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COMMUNITY SAVINGS
BANKSHARES, INC.
CONVERSION
VALUATION
APPRAISAL
DATE ISSUED: AUGUST 21, 1998
DATE OF MARKET PRICES: AUGUST 13, 1998
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TABLE OF CONTENTS
COMMUNITY SAVINGS BANKSHARES, INC.
NORTH PALM BEACH, FLORIDA
INTRODUCTION 1
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1. OVERVIEW AND FINANCIAL ANALYSIS 4
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GENERAL OVERVIEW 4
HISTORY 6
STRATEGIC DIRECTION 7
BALANCE SHEET TRENDS 8
LOAN PORTFOLIO 10
SECURITIES 13
INVESTMENTS AND MORTGAGE-BACKED SECURITIES 14
ASSET QUALITY 15
FUNDING COMPOSITION 18
ASSET/LIABILITY MANAGEMENT 20
NET WORTH AND CAPITAL 22
INCOME AND EXPENSE TRENDS 23
SUBSIDIARIES 28
CONTINGENCIES 28
2. MARKET AREA ANALYSIS 29
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MARKET AREA DEMOGRAPHICS 29
MARKET AREA DEPOSIT CHARACTERISTICS 32
3. COMPARISONS WITH PUBLICLY TRADED THRIFTS 41
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INTRODUCTION 41
SELECTION SCREENS 41
SELECTION CRITERIA 43
COMPARABLE GROUP PROFILES 44
4. MARKET VALUE DETERMINATION 49
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INTRODUCTION 49
BALANCE SHEET STRENGTH 50
ASSET QUALITY 54
EARNINGS QUALITY, PREDICTABILITY AND GROWTH 55
INCOME AND EXPENSE TRENDS 56
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MARKET AREA 60
MANAGEMENT 61
DIVIDENDS 62
LIQUIDITY OF THE ISSUE 64
RECENT REGULATORY MATTERS 65
MARKET FOR SEASONED THRIFT STOCKS 66
ACQUISITION MARKET 70
ADJUSTMENTS TO VALUE 75
5. OTHER ADJUSTMENTS 76
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SECOND STEP CONVERSIONS 76
SUBSCRIPTION INTEREST 77
6. VALUATION 78
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VALUATION APPROACH 78
VALUATION CONCLUSION 81
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LIST OF FIGURES
COMMUNITY SAVINGS BANKSHARES, INC.
NORTH PALM BEACH, FLORIDA
FIGURE 1 - CURRENT BRANCH LIST 4
FIGURE 2 - ASSET AND RETAINED EARNINGS CHART 8
FIGURE 3 - KEY BALANCE SHEET DATA 9
FIGURE 4 - KEY RATIOS 9
FIGURE 5 - NET LOANS RECEIVABLE CHART 10
FIGURE 6 - LOAN MIX AS OF JUNE 30, 1998 CHART 11
FIGURE 7 - LOAN MIX 12
FIGURE 8 - SECURITIES CHART 13
FIGURE 9 - INVESTMENT MIX 14
FIGURE 10 - NON-PERFORMING ASSETS CHART 15
FIGURE 11 - NON-PERFORMING LOANS 16
FIGURE 12 - ALLOWANCE FOR POSSIBLE LOAN AND LEASE LOSSES CHART 17
FIGURE 13 - DEPOSIT AND BORROWING TREND CHART 18
FIGURE 14 - DEPOSIT MIX 19
FIGURE 15 - MARKET VALUE OF PORTFOLIO EQUITY 20
FIGURE 16 - CUMULATIVE INTEREST SENSITIVITY GAP 21
FIGURE 17 - CAPITAL ANALYSIS 22
FIGURE 18 - NET INCOME CHART 23
FIGURE 19 - AVERAGE YIELDS AND COSTS 24
FIGURE 20 - SPREAD AND MARGIN CHART 25
FIGURE 21 - INCOME STATEMENT TRENDS 26
FIGURE 22 - PROFITABILITY TREND CHART 27
FIGURE 23 - POPULATION DEMOGRAPHICS 29
FIGURE 24 - POPULATION DEMOGRAPHICS 30
FIGURE 25 - HOUSEHOLD CHARACTERISTICS 31
FIGURE 26 - HOUSEHOLD CHARACTERISTICS 31
FIGURE 27 - JUPITER (BLUFFS) MARKET AREA 32
FIGURE 28 - JUPITER (TONEY PENNA & CHASEWOOD) MARKET AREA 33
FIGURE 29 - NORTH PALM BEACH MARKET AREA 33
FIGURE 30 - PALM BEACH GARDENS MARKET AREA 34
FIGURE 31 - PALM BEACH GARDENS (PGA) MARKET AREA 34
FIGURE 32 - RIVIERA BEACH (RIVIERA BEACH & SINGER ISLAND) MARKET AREA 35
FIGURE 33 - TEQUESTA (TEQUESTA & GALLERY SQUARE) MARKET AREA 35
FIGURE 34 - WEST PALM BEACH (VILLAGE COMMONS) MARKET AREA 36
FIGURE 35 - LAKE WORTH MARKET AREA 37
FIGURE 36 - HOBE SOUND MARKET AREA 37
FIGURE 37 - JENSEN BEACH (JENSEN BEACH & HUTCHINSON ISLAND) MARKET AREA 38
FIGURE 38 - PALM CITY (MARTIN DOWNS) MARKET AREA 38
FIGURE 39 - PORT SALERNO (STUART) MARKET AREA 39
FIGURE 40 - FORT PIERCE MARKET AREA 39
FIGURE 41 - PORT ST. LUCIE MARKET AREA 39
FIGURE 42 - PORT ST. LUCIE (ST. LUCIE WEST) MARKET AREA 40
FIGURE 43 - VERO BEACH MARKET AREA 40
FIGURE 44 - SCREENING RESULTS 42
FIGURE 45 - COMPARABLE GROUP 42
FIGURE 46 - KEY FINANCIAL INDICATORS 47
FIGURE 47 - KEY BALANCE SHEET DATA 50
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FIGURE 48 - BALANCE SHEET GROWTH DATA 51
FIGURE 49 - CAPITAL DATA 52
FIGURE 50 - ASSET QUALITY TABLE 54
FIGURE 51 - NET INCOME CHART 56
FIGURE 52 - PROFITABILITY DATA 57
FIGURE 53 - INCOME STATEMENT DATA 58
FIGURE 54 - CORE EARNINGS DATA 58
FIGURE 55 - DIVIDENDS DATA 63
FIGURE 56 - MARKET CAPITALIZATION DATA 64
FIGURE 57 - SNL THRIFT INDEX CHART 66
FIGURE 58 - HISTORICAL SNL INDEX 67
FIGURE 59 - EQUITY INDICES 68
FIGURE 60 - HISTORICAL RATES 69
FIGURE 61 - DEALS FOR LAST FOURTEEN QUARTERS 70
FIGURE 62 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO BOOK 71
FIGURE 63 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO TANGIBLE BOOK 72
FIGURE 64 - THRIFT ACQUISITION MULTIPLES, PRICE TO EARNINGS 72
FIGURE 65 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO ASSETS 73
FIGURE 66 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO DEPOSITS 73
FIGURE 67 - DEAL MULTIPLES 74
FIGURE 68 - ACQUISITION TABLE 74
FIGURE 69 - PENDING SECOND STEP CONVERSIONS 76
FIGURE 70 - CONVERSION PRICE POPS 77
FIGURE 71 - VALUE RANGE OFFERING DATA 79
FIGURE 72 - VALUE RANGE OFFERING DATA 80
FIGURE 73 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA MIDPOINT 80
FIGURE 74 - RECENT SECOND STEP CONVERSION TRADING MULTIPLES TO THE BANK'S
PROFORMA MIDPOINT 80
FIGURE 75 - DETAILS ON THE ESTIMATED VALUATION RANGE 81
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LIST OF EXHIBITS
COMMUNITY SAVINGS BANKSHARES, INC.
NORTH PALM BEACH, FLORIDA
EXHIBIT
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1 Profile of FinPro, Inc.
2 Consolidated Statements of Financial Condition
3 Consolidated Statements of Operations
4 Reconciliation of TFR Statement of Operations to Consolidated
Statements of Operations
5 Consolidated Statements of Changes in Shareholder's Net Worth
6 Consolidated Statements of Cash Flows
7 Selected Data on All Public Thrifts
8 Industry Multiples
9 Recent Standard Conversions 1997 to Date
10 Second Step Conversions 1997 to Date
11 Appraisal Pro Forma June 30, 1998 - 12 Months Data
12 Offering Circular Pro Forma June 30, 1998 - 6 Months Data Unadjusted
13 Offering Circular Pro Forma December 31, 1997 - 12 Months Data
Unadjusted
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INTRODUCTION
This report represents FinPro, Inc.'s ("FinPro") independent appraisal of the
estimated pro-forma market value of the common stock ( the "Common Stock") in
connection with the conversion and reorganization of Community Savings, F.A.
(the "Bank") from the two-tier mutual holding company structure to the stock
holding company structure (the "Conversion"). The Bank is currently a wholly
owned subsidiary of Community Savings Bankshares, Inc., a federal corporation
(the "Mid-Tier"), which is the wholly owned subsidiary of ComFed, M.H.C. (the
"MHC"), both of which will be merged out of existence, and the Bank will become
a wholly owned subsidiary of the Company.
The Bank is headquartered in North Palm Beach, Florida and at June 30, 1998 had
$765.5 million in assets, $574.4 million in deposits and $83.1 million in
stockholders' equity. The Bank is a Federally Chartered Mutual Holding Company
whose principal regulator is the Office of Thrift Supervision ("OTS"). All of
the Bank's deposit accounts, up to the regulatory limits, are insured by the
Savings Association Insurance Fund ("SAIF") of the Federal Deposit Insurance
Corporation ("FDIC"). As of June 30, 1998, the Bank maintained twenty-one
offices located in Palm Beach, Martin, St. Lucie, Indian River, and Brevard
Counties, all of which are located in Florida.
This appraisal has been prepared in accordance with Regulation 563b.7 and 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
which have been adopted in practice by the FDIC, including the most recent
revisions as of October 21, 1994, and applicable regulatory interpretations
thereof.
In the course of preparing our report, we reviewed the audited six month period
ended June 30, 1998, audited financial statements of the Bank's operations for
the twelve month period ended December 31, 1997 and the Bank's operations and
financial condition for the prior two year period. We have conducted due
diligence analysis of the Bank and the Company (hereinafter, collectively
referred to as "the Bank") and held due diligence related discussions with the
Bank's management and board, Crowe Chizek (the Bank's independent audit firm),
Elias, Matz, Tiernan, & Herrick L.L.P. (the Bank's special counsel), and
Friedman, Billings & Ramsey & Co., Inc. (the Bank's financial and marketing
advisor). The valuation parameters set forth in the appraisal were predicated on
these discussions but all conclusions related to the valuation were reached and
made independent of such discussions.
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The Company is offering a minimum of 5,730,659 shares and a maximum of 7,753,143
shares of common stock (the "Conversion Stock") at $10.00 per share to persons
with priority subscription rights in a subscription offering and to other
members of the public in a community offering (the "Offerings"). These shares
represent the MHC's ownership interest in the Mid-Tier Holding Company based on
an independent appraisal, which may be increased by up to 15% without
resolicitation. The table below sets forth information regarding the sale of
Conversion Stock in the Offerings.
The Company will issue a minimum of 5,319,341 shares and a maximum of 7,196,857
shares of common stock (the "Exchange Shares") to the shareholders of the
Mid-Tier Holding Company (other than the MHC) in exchange for their Mid-Tier
Holding Company common stock (the "Exchange"). The company will not pay or
receive any cash in the Exchange, except that cash will be paid in lieu of
fractional shares. The number of Exchange Shares to be issued is dependent upon
the amount of Conversion Stock sold, with an exchange ratio designed to provide
the Mid-Tier Holding Company's shareholders (other than the MHC) with
approximately the same percentage ownership interest in the Company that they
have in the Mid-Tier holding Company.
The sum of the Conversion Stock and the Exchange Shares represents the total
amount of Common Stock to be issued in the Conversion, which sum is a minimum of
11,050,000 shares and a maximum of 14,950,000 shares. If the independent
appraisal is increased by 15%, the maximum amount of Conversion Stock, Exchange
Shares and total shares would be increased to 8,916,176 shares and 8,276,324
shares 17,192,500 shares, respectively.
The Mid-Tier Holding Company common stock is currently quoted on the Nasdaq
Stock Market under the symbol "CMSV." The Company has applied to the NASDAQ
Stock Market under the same symbol upon completion of the Conversion.
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In preparing our valuation, we relied upon and assumed the accuracy and
completeness of financial and other information provided to us by the Bank and
its independent accountants. We did not independently verify the financial
statements and other information provided by the Bank and its independent
accountants, nor did we independently value any of the Bank's assets or
liabilities. This estimated valuation considers the Bank only as a going concern
and should not be considered as an indication of its liquidation value.
Where appropriate, we considered information based upon other publicly available
sources, which we believe to be reliable; however, we cannot guarantee the
accuracy or completeness of such information. We visited the Bank's primary
market area and reviewed the market area economic condition. We also reviewed
the competitive environment in which the Bank operates and its relative
strengths and weaknesses. We compared the Bank's performance with selected
publicly traded thrift institutions. We reviewed conditions in the securities
markets in general and in the market for savings institutions in particular. Our
analysis included a review of the estimated effects of the Reorganization on the
Bank, operation and expected financial performance as they related to the Bank's
estimated pro-forma value.
OUR VALUATION IS NOT INTENDED, AND MUST NOT BE CONSTRUED, TO BE A RECOMMENDATION
OF ANY KIND AS THE ADVISABILITY OF PURCHASING SHARES OF COMMON STOCK IN THE
CONVERSION AND REORGANIZATION. 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 CONVERSION AND REORGANIZATION WILL
THEREAFTER BE ABLE TO SELL SUCH SHARES AT PRICES RELATED TO THE FOREGOING
VALUATION OF THE PRO-FORMA MARKET VALUE THEREOF. FINPRO IS NOT A SELLER OF
SECURITIES WITHIN THE MEANING OF ANY FEDERAL OR STATE SECURITIES LAWS AND ANY
REPORT PREPARED BY FINPRO SHALL NOT BE USED AS AN OFFER OR SOLICITATION WITH
RESPECT TO THE PURCHASE OR SALE OF ANY SECURITIES.
The estimated valuation herein will be updated as appropriate. These updates
will consider, among other factors, any developments or changes in the Bank's
financial condition, operating performance, management policies and procedures,
and current conditions in the securities market for thrift institution common
stock. Should any such developments or changes, in our opinion, be material to
the estimated pro-forma market value of the Bank, appropriate adjustments to the
estimated pro-forma market value will be made. The reasons for any such
adjustments will be explained at that time.
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1. OVERVIEW AND FINANCIAL ANALYSIS
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GENERAL OVERVIEW
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The Company after the Second Step Conversion, will be a federally chartered
stock holding company. As of June 30, 1998, the Mid-Tier had $765.5 million in
total assets, $574.4 million in deposits, $527.4 million in net loans and $83.1
million in equity.
The following table shows the Association's branch network as of June 30, 1998.
FIGURE 1 - CURRENT BRANCH LIST
BRANCH OFFICE BRANCH ADDRESS TOWN
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North Palm Beach 660 US Highway 1 North Palm Beach
Riviera Beach 2600 Broadway Riviera Beach
Tequesta 101 N. US Highway 1 Tequesta
Port Salerno 5545 SE Federal Highway Stuart
Palm Beach Gardens 9600 N. Alternate A1A Palm Beach Gardens
Jensen Beach 1170 NE Jensen Beach Boulevard Jensen Beach
Singer Island 1100 East Blue Heron Boulevard Riviera Beach
Gallery Square 389 Tequesta Drive Tequesta
Fort Pierce 1050 Virginia Avenue Fort Pierce
Port St. Lucie 1540 SE Floresta Drive Port St. Lucie
Palm City 3102 Martin Downs Boulevard Palm City
Chasewood 6350 Indiantown Road Jupiter
Bluffs 3950 US Highway 1 Jupiter
Village Commons 971 Village Boulevard West Palm Beach
Hobe Sound 11400 SE Federal Highway Hobe Sound
Port St. Lucie 1549 St. Lucie West Boulevard Port St. Lucie
Toney Penna 520 Toney Penna Drive Jupiter
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BRANCH OFFICE BRANCH ADDRESS TOWN
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PGA 7102 Fairway Drive Palm Beach Gardens
Lake Worth 5702 Lake Worth Road Lake Worth
Hutchinson Island 4417 NE Ocean Boulevard Jensen Beach
Vero Beach 6030 20th Street Vero Beach
LOAN PRODUCTION OFFICES
2903 Cardinal Drive Vero Beach
1901 S. Harbor City Melbourne
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HISTORY
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The Association, founded in 1955, is a federally chartered savings and loan
association headquartered in North Palm Beach, Florida. The Association's
deposits are federally insured by the Federal Deposit insurance Corporation
("FDIC") through the Savings Association Insurance Fund ("SAIF"). The
Association has been a member of the Federal Home Loan Bank of Atlanta ("FHLB")
since 1955. The Association is regulated by the OTS. On October 24, 1994, the
Association completed a reorganization into a federally chartered mutual holding
company (the "MHC Reorganization"). As part of the MHC Reorganization, the
Association organized a new federally chartered stock savings association and
transferred substantially all of its assets and liabilities to the stock savings
association in exchange for a majority of the common stock of the stock savings
association.
The Association is a community-oriented financial institution engaged primarily
in the business of attracting deposits from the general public in the
Association's market area and using such funds, together with other borrowings,
to invest in various consumer-based real estate loans, commercial business loans
and mortgage-related securities as well as United States government and agency
securities, mutual funds, and corporate debt securities. The Association's
principal source of funds are deposits, principal and interest payments on loans
and securities, and FHLB advances. The principal source of income is interest
received from loans and securities, while principal expenses are interest paid
on deposits and borrowings and employee compensation and benefits. The
Association's profitability is highly dependent on its net interest income. The
components that determine net interest income are the amount of interest-earning
assets and interest-bearing liabilities, together with the rates earned or paid
on such interest rate-sensitive instruments. The Association is sensitive to
managing interest rate risk exposure by better matching asset and liability
maturities and rates. This is accomplished while considering the credit risk of
certain assets. The Association maintains asset quality by utilizing
comprehensive loan underwriting standards and collection efforts as well as by
primarily originating or purchasing secured or guaranteed assets.
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STRATEGIC DIRECTION
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The Association's current business strategy is to operate as a well-capitalized,
profitable and independent community-oriented savings and loan association
dedicated to providing quality retail financial products and personalized
customer service. The Association has implemented this strategy by emphasizing
retail deposits as its primary source of funds and investing a substantial part
of such funds in locally-originated residential first mortgage loans, in
mortgage-related securities and in other liquid investment securities.
Specifically, the Association's business strategy incorporates the following
elements: (i) operating as a community-oriented financial institution and
maintaining a strong core customer base; (ii) maintaining asset quality while
emphasizing traditional lending and investment activities; (iii) maintaining a
strong retail deposit base; and (iv) managing interest rate risk while achieving
desirable levels of profitability.
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BALANCE SHEET TRENDS
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Since September 30, 1993, the Bank's balance sheet has increased from $523.3
million to $765.5 million, or $242.2 million. During this period of time, the
Bank undertook an MHC reorganization and minority stock offering, which
accounted for the equity growth for the year ended September 30, 1995.
Equity has also increased $48.2 million from $34.8 million at September 30, 1993
to $83.1 million at June 30, 1998. The equity to assets ratio is currently
10.85%.
FIGURE 2 - ASSET AND RETAINED EARNINGS CHART
[CHART]
[DESCRIPTION TO COME]
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The following tables set forth certain information concerning the financial
position of the Bank along with selected ratios at the dates indicated.
FIGURE 3 - KEY BALANCE SHEET DATA
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AT JUNE 30, AT DECEMBER 31, AT SEPTEMBER 30,
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1998 1997 1996 1996 1995 1994 1993
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SELECTED CONSOLIDATED FINANCIAL DATA: (DOLLARS IN THOUSANDS)
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TOTAL AMOUNT OF:
Total Assets $ 765,488 $ 720,133 $ 655,209 $ 650,332 $ 567,006 $ 560,268 $ 523,248
Cash and cash equivalents 47,425 25,954 42,442 44,780 42,497 89,843 35,188
Securities available for sale 91,316 142,269 123,152 124,287 27,028 26,729 69,459
Investments - held to maturity 21,443 21,388 22,139 22,293 59,679 52,204 43,789
Mortgage backed securities
- held to maturity 41,884 46,413 53,405 54,945 77,499 41,281 14,290
Loans receivable, net 527,375 451,709 389,040 376,219 329,442 317,117 328,747
Real estate owned 711 592 1,455 1,384 1,910 3,686 1,324
Deposits 574,383 550,708 513,709 498,929 437,376 459,979 450,356
Borrowed funds 91,513 75,098 53,908 55,867 39,101 19,233 20,113
Stockholders' equity 83,078 81,259 76,119 75,056 72,848 38,110 34,846
Book value $ 16.66 $ 16.39 $ 15.50 $ 15.33 $ 15.04 -- --
Shares, allocated and outstanding,
end of period 4,983,288 4,958,217 1,908,676 4,895,282 4,843,344 -- --
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Source: Offering Prospectus
FIGURE 4 - KEY RATIOS
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SIX MONTH ENDED YEAR ENDED THREE MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, SEPTEMBER 30,
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1998 1997 1997 1996 1996 1995 1994 1993
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KEY FINANCIAL AND OTHER DATA:
PERFORMANCE RATIOS:
Return on average assets 0.67% 0.80% 0.77% 0.71% 0.64% 0.84% 0.71% 1.01%
Return on average equity 6.10% 7.08% 6.80% 6.11% 5.25% 6.60% 10.27% 17.02%
Equity to total assets 10.85% 11.24% 11.28% 11.62% 11.54% 12.85% 6.80% 6.65%
Net interest spread 3.14% 3.15% 3.13% 3.16% 3.24% 3.40% 3.69% 4.43%
Net interest margin 3.47% 3.53% 3.51% 3.58% 3.65% 3.78% 3.79% 4.50%
Other income to average assets 0.47% 0.55% 0.60% 0.75% 0.55% 0.62% 0.63% 0.96%
Operating expense to average assets 2.63% 2.59% 2.68% 2.85% 3.20% 2.74% 2.82% 2.93%
Net interest income to operating expenses 123.62% 128.53% 123.52% 118.82% 106.21% 128.07% 124.54% 141.59%
Efficiency ratio 70.69% 66.81% 68.46% 68.87% 80.57% 66.29% 68.15% 57.40%
Average interest-earning assets to average
interest-bearing liabilities 108.06% 109.05% 109.06% 110.15% 110.47% 110.00% 103.08% 101.86%
ASSET QUALITY RATIOS:
Non-performing assets to total assets 0.27% 0.40% 0.47% 0.47% 0.40% 0.45% 1.25% 1.54%
Allowance for loan losses to non-performing loans 202.56% 177.49% 193.04% 155.86% 274.58% 527.49% 114.72% 55.65%
Allowance for loan losses to net loans receivable 0.52% 0.63% 0.59% 0.65% 0.61% 1.06% 1.07% 1.14%
Average equity to average assets 11.00% 11.37% 11.37% 11.65% 12.20% 12.72% 6.89% 5.96%
CAPITAL RATIOS:
Shareholders' equity to assets at end of period
Number of full service offices 21 20 21 19 19 18 17 17
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Source: Offering Prospectus
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LOAN PORTFOLIO
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The Bank's loan portfolio has increased by $198.6 million from September 1993 to
June 1998. The Bank's loan to asset ratio was 68.89% at June 30, 1998.
FIGURE 5 - NET LOANS RECEIVABLE CHART
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JUNE 30, DECEMBER 31,
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1998 1997 1996
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AMOUNT PERCENT AMOUNT PERCENT AMOUNT PERCENT
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(DOLLARS IN THOUSANDS)
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REAL ESTATE LOANS:
Residential 1-4 family $ 419,069 75.63% $ 339,117 70.90% $ 293,366 71.11%
Residential construction loans 42,807 7.73% 32,828 6.86% 33,158 8.04%
Nonresidential construction loans 4,217 0.76% 2,022 0.42% 2,200 0.53%
Land loans 12,409 2.24% 17,117 3.58% 19,426 4.71%
Multi-family loans 8,739 1.58% 8,800 1.84% 8,096 1.96%
Commercial loans 46,147 8.32% 59,220 12.38% 37,815 9.17%
--------- ----- --------- ----- --------- -----
Total real estate loans 533,388 96.26% 459,104 95.98% 394,061 95.52%
NON-REAL ESTATE LOANS:
Consumer loans 15,191 2.74% 15,694 3.28% 16,028 3.89%
Commercial business 5,508 1.00% 3,530 0.74% 2,458 0.60%
--------- ----- --------- ----- --------- -----
Total non-real estate loans 20,699 3.74% 19,224 4.02% 18,486 4.48%
Total loans receivable 554,087 100.00% 478,328 100.00% 412,547 100.00%
Less:
Undisbursed loan proceeds 25,134 24,163 20,765
Unearned discount (premium) and net
deferred loans fees (costs) (1,189) (206) 200
Allowance for loan losses 2,767 2,662 2,542
--------- --------- ---------
Total loans receivable, net $ 527,375 $ 451,709 $ 389,040
========= ========= =========
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Source: Offering Prospectus
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The Bank is primarily a residential one-to-four family lender. However, the Bank
does offer an array of loan products.
FIGURE 6 - LOAN MIX AS OF JUNE 30, 1998 CHART
LOAN MIX
[CHART]
[DESCRIPTIONS TO COME]
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Since December 31, 1996, the Bank's loan mix has shifted toward 1-4 family
residential mortgage loans. Residential 1-4 family loans have increased from
71.11% of the loan portfolio to 75.63%. As a percentage of total loans, consumer
loans have decreased from 3.89% to 2.74% and commercial real estate loans have
decreased from 9.17% to 8.32%.
FIGURE 7 - LOAN MIX
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JUNE 30, DECEMBER 31,
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1998 1997 1996
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AMOUNT PERCENT AMOUNT PERCENT AMOUNT PERCENT
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(DOLLARS IN THOUSANDS)
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REAL ESTATE LOANS:
Residential 1-4 family $419,069 75.63% $339,117 70.90% $293,366 71.11%
Residential construction loans 42,807 7.73% 32,828 6.86% 33,158 8.04%
Nonresidential construction loans 4,217 0.76% 2,022 0.42% 2,200 0.53%
Land loans 12,409 2.24% 17,117 3.58% 19,426 4.71%
Multi-family loans 8,739 1.58% 8,800 1.84% 8,096 1.96%
Commercial loans 46,147 8.32% 59,220 12.38% 37,815 9.17%
-------- ----- --------- ----- -------- - -----
Total real estate loans 533,388 96.26% 459,104 95.98% 394,061 95.52%
NON-REAL ESTATE LOANS:
Consumer loans 15,191 2.74% 15,694 3.28% 16,028 3.89%
Commercial business 5,508 1.00% 3,530 0.74% 2,458 0.60%
-------- ----- ------- ----- ------- -----
Total non-real estate loans 20,699 3.74% 19,224 4.02% 18,486 4.48%
Total loans receivable 554,087 100.00% 478,328 100.00% 412,547 100.00%
Less:
Undisbursed loan proceeds 25,134 24,163 20,765
Unearned discount (premium) and net
deferred loans fees (costs) (1,189) (206) 200
Allowance for loan losses 2,767 2,662 2,542
-------- -------- --------
Total loans receivable, net $527,375 $451,709 $389,040
======== ======== ========
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Source: Offering Prospectus
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SECURITIES
------------------------------------
The Bank's security portfolio has declined from $213.3 million at December 31,
1997, to $158.4 million at June 30, 1998.
FIGURE 8 - SECURITIES CHART
[CHART]
[DESCRIPTIONS TO COME]
20
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-------------------------------------------------
INVESTMENTS AND MORTGAGE-BACKED SECURITIES
-------------------------------------------------
The Bank has a relatively diverse investment mix which includes municipal bonds,
CMOs, corporates and mutual funds.
FIGURE 9 - INVESTMENT MIX
- ------------------------------------------------------------------------------------------------------------------------------
AT JUNE 30, AT DECEMBER 31, AT SEPTEMBER 30,
-----------------------------------------------------------------
1998 1997 1996 1996 1995
-----------------------------------------------------------------
SECURITIES AVAILABLE FOR SALE (AT FAIR VALUE)
Equity securities:
FNMA stock 25 23 14 14 10
Financial Institutions Insurance Group, Limited Stock -- -- -- 101 86
Mutual funds 40,552 40,721 43,067 42,912 26,932
United States Government and
agency obligations 9,127 55,175 28,097 27,942 --
CMO's 41,612 46,350 51,974 53,318 --
-------- -------- -------- -------- --------
Total securities available for sale 91,316 142,269 123,152 124,287 27,028
- -----------------------------------------------------------------------------------------------------------------------------
SECURITIES HELD TO MATURITY (AT AMORTIZED COST)
United States Government and
agency obligations 13,820 13,039 11,701 11,691 38,987
Corporate debt issuances 7,623 8,349 10,138 10,602 13,692
Certificates of deposit -- -- -- -- 7,000
FHLB Stock 3,782 3,264 2,864 5,384 7,384
CMO's 30,892 33,638 37,359 38,308 57,586
CMO residuals 6 7 15 20 118
FHLMCs 6,324 7,465 9,673 9,973 11,943
GNMAs 1,525 1,751 2,108 2,233 2,774
FNMAs 2,925 3,316 3,933 4,076 4,691
AID loans 212 236 317 335 387
-------- -------- -------- -------- --------
Total investment securities 67,109 71,065 78,108 82,622 144,562
Total investments $158,425 $213,334 $201,260 $206,909 $171,590
======== ======== ======== ======== ========
- -----------------------------------------------------------------------------------------------------------------------------
Source: Offering Prospectus
21
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------------------------------------
ASSET QUALITY
------------------------------------
The Bank resolved most of its non-performing loans between September 30, 1993
and September 30, 1995. As a percentage of assets, non-performing assets
decreased from a high of 1.54% at September 30, 1993, to 0.27%, at June 30,
1998.
FIGURE 10 - NON-PERFORMING ASSETS CHART
[CHART]
[DESCRIPTIONS TO COME]
22
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================================================================================
The Bank's non-performing loan to net loan ratio was 0.26% at June 30, 1998.
Additionally, non-performing assets as a percentage of total assets was 0.27% at
the same date.
FIGURE 11 - NON-PERFORMING LOANS
- --------------------------------------------------------------------
AT JUNE 30, 1998
($ IN THOUSANDS)
- --------------------------------------------------------------------
Non-performing loans $1,366
Real estate owned, net 711
- --------------------------------------------------------------------
Total non-performing assets $2,077
Non-performing loans as a percentage
of net loans 0.26%
Non-performing assets as a percentage
of total assets 0.27%
- --------------------------------------------------------------------
Source: Offering Prospectus
23
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================================================================================
The Bank's allowance for loan and lease losses has declined from $3.7 million at
September 30, 1993, to $2.8 million at June 30, 1998. As shown in Figure 10, the
Bank has resolved most of its non-performing assets. The ALLL to non-performing
assets ratio was 133.22% as of June 30, 1998, while its ALLL to net loans
receivable ratio was 0.52%.
FIGURE 12 - ALLOWANCE FOR POSSIBLE LOAN AND LEASE LOSSES CHART
[CHART]
[DESCRIPTION TO COME]
24
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================================================================================
------------------------------------
FUNDING COMPOSITION
------------------------------------
Overall, deposits have grown from $450.4 million at September 30, 1993 to $574.4
million at June 30, 1998, or 27.54%. The Bank has increased borrowings to $91.5
million, which equals 11.95% of total assets.
FIGURE 13 - DEPOSIT AND BORROWING TREND CHART
[CHART]
[DESCRIPTION TO COME]
25
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================================================================================
The Bank's deposit mix is presented below. Time deposits comprised 61.49% of the
deposit mix at June 30, 1998. The mix has shifted away from time deposits and
toward non-interest bearing accounts and money market accounts.
FIGURE 14 - DEPOSIT MIX
- -----------------------------------------------------------------------------------------------------------------------------------
JUNE 30, YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
-------------------------------------------------------------------------------------------------
1998 DECEMBER 31, 1997 DECEMBER 31, 1996 SEPTEMBER 30, 1996 SEPTEMBER 30, 1995
-------------------------------------------------------------------------------------------------
Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent
Non-Certificates of Deposits:
Non-interest-bearing demand
accounts 29,563 5.15% 24,715 4.49% 18,627 3.63% 19,532 3.80% 14,844 3.39%
NOW accounts 74,355 12.95% 69,862 12.69% 67,076 13.06% 63,098 12.28% 63,861 14.60%
Passbook accounts 32,936 5.73% 30,221 5.49% 30,821 6.00% 30,875 6.01% 29,701 6.79%
Money market accounts 84,347 14.68% 78,832 14.31% 69,514 13.53% 69,421 13.51% 75,720 17.31%
-------------------------------------------------------------------------------------------------
Total transaction accounts 221,201 38.51% 203,630 36.98% 186,038 36.21% 182,926 35.61% 184,126 42.10%
Certificates of deposit:
3.00% or less $ 1,211 0.21% $1,436 0.26% $ 1,035 0.20% $ 1,600 0.31% $ 930 0.21%
3.01% -3.99% 11 0.00% 11 0.00% 598 0.12% 903 0.18% 5,257 1.20%
4.00% - 4.99% 37,827 6.59% 35,699 6.48% 51,484 10.02% 80,831 15.73% 55,583 12.71%
5.00% - 5.99% 269,293 46.88% 262,029 47.58% 232,313 45.22% 193,281 37.62% 108,608 24.83%
6.00% - 6.99% 36,033 6.27% 39,186 7.12% 33,568 6.53% 29,571 5.76% 70,456 16.11%
7.00% - 7.99% 8,807 1.53% 8,717 1.58% 8,673 1.69% 9,817 1.91% 12,416 2.84%
-------------------------------------------------------------------------------------------------
Total certificates of
deposits 353,182 61.49% 347,078 63.02% 327,671 63.79% 316,003 61.51% 253,250 57.90%
Total deposits $574,383 100.00% $550,708 100.00% $513,709 100.00% $498,929 97.12% $437,376 100.00%
- ---------------------------------------------------------------------------------------------------------------------------------
Source: Offering Prospectus
26
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------------------------------------
ASSET/LIABILITY MANAGEMENT
------------------------------------
The following chart illustrates the Bank's market value of portfolio equity
("MVPE") at June 30, 1998, as calculated by the FHLB of Atlanta. The Bank
manages its interest rate risk through normal balance sheet activities and does
not utilize any hedging techniques. This chart indicates that the Mid Tier has a
modest level of interest rate risk, as its MVPE is above the tangible capital
level at rate shocks up to and including +300 basis points.
FIGURE 15 - MARKET VALUE OF PORTFOLIO EQUITY
[CHART]
[DESCRIPTION TO COME]
27
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================================================================================
Another measure of interest rate exposure is the difference between the interest
earning assets and the interest costing liabilities, or the interest sensitivity
gap. The following chart was created using data from the Bank's internal
simulation model, which uses assumptions consistent with those utilized by the
FHLB of Atlanta. The Bank's one year cumulative interest sensitivity gap was
0.44% as of June 30, 1998.
FIGURE 16 - CUMULATIVE INTEREST SENSITIVITY GAP
[CHART]
[DESCRIPTION TO COME]
28
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================================================================================
------------------------------------
NET WORTH AND CAPITAL
------------------------------------
At June 30, 1998, the Bank had capital well in excess of the minimum
requirements for all three regulatory capital requirements.
FIGURE 17 - CAPITAL ANALYSIS
- ----------------------------------------------------------------------
REGULATORY CAPITAL POSITION HISTORICAL
AT PERCENT OF
JUNE 30, 1998 ADJ. ASSETS
----------------------------------
$ IN THOUSANDS
GAAP CAPITAL $83,078 10.9%
==================================
TANGIBLE CAPITAL:
Capital Level $73,742 9.6%
Required $11,486 1.5%
------- ---
Excess: $62,256 8.1%
==================================
CORE CAPITAL:
Capital Level $73,742 9.6%
Required $22,972 3.0%
------- ---
Excess: $50,770 6.6%
==================================
TOTAL CAPITAL
Capital Level $73,708 17.3%
Required $33,913 8.0%
------- ---
Excess: $39,795 9.3%
==================================
- ----------------------------------------------------------------------
Source: Offering Prospectus
29
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================================================================================
------------------------------------
INCOME AND EXPENSE TRENDS
------------------------------------
The Bank's annualized net income, for the six months ended June 30, 1998, of
$5.0 million was below the net income for the twelve month period ended December
31, 1997. The net income for the twelve month period ended December 31, 1996, is
low due to the one-time SAIF assessment. The Bank's one-time SAIF assessment was
$2.8 million on a pre-tax basis.
FIGURE 18 - NET INCOME CHART
[CHART]
[DESCRIPTION TO COME]
30
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================================================================================
Interest rate spread decreased by one basis point for the six month period ended
June 30, 1998 when compared to the same six month period in 1997. The decrease
is due to a one basis point lower asset yield, while the cost of funds remained
stable. The Bank's net interest margin decreased by six basis points when
comparing the two periods. The decrease is due to a 9.34% increase in interest
earning assets and only a 7.56% increase in net interest income.
FIGURE 19 - AVERAGE YIELDS AND COSTS
FOR THE SIX MONTHS ENDED JUNE 30,
-------------------------------------------------------------------------
1998 1997
-------------------------------------------------------------------------
AVERAGE AVERAGE
AVERAGE YIELD/ AVERAGE YIELD/
BALANCE INTEREST COST BALANCE INTEREST COST
-------------------------------------------------------------------------
-------------------------------------------------------------------------
ASSETS:
Interest-earning assets:
Real estate loans $ 467,119 $ 18,377 7.87% $ 381,169 $ 15,479 8.12%
Consumer and other loans 19,809 913 9.22% 18,408 817 8.88%
Mortgage-backed securities 88,532 3,174 7.17% 103,089 3,768 7.31%
Investments 89,346 3,217 7.20% 105,350 3,522 6.69%
Other investments 36,788 1,146 6.23% 33,643 991 5.89%
--------- -------- ---- --------- -------- ----
Total Interest Earning Assets 701,594 26,827 7.65% 641,659 24,577 7.66%
Non-interest earning assets 46,527 38,244
--------- ---------
Total Assets 748,121 679,903
========= =========
Interest Bearing Liabilities
Deposits $ 571,282 11,976 4.19% $ 531,512 11,031 4.15%
Borrowed funds 77,967 2,679 6.87% 56,882 2,229 7.84%
--------- -------- ---- --------- -------- ----
Total Interest Bearing Liabilities 649,249 14,655 4.51% 588,394 13,260 4.51%
Non-interest-bearing liabilities 16,606 14,229
--------- ---------
Total Liabilities 665,855 602,623
--------- ---------
Shareholder's equity 82,266 77,280
--------- ---------
Total liabilities and retained earnings $ 748,121 $ 679,903
========= =========
Net interest income $ 12,172 $ 11,317
======== ========
Interest rate spread 3.14% 3.15%
==== ====
Net Yield on Interest-Earnings Assets 3.47% 3.53%
==== ====
Ratio of Average Interest-Earning assets to average
Interest-bearing liabilities 108.06% 109.05%
====== ======
- ------------------------------------------------------------------------------------------------------------------------------
Source: Offering Prospectus
31
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================================================================================
The following chart illustrates the Bank's spread and margin since December 31,
1993. Spread and margin have decreased since December 31, 1993. For the six
month period ended June 30, 1998, the Bank's spread and margin were 3.14% and
3.47%, respectively.
FIGURE 20 - SPREAD AND MARGIN CHART
[CHART]
[DESCRIPTION TO COME]
32
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================================================================================
The Bank's net income for the six month period ended June 30, 1998 was $2.5
million, which was a $224 thousand decrease from the $2.7 million net income
from June 30, 1997. The decrease in net income was primarily the result of
increases in operating expense of $1.0 million, the provision for loan losses of
$130 thousand and a decrease in other income of $106 thousand, offset in part by
the combination of an $855 thousand increase in net interest income and a $198
thousand decrease in the provision for income taxes. The noninterest expense
increased was due to compensation expense resulting from (i) hiring incentive
based loan originators; and (ii) the operating costs of two new branches.
FIGURE 21 - INCOME STATEMENT TRENDS
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED THREE MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, SEPTEMBER 30,
---------------------------------------------------------------------------------------------------
1998 1997 1997 1996 1996 1995 1994 1993
---------------------------------------------------------------------------------------------------
SELECTED OPERATING DATA: (DOLLARS IN THOUSANDS)
---------------------------------------------------------------------------------------------------
Interest income $ 26,827 $ 24,577 $ 50,316 $ 11,896 $ 43,889 $ 37,720 $ 34,130 $39,747
Interest expense 14,655 13,260 27,390 6,378 22,859 18,634 15,525 17,639
---------- ---------- ---------- ---------- ---------- ---------- -------- -------
Net interest income 12,172 11,317 22,926 5,518 21,030 19,086 18,605 22,108
Provision for loan losses 213 83 264 243 98 240 989 2,398
---------- ---------- ---------- ---------- ---------- ---------- -------- -------
Net interest income after
provision for loan losses 11,959 11,234 22,662 5,275 20,932 18,846 17,616 19,710
Non-interest income 1,756 1,862 4,185 1,225 3,544 3,394 3,317 5,093
Non-interest expense 9,846 8,805 18,561 4,644 19,800 14,903 14,939 15,614
---------- ---------- ---------- ---------- ---------- ---------- -------- -------
Income before income taxes
and extraordinary items 3,869 4,291 8,286 1,856 4,676 7,337 5,994 9,189
Income tax expense 1,358 1,556 2,930 696 761 2,763 2,257 3,788
Income before changes in
accounting method $ 2,511 $ 2,735 $ 5,356 $ 1,160 $ 3,915 $ 4,574 $ 3,737 $ 5,401
---------- ---------- ---------- ---------- ---------- ---------- -------- -------
Net income (loss) $ 0.51 $ 0.55 $ 1.09 $ 0.24 $ 0.80 $ 0.94 $ -- $ --
---------- ---------- ---------- ---------- ---------- ---------- -------- -------
Net income per share $ 0.49 $ 0.54 $ 1.06 $ 0.23 $ 0.79 $ 0.94 $ -- $ --
---------- ---------- ---------- ---------- ---------- ---------- -------- -------
Cash dividends per share $ 0.45 $ 0.45 $ 0.90 $ 0.20 $ 0.75 $ 0.59 $ -- $ --
---------- ---------- ---------- ---------- ---------- ---------- -------- -------
Basic weighted average
common shares outstanding 4,970,782 4,919,960 4,929,989 4,902,479 4,869,238 4,845,384 -- --
Diluted weighted average
common shares outstanding 5,116,956 5,021,739 5,054,853 4,951,820 4,936,763 4,882,658 -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Source: Offering Prospectus
33
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================================================================================
The ROAA and ROAE have declined since September 30, 1993. The Bank's ROAA and
ROAE for the six month period ended June 30, 1998, were 0.67% and 6.10%,
respectively.
FIGURE 22 - PROFITABILITY TREND CHART
[CHART]
[DESCRIPTION TO COME]
34
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-------------------------------------
SUBSIDIARIES
-------------------------------------
The Bank currently has one active subsidiary, ComFed, Inc. which was formed in
February 1971 for the purpose of owning and operating an insurance agency,
Community Insurance Agency, which sells mortgage life insurance. ComFed, Inc.
also receives income and incurs related expenses from the sale of third party
mutual funds and annuities. Such third party mutual funds and annuities include
products widely marketed to the investing public and have investment advisors
that are not affiliated with ComFed, Inc. For the six months ended June 30,
1998, ComFed, Inc. reported net income of $67,000. At June 30, 1998, the Bank
had an equity investment in ComFed, Inc. of $140,000.
-------------------------------------
CONTINGENCIES
-------------------------------------
The Association is involved in routine legal proceedings occurring in the
ordinary course of business which in the opinion of management, in the
aggregate, will not have a material adverse effect on the consolidated financial
condition and results of operations of the Association.
The Association recently completed its investigation of a defalcation by a
former employee which may have occurred over a period of several years. The
Association maintains insurance to cover such losses with a claim deductible of
$200,000. A reserve for the amount of the deductible was established during the
year ended September 30, 1996. The Association notified its insurance company of
the potential claim and the insurance company acknowledged coverage. The
insurance company has completed its due diligence related to the claim. The
Association and insurance company are currently negotiating the terms of a
settlement of the Association's claim. The terms of such settlement may not
amount to the entire amount of the Association's claim in excess of the
deductible. However, even in such event, management does not believe that the
claim will have a material adverse effect on the financial position or results
of its operations.
35
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2. MARKET AREA ANALYSIS
------------------------
MARKET AREA DEMOGRAPHICS
------------------------
The following tables summarize the demographics for the Bank's markets.
FIGURE 23 - POPULATION DEMOGRAPHICS
- ---------------------------------------------------------------------------------------------------------------------------------
TONEY PALM RIVIERA
PENNA NORTH PALM BEACH BEACH- W. PALM
JUPITER- & PALM BEACH GARDENS- SINGER TEQUESTA- BEACH-
FLORIDA BLUFFS CHASEWOOD BEACH GARDENS PGA ISLAND GALLERY VILLAGE
- ---------------------------------------------------------------------------------------------------------------------------------
LAND AREA (miles) 53,936.98 5.85 17.12 9.39 14.09 47.83 8.29 10.35 6.87
POPULATION
1997 ESTIMATE 14,564,508 12,416 27,114 15,828 25,850 25,051 30,444 13,434 18,503
2002 PROJECTION 15,644,470 13,743 29,928 15,090 29,718 29,782 30,178 14,050 20,613
PROJECTED GROWTH 1997 TO 2002 7.42% 10.69% 10.38% 0.51% 14.96% 18.89% -0.87% 4.59% 11.40%
POPULATION DENSITY 1997
(persons/sq mile) 270.0 2,122.0 1,583.9 1,684.9 1,834.9 523.7 3,671.9 1,298.5 2,694.1
POPULATION BY SEX -- 1997 EST 14,564.508 12,416 27,114 15,828 25,850 25,051 30,444 13,434 18,503
MALE 48.41% 48.70% 49.46% 46.56% 48.55% 48,95% 47.03% 47.00% 49.45%
FEMALE 51.59% 51.30% 50.54% 53.44% 51.45% 51.05% 52.97% 53.00% 50.55%
MARITAL STATUS 11,796,397 11,050 21,021 14,357 21,043 20,472 23,252 11,789 15,319
SINGLE 42.97% 33.10% 38.12% 40.45% 42.25% 33.58% 54.38% 32.41% 51.37%
MARRIED 57.03% 66.90% 61.88% 59.55% 57.75% 66.42% 45.62% 67.59% 48.63%
POPULATION BY RACE -- 1997 EST 14,564,508 12,416 27,114 15,828 25,850 25,051 30,444 13,434 18,503
WHITE 68.64% 96.23% 89.46% 95.46% 91.64% 89.72% 28.80% 95.93% 73.02%
BLACK 15.05% 0.43% 5.16% 0.76% 1.49% 2.98% 66.39% 0.68% 14.09%
INDIAN 0.34% 0.15% 0.18% 0.16% 0.18% 0.28% 0.17% 0.03% 0.34%
ASIAN 1.70% 0.97% 1.29% 0.92% 2.06% 2.49% 0.87% 0.74% 1.61%
HISPANIC 14.27% 2.21% 3.91% 2.70% 4.62% 4.54% 3.76% 2.62% 10.94%
POPULATION BY AGE -- 1997 EST 14,564,508 12,416 27,114 15,828 25,850 25,051 30,444 13,434 18,503
UNDER 6 YEARS 7.71% 4.15% 9.48% 3.56% 7.06% 7.17% 10.13% 4.70% 7.44%
6 TO 17 YEARS 14.74% 8.88% 16.55% 7.29% 15.30% 14.42% 17.39% 9.87% 11.98%
15 TO 24 YEARS 7.62% 3.84% 6.89% 3.94% 6.84% 5.89% 7.58% 4.39% 6.46%
25 TO 34 YEARS 14.42% 11.39% 16.85% 10.73% 13.55% 12.45% 13.30% 9.81% 23.25%
35 TO 44 YEARS 15.08% 14.03% 19.39% 11.05% 17.24% 17.92% 13.40% 12.29% 17.00%
45 TO 54 YEARS 12.08% 15.75% 12.98% 12.08% 15.65% 15.52% 11.43% 12.83% 10.67%
55 TO 64 YEARS 9.39% 16.74% 6.85% 13.81% 9.30% 10.05% 9.58% 12.92% 7.95%
65 + YEARS 18.96% 25.22% 11.01% 37.54% 15.06% 16.57% 17.19% 33.19% 15.26%
MEDIAN AGE 38.6 49.9 35.1 56.1 39.2 40.8 36.2 51.9 35.5
POPULATION 25+ BY EDUCATION
LEVEL 10,185,507 10,321 18,189 13,487 18,302 18,165 19,758 10,887 13,715
ELEMENTARY 9.25% 1.12% 3.27% 2.21% 3.94% 1.72% 10.65% 2.36% 5.84%
SOME HIGH SCHOOL 15.83% 5.45% 11.43% 8.51% 10.40% 5.75% 21.55% 8.04% 13.96%
HIGH SCHOOL GRADUATE 30.12% 24.83% 29.78% 25.68% 28.49% 21.38% 30.92% 26.12% 28.13%
SOME COLLEGE 26.25% 29.49% 30.56% 30.36% 31.60% 30.98% 21.43% 30.13% 26.40%
COLLEGE DEGREE 18.56% 39.10% 24.97% 33.23% 25.56% 40.17% 15.46% 33.35% 25.67%
- ----------------
Source: Claritas
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FIGURE 24 - POPULATION DEMOGRAPHICS
- ---------------------------------------------------------------------------------------------------------------------------------
JENSEN BEACH
LAKE HOBE - HUTCHINSON PALM PORT FORT PORT SAINT ST. LUCIE VERO
WORTH SOUND ISLAND CITY SALERNO PIERCE LUCIE WEST BEACH
- ---------------------------------------------------------------------------------------------------------------------------------
POPULATION CHARACTERISTICS
LAND AREA (miles) 10.95 69.35 13.75 173.63 26.92 18.97 11.56 18.46 72.68
POPULATION
1997 ESTIMATE 31,968 14,085 14,934 15,444 23,235 21,486 25,743 3,586 9,958
2002 PROJECTION 35,419 15,144 16,154 18,006 24,658 22,588 28,441 4,438 10,043
PROJECTED GROWTH 1997 TO 2002 10.80% 7.52% 8.17% 16.59% 6.12% 5.13% 10.48% 23.76% 0.85%
POPULATION DENSITY 1997
(persons/sq mile) 2,920.0 203.1 1,085.9 88.9 863.2 1,132.6 2,227.1 194.2 137.0
POPULATION BY SEC - 1997 EST 31,968 14,085 14,934 15,444 23,235 21,486 25,743 3,586 9,958
MALE 48.38% 47.89% 48.67% 48.70% 48.37% 48.32% 48.74% 50.95% 47.70%
FEMALE 51.62% 52.11% 51.33% 51.30% 51.63% 51.68% 51.26% 49.05% 52.30%
MARITAL STATUS 25,089 12,016 13,385 13,151 19,469 17,859 20,282 2,708 8,790
SINGLE 39.80% 34.35% 34.34% 29.54% 34.34% 37.01% 29.92% 30.50% 30.58%
MARRIED 60.20% 65.65% 65.66% 70.46% 65.66% 62.99% 70.08% 69.50% 69.42%
POPULATION BY RACE - 1997 EST 31,968 14,085 14,934 15,444 23,235 21,486 25,743 3,586 9,958
WHITE 79.04% 92.25% 96.03% 96.16% 88.83% 90.30% 87.10% 83.21% 97.07%
BLACK 3.23% 4.44% 1.23% 0.39% 4.63% 5.00% 6.19% 9.70% 1.39%
INDIAN 0.23% 0.36% 0.08% 0.23% 0.25% 0.32% 0.30% 0.22% 0.05%
ASIAN 1.91% 0.85% 0.88% 1.05% 0.74% 0.91% 1.59% 1.20% 0.46%
HISPANIC 15.58% 2.09% 1.77% 2.17% 5.55% 3.47% 4.82% 5.66% 1.03%
POPULATION BY AGE - 1997 EST 31,968 14,085 14,934 15,444 23,235 21,486 25,743 3,586 9,958
UNDER 6 YEARS 9.21% 5.79% 3.87% 5.81% 6.58% 6.53% 7.99% 10.54% 4.72%
6 TO 17 YEARS 15.70% 11.40% 8.36% 11.77% 12.45% 13.70% 17.11% 17.74% 9.63%
15 TO 24 YEARS 6.65% 4.66% 3.64% 5.20% 5.30% 6.64% 6.13% 6.72% 4.28%
25 TO 34 YEARS 16.48% 12.23% 10.59% 11.57% 13.12% 12.00% 11.63% 17.35% 8.76%
35 TO 44 YEARS 16.42% 12.87% 12.18% 12.83% 13.65% 14.28% 16.02% 17.18% 8.98%
45 TO 54 YEARS 11.05% 10.20% 11.06% 12.86% 10.37% 11.80% 12.18% 11.15% 7.81%
55 TO 64 YEARS 7.29% 11.95% 15.90% 12.96% 11.70% 10.06% 9.44% 7.81% 11.25%
65+ YEARS 17.20% 30.89% 34.42% 27.00% 26.83% 24.98% 19.50% 11.52% 44.58%
MEDIAN AGE 36.1 47.7 55.2 47.0 44.2 42.8 39.4 33.6 61.9
POPULATION 25+ BY EDUCATION LEVEL 21,877 11,007 12,565 11,925 17,582 15,712 17,703 2,331 8,103
ELEMENTARY 5.66% 6.50% 4.04% 3.54% 6.14% 7.59% 5.74% 4.68% 4.22%
SOME HIGH SCHOOL 16.32% 14.54% 12.11% 11.33% 12.98% 17.79% 15.70% 17.67% 15.17%
HIGH SCHOOL GRADUATE 36.94% 35.94% 32.01% 26.78% 34.01% 32.78% 35.32% 39.60% 33.35%
SOME COLLEGE 27.92% 25.09% 28.64% 30.69% 26.36% 27.77% 31.08% 30.46% 26.24%
COLLEGE DEGREE 13.16% 17.92% 23.21% 27.66% 20.51% 14.06% 12.17% 7.59% 21.03%
Source: Claritas
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FIGURE 25 - HOUSEHOLD CHARACTERISTICS
- --------------------------------------------------------------------------------------------------------------
TONEY PENNA PALM BEACH
JUPITER- & NORTH PALM PALM BEACH GARDENS-
FLORIDA BLUFFS CHASEWOOD BEACH GARDENS PGA
- --------------------------------------------------------------------------------------------------------------
HOUSEHOLD CHARACTERISTICS
HOUSEHOLDS
1997 ESTIMATE 5,704,295 5,742 10,022 7,974 10,569 9,448
HOUSEHOLDS
AVG PERSONS PER HH 1997 EST 2.55 2.16 2.71 1.98 2.45 2.65
POPULATION BY HOUSEHOLD TYPE 5,704,295 5,742 10,022 7,974 10,569 9,448
FAMILY HOUSEHOLDS 67.73% 68.44% 72.56% 56.73% 66.90% 73.63%
NON-FAMILY HOUSEHOLDS 26.95% 31.21% 25.73% 42.54% 31.75% 25.80%
GROUP QUARTERS 5.32% 0.35% 1.71% 0.73% 1.34% 0.56%
HOUSEHOLDS BY INCOME-1997 EST 5,704,295 5,742 10,022 7,974 10,569 9,448
UNDER $15,000 19.62% 6.51% 7.92% 13.72% 12.87% 5.87%
$15,000 TO $25,000 17.16% 7.31% 10.67% 13.79% 13.31% 7.28%
$25,000 TO $35,000 15.75% 7.14% 11.99% 12.90% 10.88% 6.73%
$35,000 TO $50,000 17.65% 15.97% 17.26% 15.99% 18.12% 10.48%
$50,000 TO $75,000 16.80% 19.80% 27.13% 18.72% 21.40% 23.37%
$75,000 TO $100,000 6.76% 15.26% 12.08% 10.13% 11.53% 15.90%
$75,000 TO $150,000 4.33% 14.77% 9.89% 7.83% 9.36% 15.57%
$150,000 TO $250,000 1.14% 7.78% 2.20% 3.14% 2.01% 9.28%
$250,000 TO $500,000 0.52% 2.93% 0.61% 1.71% 0.41% 4.18%
$500,000 OR MORE 0.27% 2.53% 0.25% 2.07% 0.11% 1.33%
MEDIAN HOUSEHOLD INCOME-1997 EST $33,067 $66,258 $51,556 $43,039 $45,499 $71,016
MEDIAN FAMILY INCOME-1997 EST $39,129 $77,289 $56,086 $56,929 $51,519 $78,003
HOUSEHOLDS BY NUMBER OF VEHICLES 5,704,295 5,742 10,022 7,974 10,569 9,448
NO VEHICLE 8.78% 1.62% 2.56% 6.53% 4.03% 1.83%
1 VEHICLE 40.61% 37.44% 33.30% 47.10% 35.82% 31.90%
2 VEHICLES 37.44% 47.20% 50.17% 34.68% 44.57% 49.02%
5+ VEHICLES 13.17% 13.74% 13.97% 11.69% 15.57% 17.25%
- ------------------------------------------------------------------
RIVIERA
BEACH- W. PALM
SINGER TEQUESTA- BEACH-
ISLAND GALLERY VILLAGE
- ------------------------------------------------------------------
HOUSEHOLD CHARACTERISTICS
HOUSEHOLDS
1997 ESTIMATE 11,526 6,019 8,357
HOUSEHOLDS
AVG PERSONS PER HH 1997 EST 2.64 2.23 2.21
POPULATION BY HOUSEHOLD TYPE 11,526 6,019 8,357
FAMILY HOUSEHOLDS 65.57% 69.06% 52.32%
NON-FAMILY HOUSEHOLDS 32.77% 30.79% 45.33%
GROUP QUARTERS 1.66% 0.15% 2.36%
HOUSEHOLDS BY INCOME-1997 EST 11,526 6,019 8,357
UNDER $15,000 21.86% 11.61% 13.21%
$15,000 TO $25,000 18.76% 9.60% 12.49%
$25,000 TO $35,000 12.71% 10.18% 13.23%
$35,000 TO $50,000 15.81% 15.80% 21.53%
$50,000 TO $75,000 16.56% 18.77% 21.41%
$75,000 TO $100,000 5.93% 11.33% 9.85%
$75,000 TO $150,000 4.49% 12.91% 6.57%
$150,000 TO $250,000 1.82% 5.33% 1.02%
$250,000 TO $500,000 1.19% 2.74% 0.53%
$500,000 OR MORE 0.88% 1.71% 0.17%
MEDIAN HOUSEHOLD INCOME-1997 EST $31,547 $52,866 $42,211
MEDIAN FAMILY INCOME-1997 EST $36,241 $64,907 $44,470
HOUSEHOLDS BY NUMBER OF VEHICLES 11,526 6,019 8,357
NO VEHICLES 14.58% 2.59% 5.35%
1 VEHICLE 44.68% 38.06% 45.63%
2 VEHICLES 29.46% 44.82% 40.34%
5+ VEHICLES 11.28% 14.52% 8.69%
Source: Claritas
FIGURE 26 - HOUSEHOLD CHARACTERISTICS
- ----------------------------------------------------------------------------------------------------------------
JENSEN BEACH
LAKE HOBE -HUTCHINSON
WORTH SOUND ISLAND PALM CITY PORT SALERNO FORT PIERCE
- ----------------------------------------------------------------------------------------------------------------
HOUSEHOLD CHARACTERISTICS
HOUSEHOLDS
1997 ESTIMATE 12,178 5,999 7,269 6,539 9,890 8,842
HOUSEHOLDS
AVG PERSONS PER HH 1997 EST 2.63 2.35 2.05 2.36 2.35 2.43
POPULATION BY HOUSEHOLD TYPE 12,178 5,999 7,269 6,539 9,890 8,842
FAMILY HOUSEHOLDS 71.42% 69.46% 63.10% 74.46% 70.64% 68.94%
NON-FAMILY HOUSEHOLDS 25.96% 23.00% 36.41% 25.42% 27.80% 28.56%
GROUP QUARTERS 2.62% 7.53% 0.48% 0.12% 1.57% 2.50%
HOUSEHOLDS BY INCOME-1997 EST 12,178 5,999 7,269 6,539 9,890 8,842
UNDER $15,000 10.12% 17.12% 14.35% 9.44% 12.64% 20.26%
$15,000 TO $25,000 12.79% 18.30% 16.65% 9.89% 15.12% 19.03%
$25,000 TO $35,000 16.55% 17.04% 15.99% 11.41% 16.36% 17.11%
$35,000 TO $50,000 24.94% 17.00% 17.69% 17.82% 19.04% 18.05%
$50,000 TO $75,000 23.49% 16.07% 17.88% 24.24% 18.00% 15.69%
$75,000 TO $100,000 7.42% 7.02% 7.99% 10.54% 9.00% 6.08%
$75,000 TO $150,000 3.96% 4.75% 6.69% 10.12% 6.27% 2.53%
$150,000 TO $250,000 0.58% 1.08% 1.54% 3.69% 1.99% 0.64%
$250,000 TO $500,000 0.11% 0.68% 0.89% 1.73% 0.86% 0.48%
$500,000 OR MORE 0.03% 0.93% 0.33% 1.13% 0.73% 0.12%
MEDIAN HOUSEHOLD INCOME-1997 EST $40,983 $33,354 $36,925 $51,107 $39,233 $31,161
MEDIAN FAMILY INCOME-1997 EST $44,699 $39,341 $45,141 $57,549 $44,042 $36,595
HOUSEHOLDS BY NUMBER OF VEHICLES 12,178 5,999 7,269 6,539 9,890 8,842
NO VEHICLES 3.32% 4.88% 5.23% 2.62% 3.69% 4.96%
1 VEHICLE 41.32% 44.51% 47.75% 41.26% 41.28% 42.41%
2 VEHICLES 41.91% 40.32% 36.98% 44.06% 44.37% 38.11%
5+ VEHICLES 13.45% 10.29% 10.04% 12.07% 10.66% 14.51%
- ------------------------------------------------------------------------
PORT SAINT ST. LUCIE
LUCIE WEST VERO BEACH
- ------------------------------------------------------------------------
HOUSEHOLD CHARACTERISTICS
HOUSEHOLDS
1997 ESTIMATE 9,403 1,200 4,641
HOUSEHOLDS
AVG PERSONS PER HH 1997 EST 2.74 2.99 2.15
POPULATION BY HOUSEHOLD TYPE 9,403 1,200 4,641
FAMILY HOUSEHOLDS 80.21% 81.50% 69.75%
NON-FAMILY HOUSEHOLDS 19.74% 6.50% 26.18%
GROUP QUARTERS 0.05% 12.00% 4.07%
HOUSEHOLDS BY INCOME-1997 EST 9,403 1,200 4,641
UNDER $15,000 14.35% 12.75% 13.75%
$15,000 TO $25,000 18.16% 19.42% 17.58%
$25,000 TO $35,000 21.31% 20.00% 15.97%
$35,000 TO $50,000 22.57% 26.67% 22.28%
$50,000 TO $75,000 15.59% 14.08% 16.42%
$75,000 TO $100,000 5.10% 4.00% 6.66%
$75,000 TO $150,000 2.46% 2.92% 4.35%
$150,000 TO $250,000 0.20% 0.08% 2.20%
$250,000 TO $500,000 0.17% 0.08% 0.69%
$500,000 OR MORE 0.09% 0.00% 0.28%
MEDIAN HOUSEHOLD INCOME-1997 EST $32,622 $33,898 $36,720
MEDIAN FAMILY INCOME-1997 EST $35,926 $35,967 $41,547
HOUSEHOLDS BY NUMBER OF VEHICLES 9,403 1,200 4,641
NO VEHICLES 1.20% 0.75% 5.21%
1 VEHICLE 35.46% 33.08% 55.87%
2 VEHICLES 48.94% 52.00% 28.40%
5+ VEHICLES 14.40% 14.17% 10.51%
Source: Claritas
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MARKET AREA DEPOSIT CHARACTERISTICS
The following tables summarize the deposit characteristics of each of the Bank's
markets. The Bank's markets were defined as the zip code in which the Bank is
located.
FIGURE 27 - JUPITER (BLUFFS) MARKET AREA
JUPITER: Market Share by Institution Type
Total Mkt Share $Growth %Growth Avg Branch Efficiency
Institution 1997 1997 1993-1997 1993-1997 1997 Count Ratio
- ---------------------------------------------------------------------------------------------------------------------
TOTAL $269,973 100.00% $86,530 47.17% $33,747 8 100.0%
=====================================================================================================================
Commercial Banks $140,943 52.21% $60,194 74.54% $28,189 5 83.5% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $129,030 47.79% $26,336 25.65% $43,010 3 127.4% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
JUPITER: Market Share by Institution
Total Mkt Share $Growth %Growth Avg Branch Efficiency
Institution 1997 1997 1993-1997 1993-1997 1997 Count Ratio
- ---------------------------------------------------------------------------------------------------------------------
TOTAL $269,973 100.00% $86,530 47.17% $33,747 8 100.0%
=====================================================================================================================
ADMIRALTY BK $10,256 3.80% $ 6,384 164.88% $10,256 1 30.4% CB
BARNETT BK NA $46,745 17.31% $ 8,971 23.75% $46,745 1 135.8% CB
COMMUNITY SAVINGS, FA $35,877 13.29% $ 7,536 26.59% $35,877 1 106.3% TH
FIRST BANK OF FLORIDA $42,487 15.74% $22,280 110.26% $42,487 1 125.9% TH
FIRST UNION NB $21,030 7.79% $ 6,326 43.02% $21,030 1 62.3% CB
GREAT WESTERN BANK, A FSB $50,666 18.77% $(3,480) -6.43% $50,666 1 150.1% TH
PALM BEACH NB&TC $38,178 14.14% $38,178 0.00% $38,178 1 113.1% CB
SUNTRUST BK SOUTH FL NA $24,734 9.16% $ 335 1.37% $24,734 1 73.3% CB
Source: FDIC Summary of Deposits
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FIGURE 28 - JUPITER (TONEY PENNA & CHASEWOOD) MARKET AREA
JUPITER: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $GROWTH %GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ---------------------------------------------------------------------------------------------------------------------
Total $430,581 100.00% $49,933 13.12% $33,122 13 100.0%
=====================================================================================================================
Commercial Banks $314,897 73.13% $21,581 7.36% $39,362 8 118.8% CB
Savings Banks $ 52,248 12.13% $ 6,462 14.11% $52,248 1 157.7% SB
Thrifts $ 63,436 14.73% $21,890 52.69% $15,859 4 47.9% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
JUPITER: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $GROWTH %GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ---------------------------------------------------------------------------------------------------------------------
Total $430,581 100.00% $ 49,933 13.12% $33,122 13 100.0%
=====================================================================================================================
BANKATLANTIC A FSB $ 10,010 2.32% $ 4,392 78.18% $10,010 1 30.2% CB
BARNETT BK NA $133,038 30.90% $(12,011) -8.28% $66,519 2 200.8% CB
COMMUNITY SAVINGS, FA $ 53,247 12.37% $ 17,319 48.20% $26,624 1 80.4% TH
FIDELITY FSB $ 179 0.04% $ 179 0.00% $ 179 1 0.5% TH
FIRST NB OF LAKE PARK $ 0 0.00% $ 0 0.00% $ 0 1 0.0% CB
FIRST UNION NB $111,291 25.85% $ 25,214 29.29% $37,097 1 112.0% TH
GREAT SOUTHERN BK $ 331 0.08% $ 331 0.00% $ 331 1 1.0% CB
HOME SVG OF AMERICA $ 52,248 12.13% $ 6,462 14.11% $52,248 1 157.7% SB
REPUBLIC SECURITY BK $ 37,496 8.71% $ 2,172 6.15% $37,496 1 113.2% CB
SUNTRUST BK SOUTH FL NA $ 32,741 7.60% $ 5,875 21.87% $32,741 1 98.9% CB
Source: FDIC Summary of Deposits
FIGURE 29 - NORTH PALM BEACH MARKET AREA
N PALM BCH GARDENS: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $GROWTH %GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ---------------------------------------------------------------------------------------------------------------------
Total $611.651 100.00% $188,872 44.67% $38,228 16 100.0%
=====================================================================================================================
Commercial Banks $448,007 73.25% $155,175 52.99% $37,334 12 97.7% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $163,644 26.75% $ 33,697 25.93% $40,911 4 107.0% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
N PALM BCH GARDENS: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $GROWTH %GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ---------------------------------------------------------------------------------------------------------------------
Total $611,651 100.00% $188,872 44.67% $38,228 16 100.0%
- ---------------------------------------------------------------------------------------------------------------------
ADMIRALTY BK $ 13,782 2.25% $ 5,057 57.96% $13,782 1 36.1% CB
BANKATLANTIC, A FSB $ 45,403 7.42% $ 19,970 78.52% $22,702 2 59.4% TH
BARNETT BK NA $ 73,505 12.02% $ 45,159 159.31% $36,753 2 96.1% CB
COMMUNITY SAVINGS, FA $ 64,206 10.50% $ 11,820 22.56% $64,206 1 168.0% TH
ENTERPRISE NB PALM BEACH $ 73,597 12.03% $ 54,200 279.42% $73,597 1 192.5% CB
FIDELITY FSB $ 54,035 8.83% $ 1,907 3.66% $54,035 1 141.3% TH
FIRST UNION NB $110,029 17.99% $ 5,655 5.42% $55,015 2 143.9% CB
NATIONSBANK NA $ 52,882 8.65% $ 19,061 56.36% $26,441 2 69.2% CB
NBD BK $ 11,460 1.87% $ 3,833 50.26% $11,460 1 30.0% CB
NORTHERN TRUST BK OF FL NA $ 38,897 6.36% $ 28,054 258.73% $38,897 1 101.7% CB
PALM BEACH NB&TC $ 42,178 6.90% $ (6,709) -13.72% $42,178 1 110.3% CB
SUNTRUST BK SOUTH FL NA $ 31,677 5.18% $ 865 2.81% $31,677 1 82.9% CB
Source: FDIC Summary of Deposits
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FIGURE 30 - PALM BEACH GARDENS MARKET AREA
PALM BEACH GARDE: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $GROWTH %GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ----------------------------------------------------------------------------------------------------------------
Total $450,326 100.00% $44,743 11.03% $26,490 17 100.0%
================================================================================================================
Commercial Banks $156,527 34.76% $34,026 27.78% $19,566 8 73.9% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $281,531 62.52% $ 8,084 2.96% $35,191 8 132.8% TH
Credit Unions $ 12,268 2.72% $ 2,633 27.33% $12,268 1 46.3% CU
PALM BEACH GARDE: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $GROWTH %GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ----------------------------------------------------------------------------------------------------------------
TOTAL $450,326 100.00% $ 44,743 11.03% $26,490 17 100.0%
================================================================================================================
1ST UNITED BK $ 8,787 1.95% $ 8,787 0.00% $ 8,787 1 33.2% CB
ADMIRALTY BK $ 15,601 3.46% $ 3,905 33.39% $15,601 1 58.9% CB
BARNETT BK NA $ 38,185 8.48% $ 3,754 10.90% $38,185 1 144.2% CB
CITIBANK, FSB $ 45,262 10.05% $(11,093) -19.68% $45,262 1 170.9% TH
COMERICA BANK & TRUST, FSB $ 14,072 3.12% $ 118 0.85% $14,072 1 53.1% TH
COMMUNITY SAVINGS, FA $ 51,094 11.35% $ 5,935 13.14% $51,094 1 192.9% TH
FIDELITY FSB $ 25,267 5.61% $ 19,409 331.32% $25,267 1 95.4% TH
FIRST BANK OF FLORIDA $ 27,301 6.06% $ 12,748 87.60% $27,301 1 103.1% TH
FIRST UNION NB $ 43,158 9.58% $ 17,988 71.47% $21,579 2 81.5% CB
GREAT WESTERN BANK, A FSB $ 93,533 20.77% $ (8,426) -8.26% $46,767 2 176.5% TH
PALM BEACH NB&TC $ 5,700 1.27% $ 5,700 0.00% $ 5,700 1 21.5% CB
PGA CU $ 12,268 2.72% $ 2,633 27.33% $12.268 1 46.3% CU
REPUBLIC SECURITY BK $ 28,110 6.24% $ (405) -1.42% $28,110 1 106.1% CB
SOUTHBANK, A FSB $ 25,002 5.55% $(10,607) -29.79% $25,002 1 94.4% TH
SUNTRUST BK SOUTH FL NA $ 16,986 3.77% $ (5,703) -25.14% $16,986 1 64.1% CB
Source: FDIC Summary of Deposits
FIGURE 31 - PALM BEACH GARDENS (PGA) MARKET AREA
PALM BCH GARDENS: MARKET SHARE BY INSTITUTION TYPE
Total Mkt Share $Growth %Growth Avg Branch Efficiency
Institution 1997 1997 1993-1997 1993-1997 1997 Count Ratio
- ---------------------------------------------------------------------------------------------------------------------
Total $226,599 100.00% $24,995 12.40% $ 56,650 4 100.0%
- ---------------------------------------------------------------------------------------------------------------------
Commercial Banks $ 2,770 1.22% $ 2,770 0.00% $ 2,770 1 4.9% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $ 43,099 19.02% $ 6,172 16.71% $ 21,550 2 38.0% TH
Credit Unions $180,730 79.76% $16,053 9.75% $180,730 1 319.0% CU
PALM BCH GARDENS: MARKET SHARE BY INSTITUTION
Total Mkt Share $Growth %Growth Avg Branch Efficiency
Institution 1997 1997 1993-1997 1993-1997 1997 Count Ratio
- ---------------------------------------------------------------------------------------------------------------------
Total $226,599 100.00% $ 24,995 12.40% $ 56,650 4 100.0%
- ---------------------------------------------------------------------------------------------------------------------
COMMUNITY SAVINGS, FA $ 9,366 4.13% $ 9,366 0.00 $ 9,366 1 16.5% TH
FLORIDA AIRCRAFT FCU $180,730 79.76% $ 16,053 9.75% $180,730 1 319.0% CU
GREAT WESTERN BANK, A FSB $ 33,733 14.89% $ (3,194) -8.65% $ 33,733 1 59.5% TH
PALM BEACH NB&TC $ 2,770 1.22% $ 2,770 0.00% $ 2,770 1 4.9% CB
Source: FDIC Summary of Deposits
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FIGURE 32 - RIVIERA BEACH (RIVIERA BEACH & SINGER ISLAND) MARKET AREA
SINGER ISLAND: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ------------------------------------------------------------------------------------------------------------------
Total............................. $178,924 100.00% $(46,080) -20.48% $25,561 7 100.0%
==================================================================================================================
Commercial Banks.................. $ 98,137 54.85% $(24,204) -19.78% $24,534 4 96.0%CB
Savings Banks..................... $ 0 0.00% $ 0 0.00% $ 0 0 0.0%SB
Thrifts........................... $ 80,787 45.15% $(21,876) -21.31% $26,929 3 105.4%TH
Credit Unions..................... $ 0 0.00% $ 0 0.00% $ 0 0 0.0%CU
SINGER ISLAND: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ------------------------------------------------------------------------------------------------------------------
Total............................. $178,924 100.00% $(46,080) -20.48% $25,561 7 100.0%
==================================================================================================================
1st UNITED BK..................... $ 11,924 6.66% $ 2,446 25.81% $11,924 1 46.6%CB
BARNETT BK NA..................... $ 76,127 42.55% $(28,069) -26.94% $38,064 2 148.9%CB
COMMUNITY SAVINGS, FA............. $ 50,796 28.39% $(24,457) -32.50% $25,398 2 99.4%TH
FIDELITY FSB...................... $ 29,991 16.76% $ 2,581 9.42% $29,991 1 117.3%TH
FIRST UNION NB.................... $ 10,086 5.64% $ 1,419 16.37% $10,086 1 39.5%CB
Source: FDIC Summary of Deposits
FIGURE 33 - TEQUESTA (TEQUESTA & GALLERY SQUARE) MARKET AREA
TEQUESTA: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ------------------------------------------------------------------------------------------------------------------
Total............................. $189,606 100.00% $ 39,583 26.38% $23,701 8 100.0%
==================================================================================================================
Commercial Banks.................. $ 68,085 35.91% $ 17,201 33.80% $22,695 3 95.8%CB
Savings Banks..................... $ 0 0.00% $ 0 0.00% $ 0 0 0.0%SB
Thrifts........................... $121,521 64.09% $ 22,382 22.58% $24,304 5 102.5%TH
Credit Unions..................... $ 0 0.00% $ 0 0.00% $ 0 0 0.0%CU
TEQUESTA: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ------------------------------------------------------------------------------------------------------------------
Total............................. $189,606 100.00% $ 39,583 26.38% $23,701 8 100.0%
==================================================================================================================
1st UNITED BK..................... $ 40,814 21.53% $ (4,285) -9.50% $40,814 1 172.2%CB
BANKATLANTIC, A FSB............... $ 13,258 6.99% $ 6,407 93.52% $13,258 1 55.9%TH
COMMUNITY SAVINGS, FA............. $ 68,996 36.39% $ 7,096 11.46% $34,498 2 145.6%TH
FIDELITY FSB...................... $ 36,438 19.22% $ 6,050 19.91% $36,438 1 153.7%TH
NATIONSBANK NA.................... $ 12,739 6.72% $ 6,954 120.21% $12,739 1 53.7%CB
SUNTRUST BK SOUTH FL NA........... $ 14,532 7.66% $ 14,532 0.00% $14,532 1 61.3%CB
WILMINGTON TRUST FSB.............. $ 2,829 1.49% $ 2,829 0.00% $ 2,829 1 11.9%TH
Source: FDIC Summary of Deposits
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FIGURE 34 - WEST PALM BEACH (VILLAGE COMMONS) MARKET AREA
W PALM BEACH: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
Institution 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- --------------------------------------------------------------------------------------------------------
Total $507,831 100.00% $ 19,392 3.97% $31,739 16 100.0%
========================================================================================================
Commercial Banks $306,768 60.41% $(52,151) (14.53)% $34,085 9 107.4% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $197,940 38.98% $ 69,972 54.68% $32,990 6 103.9% TH
Credit Unions $ 3,123 0.61% $ 1,571 101.22% $ 3,123 1 9.8% CU
W PALM BEACH: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
Institution 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- --------------------------------------------------------------------------------------------------------
Total $507,831 100.00% $ 19,392 3.97% $31,739 16 100.0%
========================================================================================================
1ST UNITED BK $ 16,070 3.16% $ 1,615 11.17% $16,070 1 50.6% CB
APP FCU $ 3,123 0.61% $ 1,571 101.22% $ 3,123 1 9.8% CU
BANKUNITED, FSB $ 40,450 7.97% $ 40,450 0.00% $40,450 1 127.4% TH
BARNETT BK NA $ 73,687 14.51% $(29,250) -28.42% $36,844 2 116.1% CB
CAPITAL BK $ 10,142 2.00% $(10,111) -49.92% $10,142 1 32.0% CB
CHARTER BANK $ 0 0.00% $(17,095) -100.00% $ 0 0 0.0% TH
CITIZENS FED BK A FSB $ 0 0.00% $ 0 0.00% $ 0 0 0.0% TH
COMMUNITY SAVINGS, FA $ 29,115 5.73% $ 15,979 121.64% $29,115 1 91.7% TH
FIDELITY FSB $ 19,996 3.94% $ 10,526 111.15% $19,996 1 63.0% TH
FIRST BANK OF FLORIDA $ 59,868 11.79% $ 4,079 7.31% $59,868 1 188.6% TH
FIRST UNION NB $ 71,740 14.13% $(24,556) -25.50% $71,740 1 226.0% CB
FIRST UNION NB OF FLORIDA $ 0 0.00% $(10,520) -100.00% $ 0 0 0.0% CB
GREAT WESTERN BANK, A FSB $ 25,286 4.98% $ 2,682 11.87% $25,286 1 79.7% TH
MACKINAC SAVINGS BANK FSB $ 23,225 4.57% $ 13,351 135.21% $23,225 1 73.2% TH
NATIONSBANK NA $ 37,722 7.43% $ 17,061 82.58% $37,722 1 118.8% CB
REPUBLIC SECURITY BK $ 20,360 4.01% $(17,307) -45.95% $20,360 1 64.1% CB
SOUTHTRUST BK NA $ 35,273 6.95% $ 35,273 0.00% $35,273 1 111.1% CB
SUNTRUST BK SOUTH FL NA $ 41,774 8.23% $(14,356) -25.58% $41,774 1 131.6% CB
Source: FDIC Summary of Deposits
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FIGURE 35 -- LAKE WORTH MARKET AREA
LAKE WORTH: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ---------------------------------------------------------------------------------------------------------------
Total $327,036 100.00% $68,502 26.50% $36,337 9 100.0%
- ---------------------------------------------------------------------------------------------------------------
Commercial Banks $153,791 47.03% $43,148 39.00% $30,758 5 84.6%CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0%SB
Thrifts $173,245 52.97% $25,354 17.14% $43,311 4 119.2%TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0%CU
LAKE WORTH: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ---------------------------------------------------------------------------------------------------------------
Total $327,036 100.00% $68,502 26.50% $36,337 9 100.0%
- ---------------------------------------------------------------------------------------------------------------
BARNETT BK NA $ 41,118 12.57% $(6,511) -13.67% $41,118 1 113.2%CB
CHASE FEDERAL BANK, A FSB $ 0 0.00% $ 0 0.00% $ 0 0 0.0%TH
CROWN BANK, A FSB $ 24,075 7.36% $14,902 162.46% $24,075 1 66.3%TH
FIRST BANK OF FLORIDA $ 17,914 5.48% $17,914 0.00% $17,914 1 49.3%TH
FIRST UNION NB $ 60,680 18.55% $43,760 258.63% $60,680 1 167.0%CB
GREAT WESTERN BANK, A FSB $131,256 40.14% $(7,462) -5.38% $65,628 2 180.6%TH
NATIONSBANK NA $ 443 0.14% $ 443 0.00% $ 443 1 1.2%CB
SUNTRUST BK SOUTH FL NA $ 34,723 10.62% $(3,561) -9.30% $34,723 1 95.6%CB
TRANSFLORIDA BK $ 16,827 5.15% $ 9,017 115.45% $16,827 1 46.3%CB
COMMUNITY SAVINGS, FA $ 0 0.00% $ 0 0.00% $ 0 0 0.0%TH
Source: FDIC Summary of Deposits
FIGURE 36 -- HOBE SOUND MARKET AREA
HOBE SOUND: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ---------------------------------------------------------------------------------------------------------------
Total $130,380 100.00% $27,526 26.76% $26,076 5 100.0%
- ---------------------------------------------------------------------------------------------------------------
Commercial Banks $111,937 85.85% $21,771 24.15% $27,984 4 107.3%CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0%SB
Thrifts $ 18,443 14.15% $ 5,755 45.36% $18,443 1 70.7%TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0%CU
HOBE SOUND: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993-1997 1993-1997 1997 COUNT RATIO
- ---------------------------------------------------------------------------------------------------------------
Total $130,380 100.00% $27,526 26.76% $26,076 5 100.0%
- ---------------------------------------------------------------------------------------------------------------
1ST UNITED BK $ 5,498 4.22% $ 290 5.57% $ 5,498 1 21.1%CB
BARNETT BK NA $ 59,672 45.77% $(3,331) -5.29% $59,672 1 228.8%CB
COMMUNITY SAVINGS, FA $ 18,443 14.15% $ 5,755 45.36% $18,443 1 70.7%TH
FIRST NB&TC TREASURE COAST $ 26,644 20.44% $14,335 116.46% $26,644 1 102.2%CB
SUNTRUST BK SOUTH FL NA $ 20,123 15.43% $10,477 108.61% $20,123 1 77.2%CB
Source: FDIC Summary of Deposits
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FIGURE 37 - JENSEN BEACH (JENSEN BEACH & HUTCHINSON ISLAND) MARKET AREA
JENSEN BEACH: MARKET SHARE BY INSTITUTION TYPE
Total Mkt Share $Growth %Growth Avg Branch Efficiency
Institution 1997 1997 1993-1997 1993-1997 1997 Count Ratio
- ---------------------------------------------------------------------------------------------------------------------
Total $155,956 100.00% $33,903 27.78% $22,279 7 100.0%
=====================================================================================================================
Commercial Banks $ 89,804 57.58% $12,603 16.32% $22,451 4 100.8% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $ 66,152 42.42% $21,300 47.49% $22,051 3 99.0% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
JENSEN BEACH: MARKET SHARE BY INSTITUTION
Total Mkt Share $Growth %Growth Avg Branch Efficiency
Institution 1997 1997 1993-1997 1993-1997 1997 Count Ratio
- ---------------------------------------------------------------------------------------------------------------------
Total $155,956 100.00% $ 33,903 27.8% $22,279 7 100.0%
=====================================================================================================================
BARNETT BK NA $ 15,463 9.91% $ 882 6.05% $15,463 1 69.4% CB
CHASE FEDERAL BANK, A FSB $ 0 0.00% $ 0 0.00% $ 0 0 0.0% TH
COMMUNITY SAVINGS, FA $ 39,845 25.55% $ 10,139 34.13% $19,923 2 89.4% TH
FIRST NB&TC TREASURE COAST $ 53,145 34.08% $ 2,140 4.20% $26,573 2 119.3% CB
GREAT WESTERN BANK, A FSB $ 26,307 16.87% $ 11,161 73.69% $26,307 1 118.1% TH
NATIONSBANK NA $ 21,196 13.59% $ 21,196 0.00% $21,196 1 95.1% CB
SUNTRUST BK TREASURE CST NA $ 0 0.00% $(11,615) -100.00% $ 0 0 0.0% CB
Source: FDIC Summary of Deposits
FIGURE 38 - PALM CITY (MARTIN DOWNS) MARKET AREA
PALM CITY: Market Share by Institution Type
Total Mkt Share $Growth %Growth Avg Branch Efficiency
Institution 1997 1997 1993-1997 1993-1997 1997 Count Ratio
- ---------------------------------------------------------------------------------------------------------------------
Total $139,388 100.00% $ 61,142 78.14% $23,231 6 100.0%
=====================================================================================================================
Commercial Banks $ 73,690 52.87% $ 39,580 116.04% $18,423 4 79.3% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $ 65,698 47.13% $ 21,562 48.85% $32,849 2 141.4% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
PALM CITY: Market Share by Institution
Total Mkt Share $Growth %Growth Avg Branch Efficiency
Institution 1997 1997 1993-1997 1993-1997 1997 Count Ratio
- ---------------------------------------------------------------------------------------------------------------------
Total $139,388 100.00% $ 61,142 78.14% $23,231 6 100.0%
=====================================================================================================================
FIRST BK OF INDIANTOWN $ 5,860 4.20% $ (2,221) -27.48% $ 5,860 1 25.2% CB
FIRST NB&TC TREASURE COAST $ 3,393 2.43% $ 3,393 0.00% $ 3,393 1 14.6% CB
FIRST UNION NB $ 52,698 37.81% $ 52,698 0.00% $52,698 1 226.8% CB
FIRST UNION NB OF FLORIDA $ 0 0.00% $ (7,570) -100.00% $ 0 0 0.0% CB
HARBOR FEDERAL SAVINGS BANK $ 34,751 24.93 $ 18,261 101.74% $34,751 1 149.6% TH
RIVERSIDE NB OF FL $ 11,739 8.42% $ (6,720) -36.41% $11,739 1 50.5% CB
TREASURE COAST BANK, A FSB $ 0 0.00% $(10,929) -100.00% $ 0 0 0.0% TH
COMMUNITY SAVINGS, FA $ 30,947 22.20% $ 14,230 85.12% $30,947 1 133.2% TH
Source: FDIC Summary of Deposits
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FIGURE 39 - PORT SALERNO (STUART) MARKET AREA
STUART: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- ----------------------------------------------------------------------------------------------------------------------------
Total $162,138 100.00% $43,011 36.11% $32,428 5 100.0%
============================================================================================================================
Commercial Banks $122,209 75.37% $34,846 39.89% $30,552 4 94.2% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $ 39,929 24.63% $ 8,165 25.71% $39,929 1 123.1% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
STUART: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- -------------------------------------------------------------------------------------------------------------------------
Total $162,138 100.00% $43,011 36.11% $32,428 5 100.0%
=========================================================================================================================
COMMUNITY SAVINGS, FA $ 39,929 24.63% $ 8,165 25.71% $39,929 1 123.1% TH
FIRST NB&TC TREASURE COAST $ 93,900 57.91% $31,534 50.56% $31,300 3 96.5% CB
FIRST UNION NB $ 28,309 17.46% $ 3,312 13.25% $28,309 1 87.3% CB
Source: FDIC Summary of Deposits
FIGURE 40 - FORT PIERCE MARKET AREA
FORT PIERCE: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- ---------------------------------------------------------------------------------------------------------------------------
Total $88,861 100.00% $9,691 12.24% $29,620 3 100.0%
===========================================================================================================================
Commercial Banks $13,966 15.72% $3,886 38.55% $13,966 1 47.2% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $74,895 84.28% $5,805 8.40% $37,448 2 126.4% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
FORT PIERCE: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- -------------------------------------------------------------------------------------------------------------------------
Total $88,861 100.00% $9,691 12.24% $29,620 3 100.0%
=========================================================================================================================
COMMUNITY SAVINGS, FA $17,004 19.14% $3,547 26.36% $17,004 1 57.4% TH
FIRST UNION NB $13,966 15.72% $3,886 38.55% $13,966 1 47.2% CB
HARBOR FEDERAL SAVINGS BANK $57,891 65.15% $2,258 4.06% $57,891 1 195.4% TH
Source: FDIC Summary of Deposits
FIGURE 41 - PORT ST. LUCIE MARKET AREA
PORT ST LUCIE: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- ----------------------------------------------------------------------------------------------------------------------------
Total $30,874 100.00% $14,377 87.15% $15,437 2 100.0%
============================================================================================================================
Commercial Banks $13,544 43.87% $13,544 0.00% $13,544 1 87.7% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $17,330 56.13% $ 833 5.05% $17,330 1 112.3% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
PORT ST LUCIE: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- ----------------------------------------------------------------------------------------------------------------------------
Total $30,874 100.00% $14,377 87.15% $15,437 2 100.0%
============================================================================================================================
COMMUNITY SAVINGS, FA $17,330 56.13% $ 833 5.05% $17,330 1 112.3% TH
FIRST UNION NB $13,544 43.87% $13,544 0.00% $13,544 1 87.7% CB
Source: FDIC Summary of Deposits
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FIGURE 42 - PORT ST. LUCIE (ST. LUCIE WEST) MARKET AREA
PORT ST. LUCIE: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- ------------------------------------------------------------------------------------------------------------------
Total $94,896 100.00% $93,429 6368.71% $23,724 4 100.0%
==================================================================================================================
Commercial Banks $58,556 61.71% $58,556 0.00% $29,278 2 123.4% CB
Savings Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $36,340 38.29% $34,873 2377.16% $18,170 2 76.6% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
PORT ST. LUCIE: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- -----------------------------------------------------------------------------------------------------------------------
Total $94,896 100.00% $93,429 6368.71% $23,724 4 100.0%
=======================================================================================================================
COMMUNITY SAVINGS, FA $17,730 18.68% $17,730 0.00% $17,730 1 74.7% TH
FIRST NB&TC TREASURE COAST $37,073 39.07% $37,073 0.00% $37,073 1 156.3% CB
HARBOR FEDERAL SAVINGS BANK $18,610 19.61% $17,143 1168.58% $18,610 1 78.4% TH
SUNTRUST BK SOUTH FL NA $21,483 22.64% $21,483 0.00% $21,483 1 90.6% CB
Source: FDIC Summary of Deposits
FIGURE 43 - VERO BEACH MARKET AREA
VERO BEACH: MARKET SHARE BY INSTITUTION TYPE
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- ------------------------------------------------------------------------------------------------------------------------
Total $63,547 100.00% $45,745 256.97% $12,709 5 100.0%
========================================================================================================================
Commercial Banks $39,993 62.93% $33,834 549.34% $ 9,998 4 78.7% CB
Saving Banks $ 0 0.00% $ 0 0.00% $ 0 0 0.0% SB
Thrifts $23,554 37.07% $11,911 102.30% $23,554 1 185.3% TH
Credit Unions $ 0 0.00% $ 0 0.00% $ 0 0 0.0% CU
VERO BEACH: MARKET SHARE BY INSTITUTION
TOTAL MKT SHARE $ GROWTH % GROWTH AVG BRANCH EFFICIENCY
INSTITUTION 1997 1997 1993 - 1997 1993 - 1997 1997 COUNT RATIO
- ----------------------------------------------------------------------------------------------------------------------------
Total $63,547 100.00% $45,745 256.97% $12,709 5 100.0%
============================================================================================================================
FIRST UNION NB $21,082 33.18% $21,082 0.00 % $10,541 2 82.9% CB
HARBOR FEDERAL SAVINGS BANK $23,554 37.07% $11,911 102.30 % $23,554 1 185.3% TH
INDIAN RIVER NB $18,552 29.19% $14,050 312.08 % $18,552 1 146.0% CB
NATIONSBANK NA $ 359 0.56% $ 359 0.00 % $ 359 1 2.8% CB
NORTHERN TR BK OF VERO BEACH $ 0 0.00% $(1,657) -100.00 % $ 0 0 0.0% CB
COMMUNITY SAVINGS, FA $ 0 0.00% $ 0 0.00 % $ 0 0 0.0% TH
Source: FDIC Summary of Deposits
47
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================================================================================
3. COMPARISONS WITH PUBLICLY TRADED THRIFTS
------------------------------------
INTRODUCTION
------------------------------------
This chapter presents an analysis of the Bank's operations against a Comparable
Group of publicly traded savings institutions. The Comparable Group ("Comparable
Group") was selected from a universe of 395 publicly thrifts as of August 13,
1998. The Comparable Group was selected based upon similarity of characteristics
to the Bank. The Comparable Group multiples provide the basis for the fair
market valuation of the Bank. Factors that influence the Bank's value such as
balance sheet structure and size, profitability, income and expense trends,
capital levels, credit risk, interest rate risk and recent operating results can
be measured against the Comparable Group. The Comparable Group current market
pricing, coupled with the appropriate adjustments for differences between the
Bank and the Comparable Group, will then be utilized as the basis for the
pro-forma valuation of the Bank to-be-issued common stock.
------------------------------------
SELECTION SCREENS
------------------------------------
THE SELECTION SCREENS UTILIZED TO IDENTIFY POSSIBLE COMPARABLES FROM THE LIST OF
395 PUBLICLY THRIFTS AT AUGUST 13, 1998 INCLUDED:
1. The IPO date had to be before June 30, 1997, eliminating any new
conversions.
2. The conversion type had to be a full standard conversion.
3. The total asset size had to be greater than or equal to $600 million,
but less than or equal to $1.5 billion.
4. The loan to asset ratio had to be greater than or equal to 50.00%
5. The institution's price to book trading multiple had to be less than or
equal to 200% as one screen to attempt to eliminate those institutions
with speculation included in their price.
6. The institution had to have at least 12 branches.
7. The institution could not be involved in a pending merger or
acquisition as a second screen to attempt to eliminate those
institutions with speculation included in their price.
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===============================================================================
This resulted in eleven institutions.
FIGURE 44 - SCREENING RESULTS
CORPORATE
------------------------------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY CONVERSION
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF) TYPE
- ------------------------------------ ------------------------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. NASDAQ Andover MA 12 05/08/86 BIF Regular
EBSI Eagle Bancshares NASDAQ Tucker GA 15 04/01/86 SAIF Regular
FAB FIRSTFED AMERICA BANCORP INC. AMSE Swansea MA 13 01/15/97 SAIF Regular
FNGB First Northern Capital Corp. NASDAQ Green Bay WI 19 12/29/83 SAIF Regular
FWWB First Washington Bancorp Inc. NASDAQ Walla Walla WA 25 11/01/95 SAIF Regular
KFBI Klamath First Bancorp NASDAQ Klamath Falls OR 33 10/05/95 SAIF Regular
MDBK Medford Bancorp Inc. NASDAQ Medford MA 16 03/18/86 BIF Regular
MECH MECH Financial Inc. NASDAQ Hartford CT 16 06/26/96 BIF Regular
MSBK Mutual Savings Bank FSB NASDAQ Bay City MI 22 07/17/92 SAIF Regular
WSTR WesterFed Financial Corp. NASDAQ Missoula MT 34 01/10/94 SAIF Regular
YFED York Financial Corp. NASDAQ York PA 22 02/01/84 SAIF Regular
However, one institution, Mutual Savings Bank, FSB, posted a substantial loss,
$8.2 million, for the most recent quarter due to a legal settlement. As such,
Mutual Savings Bank, FSB was removed from the Comparable Group. The remaining
ten Comparables are:
FIGURE 45 - COMPARABLE GROUP
CORPORATE
------------------------------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY CONVERSION
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF) TYPE
- ------------------------------------ ------------------------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. NASDAQ Andover MA 12 05/08/86 BIF Regular
EBSI Eagle Bancshares NASDAQ Tucker GA 15 04/01/86 SAIF Regular
FAB FIRSTFED AMERICA BANCORP INC. AMSE Swansea MA 13 01/15/97 SAIF Regular
FNGB First Northern Capital Corp. NASDAQ Green Bay WI 19 12/29/83 SAIF Regular
FWWB First Washington Bancorp Inc. NASDAQ Walla Walla WA 25 11/01/95 SAIF Regular
KFBI Klamath First Bancorp NASDAQ Klamath Falls OR 33 10/05/95 SAIF Regular
MDBK Medford Bancorp Inc. NASDAQ Medford MA 16 03/18/86 BIF Regular
MECH MECH Financial Inc. NASDAQ Hartford CT 16 06/26/96 BIF Regular
WSTR WesterFed Financial Corp. NASDAQ Missoula MT 34 01/10/94 SAIF Regular
YFED York Financial Corp. NASDAQ York PA 22 02/01/84 SAIF Regular
The Bank currently has 21 branches located in the North Palm Beach, Florida. The
Bank plans to be listed on NASDAQ upon completion of the second step conversion.
49
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================================================================================
------------------------------------
SELECTION CRITERIA
------------------------------------
Excluded from the Comparable Group were institutions that were pending mergers
or acquisitions along with companies whose prices appear to be distorted by
speculative factors or unusual operating conditions. Also, institutions that
completed their conversions within the last year were also excluded as the
earnings of newly converted institutions do not reflect a full years benefit
from the reinvestment of proceeds, and thus the price/earnings multiples and
return on equity measures for these institutions tend to be skewed upward and
downward respectively.
In an ideal world, all of the Comparable Group would contain the exact
characteristics of the Bank. The goal of the selection criteria process is to
find those institutions that most closely match those of the Bank. None of the
Comparables selected will be exact clones of the Bank.
The members of the Comparable Group were selected based upon the following
criteria:
1. Asset size
2. Profitability
3. Capital level
4. Asset mix
5. Operating strategy
6. Date of conversion
1. ASSET SIZE The Comparable Group should have a similar asset size to the Bank.
Large institutions are not appropriate for the peer group due to a more
extensive branch network, greater financial strength, more access to diverse
markets and more capacity in terms of infrastructure. The Comparable Group
ranged in size from $690.4 million to $1.4 billion in total assets with a median
of $1.1 billion. The Bank's asset size was $765.5 million as of June 30, 1998
and will be $823.5 million on a pro forma basis at the midpoint of the valuation
range.
2. PROFITABILITY The Comparable Group should have similar financial conditions
and recent earnings that are comparable to the Bank. They should show a
comparable return on equity and return on assets measures. As such, the
Comparable Group have ROAAs with a median of 0.95% and ROAEs with a median of
9.24% for the most recent quarter available. The Comparable Group profitability
measures had a dispersion about the mean for the ROAA measure ranging from a low
of 0.60% to a high of 1.21% while the ROAE measure ranged from a low of 5.47% to
a high of 15.04%. The Bank had a ROAA of 0.67% and ROAE of 6.10% for the six
month period ending June 30, 1998.
50
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================================================================================
3. CAPITAL LEVEL The Comparable Group should have a capital level similar to the
Bank's. Capital is important in that it is a determinant of asset size and
regulatory rating. Institutions with capital in a similar range as the Bank were
selected. The median equity to assets ratio for the Comparable Group was 9.33%
with a high of 13.98% and a low of 6.50%. At June 30, 1998, the Bank had an
equity to assets ratio of 10.85%. On a pro forma basis, at the midpoint the Bank
would have an equity to assets ratio of 17.13%.
4. ASSET MIX The asset mix is important in the selection criteria for
Comparables. At June 30, 1998, the Bank had a total net loan to asset ratio of
68.89%, but this ratio will be substantially lower after the offering. The
median loan to asset ratio for the Comparables was 67.48%, ranging from a low of
50.96% to a high of 89.05%.
5. OPERATING STRATEGY An institution's operating characteristics are important
because they determine future performance. They also affect expected rates of
return and investor's general perception of the quality, risk and attractiveness
of a given company. Specific operating characteristics include profitability,
balance sheet growth, asset quality, capitalization, and non-financial factors
such as management strategies and lines of business.
6. DATE OF CONVERSION Recent conversions, those completed after June 30, 1997,
were excluded since the earnings of a newly converted institution do not reflect
a full year's benefits of reinvestment of conversion proceeds. Additionally, new
issues tend to trade at a discount to the market averages.
------------------------------------
COMPARABLE GROUP PROFILES
------------------------------------
- ANDOVER BANCORP, INC. ANDB is a BIF insured institution that
operates 12 branches and is based in Andover, Massachusetts.
Andover is the largest thrift in the Comparable Group with $1.4
billion in total assets. ANDB has the highest return on average
equity 15.04%. Andover was trading at the lowest price to LTM EPS,
14.68x but the highest price to book 195.91% as of August 13,
1998. ANDB was selected to the Group based on asset size, a high
loans to assets ratio and a similar asset quality.
51
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================================================================================
- EAGLE BANCSHARES EBSI is a SAIF insured institution that operates
15 branches out of Tucker, Georgia and has $1.1 billion in assets.
Eagle had the lowest capital to risk based assets ratio, 8.31%,
the lowest equity to assets ratio, 6.50%, the highest NPLs to
loans ratio, 0.91%, and the lowest reserves to NPLs ratio, 81.84%.
EBSI had the highest margin, 4.03%, which is primarily due to a
8.30% yield on average assets. EBSI was selected to the Group
based on asset size, number of offices, similar loans to assets
ratio and geographic proximity.
- FIRSTFED AMERICA BANCORP INC. FAB is a SAIF insured institution
that has $1.3 billion in assets and operates 13 branches. First
Fed is headquartered in Swansea, Massachusetts. FAB is the only
comparable listed on the American Stock Exchange. FirstFed had the
highest loans to deposits ratio, 130.09%, partially due to a high
level of borrowings, 36.03% of assets. FAB was trading at the
highest price to LTM EPS multiple, 19.62x as of August 13, 1998.
FirstFed was selected to the Group based on asset size, loans to
assets level and level of nonperforming loans.
- FIRST NORTHERN CAPITAL CORP. FNGB is a SAIF insured thrift that
operates 19 offices and operates out of Green Bay, Wisconsin.
First Northern is the smallest Comparable with $690.4 million in
assets. FNGB has the highest loans to assets ratio, 89.05%, the
second lowest borrowings to assets ratio, 13.92%. It was selected
as a Comparable based on its asset size, moderate profitability
level of borrowings and number of offices.
- FIRST WASHINGTON BANCORP INC. FWWB is a SAIF insured institution
with 25 offices, is headquartered in Walla Walla, Washington, and
assets of $1.2 billion. FWWB had the lowest deposits to assets
ratio, 51.26%, the third highest level of intangible assets to
equity ratio, 7.33%, the highest ROAA, 1.21% and highest market
capitalization, $269.1 million. FWWB was selected as a Comparable
based on its number of offices, loans to assets ratio, capital
levels and net interest margin.
- KLAMATH FIRST BANCORP KFBI is a SAIF insured thrift with total
assets of $1.0 million. The institution operates 33 offices and is
based in Klamath Falls, Oregon. KFBI had the second highest
intangible assets to equity ratio, 8.40%, the lowest
non-performing assets to assets ratio, 0.05%, and the highest
deposit growth rate, 63.20%. KFBI was selected as a Comparable
based on its loans to assets ratio and profitability ratios.
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- MEDFORD BANCORP, INC. MDBK is a BIF insured institution that
operates 16 branches and is based in Medford, Massachusetts.
Medford Bancorp has total assets of $1.1 billion. MDBK had the
lowest loans to assets ratio, 50.96%, the lowest noninterest
income to average assets ratio, 0.25%, the lowest noninterest
expense to average assets ratio, 1.68%, and the lowest efficiency
ratio, 46.95%. Medford was selected to the Group based on its
asset size, level of borrowings, number of branch offices and
level of nonperforming loans.
- MECH FINANCIAL INC. MECH is a BIF insured institution with 16
offices which operates out of Hartford, Connecticut. MECH has
$954.7 million in assets and has no intangible assets. MECH has
the highest reserves to loans ratio, 2.14%, and the lowest
interest expense as a percentage of average assets, 3.58%. MECH
was selected to the Group based on number of offices, equity to
asset ratio, loans to assets ratio, and interest income to average
assets ratio.
- WESTERFED FINANCIAL CORP. WSTR is a SAIF insured institution that
operates 34 branches and is based in Missoula, Montana. WSTR has
total assets of $1.0 billion and intangible assets equal to 18.49%
of equity. WesterFed had the third highest borrowings to assets
ratio, 24.97%, the second lowest reserves to NPLs ratio, 123.01%,
the second highest noninterest expense to average assets ratio,
2.63%, and the third lowest price to book multiple, 109.47%. WSTR
was selected to the Group based on its market capitalization, loan
to asset ratio, net interest margin, asset quality, and
profitability.
- YORK FINANCIAL CORP. YFED is a SAIF insured institution with 22
branches and is based in York, Pennsylvania. YFED has $1.2 billion
in total assets. York the highest deposits to assets ratio,
86.70%, and the lowest borrowings to assets ratio, 2.27%. YFED had
the second lowest NPLs to loans ratio, 0.10%, but the highest NPAs
to total assets ratio, 0.98%. YFED was selected to the Group based
on the its loans to deposits ratio and net interest margin.
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All data presented in Figure 46 is from SNL Securities utilizing the most recent
quarter for balance sheet and income statement related items. All data for the
Bank is from the prospectus or the audited financials.
FIGURE 46 - KEY FINANCIAL INDICATORS
COMPARABLE GROUP
QUARTER MEDIAN
THE BANK AT (MOST RECENT
JUNE 30, 1998 QUARTER)
------------- ----------------
BALANCE SHEET DATA
Gross Loans to Deposits 92.30% 105.26%
Total Net Loans to Assets 68.89% 67.48%
Deposits to Assets 75.03% 68.79%
Borrowed Funds to Assets 11.95% 19.20%
BALANCE SHEET GROWTH
Asset Growth Rate 12.60% 12.92%
Loan Growth Rate 33.50% 8.86%
Deposit Growth Rate 8.60% 5.95%
CAPITAL
Equity to Assets 10.85% 9.33%
Tangible Equity to Assets 9.63% 8.91%
Intangible Assets to Equity 0.00% 0.00%
Regulatory Core Capital to Assets 9.63% 8.41%
Equity + Reserves to Assets 11.21% 10.39%
Total Capital to Risk Adjusted Assets 17.29% 15.69%
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Comparable Group
Quarter Median
The Bank at (Most Recent
June 30, 1998 Quarter)
- ----------------------------------------------------------------------------------------
Asset Quality
- ----------------------------------------------------------------------------------------
Non-Performing Loans to Loans 0.26% 0.36%
Reserves to Non-Performing Loans 202.56% 345.97%
Non-Performing Assets to Assets 0.27% 0.34%
Non-Performing Assets to Equity 2.50% 3.64%
Reserves to Loans 0.52% 0.95%
Reserves to Non-Performing Assets + 90 Days Del. 133.22% 294.82%
- ----------------------------------------------------------------------------------------
Profitability
- ----------------------------------------------------------------------------------------
Return on Average Assets 0.67% 0.95%
Return on Average Equity 6.10% 9.24%
- ----------------------------------------------------------------------------------------
Income Statement
- ----------------------------------------------------------------------------------------
Net Interest Margin 3.47% 3.32%
Interest Income to Average Assets 7.17% 7.24%
Interest Expense to Average Assets 3.92% 4.19%
Net Interest Income to Average Assets 3.25% 3.14%
Noninterest Income to Average Assets 0.94% 0.43%
Noninterest Expense to Average Assets 2.63% 2.06%
Efficiency Ratio 70.69% 58.86%
Overhead Ratio 52.04% 50.71%
Source: The Bank Offering Prospectus, FinPro calculations and SNL Securities
Note: All of the Bank data is for the six months ended June 30, 1998,
annualized where appropriate.
Note: All of the Comparable data is as of the most recent quarter.
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4. MARKET VALUE DETERMINATION
------------------------------------
INTRODUCTION
------------------------------------
The estimated pro-forma market value of the Bank, along with certain adjustments
to its value relative to market values for the Comparable Group are delineated
in this section. The adjustments delineated in this section are made from
potential investors' viewpoints. A potential investor includes depositors
holding subscription rights and unrelated parties who may purchase stock in the
community offering and who are assumed to be aware of all relevant and necessary
facts as they pertain to the value of the Bank relative to other publicly traded
thrift institutions and relative to alternative investment opportunities.
There are numerous criteria on which the market value adjustments are based, but
the major ones utilized for purposes of this report include:
- Balance Sheet Strength
- Asset Quality
- Earnings Quality, Predictability and Growth
- Market Area
- Management
- Dividends
- Liquidity of the Issue
- Recent Regulatory Matters
- Market for Seasoned Thrift Stocks
- Acquisition Market
After identifying the adjustments that should be made to market value, the
pro-forma market value for the Bank is computed and adjusted. The estimated
pro-forma market value for the Bank is then compared with the market valuation
ratios of the Comparable Group, recently converted public thrifts and the
aggregate ratios for all public thrifts.
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- ------------------------------------------------------------------------------
BALANCE SHEET STRENGTH
The balance sheet strength of an institution is an important market value
determinant, as the investment community considers such factors as liquidity,
capitalization, asset composition, funding mix, intangible levels and interest
rate risk in assessing the attractiveness of investing in the common stock of a
thrift. The following tables summarize the key financial elements of the Bank
measured against the Comparable Group.
FIGURE 47 - KEY BALANCE SHEET DATA
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
-------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER SHORT NAME ($000) (%) (%) (%) (%)
- ------------------------------------------------------ -------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 1,392,342 106.47 74.33 69.81 21.15
EBSI Eagle Bancshares 1,149,483 112.31 76.11 67.77 20.95
FAB FIRSTFED AMERICA BANCORP INC. 1,315,743 130.09 68.68 52.80 36.03
FNGB First Northern Capital Corp. 690,372 121.05 89.05 73.56 13.92
FWWB First Washington Bancorp Inc. 1,154,072 129.28 66.27 51.26 33.73
KFBI Klamath First Bancorp 1,008,688 94.57 63.69 67.34 17.25
MDBK Medford Bancorp Inc. 1,135,299 69.42 50.96 73.41 16.66
MECH MECH Financial Inc. 954,671 88.34 63.38 71.74 17.44
WSTR WesterFed Financial Corp. 1,022,136 104.05 64.79 62.27 24.97
YFED York Financial Corp. 1,229,268 91.76 79.56 86.70 2.27
- ------------------------------------------------------ -------------------------------------------------------
Average 1,105,207 104.73 69.68 67.67 20.44
Median 1,142,391 105.26 67.48 68.79 19.20
Maximum 1,392,342 130.09 89.05 86.70 36.03
Minimum 690,372 69.42 50.96 51.26 2.27
COMMUNITY SAVINGS BANKSHARES, INC. 765,488 92.30 68.89 75.03 11.95
VARIANCE TO THE COMPARABLE MEDIAN (376,903) (12.96) 1.42 6.24 (7.24)
Sources: SNL and Audited Financial Data, FinPro Computations
Liquidity - The liquidity of the Bank and the Comparable Group appear
similar and were sufficient to meet all regulatory guidelines.
Asset Composition - The Bank's net loan to asset ratio of 68.89% is
above the median of 67.48%, for the Comparable Group. The Bank's loan
to asset ratio after the conversion is projected to be lower.
Funding Mix - The Comparable Group had 19.20% of its funding base from
borrowings while the Bank's ratio is 11.95%. The Bank's lower level of
borrowings leaves room for an additional funding source in the future
and will allow the Bank to leverage capital utilizing the wholesale
market until the Bank can leverage capital with core growth.
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- -------------------------------------------------------------------------------
The following figure illustrates that the Bank's growth rates for loans
and deposits exceeds that of the Comparable Group while growth of
assets was similar to that of the Comparable Group.
FIGURE 48 - BALANCE SHEET GROWTH DATA
BALANCE SHEET GROWTH AS OF THE MRQ
----------------------------------
ASSET LOAN DEPOSIT
GROWTH GROWTH GROWTH
RATE RATE RATE
TICKER SHORT NAME (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 11.30 16.14 5.63
EBSI Eagle Bancshares 39.52 49.84 39.67
FAB FIRSTFED AMERICA BANCORP INC. 28.88 2.04 (4.34)
FNGB First Northern Capital Corp. 8.26 7.44 6.26
FWWB First Washington Bancorp Inc. 14.53 17.18 8.55
KFBI Klamath First Bancorp 38.57 20.59 63.20
MDBK Medford Bancorp Inc. 5.85 1.09 1.07
MECH MECH Financial Inc. 15.92 10.27 3.83
WSTR WesterFed Financial Corp. 6.96 4.30 0.88
YFED Work Financial Corp. 5.75 (3.09) 7.32
- ------------------------------------------------------------------------------------------------------------------------------------
Average 17.55 12.58 13.21
Median 12.92 8.86 5.95
Maximum 39.52 49.84 63.20
Minimum 5.75 (3.09) (4.34)
COMMUNITY SAVINGS BANKSHARES, INC. 12.60 33.50 8.60
VARIANCE TO THE COMPARABLE MEDIAN (0.32) 24.65 2.65
Sources: SNL and Audited Financial Data, FinPro Computations
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FIGURE 49 - CAPITAL DATA
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------
Comparable Thrift Data
ANBD Andover Bancorp Inc. 8.20 8.20 0.00 8.21 8.94 15.13
EBSI Eagle Bancshares 6.50 6.50 0.00 4.59 7.06 8.31
FAB FIRSTFED AMERICA BANCORP INC. 8.86 8.86 0.00 7.46 9.71 16.22
FNGB First Northern Capital Corp. 10.89 10.89 0.00 9.64 11.38 15.75
FWWB First Washington Bancorp Inc. 13.01 12.18 7.33 12.17 13.69 22.64
KFBI Klamath First Bancorp 13.98 12.96 8.40 10.92 14.14 21.84
MDBK Medford Bancorp Inc. 8.94 8.52 5.11 8.54 9.55 15.62
MECH MECH Financial Inc. 9.71 9.71 0.00 9.61 11.07 16.65
WSTR WesterFed Financial Corp. 10.73 8.93 18.49 8.27 11.21 13.81
YFED York Financial Corp. 8.89 8.89 0.00 7.67 9.60 13.11
- ----------------------------------------------------------------------------------------------------------------------
Average 9.97 9.56 3.93 8.71 10.64 15.91
Median 9.33 8.91 0.00 8.41 10.39 15.69
Maximum 13.98 12.96 18.49 12.17 14.14 22.64
Minimum 6.50 6.50 0.00 4.59 7.06 8.31
COMMUNITY SAVINGS BANKSHARES, INC. 10.85 9.63 0.00 9.63 11.21 17.29
VARIANCE TO THE COMPARABLE MEDIAN 1.53 0.72 0.00 1.23 0.82 1.61
Sources: SNL and Audited Financial Data, FinPro Computations
Capitalization - The Comparable Group's median equity to assets ratio
of 9.33% is lower than the Bank's ratio of 10.85%, and will be well
below the Bank's pro forma equity to assets ratio of 17.13% at the
midpoint of the valuation range.
Intangible Levels - One of the most important factors influencing
market values is the level of intangibles that an institution carries
on its books. The Comparable Group has a limited level of intangibles
with an average of 3.93% of equity. Four of the Comparables have
intangibles with a high of 18.49% of assets and a low of 5.11% of
assets. Thrifts trade more on tangible book value than on book value.
The Bank had no intangible assets.
Interest Rate Risk - The Bank has a minimal level of interest rate
risk, evidenced by a net portfolio value above tangible equity at rate
shocks up to and including +300 basis points and above the assumed
4.00% capital limit under all rate shocks. Additionally, the Bank's one
year gap was 0.44%.
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The Bank is less reliant on the wholesale markets for both assets and a funding
source. It is expected that following the conversion, the Bank's loans to assets
ratio is projected to be lower than the Comparable Groups. However, the Bank's
ability to grow, lack of intangibles and lower levels of borrowings stack up
favorably. As such, there should be no adjustment to the Comparable Group for
this measure.
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-------------
ASSET QUALITY
-------------
The asset quality of an institution is an important determinant of market value.
The investment community considers levels of nonperforming loans, REO and levels
of ALLL in assessing the attractiveness of investing in the common stock of an
institution.
FIGURE 50 - ASSET QUALITY TABLE
ASSET QUALITY AS OF THE MOST RECENT QUARTER
---------------------------------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS+90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 0.49 205.01 0.38 4.62 1.00 195.38
EBSI Eagle Bancshares 0.91 81.84 0.95 14.58 0.74 59.71
FAB FIRSTFED AMERICA BANCORP INC. 0.37 331.87 0.29 3.26 1.24 293.25
FNGB First Northern Capital Corp. 0.11 506.35 0.12 1.11 0.54 400.84
FWWB First Washington Bancorp Inc. 0.21 498.86 0.21 1.64 1.03 301.38
KFBI Klamath First Bancorp 0.07 356.52 0.05 0.33 0.26 356.52
MDBK Medford Bancorp Inc. 0.34 346.52 0.18 2.00 1.19 338.34
MECH MECH Financial Inc. 0.62 345.41 0.46 4.72 2.14 296.39
WSTR WesterFed Financial Corp. 0.60 123.01 0.43 4.02 0.74 97.44
YFED York Financial Corp. 0.10 874.88 0.98 10.99 0.90 31.83
- ---------------------------------------------------------------------------------------------------------------------------------
Average 0.38 367.03 0.41 4.73 0.98 237.11
Median 0.36 345.97 0.34 3.64 0.95 294.82
Maximum 0.91 874.88 0.98 14.58 2.14 400.84
Minimum 0.07 81.84 0.05 0.33 0.26 31.83
COMMUNITY SAVINGS BANKSHARES, INC. 0.26 202.56 0.27 2.50 0.52 133.22
VARIANCE TO THE COMPARABLE MEDIAN (0.10) (143.40) (0.06) (1.14) (0.43) (161.60)
Sources: SNL and Audited Financial Data, FinPro Computations
The Bank has a lower non-performing loans ("NPL") to total loans ratio of 0.26%
when compared to the Comparable Group median of 0.36%, and a lower level of
nonperforming assets as a percentage of assets, 0.27%, when compared to the
Comparable Group median of 0.34%. The Bank's reserve levels are substantially
lower, 0.52% of loans as opposed to the Comparable median of 0.95%. Based on the
low reserve levels, even when considering nonperforming asset levels, a slight
downward adjustment is warranted for this element.
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------------------------------------
EARNINGS QUALITY,
PREDICTABILITY AND GROWTH
------------------------------------
The earnings quality, predictability and growth are critical components in the
establishment of market values for thrifts. Thrift earnings are primarily a
function of:
- net interest income
- loan loss provision
- non-interest income
- non-interest expense
The quality and predictability of earnings is dependent on both internal and
external factors. Some internal factors include the mix of the balance sheet,
the interest rate sensitivity of the balance sheet, the asset quality, and the
infrastructure in place to deliver the assets and liabilities to the public.
External factors include the competitive market for both assets and liabilities,
the global interest rate scenario, local economic factors and regulatory issues.
Each of these factors can influence the earnings of an institution, and each of
these factors is volatile. Investors prefer stability and consistency. As such,
solid, consistent earnings are preferred to high but risky earnings. Investors
also prefer earnings to be diversified and not entirely dependent on interest
income.
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------------------------------------
INCOME AND EXPENSE TRENDS
------------------------------------
The Bank's annualized net income, of $5.0 million for the six month period ended
June 30, 1998, was below the net income for the twelve month period ended
December 31, 1997. During the six month period ended June 30, 1998, the Bank's
noninterest expense increased $1.0 over the same time period ended June 30,
1997, due to an increase in compensation expense resulting from hiring incentive
based loan originators and the new cost incurred by the operation of two new
branches.
The net income for the twelve month period ended December 31, 1996, is low due
to the one-time SAIF assessment. The Bank's portion of the SAIF assessment was
$2.8 million on a pre-tax basis.
FIGURE 51 - NET INCOME CHART
[CHART]
[DESCRIPTION TO COME]
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- -------------------------------------------------------------------------------
The Bank's ROAA and ROAE demonstrate weakness when compared to the Comparable
Group. The Bank's ROAA and ROAE were 0.67% and 6.10%, respectively. These ratios
are below the Comparable Group median for both measures.
FIGURE 52 - PROFITABILITY DATA
PROFITABILITY AS OF THE MOST RECENT QUARTER
-----------------------------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------
Comparable Thrift Data
ANDB Andover Bancorp Inc. 1.19 15.04
EBSI Eagle Bancshares 0.83 10.00
FAB FIRSTFED AMERICA BANCORP INC. 0.60 5.47
FNGB First Northern Capital Corp. 0.98 8.87
FWWB First Washington Bancorp Inc. 1.21 8.70
KFBI Klamath First Bancorp 0.92 6.11
MDBK Medford Bancorp Inc. 1.07 11.84
MECH MECH Financial Inc. 0.97 9.71
WSTR WesterFed Financial Corp. 0.72 6.73
YFED York Financial Corp. 0.84 9.61
- ------------------------------------------------------------------------------------------------------------------------------
Average 0.93 9.21
Median 0.95 9.24
Maximum 1.21 15.04
Minimum 0.60 5.47
COMMUNITY SAVINGS BANKSHARES, INC. 0.67 6.10
VARIANCE TO THE COMPARABLE MEDIAN (0.28) (3.14)
Sources: SNL and Audited Financial Data, FinPro Computations
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- --------------------------------------------------------------------------------
FIGURE 53 - INCOME STATEMENT DATA
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
---------------------------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/ EFFICIENCY OVERHEAD
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS RATIO RATIO
TICKER SHORT NAME (%) (%) (%) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 3.17 7.20 4.14 3.06 0.36 1.74 50.18 44.38
EBSI Eagle Bancshares 4.03 8.30 4.62 3.68 1.59 3.78 76.31 66.10
FAB FIRSTFED AMERICA BANCORP INC. 2.81 6.96 4.29 2.67 0.40 2.08 67.44 62.53
FNGB First Northern Capital Corp. 3.19 7.27 4.20 3.07 0.46 2.04 57.92 51.58
FWWB First Washington Bancorp Inc. 3.68 7.82 4.29 3.54 0.30 1.93 48.12 43.64
KFBI Klamath First Bancorp 3.36 7.01 3.80 3.20 0.27 1.94 51.29 47.23
MDBK Medford Bancorp Inc. 3.23 6.93 3.83 3.10 0.25 1.68 46.95 42.67
MECH MECH Financial Inc. 3.61 6.98 3.58 3.40 0.84 2.51 59.79 49.83
WSTR WesterFed Financial Corp. 3.44 7.35 4.17 3.18 0.72 2.63 63.90 55.70
YFED York Financial Corp. 3.28 7.46 4.37 3.09 0.45 2.17 61.68 56.14
- ---------------------------------------------------------------------------------------------------------------------------------
Average 3.38 7.33 4.13 3.20 0.56 2.25 58.36 51.98
Median 3.32 7.24 4.19 3.14 0.43 2.06 58.86 50.71
Maximum 4.03 8.30 4.62 3.68 1.59 3.78 76.31 66.10
Minimum 2.81 6.93 3.58 2.67 0.25 1.68 46.95 42.67
COMMUNITY SAVINGS
BANKSHARES, INC. 3.47 7.17 3.92 3.25 0.94 2.63 70.69 52.04
VARIANCE TO THE
COMPARABLE MEDIAN 0.15 (0.06) (0.27) 0.11 0.51 0.57 11.84 1.33
Sources: SNL and Audited Financial Data, FinPro Computations
FIGURE 54 - CORE EARNINGS DATA
INCOME
---------------------------------------------------------------------------------------------
NET CORE CORE NET CORE CORE
INCOME INCOME EPS EPS INCOME INCOME EPS EPS
TICKER SHORT NAME LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ---------------------------------------------------------------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 15,768 15,382 2.29 2.35 5,250 5,125 0.78 0.76
EBSI Eagle Bancshares 7,210 7,253 1.24 1.23 2,163 2,186 0.37 0.37
FAB FIRSTFED AMERICA BANCORP INC. 6,867 5,569 0.70 0.86 1,694 1,400 0.22 0.18
FNGB First Northern Capital Corp. 6,551 6,060 0.67 0.72 1,730 1,562 0.19 0.17
FWWB First Washington Bancorp Inc. 13,122 12,227 1.16 1.25 3,375 3,074 0.33 0.30
KFBI Klamath First Bancorp 8,959 8,959 0.93 0.93 2,491 2,491 0.26 0.26
MDBK Medford Bancorp Inc. 11,953 11,358 2.39 2.51 3,238 2,885 0.68 0.61
MECH MECH Financial Inc. 8,603 8,533 1.61 1.62 2,526 2,513 0.47 0.47
WSTR WesterFed Financial Corp. 7,260 7,258 1.29 1.29 1,993 1,764 0.35 0.31
YFED York Financial Corp. 10,015 7,906 0.84 1.06 2,435 1,964 0.26 0.21
- ---------------------------------------------------------------------------------------------------------------------------------
Average 9,631 9,051 1.31 1.38 2,690 2,496 0.39 0.36
Median 8,781 8,220 1.20 1.24 2,463 2,339 0.34 0.31
Maximum 15,768 15,382 2.39 2.51 5,250 5,125 0.78 0.76
Minimum 6,551 5,569 0.67 0.72 1,694 1,400 0.19 0.17
COMMUNITY SAVINGS
BANKSHARES, INC. 5,132 5,132 NA NA NA NA NA NA
VARIANCE TO THE
COMPARABLE MEDIAN (3,649) (3,325) NA NA NA NA NA NA
Sources: SNL and Audited Financial Data, FinPro Computations
The Bank yield on assets is slightly lower than the Comparable median, which is
entirely offset by a lower cost of funds when compared to the Comparable Group
median. The Bank's noninterest income is above the Comparables but is offset by
the Bank's higher noninterest expense. Despite the advantages of net interest
income and noninterest income, the Bank's efficiency ratio is 11.84 percent
higher than the Comparable median.
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Currently, investors are focusing on earnings sustainability as the interest
rate volatility has caused wide variation in income levels. With the intense
competition for both assets and deposits, banks can not easily replace lost
spread and margin with balance sheet growth.
Based on the Bank's historical earnings performance, a slight downward
adjustment is warranted to the market value for earnings.
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------------------------------------
MARKET AREA
------------------------------------
The market area that an institution serves has a significant impact on value, as
future success is interrelated with the economic, demographic and competitive
aspects of the market. Specifics on the Bank's market were delineated in Section
2 - Market Area Analysis. The following are discussions with respect to the
various data sets utilized for the market analysis.
Demographically, the population in the majority of the Bank's markets is
projected to grow at rates in excess of the state growth rate. Income levels and
housing values tend to be higher than the state average. Despite these positive
aspects, the Bank's markets tend to have seasonal occupants, as does the state
in general. The state housing occupancy status shows that in excess of 50% of
the housing units are unoccupied.
The majority of the Bank's deposit markets have grown in excess of 10% over the
past five years. However, the average branch size of these markets is
substantially lower than the national average branch size for all publicly
traded thrifts of $35.5 million and the national median of $51.4 million. In
fact, only three of the Bank's seventeen deposit markets have an average branch
size in excess of the national average and only one has an average branch size
in excess of the national median.
Based on these factors no adjustment is warranted for this factor due to the
excellent market area which is offset by the high level of competition.
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------------------------------------
MANAGEMENT
------------------------------------
The Bank has developed a good management team with considerable banking
experience and length of service with the Bank. The Bank's organizational chart
is reasonable for an institution of its size and complexity. The Board is active
and oversees and advises on all key strategic and policy decisions and holds the
management to high performance standards.
As such, no adjustment appears to be warranted for this factor.
68
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------------------------------------
DIVIDENDS
------------------------------------
Historically, thrifts have not established dividend policies immediately at or
after conversion to stock ownership. Rather, newly converted institutions, in
general, have preferred to establish an earnings track record, fully invest the
conversion proceeds, and allow for seasoning of the stock before establishing a
dividend policy. In the late 1980's and early 1990's however, there has been a
tendency toward initiating dividend policies concurrent with the conversion as a
means of increasing the attractiveness of the issue and to utilize the proceeds.
The last few years have seen yet another shift away from dividend policies
concurrent with conversion. Recent issues have been fully or over subscribing
without the need for the additional enticement of dividends. After the
conversion is another issue, however. Recent pressures on ROE and on internal
rate of returns to investors has prompted the industry toward cash dividends.
This trend is exacerbated by the lack of growth potential. Typically, when
institutions are in a growth mode, they issue stock dividends or do not declare
a dividend. When growth is stunted, these institutions shift toward reducing
equity levels and thus utilize cash dividends as a tool in this regard.
69
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========================================================================
FIGURE 55 - DIVIDENDS DATA
Dividends
-----------------------
Current LTM Dividend
Dividend Payout
Yield Ratio
Ticker Short Name ($) (%)
- ------------------------------------------------------------------------
Comparable Thrift Data
ANDB Andover Bancorp Inc. 2.087 26.38
EBSI Eagle Bancshares 2.844 48.78
FAB FIRSTFED AMERICA BANCORP INC. 1.185 5.81
FNGB First Northern Capital Corp. 2.824 47.22
FWWB First Washington Bancorp Inc. 1.423 21.82
KFBI Klamath First Bancorp 2.118 36.02
MDBK Medford Bancorp Inc. 2.000 37.45
MECH MECH Financial Inc. 2.143 9.26
WSTR WesterFed Financial Corp. 2.326 39.61
YFED York Financial Corp. 2.755 47.17
- ----------------------------------------------------------------------
Average 2.17 31.95
Median 2.13 36.74
Maximum 2.84 48.78
Minimum 1.19 5.81
Community Savins Bankshares, Inc. 2.57 87.38
Variance to the Comparable Median 0.44 50.65
All of the Comparable institutions had declared dividends. The median dividend
payout ratio for the Comparable Group was 36.74%, ranging from a high of 48.78%
to a low of 5.81%. The Bank's dividend payout ratio of 87.38% is significantly
above Comparable group median. The Bank's dividend yield was 2.57%, while the
Comparable Group median was 2.13%.
The Bank will have the capital levels to afford to pay dividends and has a
history of paying adequate dividends, but will more than likely assume a payout
ratio equal to fully converted institutions. As such, no adjustment is
warranted.
70
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================================================================================
----------------------
LIQUIDITY OF THE ISSUE
----------------------
The Comparable Group is by definition composed only of companies that trade in
the public markets with all of the Comparables trading on NASDAQ or AMEX.
Typically, the number of shares outstanding and the market capitalization
provides an indication of how much liquidity there will be in a given stock. The
actual liquidity can be measured by volume traded over a given period of time.
FIGURE 56 - MARKET CAPITALIZATION DATA
MARKET CAPITALIZATION
-------------------------------------------------------------------
MRQ MRQ LTM LTM MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- ------------------------------------------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 223.59 34.250 37.750 23.700 17.61 17.61
EBSI Eagle Bancshares 130.21 25.375 25.500 15.250 13.03 13.03
FAB FIRSTFED AMERICA BANCORP INC. 139.59 19.375 23.250 17.625 15.76 15.76
FNGB First Northern Capital Corp. 112.95 13.375 14.000 11.000 8.49 8.49
FWWB First Washington Bancorp Inc. 269.08 23.921 25.966 17.045 14.78 13.70
KFBI Klamath First Bancorp 168.59 19.063 24.250 18.625 16.02 14.67
MDBK Medford Bancorp Inc. 178.19 41.000 44.250 29.250 22.78 21.62
MECH MECH Financial Inc. 148.27 29.000 31.500 18.875 17.51 17.51
WSTR WesterFed Financial Corp. 120.08 24.500 27.000 20.125 19.64 16.01
YFED York Financial Corp. 169.27 20.875 27.250 15.600 12.18 12.18
- ------------------------------------------------------------------------------------------------------------
Average 165.98 25.07 28.07 18.71 15.78 15.06
Median 158.43 24.21 26.48 18.13 15.89 15.22
Maximum 269.08 41.00 44.25 29.25 22.78 21.62
Minimum 112.95 13.38 14.00 11.00 8.49 8.49
COMMUNITY SAVINGS BANKSHARES, INC. 67.42 10.00 NA NA 10.86 10.86
VARIANCE TO THE COMPARABLE MEDIAN (91.01) (14.21) NA NA (5.03) (4.36)
The market capitalization values of the Comparable Group range from a low of
$113.0 million to a high of $269.1 million with a median market capitalization
of $158.4 million. The Bank expects to have $67.4 million of market capital at
the midpoint on a pro forma basis.
Although the market capitalization is lower than the comparable Group, it is
still large enough on an absolute basis to provide issue liquidity.
Additionally, the Bank's market capitalization will increase as its share price
increases.
Based on the comparison with the Comparable Group and the above data, no
adjustment appears warranted.
71
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------------------------------------
RECENT REGULATORY MATTERS
------------------------------------
As a result of large after-market price increases of conversions during 1993 and
early 1994, the regulatory agencies have issued guidelines on appraisals for
conversions. The regulators publicly indicated that only modest immediate
after-market price increases are appropriate for converting institutions. The
guidelines issued November 22, 1994, indicate that the reasonableness and
adequacy of an appraisal will be partially judged by the immediate price
movement of the conversion stock in the after-market, using a very short time
frame of the second day of trading following closing. The guidelines further
discuss that the average price appreciation for all IPO's has been between 10%
and 15%, which was deemed to be too high.
At around the same time period, IPO pricing was elevated on a book basis and
IPOs in late 1994 did not experience much appreciation. In fact, numerous IPOs
actually depreciated. 1995 brought back lower premiums to book but they have
been rising throughout 1996 to approximately the same levels as late 1994. The
trend has continued in 1997 and 1998 with IPO's popping over 40% on average, for
the first day of trading.
The recent interest in thrift IPO's has caused large oversubscriptions, which in
turn have caused large price appreciations in the aftermarket. Recently,
regulators have been indicating the need for increased pricing of new issues in
the attempt to lessen the aftermarket appreciation. Also, regulators have been
concerned with capital redistributions from thrifts which have converted within
the past three years. Regulatory agencies are publicly indicating that they will
enforce the limits of stock buy backs to: 0% in the first year, 5% in the second
year and 5% in the third year.
This threat to newly converted institutions, of not being able to use all of the
capital markets tools available, will hurt the stocks' attractiveness, as it
will put them at a significant competitive disadvantage to the rest of the
industry.
As such, a downward adjustment for this measure is warranted based on the
uncertainty surrounding the regulatory environment.
72
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------------------------------------
MARKET FOR SEASONED THRIFT
STOCKS
------------------------------------
Data for all public thrifts as of August 13, 1998 is provided in Exhibit 7. A
common measure utilized as a proxy for the performance of the thrift industry is
the SNL thrift index graphically shown below and tabularly shown on the
following page:
FIGURE 57 - SNL THRIFT INDEX CHART
[CHART]
[DESCRIPTION TO COME]
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===============================================================================
FIGURE 58 - HISTORICAL SNL INDEX
SNL THRIFT INDEX MONTHLY PERFORMANCE
January 2, 1992 to August 13, 1998
SNL %Change %Change %Change %Change %Change %Change %Change
Thrift Since Since Since Since Since Since Since
Date Index 1/2/92 1/4/93 1/3/94 12/30/94 12/29/95 12/31/96 12/31/97
---- ------ ------ ------ ------- -------- -------- -------- --------
Jan-92 143.9 - - - - - - -
Jul-92 175.1 21.7% - - - - - -
Jan-93 201.1 39.7% - - - - - -
Jul-93 220.5 53.2% 9.6% - - - - -
Jan-94 252.5 75.5% 25.6% - - - - -
Jul-94 273.8 90.3% 36.2% 8.4% - - - -
Jan-95 256.1 78.0% 27.3% 1.4% - - - -
Jul-95 328.2 128.1% 63.2% 30.0% 28.2% - - -
Jan-96 370.7 157.6% 84.3% 46.8% 44.7% - - -
Jul-96 389.9 171.0% 93.9% 54.4% 52.2% 5.2% - -
Jan-97 520.1 261.4% 158.6% 106.0% 103.1% 40.3% - -
Jul-97 684.5 375.7% 240.4% 171.1% 167.3% 84.7% 31.6% -
Jan-98 768.3 433.9% 282.0% 204.3% 217.1% 104.1% 58.9% -5.6%
Jun-98 833.5 479.2% 314.5% 230.1% 244.0% 121.4% 72.4% 2.4%
August 13, 1998 724.6 403.5% 260.3% 187.0% 199.0% 92.4% 49.8% -11.0%
Source: SNL Securities
74
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FIGURE 59 - EQUITY INDICES
[CHART]
[DESCRIPTION TO COME]
As Figures 57 and 58 illustrate, the performance of the SNL index has been
robust through 1992, 1993, 1994 and 1995. The dip in the index, occurring in
late 1994, was the product of the interest rate rise during that period along
with the overall uneasiness in the stock market in general. The rate scenario
covering the same period as the SNL index can be seen in the following chart.
75
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================================================================================
FIGURE 60 - HISTORICAL RATES
HISTORIC RATES
[CHART]
[DESCRIPTION TO COME]
As the graph demonstrates, the rate rise in late 1994 correlates closely to the
fall in thrift prices. The drop in rates in 1995 was one of the primary drivers
of the rapid rise in the SNL index. During 1996, rates increased slightly and
then remained stable, fueling the rise in the conversion prices. 1997 has seen a
continuation of this trend, with the average IPO pricing at 70.9%, 69.7%, 70.9%,
and 73.6% of book value for the first, second, third, and fourth quarters of
1997, respectively.
As Figures 59 and 60 show, in 1997, the flat interest rate environment has
contributed to the appreciation in the SNL index. In addition, the market
continues to demonstrate evidence of acquisition speculation. Since May 1998,
the thrift market appreciation has leveled off and has declined to the late 1997
levels.
The Bank will be raising a substantial amount of capital and will need time to
reinvest the proceeds. Additionally, the investment community will want to see a
few quarters of earnings past the second step prior to valuing the Bank on a
full basis. As such, a slight downward adjustment for this measure is warranted,
as the institution will trade at a discount to the market until the capital is
adequately invested.
76
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------------------------------------
ACQUISITION MARKET
------------------------------------
The amount of deals have picked up since the second quarter of 1997.
FIGURE 61 - DEALS FOR LAST FOURTEEN QUARTERS
HISTORIC RATES
[CHART]
[DESCRIPTION TO COME]
77
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================================================================================
From 1995 through August 13, 1998, thrift deal prices remained high. Nationally,
book multiples continue their increase. Regionally, earnings multiples are
substantially outpacing the industry, however, regional price to assets and
price to deposits have remained flat.
FIGURE 62 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO BOOK
HISTORICAL PRICE TO BOOK ANALYSIS
[CHART]
[DESCRIPTION TO COME]
78
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================================================================================
FIGURE 63 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO TANGIBLE BOOK
HISTORICAL PRICE TO TANGIBLE BOOK ANALYSIS
[CHART]
[DESCRIPTION TO COME]
FIGURE 64 - THRIFT ACQUISITION MULTIPLES, PRICE TO EARNINGS
HISTORICAL MEDIAN PRICE TO EARNINGS
[CHART]
[DESCRIPTION TO COME]
79
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================================================================================
FIGURE 65 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO ASSETS
HISTORICAL PRICE TO ASSETS
[CHART]
[DESCRIPTION TO COME]
FIGURE 66 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO DEPOSITS
HISTORICAL PRICE TO DEPOSITS
[CHART]
[DESCRIPTION TO COME]
80
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- ------------------------------------------------------------------------------
FIGURE 67 - DEAL MULTIPLES
- ------------------------------------------------------------------------------
MEDIAN PRICE TO LTM EARNINGS 1995 1996 1997 1998 YTD
Thrifts - Nationwide 18.4 17.6 24.6 27.0
Thrifts - Southeast 17.2 15.2 31.4 49.4
Thrifts - Deal Value > $100 - $500 Million 17.4 15.2 24.4 25.6
AVERAGE PRICE TO BOOK
Thrifts - Nationwide 144.7 149.5 185.2 217.9
Thrifts - Southeast 152.8 160.0 183.2 232.5
Thrifts - Deal Value > $100 - $500 Million 149.4 148.6 195.7 230.1
AVERAGE PRICE TO TANGIBLE BOOK
Thrifts - Nationwide 150.0 153.6 191.9 223.6
Thrifts - Southeast 165.3 163.6 189.7 237.6
Thrifts - Deal Value > $100 - $500 Million 155.8 162.4 214.0 232.9
AVERAGE PRICE TO ASSETS
Thrifts - Nationwide 14.8 15.0 18.4 21.7
Thrifts - Southeast 14.1 13.4 18.5 18.9
Thrifts - Deal Value > $100 - $500 Million 15.5 14.1 19.8 24.6
AVERAGE PRICE TO DEPOSITS
Thrifts - Nationwide 19.2 19.9 24.9 28.8
Thrifts - Southeast 17.7 18.1 24.0 25.0
Thrifts - Deal Value > $100 - $500 Million 20.8 20.2 28.6 35.6
- -----------------------------------------------------------------------------------------
Source: SNL Securities
There are two pending thrift acquisitions in the state of Florida. First Palm
Beach Bancorp is being acquired by Republic Security for 237.88% of book value
and 30.75x earnings. Republic Bancorp is purchasing Bankers Savings Bank for
300.86% of book value (an earnings multiple was not announced).
FIGURE 68 - ACQUISITION TABLE
At Announcement Offer Divided By
--------------------------------
Book Value LTM EPS
---------- -------
Pending Merger Median 231% 25.6X
Completed Merger Median 191% 22.4X
Source: SNL Securities
Although the acquisition multiples are high and continue to grow, no adjustment
is warranted for this factor, as the Bank will not be readily available for
acquisition immediately following the second step conversion, and since the
Comparable Group was screened in an attempt to eliminate any institutions with
acquisition speculations in their stocks.
81
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------------------------------------
ADJUSTMENTS TO VALUE
------------------------------------
Overall, FinPro believes that the Bank pro-forma market value should be
discounted relative to the Comparable Group, reflecting the following
adjustments.
Key Valuation Parameters Valuation Adjustment
- --------------------------------------------------------------------------------
Balance Sheet Strength No Adjustment
Asset Quality Slight Downward
Earnings Quality, Predictability and Growth Slight Downward
Market Area No Adjustment
Management No Adjustment
Dividends No Adjustment
Liquidity of the Issue No Adjustment
Recent Regulatory Matters Downward
Market for Seasoned Thrift Stocks Slight Downward
Acquisition Market No Adjustment
As a result of all the factors discussed, a premium of approximately 3.5% on an
earnings multiple basis and a 41.5% discount on a price to tangible book basis
appears to be reasonable.
82
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5. OTHER ADJUSTMENTS
- -----------------------------------
SECOND STEP CONVERSIONS
- -----------------------------------
As the Bank is undergoing a second step conversion, it should be compared to
institutions that are undertaking second step conversions.
FIGURE 69 - PENDING SECOND STEP CONVERSIONS
EXHIBIT 10
SECOND STEP CONVERSIONS - 1997 TO DATE
SELECTED MARKET DATA
MARKET DATA AS OF 8/13/98
---------------------------------------
Percent Change from IPO
---------------------------------------
After After After After Current % Change
IPO Price 1 Day 1 Week 1 Month 3 Months Stock Price from
Ticker Short Name IPO Date ($) (%) (%) (%) (%) 8/13/98 IPO to Date
- ------------------------------------------------------------------------------------------------------------------------------------
HSTD Homestead Bancorp Inc. 07/20/98 10.000 -6.87% -7.50% NA NA 8.250 -17.50%
PSBI PSB Bancorp Inc. 07/17/98 10.000 -8.12% -8.75% -20.62% NA 7.938 -20.62%
THTL Thistle Group Holdings Co. 07/14/98 10.000 -0.62% -1.87% -8.12% NA 9.188 -8.12%
SBAN SouthBanc Shares Inc. 04/15/98 20.000 13.75% 12.50% 4.38% -5.00% 18.250 -8.75%
FSLA First Source Bancorp Inc. 04/09/98 10.000 5.63% 5.00% 5.00% -5.00% 8.938 -10.62%
TSBS Peoples Bancorp Inc. 04/09/98 10.000 4.38% 5.63% 6.25% -0.94% 8.688 -13.12%
PFSL Pocahontas Bancorp Inc. 04/01/98 10.000 4.38% 2.50% -0.62% -3.75% 8.750 -12.50%
HARB Harbor Florida Bancshares Inc. 03/19/98 10.000 20.00% 16.88% 26.25% 19.38% 12.125 21.25%
HFWA Heritage Financial Corp. 01/09/98 10.000 32.50% 32.50% 42.50% 53.75% 12.750 27.50%
GFED Guaranty Federal Bcshs Inc. 12/31/97 10.000 28.75% 25.00% 23.75% 25.00% 12.625 26.25%
EBI Equality Bancorp Inc. 12/02/97 10.000 34.38% 49.38% 41.25% 57.50% 13.000 30.00%
FSNJ Bayonne Bancshares Inc. 08/22/97 10.000 17.50% 18.75% 26.88% 22.50% 14.938 49.38%
MONT Montgomery Financial Corp. 07/01/97 10.000 11.25% 12.50% 20.63% 22.50% 11.000 10.00%
-------------------------------------------------------------------------------------------------------------------------
1/1/97 to Average 12.07% 12.50% 13.96% 18.59% 11.265 5.63%
8/13/98 Median 11.25% 12.50% 13.44% 20.94% 11.000 -8.12%
-------------------------------------------------------------------------------------------------------------------------
Source: SNL Securities
As previously mentioned, investor interest in second-step conversions has been
weak with a few second step offerings being extended to the community utilizing
underwriter assistance. Even with the extended offerings and marketing
assistance recent second step conversions closed below the supermaximum of the
estimated value range.
Even though the offerings closed below the supermaximum, the last seven second
step conversions are trading below their IPO price, some by as much as 15%.
Based on performance of these second step conversions, the market value should
be adjusted downward, as second steps are not being warmly received by the
markets.
83
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- ------------------------------------------
SUBSCRIPTION INTEREST
- ------------------------------------------
Based on the stock appreciation for both thrift stocks and for the U.S. equity
market in general, the market for public offerings has attracted a significant
level of attention. The market for public offerings is driven by the lack of
supply of stocks to meet the demand created primarily by the growth of mutual
funds. Thrift IPO's have received a greater amount of attention due to the price
"pops" of recent standard conversions. However, recently the market for stocks
and particularly, thrift stock has begun to demonstrate weakness.
The market has not shown the type of interest in second-step conversions as in
MHC and standard conversions, recently, with the last seven second-step
conversions trading down below the subscription price (as shown in Figure 70).
FIGURE 70 - CONVERSION PRICE POPS
-------------------------------------------
PERCENT CHANGE FROM IPO
-------------------------------------------
AFTER AFTER AFTER AFTER CURRENT
IPO PRICE 1 DAY 1 WEEK 1 MONTH 3 MONTHS STOCK PRICE
TICKER SHORT NAME IPO DATE ($) (%) (%) (%) (%) 8/13/98
- ------------------------------------------------------------------------------------------------------------------------------------
CITZ CFS Bancorp Inc. 07/24/98 10.000 14.38% 9.38% NA NA 10.625
UCFC United Community Finl Corp. 07/09/98 10.000 50.00% 60.00% 57.50% NA 15.375
HRBT Hudson River Bancorp 07/01/98 10.000 25.63% 35.00% 33.75% NA 12.125
--------------------------------------------------------------------------------------------------------------------
Q3`98 AVERAGE 30.00% 34.79% 45.63% -- 12.708
MEDIAN 25.63% 35.00% 45.63% -- 12.125
--------------------------------------------------------------------------------------------------------------------
FKAN First Kansas Financial Corp. 06/29/98 10.000 23.13% 22.50% 15.00% NA 10.875
CFKY Columbia Financial of Kentucky 04/15/98 10.000 71.25% 59.38% 60.00% 40.00% 14.250
EFC EFC Bancorp Inc. 04/07/98 10.000 47.50% 49.38% 41.25% 36.25% 11.250
HBSC Heritage Bancorp Inc. 04/06/98 15.000 NA 46.25% 45.83% 32.50% 18.375
NEP Northeast PA Financial Corp. 04/01/98 10.000 55.00% 53.75% 54.38% 38.75% 12.750
--------------------------------------------------------------------------------------------------------------------
Q2`98 AVERAGE 49.22% 46.25% 43.29% 36.88% 13.500
MEDIAN 51.25% 49.38% 45.83% 37.50% 12.750
--------------------------------------------------------------------------------------------------------------------
BYS Bay State Bancorp 03/30/98 20.000 46.88% 48.13% 50.63% 35.00% 23.750
HLFC Home Loan Financial Corp. 03/26/98 10.000 52.50% 61.88% 67.50% 47.50% 14.500
CAVB Cavalry Bancorp Inc. 03/17/98 10.000 105.63% 143.75% 140.00% 122.50% 19.750
ICBC Independence Comm. Bank Corp. 03/17/98 10.000 72.50% 75.63% 81.25% 63.13% 13.750
RCBK Richmond County Financial Corp 02/18/98 10.000 63.13% 64.38% 78.75% 87.50% 15.063
HFBC HopFed Bancorp Inc. 02/09/98 10.000 68.13% 60.00% 67.50% 118.75% 17.250
TSBK Timberland Bancorp Inc. 01/13/98 10.000 45.00% 60.00% 60.00% 76.25% 14.875
MYST Mystic Financial Inc. 01/09/98 10.000 44.38% 56.25% 50.00% 73.75% 13.750
UTBI United Tennessee Bankshares 01/05/98 10.000 47.50% 37.50% 42.50% 50.00% 12.750
--------------------------------------------------------------------------------------------------------------------
Q1`98 AVERAGE 60.63% 67.50% 70.90% 74.93% 16.160
MEDIAN 52.50% 60.00% 67.50% 73.75% 14.875
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
1998 YTD AVERAGE 52.03% 55.48% 59.11% 63.22% 14.768
MEDIAN 48.75% 56.25% 55.94% 50.00% 14.250
--------------------------------------------------------------------------------------------------------------------
Due to significant weaknesses in subscription interest shown in recent second
steps, a downward adjustment for subscription interest is warranted.
84
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6. VALUATION
- --------------------------------------
VALUATION APPROACH
- --------------------------------------
In applying the accepted valuation methodology promulgated by the regulators,
i.e., the pro-forma market value approach, four key pricing multiples were
considered. The four multiples include:
Price to earnings ("P/E")
Price to tangible book value ("P/TB")
Price to book value ("P/B")
Price to assets ("P/A")
All of the approaches were calculated on a pro-forma basis including the effects
of the conversion proceeds. All of the assumptions utilized are presented in
Exhibits 11, 12, and 13.
To ascertain the pro-forma estimated market value of the Bank, the market
multiples for the Comparable Group, all publicly traded thrifts and the recent
(1997 to date) second step conversion group were assessed.
Since thrift earnings in general have had a high degree of volatility over the
past decade, the P/B approach had gained in importance and is utilized
frequently as the benchmark for market value. It is interesting to note that the
P/B approach is more of a benchmark than a reliable valuation technique. A
better approach is the P/TB approach. In general, investors tend to price
financial institutions on a tangible book basis, because it incorporates the P/B
approach adjusted for intangibles. Most recently, the P/E approach has regained
favor among investors.
The evidence of the movement towards the P/E Multiple can be seen in the
acquisition, trading and IPO markets. The P/LTM EPS multiple for the mergers
completed in 1998 is 22.4x, for all public thrifts the trading P/LTM EPS is
21.2x and for recent standard conversions the pro forma earnings multiple is
17.0x.
As such, in estimating the market value for the Bank, the majority of the
emphasis was placed on the P/E approach. The P/B and P/TB were given much less
weight and the P/A multiple was not given much weight at all.
85
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================================================================================
In terms of the market multiples, most weight was given to the Comparable Group.
The second highest weight was ascribed to the recent second step transactions.
Less weight was ascribed to all public thrifts and all Florida thrifts. The
multiples for the Comparable Group, all publicly traded thrifts, and Florida
publicly traded thrifts are shown in Exhibit 8.
Based upon the premiums and discounts defined in the section above, the Bank
pricing at the midpoint is estimated to be $130,000,000. Based upon a range
below and above the midpoint value, the relative values are $110,500,000 at the
minimum and $149,500,000 at the maximum respectively. At the supermaximum of the
range, the offering value would be $171,925,000.
This equates to exchange ratios of 2.1416, 2.5196, 2.8975, and 3.3321 at the
minimum, midpoint, maximum and supermaximum, respectively. As such, the Bank
would raise gross proceeds of $57,306,590, $67,417,770, $77,531,430 and
$89,161,760 at the minimum, midpoint, maximum and supermaximum of the EVR,
respectively.
At the various levels of the estimated value range, the offering would result in
the following offering data:
FIGURE 71 - VALUE RANGE OFFERING DATA
-------------------------------------------------------------------
Appraised Value
-------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum*
-------------------------------------------------------------------
Total Shares 11,050,000 13,000,000 14,950,000 17,192,500
Price per Share $ 10 $ 10 $ 10 $ 10
Full Conversion Value $110,500,000 $130,000,000 $149,500,000 $171,925,000
Exchange Shares 5,319,341 6,258,223 7,196,857 8,276,324
Exchange Percent 48.14% 48.14% 48.14% 48.14%
Conversion Shares 5,730,659 6,741,777 7,753,143 8,916,176
Conversion Percent 51.86% 51.86% 51.86% 51.86%
Gross Proceeds $ 57,306,590 $ 67,417,770 $ 77,531,430 $ 89,161,760
Exchange Value $ 53,193,410 $ 62,582,230 $ 71,968,570 $ 82,763,240
Exchange Ratio 2.1416 2.5196 2.8975 3.3321
-------------------------------------------------------------------
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Source: FinPro Inc. Proforma Model
86
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FIGURE 72 - VALUE RANGE OFFERING DATA
-----------------------------------------------------------------------------------------
Bank Comparables State National
-----------------------------------------------------------------------------------------
Mean Median Mean Median Mean Median
Min 16.67
Price-Earnings Ratio P/E Mid 18.87 17.47 17.76 26.22 24.05 20.85 17.73
Max 21.28
Smax 23.81
Min 83.54%
Price-to-Book Ratio P/B Mid 92.08% 148.75% 155.30% 173.46% 165.33% 150.25% 133.33%
Max 99.70%
Smax 107.41%
Min 83.54%
Price-to-Tangible Book Ratio P/TB Mid 92.08% 154.38% 157.44% 183.92% 172.53% 156.31% 136.35%
Max 99.70%
Smax 107.41%
Min 13.56%
Price-to-Assets Ratio P/A Mid 15.79% 14.95% 15.62% 16.73% 12.08% 18.10% 16.71%
Max 17.96%
Smax 20.41
Source: FinPro Inc. Pro forma Model and SNL Securities, Inc.
This equates to the following multiples:
FIGURE 73 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA MIDPOINT
-----------------------------------------------------
Price Relative to
-----------------------------------------------------
Earnings Core Earnings Book Tangible Book Assets
- ----------------------------------------------------------------------------------------------
The Bank (at midpoint) Full Conversion 18.87 18.87 92.08% 92.08% 15.79%
- ----------------------------------------------------------------------------------------------
Comparable Group Median 17.76 18.22 155.30% 157.44% 15.62%
- ----------------------------------------------------------------------------------------------
(Discount) Premium 6.25% 3.57% -40.71% -41.51% 1.09%
- ----------------------------------------------------------------------------------------------
Source: FinPro Calculations
As Figure 73 demonstrates, the Bank is priced at a premium of 6.25% on an
earnings basis. On a core earnings basis the Bank is price at a 3.57% premium. A
discount of 41.51% is applied to the Bank relative to the Comparable Group on a
price to tangible book basis.
The Bank (at the supermaximum of the EVR) is priced at a 18.51% discount on a
tangible book basis when compared to recent second step conversions.
FIGURE 74 - RECENT SECOND STEP CONVERSION TRADING MULTIPLES TO THE BANK'S
PROFORMA MIDPOINT
------------------------------------------------------------------------
Price Relative to
------------------------------------------------------------------------
Earnings Core Earnings Book Tangible Book Assets
- -----------------------------------------------------------------------------------------------------------
The Bank Full Conversion 18.87 18.87 92.08% 92.08% 15.79%
- -----------------------------------------------------------------------------------------------------------
Second Step Trading Multiples NA NA 109.40% 113.00% 23.23%
- -----------------------------------------------------------------------------------------------------------
(Discount) Premium NA NA -15.83% -18.51% -32.03%
- -----------------------------------------------------------------------------------------------------------
Source: FinPro Calculations
87
Conversion Valuation Appraisal Report Page: 1 - 81
- --------------------------------------------------------------------------------
- ------------------------------------
VALUATION CONCLUSION
- ------------------------------------
It is, therefore, our opinion that as of August 13, 1998, the estimated
pro-forma market value of the Bank in a full offering was $130,000,000 at the
midpoint of a range with a minimum of $110,500,000 to a maximum of $149,500,000
at 15% below and 15% above the midpoint of the range respectively. Assuming an
adjusted maximum value of 15% above the maximum value, the adjusted maximum
value or supermaximum value in a full offering is $171,925,000. The stock will
be issued at $10.00 per share. At the midpoint of the EVR, 1,143,630 shares will
be exchanged and 67,417,770, conversion shares will be issued based on an
exchange ratio of 2.5196.
FIGURE 75 - DETAILS ON THE ESTIMATED VALUATION RANGE
------------------------------------------------------------------
Appraised Value
------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum*
------------------------------------------------------------------
Total Shares 11,050,000 13,000,000 14,950,000 17,192,500
Price per Share $ 10 $ 10 $ 10 $ 10
Full Conversion Value $110,500,000 $130,000,000 $149,500,000 $171,925,000
Exchange Shares 5,319,341 6,258,223 7,196,857 8,276,324
Exchange Percent 48.14% 48.14% 48.14% 48.14%
Conversion Shares 5,730,659 6,741,777 7,753,143 8,916,176
Conversion Percent 51.86% 51.86% 51.86% 51.86%
Gross Proceeds $ 57,306,590 $ 67,417,770 $ 77,531,430 $ 89,161,760
Exchange Value $ 53,193,410 $ 62,582,230 $ 71,968,570 $ 82,763,240
Exchange Ratio 2.1416 2.5196 2.8975 3.3321
------------------------------------------------------------------
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Pro-forma comparisons of the Bank's value range with the Comparable Group, all
public thrifts, Florida public thrifts and the recent second step conversion
group is shown in Exhibit 10.
88
EXHIBIT 1
ABOUT THE FIRM
FinPro, Inc. was established in 1988 as a full service management consulting
firm specializing in providing advisory services to the Financial Institutions
Industry. FinPro provides management advisory services for Banks, Thrifts,
Finance Companies and NonBank Banks. Additionally, FinPro has performed work for
the Federal Bankruptcy Court, Federal Deposit Insurance Corporation, Office of
Thrift Supervision and the Resolution Trust Corporation. FinPro is recognized as
an expert in banking and in loan analysis by the Federal Bankruptcy Court.
FinPro is independently owned, not associated or affiliated with any transaction
oriented firm. This provides FinPro with an unbiased platform from which to make
analytical recommendations. FinPro believes that a client deserves to be told of
all the alternatives, along with their associated benefits and downsides and
that a decision should be made on its merits. This uniquely positions FinPro as
an objective third party willing to suggest the unpopular strategies, unlike its
competitors who rely on a transaction to get paid.
FinPro is headquartered in Liberty Corner, New Jersey and has a branch office in
Buffalo, New York.
FinPro principals are frequent speakers and presenters at financial institution
trade association functions. In addition, FinPro designed the Statistical Report
Analysis currently produced quarterly by the New Jersey Community and Savings
Bankers for its members. FinPro also regularly hosts President's Breakfast for
Presidents of New Jersey Community Banks.
FinPro maintains a library of databases encompassing bank and thrift capital
markets data, census data, branch deposit data, national peer data, market
research data along with many other related topics. As such, FinPro can provide
quick, current and precise analytical assessments based on timely data. In
addition, FinPro's geographic mapping capabilities give it a unique capability
to thematically illustrate multiple issues and to provide targeted marketing
opportunities to its clients.
FinPro has also designed and built PC-based software programs to utilize as
tools in its work. Examples include:
- A proprietary software program (LaRS (R)) to perform Planning loan review
analytics.
- A duration based asset/liability model.
- A five year strategic planning, three year business planning, and one year
budgetary model that completely simulates an entire institution.
- A branch and product profitability model.
- A market performance grid and branch improvement grid model.
- A criteria based market feasibility model.
Using systems such as these, FinPro provides state-of-the-art end products in
all of its product and service areas.
Listing of Services
FinPro offers a full array of products and services including:
Planning
Budgeting
Segment Planning
Strategic and Business Planning
Asset/Liability Management
Capital Markets
Corporate Finance
Deposit Studies and Valuations
Mergers and Acquisitions
Valuation
Bank Appraisals and Fairness Opinions
Bank Valuations and Franchise Value Enhancement
Market Research
Branch Acquisitions, Sales, Consolidations, Swaps and Applications
Branch and Product Profitability
Branch Network Evaluations
Competitive Analysis and Positioning
Customer Segmentation and Profiling
Market Feasibility Studies
Market Studies and Market Area Evaluations
Site Studies
Compliance
Compliance Reviews
Geocoding of Loans and Deposits
Portfolio Due Diligence
Loan Review
CRA Analysis and Improvement
Financial
Balance Sheet Restructuring
Earnings Improvement Studies
Operations
Financial Reporting
89
EXHIBIT 1
ABOUT THE FIRM
Donald founded FinPro, Inc. in 1987 as a consulting and investment banking firm
located in New Jersey that specializes in providing advisory services to the
financial institutions industry.
Mr. Musso has a broad background in capital markets, bank valuations, enhancing
franchise value, corporate finance, mergers and acquisitions, asset/liability
management, strategic planning, market feasibility and differentiation, branch
acquisition, sales, consolidation and profitability, financial modeling and
analysis, balance sheet restructuring, product and segment profitability,
business development and project management. Besides his consulting experience,
he has solid industry experience, having worked for two $10 billion plus east
coast financial institutions.
Mr. Musso has provided expert testimony on financial institutions matters for
the Federal Bankruptcy Court, the Office of Thrift Supervision and the United
States Attorney's Office.
He is a frequent speaker on Financial Institution related topics and has
assisted trade groups in various activities. Mr. Musso is also on the faculty of
Stonier Graduate School of Banking, teaching Strategic Planning.
Prior to establishing FinPro, Donald had direct industry experience having
managed the Corporate Planning and Mergers and Acquisitions departments for
Meritor Financial Group, a $20 billion institution in Philadelphia. Before that,
he had responsibility for the banking, thrift and real estate consulting
practice in the State of New Jersey for Deloitte Haskins & Sells.
Donald has a B.S. in Finance from Villanova University and a M.B.A. in Finance
from Fairleigh Dickinson University.
[PICTURE]
Donald J. Musso
Managing Director and President
90
EXHIBIT 1
ABOUT THE FIRM
Steve joined FinPro in 1989 and is one of the founding members of the firm.
Steve manages the FinPro office in Western New York and is responsible for
managing many strategic planning, loan review, market feasibility and CRA
engagements.
Steve has extensive experience in performing a wide array of consulting services
including strategic planning engagements, market feasibility studies, branch
profitability analysis, CRA analysis and loan review and work-out. In addition,
Steve has a broad background in market research and analysis.
Steve is responsible for the development of FinPro's market feasibility, CRA and
Loan Review products. Additionally he is responsible for the integration of
sophisticated analytical tools such as mapping software into the FinPro
processes.
Steve is a licensed real estate agent in New Jersey and prior to joining FinPro
he practiced real estate in Philadelphia, Pennsylvania.
Mr. Musso has a B.S. in Finance from Syracuse University.
[PICURE]
Steven P. Musso
Managing Director
91
EXHIBIT 1
ABOUT THE FIRM
Ken joined the firm in 1996, bringing with him twelve years of banking and
securities experience.
Mr. Emerson has concentrated on bank valuations, strategic plans, market
feasibility studies, and branch profitability. His experience with respect to
accounting, reporting, and information systems serve him well in this capacity.
Ken's prior employers include Summit Bancorp, Valley Savings Bank, Howard
Savings Bank, Carteret Mortgage Company, CIT Data Corp., and Mahler & Emerson
Inc. Ken has managed financial reporting departments, complying with the
regulatory reporting requirements of the FRB, FDIC, OTS, State of New Jersey
Department of Banking, SEC, and NASD. Additional responsibilities have included
asset/liability, cash, back office, operations, objective and LAN management and
shareholder reporting, budgeting, acquisitions, sales, conversions, interfaces,
and FASB implementation.
Ken is a frequent speaker on Financial Institution related topics and is a
member of the AICPA and NJSCPA.
Mr. Emerson has a B.A. in Accounting from Franklin & Marshall College and is a
licensed CPA in the state of New Jersey.
[PICTURE]
Kenneth G. Emerson, CPA
Director
92
EXHIBIT 1
ABOUT THE FIRM
Dennis joined the firm in June of 1996.
Dennis has refined FinPro's interest rate risk product and currently manages all
of the Firm's interest rate risk engagements. Additionally, he has concentrated
on merger and acquisition transactions, divestitures, shareholder value
enhancements and has designed and built FinPro's acquisition opportunity ranking
model. Conversion appraisals, market feasibility, competitive analysis, branch
profitability and branch sales/acquisitions are other areas of specialization.
Prior to joining the firm, Dennis received broad based experience in the
securities industry. He worked for Merrill Lynch & Company supporting their
Mortgage-Backed trading desk in New York, as an Allocations Specialist and for
Sandler O'Neill & Partners, where he provided sales and trade support.
He received a B.S. from Babson College with a triple-major in Finance,
Investments and Economics.
[PICTURE]
Dennis E. Gibney
Senior Financial Analyst
93
EXHIBIT 1
ABOUT THE FIRM
Jeff joined the firm in March of 1998, although he has worked with the firm as
an intern since December of 1992.
Over the years, Mr. Hammill has concentrated on loan reviews, market feasibility
studies, site studies, market research, and market tours. He is currently
creating a continuing marketing program that assists institutions in identifying
local businesses and retail customer segments to target to gain new accounts.
Jeff also compiles background chapters for strategic and business plans.
Mr. Hammill has a B.S. in Agricultural Engineering from the University of
Illinois and is a licensed commercial pilot and flight instructor.
[PICTURE]
Jeffrey S. Hammill
Senior Analyst
94
EXHIBIT 2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
$ IN 000'S
ASSETS June 30, December 31, September
--------------------------------------------------
1998 1997 1996 1996
--------------------------------------------------
(In Thousands)
--------------------------------------------------
Assets:
Cash and amounts due from depository institutions $ 16,477 $ 12,333 $ 13,547 $ 15,600
Interest-bearing deposits 30,948 13,621 28,895 29,180
-------- -------- -------- --------
Total cash and cash equivalents 47,425 25,954 42,442 44,780
Securities available for sale 91,316 142,269 123,152 124,287
Investments - held to maturity 21,443 21,388 22,139 22,293
Mortgage-backed and related securities - held to maturity 41,884 46,413 53,405 54,945
Loans receivable, net 527,375 451,709 389,040 376,219
Accrued interest receivable 2,725 3,162 2,354 2,208
Office properties and equipment - net 22,157 20,206 16,368 16,359
Real estate owned, net 711 592 1,455 1,384
Federal Home Loan Bank stock - at cost 3,782 3,264 2,864 5,384
Other assets 6,670 5,176 1,990 5,642
-------- -------- -------- --------
Total Assets $765,488 $720,133 $655,209 $650,332
======== ======== ======== ========
LIABILITIES
Deposits $574,383 $550,708 $513,709 $498,929
Mortgage-backed bond, net 15,883 16,333 17,230 17,453
Advances from Federal Home Loan Bank 75,630 57,341 34,763 36,350
Employee Stock Ownership Plan borrowings -- 1,424 1,915 2,064
Advances by borrowers for taxes and insurance 5,467 931 1,059 6,861
Other liabilities 8,077 9,101 7,753 11,599
Deferred income taxes, net 2,970 3,036 2,661 2,020
-------- -------- -------- --------
Total liabilities 682,410 638,874 579,090 575,276
-------- -------- -------- --------
Commitments and contingencies
SHAREHOLDERS' EQUITY
Preferred Stock -- -- -- --
Common stock 5,100 5,095 5,090 5,090
Additional paid-in Capital 30,621 30,278 29,920 29,881
Retained income - substantially restricted 49,347 47,887 44,603 43,902
Common stock purchased by Employee Stock Ownership Plan (1,227) (1,424) (1,818) (1,965)
Common stock issued to Recognition and Retention Plan (330) (423) (608) (654)
Unrealized decrease in market value of securities
available for sale, net (433) (154) (1,068) (1,198)
-------- -------- -------- --------
Total shareholders' equity 83,078 81,259 76,119 75,056
-------- -------- -------- --------
Total liabilities and shareholders' equity $765,488 $720,133 $655,209 $650,332
======== ======== ======== ========
Source: Audited Financial Statements
95
EXHIBIT 3
CONSOLIDATED STATEMENTS OF OPERATIONS
$ IN 000'S
For the Year For the Three For the Years
For the Six Months Ended Ended Months Ended Ended
June 30, December December September 30,
--------------------------------------------------------------------------------
1998 1997 1997 1996 1996 1995
--------------------------------------------------------------------------------
Interest income:
Real Estate Loans $ 18,377 $ 15,479 $ 31,846 $ 7,427 $ 26,765 $ 23,661
Consumer and commercial business loans 913 817 1,644 408 1,508 1,197
Investment securities and securities available 4,754 5,280 10,422 2,566 8,720 5,945
Mortgage-backed and related securities 1,637 2,010 4,448 1,004 4,403 4,198
Interest-earning deposits 1,146 991 1,956 491 2,493 2,719
----------- ----------- ----------- ---------- ----------- ----------
Total interest deposits 26,827 24,577 50,316 11,896 43,889 37,720
----------- ----------- ----------- ---------- ----------- ----------
Interest Expense:
Deposits 11,976 11,031 22,648 5,251 19,247 15,679
Advances from Federal Home Loan Bank
and other borrowings 2,679 2,229 4,742 1,127 3,612 2,955
----------- ----------- ----------- ---------- ----------- ----------
Total interest expense 14,655 13,260 27,390 6,378 22,859 18,634
----------- ----------- ----------- ---------- ----------- ----------
Net interest income 12,172 11,317 22,926 5,518 21,030 19,086
Provision for loan losses 213 83 264 243 98 240
----------- ----------- ----------- ---------- ----------- ----------
Net interest income after provision
for loan losses 11,959 11,234 22,662 5,275 20,932 18,846
----------- ----------- ----------- ---------- ----------- ----------
Other income:
Servicing income and other fees 104 158 269 33 148 184
NOW account and other customer fees 1,677 1,608 3,339 820 3,150 2,767
Net gain (loss) on sale and early maturities -- -- (8) 51 --
Gain on early maturity of investment -- -- -- -- 254 --
Gain on sale of other assets -- -- 617 -- -- --
Net gain (loss) on sale of loans -- -- 3 3 (225) --
Miscellaneous (25) 96 (35) 318 217 443
----------- ----------- ----------- ---------- ----------- ----------
Total other income 1,756 1,862 4,185 1,225 3,544 3,394
----------- ----------- ----------- ---------- ----------- ----------
Operating expense:
Employee compensation 4,994 4,253 8,989 2,125 7,785 7,293
Occupancy and equipment 2,527 2,420 5,059 1,201 4,581 4,506
Net (gain) loss on real estate owned 20 (3) (112) 37 (243) (812)
Advertising and promotion 467 432 734 240 616 545
Federal deposit insurance premium 171 99 270 288 3,883 1,029
Miscellaneous 1,667 1,604 3,621 753 3,178 2,342
----------- ----------- ----------- ---------- ----------- ----------
Total operating expense 9,846 8,805 18,561 4,644 19,800 14,903
----------- ----------- ----------- ---------- ----------- ----------
Income before provision 3,869 4,291 8,286 1,856 4,676 7,337
----------- ----------- ----------- ---------- ----------- ----------
Provision (benefit) for income taxes
Current 3,042 65 1,817 3,126
Deferred (112) 631 (1,056) (363)
----------- ---------- ----------- ----------
Total provision 1,358 1,556 2,930 696 761 2,763
----------- ----------- ----------- ---------- ----------- ----------
Net Income $ 2,511 $ 2,735 $ 5,356 $ 1,160 $ 3,915 $ 4,574
=========== =========== =========== ========== =========== ==========
Earnings per share-basic $ 0.51 $ 0.55 $ 1.09 $ 0.24 $ 0.80 $ 0.94
=========== =========== =========== ========== =========== ==========
Earnings per share-diluted $ 0.49 $ 0.54 $ 1.06 $ 0.23 $ 0.79 $ 0.94
=========== =========== =========== ========== =========== ==========
Weighted avg. common shares outstanding-basic 4,970,782 4,919,960 4,929,989 4,902,479 4,869,238 4,845,384
=========== =========== =========== ========== =========== ==========
Weighted avg. common shares outstanding-diluted 5,116,956 5,021,739 5,054,853 4,951,820 4,936,763 4,882,658
=========== =========== =========== ========== =========== ==========
Source: Audited Financial Statements
96
EXHIBIT 4
RECONCILIATION OF TFR STATEMENT OF OPERATION TO CONSOLIDATED STATEMENTS OF
OPERATIONS
- -------------------------------------------------------------------------------
COMMUNITY SAVINGS, FA
OTS Docket # : 05939
TFR Schedule SO and Consolidated Statements of Operations
For the Twelve Months Ended June 30, 1998
(Dollars in thousands)
FINANCIAL
STATEMENT
DESCRIPTION TFR DESCRIPTION INCOME
- ----------- --- ----------- ------
9/30/97 SO Net Income $1,549 Twelve Months Ended 6/30/98 $5,132
9/30/97 mid-tier earnings --
12/31/97 SO Net Income 1,097 --
12/31/97 mid-tier earnings (24)
3/31/98 SO Net Income 1,233 --
3/31/98 mid-tier earnings (1)
6/30/98 SO Net Income 1,191
6/30/98 mid-tier earnings 88
------ ------
Twelve Months Ended 6/30/98 $5,133 Twelve Months Ended 6/30/98 $5,132
Rounding difference (1)
Note: The Mid-Tier's source of earnings are the intercompany loans
including the ESOP loan
Note: Mid-Tier expenses are shareholder related
97
EXHIBIT 5
CONSOLIDATED STATEMENTS OF CHANGES IN NET WORTH
$ IN 000'S
Retained Employee
Income- Stock
Common Additional Substantially Ownership
Stock Paid-in Capital Restricted Plan
--------------------------------------------------
(Thousands)
Balance - September 30, 1994 $ -- $ -- $ 38,583 $ --
Issuance of Common Stock pursuant to Reorganization,
net of costs of issuance of $1,712 5,000 28,984 -- --
Assets distributed to Mutual Holding Company pursuant to
Reorganization -- -- (200) --
Purchase of Common Stock by Employee Stock Ownership Plan -- -- -- (2,753)
Distribution of Common Stock to Recognition and Retention Plan 89 1,278 -- --
Net income for the year ended September 30, 1995 -- -- 4,574 --
Unrealized increase in market value of assets available for sale
(net of income taxes) -- -- -- --
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan -- (80) -- 297
Dividends declared -- -- (1,291) --
------- -------- -------- --------
Balance - September 30, 1995 5,089 30,182 41,666 (2,456)
Net income for the year ended September 30, 1996 -- -- 3,915 --
Stock options exercised 1 12 -- --
Transfer from securities held to maturity to securities available
for sale (net of income taxes) -- -- -- --
Unrealized decrease in market value of assets available for
sale (net of income taxes) -- -- -- --
Adjustment to deferred compensation - Recognition
and Retention Plan -- (378) -- --
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan -- 65 -- 491
Dividends declared -- -- (1,679) --
------- -------- -------- --------
Balance - September 30, 1996 5,090 29,881 43,902 (1,965)
Net income for three months ended December 31, 1996 -- -- 1,160 --
Stock options exercised -- 4 -- --
Unrealized increase in market value of assets available for
sale (net of income taxes) -- -- -- --
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan -- 35 -- 147
Dividends declared -- -- (459) --
------- -------- -------- --------
Balance - December 31, 1996 5,090 29,920 44,603 (1,818)
Net income for the year ended December 31, 1997 -- -- 5,356 --
Stock options exercised 5 45 -- --
Unrealized increase in market value of assets available for
sale (net of income taxes) -- -- -- --
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan -- 313 -- 394
Dividends declared -- -- (2,072) --
------- -------- -------- --------
Balance - December 31, 1997 5,095 30,278 47,887 (1,424)
------- -------- -------- --------
Net income for the six months ended June 30, 1998 -- -- 2,511 --
Stock options exercised 5 45 -- --
Unrealized increase in market value of assets available for
sale (net of income taxes) -- -- -- --
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan -- 298 -- 197
Dividends declared -- -- (1,051) --
------- -------- -------- --------
Balance - June 30, 1998 $ 5,100 $ 30,621 $ 49,347 $ (1,227)
Unrealized
(Decrease) In
Recognition Market Value
and of Securities
Retention Available
Plan for Sale Total
---------------------------------
Balance - September 30, 1994 $ -- $ (473) $ 38,110
Issuance of Common Stock pursuant to Reorganization,
net of costs of issuance of $1,712 -- -- 33,984
Assets distributed to Mutual Holding Company pursuant to
Reorganization -- -- (200)
Purchase of Common Stock by Employee Stock Ownership Plan -- -- (2,753)
Distribution of Common Stock to Recognition and Retention Plan (1,367) -- --
Net income for the year ended September 30, 1995 -- -- 4,574
Unrealized increase in market value of assets available for sale
(net of income taxes) -- 2 2
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan 205 -- 422
Dividends declared -- -- (1,291)
--------- -------- ---------
Balance - September 30, 1995 (1,162) (471) 72,848
Net income for the year ended September 30, 1996 -- -- 3,915
Stock options exercised -- -- 13
Transfer from securities held to maturity to securities available
for sale (net of income taxes) -- 247 247
Unrealized decrease in market value of assets available for
sale (net of income taxes) -- (974) (974)
Adjustment to deferred compensation - Recognition
and Retention Plan 378 -- --
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan 130 -- 686
Dividends declared -- -- (1,679)
--------- -------- --------
Balance - September 30, 1996 (654) (1,198) 75,056
Net income for three months ended December 31, 1996 -- -- 1,160
Stock options exercised -- -- 4
Unrealized increase in market value of assets available for
sale (net of income taxes) -- 130 130
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan 46 -- 228
Dividends declared -- -- (459)
--------- -------- --------
Balance - December 31, 1996 (608) (1,068) 76,119
Net income for the year ended December 31, 1997 -- -- 5,356
Stock options exercised -- -- 50
Unrealized increase in market value of assets available for
sale (net of income taxes) -- 914 914
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan 185 -- 892
Dividends declared -- -- (2,072)
--------- -------- --------
Balance - December 31, 1997 (423) (154) 81,259
--------- -------- --------
Net income for the six months ended June 30, 1998 -- -- 2,511
Stock options exercised -- -- 50
Unrealized increase in market value of assets available for
sale (net of income taxes) -- (279) (279)
Amortization of deferred compensation - Employee Stock
Ownership Plan and Recognition and Retention Plan 93 -- 588
Dividends declared -- -- (1,051)
--------- -------- --------
Balance - June 30, 1998 $ (330) $ (433) $ 83,078
--------- -------- --------
Source: Audited Financial Statements
98
EXHIBIT 6
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ IN 000's
-------------------------
For the Six Months Ended
June 30,
-------------------------
1998 1997
-------------------------
Cash flows from (for) operating activities:
Net income $ 2,511 $ 2,735
Adjustments to reconcile net income to net cash provided by (for) operating activities:
Depreciation 720 677
Employee Stock Ownership Plan and Recognition and Retention Plan
compensation expense 588 371
Deferred income tax provision -- --
Accretion of discounts, amortization of premiums, and other deferred yield items (1,531) (766)
Provision for losses on other assets -- --
Provision for loan losses 213 83
Provision for losses and net (gains) losses on sales of real estate owned (15) (2)
Amortization of discount on mortgage-backed bond 243 246
Net (gain) loss on sale and early maturities of: Securities available for sale -- --
Loans and other assets 1 (14)
Gain on early maturity of investment -- --
Increase in accrued interest receivable 437 (526)
(Increase) decrease in other assets (1,494) (1,967)
Decrease (increase) in loans available for sale -- (10)
(Increase) decrease in other liabilities (1,024) 526
-------- --------
Net cash provided by (used for) operating activities 649 1,353
-------- --------
Cash flows from (for) investing activities:
Loan originations and principal payments on loans - net (37,633) (18,406)
Principal payments received on mortgage-backed and related securities and
securities available for sale 17,004 6,389
Principal payments received on investments - held to maturity 743 939
Purchases of: Loans (38,307) (2,590)
Mortgage-backed and related securities -- --
Investments - held to maturity -- --
Federal Home Loan Bank stock (518) (399)
Securities available for sale -- (41,309)
Office property and equipment (2,674) (2,756)
Proceeds from sales of: Securities available for sale -- --
Federal Home Loan Bank stock -- --
Office property and equipment 1 78
Real estate acquired in settlement of loans 522 189
Loans purchased -- --
Proceeds from calls or maturities of investments of investments-held to maturity
and securities available for sale 38,381 12,300
Investment in real estate venture -- (27)
Other investing (79) (159)
-------- --------
Net cash used for investing activities (22,560) (45,751)
--------------------------
For the Year For the Three
Ended Months Ended
December 31, December 31,
--------------------------
1997 1997
--------------------------
Cash flows from (for) operating activities:
Net income $ 5,356 $ 1,160
Adjustments to reconcile net income to net cash provided by (for) operating activities:
Depreciation 1,503 329
Employee Stock Ownership Plan and Recognition and Retention Plan
compensation expense 892 228
Deferred income tax provision (112) 631
Accretion of discounts, amortization of premiums, and other deferred yield items (1,915) (396)
Provision for losses on other assets -- --
Provision for loan losses 264 243
Provision for losses and net (gains) losses on sales of real estate owned (173) --
Amortization of discount on mortgage-backed bond 490 123
Net (gain) loss on sale and early maturities of: Securities available for sale 8 (51)
Loans and other assets (16) (10)
Gain on early maturity of investment -- --
Increase in accrued interest receivable (808) (146)
(Increase) decrease in other assets (3,186) 327
Decrease (increase) in loans available for sale 70 137
(Increase) decrease in other liabilities 1,347 (3,851)
-------- --------
Net cash provided by (used for) operating activities 3,720 (1,276)
-------- --------
Cash flows from (for) investing activities:
Loan originations and principal payments on loans - net (38,694) (11,257)
Principal payments received on mortgage-backed and related securities and
securities available for sale 14,422 2,840
Principal payments received on investments - held to maturity 1,825 475
Purchases of: Loans (24,455) (1,998)
Mortgage-backed and related securities -- --
Investments - held to maturity -- --
Federal Home Loan Bank stock (400) --
Securities available for sale (46,311) --
Office property and equipment (5,300) (344)
Proceeds from sales of: Securities available for sale 2,435 100
Federal Home Loan Bank stock -- 2,520
Office property and equipment 128 178
Real estate acquired in settlement of loans 1,551 --
Loans purchased -- --
Proceeds from calls or maturities of investments of investments-held to maturity
and securities available for sale 19,300 --
Investment in real estate venture -- 156
Other investing (351) (184)
-------- --------
Net cash used for investing activities (75,850) (7,514)
---------------------
For the Years Ended
September 30,
---------------------
1996 1995
---------------------
Cash flows from (for) operating activities:
Net income $ 3,915 $ 4,574
Adjustments to reconcile net income to net cash provided by (for) operating activities:
Depreciation 1,304 1,353
Employee Stock Ownership Plan and Recognition and Retention Plan
compensation expense 686 422
Deferred income tax provision (1,056) (363)
Accretion of discounts, amortization of premiums, and other deferred yield items (1,494) (1,497)
Provision for losses on other assets 200 --
Provision for loan losses 98 240
Provision for losses and net (gains) losses on sales of real estate owned (67) (102)
Amortization of discount on mortgage-backed bond 496 498
Net (gain) loss on sale and early maturities of: Securities available for sale -- --
Loans and other assets 208 4
Gain on early maturity of investment (254) --
Increase in accrued interest receivable (65) (1,181)
(Increase) decrease in other assets (609) 473
Decrease (increase) in loans available for sale 109 (316)
(Increase) decrease in other liabilities 4,424 85
-------- --------
Net cash provided by (used for) operating activities 7,895 4,190
-------- --------
Cash flows from (for) investing activities:
Loan originations and principal payments on loans - net (34,182) (10,825)
Principal payments received on mortgage-backed and related securities and
securities available for sale 11,454 5,286
Principal payments received on investments - held to maturity 2,671 2,694
Purchases of: Loans (16,775) (2,728)
Mortgage-backed and related securities (6,013) (41,549)
Investments - held to maturity -- (30,085)
Federal Home Loan Bank stock -- --
Securities available for sale (67,641) --
Office property and equipment (1,481) (1,805)
Proceeds from sales of: Securities available for sale 749 --
Federal Home Loan Bank stock 2,000 --
Office property and equipment 443 25
Real estate acquired in settlement of loans 767 3,130
Loans purchased 3,452 --
Proceeds from calls or maturities of investments of investments-held to maturity
and securities available for sale 22,012 21,000
Investment in real estate venture 1,305 1,588
Other investing (455) 148
-------- --------
Net cash used for investing activities (81,694) (53,121)
Source: Audited Financial Statements
99
Page 1 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CORPORATE
--------------------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF)
- -------------------------------------------- --------------------------------------------------------------------------------
%CAL California Federal Bank Private San Francisco CA 225 NA SAIF
%CCMD Chevy Chase Bank, FSB Private Chevy Chase MD 128 NA SAIF
AABC Access Anytime Bancorp Inc. NASDAQ Clovis NM 3 08/08/86 SAIF
ABBK Abington Bancorp Inc. NASDAQ Abington MA 9 06/10/86 BIF
ABCL Alliance Bancorp NASDAQ Hinsdale IL 20 07/07/92 SAIF
ABCW Anchor BanCorp Wisconsin NASDAQ Madison WI 35 07/16/92 SAIF
AFBC Advance Financial Bancorp NASDAQ Wellsburg WV 2 01/02/97 SAIF
AFED AFSALA Bancorp Inc. NASDAQ Amsterdam NY 6 10/01/96 SAIF
AHCI Ambanc Holding Co. NASDAQ Amsterdam NY 12 12/27/95 BIF
AHM H.F. Ahmanson & Co. NYSE Irwindale CA 409 10/25/72 SAIF
ALBC Albion Banc Corp. NASDAQ Albion NY 2 07/26/93 SAIF
ALBK ALBANK Financial Corp. NASDAQ Albany NY 109 04/01/92 SAIF
ALLB Alliance Bank (MHC) NASDAQ Broomall PA 7 03/03/95 SAIF
AMFC AMB Financial Corp. NASDAQ Munster IN 4 04/01/96 SAIF
ANA Acadiana Bancshares Inc. AMSE Lafayette LA 5 07/16/96 SAIF
ANDB Andover Bancorp Inc. NASDAQ Andover MA 12 05/08/86 BIF
ANE Alliance Bncp of New England AMSE Vernon CT 7 12/19/86 BIF
ASBI Ameriana Bancorp NASDAQ New Castle IN 9 03/02/87 SAIF
ASBP ASB Financial Corp. NASDAQ Portsmouth OH 1 05/11/95 SAIF
ASFC Astoria Financial Corp. NASDAQ Lake Success NY 61 11/18/93 SAIF
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF
AVND Avondale Financial Corp. NASDAQ Chicago IL 5 04/07/95 SAIF
BANC BankAtlantic Bancorp Inc. NASDAQ Fort Lauderdale FL 65 11/29/83 SAIF
BCSB BCSB Bankcorp Inc. (MHC) NASDAQ Baltimore MD 6 07/08/98 SAIF
BDJI First Federal Bancorp. NASDAQ Bemidji MN 5 04/04/95 SAIF
BFD BostonFed Bancorp Inc. AMSE Burlington MA 10 10/24/95 SAIF
BFFC Big Foot Financial Corp. NASDAQ Long Grove IL 3 12/20/96 SAIF
BFSB Bedford Bancshares Inc. NASDAQ Bedford VA 3 08/22/94 SAIF
BKC American Bank of Connecticut AMSE Waterbury CT 14 12/01/81 BIF
BKCT Bancorp Connecticut Inc. NASDAQ Southington CT 3 07/03/86 BIF
BKUNA BankUnited Financial Corp. NASDAQ Coral Gables FL 19 12/11/85 SAIF
BNKU Bank United Corp. NASDAQ Houston TX 81 08/09/96 SAIF
BPLS Bank Plus Corp. NASDAQ Los Angeles CA 38 NA SAIF
BRBI Blue River Bancshares Inc. NASDAQ Shelbyville IN 4 NA SAIF
BRKL Brookline Bancorp (MHC) NASDAQ Brookline MA 5 03/25/98 BIF
BTHL Bethel Bancorp NASDAQ Portland ME 8 08/19/87 BIF
BVCC Bay View Capital Corp. NASDAQ San Mateo CA 56 05/09/86 SAIF
BWFC Bank West Financial Corp. NASDAQ Grand Rapids MI 3 03/30/95 SAIF
BYFC Broadway Financial Corp. NASDAQ Los Angeles CA 4 01/09/96 SAIF
BYS Bay State Bancorp AMSE Brookline MA 5 03/30/98 SAIF
CAFI Camco Financial Corp. NASDAQ Cambridge OH 14 NA SAIF
CASB Cascade Financial Corp. NASDAQ Everett WA 11 09/16/92 SAIF
CASH First Midwest Financial Inc. NASDAQ Storm Lake IA 14 09/20/93 SAIF
CATB Catskill Financial Corp. NASDAQ Catskill NY 5 04/18/96 BIF
CAVB Cavalry Bancorp Inc. NASDAQ Murfreesboro TN 9 03/17/98 SAIF
CBCI Calumet Bancorp Inc. NASDAQ Dolton IL 5 02/20/92 SAIF
CBES CBES Bancorp Inc. NASDAQ Excelsior Springs MO 3 09/30/96 SAIF
CBK Citizens First Financial Corp. AMSE Bloomington IL 6 05/01/96 SAIF
CBSA Coastal Bancorp Inc. NASDAQ Houston TX 37 NA SAIF
CCFH CCF Holding Co. NASDAQ Jonesboro GA 5 07/12/95 SAIF
CEBK Central Co-operative Bank NASDAQ Somerville MA 8 10/24/86 BIF
CENB Century Bancorp Inc. NASDAQ Thomasville NC 1 12/23/96 SAIF
CFB Commercial Federal Corp. NYSE Omaha NE 215 12/31/84 SAIF
CFCP Coastal Financial Corp. NASDAQ Myrtle Beach SC 11 09/26/90 SAIF
CFFC Community Financial Corp. NASDAQ Staunton VA 4 03/30/88 SAIF
CFKY Columbia Financial of Kentucky NASDAQ Fort Mitchell KY 5 04/15/98 SAIF
CFNC Carolina Fincorp Inc. NASDAQ Rockingham NC 4 11/25/96 SAIF
CFSB CFSB Bancorp Inc. NASDAQ Lansing MI 17 06/22/90 SAIF
CFTP Community Federal Bancorp NASDAQ Tupelo MS 2 03/26/96 SAIF
CIBI Community Investors Bancorp NASDAQ Bucyrus OH 3 02/07/95 SAIF
CITZ CFS Bancorp Inc. NASDAQ Munster IN 24 07/24/98 SAIF
CKFB CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95 SAIF
CLAS Classic Bancshares Inc. NASDAQ Ashland KY 5 12/29/95 SAIF
CMRN Cameron Financial Corp NASDAQ Cameron MO 4 04/03/95 SAIF
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
------------ -------------------------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
CONVERSION ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER TYPE ($000) (%) (%) (%) (%)
- ------ ------------ -------------------------------------------------------------------------
%CAL Not Avail. 33,994,377 NA NA 47.20 41.77
%CCMD Not Avail. 6,301,924 53.61 42.63 79.53 9.87
AABC Regular 116,921 76.51 66.07 86.35 4.92
ABBK Regular 546,208 99.79 63.18 63.32 27.23
ABCL Regular 2,068,197 100.56 64.08 63.73 25.37
ABCW Regular 2,057,635 117.84 81.97 69.56 22.58
AFBC Regular 110,668 115.29 86.06 74.65 10.59
AFED Regular 165,925 56.13 46.99 83.71 1.03
AHCI Regular 519,831 88.66 55.34 62.41 22.44
AHM Regular 52,826,336 94.63 67.01 70.81 19.51
ALBC Regular 74,118 102.18 77.17 75.52 13.74
ALBK Regular 4,130,868 81.76 69.37 84.86 2.13
ALLB Mutual HC 277,490 71.32 54.94 77.02 11.87
AMFC Regular 111,338 115.99 78.86 67.99 18.03
ANA Regular 298,148 NA NA 67.72 16.68
ANDB Regular 1,392,342 106.47 74.33 69.81 21.15
ANE Regular 252,287 73.12 65.44 89.50 2.25
ASBI Regular 388,491 87.64 72.49 82.72 3.87
ASBP Regular 114,907 86.34 68.39 79.21 3.71
ASFC Regular 11,575,551 80.28 42.25 52.63 37.93
ATSB Regular 69,106 104.82 70.11 66.89 21.51
AVND Regular 520,132 53.50 37.31 69.74 20.34
BANC Regular 3,756,571 151.40 73.06 48.25 38.77
BCSB Mutual HC 320,627 77.62 53.93 69.48 0.00
BDJI Regular 121,315 66.51 46.52 69.94 17.70
BFD Regular 1,058,207 136.79 84.32 61.64 29.68
BFFC Regular 209,474 88.45 51.82 58.58 20.53
BFSB Regular 156,509 120.39 80.66 67.00 19.17
BKC Regular 685,545 84.85 58.99 69.52 20.86
BKCT Regular 495,178 80.75 52.83 65.42 23.76
BKUNA Regular 3,326,968 138.03 76.08 55.12 32.45
BNKU Not Avail. 13,095,947 151.99 74.50 49.02 39.63
BPLS Not Avail. 4,286,237 NA NA 71.28 23.60
BRBI Not Avail. 350,208 NM 0.00 0.00 49.05
BRKL Mutual HC 835,329 113.24 63.37 55.96 9.39
BTHL Regular 218,187 114.79 77.14 67.20 22.23
BVCC Regular 5,720,109 135.25 78.35 57.93 34.73
BWFC Regular 180,354 105.51 68.77 65.18 21.19
BYFC Regular 128,444 94.46 83.51 88.41 0.00
BYS Regular 287,617 114.60 81.50 71.12 5.22
CAFI Not Avail. 575,563 112.85 84.23 74.64 13.81
CASB Regular 444,155 124.43 87.55 70.36 19.55
CASH Regular 421,258 NA NA 63.97 25.10
CATB Regular 309,566 64.11 43.38 67.66 8.36
CAVB Regular 339,846 99.95 69.00 69.03 0.00
CBCI Regular 491,961 108.90 77.28 70.96 9.16
CBES Regular 123,710 134.64 93.36 69.34 15.76
CBK Regular 279,849 114.35 82.26 71.94 12.74
CBSA Not Avail. 2,980,528 104.66 47.72 45.59 48.73
CCFH Regular 158,539 81.38 72.85 89.51 2.14
CEBK Regular 376,063 101.94 74.91 73.49 15.69
CENB Regular 104,379 94.66 65.55 69.25 0.00
CFB Regular 8,853,018 126.09 76.38 60.58 30.13
CFCP Regular 616,887 114.61 68.36 59.64 33.17
CFFC Regular 183,894 118.40 88.96 75.13 9.79
CFKY Regular 127,726 54.20 48.32 89.15 0.00
CFNC Regular 118,468 92.87 70.79 76.23 0.00
CFSB Regular 847,769 130.60 89.03 68.17 22.30
CFTP Regular 263,246 98.59 53.59 54.36 20.74
CIBI Regular 101,734 111.02 82.25 74.09 14.33
CITZ Regular 746,050 45.57 40.89 89.73 0.00
CKFB Regular 62,759 121.45 89.58 73.76 3.46
CLAS Regular 137,984 85.97 67.54 78.56 5.33
CMRN Regular 220,784 136.16 82.37 60.49 18.23
100
Page 2 of 40
SELECTED DATA ON ALL PUBLIC THRIFTS EXHIBIT 7
CORPORATE
-----------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF)
- ---------------------------------------- -----------------------------------------------------------------------
CMSB Commonwealth Bancorp Inc. NASDAQ Norristown PA 58 06/17/96 SAIF
CMSV Community Savings Bnkshrs(MHC) NASDAQ North Palm Beach FL 21 10/24/94 SAIF
CNIT CENIT Bancorp Inc. NASDAQ Norfolk VA 20 08/06/92 SAIF
CNSB CNS Bancorp Inc. NASDAQ Jefferson City MO 5 06/12/96 SAIF
CNY Carver Bancorp Inc. AMSE New York NY 7 10/25/94 SAIF
COFI Charter One Financial NASDAQ Cleveland OH 223 01/22/88 SAIF
CONE Conestoga Bancorp, Inc. NASDAQ Roslyn NY 8 03/30/94 SAIF
COOP Cooperative Bankshares Inc. NASDAQ Wilmington NC 16 08/21/91 SAIF
CRSB Crusader Holding Corp. NASDAQ Philadelphia PA 2 NA SAIF
CRZY Crazy Woman Creek Bancorp NASDAQ Buffalo WY 1 03/29/96 SAIF
CSBF CSB Financial Group Inc. NASDAQ Centralia IL 2 10/09/95 SAIF
CVAL Chester Valley Bancorp Inc. NASDAQ Downingtown PA 7 03/27/87 SAIF
DCBI Delphos Citizens Bancorp Inc. NASDAQ Delphos OH 1 11/21/96 SAIF
DCOM Dime Community Bancshares Inc. NASDAQ Brooklyn NY 14 06/26/96 BIF
DIBK Dime Financial Corp. NASDAQ Wallingford CT 11 07/09/86 BIF
DME Dime Bancorp Inc. NYSE New York NY 91 08/19/86 BIF
DNFC D & N Financial Corp. NASDAQ Hancock MI 36 02/13/85 SAIF
DSL Downey Financial Corp. NYSE Newport Beach CA 90 01/01/71 SAIF
EBI Equality Bancorp Inc. AMSE St. Louis MO 3 12/02/97 SAIF
EBSI Eagle Bancshares NASDAQ Tucker GA 15 04/01/86 SAIF
EFBC Empire Federal Bancorp Inc. NASDAQ Livingston MT 3 01/27/97 SAIF
EFBI Enterprise Federal Bancorp NASDAQ West Chester OH 7 10/17/94 SAIF
EFC EFC Bancorp Inc. AMSE Elgin IL 6 04/07/98 SAIF
EGLB Eagle BancGroup Inc. NASDAQ Bloomington IL 3 07/01/96 SAIF
EMLD Emerald Financial Corp. NASDAQ Strongsville OH 14 10/05/93 SAIF
EQSB Equitable Federal Savings Bank NASDAQ Wheaton MD 4 09/10/93 SAIF
ESBF ESB Financial Corp. NASDAQ Ellwood City PA 11 06/13/90 SAIF
ESBK Elmira Savings Bank (The) NASDAQ Elmira NY 6 03/01/85 BIF
ESX Essex Bancorp Inc. AMSE Norfolk VA 4 NA SAIF
ETFS East Texas Financial Services NASDAQ Tyler TX 2 01/10/95 SAIF
FAB FIRSTFED AMERICA BANCORP INC. AMSE Swansea MA 13 01/15/97 SAIF
FBBC First Bell Bancorp Inc. NASDAQ Pittsburgh PA 7 06/29/95 SAIF
FBCI Fidelity Bancorp Inc. NASDAQ Chicago IL 5 12/15/93 SAIF
FBCV 1ST Bancorp NASDAQ Vincennes IN 2 04/07/87 SAIF
FBER 1st Bergen Bancorp NASDAQ Wood-Ridge NJ 4 04/01/96 SAIF
FBHC Fort Bend Holding Corp. NASDAQ Rosenberg TX 6 06/30/93 SAIF
FBNW FirstBank Corp. NASDAQ Lewiston ID 6 07/02/97 SAIF
FBSI First Bancshares Inc. NASDAQ Mountain Grove MO 8 12/22/93 SAIF
FCB Falmouth Bancorp Inc. AMSE Falmouth MA 3 03/28/96 BIF
FCBF FCB Financial Corp. NASDAQ Oshkosh WI 13 09/24/93 SAIF
FCBH Virginia Beach Fed. Financial NASDAQ Virginia Beach VA 14 11/01/80 SAIF
FCBK First Coastal Bankshares NASDAQ Virginia Beach VA 17 11/01/80 SAIF
FCME First Coastal Corp. NASDAQ Westbrook ME 8 NA BIF
FDEF First Defiance Financial NASDAQ Defiance OH 11 10/02/95 SAIF
FDTR Federal Trust Corp. NASDAQ Winter Park FL 1 NA SAIF
FED FirstFed Financial Corp. NYSE Santa Monica CA 24 12/16/83 SAIF
FESX First Essex Bancorp Inc. NASDAQ Andover MA 19 08/04/87 BIF
FFBA First Colorado Bancorp Inc. NASDAQ Lakewood CO 27 01/02/96 SAIF
FFBH First Federal Bancshares of AR NASDAQ Harrison AR 12 05/03/96 SAIF
FFBI First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93 SAIF
FFBS FFBS BanCorp Inc. NASDAQ Columbus MS 3 07/01/93 SAIF
FFBZ First Federal Bancorp Inc. NASDAQ Zanesville OH 6 07/13/92 SAIF
FFCH First Financial Holdings Inc. NASDAQ Charleston SC 36 11/10/83 SAIF
FFDB FirstFed Bancorp Inc. NASDAQ Bessemer AL 8 11/19/91 SAIF
FFDF FFD Financial Corp. NASDAQ Dover OH 1 04/03/96 SAIF
FFED Fidelity Federal Bancorp NASDAQ Evansville IN 4 08/31/87 SAIF
FFES First Federal of East Hartford NASDAQ East Hartford CT 11 06/23/87 SAIF
FFFD North Central Bancshares Inc. NASDAQ Fort Dodge IA 7 03/21/96 SAIF
FFFL Fidelity Bankshares Inc.(MHC) NASDAQ West Palm Beach FL 22 01/07/94 SAIF
FFHH FSF Financial Corp. NASDAQ Hutchinson MN 11 10/07/94 SAIF
FFHS First Franklin Corp. NASDAQ Cincinnati OH 7 01/26/88 SAIF
FFIC Flushing Financial Corp. NASDAQ Flushing NY 8 11/21/95 BIF
FFKY First Federal Financial Corp. NASDAQ Elizabethtown KY 11 07/15/87 SAIF
FFLC FFLC Bancorp Inc. NASDAQ Leesburg FL 9 01/04/94 SAIF
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
------------ -------------------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
CONVERSION ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER TYPE ($000) (%) (%) (%) (%)
- ------- -------------- -------------------------------------------------------------------
CMSB Not Avail. 2,368,247 90.96 60.65 66.68 21.99
CMSV Mutual HC 760,610 84.04 64.80 77.11 10.17
CNIT Regular 651,857 104.64 80.13 76.58 14.91
CNSB Regular 97,988 89.11 65.97 74.03 0.60
CNY Regular 427,371 96.00 62.84 65.46 23.77
COFI Regular 19,813,254 122.96 67.69 55.05 35.71
CONE Regular 494,348 28.70 23.21 80.86 2.02
COOP Regular 381,054 102.12 80.05 78.39 13.15
CRSB Not Avail. 202,034 143.25 84.26 58.82 28.43
CRZY Regular 61,478 97.27 48.54 49.91 25.78
CSBF Regular 47,983 75.83 57.68 76.06 0.00
CVAL Regular 377,012 93.11 73.64 79.09 11.05
DCBI Regular 113,585 NA NA 69.86 5.28
DCOM Regular 1,623,926 91.50 58.51 63.94 22.18
DIBK Regular 1,018,779 43.27 36.32 83.93 7.17
DME Regular 20,913,891 113.54 76.18 67.10 23.43
DNFC Regular 1,898,004 119.15 67.81 56.91 34.62
DSL Not Avail. 5,832,102 102.83 91.18 88.67 2.67
EBI Not Avail. 273,361 86.17 37.41 43.41 46.29
EBSI Regular 1,149,483 112.31 76.11 67.77 20.95
EFBC Regular 110,590 69.39 42.17 60.77 0.62
EFBI Regular 365,625 123.89 67.39 54.39 34.39
EFC Regular 448,207 93.55 58.32 62.34 7.59
EGLB Regular 174,085 88.68 67.25 75.84 11.49
EMLD Regular 617,369 92.02 79.24 86.11 4.39
EQSB Supervisory 350,555 NA NA 74.93 19.11
ESBF Regular 956,146 88.15 37.66 42.73 46.51
ESBK Regular 231,725 85.87 78.64 91.57 1.41
ESX Not Avail. 214,391 112.47 86.99 77.34 14.59
ETFS Regular 122,594 70.67 50.54 71.52 10.05
FAB Regular 1,315,743 130.09 68.68 52.80 36.03
FBBC Regular 756,638 120.55 75.56 62.68 23.79
FBCI Regular 501,708 125.04 81.73 65.36 21.89
FBCV Regular 259,562 155.11 73.33 47.28 42.53
FBER Regular 300,755 59.39 44.27 74.54 13.13
FBHC Regular 318,348 67.44 56.69 84.06 4.68
FBNW Regular 194,432 131.63 81.21 61.70 21.71
FBSI Regular 177,946 102.88 81.36 79.09 6.86
FCB Regular 110,523 99.60 71.77 72.06 5.99
FCBF Regular 517,772 122.82 75.55 61.52 21.12
FCBH Not Avail. 625,254 108.17 74.01 68.42 23.41
FCBK Not Avail. 609,753 113.98 76.51 67.13 23.56
FCME Not Avail. 171,719 76.80 62.17 80.95 10.00
FDEF Not Avail. 582,124 115.80 80.47 69.49 11.36
FDTR Not Avail. 147,815 120.53 87.44 72.54 17.29
FED Regular 4,010,381 NA NA 53.34 39.50
FESX Regular 1,316,782 82.80 58.80 71.01 19.99
FFBA Not Avail. 1,546,630 97.10 75.03 77.27 7.21
FFBH Regular 578,142 NA NA 80.00 4.90
FFBI Regular 82,682 81.43 66.52 81.70 8.10
FFBS Regular 134,952 90.62 71.00 78.35 3.41
FFBZ Regular 207,381 127.10 85.71 67.44 24.11
FFCH Regular 1,858,165 131.21 81.02 61.75 29.94
FFDB Regular 181,468 73.33 65.81 89.75 0.00
FFDF Regular 100,104 111.56 67.56 60.56 16.40
FFED Regular 197,436 113.35 84.20 74.29 18.13
FFES Regular 980,415 35.40 21.24 60.01 32.19
FFFD Not Avail. 331,124 102.67 76.40 74.41 9.77
FFFL Mutual HC 1,468,351 90.54 62.46 68.98 21.16
FFHH Regular 414,072 128.35 68.53 53.39 35.56
FFHS Regular 237,679 74.66 64.56 86.46 3.87
FFIC Regular 1,091,908 99.72 61.06 61.23 24.86
FFKY Regular 409,651 116.45 87.19 74.87 10.56
FFLC Regular 412,443 105.71 83.54 79.03 7.27
101
Page 3 of 40
SELECTED DATA ON ALL PUBLIC THRIFTS EXHIBIT 7
CORPORATE
-----------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF)
- ---------------------------------------- -----------------------------------------------------------------------
FFOH Fidelity Financial of Ohio NASDAQ Cincinnati OH 12 03/04/96 SAIF
FFPB First Palm Beach Bancorp Inc. NASDAQ West Palm Beach FL 51 09/29/93 SAIF
FFSL First Independence Corp. NASDAQ Independence KS 2 10/08/93 SAIF
FFSX First Fed SB of Siouxland(MHC) NASDAQ Sioux City IA 15 07/13/92 SAIF
FFWC FFW Corp. NASDAQ Wabash IN 4 04/05/93 SAIF
FFWD Wood Bancorp Inc. NASDAQ Bowling Green OH 7 08/31/93 SAIF
FFYF FFY Financial Corp. NASDAQ Youngstown OH 10 06/28/93 SAIF
FGHC First Georgia Holding Inc. NASDAQ Brunswick GA 7 02/11/87 SAIF
FIBC Financial Bancorp Inc. NASDAQ Long Island City NY 5 08/17/94 SAIF
FISB First Indiana Corp. NASDAQ Indianapolis IN 26 08/02/83 SAIF
FKAN First Kansas Financial Corp. NASDAQ Osawatomie KS 6 06/29/98 SAIF
FKFS First Keystone Financial NASDAQ Media PA 6 01/26/95 SAIF
FKKY Frankfort First Bancorp Inc. NASDAQ Frankfort KY 3 07/10/95 SAIF
FLAG FLAG Financial Corp. NASDAQ LaGrange GA 16 12/11/86 SAIF
FLFC First Liberty Financial Corp. NASDAQ Macon GA 36 12/06/83 SAIF
FLGS Flagstar Bancorp Inc. NASDAQ Bloomfield Hills MI 24 NA SAIF
FLKY First Lancaster Bancshares NASDAQ Lancaster KY 1 07/01/96 SAIF
FMBD First Mutual Bancorp Inc. NASDAQ Decatur IL 14 07/05/95 SAIF
FMCO FMS Financial Corp. NASDAQ Burlington NJ 21 12/14/88 SAIF
FMSB First Mutual Savings Bank NASDAQ Bellevue WA 9 12/17/85 BIF
FNGB First Northern Capital Corp. NASDAQ Green Bay WI 19 12/29/83 SAIF
FOBC Fed One Bancorp NASDAQ Wheeling WV 12 01/19/95 SAIF
FPRY First Financial Bancorp NASDAQ Tallahassee FL 6 03/29/88 SAIF
FSBI Fidelity Bancorp Inc. NASDAQ Pittsburgh PA 8 06/24/88 SAIF
FSFF First SecurityFed Financial NASDAQ Chicago IL 5 10/31/97 SAIF
FSLA First Source Bancorp Inc. NASDAQ Woodbridge NJ 16 04/09/98 SAIF
FSNJ Bayonne Bancshares Inc. NASDAQ Bayonne NJ 4 08/22/97 SAIF
FSPT FirstSpartan Financial Corp. NASDAQ Spartanburg SC 8 07/09/97 SAIF
FSSB First FS&LA of San Bernardino NASDAQ San Bernardino CA 4 02/02/93 SAIF
FSTC First Citizens Corp. NASDAQ Newnan GA 9 03/01/86 SAIF
FTF Texarkana First Financial Corp AMSE Texarkana AR 5 07/07/95 SAIF
FTFC First Federal Capital Corp. NASDAQ La Crosse WI 56 11/02/89 SAIF
FTNB Fulton Bancorp Inc. NASDAQ Fulton MO 2 10/18/96 SAIF
FTSB Fort Thomas Financial Corp. NASDAQ Fort Thomas KY 2 06/28/95 SAIF
FWWB First Washington Bancorp Inc. NASDAQ Walla Walla WA 25 11/01/95 SAIF
GAF GA Financial Inc. AMSE Pittsburgh PA 13 03/26/96 SAIF
GBNK Gaston Federal Bancorp (MHC) NASDAQ Gastonia NC 4 04/13/98 SAIF
GDW Golden West Financial NYSE Oakland CA 253 05/29/59 SAIF
GFCO Glenway Financial Corp. NASDAQ Cincinnati OH 5 11/30/90 SAIF
GFED Guaranty Federal Bcshs Inc. NASDAQ Springfield MO 5 12/31/97 SAIF
GLMR Gilmer Financial Svcs, Inc. NASDAQ Gilmer TX 1 02/09/95 SAIF
GOSB GSB Financial Corp. NASDAQ Goshen NY 2 07/09/97 BIF
GPT GreenPoint Financial Corp. NYSE New York NY 73 01/28/94 BIF
GSB Golden State Bancorp Inc. NYSE Glendale CA 214 10/01/83 SAIF
GSFC Green Street Financial Corp. NASDAQ Fayetteville NC 3 04/04/96 SAIF
GSLA GS Financial Corp. NASDAQ Metairie LA 3 04/01/97 SAIF
GTPS Great American Bancorp NASDAQ Champaign IL 3 06/30/95 SAIF
GUPB GFSB Bancorp Inc. NASDAQ Gallup NM 1 06/30/95 SAIF
HALL Hallmark Capital Corp. NASDAQ West Allis WI 3 01/03/94 SAIF
HARB Harbor Florida Bancshares Inc. NASDAQ Fort Pierce FL 25 03/19/98 SAIF
HARL Harleysville Savings Bank NASDAQ Harleysville PA 4 08/04/87 SAIF
HARS Harris Financial Inc. (MHC) NASDAQ Harrisburg PA 34 01/25/94 SAIF
HAVN Haven Bancorp Inc. NASDAQ Westbury NY 53 09/23/93 SAIF
HBBI Home Building Bancorp NASDAQ Washington IN 2 02/08/95 SAIF
HBEI Home Bancorp of Elgin Inc. NASDAQ Elgin IL 5 09/27/96 SAIF
HBFW Home Bancorp NASDAQ Fort Wayne IN 9 03/30/95 SAIF
HBNK Highland Bancorp Inc. NASDAQ Burbank CA 7 NA SAIF
HBS Haywood Bancshares Inc. AMSE Waynesville NC 4 12/18/87 SAIF
HBSC Heritage Bancorp Inc. NASDAQ Laurens SC 4 04/06/98 SAIF
HCBB HCB Bancshares Inc. NASDAQ Camden AR 6 05/07/97 SAIF
HCBC High Country Bancorp Inc. NASDAQ Salida CO 3 12/10/97 SAIF
HCFC Home City Financial Corp. NASDAQ Springfield OH 1 12/30/96 SAIF
HEMT HF Bancorp Inc. NASDAQ Hemet CA 19 06/30/95 SAIF
HFBC HopFed Bancorp Inc. NASDAQ Hopkinsville KY 5 02/09/98 SAIF
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
------------ -------------------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
CONVERSION ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER TYPE ($000) (%) (%) (%) (%)
- ------- ------------- -------------------------------------------------------------------
FFOH Not Avail. 531,926 NA NA 78.66 8.24
FFPB Regular 1,764,026 81.92 60.34 73.66 17.28
FFSL Regular 123,366 112.23 73.98 65.92 23.02
FFSX Mutual HC 551,593 103.82 73.86 71.14 19.56
FFWC Regular 203,311 NA NA 61.61 27.79
FFWD Regular 165,007 106.25 83.16 78.27 7.82
FFYF Regular 651,746 109.28 74.45 68.13 15.09
FGHC Regular 180,806 102.71 86.35 84.07 6.14
FIBC Regular 340,999 NA NA 67.16 22.87
FISB Regular 1,750,819 121.14 84.43 69.70 19.96
FKAN Regular 106,001 53.75 41.91 77.97 0.61
FKFS Regular 385,152 83.46 51.47 61.67 26.02
FKKY Regular 134,485 154.39 94.01 60.89 21.01
FLAG Regular 442,879 93.35 71.51 76.60 12.61
FLFC Regular 1,355,001 94.60 68.37 72.27 19.40
FLGS Not Avail. 2,573,280 163.93 87.59 53.43 27.26
FLKY Regular 53,002 194.98 89.82 46.07 25.88
FMBD Regular 379,534 96.85 80.16 82.76 1.32
FMCO Regular 673,699 58.65 45.21 77.07 15.99
FMSB Regular 470,866 99.97 84.78 84.80 6.30
FNGB Regular 690,372 121.05 89.05 73.56 13.92
FOBC Not Avail. 373,837 65.09 45.26 69.53 18.77
FPRY Regular 240,379 88.86 77.63 87.36 5.41
FSBI Regular 402,919 76.48 49.92 65.28 24.29
FSFF Regular 323,279 92.61 60.91 65.78 4.33
FSLA Not Avail. 1,221,038 80.63 53.33 66.14 11.43
FSNJ Not Avail. 700,293 76.13 45.84 60.22 24.93
FSPT Regular 517,433 115.18 82.32 71.47 3.29
FSSB Regular 103,674 75.29 71.56 95.05 0.00
FSTC Regular 379,694 84.59 73.24 86.58 2.44
FTF Regular 189,557 99.72 79.67 79.90 3.75
FTFC Regular 1,584,405 79.48 64.19 80.76 10.50
FTNB Regular 109,622 130.88 83.03 63.44 11.76
FTSB Regular 101,600 122.78 90.38 73.62 9.49
FWWB Regular 1,154,072 129.28 66.27 51.26 33.73
GAF Regular 838,272 68.33 38.71 56.64 27.48
GBNK Mutual HC 202,615 100.46 69.31 68.99 9.13
GDW Not Avail. 39,067,229 111.39 71.26 63.98 26.40
GFCO Regular 300,448 114.40 85.87 75.06 14.21
GFED Not Avail. 260,043 147.83 80.14 54.21 17.34
GLMR Regular 42,171 81.48 56.24 69.02 20.27
GOSB Regular 129,087 NA NA 66.08 7.75
GPT Regular 12,853,902 84.45 71.06 84.14 1.55
GSB Regular 18,116,737 130.22 76.90 59.05 32.31
GSFC Regular 173,265 119.17 75.79 63.60 0.00
GSLA Regular 129,398 95.47 43.02 45.06 11.34
GTPS Regular 148,342 105.30 83.27 79.08 1.35
GUPB Regular 118,175 103.85 59.03 56.84 29.58
HALL Regular 428,237 105.03 66.62 63.43 27.34
HARB Not Avail. 1,318,792 101.39 70.36 69.39 9.48
HARL Regular 395,383 88.86 64.85 72.98 19.32
HARS Mutual HC 2,325,602 83.38 40.91 49.07 41.33
HAVN Regular 2,265,248 87.62 60.45 69.00 22.09
HBBI Regular 42,430 90.16 68.17 75.61 9.43
HBEI Regular 367,656 120.11 87.32 72.70 0.00
HBFW Regular 360,286 104.30 88.7 85.05 1.94
HBNK Not Avail. 573,412 117.04 78.83 67.35 23.28
HBS Not Avail. 152,002 98.62 75.65 76.71 6.91
HBSC Regular 328,319 66.92 59.93 89.55 0.00
HCBB Regular 221,631 76.44 48.63 63.62 18.21
HCBC Regular 92,258 127.00 81.07 63.83 15.67
HCFC Regular 78,042 123.58 90.81 73.48 10.69
HEMT Regular 1,045,837 NA NA 82.87 8.13
HFBC Regular 217,837 67.14 48.25 71.86 0.00
102
Page 4 of 40
SELECTED DATA ON ALL PUBLIC THRIFTS EXHIBIT 7
CORPORATE
-----------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF)
- ---------------------------------------- -----------------------------------------------------------------------
HFFB Harrodsburg First Fin Bancorp NASDAQ Harrodsburg KY 2 10/04/95 SAIF
HFFC HF Financial Corp. NASDAQ Sioux Falls SD 19 04/08/92 SAIF
HFGI Harrington Financial Group NASDAQ Richmond IN 7 NA SAIF
HFNC HFNC Financial Corp. NASDAQ Charlotte NC 9 12/29/95 SAIF
HFSA Hardin Bancorp Inc. NASDAQ Hardin MO 3 09/29/95 SAIF
HFWA Heritage Financial Corp. NASDAQ Olympia WA 10 01/09/98 SAIF
HHFC Harvest Home Financial Corp. NASDAQ Cheviot OH 3 10/10/94 SAIF
HIFS Hingham Instit. for Savings NASDAQ Hingham MA 5 12/20/88 BIF
HLFC Home Loan Financial Corp. NASDAQ Coshocton OH 2 03/26/98 SAIF
HMLK Hemlock Federal Financial Corp NASDAQ Oak Forest IL 3 04/02/97 SAIF
HMNF HMN Financial Inc. NASDAQ Spring Valley MN 10 06/30/94 SAIF
HOMF Home Federal Bancorp NASDAQ Seymour IN 16 01/23/88 SAIF
HPBC Home Port Bancorp Inc. NASDAQ Nantucket MA 2 08/25/88 BIF
HRBF Harbor Federal Bancorp Inc. NASDAQ Baltimore MD 9 08/12/94 SAIF
HRBT Hudson River Bancorp NASDAQ Hudson NY 12 07/01/98 BIF
HRZB Horizon Financial Corp. NASDAQ Bellingham WA 12 08/01/86 BIF
HSTD Homestead Bancorp Inc. NASDAQ Ponchatoula LA 2 07/20/98 SAIF
HTHR Hawthorne Financial Corp. NASDAQ El Segundo CA 6 NA SAIF
HWEN Home Financial Bancorp NASDAQ Spencer IN 1 07/02/96 SAIF
HZFS Horizon Financial Svcs Corp. NASDAQ Oskaloosa IA 3 06/30/94 SAIF
IBSF IBS Financial Corp. NASDAQ Cherry Hill NJ 9 10/13/94 SAIF
ICBC Independence Comm. Bank Corp. NASDAQ Brooklyn NY 33 03/17/98 SAIF
IFSB Independence Federal Svgs Bank NASDAQ Washington DC 2 06/06/85 SAIF
INBI Industrial Bancorp Inc. NASDAQ Bellevue OH 10 08/01/95 SAIF
IPSW Ipswich Savings Bank NASDAQ Ipswich MA 7 05/26/93 BIF
ITLA ITLA Capital Corp. NASDAQ La Jolla CA 6 10/24/95 BIF
IWBK InterWest Bancorp Inc. NASDAQ Oak Harbor WA 51 NA SAIF
JSB JSB Financial Inc. NYSE Lynbrook NY 13 06/27/90 BIF
JSBA Jefferson Savings Bancorp NASDAQ Ballwin MO 31 04/08/93 SAIF
JXSB Jacksonville Savings Bk (MHC) NASDAQ Jacksonville IL 5 04/21/95 SAIF
JXVL Jacksonville Bancorp Inc. NASDAQ Jacksonville TX 7 04/01/96 SAIF
KFBI Klamath First Bancorp NASDAQ Klamath Falls OR 33 10/05/95 SAIF
KNK Kankakee Bancorp Inc. AMSE Kankakee IL 14 01/06/93 SAIF
KSAV KS Bancorp Inc. NASDAQ Kenly NC 5 12/30/93 SAIF
KSBK KSB Bancorp Inc. NASDAQ Kingfield ME 8 06/24/93 BIF
KYF Kentucky First Bancorp Inc. AMSE Cynthiana KY 2 08/29/95 SAIF
LARK Landmark Bancshares Inc. NASDAQ Dodge City KS 5 03/28/94 SAIF
LARL Laurel Capital Group Inc. NASDAQ Allison Park PA 6 02/20/87 SAIF
LFBI Little Falls Bancorp Inc. NASDAQ Little Falls NJ 6 01/05/96 SAIF
LFCO Life Financial Corp. NASDAQ Riverside CA 3 NA SAIF
LFED Leeds Federal Bankshares (MHC) NASDAQ Baltimore MD 1 05/02/94 SAIF
LIBB Liberty Bancorp Inc. (MHC) NASDAQ Avenel NJ 4 07/01/98 SAIF
LISB Long Island Bancorp Inc. NASDAQ Melville NY 35 04/18/94 SAIF
LO Local Financial Corp. AMSE Oklahoma City OK 44 NA SAIF
LOGN Logansport Financial Corp. NASDAQ Logansport IN 1 06/14/95 SAIF
LONF London Financial Corp. NASDAQ London OH 1 04/01/96 SAIF
LSBI LSB Financial Corp. NASDAQ Lafayette IN 4 02/03/95 BIF
LSBX Lawrence Savings Bank NASDAQ North Andover MA 5 05/02/86 BIF
LVSB Lakeview Financial Corp. NASDAQ Paterson NJ 10 12/22/93 SAIF
LXMO Lexington B&L Financial Corp. NASDAQ Lexington MO 4 06/06/96 SAIF
MAFB MAF Bancorp Inc. NASDAQ Clarendon Hills IL 23 01/12/90 SAIF
MARN Marion Capital Holdings NASDAQ Marion IN 4 03/18/93 SAIF
MASB MASSBANK Corp. NASDAQ Reading MA 15 05/28/86 BIF
MBBC Monterey Bay Bancorp Inc. NASDAQ Watsonville CA 8 02/15/95 SAIF
MBLF MBLA Financial Corp. NASDAQ Macon MO 2 06/24/93 SAIF
MBSP Mitchell Bancorp Inc. NASDAQ Spruce Pine NC 1 07/12/96 SAIF
MCBN Mid-Coast Bancorp Inc. NASDAQ Waldoboro ME 2 11/02/89 SAIF
MDBK Medford Bancorp Inc. NASDAQ Medford MA 16 03/18/86 BIF
MECH MECH Financial Inc. NASDAQ Hartford CT 16 06/26/96 BIF
METF Metropolitan Financial Corp. NASDAQ Mayfield Heights OH 16 NA SAIF
MFBC MFB Corp. NASDAQ Mishawaka IN 5 03/25/94 SAIF
MFFC Milton Federal Financial Corp. NASDAQ West Milton OH 3 10/07/94 SAIF
MFLR Mayflower Co-operative Bank NASDAQ Middleboro MA 4 12/23/87 BIF
MFSL Maryland Federal Bancorp NASDAQ Hyattsville MD 28 06/02/87 SAIF
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
------------ -------------------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
CONVERSION ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER TYPE ($000) (%) (%) (%) (%)
- ------- ------------- -------------------------------------------------------------------
HFFB Regular 109,033 106.51 76.71 72.01 0.00
HFFC Regular 570,060 99.31 77.77 78.31 8.88
HFGI Not Avail. 484,397 91.92 33.84 36.81 57.78
HFNC Regular 1,007,913 188.95 80.70 42.71 39.07
HFSA Regular 133,326 83.26 49.34 59.26 29.63
HFWA Not Avail. 322,806 98.12 68.58 69.89 0.00
HHFC Regular 90,881 75.45 49.77 65.96 21.98
HIFS Regular 239,148 107.52 76.60 71.25 18.47
HLFC Regular 81,915 NA NA 59.25 1.22
HMLK Regular 191,023 61.86 43.15 69.76 12.56
HMNF Regular 725,180 100.80 64.93 64.42 24.54
HOMF Regular 719,549 110.11 83.25 75.60 14.24
HPBC Regular 260,456 128.67 85.01 66.07 24.48
HRBF Regular 231,140 85.82 64.20 74.80 10.93
HRBT Regular 671,214 86.39 75.72 87.65 0.30
HRZB Regular 553,063 98.76 80.64 81.65 0.89
HSTD Not Avail. 61,487 77.54 52.19 67.30 22.61
HTHR Not Avail. 1,046,906 113.64 92.15 81.08 13.85
HWEN Regular 42,560 128.63 80.54 62.62 19.27
HZFS Regular 92,710 95.29 60.74 63.74 25.95
IBSF Regular 737,694 43.45 32.97 75.88 5.50
ICBC Regular 4,785,837 NA NA 68.54 8.35
IFSB Regular 274,539 77.40 57.81 74.68 16.17
INBI Regular 382,841 119.70 88.12 73.62 9.66
IPSW Regular 233,662 105.69 79.51 75.23 17.79
ITLA Not Avail. 1,021,343 102.94 85.16 82.72 5.92
IWBK Not Avail. 2,351,248 97.87 61.80 63.15 28.68
JSB Regular 1,563,460 97.05 69.63 71.74 0.00
JSBA Regular 1,241,864 86.34 72.58 84.06 5.07
JXSB Mutual HC 169,648 86.98 76.30 87.73 0.13
JXVL Not Avail. 242,673 NA NA 81.96 1.67
KFBI Regular 1,008,688 94.57 63.69 67.34 17.25
KNK Regular 401,934 74.12 62.25 83.99 5.70
KSAV Regular 113,978 105.55 83.64 79.24 7.02
KSBK Regular 157,745 104.16 80.90 77.66 12.79
KYF Regular 81,800 88.31 60.69 68.73 13.16
LARK Regular 229,337 116.11 74.99 64.59 20.58
LARL Regular 220,986 88.15 69.96 79.37 7.71
LFBI Regular 355,443 64.00 42.10 65.79 23.60
LFCO Not Avail. 472,437 138.82 77.31 55.69 24.67
LFED Mutual HC 298,997 77.54 62.97 81.21 0.19
LIBB Mutual HC 217,437 77.09 70.33 91.23 0.76
LISB Regular 6,483,887 102.50 58.14 56.73 31.50
LO Not Avail. 1,904,315 73.35 59.84 81.58 11.38
LOGN Regular 90,264 104.46 74.55 71.36 8.81
LONF Regular 37,916 94.91 76.78 80.90 4.48
LSBI Regular 218,633 NA NA 67.44 23.63
LSBX Regular 344,874 71.13 53.05 74.59 12.11
LVSB Regular 619,638 62.43 45.59 73.02 14.64
LXMO Regular 95,301 82.15 66.16 80.54 2.66
MAFB Regular 3,569,656 120.69 79.57 65.93 24.45
MARN Regular 193,963 123.92 85.87 69.30 7.05
MASB Regular 929,672 35.60 30.97 86.99 0.08
MBBC Regular 436,193 68.50 57.31 83.67 4.88
MBLF Regular 207,453 117.52 64.43 54.83 31.19
MBSP Regular 37,306 128.48 74.27 57.80 0.00
MCBN Regular 63,015 112.71 80.80 71.68 19.34
MDBK Regular 1,135,299 69.42 50.96 73.41 16.66
MECH Regular 954,671 88.34 63.38 71.74 17.44
METF Not Avail. 1,058,887 105.22 80.37 76.38 15.58
MFBC Regular 290,936 136.15 82.18 60.35 27.59
MFFC Regular 235,105 105.10 68.39 65.07 23.11
MFLR Regular 135,518 73.22 57.01 77.86 11.81
MFSL Regular 1,188,121 116.84 81.89 70.09 18.89
103
Page 5 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CORPORATE
-----------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF)
- ---------------------------------------- -----------------------------------------------------------------------
MIFC Mid-Iowa Financial Corp. NASDAQ Newton IA 7 10/14/92 SAIF
MIVI Mississippi View Holding Co. NASDAQ Little Falls MN 1 03/24/95 SAIF
MONT Montgomery Financial Corp. NASDAQ Crawfordsville IN 4 07/01/97 SAIF
MRKF Market Financial Corp. NASDAQ Mount Healthy OH 2 03/27/97 SAIF
MSBF MSB Financial Inc. NASDAQ Marshall MI 2 02/06/95 SAIF
MSBK Mutual Savings Bank FSB NASDAQ Bay City MI 22 07/17/92 SAIF
MWBI Midwest Bancshares Inc. NASDAQ Burlington IA 5 11/12/92 SAIF
MWBX MetroWest Bank NASDAQ Framingham MA 15 10/10/86 BIF
MYST Mystic Financial Inc. NASDAQ Medford MA 3 01/09/98 BIF
NASB NASB Financial Inc. NASDAQ Grandview MO 7 09/27/85 SAIF
NBCP Niagara Bancorp Inc. (MHC) NASDAQ Lockport NY 15 04/20/98 BIF
NBN Northeast Bancorp AMSE Auburn ME 12 08/19/87 BIF
NBSI North Bancshares Inc. NASDAQ Chicago IL 2 12/21/93 SAIF
NEIB Northeast Indiana Bancorp NASDAQ Huntington IN 3 06/28/95 SAIF
NEP Northeast PA Financial Corp. AMSE Hazleton PA 10 04/01/98 SAIF
NHTB New Hampshire Thrift Bncshrs NASDAQ Newport NH 12 05/22/86 SAIF
NMSB NewMil Bancorp Inc. NASDAQ New Milford CT 15 02/01/86 BIF
NSLB NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/08/95 SAIF
NSSY NSS Bancorp Inc. NASDAQ Norwalk CT 8 06/16/94 BIF
NTBK Net.B@nk Inc. NASDAQ Alpharetta GA NA NA SAIF
NTMG Nutmeg Federal S&LA NASDAQ Danbury CT 3 NA SAIF
NWEQ Northwest Equity Corp. NASDAQ Amery WI 3 10/11/94 SAIF
NWSB Northwest Bancorp Inc. (MHC) NASDAQ Warren PA 71 11/07/94 SAIF
OCFC Ocean Financial Corp. NASDAQ Toms River NJ 11 07/03/96 SAIF
OCN Ocwen Financial Corp. NYSE West Palm Beach FL 1 NA SAIF
OFCP Ottawa Financial Corp. NASDAQ Holland MI 26 08/19/94 SAIF
OHSL OHSL Financial Corp. NASDAQ Cincinnati OH 5 02/10/93 SAIF
OSFS Ohio State Financial Services NASDAQ Bridgeport OH 2 09/29/97 SAIF
OTFC Oregon Trail Financial Corp. NASDAQ Baker City OR 7 10/06/97 SAIF
PBCI Pamrapo Bancorp Inc. NASDAQ Bayonne NJ 10 11/14/89 SAIF
PBCT People's Bank (MHC) NASDAQ Bridgeport CT 126 07/06/88 BIF
PBHC Pathfinder Bancorp Inc. (MHC) NASDAQ Oswego NY 5 11/16/95 BIF
PBKB People's Bancshares Inc. NASDAQ New Bedford MA 12 10/30/86 BIF
PBOC PBOC Holdings Inc. NASDAQ Los Angeles CA 19 NA SAIF
PCBC Perry County Financial Corp. NASDAQ Perryville MO 1 02/13/95 SAIF
PDB Piedmont Bancorp Inc. AMSE Hillsborough NC 1 12/08/95 SAIF
PEDE Great Pee Dee Bancorp NASDAQ Cheraw SC 1 12/31/97 SAIF
PEEK Peekskill Financial Corp. NASDAQ Peekskill NY 3 12/29/95 SAIF
PERM Permanent Bancorp Inc. NASDAQ Evansville IN 11 04/04/94 SAIF
PFDC Peoples Bancorp NASDAQ Auburn IN 7 07/07/87 SAIF
PFED Park Bancorp Inc. NASDAQ Chicago IL 3 08/12/96 SAIF
PFFB PFF Bancorp Inc. NASDAQ Pomona CA 24 03/29/96 SAIF
PFFC Peoples Financial Corp. NASDAQ Massillon OH 2 09/13/96 SAIF
PFNC Progress Financial Corp. NASDAQ Blue Bell PA 11 07/18/83 SAIF
PFSB PennFed Financial Services Inc NASDAQ West Orange NJ 18 07/15/94 SAIF
PFSL Pocahontas Bancorp Inc. NASDAQ Pocahontas AR 9 04/01/98 SAIF
PHBK Peoples Heritage Finl Group NASDAQ Portland ME 194 12/04/86 BIF
PHFC Pittsburgh Home Financial Corp NASDAQ Pittsburgh PA 8 04/01/96 SAIF
PHSB Peoples Home Savings Bk (MHC) NASDAQ Beaver Falls PA 9 07/10/97 SAIF
PLSK Pulaski Savings Bank (MHC) NASDAQ Springfield NJ 5 04/03/97 SAIF
PRBC Prestige Bancorp Inc. NASDAQ Pleasant Hills PA 5 06/27/96 SAIF
PROV Provident Financial Holdings NASDAQ Riverside CA 10 06/28/96 SAIF
PSBI PSB Bancorp Inc. NASDAQ Philadelphia PA 6 07/17/98 BIF
PSFC Peoples-Sidney Financial Corp. NASDAQ Sidney OH 1 04/28/97 SAIF
PSFI PS Financial Inc. NASDAQ Chicago IL 1 11/27/96 SAIF
PTRS Potters Financial Corp. NASDAQ East Liverpool OH 4 12/31/93 SAIF
PULB Pulaski Bank, FSB (MHC) NASDAQ St. Louis MO 5 05/11/94 SAIF
PULS Pulse Bancorp NASDAQ South River NJ 5 09/18/86 SAIF
PVFC PVF Capital Corp. NASDAQ Bedford Heights OH 9 12/30/92 SAIF
PVSA Parkvale Financial Corp. NASDAQ Monroeville PA 29 07/16/87 SAIF
PWBK Pennwood Bancorp Inc. NASDAQ Pittsburgh PA 3 07/15/96 SAIF
QCBC Quaker City Bancorp Inc. NASDAQ Whittier CA 10 12/30/93 SAIF
QCFB QCF Bancorp Inc. NASDAQ Virginia MN 2 04/03/95 SAIF
QCSB Queens County Bancorp Inc. NASDAQ Flushing NY 10 11/23/93 BIF
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
------------ -------------------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
CONVERSION ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER TYPE ($000) (%) (%) (%) (%)
- ------- ------------- -------------------------------------------------------------------
MIFC Regular 135,040 NA NA 62.23 26.66
MIVI Regular 68,619 82.66 66.10 79.96 0.00
MONT Not Avail. 109,134 126.15 90.43 71.68 8.31
MRKF Regular 53,653 88.74 61.08 68.83 0.00
MSBF Regular 79,967 172.26 92.23 53.54 27.48
MSBK Regular 613,798 77.57 52.48 67.66 22.74
MWBI Regular 159,460 90.04 59.74 66.35 25.71
MWBX Regular 658,462 83.52 69.92 83.72 7.92
MYST Regular 199,049 95.21 69.24 72.73 8.29
NASB Not Avail. 734,091 121.46 86.66 71.34 19.35
NBCP Mutual HC 1,323,466 57.47 48.89 85.07 2.93
NBN Regular 310,623 155.62 87.16 56.01 35.61
NBSI Regular 123,311 104.11 61.50 59.07 27.65
NEIB Regular 203,263 146.84 88.16 60.04 26.62
NEP Regular 477,807 87.25 58.96 67.57 13.78
NHTB Regular 324,320 92.12 78.33 85.03 5.57
NMSB Regular 367,569 57.12 45.67 79.95 10.20
NSLB Regular 62,648 76.33 58.59 76.76 3.19
NSSY Regular 668,671 94.34 63.89 67.72 23.37
NTBK Not Avail. 163,463 81.80 64.40 78.72 0.00
NTMG Not Avail. 111,539 105.35 85.73 81.38 7.37
NWEQ Regular 96,452 127.99 82.11 64.15 22.93
NWSB Mutual HC 2,547,412 95.80 75.49 78.80 11.37
OCFC Regular 1,538,264 86.90 57.24 65.87 19.50
OCN Not Avail. 3,505,579 NA NA 61.17 19.42
OFCP Regular 915,465 117.20 85.00 72.52 17.42
OHSL Regular 247,853 90.87 68.38 75.26 13.21
OSFS Regular 38,559 89.49 63.95 71.46 0.00
OTFC Regular 256,460 88.06 63.24 71.82 0.00
PBCI Regular 394,271 70.09 57.25 81.69 3.51
PBCT Mutual HC 9,105,200 88.03 64.28 73.02 16.25
PBHC Mutual HC 198,091 83.11 66.04 79.46 7.57
PBKB Regular 858,377 128.31 58.79 45.82 48.07
PBOC Not Avail. 3,201,513 151.98 66.07 43.47 49.30
PCBC Regular 86,081 24.47 17.77 72.63 7.55
PDB Regular 130,541 119.60 82.31 68.82 13.79
PEDE Regular 69,262 149.23 80.89 54.21 0.36
PEEK Regular 200,341 34.54 24.12 69.81 6.49
PERM Regular 439,115 80.34 51.77 64.43 22.63
PFDC Regular 304,320 102.72 84.07 81.84 2.73
PFED Regular 196,812 54.08 38.04 70.33 8.15
PFFB Regular 3,007,845 107.39 62.43 58.13 32.88
PFFC Regular 84,906 NA NA 77.38 3.53
PFNC Regular 602,326 NA NA 60.21 28.27
PFSB Regular 1,551,938 106.86 70.79 66.25 24.10
PFSL Not Avail. 404,606 NA NA 42.36 42.23
PHBK Regular 9,768,079 102.51 71.90 70.14 20.17
PHFC Regular 372,533 140.09 55.83 39.85 48.39
PHSB Mutual HC 226,742 54.99 42.96 78.11 8.32
PLSK Mutual HC 187,776 61.43 53.56 87.18 0.29
PRBC Regular 164,656 112.13 66.47 59.28 29.75
PROV Regular 817,402 119.31 84.97 71.22 16.16
PSBI Not Avail. 148,841 58.87 50.73 86.16 1.83
PSFC Regular 105,522 119.05 88.69 74.50 0.00
PSFI Regular 83,823 101.80 49.93 49.05 21.47
PTRS Regular 128,149 92.33 73.14 79.22 11.36
PULB Mutual HC 186,917 NA NA 83.69 1.02
PULS Regular 544,102 34.20 27.32 79.88 10.97
PVFC Supervisory 418,928 112.23 88.89 79.20 11.44
PVSA Regular 1,095,373 89.10 77.23 86.68 4.12
PWBK Regular 46,080 NA NA 77.59 3.11
QCBC Regular 887,480 121.62 79.61 65.46 24.34
QCFB Regular 154,089 62.51 42.70 68.30 11.59
QCSB Regular 1,715,164 142.00 85.72 60.36 24.72
104
Page 6 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CORPORATE
-----------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF)
- ---------------------------------------- -----------------------------------------------------------------------
RARB Raritan Bancorp Inc. NASDAQ Bridgewater NJ 7 03/01/87 BIF
RCBK Richmond County Financial Corp NASDAQ Staten Island NY 13 02/18/98 SAIF
RELI Reliance Bancshares Inc. NASDAQ Milwaukee WI 1 04/19/96 SAIF
RELY Reliance Bancorp Inc. NASDAQ Garden City NY 30 03/31/94 SAIF
RIVR River Valley Bancorp NASDAQ Madison IN 6 12/20/96 SAIF
ROSE TR Financial Corp. NASDAQ Garden City NY 15 06/29/93 BIF
RSLN Roslyn Bancorp Inc. NASDAQ Roslyn NY 8 01/13/97 BIF
RVSB Riverview Bancorp Inc. NASDAQ Camas WA 9 10/01/97 SAIF
SBAN SouthBanc Shares Inc. NASDAQ Anderson SC 7 04/15/98 SAIF
SBFL SB of the Finger Lakes (MHC) NASDAQ Geneva NY 6 11/11/94 SAIF
SBOS Boston Bancorp (The) NASDAQ South Boston MA 7 11/09/83 BIF
SCBS Southern Community Bancshares NASDAQ Cullman AL 1 12/23/96 SAIF
SCCB S. Carolina Community Bancshrs NASDAQ Winnsboro SC 3 07/07/94 SAIF
SFED SFS Bancorp Inc. NASDAQ Schenectady NY 4 06/30/95 SAIF
SFFC StateFed Financial Corp. NASDAQ Des Moines IA 2 01/05/94 SAIF
SFIN Statewide Financial Corp. NASDAQ Jersey City NJ 16 10/02/95 SAIF
SFSL Security First Corp. NASDAQ Mayfield Heights OH 14 01/22/88 SAIF
SGVB SGV Bancorp Inc. NASDAQ West Covina CA 8 06/29/95 SAIF
SHSB SHS Bancorp Inc. NASDAQ Pittsburgh PA 4 10/01/97 SAIF
SIB Staten Island Bancorp Inc. NYSE Staten Island NY 17 12/22/97 BIF
SISB SIS Bancorp Inc. NASDAQ Springfield MA 33 02/08/95 BIF
SKAN Skaneateles Bancorp Inc. NASDAQ Skaneateles NY 9 06/02/86 BIF
SKBO First Carnegie Deposit (MHC) NASDAQ Carnegie PA 3 04/04/97 SAIF
SMBC Southern Missouri Bancorp Inc. NASDAQ Poplar Bluff MO 8 04/13/94 SAIF
SOBI Sobieski Bancorp Inc. NASDAQ South Bend IN 3 03/31/95 SAIF
SOPN First Savings Bancorp Inc. NASDAQ Southern Pines NC 5 01/06/94 SAIF
SPBC St. Paul Bancorp Inc. NASDAQ Chicago IL 65 05/18/87 SAIF
SRN Southern Banc Co. AMSE Gadsden AL 4 10/05/95 SAIF
SSB Scotland Bancorp Inc. AMSE Laurinburg NC 2 04/01/96 SAIF
SSFC South Street Financial Corp. NASDAQ Albemarle NC 2 10/03/96 SAIF
SSM Stone Street Bancorp Inc. AMSE Mocksville NC 2 04/01/96 SAIF
STFR St. Francis Capital Corp. NASDAQ Brookfield WI 25 06/21/93 SAIF
STSA Sterling Financial Corp. NASDAQ Spokane WA 73 NA SAIF
SVRN Sovereign Bancorp Inc. NASDAQ Wyomissing PA 179 08/12/86 SAIF
SWCB Sandwich Bancorp Inc. NASDAQ Sandwich MA 11 07/25/86 BIF
SZB SouthFirst Bancshares Inc. AMSE Sylacauga AL 4 02/14/95 SAIF
TBFC Telebanc Financial Corp. NASDAQ Arlington VA 1 NA SAIF
THR Three Rivers Financial Corp. AMSE Three Rivers MI 5 08/24/95 SAIF
THRD TF Financial Corp. NASDAQ Newtown PA 14 07/13/94 SAIF
THTL Thistle Group Holdings Co. NASDAQ Philadelphia PA 6 07/14/98 SAIF
TPNZ Tappan Zee Financial Inc. NASDAQ Tarrytown NY 1 10/05/95 SAIF
TRIC Tri-County Bancorp Inc. NASDAQ Torrington WY 2 09/30/93 SAIF
TSBK Timberland Bancorp Inc. NASDAQ Hoquiam WA 8 01/13/98 SAIF
TSBS Peoples Bancorp Inc. NASDAQ Lawrenceville NJ 14 04/09/98 BIF
TSH Teche Holding Co. AMSE Franklin LA 9 04/19/95 SAIF
TWIN Twin City Bancorp NASDAQ Bristol TN 3 01/04/95 SAIF
UBMT United Financial Corp. NASDAQ Great Falls MT 5 NA SAIF
UCBC Union Community Bancorp NASDAQ Crawfordsville IN 1 12/29/97 SAIF
UCFC United Community Finl Corp. NASDAQ Youngstown OH 14 07/09/98 SAIF
UFBS Union Financial Bcshs Inc. NASDAQ Union SC 4 NA SAIF
UFRM United Federal Savings Bank NASDAQ Rocky Mount NC 13 07/01/80 SAIF
UPFC United PanAm Financial Corp. NASDAQ San Mateo CA 5 NA SAIF
USAB USABancshares Inc. NASDAQ Philadelphia PA 3 NA BIF
UTBI United Tennessee Bankshares NASDAQ Newport TN 2 01/05/98 SAIF
WAMU Washington Mutual Inc. NASDAQ Seattle WA 914 03/11/83 BIF
WAYN Wayne Savings Bancshares (MHC) NASDAQ Wooster OH 6 06/25/93 SAIF
WBST Webster Financial Corp. NASDAQ Waterbury CT 142 12/12/86 SAIF
WCBI Westco Bancorp Inc. NASDAQ Westchester IL 1 06/26/92 SAIF
WCFB Webster City Federal SB (MHC) NASDAQ Webster City IA 1 08/15/94 SAIF
WEFC Wells Financial Corp. NASDAQ Wells MN 8 04/11/95 SAIF
WEHO Westwood Homestead Fin. Corp. NASDAQ Cincinnati OH 2 09/30/96 SAIF
WES Westcorp NYSE Irvine CA 26 05/01/86 SAIF
WFI Winton Financial Corp. AMSE Cincinnati OH 5 08/04/88 SAIF
WFSL Washington Federal Inc. NASDAQ Seattle WA 105 11/17/82 SAIF
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
------------ -------------------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
CONVERSION ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER TYPE ($000) (%) (%) (%) (%)
- ------- ------------- -------------------------------------------------------------------
RARB Regular 434,606 86.40 69.77 80.75 10.38
RCBK Regular 1,595,844 68.55 40.84 59.58 19.17
RELI Regular 44,174 156.11 61.73 39.54 9.06
RELY Regular 2,485,729 60.11 39.37 65.51 23.34
RIVR Regular 133,848 96.60 82.00 84.89 0.00
ROSE Regular 4,115,800 106.50 54.81 51.47 39.97
RSLN Regular 3,853,282 60.36 31.87 52.80 29.38
RVSB Regular 268,608 89.96 61.55 68.42 7.28
SBAN Not Avail. 385,361 93.14 51.21 54.98 10.11
SBFL Mutual HC 258,394 71.64 51.99 72.57 17.91
SBOS Regular 1,715,070 24.42 19.25 78.85 7.61
SCBS Regular 72,447 81.68 65.12 79.73 0.00
SCCB Regular 46,305 98.55 77.59 78.73 0.00
SFED Regular 178,093 NA NA 85.84 0.00
SFFC Regular 89,802 NA NA 59.77 21.12
SFIN Regular 670,561 73.54 49.57 67.41 21.77
SFSL Regular 696,462 124.36 91.28 73.40 15.68
SGVB Regular 408,346 100.77 72.87 72.31 18.74
SHSB Regular 88,408 87.12 64.76 74.33 10.35
SIB Regular 3,018,685 76.09 41.71 54.82 20.21
SISB Regular 1,841,662 67.35 48.52 72.05 18.25
SKAN Regular 266,730 95.69 81.08 84.73 6.52
SKBO Mutual HC 148,132 88.61 46.20 52.13 29.42
SMBC Regular 155,924 110.14 77.2 70.1 13.51
SOBI Regular 89,848 118.96 79.74 67.03 17.75
SOPN Regular 304,088 98.47 68.63 69.69 6.58
SPBC Regular 4,564,869 99.82 71.88 72.01 16.85
SRN Regular 105,719 45.92 37.48 81.61 0.00
SSB Regular 61,082 99.10 72.66 73.32 0.00
SSFC Regular 203,673 72.61 52.85 72.79 8.84
SSM Regular 112,253 143.51 87.99 61.31 9.98
STFR Regular 1,754,803 74.08 47.68 64.36 27.19
STSA Not Avail. 2,076,759 84.37 61.72 73.15 18.15
SVRN Regular 18,847,318 111.10 55.07 49.57 42.59
SWCB Regular 531,013 81.08 67.91 83.76 6.33
SZB Regular 162,975 81.25 61.91 76.20 11.32
TBFC Not Avail. 1,209,466 NA NA 55.44 38.91
THR Regular 98,063 104.38 65.17 62.43 22.17
THRD Regular 689,284 53.38 34.74 65.09 25.88
THTL Not Avail. 276,650 42.60 35.50 83.34 2.85
TPNZ Regular 139,690 54.75 41.24 75.33 7.16
TRIC Regular 86,549 89.92 47.37 52.68 29.61
TSBK Regular 263,112 115.11 72.26 62.77 4.43
TSBS Not Avail. 873,466 88.55 50.18 56.66 3.43
TSH Regular 407,265 125.42 85.67 68.30 16.98
TWIN Regular 110,610 92.27 74.56 80.81 4.52
UBMT Not Avail. 197,271 75.23 56.38 74.95 8.28
UCBC Regular 108,088 142.51 81.58 57.25 1.66
UCFC Regular 1,044,993 72.08 61.17 84.86 0.00
UFBS Not Avail. 183,066 115.01 81.67 71.01 20.23
UFRM Regular 301,924 97.11 84.87 87.39 1.82
UPFC Not Avail. 411,798 NA NA 72.93 2.65
USAB Not Avail. 102,535 72.67 58.46 80.44 6.47
UTBI Regular 75,053 89.74 64.19 71.53 0.00
WAMU Regular 103,396,952 140.64 68.64 48.80 43.73
WAYN Mutual HC 259,752 95.85 80.31 83.78 6.16
WBST Regular 9,189,143 86.77 54.16 62.43 27.97
WCBI Regular 320,295 93.83 76.29 81.31 0.00
WCFB Mutual HC 97,096 77.90 57.79 74.19 1.44
WEFC Regular 188,677 NA NA 80.80 2.65
WEHO Regular 126,339 132.76 88.18 66.42 12.47
WES Not Avail. 3,663,771 80.66 43.92 54.44 17.24
WFI Regular 358,573 NA NA 70.81 20.89
WFSL Regular 5,558,970 138.90 75.05 54.03 29.83
105
Page 7 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CORPORATE
-----------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF)
- ---------------------------------------- -----------------------------------------------------------------------
WHGB WHG Bancshares Corp. NASDAQ Lutherville MD 5 04/01/96 SAIF
WOFC Western Ohio Financial Corp. NASDAQ Springfield OH 10 07/29/94 SAIF
WRNB Warren Bancorp Inc. NASDAQ Peabody MA 6 07/09/86 BIF
WSB Washington Savings Bank, FSB AMSE Bowie MD 5 NA SAIF
WSBI Warwick Community Bancorp NASDAQ Warwick NY 4 12/23/97 BIF
WSFS WSFS Financial Corp. NASDAQ Wilmington DE 18 11/26/86 BIF
WSTR WesterFed Financial Corp. NASDAQ Missoula MT 34 01/10/94 SAIF
WVFC WVS Financial Corp. NASDAQ Pittsburgh PA 6 11/29/93 SAIF
WYNE Wayne Bancorp Inc. NASDAQ Wayne NJ 6 06/27/96 SAIF
YFCB Yonkers Financial Corp. NASDAQ Yonkers NY 5 04/18/96 SAIF
YFED York Financial Corp. NASDAQ York PA 22 02/01/84 SAIF
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
- ---------------------- -------------------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
CONVERSION ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER TYPE ($000) (%) (%) (%) (%)
- ---------------------- -------------------------------------------------------------------
WHGB Regular 131,967 85.56 58.25 68.08 15.16
WOFC Regular 357,295 98.32 70.40 71.61 13.47
WRNB Regular 378,137 74.97 65.48 87.35 1.43
WSB Not Avail. 273,549 48.64 43.25 88.93 1.96
WSBI Regular 370,842 87.81 49.27 56.11 16.92
WSFS Regular 1,551,631 96.30 48.80 50.67 41.70
WSTR Regular 1,022,136 104.05 64.79 62.27 24.97
WVFC Regular 297,054 95.19 53.73 56.44 30.21
WYNE Regular 275,335 93.36 70.47 75.48 10.90
YFCB Regular 401,565 89.27 51.64 57.84 31.60
YFED Regular 1,229,268 91.76 79.56 86.70 2.27
- ---------------------- -------------------------------------------------------------------
Average 1,635,507 97.27 66.50 69.70 15.33
106
Page 8 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CORPORATE
-----------------------------------------------------------------------
DEPOSIT
NUMBER INSURANCE
OF AGENCY
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF)
- ---------------------------------------- -----------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. NASDAQ Andover MA 12 05/08/86 BIF
EBSI Eagle Bancshares NASDAQ Tucker GA 15 04/01/86 SAIF
FAB FIRSTFED AMERICA BANCORP INC. AMSE Swansea MA 13 01/15/97 SAIF
FNGB First Northern Capital Corp. NASDAQ Green Bay WI 19 12/29/83 SAIF
FWWB First Washington Bancorp Inc. NASDAQ Walla Walla WA 25 11/01/95 SAIF
KFBI Klamath First Bancorp NASDAQ Klamath Falls OR 33 10/05/95 SAIF
MDBK Medford Bancorp Inc. NASDAQ Medford MA 16 03/18/86 BIF
MECH MECH Financial Inc. NASDAQ Hartford CT 16 06/26/96 BIF
WSTR WesterFed Financial Corp. NASDAQ Missoula MT 34 01/10/94 SAIF
YFED York Financial Corp. NASDAQ York PA 22 02/01/84 SAIF
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
- ---------------------- -------------------------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
CONVERSION ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER TYPE ($000) (%) (%) (%) (%)
- ---------------------- -------------------------------------------------------------------
ANDB Regular 1,392,342 106.47 74.33 69.81 21.15
EBSI Regular 1,149,483 112.31 76.11 67.77 20.95
FAB Regular 1,315,743 130.09 68.68 52.80 36.03
FNGB Regular 690,372 121.05 89.05 73.56 13.92
FWWB Regular 1,154,072 129.28 66.27 51.26 33.73
KFBI Regular 1,008,688 94.57 63.69 67.34 17.25
MDBK Regular 1,135,299 69.42 50.96 73.41 16.66
MECH Regular 954,671 88.34 63.38 71.74 17.44
WSTR Regular 1,022,136 104.05 64.79 62.27 24.97
YFED Regular 1,229,268 91.76 79.56 86.70 2.27
- ---------------------- -------------------------------------------------------------------
Average 1,105,207 104.73 69.68 67.67 20.44
Median 1,142,391 105.26 67.48 68.79 19.20
Maximum 1,392,342 130.09 89.05 86.70 36.03
Minimum 690,372 69.42 50.96 51.26 2.27
COMMUNITY SAVINGS BANKSHARES, INC 765,488 92.30 68.89 75.03 11.95
VARIANCE TO THE COMPARABLE MEDIAN (376,903) (12.96) 1.42 6.24 (7.24)
107
Page 9 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CAPITAL AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------
TANGIBLE INTANGIBLE REGULATORY EQUITY + TOTAL CAPITAL/
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ RISK ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------------
%CAL California Federal Bank 7.55 5.73 25.58 NA NA NA
%CCMD Chevy Chase Bank, FSB 5.94 4.96 17.27 6.52 7.59 12.18
AABC Access Anytime Bancorp Inc. 7.93 7.93 0.00 7.31 8.37 14.79
ABBK Abington Bancorp Inc. 6.37 5.84 8.84 7.44 6.85 16.05
ABCL Alliance Bancorp 8.73 8.67 0.81 7.21 9.04 14.49
ABCW Anchor BanCorp Wisconsin 6.36 6.27 1.51 5.59 7.41 10.06
AFBC Advance Financial Bancorp 14.09 14.09 0.00 14.20 14.40 21.90
AFED AFSALA Bancorp Inc. 12.13 12.13 0.00 12.14 12.82 30.66
AHCI Ambanc Holding Co. 11.69 11.69 0.00 8.80 12.45 22.06
AHM H.F. Ahmanson & Co. 6.56 5.18 22.16 NA 7.45 NA
ALBC Albion Banc Corp. 8.49 8.49 0.00 NA 8.84 NA
ALBK ALBANK Financial Corp. 9.19 7.41 20.83 NA 9.90 NA
ALLB Alliance Bank (MHC) 10.68 10.68 0.00 10.79 11.16 26.12
AMFC AMB Financial Corp. 12.68 12.68 0.00 9.21 13.09 16.29
ANA Acadiana Bancshares Inc. 14.72 14.72 0.00 NA NA NA
ANDB Andover Bancorp Inc. 8.20 8.20 0.00 8.21 8.94 15.13
ANE Alliance Bncp of New England 7.81 7.65 2.20 7.60 9.01 13.10
ASBI Ameriana Bancorp 11.64 11.45 1.85 9.96 11.94 18.39
ASBP ASB Financial Corp. 15.20 15.20 0.00 12.66 15.90 27.13
ASFC Astoria Financial Corp. 8.14 6.09 26.85 5.39 8.47 14.92
ATSB AmTrust Capital Corp. 10.83 10.73 0.99 10.00 11.55 17.00
AVND Avondale Financial Corp. 8.36 8.36 0.00 7.77 9.42 16.42
BANC BankAtlantic Bancorp Inc. 6.79 5.34 22.63 9.27 7.61 15.18
BCSB BCSB Bankcorp Inc. (MHC) 8.01 8.00 0.12 7.71 8.32 16.58
BDJI First Federal Bancorp. 10.45 10.45 0.00 9.02 10.81 18.17
BFD BostonFed Bancorp Inc. 7.80 7.55 3.49 NA 8.51 NA
BFFC Big Foot Financial Corp. 18.28 18.28 0.00 12.87 18.42 33.62
BFSB Bedford Bancshares Inc. 13.25 13.25 0.00 11.90 13.73 23.82
BKC American Bank of Connecticut 8.65 8.41 3.01 7.55 9.54 13.22
BKCT Bancorp Connecticut Inc. 9.89 9.89 0.00 9.94 11 17.32
BKUNA BankUnited Financial Corp. 4.64 4.08 12.55 9.02 4.78 18.94
BNKU Bank United Corp. 5.11 4.67 9.16 7.06 5.45 10.93
BPLS Bank Plus Corp. 4.32 3.98 8.22 5.34 NA 11.12
BRBI Blue River Bancshares Inc. (44.58) (44.58) NM NA (44.58) NA
BRKL Brookline Bancorp (MHC) 32.99 32.99 0.00 26.20 34.49 NA
BTHL Bethel Bancorp 8.48 7.36 14.28 7.38 9.63 13.39
BVCC Bay View Capital Corp. 6.89 4.58 35.16 NA 7.71 NA
BWFC Bank West Financial Corp. 12.99 12.99 0.00 11.69 13.15 21.10
BYFC Broadway Financial Corp. 10.56 10.56 0.00 8.52 11.40 14.65
BYS Bay State Bancorp 22.28 22.28 0.00 NA 23.15 NA
CAFI Camco Financial Corp. 9.9 9.34 6.17 8.80 10.19 16.25
CASB Cascade Financial Corp. 7.07 7.07 0.00 7.02 8.01 11.35
CASH First Midwest Financial Inc. 10.18 9.19 10.70 NA NA NA
CATB Catskill Financial Corp. 22.04 22.04 0.00 19.61 22.66 57.31
CAVB Cavalry Bancorp Inc. 29.65 29.65 0.00 22.89 30.52 26.06
CBCI Calumet Bancorp Inc. 17.74 17.74 0.00 11.52 18.94 17.81
CBES CBES Bancorp Inc. 13.63 13.63 0.00 NA 14.17 NA
CBK Citizens First Financial Corp. 13.84 13.84 0.00 11.20 14.17 18.10
CBSA Coastal Bancorp Inc. 3.85 3.37 12.88 5.78 4.15 11.89
CCFH CCF Holding Co. 7.28 7.28 0.00 6.52 7.78 10.68
CEBK Central Co-operative Bank 9.78 8.96 9.20 9.78 10.55 15.79
CENB Century Bancorp Inc. 17.75 17.75 0.00 17.75 18.29 44.73
CFB Commercial Federal Corp. 7.26 6.49 11.37 NA 7.94 NA
CFCP Coastal Financial Corp. 5.9 5.90 0.00 6.14 6.79 12.43
CFFC Community Financial Corp. 13.87 13.82 0.42 11.83 14.48 16.67
CFKY Columbia Financial of Kentucky 10.41 10.41 0.00 10.30 10.64 28.00
CFNC Carolina Fincorp Inc. 22.35 22.35 0.00 15.10 22.70 28.63
CFSB CFSB Bancorp Inc. 7.78 7.78 0.00 7.47 8.35 13.13
CFTP Community Federal Bancorp 22.27 22.27 0.00 19.28 22.49 47.25
CIBI Community Investors Bancorp 10.99 10.99 0.00 10.39 11.53 19.86
CITZ CFS Bancorp Inc. 8.80 8.80 0.00 8.46 9.22 23.76
CKFB CKF Bancorp Inc. 21.57 21.57 0.00 17.02 21.78 29.58
CLAS Classic Bancshares Inc. 14.87 13.06 14.00 11.70 15.49 22.30
CMRN Cameron Financial Corp 19.86 19.86 0.00 16.45 20.58 25.41
ASSET QUALITY AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------
%CAL California Federal Bank NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB 1.03 377.34 1.76 29.57 3.87 76.88
AABC Access Anytime Bancorp Inc. 0.01 NM 0.08 1.04 0.67 535.05
ABBK Abington Bancorp Inc. 0.22 356.45 0.14 2.14 0.77 353.60
ABCL Alliance Bancorp 0.18 267.02 0.13 1.44 0.47 240.27
ABCW Anchor BanCorp Wisconsin 0.29 448.65 0.58 9.19 1.29 180.99
AFBC Advance Financial Bancorp 0.23 152.94 0.20 1.42 0.35 51.29
AFED AFSALA Bancorp Inc. 0.73 199.30 0.37 3.06 1.46 185.39
AHCI Ambanc Holding Co. 0.93 147.90 0.54 4.63 1.37 122.28
AHM H.F. Ahmanson & Co. 2.12 62.74 1.72 26.18 1.33 52.05
ALBC Albion Banc Corp. 0.61 72.86 0.47 5.56 0.45 72.86
ALBK ALBANK Financial Corp. 0.84 123.05 0.71 7.75 1.04 84.14
ALLB Alliance Bank (MHC) 0.31 278.91 0.99 9.28 0.88 45.21
AMFC AMB Financial Corp. 0.24 214.55 0.19 1.51 0.52 214.55
ANA Acadiana Bancshares Inc. NA NA NA NA NA NA
ANDB Andover Bancorp Inc. 0.49 205.01 0.38 4.62 1.00 195.38
ANE Alliance Bncp of New England 0.28 649.57 0.47 6.05 1.84 229.26
ASBI Ameriana Bancorp 0.54 76.20 0.44 3.80 0.41 64.16
ASBP ASB Financial Corp. 0.08 NM 0.05 0.36 1.03 513.38
ASFC Astoria Financial Corp. 0.65 119.05 0.38 4.62 0.77 72.22
ATSB AmTrust Capital Corp. 2.37 43.83 1.81 16.68 1.04 40.38
AVND Avondale Financial Corp. 2.83 100.05 1.25 14.94 2.83 84.71
BANC BankAtlantic Bancorp Inc. NA NA 0.72 10.54 1.12 100.62
BCSB BCSB Bankcorp Inc. (MHC) 0.53 106.92 NA NA 0.56 NA
BDJI First Federal Bancorp. 0.09 844.23 0.16 1.55 0.78 202.30
BFD BostonFed Bancorp Inc. NA NA NA NA 0.84 NA
BFFC Big Foot Financial Corp. 0.18 150.75 0.09 0.52 0.28 150.75
BFSB Bedford Bancshares Inc. 0.26 232.62 0.21 1.58 0.60 232.62
BKC American Bank of Connecticut 3.24 46.36 2.08 24.04 1.50 42.28
BKCT Bancorp Connecticut Inc. 0.92 227.78 0.61 6.17 2.10 181.32
BKUNA BankUnited Financial Corp. 0.49 39.09 0.44 9.53 0.19 32.93
BNKU Bank United Corp. NA NA NA NA 0.46 NA
BPLS Bank Plus Corp. NA NA 1.75 40.45 NA NA
BRBI Blue River Bancshares Inc. NM NM 0.00 NM 0.00 NM
BRKL Brookline Bancorp (MHC) 0.51 465.41 0.60 1.82 2.37 251.07
BTHL Bethel Bancorp NA NA NA NA 1.48 NA
BVCC Bay View Capital Corp. 0.38 277.50 0.38 5.49 1.05 NA
BWFC Bank West Financial Corp. 0.53 43.14 0.44 3.39 0.23 35.64
BYFC Broadway Financial Corp. 0.98 102.95 1.22 11.54 1.01 69.07
BYS Bay State Bancorp 0.87 122.32 0.71 3.17 1.06 122.32
CAFI Camco Financial Corp. 0.45 77.87 0.50 5.06 0.35 43.07
CASB Cascade Financial Corp. 0.49 215.62 0.54 7.69 1.07 171.37
CASH First Midwest Financial Inc. NA NA NA NA NA NA
CATB Catskill Financial Corp. 0.41 346.31 0.22 1.00 1.43 282.65
CAVB Cavalry Bancorp Inc. 0.07 NM 0.05 0.16 1.26 NM
CBCI Calumet Bancorp Inc. 0.97 159.68 1.21 6.80 1.56 99.71
CBES CBES Bancorp Inc. NA NA NA NA 0.58 NA
CBK Citizens First Financial Corp. 0.45 90.61 0.62 4.47 0.41 47.08
CBSA Coastal Bancorp Inc. 0.86 72.24 0.49 12.63 0.62 NA
CCFH CCF Holding Co. 0.50 137.94 0.36 4.96 0.68 137.94
CEBK Central Co-operative Bank 0.59 173.54 0.44 4.52 1.02 173.54
CENB Century Bancorp Inc. 0.50 164.62 0.37 2.10 0.82 144.73
CFB Commercial Federal Corp. 0.76 116.05 0.78 10.75 0.88 86.50
CFCP Coastal Financial Corp. 0.63 207.48 0.48 8.06 1.31 188.30
CFFC Community Financial Corp. 0.39 175.91 0.51 3.68 0.68 119.08
CFKY Columbia Financial of Kentucky -- NM 0.00 0.00 0.49 NM
CFNC Carolina Fincorp Inc. 0.22 226.37 0.15 0.69 0.49 226.37
CFSB CFSB Bancorp Inc. 0.19 327.74 0.21 2.66 0.64 272.22
CFTP Community Federal Bancorp 0.42 97.46 0.28 1.26 0.41 78.26
CIBI Community Investors Bancorp 0.04 NM 0.05 0.45 0.66 98.23
CITZ CFS Bancorp Inc. 2.00 50.82 0.97 11.03 1.01 42.69
CKFB CKF Bancorp Inc. 0.09 272.00 0.08 0.37 0.24 40.24
CLAS Classic Bancshares Inc. 0.12 764.29 0.28 1.87 0.92 216.16
CMRN Cameron Financial Corp 0.47 184.62 0.40 1.99 0.87 67.46
PROFITABILITY AS OF THE MOST RECENT QUARTER
-------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------ -------------------------------------------
%CAL California Federal Bank 1.93 26.41
%CCMD Chevy Chase Bank, FSB 0.66 11.37
AABC Access Anytime Bancorp Inc. 1.37 16.61
ABBK Abington Bancorp Inc. 0.85 12.78
ABCL Alliance Bancorp 0.75 8.15
ABCW Anchor BanCorp Wisconsin 1.12 16.96
AFBC Advance Financial Bancorp 0.90 5.92
AFED AFSALA Bancorp Inc. 0.76 5.85
AHCI Ambanc Holding Co. 0.51 4.20
AHM H.F. Ahmanson & Co. 0.90 16.24
ALBC Albion Banc Corp. 0.53 6.18
ALBK ALBANK Financial Corp. 1.14 12.62
ALLB Alliance Bank (MHC) 0.76 6.88
AMFC AMB Financial Corp. 0.84 5.93
ANA Acadiana Bancshares Inc. 1.05 6.49
ANDB Andover Bancorp Inc. 1.19 15.04
ANE Alliance Bncp of New England 0.95 12.84
ASBI Ameriana Bancorp 0.96 8.58
ASBP ASB Financial Corp. 0.95 6.12
ASFC Astoria Financial Corp. 0.83 10.04
ATSB AmTrust Capital Corp. 0.41 3.87
AVND Avondale Financial Corp. (0.90) (10.69)
BANC BankAtlantic Bancorp Inc. 0.84 13.98
BCSB BCSB Bankcorp Inc. (MHC) NA NA
BDJI First Federal Bancorp. 0.71 6.67
BFD BostonFed Bancorp Inc. 0.72 8.45
BFFC Big Foot Financial Corp. 0.58 3.30
BFSB Bedford Bancshares Inc. 1.23 8.85
BKC American Bank of Connecticut 1.36 16.14
BKCT Bancorp Connecticut Inc. 1.44 14.00
BKUNA BankUnited Financial Corp. 0.37 6.96
BNKU Bank United Corp. 0.90 17.78
BPLS Bank Plus Corp. 0.18 4.18
BRBI Blue River Bancshares Inc. NA NA
BRKL Brookline Bancorp (MHC) 2.10 8.50
BTHL Bethel Bancorp 0.68 7.97
BVCC Bay View Capital Corp. 0.34 5.05
BWFC Bank West Financial Corp. 0.66 4.69
BYFC Broadway Financial Corp. 0.52 4.80
BYS Bay State Bancorp (0.62) (3.98)
CAFI Camco Financial Corp. 1.25 13.02
CASB Cascade Financial Corp. 0.83 11.99
CASH First Midwest Financial Inc. 0.71 6.60
CATB Catskill Financial Corp. 1.32 5.48
CAVB Cavalry Bancorp Inc. NA NA
CBCI Calumet Bancorp Inc. 1.95 11.77
CBES CBES Bancorp Inc. 0.94 6.09
CBK Citizens First Financial Corp. 0.72 5.15
CBSA Coastal Bancorp Inc. 0.52 14.63
CCFH CCF Holding Co. 0.14 1.73
CEBK Central Co-operative Bank 0.87 8.64
CENB Century Bancorp Inc. 1.32 4.63
CFB Commercial Federal Corp. 0.77 11.41
CFCP Coastal Financial Corp. 1.23 19.93
CFFC Community Financial Corp. 1.03 7.39
CFKY Columbia Financial of Kentucky NA NA
CFNC Carolina Fincorp Inc. 0.93 4.07
CFSB CFSB Bancorp Inc. 1.37 17.50
CFTP Community Federal Bancorp 1.23 4.91
CIBI Community Investors Bancorp 0.95 8.17
CITZ CFS Bancorp Inc. 0.24 2.66
CKFB CKF Bancorp Inc. 1.34 5.97
CLAS Classic Bancshares Inc. 0.74 4.90
CMRN Cameron Financial Corp 1.15 5.45
108
Page 10 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CAPITAL AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------
TANGIBLE INTANGIBLE REGULATORY EQUITY + TOTAL CAPITAL/
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ RISK ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------------
CMSB Commonwealth Bancorp Inc. 8.43 6.77 21.23 6.02 8.84 12.10
CMSV Community Savings Bnkshrs(MHC) 10.80 10.80 0.00 9.50 11.16 18.26
CNIT CENIT Bancorp Inc. 7.91 7.37 7.42 NA 8.51 NA
CNSB CNS Bancorp Inc. 24.78 24.78 0.00 20.10 25.15 41.29
CNY Carver Bancorp Inc. 8.40 8.14 3.33 NA 9.20 NA
COFI Charter One Financial 7.47 7.06 5.87 6.27 8.03 10.94
CONE Conestoga Bancorp, Inc. 16.18 16.18 0.00 12.17 16.22 27.71
COOP Cooperative Bankshares Inc. 7.95 7.95 0.00 7.93 8.22 14.63
CRSB Crusader Holding Corp. 11.49 10.96 5.25 10.96 11.92 21.34
CRZY Crazy Woman Creek Bancorp 23.43 23.43 0.00 18.95 23.88 46.93
CSBF CSB Financial Group Inc. 23.14 22.12 5.67 22.35 23.52 47.75
CVAL Chester Valley Bancorp Inc. 8.45 8.45 0.00 7.64 9.35 14.18
DCBI Delphos Citizens Bancorp Inc. 24.15 24.15 0.00 NA NA NA
DCOM Dime Community Bancshares Inc. 11.48 10.15 12.89 8.32 12.22 16.58
DIBK Dime Financial Corp. 8.35 8.18 2.23 8.08 9.49 22.37
DME Dime Bancorp Inc. 6.36 5.29 17.72 6.24 6.89 11.33
DNFC D & N Financial Corp. 5.57 5.53 0.80 6.68 6.14 12.00
DSL Downey Financial Corp. 7.87 7.79 1.06 7.05 8.41 13.24
EBI Equality Bancorp Inc. 9.58 9.58 0.00 8.67 9.71 27.63
EBSI Eagle Bancshares 6.50 6.50 0.00 4.59 7.06 8.31
EFBC Empire Federal Bancorp Inc. 36.76 36.76 0.00 24.69 36.94 69.10
EFBI Enterprise Federal Bancorp 9.96 9.73 2.48 6.80 10.15 13.40
EFC EFC Bancorp Inc. 7.33 7.33 0.00 8.41 7.59 15.08
EGLB Eagle BancGroup Inc. 12.05 12.05 0.00 10.07 12.60 17.04
EMLD Emerald Financial Corp. 8.50 8.41 1.16 8.23 8.76 13.21
EQSB Equitable Federal Savings Bank 5.12 5.12 0.00 5.12 NA 11.88
ESBF ESB Financial Corp. 7.01 6.31 10.69 6.70 7.52 17.90
ESBK Elmira Savings Bank (The) 6.27 6.27 0.00 6.28 6.93 10.35
ESX Essex Bancorp Inc. 7.02 6.97 0.85 7.28 7.98 13.39
ETFS East Texas Financial Services 17.28 17.28 0.00 14.90 17.47 39.00
FAB FIRSTFED AMERICA BANCORP INC. 8.86 8.86 0.00 7.46 9.71 16.22
FBBC First Bell Bancorp Inc. 10.16 10.16 0.00 6.69 10.26 22.28
FBCI Fidelity Bancorp Inc. 10.60 10.59 0.14 9.11 10.71 19.37
FBCV 1ST Bancorp 9.02 8.89 1.66 8.50 9.48 15.21
FBER 1st Bergen Bancorp 11.60 11.60 0.00 NA 12.67 NA
FBHC Fort Bend Holding Corp. 7.15 6.79 5.42 7.60 7.66 14.60
FBNW FirstBank Corp. 15.63 15.63 0.00 10.73 16.27 15.81
FBSI First Bancshares Inc. 13.42 12.93 4.24 10.43 13.72 15.86
FCB Falmouth Bancorp Inc. 21.38 21.38 0.00 13.93 21.85 23.99
FCBF FCB Financial Corp. 14.47 14.47 0.00 11.60 15.16 18.88
FCBH Virginia Beach Fed. Financial 7.14 7.14 0.00 6.93 7.83 12.28
FCBK First Coastal Bankshares 7.42 7.42 0.00 NA 8.12 NA
FCME First Coastal Corp. 8.95 8.95 0.00 9.30 10.54 16.51
FDEF First Defiance Financial 17.74 17.74 0.00 14.52 18.24 21.54
FDTR Federal Trust Corp. 8.59 8.59 0.00 7.65 9.36 14.69
FED FirstFed Financial Corp. 5.99 5.96 0.64 6.89 NA 13.62
FESX First Essex Bancorp Inc. 7.12 5.25 27.71 5.03 7.99 10.01
FFBA First Colorado Bancorp Inc. 14.11 13.88 1.85 13.40 14.42 25.61
FFBH First Federal Bancshares of AR 14.71 14.71 0.00 NA NA NA
FFBI First Financial Bancorp Inc. 9.23 9.23 0.00 8.67 9.87 15.38
FFBS FFBS BanCorp Inc. 16.71 16.71 0.00 14.04 17.13 26.11
FFBZ First Federal Bancorp Inc. 7.95 7.95 0.08 7.12 8.97 11.88
FFCH First Financial Holdings Inc. 6.36 6.36 0.00 6.58 7.01 10.93
FFDB FirstFed Bancorp Inc. 9.72 9.02 7.88 9.00 10.33 17.40
FFDF FFD Financial Corp. 22.28 22.28 0.00 15.16 22.55 28.68
FFED Fidelity Federal Bancorp 6.78 6.78 0.00 8.67 9.11 13.26
FFES First Federal of East Hartford 7.20 7.20 0.00 7.25 7.47 24.50
FFFD North Central Bancshares Inc. 14.85 13.13 13.34 NA 15.64 NA
FFFL Fidelity Bankshares Inc. (MHC) 6.15 NA NA 7.60 6.37 15.20
FFHH FSF Financial Corp. 10.44 10.44 0.00 9.00 10.69 16.10
FFHS First Franklin Corp. 9.12 9.09 0.39 6.44 9.57 14.71
FFIC Flushing Financial Corp. 12.80 12.39 3.71 9.53 13.41 20.76
FFKY First Federal Financial Corp. 13.35 12.76 5.09 11.90 13.80 18.50
FFLC FFLC Bancorp Inc. 12.80 12.80 0.00 10.52 13.29 19.68
ASSET QUALITY AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------
CMSB Commonwealth Bancorp Inc. 0.60 109.84 0.41 4.86 0.66 97.65
CMSV Community Savings Bnkshrs(MHC) 0.22 252.30 0.26 2.43 0.55 134.87
CNIT CENIT Bancorp Inc. 0.12 638.40 0.17 2.13 0.75 316.10
CNSB CNS Bancorp Inc. 0.03 NM 0.07 0.27 0.57 569.23
CNY Carver Bancorp Inc. NA NA NA NA 1.28 NA
COFI Charter One Financial 0.36 233.08 0.31 4.16 0.84 148.17
CONE Conestoga Bancorp, Inc. 0.23 80.00 0.16 0.99 0.18 26.87
COOP Cooperative Bankshares Inc. -- NM 0.00 0.00 0.34 330.28
CRSB Crusader Holding Corp. 0.75 66.64 0.64 5.52 0.50 44.19
CRZY Crazy Woman Creek Bancorp 0.26 355.84 0.13 0.53 0.92 355.84
CSBF CSB Financial Group Inc. 1.55 42.33 0.90 3.87 0.66 38.40
CVAL Chester Valley Bancorp Inc. 0.45 274.00 0.33 3.91 1.23 274.00
DCBI Delphos Citizens Bancorp Inc. NA NA NA NA NA NA
DCOM Dime Community Bancshares Inc. 0.58 217.37 0.39 3.42 1.27 189.26
DIBK Dime Financial Corp. 0.62 505.11 0.28 3.30 3.15 NA
DME Dime Bancorp Inc. 1.14 60.31 1.03 16.25 0.69 50.85
DNFC D & N Financial Corp. 0.64 131.32 0.50 8.95 0.83 113.36
DSL Downey Financial Corp. 0.76 78.53 0.84 10.62 0.60 65.10
EBI Equality Bancorp Inc. 0.96 38.28 0.36 3.76 0.37 37.97
EBSI Eagle Bancshares 0.91 81.84 0.95 14.58 0.74 59.71
EFBC Empire Federal Bancorp Inc. -- NM 0.00 0.00 0.43 NM
EFBI Enterprise Federal Bancorp 0.02 NM 0.01 0.10 0.29 NM
EFC EFC Bancorp Inc. 0.75 60.52 0.46 6.25 0.45 57.60
EGLB Eagle BancGroup Inc. 0.48 171.12 0.73 6.06 0.82 75.47
EMLD Emerald Financial Corp. 0.25 129.50 0.25 2.95 0.32 86.50
EQSB Equitable Federal Savings Bank NA NA NA NA NA NA
ESBF ESB Financial Corp. 1.53 87.54 0.60 8.61 1.34 83.44
ESBK Elmira Savings Bank (The) 0.79 106.93 0.82 13.09 0.85 81.26
ESX Essex Bancorp Inc. 0.80 137.51 1.26 17.89 1.11 76.64
ETFS East Texas Financial Services 0.48 78.79 0.41 2.37 0.38 46.61
FAB FIRSTFED AMERICA BANCORP INC. 0.37 331.87 0.29 3.26 1.24 293.25
FBBC First Bell Bancorp Inc. 0.06 229.23 0.05 0.51 0.13 191.03
FBCI Fidelity Bancorp Inc. 0.19 70.66 0.24 2.27 0.14 45.86
FBCV 1ST Bancorp 1.56 39.80 1.48 16.39 0.62 27.44
FBER 1st Bergen Bancorp 2.16 111.28 0.96 8.26 2.41 111.28
FBHC Fort Bend Holding Corp. 0.45 199.63 0.27 3.80 0.90 123.80
FBNW FirstBank Corp. 0.02 NM 0.39 2.48 0.78 160.81
FBSI First Bancshares Inc. 0.04 912.28 0.03 0.24 0.36 33.59
FCB Falmouth Bancorp Inc. -- NM 0.00 0.00 0.65 NM
FCBF FCB Financial Corp. 0.31 291.18 0.26 1.79 0.91 266.59
FCBH Virginia Beach Fed. Financial 0.02 NM 0.53 7.36 0.93 51.28
FCBK First Coastal Bankshares NA NA NA NA 0.92 NA
FCME First Coastal Corp. 0.23 NM 0.21 2.37 2.55 650.60
FDEF First Defiance Financial 0.26 236.54 0.29 1.63 0.62 171.18
FDTR Federal Trust Corp. 1.37 64.82 2.23 26.01 0.89 34.72
FED FirstFed Financial Corp. NA NA 0.84 14.02 NA NA
FESX First Essex Bancorp Inc. 0.64 230.83 0.45 6.37 1.48 191.23
FFBA First Colorado Bancorp Inc. 0.25 167.97 0.2 1.40 0.42 158.86
FFBH First Federal Bancshares of AR NA NA NA NA NA NA
FFBI First Financial Bancorp Inc. 1.50 64.36 1.00 10.81 0.97 64.36
FFBS FFBS BanCorp Inc. 0.04 NM 0.03 0.17 0.59 72.88
FFBZ First Federal Bancorp Inc. 0.62 190.00 0.54 6.73 1.19 190.00
FFCH First Financial Holdings Inc. 0.71 113.23 1.25 19.71 0.80 51.68
FFDB FirstFed Bancorp Inc. 1.01 91.63 1.03 10.62 0.93 46.08
FFDF FFD Financial Corp. 0.12 329.27 0.08 0.37 0.40 329.27
FFED Fidelity Federal Bancorp 0.39 713.78 0.33 4.83 2.77 613.16
FFES First Federal of East Hartford 1.36 95.61 0.30 4.18 1.30 84.42
FFFD North Central Bancshares Inc. NA NA NA NA 1.03 NA
FFFL Fidelity Bankshares Inc. (MHC) 0.34 99.40 0.27 4.43 0.34 78.51
FFHH FSF Financial Corp. 0.14 265.99 0.20 1.96 0.37 123.88
FFHS First Franklin Corp. 0.53 130.62 0.34 3.74 0.69 49.39
FFIC Flushing Financial Corp. 0.47 214.34 0.31 2.4 1 198.69
FFKY First Federal Financial Corp. -- NM 0.03 0.25 0.52 84.57
FFLC FFLC Bancorp Inc. 0.25 238.17 0.26 2.00 0.59 192.43
PROFITABILITY AS OF THE MOST RECENT QUARTER
-------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------ -------------------------------------------
CMSB Commonwealth Bancorp Inc. 0.58 6.23
CMSV Community Savings Bnkshrs(MHC) 0.74 6.54
CNIT CENIT Bancorp Inc. 0.91 12.66
CNSB CNS Bancorp Inc. 0.89 3.62
CNY Carver Bancorp Inc. 0.25 2.99
COFI Charter One Financial 0.89 12.38
CONE Conestoga Bancorp, Inc. 0.66 4.10
COOP Cooperative Bankshares Inc. 0.65 8.36
CRSB Crusader Holding Corp. 2.34 28.61
CRZY Crazy Woman Creek Bancorp 1.22 5.13
CSBF CSB Financial Group Inc. 0.54 2.25
CVAL Chester Valley Bancorp Inc. 1.03 12.31
DCBI Delphos Citizens Bancorp Inc. 1.45 5.56
DCOM Dime Community Bancshares Inc. 0.90 7.06
DIBK Dime Financial Corp. 1.45 17.88
DME Dime Bancorp Inc. 0.83 14.29
DNFC D & N Financial Corp. 0.86 15.71
DSL Downey Financial Corp. 0.97 13.28
EBI Equality Bancorp Inc. 0.59 6.76
EBSI Eagle Bancshares 0.83 10.00
EFBC Empire Federal Bancorp Inc. 1.47 3.98
EFBI Enterprise Federal Bancorp 0.79 7.03
EFC EFC Bancorp Inc. 0.80 8.59
EGLB Eagle BancGroup Inc. 0.35 3.00
EMLD Emerald Financial Corp. 1.14 14.14
EQSB Equitable Federal Savings Bank 0.70 13.60
ESBF ESB Financial Corp. 0.67 8.73
ESBK Elmira Savings Bank (The) 0.47 7.43
ESX Essex Bancorp Inc. (0.24) (3.13)
ETFS East Texas Financial Services 0.53 3.02
FAB FIRSTFED AMERICA BANCORP INC. 0.60 5.47
FBBC First Bell Bancorp Inc. 1.09 10.25
FBCI Fidelity Bancorp Inc. NA NA
FBCV 1ST Bancorp 0.75 8.79
FBER 1st Bergen Bancorp 0.72 5.49
FBHC Fort Bend Holding Corp. 0.66 10.00
FBNW FirstBank Corp. 1.12 7.62
FBSI First Bancshares Inc. 1.12 8.11
FCB Falmouth Bancorp Inc. 1.11 4.72
FCBF FCB Financial Corp. 1.17 8.07
FCBH Virginia Beach Fed. Financial NA NA
FCBK First Coastal Bankshares 0.69 9.79
FCME First Coastal Corp. 0.80 8.23
FDEF First Defiance Financial 0.93 4.96
FDTR Federal Trust Corp. NA NA
FED FirstFed Financial Corp. 0.72 13.22
FESX First Essex Bancorp Inc. 0.85 11.55
FFBA First Colorado Bancorp Inc. 1.30 9.68
FFBH First Federal Bancshares of AR 1.00 6.71
FFBI First Financial Bancorp Inc. 0.14 1.65
FFBS FFBS BanCorp Inc. 1.41 7.42
FFBZ First Federal Bancorp Inc. 0.82 10.73
FFCH First Financial Holdings Inc. 0.89 14.17
FFDB FirstFed Bancorp Inc. 0.92 9.49
FFDF FFD Financial Corp. 1.75 7.27
FFED Fidelity Federal Bancorp (0.34) (5.30)
FFES First Federal of East Hartford 0.59 8.70
FFFD North Central Bancshares Inc. 1.56 8.58
FFFL Fidelity Bankshares Inc. (MHC) 0.65 8.94
FFHH FSF Financial Corp. 0.79 7.31
FFHS First Franklin Corp. 0.81 8.87
FFIC Flushing Financial Corp. 0.93 7.01
FFKY First Federal Financial Corp. 1.60 11.84
FFLC FFLC Bancorp Inc. 1.00 7.62
109
Page 11 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CAPITAL AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------
TANGIBLE INTANGIBLE REGULATORY EQUITY + TOTAL CAPITAL/
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ RISK ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------------
FFOH Fidelity Financial of Ohio 12.41 11.19 11.04 NA NA NA
FFPB First Palm Beach Bancorp Inc. 6.85 6.72 2.06 7.81 7.15 16.38
FFSL First Independence Corp. 9.58 9.58 0.00 8.38 10.11 17.80
FFSX First Fed SB of Siouxland(MHC) 7.62 6.23 19.41 NA 8.09 NA
FFWC FFW Corp. 9.41 8.72 8.00 NA NA NA
FFWD Wood Bancorp Inc. 13.20 13.20 0.00 9.93 13.59 15.62
FFYF FFY Financial Corp. 12.92 12.92 0.00 NA 13.34 NA
FGHC First Georgia Holding Inc. 8.15 7.67 6.42 8.09 8.77 10.03
FIBC Financial Bancorp Inc. 8.43 8.39 0.40 NA NA NA
FISB First Indiana Corp. 9.15 9.06 1.08 7.75 10.55 11.35
FKAN First Kansas Financial Corp. 19.73 19.52 1.29 12.15 19.91 34.99
FKFS First Keystone Financial 6.67 6.67 0.00 8.50 7.13 20.75
FKKY Frankfort First Bancorp Inc. 16.88 16.88 0.00 NA 16.96 NA
FLAG FLAG Financial Corp. 8.71 8.71 0.00 8.03 9.58 12.72
FLFC First Liberty Financial Corp. 7.35 6.77 8.57 6.71 8.30 10.51
FLGS Flagstar Bancorp Inc. 5.55 5.41 2.71 5.81 6.01 11.54
FLKY First Lancaster Bancshares 26.65 26.65 0.00 26.26 26.97 36.82
FMBD First Mutual Bancorp Inc. 14.62 11.76 22.15 19.63 15.01 20.30
FMCO FMS Financial Corp. 6.08 6.04 0.77 6.89 6.56 16.74
FMSB First Mutual Savings Bank 7.23 7.23 0.00 7.30 8.30 NA
FNGB First Northern Capital Corp. 10.89 10.89 0.00 9.64 11.38 15.75
FOBC Fed One Bancorp 11.20 10.82 3.80 10.09 11.61 25.32
FPRY First Financial Bancorp 6.35 6.35 0.00 6.20 7.00 10.80
FSBI Fidelity Bancorp Inc. 6.84 6.84 0.00 9.02 7.36 18.46
FSFF First SecurityFed Financial 28.92 28.86 0.29 20.5 29.51 44.06
FSLA First Source Bancorp Inc. 21.24 20.69 3.23 14.05 21.79 35.17
FSNJ Bayonne Bancshares Inc. 13.70 13.70 0.00 11.42 14.12 25.96
FSPT FirstSpartan Financial Corp. 24.30 24.30 0.00 18.44 24.73 29.92
FSSB First FS&LA of San Bernardino 4.33 4.18 3.63 4.29 5.38 8.52
FSTC First Citizens Corp. 9.98 8.34 17.95 8.43 11.00 12.36
FTF Texarkana First Financial Corp 14.88 14.88 0.00 14.86 15.41 25.64
FTFC First Federal Capital Corp. 7.50 7.17 4.78 NA 7.98 NA
FTNB Fulton Bancorp Inc. 23.37 23.37 0.00 16.60 24.25 29.90
FTSB Fort Thomas Financial Corp. 15.77 15.77 0.00 15.06 16.21 24.13
FWWB First Washington Bancorp Inc. 13.01 12.18 7.33 12.17 13.69 22.64
GAF GA Financial Inc. 12.87 12.77 0.93 12.04 13.05 31.88
GBNK Gaston Federal Bancorp (MHC) 20.29 20.29 0.00 15.59 20.96 30.61
GDW Golden West Financial 7.48 7.48 0.00 NA 8.10 NA
GFCO Glenway Financial Corp. 9.57 9.49 0.91 8.70 9.92 13.40
GFED Guaranty Federal Bcshs Inc. 27.18 27.18 0.00 26.60 28.02 NA
GLMR Gilmer Financial Svcs, Inc. 9.02 9.02 0.00 8.80 9.75 19.20
GOSB GSB Financial Corp. 24.91 24.91 0.00 NA NA NA
GPT GreenPoint Financial Corp. 9.92 5.87 43.43 7.40 10.79 15.97
GSB Golden State Bancorp Inc. 6.84 5.90 14.57 6.02 7.70 11.54
GSFC Green Street Financial Corp. 34.90 34.90 0.00 34.90 35.04 73.71
GSLA GS Financial Corp. 41.62 41.62 0.00 34.17 41.95 79.59
GTPS Great American Bancorp 18.28 18.28 0.00 NA 18.66 NA
GUPB GFSB Bancorp Inc. 12.33 12.33 0.00 9.87 12.65 20.72
HALL Hallmark Capital Corp. 7.76 7.76 0.00 NA 8.30 NA
HARB Harbor Florida Bancshares Inc. 19.61 19.44 1.11 13.73 20.50 28.10
HARL Harleysville Savings Bank 6.41 6.41 0.00 6.41 6.92 14.55
HARS Harris Financial Inc. (MHC) 8.12 7.40 9.62 6.99 8.52 12.99
HAVN Haven Bancorp Inc. 5.21 4.99 4.42 5.66 5.80 12.24
HBBI Home Building Bancorp 14.06 14.06 0.00 10.77 14.26 21.56
HBEI Home Bancorp of Elgin Inc. 26.11 26.11 0.00 20.42 26.42 35.41
HBFW Home Bancorp 11.92 11.92 0.00 9.56 12.31 19.46
HBNK Highland Bancorp Inc. 7.87 7.87 0.00 7.08 9.49 10.91
HBS Haywood Bancshares Inc. 14.85 14.45 3.16 14.22 15.34 28.67
HBSC Heritage Bancorp Inc. 9.42 9.42 0.00 8.87 9.65 21.14
HCBB HCB Bancshares Inc. 17.24 17.08 1.18 13.44 17.91 30.43
HCBC High Country Bancorp Inc. 19.56 19.56 0.00 14.00 20.32 23.33
HCFC Home City Financial Corp. 13.87 13.87 0.00 NA 14.45 NA
HEMT HF Bancorp Inc. 8.01 6.93 14.46 6.29 NA 15.80
HFBC HopFed Bancorp Inc. 26.77 26.77 0.00 17.50 26.89 47.20
ASSET QUALITY AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------
FFOH Fidelity Financial of Ohio NA NA NA NA NA NA
FFPB First Palm Beach Bancorp Inc. 0.55 91.52 0.50 7.30 0.50 59.41
FFSL First Independence Corp. 0.62 115.70 0.49 5.10 0.72 95.21
FFSX First Fed SB of Siouxland(MHC) NA NA NA NA 0.64 138.30
FFWC FFW Corp. NA NA NA NA NA NA
FFWD Wood Bancorp Inc. -- NM 0.02 0.14 0.46 110.31
FFYF FFY Financial Corp. NA NA 0.51 3.95 0.56 82.43
FGHC First Georgia Holding Inc. 1.69 42.19 1.65 20.23 0.71 37.32
FIBC Financial Bancorp Inc. NA NA NA NA NA NA
FISB First Indiana Corp. NA NA 1.11 12.12 1.65 NA
FKAN First Kansas Financial Corp. 0.12 351.85 0.05 0.26 0.43 327.59
FKFS First Keystone Financial 1.54 57.73 1.34 20.06 0.89 34.27
FKKY Frankfort First Bancorp Inc. NA NA NA NA 0.08 NA
FLAG FLAG Financial Corp. 1.29 94.82 1.26 14.45 1.22 65.53
FLFC First Liberty Financial Corp. 0.79 175.37 0.82 11.18 1.38 114.75
FLGS Flagstar Bancorp Inc. 1.58 33.61 2.27 40.84 0.53 20.58
FLKY First Lancaster Bancshares 1.28 27.91 1.70 6.37 0.36 18.91
FMBD First Mutual Bancorp Inc. 0.17 281.57 0.15 1.05 0.48 115.88
FMCO FMS Financial Corp. 1.18 90.73 0.70 11.54 1.07 68.77
FMSB First Mutual Savings Bank -- NM 0.05 0.68 1.26 989.94
FNGB First Northern Capital Corp. 0.11 506.35 0.12 1.11 0.54 400.84
FOBC Fed One Bancorp 0.24 379.95 0.11 0.98 0.90 111.72
FPRY First Financial Bancorp NA NA NA NA 0.84 NA
FSBI Fidelity Bancorp Inc. 0.15 704.67 0.08 1.17 1.05 658.57
FSFF First SecurityFed Financial -- NM 0 0.01 0.96 158.47
FSLA First Source Bancorp Inc. 0.39 264.81 0.34 1.58 1.04 159.84
FSNJ Bayonne Bancshares Inc. 0.70 130.81 0.36 2.63 0.92 96.50
FSPT FirstSpartan Financial Corp. 0.42 123.25 0.35 1.43 0.51 111.34
FSSB First FS&LA of San Bernardino 1.43 102.26 2.31 53.29 1.47 45.41
FSTC First Citizens Corp. 1.48 93.86 1.08 10.83 1.39 86.37
FTF Texarkana First Financial Corp -- NM 0.00 0.00 0.67 445.58
FTFC First Federal Capital Corp. 0.18 410.78 0.23 3.02 0.75 212.49
FTNB Fulton Bancorp Inc. 0.62 169.72 0.70 2.99 1.06 126.01
FTSB Fort Thomas Financial Corp. 2.34 20.80 2.12 13.41 0.49 19.86
FWWB First Washington Bancorp Inc. 0.21 498.86 0.21 1.64 1.03 301.38
GAF GA Financial Inc. 0.44 105.26 0.24 1.83 0.46 75.96
GBNK Gaston Federal Bancorp (MHC) 0.55 174.10 0.50 2.49 0.96 132.06
GDW Golden West Financial 1.20 71.52 0.97 12.95 0.86 63.28
GFCO Glenway Financial Corp. 0.20 200.19 0.19 1.98 0.41 184.71
GFED Guaranty Federal Bcshs Inc. 0.30 354.13 0.35 1.28 1.05 241.97
GLMR Gilmer Financial Svcs, Inc. 2.51 51.93 1.65 18.25 1.3 44.52
GOSB GSB Financial Corp. NA NA 0.09 0.36 NA NA
GPT GreenPoint Financial Corp. 3.40 35.79 2.54 25.61 1.22 33.98
GSB Golden State Bancorp Inc. 0.84 133.22 0.86 12.57 1.12 100.48
GSFC Green Street Financial Corp. 0.06 307.23 0.07 0.20 0.19 216.10
GSLA GS Financial Corp. 0.29 264.81 0.13 0.30 0.77 264.81
GTPS Great American Bancorp NA NA NA NA 0.47 484.87
GUPB GFSB Bancorp Inc. 0.61 88.29 0.37 2.98 0.54 86.67
HALL Hallmark Capital Corp. NA NA NA NA 0.82 163.10
HARB Harbor Florida Bancshares Inc. 0.36 356.20 0.43 2.19 1.27 208.24
HARL Harleysville Savings Bank -- NM 0.00 0.02 0.79 NM
HARS Harris Financial Inc. (MHC) 0.83 117.59 0.66 8.10 0.97 60.54
HAVN Haven Bancorp Inc. 0.71 137.04 0.45 8.54 0.97 132.08
HBBI Home Building Bancorp 0.99 29.02 0.67 4.79 0.29 29.02
HBEI Home Bancorp of Elgin Inc. 0.25 137.38 0.28 1.09 0.35 107.27
HBFW Home Bancorp -- NM 0 0 0.43 402.9
HBNK Highland Bancorp Inc. 1.98 103.82 1.84 23.36 2.06 88.38
HBS Haywood Bancshares Inc. 0.49 133.33 0.37 2.50 0.65 131.68
HBSC Heritage Bancorp Inc. 0.66 57.56 0.49 5.16 0.38 46.93
HCBB HCB Bancshares Inc. NA NA NA NA 1.38 NA
HCBC High Country Bancorp Inc. 0.56 167.06 0.45 2.32 0.94 167.06
HCFC Home City Financial Corp. NA NA NA NA 0.63 NA
HEMT HF Bancorp Inc. NA NA NA NA NA NA
HFBC HopFed Bancorp Inc. -- NM 0 0 0.23 107.86
PROFITABILITY AS OF THE MOST RECENT QUARTER
-------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------ -------------------------------------------
FFOH Fidelity Financial of Ohio 0.90 7.20
FFPB First Palm Beach Bancorp Inc. 0.45 6.94
FFSL First Independence Corp. 0.72 7.31
FFSX First Fed SB of Siouxland(MHC) 0.67 8.45
FFWC FFW Corp. 0.99 10.33
FFWD Wood Bancorp Inc. 1.43 11.30
FFYF FFY Financial Corp. 1.24 9.29
FGHC First Georgia Holding Inc. 1.16 14.15
FIBC Financial Bancorp Inc. 0.95 10.50
FISB First Indiana Corp. 1.17 12.23
FKAN First Kansas Financial Corp. NA NA
FKFS First Keystone Financial 0.78 11.30
FKKY Frankfort First Bancorp Inc. 1.19 7.01
FLAG FLAG Financial Corp. 0.91 10.36
FLFC First Liberty Financial Corp. 0.78 10.36
FLGS Flagstar Bancorp Inc. 1.37 23.46
FLKY First Lancaster Bancshares 1.04 3.46
FMBD First Mutual Bancorp Inc. 0.35 2.51
FMCO FMS Financial Corp. 0.85 13.58
FMSB First Mutual Savings Bank 1.07 15.48
FNGB First Northern Capital Corp. 0.98 8.87
FOBC Fed One Bancorp 0.82 7.44
FPRY First Financial Bancorp 0.57 8.95
FSBI Fidelity Bancorp Inc. 0.74 10.89
FSFF First SecurityFed Financial NA NA
FSLA First Source Bancorp Inc. 1.06 8.42
FSNJ Bayonne Bancshares Inc. 0.74 5.12
FSPT FirstSpartan Financial Corp. 1.51 5.92
FSSB First FS&LA of San Bernardino (1.18) (24.70)
FSTC First Citizens Corp. NA NA
FTF Texarkana First Financial Corp 1.74 11.41
FTFC First Federal Capital Corp. 1.21 17.39
FTNB Fulton Bancorp Inc. 1.23 5.03
FTSB Fort Thomas Financial Corp. 1.23 7.72
FWWB First Washington Bancorp Inc. 1.21 8.70
GAF GA Financial Inc. 1.04 7.21
GBNK Gaston Federal Bancorp (MHC) NA NA
GDW Golden West Financial 1.02 14.92
GFCO Glenway Financial Corp. 0.86 9.12
GFED Guaranty Federal Bcshs Inc. 1.25 5.09
GLMR Gilmer Financial Svcs, Inc. 0.06 0.59
GOSB GSB Financial Corp. 0.75 3.05
GPT GreenPoint Financial Corp. 1.11 11.57
GSB Golden State Bancorp Inc. 0.78 11.42
GSFC Green Street Financial Corp. 1.58 4.46
GSLA GS Financial Corp. 1.47 3.37
GTPS Great American Bancorp 0.70 3.60
GUPB GFSB Bancorp Inc. 0.90 6.67
HALL Hallmark Capital Corp. 0.67 8.90
HARB Harbor Florida Bancshares Inc. 1.38 11.30
HARL Harleysville Savings Bank 0.97 14.71
HARS Harris Financial Inc. (MHC) 0.83 10.28
HAVN Haven Bancorp Inc. 0.45 7.84
HBBI Home Building Bancorp 0.75 5.70
HBEI Home Bancorp of Elgin Inc. 0.68 2.57
HBFW Home Bancorp 0.85 6.84
HBNK Highland Bancorp Inc. 1.36 17.66
HBS Haywood Bancshares Inc. 1.45 10.19
HBSC Heritage Bancorp Inc. NA NA
HCBB HCB Bancshares Inc. 0.33 1.86
HCBC High Country Bancorp Inc. 0.38 3.22
HCFC Home City Financial Corp. 1.29 6.94
HEMT HF Bancorp Inc. 0.01 0.13
HFBC HopFed Bancorp Inc. 1.11 7.58
110
Page 12 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CAPITAL AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------
TANGIBLE INTANGIBLE REGULATORY EQUITY + TOTAL CAPITAL/
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ RISK ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------------
HFFB Harrodsburg First Fin Bancorp 26.54 26.54 0.00 22.30 26.90 43.70
HFFC HF Financial Corp. 9.93 9.93 0.00 7.76 11.19 12.78
HFGI Harrington Financial Group 4.68 4.68 0.00 6.88 4.75 21.92
HFNC HFNC Financial Corp. 16.96 16.96 0.00 NA 17.65 NA
HFSA Hardin Bancorp Inc. 10.11 10.11 0.00 8.82 10.30 21.68
HFWA Heritage Financial Corp. 28.80 28.80 0.00 27.74 29.68 46.91
HHFC Harvest Home Financial Corp. 11.34 11.34 0.00 9.90 11.48 24.37
HIFS Hingham Instit. for Savings 9.43 9.43 0.00 9.64 10.12 15.59
HLFC Home Loan Financial Corp. 38.53 38.53 0.00 NA NA NA
HMLK Hemlock Federal Financial Corp 16.19 16.19 0.00 11.57 16.60 33.20
HMNF HMN Financial Inc. 9.76 9.03 8.24 NA 10.16 NA
HOMF Home Federal Bancorp 9.30 9.09 2.53 8.20 9.89 11.81
HPBC Home Port Bancorp Inc. 8.71 8.71 0.00 8.70 9.88 15.74
HRBF Harbor Federal Bancorp Inc. 12.69 12.69 0.00 9.69 12.90 22.07
HRBT Hudson River Bancorp 10.18 10.14 0.43 10.20 11.40 15.70
HRZB Horizon Financial Corp. 15.44 15.44 0.00 15.44 16.15 29.00
HSTD Homestead Bancorp Inc. 9.57 9.57 0.00 9.53 10.00 22.97
HTHR Hawthorne Financial Corp. 4.25 4.25 0.00 7.45 5.60 11.45
HWEN Home Financial Bancorp 17.64 17.64 0.00 15.10 18.39 26.20
HZFS Horizon Financial Svcs Corp. 9.11 9.11 0.00 7.13 9.53 13.25
IBSF IBS Financial Corp. 17.83 17.83 0.00 17.70 17.98 59.30
ICBC Independence Comm. Bank Corp. 20.07 19.16 5.59 NA NA NA
IFSB Independence Federal Svgs Bank 7.21 6.57 9.54 6.30 7.45 16.50
INBI Industrial Bancorp Inc. 15.97 15.97 0.00 10.28 16.45 19.63
IPSW Ipswich Savings Bank 5.58 5.58 0.00 5.50 6.33 11.15
ITLA ITLA Capital Corp. 10.43 NA NA NA 11.93 NA
IWBK InterWest Bancorp Inc. 7.15 6.94 3.07 NA 7.69 NA
JSB JSB Financial Inc. 24.31 24.31 0.00 17.34 24.68 21.56
JSBA Jefferson Savings Bancorp 9.56 7.82 19.79 7.91 10.21 14.95
JXSB Jacksonville Savings Bk (MHC) 10.38 10.38 0.00 10.60 10.84 15.40
JXVL Jacksonville Bancorp Inc. 14.46 14.46 0.00 13.89 NA 26.26
KFBI Klamath First Bancorp 13.98 12.96 8.40 10.92 14.14 21.84
KNK Kankakee Bancorp Inc. 9.76 8.46 14.56 6.99 10.36 13.47
KSAV KS Bancorp Inc. 12.81 12.81 0.02 NA 13.10 12.03
KSBK KSB Bancorp Inc. 7.96 7.06 12.10 NA 8.88 NA
KYF Kentucky First Bancorp Inc. 17.03 17.03 0.00 14.40 17.50 26.10
LARK Landmark Bancshares Inc. 13.07 13.07 0.00 10.12 13.56 20.12
LARL Laurel Capital Group Inc. 10.64 10.64 0.00 NA 11.47 NA
LFBI Little Falls Bancorp Inc. 10.20 9.50 7.63 7.67 10.54 NA
LFCO Life Financial Corp. 12.64 12.64 0.00 6.66 13.00 9.55
LFED Leeds Federal Bankshares (MHC) 16.49 16.49 0.00 16.00 16.67 32.54
LIBB Liberty Bancorp Inc. (MHC) 7.61 7.61 0.00 7.43 7.94 17.69
LISB Long Island Bancorp Inc. 8.91 8.84 0.83 7.40 9.44 15.12
LO Local Financial Corp. 5.40 5.02 7.53 8.13 6.69 15.24
LOGN Logansport Financial Corp. 18.82 18.82 0.00 18.74 19.09 34.80
LONF London Financial Corp. 13.76 13.76 0.00 16.00 14.24 31.48
LSBI LSB Financial Corp. 8.40 8.40 0.00 NA NA NA
LSBX Lawrence Savings Bank 12.07 12.07 0.00 10.50 12.99 18.09
LVSB Lakeview Financial Corp. 9.73 6.85 31.78 4.40 10.4 8.90
LXMO Lexington B&L Financial Corp. 16.06 15.14 6.73 21.90 16.69 42.30
MAFB MAF Bancorp Inc. 7.84 7.06 10.75 6.88 8.28 13.95
MARN Marion Capital Holdings 19.41 19.08 2.13 17.58 20.49 27.13
MASB MASSBANK Corp. 11.76 11.63 1.31 10.63 12.02 34.75
MBBC Monterey Bay Bancorp Inc. 10.76 9.94 8.47 7.94 11.38 15.25
MBLF MBLA Financial Corp. 13.50 13.50 0.00 12.71 13.82 32.18
MBSP Mitchell Bancorp Inc. 39.22 39.22 0.00 NA 39.76 NA
MCBN Mid-Coast Bancorp Inc. 8.48 8.48 0.00 8.15 9.03 14.83
MDBK Medford Bancorp Inc. 8.94 8.52 5.11 8.54 9.55 15.62
MECH MECH Financial Inc. 9.71 9.71 0.00 9.61 11.07 16.65
METF Metropolitan Financial Corp. 3.73 3.47 7.22 6.02 4.35 8.32
MFBC MFB Corp. 11.38 11.38 0.00 10.49 11.52 19.25
MFFC Milton Federal Financial Corp. 11.07 11.07 0.00 9.74 11.35 20.32
MFLR Mayflower Co-operative Bank 9.56 9.44 1.47 9.56 10.42 15.06
MFSL Maryland Federal Bancorp 9.04 8.97 0.86 8.49 9.44 17.04
ASSET QUALITY AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------
HFFB Harrodsburg First Fin Bancorp -- NM 0.00 0.00 0.48 66.83
HFFC HF Financial Corp. 0.51 319.81 0.44 4.38 1.62 239.17
HFGI Harrington Financial Group 0.17 126.32 0.18 3.93 0.22 40.45
HFNC HFNC Financial Corp. 0.43 202.45 0.53 3.12 0.86 131.75
HFSA Hardin Bancorp Inc. 0.28 145.30 0.14 1.34 0.40 145.30
HFWA Heritage Financial Corp. 0.13 966.67 0.12 0.40 1.28 761.93
HHFC Harvest Home Financial Corp. 0.47 56.81 0.23 2.07 0.27 56.81
HIFS Hingham Instit. for Savings 0.23 396.87 0.17 1.84 0.90 396.87
HLFC Home Loan Financial Corp. NA NA NA NA NA NA
HMLK Hemlock Federal Financial Corp 0.38 248.40 0.16 1.01 0.94 248.40
HMNF HMN Financial Inc. NA NA NA NA 0.61 449.77
HOMF Home Federal Bancorp 0.67 106.26 0.59 6.32 0.71 100.21
HPBC Home Port Bancorp Inc. -- NM 0.00 0.00 1.38 453.64
HRBF Harbor Federal Bancorp Inc. 0.66 50.26 0.42 3.33 0.33 50.26
HRBT Hudson River Bancorp 3.09 52.38 2.57 25.24 1.62 47.68
HRZB Horizon Financial Corp. 0.03 NM 0.02 0.14 0.88 NM
HSTD Homestead Bancorp Inc. 0.52 158.33 0.27 2.86 0.83 158.33
HTHR Hawthorne Financial Corp. 5.88 24.85 6.04 142.04 1.46 22.28
HWEN Home Financial Bancorp 0.72 129.55 1.10 6.22 0.93 68.52
HZFS Horizon Financial Svcs Corp. 1.49 46.06 0.92 10.11 0.69 45.20
IBSF IBS Financial Corp. 0.32 139.90 0.11 0.59 0.45 139.90
ICBC Independence Comm. Bank Corp. NA NA NA NA NA NA
IFSB Independence Federal Svgs Bank 1.77 22.72 1.4 19.41 0.40 16.50
INBI Industrial Bancorp Inc. 0.26 205.50 0.23 1.47 0.54 159.91
IPSW Ipswich Savings Bank 0.55 171.50 0.80 14.40 0.94 92.60
ITLA ITLA Capital Corp. NA NA NA NA 1.75 NA
IWBK InterWest Bancorp Inc. 0.55 159.53 0.67 9.38 0.88 80.89
JSB JSB Financial Inc. 0.17 324.92 0.14 0.58 0.54 238.05
JSBA Jefferson Savings Bancorp 0.22 408.14 0.66 6.94 0.88 96.80
JXSB Jacksonville Savings Bk (MHC) 0.86 70.52 0.84 8.14 0.61 54.02
JXVL Jacksonville Bancorp Inc. NA NA NA NA NA NA
KFBI Klamath First Bancorp 0.07 356.52 0.05 0.33 0.26 356.52
KNK Kankakee Bancorp Inc. 0.60 161.56 0.71 7.32 0.97 53.91
KSAV KS Bancorp Inc. 0.53 64.74 0.44 3.44 0.34 64.74
KSBK KSB Bancorp Inc. NA NA NA NA 1.14 NA
KYF Kentucky First Bancorp Inc. 0.06 NM 0.04 0.23 0.76 263.19
LARK Landmark Bancshares Inc. 0.03 NM 0.06 0.47 0.66 196.35
LARL Laurel Capital Group Inc. 0.36 330.12 0.32 2.99 1.20 263.07
LFBI Little Falls Bancorp Inc. 0.64 126.6 0.43 4.25 0.81 78.51
LFCO Life Financial Corp. 2.05 22.97 2.02 15.99 0.47 18.00
LFED Leeds Federal Bankshares (MHC) 0.05 560.82 0.03 0.20 0.29 560.82
LIBB Liberty Bancorp Inc. (MHC) 0.59 79.54 0.47 6.15 0.47 69.39
LISB Long Island Bancorp Inc. NA NA NA NA 0.91 NA
LO Local Financial Corp. 0.11 NM 0.10 1.85 2.15 NM
LOGN Logansport Financial Corp. 0.34 103.45 0.26 1.37 0.36 103.45
LONF London Financial Corp. 0.26 238.16 0.20 1.46 0.62 238.16
LSBI LSB Financial Corp. NA NA NA NA NA NA
LSBX Lawrence Savings Bank 0.14 NM 0.24 1.96 1.74 389.46
LVSB Lakeview Financial Corp. 1.51 97.54 0.96 9.82 1.47 70.27
LXMO Lexington B&L Financial Corp. 0.71 133.71 0.47 2.95 0.95 130.50
MAFB MAF Bancorp Inc. 0.39 139.86 0.5 6.43 0.55 81.33
MARN Marion Capital Holdings 1.16 107.69 1.02 5.23 1.25 105.99
MASB MASSBANK Corp. 0.61 137.27 0.20 1.67 0.84 131.93
MBBC Monterey Bay Bancorp Inc. 0.88 121.86 0.55 5.12 1.08 112.07
MBLF MBLA Financial Corp. 0.85 59.37 0.55 4.06 0.50 59.37
MBSP Mitchell Bancorp Inc. 0.83 86.58 1.54 3.94 0.72 34.72
MCBN Mid-Coast Bancorp Inc. 0.44 154.22 0.47 5.52 0.68 95.07
MDBK Medford Bancorp Inc. 0.34 346.52 0.18 2.00 1.19 338.34
MECH MECH Financial Inc. 0.62 345.41 0.46 4.72 2.14 296.39
METF Metropolitan Financial Corp. 1.44 53.11 1.30 34.90 0.77 42.45
MFBC MFB Corp. 0.08 232.04 0.06 0.55 0.18 131.25
MFFC Milton Federal Financial Corp. 0.23 175.00 0.16 1.43 0.40 67.74
MFLR Mayflower Co-operative Bank 1.04 144.38 0.59 6.17 1.49 144.01
MFSL Maryland Federal Bancorp 0.56 86.94 0.58 6.41 0.49 61.91
PROFITABILITY AS OF THE MOST RECENT QUARTER
-------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------ -------------------------------------------
HFFB Harrodsburg First Fin Bancorp 1.36 5.07
HFFC HF Financial Corp. 1.13 11.73
HFGI Harrington Financial Group (0.34) (7.56)
HFNC HFNC Financial Corp. 1.45 8.11
HFSA Hardin Bancorp Inc. 0.70 6.18
HFWA Heritage Financial Corp. NA NA
HHFC Harvest Home Financial Corp. 0.62 5.39
HIFS Hingham Instit. for Savings 1.26 13.06
HLFC Home Loan Financial Corp. 1.29 4.38
HMLK Hemlock Federal Financial Corp 1.00 5.55
HMNF HMN Financial Inc. 0.80 6.34
HOMF Home Federal Bancorp 1.47 16.66
HPBC Home Port Bancorp Inc. 1.45 14.53
HRBF Harbor Federal Bancorp Inc. 0.75 5.86
HRBT Hudson River Bancorp 0.43 4.24
HRZB Horizon Financial Corp. 1.57 10.00
HSTD Homestead Bancorp Inc. 0.57 5.94
HTHR Hawthorne Financial Corp. 1.11 21.01
HWEN Home Financial Bancorp 0.93 5.34
HZFS Horizon Financial Svcs Corp. 0.91 9.15
IBSF IBS Financial Corp. 0.81 4.60
ICBC Independence Comm. Bank Corp. NA NA
IFSB Independence Federal Svgs Bank 0.78 11.10
INBI Industrial Bancorp Inc. 1.47 8.81
IPSW Ipswich Savings Bank 1.19 21.98
ITLA ITLA Capital Corp. 1.44 13.80
IWBK InterWest Bancorp Inc. 0.89 12.98
JSB JSB Financial Inc. 3.00 12.76
JSBA Jefferson Savings Bancorp 0.78 8.67
JXSB Jacksonville Savings Bk (MHC) 0.58 5.61
JXVL Jacksonville Bancorp Inc. 1.33 9.13
KFBI Klamath First Bancorp 0.92 6.11
KNK Kankakee Bancorp Inc. 0.78 7.51
KSAV KS Bancorp Inc. 1.09 8.37
KSBK KSB Bancorp Inc. 1.13 14.97
KYF Kentucky First Bancorp Inc. 1.13 6.74
LARK Landmark Bancshares Inc. 1.06 7.64
LARL Laurel Capital Group Inc. 1.41 13.63
LFBI Little Falls Bancorp Inc. 0.58 4.85
LFCO Life Financial Corp. 3.66 25.64
LFED Leeds Federal Bankshares (MHC) 1.19 7.22
LIBB Liberty Bancorp Inc. (MHC) 0.73 9.95
LISB Long Island Bancorp Inc. 0.91 10.06
LO Local Financial Corp. NA NA
LOGN Logansport Financial Corp. 1.48 7.79
LONF London Financial Corp. 1.08 5.62
LSBI LSB Financial Corp. 0.84 9.91
LSBX Lawrence Savings Bank 2.59 25.22
LVSB Lakeview Financial Corp. 1.71 16.24
LXMO Lexington B&L Financial Corp. 0.78 3.83
MAFB MAF Bancorp Inc. 1.08 14.00
MARN Marion Capital Holdings 1.25 5.94
MASB MASSBANK Corp. 1.16 10.40
MBBC Monterey Bay Bancorp Inc. 0.31 2.80
MBLF MBLA Financial Corp. 0.87 6.79
MBSP Mitchell Bancorp Inc. 1.23 2.99
MCBN Mid-Coast Bancorp Inc. 0.78 9.04
MDBK Medford Bancorp Inc. 1.07 11.84
MECH MECH Financial Inc. 0.97 9.71
METF Metropolitan Financial Corp. 0.71 18.08
MFBC MFB Corp. 0.80 6.44
MFFC Milton Federal Financial Corp. 0.69 5.80
MFLR Mayflower Co-operative Bank 1.15 12.01
MFSL Maryland Federal Bancorp 0.75 8.62
111
Page 13 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CAPITAL AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------
TANGIBLE INTANGIBLE REGULATORY EQUITY + TOTAL CAPITAL/
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ RISK ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------------
MIFC Mid-Iowa Financial Corp. 9.93 9.92 0.08 NA NA NA
MIVI Mississippi View Holding Co. 18.18 18.18 0.00 16.36 19.44 33.09
MONT Montgomery Financial Corp. 18.26 18.26 0.00 14.10 18.42 21.20
MRKF Market Financial Corp. 29.33 29.33 0.00 25.77 29.43 60.16
MSBF MSB Financial Inc. 16.65 16.65 0.00 12.33 17.14 20.73
MSBK Mutual Savings Bank FSB 5.55 5.55 0.00 5.60 5.84 12.81
MWBI Midwest Bancshares Inc. 7.15 7.15 0.00 6.40 7.44 14.75
MWBX MetroWest Bank 7.34 7.34 0.00 7.59 8.85 11.48
MYST Mystic Financial Inc. 18.15 18.15 0.00 17.93 18.77 37.98
NASB NASB Financial Inc. 8.49 8.26 2.92 8.40 9.35 14.00
NBCP Niagara Bancorp Inc. (MHC) 10.14 10.14 0.00 10.90 10.68 21.06
NBN Northeast Bancorp 7.64 7.05 8.41 7.06 8.62 11.35
NBSI North Bancshares Inc. 10.82 10.82 0.00 9.72 10.99 27.12
NEIB Northeast Indiana Bancorp 13.04 13.04 0.00 NA 13.69 NA
NEP Northeast PA Financial Corp. 17.78 17.78 0.00 12.10 18.20 24.20
NHTB New Hampshire Thrift Bncshrs 8.14 7.19 12.64 6.73 9.09 12.55
NMSB NewMil Bancorp Inc. 9.09 9.09 0.00 9.28 10.45 21.26
NSLB NS&L Bancorp Inc. 18.48 18.37 0.70 14.98 18.56 34.78
NSSY NSS Bancorp Inc. 8.12 7.92 2.66 7.75 8.95 15.80
NTBK Net.B@nk Inc. 20.86 20.86 0.00 14.87 21.14 22.05
NTMG Nutmeg Federal S&LA 8.07 8.07 0.00 8.07 8.54 13.34
NWEQ Northwest Equity Corp. 12.19 12.19 0 9.52 12.68 15.55
NWSB Northwest Bancorp Inc. (MHC) 8.55 7.75 10.13 NA 9.17 NA
OCFC Ocean Financial Corp. 13.71 13.65 0.49 11.66 14.16 26.60
OCN Ocwen Financial Corp. 12.19 11.27 8.51 NA NA NA
OFCP Ottawa Financial Corp. 8.45 7.03 18.03 6.68 8.83 10.79
OHSL OHSL Financial Corp. 10.83 10.83 0.00 8.94 11.05 18.03
OSFS Ohio State Financial Services 27.08 27.08 0.00 27.08 27.45 46.45
OTFC Oregon Trail Financial Corp. 26.50 26.50 0.00 18.69 26.86 36.31
PBCI Pamrapo Bancorp Inc. 12.47 12.42 0.49 11.74 13.06 25.20
PBCT People's Bank (MHC) 9.42 8.22 13.83 8.20 10.52 13.00
PBHC Pathfinder Bancorp Inc. (MHC) 11.89 10.33 14.64 NA 12.30 NA
PBKB People's Bancshares Inc. 3.78 3.63 4.21 NA 4.30 NA
PBOC PBOC Holdings Inc. 5.76 5.76 0.00 6.31 6.33 12.31
PCBC Perry County Financial Corp. 18.94 18.94 0.00 15.60 18.97 67.10
PDB Piedmont Bancorp Inc. 16.55 16.55 0.00 NA 17.28 NA
PEDE Great Pee Dee Bancorp 45.12 45.12 0.00 NA 45.60 NA
PEEK Peekskill Financial Corp. 21.57 21.57 0.00 21.80 21.91 88.60
PERM Permanent Bancorp Inc. 9.72 9.63 1.06 8.76 10.17 21.05
PFDC Peoples Bancorp 14.97 14.97 0.00 12.50 15.27 24.70
PFED Park Bancorp Inc. 20.34 20.34 0.00 12.80 20.59 35.60
PFFB PFF Bancorp Inc. 8.04 7.97 1.04 6.35 8.89 12.82
PFFC Peoples Financial Corp. 17.34 17.34 0.00 NA NA NA
PFNC Progress Financial Corp. 6.92 NA NA NA NA NA
PFSB PennFed Financial Services Inc 6.68 5.86 13.00 7.11 6.86 15.16
PFSL Pocahontas Bancorp Inc. 14.45 14.05 3.19 NA NA NA
PHBK Peoples Heritage Finl Group 7.41 6.24 16.89 7.24 8.31 NA
PHFC Pittsburgh Home Financial Corp 6.93 6.87 1.08 NA 7.36 NA
PHSB Peoples Home Savings Bk (MHC) 12.67 12.67 0.00 12.25 13.23 29.66
PLSK Pulaski Savings Bank (MHC) 11.83 11.83 0.00 11.83 12.35 28.08
PRBC Prestige Bancorp Inc. 9.67 9.67 0.00 7.93 9.95 16.76
PROV Provident Financial Holdings 10.60 10.60 0.00 8.01 11.36 14.06
PSBI PSB Bancorp Inc. 10.36 10.35 0.05 NA 10.59 NA
PSFC Peoples-Sidney Financial Corp. 25.16 25.16 0.00 17.10 25.55 27.40
PSFI PS Financial Inc. 27.82 27.82 0.00 24.80 28.03 61.41
PTRS Potters Financial Corp. 8.53 8.53 0.00 7.82 10.25 16.20
PULB Pulaski Bank, FSB (MHC) 13.37 13.37 0.00 NA NA NA
PULS Pulse Bancorp 8.44 8.44 0.00 7.69 8.80 26.01
PVFC PVF Capital Corp. 7.20 7.20 0.00 7.21 7.86 10.68
PVSA Parkvale Financial Corp. 7.67 7.64 0.46 7.11 8.88 14.27
PWBK Pennwood Bancorp Inc. 17.28 17.28 0.00 17.75 NA 31.90
QCBC Quaker City Bancorp Inc. 8.71 8.71 0.00 7.44 9.60 12.97
QCFB QCF Bancorp Inc. 17.70 17.70 0.00 13.00 18.52 29.46
QCSB Queens County Bancorp Inc. 9.89 9.89 0.00 9.44 10.44 15.30
ASSET QUALITY AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------
MIFC Mid-Iowa Financial Corp. NA NA NA NA NA NA
MIVI Mississippi View Holding Co. 0.65 290.24 0.43 2.38 1.90 225.65
MONT Montgomery Financial Corp. 0.89 20.94 1.02 5.59 0.19 15.75
MRKF Market Financial Corp. -- NM 0.00 0.00 0.16 24.64
MSBF MSB Financial Inc. 0.45 118.48 0.41 2.48 0.53 62.16
MSBK Mutual Savings Bank FSB 0.09 578.88 0.09 1.65 0.54 312.66
MWBI Midwest Bancshares Inc. 0.39 123.45 0.66 9.18 0.48 43.79
MWBX MetroWest Bank 0.36 602.54 0.45 6.12 2.16 236.24
MYST Mystic Financial Inc. 0.11 824.00 0.08 0.42 0.90 824.00
NASB NASB Financial Inc. 2.93 33.69 3.07 36.15 0.99 27.86
NBCP Niagara Bancorp Inc. (MHC) 0.46 239.06 0.25 2.43 1.10 217.16
NBN Northeast Bancorp 1.08 103.83 1.08 14.17 1.12 90.28
NBSI North Bancshares Inc. -- NM 0.00 0.00 0.27 NM
NEIB Northeast Indiana Bancorp NA NA NA NA 0.73 NA
NEP Northeast PA Financial Corp. 0.34 211.95 0.23 1.31 0.72 182.16
NHTB New Hampshire Thrift Bncshrs 1.04 117.19 1.00 12.23 1.21 95.48
NMSB NewMil Bancorp Inc. 0.45 657.56 0.29 3.16 2.98 297.15
NSLB NS&L Bancorp Inc. 0.02 714.29 0.01 0.06 0.14 41.67
NSSY NSS Bancorp Inc. 1.17 111.30 0.78 9.59 1.31 100.49
NTBK Net.B@nk Inc. -- NM 0.00 0.00 0.43 NM
NTMG Nutmeg Federal S&LA 0.21 261.50 0.85 10.50 0.55 34.45
NWEQ Northwest Equity Corp. 1.69 35.2 1.71 14.06 0.6 28.33
NWSB Northwest Bancorp Inc. (MHC) 0.48 169.80 0.5 5.87 0.82 123.26
OCFC Ocean Financial Corp. 0.65 122.84 0.4 2.92 0.80 114.22
OCN Ocwen Financial Corp. NA NA NA NA NA NA
OFCP Ottawa Financial Corp. 0.32 138.14 0.37 4.42 0.44 96.04
OHSL OHSL Financial Corp. 0.01 NM 0.04 0.41 0.32 134.65
OSFS Ohio State Financial Services 0.68 83.93 0.44 1.61 0.57 83.93
OTFC Oregon Trail Financial Corp. 0.20 284.66 0.18 0.66 0.57 206.22
PBCI Pamrapo Bancorp Inc. 1.97 52.22 1.48 11.88 1.03 35.55
PBCT People's Bank (MHC) 1.00 172.09 0.70 7.48 1.72 156.79
PBHC Pathfinder Bancorp Inc. (MHC) 1.09 57.58 1.3 10.92 0.63 32.06
PBKB People's Bancshares Inc. 0.58 151.26 0.35 9.18 0.88 149.48
PBOC PBOC Holdings Inc. 0.93 93.27 0.89 15.53 0.87 64.27
PCBC Perry County Financial Corp. -- NM 0.00 0.00 0.16 NM
PDB Piedmont Bancorp Inc. 0.86 102.48 0.71 4.30 0.89 102.48
PEDE Great Pee Dee Bancorp 0.78 75.69 0.73 1.61 0.59 65.48
PEEK Peekskill Financial Corp. 2.32 60.84 0.61 2.81 1.41 43.03
PERM Permanent Bancorp Inc. 0.40 216.58 0.25 2.56 0.87 180.51
PFDC Peoples Bancorp 0.19 191.29 0.16 1.06 0.36 172.98
PFED Park Bancorp Inc. 0.17 390.63 0.07 0.32 0.67 390.63
PFFB PFF Bancorp Inc. 1.31 103.87 1.06 13.22 1.36 79.87
PFFC Peoples Financial Corp. NA NA NA NA NA NA
PFNC Progress Financial Corp. NA NA NA NA NA NA
PFSB PennFed Financial Services Inc 0.47 53.83 0.44 6.56 0.25 40.82
PFSL Pocahontas Bancorp Inc. NA NA NA NA NA NA
PHBK Peoples Heritage Finl Group NA NA 0.68 9.22 1.25 NA
PHFC Pittsburgh Home Financial Corp 1.71 44.19 1.24 17.89 0.75 33.90
PHSB Peoples Home Savings Bk (MHC) 0.66 199.84 0.28 2.23 1.31 173.78
PLSK Pulaski Savings Bank (MHC) 1.11 87.69 0.63 5.32 0.97 82.57
PRBC Prestige Bancorp Inc. 0.29 140.81 0.35 3.59 0.41 79.16
PROV Provident Financial Holdings NA NA NA NA 0.89 NA
PSBI PSB Bancorp Inc. NA NA NA NA 0.46 NA
PSFC Peoples-Sidney Financial Corp. 0.81 54.15 0.72 2.86 0.44 35.55
PSFI PS Financial Inc. 3.61 11.52 1.80 6.47 0.42 8.79
PTRS Potters Financial Corp. 0.43 541.52 0.32 3.72 2.35 541.52
PULB Pulaski Bank, FSB (MHC) NA NA NA NA NA NA
PULS Pulse Bancorp 0.05 NM 0.26 3.07 1.33 81.09
PVFC PVF Capital Corp. 0.53 140.72 0.68 9.42 0.74 95.38
PVSA Parkvale Financial Corp. 0.28 558.88 0.43 5.62 1.56 279.67
PWBK Pennwood Bancorp Inc. NA NA NA NA NA NA
QCBC Quaker City Bancorp Inc. 1.02 110.93 1.11 12.75 1.13 80.77
QCFB QCF Bancorp Inc. 0.57 336.44 0.35 1.95 1.92 67.47
QCSB Queens County Bancorp Inc. 0.38 168.74 0.39 3.89 0.64 110.42
PROFITABILITY AS OF THE MOST RECENT QUARTER
-------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------ -------------------------------------------
MIFC Mid-Iowa Financial Corp. 1.02 10.95
MIVI Mississippi View Holding Co. 1.08 6.37
MONT Montgomery Financial Corp. 0.81 4.55
MRKF Market Financial Corp. 1.09 3.15
MSBF MSB Financial Inc. 1.57 9.39
MSBK Mutual Savings Bank FSB (1.26) (22.54)
MWBI Midwest Bancshares Inc. 0.95 13.56
MWBX MetroWest Bank 1.27 17.13
MYST Mystic Financial Inc. 0.90 6.70
NASB NASB Financial Inc. 1.67 21.15
NBCP Niagara Bancorp Inc. (MHC) 0.97 8.92
NBN Northeast Bancorp 0.73 9.36
NBSI North Bancshares Inc. 0.37 2.94
NEIB Northeast Indiana Bancorp 1.18 8.55
NEP Northeast PA Financial Corp. NA NA
NHTB New Hampshire Thrift Bncshrs 0.92 11.74
NMSB NewMil Bancorp Inc. 0.88 9.04
NSLB NS&L Bancorp Inc. 0.69 3.58
NSSY NSS Bancorp Inc. 0.91 11.01
NTBK Net.B@nk Inc. (6.10) (18.83)
NTMG Nutmeg Federal S&LA 0.89 11.08
NWEQ Northwest Equity Corp. 1.22 10.48
NWSB Northwest Bancorp Inc. (MHC) 0.94 10.29
OCFC Ocean Financial Corp. 0.92 6.38
OCN Ocwen Financial Corp. 0.84 6.98
OFCP Ottawa Financial Corp. 0.87 10.09
OHSL OHSL Financial Corp. 0.86 7.94
OSFS Ohio State Financial Services 0.98 6.13
OTFC Oregon Trail Financial Corp. 1.09 4.76
PBCI Pamrapo Bancorp Inc. 1.25 9.69
PBCT People's Bank (MHC) 1.24 13.73
PBHC Pathfinder Bancorp Inc. (MHC) 0.75 6.35
PBKB People's Bancshares Inc. 0.74 17.97
PBOC PBOC Holdings Inc. NA NA
PCBC Perry County Financial Corp. 1.03 5.40
PDB Piedmont Bancorp Inc. 1.27 7.75
PEDE Great Pee Dee Bancorp NA NA
PEEK Peekskill Financial Corp. 0.98 4.02
PERM Permanent Bancorp Inc. 0.62 6.45
PFDC Peoples Bancorp 1.45 9.56
PFED Park Bancorp Inc. 0.92 4.28
PFFB PFF Bancorp Inc. 0.61 6.43
PFFC Peoples Financial Corp. 1.06 5.35
PFNC Progress Financial Corp. 0.84 14.86
PFSB PennFed Financial Services Inc 0.78 10.96
PFSL Pocahontas Bancorp Inc. 0.69 7.30
PHBK Peoples Heritage Finl Group 0.93 12.72
PHFC Pittsburgh Home Financial Corp 0.69 8.03
PHSB Peoples Home Savings Bk (MHC) 0.81 6.20
PLSK Pulaski Savings Bank (MHC) 0.54 4.60
PRBC Prestige Bancorp Inc. 0.47 4.44
PROV Provident Financial Holdings 0.70 5.83
PSBI PSB Bancorp Inc. 0.55 4.82
PSFC Peoples-Sidney Financial Corp. 1.23 5.26
PSFI PS Financial Inc. 1.07 3.15
PTRS Potters Financial Corp. 0.77 8.58
PULB Pulaski Bank, FSB (MHC) 1.08 8.12
PULS Pulse Bancorp 1.04 12.67
PVFC PVF Capital Corp. 1.34 18.69
PVSA Parkvale Financial Corp. 1.08 14.59
PWBK Pennwood Bancorp Inc. 0.59 3.24
QCBC Quaker City Bancorp Inc. 0.78 8.96
QCFB QCF Bancorp Inc. 1.68 9.66
QCSB Queens County Bancorp Inc. 1.51 14.38
112
Page 14 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CAPITAL AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------
TANGIBLE INTANGIBLE REGULATORY EQUITY + TOTAL CAPITAL/
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ RISK ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------------
RARB Raritan Bancorp Inc. 7.33 7.25 1.17 7.28 8.12 13.40
RCBK Richmond County Financial Corp 20.59 20.53 0.36 NA 21.05 NA
RELI Reliance Bancshares Inc. 49.96 49.96 0.00 46.71 50.33 70.77
RELY Reliance Bancorp Inc. 7.84 5.60 30.24 NA 8.20 NA
RIVR River Valley Bancorp 13.64 13.49 1.31 13.27 14.47 21.21
ROSE TR Financial Corp. 6.23 6.23 0.00 6.14 6.60 17.96
RSLN Roslyn Bancorp Inc. 15.43 15.37 0.45 11.00 16.06 22.84
RVSB Riverview Bancorp Inc. 23.07 22.51 3.1 17.8 23.46 34.13
SBAN SouthBanc Shares Inc. 7.97 7.97 0.00 7.24 8.50 13.03
SBFL SB of the Finger Lakes (MHC) 8.46 8.46 0.00 8.41 8.92 19.12
SBOS Boston Bancorp (The) 12.34 12.34 0.00 10.06 12.45 26.75
SCBS Southern Community Bancshares 15.85 15.85 0.00 NA 16.96 NA
SCCB S. Carolina Community Bancshrs 20.38 20.38 0.00 18.30 21.02 39.80
SFED SFS Bancorp Inc. 12.31 12.31 0.00 NA NA NA
SFFC StateFed Financial Corp. 17.91 17.91 0.00 NA NA NA
SFIN Statewide Financial Corp. 9.83 9.82 0.15 9.24 10.26 23.04
SFSL Security First Corp. 9.90 9.78 1.30 7.64 10.66 10.69
SGVB SGV Bancorp Inc. 7.89 7.81 1.20 6.86 8.24 15.08
SHSB SHS Bancorp Inc. 13.85 13.85 0.00 11.06 14.35 24.53
SIB Staten Island Bancorp Inc. 23.54 23.09 2.49 NA 24.07 NA
SISB SIS Bancorp Inc. 7.14 7.14 0.00 7.23 8.42 12.37
SKAN Skaneateles Bancorp Inc. 6.88 6.73 2.36 6.71 7.87 11.23
SKBO First Carnegie Deposit (MHC) 16.86 16.86 0.00 16.90 17.23 53.90
SMBC Southern Missouri Bancorp Inc. 15.46 15.46 0.00 13.69 16.29 25.6
SOBI Sobieski Bancorp Inc. 14.10 14.10 0.00 10.40 14.32 22.50
SOPN First Savings Bancorp Inc. 22.86 22.86 0.00 22.85 23.06 48.67
SPBC St. Paul Bancorp Inc. 9.60 9.56 0.40 NA 10.34 NA
SRN Southern Banc Co. 17.40 17.29 0.76 14.68 17.47 58.17
SSB Scotland Bancorp Inc. 24.93 24.93 0 NA 25.34 NA
SSFC South Street Financial Corp. 16.93 16.93 0.00 15.82 17.14 43.11
SSM Stone Street Bancorp Inc. 27.33 27.33 0.00 24.03 27.89 40.69
STFR St. Francis Capital Corp. 7.46 6.73 10.53 6.84 7.88 12.21
STSA Sterling Financial Corp. 5.09 2.07 60.62 6.49 5.76 11.17
SVRN Sovereign Bancorp Inc. 5.51 4.88 11.88 NA 6.10 NA
SWCB Sandwich Bancorp Inc. 8.39 8.18 2.78 8.29 9.18 16.46
SZB SouthFirst Bancshares Inc. 9.94 9.72 2.48 9.00 10.40 19.68
TBFC Telebanc Financial Corp. 3.76 3.73 0.68 NA NA NA
THR Three Rivers Financial Corp. 13.52 13.49 0.32 11.63 14.01 22.23
THRD TF Financial Corp. 7.49 6.43 15.15 6.32 7.79 17.00
THTL Thistle Group Holdings Co. 10.29 10.29 0.00 9.50 10.57 28.60
TPNZ Tappan Zee Financial Inc. 15.85 15.85 0.00 NA 16.35 NA
TRIC Tri-County Bancorp Inc. 16.44 16.44 0.00 14.50 16.92 39.20
TSBK Timberland Bancorp Inc. 32.36 32.36 0.00 NA 33.02 NA
TSBS Peoples Bancorp Inc. 39.08 38.36 2.99 NA 39.53 NA
TSH Teche Holding Co. 13.83 13.83 0.00 12.57 14.67 24.06
TWIN Twin City Bancorp 12.67 12.67 0.00 NA 12.77 NA
UBMT United Financial Corp. 15.27 14.84 3.27 NA 15.87 NA
UCBC Union Community Bancorp 40.28 40.28 0.00 NA 40.60 NA
UCFC United Community Finl Corp. 13.53 13.53 0.00 13.47 14.10 28.85
UFBS Union Financial Bcshs Inc. 8.06 NA NA 6.81 8.59 13.11
UFRM United Federal Savings Bank 7.75 7.75 0.00 7.76 8.73 10.85
UPFC United PanAm Financial Corp. 19.93 19.85 0.48 NA NA NA
USAB USABancshares Inc. 12.49 12.43 0.62 12.40 13.07 17.20
UTBI United Tennessee Bankshares 26.98 26.98 0.00 19.74 27.82 44.67
WAMU Washington Mutual Inc. 5.45 5.15 5.85 NA 6.11 NA
WAYN Wayne Savings Bancshares (MHC) 9.40 9.40 0.00 9.13 9.68 17.38
WBST Webster Financial Corp. 5.97 5.11 15.23 6.33 6.58 14.65
WCBI Westco Bancorp Inc. 15.66 15.66 0.00 12.60 15.95 27.2
WCFB Webster City Federal SB (MHC) 23.41 23.41 0.00 23.41 23.81 52.50
WEFC Wells Financial Corp. 15.37 15.37 0.00 NA NA NA
WEHO Westwood Homestead Fin. Corp. 20.59 20.59 0.00 19.72 20.81 36.19
WES Westcorp 9.07 9.05 0.24 NA 10.05 NA
WFI Winton Financial Corp. 7.26 7.15 1.60 NA NA NA
WFSL Washington Federal Inc. 13.90 13.04 7.14 12.18 14.32 22.46
ASSET QUALITY AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------
RARB Raritan Bancorp Inc. 0.61 186.77 0.43 5.82 1.14 186.77
RCBK Richmond County Financial Corp 0.85 131.48 0.37 1.78 1.12 124.25
RELI Reliance Bancshares Inc. -- NM 0.00 0.00 0.60 NM
RELY Reliance Bancorp Inc. NA NA NA NA 0.91 NA
RIVR River Valley Bancorp 0.68 147.86 0.62 4.53 1.00 133.21
ROSE TR Financial Corp. 0.81 84.38 0.49 7.89 0.68 70.19
RSLN Roslyn Bancorp Inc. 0.69 291.12 0.23 1.47 2.01 281.89
RVSB Riverview Bancorp Inc. 0.46 138.33 0.28 1.22 0.63 137.6
SBAN SouthBanc Shares Inc. 0.07 NM 0.06 0.77 1.02 853.16
SBFL SB of the Finger Lakes (MHC) 0.52 171.61 0.32 3.84 0.89 141.95
SBOS Boston Bancorp (The) 1.41 42.86 0.65 5.23 0.61 18.09
SCBS Southern Community Bancshares 0.36 469.01 0.24 1.49 1.70 308.46
SCCB S. Carolina Community Bancshrs 1.42 57.34 1.26 6.17 0.82 50.34
SFED SFS Bancorp Inc. NA NA NA NA NA NA
SFFC StateFed Financial Corp. NA NA NA NA NA NA
SFIN Statewide Financial Corp. 0.77 112.89 0.46 4.64 0.87 84.18
SFSL Security First Corp. 0.68 122.38 0.62 6.27 0.83 122.36
SGVB SGV Bancorp Inc. NA NA NA NA 0.48 NA
SHSB SHS Bancorp Inc. 2.12 36.92 1.40 10.11 0.78 36.27
SIB Staten Island Bancorp Inc. NA NA NA NA 1.27 87.17
SISB SIS Bancorp Inc. 0.45 582.54 0.26 3.70 2.63 471.43
SKAN Skaneateles Bancorp Inc. 1.73 70.91 1.74 25.35 1.23 57.15
SKBO First Carnegie Deposit (MHC) 1.00 80.15 0.47 2.79 0.80 47.99
SMBC Southern Missouri Bancorp Inc. 1.11 97 0.97 6.3 1.08 55.77
SOBI Sobieski Bancorp Inc. 0.15 192.31 0.29 2.03 0.28 77.82
SOPN First Savings Bancorp Inc. 0.26 109.36 0.18 0.78 0.29 109.36
SPBC St. Paul Bancorp Inc. NA NA NA NA 1.03 239.56
SRN Southern Banc Co. -- NM 0.00 0.00 0.19 NM
SSB Scotland Bancorp Inc. -- NM 0 0.00 0.57 NM
SSFC South Street Financial Corp. 0.40 100.70 0.23 1.36 0.40 91.68
SSM Stone Street Bancorp Inc. -- NM 0 0.00 0.64 NA
STFR St. Francis Capital Corp. 0.36 243.10 0.18 2.42 0.88 219.19
STSA Sterling Financial Corp. 0.34 319.96 0.52 10.24 1.09 128.59
SVRN Sovereign Bancorp Inc. NA NA NA NA 1.07 NA
SWCB Sandwich Bancorp Inc. 0.44 264.74 0.35 4.14 1.16 220.94
SZB SouthFirst Bancshares Inc. -- NM 0.05 0.52 0.74 29.54
TBFC Telebanc Financial Corp. NA NA NA NA NA NA
THR Three Rivers Financial Corp. 1.41 52.43 0.98 7.28 0.74 48.12
THRD TF Financial Corp. 0.75 115.51 0.31 4.08 0.86 97.87
THTL Thistle Group Holdings Co. 0.73 109.36 0.3 2.92 0.80 94.11
TPNZ Tappan Zee Financial Inc. NA NA NA NA 1.23 NA
TRIC Tri-County Bancorp Inc. -- NM 0.00 0.00 1.01 NM
TSBK Timberland Bancorp Inc. NA NA NA NA 0.91 NA
TSBS Peoples Bancorp Inc. NA NA NA NA 0.9 NA
TSH Teche Holding Co. 0.22 441.09 0.20 1.46 0.98 413.82
TWIN Twin City Bancorp 0.21 63.64 0.37 2.95 0.14 27.12
UBMT United Financial Corp. -- NM 0.45 2.97 1.07 101.19
UCBC Union Community Bancorp NA NA NA NA 0.40 NA
UCFC United Community Finl Corp. 1.59 59.02 0.98 7.21 0.94 58.70
UFBS Union Financial Bcshs Inc. NA NA NA NA 0.66 NA
UFRM United Federal Savings Bank 0.96 120.02 1.01 13.07 1.15 83.92
UPFC United PanAm Financial Corp. NA NA 2.78 13.95 NA NA
USAB USABancshares Inc. 0.34 294.55 0.20 1.58 0.99 265.63
UTBI United Tennessee Bankshares -- NM 0.00 0.00 1.31 142.44
WAMU Washington Mutual Inc. 0.83 116.30 0.74 13.64 0.96 89.05
WAYN Wayne Savings Bancshares (MHC) 0.14 240.33 0.48 5.10 0.35 57.50
WBST Webster Financial Corp. 0.60 190.72 0.41 6.90 1.14 149.68
WCBI Westco Bancorp Inc. 0.58 63.73 0.44 2.82 0.37 63.73
WCFB Webster City Federal SB (MHC) -- NM 0.05 0.22 0.69 534.72
WEFC Wells Financial Corp. NA NA NA NA NA NA
WEHO Westwood Homestead Fin. Corp. 0.09 280.00 0.08 0.38 0.25 119.15
WES Westcorp NA NA NA NA 2.22 168.62
WFI Winton Financial Corp. NA NA NA NA NA NA
WFSL Washington Federal Inc. 0.56 101.13 0.70 5.05 0.57 60.38
PROFITABILITY AS OF THE MOST RECENT QUARTER
-------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------ -------------------------------------------
RARB Raritan Bancorp Inc. 0.98 12.86
RCBK Richmond County Financial Corp 0.36 2.41
RELI Reliance Bancshares Inc. 1.02 2.06
RELY Reliance Bancorp Inc. 0.86 10.48
RIVR River Valley Bancorp 0.93 7.28
ROSE TR Financial Corp. 1.01 16.43
RSLN Roslyn Bancorp Inc. 1.30 7.51
RVSB Riverview Bancorp Inc. 1.71 8.52
SBAN SouthBanc Shares Inc. 0.77 6.99
SBFL SB of the Finger Lakes (MHC) 0.41 4.62
SBOS Boston Bancorp (The) 1.89 21.12
SCBS Southern Community Bancshares 1.13 5.60
SCCB S. Carolina Community Bancshrs 1.01 4.19
SFED SFS Bancorp Inc. 0.66 5.37
SFFC StateFed Financial Corp. 1.16 6.49
SFIN Statewide Financial Corp. 0.81 8.56
SFSL Security First Corp. 1.43 15.25
SGVB SGV Bancorp Inc. 0.36 4.79
SHSB SHS Bancorp Inc. 0.77 7.21
SIB Staten Island Bancorp Inc. 1.00 5.61
SISB SIS Bancorp Inc. 0.72 10.12
SKAN Skaneateles Bancorp Inc. 0.62 8.95
SKBO First Carnegie Deposit (MHC) 0.66 3.95
SMBC Southern Missouri Bancorp Inc. 0.67 4.06
SOBI Sobieski Bancorp Inc. 0.58 3.93
SOPN First Savings Bancorp Inc. 1.76 7.64
SPBC St. Paul Bancorp Inc. 1.08 11.81
SRN Southern Banc Co. 0.49 2.84
SSB Scotland Bancorp Inc. 1.33 5.18
SSFC South Street Financial Corp. 0.55 2.71
SSM Stone Street Bancorp Inc. 1.40 4.84
STFR St. Francis Capital Corp. 0.84 10.66
STSA Sterling Financial Corp. 0.37 6.74
SVRN Sovereign Bancorp Inc. 0.56 10.10
SWCB Sandwich Bancorp Inc. 0.97 12.32
SZB SouthFirst Bancshares Inc. 0.46 4.19
TBFC Telebanc Financial Corp. 0.28 6.21
THR Three Rivers Financial Corp. 0.88 6.45
THRD TF Financial Corp. 0.70 7.90
THTL Thistle Group Holdings Co. 1.18 12.41
TPNZ Tappan Zee Financial Inc. 0.89 5.26
TRIC Tri-County Bancorp Inc. 1.01 6.46
TSBK Timberland Bancorp Inc. 1.83 8.40
TSBS Peoples Bancorp Inc. 1.20 6.08
TSH Teche Holding Co. 0.94 6.91
TWIN Twin City Bancorp 1.02 7.91
UBMT United Financial Corp. 1.16 7.47
UCBC Union Community Bancorp NA NA
UCFC United Community Finl Corp. 1.23 9.68
UFBS Union Financial Bcshs Inc. 0.88 11.07
UFRM United Federal Savings Bank 0.62 8.46
UPFC United PanAm Financial Corp. NA NA
USAB USABancshares Inc. 0.20 2.17
UTBI United Tennessee Bankshares NA NA
WAMU Washington Mutual Inc. 0.64 11.68
WAYN Wayne Savings Bancshares (MHC) 0.73 7.72
WBST Webster Financial Corp. 0.65 12.08
WCBI Westco Bancorp Inc. 1.49 9.64
WCFB Webster City Federal SB (MHC) 1.40 5.96
WEFC Wells Financial Corp. 1.19 8.19
WEHO Westwood Homestead Fin. Corp. 0.68 2.72
WES Westcorp 0.20 2.19
WFI Winton Financial Corp. 1.17 16.06
WFSL Washington Federal Inc. 1.97 15.09
113
Page 15 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CAPITAL AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------
TANGIBLE INTANGIBLE REGULATORY EQUITY + TOTAL CAPITAL/
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ RISK ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------------
WHGB WHG Bancshares Corp. 15.29 15.29 0.00 12.21 15.55 28.75
WOFC Western Ohio Financial Corp. 14.52 13.71 6.48 12.24 15.48 23.26
WRNB Warren Bancorp Inc. 10.49 10.49 0.00 9.63 11.55 12.62
WSB Washington Savings Bank, FSB 8.42 8.42 0.00 7.99 8.86 24.39
WSBI Warwick Community Bancorp 23.05 23.05 0.00 16.07 23.44 30.56
WSFS WSFS Financial Corp. 6.15 6.12 0.48 7.37 7.74 12.28
WSTR WesterFed Financial Corp. 10.73 8.93 18.49 8.27 11.21 13.81
WVFC WVS Financial Corp. 11.10 11.10 0.00 10.98 11.73 22.09
WYNE Wayne Bancorp Inc. 12.77 12.77 0.00 10.74 13.61 22.53
YFCB Yonkers Financial Corp. 10.30 10.30 0.00 8.94 10.61 25.07
YFED York Financial Corp. 8.89 8.89 0.00 7.67 9.60 13.11
- --------------------------------------------------------------------------------------------------------------------------
Average 12.84 12.64 3.12 11.14 13.37 22.55
ASSET QUALITY AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------
WHGB WHG Bancshares Corp. 1.01 45.62 0.59 3.85 0.46 41.31
WOFC Western Ohio Financial Corp. 1.71 79.48 1.29 8.89 1.36 74.24
WRNB Warren Bancorp Inc. 1.06 153.20 1.15 10.99 1.62 83.50
WSB Washington Savings Bank, FSB NA NA NA NA 1.02 NA
WSBI Warwick Community Bancorp 0.78 100.84 0.50 2.19 0.79 75.47
WSFS WSFS Financial Corp. 1.84 176.80 1.12 18.28 3.26 122.16
WSTR WesterFed Financial Corp. 0.60 123.01 0.43 4.02 0.74 97.44
WVFC WVS Financial Corp. 0.38 308.46 0.2 1.83 1.17 308.46
WYNE Wayne Bancorp Inc. 0.97 122.36 0.80 6.27 1.18 103.99
YFCB Yonkers Financial Corp. 0.14 422.07 0.15 1.46 0.61 208.94
YFED York Financial Corp. 0.10 874.88 0.98 10.99 0.90 31.83
- ---------------------------------------------------------------------------------------------------------------------
Average 0.65 195.91 0.56 6.29 0.89 152.03
PROFITABILITY AS OF THE MOST RECENT QUARTER
-------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------ -------------------------------------------
WHGB WHG Bancshares Corp. 0.58 3.16
WOFC Western Ohio Financial Corp. 0.07 0.49
WRNB Warren Bancorp Inc. 1.72 15.99
WSB Washington Savings Bank, FSB 0.74 8.67
WSBI Warwick Community Bancorp NA NA
WSFS WSFS Financial Corp. 1.13 19.29
WSTR WesterFed Financial Corp. 0.72 6.73
WVFC WVS Financial Corp. 1.20 10.45
WYNE Wayne Bancorp Inc. 0.70 5.44
YFCB Yonkers Financial Corp. 0.89 6.79
YFED York Financial Corp. 0.84 9.61
- -------------------------------------------------------------------------------------------
Average 0.91 8.35
114
Page 16 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
CAPITAL AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------
TANGIBLE INTANGIBLE REGULATORY EQUITY + TOTAL CAPITAL/
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ RISK ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 8.20 8.20 0.00 8.21 8.94 15.13
EBSI Eagle Bancshares 6.50 6.50 0.00 4.59 7.06 8.31
FAB FIRSTFED AMERICA BANCORP INC. 8.86 8.86 0.00 7.46 9.71 16.22
FNGB First Northern Capital Corp. 10.89 10.89 0.00 9.64 11.38 15.75
FWWB First Washington Bancorp Inc. 13.01 12.18 7.33 12.17 13.69 22.64
KFBI Klamath First Bancorp 13.98 12.96 8.40 10.92 14.14 21.84
MDBK Medford Bancorp Inc. 8.94 8.52 5.11 8.54 9.55 15.62
MECH MECH Financial Inc. 9.71 9.71 0.00 9.61 11.07 16.65
WSTR WesterFed Financial Corp. 10.73 8.93 18.49 8.27 11.21 13.81
YFED York Financial Corp. 8.89 8.89 0.00 7.67 9.60 13.11
- --------------------------------------------------------------------------------------------------------------------------
Average 9.97 9.56 3.93 8.71 10.64 15.91
Median 9.33 8.91 0.00 8.41 10.39 15.69
Maximum 13.98 12.96 18.49 12.17 14.14 22.64
Minimum 6.50 6.50 0.00 4.59 7.06 8.31
COMMUNITY SAVINGS BANKSHARES, INC 10.85 9.63 0.00 9.63 11.21 17.29
VARIANCE TO THE COMPARABLE MEDIAN 1.53 0.72 0.00 1.23 0.82 1.61
ASSET QUALITY AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------
NPLS/ RESERVES/ NPAS/ NPAS/ RESERVES/ RESERVES/
LOANS NPLS ASSETS EQUITY LOANS NPAS + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------------ ------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 0.49 205.01 0.38 4.62 1.00 195.38
EBSI Eagle Bancshares 0.91 81.84 0.95 14.58 0.74 59.71
FAB FIRSTFED AMERICA BANCORP INC. 0.37 331.87 0.29 3.26 1.24 293.25
FNGB First Northern Capital Corp. 0.11 506.35 0.12 1.11 0.54 400.84
FWWB First Washington Bancorp Inc. 0.21 498.86 0.21 1.64 1.03 301.38
KFBI Klamath First Bancorp 0.07 356.52 0.05 0.33 0.26 356.52
MDBK Medford Bancorp Inc. 0.34 346.52 0.18 2.00 1.19 338.34
MECH MECH Financial Inc. 0.62 345.41 0.46 4.72 2.14 296.39
WSTR WesterFed Financial Corp. 0.60 123.01 0.43 4.02 0.74 97.44
YFED York Financial Corp. 0.10 874.88 0.98 10.99 0.90 31.83
- --------------------------------------------------------------------------------------------------------------------
Average 0.38 367.03 0.41 4.73 0.98 237.11
Median 0.36 345.97 0.34 3.64 0.95 294.82
Maximum 0.91 874.88 0.98 14.58 2.14 400.84
Minimum 0.07 81.84 0.05 0.33 0.26 31.83
COMMUNITY SAVINGS BANKSHARES, INC 0.26 202.56 0.27 2.50 0.52 133.22
VARIANCE TO THE COMPARABLE MEDIAN (0.10) (143.40) (0.06) (1.14) (0.43) (161.60)
PROFITABILITY AS OF THE MOST RECENT QUARTER
-------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- ------------------------------------------------ -------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 1.19 15.04
EBSI Eagle Bancshares 0.83 10.00
FAB FIRSTFED AMERICA BANCORP INC. 0.60 5.47
FNGB First Northern Capital Corp. 0.98 8.87
FWWB First Washington Bancorp Inc. 1.21 8.70
KFBI Klamath First Bancorp 0.92 6.11
MDBK Medford Bancorp Inc. 1.07 11.84
MECH MECH Financial Inc. 0.97 9.71
WSTR WesterFed Financial Corp. 0.72 6.73
YFED York Financial Corp. 0.84 9.61
- -------------------------------------------------------------------------------------------
Average 0.93 9.21
Median 0.95 9.24
Maximum 1.21 15.04
Minimum 0.60 5.47
COMMUNITY SAVINGS BANKSHARES, INC 0.67 6.10
VARIANCE TO THE COMPARABLE MEDIAN (0.28) (3.14)
115
Page 17 OF 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
----------------------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ---------------------------------------- ----------------------------------------------------------------------------------------
%CAL California Federal Bank 2.61 6.75 4.39 2.37 0.94 2.05
%CCMD Chevy Chase Bank, FSB 3.76 6.91 3.82 3.09 5.75 7.92
AABC Access Anytime Bancorp Inc. 3.13 6.88 3.87 3.01 0.61 3.41
ABBK Abington Bancorp Inc. 3.23 7.05 3.99 3.06 0.83 2.73
ABCL Alliance Bancorp 2.88 7.11 4.34 2.77 1.14 2.43
ABCW Anchor BanCorp Wisconsin 3.21 7.68 4.59 3.09 0.47 1.97
AFBC Advance Financial Bancorp 3.94 7.77 3.94 3.84 0.35 2.77
AFED AFSALA Bancorp Inc. 3.51 6.98 3.64 3.34 0.23 2.29
AHCI Ambanc Holding Co. 3.26 7.19 4.04 3.16 0.23 2.51
AHM H.F. Ahmanson & Co. 2.76 7.14 4.50 2.64 0.54 1.70
ALBC Albion Banc Corp. 3.39 7.46 4.20 3.27 0.49 2.90
ALBK ALBANK Financial Corp. 3.89 7.24 3.58 3.66 0.45 2.38
ALLB Alliance Bank (MHC) 3.49 7.21 3.84 3.37 0.23 2.38
AMFC AMB Financial Corp. 3.35 7.34 4.06 3.27 0.55 2.79
ANA Acadiana Bancshares Inc. 3.50 7.51 4.09 3.41 0.37 2.18
ANDB Andover Bancorp Inc. 3.17 7.20 4.14 3.06 0.36 1.74
ANE Alliance Bncp of New England 3.56 7.14 3.74 3.40 0.48 2.86
ASBI Ameriana Bancorp 3.19 7.38 4.33 3.05 0.59 2.29
ASBP ASB Financial Corp. 3.24 7.56 4.36 3.20 0.24 2.04
ASFC Astoria Financial Corp. 2.69 6.89 4.33 2.56 0.19 1.39
ATSB AmTrust Capital Corp. 2.82 7.04 4.35 2.69 0.55 2.87
AVND Avondale Financial Corp. 3.71 8.00 4.59 3.40 0.95 3.71
BANC BankAtlantic Bancorp Inc. 3.43 7.41 4.26 3.16 0.73 2.80
BCSB BCSB Bankcorp Inc. (MHC) NA NA NA NA NA NA
BDJI First Federal Bancorp. 3.30 7.27 4.15 3.13 0.57 2.46
BFD BostonFed Bancorp Inc. 3.36 7.20 3.98 3.22 0.35 2.38
BFFC Big Foot Financial Corp. 3.12 6.62 3.60 3.02 0.12 2.39
BFSB Bedford Bancshares Inc. 3.92 7.69 3.91 3.78 0.51 2.22
BKC American Bank of Connecticut 3.25 7.20 4.07 3.13 0.54 1.73
BKCT Bancorp Connecticut Inc. 3.71 7.43 3.81 3.62 0.38 2.08
BKUNA BankUnited Financial Corp. 1.75 7.03 5.33 1.69 0.12 1.21
BNKU Bank United Corp. 2.43 7.14 4.87 2.27 0.49 1.59
BPLS Bank Plus Corp. 2.02 6.93 4.97 1.96 0.52 1.98
BRBI Blue River Bancshares Inc. NA NA NA NA NA NA
BRKL Brookline Bancorp (MHC) 4.15 7.66 3.52 4.14 0.15 1.16
BTHL Bethel Bancorp 4.47 8.57 4.34 4.24 0.80 3.89
BVCC Bay View Capital Corp. 2.96 7.56 4.77 2.80 0.36 2.10
BWFC Bank West Financial Corp. 3.06 7.33 4.44 2.89 0.55 2.60
BYFC Broadway Financial Corp. 4.35 7.45 3.30 4.14 0.53 3.97
BYS Bay State Bancorp 3.71 7.44 3.79 3.65 0.10 2.89
CAFI Camco Financial Corp. 3.61 7.67 4.25 3.42 0.55 2.47
CASB Cascade Financial Corp. 3.39 7.99 4.74 3.25 0.40 2.48
CASH First Midwest Financial Inc. 3.23 7.73 4.60 3.12 0.38 1.98
CATB Catskill Financial Corp. 3.97 7.18 3.31 3.88 0.15 1.91
CAVB Cavalry Bancorp Inc. NA NA NA NA NA NA
CBCI Calumet Bancorp Inc. 3.96 7.83 4.17 3.66 0.25 0.79
CBES CBES Bancorp Inc. 4.37 8.24 4.02 4.22 0.36 3.33
CBK Citizens First Financial Corp. 3.34 7.52 4.32 3.21 0.34 2.59
CBSA Coastal Bancorp Inc. 2.07 6.96 4.95 2.01 0.22 1.47
CCFH CCF Holding Co. 3.80 7.73 4.22 3.51 0.55 3.93
CEBK Central Co-operative Bank 3.45 7.20 3.86 3.34 0.22 2.42
CENB Century Bancorp Inc. 3.67 7.07 3.45 3.61 0.03 1.59
CFB Commercial Federal Corp. 2.78 7.41 4.77 2.64 0.94 1.89
CFCP Coastal Financial Corp. 3.69 7.78 4.23 3.55 0.71 2.51
CFFC Community Financial Corp. 3.91 7.93 4.16 3.77 0.44 2.28
CFKY Columbia Financial of Kentucky NA NA NA NA NA NA
CFNC Carolina Fincorp Inc. 4.08 7.42 3.51 3.91 0.46 2.67
CFSB CFSB Bancorp Inc. 3.09 7.41 4.38 3.03 0.69 1.86
CFTP Community Federal Bancorp 3.06 6.70 3.73 2.97 0.15 1.45
CIBI Community Investors Bancorp 3.55 7.74 4.29 3.46 0.18 2.05
CITZ CFS Bancorp Inc. 2.96 7.26 4.42 2.84 0.29 2.53
CKFB CKF Bancorp Inc. 3.62 7.51 3.95 3.57 0.12 1.62
CLAS Classic Bancshares Inc. 3.78 7.20 3.66 3.54 0.38 3.08
CMRN Cameron Financial Corp 3.78 7.94 4.32 3.61 0.12 1.96
BALANCE SHEET GROWTH AS OF THE MRQ
------------------------------------------
ASSET LOAN DEPOSIT
EFFICIENCY OVERHEAD GROWTH GROWTH GROWTH
RATIO RATIO RATE RATE RATE
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ---------------------------------------- ---------------------------- ------------------------------------------
%CAL California Federal Bank 58.16 41.54 10.10 NA (3.68)
%CCMD Chevy Chase Bank, FSB 85.61 58.84 2.20 (26.24) 14.39
AABC Access Anytime Bancorp Inc. 93.97 92.75 11.72 44.46 5.42
ABBK Abington Bancorp Inc. 68.55 60.05 8.97 14.10 11.34
ABCL Alliance Bancorp 62.77 47.49 47.28 29.55 29.10
ABCW Anchor BanCorp Wisconsin 55.05 48.24 6.84 11.04 7.91
AFBC Advance Financial Bancorp 66.65 63.59 6.85 11.63 4.16
AFED AFSALA Bancorp Inc. 64.12 61.61 8.98 6.17 8.21
AHCI Ambanc Holding Co. 72.73 70.77 8.72 14.25 4.17
AHM H.F. Ahmanson & Co. 48.52 37.98 11.14 13.76 14.25
ALBC Albion Banc Corp. 77.07 73.61 8.00 16.57 6.99
ALBK ALBANK Financial Corp. 53.65 47.98 14.68 9.68 17.37
ALLB Alliance Bank (MHC) 66.52 64.27 13.55 0.37 13.64
AMFC AMB Financial Corp. 73.03 68.49 18.22 23.20 15.6
ANA Acadiana Bancshares Inc. 61.51 57.35 11.67 NA 6.55
ANDB Andover Bancorp Inc. 50.18 44.38 11.30 16.14 5.63
ANE Alliance Bncp of New England 68.40 63.94 5.90 12.22 5.72
ASBI Ameriana Bancorp 62.86 55.70 (3.40) (2.00) (0.24)
ASBP ASB Financial Corp. 59.30 56.21 5.02 8.77 4.23
ASFC Astoria Financial Corp. 44.14 39.89 51.03 58.52 34.05
ATSB AmTrust Capital Corp. 88.31 85.91 (4.31) (5.50) (7.14)
AVND Avondale Financial Corp. 86.47 82.70 (14.35) (44.22) (5.07)
BANC BankAtlantic Bancorp Inc. 72.36 65.98 37.58 39.94 2.52
BCSB BCSB Bankcorp Inc. (MHC) NA NA NA NA NA
BDJI First Federal Bancorp. 65.75 59.52 9.70 5.92 3.04
BFD BostonFed Bancorp Inc. 66.31 62.64 8.43 14.48 12.13
BFFC Big Foot Financial Corp. 75.41 74.39 NA NA NA
BFSB Bedford Bancshares Inc. 51.75 45.22 15.54 8.64 4.81
BKC American Bank of Connecticut 45.57 36.19 13.15 11.32 6.48
BKCT Bancorp Connecticut Inc. 51.87 46.78 15.60 0.70 3.89
BKUNA BankUnited Financial Corp. 64.81 62.28 128.95 109.42 81.31
BNKU Bank United Corp. 56.23 46.72 14.48 17.40 22.27
BPLS Bank Plus Corp. 74.64 67.88 21.29 NA 13.08
BRBI Blue River Bancshares Inc. NA NA NA NA NA
BRKL Brookline Bancorp (MHC) 27.30 24.60 22.38 7.27 (4.06)
BTHL Bethel Bancorp 74.42 69.60 4.55 0.81 (1.91)
BVCC Bay View Capital Corp. 61.90 57.02 84.75 92.41 109.97
BWFC Bank West Financial Corp. 75.58 70.93 22.67 17.92 17.02
BYFC Broadway Financial Corp. 82.73 80.51 8.15 7.26 9.48
BYS Bay State Bancorp 77.11 76.48 19.01 7.83 2.05
CAFI Camco Financial Corp. 61.67 55.50 21.83 22.50 18.17
CASB Cascade Financial Corp. 67.69 63.68 2.30 12.69 2.73
CASH First Midwest Financial Inc. 52.63 46.84 12.39 NA 12.26
CATB Catskill Financial Corp. 47.94 45.94 8.91 7.07 5.11
CAVB Cavalry Bancorp Inc. NA NA NA NA NA
CBCI Calumet Bancorp Inc. 50.03 46.57 (0.93) 0.52 (1.42)
CBES CBES Bancorp Inc. 71.47 69.03 22.39 26.28 21.34
CBK Citizens First Financial Corp. 72.49 69.57 3.03 3.47 0.77
CBSA Coastal Bancorp Inc. 61.86 57.65 0.55 5.83 (0.43)
CCFH CCF Holding Co. 96.82 96.32 57.28 40.14 81.84
CEBK Central Co-operative Bank 65.65 63.41 17.17 19.92 6.67
CENB Century Bancorp Inc. 44.09 43.69 4.43 14.75 4.01
CFB Commercial Federal Corp. 50.54 32.85 3.83 6.40 (1.66)
CFCP Coastal Financial Corp. 59.51 51.38 22.70 5.59 10.82
CFFC Community Financial Corp. 54.10 48.76 9.65 9.10 18.50
CFKY Columbia Financial of Kentucky NA NA NA NA NA
CFNC Carolina Fincorp Inc. 60.99 56.37 9.01 11.96 11.00
CFSB CFSB Bancorp Inc. 49.85 38.40 0.28 0.69 3.13
CFTP Community Federal Bancorp 46.14 43.47 25.93 11.80 7.65
CIBI Community Investors Bancorp 55.11 52.70 4.40 12.17 4.66
CITZ CFS Bancorp Inc. 75.73 73.26 15.31 21.71 16.68
CKFB CKF Bancorp Inc. 43.72 41.81 3.20 1.47 9.66
CLAS Classic Bancshares Inc. 75.45 72.79 5.71 7.19 9.38
CMRN Cameron Financial Corp 52.41 50.89 6.09 3.07 7.00
MARKET DATA AS OF THE MOST RECENT QUARTER
--------------------------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- ----------------------------------------- --------------------------------------------------------------------------------
%CAL California Federal Bank NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB NA NA NA NA NA NA
AABC Access Anytime Bancorp Inc. 12.48 12.00 13.000 5.822 7.610 7.61
ABBK Abington Bancorp Inc. 61.72 18.75 22.250 12.750 9.850 8.98
ABCL Alliance Bancorp 251.56 23.88 29.250 20.000 15.800 15.67
ABCW Anchor BanCorp Wisconsin 380.04 39.06 46.500 24.125 14.690 14.47
AFBC Advance Financial Bancorp 17.58 19.38 20.875 13.500 14.520 14.52
AFED AFSALA Bancorp Inc. 24.81 20.44 20.438 12.563 16.450 16.45
AHCI Ambanc Holding Co. 68.67 19.00 19.500 12.688 14.270 14.27
AHM H.F. Ahmanson & Co. 6,912.90 71.00 82.813 44.938 28.650 21.84
ALBC Albion Banc Corp. 6.54 8.50 14.167 7.333 8.370 8.37
ALBK ALBANK Financial Corp. 803.24 70.56 70.563 37.125 28.700 22.72
ALLB Alliance Bank (MHC) 72.01 28.88 39.000 15.125 9.060 9.06
AMFC AMB Financial Corp. 14.42 17.50 19.375 14.000 15.420 15.42
ANA Acadiana Bancshares Inc. 55.12 22.50 25.625 19.750 17.520 17.52
ANDB Andover Bancorp Inc. 223.59 34.25 37.750 23.700 17.610 17.61
ANE Alliance Bncp of New England 29.22 15.75 16.083 8.781 7.900 7.73
ASBI Ameriana Bancorp 60.17 20.75 22.000 15.250 13.900 13.64
ASBP ASB Financial Corp. 20.44 14.25 14.625 11.500 10.680 10.68
ASFC Astoria Financial Corp. 1,226.62 53.50 62.500 45.375 33.640 24.10
ATSB AmTrust Capital Corp. 7.91 13.88 14.500 10.000 14.660 14.51
AVND Avondale Financial Corp. 41.95 17.38 18.875 13.625 14.210 14.21
BANC BankAtlantic Bancorp Inc. 383.02 12.88 17.000 12.250 6.960 5.38
BCSB BCSB Bankcorp Inc. (MHC) 71.49 NA NA NA NA NA
BDJI First Federal Bancorp. 16.47 18.50 22.000 13.167 12.700 12.70
BFD BostonFed Bancorp Inc. 104.49 23.38 24.875 18.000 16.180 15.62
BFFC Big Foot Financial Corp. 38.95 21.00 23.938 13.250 15.240 15.24
BFSB Bedford Bancshares Inc. 32.17 15.50 17.375 11.500 9.020 9.02
BKC American Bank of Connecticut 111.31 27.25 32.563 17.875 12.650 12.27
BKCT Bancorp Connecticut Inc. 87.27 19.25 25.000 12.250 9.580 9.58
BKUNA BankUnited Financial Corp. 182.73 14.00 15.625 8.500 9.430 8.18
BNKU Bank United Corp. 1,295.42 47.88 56.000 35.875 21.190 19.25
BPLS Bank Plus Corp. 196.29 12.25 16.125 10.750 9.550 8.76
BRBI Blue River Bancshares Inc. 15.00 NA NA NA NA NA
BRKL Brookline Bancorp (MHC) 378.24 14.88 17.984 14.875 9.470 9.47
BTHL Bethel Bancorp 15.15 13.25 13.250 10.750 13.710 11.51
BVCC Bay View Capital Corp. 452.43 31.75 38.000 24.875 19.430 12.60
BWFC Bank West Financial Corp. 29.84 14.13 17.500 7.500 8.930 8.93
BYFC Broadway Financial Corp. 9.07 11.57 12.731 9.722 13.950 13.95
BYS Bay State Bancorp 60.21 27.00 32.625 26.625 27.240 27.24
CAFI Camco Financial Corp. 95.01 18.42 18.417 11.111 10.410 9.77
CASB Cascade Financial Corp. 57.59 14.50 16.000 9.600 7.370 7.37
CASH First Midwest Financial Inc. 51.31 23.50 24.875 16.250 16.400 14.65
CATB Catskill Financial Corp. 70.98 16.88 19.125 15.250 15.720 15.72
CAVB Cavalry Bancorp Inc. 148.88 21.75 NA NA 13.370 13.37
CBCI Calumet Bancorp Inc. 95.93 33.25 39.000 24.833 27.740 27.74
CBES CBES Bancorp Inc. 19.50 20.50 26.000 17.125 17.940 17.94
CBK Citizens First Financial Corp. 43.74 21.50 22.375 14.625 15.270 15.27
CBSA Coastal Bancorp Inc. 157.87 24.50 26.667 18.750 15.000 13.07
CCFH CCF Holding Co. 18.34 21.88 24.000 15.000 12.900 12.90
CEBK Central Co-operative Bank 44.21 31.13 33.500 15.875 18.720 17.00
CENB Century Bancorp Inc. 17.63 37.67 39.000 22.667 14.580 14.58
CFB Commercial Federal Corp. 1,109.23 31.63 38.188 25.083 15.290 13.55
CFCP Coastal Financial Corp. 118.86 19.38 20.813 14.719 5.820 5.82
CFFC Community Financial Corp. 36.28 15.88 15.875 10.750 9.970 9.93
CFKY Columbia Financial of Kentucky 38.07 NA NA NA NA NA
CFNC Carolina Fincorp Inc. 19.41 17.63 18.750 14.125 13.900 13.90
CFSB CFSB Bancorp Inc. 198.05 28.75 28.750 14.091 8.080 8.08
CFTP Community Federal Bancorp 70.37 17.25 21.000 16.375 14.850 14.85
CIBI Community Investors Bancorp 16.46 13.50 13.500 7.667 8.370 8.37
CITZ CFS Bancorp Inc. 189.70 NA NA NA NA NA
CKFB CKF Bancorp Inc. 13.92 19.06 21.250 17.750 17.290 17.29
CLAS Classic Bancshares Inc. 20.31 16.00 21.500 13.875 15.790 13.58
CMRN Cameron Financial Corp 40.61 19.81 22.188 17.125 18.020 18.02
116
Page 18 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------- ------------------------------------------------------------------------------------
CMSB Commonwealth Bancorp Inc. 3.24 6.85 3.83 3.02 0.71 3.03
CMSV Community Savings Bnkshrs(MHC) 3.49 7.26 3.97 3.29 0.52 2.71
CNIT CENIT Bancorp Inc. 3.27 7.22 4.14 3.07 0.87 2.55
CNSB CNS Bancorp Inc. 3.61 7.18 3.73 3.44 0.19 2.46
CNY Carver Bancorp Inc. 3.40 6.80 3.58 3.21 0.58 2.94
COFI Charter One Financial 2.94 7.36 4.53 2.83 0.75 1.64
CONE Conestoga Bancorp, Inc. 3.13 6.65 3.75 2.89 0.17 1.93
COOP Cooperative Bankshares Inc. 3.02 7.43 4.51 2.92 0.18 2.07
CRSB Crusader Holding Corp. 3.86 9.10 5.32 3.78 2.82 3.02
CRZY Crazy Woman Creek Bancorp 3.36 7.28 3.98 3.30 0.15 1.61
CSBF CSB Financial Group Inc. 3.56 6.87 3.43 3.45 0.23 2.73
CVAL Chester Valley Bancorp Inc. 3.66 7.35 3.83 3.52 1.18 3.26
DCBI Delphos Citizens Bancorp Inc. 3.91 7.44 3.60 3.84 0.37 1.80
DCOM Dime Community Bancshares Inc. 3.56 7.30 3.90 3.40 0.27 1.90
DIBK Dime Financial Corp. 3.12 7.17 4.11 3.06 0.22 1.41
DME Dime Bancorp Inc. 2.57 6.80 4.39 2.41 0.72 2.22
DNFC D & N Financial Corp. 3.01 7.65 4.71 2.94 0.38 2.15
DSL Downey Financial Corp. 2.92 7.46 4.66 2.79 0.34 1.56
EBI Equality Bancorp Inc. 2.35 6.59 4.34 2.25 0.63 2.74
EBSI Eagle Bancshares 4.03 8.30 4.62 3.68 1.59 3.78
EFBC Empire Federal Bancorp Inc. 4.39 7.09 2.80 4.29 0.78 2.63
EFBI Enterprise Federal Bancorp 2.66 7.55 4.94 2.61 0.05 1.55
EFC EFC Bancorp Inc. 3.47 7.38 3.97 3.41 0.23 2.32
EGLB Eagle BancGroup Inc. 2.47 7.07 4.69 2.38 0.19 2.24
EMLD Emerald Financial Corp. 2.87 7.47 4.69 2.78 0.41 1.57
EQSB Equitable Federal Savings Bank 2.38 7.21 4.89 2.32 0.45 1.66
ESBF ESB Financial Corp. 1.99 6.85 4.90 1.94 0.15 1.18
ESBK Elmira Savings Bank (The) 3.76 7.55 4.00 3.55 0.49 3.10
ESX Essex Bancorp Inc. 3.02 7.69 4.85 2.84 1.20 4.27
ETFS East Texas Financial Services 2.88 6.88 4.07 2.81 0.18 2.28
FAB FIRSTFED AMERICA BANCORP INC. 2.81 6.96 4.29 2.67 0.40 2.08
FBBC First Bell Bancorp Inc. 2.52 7.06 4.58 2.48 0.08 0.78
FBCI Fidelity Bancorp Inc. NA NA NA NA NA NA
FBCV 1ST Bancorp 2.60 7.50 5.02 2.49 0.46 2.18
FBER 1st Bergen Bancorp 3.20 7.08 3.99 3.09 0.12 2.04
FBHC Fort Bend Holding Corp. 3.32 6.99 3.92 3.07 1.99 4.35
FBNW FirstBank Corp. 4.47 8.10 3.93 4.17 0.82 3.80
FBSI First Bancshares Inc. 3.60 7.69 4.26 3.44 0.32 2.03
FCB Falmouth Bancorp Inc. 4.20 7.09 3.05 4.04 0.18 2.88
FCBF FCB Financial Corp. 3.41 7.59 4.26 3.33 0.39 1.80
FCBH Virginia Beach Fed. Financial NA NA NA NA NA NA
FCBK First Coastal Bankshares 3.23 7.89 4.78 3.12 0.47 2.79
FCME First Coastal Corp. 4.47 8.01 3.85 4.16 0.42 3.46
FDEF First Defiance Financial 4.16 7.84 3.88 3.96 0.27 2.55
FDTR Federal Trust Corp. NA NA NA NA NA NA
FED FirstFed Financial Corp. 2.53 7.34 4.90 2.45 0.21 1.13
FESX First Essex Bancorp Inc. 3.23 7.54 4.45 3.09 0.26 1.96
FFBA First Colorado Bancorp Inc. 3.38 7.14 3.90 3.23 0.41 1.65
FFBH First Federal Bancshares of AR 3.17 7.59 4.48 3.11 0.25 1.82
FFBI First Financial Bancorp Inc. 3.08 7.18 4.25 2.93 0.55 2.97
FFBS FFBS BanCorp Inc. 3.70 7.48 3.84 3.64 0.50 1.92
FFBZ First Federal Bancorp Inc. 3.65 7.66 4.36 3.31 0.46 2.42
FFCH First Financial Holdings Inc. 3.10 7.53 4.54 2.99 0.72 2.20
FFDB FirstFed Bancorp Inc. 3.80 7.53 4.06 3.47 0.49 2.23
FFDF FFD Financial Corp. 3.34 7.01 3.71 3.30 0.07 2.07
FFED Fidelity Federal Bancorp 2.80 7.99 5.38 2.61 1.18 3.05
FFES First Federal of East Hartford 2.33 6.72 4.46 2.26 0.17 1.36
FFFD North Central Bancshares Inc. 3.64 7.24 3.76 3.48 1.07 2.14
FFFL Fidelity Bankshares Inc. (MHC) 2.88 7.14 4.42 2.72 0.41 2.21
FFHH FSF Financial Corp. 2.92 7.38 4.54 2.85 0.43 1.95
FFHS First Franklin Corp. 2.71 7.25 4.61 2.63 0.21 1.78
FFIC Flushing Financial Corp. 3.55 7.57 4.16 3.41 0.29 2.07
FFKY First Federal Financial Corp. 4.02 7.85 4.05 3.81 0.63 2.04
FFLC FFLC Bancorp Inc. 3.61 7.65 4.17 3.48 0.26 2.02
BALANCE SHEET GROWTH AS OF THE MRQ
----------------------------- ----------------------------------------
ASSET LOAN DEPOSIT
EFFICIENCY OVERHEAD GROWTH GROWTH GROWTH
RATIO RATIO RATE RATE RATE
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------------ ----------------------------- ----------------------------------------
CMSB Commonwealth Bancorp Inc. 74.35 68.35 3.46 16.20 3.96
CMSV Community Savings Bnkshrs(MHC) 71.32 66.80 11.48 23.51 9.01
CNIT CENIT Bancorp Inc. 62.84 52.38 (8.13) 7.14 (2.23)
CNSB CNS Bancorp Inc. 68.06 66.27 (0.37) (1.02) (1.00)
CNY Carver Bancorp Inc. 76.13 71.86 3.29 13.24 3.79
COFI Charter One Financial 44.85 30.16 6.26 18.21 7.98
CONE Conestoga Bancorp, Inc. 63.13 60.99 11.04 (0.08) 13.23
COOP Cooperative Bankshares Inc. 65.82 63.74 8.12 8.14 5.54
CRSB Crusader Holding Corp. 45.26 4.47 72.54 83.62 23.90
CRZY Crazy Woman Creek Bancorp 46.79 44.36 13.27 6.82 7.06
CSBF CSB Financial Group Inc. 70.81 68.89 (0.03) 0.45 2.14
CVAL Chester Valley Bancorp Inc. 69.40 59.18 16.48 6.79 14.36
DCBI Delphos Citizens Bancorp Inc. 42.75 37.27 5.99 NA 4.51
DCOM Dime Community Bancshares Inc. 47.07 42.87 23.49 26.58 7.78
DIBK Dime Financial Corp. 41.60 37.40 16.58 (5.00) 13.13
DME Dime Bancorp Inc. 69.31 60.13 4.12 34.76 5.23
DNFC D & N Financial Corp. 64.75 60.19 17.97 8.67 5.86
DSL Downey Financial Corp. 55.87 50.51 (0.91) (1.82) 11.67
EBI Equality Bancorp Inc. 96.50 95.52 35.44 (4.20) (2.75)
EBSI Eagle Bancshares 76.31 66.10 39.52 49.84 39.67
EFBC Empire Federal Bancorp Inc. 51.85 43.14 2.46 8.44 0.25
EFBI Enterprise Federal Bancorp 57.66 56.83 42.43 44.57 39.05
EFC EFC Bancorp Inc. 63.62 61.14 40.21 8.76 7.29
EGLB Eagle BancGroup Inc. 87.37 86.35 (0.13) (3.35) 0.48
EMLD Emerald Financial Corp. 48.73 41.09 2.37 7.49 1.82
EQSB Equitable Federal Savings Bank 59.75 51.93 13.74 NA 7.03
ESBF ESB Financial Corp. 53.26 49.67 17.04 9.09 4.47
ESBK Elmira Savings Bank (The) 74.77 71.28 1.71 5.75 2.32
ESX Essex Bancorp Inc. 96.18 94.57 12.79 17.45 13.57
ETFS East Texas Financial Services 76.15 74.59 8.78 12.95 (1.82)
FAB FIRSTFED AMERICA BANCORP INC. 67.44 62.53 28.88 2.04 (4.34)
FBBC First Bell Bancorp Inc. 30.47 28.35 5.92 0.45 (7.05)
FBCI Fidelity Bancorp Inc. NA NA NA NA NA
FBCV 1ST Bancorp 70.92 65.58 (4.95) 4.85 (16.32)
FBER 1st Bergen Bancorp 62.65 61.19 5.62 8.05 4.61
FBHC Fort Bend Holding Corp. 85.58 76.22 (0.10) 11.36 (0.36)
FBNW FirstBank Corp. 75.61 70.84 26.14 24.90 6.94
FBSI First Bancshares Inc. 55.07 50.86 11.18 11.36 23.19
FCB Falmouth Bancorp Inc. 68.19 66.80 17.68 55.34 13.56
FCBF FCB Financial Corp. 48.45 42.38 90.93 72.96 107.95
FCBH Virginia Beach Fed. Financial NA NA NA NA NA
FCBK First Coastal Bankshares 76.54 72.97 (1.31) (2.06) 5.84
FCME First Coastal Corp. 75.39 72.89 12.69 2.49 18.36
FDEF First Defiance Financial 59.12 56.38 5.41 8.41 5.50
FDTR Federal Trust Corp. NA NA NA NA NA
FED FirstFed Financial Corp. 41.50 36.50 (4.36) NA 9.11
FESX First Essex Bancorp Inc. 55.78 52.14 5.73 7.59 28.27
FFBA First Colorado Bancorp Inc. 47.08 40.33 2.44 4.72 4.32
FFBH First Federal Bancshares of AR 54.51 50.82 8.02 NA 4.14
FFBI First Financial Bancorp Inc. 85.19 82.41 (12.52) (25.95) 2.60
FFBS FFBS BanCorp Inc. 46.26 38.94 7.34 11.76 6.52
FFBZ First Federal Bancorp Inc. 60.55 55.10 3.04 2.76 8.35
FFCH First Financial Holdings Inc. 59.37 49.66 15.99 10.79 7.93
FFDB FirstFed Bancorp Inc. 61.65 56.21 1.88 (6.64) 3.09
FFDF FFD Financial Corp. 61.53 60.67 17.37 27.22 10.89
FFED Fidelity Federal Bancorp 80.57 71.76 (21.12) (20.97) (21.06)
FFES First Federal of East Hartford 56.18 52.90 (0.32) 14.96 1.56
FFFD North Central Bancshares Inc. 45.66 29.01 55.55 44.96 80.83
FFFL Fidelity Bankshares Inc. (MHC) 70.37 65.93 46.94 24.30 29.94
FFHH FSF Financial Corp. 59.56 53.52 9.48 14.80 6.80
FFHS First Franklin Corp. 62.10 59.09 4.73 (1.07) 3.03
FFIC Flushing Financial Corp. 54.87 51.02 26.96 40.16 13.23
FFKY First Federal Financial Corp. 44.55 35.44 8.55 8.39 9.01
FFLC FFLC Bancorp Inc. 53.84 50.35 6.55 25.93 7.99
MARKET DATA AS OF THE MOST RECENT QUARTER
---------------------------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- -------------------------------------------- --------------------------------------------------------------------------------
CMSB Commonwealth Bancorp Inc. 277.57 22.94 24.250 15.750 12.910 10.17
CMSV Community Savings Bnkshrs(MHC) 160.65 38.63 40.750 19.625 16.520 16.52
CNIT CENIT Bancorp Inc. 105.38 23.00 28.583 16.167 10.840 10.04
CNSB CNS Bancorp Inc. 24.26 17.50 21.500 16.000 14.760 14.76
CNY Carver Bancorp Inc. 27.92 13.25 17.125 11.625 15.510 14.99
COFI Charter One Financial 3,661.58 33.69 36.375 24.762 11.590 10.91
CONE Conestoga Bancorp, Inc. NA 20.63 20.780 14.375 17.580 17.58
COOP Cooperative Bankshares Inc. 46.93 17.50 25.000 10.625 10.000 10.00
CRSB Crusader Holding Corp. 57.49 15.83 17.857 14.048 6.060 5.74
CRZY Crazy Woman Creek Bancorp 14.90 16.88 20.000 13.250 15.350 15.35
CSBF CSB Financial Group Inc. 8.82 13.75 13.750 11.000 13.230 12.48
CVAL Chester Valley Bancorp Inc. 73.32 31.75 37.000 19.286 13.680 13.68
DCBI Delphos Citizens Bancorp Inc. 29.57 19.44 24.250 14.750 14.840 14.84
DCOM Dime Community Bancshares Inc. 289.19 27.75 29.313 18.563 15.300 13.33
DIBK Dime Financial Corp. 168.08 35.625 37.000 25.375 16.070 15.71
DME Dime Bancorp Inc. 3,093.78 29.94 32.063 17.000 11.720 9.64
DNFC D & N Financial Corp. 215.19 26.81 29.750 16.932 11.550 11.46
DSL Downey Financial Corp. 865.99 32.69 34.500 20.476 16.330 16.16
EBI Equality Bancorp Inc. 32.76 14.25 16.000 12.500 10.400 10.40
EBSI Eagle Bancshares 130.21 25.38 25.500 15.250 13.030 13.03
EFBC Empire Federal Bancorp Inc. 34.73 17.38 18.250 12.500 15.680 15.68
EFBI Enterprise Federal Bancorp 60.53 32.50 35.000 15.250 16.470 16.06
EFC EFC Bancorp Inc. 84.28 NA NA NA NA NA
EGLB Eagle BancGroup Inc. 21.77 19.13 21.125 15.500 17.820 17.82
EMLD Emerald Financial Corp. 131.00 12.88 16.000 6.688 5.110 5.05
EQSB Equitable Federal Savings Bank 35.17 30.50 34.000 18.625 14.670 14.67
ESBF ESB Financial Corp. 96.23 18.31 20.000 13.016 11.840 10.57
ESBK Elmira Savings Bank (The) 18.89 29.63 32.250 18.571 20.350 20.35
ESX Essex Bancorp Inc. 3.05 3.13 7.938 1.000 (4.040) 6.96
ETFS East Texas Financial Services 20.69 15.00 16.250 12.000 13.760 13.76
FAB FIRSTFED AMERICA BANCORP INC. 139.59 19.38 23.250 17.625 15.760 15.76
FBBC First Bell Bancorp Inc. 112.55 19.13 21.625 15.625 11.780 11.78
FBCI Fidelity Bancorp Inc. 66.59 22.63 NA NA 18.770 18.74
FBCV 1ST Bancorp 48.23 26.50 29.286 18.412 21.490 21.13
FBER 1st Bergen Bancorp 45.24 18.50 20.750 15.250 13.490 13.49
FBHC Fort Bend Holding Corp. 36.34 23.00 28.000 14.625 12.520 11.84
FBNW FirstBank Corp. 37.44 22.25 23.500 15.500 16.530 16.53
FBSI First Bancshares Inc. 29.04 15.50 17.500 9.500 10.810 10.35
FCB Falmouth Bancorp Inc. 26.91 19.75 23.875 16.375 16.240 16.24
FCBF FCB Financial Corp. 114.08 32.00 33.313 20.125 19.370 19.37
FCBH Virginia Beach Fed. Financial 89.37 20.25 NA NA NA NA
FCBK First Coastal Bankshares NA 18.75 20.875 13.250 9.080 9.08
FCME First Coastal Corp. 16.33 12.75 15.750 9.250 11.300 11.30
FDEF First Defiance Financial 106.05 14.13 16.250 13.500 12.660 12.66
FDTR Federal Trust Corp. 17.91 4.31 NA NA 2.570 2.57
FED FirstFed Financial Corp. 424.30 26.00 26.407 15.375 11.33 11.26
FESX First Essex Bancorp Inc. 160.70 22.38 26.125 16.500 12.410 8.97
FFBA First Colorado Bancorp Inc. 435.04 27.75 30.125 17.375 12.910 12.67
FFBH First Federal Bancshares of AR 113.25 26.38 30.250 20.375 17.460 17.46
FFBI First Financial Bancorp Inc. 10.49 21.00 21.000 15.500 18.370 18.37
FFBS FFBS BanCorp Inc. 34.98 21.25 26.000 21.000 15.070 15.07
FFBZ First Federal Bancorp Inc. 37.81 13.63 13.625 8.500 5.230 5.23
FFCH First Financial Holdings Inc. 298.19 26.13 27.000 11.875 8.700 8.70
FFDB FirstFed Bancorp Inc. 34.93 12.38 12.750 7.188 7.340 6.76
FFDF FFD Financial Corp. 26.02 22.75 22.750 13.000 15.430 15.43
FFED Fidelity Federal Bancorp 18.76 9.81 10.500 7.500 4.280 4.28
FFES First Federal of East Hartford 90.51 35.00 42.250 29.000 25.730 25.73
FFFD North Central Bancshares Inc. 56.63 21.19 24.875 15.750 15.730 13.63
FFFL Fidelity Bankshares Inc. (MHC) 176.86 28.63 35.375 19.750 13.280 NA
FFHH FSF Financial Corp. 50.87 18.00 21.250 17.375 16.370 16.37
FFHS First Franklin Corp. 28.31 15.63 20.833 13.167 12.160 12.11
FFIC Flushing Financial Corp. 180.13 28.50 28.500 20.000 17.900 17.24
FFKY First Federal Financial Corp. 105.82 28.50 28.750 20.500 13.240 12.57
FFLC FFLC Bancorp Inc. 68.30 19.38 23.500 16.350 14.110 14.11
117
Page 19 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
----------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ----------------------------------------------- ----------------------------------------------------------------------------
FFOH Fidelity Financial of Ohio 2.98 7.22 4.36 2.86 0.21 1.72
FFPB First Palm Beach Bancorp Inc. 2.49 7.18 4.78 2.40 0.43 2.12
FFSL First Independence Corp. 2.97 7.49 4.61 2.88 0.15 1.79
FFSX First Fed SB of Siouxland (MHC) 3.07 6.93 4.19 2.74 0.55 2.22
FFWC FFW Corp. 3.20 7.60 4.47 3.12 0.47 1.98
FFWD Wood Bancorp Inc. 4.36 8.16 3.96 4.20 0.26 2.42
FFYF FFY Financial Corp. 3.65 7.67 4.09 3.59 0.24 1.88
FGHC First Georgia Holding Inc. 4.28 8.52 4.48 4.03 1.00 3.24
FIBC Financial Bancorp Inc. 3.49 7.09 3.76 3.33 0.27 1.84
FISB First Indiana Corp. 4.10 8.23 4.30 3.92 0.73 2.60
FKAN First Kansas Financial Corp. NA NA NA NA NA NA
FKFS First Keystone Financial 3.32 7.34 4.12 3.22 0.29 2.30
FKKY Frankfort First Bancorp Inc. 3.12 7.32 4.27 3.05 0.05 1.30
FLAG FLAG Financial Corp. 4.59 8.63 4.36 4.27 1.36 4.45
FLFC First Liberty Financial Corp. 3.94 7.86 4.30 3.56 0.89 2.71
FLGS Flagstar Bancorp Inc. 2.23 6.97 4.91 2.06 3.93 3.10
FLKY First Lancaster Bancshares 4.48 8.25 3.84 4.41 0.00 2.56
FMBD First Mutual Bancorp Inc. 3.20 7.10 4.15 2.95 0.42 2.80
FMCO FMS Financial Corp. 3.54 7.14 3.76 3.38 0.39 2.37
FMSB First Mutual Savings Bank 3.74 8.38 4.73 3.66 0.34 2.45
FNGB First Northern Capital Corp. 3.19 7.27 4.20 3.07 0.46 2.04
FOBC Fed One Bancorp 3.21 7.20 4.10 3.10 0.19 2.01
FPRY First Financial Bancorp 3.13 7.64 4.68 2.95 0.50 2.71
FSBI Fidelity Bancorp Inc. 2.83 7.06 4.30 2.76 0.25 1.82
FSFF First SecurityFed Financial NA NA NA NA NA NA
FSLA First Source Bancorp Inc. 3.29 6.99 3.81 3.17 0.23 1.64
FSNJ Bayonne Bancshares Inc. 2.71 6.63 3.98 2.65 0.21 1.64
FSPT FirstSpartan Financial Corp. 4.21 7.50 3.44 4.06 0.41 1.97
FSSB First FS&LA of San Bernardino 3.56 7.66 4.34 3.32 0.91 4.38
FSTC First Citizens Corp. NA NA NA NA NA NA
FTF Texarkana First Financial Corp 3.78 7.92 4.23 3.68 0.45 1.57
FTFC First Federal Capital Corp. 3.11 7.44 4.50 2.94 1.02 2.74
FTNB Fulton Bancorp Inc. 3.81 7.60 3.86 3.74 0.45 2.56
FTSB Fort Thomas Financial Corp. 4.11 8.49 4.49 4.01 0.32 2.35
FWWB First Washington Bancorp Inc. 3.68 7.82 4.29 3.54 0.30 1.93
GAF GA Financial Inc. 3.30 7.07 3.88 3.18 0.32 1.98
GBNK Gaston Federal Bancorp (MHC) NA NA NA NA NA NA
GDW Golden West Financial 2.45 7.51 5.14 2.38 0.22 0.86
GFCO Glenway Financial Corp. 3.22 7.54 4.43 3.12 0.3 1.97
GFED Guaranty Federal Bcshs Inc. 3.90 7.55 3.84 3.71 0.38 2.11
GLMR Gilmer Financial Svcs, Inc. 2.78 7.50 4.74 2.76 0.51 2.41
GOSB GSB Financial Corp. 4.07 6.59 2.67 3.92 0.19 2.88
GPT GreenPoint Financial Corp. 3.87 7.50 3.89 3.60 0.37 2.01
GSB Golden State Bancorp Inc. 2.82 6.98 4.33 2.65 0.60 1.80
GSFC Green Street Financial Corp. 4.33 7.45 3.16 4.29 0.07 1.80
GSLA GS Financial Corp. 4.78 7.11 2.50 4.61 0.02 2.47
GTPS Great American Bancorp 4.33 7.44 3.38 4.06 0.73 3.43
GUPB GFSB Bancorp Inc. 2.96 7.39 4.46 2.93 0.07 1.61
HALL Hallmark Capital Corp. 2.57 7.69 5.15 2.54 0.22 1.63
HARB Harbor Florida Bancshares Inc. 3.98 7.76 3.91 3.86 0.36 1.97
HARL Harleysville Savings Bank 2.64 7.35 4.76 2.58 0.12 1.24
HARS Harris Financial Inc. (MHC) 2.45 7.05 4.68 2.37 0.28 1.83
HAVN Haven Bancorp Inc. 2.88 6.97 4.25 2.72 0.93 2.81
HBBI Home Building Bancorp 3.54 7.56 4.14 3.43 0.25 2.50
HBEI Home Bancorp of Elgin Inc. 4.23 7.10 3.05 4.06 0.28 3.20
HBFW Home Bancorp 2.81 7.37 4.61 2.76 0.08 1.39
HBNK Highland Bancorp Inc. 4.37 8.87 4.81 4.06 0.35 1.74
HBS Haywood Bancshares Inc. 3.35 7.40 4.19 3.21 0.28 1.12
HBSC Heritage Bancorp Inc. NA NA NA NA NA NA
HCBB HCB Bancshares Inc. 3.23 7.28 4.18 3.11 0.29 2.85
HCBC High Country Bancorp Inc. 4.41 8.07 3.86 4.21 0.20 3.31
HCFC Home City Financial Corp. 4.40 8.63 4.33 4.30 0.10 2.47
HEMT HF Bancorp Inc. 2.54 7.32 4.85 2.46 0.29 2.29
HFBC HopFed Bancorp Inc. 2.46 5.94 3.52 2.43 0.21 0.93
BALANCE SHEET GROWTH AS OF THE MRQ
------------------------- ----------------------------------------
ASSET LOAN DEPOSIT
EFFICIENCY OVERHEAD GROWTH GROWTH GROWTH
RATIO RATIO RATE RATE RATE
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ----------------------------------------------- ------------------------- ----------------------------------------
FFOH Fidelity Financial of Ohio 52.63 49.12 1.37 NA (2.81)
FFPB First Palm Beach Bancorp Inc. 75.17 70.76 5.86 (5.50) 5.87
FFSL First Independence Corp. 60.02 57.97 11.26 24.72 9.49
FFSX First Fed SB of Siouxland(MHC) 66.68 59.96 17.72 18.76 20.11
FFWC FFW Corp. 52.48 45.40 12.92 NA 7.87
FFWD Wood Bancorp Inc. 54.32 51.53 0.92 3.99 9.53
FFYF FFY Financial Corp. 48.96 45.52 8.76 4.64 (1.38)
FGHC First Georgia Holding Inc. 63.82 54.89 15.62 17.42 20.43
FIBC Financial Bancorp Inc. 51.29 47.30 20.71 NA 9.38
FISB First Indiana Corp. 56.22 48.13 15.13 15.44 11.56
FKAN First Kansas Financial Corp. NA NA NA NA NA
FKFS First Keystone Financial 65.56 62.49 22.41 8.74 6.32
FKKY Frankfort First Bancorp Inc. 41.98 41.12 1.85 4.50 (4.73)
FLAG FLAG Financial Corp. 78.56 71.73 99.56 104.03 88.06
FLFC First Liberty Financial Corp. 58.13 47.63 8.57 6.15 11.25
FLGS Flagstar Bancorp Inc. 47.53 (52.72) 61.20 58.37 52.03
FLKY First Lancaster Bancshares 58.07 58.07 31.04 36.26 11.17
FMBD First Mutual Bancorp Inc. 77.39 74.16 (9.14) (1.01) (4.69)
FMCO FMS Financial Corp. 59.94 55.29 21.40 (2.01) 9.29
FMSB First Mutual Savings Bank 61.31 57.68 8.99 14.12 15.85
FNGB First Northern Capital Corp. 57.92 51.58 8.26 7.44 6.26
FOBC Fed One Bancorp 59.19 56.70 4.80 7.20 1.52
FPRY First Financial Bancorp 77.74 74.01 10.78 25.03 10.52
FSBI Fidelity Bancorp Inc. 60.34 56.80 22.88 27.40 12.08
FSFF First SecurityFed Financial NA NA NA NA NA
FSLA First Source Bancorp Inc. 45.71 41.73 18.22 17.98 (0.93)
FSNJ Bayonne Bancshares Inc. 57.29 53.97 16.29 35.97 (4.76)
FSPT FirstSpartan Financial Corp. 44.07 38.48 (22.24) 16.33 4.71
FSSB First FS&LA of San Bernardino 98.33 97.87 0.37 11.00 1.86
FSTC First Citizens Corp. NA NA NA NA NA
FTF Texarkana First Financial Corp 38.03 30.38 10.62 4.02 8.08
FTFC First Federal Capital Corp. 67.70 56.55 0.79 (15.84) 18.49
FTNB Fulton Bancorp Inc. 60.27 55.51 10.21 6.69 3.65
FTSB Fort Thomas Financial Corp. 54.42 50.80 7.31 8.40 9.16
FWWB First Washington Bancorp Inc. 48.12 43.64 14.53 17.18 8.55
GAF GA Financial Inc. 56.05 51.68 11.81 15.59 3.50
GBNK Gaston Federal Bancorp (MHC) NA NA NA NA NA
GDW Golden West Financial 33.19 27.08 (0.07) (13.11) 3.98
GFCO Glenway Financial Corp. 56.07 51.78 6.99 10.62 (0.87)
GFED Guaranty Federal Bcshs Inc. 51.73 46.75 30.37 30.00 (6.79)
GLMR Gilmer Financial Svcs, Inc. 73.93 69.11 7.89 14.84 14.24
GOSB GSB Financial Corp. 70.07 68.63 (16.53) NA (11.62)
GPT GreenPoint Financial Corp. 42.57 36.72 (3.35) 10.69 (3.23)
GSB Golden State Bancorp Inc. 54.40 44.06 11.71 15.43 14.34
GSFC Green Street Financial Corp. 41.30 40.35 (0.77) 3.20 1.63
GSLA GS Financial Corp. 53.24 53.02 (4.39) 23.40 (46.68)
GTPS Great American Bancorp 71.90 66.87 8.30 22.58 10.29
GUPB GFSB Bancorp Inc. 53.64 52.50 35.97 53.87 21.50
HALL Hallmark Capital Corp. 59.23 55.71 4.49 3.62 (3.51)
HARB Harbor Florida Bancshares Inc. 46.32 41.26 18.10 11.75 1.13
HARL Harleysville Savings Bank 45.75 43.13 17.44 4.64 5.75
HARS Harris Financial Inc. (MHC) 66.12 62.14 13.76 7.09 (1.85)
HAVN Haven Bancorp Inc. 76.52 68.49 27.15 39.25 26.42
HBBI Home Building Bancorp 68.18 65.89 (4.79) 1.69 (7.69)
HBEI Home Bancorp of Elgin Inc. 74.15 72.35 4.28 14.30 7.31
HBFW Home Bancorp 49.00 47.46 7.59 16.70 6.51
HBNK Highland Bancorp Inc. 38.06 32.78 13.69 12.49 5.07
HBS Haywood Bancshares Inc. 55.75 51.86 3.88 3.51 2.97
HBSC Heritage Bancorp Inc. NA NA NA NA NA
HCBB HCB Bancshares Inc. 82.08 80.37 22.84 10.24 (8.91)
HCBC High Country Bancorp Inc. 75.02 73.84 NA NA NA
HCFC Home City Financial Corp. 56.23 55.24 11.55 25.47 14.18
HEMT HF Bancorp Inc. 71.36 67.99 6.20 NA 3.22
HFBC HopFed Bancorp Inc. 35.44 29.97 7.58 6.53 (13.72)
MARKET DATA AS OF THE MOST RECENT QUARTER
-----------------------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- ------------------------------------------ --------------------------------------------------------------------------
FFOH Fidelity Financial of Ohio 86.42 16.00 19.875 14.500 11.790 10.49
FFPB First Palm Beach Bancorp Inc. 204.55 43.50 44.938 30.250 23.520 23.04
FFSL First Independence Corp. 11.25 13.63 15.625 11.500 12.340 12.34
FFSX First Fed SB of Siouxland(MHC) 85.20 36.00 39.000 22.000 14.800 11.93
FFWC FFW Corp. 26.97 17.38 21.500 13.063 13.120 12.07
FFWD Wood Bancorp Inc. 43.28 20.00 27.000 8.466 8.180 8.18
FFYF FFY Financial Corp. 144.65 32.50 35.375 25.500 21.000 21.00
FGHC First Georgia Holding Inc. 57.59 10.50 10.500 4.667 3.070 2.87
FIBC Financial Bancorp Inc. 62.29 32.25 32.250 18.125 16.830 16.76
FISB First Indiana Corp. 292.76 26.13 30.000 17.083 12.540 12.41
FKAN First Kansas Financial Corp. 16.90 12.25 NA NA 13.460 13.29
FKFS First Keystone Financial 34.69 18.25 19.000 10.625 10.650 10.65
FKKY Frankfort First Bancorp Inc. 23.58 15.50 22.938 14.875 14.020 14.02
FLAG FLAG Financial Corp. 84.75 16.63 18.500 9.333 7.460 7.46
FLFC First Liberty Financial Corp. 274.90 22.33 22.917 14.000 8.570 7.84
FLGS Flagstar Bancorp Inc. 369.09 24.38 28.375 16.000 10.440 10.16
FLKY First Lancaster Bancshares 13.66 15.25 16.375 14.625 14.920 14.92
FMBD First Mutual Bancorp Inc. 60.68 17.75 25.000 15.000 15.720 12.24
FMCO FMS Financial Corp. 90.25 14.17 16.667 7.833 5.690 5.65
FMSB First Mutual Savings Bank 61.54 17.63 20.167 11.500 8.020 8.02
FNGB First Northern Capital Corp. 112.95 13.38 14.000 11.000 8.490 8.49
FOBC Fed One Bancorp 93.66 45.50 45.500 20.000 17.980 17.30
FPRY First Financial Bancorp NA 20.75 21.125 17.250 17.070 17.07
FSBI Fidelity Bancorp Inc. 39.36 25.30 25.600 14.727 14.020 14.02
FSFF First SecurityFed Financial 97.72 15.50 NA NA 14.59 14.55
FSLA First Source Bancorp Inc. 283.69 9.69 13.927 6.330 8.170 7.91
FSNJ Bayonne Bancshares Inc. 135.85 15.75 17.375 9.206 10.550 10.55
FSPT FirstSpartan Financial Corp. 159.49 41.50 47.250 35.000 29.570 29.57
FSSB First FS&LA of San Bernardino 3.16 9.75 11.500 9.000 13.680 13.18
FSTC First Citizens Corp. 83.22 31.88 NA NA 13.560 11.13
FTF Texarkana First Financial Corp 46.05 28.38 30.625 19.625 16.230 16.23
FTFC First Federal Capital Corp. 294.21 17.938 18.250 11.500 6.420 6.11
FTNB Fulton Bancorp Inc. 30.59 22.00 26.500 17.500 15.060 15.06
FTSB Fort Thomas Financial Corp. 20.27 15.06 15.625 9.250 10.870 10.87
FWWB First Washington Bancorp Inc. 269.08 23.92 25.966 17.045 14.780 13.70
GAF GA Financial Inc. 111.01 18.38 22.250 16.500 14.940 14.80
GBNK Gaston Federal Bancorp (MHC) 59.30 15.25 NA NA 9.140 9.14
GDW Golden West Financial 4,736.86 106.31 114.250 71.813 50.760 50.76
GFCO Glenway Financial Corp. 51.66 20.00 21.25 10.25 12.6 12.49
GFED Guaranty Federal Bcshs Inc. 78.63 12.94 14.436 8.674 12.010 12.01
GLMR Gilmer Financial Svcs, Inc. 2.70 11.00 12.000 10.000 19.880 19.88
GOSB GSB Financial Corp. 30.63 17.00 18.938 14.250 14.300 14.30
GPT GreenPoint Financial Corp. 3,418.95 37.63 42.063 29.344 17.650 9.98
GSB Golden State Bancorp Inc. 1,303.90 29.75 41.813 26.750 20.240 16.99
GSFC Green Street Financial Corp. 57.17 14.75 20.750 14.500 14.810 14.81
GSLA GS Financial Corp. 44.10 20.63 21.000 13.375 16.080 16.08
GTPS Great American Bancorp 33.95 21.75 23.000 16.500 17.070 17.07
GUPB GFSB Bancorp Inc. 17.11 15.00 15.000 11.417 12.140 12.14
HALL Hallmark Capital Corp. 41.44 14.00 18.000 10.500 12.040 12.04
HARB Harbor Florida Bancshares Inc. 372.72 11.94 12.813 7.197 8.410 8.32
HARL Harleysville Savings Bank 50.26 32.25 35.000 21.750 15.140 15.14
HARS Harris Financial Inc. (MHC) 613.51 22.00 27.875 7.083 5.560 5.03
HAVN Haven Bancorp Inc. 181.41 25.63 28.750 17.813 13.330 12.74
HBBI Home Building Bancorp 7.48 21.25 23.750 18.500 20.610 20.61
HBEI Home Bancorp of Elgin Inc. 101.12 15.50 19.313 15.063 14.000 14.00
HBFW Home Bancorp 66.71 29.38 37.625 20.5 18.27 18.27
HBNK Highland Bancorp Inc. 96.67 41.00 43.500 25.000 19.360 19.36
HBS Haywood Bancshares Inc. 25.63 22.50 23.000 15.625 18.050 17.48
HBSC Heritage Bancorp Inc. 85.05 NA NA NA NA NA
HCBB HCB Bancshares Inc. 34.72 14.75 15.250 12.625 14.450 14.28
HCBC High Country Bancorp Inc. 17.85 15.25 15.5 14.438 13.65 13.65
HCFC Home City Financial Corp. 13.34 15.00 22.750 13.750 11.970 11.97
HEMT HF Bancorp Inc. 106.68 17.69 18.250 13.875 13.150 11.25
HFBC HopFed Bancorp Inc. 69.58 18.88 21.875 16.000 14.460 14.46
118
Page 20 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
-------------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------ -------------------------------------------------------------------------------
HFFB Harrodsburg First Fin Bancorp 3.64 7.16 3.58 3.58 0.10 1.54
HFFC HF Financial Corp. 3.80 8.03 4.42 3.61 2.14 3.47
HFGI Harrington Financial Group 0.94 6.30 5.39 0.91 0.05 1.18
HFNC HFNC Financial Corp. 3.29 7.62 4.42 3.20 0.11 1.65
HFSA Hardin Bancorp Inc. 2.65 7.17 4.56 2.60 0.29 1.88
HFWA Heritage Financial Corp. NA NA NA NA NA NA
HHFC Harvest Home Financial Corp. 2.56 7.04 4.52 2.52 0.06 1.67
HIFS Hingham Instit. for Savings 3.98 7.77 3.91 3.85 0.29 2.04
HLFC Home Loan Financial Corp. 4.78 7.55 2.96 4.59 0.25 2.71
HMLK Hemlock Federal Financial Corp 3.55 6.95 3.45 3.50 0.35 2.20
HMNF HMN Financial Inc. 2.59 7.02 4.51 2.51 0.19 1.74
HOMF Home Federal Bancorp 3.62 7.82 4.38 3.44 0.85 2.19
HPBC Home Port Bancorp Inc. 4.47 7.88 3.57 4.31 0.44 2.18
HRBF Harbor Federal Bancorp Inc. 3.02 7.40 4.44 2.96 0.18 1.86
HRBT Hudson River Bancorp 4.66 8.38 3.93 4.45 0.41 2.88
HRZB Horizon Financial Corp. 3.62 7.79 4.24 3.56 0.33 1.45
HSTD Homestead Bancorp Inc. 3.11 7.26 4.21 3.05 0.37 2.82
HTHR Hawthorne Financial Corp. 3.87 8.89 5.14 3.75 0.41 2.43
HWEN Home Financial Bancorp 4.65 8.73 4.29 4.44 0.32 3.44
HZFS Horizon Financial Svcs Corp. 3.20 7.58 4.50 3.08 0.51 2.28
IBSF IBS Financial Corp. 3.06 6.97 3.97 2.99 0.14 1.89
ICBC Independence Comm. Bank Corp. NA NA NA NA NA NA
IFSB Independence Federal Svgs Bank 2.50 7.16 4.78 2.39 1.10 3.05
INBI Industrial Bancorp Inc. 3.96 8.06 4.17 3.89 0.16 1.75
IPSW Ipswich Savings Bank 3.41 7.07 3.81 3.26 0.99 2.33
ITLA ITLA Capital Corp. 4.89 10.01 5.15 4.86 0.26 2.12
IWBK InterWest Bancorp Inc. 3.37 7.57 4.40 3.17 0.60 2.41
JSB JSB Financial Inc. 4.84 7.09 2.56 4.53 0.36 1.15
JSBA Jefferson Savings Bancorp 3.02 7.54 4.62 2.93 0.19 1.90
JXSB Jacksonville Savings Bk (MHC) 3.56 7.62 4.31 3.31 0.43 2.88
JXVL Jacksonville Bancorp Inc. 3.73 7.63 3.99 3.64 0.57 2.31
KFBI Klamath First Bancorp 3.36 7.01 3.80 3.20 0.27 1.94
KNK Kankakee Bancorp Inc. 3.18 7.10 4.09 3.00 0.53 2.47
KSAV KS Bancorp Inc. 3.86 7.80 4.12 3.68 0.11 2.01
KSBK KSB Bancorp Inc. 4.58 8.35 3.92 4.43 0.81 3.19
KYF Kentucky First Bancorp Inc. 3.48 7.27 3.87 3.40 0.19 1.92
LARK Landmark Bancshares Inc. 3.14 7.51 4.44 3.07 0.27 1.75
LARL Laurel Capital Group Inc. 3.58 7.28 3.73 3.55 0.35 1.73
LFBI Little Falls Bancorp Inc. 2.67 6.78 4.20 2.58 0.08 1.71
LFCO Life Financial Corp. 4.22 9.22 5.50 3.72 9.39 5.80
LFED Leeds Federal Bankshares (MHC) 2.93 7.02 4.16 2.86 0.11 1.08
LIBB Liberty Bancorp Inc. (MHC) 2.92 7.13 4.25 2.87 0.19 1.88
LISB Long Island Bancorp Inc. 2.69 6.84 4.27 2.58 0.44 1.69
LO Local Financial Corp. NA NA NA NA NA NA
LOGN Logansport Financial Corp. 3.79 7.44 3.81 3.63 0.24 1.43
LONF London Financial Corp. 3.73 7.66 3.97 3.69 0.18 2.34
LSBI LSB Financial Corp. 3.51 7.77 4.45 3.32 0.40 2.45
LSBX Lawrence Savings Bank 3.28 7.21 4.03 3.18 0.36 2.34
LVSB Lakeview Financial Corp. 3.44 6.98 3.68 3.30 0.66 2.31
LXMO Lexington B&L Financial Corp. 3.90 7.91 4.17 3.74 0.37 2.91
MAFB MAF Bancorp Inc. 2.89 7.11 4.35 2.76 0.47 1.49
MARN Marion Capital Holdings 4.28 7.69 3.81 3.89 0.32 2.47
MASB MASSBANK Corp. 2.88 6.59 3.76 2.83 0.20 1.37
MBBC Monterey Bay Bancorp Inc. 2.89 7.14 4.37 2.76 0.40 2.41
MBLF MBLA Financial Corp. 2.15 7.04 4.92 2.13 0.00 0.71
MBSP Mitchell Bancorp Inc. 4.92 7.88 3.02 4.86 0.01 2.69
MCBN Mid-Coast Bancorp Inc. 3.99 8.07 4.31 3.77 0.41 2.97
MDBK Medford Bancorp Inc. 3.23 6.93 3.83 3.10 0.25 1.68
MECH MECH Financial Inc. 3.61 6.98 3.58 3.40 0.84 2.51
METF Metropolitan Financial Corp. 3.42 8.23 5.01 3.22 0.42 2.39
MFBC MFB Corp. 3.23 7.53 4.38 3.16 0.20 2.03
MFFC Milton Federal Financial Corp. 2.76 7.26 4.58 2.69 0.14 1.88
MFLR Mayflower Co-operative Bank 3.97 7.43 3.71 3.72 0.38 2.42
MFSL Maryland Federal Bancorp 2.69 7.21 4.58 2.63 0.26 1.62
BALANCE SHEET GROWTH AS OF THE MRQ
----------------------------- ------------------------------------------
ASSET LOAN DEPOSIT
EFFICIENCY OVERHEAD GROWTH GROWTH GROWTH
RATIO RATIO RATE RATE RATE
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------- ----------------------------- ------------------------------------------
HFFB Harrodsburg First Fin Bancorp 41.89 40.30 0.08 3.86 0.15
HFFC HF Financial Corp. 59.50 35.45 1.41 (1.05) 6.75
HFGI Harrington Financial Group 121.92 123.23 8.42 74.05 30.94
HFNC HFNC Financial Corp. 50.79 49.03 12.88 22.15 (3.01)
HFSA Hardin Bancorp Inc. 65.15 61.27 23.43 17.66 6.53
HFWA Heritage Financial Corp. NA NA NA NA NA
HHFC Harvest Home Financial Corp. 64.66 63.76 9.36 2.75 4.14
HIFS Hingham Instit. for Savings 49.16 45.35 9.91 10.77 7.76
HLFC Home Loan Financial Corp. 56.09 53.71 35.62 NA (1.42)
HMLK Hemlock Federal Financial Corp 57.27 52.96 16.13 51.73 1.97
HMNF HMN Financial Inc. 63.85 61.04 27.93 34.84 27.85
HOMF Home Federal Bancorp 51.70 39.77 5.38 2.58 3.07
HPBC Home Port Bancorp Inc. 45.87 40.31 31.05 34.86 31.22
HRBF Harbor Federal Bancorp Inc. 59.41 56.98 5.32 2.28 0.84
HRBT Hudson River Bancorp 57.28 53.31 3.10 3.07 4.20
HRZB Horizon Financial Corp. 37.31 31.55 6.63 9.21 5.39
HSTD Homestead Bancorp Inc. 81.21 78.93 2.90 14.28 (7.40)
HTHR Hawthorne Financial Corp. 60.60 56.31 24.93 35.51 19.88
HWEN Home Financial Bancorp 71.66 69.60 0.12 (0.20) 1.88
HZFS Horizon Financial Svcs Corp. 63.19 57.12 18.30 7.84 4.70
IBSF IBS Financial Corp. 60.47 58.66 0.59 19.34 (0.92)
ICBC Independence Comm. Bank Corp. NA NA NA NA NA
IFSB Independence Federal Svgs Bank 83.52 75.91 4.49 2.07 2.52
INBI Industrial Bancorp Inc. 43.18 40.80 10.46 11.47 6.44
IPSW Ipswich Savings Bank 55.23 41.58 23.38 33.20 15.04
ITLA ITLA Capital Corp. 40.11 36.96 20.13 23.38 22.62
IWBK InterWest Bancorp Inc. 62.07 54.86 28.30 30.83 26.47
JSB JSB Financial Inc. 36.38 31.30 2.11 20.80 (0.97)
JSBA Jefferson Savings Bancorp 56.45 53.65 (4.25) (7.85) (3.16)
JXSB Jacksonville Savings Bk (MHC) 77.07 74.11 3.55 1.07 3.46
JXVL Jacksonville Bancorp Inc. 56.35 49.46 7.29 NA 7.17
KFBI Klamath First Bancorp 51.29 47.23 38.57 20.59 63.20
KNK Kankakee Bancorp Inc. 67.68 61.95 17.64 6.67 21.46
KSAV KS Bancorp Inc. 52.79 51.36 13.03 16.52 9.68
KSBK KSB Bancorp Inc. 59.51 52.13 8.13 16.67 16.98
KYF Kentucky First Bancorp Inc. 53.56 50.93 (8.01) 0.87 3.03
LARK Landmark Bancshares Inc. 52.22 48.06 0.54 11.66 3.29
LARL Laurel Capital Group Inc. 44.38 38.89 4.25 4.16 0.21
LFBI Little Falls Bancorp Inc. 59.95 58.75 17.16 21.51 2.77
LFCO Life Financial Corp. 43.74 (98.24) 141.92 171.30 92.72
LFED Leeds Federal Bankshares (MHC) 36.28 33.84 6.07 8.29 5.53
LIBB Liberty Bancorp Inc. (MHC) 61.41 58.87 7.87 16.54 7.39
LISB Long Island Bancorp Inc. 55.62 47.99 9.73 3.44 (0.76)
LO Local Financial Corp. NA NA NA NA NA
LOGN Logansport Financial Corp. 37.17 32.94 8.55 12.68 6.65
LONF London Financial Corp. 60.61 58.70 1.62 3.80 6.52
LSBI LSB Financial Corp. 65.74 61.57 12.63 NA 12.74
LSBX Lawrence Savings Bank 65.60 61.70 (5.85) 14.62 3.08
LVSB Lakeview Financial Corp. 50.07 40.07 28.65 34.21 21.14
LXMO Lexington B&L Financial Corp. 69.06 65.97 60.88 38.81 82.38
MAFB MAF Bancorp Inc. 49.50 40.92 7.47 10.90 2.25
MARN Marion Capital Holdings 52.89 48.96 11.92 10.99 10.38
MASB MASSBANK Corp. 44.20 40.32 2.68 12.55 1.28
MBBC Monterey Bay Bancorp Inc. 70.16 65.85 5.66 (2.02) 14.58
MBLF MBLA Financial Corp. 33.24 33.11 (1.11) 14.58 15.53
MBSP Mitchell Bancorp Inc. 55.28 55.18 12.85 (2.37) 22.02
MCBN Mid-Coast Bancorp Inc. 70.73 67.57 6.94 3.19 7.09
MDBK Medford Bancorp Inc. 46.95 42.67 5.85 1.09 1.07
MECH MECH Financial Inc. 59.79 49.83 15.92 10.27 3.83
METF Metropolitan Financial Corp. 64.63 59.97 28.93 22.55 21.69
MFBC MFB Corp. 60.52 57.98 17.20 27.85 4.82
MFFC Milton Federal Financial Corp. 67.01 65.30 17.41 32.97 10.31
MFLR Mayflower Co-operative Bank 58.22 53.96 8.69 4.33 4.56
MFSL Maryland Federal Bancorp 55.30 50.90 2.65 (3.84) 3.14
MARKET DATA AS OF THE MOST RECENT QUARTER
------------------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- --------------------------------------------------------------------------------------------------------------------
HFFB Harrodsburg First Fin Bancorp 29.62 16.00 18.000 14.750 16.180 16.18
HFFC HF Financial Corp. 93.40 22.88 24.167 14.167 12.880 12.88
HFGI Harrington Financial Group 34.40 11.25 13.750 10.750 6.920 6.92
HFNC HFNC Financial Corp. 202.01 11.25 17.125 11.250 9.940 9.94
HFSA Hardin Bancorp Inc. 13.88 19.25 20.000 15.000 16.510 16.51
HFWA Heritage Financial Corp. 124.48 15.25 NA NA 9.530 9.53
HHFC Harvest Home Financial Corp. 11.81 15.00 15.750 10.250 11.570 11.57
HIFS Hingham Instit. for Savings 34.22 30.25 37.000 21.000 17.290 17.29
HLFC Home Loan Financial Corp. 32.60 14.75 16.750 14.000 14.040 14.04
HMLK Hemlock Federal Financial Corp 31.65 19.00 19.000 12.500 15.460 15.46
HMNF HMN Financial Inc. 78.06 15.88 21.667 14.917 13.040 11.97
HOMF Home Federal Bancorp 134.90 30.25 33.75 18.833 13.03 12.7
HPBC Home Port Bancorp Inc. 44.67 25.00 27.625 19.250 12.320 12.32
HRBF Harbor Federal Bancorp Inc. 34.00 22.73 22.955 14.091 15.750 15.75
HRBT Hudson River Bancorp 216.48 NA NA NA NA NA
HRZB Horizon Financial Corp. 112.32 16.00 19.250 14.875 11.400 11.40
HSTD Homestead Bancorp Inc. 12.14 4.05 6.388 3.833 NA NA
HTHR Hawthorne Financial Corp. 90.13 19.75 24.000 9.250 14.070 14.07
HWEN Home Financial Bancorp 7.32 9.00 9.750 7.438 8.080 8.08
HZFS Horizon Financial Svcs Corp. 13.09 15.75 16.750 8.500 9.600 9.60
IBSF IBS Financial Corp. 177.62 19.00 21.188 15.375 12.000 12.00
ICBC Independence Comm. Bank Corp. 1,045.60 17.00 NA NA 12.630 11.92
IFSB Independence Federal Svgs Bank 20.50 19.63 19.625 7.5 15.46 13.99
INBI Industrial Bancorp Inc. 96.54 19.00 25.000 13.625 12.190 12.19
IPSW Ipswich Savings Bank 35.85 17.38 20.750 7.875 5.460 5.46
ITLA ITLA Capital Corp. 153.94 20.75 24.000 15.750 13.850 NA
IWBK InterWest Bancorp Inc. 420.42 43.38 47.000 37.000 16.080 15.59
JSB JSB Financial Inc. 507.46 58.56 58.563 41.000 38.650 38.65
JSBA Jefferson Savings Bancorp 234.26 30.25 30.250 13.875 12.740 10.22
JXSB Jacksonville Savings Bk (MHC) 31.01 23.25 24.750 10.667 9.230 9.23
JXVL Jacksonville Bancorp Inc. 43.14 18.50 23.250 14.750 14.480 14.48
KFBI Klamath First Bancorp 168.59 19.06 24.250 18.625 16.020 14.67
KNK Kankakee Bancorp Inc. 42.61 33.00 37.750 29.000 28.430 24.29
KSAV KS Bancorp Inc. NA 24.75 25.500 14.813 16.500 16.50
KSBK KSB Bancorp Inc. 20.77 17.50 22.500 12.500 9.970 8.76
KYF Kentucky First Bancorp Inc. 17.69 14.00 15.000 10.563 11.240 11.24
LARK Landmark Bancshares Inc. 34.18 26.75 29.250 20.000 19.340 19.34
LARL Laurel Capital Group Inc. 41.64 19.75 23.500 14.000 10.730 10.73
LFBI Little Falls Bancorp Inc. 39.64 20.00 20.500 12.750 14.630 13.51
LFCO Life Financial Corp. 75.39 18.25 25.375 10.750 9.110 9.11
LFED Leeds Federal Bankshares (MHC) 88.10 22.25 23.500 11.833 9.520 9.52
LIBB Liberty Bancorp Inc. (MHC) 38.53 NA NA NA NA NA
LISB Long Island Bancorp Inc. 1,257.51 60.75 67.625 35.188 23.880 23.68
LO Local Financial Corp. 229.77 13.00 NA NA 5.010 4.63
LOGN Logansport Financial Corp. 18.92 16.50 19.625 13.250 13.460 13.46
LONF London Financial Corp. 7.78 16.75 21.000 14.000 10.230 10.23
LSBI LSB Financial Corp. 30.04 30.75 31.429 19.286 20.460 20.46
LSBX Lawrence Savings Bank 61.93 15.56 19.313 10.938 9.620 9.62
LVSB Lakeview Financial Corp. 109.51 23.25 26.563 13.625 12.110 8.26
LXMO Lexington B&L Financial Corp. 15.13 16.13 17.875 15.750 15.170 14.15
MAFB MAF Bancorp Inc. 502.33 24.25 28.833 18.278 12.400 11.07
MARN Marion Capital Holdings 38.77 28.50 29.500 22.000 22.090 21.62
MASB MASSBANK Corp. 170.65 49.00 54.250 35.625 30.440 30.04
MBBC Monterey Bay Bancorp Inc. 64.73 14.80 21.400 12.800 12.790 11.71
MBLF MBLA Financial Corp. 25.10 27.38 30.625 20.25 22.38 22.38
MBSP Mitchell Bancorp Inc. 16.06 16.50 18.000 16.375 15.720 15.72
MCBN Mid-Coast Bancorp Inc. 7.12 13.83 13.833 6.167 7.500 7.50
MDBK Medford Bancorp Inc. 178.19 41.00 44.250 29.250 22.780 21.62
MECH MECH Financial Inc. 148.27 29.00 31.500 18.875 17.510 17.51
METF Metropolitan Financial Corp. 89.90 14.88 18.875 7.750 5.610 5.20
MFBC MFB Corp. 37.77 24.00 30.375 19.000 20.810 20.81
MFFC Milton Federal Financial Corp. 29.08 15.00 17.000 13.625 12.580 12.58
MFLR Mayflower Co-operative Bank 20.69 26.50 27.500 15.750 14.410 14.20
MFSL Maryland Federal Bancorp 263.16 39.00 40.000 19.250 16.340 16.20
119
Page 21 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
--------------------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ----------------------------------------- --------------------------------------------------------------------------------------
MIFC Mid-Iowa Financial Corp. 2.89 7.16 4.40 2.76 0.96 2.20
MIVI Mississippi View Holding Co. 3.91 7.48 3.62 3.85 0.25 2.35
MONT Montgomery Financial Corp. 3.58 7.80 4.36 3.44 0.03 2.03
MRKF Market Financial Corp. 3.95 6.90 3.00 3.91 0.01 2.27
MSBF MSB Financial Inc. 4.78 8.37 3.78 4.59 0.51 2.87
MSBK Mutual Savings Bank FSB 1.84 6.49 4.71 1.78 0.47 2.20
MWBI Midwest Bancshares Inc. 2.80 7.32 4.62 2.70 0.23 1.78
MWBX MetroWest Bank 4.09 7.75 3.84 3.92 0.35 2.64
MYST Mystic Financial Inc. 4.04 7.13 3.30 3.83 0.45 2.79
NASB NASB Financial Inc. 3.62 8.41 4.88 3.53 0.82 2.04
NBCP Niagara Bancorp Inc. (MHC) 3.37 7.16 3.92 3.24 0.54 2.23
NBN Northeast Bancorp 4.03 8.28 4.38 3.89 0.63 3.15
NBSI North Bancshares Inc. 3.03 7.16 4.18 2.98 0.21 2.60
NEIB Northeast Indiana Bancorp 3.57 7.99 4.47 3.51 0.33 1.73
NEP Northeast PA Financial Corp. NA NA NA NA NA NA
NHTB New Hampshire Thrift Bncshrs 3.78 7.49 3.98 3.51 0.71 2.78
NMSB NewMil Bancorp Inc. 3.78 7.23 3.58 3.65 0.45 2.80
NSLB NS&L Bancorp Inc. 3.29 6.73 3.53 3.20 0.61 2.68
NSSY NSS Bancorp Inc. 3.12 7.11 4.09 3.02 0.60 2.45
NTBK Net.B@nk Inc. 3.09 6.88 3.82 3.05 0.29 8.70
NTMG Nutmeg Federal S&LA 4.18 7.20 3.25 3.95 1.29 4.02
NWEQ Northwest Equity Corp. 3.88 8.00 4.34 3.66 0.63 2.46
NWSB Northwest Bancorp Inc. (MHC) 3.67 7.72 4.20 3.52 0.32 2.19
OCFC Ocean Financial Corp. 3.03 6.99 4.06 2.93 0.18 1.62
OCN Ocwen Financial Corp. 4.43 9.05 5.32 3.73 1.69 4.54
OFCP Ottawa Financial Corp. 3.32 7.46 4.37 3.08 0.47 2.20
OHSL OHSL Financial Corp. 3.07 7.59 4.59 3.00 0.18 1.94
OSFS Ohio State Financial Services 3.85 7.10 3.35 3.76 0.12 2.39
OTFC Oregon Trail Financial Corp. 4.05 6.61 2.65 3.95 0.35 2.40
PBCI Pamrapo Bancorp Inc. 4.64 7.62 3.23 4.38 0.37 2.79
PBCT People's Bank (MHC) 3.47 6.59 3.41 3.18 2.64 4.25
PBHC Pathfinder Bancorp Inc. (MHC) 4.05 7.36 3.64 3.72 0.45 3.23
PBKB People's Bancshares Inc. 2.70 7.12 4.52 2.60 0.24 2.31
PBOC PBOC Holdings Inc. NA NA NA NA NA NA
PCBC Perry County Financial Corp. 2.78 6.88 4.13 2.74 0.04 1.09
PDB Piedmont Bancorp Inc. 4.00 7.93 4.03 3.90 0.32 2.21
PEDE Great Pee Dee Bancorp NA NA NA NA NA NA
PEEK Peekskill Financial Corp. 3.55 6.71 3.20 3.51 0.12 1.81
PERM Permanent Bancorp Inc. 2.74 7.15 4.53 2.62 0.45 2.01
PFDC Peoples Bancorp 3.70 7.70 4.05 3.65 0.24 1.53
PFED Park Bancorp Inc. 3.55 7.11 3.69 3.41 0.12 2.07
PFFB PFF Bancorp Inc. 2.73 7.08 4.45 2.64 0.47 1.91
PFFC Peoples Financial Corp. 3.60 7.37 3.85 3.51 0.03 2.56
PFNC Progress Financial Corp. 4.55 8.22 3.95 4.27 1.41 4.25
PFSB PennFed Financial Services Inc 2.38 7.04 4.75 2.29 0.16 1.23
PFSL Pocahontas Bancorp Inc. 2.29 7.04 4.81 2.23 0.33 1.49
PHBK Peoples Heritage Finl Group 4.36 7.52 3.54 3.98 1.05 3.07
PHFC Pittsburgh Home Financial Corp 2.61 7.34 4.82 2.52 0.20 1.62
PHSB Peoples Home Savings Bk (MHC) 3.55 7.15 3.71 3.44 0.36 2.77
PLSK Pulaski Savings Bank (MHC) 3.14 7.23 4.18 3.05 0.11 2.15
PRBC Prestige Bancorp Inc. 3.10 7.02 4.01 3.01 0.27 2.44
PROV Provident Financial Holdings 2.98 6.99 4.11 2.89 0.65 2.78
PSBI PSB Bancorp Inc. 3.53 7.09 3.67 3.41 0.56 3.27
PSFC Peoples-Sidney Financial Corp. 3.96 7.74 3.85 3.89 0.06 2.00
PSFI PS Financial Inc. 4.81 7.46 2.75 4.71 0.09 1.46
PTRS Potters Financial Corp. 3.35 7.22 3.99 3.23 0.30 2.48
PULB Pulaski Bank, FSB (MHC) 3.73 7.55 3.90 3.64 0.36 2.49
PULS Pulse Bancorp 2.65 6.95 4.36 2.59 0.08 1.05
PVFC PVF Capital Corp. 3.89 8.70 4.84 3.86 0.30 2.17
PVSA Parkvale Financial Corp. 2.97 7.17 4.28 2.89 0.25 1.42
PWBK Pennwood Bancorp Inc. 4.42 7.92 3.75 4.17 0.34 2.99
QCBC Quaker City Bancorp Inc. 3.10 7.62 4.60 3.03 0.37 1.85
QCFB QCF Bancorp Inc. 4.20 7.22 3.11 4.12 0.38 1.82
QCSB Queens County Bancorp Inc. 4.36 8.16 3.97 4.20 0.15 1.74
BALANCE SHEET GROWTH AS OF THE MRQ
------------------------- ------------------------------------------
ASSET LOAN DEPOSIT
EFFICIENCY OVERHEAD GROWTH GROWTH GROWTH
RATIO RATIO RATE RATE RATE
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ----------------------------------------- ------------------------- ------------------------------------------
MIFC Mid-Iowa Financial Corp. 59.00 44.79 7.57 NA 3.02
MIVI Mississippi View Holding Co. 57.68 54.88 (2.43) 1.39 (2.62)
MONT Montgomery Financial Corp. 59.51 59.11 16.56 17.61 7.65
MRKF Market Financial Corp. 57.81 57.66 (5.17) 26.47 2.81
MSBF MSB Financial Inc. 56.59 51.77 7.05 6.59 2.66
MSBK Mutual Savings Bank FSB 97.80 97.22 (8.85) 10.90 2.61
MWBI Midwest Bancshares Inc. 60.00 56.52 8.82 8.34 (0.92)
MWBX MetroWest Bank 61.18 57.69 16.23 4.89 17.44
MYST Mystic Financial Inc. 65.09 60.97 33.01 19.07 11.96
NASB NASB Financial Inc. 47.31 35.08 (0.62) (2.16) 6.96
NBCP Niagara Bancorp Inc. (MHC) 59.16 52.39 17.88 5.95 16.02
NBN Northeast Bancorp 67.26 61.94 25.49 36.72 12.48
NBSI North Bancshares Inc. 81.51 80.20 3.11 (2.34) 1.69
NEIB Northeast Indiana Bancorp 45.16 40.07 15.29 14.26 39.12
NEP Northeast PA Financial Corp. NA NA NA NA NA
NHTB New Hampshire Thrift Bncshrs 63.93 56.66 2.87 (2.64) 4.52
NMSB NewMil Bancorp Inc. 70.18 66.55 13.78 (2.18) 6.71
NSLB NS&L Bancorp Inc. 70.28 64.65 4.92 10.29 9.24
NSSY NSS Bancorp Inc. 66.46 59.76 8.31 (1.01) 8.18
NTBK Net.B@nk Inc. 260.63 275.76 NM 0.00 NM
NTMG Nutmeg Federal S&LA 74.95 66.79 19.11 11.14 18.22
NWEQ Northwest Equity Corp. 56.16 48.57 (0.45) 0.85 (2.12)
NWSB Northwest Bancorp Inc. (MHC) 54.84 50.77 21.81 24.06 22.34
OCFC Ocean Financial Corp. 52.84 50.00 6.22 20.25 5.45
OCN Ocwen Financial Corp. 94.66 92.23 25.79 NA (2.47)
OFCP Ottawa Financial Corp. 58.21 51.85 6.58 7.22 4.39
OHSL OHSL Financial Corp. 61.08 58.80 7.75 1.44 6.91
OSFS Ohio State Financial Services 61.92 60.72 12.17 (2.73) (5.90)
OTFC Oregon Trail Financial Corp. 55.79 51.90 NA NA NA
PBCI Pamrapo Bancorp Inc. 57.07 53.45 6.28 9.02 6.53
PBCT People's Bank (MHC) 71.41 47.69 15.70 9.19 18.91
PBHC Pathfinder Bancorp Inc. (MHC) 73.51 70.33 3.77 16.35 (0.64)
PBKB People's Bancshares Inc. 79.44 77.51 46.56 82.11 17.20
PBOC PBOC Holdings Inc. NA NA NA NA NA
PCBC Perry County Financial Corp. 39.18 38.28 7.99 23.17 0.51
PDB Piedmont Bancorp Inc. 54.50 50.78 6.34 6.42 5.87
PEDE Great Pee Dee Bancorp NA NA NA NA NA
PEEK Peekskill Financial Corp. 49.90 48.19 9.74 4.73 5.62
PERM Permanent Bancorp Inc. 64.69 58.68 3.64 7.07 0.78
PFDC Peoples Bancorp 38.88 34.85 5.83 11.32 3.87
PFED Park Bancorp Inc. 67.69 66.55 12.10 9.33 8.81
PFFB PFF Bancorp Inc. 61.05 54.07 14.31 (0.85) 1.43
PFFC Peoples Financial Corp. 72.24 71.97 (1.83) NA 6.36
PFNC Progress Financial Corp. 73.61 64.91 38.75 NA 20.13
PFSB PennFed Financial Services Inc 42.65 38.63 17.42 17.62 11.97
PFSL Pocahontas Bancorp Inc. 58.05 51.77 6.84 NA 21.50
PHBK Peoples Heritage Finl Group 57.96 46.87 17.46 23.12 12.36
PHFC Pittsburgh Home Financial Corp 59.25 55.99 45.37 20.19 6.98
PHSB Peoples Home Savings Bk (MHC) 72.95 70.16 5.58 (3.15) (2.06)
PLSK Pulaski Savings Bank (MHC) 67.80 66.63 5.88 (0.54) 9.55
PRBC Prestige Bancorp Inc. 74.36 72.02 21.32 20.02 9.80
PROV Provident Financial Holdings 79.32 74.67 32.80 28.00 14.42
PSBI PSB Bancorp Inc. 82.17 79.25 19.75 21.09 22.79
PSFC Peoples-Sidney Financial Corp. 50.72 49.95 12.58 8.06 (3.40)
PSFI PS Financial Inc. 30.46 29.20 11.59 16.94 (1.79)
PTRS Potters Financial Corp. 70.26 67.53 5.74 23.23 2.11
PULB Pulaski Bank, FSB (MHC) 62.28 58.57 3.71 NA 4.23
PULS Pulse Bancorp 38.94 37.13 4.59 21.79 5.24
PVFC PVF Capital Corp. 52.14 48.38 17.59 11.89 21.29
PVSA Parkvale Financial Corp. 44.63 39.88 10.51 16.67 7.74
PWBK Pennwood Bancorp Inc. 66.10 63.37 (7.80) NA (0.18)
QCBC Quaker City Bancorp Inc. 52.23 46.38 10.74 8.13 5.01
QCFB QCF Bancorp Inc. 40.34 34.77 2.98 10.01 0.28
QCSB Queens County Bancorp Inc. 39.94 37.78 16.92 14.78 0.41
MARKET DATA AS OF THE MOST RECENT QUARTER
--------------------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- ----------------------------------------- --------------------------------------------------------------------------
MIFC Mid-Iowa Financial Corp. 21.90 11.00 12.750 8.500 7.730 7.72
MIVI Mississippi View Holding Co. 14.80 18.50 19.750 12.000 16.850 16.85
MONT Montgomery Financial Corp. 18.18 12.88 14.000 11.000 12.050 12.05
MRKF Market Financial Corp. 18.37 13.25 20.250 13.125 11.780 11.78
MSBF MSB Financial Inc. 18.73 14.55 17.727 10.795 9.950 9.95
MSBK Mutual Savings Bank FSB 42.90 11.38 14.625 9.750 7.950 7.95
MWBI Midwest Bancshares Inc. 14.18 15.00 19.500 10.417 10.850 10.85
MWBX MetroWest Bank 105.11 7.81 9.500 5.625 3.390 3.39
MYST Mystic Financial Inc. 37.28 14.63 18.563 14.125 13.330 13.33
NASB NASB Financial Inc. 146.70 53.13 56.000 33.875 27.830 27.02
NBCP Niagara Bancorp Inc. (MHC) 347.79 NA NA NA NA NA
NBN Northeast Bancorp 34.45 18.13 19.500 9.167 9.720 8.83
NBSI North Bancshares Inc. 16.28 15.38 18.833 12.833 10.550 10.55
NEIB Northeast Indiana Bancorp 35.67 21.13 22.750 14.750 16.070 16.07
NEP Northeast PA Financial Corp. 81.95 14.13 NA NA 14.370 14.37
NHTB New Hampshire Thrift Bncshrs 33.77 18.50 22.750 15.500 12.600 11.01
NMSB NewMil Bancorp Inc. 46.01 12.75 14.625 10.875 8.710 8.71
NSLB NS&L Bancorp Inc. 11.36 17.50 19.500 16.625 16.880 16.76
NSSY NSS Bancorp Inc. 116.76 47.25 47.500 23.000 22.860 22.25
NTBK Net.B@nk Inc. 145.97 24.75 24.750 8.750 5.550 5.55
NTMG Nutmeg Federal S&LA 12.13 11.00 11.250 5.250 6.580 6.58
NWEQ Northwest Equity Corp. 14.55 20.25 22.250 14.625 14.240 14.24
NWSB Northwest Bancorp Inc. (MHC) 594.32 15.81 18.000 7.813 4.650 4.18
OCFC Ocean Financial Corp. 266.35 19.13 20.000 16.532 13.570 13.50
OCN Ocwen Financial Corp. 1,139.47 26.88 30.375 16.063 7.030 6.43
OFCP Ottawa Financial Corp. 138.56 26.36 30.909 16.942 13.230 10.84
OHSL OHSL Financial Corp. 39.63 16.50 18.375 11.625 11.020 11.02
OSFS Ohio State Financial Services 10.15 15.50 15.500 15.500 16.470 16.47
OTFC Oregon Trail Financial Corp. 73.36 15.75 18.500 15.625 15.890 15.89
PBCI Pamrapo Bancorp Inc. 73.92 27.25 29.000 19.750 17.300 17.21
PBCT People's Bank (MHC) 1,731.52 34.59 41.125 25.750 13.370 11.52
PBHC Pathfinder Bancorp Inc. (MHC) 43.53 22.00 26.125 8.583 8.470 7.23
PBKB People's Bancshares Inc. 65.91 23.19 27.750 15.250 9.790 9.38
PBOC PBOC Holdings Inc. 251.58 13.81 NA NA 8.430 8.43
PCBC Perry County Financial Corp. 16.56 23.38 25.000 18.750 19.690 19.69
PDB Piedmont Bancorp Inc. 27.51 9.94 11.625 9.5 7.85 7.85
PEDE Great Pee Dee Bancorp 25.87 15.75 NA NA 14.190 14.19
PEEK Peekskill Financial Corp. 48.50 17.88 18.250 15.250 14.920 14.92
PERM Permanent Bancorp Inc. 56.28 17.44 18.250 10.375 10.750 10.64
PFDC Peoples Bancorp 72.57 22.75 25.000 14.833 13.570 13.57
PFED Park Bancorp Inc. 42.31 18.00 19.750 15.875 16.550 16.55
PFFB PFF Bancorp Inc. 279.70 18.63 21.500 17.750 14.920 14.76
PFFC Peoples Financial Corp. 14.87 13.38 19.000 12.750 10.890 10.89
PFNC Progress Financial Corp. 92.46 18.21 21.667 9.297 7.950 NA
PFSB PennFed Financial Services Inc 144.31 16.56 19.000 13.563 11.870 10.33
PFSL Pocahontas Bancorp Inc. 58.50 9.75 11.430 5.156 8.740 8.46
PHBK Peoples Heritage Finl Group 1,734.93 23.63 26.500 18.125 8.270 6.87
PHFC Pittsburgh Home Financial Corp 28.56 16.75 20.813 15.000 13.120 12.98
PHSB Peoples Home Savings Bk (MHC) 46.92 18.38 22.125 13.625 10.400 10.40
PLSK Pulaski Savings Bank (MHC) 31.36 15.88 24.500 13.250 10.530 10.53
PRBC Prestige Bancorp Inc. 16.31 18.25 22.065 13.587 15.140 15.14
PROV Provident Financial Holdings 98.30 20.75 24.250 16.750 17.850 17.85
PSBI PSB Bancorp Inc. 24.62 10.11 11.274 5.637 NA NA
PSFC Peoples-Sidney Financial Corp. 35.26 18.00 18.625 12.563 15.980 15.98
PSFI PS Financial Inc. 22.81 14.06 22.375 12.875 11.250 11.25
PTRS Potters Financial Corp. 13.79 17.25 22.250 10.500 11.490 11.49
PULB Pulaski Bank, FSB (MHC) 67.39 37.19 51.000 17.750 11.870 11.87
PULS Pulse Bancorp 90.49 27.75 29.750 20.000 14.710 14.71
PVFC PVF Capital Corp. 67.83 24.00 24.000 15.455 11.340 11.34
PVSA Parkvale Financial Corp. 167.46 32.25 34.250 21.400 16.250 16.17
PWBK Pennwood Bancorp Inc. 8.19 13.50 17.438 11.063 12.340 12.34
QCBC Quaker City Bancorp Inc. 97.60 18.40 20.000 14.050 13.260 13.26
QCFB QCF Bancorp Inc. 41.63 28.25 29.750 19.000 19.980 19.98
QCSB Queens County Bancorp Inc. 601.78 43.63 47.125 29.792 13.070 13.07
120
Page 22 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
-------------------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ----------------------------------------- -------------------------------------------------------------------------------------
RARB Raritan Bancorp Inc. 3.39 7.11 3.89 3.23 0.29 1.96
RCBK Richmond County Financial Corp 4.10 6.94 3.00 3.94 0.28 1.95
RELI Reliance Bancshares Inc. 5.04 7.46 2.62 4.84 0.05 3.28
RELY Reliance Bancorp Inc. 3.28 7.06 3.99 3.08 0.29 1.82
RIVR River Valley Bancorp 3.94 7.41 3.62 3.79 0.58 2.83
ROSE TR Financial Corp. 2.59 7.13 4.59 2.54 0.17 1.22
RSLN Roslyn Bancorp Inc. 2.88 7.04 4.21 2.83 0.26 1.24
RVSB Riverview Bancorp Inc. 4.82 8.21 3.65 4.56 0.91 2.88
SBAN SouthBanc Shares Inc. 3.59 7.40 4.00 3.41 0.87 2.75
SBFL SB of the Finger Lakes (MHC) 3.04 7.17 4.24 2.93 0.26 2.59
SBOS Boston Bancorp (The) 2.72 6.92 4.27 2.65 0.16 1.51
SCBS Southern Community Bancshares 4.08 7.44 3.40 4.05 0.26 2.49
SCCB S. Carolina Community Bancshrs 4.17 7.74 3.65 4.09 0.26 2.72
SFED SFS Bancorp Inc. 3.41 7.31 3.96 3.34 0.28 2.49
SFFC StateFed Financial Corp. 3.41 7.80 4.61 3.20 0.10 1.52
SFIN Statewide Financial Corp. 3.73 7.30 3.68 3.62 0.27 2.53
SFSL Security First Corp. 4.08 8.30 4.38 3.92 0.27 1.96
SGVB SGV Bancorp Inc. 2.76 7.24 4.56 2.68 0.32 2.21
SHSB SHS Bancorp Inc. 3.15 7.69 4.60 3.08 0.15 2.01
SIB Staten Island Bancorp Inc. 4.34 6.90 2.74 4.16 0.31 1.82
SISB SIS Bancorp Inc. 3.68 6.99 3.52 3.47 0.92 2.88
SKAN Skaneateles Bancorp Inc. 4.18 7.71 3.75 3.96 0.76 3.57
SKBO First Carnegie Deposit (MHC) 2.79 6.88 4.19 2.69 0.06 1.71
SMBC Southern Missouri Bancorp Inc. 3.38 7.15 3.88 3.27 0.48 2.22
SOBI Sobieski Bancorp Inc. 3.36 7.30 4.08 3.22 0.14 2.34
SOPN First Savings Bancorp Inc. 3.91 7.55 3.71 3.84 0.20 1.26
SPBC St. Paul Bancorp Inc. 2.95 6.88 4.05 2.83 0.86 2.18
SRN Southern Banc Co. 2.77 7.05 4.33 2.72 0.11 2.07
SSB Scotland Bancorp Inc. 4.29 7.60 3.38 4.22 0.12 2.54
SSFC South Street Financial Corp. 3.07 7.09 4.09 3.00 0.07 2.21
SSM Stone Street Bancorp Inc. 4.63 8.01 3.48 4.53 0.14 2.35
STFR St. Francis Capital Corp. 2.69 6.98 4.51 2.47 0.43 2.06
STSA Sterling Financial Corp. 2.75 7.78 5.13 2.65 0.46 2.15
SVRN Sovereign Bancorp Inc. 2.71 7.17 4.59 2.57 0.29 1.47
SWCB Sandwich Bancorp Inc. 3.60 7.13 3.70 3.43 0.46 2.41
SZB SouthFirst Bancshares Inc. 3.45 7.28 4.19 3.09 1.09 3.49
TBFC Telebanc Financial Corp. 1.41 6.89 5.49 1.40 0.19 1.46
THR Three Rivers Financial Corp. 3.68 7.53 3.97 3.56 0.52 2.84
THRD TF Financial Corp. 2.94 6.67 3.82 2.85 0.19 2.16
THTL Thistle Group Holdings Co. 3.50 7.25 3.87 3.37 0.20 2.40
TPNZ Tappan Zee Financial Inc. 3.74 7.50 3.80 3.70 0.13 2.36
TRIC Tri-County Bancorp Inc. 3.20 7.37 4.25 3.12 0.16 1.89
TSBK Timberland Bancorp Inc. 4.94 8.17 3.44 4.74 0.48 2.47
TSBS Peoples Bancorp Inc. 3.80 6.80 3.17 3.64 0.44 2.12
TSH Teche Holding Co. 3.41 7.56 4.24 3.32 0.77 2.62
TWIN Twin City Bancorp 4.03 7.79 3.97 3.81 0.34 2.59
UBMT United Financial Corp. 3.73 7.37 3.77 3.60 1.05 2.41
UCBC Union Community Bancorp NA NA NA NA NA NA
UCFC United Community Finl Corp. 4.09 7.82 3.83 3.99 0.14 2.39
UFBS Union Financial Bcshs Inc. 3.37 7.41 4.22 3.19 0.53 2.51
UFRM United Federal Savings Bank 4.01 8.37 4.61 3.75 0.87 3.38
UPFC United PanAm Financial Corp. NA NA NA NA NA NA
USAB USABancshares Inc. 4.53 9.15 4.78 4.38 0.53 3.48
UTBI United Tennessee Bankshares NA NA NA NA NA NA
WAMU Washington Mutual Inc. 2.96 7.41 4.57 2.84 0.81 1.87
WAYN Wayne Savings Bancshares (MHC) 3.30 7.56 4.36 3.21 0.24 2.42
WBST Webster Financial Corp. 2.86 6.85 4.12 2.72 0.53 1.93
WCBI Westco Bancorp Inc. 3.60 7.56 4.06 3.49 0.25 1.54
WCFB Webster City Federal SB (MHC) 3.57 7.08 3.57 3.50 0.24 1.50
WEFC Wells Financial Corp. 3.41 7.66 4.29 3.37 0.72 2.16
WEHO Westwood Homestead Fin. Corp. 3.65 7.92 4.33 3.59 0.11 2.29
WES Westcorp 3.35 7.19 4.37 2.81 2.68 6.39
WFI Winton Financial Corp. 3.10 7.94 4.89 3.05 0.16 1.84
WFSL Washington Federal Inc. 3.77 8.23 4.55 3.68 0.09 0.78
BALANCE SHEET GROWTH AS OF THE MRQ
-------------------------- ------------------------------------------
ASSET LOAN DEPOSIT
EFFICIENCY OVERHEAD GROWTH GROWTH GROWTH
RATIO RATIO RATE RATE RATE
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ----------------------------------------- -------------------------- ------------------------------------------
RARB Raritan Bancorp Inc. 55.13 51.16 14.54 19.44 5.12
RCBK Richmond County Financial Corp 45.89 42.11 60.65 29.90 7.49
RELI Reliance Bancshares Inc. 67.11 66.79 (5.68) (0.26) (3.20)
RELY Reliance Bancorp Inc. 48.01 43.06 25.75 7.02 13.39
RIVR River Valley Bancorp 64.39 58.92 (3.24) (0.04) (4.25)
ROSE TR Financial Corp. 44.85 41.23 15.88 20.38 -11.63
RSLN Roslyn Bancorp Inc. 40.18 34.66 21.97 78.62 14.86
RVSB Riverview Bancorp Inc. 50.35 40.44 16.96 6.54 8.99
SBAN SouthBanc Shares Inc. 64.93 56.00 56.86 19.39 14.46
SBFL SB of the Finger Lakes (MHC) 78.85 76.97 18.72 34.77 7.51
SBOS Boston Bancorp (The) 56.25 53.67 (15.43) (13.03) 0.65
SCBS Southern Community Bancshares 57.90 55.18 3.34 18.56 6.19
SCCB S. Carolina Community Bancshrs 62.58 60.19 (0.23) (0.31) 7.10
SFED SFS Bancorp Inc. 69.03 66.48 3.03 NA 3.30
SFFC StateFed Financial Corp. 54.14 52.67 4.81 NA 6.61
SFIN Statewide Financial Corp. 64.58 61.96 (1.01) 0.65 (1.45)
SFSL Security First Corp. 46.26 42.55 6.62 7.97 9.94
SGVB SGV Bancorp Inc. 71.97 68.59 (0.24) 4.00 2.41
SHSB SHS Bancorp Inc. 61.25 59.36 6.76 2.81 1.45
SIB Staten Island Bancorp Inc. 38.85 34.29 57.08 23.59 0.75
SISB SIS Bancorp Inc. 66.23 57.29 8.64 9.16 7.76
SKAN Skaneateles Bancorp Inc. 73.49 68.39 7.68 2.38 8.46
SKBO First Carnegie Deposit (MHC) 62.12 61.30 (8.86) 10.31 (12.05)
SMBC Southern Missouri Bancorp Inc. 59.90 54.05 (2.79) 10.96 -7.93
SOBI Sobieski Bancorp Inc. 69.76 68.46 13.62 23.75 2.09
SOPN First Savings Bancorp Inc. 31.14 27.49 3.36 8.22 3.72
SPBC St. Paul Bancorp Inc. 62.06 50.52 (1.01) 4.01 (0.24)
SRN Southern Banc Co. 71.60 70.43 0.71 11.55 (0.34)
SSB Scotland Bancorp Inc. 58.43 57.26 (12.09) (7.86) 5.50
SSFC South Street Financial Corp. 71.86 71.20 (15.75) (2.95) 4.22
SSM Stone Street Bancorp Inc. 50.26 48.77 5.78 14.13 3.07
STFR St. Francis Capital Corp. 68.12 62.59 6.68 16.19 7.10
STSA Sterling Financial Corp. 64.88 58.73 23.15 28.56 57.62
SVRN Sovereign Bancorp Inc. 48.63 42.79 39.97 23.81 24.33
SWCB Sandwich Bancorp Inc. 59.63 54.18 5.80 2.61 10.69
SZB SouthFirst Bancshares Inc. 83.34 77.43 67.53 40.54 98.58
TBFC Telebanc Financial Corp. 89.47 88.02 50.30 NA 53.16
THR Three Rivers Financial Corp. 69.94 65.53 7.57 5.44 2.05
THRD TF Financial Corp. 66.37 64.12 7.58 (24.66) (2.65)
THTL Thistle Group Holdings Co. 66.45 64.48 (6.01) (3.09) (10.13)
TPNZ Tappan Zee Financial Inc. 61.75 60.44 12.52 1.44 4.32
TRIC Tri-County Bancorp Inc. 57.48 55.35 (3.25) 9.91 (2.66)
TSBK Timberland Bancorp Inc. 47.25 41.88 27.61 0.62 (1.19)
TSBS Peoples Bancorp Inc. 48.94 42.72 38.43 13.35 1.45
TSH Teche Holding Co. 64.71 56.57 3.48 3.71 2.05
TWIN Twin City Bancorp 62.55 59.16 3.04 7.28 (1.11)
UBMT United Financial Corp. 51.34 37.17 186.21 143.08 149.13
UCBC Union Community Bancorp NA NA NA NA NA
UCFC United Community Finl Corp. 57.85 56.33 (2.77) 2.77 (4.86)
UFBS Union Financial Bcshs Inc. 64.16 58.23 6.90 11.11 11.53
UFRM United Federal Savings Bank 71.94 65.45 9.58 16.14 7.8
UPFC United PanAm Financial Corp. NA NA NA NA NA
USAB USABancshares Inc. 69.53 65.85 160.90 230.30 166.43
UTBI United Tennessee Bankshares NA NA NA NA NA
WAMU Washington Mutual Inc. 49.27 34.74 11.74 8.40 (2.52)
WAYN Wayne Savings Bancshares (MHC) 70.07 67.80 3.00 (0.82) 2.92
WBST Webster Financial Corp. 55.88 47.34 11.12 (0.42) (0.40)
WCBI Westco Bancorp Inc. 41.34 37.17 2.79 4.44 1.68
WCFB Webster City Federal SB (MHC) 39.99 35.96 2.53 2.43 0.89
WEFC Wells Financial Corp. 52.80 42.76 (6.61) NA 6.09
WEHO Westwood Homestead Fin. Corp. 62.06 60.94 (6.18) 8.26 1.68
WES Westcorp 116.83 132.86 (0.39) (14.28) (0.12)
WFI Winton Financial Corp. 56.86 54.58 12.97 NA 8.44
WFSL Washington Federal Inc. 18.33 16.23 (3.50) (0.53) 4.66
MARKET DATA AS OF THE MOST RECENT QUARTER
-----------------------------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- ----------------------------------------- -----------------------------------------------------------------------------------
RARB Raritan Bancorp Inc. 65.26 30.25 30.250 19.500 13.420 13.26
RCBK Richmond County Financial Corp 398.02 18.69 19.750 15.688 12.440 12.40
RELI Reliance Bancshares Inc. 22.38 8.88 10.125 7.125 9.310 9.31
RELY Reliance Bancorp Inc. 303.69 38.31 42.250 27.688 20.370 14.21
RIVR River Valley Bancorp 20.23 19.75 19.750 13.625 15.340 15.14
ROSE TR Financial Corp. 631.04 41.88 44.75 23 15.42 15.42
RSLN Roslyn Bancorp Inc. 784.03 22.31 30.500 20.156 14.360 14.30
RVSB Riverview Bancorp Inc. 93.56 16.63 19.125 8.281 10.61 10.28
SBAN SouthBanc Shares Inc. 78.53 22.44 23.408 8.460 NA NA
SBFL SB of the Finger Lakes (MHC) 58.91 18.63 24.750 8.625 6.120 6.12
SBOS Boston Bancorp (The) NA 41.75 44.000 28.750 40.290 40.29
SCBS Southern Community Bancshares 18.20 17.50 20.750 13.500 10.100 10.10
SCCB S. Carolina Community Bancshrs 12.75 21.63 25.250 17.500 16.280 16.28
SFED SFS Bancorp Inc. 32.63 23.00 27.25 16.875 18.13 18.13
SFFC StateFed Financial Corp. 19.97 14.00 15.000 9.500 10.270 10.27
SFIN Statewide Financial Corp. 91.42 23.00 24.125 14.750 14.590 14.57
SFSL Security First Corp. 161.69 25.75 27.875 14.667 8.770 8.66
SGVB SGV Bancorp Inc. 38.16 17.75 19.375 13.750 13.730 13.57
SHSB SHS Bancorp Inc. 14.55 17.00 18.000 14.750 14.930 14.93
SIB Staten Island Bancorp Inc. 880.04 22.75 23.625 18.813 15.750 15.36
SISB SIS Bancorp Inc. 297.61 38.75 44.500 27.625 18.570 18.57
SKAN Skaneateles Bancorp Inc. 23.48 18.50 22.250 13.833 12.700 12.40
SKBO First Carnegie Deposit (MHC) 32.78 19.50 20.000 11.625 10.860 10.86
SMBC Southern Missouri Bancorp Inc. 26.72 22.00 23.250 17.000 16.240 16.24
SOBI Sobieski Bancorp Inc. 13.49 20.25 24.250 14.500 17.840 17.84
SOPN First Savings Bancorp Inc. 81.64 24.50 26.000 20.000 18.730 18.73
SPBC St. Paul Bancorp Inc. 944.21 22.59 28.500 22.000 12.750 12.70
SRN Southern Banc Co. 17.99 16.75 19.125 14.250 14.950 14.84
SSB Scotland Bancorp Inc. 17.46 8.25 19.250 8.125 7.960 7.96
SSFC South Street Financial Corp. 42.09 9.94 20.000 8.625 8.500 8.50
SSM Stone Street Bancorp Inc. 31.34 19.38 22.500 19.250 16.640 16.64
STFR St. Francis Capital Corp. 204.43 38.75 50.750 33.875 25.780 23.06
STSA Sterling Financial Corp. 155.92 22.75 27.625 17.625 13.900 5.47
SVRN Sovereign Bancorp Inc. 2,479.66 16.34 22.188 12.240 7.020 6.19
SWCB Sandwich Bancorp Inc. 126.18 63.50 64.500 30.250 21.810 21.20
SZB SouthFirst Bancshares Inc. 17.17 19.00 22.750 15.875 16.750 16.33
TBFC Telebanc Financial Corp. 103.67 14 14.000 7.875 6.710 6.64
THR Three Rivers Financial Corp. 12.99 20.88 23.500 13.750 16.080 16.03
THRD TF Financial Corp. 75.00 25.63 30.000 19.125 17.840 15.14
THTL Thistle Group Holdings Co. 82.69 NA NA NA NA NA
TPNZ Tappan Zee Financial Inc. 28.64 20.00 22.625 16.500 14.980 14.98
TRIC Tri-County Bancorp Inc. 14.01 12.50 16.500 10.625 12.190 12.19
TSBK Timberland Bancorp Inc. 98.36 16.50 18.500 14.500 12.880 12.88
TSBS Peoples Bancorp Inc. 315.59 10.00 11.832 5.066 9.400 9.12
TSH Teche Holding Co. 59.75 22.38 23.500 15.500 16.380 16.38
TWIN Twin City Bancorp 16.21 13.38 15.500 12.833 11.290 11.29
UBMT United Financial Corp. 45.43 27.00 28.250 25.625 17.730 17.15
UCBC Union Community Bancorp 41.44 14.50 NA NA 14.310 14.31
UCFC United Community Finl Corp. 514.53 NA NA NA NA NA
UFBS Union Financial Bcshs Inc. 22.32 17.25 18.000 10.333 11.560 NA
UFRM United Federal Savings Bank 57.46 18.00 21 10.5 7.13 7.13
UPFC United PanAm Financial Corp. 164.11 10.25 NA NA 4.750 4.73
USAB USABancshares Inc. 24.78 14.00 14.000 6.563 8.090 8.04
UTBI United Tennessee Bankshares 18.55 14.75 NA NA 13.920 13.92
WAMU Washington Mutual Inc. 14,299.62 43.44 50.917 36.750 14.890 14.01
WAYN Wayne Savings Bancshares (MHC) 57.18 26.14 30.000 15.455 9.840 9.84
WBST Webster Financial Corp. 1,092.32 33.25 36.250 22.000 14.310 12.13
WCBI Westco Bancorp Inc. 68.37 28.50 30.500 25.500 20.180 20.18
WCFB Webster City Federal SB (MHC) 35.94 19.25 22.000 15.625 10.750 10.75
WEFC Wells Financial Corp. 33.35 21.13 22.000 15.000 15.430 15.43
WEHO Westwood Homestead Fin. Corp. 31.99 12.63 18.125 11.875 10.160 10.16
WES Westcorp 260.44 13.75 23.500 11.500 12.600 12.57
WFI Winton Financial Corp. 59.97 16.25 20.625 6.250 6.490 6.39
WFSL Washington Federal Inc. 1,317.74 27.63 30.285 23.239 14.730 13.68
121
Page 23 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
--------------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ----------------------------------- --------------------------------------------------------------------------------
WHGB WHG Bancshares Corp. 3.56 7.23 3.82 3.41 0.12 2.37
WOFC Western Ohio Financial Corp. 2.95 7.34 4.51 2.82 0.20 2.41
WRNB Warren Bancorp Inc. 4.95 7.93 3.18 4.74 0.24 2.62
WSB Washington Savings Bank, FSB 2.40 7.91 5.62 2.30 0.36 1.83
WSBI Warwick Community Bancorp NA NA NA NA NA NA
WSFS WSFS Financial Corp. 2.89 7.26 4.68 2.58 1.45 2.44
WSTR WesterFed Financial Corp. 3.44 7.35 4.17 3.18 0.72 2.63
WVFC WVS Financial Corp. 3.60 7.61 4.05 3.56 0.14 1.67
WYNE Wayne Bancorp Inc. 3.47 7.30 3.93 3.37 0.26 2.38
YFCB Yonkers Financial Corp. 3.52 7.31 3.85 3.46 0.29 2.23
YFED York Financial Corp. 3.28 7.46 4.37 3.09 0.45 2.17
- --------------------------------------------------------------------------------------------------------------------
Average 3.44 7.43 4.13 3.30 0.47 2.32
BALANCE SHEET GROWTH AS OF THE MRQ
--------------------------- --------------------------------------
ASSET LOAN DEPOSIT
EFFICIENCY OVERHEAD GROWTH GROWTH GROWTH
RATIO RATIO RATE RATE RATE
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ----------------------------------- --------------------------- -------------------------------------
WHGB WHG Bancshares Corp. 67.03 65.87 31.66 (3.53) 22.35
WOFC Western Ohio Financial Corp. 75.99 74.28 (9.89) (18.10) 6.57
WRNB Warren Bancorp Inc. 52.20 49.79 5.62 8.96 5.09
WSB Washington Savings Bank, FSB 70.05 65.29 5.89 (9.53) 8.02
WSBI Warwick Community Bancorp NA NA NA NA NA
WSFS WSFS Financial Corp. 58.35 34.94 2.86 (19.07) 4.07
WSTR WesterFed Financial Corp. 63.90 55.70 6.96 4.30 0.88
WVFC WVS Financial Corp. 45.21 43.07 0.80 (0.34) (1.88)
WYNE Wayne Bancorp Inc. 65.76 63.15 5.48 12.64 12.36
YFCB Yonkers Financial Corp. 59.03 55.63 39.39 97.68 13.77
YFED York Financial Corp. 61.68 56.14 5.75 (3.09) 7.32
- --------------------------------------------------------------------------------------------------------
Average 61.03 55.75 13.59 14.66 9.92
MARKET DATA AS OF THE MOST RECENT QUARTER
--------------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- ----------------------------------- -------------------------------------------------------------------
WHGB WHG Bancshares Corp. 15.28 15.75 19.000 15.000 14.520 14.52
WOFC Western Ohio Financial Corp. 52.84 24.75 29.250 21.250 22.580 21.12
WRNB Warren Bancorp Inc. 87.01 13.25 14.375 8.625 5.020 5.02
WSB Washington Savings Bank, FSB 25.97 7.94 9.500 4.875 5.210 5.21
WSBI Warwick Community Bancorp 97.45 16.00 NA NA 12.940 12.94
WSFS WSFS Financial Corp. 227.01 20.50 23.875 13.500 7.620 7.58
WSTR WesterFed Financial Corp. 120.08 24.50 27.000 20.125 19.640 16.01
WVFC WVS Financial Corp. 56.07 16.00 20.125 12.875 9.120 9.12
WYNE Wayne Bancorp Inc. 62.66 30.38 32.000 19.000 17.470 17.47
YFCB Yonkers Financial Corp. 43.62 19.25 22.000 15.250 14.910 14.91
YFED York Financial Corp. 169.27 20.88 27.250 15.600 12.180 12.18
- ----------------------------------------------------------------------------------------------------------------
Average 234.60 21.83 25.05 15.72 13.80 13.38
122
Page 24 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
---------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- ------------------------------------------- ---------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 3.17 7.20 4.14 3.06 0.36 1.74
EBSI Eagle Bancshares 4.03 8.30 4.62 3.68 1.59 3.78
FAB FIRSTFED AMERICA BANCORP INC. 2.81 6.96 4.29 2.67 0.40 2.08
FNGB First Northern Capital Corp. 3.19 7.27 4.20 3.07 0.46 2.04
FWWB First Washington Bancorp Inc. 3.68 7.82 4.29 3.54 0.30 1.93
KFBI Klamath First Bancorp 3.36 7.01 3.80 3.20 0.27 1.94
MDBK Medford Bancorp Inc. 3.23 6.93 3.83 3.10 0.25 1.68
MECH MECH Financial Inc. 3.61 6.98 3.58 3.40 0.84 2.51
WSTR WesterFed Financial Corp. 3.44 7.35 4.17 3.18 0.72 2.63
YFED York Financial Corp. 3.28 7.46 4.37 3.09 0.45 2.17
- ------------------------------------------- ---------------------------------------------------------------------------
Average 3.38 7.33 4.13 3.20 0.56 2.25
Median 3.32 7.24 4.19 3.14 0.43 2.06
Maximum 4.03 8.30 4.62 3.68 1.59 3.78
Minimum 2.81 6.93 3.58 2.67 0.25 1.68
COMMUNITY SAVINGS BANKSHARES, INC. 3.47 7.17 3.92 3.25 0.94 2.63
VARIANCE TO THE COMPARABLE MEDIAN 0.15 (0.06) (0.27) 0.11 0.51 0.57
BALANCE SHEET GROWTH AS OF THE MRQ
------------------------- --------------------------------------
ASSET LOAN DEPOSIT
EFFICIENCY OVERHEAD GROWTH GROWTH GROWTH
RATIO RATIO RATE RATE RATE
TICKER SHORT NAME (%) (%) (%) (%) (%)
- ------------------------------------------- ------------------------ ---------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 50.18 44.38 11.30 16.14 5.63
EBSI Eagle Bancshares 76.31 66.10 39.52 49.84 39.67
FAB FIRSTFED AMERICA BANCORP INC. 67.44 62.53 28.88 2.04 (4.34)
FNGB First Northern Capital Corp. 57.92 51.58 8.26 7.44 6.26
FWWB First Washington Bancorp Inc. 48.12 43.64 14.53 17.18 8.55
KFBI Klamath First Bancorp 51.29 47.23 38.57 20.59 63.20
MDBK Medford Bancorp Inc. 46.95 42.67 5.85 1.09 1.07
MECH MECH Financial Inc. 59.79 49.83 15.92 10.27 3.83
WSTR WesterFed Financial Corp. 63.90 55.70 6.96 4.30 0.88
YFED York Financial Corp. 61.68 56.14 5.75 (3.09) 7.32
- ------------------------------------------- --------------------------------------------------------------------
Average 58.36 51.98 17.55 12.58 13.21
Median 58.86 50.71 12.92 8.86 5.95
Maximum 76.31 66.10 39.52 49.84 63.20
Minimum 46.95 42.67 5.75 (3.09) (4.34)
COMMUNITY SAVINGS BANKSHARES, INC. 70.69 52.04 12.60 33.50 8.60
VARIANCE TO THE COMPARABLE MEDIAN 11.84 1.33 (0.32) 24.65 2.65
MARKET DATA AS OF THE MOST RECENT QUARTER
-------------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- ------------------------------------------ -------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 223.59 34.250 37.750 23.700 17.61 17.61
EBSI Eagle Bancshares 130.21 25.375 25.500 15.250 13.03 13.03
FAB FIRSTFED AMERICA BANCORP INC. 139.59 19.375 23.250 17.625 15.76 15.76
FNGB First Northern Capital Corp. 112.95 13.375 14.000 11.000 8.49 8.49
FWWB First Washington Bancorp Inc. 269.08 23.921 25.966 17.045 14.78 13.70
KFBI Klamath First Bancorp 168.59 19.063 24.250 18.625 16.02 14.67
MDBK Medford Bancorp Inc. 178.19 41.000 44.250 29.250 22.78 21.62
MECH MECH Financial Inc. 148.27 29.000 31.500 18.875 17.51 17.51
WSTR WesterFed Financial Corp. 120.08 24.500 27.000 20.125 19.64 16.01
YFED York Financial Corp. 169.27 20.875 27.250 15.600 12.18 12.18
- ------------------------------------------ -------------------------------------------------------------------
Average 165.98 25.07 28.07 18.71 15.78 15.06
Median 158.43 24.21 26.48 18.13 15.89 15.22
Maximum 269.08 41.00 44.25 29.25 22.78 21.62
Minimum 112.95 13.38 14.00 11.00 8.49 8.49
COMMUNITY SAVINGS BANKSHARES, INC. 67.42 10.00 NA NA 10.86 10.86
VARIANCE TO THE COMPARABLE MEDIAN (91.01) (14.21) NA NA (5.03) (4.36)
123
Page 25 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
DIVIDENDS
---------------------- -----------------------------------
CURRENT LTM DIVIDEND PRICE/
DIVIDEND PAYOUT LTM PRICE/ PRICE/ PRICE/
YIELD RATIO CORE EPS ASSETS EARNINGS LTM EPS
TICKER SHORT NAME ($) (%) (X) (%) (X) (X)
- ------------------------------------------------------------------ -----------------------------------
%CAL California Federal Bank NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB NA NA NA NA NA NA
AABC Access Anytime Bancorp Inc. -- 0.00 9.32 10.67 42.71 8.33
ABBK Abington Bancorp Inc. 1.14 25.64 20.03 11.40 14.69 15.06
ABCL Alliance Bancorp 2.00 34.38 14.97 12.16 39.29 17.19
ABCW Anchor BanCorp Wisconsin 0.94 14.47 21.59 18.53 16.44 18.75
AFBC Advance Financial Bancorp 1.95 42.11 18.40 15.89 14.62 17.24
AFED AFSALA Bancorp Inc. 1.56 22.83 19.35 14.95 22.50 19.57
AHCI Ambanc Holding Co. 1.49 25.00 31.01 13.21 36.65 25.2
AHM H.F. Ahmanson & Co. 1.44 23.04 16.18 13.09 13.69 16.05
ALBC Albion Banc Corp. 1.38 32.67 18.10 8.82 18.10 17.04
ALBK ALBANK Financial Corp. 1.38 23.15 18.81 19.44 20.52 18.75
ALLB Alliance Bank (MHC) 1.64 58.06 35.48 25.95 34.38 35.48
AMFC AMB Financial Corp. 1.78 28.42 25.82 12.95 35.80 16.58
ANA Acadiana Bancshares Inc. 2.00 34.43 19.30 18.49 20.37 18.03
ANDB Andover Bancorp Inc. 2.09 26.38 15.07 16.06 11.06 14.68
ANE Alliance Bncp of New England 1.57 14.80 28.98 12.60 13.28 14.17
ASBI Ameriana Bancorp 3.46 54.78 18.32 15.49 14.92 16.09
ASBP ASB Financial Corp. 3.20 58.82 18.38 17.79 17.36 18.38
ASFC Astoria Financial Corp. 1.73 21.34 15.74 10.57 13.57 14.06
ATSB AmTrust Capital Corp. 1.29 35.09 62.00 11.45 29.81 27.19
AVND Avondale Financial Corp. -- 0.00 NM 8.38 6.48 NM
BANC BankAtlantic Bancorp Inc. 0.85 NM 37.50 10.98 18.75 16.79
BCSB BCSB Bankcorp Inc. (MHC) -- NA NA NA NA NA
BDJI First Federal Bancorp. -- 0.00 16.84 13.58 14.73 17.01
BFD BostonFed Bancorp Inc. 2.07 24.03 18.63 9.87 14.68 15.02
BFFC Big Foot Financial Corp. -- 0.00 33.70 18.59 55.36 29.25
BFSB Bedford Bancshares Inc. 2.29 38.16 18.42 20.55 15.91 18.42
BKC American Bank of Connecticut 3.20 45.25 15.73 16.24 12.63 13.27
BKCT Bancorp Connecticut Inc. 3.17 44.78 17.24 17.62 13.76 14.84
BKUNA BankUnited Financial Corp. -- 0.00 27.29 5.2 21.52 21.11
BNKU Bank United Corp. 1.56 18.13 12.73 9.89 13.85 11.99
BPLS Bank Plus Corp. -- 0.00 18.41 4.58 NM 27.36
BRBI Blue River Bancshares Inc. -- NA NA NA NM NA
BRKL Brookline Bancorp (MHC) 1.54 NA NA 45.28 18.06 NA
BTHL Bethel Bancorp 2.56 20.83 16.89 6.89 16.45 13.02
BVCC Bay View Capital Corp. 1.79 34.57 15.5 7.91 22.31 27.55
BWFC Bank West Financial Corp. 2.11 49.21 34.47 16.55 35.55 27.08
BYFC Broadway Financial Corp. 1.91 27.64 34.72 7.06 16.20 14.51
BYS Bay State Bancorp -- NA NA 20.93 26.99 NA
CAFI Camco Financial Corp. 2.23 28.20 18.29 16.51 12.41 13.90
CASB Cascade Financial Corp. -- 0.00 20.15 12.97 16.07 18.00
CASH First Midwest Financial Inc. 2.45 43.27 21.10 12.18 14.87 18.87
CATB Catskill Financial Corp. 2.00 34.07 17.78 23.19 16.67 17.58
CAVB Cavalry Bancorp Inc. 1.01 NA NA 43.81 22.44 NA
CBCI Calumet Bancorp Inc. -- 0.00 10.85 19.50 18.60 10.93
CBES CBES Bancorp Inc. 2.31 37.84 25.94 15.76 15.72 18.69
CBK Citizens First Financial Corp. -- 0.00 37.50 15.63 21.56 22.70
CBSA Coastal Bancorp Inc. -- 12.12 10.28 5.30 10.23 10.54
CCFH CCF Holding Co. 3.12 282.24 NM 11.57 128.13 97.62
CEBK Central Co-operative Bank 1.42 20.51 18.6 11.76 10.61 14.42
CENB Century Bancorp Inc. 4.90 896.37 11.66 16.89 24.78 11.66
CFB Commercial Federal Corp. 0.83 13.07 13.19 12.53 15.33 16.28
CFCP Coastal Financial Corp. 1.47 26.46 22.89 19.27 17.59 18.45
CFFC Community Financial Corp. 1.98 40.00 20.18 19.66 22.07 20.18
CFKY Columbia Financial of Kentucky 1.97 NA NA NA NA NA
CFNC Carolina Fincorp Inc. 2.36 38.98 15.67 16.39 NM 17.27
CFSB CFSB Bancorp Inc. 2.14 34.35 20.04 23.36 16.39 18.10
CFTP Community Federal Bancorp 2.00 47.01 27.59 26.73 19.05 23.88
CIBI Community Investors Bancorp 1.85 29.20 18.57 17.06 19.12 18.57
CITZ CFS Bancorp Inc. -- NA NA NA NA NA
CKFB CKF Bancorp Inc. 3.27 50.00 16.50 22.17 18.75 16.50
CLAS Classic Bancshares Inc. 2.05 35.44 25.61 14.72 24.41 19.78
CMRN Cameron Financial Corp. 1.68 27.72 16.69 18.4 14.90 16.52
CURRENT PRICING DATA AS OF 08/13/98 PRODUCTIVITY
----------------------------------- ---------------
PRICE/ PRICE/ TANG FULL TIME
PUBLICLY REP PUBLICLY REP EQUIVALENT
BOOK VALUE BOOK VALUE EMPLOYEES
TICKER SHORT NAME (%) (%) MOST RECENT QTR
- ---------------------------------------------------------------------------- ---------------
%CAL California Federal Bank NA NA NA
%CCMD Chevy Chase Bank, FSB NA NA 4489
AABC Access Anytime Bancorp Inc. 134.69 134.69 NA
ABBK Abington Bancorp Inc. 178.93 196.27 185
ABCL Alliance Bancorp 139.24 140.40 580
ABCW Anchor BanCorp Wisconsin 291.01 295.44 526
AFBC Advance Financial Bancorp 112.78 112.78 42
AFED AFSALA Bancorp Inc. 109.42 109.42 51
AHCI Ambanc Holding Co. 113 113.00 177
AHM H.F. Ahmanson & Co. 214.01 280.74 NA
ALBC Albion Banc Corp. 103.8 103.80 NA
ALBK ALBANK Financial Corp. 211.67 267.39 1470
ALLB Alliance Bank (MHC) 242.83 242.83 75
AMFC AMB Financial Corp. 102.14 102.14 NA
ANA Acadiana Bancshares Inc. 125.57 125.57 NA
ANDB Andover Bancorp Inc. 195.91 195.91 282
ANE Alliance Bncp of New England 161.39 164.94 88
ASBI Ameriana Bancorp 133.09 135.63 153
ASBP ASB Financial Corp. 117.04 117.04 20
ASFC Astoria Financial Corp. 137.11 191.39 1467
ATSB AmTrust Capital Corp. 105.73 106.82 NA
AVND Avondale Financial Corp. 100.28 100.28 NA
BANC BankAtlantic Bancorp Inc. 161.64 209.11 1153
BCSB BCSB Bankcorp Inc. (MHC) NA NA NA
BDJI First Federal Bancorp. 129.92 129.92 40
BFD BostonFed Bancorp Inc. 119.75 124.04 NA
BFFC Big Foot Financial Corp. 101.71 101.71 66
BFSB Bedford Bancshares Inc. 155.21 155.21 40
BKC American Bank of Connecticut 187.75 193.56 131
BKCT Bancorp Connecticut Inc. 178.11 178.11 119
BKUNA BankUnited Financial Corp. 118.64 136.77 303
BNKU Bank United Corp. 193.49 212.99 NA
BPLS Bank Plus Corp. 106.02 115.58 NA
BRBI Blue River Bancshares Inc. NA NA NA
BRKL Brookline Bancorp (MHC) 137.28 137.28 NA
BTHL Bethel Bancorp 91.17 108.60 NA
BVCC Bay View Capital Corp. 114.84 177.09 962
BWFC Bank West Financial Corp. 127.38 127.38 67
BYFC Broadway Financial Corp. 69.69 69.69 52
BYS Bay State Bancorp 87.19 87.19 NA
CAFI Camco Financial Corp. 166.91 177.84 212
CASB Cascade Financial Corp. 183.18 183.18 144
CASH First Midwest Financial Inc. 119.66 133.96 NA
CATB Catskill Financial Corp. 101.78 101.78 74
CAVB Cavalry Bancorp Inc. 147.72 147.72 163
CBCI Calumet Bancorp Inc. 109.95 109.95 135
CBES CBES Bancorp Inc. 115.66 115.66 NA
CBK Citizens First Financial Corp. 112.97 112.97 103
CBSA Coastal Bancorp Inc. 139.17 159.72 NA
CCFH CCF Holding Co. 158.91 158.91 73
CEBK Central Co-operative Bank 120.19 132.35 94
CENB Century Bancorp Inc. 95.16 95.16 11
CFB Commercial Federal Corp. 172.50 194.65 NA
CFCP Coastal Financial Corp. 326.46 326.46 NA
CFFC Community Financial Corp. 141.68 142.25 53
CFKY Columbia Financial of Kentucky NA NA 38
CFNC Carolina Fincorp Inc. 73.29 73.29 44
CFSB CFSB Bancorp Inc. 300.12 300.12 240
CFTP Community Federal Bancorp 107.74 107.74 35
CIBI Community Investors Bancorp 155.32 155.32 26
CITZ CFS Bancorp Inc. NA NA 282
CKFB CKF Bancorp Inc. 95.43 95.43 9
CLAS Classic Bancshares Inc. 98.96 115.06 NA
CMRN Cameron Financial Corp. 92.61 92.61 NA
124
Page 26 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
DIVIDENDS
---------------------- -----------------------------------
CURRENT LTM DIVIDEND PRICE/
DIVIDEND PAYOUT LTM PRICE/ PRICE/ PRICE/
YIELD RATIO CORE EPS ASSETS EARNINGS LTM EPS
TICKER SHORT NAME ($) (%) (X) (%) (X) (X)
- ------------------------------------------------------------------ -----------------------------------
CMSB Commonwealth Bancorp Inc. 1.78 34.88 29.90 11.72 44.84 20.86
CMSV Community Savings Bnkshrs(MHC) 2.86 87.38 33.16 21.12 32.81 30.58
CNIT CENIT Bancorp Inc. 1.91 35.89 17.50 16.10 16.94 16.15
CNSB CNS Bancorp Inc. 1.63 45.28 32.78 24.76 30.73 27.83
CNY Carver Bancorp Inc. -- 0.00 28.72 6.53 21.54 25.13
COFI Charter One Financial 1.95 38.57 16.12 18.48 13.79 21.73
CONE Conestoga Bancorp, Inc. NA 28.17 NA NA NA NA
COOP Cooperative Bankshares Inc. -- 0.00 22.79 12.31 18.45 20.95
CRSB Crusader Holding Corp. -- 0.00 12.93 28.45 11.03 11.81
CRZY Crazy Woman Creek Bancorp 2.52 48.19 19.13 24.24 20.89 19.13
CSBF CSB Financial Group Inc. -- 0.00 36.21 18.37 26.25 33.87
CVAL Chester Valley Bancorp Inc. 1.40 31.28 21.43 19.45 28.13 20.32
DCBI Delphos Citizens Bancorp Inc. 1.50 13.33 17.78 26.04 17.39 17.78
DCOM Dime Community Bancshares Inc. 1.68 21.10 22.84 17.81 17.46 21.79
DIBK Dime Financial Corp. 1.51 17.31 12.21 16.5 17.26 12.21
DME Dime Bancorp Inc. 0.73 10.97 28.39 14.79 13.63 17.58
DNFC D & N Financial Corp. 0.85 11.72 17.54 11.34 13.99 14.42
DSL Downey Financial Corp. 1.04 15.28 18.13 14.85 14.53 15.25
EBI Equality Bancorp Inc. 1.85 NA NA 11.97 21.67 NA
EBSI Eagle Bancshares 2.84 48.78 18.15 11.23 15.20 18.29
EFBC Empire Federal Bancorp Inc. 2.29 44.78 20.9 32.82 20.59 20.90
EFBI Enterprise Federal Bancorp 3.65 88.50 28.52 16.55 21.39 24.23
EFC EFC Bancorp Inc. -- NA NA NA NA NA
EGLB Eagle BancGroup Inc. -- 0.00 97.37 12.51 25.69 33.64
EMLD Emerald Financial Corp. 1.10 20.31 21.61 21.22 18.75 19.92
EQSB Equitable Federal Savings Bank -- 0.00 17.32 10.03 17.53 16.52
ESBF ESB Financial Corp. 2.12 32.25 16.50 10.07 15.74 16.35
ESBK Elmira Savings Bank (The) 2.46 41.65 21.14 8.15 15.12 17.33
ESX Essex Bancorp Inc. -- 0.00 NM 1.42 NM NM
ETFS East Texas Financial Services 1.49 34.86 36.32 16.88 41.99 31.25
FAB FIRSTFED AMERICA BANCORP INC. 1.19 5.81 24.11 10.61 19.18 19.62
FBBC First Bell Bancorp Inc. 2.32 31.25 13.58 14.87 13.07 13.48
FBCI Fidelity Bancorp Inc. 1.70 NA NA 13.27 18.36 NA
FBCV 1ST Bancorp 0.60 14.39 35.98 18.58 21.69 24.45
FBER 1st Bergen Bancorp 1.14 23.81 20.83 15.04 19.02 20.83
FBHC Fort Bend Holding Corp. 2.00 37.23 31.75 11.41 20.83 21.28
FBNW FirstBank Corp. 1.70 NA NA 19.26 18.88 NA
FBSI First Bancshares Inc. 0.91 12.35 15.81 16.3 18.23 15.44
FCB Falmouth Bancorp Inc. 1.30 27.16 30.83 24.35 23.13 22.84
FCBF FCB Financial Corp. 2.98 50.32 19.54 22.03 16.03 19.03
FCBH Virginia Beach Fed. Financial 1.34 25.00 27.60 14.29 22.42 21.35
FCBK First Coastal Bankshares NA NA NA NA NA NA
FCME First Coastal Corp. -- 0.00 15.00 9.51 14.29 13.64
FDEF First Defiance Financial 2.77 53.03 20.63 18.22 16.25 19.70
FDTR Federal Trust Corp. -- NA NA 12.12 45.31 NA
FED FirstFed Financial Corp. -- 0.00 15.50 10.58 12.5 14.6
FESX First Essex Bancorp Inc. 2.64 40.60 18.48 12.20 15.18 15.98
FFBA First Colorado Bancorp Inc. 2.02 41.46 20.44 28.13 25.75 20.93
FFBH First Federal Bancshares of AR 1.20 21.67 19.70 19.59 18.75 19.38
FFBI First Financial Bancorp Inc. -- 0.00 41.39 12.69 52.60 84.17
FFBS FFBS BanCorp Inc. 2.25 208.33 18.54 25.92 18.54 18.54
FFBZ First Federal Bancorp Inc. 1.17 27.00 25.53 18.23 21.43 24.00
FFCH First Financial Holdings Inc. 1.92 34.21 19.89 16.00 18.86 19.19
FFDB FirstFed Bancorp Inc. 1.93 44.12 21.32 19.19 22.66 21.32
FFDF FFD Financial Corp. 1.67 25.64 34.62 25.99 37.50 15.38
FFED Fidelity Federal Bancorp 3.33 NM NM 9.5 NM NM
FFES First Federal of East Hartford 2.06 30.62 14.6 9.23 14.73 15.79
FFFD North Central Bancshares Inc. 1.75 21.43 14.37 17.23 13.04 13.72
FFFL Fidelity Bankshares Inc. (MHC) 3.46 78.26 27.96 12.04 22.41 22.61
FFHH FSF Financial Corp. 2.88 45.45 16.55 12.31 16.09 15.80
FFHS First Franklin Corp. 1.89 26.45 17.64 11.91 15.88 15.26
FFIC Flushing Financial Corp. 1.39 21.37 17.21 16.5 15.17 17.61
FFKY First Federal Financial Corp. 2.19 36.60 17.43 25.83 16.43 16.75
FFLC FFLC Bancorp Inc. 1.97 31.15 18.43 16.56 15.73 17.55
CURRENT PRICING DATA AS OF 08/13/98 PRODUCTIVITY
----------------------------------- ---------------
PRICE/ PRICE/ TANG FULL TIME
PUBLICLY REP PUBLICLY REP EQUIVALENT
BOOK VALUE BOOK VALUE EMPLOYEES
TICKER SHORT NAME (%) (%) MOST RECENT QTR
- ---------------------------------------------------------------------------- ---------------
CMSB Commonwealth Bancorp Inc. 138.95 176.38 776
CMSV Community Savings Bnkshrs(MHC) 190.68 190.68 283
CNIT CENIT Bancorp Inc. 193.73 209.16 NA
CNSB CNS Bancorp Inc. 99.93 99.93 29
CNY Carver Bancorp Inc. 77.78 80.47 NA
COFI Charter One Financial 247.52 262.95 4272
CONE Conestoga Bancorp, Inc. NA NA 105
COOP Cooperative Bankshares Inc. 155 155.00 117
CRSB Crusader Holding Corp. 247.52 261.32 70
CRZY Crazy Woman Creek Bancorp 103.42 103.42 10
CSBF CSB Financial Group Inc. 79.37 84.13 18
CVAL Chester Valley Bancorp Inc. 230.26 230.26 116
DCBI Delphos Citizens Bancorp Inc. 107.82 107.82 NA
DCOM Dime Community Bancshares Inc. 155.23 178.17 252
DIBK Dime Financial Corp. 197.57 202.1 NA
DME Dime Bancorp Inc. 232.51 282.68 6718
DNFC D & N Financial Corp. 203.46 205.06 NA
DSL Downey Financial Corp. 188.69 190.67 1243
EBI Equality Bancorp Inc. 125.00 125.00 NA
EBSI Eagle Bancshares 172.68 172.68 574
EFBC Empire Federal Bancorp Inc. 89.29 89.29 36
EFBI Enterprise Federal Bancorp 166.21 170.45 42
EFC EFC Bancorp Inc. NA NA 107
EGLB Eagle BancGroup Inc. 103.82 103.82 51
EMLD Emerald Financial Corp. 249.51 252.48 119
EQSB Equitable Federal Savings Bank 195.98 195.98 NA
ESBF ESB Financial Corp. 143.58 160.83 NA
ESBK Elmira Savings Bank (The) 127.76 127.76 114
ESX Essex Bancorp Inc. NM 41.31 106
ETFS East Texas Financial Services 97.66 97.66 28
FAB FIRSTFED AMERICA BANCORP INC. 107.07 107.07 NA
FBBC First Bell Bancorp Inc. 146.43 146.43 57
FBCI Fidelity Bancorp Inc. 125.2 125.40 NA
FBCV 1ST Bancorp 205.91 209.42 101
FBER 1st Bergen Bancorp 129.73 129.73 58
FBHC Fort Bend Holding Corp. 159.74 168.92 148
FBNW FirstBank Corp. 114.19 114.19 98
FBSI First Bancshares Inc. 121.42 126.81 73
FCB Falmouth Bancorp Inc. 113.92 113.92 29
FCBF FCB Financial Corp. 152.3 152.30 145
FCBH Virginia Beach Fed. Financial 200.20 200.20 216
FCBK First Coastal Bankshares NA NA NA
FCME First Coastal Corp. 106.19 106.19 NA
FDEF First Defiance Financial 102.69 102.69 162
FDTR Federal Trust Corp. 141.05 141.05 28
FED FirstFed Financial Corp. 176.52 177.62 456
FESX First Essex Bancorp Inc. 171.23 236.90 269
FFBA First Colorado Bancorp Inc. 199.46 203.24 NA
FFBH First Federal Bancshares of AR 133.16 133.16 NA
FFBI First Financial Bancorp Inc. 137.45 137.45 36
FFBS FFBS BanCorp Inc. 147.64 147.64 32
FFBZ First Federal Bancorp Inc. 229.45 229.45 74
FFCH First Financial Holdings Inc. 251.44 251.44 585
FFDB FirstFed Bancorp Inc. 197.55 214.50 75
FFDF FFD Financial Corp. 116.66 116.66 26
FFED Fidelity Federal Bancorp 140.19 140.19 110
FFES First Federal of East Hartford 128.25 128.25 188
FFFD North Central Bancshares Inc. 116.02 133.90 NA
FFFL Fidelity Bankshares Inc. (MHC) 195.78 NA NA
FFHH FSF Financial Corp. 106.14 106.14 94
FFHS First Franklin Corp. 130.55 131.09 52
FFIC Flushing Financial Corp. 128.84 133.78 205
FFKY First Federal Financial Corp. 193.54 203.86 110
FFLC FFLC Bancorp Inc. 129.34 129.34 134
125
Page 27 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
DIVIDENDS
---------------------- -----------------------------------
CURRENT LTM DIVIDEND PRICE/
DIVIDEND PAYOUT LTM PRICE/ PRICE/ PRICE/
YIELD RATIO CORE EPS ASSETS EARNINGS LTM EPS
TICKER SHORT NAME ($) (%) (X) (%) (X) (X)
- ------------------------------------------------------------------ -----------------------------------
FFOH Fidelity Financial of Ohio 2.07 147.73 18.16 16.25 18.38 17.54
FFPB First Palm Beach Bancorp Inc. 1.76 43.27 47.89 11.57 43.21 25.48
FFSL First Independence Corp. 2.55 32.35 13.82 9.12 10.88 13.82
FFSX First Fed SB of Siouxland(MHC) 1.60 40.34 25.86 15.45 22.06 25.21
FFWC FFW Corp. 2.27 28.41 16.09 13.27 14.45 14.02
FFWD Wood Bancorp Inc. 2.22 34.70 21.96 26.23 19.35 18.90
FFYF FFY Financial Corp. 2.22 39.14 18.59 22.19 18.03 18.21
FGHC First Georgia Holding Inc. -- 17.55 31.58 31.85 30.00 31.58
FIBC Financial Bancorp Inc. 1.37 26.16 21.99 18.27 19.84 21.22
FISB First Indiana Corp. 2.10 30.99 22.91 16.72 16.36 16.13
FKAN First Kansas Financial Corp. -- NA NA 15.94 NA NA
FKFS First Keystone Financial 1.39 10.42 13.69 9.01 11.98 11.98
FKKY Frankfort First Bancorp Inc. 5.49 81.25 15.17 17.53 15.17 15.17
FLAG FLAG Financial Corp. 1.47 33.84 32.75 19.13 22.74 24.08
FLFC First Liberty Financial Corp. 1.46 33.33 23.64 17.64 16.06 24.48
FLGS Flagstar Bancorp Inc. 1.04 8.84 12.56 14.34 9.25 12.56
FLKY First Lancaster Bancshares 4.21 94.34 26.89 25.45 25.45 26.89
FMBD First Mutual Bancorp Inc. 1.86 76.19 52.08 15.99 26.86 40.92
FMCO FMS Financial Corp. 0.96 14.07 17.61 13.36 17.36 17.61
FMSB First Mutual Savings Bank 1.38 47.19 14.65 13.07 12.50 12.83
FNGB First Northern Capital Corp. 2.82 47.22 19.03 16.36 16.78 17.71
FOBC Fed One Bancorp 1.59 49.21 31.71 25.05 32.50 30.95
FPRY First Financial Bancorp NA 39.66 NA NA NA NA
FSBI Fidelity Bancorp Inc. 1.80 20.72 14.60 9.76 15.15 14.39
FSFF First SecurityFed Financial -- NA NA 30.23 15.89 NA
FSLA First Source Bancorp Inc. 2.01 NA NA 23.23 NA NA
FSNJ Bayonne Bancshares Inc. 1.67 NA NA 19.40 31.12 NA
FSPT FirstSpartan Financial Corp. 1.60 NA NA 30.82 19.95 NA
FSSB First FS&LA of San Bernardino -- 0.00 NM 3.05 NM NM
FSTC First Citizens Corp. 1.08 NA NA 21.90 16.90 NA
FTF Texarkana First Financial Corp 2.11 30.43 15.14 24.29 13.52 14.40
FTFC First Federal Capital Corp. 1.76 26.04 27.85 18.55 16.54 16.54
FTNB Fulton Bancorp Inc. 1.33 26.92 30 27.92 32.14 23.08
FTSB Fort Thomas Financial Corp. 1.82 35.71 16.37 19.95 20.22 16.37
FWWB First Washington Bancorp Inc. 1.42 21.82 19.83 21.82 17.42 18.40
GAF GA Financial Inc. 3.64 43.48 14.37 13.24 14.78 13.37
GBNK Gaston Federal Bancorp (MHC) 1.52 NA NA 29.27 NA NA
GDW Golden West Financial 0.61 6.98 12.10 12.12 10.23 11.83
GFCO Glenway Financial Corp. 1.95 35.65 20.76 17.19 19.5 20.95
GFED Guaranty Federal Bcshs Inc. -- NA NA 30.24 21.04 NA
GLMR Gilmer Financial Svcs, Inc. -- 0.00 20.77 6.41 NM 117.71
GOSB GSB Financial Corp. 0.88 NA NA 23.73 42.58 NA
GPT GreenPoint Financial Corp. 1.84 29.08 17.38 22.54 16.09 17.73
GSB Golden State Bancorp Inc. -- 330.06 11.87 7.2 11.52 13.20
GSFC Green Street Financial Corp. 3.43 88.24 20.59 33.00 20.59 20.59
GSLA GS Financial Corp. 2.07 NA NA 34.95 21.09 NA
GTPS Great American Bancorp 2.06 67.21 35.04 22.89 29.69 35.04
GUPB GFSB Bancorp Inc. 2.11 33.77 18.04 14.48 16.96 18.04
HALL Hallmark Capital Corp. -- 0.00 15.69 9.68 13.58 14.56
HARB Harbor Florida Bancshares Inc. 2.14 NA NA 28.26 16.84 NA
HARL Harleysville Savings Bank 1.47 21.29 14.85 12.71 14.42 14.85
HARS Harris Financial Inc. (MHC) 1.22 39.50 51.61 26.38 34.74 33.45
HAVN Haven Bancorp Inc. 1.46 30.61 19.9 8.01 39.42 20.92
HBBI Home Building Bancorp 1.25 26.32 22.02 17.63 25.00 21.05
HBEI Home Bancorp of Elgin Inc. 2.71 102.56 37.82 27.50 33.52 37.82
HBFW Home Bancorp 1.13 21.88 22.7 18.52 21.5 22.17
HBNK Highland Bancorp Inc. 1.21 8.25 15.54 16.86 13.13 13.70
HBS Haywood Bancshares Inc. 2.93 32.77 11.58 16.86 10.05 11.58
HBSC Heritage Bancorp Inc. -- NA NA NA NA NA
HCBB HCB Bancshares Inc. 1.52 NA NA 15.66 41.02 NA
HCBC High Country Bancorp Inc. 2.22 NA NA 19.35 21.09 NA
HCFC Home City Financial Corp. 2.44 377.45 14.46 17.10 14.18 14.46
HEMT HF Bancorp Inc. -- 0.00 152.27 10.20 NM NM
HFBC HopFed Bancorp Inc. -- NA NA 31.94 20.54 NA
CURRENT PRICING DATA AS OF 08/13/98 PRODUCTIVITY
----------------------------------- ---------------
PRICE/ PRICE/ TANG FULL TIME
PUBLICLY REP PUBLICLY REP EQUIVALENT
BOOK VALUE BOOK VALUE EMPLOYEES
TICKER SHORT NAME (%) (%) MOST RECENT QTR
- ---------------------------------------------------------------------------- ---------------
FFOH Fidelity Financial of Ohio 130.94 147.17 NA
FFPB First Palm Beach Bancorp Inc. 169.01 172.53 468
FFSL First Independence Corp. 95.22 95.22 27
FFSX First Fed SB of Siouxland(MHC) 202.70 251.47 NA
FFWC FFW Corp. 141.01 153.27 NA
FFWD Wood Bancorp Inc. 198.66 198.66 48
FFYF FFY Financial Corp. 171.73 171.73 NA
FGHC First Georgia Holding Inc. 390.88 418.12 92
FIBC Financial Bancorp Inc. 216.87 217.78 NA
FISB First Indiana Corp. 182.66 184.58 700
FKAN First Kansas Financial Corp. 80.79 81.83 NA
FKFS First Keystone Financial 134.98 134.98 76
FKKY Frankfort First Bancorp Inc. 103.87 103.87 NA
FLAG FLAG Financial Corp. 219.50 219.50 NA
FLFC First Liberty Financial Corp. 239.94 262.28 549
FLGS Flagstar Bancorp Inc. 258.62 265.75 1461
FLKY First Lancaster Bancshares 95.51 95.51 11
FMBD First Mutual Bancorp Inc. 109.34 140.42 163
FMCO FMS Financial Corp. 219.68 221.24 333
FMSB First Mutual Savings Bank 180.80 180.80 NA
FNGB First Northern Capital Corp. 150.18 150.18 220
FOBC Fed One Bancorp 216.91 225.43 134
FPRY First Financial Bancorp NA NA NA
FSBI Fidelity Bancorp Inc. 142.65 142.65 109
FSFF First SecurityFed Financial 104.52 104.81 70
FSLA First Source Bancorp Inc. 109.4 113.00 221
FSNJ Bayonne Bancshares Inc. 141.59 141.59 96
FSPT FirstSpartan Financial Corp. 126.82 126.82 142
FSSB First FS&LA of San Bernardino 70.36 73.03 51
FSTC First Citizens Corp. 219.40 267.30 NA
FTF Texarkana First Financial Corp 163.28 163.28 38
FTFC First Federal Capital Corp. 247.27 259.82 750
FTNB Fulton Bancorp Inc. 119.52 119.52 NA
FTSB Fort Thomas Financial Corp. 126.49 126.49 20
FWWB First Washington Bancorp Inc. 155.62 167.88 304
GAF GA Financial Inc. 102.91 103.89 200
GBNK Gaston Federal Bancorp (MHC) 144.29 144.29 57
GDW Golden West Financial 162.04 162.04 4593
GFCO Glenway Financial Corp. 179.56 181.14 69
GFED Guaranty Federal Bcshs Inc. 105.12 105.12 82
GLMR Gilmer Financial Svcs, Inc. 71.05 71.05 12
GOSB GSB Financial Corp. 95.28 95.28 NA
GPT GreenPoint Financial Corp. 196.88 348.20 1837
GSB Golden State Bancorp Inc. 116.11 138.32 2961
GSFC Green Street Financial Corp. 94.53 94.53 32
GSLA GS Financial Corp. 83.96 83.96 33
GTPS Great American Bancorp 125.22 125.22 NA
GUPB GFSB Bancorp Inc. 117.38 117.38 23
HALL Hallmark Capital Corp. 117.32 117.32 NA
HARB Harbor Florida Bancshares Inc. 144.17 145.73 358
HARL Harleysville Savings Bank 198.15 198.15 55
HARS Harris Financial Inc. (MHC) 324.87 359.11 558
HAVN Haven Bancorp Inc. 153.79 160.91 995
HBBI Home Building Bancorp 116.45 116.45 13
HBEI Home Bancorp of Elgin Inc. 105.36 105.36 123
HBFW Home Bancorp 155.31 155.31 84
HBNK Highland Bancorp Inc. 214.36 214.36 103
HBS Haywood Bancshares Inc. 113.57 117.28 35
HBSC Heritage Bancorp Inc. NA NA 38
HCBB HCB Bancshares Inc. 90.83 91.91 71
HCBC High Country Bancorp Inc. 98.9 98.9 40
126
Page 28 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
DIVIDENDS
---------------------- -----------------------------------
CURRENT LTM DIVIDEND PRICE/
DIVIDEND PAYOUT LTM PRICE/ PRICE/ PRICE/
YIELD RATIO CORE EPS ASSETS EARNINGS LTM EPS
TICKER SHORT NAME ($) (%) (X) (%) (X) (X)
- ------------------------------------------------------------------ -----------------------------------
HFFB Harrodsburg First Fin Bancorp 2.60 74.07 18.98 27.22 18.30 18.98
HFFC HF Financial Corp. 1.32 19.72 17.28 16.38 13.98 14.96
HFGI Harrington Financial Group 1.14 NM NM 7.10 NM NM
HFNC HFNC Financial Corp. 2.72 36.59 20.98 20.04 13.99 14.33
HFSA Hardin Bancorp Inc. 3.29 49.51 18.68 10.41 18.48 16.50
HFWA Heritage Financial Corp. 1.26 NA NA 38.53 NA NA
HHFC Harvest Home Financial Corp. 3.32 67.74 21.37 13.00 23.66 21.37
HIFS Hingham Instit. for Savings 2.13 30.48 12.62 14.31 11.93 12.50
HLFC Home Loan Financial Corp. -- NA NA 39.79 24.17 NA
HMLK Hemlock Federal Financial Corp. 1.91 NA NA 17.54 19.94 NA
HMNF HMN Financial Inc. 1.11 4.55 22.82 10.76 25.67 16.34
HOMF Home Federal Bancorp 1.52 19.52 17.62 18.75 14.58 13.82
HPBC Home Port Bancorp Inc. 3.30 46.78 13.04 17.15 11.44 14.18
HRBF Harbor Federal Bancorp Inc. 2.59 45.95 20.28 14.71 18.25 19.62
HRBT Hudson River Bancorp -- NA NA NA NA NA
HRZB Horizon Financial Corp. 2.93 75.00 13.76 20.31 13.39 13.39
HSTD Homestead Bancorp Inc. 9.70 NA NA NA NA NA
HTHR Hawthorne Financial Corp. -- 0.00 9.60 5.25 13.57 11.28
HWEN Home Financial Bancorp 1.27 21.28 21.88 17.19 16.41 16.76
HZFS Horizon Financial Svcs Corp. 1.21 18.28 20.66 14.12 13.77 15.99
IBSF IBS Financial Corp. 2.47 72.73 29.43 24.06 28.91 29.43
ICBC Independence Comm. Bank Corp. -- NA NA 21.85 22.92 NA
IFSB Independence Federal Svgs Bank 1.56 29.19 61.54 7.47 6.45 9.94
INBI Industrial Bancorp Inc. 3.12 50.00 17.5 25.22 16.59 17.50
IPSW Ipswich Savings Bank 1.07 14.42 14.42 15.34 15.63 14.42
ITLA ITLA Capital Corp. -- 0.00 11.63 15.07 10.87 11.63
IWBK InterWest Bancorp Inc. 1.99 34.93 21.99 17.88 33.54 19.26
JSB JSB Financial Inc. 3.11 33.04 13.48 32.39 8.64 11.34
JSBA Jefferson Savings Bancorp 1.20 24.00 26.26 18.86 26.56 23.38
JXSB Jacksonville Savings Bk (MHC) 1.85 55.57 49.24 18.28 31.25 31.86
JXVL Jacksonville Bancorp Inc. 2.81 39.68 14.14 17.78 14.37 14.14
KFBI Klamath First Bancorp 2.12 36.02 18.28 16.71 16.35 18.28
KNK Kankakee Bancorp Inc. 1.56 24.74 16.60 10.60 18.83 15.91
KSAV KS Bancorp Inc. NA 63.46 NA NA NA NA
KSBK KSB Bancorp Inc. 0.61 3.55 11.96 13.17 12.13 11.70
KYF Kentucky First Bancorp Inc. 3.51 64.10 18.51 21.59 17.81 18.27
LARK Landmark Bancshares Inc. 2.72 39.01 18.54 14.91 15.76 15.65
LARL Laurel Capital Group Inc. 3.16 32.83 14.62 18.84 14.39 14.39
LFBI Little Falls Bancorp Inc. 1.50 19.48 21.62 11.15 21.05 20.78
LFCO Life Financial Corp. -- 0.00 5.50 15.96 16.91 5.72
LFED Leeds Federal Bankshares (MHC) 3.29 80.82 25.76 29.46 25.00 25.76
LIBB Liberty Bancorp Inc. (MHC) -- NA NA NA NA NA
LISB Long Island Bancorp Inc. 1.54 27.08 26.53 19.39 19.12 21.67
LO Local Financial Corp. -- NA NA 12.07 12.71 NA
LOGN Logansport Financial Corp. 2.93 41.00 14.71 20.96 15.00 15.00
LONF London Financial Corp. 1.57 609.30 19.06 20.52 15.25 17.73
LSBI LSB Financial Corp. 1.27 18.65 19.33 13.74 15.75 16.67
LSBX Lawrence Savings Bank -- 0.00 7.16 17.96 8.73 7.05
LVSB Lakeview Financial Corp. 1.14 7.70 21.78 17.67 7.33 10.84
LXMO Lexington B&L Financial Corp. 2.00 48.39 24.19 15.88 25.00 24.19
MAFB MAF Bancorp Inc. 1.26 13.21 14.64 14.07 13.24 13.99
MARN Marion Capital Holdings 3.87 69.29 17.91 19.99 15.80 17.91
MASB MASSBANK Corp. 2.11 33.56 18.85 18.36 16.27 16.27
MBBC Monterey Bay Bancorp Inc. 0.73 32.50 51.56 14.84 NM 51.56
MBLF MBLA Financial Corp. 2.98 27.59 13.98 12.14 12.90 13.88
MBSP Mitchell Bancorp Inc. 2.32 80.00 34.50 43.04 61.61 34.50
MCBN Mid-Coast Bancorp Inc. 2.00 25.88 16.13 11.30 16.67 14.93
MDBK Medford Bancorp Inc. 2.00 37.45 16.74 15.70 14.71 15.94
MECH MECH Financial Inc. 2.14 9.26 17.39 15.53 14.89 17.28
METF Metropolitan Financial Corp. -- 0.00 15.94 8.49 17.71 13.71
MFBC MFB Corp. 1.43 32.17 18.85 12.98 19.79 18.41
MFFC Milton Federal Financial Corp. 4.62 84.51 22.81 12.37 15.48 18.31
MFLR Mayflower Co-operative Bank 3.48 42.33 16.55 15.27 12.23 14.11
MFSL Maryland Federal Bancorp 1.13 33.52 31.25 22.13 27.78 30.30
CURRENT PRICING DATA AS OF 08/13/98 PRODUCTIVITY
----------------------------------- ---------------
PRICE/ PRICE/ TANG FULL TIME
PUBLICLY REP PUBLICLY REP EQUIVALENT
BOOK VALUE BOOK VALUE EMPLOYEES
TICKER SHORT NAME (%) (%) MOST RECENT QTR
- ---------------------------------------------------------------------------- ---------------
HCFC Home City Financial Corp. 123.22 123.22 NA
HEMT HF Bancorp Inc. 127.38 148.89 NA
HFBC HopFed Bancorp Inc. 119.29 119.29 NA
HFFB Harrodsburg First Fin Bancorp 95.02 95.02 NA
HFFC HF Financial Corp. 164.98 164.98 268
HFGI Harrington Financial Group 151.73 151.73 84
HFNC HFNC Financial Corp. 118.21 118.21 125
HFSA Hardin Bancorp Inc. 102.97 102.97 28
HFWA Heritage Financial Corp. 133.79 133.79 NA
HHFC Harvest Home Financial Corp. 114.52 114.52 18
HIFS Hingham Instit. for Savings 151.82 151.82 65
HLFC Home Loan Financial Corp. 103.28 103.28 NA
HMLK Hemlock Federal Financial Corp 108.34 108.34 46
HMNF HMN Financial Inc. 110.24 120.09 156
HOMF Home Federal Bancorp 201.46 206.69 261
HPBC Home Port Bancorp Inc. 196.83 196.83 44
HRBF Harbor Federal Bancorp Inc. 115.87 115.87 48
HRBT Hudson River Bancorp NA NA NA
HRZB Horizon Financial Corp. 131.58 131.58 132
HSTD Homestead Bancorp Inc. NA NA 21
HTHR Hawthorne Financial Corp. 123.49 123.49 212
HWEN Home Financial Bancorp 97.46 97.46 20
HZFS Horizon Financial Svcs Corp. 154.95 154.95 26
IBSF IBS Financial Corp. 134.90 134.90 NA
ICBC Independence Comm. Bank Corp. 108.87 115.35 NA
IFSB Independence Federal Svgs Bank 103.49 114.37 NA
INBI Industrial Bancorp Inc. 157.92 157.92 84
IPSW Ipswich Savings Bank 274.73 274.73 69
ITLA ITLA Capital Corp. 144.40 NA NA
IWBK InterWest Bancorp Inc. 250.31 258.18 819
JSB JSB Financial Inc. 133.25 133.25 350
JSBA Jefferson Savings Bancorp 183.48 228.72 NA
JXSB Jacksonville Savings Bk (MHC) 176.06 176.06 83
JXVL Jacksonville Bancorp Inc. 123.02 123.02 NA
KFBI Klamath First Bancorp 106.12 115.88 NA
KNK Kankakee Bancorp Inc. 108.60 127.11 145
KSAV KS Bancorp Inc. NA NA 33
KSBK KSB Bancorp Inc. 165.50 188.36 NA
KYF Kentucky First Bancorp Inc. 126.78 126.78 20
LARK Landmark Bancshares Inc. 114.08 114.08 49
LARL Laurel Capital Group Inc. 177.07 177.07 NA
LFBI Little Falls Bancorp Inc. 109.36 118.43 40
LFCO Life Financial Corp. 126.23 126.23 280
LFED Leeds Federal Bankshares (MHC) 178.57 178.57 27
LIBB Liberty Bancorp Inc. (MHC) NA NA 44
LISB Long Island Bancorp Inc. 217.76 219.59 NA
LO Local Financial Corp. 223.31 241.64 527
LOGN Logansport Financial Corp. 111.44 111.44 14
LONF London Financial Corp. 149.07 149.07 10
LSBI LSB Financial Corp. 153.96 153.96 NA
LSBX Lawrence Savings Bank 148.78 148.78 NA
LVSB Lakeview Financial Corp. 181.67 266.34 NA
LXMO Lexington B&L Financial Corp. 98.88 106.01 NA
MAFB MAF Bancorp Inc. 179.44 200.99 902
MARN Marion Capital Holdings 102.99 105.23 49
MASB MASSBANK Corp. 156.04 158.12 182
MBBC Monterey Bay Bancorp Inc. 129.01 140.91 NA
MBLF MBLA Financial Corp. 89.92 89.92 12
MBSP Mitchell Bancorp Inc. 109.73 109.73 NA
MCBN Mid--Coast Bancorp Inc. 133.33 133.33 25
MDBK Medford Bancorp Inc. 175.59 185.01 253
MECH MECH Financial Inc. 159.91 159.91 NA
METF Metropolitan Financial Corp. 227.27 245.19 313
MFBC MFB Corp. 114.13 114.13 71
MFFC Milton Federal Financial Corp. 103.34 103.34 52
MFLR Mayflower Co--operative Bank 159.61 161.97 51
MFSL Maryland Federal Bancorp 244.8 246.91 NA
127
Page 29 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
DIVIDENDS
---------------------- -----------------------------------
CURRENT LTM DIVIDEND PRICE/
DIVIDEND PAYOUT LTM PRICE/ PRICE/ PRICE/
YIELD RATIO CORE EPS ASSETS EARNINGS LTM EPS
TICKER SHORT NAME ($) (%) (X) (%) (X) (X)
- ------------------------------------------------------------------ -----------------------------------
MIFC Mid-Iowa Financial Corp. 0.63 10.39 16.61 16.22 16.61 16.40
MIVI Mississippi View Holding Co. 1.60 16.84 21.28 21.57 20.83 21.05
MONT Montgomery Financial Corp. 2.00 NA NA 16.66 16.18 NA
MRKF Market Financial Corp. 2.04 756.00 27.50 34.23 31.25 27.50
MSBF MSB Financial Inc. 1.95 28.04 17.28 23.43 13.46 14.89
MSBK Mutual Savings Bank FSB -- 0.00 NM 6.99 17.86 NM
MWBI Midwest Bancshares Inc. 2.37 18.32 12.86 8.9 9.12 10.31
MWBX MetroWest Bank 1.63 31.48 13.66 15.96 13.17 13.66
MYST Mystic Financial Inc. 1.46 NA NA 18.73 19.10 NA
NASB NASB Financial Inc. 1.53 14.87 14.92 19.98 11.70 12.17
NBCP Niagara Bancorp Inc. (MHC) -- NA NA NA NA NA
NBN Northeast Bancorp 1.51 27.29 18.67 10.08 12.96 17.95
NBSI North Bancshares Inc. 3.11 109.09 42.92 13.21 64.38 39.02
NEIB Northeast Indiana Bancorp 1.57 23.59 15.23 17.55 14.23 15.23
NEP Northeast PA Financial Corp. -- NA NA 17.15 NA NA
NHTB New Hampshire Thrift Bncshrs 3.72 40.44 12.7 10.41 11.52 11.86
NMSB NewMil Bancorp Inc. 2.67 40.54 20.69 12.52 14.29 16.22
NSLB NS&L Bancorp Inc. 2.86 74.63 26.92 19.16 19.02 26.12
NSSY NSS Bancorp Inc. 1.07 17.09 25.66 17.46 21.76 20.83
NTBK Net.B@nk Inc. -- 0.00 NM 89.29 NM NM
NTMG Nutmeg Federal S&LA 1.65 38.04 60.63 10.75 23.32 26.36
NWEQ Northwest Equity Corp. -- 39.19 12.77 15.08 11.30 11.91
NWSB Northwest Bancorp Inc. (MHC) 1.26 35.56 29.51 23.33 26.43 28.2
OCFC Ocean Financial Corp. 2.77 43.75 18.03 17.48 18.82 18.03
OCN Ocwen Financial Corp. -- 0.00 144.23 32.51 NM 40.76
OFCP Ottawa Financial Corp. 1.49 27.98 21.01 15.57 21.01 19.66
OHSL OHSL Financial Corp. 3.15 53.53 20.09 15.99 18.04 18.68
OSFS Ohio State Financial Services -- NA NA 26.32 NA NA
OTFC Oregon Trail Financial Corp. 1.28 NA NA 28.60 21.70 NA
PBCI Pamrapo Bancorp Inc. 4.31 63.86 16.25 18.75 17.57 15.66
PBCT People's Bank (MHC) 3.11 46.06 30.68 19.02 15.00 16.36
PBHC Pathfinder Bancorp Inc. (MHC) 1.30 37.92 38.44 21.98 32.03 30.15
PBKB People's Bancshares Inc. 2.82 28.66 30.11 7.68 11.04 12.12
PBOC PBOC Holdings Inc. -- NA NA 7.86 NM NA
PCBC Perry County Financial Corp. 2.50 45.05 18.02 19.23 19.23 18.02
PDB Piedmont Bancorp Inc. 4.80 68.85 16.95 21.07 16.67 16.39
PEDE Great Pee Dee Bancorp 3.06 NA NA 37.36 17.28 NA
PEEK Peekskill Financial Corp. 2.15 54.55 25.00 24.21 24.63 25.38
PERM Permanent Bancorp Inc. 1.76 31.13 22.71 12.73 22.71 21.98
PFDC Peoples Bancorp 2.05 34.66 17.06 23.71 17.92 17.06
PFED Park Bancorp Inc. -- 0.00 22.44 21.50 18.23 23.03
PFFB PFF Bancorp Inc. -- 0.00 18.55 9.30 15.40 17.08
PFFC Peoples Financial Corp. 5.46 863.28 29.73 17.51 19.64 17.19
PFNC Progress Financial Corp. 0.87 13.61 24.14 15.35 20.98 21.23
PFSB PennFed Financial Services Inc 0.91 12.07 13.73 9.3 13.73 13.25
PFSL Pocahontas Bancorp Inc. 2.74 NA NA 14.46 NA NA
PHBK Peoples Heritage Finl Group 2.22 36.84 14.46 17.76 55.04 17.38
PHFC Pittsburgh Home Financial Corp. 1.66 236.21 13.94 7.67 13.43 12.50
PHSB Peoples Home Savings Bk (MHC) 1.65 NA NA 20.69 30.36 NA
PLSK Pulaski Savings Bank (MHC) 2.02 61.22 28.61 16.70 46.48 30.36
PRBC Prestige Bancorp Inc. 1.12 19.07 22.14 9.90 19.38 21.23
PROV Provident Financial Holdings -- 0.00 44.02 12.03 18.75 18.24
PSBI PSB Bancorp Inc. -- NA NA NA NA NA
PSFC Peoples-Sidney Financial Corp. 1.42 NA NA 33.42 24.69 NA
PSFI PS Financial Inc. 4.22 916.67 15.58 28.14 13.54 23.70
PTRS Potters Financial Corp. 1.66 21.13 16.48 10.76 13.43 14.95
PULB Pulaski Bank, FSB (MHC) 3.44 119.57 42.67 36.05 34.78 34.78
PULS Pulse Bancorp 2.76 45.06 16.86 16.63 16.86 16.86
PVFC PVF Capital Corp. -- 0.00 14.33 16.19 13.28 13.56
PVSA Parkvale Financial Corp. 1.85 26.67 15.42 15.29 14.99 15.42
PWBK Pennwood Bancorp Inc. 2.38 64.63 31.76 17.78 146.88 28.66
QCBC Quaker City Bancorp Inc. -- 0.00 14.96 11 13.51 14.69
QCFB QCF Bancorp Inc. -- 0.00 14.12 27.02 12.71 13.93
QCSB Queens County Bancorp Inc. 2.45 47.48 24.11 35.5 21.22 23.69
CURRENT PRICING DATA AS OF 08/13/98 PRODUCTIVITY
----------------------------------- ---------------
PRICE/ PRICE/ TANG FULL TIME
PUBLICLY REP PUBLICLY REP EQUIVALENT
BOOK VALUE BOOK VALUE EMPLOYEES
TICKER SHORT NAME (%) (%) MOST RECENT QTR
- ---------------------------------------------------------------------------- ---------------
MIFC Mid-Iowa Financial Corp. 163.32 163.54 NA
MIVI Mississippi View Holding Co. 118.69 118.69 21
MONT Montgomery Financial Corp. 91.29 91.29 31
MRKF Market Financial Corp. 116.72 116.72 8
MSBF MSB Financial Inc. 140.70 140.70 19
MSBK Mutual Savings Bank FSB 125.79 125.79 NA
MWBI Midwest Bancshares Inc. 124.42 124.42 42
MWBX MetroWest Bank 217.55 217.55 182
MYST Mystic Financial Inc. 103.15 103.15 58
NASB NASB Financial Inc. 235.36 242.41 247
NBCP Niagara Bancorp Inc. (MHC) NA NA 379
NBN Northeast Bancorp 144.03 158.55 138
NBSI North Bancshares Inc. 122.04 122.04 NA
NEIB Northeast Indiana Bancorp 134.57 134.57 NA
NEP Northeast PA Financial Corp. 88.73 88.73 144
NHTB New Hampshire Thrift Bncshrs 127.98 146.46 NA
NMSB NewMil Bancorp Inc. 137.77 137.77 140
NSLB NS&L Bancorp Inc. 103.67 104.42 NA
NSSY NSS Bancorp Inc. 213.25 219.10 149
NTBK Net.B@nk Inc. 427.93 427.93 22
NTMG Nutmeg Federal S&LA 184.27 184.27 NA
NWEQ Northwest Equity Corp. 123.77 123.77 36
NWSB Northwest Bancorp Inc. (MHC) 272.86 303.54 860
OCFC Ocean Financial Corp. 127.58 128.24 247
OCN Ocwen Financial Corp. 266.71 291.60 NA
OFCP Ottawa Financial Corp. 184.24 224.86 256
OHSL OHSL Financial Corp. 144.06 144.06 60
OSFS Ohio State Financial Services 97.15 97.15 14
OTFC Oregon Trail Financial Corp. 98.33 98.33 NA
PBCI Pamrapo Bancorp Inc. 150.29 151.07 84
PBCT People's Bank (MHC) 201.94 234.38 3436
PBHC Pathfinder Bancorp Inc. (MHC) 181.52 212.66 NA
PBKB People's Bancshares Inc. 203.01 211.89 253
PBOC PBOC Holdings Inc. 136.42 136.42 268
PCBC Perry County Financial Corp. 101.57 101.57 NA
PDB Piedmont Bancorp Inc. 127.39 127.39 NA
PEDE Great Pee Dee Bancorp 82.80 82.80 9
PEEK Peekskill Financial Corp. 112.27 112.27 25
PERM Permanent Bancorp Inc. 126.74 128.05 130
PFDC Peoples Bancorp 158.44 158.44 82
PFED Park Bancorp Inc. 105.74 105.74 NA
PFFB PFF Bancorp Inc. 115.62 116.87 536
PFFC Peoples Financial Corp. 101.01 101.01 NA
PFNC Progress Financial Corp. 221.7 NA NA
PFSB PennFed Financial Services Inc 129.53 148.84 223
PFSL Pocahontas Bancorp Inc. 100.11 103.43 NA
PHBK Peoples Heritage Finl Group 239.58 288.40 NA
PHFC Pittsburgh Home Financial Corp. 110.52 111.71 NA
PHSB Peoples Home Savings Bk (MHC) 163.46 163.46 76
PLSK Pulaski Savings Bank (MHC) 141.26 141.26 47
PRBC Prestige Bancorp Inc. 102.38 102.38 47
PROV Provident Financial Holdings 113.45 113.45 NA
PSBI PSB Bancorp Inc. NA NA NA
PSFC Peoples-Sidney Financial Corp. 123.59 123.59 20
PSFI PS Financial Inc. 101.11 101.11 15
PTRS Potters Financial Corp. 126.2 126.20 43
PULB Pulaski Bank, FSB (MHC) 269.59 269.59 NA
PULS Pulse Bancorp 197.14 197.14 NA
PVFC PVF Capital Corp. 224.87 224.87 121
PVSA Parkvale Financial Corp. 199.23 200.22 259
PWBK Pennwood Bancorp Inc. 95.22 95.22 NA
QCBC Quaker City Bancorp Inc. 126.32 126.32 155
QCFB QCF Bancorp Inc. 152.65 152.65 30
QCSB Queens County Bancorp Inc. 311.78 311.78 285
128
Page 30 of 40
EXHIBIT 7
Selected Data on all Public Thrifts
DIVIDENDS
---------------------- -----------------------------------
CURRENT LTM DIVIDEND PRICE/
DIVIDEND PAYOUT LTM PRICE/ PRICE/ PRICE/
YIELD RATIO CORE EPS ASSETS EARNINGS LTM EPS
TICKER SHORT NAME ($) (%) (X) (%) (X) (X)
- ------------------------------------------------------------------ -----------------------------------
RARB Raritan Bancorp Inc. 2.18 34.39 17.52 15.02 17.19 17.52
RCBK Richmond County Financial Corp 1.59 NA NA 24.94 17.12 NA
RELI Reliance Bancshares Inc. -- 0.00 47.19 50.66 33.71 44.94
RELY Reliance Bancorp Inc. 2.27 34.17 16.80 12.22 17.26 15.95
RIVR River Valley Bancorp 1.29 15.38 16.19 15.12 15.18 14.53
ROSE TR Financial Corp. 2.22 29.73 19.05 15.33 14.52 16.22
RSLN Roslyn Bancorp Inc. 1.80 25.00 16.91 20.35 14.80 16.05
RVSB Riverview Bancorp Inc. 1.59 NA NA 34.83 18.01 NA
SBAN SouthBanc Shares Inc. 2.63 NA NA NA NA NA
SBFL SB of the Finger Lakes (MHC) 1.46 75.00 75 22.80 51.56 58.93
SBOS Boston Bancorp (The) NA 10.89 NA NA NA NA
SCBS Southern Community Bancshares 1.88 332.32 19.28 25.12 25.00 19.51
SCCB S. Carolina Community Bancshrs 2.91 83.78 29.73 27.54 25.00 29.73
SFED SFS Bancorp Inc. 1.19 30.00 27.84 18.32 25.96 27
SFFC StateFed Financial Corp. 1.57 30.30 19.32 22.23 19.92 19.32
SFIN Statewide Financial Corp. 2.17 33.33 15.82 13.65 16.33 15.70
SFSL Security First Corp. 1.76 28.70 17.83 23.15 16.53 17.83
SGVB SGV Bancorp Inc. -- 0.00 27.54 9.34 23.90 27.08
SHSB SHS Bancorp Inc. -- NA NA 16.46 16.44 NA
SIB Staten Island Bancorp Inc. 1.64 NA NA 29.15 18.06 NA
SISB SIS Bancorp Inc. 1.50 32.61 18.67 16.16 17.81 23.23
SKAN Skaneateles Bancorp Inc. 1.72 25.79 15.63 8.8 14.51 15.33
SKBO First Carnegie Deposit (MHC) 2.11 NA NA 22.12 27.40 NA
SMBC Southern Missouri Bancorp Inc. 2.78 74.63 25.71 17.13 28.13 26.87
SOBI Sobieski Bancorp Inc. 1.86 47.69 26.95 14.67 25.37 26.54
SOPN First Savings Bancorp Inc. 4.55 72.31 16.92 26.85 16.67 16.92
SPBC St. Paul Bancorp Inc. 2.57 28.17 16.89 17.55 16.19 16.42
SRN Southern Banc Co. 2.39 81.40 34.01 17.02 28.13 34.01
SSB Scotland Bancorp Inc. 2.19 NM 18.25 28.59 28.52 18.25
SSFC South Street Financial Corp. 4.44 NM NA 20.67 37.50 30.00
SSM Stone Street Bancorp Inc. 2.71 56.88 21.25 27.92 26.56 21.25
STFR St. Francis Capital Corp. 1.40 20.15 18.52 11.65 14.49 14.93
STSA Sterling Financial Corp. -- 0.00 19.34 7.51 NM 23.3
SVRN Sovereign Bancorp Inc. 0.51 12.23 18.83 12.63 14.47 26.04
SWCB Sandwich Bancorp Inc. 2.27 54.66 26.62 23.76 27.57 25.00
SZB SouthFirst Bancshares Inc. 3.38 75.34 26.89 10.54 44.38 24.32
TBFC Telebanc Financial Corp. -- 0.00 NA 8.57 NM 57.66
THR Three Rivers Financial Corp. 2.79 37.04 15.75 13.24 16.41 14.58
THRD TF Financial Corp. 2.04 35.20 22.82 10.88 19.58 18.80
THTL Thistle Group Holdings Co. -- NA NA NA NA NA
TPNZ Tappan Zee Financial Inc. 1.45 35.44 25.49 20.50 23.07 24.53
TRIC Tri--County Bancorp Inc. 3.67 53.47 16.22 16.19 16.67 16.67
TSBK Timberland Bancorp Inc. 1.61 NA NA 37.38 15.49 NA
TSBS Peoples Bancorp Inc. 1.15 NA NA 36.12 NA NA
TSH Teche Holding Co. 2.88 43.48 15.24 14.67 14.48 15.11
TWIN Twin City Bancorp 3.06 45.70 18.14 14.66 15.55 14.68
UBMT United Financial Corp. 3.74 NA NA 23.03 NM NA
UCBC Union Community Bancorp 2.50 NA NA 38.35 21.29 NA
UCFC United Community Finl Corp. -- NA NA NA NA NA
UFBS Union Financial Bcshs Inc. 2.13 23.36 18.82 12.19 14.58 14.96
UFRM United Federal Savings Bank 1.37 42.11 36.46 19.03 27.34 30.7
UPFC United PanAm Financial Corp. -- NA NA 39.85 9.13 NA
USAB USABancshares Inc. -- 0.00 150 24.17 12.89 NM
UTBI United Tennessee Bankshares -- NA NA 24.71 NA NA
WAMU Washington Mutual Inc. 2.24 46.34 15.52 13.83 13.38 22.52
WAYN Wayne Savings Bancshares (MHC) 2.70 75.15 33.33 21.99 38.33 30.67
WBST Webster Financial Corp. 1.54 24.55 15.49 11.89 29.69 17.07
WCBI Westco Bancorp Inc. 2.47 37.50 16.57 21.35 17.19 15.63
WCFB Webster City Federal SB (MHC) 4.71 125.00 26.56 37.01 26.56 26.56
WEFC Wells Financial Corp. 3.38 40.80 15.43 17.68 13.87 14.20
WEHO Westwood Homestead Fin. Corp. 3.20 NM NA 25.32 17.36 32.89
WES Westcorp 2.03 125.00 NM 7.11 123.44 35.27
WFI Winton Financial Corp. 1.67 26.06 20.75 16.72 14.94 15.89
WFSL Washington Federal Inc. 3.66 41.78 12.32 23.71 11.63 11.96
CURRENT PRICING DATA AS OF 08/13/98 PRODUCTIVITY
----------------------------------- ---------------
PRICE/ PRICE/ TANG FULL TIME
PUBLICLY REP PUBLICLY REP EQUIVALENT
BOOK VALUE BOOK VALUE EMPLOYEES
TICKER SHORT NAME (%) (%) MOST RECENT QTR
- ---------------------------------------------------------------------------- ---------------
RARB Raritan Bancorp Inc. 204.92 207.39 97
RCBK Richmond County Financial Corp 121.09 121.48 NA
RELI Reliance Bancshares Inc. 101.37 101.37 NA
RELY Reliance Bancorp Inc. 155.87 223.43 NA
RIVR River Valley Bancorp 110.82 112.29 64
ROSE TR Financial Corp. 233.46 233.46 430
RSLN Roslyn Bancorp Inc. 131.88 132.43 479
RVSB Riverview Bancorp Inc. 142.55 147.13 95
SBAN SouthBanc Shares Inc. NA NA 122
SBFL SB of the Finger Lakes (MHC) 269.61 269.61 88
SBOS Boston Bancorp (The) NA NA NA
SCBS Southern Community Bancshares 158.42 158.42 17
SCCB S. Carolina Community Bancshrs 135.14 135.14 13
SFED SFS Bancorp Inc. 148.92 148.92 NA
SFFC StateFed Financial Corp. 124.15 124.15 NA
SFIN Statewide Financial Corp. 138.79 138.98 207
SFSL Security First Corp. 233.75 236.72 145
SGVB SGV Bancorp Inc. 118.35 119.75 99
SHSB SHS Bancorp Inc. 118.89 118.89 27
SIB Staten Island Bancorp Inc. 123.81 126.95 NA
SISB SIS Bancorp Inc. 230.21 230.21 612
SKAN Skaneateles Bancorp Inc. 127.95 131.05 104
SKBO First Carnegie Deposit (MHC) 131.22 131.22 19
SMBC Southern Missouri Bancorp Inc. 110.84 110.84 60
SOBI Sobieski Bancorp Inc. 96.69 96.69 24
SOPN First Savings Bancorp Inc. 117.46 117.46 42
SPBC St. Paul Bancorp Inc. 182.85 183.57 1157
SRN Southern Banc Co. 97.83 98.55 27
SSB Scotland Bancorp Inc. 114.64 114.64 NA
SSFC South Street Financial Corp. 105.88 105.88 38
SSM Stone Street Bancorp Inc. 102.16 102.16 22
STFR St. Francis Capital Corp. 155.16 173.46 427
STSA Sterling Financial Corp. 147.48 374.77 673
SVRN Sovereign Bancorp Inc. 222.58 252.42 2363
SWCB Sandwich Bancorp Inc. 283.13 291.27 148
SZB SouthFirst Bancshares Inc. 105.97 108.70 67
TBFC Telebanc Financial Corp. 343.71 347.33 NA
THR Three Rivers Financial Corp. 97.95 98.25 NA
THRD TF Financial Corp. 131.73 155.22 152
THTL Thistle Group Holdings Co. NA NA 70
TPNZ Tappan Zee Financial Inc. 129.34 129.34 NA
TRIC Tri--County Bancorp Inc. 98.44 98.44 19
TSBK Timberland Bancorp Inc. 115.49 115.49 97
TSBS Peoples Bancorp Inc. 92.43 95.26 NA
TSH Teche Holding Co. 106.07 106.07 166
TWIN Twin City Bancorp 115.70 115.70 NA
UBMT United Financial Corp. 150.87 155.98 NA
UCBC Union Community Bancorp 95.21 95.21 NA
UCFC United Community Finl Corp. NA NA 437
UFBS Union Financial Bcshs Inc. 151.38 NA NA
UFRM United Federal Savings Bank 245.44 245.44 127
UPFC United PanAm Financial Corp. 200.00 200.85 NA
USAB USABancshares Inc. 203.96 205.22 NA
UTBI United Tennessee Bankshares 91.59 91.59 19
WAMU Washington Mutual Inc. 248.07 263.65 19694
WAYN Wayne Savings Bancshares (MHC) 233.74 233.74 100
WBST Webster Financial Corp. 199.16 234.95 1633
WCBI Westco Bancorp Inc. 136.27 136.27 55
WCFB Webster City Federal SB (MHC) 158.14 158.14 21
WEFC Wells Financial Corp. 115.04 115.04 NA
WEHO Westwood Homestead Fin. Corp. 123.03 123.03 25
WES Westcorp 78.37 78.56 NA
WFI Winton Financial Corp. 230.17 233.77 NA
WFSL Washington Federal Inc. 170.57 183.66 662
129
Page 31 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
DIVIDENDS
---------------------- -----------------------------------
CURRENT LTM DIVIDEND PRICE/
DIVIDEND PAYOUT LTM PRICE/ PRICE/ PRICE/
YIELD RATIO CORE EPS ASSETS EARNINGS LTM EPS
TICKER SHORT NAME ($) (%) (X) (%) (X) (X)
- ------------------------------------------------------------------ -----------------------------------
WHGB WHG Bancshares Corp. 2.91 60.42 22.45 11.58 18.33 22.92
WOFC Western Ohio Financial Corp. 4.35 769.23 176.92 14.79 27.38 176.92
WRNB Warren Bancorp Inc. 3.27 84.81 15.49 22.99 13.75 13.92
WSB Washington Savings Bank, FSB 1.70 23.26 19.58 9.49 16.32 13.66
WSBI Warwick Community Bancorp -- NA NA 26.28 NA NA
WSFS WSFS Financial Corp. 0.66 2.22 13.84 14.63 12.95 13.43
WSTR WesterFed Financial Corp. 2.33 39.61 16.67 11.75 15.36 16.67
WVFC WVS Financial Corp. 3.87 153.06 14.62 18.87 20.39 15.82
WYNE Wayne Bancorp Inc. 0.64 20.00 32.09 22.76 25.94 31.13
YFCB Yonkers Financial Corp. 1.75 24.07 16.49 11.05 14.81 14.81
YFED York Financial Corp. 2.76 47.17 22.47 13.77 18.15 17.81
- -------------------------------------------------------------------------------------------------------
Average 1.73 52.60 23.72 18.10 21.09 20.85
CURRENT PRICING DATA AS OF 08/13/98 PRODUCTIVITY
----------------------------------- ---------------
PRICE/ PRICE/ TANG FULL TIME
PUBLICLY REP PUBLICLY REP EQUIVALENT
BOOK VALUE BOOK VALUE EMPLOYEES
TICKER SHORT NAME (%) (%) MOST RECENT QTR
- ---------------------------------------------------------------------------- ---------------
WHGB WHG Bancshares Corp. 75.76 75.76 NA
WOFC Western Ohio Financial Corp. 101.86 108.90 111
WRNB Warren Bancorp Inc. 219.12 219.12 138
WSB Washington Savings Bank, FSB 112.76 112.76 NA
WSBI Warwick Community Bancorp 113.99 113.99 NA
WSFS WSFS Financial Corp. 237.86 239.12 303
WSTR WesterFed Financial Corp. 109.47 134.29 371
WVFC WVS Financial Corp. 169.96 169.96 62
WYNE Wayne Bancorp Inc. 178.16 178.16 61
YFCB Yonkers Financial Corp. 107.31 107.31 71
YFED York Financial Corp. 154.97 154.97 419
- ---------------------------------------------------------------------------------------------
Average 150.25 156.31 369
130
Page 32 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
DIVIDENDS
---------------------- -----------------------------------
CURRENT LTM DIVIDEND PRICE/
DIVIDEND PAYOUT LTM PRICE/ PRICE/ PRICE/
YIELD RATIO CORE EPS ASSETS EARNINGS LTM EPS
TICKER SHORT NAME ($) (%) (X) (%) (X) (X)
- ------------------------------------------------------------------ -----------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 2.087 26.38 15.07 16.06 11.06 14.68
EBSI Eagle Bancshares 2.844 48.78 18.15 11.23 15.20 18.29
FAB FIRSTFED AMERICA BANCORP INC. 1.185 5.81 24.11 10.61 19.18 19.62
FNGB First Northern Capital Corp. 2.824 47.22 19.03 16.36 16.78 17.71
FWWB First Washington Bancorp Inc. 1.423 21.82 19.83 21.82 17.42 18.40
KFBI Klamath First Bancorp 2.118 36.02 18.28 16.71 16.35 18.28
MDBK Medford Bancorp Inc. 2.000 37.45 16.74 15.70 14.71 15.94
MECH MECH Financial Inc. 2.143 9.26 17.39 15.53 14.89 17.28
WSTR WesterFed Financial Corp. 2.326 39.61 16.67 11.75 15.36 16.67
YFED York Financial Corp. 2.755 47.17 22.47 13.77 18.15 17.81
- -------------------------------------------------------------------------------------------------------
Average 2.17 31.95 18.77 14.95 15.91 17.47
Median 2.13 36.74 18.22 15.62 15.86 17.76
Maximum 2.84 48.78 24.11 21.82 19.18 19.62
Minimum 1.19 5.81 15.07 10.61 11.06 14.68
COMMUNITY SAVINGS BANKSHARES, INC. 2.57 87.38 NA NA NA NA
VARIANCE TO THE COMPARABLE MEDIAN 0.44 50.65 NA NA NA NA
CURRENT PRICING DATA AS OF 08/13/98 PRODUCTIVITY
----------------------------------- ---------------
PRICE/ PRICE/ TANG FULL TIME
PUBLICLY REP PUBLICLY REP EQUIVALENT
BOOK VALUE BOOK VALUE EMPLOYEES
TICKER SHORT NAME (%) (%) MOST RECENT QTR
- ---------------------------------------------------------------------------- ---------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 195.91 195.91 282
EBSI Eagle Bancshares 172.68 172.68 574
FAB FIRSTFED AMERICA BANCORP INC. 107.07 107.07 NA
FNGB First Northern Capital Corp. 150.18 150.18 220
FWWB First Washington Bancorp Inc. 155.62 167.88 304
KFBI Klamath First Bancorp 106.12 115.88 NA
MDBK Medford Bancorp Inc. 175.59 185.01 253
MECH MECH Financial Inc. 159.91 159.91 NA
WSTR WesterFed Financial Corp. 109.47 134.29 371
YFED York Financial Corp. 154.97 154.97 419
- ---------------------------------------------------------------------------------------------
Average 148.75 154.38 346
Median 155.30 157.44 304
Maximum 195.91 195.91 574
Minimum 106.12 107.07 220
COMMUNITY SAVINGS BANKSHARES, INC. NA NA NA
VARIANCE TO THE COMPARABLE MEDIAN NA NA NA
131
Page 33 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
Income
------------------------------------------------------------------------------------------
Net Income Core Income Core EPS EPS Net Income Core Income Core EPS EPS
Ticker Short Name LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ----------------------------------------------------------------------------------------------------------------------------------
%CAL California Federal Bank 612,697 554,090 NA NA 339,946 325,765 NA NA
%CCMD Chevy Chase Bank, FSB 40,690 -41,098 NA NA 5,298 (18,081) NA NA
AABC Access Anytime Bancorp Inc. 1,496 1,361 1.10 1.23 73 29 0.06 0.02
ABBK Abington Bancorp Inc. 4,520 3,433 0.88 1.17 1,154 632 0.30 0.16
ABCL Alliance Bancorp 11,577 13,864 1.47 1.28 1,741 3,975 0.14 0.32
ABCW Anchor BanCorp Wisconsin 22,001 19,105 1.98 2.28 6,119 5,052 0.65 0.54
AFBC Advance Financial Bancorp 957 897 0.89 0.95 272 247 0.28 0.25
AFED AFSALA Bancorp Inc. 1,204 1,223 0.93 0.92 256 275 0.20 0.21
AHCI Ambanc Holding Co. 2,554 2,045 0.52 0.64 446 441 0.11 0.11
AHM H.F. Ahmanson & Co. 446,666 442,741 3.79 3.82 137,330 128,784 1.12 1.05
ALBC Albion Banc Corp. 380 358 0.48 0.51 90 87 0.12 0.12
ALBK ALBANK Financial Corp. 44,748 44,502 3.23 3.24 10,275 10,263 0.74 0.74
ALLB Alliance Bank (MHC) 2,000 2,000 0.62 0.62 519 519 0.16 0.16
AMFC AMB Financial Corp. 863 549 0.61 0.95 95 134 0.11 0.16
ANA Acadiana Bancshares Inc. 2,944 2,757 1.14 1.22 628 604 0.27 0.26
ANDB Andover Bancorp Inc. 15,768 15,382 2.29 2.35 5,250 5,125 0.78 0.76
ANE Alliance Bncp of New England 2,314 1,117 0.44 0.90 626 332 0.24 0.13
ASBI Ameriana Bancorp 3,784 3,298 1.01 1.15 1,029 855 0.31 0.26
ASBP ASB Financial Corp. 1,071 1,067 0.68 0.68 276 276 0.18 0.18
ASFC Astoria Financial Corp. 83,755 76,634 2.93 3.28 23,663 21,502 0.85 0.77
ATSB AmTrust Capital Corp. 288 125 0.25 0.57 64 (4) 0.13 (0.01)
AVND Avondale Financial Corp. (5,216) (3,843) (1.13) (1.44) 1,766 (662) 0.55 (0.21)
BANC BankAtlantic Bancorp Inc. 26,254 12,081 0.30 0.67 6,391 4,785 0.15 0.11
BCSB BCSB Bankcorp Inc. (MHC) NA NA NA NA 565 565 NA NA
BDJI First Federal Bancorp. 809 815 0.98 0.97 233 233 0.28 0.28
BFD BostonFed Bancorp Inc. 7,128 5,737 1.04 1.29 1,803 1,302 0.33 0.24
BFFC Big Foot Financial Corp. 1,234 1,085 0.46 0.53 178 178 0.07 0.07
BFSB Bedford Bancshares Inc. 1,769 1,757 0.76 0.76 512 510 0.22 0.22
BKC American Bank of Connecticut 8,543 7,211 1.51 1.79 2,258 2,028 0.47 0.42
BKCT Bancorp Connecticut Inc. 6,484 5,509 0.99 1.15 1,751 1,507 0.31 0.27
BKUNA BankUnited Financial Corp. 8,424 6,893 0.41 0.53 2,292 2,016 0.13 0.11
BNKU Bank United Corp. 110,570 103,862 3.22 3.42 23,913 21,674 0.74 0.67
BPLS Bank Plus Corp. 7,553 11,434 0.55 0.37 (1,176) 54 (0.06) --
BRBI Blue River Bancshares Inc. NA NA NA NA (57,343) (57,343) -- NA
BRKL Brookline Bancorp (MHC) 15,539 14,729 NA NA 5,143 4,338 0.18 0.15
BTHL Bethel Bancorp 1,435 1,141 0.74 0.96 302 263 0.19 0.16
BVCC Bay View Capital Corp. 14,549 24,703 1.44 0.81 5,234 7,793 0.25 0.37
BWFC Bank West Financial Corp. 1,076 864 0.33 0.42 208 203 0.08 0.08
BYFC Broadway Financial Corp. 641 295 0.28 0.67 145 129 0.15 0.13
BYS Bay State Bancorp (1,671) 755 NA NA 514 506 0.22 0.22
CAFI Camco Financial Corp. 6,454 4,904 0.95 1.25 2,009 1,398 0.35 0.24
CASB Cascade Financial Corp. 3,525 3,168 0.67 0.75 1,000 791 0.21 0.17
CASH First Midwest Financial Inc. 2,855 2,573 0.93 1.04 893 837 0.33 0.31
CATB Catskill Financial Corp. 3,853 3,793 0.90 0.91 974 950 0.24 0.23
CAVB Cavalry Bancorp Inc. NA NA NA NA 1,510 1,204 0.22 0.18
CBCI Calumet Bancorp Inc. 9,550 9,627 2.81 2.79 1,405 1,370 0.41 0.40
CBES CBES Bancorp Inc. 1,054 755 0.80 1.11 300 163 0.33 0.18
CBK Citizens First Financial Corp. 1,978 1,235 0.46 0.76 510 350 0.20 0.14
CBSA Coastal Bancorp Inc. 15,426 15,816 2.03 1.98 3,979 3,979 0.51 0.51
CCFH CCF Holding Co. 185 (15) (0.03) 0.21 39 20 0.04 0.02
CEBK Central Co-operative Bank 3,047 2,364 1.21 1.56 1,033 575 0.53 0.30
CENB Century Bancorp Inc. 1,343 1,343 1.19 1.19 154 154 0.14 0.14
CFB Commercial Federal Corp. 67,333 83,240 2.00 1.62 18,175 20,143 0.43 0.48
CFCP Coastal Financial Corp. 6,689 5,390 0.83 1.03 1,762 1,423 0.27 0.22
CFFC Community Financial Corp. 1,805 1,809 0.70 0.70 443 443 0.16 0.16
CFKY Columbia Financial of Kentucky NA NA NA NA 153 153 NA NA
CFNC Carolina Fincorp Inc. 1,051 1,203 0.65 0.59 25 199 0.01 0.08
CFSB CFSB Bancorp Inc. 11,609 10,474 1.21 1.34 3,209 2,794 0.37 0.32
CFTP Community Federal Bancorp 2,895 2,527 0.58 0.67 886 652 0.21 0.15
CIBI Community Investors Bancorp 905 905 0.70 0.70 227 227 0.17 0.17
CITZ CFS Bancorp Inc. 1,776 1,595 NA NA NA NA NA NA
CKFB CKF Bancorp Inc. 826 826 1.00 1.00 175 175 0.22 0.22
CLAS Classic Bancshares Inc. 980 744 0.61 0.79 197 196 0.16 0.16
CMRN Cameron Financial Corp 2,460 2,417 1.00 1.01 672 661 0.28 0.28
132
Page 34 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME
--------------------------------------------------------------------------------------
NET INCOME CORE INCOME CORE EPS EPS NET INCOME CORE INCOME CORE EPS EPS
TICKER SHORT NAME LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ----------------------------------------------------------------------------------------------------------------------------------
CMSB Commonwealth Bancorp Inc. 13,340 9,460 0.60 0.86 1,469 1,513 0.10 0.10
CMSV Community Savings Bnkshrs(MHC) 5,237 4,839 0.95 1.03 1,232 1,232 0.24 0.24
CNIT CENIT Bancorp Inc. 6,362 5,854 1.20 1.30 1,504 1,317 0.31 0.27
CNSB CNS Bancorp Inc. 870 742 0.45 0.53 203 141 0.12 0.08
CNY Carver Bancorp Inc. 1,054 932 0.42 0.48 318 318 0.14 0.14
COFI Charter One Financial 173,432 226,022 1.78 1.32 68,361 65,586 0.52 0.50
CONE Conestoga Bancorp, Inc. 3,210 2,607 0.58 0.71 742 334 0.16 0.07
COOP Cooperative Bankshares Inc. 2,391 2,196 0.68 0.74 669 668 0.21 0.21
CRSB Crusader Holding Corp. 3,736 3,401 1.16 1.27 1,260 1,124 0.34 0.30
CRZY Crazy Woman Creek Bancorp 738 741 0.83 0.83 172 172 0.19 0.19
CSBF CSB Financial Group Inc. 261 248 0.29 0.31 84 86 0.10 0.10
CVAL Chester Valley Bancorp Inc. 3,626 3,442 1.47 1.55 655 735 0.28 0.31
DCBI Delphos Citizens Bancorp Inc. 1,593 1,593 0.90 0.90 400 400 0.23 0.23
DCOM Dime Community Bancshares Inc. 13,098 12,523 1.04 1.09 4,035 3,709 0.34 0.31
DIBK Dime Financial Corp. 13,916 13,939 2.60 2.60 2,482 2,600 0.46 0.48
DME Dime Bancorp Inc. 176,541 108,962 0.96 1.55 58,266 16,833 0.50 0.14
DNFC D & N Financial Corp. 15,331 12,550 1.34 1.63 3,982 3,237 0.42 0.34
DSL Downey Financial Corp. 57,147 48,265 1.70 2.02 14,988 11,339 0.53 0.40
EBI Equality Bancorp Inc. 1,402 48 NA NA 351 (12) 0.15 (0.01)
EBSI Eagle Bancshares 7,210 7,253 1.24 1.23 2,163 2,186 0.37 0.37
EFBC Empire Federal Bancorp Inc. 1,609 1,609 0.67 0.67 403 403 0.17 0.17
EFBI Enterprise Federal Bancorp 2,275 1,952 0.96 1.13 677 474 0.32 0.22
EFC EFC Bancorp Inc. 2,714 2,714 NA NA 800 800 NA NA
EGLB Eagle BancGroup Inc. 616 219 0.19 0.55 202 41 0.18 0.04
EMLD Emerald Financial Corp. 6,902 6,326 0.59 0.64 1,877 1,754 0.17 0.16
EQSB Equitable Federal Savings Bank 2,276 2,160 1.66 1.74 544 500 0.41 0.38
ESBF ESB Financial Corp. 5,945 5,863 1.03 1.04 1,548 1,497 0.27 0.26
ESBK Elmira Savings Bank (The) 1,073 883 1.23 1.50 308 306 0.43 0.43
ESX Essex Bancorp Inc. (470) (469) (2.06) (2.06) 137 137 (0.29) (0.29)
ETFS East Texas Financial Services 632 548 0.37 0.43 123 99 0.08 0.06
FAB FIRSTFED AMERICA BANCORP INC. 6,867 5,569 0.70 0.86 1,694 1,400 0.22 0.18
FBBC First Bell Bancorp Inc. 7,549 7,491 1.27 1.28 1,958 1,958 0.33 0.33
FBCI Fidelity Bancorp Inc. NA NA NA NA 934 934 0.32 0.32
FBCV 1ST Bancorp 1,987 1,358 1.23 1.81 559 365 0.51 0.33
FBER 1st Bergen Bancorp 2,112 2,112 0.84 0.84 550 550 0.23 0.23
FBHC Fort Bend Holding Corp. 2,071 1,377 0.63 0.94 572 379 0.24 0.16
FBNW FirstBank Corp. 1,931 1,097 NA NA 451 162 0.25 0.09
FBSI First Bancshares Inc. 1,826 1,789 0.83 0.85 404 440 0.18 0.20
FCB Falmouth Bancorp Inc. 1,094 832 0.60 0.81 281 203 0.20 0.14
FCBF FCB Financial Corp. 5,844 5,700 1.51 1.55 1,745 1,467 0.46 0.39
FCBH Virginia Beach Fed. Financial NA NA NA NA 1,011 711 NA NA
FCBK First Coastal Bankshares 4,260 2,999 0.59 0.84 1,028 560 0.20 0.11
FCME First Coastal Corp. 1,221 1,102 0.80 0.88 292 262 0.21 0.19
FDEF First Defiance Financial 5,381 5,117 0.63 0.66 1,545 1,451 0.20 0.19
FDTR Federal Trust Corp. NA NA NA NA 92 86 0.02 0.02
FED FirstFed Financial Corp. 29,364 27,749 1.29 1.37 8,637 7,854 0.40 0.36
FESX First Essex Bancorp Inc. 10,487 9,045 1.15 1.33 2,749 1,872 0.35 0.24
FFBA First Colorado Bancorp Inc. 20,080 20,401 1.26 1.23 4,200 5,471 0.25 0.33
FFBH First Federal Bancshares of AR 5,553 5,486 1.18 1.20 1,462 1,422 0.31 0.30
FFBI First Financial Bancorp Inc. 124 251 0.61 0.30 49 (2) 0.12 --
FFBS FFBS BanCorp Inc. 1,824 1,824 1.20 1.20 451 451 0.30 0.30
FFBZ First Federal Bancorp Inc. 1,701 1,598 0.47 0.50 478 435 0.14 0.13
FFCH First Financial Holdings Inc. 15,415 14,903 1.10 1.14 4,101 3,872 0.29 0.27
FFDB FirstFed Bancorp Inc. 1,653 1,653 0.68 0.68 386 386 0.16 0.16
FFDF FFD Financial Corp. 1,580 717 0.52 1.17 165 165 0.12 0.12
FFED Fidelity Federal Bancorp (779) (599) (0.14) (0.20) (2,010) (1,734) (0.64) (0.55)
FFES First Federal of East Hartford 5,835 6,300 2.26 2.09 1,577 1,577 0.56 0.56
FFFD North Central Bancshares Inc. 4,290 4,090 1.27 1.33 1,116 1,116 0.35 0.35
FFFL Fidelity Bankshares Inc. (MHC) 7,805 6,304 0.93 1.15 1,993 1,504 0.29 0.22
FFHH FSF Financial Corp. 3,177 3,003 1.05 1.10 767 683 0.27 0.24
FFHS First Franklin Corp. 1,878 1,620 0.90 1.04 443 399 0.25 0.23
FFIC Flushing Financial Corp. 9,486 9,748 1.34 1.31 2,743 2,695 0.38 0.37
FFKY First Federal Financial Corp. 6,334 6,090 1.47 1.53 1,629 1,543 0.39 0.37
FFLC FFLC Bancorp Inc. 3,966 3,763 0.99 1.04 1,096 1,096 0.29 0.29
133
Page 35 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME
--------------------------------------------------------------------------------------
NET INCOME CORE INCOME CORE EPS EPS NET INCOME CORE INCOME CORE EPS EPS
TICKER SHORT NAME LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ----------------------------------------------------------------------------------------------------------------------------------
FFOH Fidelity Financial of Ohio 4,784 4,588 0.85 0.88 1,134 1,115 0.21 0.21
FFPB First Palm Beach Bancorp Inc. 8,018 4,308 0.83 1.56 1,163 526 0.23 0.10
FFSL First Independence Corp. 846 846 0.85 0.85 268 268 0.27 0.27
FFSX First Fed SB of Siouxland(MHC) 3,418 3,325 1.16 1.19 987 848 0.34 0.29
FFWC FFW Corp. 1,900 1,659 1.15 1.32 453 259 0.32 0.18
FFWD Wood Bancorp Inc. 2,358 2,037 0.74 0.86 577 464 0.21 0.17
FFYF FFY Financial Corp. 7,729 7,567 1.94 1.98 1,918 1,858 0.50 0.48
FGHC First Georgia Holding Inc. 1,970 1,970 0.38 0.38 530 530 0.10 0.10
FIBC Financial Bancorp Inc. 2,887 2,799 1.66 1.72 779 753 0.46 0.44
FISB First Indiana Corp. 18,727 13,317 1.00 1.42 4,617 2,949 0.35 0.22
FKAN First Kansas Financial Corp. NA NA NA NA 180 176 NA NA
FKFS First Keystone Financial 2,725 2,413 1.05 1.20 684 569 0.30 0.25
FKKY Frankfort First Bancorp Inc. 1,580 1,580 0.96 0.96 421 421 0.24 0.24
FLAG FLAG Financial Corp. 2,777 2,062 0.50 0.68 962 612 0.18 0.11
FLFC First Liberty Financial Corp. 9,910 10,323 0.87 0.84 3,756 3,167 0.32 0.27
FLGS Flagstar Bancorp Inc. 30,046 30,046 2.15 2.15 10,183 10,183 0.73 0.73
FLKY First Lancaster Bancshares 487 487 0.53 0.53 122 122 0.14 0.14
FMBD First Mutual Bancorp Inc. 1,369 1,050 0.33 0.42 516 420 0.16 0.13
FMCO FMS Financial Corp. 5,263 5,255 0.71 0.71 1,336 1,335 0.18 0.18
FMSB First Mutual Savings Bank 4,852 4,249 0.99 1.13 1,277 1,077 0.29 0.24
FNGB First Northern Capital Corp. 6,551 6,060 0.67 0.72 1,730 1,562 0.19 0.17
FOBC Fed One Bancorp 3,003 2,915 1.23 1.26 725 665 0.30 0.28
FPRY First Financial Bancorp 1,313 985 1.09 1.45 257 141 0.28 0.15
FSBI Fidelity Bancorp Inc. 2,791 2,744 1.37 1.39 665 661 0.33 0.33
FSFF First SecurityFed Financial NA NA NA NA 1,453 1,453 0.24 0.24
FSLA First Source Bancorp Inc. 11,558 11,246 NA NA 3,879 3,852 NA NA
FSNJ Bayonne Bancshares Inc. 4,655 4,672 NA NA 1,114 1,128 0.12 0.12
FSPT FirstSpartan Financial Corp. 7,540 7,318 NA NA 1,869 1,713 0.47 0.43
FSSB First FS&LA of San Bernardino (1,202) (1,205) (3.67) (3.67) (32) (32) (0.10) (0.10)
FSTC First Citizens Corp. NA NA NA NA 1,339 1,036 0.44 0.34
FTF Texarkana First Financial Corp 3,162 3,015 1.75 1.84 842 811 0.49 0.47
FTFC First Federal Capital Corp. 18,921 11,163 0.57 0.96 4,698 2,000 0.24 0.10
FTNB Fulton Bancorp Inc. 1,283 990 0.60 0.78 223 180 0.14 0.11
FTSB Fort Thomas Financial Corp. 1,211 1,211 0.84 0.84 250 250 0.17 0.17
FWWB First Washington Bancorp Inc. 13,122 12,227 1.16 1.25 3,375 3,074 0.33 0.30
GAF GA Financial Inc. 8,174 7,558 1.07 1.15 1,802 1,683 0.26 0.24
GBNK Gaston Federal Bancorp (MHC) NA NA NA NA 610 610 NA NA
GDW Golden West Financial 402,808 393,944 6.80 6.95 116,950 104,550 2.01 1.80
GFCO Glenway Financial Corp. 2,534 2,557 1.09 1.08 684 707 0.29 0.30
GFED Guaranty Federal Bcshs Inc. 2,841 2,797 NA NA 887 888 0.15 0.15
GLMR Gilmer Financial Svcs, Inc. 23 130 0.68 0.12 (54) (57) (0.30) (0.32)
GOSB GSB Financial Corp. 923 866 NA NA 175 175 0.08 0.08
GPT GreenPoint Financial Corp. 145,849 149,207 2.00 1.96 39,415 39,204 0.54 0.54
GSB Golden State Bancorp Inc. 128,749 142,280 1.98 1.78 39,300 41,171 0.51 0.54
GSFC Green Street Financial Corp. 2,805 2,805 0.68 0.68 701 701 0.17 0.17
GSLA GS Financial Corp. 1,861 1,661 NA NA 499 331 0.16 0.11
GTPS Great American Bancorp 1,008 1,008 0.61 0.61 275 275 0.18 0.18
GUPB GFSB Bancorp Inc. 946 946 0.79 0.79 251 253 0.21 0.21
HALL Hallmark Capital Corp. 2,799 2,611 0.90 0.97 761 657 0.26 0.22
HARB Harbor Florida Bancshares Inc. 16,329 15,398 NA NA 5,335 4,922 0.18 0.17
HARL Harleysville Savings Bank 3,477 3,477 2.02 2.02 902 902 0.52 0.52
HARS Harris Financial Inc. (MHC) 18,221 11,919 0.35 0.54 4,475 3,447 0.13 0.10
HAVN Haven Bancorp Inc. 8,858 9,399 1.03 0.98 1,231 1,911 0.13 0.20
HBBI Home Building Bancorp 329 316 1.09 1.14 69 64 0.24 0.22
HBEI Home Bancorp of Elgin Inc. 2,437 2,437 0.39 0.39 692 692 0.11 0.11
HBFW Home Bancorp 2,957 2,886 1.25 1.28 749 746 0.33 0.33
HBNK Highland Bancorp Inc. 7,331 6,473 2.67 3.03 1,928 1,928 0.79 0.79
HBS Haywood Bancshares Inc. 2,201 2,197 1.77 1.77 635 631 0.51 0.51
HBSC Heritage Bancorp Inc. NA NA NA NA 651 652 NA NA
HCBB HCB Bancshares Inc. 673 649 NA NA 215 209 0.08 0.08
HCBC High Country Bancorp Inc. 314 350 NA NA 195 195 0.16 0.16
HCFC Home City Financial Corp. 946 945 1.02 1.02 240 240 0.26 0.26
HEMT HF Bancorp Inc. 111 623 0.11 0.02 (654) (11) (0.10) --
HFBC HopFed Bancorp Inc. 2,915 2,915 NA NA 794 794 0.21 0.21
134
Page 36 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME
--------------------------------------------------------------------------------------
NET INCOME CORE INCOME CORE EPS EPS NET INCOME CORE INCOME CORE EPS EPS
TICKER SHORT NAME LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ----------------------------------------------------------------------------------------------------------------------------------
HFFB Harrodsburg First Fin Bancorp 1,480 1,477 0.81 0.81 377 377 0.21 0.21
HFFC HF Financial Corp. 6,473 5,621 1.23 1.42 1,751 1,217 0.38 0.26
HFGI Harrington Financial Group -1,859 -688 -0.21 -0.57 (1,326) (566) (0.40) (0.17)
HFNC HFNC Financial Corp. 13,469 9,167 0.56 0.82 3,444 2,873 0.21 0.18
HFSA Hardin Bancorp Inc. 825 721 0.91 1.03 186 168 0.23 0.21
HFWA Heritage Financial Corp. NA NA NA NA 1,159 672 NA NA
HHFC Harvest Home Financial Corp. 558 553 0.62 0.62 127 127 0.14 0.14
HIFS Hingham Instit. for Savings 2,819 2,791 2.08 2.10 743 715 0.55 0.53
HLFC Home Loan Financial Corp. 919 919 NA NA 315 315 0.15 0.15
HMLK Hemlock Federal Financial Corp 1,707 1,709 NA NA 404 404 0.21 0.21
HMNF HMN Financial Inc. 5,219 3,706 0.63 0.88 784 817 0.14 0.15
HOMF Home Federal Bancorp 10,390 8,168 1.49 1.90 2,490 1,954 0.45 0.35
HPBC Home Port Bancorp Inc. 3,160 3,428 1.86 1.71 979 908 0.53 0.49
HRBF Harbor Federal Bancorp Inc. 1,669 1,607 0.90 0.93 439 439 0.25 0.25
HRBT Hudson River Bancorp 2,831 2,759 NA NA 945 906 NA NA
HRZB Horizon Financial Corp. 8,374 8,158 1.09 1.12 2,143 2,021 0.28 0.26
HSTD Homestead Bancorp Inc. 341 222 NA NA 128 88 NA NA
HTHR Hawthorne Financial Corp. 10,096 11,639 1.81 1.54 1,833 1,830 0.32 0.32
HWEN Home Financial Bancorp 393 301 0.36 0.47 100 66 0.12 0.08
HZFS Horizon Financial Svcs Corp. 789 613 0.72 0.93 230 190 0.27 0.22
IBSF IBS Financial Corp. 5,955 5,955 0.55 0.55 1,564 1,564 0.14 0.14
ICBC Independence Comm. Bank Corp. NA NA NA NA 10,909 10,897 0.15 0.15
IFSB Independence Federal Svgs Bank 2,048 322 0.26 1.61 788 134 0.62 0.11
INBI Industrial Bancorp Inc. 5,362 5,359 1.10 1.10 1,394 1,391 0.29 0.29
IPSW Ipswich Savings Bank 2,605 2,598 1.04 1.04 612 612 0.24 0.24
ITLA ITLA Capital Corp. 13,774 13,774 1.72 1.72 3,708 3,708 0.46 0.46
IWBK InterWest Bancorp Inc. 19,228 17,266 1.83 2.09 3,273 4,604 0.30 0.42
JSB JSB Financial Inc. 46,383 38,962 3.82 4.54 15,186 12,976 1.49 1.27
JSBA Jefferson Savings Bancorp 9,806 8,696 0.89 1.00 2,196 1,787 0.22 0.18
JXSB Jacksonville Savings Bk (MHC) 969 629 0.33 0.51 251 100 0.13 0.05
JXVL Jacksonville Bancorp Inc. 3,138 3,138 1.26 1.26 756 756 0.31 0.31
KFBI Klamath First Bancorp 8,959 8,959 0.93 0.93 2,491 2,491 0.26 0.26
KNK Kankakee Bancorp Inc. 2,878 2,763 1.86 1.94 602 563 0.41 0.38
KSAV KS Bancorp Inc. 1,221 1,221 1.30 1.30 252 252 0.27 0.27
KSBK KSB Bancorp Inc. 1,726 1,689 1.38 1.41 435 435 0.34 0.34
KYF Kentucky First Bancorp Inc. 981 971 0.77 0.78 246 246 0.20 0.20
LARK Landmark Bancshares Inc. 2,446 2,066 1.19 1.41 584 436 0.35 0.26
LARL Laurel Capital Group Inc. 3,051 3,004 1.30 1.32 768 759 0.33 0.33
LFBI Little Falls Bancorp Inc. 1,870 1,789 0.74 0.77 459 459 0.19 0.19
LFCO Life Financial Corp. 13,804 14,367 2.09 2.01 1,151 1,151 0.17 0.17
LFED Leeds Federal Bankshares (MHC) 3,432 3,431 0.66 0.66 864 863 0.17 0.17
LIBB Liberty Bancorp Inc. (MHC) 1,553 1,467 NA NA 275 207 NA NA
LISB Long Island Bancorp Inc. 55,918 45,636 1.96 2.40 15,856 13,332 0.68 0.57
LO Local Financial Corp. NA NA NA NA 4,525 4,308 0.22 0.21
LOGN Logansport Financial Corp. 1,286 1,303 1.02 1.00 325 323 0.25 0.25
LONF London Financial Corp. 411 381 0.80 0.86 121 117 0.25 0.24
LSBI LSB Financial Corp. 1,763 1,517 1.63 1.89 470 370 0.50 0.39
LSBX Lawrence Savings Bank 9,188 9,053 2.00 2.03 1,883 1,841 0.41 0.40
LVSB Lakeview Financial Corp. 8,762 4,425 1.01 2.03 3,041 1,332 0.75 0.33
LXMO Lexington B&L Financial Corp. 628 624 0.62 0.62 157 157 0.15 0.15
MAFB MAF Bancorp Inc. 37,399 35,828 1.52 1.59 9,780 9,130 0.42 0.39
MARN Marion Capital Holdings 2,324 2,324 1.27 1.27 641 641 0.36 0.36
MASB MASSBANK Corp. 10,785 9,307 2.52 2.92 2,706 2,306 0.73 0.62
MBBC Monterey Bay Bancorp Inc. 1,294 1,301 0.32 0.32 (65) 72 (0.02) 0.02
MBLF MBLA Financial Corp. 1,926 1,912 1.44 1.45 505 500 0.39 0.39
MBSP Mitchell Bancorp Inc. 433 433 0.50 0.50 63 63 0.07 0.07
MCBN Mid-Coast Bancorp Inc. 475 439 0.62 0.67 107 95 0.15 0.13
MDBK Medford Bancorp Inc. 11,953 11,358 2.39 2.51 3,238 2,885 0.68 0.61
MECH MECH Financial Inc. 8,603 8,533 1.61 1.62 2,526 2,513 0.47 0.47
METF Metropolitan Financial Corp. 6,592 5,641 0.80 0.93 1,306 1,071 0.18 0.15
MFBC MFB Corp. 2,152 2,098 1.26 1.29 488 469 0.30 0.29
MFFC Milton Federal Financial Corp. 1,499 1,215 0.57 0.71 449 303 0.21 0.14
MFLR Mayflower Co-operative Bank 1,494 1,271 1.39 1.63 431 337 0.47 0.37
MFSL Maryland Federal Bancorp 8,861 8,587 1.28 1.32 2,434 2,206 0.36 0.33
135
Page 37 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME
--------------------------------------------------------------------------------------
NET INCOME CORE INCOME CORE EPS EPS NET INCOME CORE INCOME CORE EPS EPS
TICKER SHORT NAME LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ----------------------------------------------------------------------------------------------------------------------------------
MIFC Mid-Iowa Financial Corp. 1,377 1,361 0.76 0.77 350 350 0.19 0.19
MIVI Mississippi View Holding Co. 744 732 0.94 0.95 177 175 0.24 0.24
MONT Montgomery Financial Corp. 831 831 NA NA 257 257 0.17 0.17
MRKF Market Financial Corp. 616 616 0.50 0.50 143 143 0.11 0.11
MSBF MSB Financial Inc. 1,223 1,055 0.81 0.94 312 263 0.26 0.22
MSBK Mutual Savings Bank FSB (,179) (2,867) (0.67) (1.94) 591 282 0.14 0.07
MWBI Midwest Bancshares Inc. 1,448 1,164 1.05 1.31 409 291 0.37 0.26
MWBX MetroWest Bank 7,750 7,637 0.54 0.54 2,017 1,953 0.14 0.14
MYST Mystic Financial Inc. 1,547 1,377 NA NA 489 460 0.18 0.17
NASB NASB Financial Inc. 12,085 9,866 4.39 5.38 3,133 2,776 1.40 1.24
NBCP Niagara Bancorp Inc. (MHC) 11,310 10,720 NA NA 2,946 2,946 NA NA
NBN Northeast Bancorp 1,985 1,952 0.75 0.78 732 708 0.27 0.26
NBSI North Bancshares Inc. 453 410 0.30 0.33 66 53 0.05 0.04
NEIB Northeast Indiana Bancorp 2,308 2,308 1.42 1.42 587 587 0.38 0.38
NEP Northeast PA Financial Corp. NA NA NA NA 991 982 NA NA
NHTB New Hampshire Thrift Bncshrs 2,890 2,694 1.27 1.36 749 684 0.35 0.32
NMSB NewMil Bancorp Inc. 2,989 2,347 0.58 0.74 833 169 0.21 0.04
NSLB NS&L Bancorp Inc. 415 403 0.65 0.67 147 135 0.23 0.21
NSSY NSS Bancorp Inc. 5,959 4,812 1.90 2.34 1,438 1,224 0.56 0.48
NTBK Net.B@nk Inc. (3,928) (3,928) (1.59) (1.59) (151) (151) (0.02) (0.02)
NTMG Nutmeg Federal S&LA 929 581 0.20 0.46 242 119 0.13 0.03
NWEQ Northwest Equity Corp. 1,190 1,106 1.38 1.48 322 297 0.39 0.36
NWSB Northwest Bancorp Inc. (MHC) 21,322 20,587 0.43 0.45 5,825 5,149 0.12 0.11
OCFC Ocean Financial Corp. 13,731 13,709 0.96 0.96 3,202 3,097 0.23 0.22
OCN Ocwen Financial Corp. 27,546 6,918 0.13 0.46 (37,899) (9,418) (0.62) (0.15)
OFCP Ottawa Financial Corp. 7,642 7,082 1.16 1.24 1,831 1,563 0.29 0.25
OHSL OHSL Financial Corp. 2,075 1,912 0.79 0.85 546 499 0.22 0.20
OSFS Ohio State Financial Services 340 340 NA NA 80 80 NA NA
OTFC Oregon Trail Financial Corp. 3,157 3,157 NA NA 776 776 0.18 0.18
PBCI Pamrapo Bancorp Inc. 4,693 4,532 1.60 1.66 1,040 1,040 0.37 0.37
PBCT People's Bank (MHC) 102,600 54,565 0.88 1.65 28,700 14,855 0.45 0.23
PBHC Pathfinder Bancorp Inc. (MHC) 1,459 1,133 0.40 0.51 351 324 0.12 0.11
PBKB People's Bancshares Inc. 5,515 2,203 0.66 1.64 1,528 498 0.45 0.15
PBOC PBOC Holdings Inc. NA NA NA NA (6,446) (6,446) (0.57) (0.57)
PCBC Perry County Financial Corp. 857 857 1.11 1.11 207 207 0.26 0.26
PDB Piedmont Bancorp Inc. 1,643 1,590 0.59 0.61 419 377 0.15 0.13
PEDE Great Pee Dee Bancorp NA NA NA NA 341 341 0.17 0.17
PEEK Peekskill Financial Corp. 1,854 1,896 0.67 0.66 461 461 0.17 0.17
PERM Permanent Bancorp Inc. 2,645 2,548 0.60 0.62 657 632 0.15 0.14
PFDC Peoples Bancorp 4,282 4,282 1.26 1.26 1,006 1,006 0.30 0.30
PFED Park Bancorp Inc. 1,692 1,722 0.78 0.76 531 530 0.24 0.24
PFFB PFF Bancorp Inc. 16,624 15,346 0.93 1.01 4,327 4,053 0.28 0.26
PFFC Peoples Financial Corp. 886 496 0.37 0.64 188 129 0.14 0.10
PFNC Progress Financial Corp. 3,998 3,506 0.73 0.83 1,121 1,009 0.21 0.19
PFSB PennFed Financial Services Inc 11,198 10,855 1.12 1.16 2,722 2,721 0.28 0.28
PFSL Pocahontas Bancorp Inc. 2,706 2,688 NA NA 931 951 NA NA
PHBK Peoples Heritage Finl Group 66,944 88,804 1.37 1.14 8,310 30,718 0.09 0.33
PHFC Pittsburgh Home Financial Corp 2,146 1,922 1.04 1.16 495 494 0.27 0.27
PHSB Peoples Home Savings Bk (MHC) 1,749 1,612 NA NA 374 356 0.14 0.13
PLSK Pulaski Savings Bank (MHC) 999 1,062 0.52 0.49 162 243 0.08 0.12
PRBC Prestige Bancorp Inc. 704 680 0.70 0.73 195 185 0.20 0.19
PROV Provident Financial Holdings 5,020 2,101 0.46 1.11 1,199 279 0.27 0.06
PSBI PSB Bancorp Inc. 724 475 NA NA 170 13 NA NA
PSFC Peoples-Sidney Financial Corp. 1,268 1,268 NA NA 332 332 0.20 0.20
PSFI PS Financial Inc. 905 1,558 0.73 0.48 414 399 0.21 0.20
PTRS Potters Financial Corp. 946 847 0.88 0.97 266 214 0.27 0.22
PULB Pulaski Bank, FSB (MHC) 1,969 1,586 0.75 0.92 499 367 0.23 0.17
PULS Pulse Bancorp 5,562 5,562 1.72 1.72 1,403 1,403 0.43 0.43
PVFC PVF Capital Corp. 5,151 4,883 1.78 1.88 1,334 1,205 0.48 0.43
PVSA Parkvale Financial Corp. 11,118 11,119 2.10 2.10 2,879 2,881 0.54 0.54
PWBK Pennwood Bancorp Inc. 279 250 0.37 0.41 10 10 0.02 0.02
QCBC Quaker City Bancorp Inc. 6,610 6,496 1.12 1.14 1,803 1,781 0.31 0.31
QCFB QCF Bancorp Inc. 2,595 2,564 2.16 2.19 682 651 0.60 0.57
QCSB Queens County Bancorp Inc. 23,668 23,314 1.69 1.72 6,623 6,627 0.48 0.48
136
Page 38 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME
--------------------------------------------------------------------------------------
NET INCOME CORE INCOME CORE EPS EPS NET INCOME CORE INCOME CORE EPS EPS
TICKER SHORT NAME LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ----------------------------------------------------------------------------------------------------------------------------------
RARB Raritan Bancorp Inc. 3,985 3,972 1.57 1.57 1,026 1,021 0.40 0.40
RCBK Richmond County Financial Corp 4,526 17,228 NA NA 5,473 5,467 0.22 0.22
RELI Reliance Bancshares Inc. 471 457 0.20 0.21 148 148 0.07 0.07
RELY Reliance Bancorp Inc. 18,729 17,768 1.89 1.99 4,443 4,443 0.46 0.46
RIVR River Valley Bancorp 1,287 1,145 1.05 1.17 321 259 0.28 0.23
ROSE TR Financial Corp. 39,047 33,319 1.89 2.22 10,764 8,575 0.62 0.49
RSLN Roslyn Bancorp Inc. 46,089 43,785 1.12 1.18 12,303 11,635 0.32 0.30
RVSB Riverview Bancorp Inc. 4,436 4,219 NA NA 1,257 1,200 0.21 0.20
SBAN SouthBanc Shares Inc. 2,132 2,284 NA NA 757 710 NA NA
SBFL SB of the Finger Lakes (MHC) 995 767 0.22 0.28 276 197 0.08 0.06
SBOS Boston Bancorp (The) 37,152 18,104 3.40 6.98 14,315 5,073 2.69 0.95
SCBS Southern Community Bancshares 798 803 0.83 0.82 154 154 0.16 0.16
SCCB S. Carolina Community Bancshrs 463 463 0.74 0.74 122 122 0.22 0.22
SFED SFS Bancorp Inc. 1,143 1,107 0.97 1.00 298 298 0.26 0.26
SFFC StateFed Financial Corp. 1,017 1,017 0.66 0.66 252 252 0.16 0.16
SFIN Statewide Financial Corp. 5,507 5,462 1.28 1.29 1,304 1,304 0.31 0.31
SFSL Security First Corp. 9,773 9,751 1.15 1.15 2,652 2,624 0.31 0.31
SGVB SGV Bancorp Inc. 1,487 1,458 0.59 0.60 431 432 0.17 0.17
SHSB SHS Bancorp Inc. 662 618 NA NA 203 163 0.27 0.22
SIB Staten Island Bancorp Inc. 25,128 41,017 NA NA 10,943 10,883 0.27 0.27
SISB SIS Bancorp Inc. 12,063 14,964 2.29 1.84 4,225 3,984 0.60 0.57
SKAN Skaneateles Bancorp Inc. 1,578 1,539 1.04 1.06 418 403 0.28 0.27
SKBO First Carnegie Deposit (MHC) 969 811 NA NA 283 233 0.13 0.11
SMBC Southern Missouri Bancorp Inc. 1,064 1,110 0.70 0.67 251 349 0.16 0.22
SOBI Sobieski Bancorp Inc. 490 485 0.64 0.65 125 120 0.17 0.16
SOPN First Savings Bancorp Inc. 5,258 5,258 1.30 1.30 1,330 1,330 0.33 0.33
SPBC St. Paul Bancorp Inc. 49,481 47,665 1.38 1.42 12,516 11,661 0.36 0.34
SRN Southern Banc Co. 514 514 0.43 0.43 149 149 0.13 0.13
SSB Scotland Bancorp Inc. 842 840 0.50 0.50 139 139 0.08 0.08
SSFC South Street Financial Corp. 1,257 1,230 NA 0.30 234 234 0.06 0.06
SSM Stone Street Bancorp Inc. 1,512 1,512 0.80 0.80 301 301 0.16 0.16
STFR St. Francis Capital Corp. 14,044 11,277 2.16 2.68 3,554 2,983 0.69 0.58
STSA Sterling Financial Corp. 6,794 8,099 1.06 0.88 (959) 1,214 (0.13) 0.16
SVRN Sovereign Bancorp Inc. 90,829 115,113 0.83 0.60 40,946 34,640 0.27 0.23
SWCB Sandwich Bancorp Inc. 5,008 4,704 2.32 2.47 1,162 1,067 0.56 0.51
SZB SouthFirst Bancshares Inc. 642 569 0.66 0.73 92 60 0.10 0.07
TBFC Telebanc Financial Corp. 2,760 554 NA 0.40 179 (351) -- NA
THR Three Rivers Financial Corp. 835 773 1.00 1.08 188 163 0.24 0.21
THRD TF Financial Corp. 4,427 3,589 1.03 1.25 989 782 0.30 0.24
THTL Thistle Group Holdings Co. 3,354 1,895 NA NA NA NA NA NA
TPNZ Tappan Zee Financial Inc. 1,134 1,070 0.76 0.79 302 302 0.21 0.21
TRIC Tri-County Bancorp Inc. 888 907 0.74 0.72 227 215 0.18 0.17
TSBK Timberland Bancorp Inc. 4,448 4,169 NA NA 1,451 1,395 0.24 0.23
TSBS Peoples Bancorp Inc. 8,434 7,313 NA NA 3,499 3,467 NA NA
TSH Teche Holding Co. 3,750 3,713 1.14 1.15 996 967 0.30 0.29
TWIN Twin City Bancorp 1,108 900 0.72 0.89 258 223 0.21 0.18
UBMT United Financial Corp. 1,276 1,335 NA NA 495 554 -- NA
UCBC Union Community Bancorp NA NA NA NA 471 471 0.16 0.16
UCFC United Community Finl Corp. 13,047 13,017 NA NA NA NA NA NA
UFBS Union Financial Bcshs Inc. 1,547 1,237 0.93 1.17 406 316 0.30 0.23
UFRM United Federal Savings Bank 1,854 1,554 0.48 0.57 533 503 0.16 0.15
UPFC United PanAm Financial Corp. NA NA NA NA 4,213 (7,028) 0.26 (0.43)
USAB USABancshares Inc. 135 237 0.11 -0.03 413 388 0.32 0.30
UTBI United Tennessee Bankshares NA NA NA NA 318 318 NA NA
WAMU Washington Mutual Inc. 628,688 903,632 2.38 1.64 261,271 250,402 0.69 0.66
WAYN Wayne Savings Bancshares (MHC) 1,849 1,695 0.69 0.75 388 357 0.15 0.14
WBST Webster Financial Corp. 49,428 55,414 1.84 1.67 9,400 14,647 0.24 0.37
WCBI Westco Bancorp Inc. 4,711 4,424 1.66 1.76 1,058 1,122 0.40 0.42
WCFB Webster City Federal SB (MHC) 1,332 1,332 0.64 0.64 328 328 0.16 0.16
WEFC Wells Financial Corp. 2,401 2,236 1.15 1.25 622 553 0.32 0.28
WEHO Westwood Homestead Fin. Corp. 919 1,200 NA 0.38 416 228 0.18 0.10
WES Westcorp 7,422 -32,682 -1.19 0.28 618 (9,270) 0.02 (0.30)
WFI Winton Financial Corp. 3,901 2,997 0.72 0.94 1,060 807 0.25 0.19
WFSL Washington Federal Inc. 111,026 108,058 2.04 2.10 28,452 27,391 0.54 0.52
137
PAGE 39 of 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME
--------------------------------------------------------------------------------------
NET INCOME CORE INCOME CORE EPS EPS NET INCOME CORE INCOME CORE EPS EPS
TICKER SHORT NAME LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- ----------------------------------------------------------------------------------------------------------------------------------
WHGB WHG Bancshares Corp. 634 644 0.49 0.48 197 197 0.15 0.15
WOFC Western Ohio Financial Corp. 265 233 0.13 0.13 470 317 0.21 0.14
WRNB Warren Bancorp Inc. 6,294 5,633 0.71 0.79 1,619 1,451 0.20 0.18
WSB Washington Savings Bank, FSB 1,957 1,335 0.30 0.43 410 343 0.09 0.08
WSBI Warwick Community Bancorp NA NA NA NA (600) 510 NA NA
WSFS WSFS Financial Corp. 17,039 16,406 1.31 1.35 4,456 4,282 0.35 0.34
WSTR WesterFed Financial Corp. 7,260 7,258 1.29 1.29 1,993 1,764 0.35 0.31
WVFC WVS Financial Corp. 3,492 3,765 1.06 0.98 687 960 0.19 0.27
WYNE Wayne Bancorp Inc. 1,873 1,812 0.97 1.00 553 491 0.30 0.27
YFCB Yonkers Financial Corp. 2,967 2,693 0.97 1.08 727 549 0.27 0.20
YFED York Financial Corp. 10,015 7,906 0.84 1.06 2,435 1,964 0.26 0.21
- -----------------------------------------------------------------------------------------------------------------------------------
Average 14,563 14,351 1.03 1.12 4,326 3,931 0.28 0.24
138
PAGE 40 OF 40
EXHIBIT 7
SELECTED DATA ON ALL PUBLIC THRIFTS
INCOME
--------------------------------------------------------------------------------------
NET INCOME CORE INCOME CORE EPS EPS NET INCOME CORE INCOME CORE EPS EPS
TICKER SHORT NAME LTM LTM LTM LTM MRQ MRQ MRQ MRQ
- -----------------------------------------------------------------------------------------------------------------------------------
COMPARABLE THRIFT DATA
ANDB Andover Bancorp Inc. 15,768 15,382 2.29 2.35 5,250 5,125 0.78 0.76
EBSI Eagle Bancshares 7,210 7,253 1.24 1.23 2,163 2,186 0.37 0.37
FAB FIRSTFED AMERICA BANCORP INC. 6,867 5,569 0.70 0.86 1,694 1,400 0.22 0.18
FNGB First Northern Capital Corp. 6,551 6,060 0.67 0.72 1,730 1,562 0.19 0.17
FWWB First Washington Bancorp Inc. 13,122 12,227 1.16 1.25 3,375 3,074 0.33 0.30
KFBI Klamath First Bancorp 8,959 8,959 0.93 0.93 2,491 2,491 0.26 0.26
MDBK Medford Bancorp Inc. 11,953 11,358 2.39 2.51 3,238 2,885 0.68 0.61
MECH MECH Financial Inc. 8,603 8,533 1.61 1.62 2,526 2,513 0.47 0.47
WSTR WesterFed Financial Corp. 7,260 7,258 1.29 1.29 1,993 1,764 0.35 0.31
YFED York Financial Corp. 10,015 7,906 0.84 1.06 2,435 1,964 0.26 0.21
- ---------------------------------------------------------------------------------------------------------------------------------
Average 9,631 9,051 1.31 1.38 2,690 2,496 0.39 0.36
Median 8,781 8,220 1.20 1.24 2,463 2,339 0.34 0.31
Maximum 15,768 15,382 2.39 2.51 5,250 5,125 0.78 0.76
Minimum 6,551 5,569 0.67 0.72 1,694 1,400 0.19 0.17
COMMUNITY SAVINGS BANKSHARES, INC. 5,132 5,132 NA NA NA NA NA NA
VARIANCE TO THE COMPARABLE MEDIAN (3,649) (3,325) NA NA NA NA NA NA
139
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 5, 1998
---------------------------------------------------------------
Current Price in Relation to
Current Current ---------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------
%CAL California Federal Bank NA NA NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB NA NA NA NA NA NA NA NA
AABC Access Anytime Bancorp Inc. 10.38 12.63 43.23 8.43 9.43 136.33 136.33 10.80
ABBK Abington Bancorp Inc. 18.63 65.78 15.52 16.20 19.01 192.01 211.41 12.07
ABCL Alliance Bancorp 22.00 251.56 39.29 17.19 14.97 139.24 NA 12.16
ABCW Anchor BanCorp Wisconsin 44.88 400.29 17.26 19.68 22.66 305.48 310.12 19.45
AFBC Advance Financial Bancorp 16.38 17.58 14.62 17.24 18.40 112.78 112.78 15.89
AFCB Affifiated Community Bancorp 31.50 209.95 16.76 17.21 18.42 174.42 173.19 18.70
AFED AFSALA Bancorp Inc. 16.50 22.74 20.63 17.93 17.74 100.30 100.30 13.71
AHCI Ambanc Holding Co. 15.25 64.94 34.66 23.83 29.33 106.87 106.87 12.49
AHM H.F. Ahmanson & Co. 61.94 6,983.36 13.83 16.21 16.34 216.19 283.60 13.22
ALBC Albion Banc Corp. 8.75 6.58 18.23 17.16 18.21 104.54 104.54 8.88
ALBK ALBANK Financial Corp. 65.38 864.40 22.09 20.18 20.24 227.79 287.74 20.93
ALLB Alliance Bank (MHC) 21.50 70.37 33.59 34.68 34.68 237.31 237.31 25.36
AMFC AMB Financial Corp. 16.63 15.22 37.78 17.50 27.25 107.81 107.81 13.67
ANA Acadiana Bancshares Inc. 22.00 55.12 20.37 18.03 19.30 125.57 125.57 18.49
ANDB Andover Bancorp Inc. 34.38 222.78 11.02 14.63 15.01 195.20 195.20 16.00
ANE Alliance Bncp of New England 12.50 28.65 13.02 13.89 28.41 158.23 161.71 12.35
ASBI Ameriana Bancorp 19.63 63.83 15.83 17.07 19.43 141.19 143.88 16.43
ASBP ASB Financial Corp. 12.31 20.14 17.10 18.11 18.11 115.29 115.29 17.52
ASFC Astoria Financial Corp. 48.00 1,273.47 14.12 14.63 16.38 142.69 199.17 11.00
ATSB AmTrust Capital Corp. 15.50 7.91 29.81 27.19 62.00 105.73 106.82 11.45
AVND Avondale Financial Corp. 15.13 44.52 6.87 NM NM 106.44 106.44 8.90
BANC BankAtlantic Bancorp Inc. 10.69 375.56 17.81 15.93 35.63 153.56 198.66 10.43
BCSB BCSB Bankcorp Inc. (MHC) 11.38 69.55 NA NA NA NA NA NA
BDJI First Federal Bancorp. 19.00 18.97 23.75 20.88 20.65 153.85 153.85 16.76
BFD BostonFed Bancorp Inc. 21.38 115.28 16.19 16.57 20.55 132.11 136.84 10.89
BFFC Big Foot Financial Corp. 16.25 40.83 58.04 30.66 35.33 106.63 106.63 19.49
BFSB Bedford Bancshares Inc. 14.38 33.03 16.34 18.91 18.91 159.37 159.37 21.11
BKC American Bank of Connecticut 25.50 119.51 13.56 14.25 16.89 201.58 207.82 17.43
BKCT Bancorp Connecticut Inc. 17.25 88.20 13.91 15.00 17.42 180.06 180.06 17.81
BKUNA BankUnited Financial Corp. 11.63 189.86 22.36 21.93 28.35 123.28 142.11 5.40
BNKU Bank United Corp. 44.53 1,406.98 15.04 13.02 13.83 210.15 231.33 10.74
BPLS Bank Plus Corp. 10.00 193.87 NM 27.03 18.18 104.71 114.16 4.52
BRBI Blue River Bancshares Inc. 10.13 15.19 NM NA NA NA NA NA
BRKL Brookline Bancorp (MHC) 13.38 389.15 18.58 NA NA 141.24 141.24 46.59
BTHL Bethel Bancorp 12.50 15.15 16.43 13.02 16.89 91.17 108.60 6.89
BVCC Bay View Capital Corp. 25.56 518.32 25.56 31.56 17.75 131.56 202.88 9.06
BWFC Bank West Financial Corp. 11.94 31.32 37.31 28.42 36.18 133.68 133.68 17.37
BYFC Broadway Financial Corp. 9.72 9.07 16.20 14.51 34.72 69.69 69.69 7.06
BYS Bay State Bancorp 25.38 64.33 28.84 NA NA 93.15 93.15 23.37
CAFI Camco Financial Corp. 17.25 94.33 12.32 13.80 18.16 165.71 176.56 16.39
CASB Cascade Financial Corp. 15.00 63.74 16.30 21.43 22.73 210.08 210.08 14.66
CASH First Midwest Financial Inc. 21.38 55.58 16.19 20.55 22.98 130.34 145.90 13.27
CATB Catskill Financial Corp. 16.75 75.14 17.45 18.41 18.61 106.55 106.55 24.27
CAVB Cavalry Bancorp Inc. 19.88 149.82 22.59 NA NA 148.65 148.65 44.09
CBCI Calumet Bancorp Inc. 30.50 95.92 18.60 10.93 10.85 109.95 109.95 19.50
CBES CBES Bancorp Inc. 19.48 18.31 19.48 16.80 20.09 110.52 110.52 15.72
CBK Citizens First Financial Corp. 17.50 44.38 21.88 23.03 38.04 114.60 114.60 15.86
CBSA Coastal Bancorp Inc. 23.56 178.20 11.55 11.90 11.61 137.09 180.28 5.98
CCFH CCF Holding Co. 20.00 17.94 83.33 105.26 NM 155.04 155.04 12.54
CEBK Central Co-operative Bank 23.50 46.18 11.08 13.06 19.42 125.53 138.24 12.28
CENB Century Bancorp Inc. 14.50 18.43 25.89 12.18 12.18 99.45 99.45 17.65
CFB Commercial Federal Corp. 27.00 1,135.20 33.75 15.70 13.30 184.55 211.10 12.76
CFCP Coastal Financial Corp. 19.00 118.71 18.27 19.19 23.17 337.48 337.48 20.35
CFFC Community Financial Corp. 13.75 35.32 21.48 19.64 19.64 137.91 138.47 19.14
Current LTM
Dividend Dividend
Yield Payout Ratio
Ticker Short Name (%) (%)
- ------------------------------------------------------------
%CAL California Federal Bank NA NA
%CCMD Chevy Chase Bank, FSB NA NA
AABC Access Anytime Bancorp Inc. 0.00 0.00
ABBK Abington Bancorp Inc. 1.07 26.09
ABCL Alliance Bancorp 2.00 34.38
ABCW Anchor BanCorp Wisconsin 0.89 14.47
AFBC Advance Financial Bancorp 1.95 42.11
AFCB Affiliated Community Bancorp 1.91 39.34
AFED AFSALA Bancorp Inc. 1.70 22.83
AHCI Ambanc Holding Co. 1.57 25.00
AHM H.F. Ahmanson & Co. 1.42 23.04
ALBC Albion Banc Corp. 1.37 32.67
ALBK ALBANK Financial Corp. 1.29 23.15
ALLB Alliance Bank (MHC) 1.67 58.06
AMFC AMB Financial Corp. 1.68 28.42
ANA Acadiana Bancshares Inc. 2.00 34.43
ANDB Andover Bancorp Inc. 2.10 26.38
ANE Alliance Bncp of New England 1.60 14.80
ASBI Ameriana Bancorp 3.26 54.78
ASBP ASB Financial Corp. 3.25 58.82
ASFC Astoria Financial Corp. 1.67 21.34
ATSB AmTrust Capital Corp. 1.29 35.09
AVND Avondale Financial Corp. 0.00 0.00
BANC BankAtlantic Bancorp Inc. 0.90 NM
BCSB BCSB Bankcorp Inc. (MHC) 0.00 NA
BDJI First Federal Bancorp. 0.00 0.00
BFD BostonFed Bancorp Inc. 1.87 24.03
BFFC Big Foot Financial Corp. 0.00 0.00
BFSB Bedford Bancshares Inc. 2.23 38.16
BKC American Bank of Connecticut 2.98 45.25
BKCT Bancorp Connecticut Inc. 3.13 44.78
BKUNA BankUnited Financial Corp. 0.00 0.00
BNKU Bank United Corp. 1.44 18.13
BPLS Bank Plus Corp. 0.00 0.00
BRBI Blue River Bancshares Inc. 0.00 NA
BRKL Brookline Bancorp (MHC) 1.50 NA
BTHL Bethel Bancorp 2.56 20.83
BVCC Bay View Capital Corp. 1.57 34.57
BWFC Bank West Financial Corp. 2.01 49.21
BYFC Broadway Financial Corp. 1.91 27.64
BYS Bay State Bancorp 0.00 NA
CAFI Camco Financial Corp. 2.24 28.20
CASB Cascade Financial Corp. 0.00 0.00
CASH First Midwest Financial Inc. 2.25 43.27
CATB Catskill Financial Corp. 1.91 34.07
CAVB Cavalry Bancorp Inc. 1.01 NA
CBCI Calumet Bancorp Inc. 0.00 0.00
CBES CBES Bancorp Inc. 2.46 34.48
CBK Citizens First Financial Cor. 0.00 0.00
CBSA Coastal Bancorp Inc. 0.00 12.12
CCFH CCF Holding Co. 3.20 359.32
CEBK Central Co-operative Bank 1.36 20.51
CENB Century Bancorp Inc. 4.69 896.37
CFB Commercial Federal Corp. 0.82 31.83
CFCP Coastal Financial Corp. 1.47 27.27
CFFC Community Financial Corp. 2.04 40.00
140
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 5, 1998
----------------------------------------------------------------------
Current Price in Relation to
Current Current ----------------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
CFKY Columbia Financial of Kentucky 14.13 37.73 NA NA NA NA NA NA
CFNC Carolina Fincorp Inc. 10.50 20.01 NM 17.80 16.15 75.54 73.34 16.89
CFSB CFSB Bancorp Inc. 24.00 196.01 16.22 17.91 19.83 297.03 297.00 23.12
CFTP Community Federal Bancorp 16.50 72.57 19.64 24.63 28.45 111.11 111.11 27.57
CIBI Community Investors Bancorp 14.88 18.83 21.88 21.25 21.25 177.72 177.72 19.52
CITZ CFS Bancorp Inc. 10.63 189.70 NA NA NA NA NA NA
CKFB CKF Bancorp Inc. 18.38 15.50 20.88 18.38 18.38 106.28 106.28 24.69
CLAS Classic Bancshares Inc. 16.75 21.77 23.26 20.18 26.17 106.69 124.35 16.61
CMRN Cameron Financial Corp 16.75 42.90 16.75 17.09 17.27 93.52 93.52 19.43
CMSB Commonwealth Bancorp Inc. 18.25 282.39 45.63 21.22 30.42 141.36 179.45 11.92
CMSV Community Savings Bnkshrs(MHC) 35.00 178.50 36.46 33.98 36.84 211.86 211.86 23.47
CNIT CENIT Bancorp Inc. 21.00 104.93 17.50 16.15 17.36 196.81 213.41 14.23
CNSB CNS Bancorp Inc. 15.75 24.73 24.61 29.17 31.50 107.58 107.58 26.56
CNY Carver Bancorp Inc. 12.13 28.06 60.63 25.26 28.87 78.99 81.87 6.41
COFI Charter One Financial 30.88 3,940.72 14.84 23.39 17.35 266.39 283.00 19.89
CONE Conestoga Bancorp, Inc. NA NA NA NA NA NA NA NA
COOP Cooperative Bankshares Inc. 15.38 46.55 18.30 20.78 22.61 153.75 153.75 12.21
CRSB Crusader Holding Corp. 16.38 59.77 11.37 12.31 13.53 257.47 271.56 29.58
CRZY Crazy Woman Creek Bancorp 16.38 15.37 21.55 19.73 19.73 106.68 106.68 25.01
CSBF CSB Financial Group Inc. 10.63 8.92 26.56 34.27 36.64 80.31 85.14 18.59
CVAL Chester Valley Bancorp Inc. 31.25 68.40 19.05 20.56 22.64 229.11 229.11 19.86
DCBI Delphos Citizens Bancorp Inc. 16.13 29.81 17.53 17.92 17.92 108.66 108.66 26.24
DCOM Dime Community Bancshares Inc. 23.19 282.35 17.05 21.27 22.20 151.56 173.95 17.39
DIBK Dime Financial Corp. 29.75 157.50 16.17 11.44 11.44 185.13 189.37 15.46
DME Dime Bancorp Inc. 27.81 3,157.70 13.91 17.94 28.97 237.31 288.52 15.10
DNFC D & N Financial Corp. 24.38 223.21 14.31 14.93 18.19 211.04 212.70 11.76
DSL Downey Financial Corp. 31.13 874.76 14.68 15.41 18.31 190.60 192.61 15.00
EBI Equality Bancorp Inc. 12.75 31.70 22.77 NA NA 122.71 122.71 12.40
EBSI Eagle Bancshares 24.13 139.62 16.30 19.61 19.46 185.15 185.15 12.04
EFBC Empire Federal Bancorp Inc. 14.38 37.26 21.14 21.46 21.46 91.68 91.68 33.70
EFBI Enterprise Federal Bancorp 28.50 63.01 22.27 25.22 29.69 173.04 177.46 17.20
EFC EFC Bancorp Inc. 11.94 89.43 NA NA NA NA NA NA
EGLB Eagle BancGroup Inc. 18.75 22.07 26.04 34.09 98.63 105.22 105.22 12.68
EMLD Emerald Financial Corp. 12.00 123.29 17.65 18.75 20.34 234.83 237.62 19.97
EQSB Equitable Federal Savings Bank 28.75 35.17 17.53 16.52 17.32 195.98 195.98 10.00
ESBF ESB Financial Corp. 18.38 105.15 17.01 18.01 18.01 155.33 174.01 11.18
ESBK Elmira Savings Bank (The) 27.00 19.62 15.70 19.15 23.89 135.00 135.00 8.54
ESX Essex Bancorp Inc. 2.88 3.05 NM NM NM NM 41.31 1.42
ETFS East Texas Financial Services 14.06 21.65 43.95 32.70 38.01 102.20 102.20 17.66
FAB FIRSTFED AMERICA BANCORP INC. 17.88 147.86 20.31 20.78 25.54 113.42 113.42 11.24
FBBC First Bell Bancorp Inc. 17.50 114.18 13.26 13.67 13.78 148.56 148.56 15.09
FBCI Fidelity Bancorp Inc. 23.00 65.17 17.97 NA NA 122.54 122.73 12.99
FBCV 1ST Bancorp 43.50 47.41 21.32 24.03 35.37 200.42 205.87 18.26
FBER 1st Bergen Bancorp 18.30 50.49 22.02 23.13 21.17 136.63 136.63 15.98
FBHC Fort Bend Holding Corp. 20.00 36.34 20.83 21.28 31.75 159.74 168.92 11.41
FBNW FirstBank Corp. 18.22 37.44 18.88 NA NA 114.19 114.19 19.26
FBSI First Bancshares Inc. 13.25 29.32 38.40 15.59 15.96 122.57 128.02 16.46
FCB Falmouth Bancorp Inc. 18.63 27.09 25.87 25.51 32.68 115.04 115.04 25.77
FCBF FCB Financial Corp. 29.88 115.53 16.24 19.27 19.78 154.23 154.23 22.31
FCBH Virginia Beach Fed. Financial 17.94 89.37 22.42 21.33 27.60 200.20 200.20 14.29
FCBK First Coastal Bankshares NA NA NA NA NA NA NA NA
FCME First Coastal Corp. 12.13 16.50 14.43 13.78 15.16 107.30 107.30 9.61
FDEF First Defiance Financial 13.50 109.66 17.76 21.43 22.13 107.66 107.66 18.99
FDTR Federal Trust Corp. 3.94 19.46 49.23 NA NA 153.23 153.23 13.17
FED FirstFed Financial Corp. 20.00 424.30 12.50 14.60 15.50 176.52 177.62 10.58
Current LTM
Dividend Dividend
Yield Payout Ratio
Ticker Short Name (%) (%)
- ----------------------------------------------------------------
CFKY Columbia Financial of Kentucky 1.98 NA
CFNC Carolina Fincorp Inc. 2.29 38.98
CFSB CFSB Bancorp Inc. 2.17 34.35
CFTP Community Federal Bancorp 1.94 47.01
CIBI Community Investors Bancorp 1.61 29.20
CITZ CFS Bancorp Inc. 0.00 NA
CKFB CKF Bancorp Inc. 2.94 50.00
CLAS Classic Bancshares Inc. 1.91 33.73
CMRN Cameron Financial Corp 1.67 28.57
CMSB Commonwealth Bancorp Inc. 1.75 34.88
CMSV Community Savings Bnkshrs(MHC) 2.57 87.38
CNIT CENIT Bancorp Inc. 1.91 26.92
CNSB CNS Bancorp Inc. 1.52 45.59
CNY Carver Bancorp Inc. 0.00 10.42
COFI Charter One Financial 1.81 38.57
CONE Conestoga Bancorp, Inc. NA 28.17
COOP Cooperative Bankshares Inc. 0.00 0.00
CRSB Crusader Holding Corp. 0.00 0.00
CRZY Crazy Woman Creek Bancorp 2.44 48.19
CSBF CSB Financial Group Inc. 0.00 0.00
CVAL Chester Valley Bancorp Inc. 1.41 31.55
DCBI Delphos Citizens Bancorp Inc. 1.49 13.33
DCOM Dime Community Bancshares Inc. 1.73 21.10
DIBK Dime Financial Corp. 1.61 17.31
DME Dime Bancorp Inc. 0.72 10.97
DNFC D & N Financial Corp. 0.82 11.72
DSL Downey Financial Corp. 1.03 15.28
EBI Equality Bancorp Inc. 1.88 NA
EBSI Eagle Bancshares 2.65 48.78
EFBC Empire Federal Bancorp Inc. 2.23 44.78
EFBI Enterprise Federal Bancorp 3.51 88.50
EFC EFC Bancorp Inc. 0.00 NA
EGLB Eagle BancGroup Inc. 0.00 0.00
EMLD Emerald Financial Corp. 1.17 20.31
EQSB Equitable Federal Savings Bank 0.00 0.00
ESBF ESB Financial Corp. 1.96 31.35
ESBK Elmira Savings Bank (The) 2.37 43.77
ESX Essex Bancorp Inc. 0.00 0.00
ETFS East Texas Financial Services 1.42 34.86
FAB FIRSTFED AMERICA BANCORP INC. 1.12 5.81
FBBC First Bell Bancorp Inc. 2.29 31.25
FBCI Fidelity Bancorp Inc. 1.74 NA
FBCV 1ST Bancorp 0.61 14.39
FBER 1st Bergen Bancorp 1.08 22.50
FBHC Fort Bend Holding Corp. 2.00 37.23
FBNW FirstBank Corp. 1.70 NA
FBSI First Bancshares Inc. 0.91 12.35
FCB Falmouth Bancorp Inc. 1.29 28.77
FCBF FCB Financial Corp. 2.95 50.32
FCBH Virginia Beach Fed. Financial 1.34 25.00
FCBK First Coastal Bankshares NA NA
FCME First Coastal Corp. 0.00 0.00
FDEF First Defiance Financial 2.67 53.97
FDTR Federal Trust Corp. 0.00 NA
FED FirstFed Financial Corp. 0.00 0.00
141
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 13, 1998
------------------------------------------------------------------------
Current Price in Relation to
Current Current ------------------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
FESX First Essex Bancorp Inc. 21.88 165.43 15.63 16.43 19.02 176.27 243.87 12.56
FFBA First Colorado Bancorp Inc. 23.30 430.81 25.50 20.73 20.24 197.52 201.26 27.85
FFBH First Federal Bancshares of AR 22.50 109.60 18.15 18.75 19.07 128.87 128.87 18.96
FFBI First Financial Bancorp Inc. 25.25 10.49 52.60 84.17 41.39 137.45 137.45 12.69
FFBS FFBS BanCorp Inc. 22.25 34.98 18.54 18.54 18.54 147.64 147.64 25.92
FFBZ First Federal Bancorp Inc. 12.00 37.81 21.43 24.00 25.53 229.45 229.45 18.23
FFCH First Financial Holdings Inc. 20.50 278.96 17.67 17.98 18.64 235.63 235.63 14.99
FFDB FirstFed Bancorp Inc. 23.13 30.27 19.63 18.61 18.61 171.15 185.84 16.63
FFDF FFD Financial Corp. 18.75 27.10 19.06 16.02 36.06 121.52 121.52 27.07
FFED Fidelity Federal Bancorp 6.00 18.76 NM NM NM 140.19 140.19 9.50
FFES First Federal of East Hartford 32.25 88.45 14.40 15.43 14.27 125.34 125.34 9.02
FFFD North Central Bancshares Inc. 19.00 59.40 13.57 14.29 14.95 120.79 139.40 17.94
FFFL Fidelity Bankshares Inc. (MHC) 28.00 190.46 22.58 25.93 30.14 215.22 221.87 14.42
FFHH FSF Financial Corp. 17.00 49.78 15.74 15.45 16.19 103.85 103.85 12.04
FFHS First Franklin Corp. 14.00 24.96 14.00 13.46 15.56 115.13 115.61 10.50
FFIC Flushing Financial Corp. 23.50 183.54 15.46 17.94 17.54 131.28 136.31 16.81
FFKY First Federal Financial Corp. 27.63 114.08 17.71 18.05 18.79 208.65 219.77 27.85
FFLC FFLC Bancorp Inc. 18.75 70.16 16.16 18.03 18.94 132.88 132.88 17.01
FFOH Fidelity Financial of Ohio 13.13 73.48 15.63 14.91 13.44 171.32 125.12 13.81
FFPB First Palm Beach Bancorp Inc. 37.75 193.90 41.03 24.20 47.19 160.50 163.85 10.99
FFSL First Independence Corp. 12.25 11.73 11.34 14.41 14.41 99.27 99.27 9.51
FFSX First Fed SB of Siouxland(MHC) 31.50 89.39 29.17 27.39 27.16 217.09 274.15 15.65
FFWC FFW Corp. 18.00 26.24 14.06 13.64 15.65 137.20 149.13 12.91
FFWD Wood Bancorp Inc. 16.00 42.62 19.05 18.60 21.62 195.60 195.60 26.83
FFYF FFY Financial Corp. 34.00 137.86 16.67 17.09 17.35 163.23 163.23 21.38
FGHC First Georgia Holding Inc. 10.75 51.59 26.88 28.29 28.29 350.16 374.56 28.53
FIBC Financial Bancorp Inc. 36.63 62.51 19.90 21.29 22.06 217.62 218.53 18.33
FISB First Indiana Corp. 22.88 292.37 16.34 16.11 22.88 182.42 184.33 16.70
FKAN First Kansas Financial Corp. 11.06 17.19 NA NA NA NA NA NA
FKFS First Keystone Financial 16.00 38.61 13.33 13.33 15.24 150.23 150.23 10.02
FKKY Frankfort First Bancorp Inc. 14.00 22.67 14.58 14.58 14.58 99.86 99.86 16.86
FLAG FLAG Financial Corp. 17.00 87.95 21.25 25.37 32.69 228.19 228.19 19.66
FLFC First Liberty Financial Corp. 21.00 280.70 16.41 25.00 24.14 245.04 267.86 18.01
FLGS Flagstar Bancorp Inc. 25.63 350.29 11.86 14.08 14.08 262.28 270.88 13.66
FLKY First Lancaster Bancshares 13.50 12.94 24.11 25.47 25.47 90.48 90.48 24.11
FMBD First Mutual Bancorp Inc. 18.00 63.55 28.13 42.86 54.55 114.50 147.06 16.74
FMCO FMS Financial Corp. 13.63 98.14 18.92 19.19 19.19 239.46 241.15 14.57
FMSB First Mutual Savings Bank 14.00 59.42 12.07 12.39 14.14 174.56 174.56 12.62
FNGB First Northern Capital Corp. 12.75 112.95 16.78 17.71 19.03 150.18 150.18 16.36
FOBC Fed One Bancorp 39.75 95.46 33.13 31.55 32.32 221.08 229.77 25.53
FPRY First Financial Bancorp NA NA NA NA NA NA NA NA
FSBI Fidelity Bancorp Inc. 20.75 40.84 15.72 14.93 15.15 148.00 148.00 10.12
FSFF First SecurityFed Financial 15.25 92.72 15.89 NA NA 104.52 104.81 30.23
FSLA First Source Bancorp Inc. 9.00 285.66 NA NA NA NA NA NA
FSNJ Bayonne Bancshares Inc. 15.00 136.42 31.25 NA NA 142.18 142.18 19.48
FSPT FirstSpartan Financial Corp. 39.38 167.47 20.94 NA NA 133.16 133.16 32.36
FSSB First FS&LA of San Bernardino 9.63 3.16 NM NM NM 70.36 73.03 3.05
FSTC First Citizens Corp. 28.00 78.26 NA 11.57 12.73 212.93 263.16 21.28
FTF Texarkana First Financial Corp 27.50 47.79 14.03 14.95 15.71 169.44 169.44 25.21
FTFC First Federal Capital Corp. 16.25 301.16 16.95 16.93 28.51 253.12 265.96 18.99
FTNB Fulton Bancorp Inc. 17.63 29.95 31.47 22.60 29.38 117.03 117.03 27.34
FTSB Fort Thomas Financial Corp. 14.00 20.64 20.59 16.67 16.67 128.79 128.79 20.32
FWWB First Washington Bancorp Inc. 24.00 255.25 16.67 17.52 16.75 147.60 159.26 20.70
GAF GA Financial Inc. 15.19 109.66 14.60 13.21 14.19 101.66 102.62 13.03
GBNK Gaston Federal Bancorp (MHC) 13.25 59.58 NA NA NA 144.97 144.97 29.41
Current LTM
Dividend Dividend
Yield Payout Ratio
Ticker Short Name (%) (%)
- -------------------------------------------------------------------------------
FESX First Essex Bancorp Inc. 2.56 40.60
FFBA First Colorado Bancorp Inc. 2.04 41.46
FFBH First Federal Bancshares of AR 1.24 21.67
FFBI First Financial Bancorp Inc. 0.00 0.00
FFBS FFBS BanCorp Inc. 2.25 208.33
FFBZ First Federal Bancorp Inc. 1.17 27.00
FFCH First Financial Holdings Inc. 2.05 34.21
FFDB FirstFed Bancorp Inc. 2.23 44.41
FFDF FFD Financial Corp. 1.60 25.64
FFED Fidelity Federal Bancorp 3.33 NM
FFES First Federal of East Hartford 2.11 30.62
FFFD North Central Bancshares Inc. 1.68 21.43
FFFL Fidelity Bankshares Inc. (MHC) 3.21 81.02
FFHH FSF Financial Corp. 2.94 45.45
FFHS First Franklin Corp. 2.14 26.45
FFIC Flushing Financial Corp. 1.36 21.37
FFKY First Federal Financial Corp. 2.03 36.60
FFLC FFLC Bancorp Inc. 1.92 31.15
FFOH Fidelity Financial of Ohio 2.44 147.73
FFPB First Palm Beach Bancorp Inc. 1.85 43.27
FFSL First Independence Corp. 2.45 32.35
FFSX First Fed SB of Siouxland(MHC) 1.52 41.74
FFWC FFW Corp. 2.33 28.41
FFWD Wood Bancorp Inc. 2.25 34.70
FFYF FFY Financial Corp. 2.35 37.69
FGHC First Georgia Holding Inc. 0.00 17.55
FIBC Financial Bancorp Inc. 1.37 26.16
FISB First Indiana Corp. 2.10 30.99
FKAN First Kansas Financial Corp. 0.00 NA
FKFS First Keystone Financial 1.25 10.42
FKKY Frankfort First Bancorp Inc. 5.71 81.25
FLAG FLAG Financial Corp. 1.41 33.85
FLFC First Liberty Financial Corp. 1.43 33.33
FLGS Flagstar Bancorp Inc. 1.09 6.59
FLKY First Lancaster Bancshares 4.41 94.34
FMBD First Mutual Bancorp Inc. 1.78 76.19
FMCO FMS Financial Corp. 0.88 14.07
FMSB First Mutual Savings Bank 1.43 47.19
FNGB First Northern Capital Corp. 2.82 47.22
FOBC Fed One Bancorp 1.56 49.21
FPRY First Financial Bancorp NA 39.66
FSBI Fidelity Bancorp Inc. 1.74 20.72
FSFF First SecurityFed Financial 0.00 NA
FSLA First Source Bancorp Inc. 2.00 NA
FSNJ Bayonne Bancshares Inc. 1.67 NA
FSPT FirstSpartan Financial Corp. 1.52 NA
FSSB First FS&LA of San Bernardino 0.00 0.00
FSTC First Citizens Corp. 1.14 12.67
FTF Texarkana First Financial Corp 2.04 30.43
FTFC First Federal Capital Corp. 1.72 26.04
FTNB Fulton Bancorp Inc. 1.36 26.92
FTSB Fort Thomas Financial Corp. 1.79 35.71
FWWB First Washington Bancorp Inc. 1.50 21.90
GAF GA Financial Inc. 3.69 43.48
GBNK Gaston Federal Bancorp (MHC) 1.51 NA
142
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 5, 1998
------------------------------------------------------------------
Current Price in Relation to
Current Current ------------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
GDW Golden West Financial 86.38 4,974.42 10.74 12.43 12.70 170.26 170.26 12.73
GFCO Glenway Financial Corp. 22.00 50.24 18.97 20.37 20.18 174.60 176.14 16.71
GFED Guaranty Federal Bcshs Inc. 12.94 80.55 23.10 NA NA 115.41 115.41 32.70
GLMR Gilmer Financial Svcs, Inc. 14.13 2.70 NM 117.71 20.77 71.05 71.05 6.41
GOSB GSB Financial Corp. 13.88 31.19 43.36 NA NA 97.00 97.03 24.16
GPT GreenPoint Financial Corp. 37.69 3,708.01 17.45 19.23 18.84 213.53 377.64 24.45
GSB Golden State Bancorp Inc. 24.31 1,349.01 11.92 13.66 12.28 120.12 143.10 7.45
GSFC Green Street Financial Corp. 14.25 61.25 20.96 20.96 20.96 96.22 96.22 34.43
GSLA GS Financial Corp. 13.38 44.80 20.90 NA NA 83.18 83.18 34.62
GTPS Great American Bancorp 22.00 34.94 30.56 36.07 36.07 128.88 128.88 23.56
GUPB GFSB Bancorp Inc. 15.00 18.02 17.86 18.99 18.99 123.56 123.56 15.25
HALL Hallmark Capital Corp. 14.38 42.13 13.82 14.82 15.97 119.39 119.39 9.85
HARB Harbor Florida Bancshares Inc. 11.88 365.01 16.49 NA NA 141.20 142.73 27.68
HARL Harleysville Savings Bank 31.00 51.91 14.90 15.35 15.35 204.76 204.76 13.13
HARS Harris Financial Inc. (MHC) 17.03 578.46 32.75 31.54 48.66 306.31 338.59 24.87
HAVN Haven Bancorp Inc. 19.44 172.01 37.38 19.83 18.87 145.83 152.57 7.59
HBBI Home Building Bancorp 24.00 7.48 25.00 21.05 22.02 116.45 116.45 17.63
HBEI Home Bancorp of Elgin Inc. 14.88 101.98 33.81 38.14 38.14 106.23 106.25 27.74
HBFW Home Bancorp 28.25 66.42 21.40 22.07 22.60 154.63 154.63 18.43
HBNK Highland Bancorp Inc. 42.00 97.84 13.20 13.86 15.73 216.94 216.94 17.06
HBS Haywood Bancshares Inc. 20.50 25.63 10.06 11.58 11.58 113.57 117.28 16.86
HBSC Heritage Bancorp Inc. 18.75 86.79 NA NA NA NA NA NA
HCBB HCB Bancshares Inc. 12.88 34.05 40.23 NA NA 89.10 90.16 15.37
HCBC High Country Bancorp Inc. 13.50 17.85 21.09 NA NA 98.90 98.90 19.35
HCFC Home City Financial Corp. 15.13 13.68 14.54 14.83 14.83 126.36 126.36 17.53
HEMT HF Bancorp Inc. 16.63 105.89 NM NM 151.14 126.43 147.78 10.12
HFBC HopFed Bancorp Inc. 16.75 67.56 NA NA NA 117.46 117.46 30.52
HFFB Harrodsburg First Fin Bancorp 15.25 29.69 19.06 19.30 19.30 95.43 95.43 27.29
HFFC HF Financial Corp. 22.00 96.95 17.74 16.30 17.46 174.60 174.60 16.98
HFGI Harrington Financial Group 10.50 34.40 NM NM NM 151.73 151.73 7.10
HFNC HFNC Financial Corp. 12.00 206.31 14.29 14.63 21.43 120.72 120.72 20.47
HFSA Hardin Bancorp Inc. 17.63 14.39 19.16 17.11 19.37 106.75 106.75 10.79
HFWA Heritage Financial Corp. 12.63 123.26 NA NA NA 132.48 132.48 38.15
HHFC Harvest Home Financial Corp. 14.50 12.92 25.89 23.39 23.39 125.32 125.32 14.22
HIFS Hingham Instit. for Savings 27.00 35.19 12.27 12.86 12.98 156.16 156.16 14.72
HLFC Home Loan Financial Corp. 14.75 33.16 24.58 NA NA 103.06 105.06 40.48
HMLK Hemlock Federal Financial Corp 16.75 31.65 19.94 NA NA 108.34 108.34 17.54
HMNF HMN Financial Inc. 15.43 82.13 27.01 17.19 24.01 115.99 126.36 11.33
HOMF Home Federal Bancorp 27.50 141.33 13.75 14.95 18.33 217.39 223.40 19.99
HPBC Home Port Bancorp Inc. 24.50 45.13 11.56 14.33 13.17 198.86 198.86 17.11
HRBF Harbor Federal Bancorp Inc. 18.00 33.53 18.00 19.35 20.00 114.29 114.29 14.51
HRBT Hudson River Bancorp 13.44 239.92 NA NA NA NA NA NA
HRZB Horizon Financial Corp. 15.00 112.32 13.39 13.39 13.76 131.58 131.58 20.71
HSTD Homestead Bancorp Inc. 8.50 12.51 NA NA NA NA NA NA
HTHR Hawthorne Financial Corp. 17.00 88.11 13.28 11.04 9.39 120.82 120.82 5.14
HWEN Home Financial Bancorp 8.63 8.01 13.48 19.17 23.31 107.41 107.41 19.33
HZFS Horizon Financial Svcs Corp. 15.38 13.53 14.24 16.53 21.35 160.16 160.16 14.59
IBSF IBS Financial Corp. 15.44 169.23 27.57 28.07 28.07 128.65 128.65 22.94
ICBC Independence Comm. Bank Corp. 14.63 1,112.14 24.38 NA NA 115.80 122.69 23.24
IFSB Independence Federal Svgs Bank 16.75 21.46 6.75 10.40 64.42 108.34 119.73 7.82
INBI Industrial Bancorp Inc. 19.00 95.28 16.38 17.27 17.27 155.87 155.87 24.89
IPSW Ipswich Savings Bank 15.25 36.44 15.89 14.66 14.66 279.30 279.30 15.60
ITLA ITLA Capital Corp. 19.25 148.17 10.46 11.19 11.19 138.99 NA 14.31
IWBK InterWest Bancorp Inc. 42.75 446.54 35.63 20.45 23.36 265.86 274.21 18.99
JSB JSB Financial Inc. 50.00 491.63 8.89 11.01 13.09 129.37 129.37 31.44
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 13, 1998
Current LTM
Dividend Dividend
Yield Payout Ratio
Ticker (%) (%)
- ------------------------------------------------------------------------
GDW Golden West Financial 0.58 6.98
GFCO Glenway Financial Corp. 2.00 35.65
GFED Guaranty Federal Bcshs Inc. 0.00 NA
GLMR Gilmer Financial Svcs, Inc. 0.00 0.00
GOSB GSB Financial Corp. 0.87 NA
GPT GreenPoint Financial Corp. 1.70 29.08
GSB Golden State Bancorp Inc. 0.00 330.06
GSFC Green Street Financial Corp. 3.37 86.76
GSLA GS Financial Corp. 2.09 NA
GTPS Great American Bancorp 2.00 67.21
GUPB GFSB Bancorp Inc. 2.00 33.77
HALL Hallmark Capital Corp. 0.00 0.00
HARB Harbor Florida Bancshares Inc. 2.19 NA
HARL Harleysville Savings Bank 1.42 21.29
HARS Harris Financial Inc. (MHC) 1.29 39.50
HAVN Haven Bancorp Inc. 1.54 30.61
HBBI Home Building Bancorp 1.25 26.32
HBEI Home Bancorp of Elgin Inc. 2.69 102.56
HBFW Home Bancorp 1.13 21.88
HBNK Highland Bancorp Inc. 1.19 8.25
HBS Haywood Bancshares Inc. 2.93 32.77
HBSC Heritage Bancorp Inc. 0.00 NA
HCBB HCB Bancshares Inc. 1.55 NA
HCBC High Country Bancorp Inc. 2.22 NA
HCFC Home City Financial Corp. 2.38 377.45
HEMT HF Bancorp Inc. 0.00 0.00
HFBC HopFed Bancorp Inc. 0.00 NA
HFFB Harrodsburg First Fin Bancorp 2.62 75.95
HFFC HF Financial Corp. 1.27 20.00
HFGI Harrington Financial Group 1.14 NM
HFNC HFNC Financial Corp. 2.67 36.59
HFSA Hardin Bancorp Inc. 3.18 49.51
HFWA Heritage Financial Corp. 1.27 NA
HHFC Harvest Home Financial Corp. 3.03 67.74
HIFS Hingham Instit. for Savings 2.07 30.48
HLFC Home Loan Financial Corp. 0.00 NA
HMLK Hemlock Federal Financial Corp 1.91 NA
HMNF HMN Financial Inc. 1.06 4.55
HOMF Home Federal Bancorp 1.46 19.24
HPBC Home Port Bancorp Inc. 3.27 46.78
HRBF Harbor Federal Bancorp Inc. 2.63 45.95
HRBT Hudson River Bancorp 0.00 NA
HRZB Horizon Financial Corp. 2.93 75.00
HSTD Homestead Bancorp Inc. 9.41 NA
NAHTHR Hawthorne Financial Corp. 0.00 0.00
HWEN Home Financial Bancorp 1.16 22.22
HZFS Horizon Financial Svcs Corp. 1.17 18.28
IBSF IBS Financial Corp. 2.59 72.73
ICBC Independence Comm. Bank Corp. 0.00 NA
IFSB Independence Federal Svgs Bank 1.49 29.19
INBI Industrial Bancorp Inc. 3.16 50.00
IPSW Ipswich Savings Bank 1.05 14.42
ITLA ITLA Capital Corp. 0.00 0.00
IWBK InterWest Bancorp Inc. 1.87 34.93
JSB JSB Financial Inc. 3.20 33.04
143
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 15, 1998
-------------------------------------------------------------------
Current Price in Relation to
Current Current -------------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
JSBA Jefferson Savings Bancorp 24.00 240.53 27.27 24.00 26.97 188.38 234.83 19.36
JXSB Jacksonville Savings Bk (MHC) 16.25 31.01 31.25 31.86 49.24 176.06 176.06 18.28
JXVL Jacksonville Bancorp Inc. 18.19 44.47 16.24 13.37 13.37 127.28 127.28 18.75
KFBI Klamath First Bancorp 17.63 174.78 16.95 18.95 18.95 110.02 120.14 17.33
KNK Kankakee Bancorp Inc. 31.38 43.30 19.13 16.17 16.87 110.36 129.17 10.77
KSAV KS Bancorp Inc. NA NA NA NA NA NA NA NA
KSBK KSB Bancorp Inc. 16.50 20.77 12.13 11.70 11.96 165.50 188.36 13.17
KYF Kentucky First Bancorp Inc. 13.88 17.22 17.34 17.79 18.02 123.44 123.44 21.03
LARK Landmark Bancshares Inc. 22.50 34.86 16.07 15.96 18.91 116.34 116.34 15.20
LARL Laurel Capital Group Inc. 20.00 43.76 13.89 15.15 15.50 189.75 189.75 20.18
LFBI Little Falls Bancorp Inc. 19.50 48.31 25.66 25.32 26.35 133.29 144.34 13.59
LFCO Life Financial Corp. 12.38 81.13 18.20 6.16 5.92 135.84 135.84 17.17
LFED Leeds Federal Bankshares (MHC) 17.75 91.98 26.10 26.89 26.89 186.45 126.45 30.76
LIBB Liberty Bancorp Inc. (MHC) 10.75 41.94 NA NA NA NA NA NA
LISB Long Island Bancorp Inc. 54.13 1,508,90 19.90 22.55 27.61 226.65 228.57 20.19
LO Local Financial Corp. 12.06 247.74 14.36 NA NA 255.03 277.95 12.51
LOGN Logansport Financial Corp. 13.63 17.19 13.63 13.63 13.36 101.23 101.23 19.04
LONF London Financial Corp. 15.25 7.78 15.25 17.73 19.06 149.07 149.07 20.52
LSBI LSB Financial Corp. 32.00 30.51 16.00 16.93 19.63 156.40 156.40 13.96
LSBX Lawrence Savings Bank 14.13 61.12 8.61 6.96 7.06 146.83 146.83 17.72
LVSB Lakeview Financial Corp. 22.75 113.24 7.58 11.21 22.52 187.86 275.42 18.28
LXMO Lexington B&L Financial Corp. 15.16 15.29 31.58 21.97 21.97 99.78 105.36 17.07
MAFB MAF Bancorp Inc. 22.38 505.15 13.32 14.07 14.72 180.44 202.12 14.15
MARN Marion Capital Holdings 23.83 40.69 16.58 18.80 18.80 108.05 110.43 20.98
MASB MASSBANK Corp. 47.50 170.65 16.27 16.27 18.85 156.04 138.12 18.36
MBBC Monterey Bay Bancorp Inc. 16.44 64.49 37.36 37.36 41.09 129.74 138.72 16.14
MBLF MBLA Financial Corp. 21.00 26.19 13.46 14.48 14.58 93.83 93.83 12.66
MBSP Mitchell Bancorp Inc. 17.25 16.06 61.61 34.50 34.50 109.73 109.73 43.04
MCBN Mid-Coast Bancorp Inc. 10.50 7.48 17.50 15.67 16.94 140.00 140.00 11.86
MDBK Medford Bancorp Inc. 41.50 184.87 15.26 16.53 17.36 182.18 191.95 16.28
MECH MECH Financial Inc. 29.00 153.56 15.43 17.90 18.01 165.62 165.62 16.09
METF Metropolitan Financial Corp. 13.50 95.19 12.05 14.52 16.46 249.08 269.46 9.62
MFBC MFB Corp. 24.00 38.17 20.00 18.60 19.05 115.32 115.33 13.12
MFFC Milton Federal Financial Corp. 14.00 31.32 16.67 19.72 24.56 111.29 111.29 13.32
MFLR Mayflower Co-operative Bank 22.75 20.47 12.10 13.96 16.37 157.88 160.21 15.10
MFSL Maryland Federal Bancorp 41.31 271.80 24.69 31.30 32.28 252.83 255.02 22.85
MIFC Mid-Iowa Financial Corp. 10.25 17.78 13.49 13.31 13.49 132.60 132.77 13.17
MIVI Mississippi View Holding Co. 20.00 14.80 20.81 21.05 21.28 118.69 118.69 21.57
MONT Montgomery Financial Corp. 11.63 19.22 17.10 NA NA 95.47 96.47 17.61
MRKF Market Financial Corp. 13.00 17.16 29.35 26.00 26.00 110.36 110.36 32.36
MSBF MSB Financial Inc. 16.88 20.53 14.55 16.38 18.96 154.25 154.25 25.67
MSBK Mutual Savings Bank FSB 10.63 45.58 18.97 NM NM 133.65 133.65 7.43
MWBI Midwest Bancshares Inc. 14.75 15.50 9.97 11.26 14.05 135.94 135.94 9.72
MWBX MetroWest Bank 7.00 99.76 12.50 12.96 12.96 206.49 206.49 15.15
MYST Mystic Financial Inc. 14.38 38.97 19.97 NA NA 107.84 107.84 19.58
NASB NASB Financial Inc. 65.50 146.70 11.70 12.17 14.92 215.36 242.41 19.98
NBCP Niagara Bancorp Inc. (MHC) 12.56 373.83 NA NA NA NA NA NA
NBN Northeast Bancorp 14.00 34.45 12.96 17.95 18.67 144.03 158.55 10.08
NBSI North Bancshares Inc. 13.50 17.07 67.50 40.91 45.00 127.96 127.96 13.85
NEIB Northeast Indiana Bancorp 21.75 35.88 14.31 13.32 15.32 135.35 135.35 17.65
NEP Northeast PA Financial Corp. 13.25 85.17 NA NA NA NA NA NA
NHTB New Hampshire Thrift Bncshrs 16.50 34.56 12.50 12.22 13.20 132.96 153.06 10.76
NMSB NewMil Bancorp Inc. 12.19 46.73 14.51 16.47 21.01 139.96 139.93 12.71
NSLB NS&L Bancorp Inc. 18.00 12.35 28.13 28.57 28.57 107.46 108.24 20.19
NSSY NSS Bancorp Inc. 50.00 119.75 22.32 21.37 26.32 218.72 224.72 17.91
Current LTM
Dividend Dividend
Yield Payout Ratio
Ticker Short Name (%) (%)
- ----------------------------------------------------------------------
JSBA Jefferson Savings Bancorp 1.17 24.00
JXSB Jacksonville Savings Bk (MHC) 1.85 55.57
JXVL Jacksonville Bancorp Inc. 2.75 36.76
KFBI Klamath First Bancorp 2.04 36.02
KNK Kankakee Bancorp Inc. 1.53 24.74
KSAV KS Bancorp Inc. NA 63.46
KSBK KSB Bancorp Inc. 0.61 3.55
KYF Kentucky First Bancorp Inc. 3.60 64.10
LARK Landmark Bancshares Inc. 2.67 39.01
LARL Laurel Capital Group Inc. 3.00 28.54
LFBI Little Falls Bancorp Inc. 1.23 19.48
LFCO Life Financial Corp. 0.00 0.00
LFED Leeds Federal Bankshares (MHC) 3.16 80.82
LIBB Liberty Bancorp Inc. (MHC) 0.00 NA
LISB Long Island Bancorp Inc. 1.48 27.08
LO Local Financial Corp. 0.00 NA
LOGN Logansport Financial Corp. 3.23 41.00
LONF London Financial Corp. 1.57 609.30
LSBI LSB Financial Corp. 1.25 18.65
LSBX Lawrence Savings Bank 0.00 0.00
LVSB Lakeview Financial Corp. 1.10 7.70
LXMO Lexington B&L Financial Corp. 1.98 43.48
MAFB MAF Bancorp Inc. 1.25 13.21
MARN Marion Capital Holdings 3.69 69.29
MASB MASSBANK Corp. 2.11 33.56
MBBC Monterey Bay Bancorp Inc. 0.73 23.64
MBLF MBLA Financial Corp. 2.86 27.59
MBSP Mitchell Bancorp Inc. 2.32 80.00
MCBN Mid-Coast Bancorp Inc. 1.91 25.88
MDBK Medford Bancorp Inc. 1.93 37.45
MECH MECH Financial Inc. 2.07 9.26
METF Metropolitan Financial Corp. 0.00 0.00
MFBC MFB Corp. 1.42 32.17
MFFC Milton Federal Financial Corp. 4.29 84.51
MFLR Mayflower Co-operative Bank 3.52 42.33
MFSL Maryland Federal Bancorp 1.09 33.52
MIFC Mid-Iowa Financial Corp. 0.78 10.39
MIVI Mississippi View Holding Co. 1.60 16.84
MONT Montgomery Financial Corp. 1.89 NA
MRKF Market Financial Corp. 2.15 256.00
MSBF MSB Financial Inc. 1.78 28.16
MSBK Mutual Savings Bank FSB 0.00 0.00
MWBI Midwest Bancshares Inc. 2.17 18.32
MWBX MetroWest Bank 1.71 31.48
MYST Mystic Financial Inc. 1.79 NA
NASB NASB Financial Inc. 1.53 14.87
NBCP Niagara Bancorp Inc. (MHC) 0.00 NA
NBN Northeast Bancorp 1.51 27.29
NBSI North Bancshares Inc. 2.96 109.09
NEIB Northeast Indiana Bancorp 1.56 23.39
NEP Northeast PA Financial Corp. 0.00 NA
NHTB New Hampshire Thrift Bncshrs 3.64 38.89
NMSB NewMil Bancorp Inc. 2.63 40.54
NSLB NS&L Bancorp Inc. 2.78 79.37
NSSY NSS Bancorp Inc. 1.04 17.09
144
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 5, 1998
-------------------------------------------------------------------
Current Price in Relation to
Current Current -------------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
NTBK Net.B@nk Inc. 28.50 175.16 NM NM NM 513.51 513.51 107.14
NTMG Nutmeg Federal S&LA 12.00 12.01 23.08 26.09 60.00 182.37 182.37 10.64
NWEQ Northwest Equity Corp. 18.13 14.96 12.59 13.23 14.05 120.51 120.51 15.14
NWSB Northwest Bancorp Inc. (MHC) 12.56 588.46 26.17 27.92 29.22 270.17 300.55 23.10
OCFC Ocean Financial Corp. 18.06 280.59 19.63 18.82 18.82 133.11 133.11 18.24
OCN Ocwen Financial Corp. 18.00 1,093.89 NM 39.13 138.46 256.05 279.95 31.21
OFCP Ottawa Financial Corp. 27.38 142.28 21.39 20.13 21.73 183.14 229.46 15.90
OHSL OHSL Financial Corp. 15.75 39.23 17.12 18.75 19.94 144.23 144.23 15.62
OSFS Ohio State Financial Services 16.00 10.15 NA NA NA 97.15 97.15 26.32
OTFC Oregon Trail Financial Corp. 14.50 68.08 20.14 NA NA 91.25 91.25 26.54
PBCI Pamrapo Bancorp Inc. 27.88 79.25 18.83 16.79 17.42 161.13 161.97 20.10
PBCT People's Bank (MHC) 29.75 1,907.87 16.53 18.03 33.81 222.51 258.25 20.95
PBHC Pathfinder Bancorp Inc. (MHC) 17.38 49.20 36.20 34.07 43.44 205.14 240.32 24.84
PBKB People's Bancshares Inc. 19.75 65.49 10.97 12.04 29.92 201.74 210.55 7.63
PBOC PBOC Holdings Inc. 12.00 262.51 NM NA NA 142.35 142.35 8.20
PCBC Perry County Financial Corp. 22.00 18.21 21.15 19.82 19.82 111.73 111.73 21.16
PDB Piedmont Bancorp Inc. 9.89 27.16 16.46 16.19 16.74 125.80 125.80 20.81
PEDE Great Pee Dee Bancorp 13.25 29.18 19.49 NA NA 93.38 93.38 42.13
PEEK Peekskill Financial Corp. 16.75 48.50 24.63 25.38 25.00 112.27 112.27 24.21
PERM Permanent Bancorp Inc. 13.50 55.61 22.50 21.77 22.50 125.58 126.88 12.61
PFDC Peoples Bancorp 21.50 72.57 17.92 17.06 17.06 158.44 158.44 23.71
PFED Park Bancorp Inc. 17.94 41.84 17.23 24.91 25.26 106.46 106.46 21.20
PFFB PFF Bancorp Inc. 17.25 287.80 15.85 17.57 19.09 118.97 120.26 9.57
PFFC Peoples Financial Corp. 11.38 16.18 9.81 17.77 27.74 102.39 102.39 19.60
PFNC Progress Financial Corp. 18.50 92.43 21.02 21.26 24.34 221.56 NA 15.35
PFSB PennFed Financial Services Inc 14.81 139.03 13.23 12.77 13.23 124.79 143.40 8.96
PFSL Pocahontas Bancorp Inc. 8.75 58.50 NA NA NA 100.11 103.43 14.46
PHBK Peoples Heritage Finl Group 21.00 1,838.87 58.33 18.42 15.33 253.93 303.68 18.83
PHFC Pittsburgh Home Financial Corp 15.88 31.26 14.70 13.69 15.26 121.00 122.30 8.39
PHSB Peoples Home Savings Bk (MHC) 16.50 45.54 29.46 NA NA 158.65 158.65 20.09
PLSK Pulaski Savings Bank (MHC) 15.00 31.62 46.88 30.61 28.85 142.45 142.45 16.84
PRBC Prestige Bancorp Inc. 17.00 17.88 21.25 23.29 24.29 112.29 112.29 10.86
PROV Provident Financial Holdings 20.28 98.90 18.87 18.36 44.29 114.15 114.15 12.10
PSBI PSB Bancorp Inc. 8.50 26.36 NA NA NA NA NA NA
PSFC Peoples-Sidney Financial Corp. 20.50 36.60 25.63 NA NA 128.29 128.29 34.69
PSFI PS Financial Inc. 11.25 22.56 13.39 23.44 15.41 100.00 100.00 27.83
PTRS Potters Financial Corp. 16.00 15.47 17.39 15.84 16.33 140.35 140.35 12.22
PULB Pulaski Bank, FSB (MHC) 31.75 66.86 34.51 34.51 42.33 267.48 267.48 35.77
PULS Pulse Bancorp 29.75 92.83 17.30 17.30 17.30 202.24 202.24 17.05
PVFC PVF Capital Corp. 24.63 65.50 12.83 13.10 13.83 217.15 217.15 15.63
PVSA Parkvale Financial Corp. 33.50 173.28 15.51 15.95 15.95 206.15 207.17 15.82
PWBK Pennwood Bancorp Inc. 11.50 8.44 57.50 22.12 21.30 91.34 91.34 18.20
QCBC Quaker City Bancorp Inc. 18.25 106.34 14.72 16.01 16.29 137.63 137.63 11.98
QCFB QCF Bancorp Inc. 30.63 41.80 12.76 13.93 14.18 153.28 153.28 27.13
QCSB Queens County Bancorp Inc. 41.50 620.06 22.55 23.62 26.10 316.55 316.55 38.17
RARB Raritan Bancorp Inc. 29.13 69.11 18.20 18.55 18.55 217.00 219.65 15.90
RCBK Richmond County Financial Corp 14.88 393.05 16.90 NA NA 119.57 119.96 24.63
RELI Reliance Bancshares Inc. 9.38 22.23 33.48 44.64 46.88 100.70 100.70 50.32
RELY Reliance Bancorp Inc. 31.30 301.30 17.12 13.83 16.67 154.64 221.67 12.12
RIVR River Valley Bancorp 18.25 21.72 16.29 15.60 17.38 118.97 120.54 16.23
ROSE TR Financial Corp. 36.81 645.29 14.24 16.58 19.48 238.74 238.74 15.63
RSLN Roslyn Bancorp Inc. 18.94 784.03 14.80 16.05 16.91 131.88 132.43 20.35
RVSB Riverview Bancorp Inc. 15.50 95.88 18.45 NA NA 146.09 150.78 35.70
SBAN SouthBanc Shares Inc. 18.50 79.60 NA NA NA NA NA NA
SBFL SB of the Finger Lakes (MHC) 17.00 60.69 53.13 60.71 77.27 277.78 277.78 23.49
Current LTM
Dividend Dividend
Yield Payout Ratio
Ticker Short Name (%) (%)
- ----------------------------------------------------------------------
NTBK Net.B@nk Inc. 0.00 0.00
NTMG Nutmeg Federal S&LA 1.67 38.04
NWEQ Northwest Equity Corp. 3.53 39.42
NWSB Northwest Bancorp Inc. (MHC) 1.27 35.56
OCFC Ocean Financial Corp. 2.66 43.75
OCN Ocwen Financial Corp. 0.00 0.00
OFCP Ottawa Financial Corp. 1.46 28.07
OHSL OHSL Financial Corp. 3.18 52.38
OSFS Ohio State Financial Services 0.00 NA
OTFC Oregon Trail Financial Corp. 1.38 NA
PBCI Pamrapo Bancorp Inc. 4.02 63.86
PBCT People's Bank (MHC) 2.82 46.05
PBHC Pathfinder Bancorp Inc. (MHC) 1.15 37.92
PBKB People's Bancshares Inc. 2.63 28.66
PBOC PBOC Holdings Inc. 0.00 NA
PCBC Perry County Financial Corp. 2.27 45.05
PDB Piedmont Bancorp Inc. 4.86 68.85
PEDE Great Pee Dee Bancorp 2.72 NA
PEEK Peekskill Financial Corp. 2.15 54.55
PERM Permanent Bancorp Inc. 1.78 31.13
PFDC Peoples Bancorp 2.05 34.66
PFED Park Bancorp Inc. 0.00 0.00
PFFB PFF Bancorp Inc. 0.00 0.00
PFFC Peoples Financial Corp. 5.28 839.38
PFNC Progress Financial Corp. 0.87 13.63
PFSB PennFed Financial Services Inc 0.95 12.07
PFSL Pocahontas Bancorp Inc. 2.74 NA
PHBK Peoples Heritage Finl Group 2.10 36.84
PHFC Pittsburgh Home Financial Corp 1.51 236.21
PHSB Peoples Home Savings Bk (MHC) 1.70 NA
PLSK Pulaski Savings Bank (MHC) 2.00 61.22
PRBC Prestige Bancorp Inc. 1.02 19.07
PROV Provident Financial Holdings 0.00 0.00
PSBI PSB Bancorp Inc. 0.00 NA
PSFC Peoples-Sidney Financial Corp. 1.37 NA
PSFI PS Financial Inc. 4.27 916.67
PTRS Potters Financial Corp. 1.50 18.81
PULB Pulaski Bank, FSB (MHC) 3.47 119.57
PULS Pulse Bancorp 2.69 45.06
PVFC PVF Capital Corp. 0.00 0.00
PVSA Parkvale Financial Corp. 1.79 26.67
PWBK Pennwood Bancorp Inc. 2.44 49.04
QCBC Quaker City Bancorp Inc. 0.00 0.00
QCFB QCF Bancorp Inc. 0.00 0.00
QCSB Queens County Bancorp Inc. 2.41 43.21
RARB Raritan Bancorp Inc. 2.06 34.39
RCBK Richmond County Financial Corp 1.61 NA
RELI Reliance Bancshares Inc. 0.00 0.00
RELY Reliance Bancorp Inc. 2.29 34.17
RIVR River Valley Bancorp 1.21 15.38
ROSE TR Financial Corp. 2.17 29.73
RSLN Roslyn Bancorp Inc. 1.80 25.00
RVSB Riverview Bancorp Inc. 1.55 NA
SBAN SouthBanc Shares Inc. 2.60 NA
SBFL SB of the Finger Lakes (MHC) 1.41 75.00
145
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 13, 1998
-------------------------------------------------------------------
Current Price in Relation to
Current Current -------------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
SBOS Boston Bancorp (The) NA NA NA NA NA NA NA NA
SCBS Southern Community Bancshares 15.50 17.63 24.22 18.90 18.67 153.47 153.47 24.33
SCCB S. Carolina Community Bancshrs 21.50 12.46 24.43 29.05 29.05 132.06 132.06 26.92
SFED SFS Bancorp Inc. 27.50 33.23 26.44 27.50 28.35 151.68 151.68 18.66
SFFC StateFed Financial Corp. 13.00 20.32 19.12 18.31 18.31 127.95 127.95 22.68
SFIN Statewide Financial Corp. 21.19 95.65 17.09 16.42 16.55 145.22 145.42 14.28
SFSL Security First Corp. 24.25 183.21 20.91 21.85 21.85 283.29 287.32 26.73
SGVB SGV Bancorp Inc. 16.00 37.57 23.53 26.67 27.12 116.53 117.91 9.20
SHSB SHS Bancorp Inc. 17.75 14.55 16.44 NA NA 118.89 116.89 16.46
SIB Staten Island Bancorp Inc. 18.88 851.83 17.48 NA NA 119.84 122.88 28.22
SISB SIS Bancorp Inc. 45.75 318.50 19.06 24.86 19.98 246.37 246.37 17.29
SKAN Skaneateles Bancorp Inc. 16.19 23.39 14.45 15.27 15.57 127.46 130.55 8.77
SKBO First Carnegie Deposit (MHC) 16.25 37.38 31.25 NA NA 149.63 149.63 25.23
SMBC Southern Missouri Bancorp Inc. 21.00 31.17 52.50 30.00 31.34 127.66 127.66 21.41
SOBI Sobieski Bancorp Inc. 17.00 13.30 23.00 26.15 26.56 95.29 95.29 14.46
SOPN First Savings Bancorp Inc. 23.50 87.18 17.28 18.08 18.08 126.28 126.28 29.08
SPBC St. Paul Bancorp Inc. 21.38 865.72 14.84 15.05 15.49 167.65 168.31 16.09
SRN Southern Banc Co. 15.50 19.07 29.81 36.05 36.05 103.68 104.45 18.04
SSB Scotland Bancorp Inc. 9.50 18.18 29.69 19.00 19.00 119.35 119.35 29.76
SSFC South Street Financial Corp. 9.56 44.72 39.85 31.88 NA 112.51 112.51 21.96
SSM Stone Street Bancorp Inc. 17.88 32.95 27.93 22.34 22.34 107.42 107.42 29.36
STFR St. Francis Capital Corp. 39.63 202.51 14.36 14.79 18.34 153.70 171.83 11.54
STSA Sterling Financial Corp. 20.00 152.11 NM 22.73 18.87 143.88 365.63 7.32
SVRN Sovereign Bancorp Inc. 15.63 2,479.66 14.47 26.04 18.83 222.58 252.42 12.63
SWCB Sandwich Bancorp Inc. 62.00 126.67 27.68 25.10 26.72 284.27 292.45 23.85
SZB SouthFirst Bancshares Inc. 17.63 17.05 44.06 24.14 26.70 105.22 107.93 10.46
TBFC Telebanc Financial Corp. 21.75 97.55 108.75 36.25 197.73 312.05 315.22 9.31
THR Three Rivers Financial Corp. 16.50 13.60 17.19 15.28 16.50 102.61 102.93 13.87
THRD TF Financial Corp. 23.88 76.13 19.25 18.80 22.11 135.42 160.77 11.91
THTL Thistle Group Holdings Co. 9.56 86.07 NA NA NA NA NA NA
TPNZ Tappan Zee Financial Inc. 18.75 27.71 23.32 21.73 24.67 125.17 125.17 19.84
TRIC Tri-County Bancorp Inc. 13.00 15.18 18.06 17.57 16.88 108.06 108.06 17.00
TSBK Timberland Bancorp Inc. 14.31 94.64 14.91 NA NA 111.13 111.13 35.97
TSBS Peoples Bancorp Inc. 8.97 325.80 NA NA NA 95.41 98.34 37.29
TSH Teche Holding Co. 17.38 59.75 14.48 15.11 15.24 106.07 106.07 14.67
TWIN Twin City Bancorp 13.38 16.71 14.54 15.03 18.32 119.74 119.74 15.27
UBMT United Financial Corp. 27.25 46.28 NM NA NA 153.69 158.89 23.46
UCBC Union Community Bancorp 14.00 42.58 18.42 NA NA 98.45 98.45 39.40
UCFC United Community Finl Corp. 15.88 531.27 NA NA NA NA NA NA
UFBS Union Financial Bcshs Inc. 16.13 20.41 13.00 13.90 15.97 142.83 163.72 10.97
UFRM United Federal Savings Bank 17.00 59.82 26.56 29.82 35.42 238.43 238.43 18.49
UPFC United PanAm Financial Corp. 9.63 166.27 9.25 NA NA 202.63 203.49 40.37
USAB USABancshares Inc. 16.50 24.78 12.89 NM 150.00 203.96 205.22 24.17
UTBI United Tennessee Bankshares 12.25 17.82 NA NA NA 88.00 88.00 23.74
WAMU Washington Mutual Inc. 37.50 14,517.18 13.59 22.87 15.76 251.85 267.67 14.04
WAYN Wayne Savings Bancshares (MHC) 23.00 57.18 38.33 30.67 33.33 233.74 233.74 21.99
WBST Webster Financial Corp. 26.88 1,030,04 27.99 16.09 14.61 187.81 221.56 11.21
WCBI Westco Bancorp Inc. 27.50 68.37 17.19 15.63 16.57 136.27 136.27 21.35
WCFB Webster City Federal SB (MHC) 17.75 37.52 27.73 27.73 27.73 166.20 166.20 39.91
WEFC Wells Financial Corp. 19.25 36.17 15.04 15.40 16.74 124.76 124.76 19.17
WEHO Westwood Homestead Fin. Corp. 12.50 31.99 17.36 32.89 NA 123.03 123.03 25.32
WES Westcorp 10.94 288.48 136.73 39.06 NM 86.81 87.02 7.87
WFI Winton Financial Corp. 14.75 59.21 14.75 15.69 20.49 227.27 230.83 16.51
WFSL Washington Federal Inc. 24.00 1,258,73 11.11 11.43 11.76 162.93 175.44 22.64
WHGB WHG Bancshares Corp. 14.75 20.49 40.97 29.50 28.92 102.64 102.64 17.29
Current LTM
Dividend Dividend
Yield Payout Ratio
Ticker Short Name ($) ($M)
- ------------------------------------------------------------------------
SBOS Boston Bancorp (The) NA 10.89
SCBS Southern Community Bancshares 1.94 332.32
SCCB S. Carolina Community Bancshrs 2.98 83.78
SFED SFS Bancorp Inc. 1.16 30.00
SFFC StateFed Financial Corp. 1.54 28.17
SFIN Statewide Financial Corp. 2.08 33.33
SFSL Security First Corp. 1.49 28.83
SGVB SGV Bancorp Inc. 0.00 0.00
SHSB SHS Bancorp Inc. 0.00 NA
SIB Staten Island Bancorp Inc. 1.70 NA
SISB SIS Bancorp Inc. 1.40 32.61
SKAN Skaneateles Bancorp Inc. 1.73 25.79
SKBO First Carnegie Deposit (MHC) 1.85 NA
SMBC Southern Missouri Bancorp Inc. 2.38 71.43
SOBI Sobieski Bancorp Inc. 1.88 47.69
SOPN First Savings Bancorp Inc. 4.26 68.46
SPBC St. Paul Bancorp Inc. 2.81 28.17
SRN Southern Banc Co. 2.26 81.40
SSB Scotland Bancorp Inc. 2.11 NM
SSFC South Street Financial Corp. 4.18 NM
SSM Stone Street Bancorp Inc. 2.57 56.88
STFR St. Francis Capital. 1.41 20.15
STSA Sterling Financial Corp. 0.00 0.00
SVRN Sovereign Bancorp Inc. 0.51 12.23
SWCB Sandwich Bancorp Inc. 2.26 54.66
SZB SouthFirst Bancshares Inc. 3.40 75.34
TBFC Telebanc Financial Corp. 0.00 0.00
THR Three Rivers Financial Corp. 2.67 37.04
THRD TF Financial Corp. 2.01 33.07
THTL Thistle Group Holdings Co. 0.00 NA
TPNZ Tappan Zee Financial Inc. 1.49 35.44
TRIC Tri-County Bancorp Inc. 3.39 47.30
TSBK Timberland Bancorp Inc. 1.68 NA
TSBS Peoples Bancorp Inc. 1.12 NA
TSH Teche Holding Co. 2.88 43.48
TWIN Twin City Bancorp 2.99 46.45
UBMT United Financial Corp. 3.67 NA
UCBC Union Community Bancorp 2.43 NA
UCFC United Community Finl Corp. 0.00 NA
UFBS Union Financial Bcshs Inc. 2.31 31.32
UFRM United Federal Savings Bank 1.41 42.11
UPFC United PanAm Financial Corp. 0.00 NA
USAB USABancshares Inc. 0.00 0.00
UTBI United Tennessee Bankshares 0.00 NA
WAMU Washington Mutual Inc. 2.21 46.34
WAYN Wayne Savings Bancshares (MHC) 2.70 75.15
WBST Webster Financial Corp. 1.64 24.55
WCBI Westco Bancorp Inc. 2.47 37.50
WCFB Webster City Federal SB (MHC) 4.51 125.00
WEFC Wells Financial Corp. 3.12 40.80
WEHO Westwood Homestead Fin. Corp. 3.20 NM
WES Westcorp 1.83 125.00
WFI Winton Financial Corp. 1.70 26.06
WFSL Washington Federal Inc. 3.83 41.78
WHGB WHG Bancshares Corp. 2.17 52.00
146
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 5, 1998
--------------------------------------------------------------------
Current Price in Relation to
Current Current --------------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
WOFC Western Ohio Financial Corp. 23.00 52.84 30.26 191.67 121.05 100.97 107.93 14.81
WRNB Warren Bancorp Inc. 11.88 93.87 14.84 15.03 16.73 236.55 236.55 24.82
WSB Washington Savings Bank, FSB 5.88 25.97 16.32 13.66 19.58 112.76 112.76 9.49
WSBI Warwick Community Bancorp 14.75 97.45 NA NA NA 113.99 113.99 26.28
WSFS WSFS Financial Corp. 17.81 223.46 12.72 13.19 13.60 233.77 235.00 14.40
WSTR WesterFed Financial Corp. 22.25 124.27 15.89 17.25 17.25 113.29 138.98 12.16
WVFC WVS Financial Corp. 13.23 55.16 20.07 15.56 14.39 167.21 167.21 18.57
WYNE Wayne Bancorp Inc. 34.00 68.45 28.33 34.00 35.05 194.62 194.62 24.86
YFCB Yonkers Financial Corp. 16.31 44.47 15.10 15.10 16.82 109.41 109.41 11.26
YFED York Financial Corp. 16.81 150.04 17.51 15.15 18.48 140.46 140.46 12.32
All Public Average 240.03 21.69 21.15 24.32 153.64 160.18 18.49
All Public Median 59.42 17.79 18.03 19.05 137.20 141.24 17.12
Current LTM
Dividend Dividend
Yield Payout Ratio
(%) (%)
-------- ------------
WOFC Western Ohio Financial Corp. 4.35 833.33
WRNB Warren Bancorp Inc. 3.03 84.81
WSB Washington Savings Bank, FSB 1.70 23.26
WSBI Warwick Community Bancorp 0.00 NA
WSFS WSFS Financial Corp. 0.67 2.22
WSTR WesterFed Financial Corp. 2.25 39.61
WVFC WVS Financial Corp. 3.93 153.06
WYNE Wayne Bancorp Inc. 0.59 20.00
YFCB Yonkers Financial Corp. 1.72 24.07
YFED York Financial Corp. 3.09 41.14
All Public Average 1.70 52.67
All Public Median 1.70 31.42
147
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 5, 1998
------------------------------------------------------------------------
Current Price in Relation to
Current Current ------------------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA
BANC BankAtlantic Bancorp Inc. 10.69 375.56 17.81 15.95 35.63 153.56 198.66 10.43
BKUNA BankUnited Financial Corp. 11.63 189.86 22.36 21.93 28.35 127.28 142.11 5.40
CMSV Community Savings Bnkshrs(MHC) 31.00 178.50 34.46 33.98 36.84 211.86 211.86 23.47
FDTR Federal Trust Corp. 3.94 19.46 49.23 NA NA 153.23 153.23 13.17
FFFL Fidelity Bankshares Inc. (MHC) 28.00 190.46 22.58 25.93 30.11 215.22 221.87 14.42
FFPB First Palm Beach Bancorp Inc. 37.75 193.90 41.03 25.20 47.19 160.50 167.85 10.99
HARB Harbor Florida Bancshares Inc. 11.88 365.00 16.49 NA NA 141.20 142.73 27.68
OCN Ocwen Financial Corp. 18.00 1,093.89 NM 39.13 138.46 256.05 279.94 31.21
Florida Average 168.26 29.42 26.85 52.76 176.86 189.28 17.10
Florida Median 68.45 22.58 23.07 36.54 157.03 181.26 13.80
Current LTM
Dividend Dividend
Yield Payout Ratio
Ticker Short Name (%) (%)
- -----------------------------------------------------------------
FLORIDA
BANC BankAtlantic Bancorp Inc. 0.90 NM
BKUNA BankUnited Financial Corp. 0.00 0.00
CMSV Community Savings Bnkshrs(MHC) 2.57 87.38
FDTR Federal Trust Corp. 0.00 NA
FFFL Fidelity Bankshares Inc. (MHC) 3.21 81.02
FFPB First Palm Beach Bancorp Inc. 1.85 41.27
HARB Harbor Florida Bancshares Inc. 2.19 NA
OCN Ocwen Financial Corp. 0.00 0.00
Florida Average 1.34 42.33
Florida Median 1.38 43.27
148
EXHIBIT 8
INDUSTRY MULTIPLES
PRICING DATA AS OF AUGUST 5, 1998
---------------------------------------------------------------------
Current Price in Relation to
Current Current ---------------------------------------------------------------------
Stock Market Price/ Tangible
Price Value Earnings LTM EPS LTM Core EPS Book Value Book Value Assets
Ticker Short Name ($) ($M) (x) (x) (x) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
COMPARABLES
ANDB Andover Bancorp Inc. 34.38 222.78 11.02 14.63 15.01 195.20 195.20 16.00
EBSI Eagle Bancshares 24.13 139.62 16.30 19.61 19.46 185.15 185.15 12.04
FAB FIRSTFED AMERICA BANCORP INC. 17.88 147.86 20.31 20.78 25.54 113.42 113.42 11.24
FNGB First Northern Capital Corp. 12.75 112.95 16.78 17.71 19.03 150.18 150.18 16.36
FWWB First Washington Bancorp Inc. 24.00 255.25 16.67 17.52 18.75 147.60 159.26 20.70
KFBI Klamath First Bancorp 17.63 174.78 16.95 18.95 18.95 110.02 120.14 17.33
MDBK Medford Bancorp Inc. 41.50 184.87 15.26 16.53 17.36 182.18 191.95 16.28
MECH MECH Financial Inc. 29.00 153.56 15.43 17.90 18.01 165.62 165.02 16.09
WSTR WesterFed Financial Corp. 22.25 124.27 15.89 17.25 17.25 113.29 138.98 12.16
YFED York Financial Corp. 16.81 150.04 17.51 15.15 18.48 140.46 140.46 12.32
Comparable Average 166.60 15.91 17.60 18.78 150.31 156.04 15.05
Comparable Median 151.80 16.49 17.62 18.62 148.89 154.72 16.05
All Public Average 240.03 21.69 21.15 24.32 153.64 160.18 18.49
All Public Median 39.42 17.79 18.03 19.05 137.20 141.24 17.12
Florida Average 325.83 29.42 26.85 52.76 176.86 189.28 17.10
Florida Median 192.18 22.58 25.07 36.24 157.03 181.26 13.80
Current LTM
Dividend Dividend
Yield Payout Ratio
Ticker Short Name (%) (%)
- ------------------------------------------------------------------------
COMPARABLES
ANDB Andover Bancorp Inc. 2.10 26.38
EBSI Eagle Bancshares 2.65 48.78
FAB FIRSTFED AMERICA BANCORP INC. 1.12 5.81
FNGB First Northern Capital Corp. 2.82 47.22
FWWB First Washington Bancorp Inc. 1.50 21.90
KFBI Klamath First Bancorp 2.04 36.02
MDBK Medford Bancorp Inc. 1.93 37.45
MECH MECH Financial Inc. 2.07 9.26
WSTR WesterFed Financial Corp. 2.25 39.61
YFED York Financial Corp. 3.09 44.14
Comparable Average 2.16 31.66
Comparable Median 2.08 36.74
All Public Average 1.70 52.67
All Public Median 1.70 31.42
Florida Average 1.34 42.33
Florida Median 1.38 43.27
149
EXHIBIT 9
STANDARD CONVERSIONS - 1997 TO DATE
SELECTED MARKET DATA
MARKET DATA AS OF 8/13/98
GROSS
IPO PRICE PROCEEDS
TICKER SHORT NAME IPO DATE ($) ($000)
- ---------------------------------------------------------------------------------------------------------
CITZ CFS Bancorp Inc. 07/24/98 10.000 178,538
UCFC United Community Finl Corp. 07/09/98 10.000 334,656
HRBT Hudson River Bancorp 07/01/98 10.000 173,337
----------------------------------------------------------------------------------------
Q3`98 AVERAGE
MEDIAN
----------------------------------------------------------------------------------------
FKAN First Kansas Financial Corp. 06/29/98 10.000 15,539
CFKY Columbia Financial of Kentucky 04/15/98 10.000 26,715
EFC EFC Bancorp Inc. 04/07/98 10.000 69,365
HBSC Heritage Bancorp Inc. 04/06/98 15.000 69,431
NEP Northeast PA Financial Corp. 04/01/98 10.000 59,515
---------------------------------------------------------------------------------------
Q2`98 AVERAGE
MEDIAN
---------------------------------------------------------------------------------------
BYS Bay State Bancorp 03/30/98 20.000 46,949
HLFC Home Loan Financial Corp. 03/26/98 10.000 22,483
CAVB Cavalry Bancorp Inc. 03/17/98 10.000 75,383
ICBC Independence Comm. Bank Corp. 03/17/98 10.000 704,109
RCBK Richmond County Financial Corp 02/18/98 10.000 244,663
HFBC HopFed Bancorp Inc. 02/09/98 10.000 40,336
TSBK Timberland Bancorp Inc. 01/13/98 10.000 66,125
MYST Mystic Financial Inc. 01/09/98 10.000 27,111
UTBI United Tennessee Bankshares 01/05/98 10.000 14,548
---------------------------------------------------------------------------------------
Q1`98 AVERAGE
MEDIAN
---------------------------------------------------------------------------------------
1998 YTD AVERAGE
MEDIAN
---------------------------------------------------------------------------------------
PEDE Great Pee Dee Bancorp 12/31/97 10.000 21,821
UCBC Union Community Bancorp 12/29/97 10.000 30,418
WSBI Warwick Community Bancorp 12/23/97 10.000 64,141
SIB Staten Island Bancorp Inc. 12/22/97 12.000 515,775
HCBC High Country Bancorp Inc. 12/10/97 10.000 13,225
FSFF First SecurityFed Financial 10/31/97 10.000 64,080
OTFC Oregon Trail Financial Corp. 10/06/97 10.000 46,949
RVSB Riverview Bancorp Inc. 10/01/97 10.000 NA
SHSB SHS Bancorp Inc. 10/01/97 10.000 8,200
---------------------------------------------------------------------------------------
Q4`97 AVERAGE
MEDIAN
---------------------------------------------------------------------------------------
OSFS Ohio State Financial Services 09/29/97 10.000 6,332
FSPT FirstSpartan Financial Corp. 07/09/97 20.000 88,608
GOSB GSB Financial Corp. 07/09/97 10.000 22,483
FBNW FirstBank Corp. 07/02/97 10.000 19,838
---------------------------------------------------------------------------------------
Q3`97 AVERAGE
MEDIAN
---------------------------------------------------------------------------------------
HCBB HCB Bancshares Inc. 05/07/97 10.000 26,450
PSFC Peoples-Sidney Financial Corp. 04/28/97 10.000 17,854
HMLK Hemlock Federal Financial Corp 04/02/97 10.000 20,763
GSLA GS Financial Corp. 04/01/97 10.000 34,385
---------------------------------------------------------------------------------------
Q2'97 AVERAGE
MEDIAN
---------------------------------------------------------------------------------------
MRKF Market Financial Corp. 03/27/97 10.000 13,357
EFBC Empire Federal Bancorp Inc. 01/27/97 10.000 25,921
FAB FIRSTFED AMERICA BANCORP INC. 01/15/97 10.000 87,126
RSLN Roslyn Bancorp Inc. 01/13/97 10.000 423,714
AFBC Advance Financial Bancorp 01/02/97 10.000 10,845
---------------------------------------------------------------------------------------
Q1'97 AVERAGE
MEDIAN
---------------------------------------------------------------------------------------
1997 AVERAGE
MEDIAN
---------------------------------------------------------------------------------------
1/1/97 TO AVERAGE
8/13/98 MEDIAN
---------------------------------------------------------------------------------------
PRICE TO PRO-FORMA
------------------------------------------------
CONVERSION PRO-FORMA PRO-FORMA PRO-FORMA
ASSETS TOTAL EQUITY BOOK VALUE TANG. BOOK PRO-FORMA ADJUSTED
TICKER SHORT NAME ($000) $000 (%) (%) EARNINGS ASSETS
- -------------------------------------------------------------------------------------------------------------------------------
CITZ CFS Bancorp Inc. 746,050 249,133 71.7 71.7 18.2 19.3
UCFC United Community Finl Corp. 1,044,993 430,111 77.8 77.8 14.1 24.3
HRBT Hudson River Bancorp 664,996 216,300 80.1 80.1 22.3 20.7
------------------------------------------------------------------------------------------------------------
Q3`98 AVERAGE 76.5 76.5 18.2 21.4
MEDIAN 77.8 77.8 18.2 20.7
------------------------------------------------------------------------------------------------------------
FKAN First Kansas Financial Corp. 95,655 19,784 78.5 78.5 14.0 14.0
CFKY Columbia Financial of Kentucky 104,006 35,863 74.5 74.5 19.6 20.4
EFC EFC Bancorp Inc. 315,910 90,516 76.6 76.6 13.5 18.0
HBSC Heritage Bancorp Inc. 247,499 89,014 78.0 78.0 16.1 21.9
NEP Northeast PA Financial Corp. 369,242 78,908 75.4 75.4 18.7 13.9
------------------------------------------------------------------------------------------------------------
Q2`98 AVERAGE 76.6 76.6 16.4 17.6
MEDIAN 76.6 76.6 16.1 18.0
------------------------------------------------------------------------------------------------------------
BYS Bay State Bancorp 233,074 59,695 78.6 78.6 20.9 16.8
HLFC Home Loan Financial Corp. 60,401 29,603 75.9 75.9 17.0 27.1
CAVB Cavalry Bancorp Inc. 275,925 94,465 79.8 79.8 14.3 21.5
ICBC Independence Comm. Bank Corp. 3,733,316 912,373 77.2 82.7 17.9 15.9
RCBK Richmond County Financial Corp 993,370 307,206 79.6 79.6 14.0 19.8
HFBC HopFed Bancorp Inc. 202,496 53,478 75.4 75.4 12.4 16.6
TSBK Timberland Bancorp Inc. 206,188 81,091 81.5 81.5 10.5 24.3
MYST Mystic Financial Inc. 149,653 34,869 77.8 77.8 17.5 15.3
UTBI United Tennessee Bankshares 64,189 18,556 78.4 78.4 16.1 18.5
-----------------------------------------------------------------------------------------------------------
Q1`98 AVERAGE 78.2 78.9 15.6 19.5
MEDIAN 78.4 78.6 16.1 18.5
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
1998 YTD AVERAGE 77.5 77.8 16.3 19.3
MEDIAN 77.8 78.0 16.1 19.3
----------------------------------------------------------------------------------------------------------
PEDE Great Pee Dee Bancorp 60,538 29,534 73.9 73.9 15.9 26.5
UCBC Union Community Bancorp 84,291 41,044 74.1 74.1 13.5 26.5
WSBI Warwick Community Bancorp 286,545 82,152 78.1 78.1 13.5 18.3
SIB Staten Island Bancorp Inc. 2,144,500 640,283 80.6 83.0 14.1 19.4
HCBC High Country Bancorp Inc. 76,324 17,010 77.7 77.7 30.5 14.8
FSFF First SecurityFed Financial 258,115 84,543 75.8 75.8 25.9 19.9
OTFC Oregon Trail Financial Corp. 204,213 61,266 76.6 76.6 18.5 18.7
RVSB Riverview Bancorp Inc. NA NA 100.0 100.0 NA NA
SHSB SHS Bancorp Inc. 81,688 11,593 70.7 70.7 12.5 9.1
-----------------------------------------------------------------------------------------------------------
Q4`97 AVERAGE 78.6 78.9 18.1 19.2
MEDIAN 76.6 76.6 15.0 19.1
-----------------------------------------------------------------------------------------------------------
OSFS Ohio State Financial Services 33,929 9,998 63.3 63.3 17.0 15.7
FSPT FirstSpartan Financial Corp. 375,526 121,408 73.0 73.0 19.5 19.1
GOSB GSB Financial Corp. 96,323 30,613 73.4 73.4 19.0 18.9
FBNW FirstBank Corp. 133,194 27,578 71.9 71.9 18.0 13.0
-----------------------------------------------------------------------------------------------------------
Q3`97 AVERAGE 70.4 70.4 18.4 16.7
MEDIAN 72.5 72.5 18.5 17.3
-----------------------------------------------------------------------------------------------------------
HCBB HCB Bancshares Inc. 171,241 36,760 72.0 72.0 26.2 13.4
PSFC Peoples-Sidney Financial Corp. 86,882 25,061 71.2 71.2 11.5 17.0
HMLK Hemlock Federal Financial Corp 146,595 28,989 71.6 71.6 37.5 12.4
GSLA GS Financial Corp. 86,521 53,934 63.8 63.8 38.7 28.4
-----------------------------------------------------------------------------------------------------------
Q2'97 AVERAGE 69.7 69.6 28.5 17.8
MEDIAN 71.4 71.4 31.9 15.2
-----------------------------------------------------------------------------------------------------------
MRKF Market Financial Corp. 45,547 18,795 71.1 71.1 26.2 22.7
EFBC Empire Federal Bancorp Inc. 86,810 38,067 68.1 68.1 21.5 23.0
FAB FIRSTFED AMERICA BANCORP INC. 723,778 120,969 72.0 72.0 13.6 10.7
RSLN Roslyn Bancorp Inc. 1,596,744 588,624 72.0 72.0 9.3 21.0
AFBC Advance Financial Bancorp 91,852 15,256 71.1 71.1 16.8 10.6
-----------------------------------------------------------------------------------------------------------
Q1'97 AVERAGE 70.9 70.9 17.5 17.6
MEDIAN 71.1 71.1 16.8 21.0
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
1997 AVERAGE 73.7 73.8 20.0 18.1
MEDIAN 72.0 72.0 18.0 18.7
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
1/1/97 TO AVERAGE 75.4 75.6 18.3 18.6
8/13/98 MEDIAN 75.4 75.4 17.0 18.8
-----------------------------------------------------------------------------------------------------------
PERCENT CHANGE FROM IPO
------------------------------------------------------
AFTER AFTER AFTER AFTER
1 DAY 1 WEEK 1 MONTH 3 MONTHS
TICKER SHORT NAME (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------
CITZ CFS Bancorp Inc. 14.38% 9.38% NA NA
UCFC United Community Finl Corp. 50.00% 60.00% 57.50% NA
HRBT Hudson River Bancorp 25.63% 35.00% 33.75% NA
----------------------------------------------------------------------------------------
Q3`98 AVERAGE 30.00% 34.79% 45.63% -
MEDIAN 25.63% 35.00% 45.63% -
----------------------------------------------------------------------------------------
FKAN First Kansas Financial Corp. 23.13% 22.50% 15.00% NA
CFKY Columbia Financial of Kentucky 71.25% 59.38% 60.00% 40.00%
EFC EFC Bancorp Inc. 47.50% 49.38% 41.25% 36.25%
HBSC Heritage Bancorp Inc. NA 46.25% 45.83% 32.50%
NEP Northeast PA Financial Corp. 55.00% 53.75% 54.38% 38.75%
----------------------------------------------------------------------------------------
Q2`98 AVERAGE 49.22% 46.25% 43.29% 36.88%
MEDIAN 51.25% 49.38% 45.83% 37.50%
----------------------------------------------------------------------------------------
BYS Bay State Bancorp 46.88% 48.13% 50.63% 35.00%
HLFC Home Loan Financial Corp. 52.50% 61.88% 67.50% 47.50%
CAVB Cavalry Bancorp Inc. 105.63% 143.75% 140.00% 122.50%
ICBC Independence Comm. Bank Corp. 72.50% 75.63% 81.25% 63.13%
RCBK Richmond County Financial Corp 63.13% 64.38% 78.75% 87.50%
HFBC HopFed Bancorp Inc. 68.13% 60.00% 67.50% 118.75%
TSBK Timberland Bancorp Inc. 45.00% 60.00% 60.00% 76.25%
MYST Mystic Financial Inc. 44.38% 56.25% 50.00% 73.75%
UTBI United Tennessee Bankshares 47.50% 37.50% 42.50% 50.00%
----------------------------------------------------------------------------------------
Q1`98 AVERAGE 60.63% 67.50% 70.90% 74.93%
MEDIAN 52.50% 60.00% 67.50% 73.75%
----------------------------------------------------------------------------------------
1998 YTD AVERAGE 52.03% 55.48% 59.11% 63.22%
MEDIAN 48.75% 56.25% 55.94% 50.00%
----------------------------------------------------------------------------------------
PEDE Great Pee Dee Bancorp 61.25% 55.00% 48.75% 57.50%
UCBC Union Community Bancorp 46.88% 42.50% 42.50% 58.13%
WSBI Warwick Community Bancorp 56.25% 70.00% 56.25% 75.63%
SIB Staten Island Bancorp Inc. 58.86% 61.98% 59.90% 74.48%
HCBC High Country Bancorp Inc. 44.38% 50.63% 45.00% 50.00%
FSFF First SecurityFed Financial 50.63% 51.25% 60.63% 46.88%
OTFC Oregon Trail Financial Corp. 67.50% 63.75% 61.25% 67.50%
RVSB Riverview Bancorp Inc. 31.88% 36.25% 32.50% 77.50%
SHSB SHS Bancorp Inc. 47.50% 62.50% 60.00% 67.50%
----------------------------------------------------------------------------------------
Q4`97 AVERAGE 51.68% 54.87% 51.86% 63.90%
MEDIAN 50.63% 55.00% 56.25% 67.50%
----------------------------------------------------------------------------------------
OSFS Ohio State Financial Services 55.00% 53.70% 49.60% 52.50%
FSPT FirstSpartan Financial Corp. 83.44% 85.00% 78.13% 91.88%
GOSB GSB Financial Corp. 46.25% 48.75% 43.75% 55.00%
FBNW FirstBank Corp. 58.13% 55.63% 77.50% 72.50%
----------------------------------------------------------------------------------------
Q3`97 AVERAGE 60.71% 60.77% 62.24% 67.97%
MEDIAN 56.57% 54.67% 63.55% 63.75%
----------------------------------------------------------------------------------------
HCBB HCB Bancshares Inc. 26.25% 27.50% 28.75% 38.75%
PSFC Peoples-Sidney Financial Corp. 25.63% 28.75% 32.50% 55.00%
HMLK Hemlock Federal Financial Corp 28.75% 28.75% 30.00% 40.00%
GSLA GS Financial Corp. 33.75% 37.50% 40.00% 51.25%
----------------------------------------------------------------------------------------
Q2'97 AVERAGE 28.60% 30.63% 32.81% 46.25%
MEDIAN 27.50% 28.75% 31.25% 45.63%
----------------------------------------------------------------------------------------
MRKF Market Financial Corp. 29.38% 22.50% 26.25% 37.50%
EFBC Empire Federal Bancorp Inc. 32.50% 35.00% 37.50% 31.25%
FAB FIRSTFED AMERICA BANCORP INC. 36.25% 41.25% 48.75% 38.75%
RSLN Roslyn Bancorp Inc. 50.00% 59.38% 60.00% 58.75%
AFBC Advance Financial Bancorp 28.75% 29.38% 40.00% 40.00%
----------------------------------------------------------------------------------------
Q1'97 AVERAGE 35.38% 37.50% 42.50% 41.25%
MEDIAN 32.50% 35.00% 40.00% 38.75%
----------------------------------------------------------------------------------------
1997 AVERAGE 45.42% 47.59% 48.16% 56.28%
MEDIAN 46.57% 49.69% 46.88% 55.00%
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
1/1/97 TO AVERAGE 48.20% 51.03% 52.77% 58.86%
8/13/98 MEDIAN 47.50% 51.25% 49.80% 55.00%
----------------------------------------------------------------------------------------
CURRENT PRICE TO
CURENT --------------------------------------------------------
STOCK PRICE BOOK VALUE TANG. BOOK LTM EARNINGS
TICKER SHORT NAME 8/13/98 (%) (%) (X)
- -------------------------------------------------------------------------------------------------------------------------
CITZ CFS Bancorp Inc. 10.625 NA NA NA
UCFC United Community Finl Corp. 15.375 NA NA NA
HRBT Hudson River Bancorp 12.125 NA NA NA
-------------------------------------------------------------------------------------------------------
Q3`98 AVERAGE 12.708 - - -
MEDIAN 12.125 - - -
-------------------------------------------------------------------------------------------------------
FKAN First Kansas Financial Corp. 10.875 80.790 81.830 NA
CFKY Columbia Financial of Kentucky 14.250 NA NA NA
EFC EFC Bancorp Inc. 11.250 NA NA NA
HBSC Heritage Bancorp Inc. 18.375 NA NA NA
NEP Northeast PA Financial Corp. 12.750 88.730 88.730 NA
-------------------------------------------------------------------------------------------------------
Q2`98 AVERAGE 13.500 84.760 85.280
MEDIAN 12.750 84.760 85.280
-------------------------------------------------------------------------------------------------------
BYS Bay State Bancorp 23.750 87.19 87.19 NA
HLFC Home Loan Financial Corp. 14.500 103.28 103.28 NA
CAVB Cavalry Bancorp Inc. 19.750 147.72 147.72 NA
ICBC Independence Comm. Bank Corp. 13.750 108.87 115.35 NA
RCBK Richmond County Financial Corp 15.063 121.09 121.48 NA
HFBC HopFed Bancorp Inc. 17.250 119.29 119.29 NA
TSBK Timberland Bancorp Inc. 14.875 115.49 115.49 NA
MYST Mystic Financial Inc. 13.750 103.15 103.15 NA
UTBI United Tennessee Bankshares 12.750 91.59 91.59 NA
-------------------------------------------------------------------------------------------------------
Q1`98 AVERAGE 16.160 110.85 111.62
MEDIAN 14.875 108.87 115.35
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
1998 YTD AVERAGE 14.768 106.11 106.83
MEDIAN 14.250 103.28 103.28
-------------------------------------------------------------------------------------------------------
PEDE Great Pee Dee Bancorp 11.750 82.80 82.80 NA
UCBC Union Community Bancorp 13.625 95.21 95.21 NA
WSBI Warwick Community Bancorp 14.750 113.99 113.99 NA
SIB Staten Island Bancorp Inc. 19.500 123.81 126.95 NA
HCBC High Country Bancorp Inc. 13.500 98.90 98.90 NA
FSFF First SecurityFed Financial 15.250 104.52 104.81 NA
OTFC Oregon Trail Financial Corp. 15.625 98.33 98.33 NA
RVSB Riverview Bancorp Inc. 15.125 142.55 147.13 NA
SHSB SHS Bancorp Inc. 17.750 118.89 118.89 NA
-------------------------------------------------------------------------------------------------------
Q4`97 AVERAGE 15.208 108.78 109.67 -
MEDIAN 15.125 104.52 104.81 -
-------------------------------------------------------------------------------------------------------
OSFS Ohio State Financial Services 16.000 97.150 97.150 NA
FSPT FirstSpartan Financial Corp. 37.500 126.820 126.820 NA
GOSB GSB Financial Corp. 13.625 95.280 95.280 NA
FBNW FirstBank Corp. 18.875 114.190 114.190 NA
-------------------------------------------------------------------------------------------------------
Q3`97 AVERAGE 21.500 108.36 108.36 -
MEDIAN 17.438 105.67 105.67 -
-------------------------------------------------------------------------------------------------------
HCBB HCB Bancshares Inc. 13.125 90.8 91.9 NA
PSFC Peoples-Sidney Financial Corp. 19.750 123.6 123.6 NA
HMLK Hemlock Federal Financial Corp 16.750 108.3 108.3 NA
GSLA GS Financial Corp. 13.500 84.0 84.0 NA
-------------------------------------------------------------------------------------------------------
Q2'97 AVERAGE 15.781 101.68 101.95 -
MEDIAN 15.125 99.59 100.13 -
-------------------------------------------------------------------------------------------------------
MRKF Market Financial Corp. 13.750 116.7 116.7 27.5
EFBC Empire Federal Bancorp Inc. 14.000 89.3 89.3 20.9
FAB FIRSTFED AMERICA BANCORP INC. 16.875 107.1 107.1 19.6
RSLN Roslyn Bancorp Inc. 18.938 131.9 132.4 16.1
AFBC Advance Financial Bancorp 16.375 112.8 112.8 17.2
--------------------------------------------------------------------------------------------------------
Q1'97 AVERAGE 15.988 111.55 111.66 20.26
MEDIAN 16.375 112.78 112.78 19.62
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
1997 AVERAGE 16.634 108.04 108.48 20.26
MEDIAN 15.438 107.71 107.71 19.62
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
1/1/97 TO AVERAGE 15.821 107.40 107.93 20.26
8/13/98 MEDIAN 14.875 107.07 107.07 19.62
--------------------------------------------------------------------------------------------------------
CURRENT PRICE TO
----------------------------------------------
EARNINGS CORE EPS LTM EPS ASSETS
TICKER SHORT NAME (X) (X) (X) (%)
- ------------------------------------------------------------------------------------------------
CITZ CFS Bancorp Inc. NA NA NA NA
UCFC United Community Finl Corp. NA NA NA NA
HRBT Hudson River Bancorp NA NA NA NA
------------------------------------------------------------------------------
Q3`98 AVERAGE - - - -
MEDIAN - - - -
------------------------------------------------------------------------------
FKAN First Kansas Financial Corp. NA NA NA 15.940
CFKY Columbia Financial of Kentucky NA NA NA NA
EFC EFC Bancorp Inc. NA NA NA NA
HBSC Heritage Bancorp Inc. NA NA NA NA
NEP Northeast PA Financial Corp. NA NA NA 17.150
------------------------------------------------------------------------------
Q2`98 AVERAGE 16.545
MEDIAN 16.545
------------------------------------------------------------------------------
BYS Bay State Bancorp 26.99 26.99 NA 20.93
HLFC Home Loan Financial Corp. 24.17 24.17 NA 39.79
CAVB Cavalry Bancorp Inc. 22.44 27.43 NA 43.81
ICBC Independence Comm. Bank Corp. 22.92 22.92 NA 21.85
RCBK Richmond County Financial Corp 17.12 17.12 NA 24.94
HFBC HopFed Bancorp Inc. 20.54 20.54 NA 31.94
TSBK Timberland Bancorp Inc. 15.49 16.17 NA 37.38
MYST Mystic Financial Inc. 19.10 20.22 NA 18.73
UTBI United Tennessee Bankshares NA NA NA 24.71
------------------------------------------------------------------------------
Q1`98 AVERAGE 21.10 21.95 29.34
MEDIAN 21.49 21.73 24.94
------------------------------------------------------------------------------
------------------------------------------------------------------------------
1998 YTD AVERAGE 21.10 21.95 27.02
MEDIAN 21.49 21.73 24.71
------------------------------------------------------------------------------
PEDE Great Pee Dee Bancorp 17.28 17.28 NA 37.36
UCBC Union Community Bancorp 21.29 21.29 NA 38.35
WSBI Warwick Community Bancorp NA NA NA 26.28
SIB Staten Island Bancorp Inc. 18.06 18.06 NA 29.15
HCBC High Country Bancorp Inc. 21.09 21.09 NA 19.35
FSFF First SecurityFed Financial 15.89 15.89 NA 30.23
OTFC Oregon Trail Financial Corp. 21.70 21.70 NA 28.60
RVSB Riverview Bancorp Inc. 18.01 18.91 NA 34.83
SHSB SHS Bancorp Inc. 16.44 20.17 NA 16.46
-----------------------------------------------------------------------------
Q4`97 AVERAGE 18.72 19.30 - 28.96
MEDIAN 18.04 19.54 - 29.15
-----------------------------------------------------------------------------
OSFS Ohio State Financial Services NA NA NA 26.320
FSPT FirstSpartan Financial Corp. 19.950 21.800 NA 30.820
GOSB GSB Financial Corp. 42.580 42.580 NA 23.730
FBNW FirstBank Corp. 18.880 52.430 NA 19.260
-----------------------------------------------------------------------------
Q3`97 AVERAGE 27.14 38.94 - 25.03
MEDIAN 19.95 42.58 - 25.03
-----------------------------------------------------------------------------
HCBB HCB Bancshares Inc. 41.0 41.0 NA 15.7
PSFC Peoples-Sidney Financial Corp. 24.7 24.7 NA 33.4
HMLK Hemlock Federal Financial Corp 19.9 19.9 NA 17.5
GSLA GS Financial Corp. 21.1 30.7 NA 35.0
-----------------------------------------------------------------------------
Q2'97 AVERAGE 26.69 29.08 - 25.39
MEDIAN 22.89 27.69 - 25.48
-----------------------------------------------------------------------------
MRKF Market Financial Corp. 31.3 31.3 27.5 34.2
EFBC Empire Federal Bancorp Inc. 20.6 20.6 20.9 32.8
FAB FIRSTFED AMERICA BANCORP INC. 19.2 23.4 24.1 10.6
RSLN Roslyn Bancorp Inc. 14.8 15.8 16.9 20.4
AFBC Advance Financial Bancorp 14.6 16.4 18.4 15.9
-----------------------------------------------------------------------------
Q1'97 AVERAGE 20.09 21.49 21.56 22.78
MEDIAN 19.18 20.59 20.90 20.35
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
1997 AVERAGE 21.92 24.75 21.56 26.19
MEDIAN 19.95 21.19 20.90 27.46
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
1/1/97 TO AVERAGE 21.68 23.95 21.56 26.47
8/13/98 MEDIAN 20.25 21.19 20.90 26.28
-----------------------------------------------------------------------------
150
================================================================================
EXHIBIT 10
SECOND STEP CONVERSIONS - 1997 TO DATE
SELECTED MARKET DATA
MARKET DATA AS OF 8/13/98
IPO PRICE
TICKER SHORT NAME IPO DATE ($)
- ---------------------------------------------------------------------
HSTD Homestead Bancorp Inc. 07/20/98 10.000
PSBI PSB Bancorp Inc. 07/17/98 10.000
THTL Thistle Group Holdings Co. 07/14/98 10.000
SBAN SouthBanc Shares Inc. 04/15/98 20.000
FSLA First Source Bancorp Inc. 04/09/98 10.000
TSBS Peoples Bancorp Inc. 04/09/98 10.000
PFSL Pocahontas Bancorp Inc. 04/01/98 10.000
HARB Harbor Florida Bancshares Inc. 03/19/98 10.000
HFWA Heritage Financial Corp. 01/09/98 10.000
GFED Guaranty Federal Bcshs Inc. 12/31/97 10.000
EBI Equality Bancorp Inc. 12/02/97 10.000
FSNJ Bayonne Bancshares Inc. 08/22/97 10.000
MONT Montgomery Financial Corp. 07/01/97 10.000
- ---------------------------------------------------------------------
1/1/97 TO AVERAGE
8/13/98 MEDIAN
- ---------------------------------------------------------------------
------------------------------------------------
PERCENT CHANGE FROM IPO
------------------------------------------------
AFTER AFTER AFTER AFTER CURRENT
1 DAY 1 WEEK 1 MONTH 3 MONTHS STOCK PRICE
TICKER SHORT NAME (%) (%) (%) (%) 8/13/98
- ---------------------------------------------------------------------------------------------------
HSTD Homestead Bancorp Inc. -6.87% -7.50% NA NA 8.250
PSBI PSB Bancorp Inc. -8.12% -8.75% -20.62% NA 7.938
THTL Thistle Group Holdings Co. -0.62% -1.87% -8.12% NA 9.188
SBAN SouthBanc Shares Inc. 13.75% 12.50% 4.38% -5.00% 18.250
FSLA First Source Bancorp Inc. 5.63% 5.00% 5.00% -5.00% 8.938
TSBS Peoples Bancorp Inc. 4.38% 5.63% 6.25% -0.94% 8.688
PFSL Pocahontas Bancorp Inc. 4.38% 2.50% -0.62% -3.75% 8.750
HARB Harbor Florida Bancshares Inc. 20.00% 16.88% 26.25% 19.38% 12.125
HFWA Heritage Financial Corp. 32.50% 32.50% 42.50% 53.75% 12.750
GFED Guaranty Federal Bcshs Inc. 28.75% 25.00% 23.75% 25.00% 12.625
EBI Equality Bancorp Inc. 34.38% 49.38% 41.25% 57.50% 13.000
FSNJ Bayonne Bancshares Inc. 17.50% 18.75% 26.88% 22.50% 14.938
MONT Montgomery Financial Corp. 11.25% 12.50% 20.63% 22.50% 11.000
-----------------------------------------------------------------------------------------
1/1/97 TO AVERAGE 12.07% 12.50% 13.96% 18.59% 11.265
8/13/98 MEDIAN 11.25% 12.50% 13.44% 20.94% 11.000
-----------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CURRENT PRICE TO
--------------------------------------------------------------------------------
% CHANGE
FROM BOOK VALUE TANG. BOOK LTM EARNINGS EARNINGS CORE EPS LTM EPS ASSETS
TICKER SHORT NAME IPO TO DATE (%) (%) (X) (X) (X) (X) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
HSTD Homestead Bancorp Inc. -17.50% NA NA NA NA NA NA NA
PSBI PSB Bancorp Inc. -20.62% NA NA NA NA NA NA NA
THTL Thistle Group Holdings Co. -8.12% NA NA NA NA NA NA NA
SBAN SouthBanc Shares Inc. -8.75% NA NA NA NA NA NA NA
FSLA First Source Bancorp Inc. -10.62% 109.400 113.000 NA NA NA NA 23.230
TSBS Peoples Bancorp Inc. -13.12% 92.430 95.260 NA NA NA NA 36.120
PFSL Pocahontas Bancorp Inc. -12.50% 100.110 103.430 NA NA NA NA 14.460
HARB Harbor Florida Bancshares Inc. 21.25% 144.170 145.730 NA 16.840 17.830 NA 28.260
HFWA Heritage Financial Corp. 27.50% 133.790 133.790 NA NA NA NA 38.530
GFED Guaranty Federal Bcshs Inc. 26.25% 105.120 105.120 NA 21.040 21.040 NA 30.240
EBI Equality Bancorp Inc. 30.00% 125.000 125.000 NA 21.670 NM NA 11.970
FSNJ Bayonne Bancshares Inc. 49.38% 141.590 141.590 NA 31.120 31.120 NA 19.400
MONT Montgomery Financial Corp. 10.00% 91.290 91.290 NA 16.180 16.180 NA 16.660
------------------------------------------------------------------------------------------------
1/1/97 TO AVERAGE 5.63% 115.878 117.134 - 21.370 21.543 - 24.319
8/13/98 MEDIAN -8.12% 109.400 113.000 - 21.040 19.435 - 23.230
------------------------------------------------------------------------------------------------
151
EXHIBIT 11
FULL CONVERSION - NO FOUNDATION
COMMUNITY SAVINGS BANKSHARES, INC.
PRO-FORMA ANALYSIS SHEET - TWELVE MONTHS ENDED
JUNE 30, 1998
INCLUDES SOP 93-6
------------------------------------------------------------------------------------------
Bank Comparables State National
------------------------------------------------------------------------------------------
Mean Median Mean Median Mean Median
Min 16.67
Price-Earnings Ratio P/E Mid 18.87 17.47 17.76 26.22 24.05 20.85 17.73
- ------------------------
Max 21.28
Smax 23.81
Min 83.54%
Price-to-Book Ratio P/B Mid 92.08% 148.75% 155.30% 173.46% 165.33% 150.25% 133.33%
- -----------------------
Max 99.70%
Smax 107.41%
Min 83.54%
Price-to-Tangible Book Ratio P/TB Mid 92.08% 154.38% 157.44% 183.92% 172.53% 156.31% 136.35%
- ---------------------------------
Max 99.70%
Smax 107.41%
Min 13.56%
Price-to-Assets Ratio P/A Mid 15.79% 14.95% 15.62% 16.73% 12.08% 18.10% 16.71%
- -------------------------
Max 17.96%
Smax 20.41%
PAGE 1
152
EXHIBIT 11
FULL CONVERSION - NO FOUNDATION
Valuation Parameters
- ------------------------------------------------------------------------------------------
Prior Twelve Mos. Earning Base Y
Period Ended June 30, 1998 $ 5,132 (1)
- ------------------------------------------------------------------------------------------
Pre-Conversion Book Value B
As of June 30, 1998 $ 83,078
- ------------------------------------------------------------------------------------------
Pre-Conversion Assets A
As of June 30, 1998 $ 765,488
- ------------------------------------------------------------------------------------------
Return on Money R 3.37%(2)
- ------------------------------------------------------------------------------------------
Conversion Expenses $ 1,526
X 1.17%(3)
- ------------------------------------------------------------------------------------------
Proceeds Not Invested $ 8,090 (4)
- ------------------------------------------------------------------------------------------
Estimated ESOP Borrowings $ 5,393
ESOP Purchases E 8.00%(5)
Cost of ESOP Borrowings $ 360 (5)
Cost of ESOP Borrowings S 0.00 (5)
Amort of ESOP Borrowings T 15 Years
- ------------------------------------------------------------------------------------------
Amort of MRP Amount N 5 Years
Estimated MRP Amount $ 2,697 (6)
MRP Purchases M 4.00%
MRP Expense $ 539
- ------------------------------------------------------------------------------------------
Foundation Amount $ -- (7)
Foundation Amount F 0.00% 0.00%
Foundation Opportunity Cost $ --
Tax Benefit Z $ -- (8)
- ------------------------------------------------------------------------------------------
Tax Rate TAX 37.65%
- ------------------------------------------------------------------------------------------
Percentage Sold PCT 51.86%
- ------------------------------------------------------------------------------------------
Amount to be issued to Public $ 67,418 (9)
- ------------------------------------------------------------------------------------------
Earnings Multiple (1 if stub period, 0 if full twelve months) 12 0
- ------------------------------------------------------------------------------------------
- ---------------
(1) Net income for the twelve months ended June 30, 1998.
(2) Net Return assumes a reinvestment rate of 5.41 percent (the 1 year Treasury
at June 30, 1998), and a tax rate of 38%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over 15 years. (6) Assumes MRP is
amortized straight line over 5 years.
(7) Not applicable.
(8) Not Applicable.
(9) The amount to be offered to public.
PAGE 2
153
EXHIBIT 11
Full Conversion - No Foundation
PRO FORMA CALCULATION
Calculation of Estimated Value (V) at Midpoint Value
3. V= P/E*Y = $130,000,000
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
2. V= P/B*(B+Z) = $130,000,000
1-P/B*PCT*(1-X-E-M-F)
1. V= P/A*A = $130,000,000
1-P/A*PCT*(1-X-E-M-F)
The appraisal was performed on a market basis and not on the above formulas.
Total Shares Price Total
Conclusion Shares Per Share Value
- ---------- ------ --------- -----
Appraised Value - Midpoint 13,000,000 $ 10 $130,000,000
Range:
- Minimum 11,050,000 $ 10 110,500,000
- Maximum 14,950,000 10 149,500,000
- Super Maximum 17,192,500 10 171,925,000
PRE FOUNDATION
---------------------------------------------------------------------
Appraised Value
---------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum*
---------------------------------------------------------------------
Total Shares 11,050,000 13,000,000 14,950,000 17,192,500
Price per Share $ 10 $ 10 $ 10 $ 10
Full Conversion Value $110,500,000 $130,000,000 $149,500,000 $171,925,000
Exchange Shares 5,319,341 6,258,223 7,196,857 8,276,324
Exchange Percent 48.14% 48.14% 48.14% 48.14%
Conversion Shares 5,730,659 6,741,777 7,753,143 8,916,176
Conversion Percent 51.86% 51.86% 51.86% 51.86%
Gross Proceeds $ 57,306,590 $ 67,417,770 $ 77,531,430 $ 89,161,760
Exchange Value $ 53,193,410 $ 62,582,230 $ 71,968,570 $ 82,763,240
Exchange Ratio 2.1416 2.5196 2.8975 3.3321
---------------------------------------------------------------------
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Page 3
154
EXHIBIT 11
Full Conversion - No Foundation
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF JUNE 30, 1998
(DOLLARS IN THOUSANDS)
---------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
---------------------------------------------------------------------
- -------------------------------
Conversion Proceeds
- -------------------------------
Total Shares Offered 11,050,000 13,000,000 14,950,000 17,192,500
Conversion Shares Offered 5,730,659 6,741,777 7,753,143 8,916,176
Price Per Share $ 10 $ 10 $ 10 $ 10
---------------------------------------------------------------------
Gross Proceeds $ 57,307 $ 67,418 $ 77,531 $ 89,162
Plus: Value issued to Foundation (9) -- -- -- --
---------------------------------------------------------------------
Pro Forma Market Capitalization 57,307 67,418 77,531 89,162
=====================================================================
Gross Proceeds 57,307 67,418 77,531 89,162
Less: Est. Conversion Expenses 1,456 1,526 1,596 1,676
Less: Cash issued to Foundation -- -- -- --
---------------------------------------------------------------------
Net Proceeds $ 55,851 $ 65,892 $ 75,935 $ 87,486
=====================================================================
- -------------------------------
Estimated Income from Proceeds
- -------------------------------
Net Conversion Proceeds $ 55,851 $ 65,892 $ 75,935 $ 87,486
Less: ESOP Adjustment (3) 4,585 5,393 6,202 7,133
Less: MRP Adjustment (3) 2,292 2,697 3,101 3,566
---------------------------------------------------------------------
Net Proceeds Reinvested $ 48,974 $ 57,802 $ 66,632 $ 76,787
Estimated Incremental Rate of Return 3.37% 3.37% 3.37% 3.37%
---------------------------------------------------------------------
Estimated Incremental Return $ 1,650 $ 1,948 $ 2,245 $ 2,588
Less: Cost of ESOP (4) -- -- -- --
Less: Amortization of ESOP (7) 191 224 258 296
Less: MRP Adjustment (7) 286 336 387 445
---------------------------------------------------------------------
Pro-forma Net Income 1,173 1,388 1,600 1,847
Earnings Before Conversion 5,132 5,132 5,132 5,132
---------------------------------------------------------------------
Earnings Excluding Adjustment 6,305 6,520 6,732 6,979
Earnings Adjustment (6) -- -- -- --
---------------------------------------------------------------------
Earnings After Conversion $ 6,305 $ 6,520 $ 6,732 $ 6,979
---------------------------------------------------------------------
Page 4
155
EXHIBIT 11
Full Conversion - No Foundation
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF JUNE 30, 1998
(DOLLARS IN THOUSANDS)
---------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
---------------------------------------------------------------------
- -----------------------------
Pro-forma Net Worth
- -----------------------------
Net Worth at June 30, 1998 $ 83,078 $ 83,078 $ 83,078 $ 83,078
Net Conversion Proceeds 55,851 65,892 75,935 87,486
Plus: MHC Adjustment (7) 200 200 200 200
Plus: After tax Foundation Contribution -- -- -- --
Less: ESOP Adjustment (1) (4,585) (5,393) (6,202) (7,133)
Less: MRP Adjustment (2) (2,292) (2,697) (3,101) (3,566)
---------------------------------------------------------------------
Pro-forma Net Worth $ 132,252 $ 141,080 $ 149,910 $ 160,065
- -----------------------------
Pro-forma Tangible Net Worth
- -----------------------------
Pro-forma Net Worth $ 132,252 $ 141,080 $ 149,910 $ 160,065
Less: Intangible (5) -- -- -- --
---------------------------------------------------------------------
Pro-forma Tangible Net Worth $ 132,252 $ 141,080 $ 149,910 $ 160,065
- -----------------------------
Pro-forma Assets
- -----------------------------
Total Assets at June 30, 1998 $ 765,488 $ 765,488 $ 765,488 $ 765,488
Net Conversion Proceeds 55,851 65,892 75,935 87,486
Plus: MHC Adjustment (7) 200 200 200 200
Plus: Tax Benefit of Foundation -- -- -- --
Less: ESOP Adjustment (1) (4,585) (5,393) (6,202) (7,133)
Less: MRP Adjustment (2) (2,292) (2,697) (3,101) (3,566)
---------------------------------------------------------------------
Pro-forma Assets Excluding Adjustment 814,662 823,490 832,320 842,475
Plus: Adjustment (6) -- -- -- --
---------------------------------------------------------------------
Pro-forma Total Assets $ 814,662 $ 823,490 $ 832,320 $ 842,475
---------------------------------------------------------------------
- ------------------------------
Stockholder's Equity Per Share
- ------------------------------
Net Worth at June 30, 1998 $ 7.52 $ 6.39 $ 5.56 $ 4.83
Estimated Net Proceeds 5.05 5.07 5.08 5.09
Plus: MHC Adjustment 0.02 0.02 0.01 0.01
Plus: Foundation Contribution -- -- -- --
Less: ESOP Stock (0.41) (0.41) (0.41) (0.41)
Less: MRP Stock (0.21) (0.21) (0.21) (0.21)
---------------------------------------------------------------------
Pro-forma Net Worth Per Share 11.97 10.86 10.03 9.31
Less: Intangible -- -- -- --
---------------------------------------------------------------------
Pro-forma Tangible Net Worth Per Share $ 11.97 $ 10.86 $ 10.03 $ 9.31
---------------------------------------------------------------------
Page 5
156
EXHIBIT 11
Full Conversion - No Foundation
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF JUNE 30, 1998
(DOLLARS IN THOUSANDS)
---------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
---------------------------------------------------------------------
- ---------------------------
Net Earnings Per Share
- ---------------------------
Historical Earnings Per Share (8) $ 0.49 $ 0.42 $ 0.36 $ 0.31
Incremental return Per Share (8) 0.16 0.16 0.16 0.16
ESOP Adjustment Per Share (8) (0.02) (0.02) (0.02) (0.02)
MRP Adjustment Per Share (8) (0.03) (0.03) (0.03) (0.03)
Normalizing Adjustment Per Share -- -- -- --
---------------------------------------------------------------------
Proforma Earnings Per Share (8) $ 0.60 $ 0.53 $ 0.47 $ 0.42
=====================================================================
- ---------------------------
Shares Utilized
- ---------------------------
Shares Utilized 10,498 12,352 14,204 16,336
---------------------------------------------------------------------
- ---------------------------
Pro-forma Ratios
- ---------------------------
Price/EPS without Adjustment 16.67 18.87 21.28 23.81
Price/EPS with Adjustment 16.67 18.87 21.28 23.81
Price/Book Value per Share 83.54% 92.08% 99.70% 107.41%
Price/Tangible Book Value 83.54% 92.08% 99.70% 107.41%
Market Value/Assets 13.56% 15.79% 17.96% 20.41%
---------------------------------------------------------------------
(1) ESOP Borrowings are deducted from net worth and assets, and amortized
over 15 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized
over 5 years.
(3) Consists of ESOP and MRP amortization.
(4) The ESOP loan is from the Holding Company and therefore, there are no
costs.
(5) Not applicable.
(6) Not applicable.
(7) ESOP and MRP are amortized over 15 and 5 years respectively, and tax
impacted at 37.65%.
(8) All EPS computations are done in accordance with SOP 93-6.
(9) Not applicable.
Page 6
157
EXHIBIT 11
FULL CONVERSION - NO FOUNDATION
- -------------------------------
Expense Calculations
- -------------------------------
Total Shares Offered 5,731 6,742 7,753 8,916
Price Per Share $ 10 $ 10 $ 10 $ 10
-----------------------------------------------
Gross Proceeds $ 57,307 $ 67,418 $ 77,531 $ 89,162
Estimated Insider Purchases (216) (216) (216) (216)
ESOP Purchases (4,585) (5,393) (6,202) (7,133)
-----------------------------------------------
Proceeds to Base Fee On $ 52,506 $ 61,809 $ 71,113 $ 81,813
Underwriters Percentage 0.75% 0.75% 0.75% 0.75%
-----------------------------------------------
Underwriters Fee $ 394 $ 464 $ 534 $ 614
Advisory Fee -- -- -- --
-----------------------------------------------
Total Underwriters Fee 394 464 534 614
All Other Expenses 1,062 1,062 1,062 1,062
-----------------------------------------------
Total Expense $ 1,456 $ 1,526 $ 1,596 $ 1,676
- -------------------------------
Shares Calculations Mipoint Calculation
- ------------------------------- -------------------
Shares Outstanding 11,050 13,000 14,950 17,193 BV/Share ESOP 12/97 98,450
Less: New ESOP Adjustment 459 539 620 713 - 2 Qtrs Amort 13,600
Less: Old ESOP Adjustment (1) 182 214 246 283 x Exch Ratio 2.5196
=======
Plus: New SOP 93-6 ESOP Shares (2) 31 36 41 48 = 213,788
=======
Plus: Old SOP 93-6 ESOP Shares (2) 58 69 79 91 Beg ESOP 190,388
=========================================== EPS Amort Yrs 7
Shares for all EPS Calculations 10,498 12,352 14,204 16,336 Yearly Amort 27,198
=========================================== x Exch Ratio 2.5196
=======
= 68,529
=======
POST FOUNDATION
--------------------------------------------------------
Appraised Value
--------------------------------------------------------
--------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum
--------------------------------------------------------
Shares Issued and Exchanged $ 11,050,000 13,000,000 14,950,000 17,192,500
Price per Share $ 10 $ 1 $ 10 $ 10
Shares Issued to Foundation -- -- -- --
Total Shares 11,050,000 13,000,000 14,950,000 17,192,500
Exchange Shares 5,319,341 6,258,223 7,196,857 8,276,324
Conversion Shares 5,730,659 6,741,777 7,753,143 8,916,176
Implied Exhange Ratio 2.1416 2.5196 2.8975 3.3321
Gross Proceeds $ 57,306,590 $ 67,417,770 $77,531,430 $ 89,161,760
Exchange Value $ 53,193,410 $ 62,582,230 $71,968,570 $ 82,763,240
--------------------------------------------------------
PAGE 7
158
EXHIBIT 11
FULL CONVERSION - NO FOUNDATION
- -------------------------------
MRP Dilution
- ---------------------------------------------------------------------------------------------------------------------
Shares Outstanding 11,050,000 13,000,000 14,950,000 17,192,500
Less: New ESOP Adjustment 458,453 539,342 620,251 713,294
Less: Old ESOP Adjustment 182,000 214,000 246,000 283,000
Plus: New MRP issued (1) 442,000 520,000 598,000 687,700
Plus: New SOP 93-6 ESOP Shares (2) 30,564 35,956 41,350 47,553
Plus: Old SOP 93-6 ESOP Shares 58,000 69,000 79,000 91,000
(2)
Shares for all EPS Calculations 10,940,111 12,871,614 14,802,099 17,022,459
EPS $ 0.58 $ 0.51 $ 0.46 $ 0.42
BV/Share $ 11.51 $ 10.43 $ 9.64 $ 8.95
Voting Dilution 4.21% 4.21% 4.21% 4.21%
- ---------------------------------------------------------------------------------------------------------------------
- -------------------------------
Option Dilution
- ---------------------------------------------------------------------------------------------------------------------
Shares Outstanding 11,050,000 13,000,000 14,950,000 17,192,500
Less: New ESOP Adjustment 458,453 539,342 620,251 713,294
Less: Old ESOP Adjustment 182,000 214,000 246,000 283,000
Plus: Options (1) 573,066 674,178 775,314 891,618
Plus: New SOP 93-6 ESOP Shares (2) 30,564 35,956 41,350 47,553
Plus: Old SOP 93-6 ESOP Shares 58,000 69,000 79,000 91,000
(2)
Shares for all EPS Calculations 11,071,177 13,025,792 14,979,413 17,226,377
EPS $ 0.57 $ 0.50 $ 0.45 $ 0.41
BV/Share $ 11.87 $ 10.81 $ 10.03 $ 9.34
Voting Dilution 5.46% 5.45% 5.46% 5.45%
- ----------------------------------------------------------------------------------------------------------------------
PAGE 8
159
EXHIBIT 12
Stub Period - No Foundation
COMMUNITY SAVINGS BANKSHARES, INC.
PRO-FORMA ANALYSIS SHEET - SIX MONTHS ENDED
JUNE 30, 1998
INCLUDES SOP 93-6
Bank Comparables State National
-----------------------------------------------------------------------------
Mean Median Mean Median Mean Median
---- ------ ---- ------ ---- ------
Min 16.67
Price-Earnings Ratio P/E Mid 19.23 17.47 17.76 26.22 24.05 20.85 17.73
Max 20.83
Smax 23.81
Min 83.54%
Price-to-Book Ratio P/B Mid 92.08% 148.75% 155.30% 173.46% 165.33% 150.25% 133.33%
Max 99.70%
Smax 107.41%
Min 83.54%
Price-to-Tangible Book Ratio P/TB Mid 92.08% 154.38% 157.44% 183.92% 172.53% 156.31% 136.35%
Max 99.70%
Smax 107.41%
Min 13.56%
Price-to-Assets Ratio P/A Mid 15.79% 14.95% 15.62% 16.73% 12.08% 18.10% 16.71%
Max 17.96%
Smax 20.41%
Page 1
160
EXHIBIT 12
Stub Period - No Foundation
Valuation Parameters
- ------------------------------------------------------------------------------------
Six Months Ended Y
Period Ended June 30, 1998 $ 2,511 (1)
- ------------------------------------------------------------------------------------
Pre-Conversion Book Value B
As of June 30, 1998 $ 83,078
- ------------------------------------------------------------------------------------
Pre-Conversion Assets A
As of June 30, 1998 $ 765,488
- ------------------------------------------------------------------------------------
Return on Money R 3.37% (2)
- ------------------------------------------------------------------------------------
Conversion Expenses $ 1,526
X 1.17% (3)
- ------------------------------------------------------------------------------------
Proceeds Not Invested $ 8,090 (4)
- ------------------------------------------------------------------------------------
Estimated ESOP Borrowings $ 5,393
ESOP Purchases E 8.00% (5)
Cost of ESOP Borrowings $ 360 (5)
Cost of ESOP Borrowings S 0.00% (5)
Amort of ESOP Borrowings T 15 Years
- ------------------------------------------------------------------------------------
Amort of MRP Amount N 5 Years
Estimated MRP Amount $ 2,697 (6)
MRP Purchases M 4.00%
MRP Expense $ 539
- ------------------------------------------------------------------------------------
Foundation Amount $ -- (7)
Foundation Amount F 0.00% 0.00%
Foundation Opportunity Cost $ --
Tax Benefit Z $ -- (8)
- ------------------------------------------------------------------------------------
Tax Rate TAX 37.65%
- ------------------------------------------------------------------------------------
Percentage Sold PCT 51.86%
- ------------------------------------------------------------------------------------
Amount to be issued to Public $ 67,418 (9)
- ------------------------------------------------------------------------------------
Earnings Multiple (1 if stub period, 0 if full twelve months) 6 1
- ------------------------------------------------------------------------------------
(1) Net income for the 6 months ended June 30, 1998.
(2) Net Return assumes a reinvestment rate of 5.41 percent (the 1 year
Treasury at June 30, 1998), and a tax rate of 38%.
(3) Conversion expenses reflect estimated expenses as presented in the
offering document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over 15 years.
(6) Assumes MRP is amortized straight line over 5 years.
(7) Not applicable.
(8) Not Applicable.
(9) The amount to be offered to public.
Page 2
161
EXHIBIT 12
Stub Period - No Foundation
PRO FORMA CALCULATION
Calculation of Estimated Value (V) at Midpoint Value
3. V= P/E*Y = $130,000,000
-----
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
2. V= P/B*(B+Z) = $130,000,000
---------
1-P/B*PCT*(1-X-E-M-F)
1. V= P/A*A = $130,000,000
-----
1-P/A*PCT*(1-X-E-M-F)
The appraisal was performed on a market basis and not on the above formulas.
Total Shares Price Total
Conclusion Shares Per Share Value
------ --------- -----
Appraised Value - Midpoint 13,000,000 $ 10 $130,000,000
Range:
- Minimum 11,050,000 $ 10 110,500,000
- Maximum 14,950,000 10 149,500,000
- Super Maximum 17,192,500 10 171,925,000
PRE FOUNDATION
---------------------------------------------------------------------
Appraised Value
---------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum*
---------------------------------------------------------------------
Total Shares 11,050,000 13,000,000 14,950,000 17,192,500
Price per Share $ 10 $ 10 $ 10 $ 10
Full Conversion Value $110,500,000 $130,000,000 $149,500,000 $171,925,000
Exchange Shares 5,319,341 6,258,223 7,196,857 8,276,324
Exchange Percent 48.14% 48.14% 48.14% 48.14%
Conversion Shares 5,730,659 6,741,777 7,753,143 8,916,176
Conversion Percent 51.86% 51.86% 51.86% 51.86%
Gross Proceeds $ 57,306,590 $ 67,417,770 $ 77,531,430 $ 89,161,760
Exchange Value $ 53,193,410 $ 62,582,230 $ 71,968,570 $ 82,763,240
Exchange Ratio 2.1416 2.5196 2.8975 3.3321
---------------------------------------------------------------------
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Page 3
162
EXHIBIT 12
Stub Period - No Foundation
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF JUNE 30, 1998
(DOLLARS IN THOUSANDS)
---------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
---------------------------------------------------------------------
- --------------------------------
Conversion Proceeds
- --------------------------------
Total Shares Offered 11,050,000 13,000,000 14,950,000 17,192,500
Conversion Shares Offered 5,730,659 6,741,777 7,753,143 8,916,176
Price Per Share $ 10 $ 10 $ 10 $ 10
---------------------------------------------------------------------
Gross Proceeds $ 57,307 $ 67,418 $ 77,531 $ 89,162
Plus: Value issued to Foundation (9) -- -- -- --
---------------------------------------------------------------------
Pro Forma Market Capitalization 57,307 67,418 77,531 89,162
=====================================================================
Gross Proceeds 57,307 67,418 77,531 89,162
Less: Est. Conversion Expenses 1,456 1,526 1,596 1,676
Less: Cash issued to Foundation -- -- -- --
---------------------------------------------------------------------
Net Proceeds $ 55,851 $ 65,892 $ 75,935 $ 87,486
=====================================================================
- -------------------------------
Estimated Income from Proceeds
- -------------------------------
Net Conversion Proceeds $ 55,851 $ 65,892 $ 75,935 $ 87,486
Less: ESOP Adjustment (3) 4,585 5,393 6,202 7,133
Less: MRP Adjustment (3) 2,292 2,697 3,101 3,566
---------------------------------------------------------------------
Net Proceeds Reinvested $ 48,974 $ 57,802 $ 66,632 $ 76,787
Estimated Incremental Rate of Return 3.37% 3.37% 3.37% 3.37%
---------------------------------------------------------------------
Estimated Incremental Return $ 825 $ 974 $ 1,123 $ 1,294
Less: Cost of ESOP (4) -- -- -- --
Less: Amortization of ESOP (7) 95 112 129 148
Less: MRP Adjustment (7) 143 168 193 222
---------------------------------------------------------------------
Pro-forma Net Income 587 694 801 924
Earnings Before Conversion 2,511 2,511 2,511 2,511
---------------------------------------------------------------------
Earnings Excluding Adjustment 3,098 3,205 3,312 3,435
Earnings Adjustment (6) -- -- -- --
---------------------------------------------------------------------
Earnings After Conversion $ 3,098 $ 3,205 $ 3,312 $ 3,435
---------------------------------------------------------------------
Page 4
163
EXHIBIT 12
Stub Period - No Foundation
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF JUNE 30, 1998
(DOLLARS IN THOUSANDS)
---------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
---------------------------------------------------------------------
- -------------------------------
Pro-forma Net Worth
- -------------------------------
Net Worth at June 30, 1998 $ 83,078 $ 83,078 $ 83,078 $ 83,078
Net Conversion Proceeds 55,851 65,892 75,935 87,486
Plus: MHC Adjustment (7) 200 200 200 200
Plus: After tax Foundation Contribution -- -- -- --
Less: ESOP Adjustment (1) (4,585) (5,393) (6,202) (7,133)
Less: MRP Adjustment (2) (2,292) (2,697) (3,101) (3,566)
---------------------------------------------------------------------
Pro-forma Net Worth $ 132,252 $ 141,080 $ 149,910 $ 160,065
- -------------------------------
Pro-forma Tangible Net Worth
- -------------------------------
Pro-forma Net Worth $ 132,252 $ 141,080 $ 149,910 $ 160,065
Less: Intangible (5) -- -- -- --
---------------------------------------------------------------------
Pro-forma Tangible Net Worth $ 132,252 $ 141,080 $ 149,910 $ 160,065
- -------------------------------
Pro-forma Assets
- -------------------------------
Total Assets at June 30, 1998 $ 765,488 $ 765,488 $ 765,488 $ 765,488
Net Conversion Proceeds 55,851 65,892 75,935 87,486
Plus: MHC Adjustment (7) 200 200 200 200
Plus: Tax Benefit of Foundation -- -- -- --
Less: ESOP Adjustment (1) (4,585) (5,393) (6,202) (7,133)
Less: MRP Adjustment (2) (2,292) (2,697) (3,101) (3,566)
---------------------------------------------------------------------
Pro-forma Assets Excluding Adjustment 814,662 823,490 832,320 842,475
Plus: Adjustment (6) -- -- -- --
---------------------------------------------------------------------
Pro-forma Total Assets $ 814,662 $ 823,490 $ 832,320 $ 842,475
---------------------------------------------------------------------
- -------------------------------
Stockholder's Equity Per Share
- -------------------------------
Net Worth at June 30, 1998 $ 7.52 $ 6.39 $ 5.56 $ 4.83
Estimated Net Proceeds 5.05 5.07 5.08 5.09
Plus: MHC Adjustment 0.02 0.02 0.01 0.01
Plus: Foundation Contribution -- -- -- --
Less: ESOP Stock (0.41) (0.41) (0.41) (0.41)
Less: MRP Stock (0.21) (0.21) (0.21) (0.21)
---------------------------------------------------------------------
Pro-forma Net Worth Per Share 11.97 10.86 10.03 9.31
Less: Intangible -- -- -- --
---------------------------------------------------------------------
Pro-forma Tangible Net Worth Per Share $ 11.97 $ 10.86 $ 10.03 $ 9.31
---------------------------------------------------------------------
Page 5
164
EXHIBIT 12
Stub Period - No Foundation
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF JUNE 30, 1998
(DOLLARS IN THOUSANDS)
---------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
---------------------------------------------------------------------
- --------------------------------
Net Earnings Per Share
- --------------------------------
Historical Earnings Per Share (8) $ 0.24 $ 0.20 $ 0.18 $ 0.15
Incremental return Per Share (8) 0.08 0.08 0.08 0.08
ESOP Adjustment Per Share (8) (0.01) (0.01) (0.01) (0.01)
MRP Adjustment Per Share (8) (0.01) (0.01) (0.01) (0.01)
Normalizing Adjustment Per Share -- -- -- --
---------------------------------------------------------------------
Proforma Earnings Per Share (8) $ 0.30 $ 0.26 $ 0.24 $ 0.21
- --------------------------------
Shares Utilized
- --------------------------------
Shares Utilized 10,453 12,299 14,144 16,266
- --------------------------------
Pro-forma Ratios
- --------------------------------
Price/EPS without Adjustment 16.67 19.23 20.83 23.81
Price/EPS with Adjustment 16.67 19.23 20.83 23.81
Price/Book Value per Share 83.54% 92.08% 99.70% 107.41%
Price/Tangible Book Value 83.54% 92.08% 99.70% 107.41%
Market Value/Assets 13.56% 15.79% 17.96% 20.41%
---------------------------------------------------------------------
(1) ESOP Borrowings are deducted from net worth and assets, and amortized
over 15 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized
over 5 years.
(3) Consists of ESOP and MRP amortization.
(4) The ESOP loan is from the Holding Company and therefore, there are no
costs.
(5) Not applicable.
(6) Not applicable.
(7) ESOP and MRP are amortized over 15 and 5 years respectively, and tax
impacted at 38%.
(8) All EPS computations are done in accordance with SOP 93-6.
(9) Not applicable.
Page 6
165
EXHIBIT 12
Stub Period - No Foundation
- --------------------
Expense Calculations
- --------------------
Total Shares Offered 5,731 6,742 7,753 8,916
Price Per Share $ 10 $ 10 $ 10 $ 10
------------------------------------------------------------------------
Gross Proceeds $ 57,307 $ 67,418 $ 77,531 $ 89,162
Estimated Insider Purchases (216) (216) (216) (216)
ESOP Purchases (4,585) (5,393) (6,202) (7,133)
------------------------------------------------------------------------
Proceeds to Base Fee On $ 52,506 $ 61,809 $ 71,113 $ 81,813
Underwriters Percentage 0.75% 0.75% 0.75% 0.75%
------------------------------------------------------------------------
Underwriters Fee $ 394 $ 464 $ 534 $ 614
Advisory Fee -- -- -- --
------------------------------------------------------------------------
Total Underwriters Fee 394 464 534 614
All Other Expenses 1,062 1,062 1,062 1,062
------------------------------------------------------------------------
Total Expense $ 1,456 $ 1,526 $ 1,596 $ 1,676
- -------------------
Shares Calculations
- -------------------
Shares Outstanding 11,050 13,000 14,950 17,193
Less: New ESOP Adjustment 459 539 620 713
Less: Old ESOP Adjustment (1) 182 214 246 283
Plus: New SOP 93-6 ESOP Shares (2) 15 18 21 24
Plus: Old SOP 93-6 ESOP Shares (2) 29 34 39 45
------------------------------------------------------------------------
Shares for all EPS Calculations 10,453 12,299 14,144 16,266
========================================================================
10,454,240 12,299,114 14,143,977 16,265,570
POST FOUNDATION
------------------------------------------------------------------------
Appraised Value
------------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum
------------------------------------------------------------------------
Shares Issued and Exchanged 11,050,000 13,000,000 14,950,000 17,192,500
Price per Share $ 10 $ 10 $ 10 $ 10
Shares Issued to Foundation -- -- -- --
Total Shares 11,050,000 13,000,000 14,950,000 17,192,500
Exchange Shares 5,319,341 6,258,223 7,196,857 8,276,324
Conversion Shares 5,730,659 6,741,777 7,753,143 8,916,176
Implied Exhange Ratio 2.1416 2.5196 2.8975 3.3321
Gross Proceeds $ 57,306,590 $ 67,417,770 $ 77,531,430 $ 89,161,760
Exchange Value $ 53,193,410 $ 62,582,230 $ 71,968,570 $ 82,763,240
------------------------------------------------------------------------
Page 7
166
EXHIBIT 12
Stub Period - No Foundation
- ------------
MRP Dilution
- ------------------------------------------------------------------------------------------------------------------
Shares Outstanding 11,050,000 13,000,000 14,950,000 17,192,500
Less: New ESOP Adjustment 458,453 539,342 620,251 713,294
Less: Old ESOP Adjustment 182,000 214,000 246,000 283,000
Plus: New MRP issued (1) 442,000 520,000 598,000 687,700
Plus: New SOP 93-6 ESOP Shares (2) 15,282 17,978 20,675 23,776
Plus: Old SOP 93-6 ESOP Shares 29,000 34,000 39,000 45,000
(2)
Shares for all EPS Calculations 10,895,829 12,818,636 14,741,424 16,952,682
EPS $ 0.29 $ 0.25 $ 0.23 $ 0.21
BV/Share $ 11.51 $ 10.43 $ 9.64 $ 8.95
Voting Dilution 4.24% 4.23% 4.22% 4.22%
- ------------------------------------------------------------------------------------------------------------------
- ---------------
Option Dilution
- ------------------------------------------------------------------------------------------------------------------
Shares Outstanding 11,050,000 13,000,000 14,950,000 17,192,500
Less: New ESOP Adjustment 458,453 539,342 620,251 713,294
Less: Old ESOP Adjustment 182,000 214,000 246,000 283,000
Plus: Options(1) 573,066 674,178 775,314 891,618
Plus: New SOP 93-6 ESOP Shares(2) 15,282 17,978 20,675 23,776
Plus: Old SOP 93-6 ESOP Shares 29,000 34,000 39,000 45,000
(2)
Shares for all EPS Calculations 11,026,895 12,972,814 14,918,738 17,156,600
EPS $ 0.28 $ 0.25 $ 0.22 $ 0.20
BV/Share $ 11.87 $ 10.81 $ 10.03 $ 9.34
Voting Dilution 5.49% 5.48% 5.48% 5.48%
- ------------------------------------------------------------------------------------------------------------------
Page 8
167
EXHIBIT 13
Offering Circular - No Foundation
COMMUNITY SAVINGS BANKSHARES, INC.
PRO-FORMA ANALYSIS SHEET - TWELVE MONTHS ENDED
DECEMBER 31, 1997
INCLUDES SOP 93-6
------------------------------------------------------------------------------------------
Bank Comparables State National
------------------------------------------------------------------------------------------
Mean Median Mean Median Mean Median
---- ------ ---- ------ ---- ------
Min 16.13
Price-Earnings Ratio P/E Mid 18.52 17.47 17.76 26.22 24.05 20.85 17.73
Max 20.41
Smax 22.73
Min 84.75%
Price-to-Book Ratio P/B Mid 93.28% 148.75% 155.30% 173.46% 165.33% 150.25% 133.33%
Max 100.91%
Smax 108.58%
Min 84.75%
Price-to-Tangible Book Ratio P/TB Mid 93.28% 154.38% 157.44% 183.92% 172.53% 156.31% 136.35%
Max 100.91%
Smax 108.58%
Min 14.36%
Price-to-Assets Ratio P/A Mid 16.71% 14.95% 15.62% 16.73% 12.08% 18.10% 16.71%
Max 19.00%
Smax 21.57%
Page 1
168
EXHIBIT 13
Offering Circular - No Foundation
Valuation Parameters
- --------------------------------------------------------------------------------------
Prior Twelve Mos. Earning Base Y
Period Ended December 31, 1997 $ 5,356 (1)
- --------------------------------------------------------------------------------------
Pre-Conversion Book Value B
As of December 31, 1997 $ 81,259
- --------------------------------------------------------------------------------------
Pre-Conversion Assets A
As of December 31, 1997 $720,133
- --------------------------------------------------------------------------------------
Return on Money R 3.37%(2)
- --------------------------------------------------------------------------------------
Conversion Expenses $ 1,526
X 1.17%(3)
- --------------------------------------------------------------------------------------
Proceeds Not Invested $ 8,090 (4)
- --------------------------------------------------------------------------------------
Estimated ESOP Borrowings $ 5,393
ESOP Purchases E 8.00%(5)
Cost of ESOP Borrowings $ 360 (5)
Cost of ESOP Borrowings S 0.00%(5)
Amort of ESOP Borrowings T 15 Years
- --------------------------------------------------------------------------------------
Amort of MRP Amount N 5 Years
Estimated MRP Amount $ 2,697 (6)
MRP Purchases M 4.00%
MRP Expense $ 539
- ---------------------------------------------------------------------------------------
Foundation Amount $ -- (7)
Foundation Amount F 0.00% 0.00%
Foundation Opportunity Cost $ --
Tax Benefit Z $ -- (8)
- ---------------------------------------------------------------------------------------
Tax Rate TAX 37.65%
- ---------------------------------------------------------------------------------------
Percentage Sold PCT 51.86%
- ---------------------------------------------------------------------------------------
Amount to be issued to Public $ 67,418 (9)
- ---------------------------------------------------------------------------------------
Earnings Multiple (1 if stub period, 0 if full twelve months) 12 0
- ---------------------------------------------------------------------------------------
- ---------------
(1) Net income for the twelve months ended December 31, 1997.
(2) Net Return assumes a reinvestment rate of 5.41 percent (the 1 year Treasury
at June 30, 1998), and a tax rate of 38%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over 15 years.
(6) Assumes MRP is amortized straight line over 5 years.
(7) Not applicable.
(8) Not Applicable.
(9) The amount to be offered to public.
Page 2
169
EXHIBIT 13
Offering Circular - No Foundation
PRO FORMA CALCULATION
Calculation of Estimated Value (V) at Midpoint Value
3. V= P/E*Y = $130,000,000
-----
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
2. V= P/B*(B+Z) = $130,000,000
---------
1-P/B*PCT*(1-X-E-M-F)
1. V= P/A*A = $130,000,000
-----
1-P/A*PCT*(1-X-E-M-F)
The appraisal was performed on a market basis and not on the above formulas.
Total Shares Price Total
Conclusion Shares Per Share Value
- ---------- ------ --------- -----
Appraised Value - Midpoint 13,000,000 $ 10 $ 130,000,000
Range:
- Minimum 11,050,000 $ 10 110,500,000
- Maximum 14,950,000 10 149,500,000
- Super Maximum 17,192,500 10 171,925,000
PRE FOUNDATION
------------------------------------------------------------------
Appraised Value
------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum*
------------------------------------------------------------------
Total Shares 11,050,000 13,000,000 14,950,000 17,192,500
Price per Share $ 10 $ 10 $ 10 $ 10
Full Conversion Value $ 110,500,000 $ 130,000,000 $149,500,000 $171,925,000
Exchange Shares 5,319,341 6,258,223 7,196,857 8,276,324
Exchange Percent 48.14% 48.14% 48.14% 48.14%
Conversion Shares 5,730,659 6,741,777 7,753,143 8,916,176
Conversion Percent 51.86% 51.86% 51.86% 51.86%
Gross Proceeds $ 57,306,590 $ 67,417,770 $ 77,531,430 $ 89,161,760
Exchange Value $ 53,193,410 $ 62,582,230 $ 71,968,570 $ 82,763,240
Exchange Ratio 2.1416 2.5196 2.8975 3.3321
-------------------------------------------------------------------
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Page 3
170
EXHIBIT 13
Offering Circular - No Foundation
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF DECEMBER 31, 1997
(DOLLARS IN THOUSANDS)
- ----------------------------------- ----------------------------------------------------------------------------
Conversion Proceeds Minimum Midpoint Maximum SuperMax
- ----------------------------------- ----------------------------------------------------------------------------
Total Shares Offered 11,050,000 3,000,000 14,950,000 17,192,500
Conversion Shares Offered 5,730,659 6,741,777 7,753,143 8,916,176
Price Per Share $ 10 $ 10 $ 10 $ 10
----------------------------------------------------------------------------
Gross Proceeds $ 57,307 $ 67,418 $ 77,531 $ 89,162
Plus: Value issued to Foundation (9) -- -- -- --
----------------------------------------------------------------------------
Pro Forma Market Capitalization 57,307 67,418 77,531 89,162
============================================================================
Gross Proceeds 57,307 67,418 77,531 89,162
Less: Est. Conversion Expenses 1,456 1,526 1,596 1,676
Less: Cash issued to Foundation -- -- -- --
----------------------------------------------------------------------------
Net Proceeds $ 55,851 $ 65,892 $ 75,935 $ 87,486
============================================================================
- -----------------------------------
Estimated Income from Proceeds
- -----------------------------------
Net Conversion Proceeds $ 55,851 $ 65,892 $ 75,935 $ 87,486
Less: ESOP Adjustment (3) 4,585 5,393 6,202 7,133
Less: MRP Adjustment (3) 2,292 2,697 3,101 3,566
----------------------------------------------------------------------------
Net Proceeds Reinvested $ 48,974 $ 57,802 $ 66,632 $ 76,787
Estimated Incremental Rate of Return 3.37% 3.37% 3.37% 3.37%
----------------------------------------------------------------------------
Estimated Incremental Return $ 1,650 $ 1,948 $ 2,245 $ 2,588
Less: Cost of ESOP (4) -- -- -- --
Less: Amortization of ESOP (7) 191 224 258 296
Less: MRP Adjustment (7) 286 336 387 445
----------------------------------------------------------------------------
Pro-forma Net Income 1,173 1,388 1,600 1,847
Earnings Before Conversion 5,356 5,356 5,356 5,356
----------------------------------------------------------------------------
Earnings Excluding Adjustment 6,529 6,744 6,956 7,203
Earnings Adjustment (6) -- -- -- --
----------------------------------------------------------------------------
Earnings After Conversion $ 6,529 $ 6,744 $ 6,956 $ 7,203
----------------------------------------------------------------------------
Page 4
171
EXHIBIT 13
Offering Circular - No Foundation
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF DECEMBER 31, 1997
(DOLLARS IN THOUSANDS)
- ----------------------------------- ---------------------------------------------------------------------
Pro-forma Net Worth Minimum Midpoint Maximum SuperMax
- ----------------------------------- ---------------------------------------------------------------------
Net Worth at December 31, 1997 $ 81,259 $ 81,259 $ 81,259 $ 81,259
Net Conversion Proceeds 55,851 65,892 75,935 87,486
Plus: MHC Adjustment (7) 200 200 200 200
Plus: After tax Foundation Contribution -- - -- --
Less: ESOP Adjustment (1) (4,585) (5,393) (6,202) (7,133)
Less: MRP Adjustment (2) (2,292) (2,697) (3,101) (3,566)
---------------------------------------------------------------------
Pro-forma Net Worth $ 130,433 $ 139,261 $ 148,091 $ 158,246
- -----------------------------------
Pro-forma Tangible Net Worth
- -----------------------------------
Pro-forma Net Worth $ 130,433 $ 139,261 $ 148,091 $ 158,246
Less: Intangible (5) -- -- -- --
---------------------------------------------------------------------
Pro-forma Tangible Net Worth $ 130,433 $ 139,261 $ 148,091 $ 158,246
- -----------------------------------
Pro-forma Assets
- -----------------------------------
Total Assets at December 31, 1997 $ 720,133 $ 720,133 $ 720,133 $ 720,133
Net Conversion Proceeds 55,851 65,892 75,935 87,486
Plus: MHC Adjustment (7) 200 200 200 200
Plus: Tax Benefit of Foundation -- -- -- --
Less: ESOP Adjustment (1) (4,585) (5,393) (6,202) (7,133)
Less: MRP Adjustment (2) (2,292) (2,697) (3,101) (3,566)
---------------------------------------------------------------------
Pro-forma Assets Excluding Adjustment 769,307 778,135 786,965 797,120
Plus: Adjustment (6) -- -- -- --
---------------------------------------------------------------------
Pro-forma Total Assets $ 769,307 $ 778,135 $ 786,965 $ 797,120
---------------------------------------------------------------------
- -----------------------------------
Stockholder's Equity Per Share
- -----------------------------------
Net Worth at December 31, 1997 $ 7.35 $ 6.25 $ 5.44 $ 4.73
Estimated Net Proceeds 5.05 5.07 5.08 5.09
Plus: MHC Adjustment 0.02 0.02 0.01 0.01
Plus: Foundation Contribution -- -- -- --
Less: ESOP Stock (0.41) (0.41) (0.41) (0.41)
Less: MRP Stock (0.21) (0.21) (0.21) (0.21)
---------------------------------------------------------------------
Pro-forma Net Worth Per Share 11.80 10.72 9.91 9.21
Less: Intangible -- -- -- --
---------------------------------------------------------------------
Pro-forma Tangible Net Worth Per Share $ 11.80 $ 10.72 $ 9.91 $ 9.21
---------------------------------------------------------------------
172
EXHIBIT 13
Offering Circular - No Foundation
PROFORMA EFFECT OF CONVERSION PROCEEDS
AS OF DECEMBER 31, 1997
(DOLLARS IN THOUSANDS)
------------------------------------------------------------------------
Minimum Midpoint Maximum SuperMax
------------------------------------------------------------------------
- ------------------------------
Net Earnings Per Share
- ------------------------------
Historical Earnings Per Share (8) $ 0.51 $ 0.43 $ 0.38 $ 0.33
Incremental return Per Share (8) 0.16 0.16 0.16 0.16
ESOP Adjustment Per Share (8) (0.02) (0.02) (0.02) (0.02)
MRP Adjustment Per Share (8) (0.03) (0.03) (0.03) (0.03)
Normalizing Adjustment Per Share -- -- -- --
------------------------------------------------------------------------
Proforma Earnings Per Share (8) $ 0.62 $ 0.54 $ 0.49 $ 0.44
- -----------------------------
Shares Utilized
- -----------------------------
Shares Utilized 10,469 12,318 14,165 16,291
- -----------------------------
Pro-forma Ratios
- -----------------------------
Price/EPS without Adjustment 16.13 18.52 20.41 22.73
Price/EPS with Adjustment 16.13 18.52 20.41 22.73
Price/Book Value per Share 84.75% 93.28% 100.91% 108.58%
Price/Tangible Book Value 84.75% 93.28% 100.91% 108.58%
Market Value/Assets 14.36% 16.71% 19.00% 21.57%
------------------------------------------------------------------------
(1) ESOP Borrowings are deducted from net worth and assets, and amortized
over 15 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized
over 5 years.
(3) Consists of ESOP and MRP amortization.
(4) The ESOP loan is from the Holding Company and therefore, there are no
costs.
(5) Not applicable.
(6) Not applicable.
(7) ESOP and MRP are amortized over 15 and 5 years respectively, and tax
impacted at 38%.
(8) All EPS computations are done in accordance with SOP 93-6.
(9) Not applicable.
Page 6
173
EXHIBIT 13
Offering Circular - No Foundation
- -----------------------------
Expense Calculations
- -----------------------------
Total Shares Offered 5,731 6,742 7,753 8,916
Price Per Share $ 10 $ 10 $ 10 $ 10
------------------------------------------------------------------------
Gross Proceeds $ 57,307 $ 67,418 $ 77,531 $ 89,162
Estimated Insider Purchases (216) (216) (216) (216)
ESOP Purchases (4,585) (5,393) (6,202) (7,133)
------------------------------------------------------------------------
Proceeds to Base Fee On $ 52,506 $ 61,809 $ 71,113 $ 81,813
Underwriters Percentage 0.75% 0.75% 0.75% 0.75%
------------------------------------------------------------------------
Underwriters Fee $ 394 $ 464 $ 534 $ 614
Advisory Fee -- -- -- --
------------------------------------------------------------------------
Total Underwriters Fee 394 464 534 614
All Other Expenses 1,062 1,062 1,062 1,062
------------------------------------------------------------------------
Total Expense $ 1,456 $ 1,526 $ 1,596 $ 1,676
- -----------------------------
Shares Calculations
- -----------------------------
Shares Outstanding 11,050 13,000 14,950 17,193
Less: New ESOP Adjustment 459 539 620 713
Less: Old ESOP Adjustment (1) 211 248 285 328
Plus: New SOP 93-6 ESOP Shares (2) 31 36 41 48
Plus: Old SOP 93-6 ESOP Shares (2) 58 69 79 91
------------------------------------------------------------------------
Shares for all EPS Calculations 10,469 12,318 14,165 16,291
========================================================================
10,469,522 12,317,092 14,164,652 16,289,347
POST FOUNDATION
------------------------------------------------------------------------
Appraised Value
------------------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum
------------------------------------------------------------------------
Shares Issued and Exchanged 11,050,000 13,000,000 14,950,000 17,192,500
Price per Share $ 10 $ 10 $ 10 $ 10
Shares Issued to Foundation -- -- -- --
Total Shares 11,050,000 13,000,000 14,950,000 17,192,500
Exchange Shares 5,319,341 6,258,223 7,196,857 8,276,324
Conversion Shares 5,730,659 6,741,777 7,753,143 8,916,176
Implied Exhange Ratio 2.1416 2.5196 2.8975 3.3321
Gross Proceeds $ 57,306,590 $ 67,417,770 $ 77,531,430 $ 89,161,760
Exchange Value $ 53,193,410 $ 62,582,230 $ 71,968,570 $ 82,763,240
-------------------------------------------------------------------------
Page 7
174
EXHIBIT 13
Offering Circular - No Foundation
MRP Dilution
- ------------------------------------------------------------------------------------------------------------------
Shares Outstanding 11,050,000 13,000,000 14,950,000 17,192,500
Less: New ESOP Adjustment 458,453 539,342 620,251 713,294
Less: Old ESOP Adjustment 211,000 248,000 285,000 328,000
Plus: New MRP issued (1) 442,000 520,000 598,000 687,700
Plus: New SOP 93-6 ESOP Shares (2) 30,564 35,956 41,350 47,553
Plus: Old SOP 93-6 ESOP Shares 58,000 69,000 79,000 91,000
(2)
Shares for all EPS Calculations 10,911,111 12,837,614 14,763,099 16,977,459
EPS $ 0.61 $ 0.53 $ 0.48 $ 0.43
BV/Share $ 11.35 $ 10.30 $ 9.52 $ 8.85
Voting Dilution 4.22% 4.22% 4.22% 4.22%
- ------------------------------------------------------------------------------------------------------------------
Option Dilution
- ------------------------------------------------------------------------------------------------------------------
Shares Outstanding 11,050,000 13,000,000 14,950,000 17,192,500
Less: New ESOP Adjustment 458,453 539,342 620,251 713,294
Less: Old ESOP Adjustment 211,000 248,000 285,000 328,000
Plus: Options (1) 573,066 674,178 775,314 891,618
Plus: New SOP 93-6 ESOP Shares (2) 30,564 35,956 41,350 47,553
Plus: Old SOP 93-6 ESOP Shares 58,000 69,000 79,000 91,000
(2)
Shares for all EPS Calculations 11,042,177 12,991,792 14,940,413 17,181,377
EPS $ 0.59 $ 0.52 $ 0.47 $ 0.42
BV/Share $ 11.71 $ 10.68 $ 9.91 $ 9.24
Voting Dilution 5.47% 5.47% 5.47% 5.47%
- ------------------------------------------------------------------------------------------------------------------
Page 8