.02 70.30
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
LISB Long Island Bancorp of NY 30.87 24,644 760.8 32.87 24.50 30.75 0.39 N.A. 17.06
MAFB MAF Bancorp of IL 34.62 10,485 363.0 35.25 22.25 34.75 -0.37 307.29 38.48
MBLF MBLA Financial Corp. of MO(8) 19.00 1,354 25.7 26.00 18.00 20.00 -5.00 N.A. -1.91
MFBC MFB Corp. of Mishawaka IN 16.50 1,974 32.6 19.25 13.75 17.00 -2.94 N.A. 11.86
MLBC ML Bancorp of Villanova PA 14.56 11,869 172.8 14.75 10.62 14.62 -0.41 N.A. 30.94
MBB MSB Bancorp of Middletown NY* 19.12 2,834 54.2 22.00 15.00 19.12 0.00 91.20 3.35
MSBF MSB Financial Corp. of MI 19.25 654 12.6 19.75 15.75 19.25 0.00 N.A. 1.32
MGNL Magna Bancorp of MS 18.00 13,741 247.3 22.50 14.25 18.50 -2.70 260.00 25.26
MARN Marion Capital Holdings of IN 20.37 1,843 37.5 21.50 19.25 20.50 -0.63 N.A. 1.85
MFCX Marshalltown Fin. Corp. of IA(8) 14.50 1,411 20.5 16.75 14.50 15.25 -4.92 N.A. -7.94
MFSL Maryland Fed. Bancorp of MD 34.25 3,137 107.4 34.87 26.91 33.50 2.24 226.19 19.88
MASB MassBank Corp. of Reading MA* 37.37 2,684 100.3 38.75 30.75 37.50 -0.35 203.08 17.70
MFLR Mayflower Co-Op. Bank of MA* 14.75 889 13.1 15.75 10.75 15.25 -3.28 195.00 34.09
MECH Mechanics SB of Hartford CT* 15.50 5,290 82.0 16.37 11.00 15.87 -2.33 N.A. N.A.
MDBK Medford Savings Bank of MA* 25.00 4,534 113.4 27.00 19.75 25.00 0.00 257.14 16.28
MERI Meritrust FSB of Thibodaux LA 31.62 774 24.5 34.00 29.25 31.50 0.38 N.A. 2.00
MWBX Metro West of MA* 4.87 13,889 67.6 4.87 3.50 4.62 5.41 18.20 18.20
MSEA Metropolitan Bancorp of WA(8) 19.25 3,634 70.0 19.50 12.50 19.25 0.00 164.79 48.08
MCBS Mid Continent Bancshares of KS 23.75 2,017 47.9 24.25 17.37 23.37 1.63 N.A. 28.38
MIFC Mid Iowa Financial Corp. of IA 6.25 1,683 10.5 7.87 6.00 6.37 -1.88 25.00 -19.35
MCBN Mid-Coast Bancorp of ME 18.75 230 4.3 20.25 17.12 18.75 0.00 228.37 9.52
MIDC Midconn Bank of Kensington CT* 19.31 1,936 37.4 20.25 13.50 20.25 -4.64 83.90 37.93
MWBI Midwest Bancshares, Inc. of IA 26.50 349 9.2 27.00 24.50 27.00 -1.85 165.00 2.91
MWFD Midwest Fed. Fin. Corp of WI 18.00 1,604 28.9 24.50 9.56 21.50 -16.28 260.00 67.44
MFFC Milton Fed. Fin. Corp. of OH 14.12 2,269 32.0 16.25 11.50 14.62 -3.42 N.A. -13.11
MIVI Miss. View Hold. Co. of MN 11.75 910 10.7 12.75 10.75 12.75 -7.84 N.A. 3.34
MBSP Mitchell Bancorp of NC* 14.25 980 14.0 14.25 10.19 13.87 2.74 N.A. N.A.
MBBC Monterey Bay Bancorp of CA 14.87 3,259 48.5 15.63 11.00 14.75 0.81 N.A. 27.97
MORG Morgan Financial Corp. of CO 11.25 778 8.8 13.00 10.50 12.00 -6.25 N.A. -10.00
MSBK Mutual SB, FSB of Bay City MI 5.69 4,274 24.3 6.81 5.12 5.75 -1.04 -34.97 -5.17
NHTB NH Thrift Bancshares of NH 11.75 1,698 20.0 13.37 9.25 11.75 0.00 154.33 16.11
NSLB NS&L Bancorp of Neosho MO 13.75 843 11.6 14.00 12.00 14.00 -1.79 N.A. 3.77
NMSB Newmil Bancorp. of CT* 8.75 4,042 35.4 9.25 6.37 8.50 2.94 37.36 25.00
NFSL Newnan SB, FSB of Newnan GA 25.25 1,587 40.1 26.75 15.37 25.25 0.00 102.00 46.38
NASB North American SB of MO 33.75 2,268 76.5 33.75 29.25 31.00 8.87 694.12 5.47
NBSI North Bancshares of Chicago IL 15.75 1,072 16.9 16.50 13.37 16.00 -1.56 N.A. 16.67
FFFD North Central Bancshares of IA 13.37 3,811 51.0 13.50 10.12 13.37 0.00 N.A. 26.73
NEBC Northeast Bancorp of ME* 13.50 1,231 16.6 14.00 11.00 13.50 0.00 14.89 17.39
NEIB Northeast Indiana Bncrp of IN 13.50 1,954 26.4 14.00 11.50 13.50 0.00 N.A. 12.50
NSBK Northside SB of Bronx NY(8)* 52.00 4,854 252.4 53.75 29.00 52.50 -0.95 226.02 70.49
NWEQ Northwest Equity Corp. of WI 12.25 929 11.4 12.25 9.87 11.25 8.89 N.A. 12.70
NWSB Northwest SB, MHC of PA(29.9) 13.25 23,376 45.7 13.75 10.75 13.25 0.00 N.A. 9.32
NSSY Norwalk Savings Society of CT* 24.25 2,392 58.0 24.87 18.50 24.25 0.00 N.A. 27.63
NSSB Norwich Financial Corp. of CT* 19.50 5,385 105.0 20.50 12.25 19.50 0.00 178.57 51.52
NTMG Nutmeg FS&LA of CT 7.25 712 5.2 8.00 6.25 7.25 0.00 N.A. 8.70
OHSL OHSL Financial Corp. of OH 20.75 1,223 25.4 22.00 19.25 20.37 1.87 N.A. -3.49
OSBF OSB Fin. Corp. of Oshkosh WI(8) 27.25 1,160 31.6 27.75 22.75 27.00 0.93 136.96 14.74
OCFC Ocean Fin. Corp. of NJ 25.50 9,059 231.0 26.50 19.62 25.87 -1.43 N.A. N.A.
OFCP Ottawa Financial Corp. of MI 16.75 5,179 86.7 16.75 15.37 16.75 0.00 N.A. 7.17
PFFB PFF Bancorp of Pomona CA 14.25 19,837 282.7 14.25 10.37 14.12 0.92 N.A. N.A.
PVFC PVF Capital Corp. of OH 15.00 2,323 34.8 15.75 11.17 14.50 3.45 240.91 23.25
PCCI Pacific Crest Capital of CA* 11.75 2,960 34.8 11.75 7.00 11.75 0.00 N.A. 62.07
PALM Palfed, Inc. of Aiken SC 14.50 5,228 75.8 14.75 11.37 14.50 0.00 -5.66 22.16
PBCI Pamrapo Bancorp, Inc. of NJ 18.87 3,231 61.0 22.50 18.25 18.87 0.00 235.17 -12.23
PFED Park Bancorp of Chicago IL 12.37 2,701 33.4 12.50 10.19 11.75 5.28 N.A. N.A.
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
EPS(3) EPS(3) Share Share(4) Share
-------- ------- ------- ------- -------
($) ($) ($) ($) ($)
LISB Long Island Bancorp of NY 1.87 1.70 21.17 21.17 211.86
MAFB MAF Bancorp of IL 1.21 2.11 23.07 19.73 301.63
MBLF MBLA Financial Corp. of MO(8) 0.85 1.12 20.67 20.67 167.94
MFBC MFB Corp. of Mishawaka IN 0.71 0.70 19.09 19.09 106.67
MLBC ML Bancorp of Villanova PA 1.11 1.04 11.63 11.26 159.14
MBB MSB Bancorp of Middletown NY* 0.44 0.49 19.59 7.70 299.31
MSBF MSB Financial Corp. of MI 1.22 1.50 19.26 19.26 96.07
MGNL Magna Bancorp of MS 1.25 1.54 9.16 8.72 94.77
MARN Marion Capital Holdings of IN 1.09 1.37 21.49 21.49 94.74
MFCX Marshalltown Fin. Corp. of IA(8) 0.05 0.36 13.71 13.71 88.01
MFSL Maryland Fed. Bancorp of MD 2.81 1.97 30.17 29.70 359.72
MASB MassBank Corp. of Reading MA* 3.46 3.26 32.59 32.59 327.55
MFLR Mayflower Co-Op. Bank of MA* 1.15 1.10 12.90 12.65 130.78
MECH Mechanics SB of Hartford CT* -0.44 -0.42 13.48 13.48 134.22
MDBK Medford Savings Bank of MA* 2.22 2.19 19.97 18.32 222.36
MERI Meritrust FSB of Thibodaux LA 1.59 2.70 21.67 21.67 298.52
MWBX Metro West of MA* 0.45 0.45 2.76 2.76 35.91
MSEA Metropolitan Bancorp of WA(8) 1.08 1.64 14.01 12.72 207.22
MCBS Mid Continent Bancshares of KS 1.55 1.78 18.25 18.24 168.43
MIFC Mid Iowa Financial Corp. of IA 0.62 0.62 6.42 6.41 68.48
MCBN Mid-Coast Bancorp of ME 0.82 1.39 21.37 21.37 243.29
MIDC Midconn Bank of Kensington CT* 0.96 1.20 18.00 15.16 185.14
MWBI Midwest Bancshares, Inc. of IA 2.58 3.86 25.98 25.98 394.58
MWFD Midwest Fed. Fin. Corp of WI 1.17 1.14 10.19 9.74 121.39
MFFC Milton Fed. Fin. Corp. of OH 0.50 0.65 14.75 14.75 79.70
MIVI Miss. View Hold. Co. of MN 0.99 0.93 14.01 14.01 76.18
MBSP Mitchell Bancorp of NC* 0.18 0.55 15.02 15.02 35.69
MBBC Monterey Bay Bancorp of CA 0.13 0.39 14.04 13.91 100.38
MORG Morgan Financial Corp. of CO 0.68 0.90 12.19 12.19 96.47
MSBK Mutual SB, FSB of Bay City MI 0.12 -0.08 9.23 9.23 158.53
NHTB NH Thrift Bancshares of NH 0.60 0.90 11.31 11.31 155.49
NSLB NS&L Bancorp of Neosho MO 0.66 0.60 15.84 15.84 67.96
NMSB Newmil Bancorp. of CT* 0.58 0.57 7.96 7.96 75.75
NFSL Newnan SB, FSB of Newnan GA 2.36 2.05 13.08 13.01 102.20
NASB North American SB of MO 3.68 3.48 22.21 21.37 326.41
NBSI North Bancshares of Chicago IL 0.36 0.66 16.50 16.50 109.03
FFFD North Central Bancshares of IA 0.74 0.88 14.71 14.71 51.93
NEBC Northeast Bancorp of ME* 0.66 0.63 13.16 11.14 186.76
NEIB Northeast Indiana Bncrp of IN 0.75 0.90 14.29 14.29 81.90
NSBK Northside SB of Bronx NY(8)* 3.99 3.49 26.27 26.05 337.68
NWEQ Northwest Equity Corp. of WI 0.66 0.86 12.48 12.48 102.80
NWSB Northwest SB, MHC of PA(29.9) 0.52 0.79 8.01 7.62 81.35
NSSY Norwalk Savings Society of CT* 1.90 1.56 19.21 18.43 266.37
NSSB Norwich Financial Corp. of CT* 1.12 1.09 13.90 12.59 128.96
NTMG Nutmeg FS&LA of CT 0.34 0.41 7.08 7.08 131.92
OHSL OHSL Financial Corp. of OH 0.96 1.44 20.58 20.58 177.95
OSBF OSB Fin. Corp. of Oshkosh WI(8) 0.08 1.01 26.76 26.76 215.92
OCFC Ocean Fin. Corp. of NJ -0.36 1.08 27.23 27.23 131.37
OFCP Ottawa Financial Corp. of MI 0.48 0.98 14.55 11.50 159.74
PFFB PFF Bancorp of Pomona CA -0.06 0.32 14.46 14.30 125.30
PVFC PVF Capital Corp. of OH 1.30 1.68 9.67 9.67 148.63
PCCI Pacific Crest Capital of CA* 1.08 0.92 8.10 8.10 89.57
PALM Palfed, Inc. of Aiken SC 0.45 0.73 10.10 9.63 126.22
PBCI Pamrapo Bancorp, Inc. of NJ 0.97 1.38 16.91 16.77 112.34
PFED Park Bancorp of Chicago IL 0.29 0.47 15.38 15.38 65.43
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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)
- ---------------------------------------
PVSA Parkvale Financial Corp of PA 25.15 4,042 102.1 26.50 19.60 26.25 -3.81 204.95 14.77
PBIX Patriot Bank Corp. of PA 13.17 4,457 59.6 13.85 10.26 13.50 -0.96 N.A. 24.60
PEEK Peekskill Fin. Corp. of NY 13.14 3,820 51.3 14.50 11.12 13.37 0.52 N.A. 10.89
PFSB PennFed Fin. Services of NJ 20.12 4,853 97.6 20.75 14.50 20.12 0.00 N.A. 36.41
PWBC PennFirst Bancorp of PA 13.50 3,909 52.8 14.75 11.87 13.50 0.00 69.17 0.00
PWBK Pennwood SB of PA* 12.62 610 7.7 12.62 9.00 12.50 0.96 N.A. N.A.
PBKB People's SB of Brockton MA* 10.62 3,395 36.1 11.62 8.00 10.62 0.00 78.79 1.14
PFDC Peoples Bancorp of Auburn IN 20.00 2,325 46.5 21.50 18.75 20.50 -2.44 14.29 -3.01
PBCT Peoples Bank, MHC of CT(32.3)* 27.25 40,516 322.0 29.12 18.62 27.87 -2.22 246.25 43.42
PFFC Peoples Fin. Corp. of OH 13.00 1,491 19.4 13.25 10.87 13.00 0.00 N.A. N.A.
PHBK Peoples Heritage Fin Grp of ME* 25.75 25,200 648.9 28.25 19.00 27.25 -5.50 68.19 13.19
PBNB Peoples Sav. Fin. Corp. of CT* 27.75 1,905 52.9 30.19 19.00 27.50 0.91 181.16 44.16
PERM Permanent Bancorp of IN 20.25 2,130 43.1 20.25 14.00 18.50 9.46 N.A. 24.62
PMFI Perpetual Midwest Fin. of IA 18.75 1,917 35.9 22.00 16.00 19.06 -1.63 N.A. 13.64
PERT Perpetual of SC, MHC (46.8%) 22.00 1,505 15.5 22.00 20.25 21.37 2.95 N.A. N.A.
PCBC Perry Co. Fin. Corp. of MO 17.00 853 14.5 20.00 15.50 17.25 -1.45 N.A. -12.82
PHFC Pittsburgh Home Fin. of PA 13.12 2,182 28.6 13.62 9.50 13.25 -0.98 N.A. N.A.
PFSL Pocahnts Fed, MHC of AR (46.4) 17.25 1,625 12.9 17.25 14.25 17.25 0.00 N.A. 8.70
POBS Portsmouth Bank Shrs Inc of NH(8)* 13.62 5,740 78.2 15.20 12.62 14.00 -2.71 30.84 -9.62
PKPS Poughkeepsie SB of NY 5.25 12,552 65.9 5.63 4.75 5.12 2.54 -32.26 0.00
PRBC Prestige Bancorp of PA 13.00 963 12.5 13.75 9.75 12.87 1.01 N.A. N.A.
PETE Primary Bank of NH* 14.62 1,975 28.9 14.62 11.75 13.87 5.41 N.A. 15.85
PSAB Prime Bancorp, Inc. of PA 20.25 3,725 75.4 20.68 17.50 19.37 4.54 191.79 0.00
PFNC Progress Financial Corp. of PA 8.37 3,730 31.2 8.75 5.12 8.50 -1.53 -23.98 48.67
PSBK Progressive Bank, Inc. of NY* 23.00 3,899 89.7 24.00 17.17 23.02 -0.09 72.03 16.93
PROV Provident Fin. Holdings of CA 14.25 5,125 73.0 14.37 10.12 13.87 2.74 N.A. N.A.
PULB Pulaski SB, MHC of MO (29.0) 14.12 2,094 8.5 16.50 12.25 14.75 -4.27 N.A. -5.87
PULS Pulse Bancorp of S. River NJ 15.75 3,050 48.0 18.00 14.50 16.00 -1.56 27.32 -7.35
QCFB QCF Bancorp of Virginia MN 17.69 1,426 25.2 17.75 13.87 16.25 8.86 N.A. 19.93
QCBC Quaker City Bancorp of CA 16.50 3,801 62.7 17.50 12.62 16.37 0.79 120.00 18.96
QCSB Queens County SB of NY* 47.25 7,670 362.4 49.37 29.25 48.00 -1.56 N.A. 59.25
RCSB RCSB Financial, Inc. of NY* 27.87 15,386 428.8 30.50 21.56 29.31 -4.91 126.40 17.35
RARB Raritan Bancorp. of Raritan NJ* 23.25 1,531 35.6 23.50 20.25 23.00 1.09 138.46 8.14
REDF RedFed Bancorp of Redlands CA 13.25 7,083 93.8 13.50 8.37 13.16 0.68 N.A. 30.93
RELY Reliance Bancorp of NY 18.75 8,912 167.1 19.50 13.12 18.62 0.70 N.A. 28.25
RELI Reliance Bancshares Inc of WI(8)* 6.75 2,562 17.3 10.12 6.50 7.00 -3.57 N.A. N.A.
RFED Roosevelt Fin. Grp. Inc. of MO 18.94 42,158 798.5 19.75 15.63 18.62 1.72 385.64 -2.22
RVSB Rvrview SB,FSB MHC of WA(40.3) 16.75 2,196 13.2 17.25 14.09 16.75 0.00 N.A. 15.20
SCCB S. Carolina Comm. Bnshrs of SC 15.00 735 11.0 18.12 15.00 15.25 -1.64 N.A. -17.22
SBFL SB Fing. Lakes MHC of NY(33.0) 13.50 1,785 8.0 17.00 12.75 13.50 0.00 N.A. -16.92
SFED SFS Bancorp of Schenectady NY 14.87 1,278 19.0 16.00 11.50 15.00 -0.87 N.A. 14.38
SGVB SGV Bancorp of W. Covina CA 11.00 2,591 28.5 11.62 7.75 11.00 0.00 N.A. 12.82
SISB SIS Bank of Springfield MA* 23.25 5,723 133.1 24.25 16.12 23.94 -2.88 N.A. 42.03
SJSB SJS Bancorp of St. Joseph MI(8) 25.50 918 23.4 25.87 18.50 25.25 0.99 N.A. 29.11
SWCB Sandwich Co-Op. Bank of MA* 29.62 1,889 56.0 30.25 17.00 29.62 0.00 243.62 62.30
SFBM Security Bancorp of MT(8) 30.00 1,485 44.6 30.25 20.00 30.25 -0.83 287.10 42.86
SECP Security Capital Corp. of WI 73.25 9,205 674.3 73.25 54.75 71.00 3.17 N.A. 21.58
SFSL Security First Corp. of OH 16.62 4,972 82.6 17.00 11.50 15.50 7.23 5.52 16.63
SMFC Sho-Me Fin. Corp. of MO 21.62 1,646 35.6 22.00 14.50 21.62 0.00 N.A. 44.13
SOBI Sobieski Bancorp of S. Bend IN 14.25 884 12.6 16.00 11.75 15.00 -5.00 N.A. 9.62
SOSA Somerset Savings Bank of MA(8)* 2.00 16,652 33.3 2.12 1.12 1.97 1.52 -60.94 45.99
SSFC South Street Fin. Corp. of NC* 13.87 4,497 62.4 14.62 12.12 14.00 -0.93 N.A. N.A.
SMBC Southern Missouri Bncrp of MO 14.25 1,638 23.3 16.25 13.50 14.19 0.42 N.A. -5.00
SWBI Southwest Bancshares of IL 18.25 2,655 48.5 18.58 17.33 18.50 -1.35 82.50 3.28
SVRN Sovereign Bancorp of PA 13.00 49,334 641.3 13.62 9.29 12.75 1.96 190.83 34.85
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
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
PVSA Parkvale Financial Corp of PA 1.65 2.32 16.96 16.90 228.69
PBIX Patriot Bank Corp. of PA 0.31 0.52 11.53 11.53 109.84
PEEK Peekskill Fin. Corp. of NY 0.52 0.67 14.38 14.38 48.82
PFSB PennFed Fin. Services of NJ 1.12 1.76 18.58 14.91 235.42
PWBC PennFirst Bancorp of PA 0.73 1.11 12.52 11.35 179.28
PWBK Pennwood SB of PA* 0.24 0.24 15.17 15.17 75.78
PBKB People's SB of Brockton MA* 0.97 0.61 8.49 8.06 151.23
PFDC Peoples Bancorp of Auburn IN 1.38 1.81 18.36 18.36 120.44
PBCT Peoples Bank, MHC of CT(32.3)* 1.91 1.53 14.76 14.74 178.61
PFFC Peoples Fin. Corp. of OH 0.36 0.41 15.57 15.57 61.29
PHBK Peoples Heritage Fin Grp of ME* 1.72 1.88 14.96 13.46 176.84
PBNB Peoples Sav. Fin. Corp. of CT* 2.10 2.16 23.62 22.00 241.45
PERM Permanent Bancorp of IN 0.27 0.81 18.74 18.53 197.96
PMFI Perpetual Midwest Fin. of IA 0.36 0.76 17.68 17.68 206.42
PERT Perpetual of SC, MHC (46.8%) 1.36 1.36 19.18 19.18 134.33
PCBC Perry Co. Fin. Corp. of MO 0.80 0.90 17.69 17.69 94.25
PHFC Pittsburgh Home Fin. of PA 0.35 0.58 13.92 13.92 89.52
PFSL Pocahnts Fed, MHC of AR (46.4) 1.21 1.62 13.96 13.96 234.81
POBS Portsmouth Bank Shrs Inc of NH(8)* 1.06 0.86 11.66 11.66 46.80
PKPS Poughkeepsie SB of NY 0.98 1.56 5.59 5.59 68.58
PRBC Prestige Bancorp of PA 0.03 0.38 15.77 15.77 108.39
PETE Primary Bank of NH* -0.04 -0.05 13.45 13.41 209.79
PSAB Prime Bancorp, Inc. of PA 1.22 1.59 15.44 14.49 181.83
PFNC Progress Financial Corp. of PA 0.56 0.69 5.01 4.98 98.44
PSBK Progressive Bank, Inc. of NY* 2.36 2.43 18.65 16.33 227.25
PROV Provident Fin. Holdings of CA 0.23 -0.01 16.57 16.57 113.20
PULB Pulaski SB, MHC of MO (29.0) 0.76 0.70 10.93 10.93 85.70
PULS Pulse Bancorp of S. River NJ 1.14 1.73 12.61 12.61 164.75
QCFB QCF Bancorp of Virginia MN 1.32 1.32 18.35 18.35 104.01
QCBC Quaker City Bancorp of CA 0.40 0.91 17.54 17.48 194.16
QCSB Queens County SB of NY* 2.92 2.92 26.95 26.95 172.86
RCSB RCSB Financial, Inc. of NY* 2.56 2.25 18.08 17.47 263.14
RARB Raritan Bancorp. of Raritan NJ* 1.89 2.09 18.13 17.76 231.34
REDF RedFed Bancorp of Redlands CA -0.94 -0.57 9.86 9.86 122.30
RELY Reliance Bancorp of NY 0.89 1.46 16.78 11.33 205.28
RELI Reliance Bancshares Inc of WI(8)* 0.25 0.25 11.44 11.44 18.73
RFED Roosevelt Fin. Grp. Inc. of MO 0.83 1.79 10.46 9.91 214.61
RVSB Rvrview SB,FSB MHC of WA(40.3) 0.95 1.11 10.73 9.60 99.83
SCCB S. Carolina Comm. Bnshrs of SC 0.51 0.68 16.85 16.85 58.82
SBFL SB Fing. Lakes MHC of NY(33.0) -0.58 0.10 11.22 11.22 110.61
SFED SFS Bancorp of Schenectady NY 0.58 1.05 16.57 16.57 129.91
SGVB SGV Bancorp of W. Covina CA -0.01 0.33 12.07 12.07 133.10
SISB SIS Bank of Springfield MA* 4.06 4.07 16.96 16.96 224.46
SJSB SJS Bancorp of St. Joseph MI(8) 0.28 0.79 17.23 17.23 165.45
SWCB Sandwich Co-Op. Bank of MA* 2.09 2.04 19.93 18.82 243.98
SFBM Security Bancorp of MT(8) 1.32 1.57 20.83 17.94 257.45
SECP Security Capital Corp. of WI 3.07 4.14 60.32 60.32 379.62
SFSL Security First Corp. of OH 0.93 1.32 11.19 10.97 120.64
SMFC Sho-Me Fin. Corp. of MO 1.12 1.48 18.10 18.10 177.46
SOBI Sobieski Bancorp of S. Bend IN 0.10 0.41 15.62 15.62 91.23
SOSA Somerset Savings Bank of MA(8)* 0.14 0.14 1.74 1.74 30.67
SSFC South Street Fin. Corp. of NC* 0.62 0.66 13.15 13.15 46.25
SMBC Southern Missouri Bncrp of MO 0.90 0.84 16.01 16.01 97.59
SWBI Southwest Bancshares of IL 1.12 1.54 14.71 14.71 141.72
SVRN Sovereign Bancorp of PA 0.85 1.18 7.37 5.05 189.82
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of December 13, 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) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
STFR St. Francis Cap. Corp. of WI 26.50 5,476 145.1 28.00 22.25 26.50 0.00 N.A. 13.98
SPBC St. Paul Bancorp, Inc. of IL 27.62 18,082 499.4 28.75 22.25 27.62 0.00 63.72 8.31
STND Standard Fin. of Chicago IL 21.00 16,197 340.1 21.25 13.50 19.87 5.69 N.A. 43.64
SFFC StateFed Financial Corp. of IA 16.50 789 13.0 18.25 15.00 16.50 0.00 N.A. -8.94
SFIN Statewide Fin. Corp. of NJ 13.87 4,995 69.3 14.00 11.25 13.94 -0.50 N.A. 6.20
STSA Sterling Financial Corp. of WA 13.75 5,537 76.1 15.00 12.75 13.75 0.00 51.27 0.00
SSBK Strongsville SB of OH 22.50 2,531 56.9 22.50 18.50 22.50 0.00 N.A. 15.38
SFSB SuburbFed Fin. Corp. of IL 19.00 1,253 23.8 20.50 16.00 20.37 -6.73 184.86 15.15
SBCN Suburban Bancorp. of OH 15.00 1,475 22.1 18.50 14.25 15.25 -1.64 N.A. -18.92
THRD TF Financial Corp. of PA 16.00 4,288 68.6 16.25 13.75 15.87 0.82 N.A. 4.10
ROSE TR Financial Corp. of NY 31.62 8,957 283.2 31.62 23.37 30.25 4.53 N.A. 24.00
TPNZ Tappan Zee Fin. Corp. of NY 13.75 1,539 21.2 14.12 11.37 14.00 -1.79 N.A. 8.95
PTRS The Potters S&L Co. of OH 18.75 506 9.5 19.50 15.50 18.91 -0.85 N.A. 9.91
TSBS Trenton SB, FSB MHC of NJ(35.0(8) 16.00 9,037 49.9 16.12 12.37 15.63 2.37 N.A. 23.08
TRIC Tri-County Bancorp of WY 19.00 609 11.6 19.00 16.50 18.25 4.11 N.A. 15.15
THBC Troy Hill Bancorp of PA(8) 20.00 1,068 21.4 20.12 12.75 20.00 0.00 N.A. 53.85
TWIN Twin City Bancorp of TN 17.25 861 14.9 18.25 16.00 17.50 -1.43 N.A. 1.47
UFRM United FS&LA of Rocky Mount NC 7.75 3,065 23.8 8.50 7.00 8.37 -7.41 138.46 3.33
UBMT United SB, FA of MT 18.75 1,223 22.9 19.75 17.50 19.75 -5.06 78.57 7.14
VABF Va. Beach Fed. Fin. Corp of VA 9.25 4,967 45.9 9.50 6.81 9.38 -1.39 97.23 19.35
VFFC Virginia First Savings of VA 12.87 5,743 73.9 14.62 10.75 12.75 0.94 ***.** 13.19
WHGB WHG Bancshares of MD 12.81 1,620 20.8 13.75 10.87 12.69 0.95 N.A. N.A.
WSFS WSFS Financial Corp. of DE* 9.87 13,842 136.6 10.37 6.75 9.87 0.00 36.14 9.67
WVFC WVS Financial Corp. of PA* 24.25 1,737 42.1 24.25 18.62 23.00 5.43 N.A. 26.83
WLDN Walden Bancorp of MA(8)* 34.81 5,115 178.1 35.50 18.00 34.50 0.90 388.90 83.21
WRNB Warren Bancorp of Peabody MA* 15.63 3,654 57.1 15.75 10.25 14.87 5.11 363.80 38.93
WFSL Washington FS&LA of Seattle WA 25.75 40,695 1,047.9 27.50 19.69 25.75 0.00 76.49 10.52
WAMU Washington Mutual Inc. of WA* 42.37 72,155 3,057.2 45.50 26.25 40.37 4.95 128.29 46.76
WYNE Wayne Bancorp of NJ 14.37 2,231 32.1 14.75 10.75 14.19 1.27 N.A. N.A.
WAYN Wayne S&L Co., MHC of OH(46.7) 23.00 1,498 15.2 24.00 19.00 23.00 0.00 N.A. 4.97
WCFB Webster CityFSB,MHC of IA(45.2 13.06 2,100 12.4 13.50 12.12 13.50 -3.26 N.A. 4.48
WBST Webster Financial Corp. of CT 37.75 8,108 306.1 37.87 26.75 37.12 1.70 299.89 27.97
WEFC Wells Fin. Corp. of Wells MN 13.00 2,078 27.0 13.25 10.00 12.56 3.50 N.A. 18.18
WCBI WestCo Bancorp of IL 21.50 2,601 55.9 22.25 17.83 21.50 0.00 115.00 20.58
WSTR WesterFed Fin. Corp. of MT 18.12 4,395 79.6 18.75 13.87 18.62 -2.69 N.A. 9.03
WOFC Western Ohio Fin. Corp. of OH 21.00 2,187 45.9 24.00 19.50 20.31 3.40 N.A. -9.68
WWFC Westwood Fin. Corp. of NJ 16.00 647 10.4 16.00 10.25 15.25 4.92 N.A. N.A.
WEHO Westwood Hmstd Fin Corp of OH 11.75 2,616 30.7 11.87 10.37 11.50 2.17 N.A. N.A.
WFCO Winton Financial Corp. of OH(8) 12.00 1,986 23.8 15.00 10.87 11.50 4.35 N.A. 10.40
FFWD Wood Bancorp of OH 16.50 1,498 24.7 17.25 11.83 16.37 0.79 N.A. 37.50
YFCB Yonkers Fin. Corp. of NY 12.87 3,571 46.0 13.00 9.31 12.12 6.19 N.A. N.A.
YFED York Financial Corp. of PA 16.37 7,416 121.4 18.41 14.54 16.75 -2.27 73.23 6.71
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
EPS(3) EPS(3) Share Share(4) Share
-------- ------- ------- ------- -------
($) ($) ($) ($) ($)
STFR St. Francis Cap. Corp. of WI 1.91 1.88 22.86 21.79 256.41
SPBC St. Paul Bancorp, Inc. of IL 1.37 2.08 20.55 20.48 236.49
STND Standard Fin. of Chicago IL 0.74 1.01 16.26 16.23 144.45
SFFC StateFed Financial Corp. of IA 0.93 1.17 18.48 18.48 102.74
SFIN Statewide Fin. Corp. of NJ 0.47 1.09 13.08 13.05 132.55
STSA Sterling Financial Corp. of WA 0.05 0.69 10.78 8.83 276.56
SSBK Strongsville SB of OH 1.28 1.68 16.56 16.24 214.22
SFSB SuburbFed Fin. Corp. of IL 0.66 1.42 20.26 20.15 311.98
SBCN Suburban Bancorp. of OH 0.23 0.83 17.21 17.21 142.33
THRD TF Financial Corp. of PA 0.77 1.07 16.72 14.51 154.64
ROSE TR Financial Corp. of NY 3.24 2.60 22.26 22.26 350.62
TPNZ Tappan Zee Fin. Corp. of NY 0.52 0.48 13.96 13.96 77.88
PTRS The Potters S&L Co. of OH 0.06 0.89 20.36 20.36 248.02
TSBS Trenton SB, FSB MHC of NJ(35.0(8) 0.95 0.74 11.24 11.00 57.99
TRIC Tri-County Bancorp of WY 0.78 1.08 20.80 20.80 130.50
THBC Troy Hill Bancorp of PA(8) 0.82 0.96 16.87 16.87 93.14
TWIN Twin City Bancorp of TN 0.94 1.19 15.58 15.58 124.35
UFRM United FS&LA of Rocky Mount NC 0.23 0.41 6.44 6.44 86.00
UBMT United SB, FA of MT 1.05 1.28 19.89 19.89 88.26
VABF Va. Beach Fed. Fin. Corp of VA 0.04 0.27 8.03 8.03 121.61
VFFC Virginia First Savings of VA 1.78 1.78 10.64 10.32 136.05
WHGB WHG Bancshares of MD 0.43 0.43 14.36 14.36 60.23
WSFS WSFS Financial Corp. of DE* 1.34 1.36 5.83 5.77 94.40
WVFC WVS Financial Corp. of PA* 1.76 2.16 19.72 19.72 153.03
WLDN Walden Bancorp of MA(8)* 2.09 2.32 18.58 16.00 205.16
WRNB Warren Bancorp of Peabody MA* 1.68 1.65 8.88 8.88 96.86
WFSL Washington FS&LA of Seattle WA 1.96 2.18 14.20 13.52 125.69
WAMU Washington Mutual Inc. of WA* 2.72 3.01 19.63 17.69 310.63
WYNE Wayne Bancorp of NJ 0.02 0.13 16.10 16.10 107.40
WAYN Wayne S&L Co., MHC of OH(46.7) 0.41 1.00 15.04 15.04 167.46
WCFB Webster CityFSB,MHC of IA(45.2 0.40 0.55 10.30 10.30 45.00
WBST Webster Financial Corp. of CT 2.33 2.88 24.86 19.24 491.42
WEFC Wells Fin. Corp. of Wells MN 0.52 0.88 13.36 13.36 96.88
WCBI WestCo Bancorp of IL 1.17 1.58 18.34 18.34 118.33
WSTR WesterFed Fin. Corp. of MT 0.75 1.10 17.81 17.81 128.81
WOFC Western Ohio Fin. Corp. of OH 1.05 0.86 25.44 23.93 152.05
WWFC Westwood Fin. Corp. of NJ 0.06 1.02 14.75 12.93 144.74
WEHO Westwood Hmstd Fin Corp of OH -0.03 0.16 15.10 15.10 45.82
WFCO Winton Financial Corp. of OH(8) 1.11 0.94 10.62 10.34 142.41
FFWD Wood Bancorp of OH 0.85 1.10 13.40 13.40 101.72
YFCB Yonkers Fin. Corp. of NY 0.43 0.64 13.72 13.72 72.68
YFED York Financial Corp. of PA 0.89 1.22 12.37 12.37 155.67
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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. SAIF-Insured Thrifts(no MHCs)
______________________________________________
SAIF-Insured Thrifts(322) 12.89 12.70 0.63 5.40 4.52 0.84 7.42 0.89 123.90 0.85
NYSE Traded Companies(12) 6.03 5.67 0.51 7.43 4.17 0.70 11.28 1.43 65.78 1.26
AMEX Traded Companies(17) 17.38 17.30 0.73 5.36 4.56 0.97 6.98 0.63 110.41 0.65
NASDAQ Listed OTC Companies(293) 12.91 12.71 0.63 5.32 4.53 0.83 7.29 0.87 127.14 0.85
California Companies(25) 7.39 7.26 0.06 0.72 3.20 0.25 3.67 2.15 56.07 1.31
Florida Companies(7) 8.24 8.05 0.34 3.88 3.06 0.55 6.81 1.20 84.57 1.17
Mid-Atlantic Companies(66) 11.11 10.74 0.62 6.62 5.18 0.87 9.14 1.05 90.20 1.02
Mid-West Companies(151) 14.39 14.25 0.69 5.47 4.59 0.88 7.13 0.62 148.82 0.69
New England Companies(10) 8.26 7.91 0.51 6.49 5.60 0.61 7.75 0.75 86.86 0.98
North-West Companies(6) 10.11 9.83 0.78 7.35 4.34 1.01 10.10 0.49 148.74 0.70
South-East Companies(42) 15.05 14.91 0.78 6.15 4.37 1.02 8.02 0.98 122.95 0.89
South-West Companies(7) 11.26 11.09 0.37 1.90 0.99 0.59 5.22 0.79 74.50 0.83
Western Companies (Excl CA)(8) 17.25 17.22 0.92 6.28 4.92 1.12 7.55 0.42 244.04 0.61
Thrift Strategy(249) 14.39 14.21 0.64 4.85 4.28 0.86 6.70 0.78 131.60 0.78
Mortgage Banker Strategy(39) 7.39 7.04 0.63 8.22 5.70 0.70 9.52 1.20 91.45 0.99
Real Estate Strategy(15) 8.47 8.38 0.48 3.76 5.55 0.79 8.29 1.92 103.62 1.42
Diversified Strategy(15) 7.89 7.69 0.71 8.75 4.59 1.00 13.22 0.87 100.09 1.19
Retail Banking Strategy(4) 8.54 8.30 0.34 4.87 3.97 0.50 6.71 0.69 108.06 0.93
Companies Issuing Dividends(259) 12.93 12.70 0.71 6.22 4.91 0.92 8.16 0.78 123.52 0.83
Companies Without Dividends(63) 12.74 12.66 0.29 1.94 2.80 0.50 4.34 1.30 125.35 0.93
Equity/Assets
greater than 6%(34) 5.03 4.72 0.24 4.67 4.78 0.43 8.21 1.63 80.42 1.05
Equity/Assets 6-12%(152) 8.58 8.30 0.58 6.75 5.09 0.79 9.09 0.99 127.59 0.99
Equity/Assets
less than 12%(136) 19.58 19.50 0.77 4.08 3.82 0.99 5.38 0.58 130.76 0.65
Converted Last 3 Mths (no MHC)(7) 23.66 23.66 0.64 3.49 3.43 0.85 4.80 0.53 127.19 0.54
Actively Traded Companies(51) 8.35 8.08 0.72 8.76 6.15 0.97 12.15 1.31 89.29 0.95
Market Value Below $20 Million(77) 15.01 14.91 0.53 3.56 4.02 0.73 5.06 0.93 112.38 0.71
Holding Company Structure(279) 13.45 13.26 0.62 5.20 4.39 0.84 7.22 0.85 124.43 0.82
Assets Over $1 Billion(67) 7.97 7.47 0.56 6.95 4.89 0.78 10.11 1.03 85.87 1.01
Assets $500 Million-$1 Billion(54) 10.90 10.70 0.66 6.70 5.59 0.88 8.77 1.20 127.81 0.97
Assets $250-$500 Million(71) 11.22 11.07 0.58 5.46 4.50 0.80 7.44 0.82 156.15 0.84
Assets less than $250 Million(130) 17.23 17.18 0.67 4.02 3.90 0.87 5.43 0.70 125.48 0.72
Goodwill Companies(133) 8.88 8.39 0.59 6.46 5.01 0.79 9.03 0.95 103.99 0.94
Non-Goodwill Companies(189) 15.63 15.63 0.65 4.68 4.18 0.87 6.33 0.84 138.21 0.79
Acquirors of FSLIC Cases(14) 6.80 6.42 0.64 8.35 5.60 0.95 13.30 1.43 52.85 0.84
Pricing Ratios Dividend Data(6)
_________________________________________ _______________________
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Earning Book Assets Book Earnings Share Yield Ratio(7)
_______ _______ _______ _______ _______ _______ _______ _______
(X) (%) (%) (%) (x) ($) (%) (%)
SAIF-Insured Thrifts(322) 17.23 115.38 14.01 118.28 15.33 0.35 1.89 33.60
NYSE Traded Companies(12) 17.85 158.36 10.40 172.21 14.78 0.46 1.33 25.08
AMEX Traded Companies(17) 18.13 105.48 17.10 106.26 15.62 0.40 2.68 51.99
NASDAQ Listed OTC Companies(293) 17.15 114.39 13.98 117.00 15.34 0.35 1.87 32.89
California Companies(25) 15.01 120.34 8.57 124.07 14.09 0.26 0.96 19.34
Florida Companies(7) 19.19 115.34 9.08 119.32 16.28 0.19 0.97 16.14
Mid-Atlantic Companies(66) 15.45 116.00 12.19 120.16 13.93 0.35 1.85 34.60
Mid-West Companies(151) 17.71 111.98 15.15 113.50 15.96 0.35 1.89 30.73
New England Companies(10) 17.81 109.86 8.78 120.12 14.34 0.47 2.31 39.70
North-West Companies(6) 17.85 156.30 14.80 164.97 16.91 0.34 1.41 27.55
South-East Companies(42) 17.71 122.14 17.45 124.84 15.42 0.42 2.48 47.07
South-West Companies(7) 18.36 101.78 11.05 107.77 16.63 0.30 1.69 38.27
Western Companies (Excl CA)(8) 19.75 114.06 18.14 114.33 15.87 0.49 2.82 45.67
Thrift Strategy(249) 17.75 108.33 14.94 110.46 15.70 0.35 2.00 36.29
Mortgage Banker Strategy(39) 14.79 136.13 9.95 143.82 14.25 0.33 1.49 22.65
Real Estate Strategy(15) 11.94 125.46 10.25 126.70 13.21 0.18 0.85 17.96
Diversified Strategy(15) 19.38 173.38 14.06 179.29 13.84 0.69 2.39 45.65
Retail Banking Strategy(4) 12.92 111.69 9.71 114.47 18.15 0.14 1.25 0.00
Companies Issuing Dividends(259) 17.37 118.64 14.42 121.94 15.17 0.44 2.34 41.72
Companies Without Dividends(63) 16.08 101.84 12.30 103.18 16.33 0.00 0.00 0.00
Equity/Assets
greater than 6%(34) 15.68 141.12 7.13 145.94 14.12 0.28 1.18 17.82
Equity/Assets 6-12%(152) 16.22 123.95 10.64 128.92 13.90 0.40 1.94 33.33
Equity/Assets
less than 12%(136) 19.23 99.78 19.41 100.37 17.68 0.33 2.02 38.09
Converted Last 3 Mths (no MHC)(7) 19.26 86.78 20.49 86.78 17.92 0.00 0.00 0.00
Actively Traded Companies(51) 15.84 144.24 11.80 150.95 12.96 0.53 2.04 29.22
Market Value Below $20 Million(77) 17.50 92.65 13.91 93.73 16.24 0.28 1.87 34.56
Holding Company Structure(279) 17.63 114.69 14.48 117.48 15.52 0.37 1.93 34.62
Assets Over $1 Billion(67) 17.00 145.98 11.31 155.25 14.41 0.49 1.75 33.05
Assets $500 Million-$1 Billion(54) 16.21 119.47 12.84 122.66 14.39 0.31 1.69 29.85
Assets $250-$500 Million(71) 17.11 112.72 12.37 114.38 15.21 0.33 1.94 30.93
Assets less than $250 Million(130) 17.95 98.87 16.80 99.51 16.53 0.31 2.02 37.06
Goodwill Companies(133) 17.01 131.21 11.32 138.70 14.47 0.41 1.86 33.30
Non-Goodwill Companies(189) 17.42 104.62 15.85 104.62 16.07 0.32 1.91 33.83
Acquirors of FSLIC Cases(14) 16.67 145.58 10.44 157.38 13.46 0.47 1.91 28.08
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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(75) 10.75 10.39 0.89 9.89 6.96 0.90 9.92 1.36 114.68 1.41
NYSE Traded Companies(3) 7.11 5.51 0.58 8.33 6.12 0.65 9.83 2.53 29.93 1.19
AMEX Traded Companies(5) 12.98 12.73 0.56 6.17 4.72 0.52 5.54 1.37 94.31 1.46
NASDAQ Listed OTC Companies(67) 10.75 10.44 0.93 10.30 7.20 0.95 10.30 1.29 120.90 1.42
California Companies(3) 8.79 8.79 1.05 13.18 8.69 0.98 12.20 2.23 50.97 1.43
Mid-Atlantic Companies(20) 10.47 9.88 0.77 8.52 6.12 0.83 9.35 1.75 73.94 1.33
New England Companies(42) 9.11 8.81 0.95 11.19 7.89 0.92 10.76 1.23 103.68 1.58
North-West Companies(4) 11.16 10.68 1.11 11.18 6.80 1.12 11.36 0.23 383.36 0.99
South-East Companies(4) 27.51 27.51 0.56 1.30 1.67 0.85 2.07 1.06 278.93 0.72
Thrift Strategy(48) 12.28 11.81 0.85 8.55 6.45 0.87 8.54 1.24 108.51 1.37
Mortgage Banker Strategy(10) 6.81 6.63 0.81 11.42 8.05 0.83 11.83 1.17 165.59 1.16
Real Estate Strategy(8) 10.25 10.25 1.28 13.35 7.94 1.25 13.00 1.56 110.68 1.70
Diversified Strategy(7) 6.99 6.73 1.16 16.92 10.01 1.17 17.02 2.27 109.49 1.92
Retail Banking Strategy(2) 6.39 6.24 0.08 1.30 1.57 0.07 1.16 1.17 59.03 1.03
Companies Issuing Dividends(55) 9.24 8.74 0.95 10.70 7.59 0.94 10.53 1.26 115.61 1.40
Companies Without Dividends(20) 14.69 14.68 0.74 7.78 5.32 0.81 8.30 1.64 112.08 1.44
Equity/Assets
greater than 6%(8) 5.66 5.52 0.62 10.90 7.47 0.64 11.35 2.56 47.53 1.32
Equity/Assets 6-12%(51) 8.37 7.88 0.95 11.43 7.89 0.94 11.31 1.31 111.09 1.53
Equity/Assets
less than 12%(16) 20.79 20.69 0.85 4.56 3.79 0.94 4.82 0.81 177.52 1.08
Converted Last 3 Mths (no MHC)(2) 25.20 25.20 1.11 4.36 4.22 1.15 4.51 0.06 659.32 0.48
Actively Traded Companies(28) 8.44 8.08 0.99 11.85 8.38 1.00 11.88 1.13 93.85 1.45
Market Value Below $20 Million(12) 13.73 13.52 0.66 7.66 6.63 0.71 7.22 1.43 59.43 1.18
Holding Company Structure(47) 11.69 11.34 0.98 10.28 7.24 1.02 10.50 1.11 123.57 1.45
Assets Over $1 Billion(17) 7.97 7.39 1.03 12.89 8.15 1.07 13.59 1.85 84.38 1.48
Assets $500 Million-$1 Billion(18) 10.06 9.48 0.94 9.87 7.15 0.87 8.92 1.10 111.81 1.53
Assets $250-$500 Million(22) 10.28 10.05 0.80 9.19 6.25 0.84 9.71 1.26 128.14 1.44
Assets less than $250 Million(18) 14.42 14.27 0.83 8.17 6.64 0.87 7.89 1.26 129.71 1.21
Goodwill Companies(38) 7.97 7.21 0.81 10.17 7.21 0.81 10.27 1.35 89.01 1.38
Non-Goodwill Companies(37) 13.28 13.28 0.96 9.64 6.74 0.99 9.60 1.36 141.21 1.44
Pricing Ratios Dividend Data(6)
________________________________________ _______________________
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Earning Book Assets Book Earnings Share Yield Ratio(7)
_______ _______ _______ _______ _______ _______ _______ _______
(X) (%) (%) (%) (x) ($) (%) (%)
BIF-Insured Thrifts(75) 13.16 127.62 12.99 133.38 13.53 0.37 1.82 24.11
NYSE Traded Companies(3) 17.47 141.84 10.47 130.69 15.06 0.27 0.54 10.75
AMEX Traded Companies(5) 10.09 112.47 13.36 117.07 15.49 0.52 2.59 36.88
NASDAQ Listed OTC Companies(67) 13.02 128.20 13.10 134.91 13.31 0.37 1.82 24.15
California Companies(3) 11.52 125.88 11.30 125.92 12.41 0.00 0.00 0.00
Mid-Atlantic Companies(20) 14.42 126.05 12.56 135.07 13.82 0.38 1.63 19.21
New England Companies(42) 12.52 128.93 11.49 133.76 13.35 0.44 2.29 30.71
North-West Companies(4) 12.94 156.33 15.78 165.26 12.70 0.44 1.87 28.40
South-East Companies(4) 22.37 96.26 26.69 96.26 21.02 0.00 0.00 0.00
Thrift Strategy(48) 13.62 119.86 13.88 126.64 14.04 0.38 1.88 26.64
Mortgage Banker Strategy(10) 12.32 138.32 9.46 141.76 12.84 0.40 1.91 15.25
Real Estate Strategy(8) 13.13 150.47 15.70 150.47 13.29 0.30 1.42 19.12
Diversified Strategy(7) 11.75 156.35 10.90 163.78 11.90 0.39 1.66 22.61
Retail Banking Strategy(2) 0.00 97.00 6.20 99.11 0.00 0.32 1.88 0.00
Companies Issuing Dividends(55) 12.97 132.37 12.10 140.40 13.40 0.52 2.52 32.33
Companies Without Dividends(20) 13.95 115.23 15.32 115.44 14.03 0.00 0.00 0.00
Equity/Assets
greater than 6%(8) 13.53 135.50 7.64 139.02 14.13 0.15 1.16 13.77
Equity/Assets 6-12%(51) 12.44 133.53 11.18 141.39 12.83 0.47 2.24 28.39
Equity/Assets
less than 12%(16) 17.52 105.13 21.36 105.99 17.48 0.20 0.85 16.84
Converted Last 3 Mths (no MHC)(2) 22.37 103.24 26.09 103.24 21.02 0.00 0.00 0.00
Actively Traded Companies(28) 12.85 135.22 11.28 141.70 12.69 0.50 2.36 29.97
Market Value Below $20 Million(12) 12.42 99.36 13.00 102.72 13.64 0.23 1.55 19.87
Holding Company Structure(47) 12.78 129.15 14.27 137.45 12.93 0.42 2.00 24.77
Assets Over $1 Billion(17) 13.38 151.52 12.24 156.37 13.26 0.51 1.87 21.78
Assets $500 Million-$1 Billion(18) 11.37 125.08 12.55 139.79 13.11 0.44 2.17 27.75
Assets $250-$500 Million(22) 14.13 128.06 12.36 131.66 13.75 0.34 1.69 26.47
Assets less than $250 Million(18) 13.30 108.55 14.86 110.86 13.94 0.24 1.62 20.16
Goodwill Companies(38) 13.49 131.56 10.52 143.98 13.71 0.50 2.28 29.77
Non-Goodwill Companies(37) 12.82 124.03 15.25 124.03 13.35 0.26 1.40 19.34
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and
assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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(19) 11.13 10.88 0.53 4.72 3.35 0.77 7.13 0.59 152.96 0.83
BIF-Insured Thrifts(2) 9.98 9.97 0.45 6.13 2.75 0.49 6.00 2.17 65.43 2.02
NASDAQ Listed OTC Companies(21) 11.02 10.78 0.52 4.86 3.29 0.75 7.01 0.76 143.74 0.95
Florida Companies(3) 9.79 9.65 0.73 7.20 4.70 0.92 9.30 0.48 114.11 0.79
Mid-Atlantic Companies(8) 10.45 10.02 0.20 1.71 1.10 0.59 5.30 1.05 186.31 1.11
Mid-West Companies(7) 12.08 12.06 0.53 4.77 3.60 0.71 6.62 0.57 119.04 0.76
New England Companies(1) 8.26 8.25 1.10 13.97 7.01 0.88 11.19 1.42 85.13 1.82
North-West Companies(1) 10.75 9.62 0.99 9.12 5.67 1.16 10.65 0.20 166.22 0.52
South-East Companies(1) 14.28 14.28 1.01 7.09 6.18 1.01 7.09 0.00 0.00 1.08
Thrift Strategy(19) 11.18 10.99 0.46 4.11 2.95 0.72 6.58 0.75 145.87 0.92
Mortgage Banker Strategy(1) 10.75 9.62 0.99 9.12 5.67 1.16 10.65 0.20 166.22 0.52
Diversified Strategy(1) 8.26 8.25 1.10 13.97 7.01 0.88 11.19 1.42 85.13 1.82
Companies Issuing Dividends(20) 10.85 10.60 0.49 4.74 3.14 0.73 7.01 0.76 143.74 0.94
Companies Without Dividends(1) 14.28 14.28 1.01 7.09 6.18 1.01 7.09 0.00 0.00 1.08
Equity/Assets
greater than 6%(1) 5.95 5.95 0.54 9.00 7.01 0.72 12.04 0.32 141.55 1.25
Equity/Assets 6-12%(14) 9.56 9.23 0.41 4.37 2.67 0.69 7.08 0.82 102.35 0.99
Equity/Assets
less than 12%(6) 16.10 16.10 0.83 5.40 4.30 0.92 5.83 0.64 289.16 0.77
Actively Traded Companies(1) 9.26 8.11 0.47 5.02 3.50 0.86 9.08 0.75 70.10 1.01
Market Value Below $20 Million(1) 11.52 11.49 0.19 1.60 1.68 0.47 3.96 0.37 131.69 0.59
Holding Company Structure(1) 9.26 8.11 0.47 5.02 3.50 0.86 9.08 0.75 70.10 1.01
Assets Over $1 Billion(4) 8.67 8.13 0.68 7.81 4.14 0.91 9.96 0.88 109.33 1.25
Assets $500 Million-$1 Billion(5) 9.54 9.23 0.49 4.59 3.59 0.71 6.97 0.65 64.01 0.81
Assets $250-$500 Million(4) 9.75 9.73 0.49 5.32 3.90 0.78 8.46 0.27 357.67 0.62
Assets less than $250 Million(8) 13.56 13.42 0.47 3.28 2.42 0.67 4.84 1.03 86.73 1.02
Goodwill Companies(10) 9.28 8.77 0.57 6.20 3.69 0.83 8.72 0.60 128.74 0.89
Non-Goodwill Companies(11) 12.44 12.44 0.48 3.76 2.96 0.68 5.62 0.90 157.25 0.99
MHC Institutions(21) 11.02 10.78 0.52 4.86 3.29 0.75 7.01 0.76 143.74 0.95
MHC Converted Last 3 Months(1) 14.28 14.28 1.01 7.09 6.18 1.01 7.09 0.00 0.00 1.08
Pricing Ratios Dividend Data(6)
_________________________________________ _______________________
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Earning Book Assets Book Earnings Share Yield Ratio(7)
_______ _______ _______ _______ _______ _______ _______ _______
(X) (%) (%) (%) (x) ($) (%) (%)
SAIF-Insured Thrifts(19) 16.97 135.43 14.84 140.09 18.38 0.61 3.48 50.56
BIF-Insured Thrifts(2) 14.27 152.55 14.67 152.68 17.81 0.62 3.41 46.07
NASDAQ Listed OTC Companies(21) 16.58 137.14 14.82 141.35 18.34 0.61 3.47 50.00
Florida Companies(3) 17.59 149.74 14.23 152.94 17.52 0.93 4.26 71.32
Mid-Atlantic Companies(8) 0.00 131.39 13.69 139.14 17.92 0.46 3.05 59.34
Mid-West Companies(7) 16.42 131.21 15.64 131.45 20.03 0.72 4.40 69.42
New England Companies(1) 14.27 184.62 15.26 184.87 17.81 0.88 3.23 46.07
North-West Companies(1) 17.63 156.10 16.78 174.48 15.09 0.22 1.31 23.16
South-East Companies(1) 16.18 114.70 16.38 114.70 16.18 0.00 0.00 0.00
Thrift Strategy(19) 16.84 133.45 14.69 137.09 18.61 0.61 3.61 55.12
Mortgage Banker Strategy(1) 17.63 156.10 16.78 174.48 15.09 0.22 1.31 23.16
Diversified Strategy(1) 14.27 184.62 15.26 184.87 17.81 0.88 3.23 46.07
Companies Issuing Dividends(20) 16.65 138.32 14.74 142.76 18.49 0.64 3.66 57.14
Companies Without Dividends(1) 16.18 114.70 16.38 114.70 16.18 0.00 0.00 0.00
Equity/Assets
greater than 6%(1) 14.26 123.57 7.35 123.57 10.65 0.84 4.87 69.42
Equity/Assets 6-12%(14) 16.77 142.12 13.40 148.13 18.54 0.60 3.14 55.09
Equity/Assets
less than 12%(6) 17.38 125.92 20.28 125.92 19.73 0.57 4.12 0.00
Actively Traded Companies(1) 0.00 142.97 13.23 163.19 15.79 0.36 2.00 57.14
Market Value Below $20 Million(1) 0.00 96.08 11.06 96.30 24.04 0.40 3.20 0.00
Holding Company Structure(1) 0.00 142.97 13.23 163.19 15.79 0.36 2.00 57.14
Assets Over $1 Billion(4) 16.28 168.50 14.57 179.11 16.05 0.75 3.15 58.73
Assets $500 Million-$1 Billion(5) 16.90 128.44 12.28 133.86 18.77 0.62 3.48 65.61
Assets $250-$500 Million(4) 14.26 139.38 13.41 139.74 17.76 0.79 3.87 69.42
Assets less than $250 Million(8) 17.46 124.70 16.93 127.02 19.84 0.44 3.43 11.58
Goodwill Companies(10) 16.73 152.18 13.92 161.54 18.00 0.61 2.90 51.30
Non-Goodwill Companies(11) 16.48 124.84 15.56 124.84 18.68 0.61 3.94 47.83
MHC Institutions(21) 16.58 137.14 14.82 141.35 18.34 0.61 3.47 50.00
MHC Converted Last 3 Months(1) 16.18 114.70 16.38 114.70 16.18 0.00 0.00 0.00
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1995 by RP Financial, LC.
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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 3.93 3.30 0.13 2.91 1.97 0.44 9.73 2.14 36.71 1.23
CAL CalFed Inc. of Los Angeles CA(8) 4.63 4.63 0.35 7.84 4.16 0.56 12.42 1.16 103.40 1.66
CSA Coast Savings Financial of CA 4.83 4.76 0.12 2.40 1.52 0.47 9.42 1.53 48.84 1.08
CFB Commercial Federal Corp. of NE 5.39 4.82 0.62 10.78 6.28 0.88 15.44 1.07 69.60 1.01
DME Dime Savings Bank, FSB of NY* 5.19 5.14 0.38 7.63 4.81 0.65 12.90 2.45 24.13 1.09
DSL Downey Financial Corp. of CA 7.74 7.62 0.43 5.30 4.24 0.69 8.48 1.36 44.87 0.68
FRC First Republic Bancorp of CA* 5.56 5.56 0.54 9.54 8.53 0.51 8.95 2.22 38.76 0.97
FED FirstFed Fin. Corp. of CA 4.38 4.31 0.06 1.27 1.03 0.29 6.34 2.15 83.45 2.42
GLN Glendale Fed. Bk, FSB of CA 5.27 4.89 -0.04 -0.86 -0.63 0.36 6.98 1.76 66.28 1.56
GDW Golden West Fin. Corp. of CA 6.13 6.13 1.00 15.50 9.97 1.23 19.03 1.37 35.24 0.59
GWF Great Western Fin. Corp. of CA 5.63 4.95 0.42 7.48 4.58 0.68 12.07 1.79 41.34 1.03
GPT GreenPoint Fin. Corp. of NY* 10.58 5.84 0.82 7.83 5.02 0.80 7.64 2.91 26.91 1.52
SFB Standard Fed. Bancorp of MI 5.83 4.75 0.63 9.71 5.06 0.85 13.07 0.59 53.01 0.43
TCB TCF Financial Corp. of MN 7.34 7.03 1.17 16.06 5.75 1.39 19.01 0.76 132.47 1.36
WES Westcorp Inc. of Orange CA 9.88 9.85 1.09 11.13 6.08 0.44 4.45 1.16 111.77 2.49
AMEX Traded Companies
_____________________
ANA Acadiana Bancshares of LA* 17.55 17.55 -0.47 -4.71 -3.02 -0.44 -4.39 0.56 159.79 1.32
BKC American Bank of Waterbury CT* 8.34 7.95 1.24 14.18 9.60 0.84 9.61 2.39 38.52 1.42
BFD BostonFed Bancorp of MA 11.15 11.15 0.32 2.87 2.29 0.52 4.64 0.54 97.04 0.63
CFX Cheshire Fin. Corp. of NH* 8.50 7.89 0.72 7.72 3.82 0.95 10.21 0.74 140.78 1.47
CZF Citisave Fin. Corp. of LA 16.00 15.99 0.78 4.47 4.50 1.04 5.97 0.22 40.85 0.15
CBK Citizens First Fin.Corp. of IL 15.14 15.14 0.25 2.32 1.51 0.52 4.87 0.53 35.95 0.24
ESX Essex Bancorp of VA(8) 0.33 -0.14 -2.71 NM NM -1.63 -40.51 3.44 51.87 2.16
FCB Falmouth Co-Op Bank of MA* 24.21 24.21 0.68 3.44 2.97 0.68 3.44 0.02 NA 1.22
GAF GA Financial Corp. of PA 21.55 21.55 0.72 4.10 2.98 1.13 6.43 0.19 85.78 0.42
KNK Kankakee Bancorp of IL 10.02 9.32 0.42 4.14 4.38 0.60 5.87 0.90 74.47 0.99
KYF Kentucky First Bancorp of KY 22.25 22.25 0.90 3.71 4.52 1.17 4.85 0.09 486.84 0.81
NYB New York Bancorp, Inc. of NY 5.17 5.17 1.14 20.41 8.50 1.25 22.40 1.32 49.76 1.04
PDB Piedmont Bancorp of NC 28.20 28.20 1.28 4.82 5.24 1.57 5.92 0.76 62.96 0.66
PLE Pinnacle Bank of AL 7.73 7.46 0.50 6.42 6.35 0.79 10.11 0.83 82.73 1.01
SSB Scotland Bancorp of NC 36.12 36.12 1.16 4.04 2.88 1.50 5.22 NA NA 0.50
SZB SouthFirst Bancshares of AL 14.41 14.41 0.57 3.47 4.56 0.75 4.63 0.52 53.93 0.41
SRN Southern Banc Company of AL 18.22 18.02 0.22 1.24 1.27 0.58 3.36 NA NA 0.24
SSM Stone Street Bancorp of NC 35.13 35.13 1.22 4.38 3.41 1.51 5.42 0.17 272.78 0.61
TSH Teche Holding Company of LA 13.77 13.77 0.72 4.30 5.36 1.04 6.24 NA NA 1.00
FTF Texarkana Fst. Fin. Corp of AR 15.94 15.94 1.47 7.51 8.76 1.81 9.28 0.17 403.17 0.84
THR Three Rivers Fin. Corp. of MI 14.48 14.42 0.52 3.44 3.82 0.78 5.17 1.22 42.90 0.79
TBK Tolland Bank of CT* 6.31 6.06 0.63 10.20 10.24 0.54 8.83 3.16 38.16 1.87
WSB Washington SB, FSB of MD 8.72 8.72 0.91 11.57 11.34 0.83 10.54 0.95 49.34 0.96
NASDAQ Listed OTC Companies
___________________________
FBCV 1st Bancorp of Vincennes IN 8.20 8.20 1.72 22.62 22.69 -0.16 -2.12 0.44 79.07 0.51
AFED AFSALA Bancorp of NY 13.68 13.68 0.59 4.34 5.30 0.59 4.34 0.59 96.04 1.10
ALBK ALBANK Fin. Corp. of Albany NY 8.95 7.68 0.77 7.76 6.10 0.98 9.90 1.15 69.91 1.12
AMFC AMB Financial Corp. of IN 19.37 19.37 0.49 3.04 2.56 0.76 4.79 0.43 98.60 0.56
ASBP ASB Financial Corp. of OH 22.18 22.18 0.57 2.44 2.11 0.89 3.83 1.89 40.89 1.25
ABBK Abington Savings Bank of MA(8)* 6.69 5.95 0.72 10.94 9.17 0.61 9.18 0.27 135.80 0.59
AABC Access Anytime Bancorp of NM 4.58 4.58 -0.57 -12.10 -15.99 -0.22 -4.57 1.58 24.19 0.97
AADV Advantage Bancorp of WI 8.74 8.07 0.31 3.22 2.79 0.80 8.47 0.47 119.85 1.02
AFCB Affiliated Comm BC, Inc of MA 9.76 9.68 0.64 6.09 5.17 0.93 8.80 0.62 119.38 1.19
ALBC Albion Banc Corp. of Albion NY 9.63 9.63 -0.10 -1.00 -1.37 0.20 1.96 0.37 139.82 0.65
Pricing Ratios Dividend Data(6)
_________________________________________ _______________________
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Earning Book Assets Book Earnings Share Yield Ratio(7)
_______ _______ _______ _______ _______ _______ _______ _______
(X) (%) (%) (%) (x) ($) (%) (%)
NYSE Traded Companies
_____________________
AHM Ahmanson and Co. H.F. of CA NM 167.02 6.57 199.12 15.22 0.88 2.79 NM
CAL CalFed Inc. of Los Angeles CA(8) 24.01 183.16 8.48 183.16 15.16 0.00 0.00 0.00
CSA Coast Savings Financial of CA NM 159.62 7.72 162.17 16.75 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 15.92 177.26 9.56 198.36 11.11 0.42 0.91 14.53
DME Dime Savings Bank, FSB of NY* 20.77 153.65 7.98 155.26 12.29 0.00 0.00 0.00
DSL Downey Financial Corp. of CA 23.59 125.22 9.70 127.33 14.74 0.32 1.70 40.00
FRC First Republic Bancorp of CA* 11.72 105.99 5.90 106.12 12.50 0.00 0.00 0.00
FED FirstFed Fin. Corp. of CA NM 127.22 5.58 129.29 19.35 0.00 0.00 0.00
GLN Glendale Fed. Bk, FSB of CA NM 131.89 6.95 142.17 19.52 0.00 0.00 NM
GDW Golden West Fin. Corp. of CA 10.03 156.68 9.61 156.68 8.17 0.44 0.71 7.12
GWF Great Western Fin. Corp. of CA 21.85 165.36 9.31 188.02 13.53 1.00 3.39 74.07
GPT GreenPoint Fin. Corp. of NY* 19.91 165.89 17.54 NM 20.40 0.80 1.62 32.26
SFB Standard Fed. Bancorp of MI 19.76 196.73 11.48 241.76 14.68 0.80 1.42 27.97
TCB TCF Financial Corp. of MN 17.40 NM 20.46 NM 14.70 0.75 1.80 31.25
WES Westcorp Inc. of Orange CA 16.44 176.61 17.45 177.20 NM 0.40 1.87 30.77
AMEX Traded Companies
_____________________
ANA Acadiana Bancshares of LA* NM 83.68 14.68 83.68 NM 0.00 0.00 NM
BKC American Bank of Waterbury CT* 10.42 144.04 12.02 151.24 15.37 1.36 4.73 49.28
BFD BostonFed Bancorp of MA NM 110.31 12.30 110.31 NM 0.20 1.34 58.82
CFX Cheshire Fin. Corp. of NH* NM 154.03 13.10 165.99 19.82 0.92 5.66 NM
CZF Citisave Fin. Corp. of LA 22.22 111.29 17.81 111.38 16.67 0.40 2.86 63.49
CBK Citizens First Fin.Corp. of IL NM 96.86 14.67 96.86 NM 0.00 0.00 0.00
ESX Essex Bancorp of VA(8) NM NM 1.38 NM NM 0.00 0.00 NM
FCB Falmouth Co-Op Bank of MA* NM 87.12 21.09 87.12 NM 0.20 1.52 51.28
GAF GA Financial Corp. of PA NM 103.44 22.29 103.44 21.38 0.32 2.17 72.73
KNK Kankakee Bancorp of IL 22.86 96.04 9.62 103.23 16.11 0.40 1.67 38.10
KYF Kentucky First Bancorp of KY 22.12 83.45 18.57 83.45 16.91 0.50 4.35 NM
NYB New York Bancorp, Inc. of NY 11.76 247.41 12.78 247.41 10.72 0.80 2.36 27.78
PDB Piedmont Bancorp of NC 19.07 80.28 22.64 80.28 15.53 0.48 4.42 NM
PLE Pinnacle Bank of AL 15.74 102.10 7.89 105.79 10.00 0.72 4.24 66.67
SSB Scotland Bancorp of NC NM 105.79 38.21 105.79 NM 0.30 2.11 73.17
SZB SouthFirst Bancshares of AL 21.93 82.67 11.91 82.67 16.45 0.50 4.00 NM
SRN Southern Banc Company of AL NM 94.02 17.13 95.02 NM 0.35 2.62 NM
SSM Stone Street Bancorp of NC NM 95.80 33.66 95.80 23.64 0.44 2.24 65.67
TSH Teche Holding Company of LA 18.66 89.77 12.36 89.77 12.86 0.50 3.77 70.42
FTF Texarkana Fst. Fin. Corp of AR 11.42 103.42 16.49 103.42 9.24 0.45 3.10 35.43
THR Three Rivers Fin. Corp. of MI NM 91.59 13.27 92.03 17.46 0.36 2.64 69.23
TBK Tolland Bank of CT* 9.76 93.48 5.90 97.32 11.28 0.12 1.03 10.08
WSB Washington SB, FSB of MD 8.82 96.86 8.45 96.86 9.69 0.10 2.02 17.86
NASDAQ Listed OTC Companies
___________________________
FBCV 1st Bancorp of Vincennes IN 4.41 96.76 7.93 96.76 NM 0.40 1.31 5.78
AFED AFSALA Bancorp of NY 18.85 81.85 11.20 81.85 18.85 0.00 0.00 0.00
ALBK ALBANK Fin. Corp. of Albany NY 16.40 129.33 11.57 150.63 12.86 0.60 1.94 31.75
AMFC AMB Financial Corp. of IN NM 89.38 17.31 89.38 24.75 0.24 1.86 72.73
ASBP ASB Financial Corp. of OH NM 118.32 26.24 118.32 NM 0.40 2.29 NM
ABBK Abington Savings Bank of MA(8)* 10.90 114.27 7.65 128.49 12.99 0.40 2.04 22.22
AABC Access Anytime Bancorp of NM NM 82.55 3.78 82.55 NM 0.00 0.00 NM
AADV Advantage Bancorp of WI NM 121.69 10.64 131.91 13.62 0.32 1.00 35.96
AFCB Affiliated Comm BC, Inc of MA 19.33 117.51 11.46 118.37 13.38 0.60 2.65 51.28
ALBC Albion Banc Corp. of Albion NY NM 75.86 7.31 75.86 NM 0.31 1.77 NM
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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)
_______________________________________
ATSB AmTrust Capital Corp. of IN 10.03 10.03 0.47 4.40 6.23 0.03 0.28 2.58 26.59 0.95
AHCI Ambanc Holding Co. of NY* 14.17 14.17 0.26 1.73 2.09 0.25 1.66 3.63 26.16 1.70
ASBI Ameriana Bancorp of IN 10.88 10.87 0.61 5.14 4.54 0.91 7.67 0.48 58.85 0.39
AFFFZ America First Fin. Fund of CA 6.89 6.75 0.45 6.64 5.89 0.75 11.21 0.58 54.76 0.50
AMFB American Federal Bank of SC 7.76 7.17 1.04 13.07 6.79 1.30 16.31 0.51 150.52 1.25
ANBK American Nat'l Bancorp of MD 9.15 9.15 0.15 1.44 1.55 0.54 5.14 NA NA 1.59
ABCW Anchor Bancorp Wisconsin of WI 5.84 5.69 0.67 10.05 7.40 0.92 13.84 0.75 157.67 1.54
ANDB Andover Bancorp, Inc. of MA* 7.73 7.73 1.03 13.57 8.97 1.06 13.98 1.30 77.05 1.40
ASFC Astoria Financial Corp. of NY 7.79 6.38 0.51 6.06 4.60 0.77 9.18 0.66 29.39 0.55
AVND Avondale Fin. Corp. of IL 9.59 9.59 0.39 3.71 3.82 0.41 3.88 0.71 103.55 1.46
BFSI BFS Bankorp, Inc. of NY 7.81 7.81 1.57 20.19 11.41 1.84 23.72 1.04 90.39 1.03
BKCT Bancorp Connecticut of CT* 10.85 10.85 1.17 10.76 7.82 1.16 10.64 1.45 84.76 1.98
BPLS Bank Plus Corp. of CA 4.75 4.74 -2.04 -38.41 NM -1.69 -31.88 3.35 56.47 2.24
BWFC Bank West Fin. Corp. of MI 17.34 17.34 0.66 3.39 4.28 0.36 1.84 0.10 126.57 0.18
BANC BankAtlantic Bancorp of FL 6.44 5.98 0.75 10.73 7.31 0.76 10.85 0.76 118.19 1.52
BKUNA BankUnited SA of FL 5.43 5.14 0.06 1.28 0.91 0.30 6.07 0.85 30.71 0.33
BKCO Bankers Corp. of NJ* 8.05 7.90 1.05 11.58 8.70 1.20 13.18 1.20 25.55 0.43
BVFS Bay View Capital Corp. of CA 5.65 5.33 -0.08 -1.25 -0.94 0.55 8.38 0.72 157.67 1.49
BFSB Bedford Bancshares of VA 14.31 14.31 1.09 7.00 6.33 1.40 8.97 0.54 95.03 0.59
BSBC Branford SB of CT* 9.13 9.13 0.97 11.21 6.72 0.97 11.21 2.19 96.45 2.95
BRFC Bridgeville SB, FSB of PA(8) 28.94 28.94 0.98 3.41 3.00 1.25 4.33 0.21 128.21 0.74
BYFC Broadway Fin. Corp. of CA 10.75 10.75 -0.17 -1.88 -2.30 0.21 2.42 2.24 43.23 1.17
CBCO CB Bancorp of Michigan City IN 9.69 9.69 1.11 11.72 7.75 1.31 13.84 1.70 54.83 2.02
CBES CBES Bancorp of MO 17.55 17.55 0.80 7.42 5.09 1.15 10.70 NA NA NA
CCFH CCF Holding Company of GA 21.19 21.19 0.96 5.14 4.53 0.92 4.92 0.92 59.37 0.89
CENF CENFED Financial Corp. of CA 5.04 5.03 0.51 10.37 7.64 0.64 12.98 1.34 49.80 0.94
CFSB CFSB Bancorp of Lansing MI 7.74 7.74 0.70 8.57 5.82 0.98 12.09 0.20 271.42 0.64
CKFB CKF Bancorp of Danville KY 25.22 25.22 1.28 4.72 4.00 1.28 4.72 1.47 13.42 0.22
CNSB CNS Bancorp of MO 24.40 24.40 0.36 2.18 1.33 0.63 3.82 0.33 111.42 0.62
CSBF CSB Financial Group Inc of IL 30.91 30.91 0.92 3.77 3.41 0.92 3.77 0.70 37.37 0.47
CFHC California Fin. Hld. Co. of CA 6.46 6.44 0.37 5.50 3.46 0.62 9.40 1.21 45.60 0.76
CBCI Calumet Bancorp of Chicago IL 16.15 16.15 0.98 5.93 6.35 1.28 7.76 1.29 86.03 1.45
CAFI Camco Fin. Corp. of OH 7.58 7.58 0.78 9.70 8.12 0.88 11.02 0.57 50.44 0.34
CMRN Cameron Fin. Corp. of MO 26.35 26.35 1.60 5.81 6.26 1.56 5.69 0.96 74.48 0.85
CAPS Capital Savings Bancorp of MO 8.45 8.45 0.63 6.34 4.93 0.93 9.47 0.20 141.28 0.38
CFNC Carolina Fincorp of NC* 21.96 21.96 0.88 4.00 3.96 0.88 4.00 0.06 659.32 0.57
CARV Carver FSB of New York, NY 9.48 9.05 -0.03 -0.33 -0.63 0.24 2.52 1.54 16.92 1.03
CASB Cascade SB of Everett WA 6.05 6.05 0.49 7.79 5.92 0.49 7.79 0.51 168.34 1.19
CATB Catskill Fin. Corp. of NY* 29.04 29.04 1.18 6.57 4.18 1.18 6.57 0.61 106.20 1.47
CNIT Cenit Bancorp of Norfolk VA 7.28 7.02 0.50 6.96 4.87 0.55 7.76 0.82 71.39 1.03
CTBK Center Banks, Inc. of NY* 6.56 6.56 0.64 9.21 9.18 0.61 8.77 1.59 54.86 1.03
CEBK Central Co-Op. Bank of MA* 9.83 8.66 0.52 5.32 4.63 0.56 5.76 1.69 53.35 1.25
CJFC Central Jersey Fin. Corp of NJ(8) 12.09 11.31 0.81 6.81 3.76 1.11 9.36 1.39 46.80 1.43
CBSB Charter Financial Inc. of IL 17.39 16.16 1.17 6.86 5.92 1.15 6.77 0.52 130.13 0.94
COFI Charter One Financial of OH 6.59 6.08 0.21 3.26 1.43 1.28 19.42 0.37 129.94 0.84
CVAL Chester Valley Bancorp of PA 8.84 8.84 0.60 6.54 5.41 0.90 9.81 0.76 127.23 1.14
CTZN CitFed Bancorp of Dayton OH 6.37 5.58 0.46 6.84 4.64 0.71 10.50 0.91 71.24 1.12
CLAS Classic Bancshares of KY 13.80 11.54 0.38 1.79 1.98 0.64 3.04 0.86 71.29 1.06
CMSB Cmnwealth Bancorp of PA 10.91 8.37 0.44 4.47 3.02 0.64 6.45 0.41 116.96 0.94
CBSA Coastal Bancorp of Houston TX 3.17 2.61 0.24 7.11 5.84 0.40 12.02 0.59 39.07 0.54
CFCP Coastal Fin. Corp. of SC 6.10 6.10 1.04 17.09 6.14 0.91 14.97 0.15 598.96 1.06
COFD Collective Bancorp Inc. of NJ 6.93 6.49 0.89 12.89 6.59 1.11 15.94 0.43 55.96 0.47
CMSV Commty. Svgs, MHC of FL(47.6) 11.99 11.99 0.89 7.13 5.92 0.90 7.27 0.53 68.77 0.63
CBIN Community Bank Shares of IN 10.85 10.83 0.59 5.15 5.28 0.90 7.88 0.22 117.84 0.46
CBNH Community Bankshares Inc of NH* 7.16 7.16 0.86 11.90 8.49 0.70 9.69 0.38 178.91 1.02
CFTP Community Fed. Bancorp of MS 32.91 32.91 1.14 4.32 2.92 1.44 5.44 0.35 80.00 0.48
Pricing Ratios Dividend Data(6)
_________________________________________ _______________________
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Earning Book Assets Book Earnings Share Yield Ratio(7)
_______ _______ _______ _______ _______ _______ _______ _______
(X) (%) (%) (%) (x) ($) (%) (%)
ATSB AmTrust Capital Corp. of IN 16.06 74.08 7.43 74.08 NM 0.00 0.00 0.00
AHCI Ambanc Holding Co. of NY* NM 76.28 10.81 76.28 NM 0.00 0.00 0.00
ASBI Ameriana Bancorp of IN 22.01 117.78 12.82 117.96 14.75 0.60 3.84 NM
AFFFZ America First Fin. Fund of CA 16.98 115.00 7.93 117.39 10.06 1.60 5.45 NM
AMFB American Federal Bank of SC 14.73 192.31 14.92 208.11 11.80 0.40 2.11 31.01
ANBK American Nat'l Bancorp of MD NM 99.11 9.07 99.11 18.01 0.12 0.98 63.16
ABCW Anchor Bancorp Wisconsin of WI 13.52 145.52 8.50 149.53 9.82 0.50 1.44 19.46
ANDB Andover Bancorp, Inc. of MA* 11.15 142.27 10.99 142.27 10.82 0.60 2.33 25.97
ASFC Astoria Financial Corp. of NY 21.74 132.98 10.36 162.34 14.34 0.44 1.26 27.33
AVND Avondale Fin. Corp. of IL NM 102.70 9.85 102.70 25.00 0.00 0.00 0.00
BFSI BFS Bankorp, Inc. of NY 8.76 161.19 12.58 161.19 7.45 0.00 0.00 0.00
BKCT Bancorp Connecticut of CT* 12.79 135.84 14.74 135.84 12.94 0.80 3.60 45.98
BPLS Bank Plus Corp. of CA NM 129.91 6.18 130.21 NM 0.00 0.00 NM
BWFC Bank West Fin. Corp. of MI 23.37 88.04 15.26 88.04 NM 0.28 2.60 60.87
BANC BankAtlantic Bancorp of FL 13.68 136.99 8.82 147.39 13.54 0.15 1.15 15.79
BKUNA BankUnited SA of FL NM 111.46 6.06 117.92 23.03 0.00 0.00 0.00
BKCO Bankers Corp. of NJ* 11.49 132.01 10.62 134.50 10.10 0.64 3.20 36.78
BVFS Bay View Capital Corp. of CA NM 142.27 8.04 150.74 15.84 0.60 1.45 NM
BFSB Bedford Bancshares of VA 15.79 112.99 16.17 112.99 12.33 0.44 2.44 38.60
BSBC Branford SB of CT* 14.88 157.96 14.42 157.96 14.88 0.08 2.07 30.77
BRFC Bridgeville SB, FSB of PA(8) NM 113.31 32.79 113.31 NM 0.32 2.00 66.67
BYFC Broadway Fin. Corp. of CA NM 64.64 6.95 64.64 NM 0.20 2.19 NM
CBCO CB Bancorp of Michigan City IN 12.90 145.38 14.09 145.38 10.92 1.30 5.36 69.15
CBES CBES Bancorp of MO 19.64 83.03 14.57 83.03 13.61 0.00 0.00 0.00
CCFH CCF Holding Company of GA 22.06 100.94 21.39 100.94 23.08 0.40 2.67 58.82
CENF CENFED Financial Corp. of CA 13.08 131.15 6.61 131.39 10.45 0.36 1.29 16.82
CFSB CFSB Bancorp of Lansing MI 17.19 147.85 11.44 147.85 12.18 0.48 2.49 42.86
CKFB CKF Bancorp of Danville KY 25.00 123.05 31.03 123.05 25.00 0.44 2.23 55.70
CNSB CNS Bancorp of MO NM 102.74 25.07 102.74 NM 0.20 1.33 NM
CSBF CSB Financial Group Inc of IL NM 85.16 26.32 85.16 NM 0.00 0.00 0.00
CFHC California Fin. Hld. Co. of CA NM 157.97 10.20 158.49 16.92 0.44 1.52 44.00
CBCI Calumet Bancorp of Chicago IL 15.76 97.43 15.73 97.43 12.04 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 12.31 117.67 8.92 117.67 10.83 0.46 2.83 34.85
CMRN Cameron Fin. Corp. of MO 15.98 95.33 25.12 95.33 16.32 0.28 1.81 28.87
CAPS Capital Savings Bancorp of MO 20.29 134.49 11.36 134.49 13.59 0.24 1.71 34.78
CFNC Carolina Fincorp of NC* NM 101.00 22.18 101.00 NM 0.00 0.00 0.00
CARV Carver FSB of New York, NY NM 53.48 5.07 56.02 21.05 0.00 0.00 NM
CASB Cascade SB of Everett WA 16.88 129.48 7.83 129.48 16.88 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 23.91 95.72 27.80 95.72 23.91 0.00 0.00 0.00
CNIT Cenit Bancorp of Norfolk VA 20.55 134.33 9.77 139.28 18.43 1.00 2.55 52.36
CTBK Center Banks, Inc. of NY* 10.89 96.07 6.30 96.07 11.43 0.40 2.48 27.03
CEBK Central Co-Op. Bank of MA* 21.61 112.70 11.08 127.92 19.97 0.32 1.74 37.65
CJFC Central Jersey Fin. Corp of NJ(8) NM 178.23 21.54 190.45 19.33 1.26 3.36 NM
CBSB Charter Financial Inc. of IL 16.89 95.49 16.60 102.71 17.12 0.24 1.92 32.43
COFI Charter One Financial of OH NM 200.82 13.23 217.45 11.71 0.92 2.35 NM
CVAL Chester Valley Bancorp of PA 18.50 120.44 10.64 120.44 12.33 0.44 2.38 44.00
CTZN CitFed Bancorp of Dayton OH 21.56 145.90 9.29 166.57 14.03 0.32 1.08 23.19
CLAS Classic Bancshares of KY NM 81.72 11.28 97.73 NM 0.24 2.07 NM
CMSB Cmnwealth Bancorp of PA NM 112.47 12.27 146.60 22.98 0.24 1.68 55.81
CBSA Coastal Bancorp of Houston TX 17.14 123.88 3.93 150.40 10.14 0.40 1.77 30.30
CFCP Coastal Fin. Corp. of SC 16.28 NM 15.94 NM 18.58 0.44 2.10 34.11
COFD Collective Bancorp Inc. of NJ 15.18 190.26 13.19 203.23 12.27 1.00 2.94 44.64
CMSV Commty. Svgs, MHC of FL(47.6) 16.90 118.58 14.22 118.58 16.59 0.80 4.38 74.07
CBIN Community Bank Shares of IN 18.94 97.43 10.57 97.58 12.38 0.34 2.72 51.52
CBNH Community Bankshares Inc of NH* 11.77 125.15 8.96 125.15 14.46 0.64 3.16 37.21
CFTP Community Fed. Bancorp of MS NM 109.18 35.93 109.18 NM 0.30 1.75 60.00
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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)
- ---------------------------------------
CFFC Community Fin. Corp. of VA 13.92 13.92 1.03 7.49 6.10 1.30 9.48 0.20 317.33 0.72
CIBI Community Inv. Bancorp of OH 11.94 11.94 0.68 5.05 5.37 0.98 7.29 0.88 53.98 0.64
COOP Cooperative Bk. for Svgs. of NC 7.70 7.70 -1.14 -12.66 -11.76 -0.08 -0.84 0.42 56.37 0.31
CNSK Covenant Bank for Svgs. of NJ* 5.35 5.35 0.29 5.54 3.00 0.52 9.85 1.62 48.97 1.35
CRZY Crazy Woman Creek Bncorp of WY 30.03 30.03 0.80 3.09 2.89 1.04 3.99 0.12 452.46 1.06
DNFC D&N Financial Corp. of MI 5.55 5.47 0.71 12.74 7.74 0.93 16.60 0.66 112.57 0.94
DSBC DS Bancor Inc. of Derby CT(8)* 6.87 6.67 0.74 11.24 7.18 0.69 10.46 2.02 28.99 0.83
DFIN Damen Fin. Corp. of Chicago IL 22.54 22.54 0.77 3.66 3.65 1.00 4.75 0.15 98.29 0.38
DCBI Delphos Citizens Bancorp of OH 26.51 26.51 1.36 5.12 6.11 1.36 5.12 0.40 25.92 0.14
DIME Dime Community Bancorp of NY 17.55 15.26 0.52 3.13 3.09 0.65 3.94 1.03 68.42 1.41
DIBK Dime Financial Corp. of CT* 8.58 8.23 1.76 21.77 13.09 1.89 23.48 1.01 197.32 3.33
EGLB Eagle BancGroup of IL 13.33 13.33 -0.44 -5.05 -3.92 -0.08 -0.97 1.76 31.80 0.87
EBSI Eagle Bancshares of Tucker GA 8.95 8.95 0.65 7.91 6.24 0.87 10.51 1.06 53.91 0.84
EGFC Eagle Financial Corp. of CT 7.19 5.27 1.03 14.06 10.64 0.63 8.64 1.22 50.16 1.04
ETFS East Texas Fin. Serv. of TX 18.92 18.92 0.81 4.18 5.11 0.74 3.82 0.23 106.64 0.62
EBCP Eastern Bancorp of NH(8) 7.32 6.91 0.39 5.21 3.98 0.53 7.06 1.38 23.81 0.58
ESBK Elmira SB of Elmira NY* 6.38 6.10 0.18 2.90 3.41 0.17 2.70 0.93 72.34 0.89
EIRE Emerald Island Bancorp, MA* 6.83 6.83 0.59 8.77 6.43 0.63 9.43 0.23 281.89 1.04
EFBI Enterprise Fed. Bancorp of OH 14.77 14.75 0.92 5.37 6.21 0.63 3.70 0.04 510.67 0.27
EQSB Equitable FSB of Wheaton MD 5.30 5.30 0.78 14.99 12.34 0.78 14.90 1.00 21.61 0.31
FFFG F.F.O. Financial Group of FL 6.04 6.04 0.20 3.17 2.55 0.62 9.95 2.94 55.67 2.35
FCBF FCB Fin. Corp. of Neenah WI 17.28 17.28 0.91 4.91 5.07 1.11 6.04 0.11 408.42 0.52
FFBS FFBS Bancorp of Columbus MS 19.59 19.59 1.08 5.51 3.70 1.40 7.13 0.63 83.16 0.77
FFDF FFD Financial Corp. of OH 25.07 25.07 0.68 3.69 2.59 0.95 5.10 0.15 116.80 0.29
FFLC FFLC Bancorp of Leesburg FL 16.22 16.22 0.63 3.72 4.05 0.97 5.72 0.23 133.73 0.48
FFFC FFVA Financial Corp. of VA 14.86 14.55 1.03 6.31 4.99 1.31 7.97 0.44 143.89 1.04
FFWC FFW Corporation of Wabash IN 10.01 10.01 0.90 8.36 8.59 1.08 10.09 0.10 312.66 0.48
FFYF FFY Financial Corp. of OH 16.97 16.97 0.82 4.56 3.59 1.26 7.01 0.84 69.96 0.78
FMCO FMS Financial Corp. of NJ 6.53 6.38 0.52 7.93 6.16 0.87 13.26 1.18 45.42 0.91
FFHH FSF Financial Corp. of MN 13.44 13.44 0.51 3.25 3.23 0.71 4.54 0.06 354.34 0.36
FMLY Family Bancorp of Haverhill MA(8)* 7.95 7.35 0.86 11.09 5.18 0.90 11.59 0.68 112.19 1.48
FOBC Fed One Bancorp of Wheeling WV 11.67 11.08 0.70 5.75 5.89 1.00 8.17 0.27 151.30 1.07
FFRV Fid. Fin. Bkshrs. Corp. of VA(8) 8.43 8.42 0.66 7.78 3.79 0.94 11.07 1.14 84.83 1.16
FBCI Fidelity Bancorp of Chicago IL 10.26 10.23 0.50 4.18 4.38 0.74 6.24 0.67 25.45 0.23
FSBI Fidelity Bancorp, Inc. of PA 6.85 6.84 0.44 5.99 5.05 0.77 10.47 0.53 90.64 1.00
FFFL Fidelity FSB, MHC of FL(47.2) 9.36 9.27 0.39 3.94 2.72 0.65 6.45 0.40 65.32 0.34
FFED Fidelity Fed. Bancorp of IN 4.79 4.79 0.31 6.17 3.58 0.40 7.99 0.17 415.56 0.83
FFOH Fidelity Financial of OH 19.85 19.85 0.60 3.45 3.17 0.91 5.18 0.42 77.55 0.43
FIBC Financial Bancorp of NY 9.67 9.61 0.46 4.29 4.41 0.85 7.98 3.44 17.16 1.11
FBSI First Bancshares of MO 14.77 14.74 0.66 3.98 4.73 0.95 5.72 0.65 52.74 0.43
FBBC First Bell Bancorp of PA 18.43 18.43 1.41 6.72 6.19 1.63 7.74 0.10 114.26 0.13
FBER First Bergen Bancorp of NJ 17.03 17.03 0.12 0.91 0.75 0.59 4.55 NA NA 2.71
FCIT First Cit. Fin. Corp of MD 5.92 5.92 0.46 7.45 5.28 0.66 10.62 2.58 41.67 1.50
FFBA First Colorado Bancorp of Co 16.33 16.12 1.09 8.24 4.74 1.09 8.24 0.22 102.47 0.32
FDEF First Defiance Fin.Corp. of OH 23.01 23.01 0.93 3.75 4.06 1.21 4.90 0.23 168.53 0.49
FESX First Essex Bancorp of MA* 7.44 7.44 0.97 13.15 10.02 0.84 11.29 0.55 140.92 1.18
FFES First FS&LA of E. Hartford CT 6.12 6.10 0.44 6.92 6.70 0.67 10.51 0.65 42.48 1.53
FSSB First FS&LA of San Bern. CA 4.69 4.48 -1.07 -20.30 NM -1.24 -23.65 3.02 35.25 1.49
FFSX First FS&LA. MHC of IA (45.0) 7.97 7.90 0.40 4.87 3.11 0.69 8.44 0.13 288.03 0.54
FFML First Family Fin. Corp. of FL(8) 5.92 5.92 0.41 7.44 5.41 0.02 0.31 0.46 95.51 0.63
FFSW First Fed Fin. Serv. of OH 5.37 4.38 0.74 13.47 5.26 0.82 14.91 0.16 155.53 0.35
BDJI First Fed. Bancorp. of MN 11.49 11.49 0.31 2.22 2.50 0.68 4.94 0.38 112.10 0.88
FFBH First Fed. Bancshares of AR 16.35 16.35 0.63 5.48 3.63 0.95 8.32 0.15 159.31 0.31
FFEC First Fed. Bancshares of WI(8) 13.42 12.91 0.69 4.76 3.65 0.91 6.25 0.03 398.60 0.16
FTFC First Fed. Capital Corp. of WI 6.34 5.98 0.70 10.32 6.50 0.77 11.38 0.12 467.72 0.76
FFKY First Fed. Fin. Corp. of KY 13.80 12.90 1.24 8.81 5.35 1.41 10.01 0.54 92.15 0.57
Pricing Ratios Dividend Data(6)
---------------------------------------- -------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- -------- ------ -------- ------ ------- ---------
(X) (%) (%) (%) (x) ($) (%) (%)
CFFC Community Fin. Corp. of VA 16.41 119.39 16.61 119.39 12.96 0.52 2.48 40.63
CIBI Community Inv. Bancorp of OH 18.61 98.53 11.77 98.53 12.88 0.40 2.39 44.44
COOP Cooperative Bk. for Svgs. of NC NM 121.37 9.35 121.37 NM 0.00 0.00 NM
CNSK Covenant Bank for Svgs. of NJ* NM 158.94 8.50 158.94 18.75 0.00 0.00 0.00
CRZY Crazy Woman Creek Bncorp of WY NM 80.37 24.13 80.37 NM 0.40 3.40 NM
DNFC D&N Financial Corp. of MI 12.92 149.22 8.28 151.28 9.92 0.00 0.00 0.00
DSBC DS Bancor Inc. of Derby CT(8)* 13.93 148.97 10.23 153.32 14.96 0.24 0.56 7.87
DFIN Damen Fin. Corp. of Chicago IL NM 91.80 20.69 91.80 21.10 0.24 1.86 51.06
DCBI Delphos Citizens Bancorp of OH 16.36 83.73 22.19 83.73 16.36 0.00 0.00 0.00
DIME Dime Community Bancorp of NY NM 100.54 17.65 115.63 NM 0.00 0.00 0.00
DIBK Dime Financial Corp. of CT* 7.64 151.12 12.97 157.66 7.09 0.32 1.83 13.97
EGLB Eagle BancGroup of IL NM 79.10 10.54 79.10 NM 0.00 0.00 NM
EBSI Eagle Bancshares of Tucker GA 16.02 107.92 9.65 107.92 12.05 0.60 4.41 70.59
EGFC Eagle Financial Corp. of CT 9.40 128.87 9.27 175.73 15.29 0.92 3.20 30.07
ETFS East Texas Fin. Serv. of TX 19.58 84.46 15.98 84.46 21.38 0.20 1.23 24.10
EBCP Eastern Bancorp of NH(8) NM 129.93 9.51 137.59 18.54 0.56 2.48 62.22
ESBK Elmira SB of Elmira NY* NM 85.30 5.44 89.19 NM 0.64 3.76 NM
EIRE Emerald Island Bancorp, MA* 15.55 121.87 8.33 121.87 14.45 0.28 1.51 23.53
EFBI Enterprise Fed. Bancorp of OH 16.11 95.21 14.06 95.33 23.39 0.00 0.00 0.00
EQSB Equitable FSB of Wheaton MD 8.11 113.16 5.99 113.16 8.16 0.00 0.00 0.00
FFFG F.F.O. Financial Group of FL NM 123.32 7.45 123.32 12.50 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 19.74 99.10 17.13 99.10 16.03 0.72 3.84 NM
FFBS FFBS Bancorp of Columbus MS NM 146.59 28.72 146.59 20.91 0.50 2.17 58.82
FFDF FFD Financial Corp. of OH NM 89.13 22.34 89.13 NM 0.20 1.52 58.82
FFLC FFLC Bancorp of Leesburg FL 24.70 93.84 15.22 93.84 16.07 0.40 1.98 48.78
FFFC FFVA Financial Corp. of VA 20.05 135.52 20.14 138.44 15.86 0.40 1.88 37.74
FFWC FFW Corporation of Wabash IN 11.64 99.82 9.99 99.82 9.65 0.60 2.73 31.75
FFYF FFY Financial Corp. of OH NM 129.48 21.97 129.48 18.09 0.70 2.71 NM
FMCO FMS Financial Corp. of NJ 16.23 126.70 8.27 129.63 9.70 0.20 1.15 18.69
FFHH FSF Financial Corp. of MN NM 108.54 14.58 108.54 22.19 0.50 3.36 NM
FMLY Family Bancorp of Haverhill MA(8)* 19.31 203.19 16.14 219.68 18.48 0.48 1.40 26.97
FOBC Fed One Bancorp of Wheeling WV 16.97 100.81 11.77 106.19 11.94 0.58 3.60 61.05
FFRV Fid. Fin. Bkshrs. Corp. of VA(8) NM 200.91 16.93 201.08 18.51 0.20 0.82 21.74
FBCI Fidelity Bancorp of Chicago IL 22.83 100.47 10.31 100.82 15.29 0.24 1.40 32.00
FSBI Fidelity Bancorp, Inc. of PA 19.79 119.80 8.21 120.03 11.31 0.32 1.68 33.33
FFFL Fidelity FSB, MHC of FL(47.2) NM 144.47 13.53 145.94 22.40 0.80 4.64 NM
FFED Fidelity Fed. Bancorp of IN NM 188.87 9.05 188.87 21.59 0.80 8.42 NM
FFOH Fidelity Financial of OH NM 91.25 18.12 91.25 21.06 0.20 1.76 55.56
FIBC Financial Bancorp of NY 22.66 100.69 9.73 101.26 12.18 0.30 2.07 46.88
FBSI First Bancshares of MO 21.15 87.30 12.90 87.49 14.73 0.20 1.21 25.64
FBBC First Bell Bancorp of PA 16.16 116.70 21.51 116.70 14.04 0.40 2.50 40.40
FBER First Bergen Bancorp of NJ NM 89.49 15.24 89.49 NM 0.12 1.00 NM
FCIT First Cit. Fin. Corp of MD 18.94 138.79 8.21 138.79 13.30 0.00 0.00 0.00
FFBA First Colorado Bancorp of Co 21.08 135.87 22.18 137.58 21.08 0.32 1.83 38.55
FDEF First Defiance Fin.Corp. of OH 24.61 99.10 22.80 99.10 18.84 0.28 2.32 57.14
FESX First Essex Bancorp of MA* 9.98 125.30 9.32 125.30 11.63 0.48 3.59 35.82
FFES First FS&LA of E. Hartford CT 14.94 104.31 6.38 104.55 9.83 0.60 2.61 38.96
FSSB First FS&LA of San Bern. CA NM 62.67 2.94 65.65 NM 0.00 0.00 NM
FFSX First FS&LA. MHC of IA (45.0) NM 156.01 12.43 157.47 18.56 0.72 2.38 NM
FFML First Family Fin. Corp. of FL(8) 18.49 130.02 7.69 130.02 NM 0.00 0.00 0.00
FFSW First Fed Fin. Serv. of OH 19.02 236.36 12.68 NM 17.18 0.48 1.23 23.41
BDJI First Fed. Bancorp. of MN NM 102.39 11.76 102.39 18.00 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR NM 98.95 16.18 98.95 18.18 0.00 0.00 0.00
FFEC First Fed. Bancshares of WI(8) NM 128.73 17.28 133.79 20.88 0.28 1.52 41.79
FTFC First Fed. Capital Corp. of WI 15.38 158.94 10.08 168.54 13.95 0.64 2.67 41.03
FFKY First Fed. Fin. Corp. of KY 18.69 163.83 22.61 175.32 16.45 0.48 2.49 46.60
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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)
- ---------------------------------------
FFBZ First Federal Bancorp of OH 7.59 7.58 0.81 10.59 5.69 1.10 14.32 0.50 174.92 1.00
FFWM First Fin. Corp of Western MD 11.69 11.69 0.86 7.04 4.22 1.19 9.77 1.75 129.77 2.82
FFCH First Fin. Holdings Inc. of SC 6.13 6.13 0.48 7.44 4.77 0.81 12.41 1.28 56.63 0.87
FFBI First Financial Bancorp of IL 7.73 7.73 0.12 1.27 1.39 0.37 4.03 0.43 106.97 0.61
FFHC First Financial Corp. of WI 7.17 6.92 0.90 12.68 5.82 1.27 17.80 0.29 147.30 0.67
FFHS First Franklin Corp. of OH 9.05 8.97 0.28 2.99 3.25 0.62 6.61 0.52 81.80 0.62
FGHC First Georgia Hold. Corp of GA 8.31 7.39 0.87 10.71 6.96 0.87 10.71 1.34 51.51 0.82
FSPG First Home SB, SLA of NJ 6.46 6.31 0.91 14.05 10.72 1.11 17.07 0.78 98.58 1.42
FFSL First Independence Corp. of KS 11.98 11.98 0.78 6.21 7.14 1.06 8.39 0.57 112.38 1.01
FISB First Indiana Corp. of IN 9.10 8.97 0.90 10.21 6.35 1.03 11.72 1.76 63.33 1.34
FKFS First Keystone Fin. Corp of PA 7.85 7.85 0.31 3.74 3.40 0.67 8.09 2.28 39.11 1.52
FLKY First Lancaster Bncshrs of KY 35.68 35.68 0.70 1.52 1.74 0.99 2.14 0.83 31.75 0.31
FLFC First Liberty Fin. Corp. of GA 6.90 5.84 1.03 15.28 8.65 0.83 12.23 1.22 66.75 1.09
CASH First Midwest Fin. Corp. of IA 11.41 10.66 1.05 8.17 7.11 1.03 8.07 0.20 268.44 0.81
FMBD First Mutual Bancorp of IL 19.93 19.93 0.47 1.94 2.35 0.72 2.99 0.14 275.66 0.46
FMSB First Mutual SB of Bellevue WA* 6.61 6.61 1.02 15.36 8.61 0.98 14.77 0.12 723.09 1.07
FNGB First Northern Cap. Corp of WI 11.41 11.41 0.53 4.29 4.38 0.82 6.62 0.12 377.58 0.51
FFPB First Palm Beach Bancorp of FL 7.08 6.89 0.04 0.51 0.48 0.12 1.48 NA NA 1.16
FSNJ First SB of NJ, MHC (45.0) 7.53 7.53 0.19 2.28 2.20 0.43 5.10 0.91 51.83 1.27
FSLA First SB, SLA MHC of NJ (37.6) 9.26 8.11 0.47 5.02 3.50 0.86 9.08 0.75 70.10 1.01
SOPN First SB, SSB, Moore Co. of NC 25.46 25.46 1.26 4.87 4.83 1.57 6.05 0.10 224.72 0.33
FWWB First Savings Bancorp of WA* 15.77 14.47 1.01 5.45 3.57 1.01 5.45 0.21 311.17 1.08
SHEN First Shenango Bancorp of PA 12.00 12.00 0.75 5.69 5.24 1.02 7.72 0.50 140.23 1.04
FSFC First So.east Fin. Corp. of SC 10.06 10.06 -0.04 -0.24 -0.32 0.85 5.30 0.07 577.21 0.50
FSFI First State Fin. Serv. of NJ(8) 6.00 5.67 0.01 0.19 0.13 -0.12 -1.79 4.24 32.21 1.67
FFDP FirstFed Bancshares of IL 8.57 8.16 0.24 2.62 2.63 0.29 3.21 0.14 167.24 0.37
FLAG Flag Financial Corp of GA 8.80 8.80 -0.07 -0.77 -0.73 0.11 1.15 3.67 52.67 2.77
FFPC Florida First Bancorp of FL(8) 6.99 6.99 0.58 8.57 4.57 0.86 12.69 0.78 149.50 2.01
FFIC Flushing Fin. Corp. of NY* 17.51 17.51 0.85 5.06 3.79 0.80 4.78 0.71 95.82 1.46
FBHC Fort Bend Holding Corp. of TX 6.18 5.70 0.27 3.82 3.38 0.58 8.29 1.31 43.41 1.29
FTSB Fort Thomas Fin. Corp. of KY 24.35 24.35 1.33 5.37 5.19 1.33 5.37 1.27 28.12 0.42
FKKY Frankfort First Bancorp of KY 26.30 26.30 0.81 2.52 2.81 1.09 3.39 0.16 48.04 0.09
FTNB Fulton Bancorp of MO 22.80 22.80 1.10 4.81 4.51 1.06 4.67 0.92 99.36 1.02
GFSB GFS Bancorp of Grinnell IA 11.56 11.56 0.91 7.59 7.08 1.20 10.02 1.63 49.75 0.92
GUPB GFSB Bancorp of Gallup NM 18.50 18.50 0.81 3.56 3.91 1.03 4.53 0.25 159.18 0.75
GWBC Gateway Bancorp of KY 25.07 25.07 0.83 3.26 3.72 1.14 4.47 0.45 25.80 0.44
GBCI Glacier Bancorp of MT 9.45 9.44 1.37 14.32 6.89 1.54 16.10 0.29 173.40 0.70
GLBK Glendale Co-op. Bank of MA* 15.85 15.85 0.79 4.97 5.80 0.66 4.16 0.30 96.33 0.70
GFCO Glenway Financial Corp. of OH 9.61 9.40 0.56 5.90 7.05 0.57 5.99 0.41 52.03 0.27
GTPS Great American Bancorp of IL 27.85 27.85 0.69 2.42 2.90 0.68 2.36 0.13 192.81 0.35
GTFN Great Financial Corp. of KY 9.66 9.26 0.70 6.47 4.36 0.71 6.57 3.23 14.46 0.65
GSBC Great Southern Bancorp of MO 10.12 10.12 1.35 13.44 5.91 1.54 15.28 1.83 121.83 2.59
GDVS Greater DV SB, MHC of PA(19.9)* 11.69 11.69 -0.21 -1.72 -1.50 0.10 0.80 2.91 45.73 2.22
GRTR Greater New York SB of NY* 5.97 5.97 0.42 7.32 5.93 0.37 6.50 7.90 9.80 1.94
GSFC Green Street Fin. Corp. of NC 35.29 35.29 1.18 5.35 3.12 1.48 6.68 0.20 68.31 0.19
GROV GroveBank for Savings of MA(8)* 6.50 6.49 0.90 14.23 6.86 0.84 13.34 0.58 100.00 0.77
GFED Guaranty FS&LA,MHC of MO(31.1) 14.49 14.49 0.62 4.23 3.17 0.50 3.41 1.57 73.15 1.47
GSLC Guaranty Svgs & Loan FA of VA 5.50 5.50 0.44 7.28 6.06 0.51 8.44 NA NA 0.91
HEMT HF Bancorp of Hemet CA 7.94 7.94 -0.08 -0.74 -0.91 -0.10 -0.97 0.95 64.23 1.37
HFFC HF Financial Corp. of SD 8.99 8.96 0.60 6.61 6.97 0.75 8.33 0.59 127.45 0.96
HFNC HFNC Financial Corp. of NC 29.31 29.31 1.02 3.72 2.57 1.28 4.68 1.15 80.19 1.39
HMNF HMN Financial, Inc. of MN 14.80 14.80 0.80 4.93 5.15 0.94 5.77 0.08 531.92 0.65
HALL Hallmark Capital Corp. of WI 7.01 7.01 0.41 5.32 5.56 0.56 7.17 0.05 715.63 0.56
HARB Harbor FSB, MHC of FL (45.7) 8.02 7.68 0.90 10.52 5.47 1.21 14.19 0.50 208.24 1.41
HRBF Harbor Federal Bancorp of MD 12.85 12.85 0.27 1.71 1.85 0.56 3.60 0.43 41.21 0.28
HFSA Hardin Bancorp of Hardin MO 16.78 16.78 0.44 2.40 2.99 0.78 4.28 0.19 90.18 0.29
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) ($) (%) (%)
FFBZ First Federal Bancorp of OH 17.58 179.37 13.62 179.78 13.01 0.24 1.50 26.37
FFWM First Fin. Corp of Western MD 23.69 167.02 19.52 167.02 17.07 0.48 1.51 35.82
FFCH First Fin. Holdings Inc. of SC 20.95 155.94 9.56 155.94 12.57 0.72 3.10 64.86
FFBI First Financial Bancorp of IL NM 95.49 7.38 95.49 22.67 0.00 0.00 0.00
FFHC First Financial Corp. of WI 17.17 212.53 15.24 220.08 12.23 0.75 2.63 45.18
FFHS First Franklin Corp. of OH NM 93.73 8.49 94.56 13.91 0.32 2.00 61.54
FGHC First Georgia Hold. Corp of GA 14.37 145.85 12.11 163.88 14.37 0.08 0.93 13.33
FSPG First Home SB, SLA of NJ 9.33 125.81 8.13 128.71 7.68 0.48 2.46 22.97
FFSL First Independence Corp. of KS 14.01 87.98 10.54 87.98 10.38 0.40 2.04 28.57
FISB First Indiana Corp. of IN 15.74 156.44 14.24 158.68 13.71 0.56 2.20 34.57
FKFS First Keystone Fin. Corp of PA NM 111.92 8.78 111.92 13.61 0.20 1.00 29.41
FLKY First Lancaster Bncshrs of KY NM 110.09 39.28 110.09 NM 0.00 0.00 0.00
FLFC First Liberty Fin. Corp. of GA 11.56 162.42 11.20 191.71 14.45 0.40 2.16 25.00
CASH First Midwest Fin. Corp. of IA 14.06 112.81 12.87 120.79 14.22 0.54 2.18 30.68
FMBD First Mutual Bancorp of IL NM 90.67 18.07 90.67 NM 0.32 2.15 NM
FMSB First Mutual SB of Bellevue WA* 11.61 166.82 11.02 166.82 12.08 0.20 1.11 12.90
FNGB First Northern Cap. Corp of WI 22.86 101.01 11.53 101.01 14.81 0.60 3.75 NM
FFPB First Palm Beach Bancorp of FL NM 111.11 7.86 114.14 NM 0.40 1.74 NM
FSNJ First SB of NJ, MHC (45.0) NM 107.75 8.12 107.75 20.29 0.50 2.90 NM
FSLA First SB, SLA MHC of NJ (37.6) NM 142.97 13.23 163.19 15.79 0.36 2.00 57.14
SOPN First SB, SSB, Moore Co. of NC 20.69 100.56 25.60 100.56 16.67 0.68 3.78 NM
FWWB First Savings Bancorp of WA* NM 134.74 21.25 146.83 NM 0.20 1.08 30.30
SHEN First Shenango Bancorp of PA 19.07 110.19 13.23 110.19 14.06 0.48 2.13 40.68
FSFC First So.east Fin. Corp. of SC NM 125.83 12.66 125.83 14.18 0.20 2.11 NM
FSFI First State Fin. Serv. of NJ(8) NM 147.49 8.85 156.09 NM 0.22 1.47 NM
FFDP FirstFed Bancshares of IL NM 106.28 9.10 111.52 NM 0.40 2.39 NM
FLAG Flag Financial Corp of GA NM 111.22 9.79 111.22 NM 0.34 3.09 NM
FFPC Florida First Bancorp of FL(8) 21.87 185.78 12.99 185.78 14.77 0.24 2.11 46.15
FFIC Flushing Fin. Corp. of NY* NM 119.20 20.88 119.20 NM 0.16 0.85 22.54
FBHC Fort Bend Holding Corp. of TX NM 114.17 7.05 123.60 13.62 0.28 1.15 34.15
FTSB Fort Thomas Fin. Corp. of KY 19.26 103.64 25.24 103.64 19.26 0.25 1.75 33.78
FKKY Frankfort First Bancorp of KY NM 115.55 30.38 115.55 NM 0.36 3.17 NM
FTNB Fulton Bancorp of MO 22.19 106.82 24.36 106.82 22.88 0.00 0.00 0.00
GFSB GFS Bancorp of Grinnell IA 14.12 105.92 12.25 105.92 10.70 0.40 1.93 27.21
GUPB GFSB Bancorp of Gallup NM NM 96.95 17.94 96.95 20.09 0.40 2.52 64.52
GWBC Gateway Bancorp of KY NM 92.71 23.24 92.71 19.59 0.40 2.76 74.07
GBCI Glacier Bancorp of MT 14.52 202.51 19.14 202.69 12.91 0.64 2.74 39.75
GLBK Glendale Co-op. Bank of MA* 17.24 84.35 13.37 84.35 20.62 0.00 0.00 0.00
GFCO Glenway Financial Corp. of OH 14.18 81.65 7.84 83.44 13.97 0.68 3.58 50.75
GTPS Great American Bancorp of IL NM 84.84 23.63 84.84 NM 0.40 2.76 NM
GTFN Great Financial Corp. of KY 22.93 151.12 14.59 157.58 22.57 0.48 1.65 37.80
GSBC Great Southern Bancorp of MO 16.91 226.38 22.90 226.38 14.87 0.40 2.32 39.22
GDVS Greater DV SB, MHC of PA(19.9)* NM 120.48 14.09 120.48 NM 0.36 3.60 NM
GRTR Greater New York SB of NY* 16.88 118.42 7.07 118.42 19.01 0.20 1.48 25.00
GSFC Green Street Fin. Corp. of NC NM 106.22 37.49 106.22 NM 0.40 2.60 NM
GROV GroveBank for Savings of MA(8)* 14.58 194.84 12.66 194.92 15.54 0.72 1.47 21.36
GFED Guaranty FS&LA,MHC of MO(31.1) NM 133.92 19.40 133.92 NM 0.36 3.17 NM
GSLC Guaranty Svgs & Loan FA of VA 16.50 119.57 6.58 119.57 14.22 0.10 1.21 20.00
HEMT HF Bancorp of Hemet CA NM 86.61 6.88 86.61 NM 0.00 0.00 NM
HFFC HF Financial Corp. of SD 14.35 96.38 8.66 96.66 11.38 0.36 2.18 31.30
HFNC HFNC Financial Corp. of NC NM 124.01 36.35 124.01 NM 0.28 1.57 60.87
HMNF HMN Financial, Inc. of MN 19.41 101.96 15.09 101.96 16.59 0.00 0.00 0.00
HALL Hallmark Capital Corp. of WI 17.98 93.52 6.56 93.52 13.35 0.00 0.00 0.00
HARB Harbor FSB, MHC of FL (45.7) 18.29 186.15 14.93 194.29 13.56 1.20 3.75 68.57
HRBF Harbor Federal Bancorp of MD NM 96.49 12.40 96.49 NM 0.40 2.65 NM
HFSA Hardin Bancorp of Hardin MO NM 84.38 14.16 84.38 18.74 0.40 3.23 NM
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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)
- ---------------------------------------
HARL Harleysville SA of PA 6.22 6.22 0.54 8.12 6.45 0.88 13.09 0.09 602.74 0.75
HARS Harris SB, MHC of PA (23.1) 8.56 7.22 0.02 0.23 0.17 0.49 4.58 0.75 63.17 0.84
HFFB Harrodsburg 1st Fin Bcrp of KY 28.14 28.14 1.17 4.61 3.08 1.17 4.61 0.58 46.70 0.39
HHFC Harvest Home Fin. Corp. of OH 16.72 16.72 0.74 4.13 5.78 0.74 4.13 0.19 75.00 0.26
HAVN Haven Bancorp of Woodhaven NY 6.00 5.97 0.57 9.09 6.98 0.86 13.74 1.01 64.99 1.38
HVFD Haverfield Corp. of OH 7.87 7.86 0.40 4.91 3.89 0.84 10.36 0.28 276.81 0.94
HTHR Hawthorne Fin. Corp. of CA 3.85 3.85 0.82 21.28 32.53 0.57 14.69 10.58 17.32 2.16
HBNK Highland Federal Bank of CA 7.13 7.13 -0.09 -1.31 -1.05 0.22 3.12 3.30 46.96 2.00
HIFS Hingham Inst. for Sav. of MA* 9.70 9.70 1.07 10.69 8.51 1.07 10.69 0.78 88.21 0.90
HNFC Hinsdale Financial Corp. of IL 8.52 8.28 0.45 5.68 4.70 0.68 8.52 0.17 211.76 0.41
HBEI Home Bancorp of Elgin IL 26.71 26.71 0.13 0.80 0.47 0.68 4.14 0.49 50.03 0.35
HBFW Home Bancorp of Fort Wayne IN 15.50 15.50 0.84 5.00 4.92 0.84 5.00 0.04 NA 0.57
HBBI Home Building Bancorp of IN 12.92 12.92 -0.32 -2.31 -2.44 0.02 0.16 0.35 51.68 0.27
HOMF Home Fed Bancorp of Seymour IN 8.16 7.86 0.98 12.02 7.63 1.16 14.25 0.46 108.25 0.58
HWEN Home Financial Bancorp of IN 20.03 20.03 0.50 4.10 2.77 0.72 5.92 0.96 44.47 0.58
HPBC Home Port Bancorp, Inc. of MA* 10.41 10.41 1.73 15.77 9.72 1.74 15.87 0.40 307.31 1.54
HMCI Homecorp, Inc. of Rockford IL 6.00 6.00 0.10 1.59 1.63 0.33 5.44 3.64 11.70 0.53
LOAN Horizon Bancorp, Inc of TX(8)* 8.27 8.02 1.42 16.41 6.79 1.09 12.60 0.38 135.94 0.72
HZFS Horizon Fin'l. Services of IA 10.73 10.73 0.13 1.11 1.45 0.33 2.85 1.12 45.26 0.76
HRZB Horizon Financial Corp. of WA* 15.94 15.94 1.52 9.43 8.60 1.48 9.18 0.01 NA 0.81
IBSF IBS Financial Corp. of NJ 19.45 19.45 0.61 2.97 2.69 0.98 4.81 0.11 123.82 0.55
ISBF ISB Financial Corp. of LA 16.38 15.88 0.81 4.38 4.17 1.09 5.94 NA NA 1.03
ITLA Imperial Thrift & Loan of CA* 11.76 11.76 1.43 14.06 8.36 1.43 14.06 2.24 61.01 1.64
IFSB Independence FSB of DC 6.73 5.82 0.13 1.97 3.41 0.20 2.96 NA NA 0.38
INCB Indiana Comm. Bank, SB of IN 12.30 12.30 0.15 1.06 0.91 0.48 3.41 NA NA NA
IFSL Indiana Federal Corp. of IN(8) 8.65 8.07 0.68 7.23 4.92 0.96 10.14 1.32 64.27 1.12
INBI Industrial Bancorp of OH 18.93 18.93 0.73 3.38 3.40 1.36 6.27 0.46 101.75 0.54
IWBK Interwest SB of Oak Harbor WA 6.48 6.32 0.77 11.23 4.25 1.11 16.23 0.54 87.60 0.82
IPSW Ipswich SB of Ipswich MA* 5.91 5.91 1.33 21.97 13.43 1.10 18.17 1.81 47.96 1.19
IROQ Iroquois Bancorp of Auburn NY* 5.99 5.37 0.65 10.80 7.46 0.88 14.61 0.92 72.68 0.91
JSBF JSB Financial, Inc. of NY 21.60 21.60 1.66 7.56 7.12 1.66 7.56 1.37 24.80 0.61
JXVL Jacksonville Bancorp of TX 16.20 16.20 0.68 4.84 3.72 1.02 7.26 NA NA NA
JXSB Jcksnville SB,MHC of IL(43.3%) 11.52 11.49 0.19 1.60 1.68 0.47 3.96 0.37 131.69 0.59
JSBA Jefferson Svgs Bancorp of MO 7.24 5.97 0.23 3.21 2.71 0.61 8.55 1.02 48.29 0.67
JOAC Joachim Bancorp of MO 29.55 29.55 0.41 1.53 1.32 0.71 2.66 0.33 63.87 0.32
KSAV KS Bancorp of Kenly NC 14.37 14.36 0.82 5.34 5.41 1.15 7.47 0.55 55.53 0.37
KSBK KSB Bancorp of Kingfield ME* 6.82 6.32 0.89 13.40 12.00 0.89 13.40 1.38 47.56 0.90
KFBI Klamath First Bancorp of OR 22.83 22.83 0.98 3.78 3.55 1.40 5.42 0.04 356.92 0.20
LBFI L&B Financial of S. Springs TX(8) 16.99 16.99 0.65 3.72 3.47 0.87 4.98 0.51 103.00 1.08
LSBI LSB Fin. Corp. of Lafayette IN 9.40 9.40 0.50 4.76 4.80 0.46 4.33 1.37 70.21 1.09
LVSB Lakeview SB of Paterson NJ 10.24 8.16 1.24 11.79 9.57 0.85 8.07 1.21 55.15 1.73
LARK Landmark Bancshares of KS 15.16 15.16 0.69 4.20 4.47 0.92 5.58 0.19 193.45 0.59
LARL Laurel Capital Group of PA 10.41 10.41 1.06 10.06 8.57 1.40 13.31 0.64 148.64 1.27
LSBX Lawrence Savings Bank of MA* 8.21 8.21 1.46 18.83 13.21 1.46 18.83 0.85 129.65 2.42
LFED Leeds FSB, MHC of MD (35.3) 16.10 16.10 0.76 4.69 3.69 1.10 6.76 0.02 942.86 0.25
LXMO Lexington B&L Fin. Corp. of MO 30.57 30.57 1.04 5.72 3.19 1.04 5.72 0.98 33.39 0.49
LBCI Liberty Bancorp of Chicago IL(8) 9.53 9.50 0.32 3.31 3.37 0.62 6.40 0.10 508.37 0.72
LIFB Life Bancorp of Norfolk VA 10.35 10.01 0.63 4.95 4.19 0.91 7.14 0.38 196.63 1.76
LFBI Little Falls Bancorp of NJ 14.88 13.71 0.17 1.44 1.28 0.45 3.86 1.18 28.24 0.84
LOGN Logansport Fin. Corp. of IN 19.98 19.98 1.23 4.85 6.04 1.54 6.08 0.36 81.47 0.42
LONF London Financial Corp. of OH 21.37 21.37 0.78 5.39 3.85 0.78 5.39 0.21 242.86 0.68
LISB Long Island Bancorp of NY 9.99 9.99 0.93 8.80 6.06 0.85 8.00 NA NA 1.08
MAFB MAF Bancorp of IL 7.65 6.54 0.53 7.80 3.50 0.92 13.60 0.47 119.22 0.74
MBLF MBLA Financial Corp. of MO(8) 12.31 12.31 0.57 4.07 4.47 0.75 5.36 0.19 127.59 0.50
MFBC MFB Corp. of Mishawaka IN 17.90 17.90 0.72 3.67 4.30 0.71 3.62 0.06 258.14 0.24
MLBC ML Bancorp of Villanova PA 7.31 7.08 0.74 9.25 7.62 0.69 8.67 0.61 129.89 1.81
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) ($) (%) (%)
HARL Harleysville SA of PA 15.50 123.52 7.68 123.52 9.62 0.44 2.35 36.36
HARS Harris SB, MHC of PA (23.1) NM 137.79 11.79 163.39 NM 0.58 3.20 NM
HFFB Harrodsburg 1st Fin Bcrp of KY NM 129.55 36.45 129.55 NM 0.40 2.16 70.18
HHFC Harvest Home Fin. Corp. of OH 17.32 72.25 12.08 72.25 17.32 0.40 4.05 70.18
HAVN Haven Bancorp of Woodhaven NY 14.32 131.16 7.87 131.94 9.47 0.60 2.11 30.15
HVFD Haverfield Corp. of OH NM 127.85 10.06 128.03 12.17 0.54 2.92 NM
HTHR Hawthorne Fin. Corp. of CA 3.07 60.73 2.34 60.73 4.46 0.00 0.00 0.00
HBNK Highland Federal Bank of CA NM 117.50 8.38 117.50 NM 0.00 0.00 NM
HIFS Hingham Inst. for Sav. of MA* 11.74 121.11 11.75 121.11 11.74 0.36 2.06 24.16
HNFC Hinsdale Financial Corp. of IL 21.27 117.83 10.04 121.31 14.18 0.00 0.00 0.00
HBEI Home Bancorp of Elgin IL NM 90.72 24.23 90.72 NM 0.00 0.00 0.00
HBFW Home Bancorp of Fort Wayne IN 20.33 109.08 16.91 109.08 20.33 0.20 1.08 21.98
HBBI Home Building Bancorp of IN NM 102.16 13.20 102.16 NM 0.30 1.67 NM
HOMF Home Fed Bancorp of Seymour IN 13.10 151.87 12.39 157.65 11.05 0.60 1.70 22.30
HWEN Home Financial Bancorp of IN NM 84.91 17.00 84.91 25.00 0.20 1.54 55.56
HPBC Home Port Bancorp, Inc. of MA* 10.29 158.26 16.47 158.26 10.22 0.80 4.74 48.78
HMCI Homecorp, Inc. of Rockford IL NM 98.12 5.89 98.12 17.93 0.00 0.00 0.00
LOAN Horizon Bancorp, Inc of TX(8)* 14.73 226.73 18.75 233.70 19.19 0.16 0.84 12.40
HZFS Horizon Fin'l. Services of IA NM 78.98 8.47 78.98 NM 0.32 2.21 NM
HRZB Horizon Financial Corp. of WA* 11.62 107.90 17.19 107.90 11.94 0.40 3.02 35.09
IBSF IBS Financial Corp. of NJ NM 116.47 22.65 116.47 22.99 0.32 2.05 NM
ISBF ISB Financial Corp. of LA 23.97 109.86 17.99 113.27 17.68 0.34 1.94 46.58
ITLA Imperial Thrift & Loan of CA* 11.97 126.58 14.88 126.58 11.97 0.00 0.00 0.00
IFSB Independence FSB of DC NM 58.48 3.93 67.55 19.54 0.22 2.89 NM
INCB Indiana Comm. Bank, SB of IN NM 136.36 16.77 136.36 NM 0.35 2.12 NM
IFSL Indiana Federal Corp. of IN(8) 20.33 147.26 12.73 157.84 14.50 0.72 3.31 67.29
INBI Industrial Bancorp of OH NM 113.28 21.45 113.28 15.86 0.40 3.23 NM
IWBK Interwest SB of Oak Harbor WA 23.54 230.03 14.91 236.09 16.29 0.52 1.61 37.96
IPSW Ipswich SB of Ipswich MA* 7.45 147.09 8.69 147.09 9.01 0.20 1.72 12.82
IROQ Iroquois Bancorp of Auburn NY* 13.40 139.35 8.35 155.52 9.91 0.32 1.91 25.60
JSBF JSB Financial, Inc. of NY 14.04 108.63 23.47 108.63 14.04 1.20 3.29 46.15
JXVL Jacksonville Bancorp of TX NM 108.70 17.61 108.70 17.90 0.50 3.45 NM
JXSB Jcksnville SB,MHC of IL(43.3%) NM 96.08 11.06 96.30 24.04 0.40 3.20 NM
JSBA Jefferson Svgs Bancorp of MO NM 117.10 8.48 142.05 13.86 0.32 1.40 51.61
JOAC Joachim Bancorp of MO NM 102.28 30.23 102.28 NM 0.50 3.48 NM
KSAV KS Bancorp of Kenly NC 18.47 100.14 14.39 100.24 13.21 0.60 2.87 53.10
KSBK KSB Bancorp of Kingfield ME* 8.33 104.55 7.13 112.91 8.33 0.20 0.87 7.25
KFBI Klamath First Bancorp of OR NM 113.10 25.82 113.10 19.66 0.28 1.87 52.83
LBFI L&B Financial of S. Springs TX(8) NM 109.61 18.62 109.61 21.52 0.40 2.35 67.80
LSBI LSB Fin. Corp. of Lafayette IN 20.83 102.97 9.68 102.97 22.87 0.32 1.71 35.56
LVSB Lakeview SB of Paterson NJ 10.44 120.70 12.36 151.52 15.26 0.25 1.06 11.11
LARK Landmark Bancshares of KS 22.37 97.25 14.74 97.25 16.83 0.40 2.35 52.63
LARL Laurel Capital Group of PA 11.67 114.34 11.90 114.34 8.82 0.44 2.77 32.35
LSBX Lawrence Savings Bank of MA* 7.57 129.31 10.62 129.31 7.57 0.00 0.00 0.00
LFED Leeds FSB, MHC of MD (35.3) NM 125.00 20.12 125.00 18.82 0.68 4.25 NM
LXMO Lexington B&L Fin. Corp. of MO NM 91.15 27.86 91.15 NM 0.00 0.00 0.00
LBCI Liberty Bancorp of Chicago IL(8) NM 99.80 9.51 100.08 15.36 0.60 2.35 69.77
LIFB Life Bancorp of Norfolk VA 23.86 124.37 12.88 128.64 16.55 0.44 2.40 57.14
LFBI Little Falls Bancorp of NJ NM 86.51 12.87 93.91 NM 0.10 0.80 62.50
LOGN Logansport Fin. Corp. of IN 16.55 97.51 19.48 97.51 13.20 0.40 3.40 56.34
LONF London Financial Corp. of OH NM 89.88 19.20 89.88 NM 0.24 1.78 46.15
LISB Long Island Bancorp of NY 16.51 145.82 14.57 145.82 18.16 0.40 1.30 21.39
MAFB MAF Bancorp of IL NM 150.07 11.48 175.47 16.41 0.36 1.04 29.75
MBLF MBLA Financial Corp. of MO(8) 22.35 91.92 11.31 91.92 16.96 0.40 2.11 47.06
MFBC MFB Corp. of Mishawaka IN 23.24 86.43 15.47 86.43 23.57 0.32 1.94 45.07
MLBC ML Bancorp of Villanova PA 13.12 125.19 9.15 129.31 14.00 0.38 2.61 34.23
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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)
_______________________________________
MBB MSB Bancorp of Middletown NY* 6.55 2.57 0.18 2.32 2.30 0.20 2.58 0.78 26.77 0.54
MSBF MSB Financial Corp. of MI 20.05 20.05 1.40 6.17 6.34 1.72 7.59 0.78 72.91 0.61
MGNL Magna Bancorp of MS 9.67 9.20 1.36 13.84 6.94 1.67 17.05 3.81 19.52 1.09
MARN Marion Capital Holdings of IN 22.68 22.68 1.14 4.80 5.35 1.43 6.03 0.95 121.70 1.37
MFCX Marshalltown Fin. Corp. of IA(8) 15.58 15.58 0.06 0.36 0.34 0.41 2.63 NA NA 0.19
MFSL Maryland Fed. Bancorp of MD 8.39 8.26 0.79 9.63 8.20 0.56 6.75 0.48 84.24 0.46
MASB MassBank Corp. of Reading MA* 9.95 9.95 1.07 10.64 9.26 1.01 10.02 0.27 100.30 0.94
MFLR Mayflower Co-Op. Bank of MA* 9.86 9.67 0.92 9.28 7.80 0.88 8.88 1.16 80.27 1.50
MECH Mechanics SB of Hartford CT* 10.04 10.04 -0.34 -4.95 -2.84 -0.32 -4.73 2.06 56.89 1.71
MDBK Medford Savings Bank of MA* 8.98 8.24 1.03 11.54 8.88 1.02 11.38 0.53 139.29 1.34
MERI Meritrust FSB of Thibodaux LA 7.26 7.26 0.55 7.37 5.03 0.93 12.52 NA NA NA
MWBX Metro West of MA* 7.69 7.69 1.31 17.51 9.24 1.31 17.51 2.21 46.46 1.39
MSEA Metropolitan Bancorp of WA(8) 6.76 6.14 0.52 7.73 5.61 0.80 11.73 NA NA 1.76
MCBS Mid Continent Bancshares of KS 10.84 10.83 1.05 8.54 6.53 1.21 9.81 0.15 82.23 0.23
MIFC Mid Iowa Financial Corp. of IA 9.38 9.36 0.93 9.97 9.92 0.93 9.97 0.05 513.21 0.44
MCBN Mid-Coast Bancorp of ME 8.78 8.78 0.34 3.85 4.37 0.58 6.53 0.41 120.43 0.60
MIDC Midconn Bank of Kensington CT* 9.72 8.19 0.51 5.40 4.97 0.64 6.75 1.96 27.19 0.68
MWBI Midwest Bancshares, Inc. of IA 6.58 6.58 0.66 9.61 9.74 0.99 14.37 0.47 103.85 0.82
MWFD Midwest Fed. Fin. Corp of WI 8.39 8.02 1.04 11.36 6.50 1.01 11.07 0.24 322.17 1.04
MFFC Milton Fed. Fin. Corp. of OH 18.51 18.51 0.66 3.25 3.54 0.86 4.22 0.34 79.06 0.42
MIVI Miss. View Hold. Co. of MN 18.39 18.39 1.30 6.73 8.43 1.22 6.33 0.51 249.15 2.04
MBSP Mitchell Bancorp of NC* 42.08 42.08 0.50 1.20 1.26 1.54 3.66 2.56 17.67 0.60
MBBC Monterey Bay Bancorp of CA 13.99 13.86 0.13 0.89 0.87 0.39 2.68 0.48 83.49 0.56
MORG Morgan Financial Corp. of CO 12.64 12.64 0.74 5.16 6.04 0.97 6.83 1.29 12.36 0.22
MSBK Mutual SB, FSB of Bay City MI 5.82 5.82 0.07 1.30 2.11 -0.05 -0.87 0.13 208.44 0.73
NHTB NH Thrift Bancshares of NH 7.27 7.27 0.40 5.27 5.11 0.60 7.90 1.10 58.61 0.79
NSLB NS&L Bancorp of Neosho MO 23.31 23.31 0.97 4.06 4.80 0.88 3.69 0.02 390.91 0.14
NMSB Newmil Bancorp. of CT* 10.51 10.51 0.77 7.14 6.63 0.76 7.02 1.86 86.77 3.07
NFSL Newnan SB, FSB of Newnan GA 12.80 12.73 2.24 19.70 9.35 1.95 17.11 NA NA 1.41
NASB North American SB of MO 6.80 6.55 1.25 17.53 10.90 1.18 16.58 3.12 24.45 0.89
NBSI North Bancshares of Chicago IL 15.13 15.13 0.34 1.96 2.29 0.62 3.60 NA NA 0.30
FFFD North Central Bancshares of IA 28.33 28.33 1.50 6.26 5.53 1.79 7.44 0.21 474.69 1.19
NEBC Northeast Bancorp of ME* 7.05 5.96 0.37 4.96 4.89 0.35 4.73 1.36 79.76 1.43
NEIB Northeast Indiana Bncrp of IN 17.45 17.45 1.01 4.97 5.56 1.22 5.96 0.20 320.13 0.73
NSBK Northside SB of Bronx NY(8)* 7.78 7.71 1.21 15.88 7.67 1.05 13.89 0.41 85.58 1.02
NWEQ Northwest Equity Corp. of WI 12.14 12.14 0.70 5.17 5.39 0.91 6.73 1.19 39.21 0.58
NWSB Northwest SB, MHC of PA(29.9) 9.85 9.37 0.69 6.52 3.92 1.05 9.90 0.86 80.78 0.93
NSSY Norwalk Savings Society of CT* 7.21 6.92 0.81 10.33 7.84 0.67 8.48 2.21 38.08 1.18
NSSB Norwich Financial Corp. of CT* 10.78 9.76 0.87 8.07 5.74 0.85 7.86 1.66 134.62 3.29
NTMG Nutmeg FS&LA of CT 5.37 5.37 0.28 4.82 4.69 0.33 5.81 NA NA 0.51
OHSL OHSL Financial Corp. of OH 11.57 11.57 0.57 4.63 4.63 0.85 6.95 0.22 107.97 0.33
OSBF OSB Fin. Corp. of Oshkosh WI(8) 12.39 12.39 0.04 0.29 0.29 0.46 3.66 0.17 249.07 0.63
OCFC Ocean Fin. Corp. of NJ 20.73 20.73 -0.29 -2.66 -1.41 0.88 7.99 0.80 62.07 0.91
OFCP Ottawa Financial Corp. of MI 9.11 7.20 0.40 3.14 2.87 0.83 6.42 0.32 113.73 0.44
PFFB PFF Bancorp of Pomona CA 11.54 11.41 -0.06 -0.55 -0.42 0.30 2.92 1.93 53.40 1.42
PVFC PVF Capital Corp. of OH 6.51 6.51 0.93 14.19 8.67 1.21 18.34 0.68 107.66 0.82
PCCI Pacific Crest Capital of CA* 9.04 9.04 1.19 15.95 9.19 1.02 13.59 2.24 53.13 1.69
PALM Palfed, Inc. of Aiken SC 8.00 7.63 0.37 4.51 3.10 0.59 7.31 3.44 34.31 1.51
PBCI Pamrapo Bancorp, Inc. of NJ 15.05 14.93 0.85 5.46 5.14 1.21 7.77 3.45 23.22 1.35
PFED Park Bancorp of Chicago IL 23.51 23.51 0.50 3.51 2.34 0.81 5.69 0.15 188.68 0.76
PVSA Parkvale Financial Corp of PA 7.42 7.39 0.73 9.98 6.53 1.03 14.04 0.26 596.13 2.23
PBIX Patriot Bank Corp. of PA 10.50 10.50 0.40 2.96 2.32 0.67 4.97 0.15 247.00 0.70
PEEK Peekskill Fin. Corp. of NY 29.46 29.46 1.08 3.90 3.87 1.40 5.03 1.31 25.21 1.42
PFSB PennFed Fin. Services of NJ 7.89 6.33 0.53 5.88 5.57 0.84 9.24 0.86 28.23 0.38
PWBC PennFirst Bancorp of PA 6.98 6.33 0.42 5.51 5.41 0.64 8.38 0.59 75.76 1.46
PWBK Pennwood SB of PA* 20.02 20.02 0.33 2.73 1.90 0.33 2.73 NA NA 1.60
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) ($) (%) (%)
MBB MSB Bancorp of Middletown NY* NM 97.60 6.39 248.31 NM 0.60 3.14 NM
MSBF MSB Financial Corp. of MI 15.78 99.95 20.04 99.95 12.83 0.50 2.60 40.98
MGNL Magna Bancorp of MS 14.40 196.51 18.99 206.42 11.69 0.60 3.33 48.00
MARN Marion Capital Holdings of IN 18.69 94.79 21.50 94.79 14.87 0.80 3.93 73.39
MFCX Marshalltown Fin. Corp. of IA(8) NM 105.76 16.48 105.76 NM 0.00 0.00 0.00
MFSL Maryland Fed. Bancorp of MD 12.19 113.52 9.52 115.32 17.39 0.66 1.93 23.49
MASB MassBank Corp. of Reading MA* 10.80 114.67 11.41 114.67 11.46 0.96 2.57 27.75
MFLR Mayflower Co-Op. Bank of MA* 12.83 114.34 11.28 116.60 13.41 0.48 3.25 41.74
MECH Mechanics SB of Hartford CT* NM 114.99 11.55 114.99 NM 0.00 0.00 NM
MDBK Medford Savings Bank of MA* 11.26 125.19 11.24 136.46 11.42 0.68 2.72 30.63
MERI Meritrust FSB of Thibodaux LA 19.89 145.92 10.59 145.92 11.71 0.70 2.21 44.03
MWBX Metro West of MA* 10.82 176.45 13.56 176.45 10.82 0.10 2.05 22.22
MSEA Metropolitan Bancorp of WA(8) 17.82 137.40 9.29 151.34 11.74 0.00 0.00 0.00
MCBS Mid Continent Bancshares of KS 15.32 130.14 14.10 130.21 13.34 0.40 1.68 25.81
MIFC Mid Iowa Financial Corp. of IA 10.08 97.35 9.13 97.50 10.08 0.08 1.28 12.90
MCBN Mid-Coast Bancorp of ME 22.87 87.74 7.71 87.74 13.49 0.52 2.77 63.41
MIDC Midconn Bank of Kensington CT* 20.11 107.28 10.43 127.37 16.09 0.60 3.11 62.50
MWBI Midwest Bancshares, Inc. of IA 10.27 102.00 6.72 102.00 6.87 0.60 2.26 23.26
MWFD Midwest Fed. Fin. Corp of WI 15.38 176.64 14.83 184.80 15.79 0.30 1.67 25.64
MFFC Milton Fed. Fin. Corp. of OH NM 95.73 17.72 95.73 21.72 0.56 3.97 NM
MIVI Miss. View Hold. Co. of MN 11.87 83.87 15.42 83.87 12.63 0.16 1.36 16.16
MBSP Mitchell Bancorp of NC* NM 94.87 39.93 94.87 NM 0.00 0.00 0.00
MBBC Monterey Bay Bancorp of CA NM 105.91 14.81 106.90 NM 0.10 0.67 NM
MORG Morgan Financial Corp. of CO 16.54 92.29 11.66 92.29 12.50 0.24 2.13 35.29
MSBK Mutual SB, FSB of Bay City MI NM 61.65 3.59 61.65 NM 0.00 0.00 0.00
NHTB NH Thrift Bancshares of NH 19.58 103.89 7.56 103.89 13.06 0.50 4.26 NM
NSLB NS&L Bancorp of Neosho MO 20.83 86.81 20.23 86.81 22.92 0.50 3.64 NM
NMSB Newmil Bancorp. of CT* 15.09 109.92 11.55 109.92 15.35 0.24 2.74 41.38
NFSL Newnan SB, FSB of Newnan GA 10.70 193.04 24.71 194.08 12.32 0.44 1.74 18.64
NASB North American SB of MO 9.17 151.96 10.34 157.93 9.70 0.63 1.87 17.12
NBSI North Bancshares of Chicago IL NM 95.45 14.45 95.45 23.86 0.40 2.54 NM
FFFD North Central Bancshares of IA 18.07 90.89 25.75 90.89 15.19 0.25 1.87 33.78
NEBC Northeast Bancorp of ME* 20.45 102.58 7.23 121.18 21.43 0.32 2.37 48.48
NEIB Northeast Indiana Bncrp of IN 18.00 94.47 16.48 94.47 15.00 0.32 2.37 42.67
NSBK Northside SB of Bronx NY(8)* 13.03 197.94 15.40 199.62 14.90 1.00 1.92 25.06
NWEQ Northwest Equity Corp. of WI 18.56 98.16 11.92 98.16 14.24 0.40 3.27 60.61
NWSB Northwest SB, MHC of PA(29.9) NM 165.42 16.29 173.88 16.77 0.32 2.42 61.54
NSSY Norwalk Savings Society of CT* 12.76 126.24 9.10 131.58 15.54 0.20 0.82 10.53
NSSB Norwich Financial Corp. of CT* 17.41 140.29 15.12 154.88 17.89 0.48 2.46 42.86
NTMG Nutmeg FS&LA of CT 21.32 102.40 5.50 102.40 17.68 0.15 2.07 44.12
OHSL OHSL Financial Corp. of OH 21.61 100.83 11.66 100.83 14.41 0.76 3.66 NM
OSBF OSB Fin. Corp. of Oshkosh WI(8) NM 101.83 12.62 101.83 NM 0.64 2.35 NM
OCFC Ocean Fin. Corp. of NJ NM 93.65 19.41 93.65 23.61 0.00 0.00 NM
OFCP Ottawa Financial Corp. of MI NM 115.12 10.49 145.65 17.09 0.36 2.15 NM
PFFB PFF Bancorp of Pomona CA NM 98.55 11.37 99.65 NM 0.00 0.00 NM
PVFC PVF Capital Corp. of OH 11.54 155.12 10.09 155.12 8.93 0.00 0.00 0.00
PCCI Pacific Crest Capital of CA* 10.88 145.06 13.12 145.06 12.77 0.00 0.00 0.00
PALM Palfed, Inc. of Aiken SC NM 143.56 11.49 150.57 19.86 0.08 0.55 17.78
PBCI Pamrapo Bancorp, Inc. of NJ 19.45 111.59 16.80 112.52 13.67 0.90 4.77 NM
PFED Park Bancorp of Chicago IL NM 80.43 18.91 80.43 NM 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 15.30 148.88 11.04 149.41 10.88 0.52 2.06 31.52
PBIX Patriot Bank Corp. of PA NM 115.96 12.17 115.96 NM 0.32 2.39 NM
PEEK Peekskill Fin. Corp. of NY NM 93.46 27.53 93.46 20.06 0.36 2.68 69.23
PFSB PennFed Fin. Services of NJ 17.96 108.29 8.55 134.94 11.43 0.28 1.39 25.00
PWBC PennFirst Bancorp of PA 18.49 107.83 7.53 118.94 12.16 0.36 2.67 49.32
PWBK Pennwood SB of PA* NM 83.19 16.65 83.19 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
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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* 5.61 5.33 0.75 13.51 9.13 0.47 8.50 1.02 90.38 1.79
PFDC Peoples Bancorp of Auburn IN 15.24 15.24 1.15 7.54 6.90 1.51 9.89 0.40 79.14 0.40
PBCT Peoples Bank, MHC of CT(32.3)* 8.26 8.25 1.10 13.97 7.01 0.88 11.19 1.42 85.13 1.82
PFFC Peoples Fin. Corp. of OH 25.40 25.40 0.59 2.31 2.77 0.67 2.63 0.76 32.38 0.47
PHBK Peoples Heritage Fin Grp of ME* 8.46 7.61 1.19 13.96 6.68 1.30 15.26 1.14 120.91 1.89
PBNB Peoples Sav. Fin. Corp. of CT* 9.78 9.11 0.95 9.01 7.57 0.97 9.27 0.61 55.81 0.61
PERM Permanent Bancorp of IN 9.47 9.36 0.15 1.40 1.33 0.44 4.19 1.71 31.61 1.07
PMFI Perpetual Midwest Fin. of IA 8.57 8.57 0.18 1.94 1.92 0.39 4.11 0.46 147.80 0.88
PERT Perpetual of SC, MHC (46.8%) 14.28 14.28 1.01 7.09 6.18 1.01 7.09 NA NA 1.08
PCBC Perry Co. Fin. Corp. of MO 18.77 18.77 0.88 4.37 4.71 0.99 4.92 NA NA 0.09
PHFC Pittsburgh Home Fin. of PA 15.55 15.55 0.43 4.07 2.67 0.71 6.74 1.22 47.30 0.83
PFSL Pocahnts Fed, MHC of AR (46.4) 5.95 5.95 0.54 9.00 7.01 0.72 12.04 0.32 141.55 1.25
POBS Portsmouth Bank Shrs Inc of NH(8)* 24.91 24.91 2.27 9.02 7.78 1.85 7.32 0.29 89.58 0.76
PKPS Poughkeepsie SB of NY 8.15 8.15 1.48 18.01 18.67 2.36 28.68 4.49 21.98 1.33
PRBC Prestige Bancorp of PA 14.55 14.55 0.03 0.28 0.23 0.38 3.52 0.18 170.81 0.43
PETE Primary Bank of NH* 6.41 6.39 -0.02 -0.31 -0.27 -0.02 -0.39 1.40 45.71 1.16
PSAB Prime Bancorp, Inc. of PA 8.49 7.97 0.73 7.98 6.02 0.95 10.41 1.34 45.65 1.00
PFNC Progress Financial Corp. of PA 5.09 5.06 0.59 11.76 6.69 0.73 14.50 0.98 61.67 0.96
PSBK Progressive Bank, Inc. of NY* 8.21 7.19 1.14 13.10 10.26 1.17 13.49 1.05 94.69 1.53
PROV Provident Fin. Holdings of CA 14.64 14.64 0.21 2.06 1.61 -0.01 -0.09 1.95 46.19 1.08
PULB Pulaski SB, MHC of MO (29.0) 12.75 12.75 0.88 7.12 5.38 0.81 6.56 0.53 47.67 0.31
PULS Pulse Bancorp of S. River NJ 7.65 7.65 0.74 7.33 7.24 1.12 11.12 1.23 39.65 1.79
QCFB QCF Bancorp of Virginia MN 17.64 17.64 1.24 6.25 7.46 1.24 6.25 NA NA NA
QCBC Quaker City Bancorp of CA 9.03 9.00 0.22 2.25 2.42 0.49 5.11 1.81 61.38 1.30
QCSB Queens County SB of NY* 15.59 15.59 1.77 10.50 6.18 1.77 10.50 0.72 98.47 0.83
RCSB RCSB Financial, Inc. of NY* 6.87 6.64 1.01 12.24 9.19 0.88 10.76 0.74 94.44 1.37
RARB Raritan Bancorp. of Raritan NJ* 7.84 7.68 0.83 11.06 8.13 0.92 12.23 0.44 183.19 1.26
REDF RedFed Bancorp of Redlands CA 8.06 8.06 -0.77 -12.38 -7.09 -0.46 -7.51 3.94 29.77 1.40
RELY Reliance Bancorp of NY 8.17 5.52 0.52 5.16 4.75 0.85 8.46 0.97 25.31 0.54
RELI Reliance Bancshares Inc of WI(8)* 61.08 61.08 1.33 2.19 3.70 1.33 2.19 NA NA 0.56
RFED Roosevelt Fin. Grp. Inc. of MO 4.87 4.62 0.38 8.07 4.38 0.83 17.41 0.83 28.67 0.51
RVSB Rvrview SB,FSB MHC of WA(40.3) 10.75 9.62 0.99 9.12 5.67 1.16 10.65 0.20 166.22 0.52
SCCB S. Carolina Comm. Bnshrs of SC 28.65 28.65 0.85 2.94 3.40 1.14 3.92 NA NA 0.87
SBFL SB Fing. Lakes MHC of NY(33.0) 10.14 10.14 -0.57 -5.05 -4.30 0.10 0.87 1.15 49.69 1.27
SFED SFS Bancorp of Schenectady NY 12.75 12.75 0.45 3.23 3.90 0.81 5.85 0.66 59.05 0.55
SGVB SGV Bancorp of W. Covina CA 9.07 9.07 -0.01 -0.08 -0.09 0.27 2.64 0.92 31.65 0.39
SISB SIS Bank of Springfield MA* 7.56 7.56 2.02 27.49 17.46 2.03 27.56 0.59 203.71 2.55
SJSB SJS Bancorp of St. Joseph MI(8) 10.41 10.41 0.17 1.51 1.10 0.49 4.26 0.35 129.05 0.66
SWCB Sandwich Co-Op. Bank of MA* 8.17 7.71 0.90 10.86 7.06 0.88 10.60 0.77 100.59 1.13
SFBM Security Bancorp of MT(8) 8.09 6.97 0.53 6.24 4.40 0.63 7.42 0.39 86.91 0.61
SECP Security Capital Corp. of WI 15.89 15.89 0.84 5.04 4.19 1.13 6.79 0.10 NA 1.51
SFSL Security First Corp. of OH 9.28 9.09 0.90 9.98 5.60 1.28 14.16 0.21 377.44 0.89
SMFC Sho-Me Fin. Corp. of MO 10.20 10.20 0.69 5.99 5.18 0.92 7.91 0.06 980.22 0.70
SOBI Sobieski Bancorp of S. Bend IN 17.12 17.12 0.11 0.62 0.70 0.47 2.56 0.11 222.22 0.37
SOSA Somerset Savings Bank of MA(8)* 5.67 5.67 0.46 8.38 7.00 0.46 8.38 8.41 14.61 1.58
SSFC South Street Fin. Corp. of NC* 28.43 28.43 1.34 4.71 4.47 1.43 5.02 NA NA 0.39
SMBC Southern Missouri Bncrp of MO 16.41 16.41 0.94 5.51 6.32 0.88 5.15 0.71 56.68 0.64
SWBI Southwest Bancshares of IL 10.38 10.38 0.82 6.91 6.14 1.13 9.49 0.22 93.24 0.30
SVRN Sovereign Bancorp of PA 3.88 2.66 0.49 12.20 6.54 0.68 16.93 0.68 53.74 0.57
STFR St. Francis Cap. Corp. of WI 8.92 8.50 0.81 7.87 7.21 0.80 7.75 NA NA 0.82
SPBC St. Paul Bancorp, Inc. of IL 8.69 8.66 0.59 6.56 4.96 0.90 9.95 0.57 149.12 1.19
STND Standard Fin. of Chicago IL 11.26 11.24 0.55 4.41 3.52 0.75 6.02 0.16 176.36 0.47
SFFC StateFed Financial Corp. of IA 17.99 17.99 0.97 4.98 5.64 1.22 6.27 1.27 23.88 0.37
SFIN Statewide Fin. Corp. of NJ 9.87 9.85 0.38 3.40 3.39 0.89 7.89 0.92 57.17 1.09
STSA Sterling Financial Corp. of WA 3.90 3.19 0.02 0.44 0.36 0.25 6.02 0.58 93.09 0.88
SSBK Strongsville SB of OH 7.73 7.58 0.64 7.81 5.69 0.83 10.26 0.42 62.45 0.34
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) ($) (%) (%)
PBKB People's SB of Brockton MA* 10.95 125.09 7.02 131.76 17.41 0.32 3.01 32.99
PFDC Peoples Bancorp of Auburn IN 14.49 108.93 16.61 108.93 11.05 0.60 3.00 43.48
PBCT Peoples Bank, MHC of CT(32.3)* 14.27 184.62 15.26 184.87 17.81 0.88 3.23 46.07
PFFC Peoples Fin. Corp. of OH NM 83.49 21.21 83.49 NM 0.00 0.00 0.00
PHBK Peoples Heritage Fin Grp of ME* 14.97 172.13 14.56 191.31 13.70 0.68 2.64 39.53
PBNB Peoples Sav. Fin. Corp. of CT* 13.21 117.49 11.49 126.14 12.85 0.92 3.32 43.81
PERM Permanent Bancorp of IN NM 108.06 10.23 109.28 25.00 0.30 1.48 NM
PMFI Perpetual Midwest Fin. of IA NM 106.05 9.08 106.05 24.67 0.30 1.60 NM
PERT Perpetual of SC, MHC (46.8%) 16.18 114.70 16.38 114.70 16.18 0.00 0.00 0.00
PCBC Perry Co. Fin. Corp. of MO 21.25 96.10 18.04 96.10 18.89 0.30 1.76 37.50
PHFC Pittsburgh Home Fin. of PA NM 94.25 14.66 94.25 22.62 0.20 1.52 57.14
PFSL Pocahnts Fed, MHC of AR (46.4) 14.26 123.57 7.35 123.57 10.65 0.84 4.87 69.42
POBS Portsmouth Bank Shrs Inc of NH(8)* 12.85 116.81 29.10 116.81 15.84 0.60 4.41 56.60
PKPS Poughkeepsie SB of NY 5.36 93.92 7.66 93.92 3.37 0.10 1.90 10.20
PRBC Prestige Bancorp of PA NM 82.44 11.99 82.44 NM 0.00 0.00 0.00
PETE Primary Bank of NH* NM 108.70 6.97 109.02 NM 0.00 0.00 NM
PSAB Prime Bancorp, Inc. of PA 16.60 131.15 11.14 139.75 12.74 0.68 3.36 55.74
PFNC Progress Financial Corp. of PA 14.95 167.07 8.50 168.07 12.13 0.08 0.96 14.29
PSBK Progressive Bank, Inc. of NY* 9.75 123.32 10.12 140.85 9.47 0.53 2.30 22.46
PROV Provident Fin. Holdings of CA NM 86.00 12.59 86.00 NM 0.00 0.00 0.00
PULB Pulaski SB, MHC of MO (29.0) 18.58 129.19 16.48 129.19 20.17 1.00 7.08 NM
PULS Pulse Bancorp of S. River NJ 13.82 124.90 9.56 124.90 9.10 0.70 4.44 61.40
QCFB QCF Bancorp of Virginia MN 13.40 96.40 17.01 96.40 13.40 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA NM 94.07 8.50 94.39 18.13 0.00 0.00 0.00
QCSB Queens County SB of NY* 16.18 175.32 27.33 175.32 16.18 1.00 2.12 34.25
RCSB RCSB Financial, Inc. of NY* 10.89 154.15 10.59 159.53 12.39 0.60 2.15 23.44
RARB Raritan Bancorp. of Raritan NJ* 12.30 128.24 10.05 130.91 11.12 0.60 2.58 31.75
REDF RedFed Bancorp of Redlands CA NM 134.38 10.83 134.38 NM 0.00 0.00 NM
RELY Reliance Bancorp of NY 21.07 111.74 9.13 165.49 12.84 0.56 2.99 62.92
RELI Reliance Bancshares Inc of WI(8)* NM 59.00 36.04 59.00 NM 0.00 0.00 0.00
RFED Roosevelt Fin. Grp. Inc. of MO 22.82 181.07 8.83 191.12 10.58 0.62 3.27 74.70
RVSB Rvrview SB,FSB MHC of WA(40.3) 17.63 156.10 16.78 174.48 15.09 0.22 1.31 23.16
SCCB S. Carolina Comm. Bnshrs of SC NM 89.02 25.50 89.02 22.06 0.60 4.00 NM
SBFL SB Fing. Lakes MHC of NY(33.0) NM 120.32 12.21 120.32 NM 0.40 2.96 NM
SFED SFS Bancorp of Schenectady NY NM 89.74 11.45 89.74 14.16 0.24 1.61 41.38
SGVB SGV Bancorp of W. Covina CA NM 91.14 8.26 91.14 NM 0.00 0.00 NM
SISB SIS Bank of Springfield MA* 5.73 137.09 10.36 137.09 5.71 0.00 0.00 0.00
SJSB SJS Bancorp of St. Joseph MI(8) NM 148.00 15.41 148.00 NM 0.44 1.73 NM
SWCB Sandwich Co-Op. Bank of MA* 14.17 148.62 12.14 157.39 14.52 1.20 4.05 57.42
SFBM Security Bancorp of MT(8) 22.73 144.02 11.65 167.22 19.11 0.68 2.27 51.52
SECP Security Capital Corp. of WI 23.86 121.44 19.30 121.44 17.69 0.90 1.23 29.32
SFSL Security First Corp. of OH 17.87 148.53 13.78 151.50 12.59 0.44 2.65 47.31
SMFC Sho-Me Fin. Corp. of MO 19.30 119.45 12.18 119.45 14.61 0.00 0.00 0.00
SOBI Sobieski Bancorp of S. Bend IN NM 91.23 15.62 91.23 NM 0.00 0.00 0.00
SOSA Somerset Savings Bank of MA(8)* 14.29 114.94 6.52 114.94 14.29 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* 22.37 105.48 29.99 105.48 21.02 0.00 0.00 0.00
SMBC Southern Missouri Bncrp of MO 15.83 89.01 14.60 89.01 16.96 0.50 3.51 55.56
SWBI Southwest Bancshares of IL 16.29 124.07 12.88 124.07 11.85 0.76 4.16 67.86
SVRN Sovereign Bancorp of PA 15.29 176.39 6.85 NM 11.02 0.08 0.62 9.41
STFR St. Francis Cap. Corp. of WI 13.87 115.92 10.34 121.62 14.10 0.48 1.81 25.13
SPBC St. Paul Bancorp, Inc. of IL 20.16 134.40 11.68 134.86 13.28 0.48 1.74 35.04
STND Standard Fin. of Chicago IL NM 129.15 14.54 129.39 20.79 0.32 1.52 43.24
SFFC StateFed Financial Corp. of IA 17.74 89.29 16.06 89.29 14.10 0.40 2.42 43.01
SFIN Statewide Fin. Corp. of NJ NM 106.04 10.46 106.28 12.72 0.40 2.88 NM
STSA Sterling Financial Corp. of WA NM 127.55 4.97 155.72 19.93 0.00 0.00 0.00
SSBK Strongsville SB of OH 17.58 135.87 10.50 138.55 13.39 0.48 2.13 37.50
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 13, 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)
- ---------------------------------------
SFSB SuburbFed Fin. Corp. of IL 6.49 6.46 0.22 3.20 3.47 0.48 6.89 0.28 84.20 0.42
SBCN Suburban Bancorp. of OH 12.09 12.09 0.17 1.30 1.53 0.61 4.70 0.13 NA 1.84
THRD TF Financial Corp. of PA 10.81 9.38 0.62 4.46 4.81 0.87 6.19 0.32 79.91 0.57
ROSE TR Financial Corp. of NY 6.35 6.35 0.97 14.97 10.25 0.78 12.01 NA NA 0.86
TPNZ Tappan Zee Fin. Corp. of NY 17.93 17.93 0.69 4.16 3.78 0.64 3.84 2.12 26.73 1.22
PTRS The Potters S&L Co. of OH 8.21 8.21 0.03 0.28 0.32 0.39 4.17 2.20 76.26 3.61
TSBS Trenton SB, FSB MHC of NJ(35.0)(8) 19.38 18.97 1.66 8.70 5.94 1.29 6.78 0.36 91.15 0.52
TRIC Tri-County Bancorp of WY 15.94 15.94 0.66 3.67 4.11 0.92 5.08 0.07 801.92 1.19
THBC Troy Hill Bancorp of PA(8) 18.11 18.11 1.01 4.92 4.10 1.18 5.76 1.39 49.75 0.81
TWIN Twin City Bancorp of TN 12.53 12.53 0.78 5.80 5.45 0.99 7.34 0.53 37.63 0.27
UFRM United FS&LA of Rocky Mount NC 7.49 7.49 0.28 3.47 2.97 0.49 6.19 1.20 93.51 1.62
UBMT United SB, FA of MT 22.54 22.54 1.20 5.25 5.60 1.46 6.40 0.70 9.92 0.22
VABF Va. Beach Fed. Fin. Corp of VA 6.60 6.60 0.03 0.49 0.43 0.21 3.29 1.42 51.34 1.00
VFFC Virginia First Savings of VA 7.82 7.59 1.40 18.18 13.83 1.40 18.18 2.32 44.65 1.17
WHGB WHG Bancshares of MD 23.84 23.84 0.75 4.87 3.36 0.75 4.87 0.60 30.56 0.24
WSFS WSFS Financial Corp. of DE* 6.18 6.11 1.47 25.09 13.58 1.49 25.47 2.86 65.77 2.95
WVFC WVS Financial Corp. of PA* 12.89 12.89 1.24 8.73 7.26 1.52 10.71 0.36 204.24 1.31
WLDN Walden Bancorp of MA(8)* 9.06 7.80 1.09 11.91 6.00 1.21 13.22 0.89 120.99 1.79
WRNB Warren Bancorp of Peabody MA* 9.17 9.17 1.73 19.58 10.75 1.70 19.23 1.75 73.15 2.03
WFSL Washington FS&LA of Seattle WA 11.30 10.76 1.63 13.52 7.61 1.81 15.03 0.79 37.73 0.41
WAMU Washington Mutual Inc. of WA* 6.32 5.69 0.90 14.48 6.42 0.99 16.03 0.56 115.82 0.98
WYNE Wayne Bancorp of NJ 14.99 14.99 0.02 0.18 0.14 0.14 1.16 1.17 61.42 1.26
WAYN Wayne S&L Co., MHC of OH(46.7) 8.98 8.98 0.25 2.71 1.78 0.60 6.61 0.61 58.24 0.42
WCFB Webster CityFSB,MHC of IA(45.2) 22.89 22.89 0.87 3.89 3.06 1.20 5.35 0.45 92.96 0.73
WBST Webster Financial Corp. of CT 5.06 3.92 0.53 10.21 6.17 0.65 12.61 0.85 110.74 1.45
WEFC Wells Fin. Corp. of Wells MN 13.79 13.79 0.55 3.80 4.00 0.93 6.44 0.34 87.34 0.33
WCBI WestCo Bancorp of IL 15.50 15.50 0.99 6.36 5.44 1.33 8.58 0.53 54.54 0.40
WSTR WesterFed Fin. Corp. of MT 13.83 13.83 0.57 4.24 4.14 0.84 6.23 0.23 155.72 0.54
WOFC Western Ohio Fin. Corp. of OH 16.73 15.74 0.89 3.89 5.00 0.73 3.19 NA NA 0.55
WWFC Westwood Fin. Corp. of NJ 10.19 8.93 0.04 0.40 0.38 0.71 6.86 0.14 155.97 0.54
WEHO Westwood Hmstd Fin Corp of OH 32.96 32.96 -0.08 -0.38 -0.26 0.41 2.03 0.03 459.38 0.18
WFCO Winton Financial Corp. of OH(8) 7.46 7.26 0.93 12.27 9.25 0.78 10.39 0.44 70.82 0.37
FFWD Wood Bancorp of OH 13.17 13.17 0.89 6.32 5.15 1.15 8.18 0.29 120.40 0.45
YFCB Yonkers Fin. Corp. of NY 18.88 18.88 0.68 5.24 3.34 1.01 7.80 1.30 27.74 1.07
YFED York Financial Corp. of PA 7.95 7.95 0.61 7.26 5.44 0.84 9.95 2.45 25.75 0.73
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) ($) (%) (%)
SFSB SuburbFed Fin. Corp. of IL NM 93.78 6.09 94.29 13.38 0.32 1.68 48.48
SBCN Suburban Bancorp. of OH NM 87.16 10.54 87.16 18.07 0.60 4.00 NM
THRD TF Financial Corp. of PA 20.78 95.69 10.35 110.27 14.95 0.32 2.00 41.56
ROSE TR Financial Corp. of NY 9.76 142.05 9.02 142.05 12.16 0.80 2.53 24.69
TPNZ Tappan Zee Fin. Corp. of NY NM 98.50 17.66 98.50 NM 0.20 1.45 38.46
PTRS The Potters S&L Co. of OH NM 92.09 7.56 92.09 21.07 0.28 1.49 NM
TSBS Trenton SB, FSB MHC of NJ(35.0)(8) 16.84 142.35 27.59 145.45 21.62 0.35 2.19 36.84
TRIC Tri-County Bancorp of WY 24.36 91.35 14.56 91.35 17.59 0.50 2.63 64.10
THBC Troy Hill Bancorp of PA(8) 24.39 118.55 21.47 118.55 20.83 0.40 2.00 48.78
TWIN Twin City Bancorp of TN 18.35 110.72 13.87 110.72 14.50 0.64 3.71 68.09
UFRM United FS&LA of Rocky Mount NC NM 120.34 9.01 120.34 18.90 0.20 2.58 NM
UBMT United SB, FA of MT 17.86 94.27 21.24 94.27 14.65 0.92 4.91 NM
VABF Va. Beach Fed. Fin. Corp of VA NM 115.19 7.61 115.19 NM 0.16 1.73 NM
VFFC Virginia First Savings of VA 7.23 120.96 9.46 124.71 7.23 0.10 0.78 5.62
WHGB WHG Bancshares of MD NM 89.21 21.27 89.21 NM 0.20 1.56 46.51
WSFS WSFS Financial Corp. of DE* 7.37 169.30 10.46 171.06 7.26 0.00 0.00 0.00
WVFC WVS Financial Corp. of PA* 13.78 122.97 15.85 122.97 11.23 0.80 3.30 45.45
WLDN Walden Bancorp of MA(8)* 16.66 187.35 16.97 217.56 15.00 0.64 1.84 30.62
WRNB Warren Bancorp of Peabody MA* 9.30 176.01 16.14 176.01 9.47 0.44 2.82 26.19
WFSL Washington FS&LA of Seattle WA 13.14 181.34 20.49 190.46 11.81 0.92 3.57 46.94
WAMU Washington Mutual Inc. of WA* 15.58 215.84 13.64 239.51 14.08 0.96 2.27 35.29
WYNE Wayne Bancorp of NJ NM 89.25 13.38 89.25 NM 0.00 0.00 0.00
WAYN Wayne S&L Co., MHC of OH(46.7) NM 152.93 13.73 152.93 23.00 0.92 4.00 NM
WCFB Webster CityFSB,MHC of IA(45.2) NM 126.80 29.02 126.80 23.75 0.80 6.13 NM
WBST Webster Financial Corp. of CT 16.20 151.85 7.68 196.21 13.11 0.72 1.91 30.90
WEFC Wells Fin. Corp. of Wells MN 25.00 97.31 13.42 97.31 14.77 0.00 0.00 0.00
WCBI WestCo Bancorp of IL 18.38 117.23 18.17 117.23 13.61 0.60 2.79 51.28
WSTR WesterFed Fin. Corp. of MT 24.16 101.74 14.07 101.74 16.47 0.38 2.10 50.67
WOFC Western Ohio Fin. Corp. of OH 20.00 82.55 13.81 87.76 24.42 1.00 4.76 NM
WWFC Westwood Fin. Corp. of NJ NM 108.47 11.05 123.74 15.69 0.20 1.25 NM
WEHO Westwood Hmstd Fin Corp of OH NM 77.81 25.64 77.81 NM 0.00 0.00 NM
WFCO Winton Financial Corp. of OH(8) 10.81 112.99 8.43 116.05 12.77 0.42 3.50 37.84
FFWD Wood Bancorp of OH 19.41 123.13 16.22 123.13 15.00 0.36 2.18 42.35
YFCB Yonkers Fin. Corp. of NY NM 93.80 17.71 93.80 20.11 0.20 1.55 46.51
YFED York Financial Corp. of PA 18.39 132.34 10.52 132.34 13.42 0.60 3.67 67.42
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
Quarter 2 5654.6 670.6 1,185.0 387.2 224.7
Quarter 3 5882.2 687.3 1,226.9 429.3 249.2
December 13, 1996 6304.9 728.6 1,284.9 473.6 271.9
(1) End of period data.
Sources: SNL Securities; Wall Street Journal.
EXHIBIT IV-3
Historical Thrift Stock Indices
MONTHLY MARKET REPORT
Index Values
Index Values Percent Change
------------------------------------- ---------------------------
11/29/96 10/31/96 12/29/95 11/30/95 1 Month YTD 52 Week
-------- -------- -------- -------- ------- --- -------
All Pub. Traded Thrifts 485.8 456.7 376.5 370.2 6.4 29.0 31.2
MHC Index 520.4 476.5 458.5 479.4 9.2 13.5 8.6
Insurance Indices
- ---------------------------------------------------------------------------------------------------
SAIF Thrifts 441.9 414.5 356.4 349.9 6.6 24.0 26.3
BIF Thrifts 617.6 583.5 436.9 431.0 5.8 41.4 43.3
Stock Exchange Indices
- ---------------------------------------------------------------------------------------------------
AMEX Thrifts 156.5 148.5 137.7 136.0 5.4 13.7 15.1
NYSE Thrifts 285.1 265.9 257.6 249.4 7.2 10.7 14.3
OTC Thrifts 564.9 533.0 449.5 445.0 6.0 25.7 26.9
Geographical Indices
- ---------------------------------------------------------------------------------------------------
New England Thrifts 424.9 386.6 316.1 315.6 9.9 34.4 34.6
Mid-Atlantic Thrifts 967.8 911.9 720.1 715.1 6.1 34.4 35.3
Southwestern Thrifts 318.9 298.2 241.7 249.8 6.9 31.9 27.7
Midwestern Thrifts 1,149.0 1,085.4 951.5 927.5 5.9 20.8 23.9
Southeastern Thrifts 454.5 433.9 367.2 366.2 4.7 23.8 24.1
Western Thrifts 484.6 455.0 380.4 370.1 6.5 27.4 30.9
Asset Size Indices
- ---------------------------------------------------------------------------------------------------
Less than $250M 586.6 570.6 538.4 535.5 2.8 9.0 9.5
$250M to $500M 778.0 738.1 680.3 673.3 5.4 14.4 15.6
$500M to $1B 517.5 489.0 431.4 427.0 5.8 20.0 21.2
$1B to $5B 541.9 508.9 421.7 416.8 6.5 28.5 30.0
Over $5B 310.8 290.3 233.5 227.6 7.1 33.1 36.6
Comparative Indices
- ---------------------------------------------------------------------------------------------------
Dow Jones Industrials 6,521.7 6,029.4 5,117.1 5,074.5 8.2 27.4 28.5
S&P 500 757.0 705.3 615.9 605.4 7.3 22.9 25.0
All SNL indices are market-value weighed: 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
159.2 and the Dow Jones Industrials stood at 1,164.9.
New England: CT, ME, MA, NH, RI, VT; Mid-Atlantic: DE, DC, PA, MD, NJ, NY,
PR; Southwest: CO, LA, NM, OK, TX, UT; Midwest: IA, IL, IN, KS, KY, MI, MN,
MO, ND, NE, OH, SD, WI; Southeast: AL, AR, FL, GA, MS, NC, SC, TN, VA, WV;
West: AZ, AK, CA, HI, ID, MT, NV, OR, WA, WY
DECEMBER 1996
EXHIBIT IV-4
Middlesboro Federal Bank, Federal Savings Bank
Market Area Acquisition Activity
RP Financial, LC.
----------------------------------------------------------------
Exhibit IV-4
Completed/Pending Acquisitions of Kentucky Thrifts, 1996
----------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
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) (%) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Pending Transactions
10/07/96 First Federal SB/KY Purchase $39,261 9.42% 0.50% 5.33% 0.03% NM
National City Bancshares/IN
08/19/96 Russell Fed Svgs Bank/KY Purchase $28,762 28.03% 0.76% 2.63% 1.89% 18.42%
Peoples Bancorp/OH
03/26/96 Lincoln Fin. Bancorp, Stanford/KY Purchase $47,312 12.71% 0.50% 3.91% 0.18% 304.08%
First Southern Bancorp/KY
1996 Completed Transactions
03/26/96 First Ashland Fin. Corp./KY Purchase $90,216 26.34% 0.83% 3.13% 0.58% 22.04%
10/04/96 Camco Financial Corp./OH
11/24/95 LFS Bancorp/KY Purchase $233,737 28.41% 0.77% 2.69% 0.00% NA
05/15/96 Great Financial Corp./KY
08/28/95 Kentucky Enterprise Bncrp/KY Pooling $276,098 18.48% 0.30% 18.34% 0.09% 199.20%
03/15/96 Fifth Third Bancorp/OH
1996 Averages: $119,231 20.56% 0.61% 6.01% 0.46% 135.94%
1996 Medians: $68,764 22.41% 0.63% 3.52% 0.14% 108.81%
- ------------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Transactions Acquisition Terms
- -----------------------------------------------------------------------------------------------------------------
Total Offer Cash
Date Announced/ Target/State Pooling/ Deal Price/ Debt
Completed Acquiror/State Purchase Value Share Stock
--------- -------------- -------- ----- ----- -----
($Mil) ($)
- -----------------------------------------------------------------------------------------------------------------
Pending Transactions
10/07/96 First Federal SB/KY Purchase NA NA Cash
National City Bancshares/IN
08/19/96 Russell Fed Svgs Bank/KY Purchase $9.3 NA Stock
Peoples Bancorp/OH
03/26/96 Lincoln Fin. Bancorp, Stanford/KY Purchase $10.0 $22.01 Cash
First Southern Bancorp/KY
1996 Completed Transactions
03/26/96 First Ashland Fin. Corp./KY Purchase $32.5 $21.59 Cash &
10/04/96 Camco Financial Corp./OH Stock
11/24/95 LFS Bancorp/KY Purchase $75.5 $19.50 Cash
05/15/96 Great Financial Corp./KY
08/28/95 Kentucky Enterprise Bncrp/KY Pooling $94.2 $21.41 Stock
03/15/96 Fifth Third Bancorp/OH
1996 Averages: $44.3 $21.13
1996 Medians: $32.5 $21.50
- -----------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Transactions Control Premium Acquisition Pricing
At Completion Date
- ------------------------------------------------------------------------------------------------------------------------------
Offer
Price/
One Day
Date Announced/ Target/State Pooling/ Pre-Offer
Completed Acquiror/State Purchase Price P/B P/TB P/A P/E
--------- -------------- -------- ----- --- ---- --- ---
(x) (%) (%) (%) (x)
- ------------------------------------------------------------------------------------------------------------------------------
Pending Transactions
10/07/96 First Federal SB/KY Purchase NA NA NA NA NA
National City Bancshares/IN
08/19/96 Russell Fed Svgs Bank/KY Purchase NA 115% 115% 32.16% 39.03
Peoples Bancorp/OH
03/26/96 Lincoln Fin. Bancorp, Stanford/KY Purchase NA 127% 127% 20.19% NA
First Southern Bancorp/KY
1996 Completed Transactions
03/26/96 First Ashland Fin. Corp./KY Purchase 1.26 132% 132% 37.18% NM
10/04/96 Camco Financial Corp./OH
11/24/95 LFS Bancorp/KY Purchase 1.04 109% 109% 32.30% 37.50
05/15/96 Great Financial Corp./KY
08/28/95 Kentucky Enterprise Bncrp/KY Pooling 0.96 176% 176% 34.12% NA
03/15/96 Fifth Third Bancorp/OH
1996 Averages: 1.09 132% 132% 31.19% 38.27
1996 Medians: 1.04 127% 127% 32.30% 38.27
- ------------------------------------------------------------------------------------------------------------------------------
(1) NPAs consist of REO, non-accruing loans, and loans 90+ days delinquent.
Source: SNL Securities; American Banker.
[CAPTION]
EXHIBIT IV-5
Middlesboro Federal Bank, Federal Savings Bank
Directors and Management Summary Resumes
J. Roy Shoffner is currently Chairman of the Board and Chief Executive
Officer of Middlesboro Federal, a position he has held since 1994. He is a
graduate of Lincoln Memorial University and a veteran USAF pilot of four years.
Mr. Shoffner owns and operates Shoffner Realty, a real estate development
company and also owns JRS Restaurant Corporation. Mr. Shoffner is past owner of
a local plastic pipe manufacturing company and is active in real estate and
business properties. Mr. Shoffner is the father of James J. Shoffner.
Robert R. Long currently serves as Vice Chairman of the Board of Directors.
He retired as regional manager of Sterchi Brothers retail furniture chain in
1983. Mr. Long is a graduate of Lincoln Memorial University and Northwestern
University Business School. He served in the U.S. Army Air Corps in World War
II as a B-24 Liberator Pilot.
James J. Shoffner joined Middlesboro Federal in 1994 as Vice President and
Chief Operating Officer and became President and Chief Managing Officer in March
1996. He also has served as President of Home since 1996. Prior to joining the
Bank as a full-time officer. Mr. Shoffner was the General Manager of JRS
Restaurant Corporation, which operates four franchised restaurants in the
Middlesboro area. He graduated from Middlesboro High School and attended the
University of Kentucky. He is the Board of Directors of the Bell County Chamber
of Commerce, the Bell County Tourism Commission and is a Deacon in the First
Baptist Church of Middlesboro. Mr. Shoffner is a member of the Middlesboro
Kiwanis Club and serves on the Advisory Board to the Debusk School of Business
at Lincoln Memorial University. He has also previously served on the Board of
Middlesboro YMCA and as Chairman for the Bell County of the March of Dimes. Mr.
Shoffner continues to serve as Chairman and President of JRS Restaurant
Corporation. He has served on the Board of Directors of Middlesboro Federal
since June 6, 1988. Mr. Shoffner is the son of J. Roy Shoffner.
Reecie Stagnolia, Jr. is currently Vice President and the Branch Manager
and Loan Officer at the Cumberland Branch (Tri-City Office), of Middlesboro
Federal, a position he has held since 1989. He previously worked for the Harlan
County Board of Education as a teacher, Assistant Principal and Principal.
Assistant Superintendent and Superintendent from 1962 to 1988. He attended
Cumberland College, University of Kentucky and Eastern Kentucky University.
George Taylor retired from Reams Lumber Company in 1981 after approximately
forty-four years with the company. He had previously graduated from Eastern
State University in 1932 and was manager of the Southern Hotel for four years.
Raymond C. Walker served as president of the Mutual Holding Company's
subsidiary, Home Loan Mortgage Corporation from October, 1991 to October, 1996.
He worked for the Middlesboro Daily News as Advertising Director for 24 years,
worked at National Bank as Business Development Director for seven years and
served five years as manager of 120 units of the Section 8 Federally Funded
Housing. Mr. Walker served as mayor of the city of Middlesboro and served as
Vice President and Treasurer of the Bank.
J.D. Howard has been Vice President of the Bank since July 1996 and was
appointed Chief Financial Officer in October 1996. Prior to joining the Bank,
Mr. Howard was an internal auditor and compliance officer at Home Federal of
Middlesboro for two years. Prior to that he was Chief Financial Officer of First
Federal Savings Bank, Pineville, Kentucky for 11 years.
Diana Miracle has been Vice President and Chief Operating Officer of the
Bank since October 196. Mrs. Miracle joined the Bank as a compliance officer in
August 1995. Prior to that time, she was employed at Security First Network Bank
in Pineville, Kentucky.
EXHIBIT IV-6
Middlesboro Federal Bank, Federal Savings Bank
Pro Forma Regulatory Capital Ratios
REGULATORY CAPITAL
The following table presents the historical regulatory capital of the Bank
at September 30, 1996, and the pro forma capital of the Bank after giving effect
to the Conversion and Reorganization, based upon the sale of the number of
shares shown below, the issuance of Exchange Shares and the other assumptions
set forth under "Pro Forma Data."
Pro Forma at December 31,
-----------------------------------------------------------------------
Historical Regulatory Minimum 282,625 Midpoint 332,500 Maximum 382,375 Maximum as adjusted
Capital at Price of $10.00 Price of $10.00 Price of $10.00 439,731 Price of
September 30, 1996 per share per share per share $10.00 per share
-------------------- --------------- ---------------- --------------- -------------------
% of % of % of % of % of
Amount Assets Amount Assets Amount Assets Amount Assets Amount Assets
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
GAAP Capital...................... $ 4,385 5.23% $ 6,550 7.61% $ 7,006 8.09% $ 7,462 8.57% $ 7,986 9.12%
Tangible capital (2).............. $ 4,678 5.56% $ 6,843 7.92% $ 7,299 8.40% $ 7,755 8.88% $ 8,279 9.42%
Tangible requirement.............. 1,261 1.50 1,295 1.50 1,303 1.50 1,310 1.50 1,318 1.50
------- ---- ------- ---- ------- ---- ------- ---- ------- ----
Excess............................ $ 3,417 4.06% $ 5,548 6.42% $ 5,996 6.90% $ 6,445 7.38% $ 6,961 7.92%
======= ==== ======= ==== ======= ==== ======= ==== ======= ====
Core capital (2)(3)............... $ 4,678 5.56% $ 6,843 7.92% $ 7,299 8.40% $ 7,755 8.88% $ 8,279 9.42%
Core requirement.................. 2,523 3.00 2,592 3.00 2,606 3.00 2,621 3.00 2,637 3.00
------- ---- ------- ---- ------- ---- ------- ---- ------- ----
Excess............................ $ 2,155 2.56% $ 4,251 4.92% $ 4,693 5.40% $ 5,134 5.88% $ 5,642 6.42%
======= ==== ======= ==== ======= ==== ======= ==== ======= ====
Total capital(4)(5)............... $ 4,873 9.44% $ 7,038 13.51% $ 7,494 14.36% $ 7,950 15.21% $ 8,474 16.18%
Risk-based requirement............ 4,130 8.00 4,167 8.00 4,174 8.00 4,182 8.00 4,191 8.00
------- ---- ------- ---- ------- ---- ------- ---- ------- ----
Excess............................ $ 743 1.44% $ 2,871 5.51% $ 3,320 6.36% $ 3,768 7.21% $ 4,283 8.18%
======= ==== ======= ==== ======= ==== ======= ==== ======= ====
- --------------------
(1) Under the OTS policy, net unrealized gains or losses on securities
classified as available for sale are excluded from regulatory capital when
computing core and risk-based capital. The net unrealized loss on
securities classified as available for sale amounted to $443,000 ($294,000,
net of tax effect) as of September 30, 1996.
(2) Tangible and core capital are computed as a percentage of adjusted total
assets of $84.1 million prior to the consummation of the Offerings and
$86.4 million, $86.8 million, $87.3 million and $87.9 million following the
issuance of 282,625, 332,500, 382,375 and 439,731 shares in the Conversion
and Reorganization, respectively. Risk-based capital is computed as a
percentage of adjusted risk-weighted assets of $51.6 million prior to the
consummation of the Offerings and $52.1 million, $52.2 million, $52.3
million and $52.4 million following the issuance of 282,625, 332,500,
382,375 and 439,731 shares in the Conversion and Reorganization,
respectively.
(3) Does not reflect, in the case of the core capital requirement, the 4.0%
requirement to be met in order of an institution to be "adequately
capitalized" under applicable laws and regulations. See "Regulation --
Regulation of the Bank -- Prompt Corrective Regulatory Action."
(4) The pro forma risk-based capital ratios (i) reflect the receipt by the
Bank of the assets held by the Mutual Holding Company and all but $100,000
of the estimated net proceeds from the Offerings and (ii) assume the
investment of the net remaining proceeds received by the Bank in assets
which have a risk-weight of 20% under applicable regulations, as if such
net proceeds had been received and so applied at September 30, 1996.
(5) Includes the $195,000 of general allowance for loan losses that was
included in risk-based capital as of September 30, 1996.
EXHIBIT IV-7
Pro Forma Analysis Sheet
EXHIBIT IV-7
PRO FORMA ANALYSIS SHEET
Middlesboro Federal Bank, Federal Savings Bank
Prices as of December 13, 1996
Peer Group Kentucky Companies All SAIF Insured
-------------------- --------------------- -------------------
Price Multiple Symbol Subject (1) Mean Median Mean Median Mean Median
-------------- ------ ----------- ---- ------ ---- ------ ---- ------
Price-earnings ratio P/E (65.22)x 19.15x 18.94x 21.60x 22.12x 17.22x 18.61x
Price-book ratio = P/B 72.32% 95.11% 97.43% 115.47% 112.82% 116.52% 111.11%
Price-assets ratio = P/A 5.94% 9.68% 9.68% 25.27% 23.93% 14.06% 12.43%
Valuation Parameters
--------------------
Pre-Conversion Earnings (Y) ($152,000) ESOP Stock Purchases (E) 3.00% (5)
Pre-Conversion Book Value (B) $4,418,000 Cost of ESOP Borrowings (S) 0.00% (4)
Pre-Conv. Tang. Book Value (B) $4,418,000 ESOP Amortization (T) 10.00 years
Pre-Conversion Assets (A) $83,832,000 RRP Amount (M) 4.00%
Reinvestment Rate (2)(R) 3.76% MRP Vesting (N) 5.00 years (5)
Est. Conversion Expenses (3)(X) 10.53% Percentage Sold (PCT) 64.71%
Tax rate (TAX) 34.00%
Calculation of Pro Forma Value After Conversion
-----------------------------------------------
1. V= P/E * (Y) V= $5,138,636
------------------------------------------------------------------
1 - P/E * PCT * ((1-X-E-M)*R - (1-TAX)*E/T - (1-TAX)*M/N)
2. V= P/B * B V= $5,138,636
-------------------------------
1 - P/B * PCT * (1-X-E-M)
3. V= P/A * A V= $5,138,636
-------------------------------
1 - P/A * PCT * (1-X-E-M)
Full
Gross Exchange Conversion
Conclusion Proceeds Ratio Value
----------- -------- ------- -----
Minimum $2,826,250 0.8564 $4,367,841
Midpoint $3,325,000 1.0076 $5,138,636
Maximum $3,823,750 1.1587 $5,909,432
Supermaximum $4,397,313 1.3325 $6,795,847
-------------------------------------------------------------------------
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.69 percent, and a tax rate
of 34.00 percent.
(3) $0.350 million of estimated expense at the midpoint of
offering range.
(4) No cost is applicable since holding company will fund
the ESOP loan.
(5) ESOP and MRP amortize over 10 years and 5 years,
respectively; amortizationexpenses tax effected at 34.0 percent.
EXHIBIT IV-8
Pro Forma Effect of Conversion Proceeds
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Middlesboro Federal Bank, Federal Savings Bank
At the Minimum of the Range
1. Conversion Proceeds
Full Conversion Value $4,367,841
Exchange Ratio 0.8564
Offering Proceeds $2,826,250
Less: Estimated Offering Expenses 350,000
-------
Net Conversion Proceeds $2,476,250
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $2,476,250
Less: Non-Cash Stock Purchases (1) 244,085
-------
Net Proceeds Reinvested $2,232,165
Estimated net incremental rate of return 3.76%
-----
Earnings Increase $83,827
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 8,648
Less: Recognition Plan Vesting (4) 14,923
------
Net Earnings Increase $60,256
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1996 (reported) ($152,000) $60,256 ($91,744)
12 Months ended September 30, 1996 (core) $337,000 $60,256 $397,256
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1996 $4,418,000 $2,232,165 $6,650,165
September 30, 1996(Tangible) $4,418,000 $2,232,165 $6,650,165
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1996 $83,832,000 $2,232,165 $86,064,165
(1) Includes ESOP stock purchases equal to 3.0 percent of the full conversion
value and MRP stock purchases equal to 4.0 percent of the second step
offering.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 34.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
34.00 percent.
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Middlesboro Federal Bank, Federal Savings Bank
At the Midpoint of the Range
1. Conversion Proceeds $5,138,636
Full Conversion Value 1.0076
Exchange Ratio
Offering Proceeds $3,325,000
Less: Estimated Offering Expenses 350,000
-------
Net Conversion Proceeds $2,975,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $2,975,000
Less: Non-Cash Stock Purchases (1) 287,159
-------
Net Proceeds Reinvested $2,687,841
Estimated net incremental rate of return 3.76%
-----
Earnings Increase $100,939
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 10,175
Less: Recognition Plan Vesting (4) 17,556
------
Net Earnings Increase $73,209
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1996 (reported) ($152,000) $73,209 ($78,791)
12 Months ended September 30, 1996 (core) $337,000 $73,209 $410,209
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1996 $4,418,000 $2,687,841 $7,105,841
September 30, 1996(Tangible) $4,418,000 $2,687,841 $7,105,841
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1996 $83,832,000 $2,687,841 $86,519,841
(1) Includes ESOP stock purchases equal to 3.0 percent of the full conversion
value and MRP stock purchases equal to 4.0 percent of the second step
offering.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 34.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
34.00 percent.
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Middlesboro Federal Bank, Federal Savings Bank
At the Maximum of the Range
1. Conversion Proceeds
Full Conversion Value $5,909,432
Exchange Ratio 1.1587
Offering Proceeds $3,823,750
Less: Estimated Offering Expenses 350,000
-------
Net Conversion Proceeds $3,473,750
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $3,473,750
Less: Non-Cash Stock Purchases (1) 330,233
-------
Net Proceeds Reinvested $3,143,517
Estimated net incremental rate of return 3.76%
-----
Earnings Increase $118,052
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 11,701
Less: Recognition Plan Vesting (4) 20,189
------
Net Earnings Increase $86,162
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1996 (reported) ($152,000) $86,162 ($65,838)
12 Months ended September 30, 1996 (core) $337,000 $86,162 $423,162
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1996 $4,418,000 $3,143,517 $7,561,517
September 30, 1996(Tangible) $4,418,000 $3,143,517 $7,561,517
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1996 $83,832,000 $3,143,517 $86,975,517
(1) Includes ESOP stock purchases equal to 3.0 percent of the full conversion
value and MRP stock purchases equal to 4.0 percent of the second step
offering.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 34.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
34.00 percent.
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Middlesboro Federal Bank, Federal Savings Bank
At the Superrange Maximum
1. Conversion Proceeds
Full Conversion Value $6,795,847
Exchange Ratio 1.3325
Offering Proceeds $4,397,313
Less: Estimated Offering Expenses 350,000
-------
Net Conversion Proceeds $4,047,313
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $4,047,313
Less: Non-Cash Stock Purchases (1) 379,768
-------
Net Proceeds Reinvested $3,667,545
Estimated net incremental rate of return 3.76%
-----
Earnings Increase $137,731
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 13,456
Less: Recognition Plan Vesting (4) 23,218
------
Net Earnings Increase $101,057
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1996 (reported) ($152,000) $101,057 ($50,943)
12 Months ended September 30, 1996 (core) $337,000 $101,057 $438,057
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1996 $4,418,000 $3,667,545 $8,085,545
September 30, 1996(Tangible) $4,418,000 $3,667,545 $8,085,545
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1996 $83,832,000 $3,667,545 $87,499,545
(1) Includes ESOP stock purchases equal to 3.0 percent of the full conversion
value and MRP stock purchases equal to 4.0 percent of the second step
offering.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is tax-
effected at a 34.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
34.00 percent.
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 September 30, 1996
Estimated
Net Income Less: Net Tax Effect Less: Extd Core Income Estimated
to Common Gains(Loss) @ 34% Items to Common Shares Core EPS
---------- ----------- ---------- ---------- ----------- ---------- ---------
($000) ($000) $000) ($000) ($000) ($000) ($)
Comparable Group
- ----------------
CLAS Classic Bancshares of KY 300 318 -108 0 510 1,322 0.39
CBIN Community Bank Shares of IN 1,309 1,039 -353 0 1,995 1,984 1.01
CIBI Community Inv. Bancorp of OH 599 402 -137 0 864 666 1.30
BDJI First Fed. Bancorp. of MN 316 583 -198 0 701 701 1.00
FFBI First Financial Bancorp of IL 101 326 -111 0 316 452 0.70
FFHS First Franklin Corp. of OH 598 1,103 -375 0 1,326 1,158 1.15
HZFS Horizon Fin'l. Services of IA 96 222 -75 0 243 448 0.54
LSBI LSB Fin. Corp. of Lafayette IN 826 -116 39 0 749 918 0.82
OHSL OHSL Financial Corp. of OH 1,175 885 -301 0 1,759 1,223 1.44
PLE Pinnacle Bank of AL 959 837 -285 0 1,511 890 1.70
PTRS The Potters S&L Co. of OH 30 639 -217 0 452 506 0.89
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, particularly 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 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 options 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, asset/liability targets, profitability and return on equity.
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/or other 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, comprehensive in-house data bases, valuation expertise and
regulatory 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, Director-Community Banking (15)