1
Exhibit 99.6
---------------------------------------------------
CONVERSION APPRAISAL REPORT
OHIO STATE FINANCIAL SERVICES, INC.
PROPOSED HOLDING COMPANY FOR
BRIDGEPORT SAVINGS AND LOAN
ASSOCIATION
Bridgeport, Ohio
Dated As Of:
June 6, 1997
---------------------------------------------------
Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
2
RP FINANCIAL, LC.
- -------------------------------------------------
Financial Services industry Consultants
June 6, 1997
Board of Directors
Bridgeport Savings and Loan Association
435 Main Street
Bridgeport, Ohio 43912
Gentlemen:
At your request, we have completed and hereby provide an independent
appraisal ("Appraisal") of the estimated pro forma market value of the common
stock which is to be issued in connection with the mutual-to-stock conversion of
Bridgeport Savings and Loan Association, Bridgeport, Ohio ("Bridgeport Savings"
or the "Association"). The common stock issued in connection with the
Association's conversion will simultaneously be acquired by a holding company,
Ohio State Financial Services, Inc. ("Ohio State Financial" or the "Holding
Company"). The conversion involves the issuance of shares of common stock to
depositors, the Holding Company's employee stock ownership plan ("ESOP"),
members of the local community and the public at large.
This Appraisal is furnished pursuant to the conversion regulations
promulgated by the Office of Thrift Supervision ("OTS"). This Appraisal has been
prepared in accordance with the written valuation guidelines promulgated by the
OTS, most recently updated as of October 21, 1994. Specifically, this Appraisal
has been prepared in accordance with the "Guidelines for Appraisal Reports for
the Valuation of Savings and Loan Associations Converting from Mutual to Stock
Form of Organization" of the OTS, as successor to the Federal Home Loan Bank
Board ("FHLBB"), dated as of October 21, 1994; and applicable regulatory
interpretations thereof.
Description of Reorganization
- -----------------------------
The Board of Directors of the Association has adopted a Plan of Conversion
pursuant to which the Association will convert from an Ohio chartered mutual
savings association to an Ohio chartered stock savings association and issue all
of its outstanding shares to the Holding Company. The Holding Company will sell
in Subscription and Community offerings Holding Company stock in the amount
equal to the appraised value of the Association. Immediately following the
conversion, the only significant assets of the Holding Company will be the
capital stock of the Association and the net conversion proceeds remaining after
purchase of the Association's common stock by the Holding Company. The Holding
Company will use 50 percent of the net conversion proceeds to purchase the
Association's common stock. A portion of the remaining 50 percent of the net
conversion proceeds will be used to fund a loan to the ESOP with the remainder
to be used as general working capital.
RP Financial, LC.
- -----------------
RP Financial, LC. ("RP Financial") is a financial consulting firm serving
the financial services industry nationwide that, among other things, specializes
in financial valuations and analyses of business enterprises and securities,
including the pro forma valuation for savings institutions converting from
mutual-to-stock form. The background and experience of RP Financial is detailed
in Exhibit V-1. We believe that, except for the fee we will receive for our
appraisal and assisting the Association in the preparation of its business plan,
we are independent of the Association and the other parties engaged by the
Association to assist in the stock conversion process.
- --------------------------------------------------------------------------------
WASHINGTON HEADQUARTERS
Rosslyn Center
1700 North Moore Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788
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RP Financial, LC.
Board of Directors
June 6, 1997
Page 2
Valuation Methodology
- ---------------------
In preparing our appraisal, we have reviewed Bridgeport Savings'
application for Approval of Conversion, including the Proxy Statement, as filed
with the OTS, and the Holding Company's Form S-1 registration statement as filed
with the Securities Exchange Commission. We have conducted a financial analysis
of the Association that has included due diligence related discussions with the
Association's management; S.R. Snodgrass, A.C., the Association's independent
auditor; Vorys, Sater, Seymour and Pease, the Association's conversion counsel;
and Charles Webb & Company, which has been retained by the Association as a
financial and marketing advisor in connection with the Holding Company's stock
offering. All conclusions set forth in the appraisal were reached independently
from such discussions. In addition, where appropriate, we have considered
information based on other available published sources that we believe are
reliable. While we believe the information and data gathered from all these
sources are reliable, we cannot guarantee the accuracy and completeness of such
information.
We have investigated the competitive environment within which the
Association operates and have assessed the Association's relative strengths and
weaknesses. We have kept abreast of the changing regulatory and legislative
environment and analyzed the potential impact on the Association and the
industry as a whole. We have analyzed the potential effects of conversion on the
Association's operating characteristics and financial performance as they relate
to the pro forma market value of Bridgeport Savings. We have reviewed the
economy in the Association's primary market area and have compared the
Association's financial performance and condition with selected publicly-traded
thrift institutions with similar characteristics as the Association's, as well
as all publicly-traded thrifts. We have reviewed conditions in the securities
markets in general and in the market for thrift stocks in particular, including
the market for existing thrift issues and the market for initial public
offerings by thrifts.
Our appraisal is based on the Association's representation that the
information contained in the regulatory applications and additional information
furnished to us by the Association and its independent auditors are truthful,
accurate and complete. We did not independently verify the financial statements
and other information provided by the Association and its independent auditors,
nor did we independently value the assets or liabilities of the Association. The
valuation considers the Association only as a going concern and should not be
considered as an indication of the liquidation value of Bridgeport Savings.
Our appraised value is predicated on a continuation of the current
operating environment for the Association and for all thrifts. Changes in the
local and national economy, the legislative and regulatory environment, the
stock market, interest rates, and other external forces (such as natural
disasters or significant world events) may occur from time to time, often with
great unpredictability and may materially impact the value of thrift stocks as a
whole or the Association's value alone. It is our understanding Bridgeport
Savings intends to remain an independent institution and there are no current
plans for selling control of the Association as a converted institution. To the
extent that such factors can be foreseen, they have been factored into our
analysis.
Pro forma market value is defined as the price at which Bridgeport Savings'
stock, immediately upon completion of the conversion offering, would change
hands between a willing buyer and a willing seller, neither being under any
compulsion to buy or sell and both having reasonable knowledge of relevant
facts.
Valuation Conclusion
- --------------------
It is our opinion that, as of June 6, 1997, the aggregate pro forma market
value of the shares to be issued was $6,750,000 at the midpoint, equal to
675,000 shares offered at a per share value of $10.00. Pursuant to the
conversion guidelines, the 15 percent offering range indicates a minimum value
of $5,737,500 and a
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RP Financial, LC.
Board of Directors
June 6, 1997
Page 3
maximum value of $7,762,500. Based on the $10.00 per share offering price, this
valuation range equates to an offering of 573,750 shares at the minimum to
776,250 shares at the maximum. In the event that the Association's appraised
value is subject to an increase, up to 892,687 shares may be sold at an issue
price of $10.00 per share, for an aggregate market value of $8,926,870, without
a resolicitation.
Limiting Factors and Considerations
- -----------------------------------
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
common stock. 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 will thereafter be able to buy or sell
such shares at prices related to the foregoing valuation of the pro forma market
value thereof.
RP Financial's valuation was determined based on the financial condition
and operations of the Association as of March 31, 1997, the date of the
financial data included in the Holding Company's prospectus.
RP Financial is not a seller of securities within the meaning of any
federal and state securities laws and any report prepared by RP Financial shall
not be used as an offer or solicitation with respect to the purchase or sale of
any securities. RP Financial maintains a policy which prohibits the company, its
principals or employees from purchasing stock of its client institutions.
The valuation will be updated as provided for in the conversion regulations
and guidelines. These updates will consider, among other things, any
developments or changes in the Association's financial performance and
condition, management policies, and current conditions in the equity markets for
thrift shares. These updates may also consider changes in other external factors
which impact value including, but not limited to: various changes in the
legislative and regulatory environment, the stock market and the market for
thrift stocks, and interest rates. Should any such new developments or changes
be material, in our opinion, to the valuation of the shares, appropriate
adjustments to the estimated pro forma market value will be made. The reasons
for any such adjustments will be explained in the update at the date of the
release of the update.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ William E. Pommerening
William E. Pommerening
Chief Executive Officer
/s/ Gregory E. Dunn
Gregory E. Dunn
Senior Vice President
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RP Financial, LC.
TABLE OF CONTENTS
BRIDGEPORT SAVINGS AND LOAN ASSOCIATION
Bridgeport, Ohio
PAGE
DESCRIPTION NUMBER
----------- ------
CHAPTER ONE OVERVIEW AND FINANCIAL ANALYSIS
-----------
Introduction 1.1
Strategic Overview 1.1
Balance Sheet Trends 1.4
Income and Expense Trends 1.7
Interest Rate Risk Management 1.10
Lending Activities and Strategy 1.11
Asset Quality 1.14
Funding Composition and Strategy 1.14
Subsidiary 1.15
Legal Proceedings 1.15
CHAPTER TWO MARKET AREA
-----------
Introduction 2.1
Market Area Demographics 2.1
National Economic Factors 2.3
Local Economy 2.6
Competition 2.8
CHAPTER THREE PEER GROUP ANALYSIS
-------------
Selection of Peer Group 3.1
Financial Condition 3.5
Income and Expense Components 3.8
Loan Composition 3.11
Interest Rate Risk 3.11
Credit Risk 3.14
Summary 3.14
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TABLE OF CONTENTS
BRIDGEPORT SAVINGS AND LOAN ASSOCIATION
Bridgeport, Ohio
(continued)
PAGE
DESCRIPTION NUMBER
----------- ------
CHAPTER FOUR VALUATION ANALYSIS
------------
Introduction 4.1
Appraisal Guidelines 4.1
RP Financial Approach to the Valuation 4.1
Valuation Analysis 4.2
1. Financial Condition 4.3
2. Profitability, Growth and Viability of Earnings 4.4
3. Asset Growth 4.6
4. Primary Market Area 4.6
5. Dividends 4.7
6. Liquidity of the Shares 4.8
7. Marketing of the Issue 4.9
A. The Public Market 4.9
B. The New Issue Market 4.13
C. The Acquisition Market 4.16
8. Management 4.16
9. Effect of Government Regulation and Regulatory Reform 4.17
Summary of Adjustments 4.17
Valuation Approaches 4.17
1. Price-to-Earnings ("P/E") 4.18
2. Price-to-Book ("P/B") 4.19
3. Price-to-Assets ("P/A") 4.20
Valuation Conclusion 4.20
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LIST OF TABLES
BRIDGEPORT SAVINGS AND LOAN ASSOCIATION
Bridgeport, Ohio
TABLE
NUMBER DESCRIPTION PAGE
- ------ ----------- ----
1.1 Summary Balance Sheet Data 1.5
1.2 Historical Income Statement 1.8
2.1 Summary Demographic Data 2.2
2.2 Major Employers in the Wheeling Metropolitan Area 2.7
2.3 Unemployment Trends 2.8
2.4 Deposit Summary 2.9
3.1 Peer Group of Publicly-Traded Thrifts 3.3
3.2 Balance Sheet Composition and Growth Rates 3.6
3.3 Income as a Percent of Average Assets and Yields, Costs, Spreads 3.9
3.4 Loan Portfolio Composition Comparative Analysis 3.12
3.5 Interest Rate Risk Comparative Analysis 3.13
3.6 Peer Group Credit Risk Comparative Analysis 3.15
4.1 Market Area Unemployment Rates 4.7
4.2 Conversion Pricing Characteristics 4.14
4.3 Market Pricing Comparatives 4.15
4.4 Public Market Pricing 4.22
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Page 1.1
I. OVERVIEW AND FINANCIAL ANALYSIS
Introduction
- ------------
Bridgeport Savings and Loan Association ("Bridgeport Savings" or the
"Association") is an Ohio chartered mutual savings and loan association
headquartered in Bridgeport, Ohio. In addition to its main office, which
includes a full service branch, the Association maintains one other full service
branch in Shadyside, Ohio. Both offices are located in Belmont County, Ohio,
which borders the state line and is located across the Ohio River from Wheeling,
West Virginia. Bridgeport Savings was organized in 1893 and has operated as
traditional thrift throughout its history. Bridgeport Savings is a member of the
Federal Home Loan Bank ("FHLB") system, with its deposits insured up to the
regulatory maximums by the Savings Association Insurance Fund ("SAIF") of the
Federal Deposit Insurance Corporation ("FDIC"). At March 31, 1997, Bridgeport
Savings had $34.6 million in assets, $29.4 million in deposits and net worth of
$4.9 million or 14.1 percent of total assets.
Ohio State Financial Services, Inc. ("Ohio State Financial" or the "Holding
Company"), an Ohio corporation, was recently organized to facilitate the
conversion of Bridgeport Savings. In the course of the conversion, the Holding
Company will acquire all of the capital stock that the Association will issue
upon its conversion from the mutual to stock form of ownership. Going forward,
Ohio State Financial will own 100 percent of the Association's stock, and the
Association will be Ohio State Financial's sole subsidiary. Approximately 50
percent of the net proceeds received from the sale of common stock will be used
to purchase all of the then to be issued and outstanding capital stock of the
Association, with the balance of the proceeds being retained by the Holding
Company. At this time, no other activities are contemplated for Ohio State
Financial other than the ownership of the Association, a loan to the
newly-formed employee stock ownership plan ("ESOP") and investment of the cash
retained at the holding company in investment securities. In the future Ohio
State Financial may acquire or organize other operating subsidiaries.
Strategic Overview
- ------------------
Bridgeport Savings is a community-oriented thrift, with a primary strategic
objective of meeting the borrowing and savings needs of its local customer base.
The market area served by the Association has been experiencing population and
household shrinkage, which has been promulgated by a deteriorating local
economy. Economic contraction in the Association's primary market area reflects
the decline of coal mining and steel-related industries, with the downturn being
further exacerbated by an on-going protracted strike at one of the region's
major employers (Wheeling Pittsburgh Steel). The negative demographic trends of
the
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Page 1.2
Association's primary market area has provided for an intense competitive
environment, in which growth opportunities have to be generally realized through
gaining market share. Located within the Wheeling MSA, Bridgeport Savings faces
notable competition from a number of other community oriented thrifts and banks,
as well as from larger regional financial institutions. In this operating
environment the Association has pursued a strategy of strengthening its capital
position through limiting asset growth and building equity through the retention
of earnings.
Throughout its history, Bridgeport Savings has pursued a traditional thrift
operating strategy and, thus, 1-4 family permanent mortgage loans and retail
deposits have consistently been the principal components of the Association's
assets and liabilities, respectively. Consumer loans represent the most
significant type of lending diversification by the Association, with the
consumer loan portfolio reflecting a concentration in direct auto loans.
Bridgeport Savings' emphasis on originating 1-4 family permanent mortgage loans
in local and familiar markets has been fairly effective in limiting credit risk
exposure, as indicated by the Association's consistently favorable credit
quality measures. Comparatively, the Association maintains a greater degree of
interest rate risk exposure, as Bridgeport Savings' emphasis on fixed rate
lending largely funded by short-and intermediate-term deposits has resulted in a
balance sheet that is liability-sensitive.
As a traditional thrift, Bridgeport Savings' earnings base is largely
dependent upon net interest income and operating expense levels. Maintenance of
a liability-sensitive balance sheet reflects the Association's philosophy that
earnings can be more fully maximized by incurring some interest rate risk, while
Bridgeport Savings' strong capital position and resultant favorable
interest-earning assets to interest-bearing liabilities ("IEA/IBL") ratio will
sustain earnings at lower but profitable levels during periods of rising and
higher interest rates. Bridgeport Savings' ability to take on a certain degree
of interest rate risk in the net margin is further enhanced by the limited risk
that earnings will be negatively impacted to any significant extent by credit
quality related losses. Interest rate risk associated with the net interest
margin is also somewhat negated by Bridgeport Savings' relatively high
concentration of lower costing savings and transaction accounts, which tend to
be less interest-rate sensitive deposits compared to CDs. Overall, Bridgeport
Savings' operating strategy has provided for a relatively strong net interest
margin during the past five and one-quarter fiscal years.
The other major component of Bridgeport Savings' earnings, operating
expenses, has moved higher since fiscal 1992. Normal increases in operating
expenses and the lack of asset growth have accounted for the increase exhibited
in Bridgeport Savings' operating expense ratio. However, most recently, with the
resumption of asset growth in the first quarter of fiscal 1997, the
Association's operating expense ratio declined slightly.
Retail deposits have generally served as the only interest-bearing source
of funds utilized by the Association, as Bridgeport Savings' used of borrowings
has been nominal. Bridgeport Savings' balance of
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Page 1.3
deposits has exhibited a general decline in recent years, reflecting a
non-aggressive pricing strategy for CDs. Maintenance of a relatively high
concentration of transaction and savings accounts, along with a CD pricing
strategy that contains growth through offering less than premium rates, has
supported control of the Association's funding costs.
Over the past five and one-quarter fiscal years, Bridgeport Savings'
operating strategy has resulted in asset shrinkage, an increasing capital
position and healthy core earnings. An emphasis on originating 1-4 family fixed
rate loans for portfolio has served to limit the Association's credit risk
exposure, while the Association's interest rate exposure is more notable as
indicated by its negative short-term gap position. Earnings have been supported
by a generally favorable interest rate environment, in which the Association's
maintenance of a negative short-term gap position has been beneficial to the net
interest margin. Notwithstanding the favorable interest rate environment, the
Association in general has maintained a strong net interest margin as the result
of its high IEA/IBL ratio. Earnings were depressed for the most recent twelve
month period, primarily as the result of the one time special assessment to
recapitalize the SAIF.
The Association's Board of Directors has elected to convert to the stock
form of ownership to improve the competitive position of Bridgeport Savings. The
additional capital realized from conversion proceeds will increase liquidity to
support funding of future loan growth and other interest-earning assets, and
reduce interest rate risk by enhancing the Association's IEA/IBL ratio, which,
will in turn reduce the repricing mismatch between the Association's
interest-rate sensitive assets and interest-rate sensitive liabilities. The
additional funds realized from the stock offering will also serve as an
alternative funding source to deposits in meeting the Association's future
funding needs, which will allow for competitive pricing in the Association's
deposit rates. Additionally, Bridgeport Savings' significant equity-to-assets
ratio will better position the Association to take advantage of expansion
opportunities as they arise. Such expansion would most likely occur through
acquiring branches or other financial institutions in areas that would provide
for further penetration in the markets currently served by the Association or
nearby surrounding markets. Expansion may also be pursued through acquiring
financial services that are not currently offered by the Association. At this
time, the Association has no specific plans for expansion other than internal
growth. The Association's projected internal use of proceeds are highlighted
below.
The proceeds from the conversion are expected to be deployed as follows:
o HOLDING COMPANY. Approximately 50 percent of the net conversion
proceeds will be retained by Ohio State Financial. Such funds will be
invested initially into short-term investments. Over time, the Holding
Company funds may be utilized for various corporate purposes,
including payment of dividends and possible repurchases of common
stock consistent with regulatory limitations.
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Page 1.4
o BRIDGEPORT SAVINGS. The remaining net proceeds of the conversion will
be infused into the Association in exchange for all of the
Association's newly issued stock. Proceeds infused into the
Association will initially be held in short-term investments. Over
time, the proceeds are expected to be redeployed into the
Association's loan growth and normal investment activities.
Overall, it is the Association's objective to pursue growth that will serve
to increase returns, while, at the same time, growth will not be pursued that
could potentially compromise the overall risk associated with Bridgeport
Savings' operations. The Association has acknowledged that it intends to operate
with excess capital in the near term, operating with a below market return on
equity, until such time as the new capital can be leveraged in a safe and sound
manner over an extended period of time.
Balance Sheet Trends
- --------------------
From December 31, 1992 through March 31, 1997, Bridgeport Savings exhibited
annual asset growth of negative 1.7 percent (see Table 1.1). During this period,
the Association's interest-earning asset composition exhibited a shift towards
loans, as the loans receivable balance increased from 58.8 percent of assets at
fiscal year end 1992 to 72.4 of assets at March 31, 1997. Loan growth was
largely funded by liquidity and cash flow generated from the paydown of the
mortgage-backed securities portfolio. Liquidity was also redeployed into
investment securities, which increased from 6.6 percent of assets at fiscal year
end 1992 to 15.5 percent of assets at March 31, 1997. Assets have been primarily
funded by deposits and retained earnings. A summary of Bridgeport Savings' key
operating ratios for the past five and one-quarter fiscal years are presented in
Exhibit I-3.
Bridgeport Savings' loan portfolio increased at a 3.2 percent annual rate
from fiscal year end 1992 through March 31, 1997, with the substantial portion
of the growth being realized during 1995. Consistent with the Association's
traditional emphasis on originating and retaining 1-4 family permanent loans,
the growth realized in the loan portfolio has been primarily attributable to
growth in 1-4 family loans. In particular, during fiscal 1995 when most of the
Association's loan growth was recorded, 1-4 family permanent mortgage loans
accounted for $2.3 million, or 72.6 percent of Bridgeport Savings' loan growth.
As of March 31, 1997, 1-4 family loans comprised 82.0 percent of the
Association's loan balance. The balance of the loan portfolio is diversified
among consumer, commercial real estate, multi-family, construction, land and
commercial business loans, with consumer loans accounting for the Association's
most notable area of lending diversification. As of March 31, 1997, consumer
loans comprised $3.8 million or 15.0 percent of the Association's loan
portfolio. Commercial real estate and multi-family loans represented the next
largest type of lending diversification, totaling $466,000 or 1.8 percent of
total loans outstanding at March 31, 1997. The balance of the loan portfolio
consists of small balances of construction, land and commercial business loans.
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Page 1.5
Table 1.1
Bridgeport Savings and Loan Association
Historical Balance Sheets
(Amount and Percent of Assets)
At Fiscal Year End December 31,
--------------------------------------------------------------------------------
1992 1993 1994 1995
----------------- ------------------- ------------------- -------------------
Amount Pct Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%) ($000) (%)
Total Amount of:
Assets $ 37,164 100.0% $ 35,319 100.0% $ 33,699 100.0% $ 34,553 100.0%
Cash and cash equivalents 8,077 21.7% 6,539 18.5% 1,624 4.8% 1,177 3.4%
Investment securities 2,471 6.6% 4,078 11.5% 7,062 21.0% 5,505 15.9%
Mortgage-backed securities 3,882 10.4% 2,663 7.5% 1,522 4.5% 1,191 3.4%
Loans receivable, net 21,864 58.8% 21,645 61.3% 22,783 67.6% 25,972 75.2%
Deposits 33,319 89.7% 31,158 88.2% 29,198 86.6% 29,615 85.7%
Borrowings 0 0.0% 0 0.0% 0 0.0% 0 0.0%
Total equity 3,521 9.5% 3,841 10.9% 4,197 12.5% 4,558 13.2%
Full service branches 2 2 2 2
At Fiscal Year End
December 31, Annual
--------------------- At Growth
1996 March 31, 1997 Rate
--------------------- -------------------- ----
Amount Pct Amount Pct Pct
------ --- ------ --- ---
($000) (%) ($000) (%) (%)
Total Amount of:
Assets $ 33,929 100.0% $ 34,564 100.0% -1.69%
Cash and cash equivalents 2,436 7.2% 2,613 7.6% -23.32%
Investment securities 4,936 14.5% 5,342 15.5% 19.89%
Mortgage-backed securities 984 2.9% 939 2.7% -28.39%
Loans receivable, net 24,892 73.4% 25,017 72.4% 3.22%
Deposits 28,791 84.9% 29,425 85.1% -2.88%
Borrowings 0 0.0% 0 0.0% 0.00%
Total equity 4,770 14.1% 4,860 14.1% 7.88%
Full service branches 2 2
<FN>
- ----------------------------
(1) Ratios are as a percent of ending assets.
Source: Bridgeport Savings' prospectus.
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Page 1.6
Bridgeport Savings' cash and investments balance peaked at fiscal year end
1993, totaling $10.6 million or 30.0 percent of total assets. Comparatively,
Bridgeport Savings' cash and investments balance totaled $8.0 million or 23.1
percent of assets at March 31, 1997. The decline in the cash and investments
balance resulted from a decline in cash and cash equivalents, reflecting the
redeployment of liquidity into loans. Liquidity was also utilized to fund
purchases of investment securities, which reached a peak balance of $7.1 million
at fiscal year end 1994. As of March 31, 1997, investment securities held by the
Association totaled $5.3 million, with U.S. Government and federal agency
securities ($3.8 million) comprising the largest concentration of the portfolio.
The balance of the investment portfolio, at March 31, 1997, consisted of
interest-bearing time deposits ($1.2 million), FHLB stock ($330,000) and
Intrieve Incorporated stock ($15,000). Intrieve is the Association's provider of
EDP services. Exhibit I-4 provides historical detail of the Association's
investment portfolio. U.S. Government and agency securities are classified as
held to maturity, and the entire portfolio is scheduled to mature within five
years. Interest-bearing time deposits consist substantially of short-term
deposits with maturities of less than one year. The Association's capital
position was not affected by unrealized gains or losses on the investment
portfolio, as the two investments classified as available for sale (FHLB stock
and Intrieve stock) had fair market values equal to the amortized cost of the
securities. In addition to investment securities, the Association held cash and
cash equivalents of $2.6 million, or 7.6 percent of assets, at March 31, 1997.
Bridgeport Savings' cash and cash equivalents balance has moved higher since
reaching a low of $1.2 million at fiscal year end 1995.
Mortgage-backed securities comprise the balance of the Association's
interest-earning assets, serving as an investment alternative to 1-4 family
permanent mortgage loans. The Association's mortgage-backed securities balance
has trended steadily lower over the past five and one-quarter fiscal years,
declining from a high of $3.9 million at fiscal year end 1992 to a low of
$939,000 at March 31, 1997. As indicated by the downward trend exhibited in the
mortgage-backed securities portfolio, Bridgeport Savings' excess cash flow has
been absorbed by loan growth and other investment alternatives in recent years.
Mortgage-backed securities held by the Association consists of participation
certificates, which are guaranteed or insured by federal agencies. As of March
31, 1997, approximately two-thirds of the mortgage-backed securities portfolio
was scheduled to mature in less than five years, and the entire portfolio was
classified as held to maturity.
Over the past five and one-quarter fiscal years, Bridgeport Savings'
funding needs have been substantially met through retail deposits, internal cash
flows and retained earnings. From fiscal year end 1992 through March 31, 1997,
the Association's deposits declined at a 2.9 percent annual rate. Bridgeport
Savings' deposit composition has consistently reflected a relatively high
concentration of lower costing transaction and savings accounts; however, in
recent years, the Association's deposit composition has exhibited a shift
towards a higher concentration of CDs. The shift in deposit composition has been
attributable to positive growth in the
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Page 1.7
CD balance, as well as to a decline in the transaction and savings account
balance. Disintermediation of money market funds has accounted for most of the
decline in the Association's transaction and savings account balance, reflecting
a trend nationally in which depositors have sought higher returns through other
investment alternatives such as mutual funds. As of March 31, 1997, CDs
comprised 51.4 percent of the Association's deposits, versus a comparative ratio
of 36.2 percent at December 31, 1993. Over the past five and one-quarter fiscal
years, Bridgeport Savings' use of borrowings has been limited to nominal
balances of FHLB advances, as deposit run-off has been funded by asset shrinkage
and the retention of earnings.
Positive earnings during the past five and one-quarter fiscal years
translated into an annual capital growth rate of 7.9 percent for the
Association. Capital growth combined with a decline in assets served to increase
Bridgeport Savings' equity-to-assets ratio from 9.5 percent at the end of fiscal
1992 to 14.1 percent at March 31, 1997. All of the Association's capital is
tangible capital, and the Association maintained significant capital surpluses
relative to all of its regulatory capital requirements at March 31, 1997. The
addition of conversion proceeds will serve to strengthen Bridgeport Savings'
capital position and competitive posture within its primary market area, as well
as support expansion into other nearby markets if favorable growth opportunities
are presented. At the same time, as the result of the Association's relatively
high pro forma capital position, which will likely exceed 25.0 percent of
assets, Bridgeport Savings' return on equity ("ROE") can be expected to be well
below industry averages following its conversion.
Income and Expense Trends
- -------------------------
The Association has reported positive earnings over the last five and
one-quarter fiscal years, ranging from a low of 0.59 percent of average assets
for the twelve months ended March 31, 1997 to a high of 1.06 percent of average
assets in fiscal 1995 (see Table 1.2). Earnings during the most recent twelve
month period and for fiscal 1996 were depressed by the one time special
assessment to recapitalize the SAIF. Consistent with the Association's
traditional thrift operating mode, net interest income and operating expenses
have been the dominant factors in Bridgeport Savings' earnings. Non-interest
operating income has been a limited contributor to the Association's earnings,
while the Association's generally favorable credit quality measures limited the
impact of loss provisions on earnings as well. Gains and losses realized from
the sale of loans and investments have not been a factor in the Association's
earnings, reflecting Bridgeport Savings' philosophy of retaining all loan
originations for portfolio and holding investments to maturity.
Bridgeport Savings' level of net interest income before provision for loan
losses peaked at 4.02 percent of average assets in fiscal 1995, paralleling the
peak in earnings posted by the Association. The net interest income to average
assets ratio trended steadily higher from fiscal 1992 through fiscal 1995,
increasing from
15
RP Financial, LC
Page 1.8
Table 1.2
Bridgeport Savings and Loan Association
Historical Income Statements
(Amount and Percent of Avg. Assets)(1)
For the Fiscal Year Ended December 31,
-------------------------------------------------------------------------
1992 1993 1994 1995
--------------- --------------- --------------- -----------------
Amount Pct Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%) ($000) (%)
Interest Income $2,866 7.53% $2,486 6.84% $2,298 6.73% $2,478 7.28%
Interest Expense (1,611) -4.23% (1,184) -3.26% (982) -2.88% (1,108) -3.25%
------- ------ ------- ------ ----- ------ ------- ------
Net Interest Income $1,255 3.30% $1,302 3.58% $1,316 3.86% $1,370 4.02%
Provision for Loan Losses (4) -0.01% (54) -0.15% (17) -0.05% 0 0.00%
--- ------ ---- ------ ---- ------ - -----
Net Interest Income after Provisions $1,251 3.29% $1,248 3.43% $1,299 3.81% $1,370 4.02%
Other Income 25 0.07% 30 0.08% 46 0.13% 42 0.12%
Operating Expense (807) -2.12% (765) -2.10% (848) -2.48% (865) -2.54%
----- ------ ----- ------ ----- ------ ----- ------
Net Operating Income $469 1.23% $513 1.41% $497 1.46% $547 1.61%
Non-Operating Income
- --------------------
Net gain(loss) on sales of securities $0 0.00% $0 0.00% $0 0.00% $0 0.00%
Net gain(loss) on REO 0 0.00% 0 0.00% 32 0.09% 0 0.00%
Other non-operating income(loss) 0 0.00% 0 0.00% 0 0.00% 0 0.00%
- ----- - ----- - ----- - -----
Net Non-Operating Income 0 0.00% 0 0.00% 32 0.09% 0 0.00%
Net Income Before Tax $469 1.23% $513 1.41% $529 1.55% $547 1.61%
Income Taxes (172) -0.45% (150) -0.41% (174) -0.51% (186) -0.55%
Change in Acctg. Principle -- -- (43) -- -- 0.00% 0 0.00%
-- --- ---- --- --- ----- - -----
Net Income (Loss) $297 0.78% $320 0.88% $355 1.04% $361 1.06%
Core Earnings
- -------------
Net Income Before Ext. Items $297 0.78% $363 1.00% $355 1.04% $361 1.06%
Addback: Non-Operating Losses 0 0.00% 0 0.00% 0 0.00% 0 0.00%
Deduct: Non-Operating Gains 0 0.00% 0 0.00% (32) -0.09% 0 0.00%
Tax Effect Non-Op. Items(2) 0 0.00% 0 0.00% 11 0.03% 0 0.00%
- ----- - ----- -- ----- - -----
Core Net Income $297 0.78% $363 1.00% $334 0.98% $361 1.06%
For the 12 Months
1996 Ended 3/31/97
-------------- ------------------
Amount Pct Amount Pct
------ --- ------ ---
($000) (%) ($000) (%)
Interest Income $2,515 7.36% $2,491 7.19%
Interest Expense (1,158) -3.39% (1,156) -3.34%
------- ------ ------- ------
Net Interest Income $1,357 3.97% $1,335 3.85%
Provision for Loan Losses 0 0.00% 0 0.00%
- ----- - -----
Net Interest Income after Provisions $1,357 3.97% $1,335 3.85%
Other Income 45 0.13% 41 0.12%
Operating Expense (893) -2.61% (877) -2.53%
----- ------ ----- ------
Net Operating Income $509 1.49% $499 1.44%
Non-Operating Income
- --------------------
Net gain(loss) on sales of securities $0 0.00% $0 0.00%
Net gain(loss) on REO 0 0.00% 0 0.00%
Other non-operating income(loss) (190) -0.56% (190) -0.55%
----- ------ ----- ------
Net Non-Operating Income (190) -0.56% (190) -0.55%
Net Income Before Tax $319 0.93% $309 0.89%
Income Taxes (107) -0.31% (103) -0.30%
Change in Acctg. Principle -- -- -- --
-- --- -- ---
Net Income (Loss) $212 0.62% $206 0.59%
Core Earnings
- -------------
Net Income Before Ext. Items $212 0.62% $206 0.59%
Addback: Non-Operating Losses 190 0.56% 190 0.55%
Deduct: Non-Operating Gains 0 0.00% 0 0.00%
Tax Effect Non-Op. Items(2) (65) -0.19% (65) -0.19%
---- ------ ---- ------
Core Net Income $337 0.99% $332 0.96%
<FN>
- ----------------------------
(1) Ratios are as a percent of average assets.
(2) Assumes tax rate of 34.0 percent.
Sources: Bridgeport Savings' prospectus and audited financial statements.
16
RP Financial, LC.
Page 1.9
3.30 percent in fiscal 1992 to 4.02 percent in fiscal 1995. A lower interest
expense ratio provided for the increase in the net interest income ratio during
fiscal years 1993 and 1994, which was attributable to a reduction in the
Association's funding costs and an improving capital position. Comparatively,
the peak net interest income to average assets ratio posted in fiscal 1995 was
supported by an increase in the yield earned on interest-earning assets,
reflecting a shift in the interest-earning asset composition towards loans.
Loans receivable increased from 67.6 percent of assets at fiscal year end 1994
to 75.2 percent of assets at fiscal year end 1995, providing for an increase in
the yield earned on interest-earning assets from 6.94 percent to 7.54 percent
during fiscal years 1994 and 1995, respectively. Since fiscal 1995, the
Association's net interest income to average assets ratio has declined slightly,
equaling 3.85 percent during the twelve months ended March 31, 1997. A modest
decline in the interest income ratio and a modest increase in the interest
expense ratio accounted for the reduction in the net interest income to average
assets ratio, which was consistent with the narrowing of Bridgeport Savings'
yield-cost spread.
The impact of interest rates on Bridgeport Savings' net interest margin is
further revealed through examination of the Association's historical net
interest rate spreads and yields and costs set forth in Exhibits I-3 and I-5. In
general, trends in the Association's net interest margin paralleled the widening
and narrowing of the yield-cost spread. After peaking at 3.76 percent during
fiscal 1995, Bridgeport Savings' interest rate spread declined to 3.62 percent
and 3.47 percent during fiscal year 1996 and the three months ended March 31,
1997, respectively. The narrowing of the Association's interest rate spread
resulted from an increase in funding costs during fiscal 1996 and a lower yield
earned on interest-earning assets during the first quarter of fiscal 1997.
Higher deposit rates and a shift in deposit composition towards CDs accounted
for the increase in the Association's funding costs during fiscal 1996. The
decline in yield recorded during the first quarter of fiscal 1997 was the result
of a reduction in the level of loans comprising interest-earning assets, as well
as lower yields earned on loans and investments.
Consistent with the Association's adherence to a traditional thrift
operating philosophy and resultant limited diversification, sources of
non-interest operating income have not been a significant contributor to the
Association's earnings. Throughout the period shown in Table 1.2, sources of
non-interest operating income have ranged from a low of 0.07 percent of average
assets in fiscal 1992 to a high of 0.13 percent of average assets in fiscal
years 1994 and 1996. Sources of non-interest operating income consist
substantially of service charges, fees and miscellaneous sources of non-interest
operating income. At this time, the Association has no plans to diversify into
activities that would generate additional non-interest operating income, and,
thus, Bridgeport Savings' earnings can be expected to remain highly dependent
upon the net interest margin.
Bridgeport Savings' operating expense ratio has generally trended higher
over the past five and one-quarter fiscal years, ranging from a low of 2.10
percent of average assets in fiscal 1993 to a high of 2.61 percent
17
RP Financial, LC.
Page 1.10
of average assets in fiscal 1996. For the twelve months ended March 31, 1997,
the Association's operating expense to average assets ratio equaled 2.53
percent. The upward trend exhibited in the operating expense ratio, during
fiscal years 1994 through 1996, was the result of normalized increases in
operating expenses and asset shrinkage, while, comparatively, the decline in the
operating expense ratio recorded during the most recent twelve month period was
realized through asset growth and a modest reduction in operating expenses.
Further upward pressure will be placed on the Association's operating expense
ratio following the conversion, due to expenses associated with operating as a
publicly-traded company, including expenses related to the stock benefit plans.
While operating expenses will be higher following the conversion, the
Association will also be in a better position to leverage operating expenses
following the infusion of stock proceeds.
Loss provisions established by the Association have not had a significant
impact on earnings over the past five and one-quarter fiscal years, which has
been supported by the maintenance of favorable credit quality measures. In fact,
during the past two and one-quarter fiscal years, no loan loss provisions have
been established by the Association. However, due to a recent increase in the
Association's non-performing loan balance, it may become necessary for
Bridgeport Savings to establish additional loss provisions. As of March 31,
1997, the Association maintained valuation allowances of $143,000, equal to 0.57
percent of net loans receivable and 66.8 percent of non-performing assets.
Exhibit I-6 sets forth the Association's loan loss allowance activity during the
past three and one-quarter fiscal years.
The one time assessment to recapitalize the SAIF has been the only
significant non-recurring item to impact the Association's earnings in recent
years. Bridgeport Savings' assessment was $190,000, equaling 0.55 percent of
average assets for the twelve months ended March 31, 1997. Gains and losses
resulting from the sale of investments and loans were not a factor in the
Association's earnings over the past five and one-quarter fiscal years.
Similarly, with the exception of fiscal 1994, gains and losses realized from the
sale of real estate did not impact Bridgeport Savings' earnings. In fiscal 1994,
the Association recorded a $32,000 gain on the sale of real estate owned.
Interest Rate Risk Management
- -----------------------------
Bridgeport Savings' balance sheet is liability-sensitive, as the
Association's interest-earning assets are primarily funded with deposits that
mature or are subject to repricing within one year. Comparatively, a relatively
higher concentration of Bridgeport Savings' interest-earning assets mature or
reprice in more than one year; particularly, with respect to the Association's
portfolio of 1-4 family loans. As of March 31, 1997, of the total loans due
after one year from March 31, 1997, fixed rate loans comprised 83.9 percent of
those loans (see Exhibit I-7).
18
RP Financial, LC.
Page 1.11
Bridgeport Savings pursues management of interest rate risk from both the
asset and liability sides of the balance, with the intent of maintaining a
certain degree of interest rate risk that will provide for enhanced
profitability during periods of low and declining interest rates. Strategies
implemented by the Association to support control of interest rate risk on the
asset side include emphasizing the origination of short-term fixed rate loans
(primarily 15-year terms) and maintaining relatively high levels of liquidity
and short-term investments. On the liability side, management of interest rate
risk is largely pursued through maintaining a high concentration of deposits in
transaction and savings accounts, which tend to be lower costing and less
interest-rate sensitive than CDs.
The short-term repricing mismatch between the Association's interest-rate
sensitive assets and liabilities indicates that net interest income will be
somewhat inconsistent in various interest rate environments, with declining and
low interest rate environments being more beneficial to Bridgeport Savings' net
interest margin. Comparatively, the Association's net interest margin is
adversely impacted by rising and higher interest rates, as highlighted by the
recent narrowing of Bridgeport Savings' yield-cost spread. However, given the
Association's current IEA/IBL ratio of 115.3 percent, which will become stronger
following the infusion of conversion proceeds, Bridgeport Savings has the
capacity to take on a certain degree of interest rate risk and sustain positive,
although lower, core earnings during periods of moderately rising interest
rates.
Lending Activities and Strategy
- -------------------------------
The Association's lending activities have concentrated on the origination
and retention of 1-4 family permanent mortgage loans (see Exhibits I-8 and I-9,
which reflect loan composition and lending activity, respectively). As of March
31, 1997, 1-4 family permanent mortgage loans accounted for $20.7 million or
82.0 percent of Bridgeport Savings' total loan portfolio. The Association second
and third largest category of loans were consumer and commercial real
estate/multi-family loans, which totaled $3.8 million, or 15.0 percent, and
$466,000, or 1.8 percent, of gross loans outstanding, respectively, at March 31,
1997. The balance of the loan portfolio was comprised of construction, land and
commercial business loans. Exhibit I-10 provides the contractual maturity of the
Association's loan portfolio, by loan type, as of March 31, 1997.
Bridgeport Savings' originates both fixed rate and adjustable rate 1-4
family loans, retaining all originations for portfolio. To enhance the
interest-rate sensitivity of the loan portfolio, 15-year fixed rate loans are
currently being emphasized by the Association. Various ARM loan products are
offered by Bridgeport Savings, and currently consist of loans with 1, 2, 3, and
5 year repricing periods. ARM loans are indexed to the quarterly National
Average Cost of Funds to SAIF Insured Institutions. The repricing adjustment is
set at the time of origination, with typical repricing adjustments providing for
a 2.0 percent cap for each repricing period
19
RP Financial, LC.
Page 1.12
and a 5.0 percent lifetime cap. ARM loans are typically priced at rates that are
comparable to the Association's fixed rate loans. The origination of ARM loans
has not been an active lending market for the Association, with substantially
all 1-4 family loan demand currently consisting of fixed rate originations.
Bridgeport Savings offers fixed rate 1-4 family loans with terms of up to 25
years, although most originations currently have terms of 15 years or less. A
loan-to-value ratio of 80.0 percent or less is generally required for all 1-4
family loan originations.
To supplement the origination of 1-4 family loans, Bridgeport Savings
purchases a limited amount of 1-4 family loan participations from time-to-time.
Loan participations are purchased from other Ohio-based institutions, and
consist of fixed rate loans which meet the Association's internal underwriting
standards. Typically, Bridgeport Savings purchases a 90.0 percent participating
interest in the loans, with the seller retaining a 10.0 percent interest and the
servicing on the loans. Loan participation purchases are expected to be a
limited source of loans for the Association going forward.
On a limited basis, the Association originates construction loans to
finance the construction of 1-4 family residences. As of March 31, 1997,
Bridgeport Savings' construction loan balance totaled $124,00, or 0.5 percent of
the total loan portfolio. The construction loan balance represented a loan in
process due to the halt of construction. The Association's construction lending
activities consist of loans to finance the construction of pre-sold
single-family houses, which are extended as a construction/permanent loan.
Construction/permanent loans require payment of interest only during the
construction period and are originated under the same terms as 1-4 family
permanent mortgage loans.
Land loans serve as a complement to the Association's 1-4 family lending
activities, as they consist of single-family lot loans extended to individuals
for building their primary residence. As of March 31, 1997, the Association's
land loan balance amounted to $79,000 or 0.3 percent of the loan balance. Terms
of land loans offered by the Association generally require a LTV ratio of 75.0
percent or less and are three year balloon loans priced at a higher rate than
the comparable 1-4 family loan rate. Both construction and land lending are
expected to remain as minor areas of lending diversification for the
Association.
Commercial real estate and multi-family loans held by the Association are
collateralized by properties in its normal lending territory. In recent year
years, Bridgeport Savings has been largely inactive in originating commercial
real estate and multi-family loans. Commercial real estate and multi-family
loans are generally extended up to a LTV ratio of 80.0 percent and are
originated as either adjustable or fixed rate loans. Consistent with the higher
credit risk associated with commercial real estate and multi-family loans, loan
rates offered on those loans are at a premium to the Association's 1-4 family
loan rates. Properties securing the commercial real estate and multi-family loan
portfolio include a church and a used car lot. Commercial real
20
RP Financial, LC.
Page 1.13
estate and multi-family lending are expected to remain as minor areas of lending
diversification for the Association.
Diversification into non-mortgage lending has consisted substantially of
consumer loans. Direct auto loans comprise the largest concentration of consumer
loan portfolio ($1.8 million as of March 31, 1997), and are extended up to
6-year terms and a maximum LTV ratio of 90.0 percent for new cars. The balance
of the consumer loan portfolio consists of loans secured by deposits and
miscellaneous other closed end loans, including home equity loans. Home equity
loans are offered as fixed rate loans with terms of up to 10 years and a maximum
LTV ratio of 80.0 percent of the combined balance of the home equity loan and
the first lien. Consumer lending is a desire growth area for the Association,
with such growth expected to be primarily realized in the types of consumer
loans currently offered by Bridgeport Savings.
Other non-mortgage loans held by the Association consist of a nominal
amount of commercial business loans ($101,000 as of March 31, 1997), which are
secured loans extended to local businesses. Commercial business lending is
currently not an active lending area for the Association and, thus, commercial
business loans are expected to remain as a very minor area of lending
diversification for Bridgeport Savings.
Exhibit I-9, which shows the Association's loan originations over the past
three and one-quarter fiscal years, highlights Bridgeport Savings' lending
emphasis on 1-4 family permanent mortgage loans and consumer loans. During the
past three and one-quarter fiscal years, originations of 1-4 family permanent
mortgage loans and consumer loans accounted for $7.0 million, or 44.9 percent,
and $6.5 million, or 41.6 percent, of total loans originated, respectively.
Construction loan originations constituted the largest component of the
Association's remaining lending activities over the past three and one-quarter
fiscal years ($1.3 million or 8.6 percent of total originations), although no
construction loans have been originated by the Association during the past one
and one-quarter fiscal years. Positive loan growth was recorded during fiscal
years 1994 and 1995, respectively, which was followed by loan portfolio
shrinkage during fiscal 1996. The net decline in the fiscal 1996 loan balance
largely resulted from a decline in 1-4 family loan originations and an increase
in loan repayments. Slightly positive loan growth was recorded for the first
quarter of fiscal 1997, which was supported by increased originations of both
1-4 family permanent mortgage loans and consumer loans. Bridgeport Savings'
lending strategy going forward is expected to remain fairly consistent with
recent historical trends, and, thus, the origination of 1-4 family permanent
mortgage loans and consumer loans are expected to remain as the Association's
most prominent lending activities.
21
RP Financial, LC.
Page 1.14
Asset Quality
- -------------
The Association's historical 1-4 family lending emphasis has generally
supported favorable credit quality measures. Over the past five and one-quarter
fiscal years, Bridgeport Savings' non-performing assets-to-assets ratio has
ranged from a low of 0.02 percent at fiscal year ends 1994 and 1995 to a high of
0.62 percent at March 31, 1997. The recent increase exhibited in the
Association's non-performing assets ratio may be in part attributable to the
prolonged strike that has been occurring at Wheeling Pittsburgh Steel, which is
a major employer in the Association's local market area. Non-performing assets
held by the Association at March 31, 1997 consisted of $200,000 of non-accruing
loans and $14,000 of real estate owned. As shown in Exhibit I-11, the
concentration of the Association's non-performing loans consist of 1-4 family
permanent mortgage loans.
The Association reviews and classifies assets on a monthly basis, and
determines the adequacy of loan loss provisions accordingly. At March 31, 1997,
the Association had $96,000 of loans classified as doubtful, and no loans
classified as substandard or loss. The Association maintained valuation
allowances of $143,000 at March 31, 1997, equal to 0.57 percent of net loans
receivable and 66.8 percent of non-performing assets.
Funding Composition and Strategy
- --------------------------------
Deposits have consistently been the Association's primary source of funds,
and at March 31, 1997 deposits constituted 100 percent of Bridgeport Savings'
interest-bearing liabilities. Exhibit I-12 sets forth the Association's
historical deposit composition and Exhibit I-13 provides the interest rate and
maturity composition of the CD portfolio at March 31, 1997. The Association's
deposit composition has consistently reflected a relatively high concentration
of lower costing savings and transaction accounts, with such deposits accounting
for 48.6 percent of Bridgeport Savings' total deposits at March 31, 1997. Over
the past two and one-quarter fiscal years, the Association's deposit composition
has shifted towards an increase in CDs. In comparison to the 48.6 percent ratio
maintained at March 31, 1997, transaction and savings accounts comprised 51.3
percent of Bridgeport Savings' total deposits at December 31, 1995. The shift in
deposit composition resulted from both a decline in savings and transaction
accounts and an increase in CDs. Overall, the Association's total balance of
deposits has declined slightly over the past two and one-quarter fiscal years.
As with most thrifts today, the concentration of the Association's CDs have
short-term maturities. As of March 31, 1997, the CD portfolio totaled $15.1
million, with 76.5 percent of those CDs having maturities of one year or less.
Jumbo CDs (CD accounts with balances of $100,000 or more) amounted to $5.1
million, or 33.7 percent of Bridgeport Savings' total CDs at March 31, 1997.
Bridgeport Savings generally does not pay premium rates for higher balance CDs.
The Association does not utilize brokered CDs and typically offers CD rates that
are priced in the middle of the range of rates offered by its local competitors.
22
RP Financial, LC.
Page 1.15
Bridgeport Savings generally does not use borrowings as a funding source
and the Association maintained no borrowings at March 31, 1997. Bridgeport
Savings' deposit growth, internal funding and conversion proceeds are expected
to be adequate enough to fund the substantial portion of the Association's
lending and investment activities for the intermediate-term. If borrowings are
needed, the Association has ample borrowing capacity with the FHLB of
Cincinnati. The Association is expected to borrow from the Holding Company to
finance the purchase of ESOP shares.
Subsidiary
- ----------
At March 31, 1997, the Association had one wholly-owned subsidiary,
Trailway Financial, Inc. ("Trailway"). Trailway was formed to acquire stock in
Intrieve Inc., the Association's data processing servicing company. The
Association's investment in its subsidiary totaled $20,000 at March 31, 1997.
Under current regulations, the Association is no longer required to hold the
Intrieve, Inc. stock in a separate subsidiary and has decided to dissolve
Trailway.
Legal Proceedings
- -----------------
The Association is involved in routine legal proceedings occurring in the
ordinary course of business which, in the aggregate, are believed by management
to be immaterial to the financial condition of the Association.
23
RP Financial, LC.
Page 2.1
II. MARKET AREA
Introduction
- ------------
Bridgeport Savings conducts operations out of its main office in
Bridgeport, Ohio, which includes a full service branch facility, and a full
service branch in Shadyside, Ohio. Both offices are located in Belmont County,
Ohio, which borders the state line and is located across the Ohio River from
Wheeling, West Virginia. The primary market area for Bridgeport Savings is
considered to be Belmont County, supplemented by additional business generated
in the nearby surrounding counties of Ohio and Marshall, both of which are
located in West Virginia. Exhibit II-1 provides information on the Association's
office facilities.
A community-oriented institution, Bridgeport Savings has conducted business
in Belmont County for over 100 years since it was established in 1893. In this
regard, the Association has developed strong ties to the local community and
benefits from a loyal customer base. However, as part of the Wheeling MSA,
Bridgeport Savings faces notable competition from a number of community-oriented
financial institutions, as well regional banks and credit unions. The market
area is somewhat rural in nature, with coal mining and heavy industry
historically serving as the basis of the local economy. Demographic trends in
Bridgeport Savings' primary market area have been negatively impacted by the
decline of those industries, thereby limiting the attractiveness of the market
area in terms of providing growth opportunities for the Association.
Future growth opportunities for Bridgeport Savings depend in part on
national economic factors, the future growth in the market area, which has been
measured by indicators such as demographic growth trends, the health and
stability of the regional and local economy, and the nature and intensity of the
competitive environment for financial institutions. These factors have been
briefly examined to help determine the growth potential that exists for the
Association, and the relative economic health of the Association's market area.
Market Area Demographics
- ------------------------
Demographic and economic growth trends, measured by changes in population,
number of households, age distribution and median household income, provide key
insight into the health of the Association's market area (see Table 2.1). In the
1990s, the Association's market area has exhibited less favorable growth
characteristics than the comparative growth rates of Ohio and the U.S. Belmont
County's population declined slightly from 1990 to 1996, versus comparative
increases posted by Ohio and the U.S. The decline in Belmont County's population
reflects the flight of younger and middle-aged residents to more attractive
economic areas, resulting in an aging population in Belmont County. The median
age of Belmont
24
RP Financial, LC.
Page 2.2
Table 2.1
Bridgeport Savings and Loan Association
Summary Demographic Data
Year
------------------------------------------------ Growth Rate Growth Rate
POPULATION (000) 1990 1996 2001 1990-96 1996-2001
- ---------------- ---- ---- ---- ------- ---------
UNITED STATES 248,710 265,295 278,802 1.1% 1.0%
OHIO 10,847 11,200 11,483 0.5% 0.5%
BELMONT COUNTY 71 70 70 -0.2% -0.2%
HOUSEHOLDS (000)
- ----------------
UNITED STATES 91,947 98,239 103,293 1.1% 1.0%
OHIO 4,088 4,229 4,337 0.6% 0.5%
BELMONT COUNTY 28 28 28 -0.2% -0.2%
MEDIAN HOUSEHOLD INCOME ($)
- ---------------------------
UNITED STATES $29,199 $34,530 $33,189 2.8% -0.8%
OHIO 29,276 32,102 29,751 1.5% -1.5%
BELMONT COUNTY 24,469 21,703 18,708 -2.0% -2.9%
PER CAPITA INCOME - ($)
- -------------------------
UNITED STATES $13,179 $16,405 ---- 4.5% N/A
OHIO 12,788 15,376 ---- 3.8% N/A
BELMONT COUNTY 11,145 10,976 ---- -0.3% N/A
1996 AGE DISTRIBUTION(%) 0-14 Years 15-24 Years 25-44 Years 45-64 Years 65+ Year Median Age
- ------------------------ ---------- ----------- ----------- ----------- --------- -----------
UNITED STATES 22.0 13.7 31.6 19.9 22.8 34.3
OHIO 21.9 13.9 30.1 20.4 13.6 35.0
BELMONT COUNTY 21.7 13.6 25.6 22.9 16.1 38.1
Less Than $15,000 to $25,000 to $50,000 to $100,000 to
1996 HH INCOME DIST.(%) $15,000 25,000 $50,000 $100,000 $150,000 $150,000+
- ----------------------- ------- ------ ------- -------- -------- ---------
UNITED STATES 19.7 15.6 34.0 24.4 4.3 2.1
OHIO 18.7 18.4 37.2 21.3 3.2 1.2
BELMONT COUNTY 24.4 22.6 36.6 14.2 1.5 0.7
Source: CACI.
25
RP Financial, LC.
Page 2.3
County residents was 38.1 years in 1996, versus comparative U.S. and Ohio
measures of 34.3 years and 35.0 years, respectively. Growth in households
mirrored the population growth rates, further evidencing the less favorable
growth characteristics associated with Belmont County. Belmont County's less
favorable demographic trends can be largely attributed to the decline of the
coal industry, triggered by the implementation of stricter environmental
regulations and utilization of cleaner-burning sources of energy, such as
natural gas and petroleum-based fuels, that have gradually been replacing coal
as an energy source. Over the next five years, population and household growth
trends are projected to remain slightly negative in the Association's primary
market area. Comparatively, Ohio and the U.S. are projected to sustain positive
growth in population and households over the next five years, with their
projected growth rates being slightly less than recent historical trends.
Median household and per capita income measures for Belmont County were
well below the Ohio and U.S. comparative measures in 1996. In general, the lower
than average income levels in the market area reflect the market area's somewhat
rural nature and largely blue collar workforce. The growth rates of median
household and per capita income in Belmont County from 1990 to 1996 were
slightly negative, versus slightly positive comparative growth rates exhibited
by Ohio and the U.S. The declining income measures for Belmont County highlight
that the local economy has been going through a downturn, which has led to
declines in population and households. Consistent with the U.S. and Ohio,
household income is projected to decline in Belmont County over the next five
years. A slightly steeper decline is projected for Belmont County's household
income compared to the U.S. and Ohio, with Belmont County's median household
income in the year 2001 projected to be significantly lower than the 1990
median. In summary, the demographic characteristics of Belmont County are not
considered to be highly conducive for loan or deposit growth, and, thus,
Bridgeport Savings' growth will be somewhat contingent upon gaining market share
or expanding into markets that offer more favorable growth opportunities.
National Economic Factors
- -------------------------
Over the past year, national economic growth has been mixed. In early-April
1996 inflation concerns became more prominent as the result of a stronger than
expected March 1996 employment report; however, other economic indicators
suggested that the pace of economic growth was moderate and inflation was under
control. Inflation concerns were further heightened in late-April, as the result
of higher oil and commodity prices; although, wages, which account for most of
the inflation measures, did not signal that inflation was heating up.
Unemployment data for both May and June suggested a strong pace of economic
growth, with the stronger than expected job growth pushing interest rates
higher. However, other economic measures, such as consumer and producer prices,
reflected a more modest pace of economic growth.
26
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Page 2.4
The third quarter of 1996 started with a continuation of second quarter
trends, although mid-July Congressional testimony by the Federal Reserve
Chairman hinted of expectations that the economy would taper off slightly in the
second half of 1996. However, much of the economic data released during July and
August continued to indicate a fairly robust pace of economic growth. Such
economic data included a stronger than expected increase in July durable goods
orders, the consumer confidence index hitting a six year high and a decline in
the August unemployment rate. Comparatively, for the balance of the third
quarter, economic data, such as a decline in August durable goods orders and
smaller than expected increases in August retail sales and consumer prices,
suggested that the economy was cooling off. A slight increase in the September
unemployment rate further signaled a slowing economy.
Economic data released at the beginning of the fourth quarter generally
confirmed that the national economy was slowing. October 1996 unemployment
remained at 5.2 percent, although the number of new jobs being added to the
economy was lower compared to job growth recorded during the late-spring and the
summer. Third quarter GDP growth fell to a 2.2 percent annual rate, versus a
comparative 4.7 percent rate in the second quarter. Wage data also indicated
that inflation was under control, as wages remained flat for production and
nonsupervisory workers in October, despite a $0.50 increase in the minimum wage
rate that became effective on October 1, 1996. While the November unemployment
rate climbed to 5.4 percent from 5.2 percent in October, inflation concerns were
heightened somewhat by an unexpectedly sharp $0.09 jump in average hourly
earnings. However, most of the economic data released at the close of 1996,
which included jobless claims rising to a five month high in November and a
decline in November durable goods orders, suggested that the economy was
sluggish and non-inflationary.
While fourth quarter GDP growth came in at a stronger than expected 4.7
percent annual growth rate (subsequently revised to 3.9 percent), most of the
economic data released during the beginning of the first quarter of 1997
indicated a continuation of moderate economic growth. Such measures as a 1.9
percent decline in December durable goods orders and a modest uptick in the
January 1997 unemployment rate to 5.4 percent, versus 5.3 percent in December
1996, eased concerns that the economy was overheating. However, the increase in
the unemployment rate was attributable to more people entering the job force, as
some markets were beginning to experience labor shortages. In congressional
testimony at the end of February 1997, the Federal Reserve Chairman indicated
that he anticipated recent signs of lower job insecurity among workers would
lead to upward pressure in wages, which could possibly trigger the Federal
Reserve to boost interest rates. Signs of inflation became more notable during
March and April, with most economic indicators posting month-to-month increases
from January to February. Most notably, during February industrial production
increased 0.5 percent, housing starts rose 12.2 percent and the sale of existing
homes jumped 9.0 percent. Accelerating economic growth was further indicated by
a decline in the March unemployment rate to 5.2
27
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Page 2.5
percent, versus 5.3 percent for February, and a higher than expected rise in the
March "core" producer price index, which posted its largest increase in 18
months.
Indications of strong economic growth continued into early-May 1997, as
first quarter GDP growth was measured at 5.8 percent and the April unemployment
rate declined to 4.9 percent. The April unemployment measure was the lowest rate
recorded since 1973. Consumer spending was up dramatically in the first quarter
as well. However, despite the strong growth measures, inflation data indicated
that the economy was not overheating. Prices increased at a modest 2.2 percent
annual rate in the first quarter, which was down from 2.6 percent in the fourth
quarter of 1996. Inflation concerns were further moderated by the balanced
budget agreement reached by the President and Congress in early-May, and April
economic data which generally indicated a slowing pace of economic growth. The
April economic data reflected falling retail sales and producer prices, while
factory production declined for the first time in more than a year. At the end
of May, low unemployment and a favorable job market provided for a 27-year high
in the Consumer Confidence index for May. The labor market showed signs of
further tightening in early-June, as indicated by the May unemployment rate
declining to 4.8 percent of the work force - the lowest level since November
1973.
Consistent with the mixed economic activity, interest rate trends have been
varied as well over the past year. Generally improving economic conditions and
indications that the Federal Reserve would not cut interest rates further,
started an upward trend in interest rates during the first quarter of 1996.
Interest rates continued to edge higher during the second quarter of 1996, as
the 30-year U.S. Government bond yield climbed above 7.0 percent following the
stronger than expected May job growth reported in early-June. In early-July, the
release of a strong June employment report had a more severe effect on bond
prices, as the large drop in unemployment provided for one of the largest one
day declines in bond prices with the yield on the 30-year benchmark bond
increasing from 6.93 percent to 7.18 percent. After trending lower for a brief
period during early- and mid-August, interest rates moved higher in late-August
and early-September as inflation concerns were raised by the stronger than
expected economic growth.
The Federal Reserve's decision not to raise interest rates at its September
and October 1996 meetings, along with economic data providing indications of a
cooling economy, translated into a declining interest rate environment during
late-September and through most of October. Interest rates continued to edge
lower through November, as the October economic data suggested that inflationary
pressures were non-threatening. Bond prices declined slightly in early-December,
as investors focused on weakness in the dollar and rising oil prices. Concern
over Japanese investors slowing their buying of U.S. Treasury notes caused bond
prices to slide in mid-December, despite economic data which continued to
indicate mild inflation. Interest rates were somewhat trendless at the close of
1996, as the Federal Reserve elected not to change interest rates at its
December meeting.
28
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Page 2.6
With few inflationary signs, interest rates held steady at the beginning of
1997, which was followed by a mild easing in interest rates during the first
half of February. Indications of slowing economic growth and the Federal
Reserve's decision to leave rates unchanged at its early-February meeting
spurred the downward trend in interest rates. However, interest rates edged
higher in late-February, following renewed concerns by the Federal Reserve
Chairman over the sharp rise in the stock market during the past two years.
After stabilizing briefly, the strengthening economy and growing expectations of
a rate increase by the Federal Reserve propelled interest rates higher in
late-March. The Federal Reserve increased short-term interest rates by 0.25
percent in late-March, which was followed by a sharp sell-off in the bond
market. For the first time in six months, the rate on the 30-year benchmark bond
moved above 7.0 percent in late-March.
Inflation concerns pushed interest rates higher during the first half of
April, which was followed by a slight decline in interest rates on rumors of a
national budget accord. News of the budget agreement and favorable inflation
data sustained the rally in bond prices through early-May. Interest rates
stabilized in mid-May, as the Federal Reserve opted not to raise interest rates
at its May meeting. The high level of consumer confidence indicated by the May
reading caused the 30-year bond yield to briefly edge above 7.0 percent in
late-May, which was followed by a mild rally in bond prices on expectations of
slowing economic growth. Despite inflation concerns sparked by the May
unemployment data, bond prices surged higher on the day the unemployment data
was released. As of June 6, 1997, one- and thirty-year U.S. Government bonds
were yielding 5.68 percent and 6.77 percent, respectively. Exhibit II-2 provides
historical interest rate trends from 1991 through June 6, 1997.
Local Economy
- -------------
As part of the Wheeling MSA, Belmont County's economy is heavily influenced
by economic activity in the Wheeling Metropolitan area. Wheeling's economy has
historically been based in coal mining, steel manufacturing and the manufacture
of other products such as chemicals and aluminum. Coal is the most abundant
natural resource available in Belmont County and Belmont County has historically
led the State of Ohio in coal production. The general decline that has been
experienced in the coal mining and steel-related industries has had a ripple
effect on the regional economy, providing for fewer employment opportunities
overall. Further depressing the local economy has been the strike of steel
workers at Wheeling Pittsburgh Steel, which has negatively affected the local
economy since mid-September 1996. As the result of the prolonged strike, the
Association has recently began to experience an increase in 1-4 family
delinquencies. Table 2.2 provides a listing of the major employers in the
Wheeling metropolitan area.
29
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Page 2.7
Table 2.2
Bridgeport Savings and Loan Association
Major Employers in the Wheeling Metropolitan Area
Employer Location Employment
-------- -------- ----------
Wheeling Hospital Wheeling, WV 1,700
Consolidation Coal Moundsville, WV 1,514
Bayer Corporation New Martinsville, WV 1,470
Kroger Food & Drug St. Clairsville, OH 1,400
Wheeling Park Commission (in-season) Wheeling, WV 1,000
Ohio Valley Medical Center Wheeling, WV 954
PPG Industries New Martinsville, WV 810
Ohio County Public School System Wheeling, WV 800
Marshall County Public School System Moundsville, WV 750
Wheeling Pittsburgh Steel Martins Ferry, OH 650
Source: Wheeling Area Chamber of Commerce.
Industry employment data for Belmont County indicates a decline in
manufacturing and mining jobs, with employment growth primarily occurring in
lower paying service jobs. Based on 1994 data (the most recent data available),
the largest employment sector in Belmont County is the services industry (27.2
percent of total employment) followed by retail trade (26.9 percent of total
employment) and the government sector (13.9 percent of total employment).
Manufacturing jobs accounted for only 7.0 percent of Belmont County's employment
in 1994, and 12.5 percent of total employee earnings.
Unemployment trends for Belmont County, Ohio and the U.S. are displayed in
Table 2.3. The lack of economic growth in Belmont County is further evidenced by
its relatively high unemployment rate, which was well above the comparative U.S.
and Ohio measures. Going forward, it is not anticipated that there will be any
dramatic near term changes in Belmont County's unemployment measure, as
indicated by recent historical trends.
30
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Page 2.8
Table 2.3
Bridgeport Savings and Loan Association
Unemployment Trends(1)
March 1996 March 1997
Region Unemployment Unemployment
------ ------------ ------------
United States 5.8% 5.5%
Ohio 5.5 5.2
Belmont County 8.0 10.5
<FN>
(1) Unemployment rates have not been seasonally adjusted.
Source: U.S. Bureau of Labor Statistics.
Competition
- -----------
Competition among financial institutions in the Association's market is
fierce. As larger institutions compete for market share to achieve economies of
scale, the market environment for Bridgeport Savings' products and services is
expected to become increasingly competitive in the future. Smaller institutions
such as Bridgeport Savings will be forced either to compete with larger
institutions on pricing, or to identify and operate in a "niche" that will allow
for operating margins to be maintained at profitable levels.
Bridgeport Savings' retail deposit base is closely tied to the economic
fortunes of Belmont County, where both of the Association's branches are
maintained. Table 2.4 displays deposit market trends for Belmont County, with
additional data presented for the State of Ohio. The data indicates that deposit
growth in the Association's primary market area was slightly positive and less
than the Ohio deposit growth rate. Belmont County's deposit growth was the
result of growth in commercial bank deposits, which was partially offset by a
decline in thrift deposits and, to a lesser extent, a decline in credit union
deposits. The decline in thrift deposits was largely attributable to the trend
of consolidation, in which commercial banks have sought to expand market share
through acquiring thrifts.
Bridgeport Savings' deposit balance exhibited little change from June 30,
1994 through June 30, 1996, which served to preserve its market share of Belmont
County deposits at 3.1 percent. As a percent of thrift deposits, the
Association's market share of Belmont County deposits increased from 8.4 percent
at June 30, 1994 to 12.2 percent at June 30, 1996.
Future deposit growth may potentially be enhanced by the conversion, as the
additional capital will improve Bridgeport Savings' competitive position and
leverage capacity. The Association should also continue
31
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Page 2.9
--------------------------------------------------------
Table 2.4
Bridgeport Savings and Loan Association
Deposit Summary
--------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
As of June 30,
--------------------------------------------------------------------------
1994 1996
---------------------------------- ------------------------------------- Deposit
Market Number of Market No. of Growth Rate
Deposits Share Branches Deposits Share Branches 1994-1996
-------- ----- -------- -------- ----- -------- ---------
(Dollars In Thousands) (%)
A. Deposit Summary
- ------------------
State of Ohio $135,360,615 100.0% 3,954 $145,735,626 100.0% 4,307 3.8%
Commercial Banks 92,563,754 68.4% 3,028 105,326,951 72.3% 2,984 6.7%
Credit Unions 8,102,445 6.0% NA 8,458,828 5.8% 563 2.2%
Savings and Loans 34,694,416 25.6% 926 31,949,847 21.9% 760 -4.0%
Belmont County $946,321 100.0% 40 $965,226 100.0% 37 1.0%
Commercial Banks 586,135 61.9% 29 712,709 73.8% 28 10.3%
Credit Unions 8,281 0.9% NA 7,785 0.8% 2 -3.0%
Savings and Loans 351,905 37.2% 11 244,732 25.4% 7 -16.6%
Bridgeport S&LA (1) 29,727 8.4% 2 29,746 12.2% 2 0.0%
Bridgeport S&LA (2) 3.1% 3.1%
<FN>
(1) Percent of S&L deposits.
(2) Percent of total deposits.
Source: FDIC; OTS.
- -----------------------------------------------------------------------------------------------------------------------
32
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Page 2.10
to benefit from its favorable image as a locally-owned and community-oriented
institution. At the same time, the economic and demographic trends of the
primary market area may negatively impact deposit growth opportunities for the
Association. To augment the growth that is possible internally, Bridgeport
Savings may seek opportunities to expand the Association's growth potential
through acquiring branches or another financial institution in nearby markets.
However, at this time, the Association has no definite plans to acquire
additional branches or other financial institutions.
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Page 3.1
III. PEER GROUP ANALYSIS
reflective This chapter presents an analysis of Bridgeport Savings'
operations versus a group of comparable savings institutions (the "Peer Group")
selected from the universe of all publicly-traded savings institutions. The
basis of the pro forma market valuation of Bridgeport Savings is provided by
these institutions. Factors affecting the Association's pro forma value such as
financial condition, credit risk, interest rate risk, loan composition and
recent operating results can be readily assessed in relation to the Peer Group.
Current market pricing of the Peer Group, subject to appropriate adjustments to
account for differences between Bridgeport Savings and the Peer Group, will then
be used as a basis for the pro forma valuation of Bridgeport Savings'
to-be-issued common stock.
Selection of Peer Group
- -----------------------
We consider the appropriate Peer Group to be comprised of only those
publicly-traded savings institutions whose common stock is either listed on a
national exchange or is NASDAQ listed, since the market for companies trading in
this fashion is regular and reported. We believe non-listed institutions are
inappropriate since the trading activity for thinly-traded stocks is typically
highly irregular in terms of frequency and price and may not be a reliable
indicator of market value. We have also excluded from the Peer Group those
companies under acquisition, mutual holding companies and recent conversions,
since their pricing ratios are subject to distortion and/or do not have a
seasoned trading history.
From the universe of publicly-traded thrifts, we selected eleven
institutions with characteristics similar to those of Bridgeport Savings. In the
selection process, one "screen" was applied to the universe of all
publicly-traded thrifts:
o SCREEN #1. OHIO AND WEST VIRGINIA INSTITUTIONS WITH ASSETS OF LESS
THAN $300 MILLION, EQUITY-TO-ASSETS RATIOS OF GREATER THAN 8.0
PERCENT, POSITIVE CORE EARNINGS BETWEEN 0.50 PERCENT AND 1.50 PERCENT
OF AVERAGE ASSETS, AND NON-PERFORMING ASSETS-TO-ASSETS RATIOS OF LESS
THAN 2.0 PERCENT. Fifteen companies met the criteria for Screen #1
(Exhibit III-2), and eleven were included in the Peer Group. All
eleven of the companies are based in Ohio: ASB Financial Corp.,
Community Investors Bancorp, Enterprise Federal Bancorp, FFD Financial
Corp., First Franklin Corp., Glenway Financial Corp., Harvest Home
Financial Corp., London Financial Corp., Milton Federal Financial
Corp., OHSL Financial Corp. and Wood Bancorp. All four of the
companies excluded from the Peer Group were recent conversions:
Advance Financial Bancorp of West Virginia (conversion completed
January 1997), Delphos Citizens Bancorp of Ohio (conversion completed
November 1996), Home City Financial Corp. of Ohio (conversion
completed December 1996), and Market Financial Corp. of Ohio
(conversion completed March 1997).
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Page 3.2
Table 3.1 on the following page shows the general characteristics of each
of the Peer Group companies and Exhibit III-3 provides summary demographic data
for the primary market areas served by each of the Peer Group companies. While
there are some differences between the Peer Group companies and Bridgeport
Savings, we believe that the Peer Group provides a good representation of
publicly-traded thrifts with operations comparable to those of the Association
and, thus, will provide a good basis for the valuation. The following sections
present a comparison of Bridgeport Savings' financial condition, income and
expense trends, loan composition, interest rate risk and credit risk versus the
Peer Group. The conclusions drawn from the comparative analysis are then
factored into the valuation analysis discussed in the final chapter.
A summary description of the key characteristics of each of the Peer Group
companies, which we determined warranted their inclusion as a comparable
institution to Bridgeport Savings, is detailed below.
o ASB Financial Corp. of OH. Selected due to Ohio market area, traditional
thrift operating strategy, strong capital position, high concentration of
cash and investments comprising interest-earning assets, and similar
funding composition.
o Community Investors Bancorp. of OH. Selected due to Ohio market area,
traditional thrift operating strategy, small asset size, similar
interest-earning asset mix, strong net interest margin, similar core
earnings strength, high concentration of 1-4 family permanent mortgage
loans comprising MBS and loan portfolio, and comparable credit quality
measures.
o Enterprise Federal Bancorp. of OH. Selected due to Ohio market area,
traditional thrift operating strategy, strong capital position, and
favorable credit quality measures.
o FFD Financial Corp. of OH. Selected due to Ohio market area, traditional
thrift operating strategy, strong capital position, small asset size,
similar core earnings strength, high concentration of MBS and 1-4 family
permanent mortgage loans comprising the MBS and loan portfolio, and
favorable credit quality measures.
o First Franklin Corp. of OH. Selected due to Ohio market area, traditional
thrift operating strategy, similar funding composition, high concentration
of MBS and 1-4 family permanent mortgage loans comprising the MBS and loan
portfolio, and similar credit quality measures.
o Glenway Financial Corp. of OH. Selected due to Ohio market area,
traditional thrift operating strategy, high concentration of MBS and 1-4
family permanent mortgage loans comprising the MBS and loan portfolio, and
favorable credit quality measures.
o Harvest Home Fin. Corp. of OH. Selected due to Ohio market area,
traditional thrift operating strategy, small asset size, strong capital
position, high concentration of cash and investments comprising
interest-earning assets, similar concentration of 1-4 family permanent
mortgage loans comprising the loan and MBS portfolio, and favorable credit
quality measures.
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------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.1
Peer Group of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ -------
($) ($Mil)
GFCO Glenway Financial Corp. of OH OTC Cincinnati OH Thrift 281 6 06-30 11/90 24.75 28
EFBI Enterprise Fed. Bancorp of OH OTC Cincinnati OH Thrift 246 D 5 09-30 10/94 19.00 38
OHSL OHSL Financial Corp. of OH OTC Cincinnati, OH Thrift 230 4 12-31 02/93 23.75 29
FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 226 7 12-31 01/88 19.87 23
MFFC Milton Fed. Fin. Corp. of OH OTC Southwest OH Thrift 179 2 09-30 10/94 14.12 33
FFWD Wood Bancorp of OH OTC Northern OH Thrift 163 6 06-30 08/93 16.00 24
ASBP ASB Financial Corp. of OH OTC Southern OH Thrift 109 1 06-30 04/95 11.75 20
CIBI Community Inv. Bancorp of OH OTC NorthCentral OH Thrift 97 3 06-30 02/95 19.00 12
FFDF FFD Financial Corp. of OH OTC Northeast OH Thrift 85 1 06-30 04/96 13.75 20
HHFC Harvest Home Fin. Corp. of OH OTC Southwest OH Thrift 84 D 3 09-30 10/94 10.50 10
LONF London Financial Corp. of OH OTC Central OH Thrift 38 1 09-30 04/96 15.00 8
<FN>
NOTES: (1) Or most recent date available (M=March, S=September, D=December, J=June, E=Estimated, and P=Pro Forma)
(2) Operating strategies are: Thrift=Traditional Thrift, M.B.=Mortgage Banker, R.E.=Real Estate Developer,
Div.=Diversified, and Ret.=Retail Banking.
(3) FDIC savings bank institution.
Source: Corporate offering circulars, data derived from information
published in SNL Securities Quarterly Thrift Report, and financial
reports of publicly-traded thrifts.
Date of Last Update: 06/11/97
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Page 3.4
o London Financial Corp. of OH. Selected due to Ohio market area, traditional
thrift operating strategy, small asset size, strong capital position,
similar concentration of loans comprising interest-earnings assets,
comparable funding composition, similar core earnings strength, strong net
interest margin, high concentration of MBS and 1-4 family permanent
mortgage loans comprising the MBS and loan portfolio, and similar credit
quality measures.
o Milton Federal Financial Corp. of OH. Selected due to Ohio market area,
traditional thrift operating strategy, strong capital position, high
concentration of cash and investments comprising interest-earning assets,
similar concentration of 1-4 family permanent mortgage loans comprising the
MBS and loan portfolio, and favorable credit quality measures.
o OHSL Financial Corp. of OH. Selected due to Ohio market area, traditional
thrift operating strategy, similar concentration of loans comprising
interest-earning assets, and favorable credit quality measures.
o Wood Bancorp. of OH. Selected due to Ohio market area, traditional thrift
operating strategy, strong capital position, strong net interest margin,
similar level of operating expenses, similar concentration of 1-4 family
permanent mortgage loans comprising the MBS and loan portfolio, and
favorable credit quality measures.
In aggregate, the Peer Group is more highly capitalized than the industry
average (13.98 percent of assets versus 12.85 percent for the all SAIF average),
generates a comparable return on average assets (0.86 percent core ROAA versus
0.84 percent for the all SAIF average), and generates a lower return on equity
(5.98 percent core ROE versus 7.35 percent for the all SAIF average). Overall,
the Peer Group's average P/B ratio and core P/E multiple were below and above
the respective comparable SAIF averages.
As of June 6, 1997
------------------
Peer All SAIF
Group Insured
----- --------
Equity-to-Assets 13.98% 12.85%
Core Return on Assets ("ROA") 0.86 0.84
Core Return on Equity ("ROE") 5.98 7.35
Price-to-Book Ratio ("P/B") 110.42% 128.40%
Core Price-to-Earnings Multiple ("P/E") 18.91x 17.72x
Price-to-Assets Ratio ("P/A") 15.25% 15.64%
Source: Table 4.4 - Chapter IV Valuation Analysis.
Ideally, the Peer Group companies would be comparable to Bridgeport Savings
in terms of all of the selection criteria, but the universe of publicly-traded
thrifts does not provide for an appropriate number of such
37
RP Financial, LC.
Page 3.5
companies. However, in general, the companies selected for the Peer Group were
fairly comparable to Bridgeport Savings, as will be highlighted in the following
comparative analysis.
Financial Condition
- -------------------
Table 3.2 shows comparative balance sheet measures for Bridgeport Savings
and the Peer Group, reflecting the expected similarities and some differences
given the selection procedures outlined above. The Association's and the Peer
Group's ratios reflect balances as of March 31, 1997. Bridgeport Savings' net
worth base of 14.1 percent approximated the Peer Group's average net worth ratio
of 14.0 percent. Accordingly, with the consummation of the conversion and
infusion of the net conversion proceeds, the Association's pro forma
equity-to-assets ratio will be well above the Peer Group's ratio. All of
Bridgeport Savings' capital consisted of tangible capital, while two of the Peer
Group companies maintained nominal balances of goodwill. Bridgeport Savings'
higher pro forma capital position will be favorable from a risk perspective and
in terms of future earnings potential that could be realized through leverage
and lower funding costs. However, at the same time, the Association's high pro
forma capitalization will likely result in a relatively low return on equity for
an extended period of time. Both the Association's and the Peer Group's capital
ratios reflected significant capital surpluses with respect to the regulatory
capital requirements, with the Association's ratios currently indicating
slightly greater capital surpluses.
The interest-earning asset compositions for the Association and the Peer
Group were somewhat similar, with loans and mortgage-backed securities
constituting the bulk of interest-earning assets for both Bridgeport Savings and
the Peer Group. Bridgeport Savings' combined level of loans and mortgage-backed
securities was lower than the Peer Group's ratio (75.1 percent versus 79.7
percent for the Peer Group), with the Association's higher concentration of
loans being more than offset by the Peer Group's higher concentration of
mortgage-backed securities. Comparatively, Bridgeport Saving' cash and
investments-to-assets ratio was higher than the comparable ratio for the Peer
Group (23.0 percent versus 18.0 percent for the Peer Group). Overall, Bridgeport
Savings' interest-earning assets amounted to 98.1 percent of assets, which was
similar to the comparative Peer Group ratio of 97.7 percent.
Bridgeport Savings' funding liabilities reflect a funding strategy similar
to that of the Peer Group's funding composition. The Association's deposits
equaled 85.1 percent of assets, which was higher than the Peer Group average of
74.1 percent. Deposits accounted for all of Bridgeport Savings' interest-bearing
liabilities, while the Peer Group posted a borrowings-to-assets ratios of 11.0
percent. Accordingly, the Association was considered to have slightly greater
borrowing capacity than the Peer Group, although both Bridgeport Savings and the
Peer Group were considered to have ample borrowing capacities. Total interest-
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RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.2
Balance Sheet Composition and Growth Rates
Comparable Institution Analysis
As of March 31, 1997
Balance Sheet as a Percent of Assets
----------------------------------------------------------------------------------------
Cash and Borrowed Subd. Net Goodwill Tng Net MEMO:
Investments Loans MBS Deposits Funds Debt Worth & Intang Worth Pref.Stock
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
Bridgeport Savings and Loan
- ---------------------------
March 31, 1997 23.0 72.4 2.7 85.1 0.0 0.0 14.1 0.0 14.1 0.0
SAIF-Insured Thrifts 17.9 66.7 11.6 71.7 14.3 0.2 12.5 0.2 12.2 0.0
State of OH 16.5 72.6 8.0 73.2 11.6 0.2 14.0 0.2 13.8 0.1
Comparable Group Average 18.0 69.2 10.5 74.1 11.0 0.0 14.0 0.0 14.0 0.0
Mid-West Companies 18.0 69.2 10.5 74.1 11.0 0.0 14.0 0.0 14.0 0.0
Comparable Group
- ----------------
Mid-West Companies
- ------------------
ASBP ASB Financial Corp. of OH 23.4 64.8 8.4 79.8 2.2 0.0 15.7 0.0 15.7 0.0
CIBI Community Inv. Bancorp of OH 20.6 76.1 2.0 73.9 14.0 0.0 11.5 0.0 11.5 0.0
EFBI Enterprise Fed. Bancorp of OH(1) 13.5 65.6 18.8 58.1 28.4 0.0 12.7 0.0 12.7 0.0
FFDF FFD Financial Corp. of OH 15.2 62.2 21.0 64.1 10.1 0.0 24.7 0.0 24.7 0.0
FFHS First Franklin Corp. of OH 13.9 67.6 16.8 87.9 2.8 0.0 8.8 0.1 8.8 0.0
GFCO Glenway Financial Corp. of OH 6.7 82.8 6.5 81.0 8.1 0.0 9.6 0.1 9.4 0.0
HHFC Harvest Home Fin. Corp. of OH(1) 32.5 51.1 14.3 69.0 17.9 0.0 12.4 0.0 12.4 0.0
LONF London Financial Corp. of OH 12.3 76.3 9.9 77.3 2.1 0.0 19.9 0.0 19.9 0.0
MFFC Milton Fed. Fin. Corp. of OH 23.4 63.9 9.8 76.0 8.8 0.0 14.7 0.0 14.7 0.0
OHSL OHSL Financial Corp. of OH 21.7 71.1 5.1 75.6 12.3 0.0 11.0 0.0 11.0 0.0
FFWD Wood Bancorp of OH 15.0 80.4 2.8 72.1 14.4 0.0 12.7 0.0 12.7 0.0
Balance Sheet Annual Growth Rates Regulatory Capital
------------------------------------------------------------ -------------------------
Cash and Loans Borrows. Net Tng Net
Assets Investments & MBS Deposits &Subdebt Worth Worth Tangible Core Reg.Cap.
------ ----------- ------ -------- -------- -------- ------- -------- -------- --------
Bridgeport Savings and Loan
- ---------------------------
March 31, 1997 0.02 14.81 -3.58 -0.51 0.00 5.25 5.25 14.07 14.07 29.77
SAIF-Insured Thrifts 12.81 3.95 13.24 7.60 23.45 -1.59 -2.09 10.86 10.91 22.90
State of OH 12.74 1.42 15.72 4.70 43.29 0.40 1.05 11.96 11.73 23.72
Comparable Group Average 9.30 -3.82 14.62 2.15 45.51 -9.03 -9.00 11.23 10.95 22.10
Mid-West Companies 9.30 -3.82 14.62 2.15 45.51 -9.03 -9.00 11.23 10.95 22.10
Comparable Group
- ----------------
Mid-West Companies
- ------------------
ASBP ASB Financial Corp. of OH -2.06 -13.82 1.65 5.56 68.38 -33.23 -33.23 12.15 12.15 27.02
CIBI Community Inv. Bancorp of OH 13.59 7.33 15.51 0.65 NM -5.46 -5.46 10.40 10.40 20.60
EFBI Enterprise Fed. Bancorp of OH( 18.64 -34.04 35.41 7.23 75.00 -3.55 -3.46 11.40 11.40 21.30
FFDF FFD Financial Corp. of OH 11.98 -39.04 34.68 -18.53 NM NM NM 15.80 15.80 34.10
FFHS First Franklin Corp. of OH 4.68 4.68 4.91 6.20 -13.47 -2.89 -3.57 6.38 6.38 14.72
GFCO Glenway Financial Corp. of OH 2.53 -10.04 3.20 2.65 15.87 1.34 2.19 NM 8.50 13.70
HHFC Harvest Home Fin. Corp. of OH( 18.98 9.87 23.97 2.00 NM -20.70 -20.70 NM NM NM
LONF London Financial Corp. of OH 1.03 -42.35 13.16 0.28 NM -3.79 -3.79 15.50 15.50 29.70
MFFC Milton Fed. Fin. Corp. of OH 4.11 1.68 4.33 8.37 39.85 -23.20 -23.20 12.20 12.20 26.30
OHSL OHSL Financial Corp. of OH 11.85 79.19 1.94 6.62 87.44 -0.60 -0.60 8.92 8.92 18.74
FFWD Wood Bancorp of OH 17.02 -5.52 22.01 2.58 NM 1.80 1.80 8.29 8.29 14.77
<FN>
(1) Financial information is for the quarter ending December 31, 1996.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
39
RP Financial, LC.
Page 3.7
bearing liabilities as a percent of assets equaled 85.1 percent for both the
Association and the Peer Group, reflecting the comparability of their respective
equity-to-assets ratios.
A key measure of balance sheet strength for a thrift institution is its
IEA/IBL ratio. Presently, the Association's IEA/IBL ratio is comparable to the
Peer Group's ratio, based on respective ratios of 115.3 percent and 114.8
percent. The additional capital realized from stock proceeds should serve to
provide Bridgeport Savings with a more significant IEA/IBL ratio advantage over
the Peer Group, as the interest free capital realized in Bridgeport Savings'
stock offering will be deployed into interest-earning assets.
The growth rate section of Table 3.2 shows annual growth rates for key
balance sheet items. Bridgeport Savings' growth rates are based on annualized
growth for the fifteen months ended March 31, 1997, while the Peer Group's
growth rates are based on annual growth for the twelve months ended March 31,
1997. Nominal asset growth was recorded by the Association, which was
significantly less than the Peer Group's asset growth rate of 9.3 percent. The
approximately flat asset balance maintained by Bridgeport Savings was the result
of shrinkage in loans and mortgage-backed securities being offset by growth in
cash and investments. Comparatively, the Peer Group posted a 14.6 growth rate in
loans and mortgage-backed securities, which was partially negated by a slight
decline in cash and investments. Overall, the Peer Group's asset growth measures
would tend to support greater earnings growth relative to the Association's
measures.
Retained earnings funded the Association's modest asset growth, as well as
a slight decline in deposits. The Peer Group's asset growth was funded by
deposits and borrowings, with the Peer Group's lower balance of borrowings
exhibiting a significantly higher growth rate. In fact, the Peer Group's
borrowings growth rate shown in Table 3.2 is somewhat understated, as it does
not include the borrowings growth rates of the Peer Group companies which
recorded a more than 100 percent increase in borrowings during the twelve month
period. For the period shown in Table 3.2, all five of the Peer Group companies
with "NMs" indicated as borrowing growth rates in Table 3.2 posted borrowing
growth rates in excess of 100 percent.
Capital growth rates posted by the Association and the Peer Group equaled
positive 5.3 percent and negative 9.0 percent, respectively. Bridgeport Savings'
capital growth rate was realized through the retention of earnings.
Comparatively, dividend payments and stock repurchases, as well as possible SFAS
115 adjustments, were factors that more than offset the Peer Group's positive
earnings. Following the increase in capital realized from conversion proceeds,
the Association's capital growth rate will be depressed by its higher pro forma
capital position, as well as by possible dividend payments and stock repurchase
programs.
40
RP Financial, LC.
Page 3.8
Income And Expense Components
- -----------------------------
Bridgeport Savings and the Peer Group reported net income to average assets
ratios of positive 0.59 percent and positive 0.58 percent, respectively (see
Table 3.3), based on earnings for the twelve months ended March 31, 1997. Both
the Association's and the Peer Group's earnings were depressed by the one time
assessment to recapitalize the SAIF. With the exception of the SAIF assessment,
the Association's and the Peer Group's earnings were fairly representative of
their core earnings. In terms of core earnings measures, the Association
maintained both a higher net interest margin and a higher level of operating
expenses than the comparative Peer Group ratios, while non-interest operating
income was a limited contributor to both the Association's and the Peer Group's
earnings.
The Association's stronger net interest margin resulted from a lower
interest expense ratio, which was partially offset by the Peer Group's higher
interest income ratio. As highlighted in the yield-cost section of Table 3.3,
the Peer Group's higher interest income ratio was realized through earning a
slightly higher yield on interest-earning assets, reflecting the higher yielding
composition of the Peer Group's interest-earning assets (higher concentration of
loans and MBS and lower concentration of cash and investments). Likewise,
Bridgeport Savings' lower interest expense ratio was realized through
maintaining a lower cost of funds, which was attributable to the Association's
absence of borrowings and maintenance of a relatively high concentration of
deposits in lower costing savings and transaction accounts. Following the
infusion of conversion proceeds, the Association's interest expense ratio should
also benefit from decline in the level of interest-bearing liabilities being
utilized to fund assets. Overall, Bridgeport Savings and the Peer Group reported
net interest income to average assets ratios of 3.85 percent and 3.31 percent,
respectively.
In another key area of core earnings strength, the Association and the Peer
Group reported operating expense to average assets ratios of 2.53 percent and
2.10 percent, respectively. It should be noted that the one time SAIF assessment
expense has been reflected as a non-operating item for both the Association and
the Peer Group companies. Accordingly, the operating expense ratios posted by
the Association and the Peer Group were considered to be representative of their
recurring operating expenses. Bridgeport Savings' higher operating expense ratio
can in part be explained by the relatively high number of employees maintained
for its asset size, as indicated by assets per full time equivalent employee
measures of $2.7 million and $4.5 million for the Association and the Peer
Group, respectively. The Association's lower ratio is largely attributable to
maintaining two full service branch offices, which is relatively high number of
offices for Bridgeport Savings' asset size. Assets per branch equaled $17.3
million for the Association, versus a comparative measure of $44.6 million for
the Peer Group. The absence of asset growth has also served to place upward
pressure on Bridgeport Savings' operating expense ratio in recent years.
41
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.3
Income as a Percent of Average Assets and Yields, Costs, Spreads
Comparable Institution Analysis
For the Twelve Months Ended March 31, 1997
Net Interest Income Other Income
---------------------------- -------------------
Loss NII Total
Net Provis. After Loan R.E. Other Other
Income Income Expense NII on IEA Provis. Fees Oper. Income Income
------ ------ ------- ------ ------- ------- ---- ----- ------ ------
Bridgeport Savings and Loan
- ---------------------------
March 31, 1997 0.59 7.19 3.34 3.85 0.00 3.85 0.00 0.00 0.12 0.12
SAIF-Insured Thrifts 0.63 7.36 4.10 3.26 0.14 3.12 0.12 0.01 0.28 0.42
State of OH 0.70 7.47 4.13 3.34 0.05 3.28 0.05 0.00 0.21 0.26
Comparable Group Average 0.58 7.42 4.11 3.31 0.05 3.26 0.01 -0.01 0.14 0.13
Mid-West Companies 0.58 7.42 4.11 3.31 0.05 3.26 0.01 -0.01 0.14 0.13
Comparable Group
- ----------------
Mid-West Companies
- ------------------
ASBP ASB Financial Corp. of OH 0.61 7.49 4.09 3.40 0.02 3.38 0.00 0.02 0.20 0.22
CIBI Community Inv. Bancorp of OH 0.67 7.73 4.18 3.54 0.15 3.39 0.00 -0.13 0.12 -0.01
EFBI Enterprise Fed. Bancorp of OH(1) 0.68 7.40 4.41 3.00 0.05 2.94 0.00 0.00 0.05 0.05
FFDF FFD Financial Corp. of OH 0.77 6.84 3.54 3.30 0.00 3.30 0.00 0.00 0.06 0.06
FFHS First Franklin Corp. of OH 0.14 7.23 4.49 2.74 0.04 2.70 0.05 0.00 0.12 0.17
GFCO Glenway Financial Corp. of OH 0.38 7.40 4.32 3.08 0.07 3.02 0.00 0.00 0.24 0.25
HHFC Harvest Home Fin. Corp. of OH(1) 0.21 7.02 4.07 2.95 0.00 2.95 0.00 0.00 0.08 0.08
LONF London Financial Corp. of OH 0.74 7.54 3.82 3.71 0.00 3.71 0.00 0.00 0.17 0.17
MFFC Milton Fed. Fin. Corp. of OH 0.53 7.37 4.15 3.23 0.09 3.14 0.01 0.00 0.12 0.13
OHSL OHSL Financial Corp. of OH 0.60 7.66 4.39 3.27 0.01 3.26 0.00 0.00 0.14 0.14
FFWD Wood Bancorp of OH 1.00 7.98 3.79 4.19 0.08 4.11 0.00 0.00 0.22 0.22
G&A/Other Exp. Non-Op. Items Yields, Costs, and Spreads
---------------- -------------- -------------------------
MEMO: MEMO:
G&A Goodwill Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Expense Amort. Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
------- ------- ------- ------- --------- -------- ------ ---------- --------
Bridgeport Savings and Loan
- ---------------------------
March 31, 1997 2.53 0.00 -0.55 0.00 7.51 3.97 3.54 2,659 33.33
SAIF-Insured Thrifts 2.21 0.02 -0.34 0.00 7.39 4.64 2.75 9,248 35.93
State of OH 2.11 0.02 -0.36 0.00 7.29 4.64 2.66 4,075 35.04
Comparable Group Average 2.10 0.01 -0.43 0.00 7.59 4.91 2.68 4,546 33.73
Mid-West Companies 2.10 0.01 -0.43 0.00 7.59 4.91 2.68 4,546 33.73
Comparable Group
- ----------------
Mid-West Companies
- ------------------
ASBP ASB Financial Corp. of OH 2.28 0.00 -0.40 0.00 7.71 5.22 2.49 4,757 33.92
CIBI Community Inv. Bancorp of OH 1.88 0.00 -0.50 0.00 7.83 4.80 3.03 NM 33.12
EFBI Enterprise Fed. Bancorp of OH(1) 1.87 0.01 -0.10 0.00 7.55 5.22 2.34 6,659 32.83
FFDF FFD Financial Corp. of OH 1.75 0.00 -0.45 0.00 6.95 4.64 2.31 NM 33.54
FFHS First Franklin Corp. of OH 1.92 0.02 -0.71 0.00 7.38 4.97 2.40 4,814 32.84
GFCO Glenway Financial Corp. of OH 2.12 0.08 -0.47 0.00 7.70 4.86 2.85 4,320 37.20
HHFC Harvest Home Fin. Corp. of OH(1) 2.28 0.00 -0.49 0.00 7.17 4.86 2.31 NM 31.79
LONF London Financial Corp. of OH 2.31 0.00 -0.52 0.00 7.66 4.88 2.78 NM 30.23
MFFC Milton Fed. Fin. Corp. of OH 2.17 0.00 -0.30 0.00 7.57 5.06 2.51 3,575 33.90
OHSL OHSL Financial Corp. of OH 2.08 0.00 -0.40 0.00 7.84 5.03 2.81 3,895 34.95
FFWD Wood Bancorp of OH 2.39 0.00 -0.35 0.00 8.11 4.42 3.70 3,802 36.75
<FN>
(1) Financial information is for the quarter ending December 31, 1996.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
42
RP Financial, LC.
Page 3.10
When viewed together, net interest income and operating expenses provide
considerable insight into a thrift's earnings strength, since those sources of
income and expenses are typically the most prominent components of earnings and
are generally more predictable than losses and gains realized from the sale of
assets or other non-recurring activities. In this regard, as measured by their
expense coverage ratios (net interest margin divided by the operating expense
ratio), Bridgeport Savings' earnings strength was similar to the Peer Group's.
Expense coverage ratios posted by Bridgeport Savings and the Peer Group equaled
1.52x and 1.57x, respectively. An expense coverage ratio of greater than 1.0x
indicates that an institution is able to sustain pre-tax profitability without
having to rely on non-interest sources of income.
Sources of non-interest operating income made minor contributions to the
Association's and the Peer Group's earnings, with such income amounting to 0.12
percent and 0.13 percent of Bridgeport Savings' and the Peer Group's average
assets, respectively. The modest amount of the Association's and the Peer
Group's earnings realized from non-interest operating income is consistent with
their traditional thrift operating strategies, which typically provides for
limited diversification into services that generate non-interest operating
income. Real estate operations were not a material factor in either Bridgeport
Savings' or the Peer Group's non-interest operating income, which was indicative
of their favorable credit quality measures and, in particular, their limited
holdings of real estate owned.
Loan loss provisions established by the Association and the Peer Group were
also reflective of favorable credit quality measures and low risk operating
strategies, as Bridgeport Savings did not establish any loan loss provisions
during the period and loan loss provisions established by the Peer Group
amounted to 0.05 percent of average assets. Net gains were negative for both the
Association and the Peer Group, with such losses amounting to 0.55 percent and
0.43 percent of average assets, respectively. The net loss recorded by the
Association was solely attributable to the special SAIF assessment. Due to the
lower level of deposits maintained by the Peer Group companies on average (74.1
percent of assets versus 85.1 percent for the Association), the special SAIF
assessment had less of an impact on the Peer Group's earnings as a percent of
average assets. Gains realized from the sale of loans and investments may have
also contributed to the lower net loss posted by the Peer Group. Gains and
losses resulting from the sale of loans and investments are generally viewed as
being non-recurring in nature, given that they are highly dependent upon
interest rate movements and typically do not represent a core earnings activity
for a thrift. Similarly, the special SAIF assessment is also viewed as a
non-recurring item. Accordingly, the Association's and the Peer Group's net
losses will be discounted in evaluating the relative strengths and weaknesses of
their respective earnings. Extraordinary items were not a factor in either the
Association's or the Peer Group's earnings.
Overall, net of the SAIF assessment expense, the Association's and the Peer
Group's reported earnings were fairly representative of their core earnings.
43
RP Financial, LC.
Page 3.11
Loan Composition
- ----------------
Table 3.4 presents data related to the loan composition of Bridgeport
Savings and the Peer Group. An emphasis on low risk residential lending was
apparent in both the Association's and the Peer Group's loan compositions, with
1-4 family permanent mortgage loans and mortgage-backed securities accounting
for 82.6 percent of both the Association's and the Peer Group's loan and MBS
portfolios. The equal ratios were the result of the Association's higher
concentration of 1-4 family loans being offset by the Peer Group's higher
concentration of mortgage-backed securities. Bridgeport Savings' philosophy of
retaining all loan originations for portfolio translated into a zero balance of
loans serviced for others, versus a comparative balance of $15.7 million for the
Peer Group. Four of the Peer Group companies with loans serviced for others
portfolios maintained a modest amount of servicing intangibles.
As indicated by the similar percentage of 1-4 family loans and
mortgage-backed securities maintained by Bridgeport Savings and the Peer Group,
the degree of lending diversification exhibited by the Association and the Peer
Group was also comparable. Bridgeport Savings' lending diversification consisted
substantially of consumer loans (14.5 percent of loans and MBS), followed by
commercial real estate and multi-family loans (1.8 percent of loans and MBS).
Comparatively, the Peer Group's primary area of lending diversification
consisted of commercial real estate and multi-family loans (10.4 percent of
loans and MBS), followed by construction and land loans (4.9 percent of loans
and MBS) and commercial business loans (4.0 percent of loans and MBS).
Commercial business and construction loans represented very minor areas of
lending diversification for Bridgeport Savings, while the Peer Group's
diversification into consumer loans was very limited. The comparable degree of
diversification into higher risk types of lending provided for similar risk
weighted assets-to-assets ratios of 48.5 percent and 47.4 percent for Bridgeport
Savings and the Peer Group, respectively. Overall, both the Association's and
the Peer Group's risk weighted assets ratios were indicative of relatively low
risk operating strategies, as both ratios were lower than the SAIF-insured
average of 51.0 percent.
Interest Rate Risk
- ------------------
Table 3.5 reflects various key ratios highlighting the relative interest
rate risk exposure of the Association versus the Peer Group companies. In terms
of balance sheet composition, Bridgeport Savings' interest rate risk
characteristics were considered to be similar to the Peer Group's, as indicated
by the comparability of their equity-to-assets ratios and IEA/IBL ratios.
Likewise, the Association and the Peer Group maintained comparable levels of
non-interest earning assets, indicating similar earnings capacities that can be
realized from the yield- cost spread. On a pro forma basis, the infusion of
stock proceeds should serve
44
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.4
Loan Portfolio Composition and Related Information
Comparable Institution Analysis
As of March 31, 1997
Portfolio Composition as a Percent of MBS and Loans
---------------------------------------------------------
1-4 Constr. 5+Unit Commerc. RWA/ Serviced Servicing
Institution MBS Family & Land Comm RE Business Consumer Assets For Others Assets
- ----------- ------ ------ ------ ------ ------ -------- ------ ---------- ------
(%) (%) (%) (%) (%) (%) (%) ($000) ($000)
Bridgeport Savings and Loan 3.59 79.02 0.78 1.78 0.39 14.45 48.54 0 0
SAIF-Insured Thrifts 15.13 61.71 5.55 11.64 6.52 1.68 51.04 340,525 2,490
State of OH 10.25 67.32 7.40 12.19 5.59 1.02 51.81 192,563 1,268
Comparable Group Average 12.06 70.50 4.91 10.43 3.97 0.93 47.36 15,729 25
Comparable Group
- ----------------
ASBP ASB Financial Corp. of OH 12.68 60.02 1.83 15.47 8.70 3.03 46.19 0 0
CIBI Community Inv. Bancorp of OH 3.02 81.36 0.51 6.47 9.47 1.17 52.80 0 0
EFBI Enterprise Fed. Bancorp of OH(1) 15.39 59.90 10.40 16.17 3.60 0.58 56.41 0 0
FFDF FFD Financial Corp. of OH 23.02 72.12 2.41 3.43 0.84 0.00 42.97 0 0
FFHS First Franklin Corp. of OH 21.49 62.81 4.83 10.65 2.24 0.00 44.26 54,055 66
GFCO Glenway Financial Corp. of OH 9.28 74.59 4.06 11.71 0.35 0.00 62.90 61,949 0
HHFC Harvest Home Fin. Corp. of OH(1) 12.69 77.59 0.00 9.90 0.00 0.00 12.41 0 0
LONF London Financial Corp. of OH 12.94 69.79 8.24 11.50 2.21 0.61 51.65 0 0
MFFC Milton Fed. Fin. Corp. of OH 11.69 78.68 7.02 5.52 1.70 0.00 46.34 10,243 114
OHSL OHSL Financial Corp. of OH 6.50 61.03 9.30 20.75 5.39 0.97 47.69 23,416 26
FFWD Wood Bancorp of OH 3.92 77.57 5.38 3.20 9.17 3.82 57.33 23,351 67
<FN>
(1) Financial information is for the quarter ending December 31, 1996.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
45
RP Financial, LC.
Page 3.13
Table 3.5
Bridgeport Savings and Loan Association and the Peer Group
Interest Rate Risk Comparative Analysis
Interest-Earning Non Interest-
Assets/ Earning
Equity/ Interest-Bearing Assets(2)/
Assets Liabilities(1) Assets
------------ -------------- ---------
(%) (%) (%)
Bridgeport Saving(3) 14.1% 115.3% 2.4%
Peer Group Average 14.0% 115.3% 2.5%
Peer Group(4)
- -------------
ASB Financial Corp. of OH 15.7% 117.8% 4.4%
Community Inv. Bancorp of OH 11.5% 112.3% 2.0%
Enterprise Fed. Bancorp of OH 12.7% 113.2% 2.0%
FFD Financial Corp. of OH 24.7% 132.6% 1.7%
First Franklin Corp. of OH 8.8% 108.4% 2.2%
Glenway Financial Corp. of OH 9.6% 107.7% 4.1%
Harvest Home Fin. Corp. of OH 12.4% 112.7% 2.3%
London Financial Corp. of OH 19.9% 124.1% 2.3%
Milton Fed. Fin. Corp. of OH 14.7% 114.5% 3.0%
OHSL Financial Corp. of OH 11.0% 111.4% 2.0%
Wood Bancorp of OH 12.7% 113.5% 1.8%
Net Interest Income Analysis
----------------------------
Change Change Change Change
During in Assoc.'s in Peer Group's in 1 Year in 30 Year
Quarter Ended Net Int. Inc.(5) Net Int. Inc.(5) T-Bill T-Bond
------------- ---------------- ---------------- ------ ------
(Basis Points)
3/31/96 17 0 24 71
6/30/96 -9 20 30 20
9/30/96 -5 -16 1 5
12/31/96 -4 1 -20 -28
3/31/97 2 -9 51 46
<FN>
(1) Interest-earning assets includes cash; interest-bearing liabilities
includes non-interest bearing deposits but excludes escrows.
(2) Comprised of REO, non-accruing loans, and other non interest-earning assets.
(3) Bridgeport Savings' data is as of March 31, 1997.
(4) Peer Group data is as of March 31, 1997 or most recent date available.
(5) Calculated as quarterly change in net interest income as a percent of average
assets, annualized.
Source: SNL Securities.
46
RP Financial, LC.
Page 3.14
to provide the Association with a comparative advantage over the Peer Group's
balance sheet characteristics, particularly in terms of increasing Bridgeport
Savings' equity-to-assets ratio and IEA/IBL ratio.
To analyze interest rate risk associated with the net interest margin, we
reviewed quarterly changes in net interest income as a percent of average assets
for Bridgeport Savings and the Peer Group. In general, the relative fluctuations
in both the Association's and the Peer Group's net interest income to average
assets ratios were considered to be fairly limited and, thus, neither Bridgeport
Savings or the Peer Group were viewed as having significant interest rate risk
exposure in their respective net interest margins. The stability of the
Association's net interest margin should be enhanced by the infusion of stock
proceeds, as interest-rate sensitive liabilities will be funding a lower portion
of Bridgeport Savings' assets.
Credit Risk
- -----------
Overall, Bridgeport Savings' credit risk exposure appears to be slightly
greater than the Peer Group's, as indicated by the modestly higher level of
non-performing assets maintained by the Association. As shown in Table 3.6,
Bridgeport Savings' ratio of non-performing assets (REO, non-accruing loans,
troubled debt restructurings and accruing loans more than 90 days past due) to
assets equaled 0.62 percent, versus a comparative ratio of 0.49 percent for the
Peer Group. Additionally, Bridgeport Savings' non-performing loans to loans
ratio was higher than the Peer Group's ratio (0.80 percent versus 0.52 percent
for the Peer Group). Loss reserve ratios further indicated less significant
credit risk exposure for the Peer Group, as the Peer Group maintained a higher
level of loss reserves as a percent of non-performing assets (103.2 percent
versus 66.8 percent for the Association) and non-performing loans (135.5 percent
versus 71.5 percent for the Association). However, the Association maintained a
slightly higher level of loss reserves as a percent of total loans (0.57 percent
versus 0.49 percent for the Peer Group). Net loan charge-offs were not a
significant factor in either the Association's or the Peer Group's earnings.
Notwithstanding the Peer Group's generally more favorable credit risk measures,
the credit risk exposure associated with the Association's credit quality
measures was considered to be relatively limited as well.
Summary
- -------
Based on the above analysis and the criteria employed by RP Financial in
the selection of the companies for the Peer Group, RP Financial concluded that
the Peer Group forms a reasonable basis for determining the pro forma market
value of Bridgeport Savings. Such general characteristics as asset size,
47
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.6
Credit Risk Measures and Related Information
Comparable Institution Analysis
As of March 31, 1997 or Most Recent Date Available
NPAs & Rsrves/
REO/ 90+Del/ NPLs/ Rsrves/ Rsrves/ NPAs & Net Loan NLCs/
Institution Assets Assets Loans Loans NPLs 90+Del Chargoffs Loans
- ----------- ------ ------ ------ ------ ------ -------- --------- ----------
(%) (%) (%) (%) (%) (%) ($000) (%)
Bridgeport Savings and Loan 0.04 0.62 0.80 0.57 71.50 66.82 0 0.00
SAIF-Insured Thrifts 0.29 0.78 0.85 0.83 181.45 129.32 272 0.10
State of OH 0.07 0.53 0.52 0.60 154.79 105.28 137 0.02
Comparable Group Average 0.08 0.49 0.52 0.49 135.47 103.15 34 0.01
Comparable Group
- ----------------
ASBP ASB Financial Corp. of OH 0.61 1.58 1.45 1.23 84.76 50.98 0 0.00
CIBI Community Inv. Bancorp of OH 0.06 0.72 0.86 0.62 71.32 65.53 19 0.10
EFBI Enterprise Fed. Bancorp of OH(1) 0.00 0.01 0.02 0.28 NA NA 0 0.00
FFDF FFD Financial Corp. of OH 0.00 NA NA 0.27 NA NA 1 0.01
FFHS First Franklin Corp. of OH 0.06 0.62 0.65 0.62 95.70 68.29 1 0.00
GFCO Glenway Financial Corp. of OH 0.09 0.32 0.09 0.32 370.94 84.04 5 0.01
HHFC Harvest Home Fin. Corp. of OH(1) 0.00 0.15 0.29 0.26 90.48 90.48 0 0.00
LONF London Financial Corp. of OH 0.00 0.79 1.03 0.64 62.54 62.54 0 0.00
MFFC Milton Fed. Fin. Corp. of OH 0.00 0.32 0.27 0.46 172.55 91.83 0 0.00
OHSL OHSL Financial Corp. of OH 0.00 0.33 0.01 0.31 NA 68.18 5 0.01
FFWD Wood Bancorp of OH 0.02 0.10 NA 0.41 NA 346.50 347 -0.04
<FN>
(1) Financial information is for the quarter ending December 31, 1996.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
48
RP Financial, LC.
Page 3.16
capital position, interest-earning asset composition, funding composition, core
earnings measures and loan composition all tend to support the reasonability of
the Peer Group from a financial standpoint.
49
RP Financial, LC.
Page 4.1
IV. VALUATION ANALYSIS
Introduction
- ------------
This chapter presents the valuation analysis, prepared pursuant to the
approved valuation methodology promulgated by the OTS, and valuation factors
used to determine the estimated pro forma market value of the common stock of
the Holding Company. The common stock will be issued in conjunction with the
conversion of Bridgeport Savings from the mutual-to-stock form of ownership. The
valuation has been prepared utilizing the pro forma valuation methodology
promulgated by the OTS, most recently set forth in their 1994 valuation
guidelines.
Appraisal Guidelines
- --------------------
The OTS appraisal guidelines, originally released in October 1983, specify
the methodology for estimating the pro forma market value of an institution. The
methodology provides for: (1) selection of a peer group of comparable
publicly-traded institutions, subsequent guidance from the OTS limited
eligibility to only seasoned public companies in the peer group; (2) a financial
and operational comparison of the subject company to the peer group; and (3) a
valuation analysis in which the pro forma market value of the subject company is
determined based on the market pricing of the peer group as of the date of
valuation.
On October 21, 1994, the OTS released written revisions to the appraisal
guidelines, which had already been implemented in practice by the OTS. As
outlined in the guideline revisions, the basic appraisal methodology to be
followed is unchanged from the October 1983 guidelines. The revised guidelines,
however, limit the amount of a new issue discount which may be incorporated into
the valuation and thereby curtail the potential price appreciation in the
after-market.
RP Financial Approach to the Valuation
- --------------------------------------
RP Financial's valuation analysis complies with the appraisal guidelines as
revised and issued as of October 21, 1994. Accordingly, the valuation
incorporates a detailed analysis based on the Peer Group discussed in Chapter
III, incorporating "fundamental analysis" techniques. Additionally, the
valuation incorporates a "technical analysis" of recently completed stock
conversions, given the significant weight in the valuation process of limiting
the new issue discount. The pricing characteristics of recent conversions serve
as the best proxy for near-term aftermarket trading activity in newly issued
thrift shares, and the pricing characteristics of such recent conversions have
been applied to Bridgeport Savings' valuation in order to
50
RP Financial, L.C.
Page 4.2
evaluate the Association's potential aftermarket trading characteristics. It
should be noted that such analysis cannot possibly fully account for all the
market forces which impact trading activity and pricing characteristics of a
stock on a given day.
The pro forma market value determined herein is a preliminary value for the
Holding Company's to-be-issued stock. Throughout the conversion process, RP
Financial will: (1) review changes in the Association's operations and financial
condition; (2) monitor the Association's operations and financial condition
relative to the Peer Group to identify any fundamental changes; (3) monitor the
external factors affecting value including, but not limited to, local and
national economic conditions, interest rates, and the stock market environment,
including the market for thrift stocks; and (4) monitor pending conversion
offerings (including those in the offering phase) both regionally and
nationally. If material changes should occur during the conversion process, RP
Financial will prepare updated valuation reports reflecting such changes and
their related impact on value, if any, over the course of the conversion
process. RP Financial will also prepare a final valuation update at the closing
of the conversion offering to determine if the preliminary range of value
continues to be appropriate.
The appraised value determined herein is based on the current market
and operating environment for the Association and for all thrifts. Subsequent
changes in the local and national economy, the legislative and regulatory
environment, the stock market, interest rates, and other external forces (such
as natural disasters or major world events), which may occur from time to time
(often with great unpredictability) may materially impact the market value of
all thrift stocks, including Bridgeport Savings, or Bridgeport Savings' value
alone. To the extent a change in factors impacting the Association's value can
be reasonably anticipated and/or quantified, RP Financial has incorporated the
estimated impact into the valuation analysis.
Valuation Analysis
- ------------------
A fundamental analysis discussing similarities and differences relative to
the Peer Group was presented in Chapter III. The following sections focus on
differences between the Association and the Peer Group and how those differences
affect our pro forma valuation. Emphasis is placed on the specific strengths and
weaknesses of the Association relative to the Peer Group in such key areas as
financial condition, profitability, growth and viability of earnings, asset
growth, primary market area, dividends, liquidity of the issue, marketing of the
issue, management, and the effect of government regulations and/or regulatory
reform. We have also considered the market for thrift stocks, and in particular
new issues, to assess the impact on value of Bridgeport Savings coming to market
at this time.
51
RP Financial, LC.
Page 4.3
1. Financial Condition
-------------------
The financial condition of an institution is an important determinant in
pro forma market value, because investors typically look to such factors as
liquidity, capital, asset composition and quality, and funding sources in
assessing investment attractiveness. The similarities and differences in the
Association's and the Peer Group's financial strengths are noted as follows:
o OVERALL A/L COMPOSITION. Residential assets, including 1-4 family
permanent mortgage loans and MBS, funded by retail deposits were the
primary components of both Bridgeport Savings' and the Peer Group's
balance sheets. The Association's interest-earning asset composition
exhibited higher concentrations of loans and cash and investments,
which was offset by the Peer Group's higher concentration of
mortgage-backed securities. Diversification into higher risk types of
loans was comparable for the Association and the Peer Group. Overall,
the Association's and the Peer Group's interest-earning compositions
were fairly comparable in terms of yield potential and credit risk
exposure, with the Peer Group currently maintaining slight advantages
in both areas. Both the Association's and the Peer Group's credit risk
exposure were considered to be fairly limited, as indicated by
relatively low risk weighted assets-to-assets ratios and generally
favorable credit quality measures. There were no material differences
in Bridgeport Savings' and the Peer Group's funding compositions, with
retail deposits meeting the major portion of their respective funding
needs. Borrowings were utilized to a greater degree by the Peer Group,
although both the Association and the Peer Group maintained ample
borrowing capacities. For valuation purposes, RP Financial concluded
no adjustment was warranted for the Association's asset/liability
composition.
o CREDIT QUALITY. Both the Association's and the Peer Group's credit
quality measures were indicative of limited credit risk exposure. The
Peer Group recorded more favorable credit quality measures than the
Association in terms of NPAs to assets (0.49 percent versus 0.62
percent for the Association) and reserves maintained as a percent of
NPAs (103.2 percent versus 66.8 percent for the Association). The
Association's less favorable credit quality was further indicated by
its higher ratio of non-performing loans to loans and lower reserves
maintained as percent of non-performing loans. Notwithstanding
Bridgeport Savings' less favorable credit quality measures, the
Association's measures were also indicative of relatively limited
credit exposures and, thus, the Association's credit quality and
credit risk warranted only a slight downward adjustment for valuation
purposes.
o BALANCE SHEET LIQUIDITY. The Association operated with a higher
balance of cash and investment securities than the Peer Group (23.0
percent of assets versus 18.0 percent for the Peer Group). Bridgeport
Savings and the Peer Group were considered to have ample borrowing
capacities, as Bridgeport Savings did not maintain any borrowings and
the Peer Group's borrowings amounted to 11.0 percent of assets.
Overall, the Association's current balance sheet liquidity is
considered to be more favorable than the Peer Group's, with the
infusion of conversion proceeds expected to further increase
Bridgeport Savings' balance sheet liquidity as the proceeds will
likely be initially deployed into short-term investments. However, at
the same time, the Peer Group maintains significant balance sheet
liquidity as well and, thus, RP Financial concluded that a slight
upward adjustment was warranted for the Association's balance sheet
liquidity.
o FUNDING LIABILITIES. Retail deposits served as the primary
interest-bearing source of funds for the Association and the Peer
Group, with borrowings being utilized to a slightly greater degree by
the Peer Group. Bridgeport Savings' absence of borrowings was
favorable in terms
52
RP Financial, L.C.
Page 4.4
of providing for lower funding costs and greater future borrowing
capacity. For purposes of the valuation, RP Financial concluded that
Bridgeport Savings' funding composition warranted a slight upward
adjustment.
o CAPITAL. The Association operates with a similar pre-conversion
capital ratio as the Peer Group, 14.1 percent and 14.0 percent
of assets, respectively. Accordingly, Bridgeport Savings will
maintain a higher level of capital than the Peer Group following the
infusion of stock proceeds, providing the Association with greater
leverage potential. At the same time, the Association's more
significant capital surplus will likely result in a
depressed ROE for an extended period of time. Overall, RP Financial
concluded that no valuation adjustment is warranted for the
Association's capital position.
On balance, the characteristics of the Association's and the Peer Group's
financial conditions were not materially different in most respects for
valuation purposes. Bridgeport Savings' balance sheet liquidity and funding
composition represented positive valuation considerations, which was viewed as
being somewhat offset by the Peer Group's more favorable credit quality
measures. Overall, we concluded that no valuation adjustment was warranted for
the Association's financial strength.
2. Profitability, Growth and Viability of Earnings
-----------------------------------------------
Earnings are an important factor in determining pro forma market value, as
the level and risk characteristics of an institution's earnings stream and the
prospects and ability to generate future earnings are typically heavily factored
into an investment decision. The historical income statements of Bridgeport
Savings and the Peer Group were generally reflective of traditional thrift
operating strategies, with net interest income and operating expenses being the
major determinants of their respective earnings. The specific factors considered
in the valuation include:
o REPORTED EARNINGS. The Association and the Peer Group recorded
comparable earnings on a ROAA basis (0.59 percent of average assets
versus 0.58 percent for the Peer Group). Both the Association's and
the Peer Group's reported earnings were depressed by the one time
assessment to recapitalize the SAIF, which, in light of the
Association's higher deposits-to-assets ratio, had a slightly larger
impact on Bridgeport Savings' earnings. Absent the SAIF assessment
expense, Bridgeport Savings' and the Peer Group's reported earnings
were substantially representative of their core earnings. Core
earnings posted by the Association and the Peer Group were indicative
of a traditional thrift operating strategy, in which net interest
income and operating expenses were the two dominant components of
earnings, and only a minor earnings contribution was realized from
non-interest operating income. Overall, no adjustment was warranted
for this factor.
o CORE EARNINGS. Net of the SAIF assessment, both the Association's and
the Peer Group's earnings were derived largely from recurring sources,
including net interest income, operating expenses, and non-interest
operating income. In these measures, the Association operated with a
stronger net interest margin, a higher operating expense ratio and a
similar level of non- interest operating income. The Association's
stronger net interest margin and higher level of operating expenses
translated into a slightly lower expense coverage ratio (1.52x versus
1.57x
53
RP Financial, L.C.
Page 4.5
for the Peer Group). Loss provisions had a slightly larger
impact on the Peer Group's earnings, although the Association's credit
quality measures were slightly less favorable than the Peer Group's.
The Association's core earnings will realize the benefit of
redeploying conversion proceeds into interest-earning assets, which
will be somewhat negated by expenses associated with the stock benefit
plans and operating as a publicly-traded company. Accordingly, we
concluded that no valuation adjustment was warranted for the
Association's core earnings.
o INTEREST RATE RISK. Exposure to interest rate risk is considered to be
somewhat limited for both the Association and the Peer Group, in light
of their strong capital positions and resulting favorable IEA/IBL
ratios. Following the infusion of stock proceeds, the Association will
maintain more favorable equity-to-assets and IEA/IBL ratios than the
Peer Group. Likewise, the stability of Bridgeport Savings' net
interest margin should be enhanced by the reinvestment of stock
proceeds into interest-earning assets. Accordingly, RP Financial
concluded that the interest rate risk associated with the
Association's earnings was less than the Peer Group's, and a slight
upward adjustment was warranted for valuation purposes.
o CREDIT RISK. Loan loss provisions were a slightly larger factor in the
Peer Group's earnings, as no loan loss provisions were established by
the Association during the twelve months ended March 31, 1997. In
terms of future exposure to credit quality related losses, the
Association's and the Peer Group's credit quality measures indicated
relatively limited credit risk exposure. Lending diversification into
higher risk types of lending was similar for the Association and the
Peer Group, which translated into comparable risk weighted
assets-to-assets ratios. Both the Association's and the Peer Group's
risk weighted assets-to-assets ratios were below the average for all
publicly-traded SAIF-insured thrifts and, thus, indicated low credit
risk operating strategies. The most distinguishing characteristics
between the Association's and the Peer Group's potential credit risk
exposure were the Association's higher level of non-performing assets
and lower level of reserves maintained as a percent of non-performing
assets and non-performing loans. Accordingly, RP Financial concluded
that a slight downward adjustment was warranted for this factor.
o EARNINGS GROWTH POTENTIAL. Several factors were considered in
assessing earnings growth potential. First, the Peer Group's
historical growth has been stronger than the Association's, even
though Bridgeport Savings currently maintains comparable leverage
capacity and higher liquidity than the Peer Group. Second, the
infusion of stock proceeds will provide the Association with earnings
growth potential advantages, in terms of leverage capacity and
availability of liquidity to fund loan growth. Lastly, as shown in
Exhibit III-4, opportunities for lending growth in the Association's
primary market area are considered to be less favorable than in the
primary market areas served by the Peer Group companies, as indicated
by comparative population growth rates and per capita income measures.
On balance, the Association's earnings growth potential was considered
to be comparable to the Peer Group's for purposes of this valuation.
o RETURN ON EQUITY. The Association's return on equity will be lower
than the averages for the Peer Group and the thrift industry as a
whole, owing to Bridgeport Savings' significant pro forma
capitalization that will likely provide an equity-to-assets ratio in
excess of 25 percent. In view of the limited capital growth rate that
will be imposed by Bridgeport Savings' relatively high equity
position, it is expected that the market will consider the
Association's stock to be less attractive until the Association can
demonstrate its ability to profitably leverage its equity in a prudent
manner. Therefore, RP Financial concluded that a moderate downward
adjustment was warranted for the Association's ROE.
54
RP Financial, LC.
Page 4.6
Overall, Bridgeport Savings' earnings characteristics were considered to be
fairly comparable to the Peer Group's, with the most distinguishing factor being
the Association's lower pro forma return on equity. Accordingly, RP Financial
concluded that a slight downward valuation adjustment was warranted for
profitability, growth and viability of the Association's earnings relative to
the Peer Group's.
3. Asset Growth
------------
Bridgeport Savings' asset growth rate was considerably less than the Peer
Group's, despite maintaining comparable leverage capacity as the Peer Group.
Accordingly, while the Association's pro forma capital position will provide for
greater capacity to leverage, it is not viewed as being a material advantage in
terms of the Association's future asset growth potential. The Association's
greater pro forma leverage capacity is viewed as being more than negated by the
limited growth recorded by Bridgeport Savings historically, as well as the less
favorable demographic characteristics of the Association's primary market
area in terms of providing opportunities for loan and deposit growth. On
balance, we believe a slight downward adjustment is warranted for this factor.
4. Primary Market Area
-------------------
The general condition of a financial institution's market area has an
impact on value, as future success is in part dependent upon opportunities for
profitable activities in the local market area. Bridgeport Savings' primary
market area has been experiencing generally weak demographic trends, which can
be attributed to a declining local economy The relatively high level of
unemployment and lack of economic growth in the primary market area has served
to intensify the competitiveness for deposits and loans, particularly as the
primary market area has experienced declines in population and households from
1990 through 1996.
In general, the Peer Group companies operate in healthier and faster
growing market areas than the Association's primary market area (see Exhibit
III-4). Population growth and per capita income measures in the primary market
areas served by the Peer Group companies were both more favorable than the
comparative measures for Belmont County. Likewise, as shown in Table 4.1 below,
unemployment rates in the primary market areas served by the Peer Group
companies were for the most part well below Belmont County's unemployment rate.
Overall, the primary market areas served by the Peer Group companies are
considered to be more favorable in terms of supporting potential growth and in
terms of limiting credit risk exposure. Therefore, we concluded a moderate
downward adjustment was necessary for this factor.
55
RP Financial, LC.
Page 4.7
Table 4.1
Market Area Unemployment Rates
Bridgeport Savings and the Peer Group Companies (1)
March 1997
County Unemployment
------ ------------
Bridgeport Savings - OH Belmont 10.5%
The Peer Group
--------------
ASB Financial Corp. - OH Scioto 10.7%
Community Inv. Bancorp -OH Crawford 7.3
Enterprise Fed. Bancorp. - OH Butler 3.8
FFD Financial Corp. - OH Tuscarawas 6.3
First Franklin Corp. - OH Hamilton 3.6
Glenway Financial Corp. - OH Hamilton 3.6
Harvest Home Fin. Corp. - OH Hamilton 3.6
London Financial Corp. - OH Madison 3.6
Milton Fed. Fin Corp. - OH Miami 4.6
OHSL Financial Corp. - OH Hamilton 3.6
Wood Bancorp - OH Wood 3.9
(1) Unemployment rates are not seasonally adjusted.
Source: U.S. Bureau of Labor Statistics.
5. Dividends
---------
The Holding Company presently has not established a dividend policy,
but will consider instituting a cash dividend policy at some point in the
future, based on numerous factors including growth objectives, financial
condition, the amount of net proceeds retained by the Holding Company in the
conversion, investment opportunities available to the Holding Company and the
Association, profitability, tax considerations, minimum capital requirements,
regulatory limitations, stock market characteristics and general economic
conditions.
Historically, thrifts typically have not established dividend policies at
the time of their conversion to stock ownership. Newly converted institutions,
in general, have preferred to gain market seasoning, establish an earnings track
record and fully invest the conversion proceeds before establishing a dividend
policy. However, during the late-1980s and early-1990s, with negative publicity
surrounding the thrift industry, there was a tendency for more thrifts to
initiate moderate dividend policies concurrent with their conversion as a means
of increasing the attractiveness of the stock offering. Today, fewer
institutions are compelled to initially establish dividend policies at the time
of their conversion offering to increase the attractiveness of the stock issue
as (1) industry profitability has improved, (2) the number of problem thrift
institutions has declined, and
56
RP Financial, L.C.
Page 4.8
(3) the stock market cycle for thrift stocks is generally more favorable than in
the early-1990s. At the same time, with ROE ratios under pressure, due to high
equity levels, well-capitalized institutions are subject to increased
competitive pressures to offer dividends.
As publicly-traded thrifts' capital levels and profitability have improved
and as weakened institutions have been resolved, the proportion of institutions
with cash dividend policies has increased. All eleven of the institutions in the
Peer Group presently pay regular cash dividends, with implied dividend yields
ranging from 1.60 percent to 5.26 percent. The average dividend yield on the
stocks of the Peer Group institutions was 3.02 percent as of June 6, 1997,
representing an average earnings payout ratio of 41.80 percent (payout ratio is
skewed upwards by the negative earnings impact of the special SAIF assessment).
As of June 6, 1997, approximately 83 percent of all publicly-traded SAIF-insured
thrifts had adopted cash dividend policies (see Exhibit IV-1), exhibiting an
average yield of 2.14 percent and an average payout ratio of 42.82 percent. The
dividend paying thrifts generally maintain higher than average profitability
ratios, facilitating their ability to pay cash dividends, which supports a
slight market pricing premium on average relative to non-dividend paying
thrifts.
The Holding Company will have the capacity to pay a dividend that is
comparable to the Peer Group's average dividend yield, based on pro forma
profitability and capital. Accordingly, the Holding Company's decision to forego
establishing a dividend policy at the time of conversion is not believed to
represent a material impact on the attractiveness of its stock, relative to
the stocks of the Peer Group companies on average. Accordingly, no adjustment
has been applied for this factor.
6. Liquidity of the Shares
-----------------------
The Peer Group is by definition composed of companies that are traded in
the public markets, all of which trade on the NASDAQ. Typically, the number of
shares outstanding and market capitalization provides an indication of how much
liquidity there will be in a particular stock. The market capitalization of the
Peer Group companies ranged from $7.7 million to $38.2 million as of June 6,
1997, with an average market value of $22.3 million. The shares outstanding of
the Peer Group members ranged from 515,000 to 2.3 million, with average shares
outstanding of approximately 1.3 million. The Association's conversion offering
will result in a market value and shares outstanding that will be notably less
than the Peer Group averages. Accordingly, given the relatively small size of
Bridgeport Savings' offering, we anticipate that there will be a less liquid and
efficient trading market for the Association's stock. However, the Association's
stock is expected to qualify for a NASDAQ listing, which will provide for a
certain degree of liquidity in the stock. Overall, we concluded a slight
downward adjustment was required for this factor.
57
RP Financial, LC.
Page 4.9
7. Marketing of the Issue
----------------------
We believe that three separate markets exists for thrift stocks coming to
market such as Bridgeport Savings: (1) the after-market for public companies, in
which trading activity is regular and investment decisions are made based upon
financial condition, earnings, capital, ROE and dividends; (2) the new issue
market in which converting thrifts are evaluated on a pro forma basis without
the benefit of prior operations as a publicly-held company and stock trading
history; and (3) the acquisition market for thrift franchises in Ohio. All three
of these markets were considered in the valuation of the Association's
to-be-issued stock.
A. The Public Market
-----------------
The value of publicly-traded thrift stocks is easily measurable, and
is tracked by most investment houses and related organizations. Exhibit IV-1
provides pricing and financial data on all publicly-traded thrifts. In general,
thrift stock values react to market stimuli such as interest rates, inflation,
perceived industry health, projected rates of economic growth, regulatory issues
and stock market conditions in general. Exhibit IV-2 displays historical stock
market trends for various indices and includes historical stock price index
values for thrifts and commercial banks. Exhibit IV-3 displays historical stock
price indices for thrifts only.
In terms of assessing general stock market conditions, the stock
market has generally trended higher over the past year. Earnings reports
dominated the stock market in mid-April 1996, with day-to-day fluctuations in
the market reflecting changing investor sentiment regarding the strength of
first quarter earnings and future earnings expectations. Favorable fourth
quarter earnings among technology issues pushed the NASDAQ Composite Index to
new highs in late-April and early-May, while blue chip stocks lagged the overall
market. Stronger than expected first quarter GDP growth reported in early-May
stirred major sell-offs in stocks and bonds, resulting in the 30-year bond
edging above 7.0 percent and a one day drop in the DJIA of almost 77 points.
Inflation concerns receded somewhat following a mid-May report by the Federal
Reserve, which indicated that inflation remained in check and near term interest
rate increases were not likely. The positive reading on inflation by the Federal
Reserve, along with the Federal Reserve's decision to leave interest rates
unchanged at its late-May meeting, served to strengthen bond and stock prices,
with the DJIA posting new highs in late-May and the 30-year bond dropping below
7.0 percent. However, signs of an accelerating economy and revised upward
estimates of second quarter GDP growth provided for a pullback in the stock
market at the end of May. Stronger than expected job growth in May further
depressed bond prices in early-June, which served to stall the stock market as
well.
Expectations that the Federal Reserve would not tighten interest rates
at its July 1996 meeting provided for a rally in the bond market in late-June,
as the 30-year bond yield moved back below 7.0 percent.
58
RP Financial, LC.
Page 4.10
The positive interest rate outlook also served to boost the stock
market in early-July, but the rally was cut short by a larger than expected
drop in June unemployment. Bond and stock prices tumbled following the June
unemployment report, as highlighted by a 115 point one-day decline in the DJIA
and an increase in the 30-year bond yield to 7.18 percent. The release of
second quarter earnings reports provided for a volatile stock market in
mid-July, especially among the technology stocks. Overall, the stock market
declined due to earnings disappointments, with a more severe decline occurring
in the technology driven NASDAQ Composite Index. At the same time bond prices
recovered, as the 30-year bond yield dropped below 7.0 percent following
statements by the Federal Reserve Chairman which indicated he expected the
economy to slow down in the second half of 1996. Stocks and bonds rallied in
late-July and early-August, as economic data indicated a healthy but moderating
economy. However, higher interest rates pushed stocks lower in late-August,
reflecting increasing expectations that the Federal Reserve would tighten
interest rates in September. The decline in the stock market was reversed in
early-September, as investors reacted positively to the inflation data
contained in the August employment report. Oil stocks sustained the upward
trend in the stock market in early-September, as renewed tension between the
U.S. and Iraq pushed crude oil prices to their highest level in five years.
Both bond and stock prices surged higher in mid-September, as most of the
economic data for August indicated that the economy was slowing down and
investors became more optimistic that the Federal Reserve would not raise
interest rates in September.
The Federal Reserve's decision not to raise interest rates at its
September 1996 meeting, and generally healthy third quarter earnings results
sustained the upward momentum in the stock market during the beginning of the
fourth quarter. Favorable inflation data and lower interest rates further
spurred the upward trend in the stock market prior to the election. Investors
were cheered by the "status quo" election results, as stocks rallied strongly
immediately following the election with the DJIA posting ten consecutive
advances through mid-November. Economic stability and a rising bond market
sustained the stock market rally through the end of November. For the entire
month of November, the DJIA increased 492.3 points, or 8.2 percent. Following
the rapid rise in the stock market during November, stocks retreated during the
first half of December. Profit taking, concern about speculative excesses in the
stock market and higher interest rates all contributed to the decline in the
stock market.
The stock market resumed an upward trend during the end of 1996 and
the first three weeks of 1997, with the DJIA establishing several new highs in
the process. Factors contributing to the rally in the stock market included the
Federal Reserve's decision to leave rates unchanged at its December meeting,
economic data which reflected moderate growth and low inflation, and favorable
fourth quarter earnings particularly in the technology sector. However, a
disappointing fourth quarter earnings report by IBM ignited a sell-off in the
stock market in late-January. Higher interest rates extended the downturn, as
the 30-year bond
59
RP Financial, LC.
Page 4.11
approached 7.0 percent at the end of January. A high degree of market volatility
was evident throughout most of February 1997, reflecting concern over
speculative excesses in the stock market; particularly, as the DJIA closed above
the 7000 mark in mid-February. Profit taking, growing expectations of a
correction and comments by the Federal Reserve Chairman pulled the market lower
in late-February.
Following a downturn in late-February 1997, the market recovered in
early-March. Despite increasing expectations of an interest rate hike by the
Federal Reserve, the Dow Jones Industrial Average ("DJIA") closed to a new
record high of 7085.16 on March 11, 1997. However, an upward revision to the
January retail sales figure triggered a one day sell-off in stocks and bonds on
March 13, 1997, as the stronger than expected growth heightened expectations of
an interest rate increase by the Federal Reserve. Unease over higher interest
rates, profitability concerns in the technology sector and litigation concerns
for tobacco stocks pulled the stock market lower in mid- March. As expected, the
Federal Reserve increased the rate on short-term funds by 0.25 percent at its
late-March meeting. Following the rate increase, the sell-off in the stock
market became more severe amid further signs of an accelerating economy. Stocks
bottomed-out on news of a stronger than expected rise in core producer prices
for March, with the DJIA closing at 6391.69 on April 11, 1997, or 9.8 percent
below its all-time high recorded a month ago.
Some favorable first quarter earnings reports and news of a possible
settlement by tobacco companies to resolve the threat of liability lawsuits
provided for a modest recovery in the stock market in mid-April 1997. In
late-April, the release of economic data which indicated mild inflationary
pressures furthered the rally in bond and stock prices. News of a budget
agreement and a favorable ruling for tobacco companies sent the stock market
soaring to record highs in early-May. Mixed economic data and the Federal
Reserve's decision to leave its target for the federal-funds rate unchanged at
its May meeting sustained a positive trend in the stock market through the end
of May. Profit worries caused a sell-off in high-technology stocks in
early-June, while declining interest rates served to stabilize the broader
market. On June 6, 1997, the DJIA closed at a record high of 7435.78,
translating into an increase of 30.5 percent from a year ago. A sharp drop in
bond yields supported the new high established in the DJIA, as investors largely
ignored news that the May unemployment rate fell to its lowest level in 24
years.
Similar to the overall stock market, the market for thrift stocks has
generally been favorable during the past twelve months. A bullish outlook on the
financial institution sector in general served to bolster prices in early-April
1996, as a number of analysts forecasted healthy first quarter earnings for
thrift and bank stocks and that the financial institution sector would
outperform the market in general during the balance of 1996. However, thrift
prices declined following the release of the March employment report, as
interest-rate sensitive stocks were pulled lower by the unfavorable interest
rate outlook. The downturn was abbreviated by the generally strong first quarter
earnings posted by bank and thrift issues, which provided for a mild upward
60
RP Financial, LC.
Page 4.12
trend in thrift stocks in mid-April. Paralleling the stock market in general,
thrift prices dropped sharply in early- May following the rise in interest rates
caused by the strong first quarter GDP growth. Thrift prices rebounded in
mid-May, as interest rates declined slightly on the strength of tame inflation
news. At the end of May and through mid-June, uncertainty over future interest
rate trends provided for a flat thrift stock market.
The Supreme Court's ruling in favor of thrifts seeking damages for
goodwill served to boost thrift prices in the beginning of July 1996, but the
upturn was abbreviated by a sharp increase in interest rates. The sharp rise in
interest rates, which was prompted by the stronger than expected June
unemployment report, pushed interest-rate sensitive issues in general lower.
Generally favorable second quarter earnings and lower interest rates supported a
modest recovery in thrift prices in mid-July, although concerns about future
interest rate trends moderated the impact of the healthy second quarter
earnings. Lower interest rates and the announced acquisitions of two large
California thrifts, American Savings with $20 billion in assets and CalFed
Bancorp with $14 billion in assets, pushed the SNL Index higher in late-July and
through mid-August. Thrift stocks settled into a narrow trading range in
late-August and early- September, as higher interest rates dampened interest in
the thrift sector. For the balance of September, trading activity in thrift
stocks was somewhat mixed. Higher thrift prices were recorded in mid-September,
as the yield on the 30-year U.S. Treasury bond briefly dropped below 7.0
percent. However, the rally in financial services stocks faltered in
late-September, reflecting renewed fears about higher interest rates and rising
bad debt on credit cards.
Thrift prices generally moved higher during October and November
1996. The upward trend in thrift prices was RP Financial, LC. Page 4.24
supported by lower interest rates, with the slow down in economic growth pushing
the 30-year U.S. bond rate below 6.5 percent during the second half of November.
Investors also reacted positively to the SAIF rescue legislation, in light of
the reduction in deposit insurance premiums to be paid by SAIF- insured thrifts
following the one time special assessment. Similar to the overall stock market,
thrift prices traded lower in early-December. Profit taking and expectations of
higher interest rates were factors contributing to the pull back in thrift
issues.
Bullish sentiment for thrift stocks heightened at the beginning of
1997, as investors reacted positively to the favorable inflation data and
generally strong fourth quarter earnings. The rally in thrift issues was driven
by the large California institutions, reflecting expectations that there would
be further consolidation among the large California thrifts. The acquisition
speculation for the large California thrifts became a reality in mid-February,
as H.F. Ahamanson's unsolicited offer to acquire Great Western Financial sent
the SNL Index soaring in mid-February. Stable interest rates and acquisition
activity supported higher thrift prices in early-March, with the SNL Index
posting a new high of 579.1 on March 11, 1997. Like the stock market in general,
the peak in thrift prices was followed by a sharp sell-off in mid-March. In
fact, interest-rate sensitive issues were among the sectors hardest hit by the
revised January retail sales report, as the 30-year bond
61
RP Financial, LC.
Page 4.13
approached 7.0 percent. Interest-rate sensitive issues continued to experience
selling pressure in late-March and early-April, as signs of a strengthening
economy pushed interest rates higher. The sell-off in thrift stocks culminated
on April 11, 1997, as interest rates increased sharply on news of the higher
than expected rise in core producer prices for March. Thrift prices edged
modestly higher in mid-April, reflecting generally favorable first quarter
earnings and a slight decline in interest rates following the release of
economic data which showed that inflation was low. Favorable inflation data and
the budget agreement provided for a more substantial rally in thrift stocks in
late-April and early- May, as interest-rate sensitive issues were bolstered by a
decline in interest rates. Thrift stocks continued to trend higher through
early-June, based on the improved interest-rate outlook. The SNL Index for all
publicly-traded thrifts closed at 590.8 on June 6, 1997, an increase of 53.4
percent from one year ago.
B. The New Issue Market
--------------------
In addition to thrift stock market conditions in general, the new
issue market for converting thrifts is also an important consideration in
determining the Association's pro forma market value. Interest in converting
thrift issues receded somewhat in the second quarter of 1996, as indicated by
fewer oversubscriptions and generally weak aftermarket trading performance.
However, interest returned to converting issues during the second half of 1996,
as most offerings experienced healthy oversubscriptions. Fewer offerings, more
attractive pricing, lower interest rates, and the general positive trend in
thrift prices were among the most prominent factors contributing to the renewed
investor interest shown for converting thrift issues. The favorable market
environment for converting thrift issues has generally been sustained during the
first two quarters of 1997; however, in comparison to other periods of market
strength for thrift stocks, the number of conversion offerings completed during
the past three months has been relatively low. As shown in Table 4.2, the median
one week change in price for offerings completed during the latest three months
equaled positive 30.0 percent.
In examining the current pricing characteristics of institutions
completing their conversions during the last three months (see Table 4.3), we
note there exists a considerable difference in pricing ratios compared to the
universe of all publicly-traded thrifts. Specifically, the current average P/B
ratio of the conversions completed in the most recent three month period of
92.72 percent reflects a discount of 27.8 percent from the average P/B ratio of
all publicly-traded SAIF-insured thrifts (equal to 128.40 percent), and the
average core P/E ratio of 22.16 times reflects a premium of 25.1 percent from
the all SAIF-insured public average core P/E ratio of 17.72 times. The pricing
ratios of the better capitalized but lower earning recently converted thrifts
(based on return on equity measures) suggest that the investment community has
determined to discount their stocks on a book basis until the earnings improve
through redeployment and leveraging of the proceeds over the longer term.
62
RP FINANCIAL, LC.
TABLE 4.2
RECENT CONVERSIONS (LAST THREE MONTHS)
CONVERSION PRICING CHARACTERISTICS: SORTED CHRONOLOGICALLY
Institutional Information Pre-Conversion Data Offering Insider Purchases
Financial Info. Asset Quality Information
- ----------------------------------------------------------------------------------------------------------------------------
Benefit Plans
-------------
Conversion Equity/ NPAs/ Res. Gross % of Exp./ Recog. Mgmt.
Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc. ESOP Plans & Dirs.
----------- ----- ---- ------ ------ ------ ------ ---- ----- ---------- ---- -------------
($Mil (%) (%)(2 (%) ($Mil) (%) (%) (%) (%) (%)(3)
- ---------------------------------------------------------------------------------------------------------------------------
SFB Bancorp TN 05/30/97 SFBK $47 10.04% 0.80% 82% $7.7 132% 3.2% 8.0% 4.0% 5.3%
Rocky Ford Financial CO 05/22/97 P.Sheet 21 13.92% 0.00% NA 4.2 132% 8.3% 8.0% 4.0% 23.6%
HCB Bancshares AR 05/07/97 HCBB 176 7.81% 0.21% 110% 26.5 132% 2.8% 8.0% 4.0% 4.3%
Peoples Sidney Fin. Corp. OH 04/28/97 PSFC 92 10.08% 1.11% 33% 17.9 132% 3.2% 8.0% 4.0% 9.8%
NewSouth Bancorp(1) NC 04/08/97 NSBC 199 9.52% 0.41% 299% 43.6 132% 2.9% 8.0% 4.0% 0.8%
Hemlock Fed. Fin. Corp. IL 04/02/97 HMLK 146 7.86% 0.44% 117% 20.8 132% 3.1% 8.0% 4.0% 6.0%
Cumberland Mtn. Bncshrs(8) KY *04/01/97 P. Sheet 92 5.14% 1.31% 19% 4.4 132% 8.0% 6.2% 4.0% 4.5%
GS Financial Corp. LA *04/01/97 GSLA 88 28.30% 0.29% 107% 34.4 132% 2.4% 8.0% 4.0% 5.3%
Market Fin. Corp. OH 03/27/97 MRKF 46 16.73% 0.99% 11% 13.4 132% 3.5% 8.0% 4.0% 7.8%
Vermilion Bancorp(1) IL *03/26/97 P.Sheet 36 6.63% 0.97% 39% 4.0 132% 7.2% 8.0% 4.0% 16.4%
Averages: $94 11.60% 0.65% 91% $17.7 132% 4.5% 7.8% 4.0% 8.4%
Medians: 90 9.78% 0.62% 82% $15.6 132% 3.2% 8.0% 4.0% 5.6%
Averages, Excluding 2nd S $95 12.32% 0.58% 100% $19.1 132% 4.1% 8.0% 4.0% 8.8%
Medians, Excluding 2nd St $88 10.04% 0.44% 94% $17.9 132% 3.2% 8.0% 4.0% 6.0%
- --------------------------------------------------------------------------------------------------------------------------------
Pro Forma Data Post-IPO Pricing Trends
Pricing Ratios(Fin. Characteristics Closing Price:
- --------------------------------------------------------------------------------------------------------------------------------
First After After
IPO Trading % First % First %
Institution P/TB P/E(5) P/A ROA TE/A ROE Price Day Chg. Week(6) Chg. Month(7) Chg.
----------- ---- ------ --- --- ---- --- ----- --- ---- ------- ---- -------- ----
(%) (x) (%) (%) (%) (%) ($) ($) (%) ($) (%) ($) (%)
SFB Bancorp 70.1% 13.9 14.5% 1.0% 20.7% 5.1%$10.00 $13.81 38.1% $13.38 33.8% NA NA
Rocky Ford Financial 67.9% 14.6 17.7% 1.2% 26.1% 4.6% 10.00 13.00 30.0% 13.13 31.3% $13.00 30.0%
HCB Bancshares 72.9% 34.4 13.3% 0.4% 18.2% 2.1% 10.00 12.63 26.3% 12.69 26.9% 12.88 28.8%
Peoples Sidney Fin. Corp. 71.0% 13.7 16.5% 1.2% 23.3% 5.2% 10.00 12.56 25.6% 13.25 32.5% 12.88 28.8%
NewSouth Bancorp(1) 77.8% 20.7 18.5% 0.9% 23.7% 3.8% 15.00 20.25 35.0% 22.00 46.7% 23.50 56.7%
Hemlock Fed. Fin. Corp. 72.8% 20.3 12.7% 0.6% 17.4% 3.6% 10.00 12.88 28.8% 12.88 28.8% 13.00 30.0%
Cumberland Mtn. Bncshrs(8) 81.2% 13.8 7.1% 0.5% 8.8% 5.9% 10.00 11.88 18.8% 12.25 22.5% 12.63 26.3%
GS Financial Corp. 63.4% 25.9 29.4% 1.1% 46.3% 2.4% 10.00 13.38 33.8% 13.63 36.3% 14.00 40.0%
Market Fin. Corp. 70.6% 20.0 23.4% 1.2% 33.2% 3.5% 10.00 12.94 29.4% 12.50 25.0% 12.63 26.3%
Vermilion Bancorp(1) 71.0% 18.7 10.1% 0.5% 14.2% 3.8% 10.00 12.38 23.7% 12.25 22.5% 11.75 17.5%
71.9% 19.6 16.3% 0.9% 23.2% 4.0%$10.50 $13.57 28.9% $13.79 30.6% $14.03 31.6%
71.0% 19.3 15.5% 1.0% 22.0% 3.8%$10.00 $12.91 29.1% $13.00 30.0% $12.88 28.8%
70.8% 20.2 17.3% 0.9% 24.8% 3.8%$10.56 $13.76 30.1% $13.90 30.8% $11.11 26.3%
71.0% 20.0 16.5% 1.0% 23.3% 3.8% 10.00 12.94 29.4% 13.13 31.3% 12.88 28.8%
Note: * - Appraisal performed by RP Financial; "NT" - Not Traded; "NA" - Not Applicable, Not Available.
(1) Non-OTS regulated thrifts. June 6, 1997
(2) As reported in summary pages of prospectus.
(3) As reported in prospectus.
(4) Does not take into account the adoption of SOP 93-6.
(5) Excludes impact of special SAIF assessment on earnings
(6) Latest price if offering less than one week old.
(7) Latest price if offering more than one week but less than one month old.
(8) Second-step conversions.
63
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
TABLE 4.3
MARKET PRICING COMPARATIVES
PRICES AS OF JUNE 6, 1997
Market Per Share Data
Capitalization --------------
--------------- Core Book Pricing Ratios(3)
Price/ Market 12-Mth Value/ ---------------------------------------
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
------- ------- ------- ------- ------- ------- ------- ------- --------
Financial Institution
---------------------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 19.97 132.40 1.14 15.56 20.14 128.40 15.64 131.47 17.72
Converted Last 3 Mths (no MHC) 13.25 26.85 0.50 14.29 24.71 92.72 24.47 93.40 22.16
Comparable Group
----------------
Converted Last 3 Mths (no MHC)
------------------------------
GSLA GS Financial Corp. of LA 14.37 49.42 0.29 15.77 NM 91.12 42.23 91.12 NM
HCBB HCB Bancshares of AR 12.87 34.04 0.29 13.73 NM 93.74 17.11 97.80 NM
HMLK Hemlock Fed. Fin. Corp. of IL 13.00 26.99 0.49 13.74 NM 94.61 16.46 94.61 26.53
MRKF Market Fin. Corp. of OH 12.87 17.19 0.50 14.17 NM 90.83 30.15 90.83 25.74
PSFC Peoples Sidney Fin. Corp of OH 13.00 23.21 0.73 14.09 23.21 92.26 21.46 92.26 17.81
SFBK SFB Bancorp, Inc. of TN 13.37 10.25 0.72 14.26 26.22 93.76 19.41 93.76 18.57
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ---------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------ ------- ------ ------- ------- ------- ------- ------- -------
Financial Institution
---------------------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.37 1.87 29.08 1,117 12.85 0.78 0.62 5.28 0.84 7.35
Converted Last 3 Mths (no MHC) 0.05 0.37 6.94 116 26.52 0.67 0.59 2.15 0.88 3.55
Comparable Group
----------------
Converted Last 3 Mths (no MHC)
------------------------------
GSLA GS Financial Corp. of LA 0.00 0.00 0.00 117 46.34 0.13 0.85 1.84 0.85 1.84
HCBB HCB Bancshares of AR 0.00 0.00 0.00 199 18.25 NA -0.11 -0.58 0.39 2.11
HMLK Hemlock Fed. Fin. Corp. of IL 0.00 0.00 0.00 164 17.39 NA 0.24 1.38 0.62 3.57
MRKF Market Fin. Corp. of OH 0.00 0.00 0.00 57 33.20 0.89 0.89 2.68 1.17 3.53
PSFC Peoples Sidney Fin. Corp of OH 0.00 0.00 0.00 108 23.26 1.00 0.92 3.97 1.21 5.18
SFBK SFB Bancorp, Inc. of TN 0.30 2.24 41.67 53 20.70 NA 0.74 3.58 1.05 5.05
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month
data, adjusted to omit non-operating items (including the SAIF
assessment) on a tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets;
P/TB = Price to tangible book value; and P/CORE = Price to estimated
core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend
declared.
(5) Indicated dividend as a percent of trailing twelve month estimated
core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month earnings and average equity and assets
balances.
(7) Excludes from averages those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been
obtained from sources we believe are reliable, but we cannot
guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
64
RP Financial, LC.
Page 4.16
In determining our valuation adjustment for marketing of the issue, we
considered trends in both the overall thrift market and the new issue market.
The overall market for thrift stocks is considered to be healthy, as thrift
stocks are currently exhibiting pricing ratios that are approaching historically
high levels. Investor interest in the new issue market has been favorable, as
most of the recently completed offerings have been oversubscribed and have
recorded healthy price increases in initial post-conversion trading activity.
C. The Acquisition Market
----------------------
Also considered in the valuation was the potential impact on
Bridgeport Savings' stock price of recently completed and pending acquisitions
of other thrifts operating in Bridgeport Savings' market area. As shown in
Exhibit IV-4, there were 12 Ohio thrifts acquired in 1995, 1996 and year-to-date
1997 and three acquisitions are currently pending. In light of the Association's
two office operation in a market area that has been experiencing a decline in
population, Bridgeport Savings is not considered to be a highly attractive
acquisition candidate and, thus, acquisition speculation is not expected to have
a material influence on the Association's initial trading price. However, at the
same time, the fairly active acquisition market for Ohio thrifts, may imply a
certain degree of acquisition speculation for the Association's stock. To the
extent that acquisition speculation may impact the Association's offering, we
have largely taken this into account in selecting Ohio-based companies, which
operate in markets that have experienced a comparable or more significant level
of acquisition activity as the Association's market area and, thus, are subject
to the same type of acquisition speculation that may influence Bridgeport
Savings' trading price.
Taking these factors and trends into account, primarily recent trends
in the new issue market, market conditions overall, and recent trends in the
acquisition market, RP Financial concluded that no adjustment was appropriate in
the valuation analysis for purposes of marketing of the issue.
8. Management
----------
Bridgeport Savings' management team has experience and expertise in all of
the key areas of the Association's operations. Exhibit IV-5 provides summary
resumes of Bridgeport Savings' Board of Directors and executive management.
While the Association does not have the resources to develop a great deal of
management depth, given its asset size and the impact it would have on operating
expenses, management and the Board have been effective in implementing an
operating strategy that can be well managed by the Association's present
management structure as indicated by Bridgeport Savings' solid core earnings and
healthy capital position.
65
RP Financial, LC.
Page 4.17
Similarly, the returns, capital positions, and other operating measures of
the Peer Group companies are indicative of well-managed financial institutions,
which have Boards and management teams that have been effective in implementing
conservative and competitive operating strategies. Therefore, on balance, we
concluded no valuation adjustment relative to the Peer Group was appropriate for
this factor.
9. Effect of Government Regulation and Regulatory Reform
-----------------------------------------------------
The Association and the Peer Group companies were similarly impacted by the
recently enacted SAIF rescue legislation, as they are all SAIF-insured
institutions subject to the same one time assessment and their deposits will be
assessed at the same rate going forward. In summary, as a fully-converted
SAIF-insured savings association, Bridgeport Savings will operate in
substantially the same regulatory environment as the Peer Group members -- all
of whom are adequately capitalized institutions and are operating with no
apparent restrictions. Exhibit IV-6 reflects the Association's pro forma
regulatory capital ratios. On balance, RP Financial concluded that no adjustment
to the Association's value was warranted for this factor.
Summary of Adjustments
- ----------------------
Overall, we believe the Association's pro forma market value should be
discounted relative to the Peer Group as follows:
Key Valuation Parameters: Valuation Adjustment
------------------------ --------------------
Financial Condition No Adjustment
Profitability, Growth and Viability of Earnings Slight Downward
Asset Growth Slight Downward
Primary Market Area Moderate Downward
Dividends No Adjustment
Liquidity of the Shares Slight Downward
Marketing of the Issue No Adjustment
Management No Adjustment
Effect of Government Regulations and Regulatory Reform No Adjustment
Valuation Approaches
- --------------------
In applying the accepted valuation methodology promulgated by the OTS
and adopted by the FDIC, i.e., the pro forma market value approach, we
considered the three key pricing ratios in valuing Bridgeport Savings'
to-be-issued stock -- price/earnings ("P/E"), price/book ("P/B"), and
price/assets ("P/A") approaches -- all performed on a pro forma basis including
the effects of the conversion proceeds. In computing the pro
66
RP Financial, LC.
Page 4.18
forma impact of the conversion and the related pricing ratios, we have
incorporated the valuation parameters disclosed in Bridgeport Savings'
prospectus for offering expenses, the effective tax rate, and stock benefit plan
assumptions (summarized in Exhibits IV-7 and IV-8). A reinvestment rate of 5.68
percent was utilized, equal to the arithmetic average of the Association's
average yield on interest-earnings assets and cost of deposits for the three
months ended March 31, 1997 (the reinvestment rate calculation specified by OTS
conversion guidelines). The 5.68 percent reinvestment rate is believed to be
representative of the blended rate reflecting the Association's business plan as
converted and incorporating the impact of deposit withdrawals to fund a portion
of the stock issued in conversion. In our estimate of value, we assessed the
relationship of the pro forma pricing ratios relative to the Peer Group and the
recent conversions.
RP Financial's valuation placed emphasis on the following:
o P/E APPROACH. The P/E approach is generally the best indicator of
long-term value for a stock. Given the similarities between the
Association's and the Peer Group's earnings and overall financial
condition, the P/E approach was carefully considered in this
valuation.
o P/B APPROACH. P/B ratios have generally served as a useful benchmark
in the valuation of thrift stocks, with the greater determinant of
long term value being earnings. RP Financial considered the P/B
approach to be a reliable indicator of value given current market
conditions, particularly the market for new conversions which often
exhibit P/E multiples that are well above industry averages and, thus,
are viewed as a less meaningful indicator of value.
o P/A APPROACH. P/A ratios are generally a less reliable indicator of
market value, as investors do not place significant weight on total
assets as a determinant of market value. Investors place significantly
greater weight on book value and earnings -- which have received
greater weight in our valuation analysis.
The Association has adopted Statement of Position ("SOP") 93-6, which will
cause earnings per share computations to be based on shares issued and
outstanding excluding unreleased ESOP shares. For purposes of preparing the pro
forma pricing analyses, we have reflected all shares issued in the offering,
including all ESOP shares, to capture the full dilutive impact, particularly
since the ESOP shares are economically dilutive, receive dividends and can be
voted. However, we did consider the impact of the adoption of SOP 93-6 in the
valuation.
Based on the application of the three valuation approaches, taking into
consideration the valuation adjustments discussed above, and placing the
greatest weight on the P/E and P/B approaches, RP Financial concluded that the
pro forma market value of the Association's conversion stock is $6,750,000 at
the midpoint at this time.
1. PRICE-TO-EARNINGS ("P/E"). The application of the P/E valuation method
requires calculating the Association's pro forma market value by applying a
valuation P/E multiple times the pro forma earnings
67
RP Financial, LC.
Page 4.19
base. Ideally, the pro forma earnings base is composed principally of the
Association's recurring earnings base, that is, earnings adjusted to exclude any
one-time non-operating items, plus the estimated after-tax earnings benefit of
the reinvestment of net conversion proceeds. Bridgeport Savings' reported
earnings equaled $206,000 for the twelve months ended March 31, 1997. In
deriving Bridgeport Savings' core earnings, the only adjustment made to reported
earnings was to account for the one time expense of the special SAIF assessment.
The special SAIF assessment recorded by the Association amounted to $190,000.
On a tax effected basis, assuming an effective tax rate of 34.0 percent, the
elimination of the SAIF assessment resulted in a $125,000 increase to the
Association's reported earnings. As shown below, after factoring in the
adjustment, Bridgeport Savings' core earnings were determined to equal $331,000
for the twelve months ended March 31, 1997. (Note: see Exhibit IV-9 for the
adjustments applied to the Peer Group's earnings in the calculation of core
earnings).
Amount
------
($000)
Net income $206
Adjustment for SAIF assessment(1) 125
----
Core earnings estimate $331
(1) Tax effected at 34.0 percent.
Based on Bridgeport Savings' trailing twelve month earnings, and
incorporating the impact of the pro forma assumptions discussed previously, the
Association's pro forma core P/E multiple at the $6,750,000 midpoint value was
15.70 times, resulting in a discount of 17.0 percent from the Peer Group average
of 18.91 times core earnings. Such discounts are substantially reduced or
eliminated in the upper portion of the range. In comparison to all SAIF-insured
and Ohio publicly-traded thrifts, the Association's core P/E ratio reflected
discounts of 11.4 percent and 10.8 percent, respectively.
2. PRICE-TO-BOOK ("P/B"). The application of the P/B valuation method
requires calculating the Association's pro forma market value by applying a
valuation P/B ratio to Bridgeport Savings' pro forma book value. Based on the
$6.750 million midpoint valuation, Bridgeport Savings' pro forma P/B ratio was
64.70 percent. In comparison to the average P/B ratio for the Peer Group of
110.42 percent, Bridgeport Savings' valuation reflected a 41.4 percent discount
relative to the Peer Group. RP Financial considered the discount under the P/B
approach to be reasonable, in light of the downward adjustments applied to the
Association's value for earnings, asset growth, market area, and liquidity of
the stock. Additionally, the discounted P/B ratio is also warranted by the
Association's low pro forma ROE (4.12 percent, based on core earnings, versus
5.98 percent for the Peer Group) and resulting pro forma P/E multiple.
68
RP Financial, LC.
Page 4.20
Given the emphasis in the revised appraisal guidelines on limiting near
term aftermarket price increases in the stocks of converting institutions, RP
Financial also considered the pro forma P/B ratios of recent conversions in its
valuation analysis. It is these companies that provide the best proxy for
aftermarket trading for a new issue such as Bridgeport Savings' conversion
stock (as newly converted thrifts represent an "alternative investment" to
purchasing conversion stock), and it is the pro forma P/B ratio that investors
have recently tended to emphasize in evaluating the trading of new issues. At
the midpoint value of $6,750,000, Bridgeport Savings' pro forma P/B ratio of
64.70 percent was discounted by approximately 8.6 percent from the 70.8 percent
P/B average of the recently completed standard stock conversions at closing
(see Table 4.2) and by approximately 30.2 percent from the 92.72 percent P/B
average of recent conversions currently in the after-market (see Table 4.3).
Bridgeport Savings' lower pro forma pricing is warranted by the smaller size of
its offering, resulting in a less liquid stock, and the negative
characteristics associated with its primary market area. The Association's
pricing in the upper portion of the range approximates the average closing P/B
ratio for the recent conversions. As indicated at the beginning of this
chapter, RP Financial's analysis of recent conversion pricing characteristics
has been limited to a technical analysis and, thus, the pricing characteristics
of recent conversions is not the primary determinate of valuation.
3. PRICE-TO-ASSETS ("P/A"). The P/A valuation methodology determines market
value by applying a valuation P/A ratio to the Association's pro forma asset
base, conservatively assuming no deposit withdrawals are made to fund stock
purchases. In all likelihood there will be deposit withdrawals, which results in
understating the pro forma P/A ratio which is computed herein. At the midpoint
of the valuation range, Bridgeport Savings' value equaled 16.82 percent of pro
forma assets. Comparatively, the Peer Group companies exhibited an average P/A
ratio of 15.25 percent, which implies a 10.3 percent premium is being applied to
the Association's pro forma P/A ratio. While generally emphasized less than the
P/E and P/B approaches, the P/A ratio is an indicator of franchise value and,
thus, was a valuation factor.
Valuation Conclusion
- --------------------
Based on the foregoing, it is our opinion that, as of June 6, 1997, the
aggregate pro forma market value of the Association was $6,750,000 at the
midpoint, equal to 675,000 shares offered at $10.00 per share. Pursuant to the
conversion guidelines, the 15 percent offering range includes a minimum of
$5,737,500 and a maximum of $7,762,500. Based on the $10.00 per share offering
price, this valuation range equates to an offering of 573,750 shares at the
minimum to 776,250 shares at the maximum. The Holding Company's offering also
includes a provision for a super maximum, which would result in an offering size
of $8,926,870, equal to 892,687 shares at the $10.00 per share offering price.
The comparative pro forma valuation ratios relative to the
69
RP Financial, LC.
Page 4.21
Peer Group are shown in Table 4.4, and the key valuation assumptions are
detailed in Exhibit IV-7. The pro forma calculations for the range are detailed
in Exhibit IV-8.
70
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
TABLE 4.4
PUBLIC MARKET PRICING
BRIDGEPORT SAVINGS AND LOAN AND THE COMPARABLES
AS OF JUNE 6, 1997
Market Per Share Data
Capitalization --------------- Pricing Ratios(3)
--------------- Core Book ---------------------------------------
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
Bridgeport Savings and Loan
---------------------------
Superrange 10.00 8.93 0.52 13.80 26.28 72.47 21.24 72.47 19.21
Range Maximum 10.00 7.76 0.57 14.57 24.17 68.63 18.93 68.63 17.40
Range Midpoint 10.00 6.75 0.64 15.46 22.13 64.70 16.82 64.70 15.70
Range Minimum 10.00 5.74 0.72 16.66 19.86 60.04 14.61 60.04 13.86
SAIF-Insured Thrifts(7)
-----------------------
Averages 19.97 132.40 1.14 15.56 20.14 128.40 15.64 131.47 17.72
Medians --- --- --- --- 20.41 123.11 14.25 125.24 16.85
All Non-MHC State of OH(7)
--------------------------
Averages 18.78 121.14 1.13 15.03 21.13 126.15 16.81 120.97 17.60
Medians --- --- --- --- 20.88 113.92 15.67 113.92 15.95
Comparable Group Averages
-------------------------
Averages 17.04 22.29 0.99 15.47 22.81 110.42 15.25 110.66 18.91
Medians --- --- --- --- 23.66 113.10 14.61 113.10 18.99
State of OH
-----------
ASBP ASB Financial Corp. of OH 11.75 20.22 0.57 10.00 NM 117.50 18.48 117.50 20.61
CAFI Camco Fin. Corp. of OH 18.50 56.65 1.16 14.95 18.69 123.75 11.99 134.45 15.95
COFI Charter One Financial of OH 48.00 2224.27 3.66 20.53 16.67 233.80 15.84 NM 13.11
CTZN CitFed Bancorp of Dayton OH 36.75 316.53 2.55 21.59 20.88 170.22 10.78 191.11 14.41
CIBI Community Inv. Bancorp of OH 19.00 12.03 1.47 17.73 19.19 107.16 12.34 107.16 12.93
DCBI Delphos Citizens Bancorp of OH 14.00 28.55 0.62 14.88 22.58 94.09 26.66 94.09 22.58
EMLD Emerald Financial Corp of OH 15.00 75.93 0.96 8.73 20.00 171.82 12.90 174.83 15.63
EFBI Enterprise Fed. Bancorp of OH 19.00 38.21 0.82 15.52 25.33 122.42 15.51 122.58 23.17
FFDF FFD Financial Corp. of OH 13.75 20.01 0.61 14.50 NM 94.83 23.46 94.83 22.54
FFYF FFY Financial Corp. of OH 26.00 112.53 1.72 19.50 21.67 133.33 18.80 133.33 15.12
FFOH Fidelity Financial of OH 15.00 83.91 0.64 12.03 NM 124.69 16.35 141.91 23.44
FDEF First Defiance Fin.Corp. of OH 14.00 131.92 0.60 12.41 NM 112.81 24.16 112.81 23.33
FFSW First Fed Fin. Serv. of OH 34.50 158.29 1.59 14.35 17.16 240.42 14.55 NM 21.70
FFBZ First Federal Bancorp of OH 17.50 27.51 1.18 9.34 20.35 187.37 14.35 187.57 14.83
FFHS First Franklin Corp. of OH 19.87 23.41 1.15 16.93 NM 117.37 10.35 118.20 17.28
GFCO Glenway Financial Corp. of OH 24.75 28.31 1.67 23.46 26.90 105.50 10.08 107.14 14.82
HHFC Harvest Home Fin. Corp. of OH 10.50 9.82 0.44 11.12 NM 94.42 11.74 94.42 23.86
HVFD Haverfield Corp. of OH(7) 25.50 48.60 1.86 15.04 28.98 169.55 14.23 169.55 13.71
HCFC Home City Fin. Corp. of OH 13.25 12.61 0.77 14.77 25.98 89.71 18.48 89.71 17.21
INBI Industrial Bancorp of OH 12.75 68.98 0.86 11.41 28.98 111.74 20.66 111.74 14.83
LONF London Financial Corp. of OH 15.00 7.73 0.79 14.63 27.78 102.53 20.36 102.53 18.99
MRKF Market Fin. Corp. of OH 12.87 17.19 0.50 14.17 NM 90.83 30.15 90.83 25.74
MFFC Milton Fed. Fin. Corp. of OH 14.12 32.86 0.55 11.32 NM 124.73 18.38 124.73 25.67
OHSL OHSL Financial Corp. of OH 23.75 28.69 1.54 21.00 21.99 113.10 12.48 113.10 15.42
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ --------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
Bridgeport Savings and Loan
---------------------------
Superrange 0.00 0.00 0.00 42 29.31 0.51 0.81 2.76 1.11 3.77
Range Maximum 0.00 0.00 0.00 41 27.58 0.52 0.78 2.84 1.09 3.94
Range Midpoint 0.00 0.00 0.00 40 25.99 0.53 0.76 2.92 1.07 4.12
Range Minimum 0.00 0.00 0.00 39 24.34 0.55 0.74 3.02 1.05 4.33
SAIF-Insured Thrifts(7)
-----------------------
Averages 0.37 1.87 29.08 1,117 12.85 0.78 0.62 5.28 0.84 7.35
Medians --- --- --- --- --- --- --- --- --- ---
All Non-MHC State of OH(7)
--------------------------
Averages 0.42 2.31 31.62 794 14.81 0.53 0.68 5.82 0.96 7.93
Medians --- --- --- --- --- --- --- --- --- ---
Comparable Group Averages
-------------------------
Averages 0.51 3.02 41.80 158 13.98 0.49 0.58 3.88 0.86 5.98
Medians --- --- --- --- --- --- --- --- --- ---
State of OH
-----------
ASBP ASB Financial Corp. of OH 0.40 3.40 70.18 109 15.73 1.58 0.60 3.01 0.88 4.40
CAFI Camco Fin. Corp. of OH 0.52 2.81 44.83 472 9.69 0.68 0.75 8.54 0.88 10.01
COFI Charter One Financial of OH 1.00 2.08 27.32 14,040 6.78 0.32 0.97 14.40 1.23 18.30
CTZN CitFed Bancorp of Dayton OH 0.32 0.87 12.55 2,937 6.33 0.45 0.55 8.47 0.79 12.27
CIBI Community Inv. Bancorp of OH 0.40 2.11 27.21 97 11.52 0.72 0.67 5.52 1.00 8.19
DCBI Delphos Citizens Bancorp of OH 0.00 0.00 0.00 107 28.34 0.10 1.27 6.07 1.27 6.07
EMLD Emerald Financial Corp of OH 0.24 1.60 25.00 589 7.51 0.34 0.69 8.89 0.89 11.37
EFBI Enterprise Fed. Bancorp of OH 1.00 5.26 NM 246 12.67 0.01 0.68 4.72 0.75 5.16
FFDF FFD Financial Corp. of OH 0.30 2.18 49.18 85 24.74 NA 0.78 3.42 1.08 4.74
FFYF FFY Financial Corp. of OH 0.70 2.69 40.70 599 14.10 0.72 0.89 5.44 1.27 7.80
FFOH Fidelity Financial of OH 0.28 1.87 43.75 513 13.12 0.18 0.63 3.90 1.01 6.24
FDEF First Defiance Fin.Corp. of OH 0.32 2.29 53.33 546 21.42 0.45 0.78 3.37 1.06 4.60
FFSW First Fed Fin. Serv. of OH 0.44 1.28 27.67 1,088 6.05 0.38 0.87 15.36 0.69 12.15
FFBZ First Federal Bancorp of OH 0.24 1.37 20.34 192 7.66 0.58 0.74 9.58 1.01 13.14
FFHS First Franklin Corp. of OH 0.32 1.61 27.83 226 8.82 0.62 0.14 1.59 0.62 6.76
GFCO Glenway Financial Corp. of OH 0.68 2.75 40.72 281 9.56 0.32 0.38 3.95 0.68 7.17
HHFC Harvest Home Fin. Corp. of OH 0.40 3.81 NM 84 12.43 0.15 0.21 1.35 0.54 3.49
HVFD Haverfield Corp. of OH(7) 0.56 2.20 30.11 342 8.39 1.00 0.49 5.94 1.03 12.55
HCFC Home City Fin. Corp. of OH 0.32 2.42 41.56 68 20.61 0.62 0.78 5.01 1.17 7.57
INBI Industrial Bancorp of OH 0.48 3.76 55.81 334 18.49 0.42 0.73 3.87 1.43 7.56
LONF London Financial Corp. of OH 0.24 1.60 30.38 38 19.86 0.79 0.74 3.55 1.09 5.19
MRKF Market Fin. Corp. of OH 0.00 0.00 0.00 57 33.20 0.89 0.89 2.68 1.17 3.53
MFFC Milton Fed. Fin. Corp. of OH 0.60 4.25 NM 179 14.74 0.32 0.53 3.00 0.72 4.13
OHSL OHSL Financial Corp. of OH 0.88 3.71 57.14 230 11.04 0.33 0.61 5.15 0.86 7.34
71
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
TABLE 4.4
PUBLIC MARKET PRICING
BRIDGEPORT SAVINGS AND LOAN AND THE COMPARABLES
AS OF JUNE 6, 1997
Market Per Share Data
Capitalization --------------- Pricing Ratios(3)
--------------- Core Book ---------------------------------------
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
PVFC PVF Capital Corp. of OH 18.00 41.81 2.03 10.77 11.69 167.13 11.74 167.13 8.87
PFFC Peoples Fin. Corp. of OH 15.63 23.30 0.24 16.18 NM 96.60 25.99 96.60 NM
PSFC Peoples Sidney Fin. Corp of OH 13.00 23.21 0.73 14.09 23.21 92.26 21.46 92.26 17.81
PTRS Potters Financial Corp of OH 20.25 9.86 1.62 21.38 27.00 94.71 8.43 94.71 12.50
SFSL Security First Corp. of OH 21.25 106.31 1.62 11.88 16.60 178.87 16.75 182.09 13.12
SBCN Suburban Bancorp. of OH(7) 18.25 26.92 1.07 17.56 25.35 103.93 12.13 103.93 17.06
WOFC Western Ohio Fin. Corp. of OH 21.00 48.55 0.69 23.21 NM 90.48 12.14 96.02 NM
WEHO Westwood Hmstd Fin Corp of OH 13.25 37.67 0.37 14.15 NM 93.64 28.99 93.64 NM
WFCO Winton Financial Corp. of OH 13.00 25.82 1.07 10.49 15.48 123.93 8.83 127.08 12.15
FFWD Wood Bancorp of OH 16.00 23.89 1.26 13.91 15.69 115.03 14.61 115.03 12.70
Comparable Group
----------------
ASBP ASB Financial Corp. of OH 11.75 20.22 0.57 10.00 NM 117.50 18.48 117.50 20.61
CIBI Community Inv. Bancorp of OH 19.00 12.03 1.47 17.73 19.19 107.16 12.34 107.16 12.93
EFBI Enterprise Fed. Bancorp of OH 19.00 38.21 0.82 15.52 25.33 122.42 15.51 122.58 23.17
FFDF FFD Financial Corp. of OH 13.75 20.01 0.61 14.50 NM 94.83 23.46 94.83 22.54
FFHS First Franklin Corp. of OH 19.87 23.41 1.15 16.93 NM 117.37 10.35 118.20 17.28
GFCO Glenway Financial Corp. of OH 24.75 28.31 1.67 23.46 26.90 105.50 10.08 107.14 14.82
HHFC Harvest Home Fin. Corp. of OH 10.50 9.82 0.44 11.12 NM 94.42 11.74 94.42 23.86
LONF London Financial Corp. of OH 15.00 7.73 0.79 14.63 27.78 102.53 20.36 102.53 18.99
MFFC Milton Fed. Fin. Corp. of OH 14.12 32.86 0.55 11.32 NM 124.73 18.38 124.73 25.67
OHSL OHSL Financial Corp. of OH 23.75 28.69 1.54 21.00 21.99 113.10 12.48 113.10 15.42
FFWD Wood Bancorp of OH 16.00 23.89 1.26 13.91 15.69 115.03 14.61 115.03 12.70
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ --------------- --------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
PVFC PVF Capital Corp. of OH 0.00 0.00 0.00 356 7.02 1.20 1.05 15.54 1.39 20.48
PFFC Peoples Fin. Corp. of OH 0.50 3.20 NM 90 26.90 0.01 0.08 0.31 0.40 1.48
PSFC Peoples Sidney Fin. Corp of OH 0.00 0.00 0.00 108 23.26 1.00 0.92 3.97 1.21 5.18
PTRS Potters Financial Corp of OH 0.36 1.78 22.22 117 8.91 0.83 0.31 3.45 0.67 7.45
SFSL Security First Corp. of OH 0.48 2.26 29.63 635 9.36 0.26 1.10 11.88 1.39 15.04
SBCN Suburban Bancorp. of OH(7) 0.60 3.29 56.07 222 11.67 0.19 0.51 4.13 0.75 6.14
WOFC Western Ohio Fin. Corp. of OH 1.00 4.76 NM 400 13.41 0.96 0.31 2.02 0.44 2.90
WEHO Westwood Hmstd Fin Corp of OH 0.28 2.11 NM 130 30.96 NA 0.55 2.11 0.93 3.54
WFCO Winton Financial Corp. of OH 0.46 3.54 42.99 292 7.13 NA 0.66 8.78 0.84 11.18
FFWD Wood Bancorp of OH 0.40 2.50 31.75 163 12.70 0.10 1.00 7.48 1.24 9.24
Comparable Group
----------------
ASBP ASB Financial Corp. of OH 0.40 3.40 70.18 109 15.73 1.58 0.60 3.01 0.88 4.40
CIBI Community Inv. Bancorp of OH 0.40 2.11 27.21 97 11.52 0.72 0.67 5.52 1.00 8.19
EFBI Enterprise Fed. Bancorp of OH 1.00 5.26 NM 246 12.67 0.01 0.68 4.72 0.75 5.16
FFDF FFD Financial Corp. of OH 0.30 2.18 49.18 85 24.74 NA 0.78 3.42 1.08 4.74
FFHS First Franklin Corp. of OH 0.32 1.61 27.83 226 8.82 0.62 0.14 1.59 0.62 6.76
GFCO Glenway Financial Corp. of OH 0.68 2.75 40.72 281 9.56 0.32 0.38 3.95 0.68 7.17
HHFC Harvest Home Fin. Corp. of OH 0.40 3.81 NM 84 12.43 0.15 0.21 1.35 0.54 3.49
LONF London Financial Corp. of OH 0.24 1.60 30.38 38 19.86 0.79 0.74 3.55 1.09 5.19
MFFC Milton Fed. Fin. Corp. of OH 0.60 4.25 NM 179 14.74 0.32 0.53 3.00 0.72 4.13
OHSL OHSL Financial Corp. of OH 0.88 3.71 57.14 230 11.04 0.33 0.61 5.15 0.86 7.34
FFWD Wood Bancorp of OH 0.40 2.50 31.75 163 12.70 0.10 1.00 7.48 1.24 9.24
(1) Average of high/low or bid/ask price per share.
(2) EPS (core basis) is based on actual trailing twelve month data,
adjusted to omit the impact of non-operating items (including the SAIF
assessment) on a tax effected basis, and is shown on a pro forma basis
where appropriate.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets;
P/TB = Price to Tangible Book; and P/CORE = Price to Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend
declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common
equity and total assets balances.
(7) Excludes from averages and medians those companies the subject of
actual or rumored acquisition activities or unusual operating
characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been
obtained from sources we believe are reliable, but we cannot
guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
72
EXHIBITS
73
RP Financial, LC.
LIST OF EXHIBITS
Exhibit
Number Description
- ------ -----------
I-1 Map of Office Locations
I-2 Audited Financial Statements
I-3 Key Operating Ratios
I-4 Investment Portfolio Composition
I-5 Yields and Costs
I-6 Loan Loss Allowance Activity
I-7 Fixed Rate and Adjustable Rate Loans
I-8 Loan Portfolio Composition
I-9 Loan Originations, Purchases and Sales
I-10 Contractual Maturity By Loan Type
I-11 Non-Performing Assets
I-12 Deposit Composition
I-13 Time Deposit Rate/Maturity
II-1 Description of Office Facilities
II-2 Historical Interest Rates
III-1 General Characteristics of Publicly-Traded
Institutions
III-2 Financial Analysis of Ohio and West Virginia Institutions
74
RP Financial, LC.
LIST OF EXHIBITS(continued)
III-3 Peer Group Market Area Comparative Analysis
IV-1 Stock Prices: As of June 6, 1997
IV-2 Historical Stock Price Indices
IV-3 Historical Thrift Stock Indices
IV-4 Market Area Acquisition Activity
IV-5 Director and Senior Management Summary Resumes
IV-6 Pro Forma Regulatory Capital Ratios
IV-7 Pro Forma Analysis Sheet
IV-8 Pro Forma Effect of Conversion Proceeds
IV-9 Peer Group Core Earnings Analysis
V-1 Firm Qualifications Statement
75
EXHIBIT I-1
Bridgeport Savings and Loan Association
Map of Office Locations
76
[MAP]
BRIDGEPORT S&LA
MARKET AREA
Map of Belmont and Marshall Counties, Ohio with branches marked by asterisks.
* INDICATES BRANCH LOCATION
77
EXHIBIT I-2
Bridgeport Savings and Loan Association
Audited Financial Statements
[Incorporated by Reference]
78
EXHIBIT I-3
Bridgeport Savings and Loan Association
Key Operating Ratios
SELECTED FINANCIAL RATIOS: At or for the three
months ended
March 31, At or for the year ended December 31,
----------------------- ----------------------------------------------------
1997(1) 1996(1) 1996 1995 1994 1993 1992
---------- ----------- -------- -------- -------- -------- --------
Performance ratios:
Return on average assets (2) 1.04% 1.11% 0.62% 1.06% 1.04% 0.88% 0.78%
Return on average equity (2) 7.44 8.33 4.53 8.25 8.87 8.71 8.83
Interest rate spread 3.47 3.76 3.62 3.76 3.66 3.42 3.10
Net interest margin 3.94 4.19 4.08 4.17 3.97 3.71 3.40
Non-interest expense to
average assets (2) 2.34 2.52 3.15 2.54 2.47 2.11 2.11
Efficiency ratio (3) 59.75 60.03 77.27 61.28 60.83 57.42 63.02
Average interest-earning
assets to average
interest-bearing 113.78 112.60 113.28 112.04 110.59 108.55 106.91
liabilities
Capital ratios:
Average equity to average
assets 14.01 13.34 13.64 12.87 11.69 10.12 8.79
Equity to assets, end of
period 14.06 13.40 14.06 13.19 12.45 10.88 9.47
Asset quality ratios:
Nonperforming assets to
average assets (4) 0.62 0.01 0.20 0.02 0.02 0.48 0.17
Nonperforming loans to
total loans 0.85 0.02 0.28 0.02 0.03 0.76 0.26
Allowance for loans losses
to gross loans 0.57 0.56 0.57 0.55 0.62 0.67 0.44
Allowance for loans losses
to nonperforming loans 66.82 2860.00 207.25 2383.33 2042.86 87.88 168.42
Net (charge-offs) recoveries
to average loans - - - - (0.08) (0.02) 0.01
- ------------------------------
(1) Ratios for three month periods are stated on an annualized basis. Such
ratios and results are not necessarily indicative of results that may be
expected for the full year.
(2) Includes a nonrecurring pre-tax expense of $190,000 for the year ended
December 31, 1996, for a special one-time assessment to recapitalize the
SAIF.
(3) Non-interest expenses as a percentage of net interest income plus
non-interest income.
(4) Nonperforming assets include non-accrual loans, accruing loans more than 90
days past due and real estate acquired in settlement of loans.
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS
79
EXHIBIT I-4
Bridgeport Savings and Loan Association
Investment Portfolio Composition
At March 31, At December 31,
------------------------ -----------------------------------------------------
1997 1996 1995
------------------------ ----------------------- ----------------------
Carrying Fair Carrying Fair Carrying Fair
value value value value value value
----- ----- ----- ----- ----- -----
(Dollars in thousands)
Interest-bearing deposits $2,085 $2,085 $1,985 $1,985 $ 625 $ 625
Interest-bearing time deposits 1,200 1,200 800 800 1,000 1,000
Investment securities:
Held to maturity:
U.S. Government and
federal agencies
3,798 3,792 3,797 3,811 4,187 4,237
Mortgage-backed
securities 939 1,009 984 1,063 1,190 1,281
Available for sale:
FHLB stock 330 330 324 324 303 303
Intrieve Inc. stock 15 15 15 15 15 15
------ ------ ------ ------ ------ ------
Total $8,367 $8,431 $7,905 $7,998 $7,320 $7,461
====== ====== ====== ====== ====== ======
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS.
80
EXHIBIT I-5
Bridgeport Savings and Loan Association
Yields and Costs
Three months ended March 31,
--------------------------------------------------------------
1997 1996
------------------------------ ------------------------------
Average Interest Average Average Interest Average
outstanding earned/ yield/ outstanding earned/ yield/
balance paid rate(1) balance paid rate
------- ---- ---- -------- ---- ----
Interest-earning assets:
Interest-bearing deposits $ 2,997 $ 40 5.34% $ 1,863 $ 26 5.58%
Investment securities (2) 4,138 62 5.99 4,508 73 6.48
Mortgage-backed securities 959 23 9.59 1,171 28 9.56
Loans receivable (3) 25,068 489 7.80 25,744 511 7.94
------- ---- ---- -------- ---- ----
Total interest-earning
assets 33,162 614 7.41 33,286 638 7.67
Non-interest-earning assets 1,177 1,218
------- -------
Total assets $34,339 $34,504
======= =======
Interest-bearing liabilities:
NOW and money market
accounts $ 4,272 27 2.53% $ 5,449 36 2.64%
Regular savings accounts 9,937 72 2.90 9,581 70 2.92
Certificates of deposit 14,886 188 5.05 14,531 183 5.04
------ ---- ---- ------- --- ----
Total deposits 29,095 287 3.95 29,561 289 3.91
FHLB advances (4) 50 - - - - -
------- ---- ---- -------- ---- ----
Total interest-bearing
liabilities 29,145 287 3.94 29,561 289 3.91
Non-interest-bearing
liabilities 381 339
------- --------
Total liabilities 29,526 29,900
Retained earnings 4,813 4,604
-------- --------
Total liabilities and
retained earnings $34,339 $34,504
======= =======
Net interest income $327 $349
==== ====
Interest rate spread 3.47% 3.76%
==== ====
Net interest margin 3.94% 4.19%
==== ====
Average interest-earning
assets to average
interest-bearing
liabilities 113.78% 112.60%
====== ======
Year ended December 31,
---------------------------------------------------------------------------------------
1996 1995 1994
--------------------------- ----------------------------- -----------------------------
Average Interest Average Average Interest Average Average Interest Average
outstanding earned/ yield/ outstanding earned/ yield/ outstanding earned/ yield
balance paid rate balance paid rate balance paid rate
---------- ------ ----- --------- -------- ----- --------- ------ ------
Interest-earning assets:
Interest-bearing deposits $ 2,592 $ 144 5.56% $ 2,788 $ 150 5.38% $ 5,509 $ 204 3.70%
Investment securities (2) 4,274 269 6.29 4,483 299 6.67 4,041 271 6.71
Mortgage-backed securities 1,091 102 9.35 1,296 120 9.26 1,740 160 9.20
Loans receivable (3) 25,267 2,000 7.92 24,280 1,909 7.86 21,827 1,663 7.62
-------- ------ ---- -------- ------- ---- -------- ------ ----
Total interest-earning
assets 33,224 2,515 7.57 32,847 2,478 7.54 33,117 2,298 6.94
Non-interest-earning assets 1,186 1,161 1,165
-------- ------- -------
Total assets $34,410 $34,008 $34,282
======= ======= =======
Interest-bearing liabilities:
NOW and money market
accounts $ 4,910 127 2.59% $ 6,226 176 2.83% $ 8,082 226 2.80%
Regular savings accounts 9,807 287 2.93 9,687 280 2.89 10,584 306 2.89
Certificates of deposit 14,611 744 5.09 13,382 651 4.86 11,280 450 3.99
------- ------ ------ ------- ---- -------- ----- ----
Total deposits 29,328 1,158 3.95 29,295 1,107 3.78 29,946 982 3.28
-------- ------- ---- -------- ------ ----
FHLB advances (4) - - - 23 1 4.35 - - -
-------- ------ ---- -------- ------- ---- -------- ------ ----
Total interest-bearing
liabilities 29,328 1,158 3.95 29,318 1,108 3.78 29,946 982 3.28
------ ---- ------- ---- ------ ----
Non-interest-bearing
liabilities 389 313 328
-------- -------- --------
Total liabilities 29,717 29,631 30,274
Retained earnings 4,693 4,377 4,008
--------- -------- ---------
Total liabilities and
retained earnings $34,410 $34,008 $34,282
======= ======= =======
Net interest income $1,357 $1,370 $1,316
====== ====== ======
Interest rate spread 3.62% 3.76% 3.66%
==== ==== ====
Net interest margin 4.08% 4.17% 3.97%
==== ==== ====
Average interest-earning
assets to average
interest-bearing
liabilities 113.28% 112.04% 110.59%
====== ====== ======
<FN>
-------------------
(1) Annualized.
(2) Includes dividends on FHLB stock.
(3) Includes nonperforming loans
(4) Interest paid on FHLB advances for the quarter ended March 31, 1997, was
less than $1,000.
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS.
81
EXHIBIT I-6
Bridgeport Savings and Loan Association
Loan Loss Allowance Activity
Three months ended
March 31, Year ended December 31,
---------------- -----------------------------
1997 1996 1996 1995 1994
----- ----- ----- ----- -----
(Dollars in thousands)
Balance at beginning of period $ 143 $ 143 $ 143 $ 143 $ 145
Charge-offs -- -- -- -- (18)
Recoveries -- -- -- -- --
----- ----- ----- ----- -----
Net (charge-offs) recoveries -- -- -- -- (18)
Provision for losses on loans -- -- -- -- 16
----- ----- ----- ----- -----
Balance at end of period $ 143 $ 143 $ 143 $ 143 $ 143
===== ===== ===== ===== =====
Ratio of net (charge-offs) recoveries
to average loans outstanding
during the period N/A N/A N/A N/A (0.08)%
Ratio of allowance for loan losses
to total loans 0.57% 0.56% 0.57% 0.55% 0.63%
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS
82
EXHIBIT I-7
Bridgeport Savings and Loan Association
Fixed Rate and Adjustable Rate Loans
Fixed Adjustable
rates rates Total
----- ----- -----
(In thousands)
Real estate loans:
One- to four-family $16,687 $4,004 $20,691
Multifamily 48 - 48
Nonresidential 418 - 418
Land 79 - 79
Construction 124 - 124
Consumer loans 3,427 - 3,427
Commercial loans 55 - 55
------- ------ -------
Total $20,838 $4,004 $24,842
======= ====== =======
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS.
83
EXHIBIT I-8
Bridgeport Savings and Loan Association
Loan Portfolio Composition
At December 31,
------------------------------------------------------------------------
At March 31, 1997 1996 1995 1994
---------------------- --------------------- -------------------- ---------------------
Percent of Percent of Percent of Percent of
Amount total loans Amount total loans Amount total loans Amount total loans
------ ----------- ------ ----------- ------ ----------- ------ ------------
(Dollars in thousands)
Real estate loans:
One- to four-family $20,691 81.96% $20,605 81.97% $21,086 79.54% $18,802 80.47%
Multifamily 48 0.19 51 0.20 557 2.10 589 2.52
Nonresidential 418 1.66 460 1.83 1,064 4.01 1,062 4.54
Land 79 0.31 86 0.34 5 0.02 6 0.03
Construction 124 0.49 124 0.49 469 1.77 776 3.32
Consumer loans:
Automobiles 1,821 7.21 1,931 7.68 1,752 6.61 1,166 4.99
Savings accounts 310 1.23 265 1.06 244 0.92 252 1.08
Other 1,653 6.55 1,511 6.01 1,201 4.53 685 2.93
Commercial loans 101 0.40 105 0.42 132 0.50 27 0.12
------- ------ ------- ------ ------- ------ ------ ------
Total loans 25,245 100.0% 25,138 100.00% 26,510 100.00% 23,365 100.00%
===== ====== ====== ======
Less:
Loans in process 36 51 328 378
Deferred loan fees 49 52 67 61
Allowance for loan
losses 143 143 143 143
------- ------- ------- -------
Total loans, net $25,017 $24,892 $25,972 $22,783
======= ======= ======= =======
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS
84
EXHIBIT I-9
Bridgeport Savings and Loan Association
Loan Originations, Purchases, and Sales
Three months ended
March 31, Year ended December 31,
---------------------- -------------------------------------
1997 1996 1996 1995 1994
-------- -------- -------- -------- --------
(In thousands)
Total gross loans receivable at
beginning of period $ 25,138 $ 26,510 $ 26,510 $ 23,365 $ 21,815
Loans originated:
Real estate:
One- to four-family 632 174 1,993 3,295 1,080
Multifamily -- -- -- -- --
Land -- -- 90 -- --
Nonresidential -- -- 163 83 275
Construction -- -- -- 507 831
Consumer 512 341 2,136 2,355 1,474
Commercial -- -- 8 121 27
-------- -------- -------- -------- --------
Total loans originated 1,144 515 4,390 6,361 3,687
Loan principal repayments (1,023) (1,079) (5,762) (3,216) (1,949)
Charge-offs -- -- -- -- (18)
Foreclosures (14) -- -- -- (170)
-------- -------- -------- -------- --------
Net loan activity 107 (564) (1,372) 3,145 1,550
-------- -------- -------- -------- --------
Total gross loans receivable at
end of period $ 25,245 $ 25,946 $ 25,138 $ 26,510 $ 23,365
======== ======== ======== ======== ========
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS.
85
EXHIBIT I-10
Bridgeport Savings and Loan Association
Contractual Maturity By Loan Type
During the Due 1-3 Due 3-5 Due 5-10 Due 10-20 Due over
year ending years years years years 20 years
March 31, after after after after after
1998 3/31/98 3/31/98 3/31/98 3/31/98 3/31/98 Total
----------- ------- -------- -------- ---------- -------- --------
(In thousands)
Real estate loans:
One- to four-family - $234 $ 168 $1,745 $13,975 $4,569 $20,691
Multifamily - - - 48 - - 48
Nonresidential - - 45 193 180 - 418
Land - 79 - - - - 79
Construction - - - - 124 - 124
Consumer loans 357 642 1,535 1,217 33 0 3,784
Commercial loans 46 3 52 - - - 101
---- ---- ------ ------ ------- ------ -------
Total $403 $958 $1,800 $3,203 $14,312 $4,569 $25,245
==== ==== ====== ====== ======= ====== =======
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS.
86
EXHIBIT I-11
Bridgeport Savings and Loan Association
Non-Performing Assets
At March 31, At December 31,
------------------- ----------------------------------
1997 1996 1996 1995 1994
------ ---- ---- ---- -----
(Dollars in thousands)
Loans accounted for on a nonaccrual basis:
Real estate 180 -- 51 -- --
Consumer 20 5 18 6 7
---- ---- ---- ---- ----
Total nonaccrual loans 200 5 69 6 7
Total nonperforming loans 200 5 69 6 7
Real estate owned 14 -- -- -- --
---- ---- ---- ---- ----
Total nonperforming assets $214 $ 5 $ 69 $ 6 $ 7
==== ==== ==== ==== ====
Allowance for loan losses $143 $143 $143 $143 $143
==== ==== ==== ==== ====
Nonperforming assets as a percent of
total assets 0.62% 0.01% 0.20% 0.02% 0.02%
Nonperforming loans as a percent of
total loans 0.85% 0.02% 0.28% 0.02% 0.03%
Allowance for loan losses as a
percent of nonperforming loans 66.82% 2,860.00% 207.25% 2,383.33% 2,042.86%
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS.
87
EXHIBIT I-12
Bridgeport Savings and Loan Association
Deposit Composition
At December 31,
At March 31, -------------------------------------------------
1997 1996 1995
---------------------- ---------------------- ---------------------
Percent Percent Percent
of total of total of total
Amount deposits Amount deposits Amount deposits
-------- -------- -------- -------- -------- --------
(Dollars in thousands)
Transaction accounts:
Regular savings
accounts (1) $ 10,066 34.20% $ 9,923 34.50% $ 9,565 32.30%
NOW and Super NOW
accounts (2) 1,152 3.92 979 3.40 1,057 3.60
Money market accounts (3) 3,086 10.49 3,290 11.40 4,567 15.40
-------- ------ -------- ------ -------- ------
Total transaction
accounts 14,304 48.61 14,192 49.30 15,189 51.30
Certificates of deposit
3.00% or less 21 0.07 -- -- -- --
3.01 - 5.00% 6,346 21.57 6,837 23.75 7,978 26.94
5.01 - 7.00% 8,753 29.75 7,762 26.95 6,177 20.85
7.01 - 9.00% -- -- -- -- 271 0.91
------- ------- -------- ------ -------- ------
Total certificates of
deposit (4) 15,120 51.39 14,599 50.70 14,426 48.70
-------- ------ -------- ------ -------- ------
Total deposits $ 29,424 100.00% $ 28,791 100.00% $ 29,615 100.00%
======== ====== ======== ====== ======== ======
- -----------------------------
(1) The weighted average rate on passbook savings accounts was 3.00% at March
31, 1997, and December 31, 1996 and 1995, respectively.
(2) The weighted average rate on NOW and Super NOW accounts was 1.75%, at March
31, 1997, and December 31, 1996 and 1995, respectively.
(3) The weighted average rate on money market accounts was 2.75%, 2.75% and
2.95% at March 31, 1997, and December 31, 1996 and 1995, respectively.
(4) The weighted average rate on all certificates of deposit was 5.10%, 5.09%
and 5.04% at March 31, 1997, and December 31, 1996 and 1995, respectively.
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS.
88
EXHIBIT I-13
Bridgeport Savings and Loan Association
Time Deposit Rate/Maturity
Amount Due
-------------------------------------------------------------
Over Over
Up to 1 year to 2 years to Over
Rate one year 2 years 3 years 3 years Total
---- -------- -- --------- -- --------- -------- -----
(In thousands)
3.00% or less $ 4 $ - $ - $ 17 $ 21
3.01% to 5.00% 4,928 1,328 216 148 6,620
5.01% to 7.00% 6,633 1,275 158 413 8,479
------- ------ ---- ---- -------
Total certificates of
deposit $11,565 $2,603 $374 $578 $15,120
======= ====== ==== ==== =======
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS.
89
EXHIBIT II-1
Bridgeport Savings and Loan Association
Description of Office Facilities
Owned or Date Square Net book
Location leased acquired footage value Deposits
- -------- ------ -------- ------- ----- --------
(In thousands)
435 Main Street Owned 1964 4,744 $109,286 $21,624
Bridgeport, Ohio 43912
4000 Central Avenue Owned 1979 2,197 $289,304 $7,801
Shadyside, Ohio 43943
SOURCE: BRIDGEPORT SAVINGS' PROSPECTUS.
90
EXHIBIT II-2
HISTORICAL INTEREST RATES
91
HISTORICAL INTEREST RATES(1)
Prime 90 Day One Year 30 Year
Year/Qtr. Ended Rate T-Bill T-Bill T-Bond
- --------------- ----- ------ ------ ------
1991: Quarter 1 8.75% 5.92% 6.24% 8.26%
Quarter 2 8.50% 5.72% 6.35% 8.43%
Quarter 3 8.00% 5.22% 5.38% 7.80%
Quarter 4 6.50% 3.95% 4.10% 7.47%
1992: Quarter 1 6.50% 4.15% 4.53% 7.97%
Quarter 2 6.50% 3.65% 4.06% 7.79%
Quarter 3 6.00% 2.75% 3.06% 7.38%
Quarter 4 6.00% 3.15% 3.59% 7.40%
1993: Quarter 1 6.00% 2.95% 3.18% 6.93%
Quarter 2 6.00% 3.09% 3.45% 6.67%
Quarter 3 6.00% 2.97% 3.36% 6.03%
Quarter 4 6.00% 3.06% 3.59% 6.34%
1994: Quarter 1 6.25% 3.56% 4.44% 7.09%
Quarter 2 7.25% 4.22% 5.49% 7.61%
Quarter 3 7.75% 4.79% 5.94% 7.82%
Quarter 4 8.50% 5.71% 7.21% 7.88%
1995: Quarter 1 9.00% 5.86% 6.47% 7.43%
Quarter 2 9.00% 5.57% 5.63% 6.63%
Quarter 3 8.75% 5.42% 5.68% 6.51%
Quarter 4 8.50% 5.09% 5.14% 5.96%
1996: Quarter 1 8.25% 5.14% 5.38% 6.67%
Quarter 2 8.25% 5.16% 5.68% 6.87%
Quarter 3 8.25% 5.03% 5.69% 6.92%
Quarter 4 8.25% 5.18% 5.49% 6.64%
1997: Quarter 1 8.50% 5.32% 6.00% 7.10%
June 6, 1997 8.50% 5.04% 5.68% 6.77%
(1) End of period data.
Source: SNL Securities.
92
EXHIBIT III-1
General Characteristics of Publicly-Traded Institutions
93
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ -------------------------------- ------ --------------- -------- ------ ------- ----- ----- ------ ------
($Mil) ($) ($Mil)
California Companies
--------------------
AHM Ahmanson and Co. H.F. of CA NYSE Nationwide M.B. 48,698 345 12-31 10/72 44.37 4,463
GWF Great Western Fin. Corp. of CA NYSE CA,FL Div. 42,878 416 12-31 / 49.62 6,842
GDW Golden West Fin. Corp. of CA NYSE Nationwide M.B. 38,530 232 12-31 05/59 69.75 3,991
GLN Glendale Fed. Bk, FSB of CA NYSE CA Div. 15,394 150 06-30 10/83 26.75 1,346
CSA Coast Savings Financial of CA NYSE California R.E. 8,797 89 12-31 12/85 45.87 853
DSL Downey Financial Corp. of CA NYSE Southern CA Thrift 5,484 52 12-31 01/71 21.00 561
FED FirstFed Fin. Corp. of CA NYSE Los Angeles CA R.E. 4,130 25 12-31 12/83 28.37 300
WES Westcorp Inc. of Orange CA NYSE California Div. 3,406 25 12-31 05/86 16.87 439
BPLS Bank Plus Corp. of CA OTC Los Angeles CA R.E. 3,295 33 12-31 / 10.50 192
BVCC Bay View Capital Corp. of CA OTC San Francisco CA M.B. 3,045 27 12-31 05/86 24.87 323
PFFB PFF Bancorp of Pomona CA OTC Southern CA Thrift 2,536 22 03-31 03/96 15.25 287
CENF CENFED Financial Corp. of CA OTC Los Angeles CA Thrift 2,263 18 12-31 10/91 29.50 170
FRC First Republic Bancorp of CA (3) NYSE CA,NV M.B. 2,183 11 12-31 / 20.37 204
AFFFZ America First Fin. Fund of CA OTC San Francisco CA Div. 2,183 36 12-31 / 38.12 229
CFHC California Fin. Hld. Co. of CA OTC Central CA Thrift 1,315 22 12-31 04/83 29.37 140
REDF RedFed Bancorp of Redlands CA OTC Southern CA Thrift 909 14 12-31 04/94 15.12 108
HTHR Hawthorne Fin. Corp. of CA OTC Southern CA Thrift 828 S 9 12-31 / 11.37 30
HEMT HF Bancorp of Hemet CA OTC Southern CA Thrift 827 J 12 06-30 06/95 13.50 85
ITLA Imperial Thrift & Loan of CA (3) OTC Los Angeles CA R.E. 810 11 12-31 / 15.25 119
QCBC Quaker City Bancorp of CA OTC Los Angeles CA R.E. 781 8 06-30 12/93 15.87 76
PROV Provident Fin. Holdings of CA OTC M.B. 609 0 06-30 06/96 16.50 84
HBNK Highland Federal Bank of CA OTC Los Angeles CA R.E. 480 11 12-31 / 21.81 50
MBBC Monterey Bay Bancorp of CA OTC West Central CA Thrift 422 6 12-31 02/95 16.37 53
SGVB SGV Bancorp of W. Covina CA OTC Los Angeles CA Thrift 400 6 06-30 06/95 12.87 30
PCCI Pacific Crest Capital of CA (3) OTC Southern CA R.E. 343 4 12-31 / 12.25 36
BYFC Broadway Fin. Corp. of CA OTC Los Angeles CA Thrift 117 D 3 12-31 01/96 10.75 10
FSSB First FS&LA of San Bern. CA OTC San Bernard. CA Thrift 104 4 06-30 12/92 9.50 3
Florida Companies
-----------------
94
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ -------------------------------- ------ --------------- -------- ------ ------- ----- ----- ------ ------
($Mil) ($) ($Mil)
Florida Companies (continued)
-----------------------------
BANC BankAtlantic Bancorp of FL OTC Southeastern FL M.B. 2,773 43 12-31 11/83 13.75 255
OCWN Ocwen Financial Corp. of FL OTC Southeast FL Div. 2,649 1 12-31 / 29.25 784
FFPB First Palm Beach Bancorp of FL OTC Southeast FL Thrift 1,558 31 09-30 09/93 30.00 150
BKUNA BankUnited SA of FL OTC Miami FL Thrift 1,453 7 09-30 12/85 9.81 87
HARB Harbor FSB, MHC of FL (46.0) OTC Eastern FL Thrift 1,105 22 09-30 01/94 36.62 182
FFFL Fidelity FSB, MHC of FL (47.4) OTC Southeast FL Thrift 927 20 12-31 01/94 18.75 127
CMSV Commty. Svgs, MHC of FL (48.5) OTC Southeast FL Thrift 682 17 09-30 10/94 21.75 107
FFLC FFLC Bancorp of Leesburg FL OTC Central FL Thrift 359 8 12-31 01/94 28.25 66
FFFG F.F.O. Financial Group of FL OTC Central FL R.E. 317 D 11 12-31 10/88 4.31 36
Mid-Atlantic Companies
----------------------
DME Dime Savings Bank, FSB of NY (3) NYSE NY,NJ,FL M.B. 18,465 87 12-31 08/86 17.75 1,868
GPT GreenPoint Fin. Corp. of NY (3) NYSE New York City NY Thrift 13,261 82 06-30 01/94 62.62 2,936
SVRN Sovereign Bancorp of PA OTC PA,NJ,DE M.B. 10,287 120 12-31 08/86 13.50 943
ASFC Astoria Financial Corp. of NY OTC New York City NY Thrift 7,689 46 12-31 11/93 42.37 900
LISB Long Island Bancorp of NY OTC Long Island NY M.B. 5,814 36 09-30 04/94 35.12 851
COFD Collective Bancorp Inc. of NJ OTC Southern NJ Thrift 5,518 79 06-30 02/84 44.00 900
RCSB RCSB Financial, Inc. of NY (3) OTC NY M.B. 4,032 34 11-30 04/86 42.00 622
ALBK ALBANK Fin. Corp. of Albany NY OTC NY,MA Thrift 3,496 63 06-30 04/92 37.25 478
ROSE TR Financial Corp. of NY OTC New York, NY Thrift 3,404 15 12-31 06/93 21.62 381
NYB New York Bancorp, Inc. of NY AMEX Southeastern NY Thrift 3,175 29 09-30 01/88 32.87 538
RSLN Roslyn Bancorp of NY (3) OTC Long Island NY M.B. 2,849 6 12-31 01/97 17.44 761
GRTR Greater New York SB of NY (3) OTC New York NY Div. 2,571 14 12-31 06/87 19.69 269
BKCO Bankers Corp. of NJ (3) OTC Central NJ Thrift 2,542 15 12-31 03/90 25.25 313
CMSB Cmnwealth Bancorp of PA OTC Philadelphia PA M.B. 2,236 39 06-30 06/96 15.12 259
NWSB Northwest SB, MHC of PA (29.9) OTC Pennsylvania Thrift 1,997 53 06-30 11/94 14.37 336
HARS Harris SB, MHC of PA (24.2) OTC Southeast PA Thrift 1,943 31 12-31 01/94 20.75 233
RELY Reliance Bancorp of NY OTC NYC NY Thrift 1,927 28 06-30 03/94 24.62 217
MLBC ML Bancorp of Villanova PA OTC Philadelphia PA M.B. 1,875 D 18 03-31 08/94 18.44 192
HAVN Haven Bancorp of Woodhaven NY OTC New York City NY Thrift 1,728 9 12-31 09/93 34.00 147
JSBF JSB Financial, Inc. of NY OTC New York City R.E. 1,519 S 13 12-31 06/90 44.62 439
95
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ -------------------------------- ------ --------------- -------- ------ ------- ----- ----- ------ ------
($Mil) ($) ($Mil)
Mid-Atlantic Companies (continued)
----------------------------------
WSFS WSFS Financial Corp. of DE (3) OTC DE Div. 1,478 14 12-31 11/86 13.00 163
OCFC Ocean Fin. Corp. of NJ OTC Eastern NJ Thrift 1,388 9 12-31 07/96 31.44 285
QCSB Queens County SB of NY (3) OTC New York City NY R.E. 1,373 9 12-31 11/93 41.62 464
PFSB PennFed Fin. Services of NJ OTC Northern NJ Thrift 1,252 17 06-30 07/94 25.19 121
DIME Dime Community Bancorp of NY OTC New York, NY Thrift 1,237 15 06-30 06/96 17.87 235
YFED York Financial Corp. of PA OTC PA,MD Thrift 1,157 22 06-30 02/84 20.00 139
MFSL Maryland Fed. Bancorp of MD OTC MD Thrift 1,128 25 02-28 06/87 45.00 144
FSLA First SB SLA MHC of NJ (47.5) OTC Eastern NJ Thrift 1,025 17 12-31 06/92 24.75 179
PVSA Parkvale Financial Corp of PA OTC Southwestern PA Thrift 973 28 06-30 07/87 28.37 115
PSBK Progressive Bank, Inc. of NY (3) OTC Eastern NY Thrift 878 17 12-31 08/84 27.25 104
PKPS Poughkeepsie SB of NY OTC Poughkeepsie NY R.E. 861 9 12-31 11/85 6.69 84
MBB MSB Bancorp of Middletown NY (3) OTC Southeastern NY Thrift 848 S 17 09-30 08/92 18.12 51
FFIC Flushing Fin. Corp. of NY (3) OTC New York, NY Thrift 811 7 12-31 11/95 19.37 157
IBSF IBS Financial Corp. of NJ OTC Southwest NJ Thrift 740 8 09-30 10/94 15.00 165
FBBC First Bell Bancorp of PA OTC Pittsburgh PA Thrift 709 7 12-31 06/95 14.87 101
PWBC PennFirst Bancorp of PA OTC Western PA Thrift 706 9 12-31 06/90 13.50 53
FCIT First Cit. Fin. Corp of MD OTC DC Metro Area Thrift 694 14 12-31 12/86 28.62 84
GAF GA Financial Corp. of PA AMEX Pittsburgh PA Thrift 670 10 12-31 03/96 16.56 139
THRD TF Financial Corp. of PA OTC Philadelphia PA Thrift 644 11 06-30 07/94 18.00 74
SFIN Statewide Fin. Corp. of NJ OTC Northern NJ Thrift 636 D 16 03-31 10/95 16.25 78
TSBS Trenton SB, FSB MHC of NJ(35.0 OTC Central NJ Thrift 626 10 12-31 08/95 19.75 178
PBIX Patriot Bank Corp. of PA OTC Southeast PA Thrift 594 7 12-31 12/95 16.00 68
FSNJ First SB of NJ, MHC (45.9) OTC Northern NJ Thrift 579 D 4 05-31 01/95 25.75 79
FMCO FMS Financial Corp. of NJ OTC Southern NJ Thrift 554 16 12-31 12/88 19.75 47
PULS Pulse Bancorp of S. River NJ OTC Central NJ Thrift 516 4 09-30 09/86 18.25 56
FSPG First Home Bancorp of NJ OTC NJ,DE Thrift 508 10 12-31 04/87 19.25 52
ANBK American Nat'l Bancorp of MD OTC Baltimore MD R.E. 487 S 9 07-31 11/95 14.75 53
AHCI Ambanc Holding Co. of NY (3) OTC East-Central NY Thrift 478 9 12-31 12/95 14.37 63
LVSB Lakeview SB of Paterson NJ OTC Northern NJ Thrift 472 D 8 07-31 12/93 29.62 68
CNY Carver FSB of New York, NY OTC New York, NY Thrift 424 8 03-31 10/94 10.12 23
SHEN First Shenango Bancorp of PA OTC Western PA Thrift 401 4 12-31 04/93 25.00 52
PFNC Progress Financial Corp. of PA OTC Southeastern PA M.B. 400 9 12-31 07/83 9.12 35
RARB Raritan Bancorp. of Raritan NJ (3) OTC Central NJ Thrift 375 5 12-31 03/87 29.50 45
96
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-Atlantic Companies (continued)
----------------------------------
PBCI Pamrapo Bancorp, Inc. of NJ OTC Northern NJ Thrift 367 8 12-31 10/89 19.75 57
FOBC Fed One Bancorp of Wheeling WV OTC Northern WV,OH Thrift 346 9 12-31 01/95 20.87 51
HARL Harleysville SA of PA OTC Southeastern PA Thrift 333 4 09-30 08/87 22.12 37
FSBI Fidelity Bancorp, Inc. of PA OTC Southwestern PA Thrift 328 8 09-30 06/88 20.00 31
FKFS First Keystone Fin. Corp of PA OTC Philadelphia PA Thrift 315 5 09-30 01/95 22.75 28
CVAL Chester Valley Bancorp of PA OTC Southeastern PA Thrift 305 6 06-30 03/87 19.75 41
LFBI Little Falls Bancorp of NJ OTC New Jersey Thrift 303 7 12-31 01/96 13.00 36
EQSB Equitable FSB of Wheaton MD OTC Central MD Thrift 296 4 09-30 09/93 34.00 20
YFCB Yonkers Fin. Corp. of NY OTC Yonkers NY Thrift 284 4 09-30 04/96 14.87 47
LFED Leeds FSB, MHC of MD (36.2) OTC Baltimore MD Thrift 282 1 06-30 03/94 18.00 62
WVFC WVS Financial Corp. of PA (3) OTC Pittsburgh PA Thrift 280 5 06-30 11/93 24.75 43
CATB Catskill Fin. Corp. of NY (3) OTC Albany NY Thrift 274 3 09-30 04/96 15.50 78
FIBC Financial Bancorp of NY OTC New York, NY Thrift 269 5 09-30 08/94 17.25 30
WSB Washington SB, FSB of MD AMEX Southeastern MD Thrift 257 D 3 07-31 / 4.87 21
FBER First Bergen Bancorp of NJ OTC Northern NJ Thrift 252 2 09-30 04/96 13.62 41
IFSB Independence FSB of DC OTC Washington DC Ret. 248 S 2 12-31 06/85 8.87 11
WYNE Wayne Bancorp of NJ OTC Thrift 245 0 12-31 06/96 18.50 40
GDVS Greater DV SB,MHC of PA (19.9) (3) OTC Southeast PA Thrift 239 7 12-31 03/95 12.87 42
PHFC Pittsburgh Home Fin. of PA OTC Pittsburgh PA Thrift 237 6 09-30 04/96 15.12 30
ESBK Elmira SB of Elmira NY (3) OTC NY,PA Ret. 223 6 12-31 03/85 20.75 15
HRBF Harbor Federal Bancorp of MD OTC Baltimore MD Thrift 219 6 03-31 08/94 17.00 30
SBFL SB Fngr Lakes MHC of NY (33.1) OTC Western NY Thrift 213 4 04-30 11/94 16.25 29
LARL Laurel Capital Group of PA OTC Southwestern PA Thrift 209 6 06-30 02/87 21.25 32
PEEK Peekskill Fin. Corp. of NY OTC Southeast NY Thrift 183 3 06-30 12/95 14.00 45
PLSK Pulaski SB, MHC of NJ (46.0) OTC New Jersey Thrift 169 P 5 12-31 04/97 12.75 26
SFED SFS Bancorp of Schenectady NY OTC Eastern NY Thrift 169 3 12-31 06/95 16.62 21
SKBO First Carnegie,MHC of PA(45.0) OTC Western PA Thrift 150 P 3 03-31 04/97 13.44 31
PRBC Prestige Bancorp of PA OTC Thrift 127 0 12-31 06/96 15.50 14
TPNZ Tappan Zee Fin. Corp. of NY OTC Southeast NY Thrift 120 S 1 03-31 10/95 16.50 25
WWFC Westwood Fin. Corp. of NJ OTC Northern NJ Thrift 108 2 03-31 06/96 21.00 14
AFBC Advance Fin. Bancorp of WV OTC Northern Neck WV Thrift 104 2 06-30 01/97 13.62 15
WHGB WHG Bancshares of MD OTC Baltimore MD Thrift 98 5 09-30 04/96 14.25 22
ALBC Albion Banc Corp. of Albion NY OTC Western NY Thrift 66 2 09-30 07/93 23.00 6
97
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ --------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-Atlantic Companies (continued)
----------------------------------
PWBK Pennwood SB of PA (3) OTC Pittsburgh PA Thrift 48 3 12-31 07/96 15.00 9
Mid-West Companies
------------------
COFI Charter One Financial of OH OTC OH,MI Div. 14,040 155 12-31 01/88 48.00 2,224
RFED Roosevelt Fin. Grp. Inc. of MO OTC MO,IL,KS Div. 7,796 D 79 12-31 01/87 23.75 1,012
CFB Commercial Federal Corp. of NE NYSE NE,CO,KS,OK M.B. 6,902 98 06-30 12/84 35.75 769
FFHC First Financial Corp. of WI OTC WI,IL Div. 5,809 129 12-31 12/80 28.00 1,020
SPBC St. Paul Bancorp, Inc. of IL OTC Chicago IL Div. 4,485 52 12-31 05/87 32.81 749
SECP Security Capital Corp. of WI OTC Wisconsin Div. 3,647 42 06-30 01/94 93.00 856
MAFB MAF Bancorp of IL OTC Chicago IL Thrift 3,236 13 06-30 01/90 41.00 428
GTFN Great Financial Corp. of KY OTC Kentucky M.B. 3,002 41 12-31 03/94 33.25 468
CTZN CitFed Bancorp of Dayton OH OTC Dayton OH M.B. 2,937 33 03-31 01/92 36.75 317
STND Standard Fin. of Chicago IL OTC Chicago IL Thrift 2,489 13 12-31 08/94 24.37 395
ABCW Anchor Bancorp Wisconsin of WI OTC Wisconsin M.B. 1,885 33 03-31 07/92 43.12 198
STFR St. Francis Cap. Corp. of WI OTC Milwaukee WI Thrift 1,579 13 09-30 06/93 29.50 159
FTFC First Fed. Capital Corp. of WI OTC Southern WI M.B. 1,530 44 12-31 11/89 30.25 184
DNFC D&N Financial Corp. of MI OTC MI,WI Ret. 1,528 35 12-31 02/85 18.25 152
FISB First Indiana Corp. of IN OTC Central IN M.B. 1,481 28 12-31 08/83 21.25 223
ABCL Allied Bancorp of IL OTC Chicago IL M.B. 1,313 10 09-30 07/92 30.25 161
JSBA Jefferson Svgs Bancorp of MO OTC St. Louis MO,TX Thrift 1,148 D 21 12-31 04/93 29.00 144
FFSW First Fed Fin. Serv. of OH OTC Northeastern OH Thrift 1,088 18 12-31 04/87 34.50 158
AADV Advantage Bancorp of WI OTC WI,IL Thrift 1,021 15 09-30 03/92 37.50 121
OFCP Ottawa Financial Corp. of MI OTC Western MI Thrift 859 26 12-31 08/94 21.37 108
CFSB CFSB Bancorp of Lansing MI OTC Central MI Thrift 834 18 12-31 06/90 23.00 119
IFSL Indiana Federal Corp. of IN OTC Northwestern IN Thrift 819 15 12-31 02/87 26.37 126
NASB North American SB of MO OTC KS,MO M.B. 689 8 09-30 09/85 45.00 102
GSBC Great Southern Bancorp of MO OTC Southwest MO Div. 679 25 06-30 12/89 16.94 140
HOMF Home Fed Bancorp of Seymour IN OTC Southern IN Thrift 664 15 06-30 01/88 27.00 92
MSBK Mutual SB, FSB of Bay City MI OTC Michigan M.B. 663 22 12-31 07/92 8.37 36
AVND Avondale Fin. Corp. of IL OTC Chicago IL Ret. 635 6 03-31 04/95 13.75 48
SFSL Security First Corp. of OH OTC Northeastern OH R.E. 635 13 03-31 01/88 21.25 106
98
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
FNGB First Northern Cap. Corp of WI OTC Northeast WI Thrift 618 20 12-31 12/83 19.62 87
FFYF FFY Financial Corp. of OH OTC Youngstown OH Thrift 599 10 06-30 06/93 26.00 113
EMLD Emerald Financial Corp of OH OTC Cleveland OH Thrift 589 13 12-31 / 15.00 76
HFFC HF Financial Corp. of SD OTC South Dakota Thrift 561 19 06-30 04/92 19.37 58
HMNF HMN Financial, Inc. of MN OTC Southeast MN Thrift 553 7 12-31 06/94 21.12 89
COVB CoVest Bancshares of IL OTC Chicago IL Thrift 553 3 12-31 07/92 17.75 54
FDEF First Defiance Fin.Corp. of OH OTC Northwest OH Thrift 546 9 06-30 10/95 14.00 132
FFBH First Fed. Bancshares of AR OTC Northern AR Thrift 520 8 12-31 05/96 19.37 95
FFOH Fidelity Financial of OH OTC Cincinnati OH Thrift 513 4 12-31 03/96 15.00 84
CBCI Calumet Bancorp of Chicago IL OTC Chicago IL Thrift 495 5 06-30 02/92 38.00 85
FBCI Fidelity Bancorp of Chicago IL OTC Chicago IL Thrift 486 5 09-30 12/93 18.75 52
CAFI Camco Fin. Corp. of OH OTC Eastern OH M.B. 472 7 12-31 / 18.50 57
FFSX First FS&LA. MHC of IA (46.0) OTC Western IA Thrift 463 12 06-30 06/92 23.00 65
FMBD First Mutual Bancorp of IL OTC Central IL Thrift 425 7 12-31 07/95 15.00 56
PERM Permanent Bancorp of IN OTC Southwest IN Thrift 413 D 11 03-31 04/94 24.25 51
HALL Hallmark Capital Corp. of WI OTC Milwaukee WI Thrift 409 3 06-30 01/94 19.25 28
SFSB SuburbFed Fin. Corp. of IL OTC IL,IN Thrift 408 12 12-31 02/92 24.00 30
ASBI Ameriana Bancorp of IN OTC Eastern IN,OH Thrift 402 8 12-31 02/87 15.50 51
WOFC Western Ohio Fin. Corp. of OH OTC Western OH Thrift 400 6 12-31 07/94 21.00 49
PMFI Perpetual Midwest Fin. of IA OTC EastCentral IA Thrift 398 4 12-31 03/94 19.37 37
CBSB Charter Financial Inc. of IL OTC Southern IL Thrift 395 6 09-30 12/95 17.37 73
PFSL Pocahnts Fed, MHC of AR (46.4) OTC Northeast AR Thrift 373 5 09-30 04/94 19.50 32
FFKY First Fed. Fin. Corp. of KY OTC Central KY Thrift 372 7 06-30 07/87 19.25 80
SWBI Southwest Bancshares of IL OTC Chicago IL Thrift 372 5 12-31 06/92 20.75 55
MCBS Mid Continent Bancshares of KS OTC Central KS M.B. 371 7 09-30 06/94 26.00 51
CASH First Midwest Fin. Corp. of IA OTC IA,SD R.E. 370 9 09-30 09/93 15.44 44
FFHH FSF Financial Corp. of MN OTC Southern MN Thrift 367 11 09-30 10/94 16.62 51
HBEI Home Bancorp of Elgin IL OTC Northern IL Thrift 359 5 12-31 09/96 16.25 114
PVFC PVF Capital Corp. of OH OTC Cleveland OH R.E. 356 9 06-30 12/92 18.00 42
KNK Kankakee Bancorp of IL AMEX Illinois Thrift 342 10 03-31 12/92 29.00 41
HVFD Haverfield Corp. of OH OTC Cleveland OH Thrift 342 10 12-31 03/85 25.50 49
HMCI Homecorp, Inc. of Rockford IL OTC Northern IL Thrift 336 9 12-31 06/90 14.25 24
INBI Industrial Bancorp of OH OTC Northern OH Thrift 334 10 12-31 08/95 12.75 69
99
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
HBFW Home Bancorp of Fort Wayne IN OTC Northeast IN Thrift 328 8 09-30 03/95 20.12 53
WCBI WestCo Bancorp of IL OTC Chicago IL Thrift 310 1 12-31 06/92 24.37 62
SMFC Sho-Me Fin. Corp. of MO OTC Southwest MO Thrift 304 7 12-31 06/94 37.25 57
WFCO Winton Financial Corp. of OH OTC Cincinnati OH R.E. 292 S 4 09-30 08/88 13.00 26
PFDC Peoples Bancorp of Auburn IN OTC Northeastern IN Thrift 283 6 09-30 07/87 21.75 50
GFCO Glenway Financial Corp. of OH OTC Cincinnati OH Thrift 281 6 06-30 11/90 24.75 28
FBCV 1st Bancorp of Vincennes IN OTC Southwestern IN M.B. 273 1 06-30 04/87 30.75 21
CBK Citizens First Fin.Corp. of IL AMEX Central IL Thrift 272 6 12-31 05/96 16.00 45
FCBF FCB Fin. Corp. of Neenah WI OTC Eastern WI Thrift 269 D 6 03-31 09/93 24.75 61
FFED Fidelity Fed. Bancorp of IN OTC Southwestern IN Thrift 250 4 06-30 08/87 9.00 22
WAYN Wayne S&L Co. MHC of OH (47.8) OTC Central OH Thrift 250 D 6 03-31 06/93 26.75 40
EFBI Enterprise Fed. Bancorp of OH OTC Cincinnati OH Thrift 246 D 5 09-30 10/94 19.00 38
CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 238 7 06-30 12/93 16.25 31
MFBC MFB Corp. of Mishawaka IN OTC Northern IN Thrift 234 4 09-30 03/94 19.50 34
OHSL OHSL Financial Corp. of OH OTC Cincinnati, OH Thrift 230 4 12-31 02/93 23.75 29
DFIN Damen Fin. Corp. of Chicago IL OTC Chicago IL Thrift 227 3 11-30 10/95 14.25 46
CBCO CB Bancorp of Michigan City IN OTC Northwest IN Thrift 227 D 3 03-31 12/92 34.00 40
FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 226 7 12-31 01/88 19.87 23
LARK Landmark Bancshares of KS OTC Central KS Thrift 224 5 09-30 03/94 20.00 36
SBCN Suburban Bancorp. of OH OTC Cincinnati OH Thrift 222 8 06-30 09/93 18.25 27
BFFC Big Foot Fin. Corp. of IL OTC Chicago IL Thrift 210 D 3 07-31 12/96 16.00 40
MBLF MBLA Financial Corp. of MO OTC Northeast MO Thrift 210 2 06-30 06/93 23.25 31
FFFD North Central Bancshares of IA OTC Central IA Thrift 204 4 12-31 03/96 15.25 52
WEFC Wells Fin. Corp. of Wells MN OTC Southcentral MN Thrift 202 7 12-31 04/95 14.75 30
MWFD Midwest Fed. Fin. Corp of WI OTC Central WI Thrift 201 9 12-31 07/92 19.75 32
HCBB HCB Bancshares of AR OTC Southern AR Thrift 199 P 5 06-30 05/97 12.87 34
CMRN Cameron Fin. Corp. of MO OTC Northwest MO Thrift 198 3 09-30 04/95 16.75 45
GFED Guarnty FS&LA,MHC of MO (31.0) OTC Southwest MO Thrift 196 4 06-30 04/95 17.00 53
FFBZ First Federal Bancorp of OH OTC Eastern OH Thrift 192 6 09-30 06/92 17.50 28
LSBI LSB Fin. Corp. of Lafayette IN OTC Central IN Thrift 188 3 12-31 02/95 19.50 18
PULB Pulaski SB, MHC of MO (29.0) OTC St. Louis MO Thrift 179 S 5 09-30 05/94 17.62 37
MFFC Milton Fed. Fin. Corp. of OH OTC Southwest OH Thrift 179 2 09-30 10/94 14.12 33
PFED Park Bancorp of Chicago IL OTC Chicago IL Thrift 178 3 12-31 08/96 14.75 36
100
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
MARN Marion Capital Holdings of IN OTC Central IN Thrift 174 2 06-30 03/93 22.50 41
NEIB Northeast Indiana Bncrp of IN OTC Northeast IN Thrift 173 3 12-31 06/95 16.00 28
EGLB Eagle BancGroup of IL OTC Central IL Thrift 171 1 12-31 07/96 15.25 19
SMBC Southern Missouri Bncrp of MO OTC Southeast MO Thrift 166 8 06-30 04/94 17.50 29
HMLK Hemlock Fed. Fin. Corp. of IL OTC Chicago IL Thrift 164 P 3 12-31 04/97 13.00 27
JXSB Jcksnville SB,MHC of IL (44.6) OTC Central IL Thrift 164 4 12-31 04/95 16.25 21
FFWD Wood Bancorp of OH OTC Northern OH Thrift 163 6 06-30 08/93 16.00 24
FBSI First Bancshares of MO OTC Southcentral MO Thrift 160 5 06-30 12/93 19.00 22
FFWC FFW Corporation of Wabash IN OTC Central IN Thrift 158 3 06-30 03/93 26.00 18
SJSB SJS Bancorp of St. Joseph MI OTC Southwest MI Thrift 152 S 4 06-30 02/95 26.50 24
QCFB QCF Bancorp of Virginia MN OTC Northeast MN Thrift 148 S 2 06-30 04/95 21.00 30
BWFC Bank West Fin. Corp. of MI OTC Southeast MI Thrift 147 2 06-30 03/95 13.87 25
CNBA Chester Bancorp of IL OTC Southern IL Ret. 142 6 Dec 10/96 14.62 32
MWBI Midwest Bancshares, Inc. of IA OTC Southeast IA Thrift 139 4 12-31 11/92 31.50 11
RIVR River Valley Bancorp of IN OTC Southeast IN Thrift 138 7 12-31 12/96 14.50 17
GTPS Great American Bancorp of IL OTC East Central IL Thrift 138 3 09-30 06/95 15.50 27
WEHO Westwood Hmstd Fin Corp of OH OTC Cincinnati OH Thrift 130 2 12-31 09/96 13.25 38
CLAS Classic Bancshares of KY OTC Eastern KY Thrift 128 D 1 03-31 12/95 14.62 19
FKKY Frankfort First Bancorp of KY OTC Frankfort KY Thrift 128 3 06-30 07/95 12.00 41
MFCX Marshalltown Fin. Corp. of IA OTC Central IA Thrift 127 3 09-30 03/94 15.00 21
MIFC Mid Iowa Financial Corp. of IA OTC Central IA Thrift 124 6 09-30 10/92 9.00 15
NBSI North Bancshares of Chicago IL OTC Chicago IL Thrift 120 2 06-30 12/93 19.50 20
PTRS Potters Financial Corp of OH OTC Northeast OH Thrift 117 4 12-31 12/93 20.25 10
ASBP ASB Financial Corp. of OH OTC Southern OH Thrift 109 1 06-30 04/95 11.75 20
FFSL First Independence Corp. of KS OTC Southeast KS Thrift 109 1 09-30 10/93 11.28 11
HFFB Harrodsburg 1st Fin Bcrp of KY OTC Central KY Thrift 108 2 09-30 10/95 15.00 30
PSFC Peoples Sidney Fin. Corp of OH OTC WestCentral OH Thrift 108 P 2 06-30 04/97 13.00 23
BDJI First Fed. Bancorp. of MN OTC Northern MN Thrift 108 5 09-30 04/95 18.75 13
DCBI Delphos Citizens Bancorp of OH OTC Northwest OH Thrift 107 1 09-30 11/96 14.00 29
HFSA Hardin Bancorp of Hardin MO OTC Western MO Thrift 103 3 03-31 09/95 14.62 13
FTNB Fulton Bancorp of MO OTC Central MO Thrift 99 2 04-30 10/96 20.12 35
CNSB CNS Bancorp of MO OTC Central MO Thrift 98 5 12-31 06/96 16.00 26
CIBI Community Inv. Bancorp of OH OTC NorthCentral OH Thrift 97 3 06-30 02/95 19.00 12
101
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
NWEQ Northwest Equity Corp. of WI OTC Northwest WI Thrift 97 D 3 03-31 10/94 14.62 14
CBES CBES Bancorp of MO OTC Western MO Thrift 95 2 06-30 09/96 16.12 17
FTSB Fort Thomas Fin. Corp. of KY OTC Northern KY Thrift 95 2 09-30 06/95 10.50 16
AMFC AMB Financial Corp. of IN OTC Northwest IN Thrift 94 4 12-31 04/96 14.25 15
WCFB Wbstr Cty FSB MHC of IA (45.2) OTC Central IA Thrift 93 1 12-31 08/94 14.75 31
FFBI First Financial Bancorp of IL OTC Northern IL M.B. 93 2 12-31 10/93 16.00 7
INCB Indiana Comm. Bank, SB of IN OTC Central IN Ret. 91 3 06-30 12/94 16.25 15
PFFC Peoples Fin. Corp. of OH OTC Northeast OH Thrift 90 2 09-30 09/96 15.63 23
KYF Kentucky First Bancorp of KY AMEX Central KY Thrift 89 2 06-30 08/95 10.87 14
GFSB GFS Bancorp of Grinnell IA OTC Central IA Thrift 88 1 06-30 01/94 14.25 14
THR Three Rivers Fin. Corp. of MI AMEX Southwest MI Thrift 87 S 4 06-30 08/95 15.00 12
FFDF FFD Financial Corp. of OH OTC Northeast OH Thrift 85 1 06-30 04/96 13.75 20
SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 85 2 06-30 01/94 18.50 15
HHFC Harvest Home Fin. Corp. of OH OTC Southwest OH Thrift 84 D 3 09-30 10/94 10.50 10
PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 80 D 1 09-30 02/95 19.50 16
LOGN Logansport Fin. Corp. of IN OTC Northern IN Thrift 79 1 12-31 06/95 14.00 18
SOBI Sobieski Bancorp of S. Bend IN OTC Northern IN Thrift 79 3 06-30 03/95 14.75 11
HZFS Horizon Fin'l. Services of IA OTC Central IA Thrift 78 3 06-30 06/94 19.25 8
MSBF MSB Financial Corp. of MI OTC Southcentral MI Thrift 76 2 06-30 02/95 22.00 14
PSFI PS Financial of Chicago IL OTC Chicago IL Thrift 75 1 12-31 11/96 14.25 31
ATSB AmTrust Capital Corp. of IN OTC Northcentral IN Thrift 71 3 06-30 03/95 12.75 7
MIVI Miss. View Hold. Co. of MN OTC Central MN Thrift 70 1 09-30 03/95 15.00 12
HCFC Home City Fin. Corp. of OH OTC Southwest OH Thrift 68 1 06-30 12/96 13.25 13
GWBC Gateway Bancorp of KY OTC Eastern KY Thrift 66 2 06-30 01/95 16.62 18
LXMO Lexington B&L Fin. Corp. of MO OTC West Central MO Thrift 62 S 1 09-30 06/96 14.75 16
CKFB CKF Bancorp of Danville KY OTC Central KY Thrift 60 1 12-31 01/95 19.25 18
NSLB NS&L Bancorp of Neosho MO OTC Southwest MO Thrift 58 2 09-30 06/95 16.50 12
MRKF Market Fin. Corp. of OH OTC Cincinnati OH Thrift 57 P 2 09-30 03/97 12.87 17
CSBF CSB Financial Group Inc of IL (3) OTC Centralia IL Thrift 50 S 1 09-30 10/95 12.00 11
RELI Reliance Bancshares Inc of WI (3) OTC Milwaukee WI Thrift 48 S 1 June 04/96 7.56 19
HBBI Home Building Bancorp of IN OTC Southwest IN Thrift 47 2 09-30 02/95 21.00 7
HWEN Home Financial Bancorp of IN OTC Central IN Thrift 39 0 06-30 07/96 15.75 8
LONF London Financial Corp. of OH OTC Central OH Thrift 38 1 09-30 04/96 15.00 8
102
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
FLKY First Lancaster Bncshrs of KY OTC Thrift 37 D 0 06-30 07/96 15.00 14
JOAC Joachim Bancorp of MO OTC Eastern MO Thrift 36 1 03-31 12/95 14.75 11
New England Companies
---------------------
PBCT Peoples Bank, MHC of CT (37.4) (3) OTC Southwestern CT Div. 7,538 84 12-31 07/88 24.37 1,487
WBST Webster Financial Corp. of CT OTC Central CT Thrift 5,584 64 12-31 12/86 41.37 495
PHBK Peoples Heritage Fin Grp of ME (3) OTC ME,NH Div. 5,458 82 12-31 12/86 35.25 1,002
CFX CFX Corp of NH (3) AMEX S.W. NH,MA M.B. 1,744 23 12-31 02/87 18.12 236
EGFC Eagle Financial Corp. of CT OTC Western CT Thrift 1,512 19 09-30 02/87 29.62 135
SISB SIS Bank of Springfield MA (3) OTC Central MA Div. 1,349 D 21 12-31 02/95 28.25 160
ANDB Andover Bancorp, Inc. of MA (3) OTC Northeastern MA M.B. 1,210 11 12-31 05/86 29.75 153
FESX First Essex Bancorp of MA (3) OTC MA,NH Div. 1,147 10 12-31 08/87 16.62 124
AFCB Affiliated Comm BC, Inc of MA OTC MA Thrift 1,055 10 12-31 / 24.37 157
MDBK Medford Savings Bank of MA (3) OTC Eastern MA Thrift 1,054 16 12-31 03/86 27.25 124
FAB FirstFed America Bancorp of MA AMEX Southeast MA M.B. 980 14 12-31 01/97 14.62 127
FFES First FS&LA of E. Hartford CT OTC Central CT Thrift 975 12 12-31 06/87 25.25 67
BFD BostonFed Bancorp of MA AMEX Boston MA M.B. 941 8 12-31 10/95 16.94 101
MASB MassBank Corp. of Reading MA (3) OTC Eastern MA Thrift 901 14 12-31 05/86 43.00 115
EBCP Eastern Bancorp of NH OTC VT, NH M.B. 866 25 09-30 11/83 26.00 96
DIBK Dime Financial Corp. of CT (3) OTC Central CT Thrift 814 10 12-31 07/86 23.87 123
MECH Mechanics SB of Hartford CT (3) OTC Hartford CT Thrift 789 0 12-31 06/96 18.37 97
NSSB Norwich Financial Corp. of CT (3) OTC Southeastern CT Thrift 701 18 12-31 11/86 20.62 111
NSSY Norwalk Savings Society of CT (3) OTC Southwest CT Thrift 617 8 12-31 06/94 26.87 65
BKC American Bank of Waterbury CT (3) AMEX Western CT Thrift 589 15 12-31 12/81 35.00 81
CBNH Community Bankshares Inc of NH (3) OTC Southcentral NH M.B. 581 9 06-30 05/86 37.37 92
MWBX Metro West of MA (3) OTC Eastern MA Thrift 555 9 12-31 10/86 5.44 76
PBKB People's SB of Brockton MA (3) OTC Southeastern MA Thrift 549 14 12-31 10/86 13.50 48
SOSA Somerset Savings Bank of MA (3) OTC Eastern MA R.E. 522 5 12-31 07/86 2.69 45
ABBK Abington Savings Bank of MA (3) OTC Southeastern MA M.B. 492 7 12-31 06/86 24.62 47
PBNB Peoples Sav. Fin. Corp. of CT (3) OTC Central CT Thrift 479 8 12-31 08/86 34.25 65
SWCB Sandwich Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 475 11 04-30 07/86 30.75 59
103
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ -------------------------------- ------ --------------- -------- ------ ------- ----- ----- ------ ------
($Mil) ($) ($Mil)
New England Companies (continued)
---------------------------------
PETE Primary Bank of NH (3) OTC Southern NH Ret. 436 8 12-31 10/93 24.25 51
BKCT Bancorp Connecticut of CT (3) OTC Central CT Thrift 414 3 12-31 07/86 25.75 66
EIRE Emerald Island Bancorp, MA (3) OTC Eastern MA R.E. 412 7 12-31 09/86 18.00 40
WRNB Warren Bancorp of Peabody MA (3) OTC Eastern MA R.E. 361 6 12-31 07/86 18.00 66
LSBX Lawrence Savings Bank of MA (3) OTC Northeastern MA Thrift 342 6 12-31 05/86 10.87 46
CEBK Central Co-Op. Bank of MA (3) OTC Eastern MA Thrift 324 D 11 04-30 10/86 17.25 34
NMSB Newmil Bancorp. of CT (3) OTC Eastern CT Thrift 317 12 06-30 02/86 9.50 37
NHTB NH Thrift Bancshares of NH OTC Central NH Thrift 313 10 12-31 05/86 15.37 31
POBS Portsmouth Bank Shrs Inc of NH (3) OTC Southeastern NH Thrift 263 3 12-31 02/88 16.12 95
NBN Northeast Bancorp of ME (3) OTC Eastern ME Thrift 248 8 06-30 08/87 14.37 18
TBK Tolland Bank of CT (3) AMEX Northern CT Thrift 237 7 12-31 12/86 18.00 21
HIFS Hingham Inst. for Sav. of MA (3) OTC Eastern MA Thrift 206 4 12-31 12/88 18.25 24
HPBC Home Port Bancorp, Inc. of MA (3) OTC Southeastern MA Thrift 189 2 12-31 08/88 20.25 37
BSBC Branford SB of CT (3) OTC New Haven CT R.E. 177 5 12-31 11/86 4.75 31
IPSW Ipswich SB of Ipswich MA (3) OTC Northwest MA Thrift 159 D 4 12-31 05/93 16.37 19
AFED AFSALA Bancorp of NY OTC Central NY Thrift 149 P 4 09-30 10/96 13.50 20
KSBK KSB Bancorp of Kingfield ME (3) OTC Western ME M.B. 133 J 8 12-31 06/93 33.00 14
MFLR Mayflower Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 125 4 04-30 12/87 16.25 14
NTMG Nutmeg FS&LA of CT OTC CT M.B. 94 3 12-31 / 7.37 5
FCB Falmouth Co-Op Bank of MA (3) AMEX Southeast MA Thrift 90 1 09-30 03/96 16.12 23
MCBN Mid-Coast Bancorp of ME OTC Eastern ME Thrift 58 D 2 03-31 11/89 19.50 4
GLBK Glendale Co-op. Bank of MA (3) OTC Boston MA Thrift 37 D 1 04-30 01/94 26.75 7
North-West Companies
--------------------
WAMU Washington Mutual Inc. of WA (3) OTC WA,OR,ID,UT,MT Div. 46,051 290 12-31 03/83 55.87 6,607
WFSL Washington FS&LA of Seattle WA OTC Western US Thrift 5,789 89 09-30 11/82 26.06 1,236
IWBK Interwest SB of Oak Harbor WA OTC Western WA Div. 1,771 31 12-31 / 34.75 279
STSA Sterling Financial Corp. of WA OTC WA,OR M.B. 1,557 41 06-30 / 18.50 103
FWWB First Savings Bancorp of WA (3) OTC Central WA Thrift 947 S 16 03-31 11/95 21.50 227
KFBI Klamath First Bancorp of OR OTC Southern OR Thrift 684 7 09-30 10/95 18.94 189
HRZB Horizon Financial Corp. of WA (3) OTC Northwest WA Thrift 515 12 03-31 08/86 15.37 114
104
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ -------------------------------- ------ --------------- -------- ------ ------- ----- ----- ------ ------
($Mil) ($) ($Mil)
North-West Companies (continued)
--------------------------------
FMSB First Mutual SB of Bellevue WA (3) OTC Western WA M.B. 417 D 6 12-31 12/85 20.25 50
CASB Cascade SB of Everett WA OTC Seattle WA Thrift 352 6 06-30 08/92 19.00 39
RVSB Rvrview SB,FSB MHC of WA(41.7) OTC Southwest WA M.B. 224 9 03-31 10/93 19.00 46
EFBC Empire Federal Bancorp of MT OTC Southern MT Thrift 110 P 3 06-30 01/97 13.12 34
South-East Companies
--------------------
FFCH First Fin. Holdings Inc. of SC OTC CHARLESTON SC Div. 1,602 32 09-30 11/83 26.75 169
LIFB Life Bancorp of Norfolk VA OTC Southeast VA Thrift 1,408 20 12-31 10/94 22.75 224
MGNL Magna Bancorp of MS OTC MS,AL M.B. 1,383 62 06-30 03/91 23.25 320
AMFB American Federal Bank of SC OTC Northwest SC Thrift 1,307 41 12/31 01/89 30.75 339
FLFC First Liberty Fin. Corp. of GA OTC Georgia M.B. 1,248 29 9-30 12/83 21.50 166
ISBF ISB Financial Corp. of LA OTC SouthCentral LA Thrift 929 D 16 12-31 04/95 22.75 159
HFNC HFNC Financial Corp. of NC OTC Charlotte NC Thrift 843 8 06-30 12/95 17.12 294
VFFC Virginia First Savings of VA OTC Petersburg VA M.B. 817 23 06-30 01/78 22.12 128
CNIT Cenit Bancorp of Norfolk VA OTC Southeastern VA Thrift 707 D 15 12-31 08/92 45.00 74
EBSI Eagle Bancshares of Tucker GA OTC Atlanta GA Thrift 666 D 10 03-31 04/86 16.31 74
PALM Palfed, Inc. of Aiken SC OTC Southwest SC Thrift 656 19 12-31 12/85 16.50 87
VABF Va. Beach Fed. Fin. Corp of VA OTC Southeast VA M.B. 607 12 12-31 11/80 12.37 62
FFFC FFVA Financial Corp. of VA OTC Southern VA Thrift 550 11 12-31 10/94 25.00 113
CFCP Coastal Fin. Corp. of SC OTC SC Thrift 485 9 09-30 09/90 21.25 99
TSH Teche Holding Company of LA AMEX Southern LA Thrift 394 8 09-30 04/95 18.75 64
COOP Cooperative Bk.for Svgs. of NC OTC Eastern NC Thrift 349 17 03-31 08/91 21.00 31
FSFC First So.east Fin. Corp. of SC OTC Northwest SC Thrift 335 11 06-30 10/93 10.94 48
SOPN First SB, SSB, Moore Co. of NC OTC Central NC Thrift 271 5 06-30 01/94 20.75 77
UFRM United FS&LA of Rocky Mount NC OTC Eastern NC M.B. 270 9 12-31 07/80 11.00 34
ANA Acadiana Bancshares of LA (3) AMEX Southern LA Thrift 264 D 4 12-31 07/96 19.75 54
FSTC First Citizens Corp of GA OTC Western GA M.B. 257 D 8 03-31 03/86 24.75 39
SSFC South Street Fin. Corp. of NC (3) OTC South Central NC Thrift 239 2 09-30 10/96 16.00 72
MERI Meritrust FSB of Thibodaux LA OTC Southeast LA Thrift 229 8 12-31 / 38.50 30
PERT Perpetual of SC, MHC (46.8) OTC Northwest SC Thrift 223 D 5 09-30 10/96 27.62 42
FLAG Flag Financial Corp of GA OTC Western GA M.B. 222 4 12-31 12/86 12.75 26
105
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
South-East Companies (continued)
--------------------------------
CFTP Community Fed. Bancorp of MS OTC Northeast MS Thrift 206 1 09-30 03/96 17.50 75
PLE Pinnacle Bank of AL AMEX Central AL Thrift 200 5 06-30 12/86 21.88 19
ESX Essex Bancorp of VA AMEX VA,NC M.B. 180 12 12-31 / 1.31 1
GSFC Green Street Fin. Corp. of NC OTC Southern NC Thrift 174 3 09-30 04/96 17.75 76
FTF Texarkana Fst. Fin. Corp of AR AMEX Southwest AR Thrift 168 5 09-30 07/95 17.62 32
CFFC Community Fin. Corp. of VA OTC Central VA Thrift 167 D 3 03-31 03/88 22.50 29
FGHC First Georgia Hold. Corp of GA OTC Southeastern GA Thrift 147 7 09-30 02/87 7.50 23
BFSB Bedford Bancshares of VA OTC Southern VA Thrift 132 3 09-30 08/94 19.87 23
FFBS FFBS Bancorp of Columbus MS OTC Columbus MS Thrift 129 3 06-30 06/93 23.00 36
PDB Piedmont Bancorp of NC AMEX Central NC Thrift 119 2 06-30 12/95 10.25 28
GSLA GS Financial Corp. of LA OTC New Orleans LA Thrift 117 P 3 12-31 04/97 14.37 49
GSLC Guaranty Svgs & Loan FA of VA OTC Charltsvl VA M.B. 116 D 3 06-30 / 10.00 15
CFNC Carolina Fincorp of NC (3) OTC Southcentral NC Thrift 109 4 06-30 11/96 14.50 27
SSM Stone Street Bancorp of NC AMEX Central NC Thrift 105 2 12-31 04/96 26.19 48
SRN Southern Banc Company of AL AMEX Northeast AL Thrift 105 D 4 06-30 10/95 14.37 18
TWIN Twin City Bancorp of TN OTC Northeast TN Thrift 104 3 12-31 01/95 18.50 16
KSAV KS Bancorp of Kenly NC OTC Central NC Thrift 101 3 12-31 12/93 22.00 15
CENB Century Bancshares of NC (3) OTC Charlotte NC Thrift 100 1 06-30 12/96 69.00 28
SZB SouthFirst Bancshares of AL AMEX Central AL Thrift 93 2 09-30 02/95 15.00 12
CCFH CCF Holding Company of GA OTC Atlanta GA Thrift 87 3 09-30 07/95 15.75 14
CZF Citisave Fin. Corp. of LA AMEX Baton Rouge LA Thrift 75 5 12-31 07/95 20.00 19
SCBS Southern Commun. Bncshrs of AL OTC NorthCentral AL Thrift 73 P 3 09-30 12/96 13.75 16
SSB Scotland Bancorp of NC AMEX S. Central NC Thrift 69 2 09-30 04/96 16.37 30
SFBK SFB Bancorp, Inc. of TN OTC Eastern TN Thrift 53 P 2 12-31 05/97 13.37 10
SCCB S. Carolina Comm. Bnshrs of SC OTC Central SC Thrift 46 1 06-30 07/94 18.87 13
MBSP Mitchell Bancorp of NC (3) OTC Western NC Thrift 34 1 12-31 07/96 16.75 16
South-West Companies
--------------------
CBSA Coastal Bancorp of Houston TX OTC Houston TX M.B. 2,853 40 12-31 / 27.00 134
FBHC Fort Bend Holding Corp. of TX OTC Eastcentral TX M.B. 279 D 5 03-31 06/93 26.50 22
JXVL Jacksonville Bancorp of TX OTC East Central TX Thrift 218 6 09-30 04/96 14.62 38
106
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
June 11, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
South-West Companies (continued)
--------------------------------
ETFS East Texas Fin. Serv. of TX OTC Northeast TX Thrift 112 2 09-30 01/95 17.25 19
AABC Access Anytime Bancorp of NM OTC Eastern NM Thrift 106 3 12-31 08/86 5.75 7
GUPB GFSB Bancorp of Gallup NM OTC Northwest NM Thrift 87 1 06-30 06/95 18.00 15
Western Companies (Excl CA)
---------------------------
FFBA First Colorado Bancorp of Co OTC Denver CO Thrift 1,514 D 26 12-31 01/96 18.00 298
WSTR WesterFed Fin. Corp. of MT OTC MT Thrift 932 20 06-30 01/94 20.37 113
GBCI Glacier Bancorp of MT OTC Western MT Div. 552 13 06-30 03/84 16.50 112
UBMT United Fin. Corp. of MT OTC Central MT Thrift 108 4 12-31 09/86 19.50 24
TRIC Tri-County Bancorp of WY OTC Southeastern WY Thrift 86 2 12-31 09/93 20.50 12
CRZY Crazy Woman Creek Bncorp of WY OTC Northeast WY Thrift 52 1 09-30 03/96 13.62 14
Other Areas
-----------
<FN>
NOTES: (1) Or most recent date available (M=March, S=September, D=December, J=June, E=Estimated, and P=Pro Forma)
(2) Operating strategies are: Thrift=Traditional Thrift, M.B.=Mortgage Banker, R.E.=Real Estate Developer,
Div.=Diversified, and Ret.=Retail Banking.
(3) FDIC savings bank.
Source: Corporate offering circulars, SNL Securities Quarterly Thrift Report, and financial reports of publicly
Traded Thrifts.
Date of Last Update: 06/11/97
107
EXHIBIT III-2
Financial Analysis of Ohio and West Virginia Institutions
108
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-2
Market Pricing Comparatives
Prices As of June 6, 1997
Market Per Share Data
Capitalization ---------------
-------------- Core Book Pricing Ratios(3)
Price/ Market 12-Mth Value/ --------------------------------------
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- --------------------- -------- ------- ------- ------- ------- ------- ------- ------- ------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 19.97 132.40 1.14 15.56 20.14 128.40 15.64 131.47 17.72
State of OH 19.02 118.05 1.12 15.03 21.13 127.65 16.78 122.74 17.84
Comparable Group Average 16.08 21.22 0.90 15.25 23.18 105.43 17.16 105.61 19.51
Mid-Atlantic Companies 13.62 14.76 0.71 14.76 0.00 92.28 14.25 92.28 19.18
Mid-West Companies 16.26 21.68 0.91 15.28 23.18 106.37 17.36 106.56 19.54
Comparable Group
- ----------------
Mid-Atlantic Companies
- ----------------------
AFBC Advance Fin. Bancorp of WV 13.62 14.76 0.71 14.76 NM 92.28 14.25 92.28 19.18
Mid-West Companies
- ------------------
ASBP ASB Financial Corp. of OH 11.75 20.22 0.57 10.00 NM 117.50 18.48 117.50 20.61
CIBI Community Inv. Bancorp of OH 19.00 12.03 1.47 17.73 19.19 107.16 12.34 107.16 12.93
DCBI Delphos Citizens Bancorp of OH 14.00 28.55 0.62 14.88 22.58 94.09 26.66 94.09 22.58
EFBI Enterprise Fed. Bancorp of OH 19.00 38.21 0.82 15.52 25.33 122.42 15.51 122.58 23.17
FFDF FFD Financial Corp. of OH 13.75 20.01 0.61 14.50 NM 94.83 23.46 94.83 22.54
FFHS First Franklin Corp. of OH 19.87 23.41 1.15 16.93 NM 117.37 10.35 118.20 17.28
GFCO Glenway Financial Corp. of OH 24.75 28.31 1.67 23.46 26.90 105.50 10.08 107.14 14.82
HHFC Harvest Home Fin. Corp. of OH 10.50 9.82 0.44 11.12 NM 94.42 11.74 94.42 23.86
HCFC Home City Fin. Corp. of OH 13.25 12.61 0.77 14.77 25.98 89.71 18.48 89.71 17.21
LONF London Financial Corp. of OH 15.00 7.73 0.79 14.63 27.78 102.53 20.36 102.53 18.99
MRKF Market Fin. Corp. of OH 12.87 17.19 0.50 14.17 NM 90.83 30.15 90.83 25.74
MFFC Milton Fed. Fin. Corp. of OH 14.12 32.86 0.55 11.32 NM 124.73 18.38 124.73 25.67
OHSL OHSL Financial Corp. of OH 23.75 28.69 1.54 21.00 21.99 113.10 12.48 113.10 15.42
FFWD Wood Bancorp of OH 16.00 23.89 1.26 13.91 15.69 115.03 14.61 115.03 12.70
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ---------------- ---------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------- ------ ------- ------ ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.37 1.87 29.08 1,117 12.85 0.78 0.62 5.28 0.84 7.35
State of OH 0.44 2.34 31.62 778 14.64 0.53 0.67 5.74 0.95 7.90
Comparable Group Average 0.42 2.53 35.08 138 16.76 0.49 0.64 4.00 0.92 6.00
Mid-Atlantic Companies 0.32 2.35 45.07 104 15.45 0.37 0.39 3.45 0.79 7.00
Mid-West Companies 0.42 2.54 34.18 141 16.85 0.50 0.66 4.04 0.93 5.93
Comparable Group
- ----------------
Mid-Atlantic Companies
- ----------------------
AFBC Advance Fin. Bancorp of WV 0.32 2.35 45.07 104 15.45 0.37 0.39 3.45 0.79 7.00
Mid-West Companies
- ------------------
ASBP ASB Financial Corp. of OH 0.40 3.40 70.18 109 15.73 1.58 0.60 3.01 0.88 4.40
CIBI Community Inv. Bancorp of OH 0.40 2.11 27.21 97 11.52 0.72 0.67 5.52 1.00 8.19
DCBI Delphos Citizens Bancorp of OH 0.00 0.00 0.00 107 28.34 0.10 1.27 6.07 1.27 6.07
EFBI Enterprise Fed. Bancorp of OH 1.00 5.26 NM 246 12.67 0.01 0.68 4.72 0.75 5.16
FFDF FFD Financial Corp. of OH 0.30 2.18 49.18 85 24.74 NA 0.78 3.42 1.08 4.74
FFHS First Franklin Corp. of OH 0.32 1.61 27.83 226 8.82 0.62 0.14 1.59 0.62 6.76
GFCO Glenway Financial Corp. of OH 0.68 2.75 40.72 281 9.56 0.32 0.38 3.95 0.68 7.17
HHFC Harvest Home Fin. Corp. of OH 0.40 3.81 NM 84 12.43 0.15 0.21 1.35 0.54 3.49
HCFC Home City Fin. Corp. of OH 0.32 2.42 41.56 68 20.61 0.62 0.78 5.01 1.17 7.57
LONF London Financial Corp. of OH 0.24 1.60 30.38 38 19.86 0.79 0.74 3.55 1.09 5.19
MRKF Market Fin. Corp. of OH 0.00 0.00 0.00 57 33.20 0.89 0.89 2.68 1.17 3.53
MFFC Milton Fed. Fin. Corp. of OH 0.60 4.25 NM 179 14.74 0.32 0.53 3.00 0.72 4.13
OHSL OHSL Financial Corp. of OH 0.88 3.71 57.14 230 11.04 0.33 0.61 5.15 0.86 7.34
FFWD Wood Bancorp of OH 0.40 2.50 31.75 163 12.70 0.10 1.00 7.48 1.24 9.24
<FN>
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data, adjusted to omit non-operating items (including the
SAIF assessment) on a tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/CORE = Price
to estimated core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month earnings and average
equity and assets balances.
(7) Excludes from averages those companies the subject of actual or rumored acquisition activities or unusual operating
characteristics.
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
109
EXHIBIT III-3
Peer Group Market Area Comparative Analysis
110
Exhibit III-3
Peer Group Market Area Comparative Analysis
Per Capita Income Deposit
Population Proj. ------------------- Market
---------------- Pop. 1990-96 1996-2001 % State Market
Institution County 1990 1996 2001 % Change % Change Median Age Amount Average Share(1)
- ----------- ------ ---- ---- ---- -------- -------- ---------- ------ ------- --------
(000) (000)
ASB Financial Corp. of OH Scioto 80 82 83 1.6% 1.3% 36.1 10,370 67.4% 12.0%
Community Inv. Bancorp of OH Crawford 48 48 48 -0.1% -0.1% 36.0 13,226 86.0% 11.6%
Enterprise Fed. Bancorp of OH Butler 291 320 342 9.6% 7.0% 33.0 16,115 104.8% 1.7%
FFD Financial Corp. of OH Tuscarawas 84 88 91 4.6% 3.5% 36.7 12,805 83.3% 4.9%
First Franklin Corp. of OH Hamilton 866 861 858 -0.6% -0.4% 34.0 17,636 114.7% 1.1%
Glenway Financial Corp. of OH Hamilton 866 861 858 -0.6% -0.4% 34.0 17,636 114.7% 1.3%
Harvest Home Fin. Corp. of OH Hamilton 866 861 858 -0.6% -0.4% 34.0 17,636 114.7% 0.4%
London Financial Corp. of OH Madison 37 42 45 12.0% 8.6% 34.9 14,592 94.9% 9.8%
Milton Fed. Fin. Corp. of OH Miami 93 98 101 4.8% 3.7% 35.9 16,952 110.2% 7.1%
OHSL Financial Corp. of OH Hamilton 866 861 858 -0.6% -0.4% 34.0 17,636 114.7% 1.0%
Wood Bancorp of OH Wood 113 118 122 4.3% 3.3% 30.8 16,407 106.7% 9.3%
--- --- --- ---- ---- ---- ------ ------ ----
AVERAGES: 383 385 387 3.1% 2.3% 34.5 15,546 101.1% 5.5%
MEDIANS: 113 118 122 1.6% 1.3% 34.0 16,407 106.7% 4.9%
BRIDGEPORT SAVINGS AND LOAN BELMONT 71 70 70 -1.2% -1.0% 38.1 10,976 71.4% 3.1%
<FN>
(1) Total institution deposits in headquarters county as percent of total county deposits.
Sources: CACI, Inc; FDIC; OTS.
111
EXHIBIT IV-1
Stock Prices:
As of June 6, 1997
112
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
SAIF-Insured Thrifts(316) 19.97 5,351 139.1 21.12 14.45 19.77 0.93 159.65 14.21
NYSE Traded Companies(9) 36.09 38,943 1,590.3 38.70 23.56 34.52 4.33 229.05 14.68
AMEX Traded Companies(18) 17.47 3,927 78.7 18.74 12.33 17.21 1.23 266.84 13.85
NASDAQ Listed OTC Companies(289) 19.64 4,433 99.4 20.74 14.30 19.48 0.81 149.18 14.22
California Companies(24) 22.70 18,136 640.6 24.53 14.95 22.25 1.08 93.80 14.23
Florida Companies(6) 22.21 12,310 268.4 23.67 14.64 22.01 0.38 122.54 18.87
Mid-Atlantic Companies(60) 20.49 6,524 142.7 21.45 14.07 20.09 1.73 144.37 17.27
Mid-West Companies(153) 19.53 3,184 80.0 20.66 14.58 19.41 0.66 185.30 13.08
New England Companies(11) 20.79 4,473 114.3 21.56 15.25 20.70 0.89 267.88 12.45
North-West Companies(6) 21.73 12,602 313.2 22.78 15.61 22.00 -1.05 119.52 17.01
South-East Companies(44) 19.09 3,309 62.4 20.46 14.16 18.88 1.07 142.72 15.21
South-West Companies(6) 18.19 1,904 39.0 19.19 12.69 18.27 0.03 -14.81 7.55
Western Companies (Excl CA)(6) 18.08 5,290 95.5 18.69 14.31 17.83 1.37 257.59 7.87
Thrift Strategy(245) 19.11 3,468 73.7 20.19 13.98 18.95 0.83 138.76 14.20
Mortgage Banker Strategy(39) 23.97 12,880 423.5 25.23 16.76 23.50 2.14 212.12 16.95
Real Estate Strategy(13) 21.35 7,720 188.6 22.57 14.77 21.51 -2.06 157.49 15.84
Diversified Strategy(14) 27.62 22,414 693.6 29.83 18.65 27.24 1.35 193.89 8.69
Retail Banking Strategy(5) 14.35 3,245 51.7 16.22 11.50 13.92 3.29 226.04 2.32
Companies Issuing Dividends(263) 20.44 5,320 143.2 21.62 14.81 20.22 1.02 174.21 14.22
Companies Without Dividends(53) 17.56 5,505 117.9 18.62 12.61 17.44 0.44 83.43 14.18
Equity/Assets <6%(26) 22.63 16,800 481.6 23.86 14.71 22.06 2.31 166.98 15.91
Equity/Assets 6-12%(156) 22.05 5,836 164.3 23.25 15.51 21.80 1.11 159.83 16.28
Equity/Assets >12%(134) 17.23 2,782 50.7 18.32 13.25 17.15 0.48 148.13 11.47
Converted Last 3 Mths (no MHC)(6) 13.25 2,008 26.9 13.55 12.22 13.21 0.27 0.00 0.00
Actively Traded Companies(45) 27.99 16,659 574.4 29.19 18.89 27.17 2.79 188.95 18.49
Market Value Below $20 Million(68) 15.81 877 13.1 16.70 12.36 15.63 1.11 145.16 11.76
Holding Company Structure(277) 20.21 5,203 140.4 21.36 14.69 19.99 1.02 152.59 13.84
Assets Over $1 Billion(67) 29.24 16,861 532.0 30.75 19.55 28.79 1.42 197.51 16.46
Assets $500 Million-$1 Billion(51) 18.86 5,525 96.3 19.95 13.54 18.74 0.63 175.25 15.75
Assets $250-$500 Million(64) 19.70 2,585 47.0 20.91 14.15 19.55 0.70 122.96 15.16
Assets less than $250 Million(134) 16.32 1,440 22.6 17.31 12.63 16.17 0.93 115.63 12.03
Goodwill Companies(128) 23.03 8,652 235.0 24.28 15.94 22.79 0.91 183.54 15.29
Non-Goodwill Companies(187) 18.01 3,216 77.1 19.10 13.49 17.83 0.94 123.25 13.48
Acquirors of FSLIC Cases(11) 30.06 33,955 1,336.6 31.77 20.09 28.84 3.61 210.30 15.48
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
- --------------------------------------------
SAIF-Insured Thrifts(316) 0.83 1.15 15.76 15.25 156.04
NYSE Traded Companies(9) 1.80 2.67 20.84 19.96 373.05
AMEX Traded Companies(18) 0.65 0.97 14.21 14.03 112.01
NASDAQ Listed OTC Companies(289) 0.81 1.12 15.70 15.18 152.19
California Companies(24) 0.70 1.08 16.32 15.33 258.18
Florida Companies(6) 0.98 0.95 13.43 12.73 175.35
Mid-Atlantic Companies(60) 0.97 1.36 15.82 15.14 170.09
Mid-West Companies(153) 0.82 1.11 16.14 15.80 139.58
New England Companies(11) 0.88 1.36 16.82 15.64 223.75
North-West Companies(6) 0.90 1.26 13.25 12.68 151.06
South-East Companies(44) 0.74 1.03 14.28 13.98 119.34
South-West Companies(6) 0.57 1.09 16.27 15.49 216.35
Western Companies (Excl CA)(6) 0.86 1.03 15.88 15.17 103.62
Thrift Strategy(245) 0.76 1.08 15.90 15.44 141.60
Mortgage Banker Strategy(39) 1.21 1.54 16.00 15.08 232.10
Real Estate Strategy(13) 0.80 1.30 15.07 14.83 194.55
Diversified Strategy(14) 1.53 1.81 13.47 13.10 185.83
Retail Banking Strategy(5) 0.19 0.15 13.07 12.70 144.42
Companies Issuing Dividends(263) 0.92 1.24 15.96 15.44 153.23
Companies Without Dividends(53) 0.37 0.68 14.74 14.31 170.30
Equity/Assets <6%(26) 0.85 1.42 13.87 12.94 288.83
Equity/Assets 6-12%(156) 1.03 1.39 16.07 15.30 193.99
Equity/Assets >12%(134) 0.62 0.85 15.75 15.61 91.17
Converted Last 3 Mths (no MHC)(6) 0.31 0.50 14.29 14.20 60.07
Actively Traded Companies(45) 1.47 2.01 17.66 17.03 238.76
Market Value Below $20 Million(68) 0.47 0.76 15.45 15.34 123.27
Holding Company Structure(277) 0.83 1.16 16.11 15.61 153.50
Assets Over $1 Billion(67) 1.42 1.93 18.10 16.78 257.06
Assets $500 Million-$1 Billion(51) 0.86 1.08 14.15 13.43 153.77
Assets $250-$500 Million(64) 0.83 1.19 15.91 15.44 164.28
Assets less than $250 Million(134) 0.55 0.81 15.22 15.15 107.13
Goodwill Companies(128) 1.02 1.40 16.45 15.28 206.70
Non-Goodwill Companies(187) 0.71 0.99 15.31 15.24 123.23
Acquirors of FSLIC Cases(11) 1.51 2.28 18.22 17.23 296.99
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized.
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity and
assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
113
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(68) 22.18 10,005 310.3 23.06 14.86 21.75 2.22 160.81 16.84
NYSE Traded Companies(3) 33.58 54,046 1,669.3 35.33 17.12 32.46 3.46 214.55 24.59
AMEX Traded Companies(5) 21.40 4,142 83.1 21.50 13.52 20.52 4.88 95.74 29.52
NASDAQ Listed OTC Companies(60) 21.55 7,863 249.0 22.46 14.85 21.21 1.86 163.83 14.99
California Companies(3) 15.96 6,919 119.6 18.54 11.04 15.79 0.82 352.67 9.93
Mid-Atlantic Companies(17) 24.07 17,729 482.7 24.83 15.50 23.58 1.86 97.95 16.86
Mid-West Companies(2) 12.00 942 11.3 12.50 9.00 12.00 0.00 0.00 18.58
New England Companies(37) 20.57 4,870 105.3 21.33 13.72 20.10 2.74 172.09 16.78
North-West Companies(4) 28.25 34,667 1,749.3 29.37 16.51 27.97 1.39 132.30 23.17
South-East Companies(5) 27.20 2,091 39.4 27.97 21.80 26.72 2.15 0.00 15.85
Thrift Strategy(43) 22.08 4,560 138.8 22.92 15.35 21.64 2.18 158.18 15.63
Mortgage Banker Strategy(10) 20.61 29,924 545.4 21.69 13.78 20.09 2.75 163.88 18.14
Real Estate Strategy(7) 18.31 5,731 126.1 19.38 11.61 17.93 3.17 231.47 15.87
Diversified Strategy(6) 29.80 34,470 1,611.1 30.65 16.27 29.38 1.14 146.89 26.53
Retail Banking Strategy(2) 20.75 706 14.6 21.25 14.75 20.75 0.00 44.40 13.70
Companies Issuing Dividends(54) 23.72 8,823 320.7 24.60 15.99 23.28 2.07 158.10 16.32
Companies Without Dividends(14) 15.10 15,440 262.4 16.01 9.63 14.68 2.89 181.10 19.19
Equity/Assets <6%(5) 25.03 59,907 2,171.6 25.91 14.06 24.61 2.55 121.01 26.01
Equity/Assets 6-12%(44) 22.03 5,978 181.7 23.00 14.44 21.57 2.38 170.65 15.74
Equity/Assets >12%(19) 21.82 6,591 134.2 22.50 15.99 21.44 1.77 34.59 17.03
Actively Traded Companies(24) 23.49 17,201 576.7 24.54 15.13 22.90 3.29 199.97 18.70
Market Value Below $20 Million(10) 15.93 940 14.8 16.62 11.19 15.80 0.87 97.23 13.37
Holding Company Structure(44) 22.56 9,756 322.7 23.43 15.50 22.04 2.67 165.65 17.39
Assets Over $1 Billion(16) 29.53 31,693 1,138.6 30.59 17.14 28.88 2.24 170.55 23.09
Assets $500 Million-$1 Billion(16) 21.68 5,807 106.3 22.47 15.30 21.21 2.30 115.14 15.00
Assets $250-$500 Million(18) 19.04 2,951 51.2 20.09 12.87 18.71 2.07 208.77 14.35
Assets less than $250 Million(18) 19.22 1,711 24.5 19.87 14.31 18.90 2.26 145.34 15.87
Goodwill Companies(32) 23.89 16,457 561.9 25.10 15.47 23.47 1.83 152.71 17.55
Non-Goodwill Companies(35) 20.59 3,998 75.9 21.17 14.28 20.15 2.58 173.89 16.20
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(68) 1.39 1.43 15.76 14.92 156.42
NYSE Traded Companies(3) 1.84 1.80 18.92 14.54 225.59
AMEX Traded Companies(5) 1.22 1.21 15.34 14.93 150.13
NASDAQ Listed OTC Companies(60) 1.38 1.43 15.60 14.94 152.75
California Companies(3) 1.27 1.17 12.13 12.11 146.25
Mid-Atlantic Companies(17) 1.21 1.33 16.93 14.89 168.35
Mid-West Companies(2) 0.25 0.38 13.57 12.80 53.10
New England Companies(37) 1.62 1.58 14.02 13.49 162.17
North-West Companies(4) 1.01 1.34 13.86 13.30 179.66
South-East Companies(5) 1.21 1.27 26.67 26.67 97.84
Thrift Strategy(43) 1.39 1.39 17.04 15.98 150.07
Mortgage Banker Strategy(10) 1.29 1.47 13.45 13.30 166.32
Real Estate Strategy(7) 1.37 1.30 10.66 10.65 108.81
Diversified Strategy(6) 1.72 1.98 14.11 13.07 218.17
Retail Banking Strategy(2) 0.89 0.85 19.87 19.02 315.32
Companies Issuing Dividends(54) 1.52 1.56 16.65 15.64 165.24
Companies Without Dividends(14) 0.80 0.82 11.66 11.56 115.85
Equity/Assets <6%(5) 1.08 1.39 11.04 10.64 208.90
Equity/Assets 6-12%(44) 1.66 1.63 14.96 13.75 179.68
Equity/Assets >12%(19) 0.87 0.99 18.74 18.61 90.97
Actively Traded Companies(24) 1.69 1.72 14.88 14.14 181.55
Market Value Below $20 Million(10) 0.79 0.81 14.13 13.60 135.72
Holding Company Structure(44) 1.33 1.40 16.19 15.43 145.73
Assets Over $1 Billion(16) 1.71 1.87 16.12 14.53 196.70
Assets $500 Million-$1 Billion(16) 1.56 1.51 15.61 14.24 169.26
Assets $250-$500 Million(18) 1.25 1.26 14.06 13.84 140.93
Assets less than $250 Million(18) 1.10 1.12 17.16 16.89 123.99
Goodwill Companies(32) 1.47 1.55 15.74 14.00 192.60
Non-Goodwill Companies(35) 1.32 1.31 15.77 15.77 122.73
<FN>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date
and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings
and average common equity and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
114
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 19.93 4,780 34.8 21.57 14.25 19.86 0.28 196.16 15.97
BIF-Insured Thrifts(2) 18.62 32,145 188.8 19.38 11.38 18.25 1.57 209.66 25.35
NASDAQ Listed OTC Companies(23) 19.81 7,268 48.8 21.37 13.98 19.71 0.39 200.66 16.91
Florida Companies(3) 25.71 5,550 64.8 26.96 16.83 25.42 0.81 0.00 4.72
Mid-Atlantic Companies(10) 16.99 7,085 41.0 17.83 12.23 16.71 1.49 147.50 19.03
Mid-West Companies(7) 19.27 2,078 14.9 21.75 14.32 19.16 0.28 244.83 18.71
New England Companies(1) 24.37 61,017 369.3 24.75 13.50 23.63 3.13 209.66 26.60
North-West Companies(1) 19.00 2,416 17.4 24.00 13.07 22.75 -16.48 0.00 19.42
South-East Companies(1) 27.62 1,505 19.5 27.75 20.25 26.50 4.23 0.00 13.90
Thrift Strategy(21) 19.63 4,823 34.3 21.07 14.05 19.36 1.10 196.16 16.23
Mortgage Banker Strategy(1) 19.00 2,416 17.4 24.00 13.07 22.75 -16.48 0.00 19.42
Diversified Strategy(1) 24.37 61,017 369.3 24.75 13.50 23.63 3.13 209.66 26.60
Companies Issuing Dividends(22) 20.12 7,505 50.5 21.74 14.10 20.01 0.39 200.66 16.91
Companies Without Dividends(1) 13.44 2,300 13.9 13.50 11.62 13.37 0.52 0.00 0.00
Equity/Assets 6-12%(15) 21.07 9,586 64.5 23.14 14.60 21.03 0.13 200.66 15.62
Equity/Assets >12%(8) 17.62 3,211 21.3 18.27 12.91 17.41 0.85 0.00 19.93
Actively Traded Companies(1) 24.75 7,247 84.2 24.75 14.09 24.50 1.02 147.50 33.78
Holding Company Structure(1) 24.75 7,247 84.2 24.75 14.09 24.50 1.02 147.50 33.78
Assets Over $1 Billion(5) 24.17 21,565 138.7 25.27 15.37 23.63 2.15 178.58 16.80
Assets $500 Million-$1 Billion(4) 20.08 6,908 57.6 20.91 13.04 19.83 1.32 0.00 11.72
Assets $250-$500 Million(4) 21.81 2,353 19.1 25.31 16.81 21.31 2.27 244.83 12.77
Assets less than $250 Million(10) 16.76 2,194 13.1 17.98 12.44 17.07 -1.51 0.00 21.00
Goodwill Companies(9) 22.37 14,319 94.7 25.08 15.03 22.29 0.31 200.66 16.71
Non-Goodwill Companies(14) 18.04 2,387 17.0 18.80 13.26 17.92 0.45 0.00 17.07
MHC Institutions(23) 19.81 7,268 48.8 21.37 13.98 19.71 0.39 200.66 16.91
MHC Converted Last 3 Months(2) 13.10 2,185 13.0 13.50 11.56 13.19 -0.70 0.00 0.00
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 0.63 0.98 12.67 12.33 121.88
BIF-Insured Thrifts(2) 0.67 0.65 9.38 9.38 98.25
NASDAQ Listed OTC Companies(23) 0.64 0.95 12.37 12.06 119.73
Florida Companies(3) 1.08 1.53 15.32 15.05 166.11
Mid-Atlantic Companies(10) 0.40 0.69 11.05 10.51 98.91
Mid-West Companies(7) 0.57 0.95 12.33 12.31 125.85
New England Companies(1) 1.33 1.06 10.39 10.38 123.54
North-West Companies(1) 0.83 1.06 10.36 9.39 92.87
South-East Companies(1) 1.00 1.41 19.69 19.69 148.17
Thrift Strategy(21) 0.59 0.94 12.57 12.28 120.88
Mortgage Banker Strategy(1) 0.83 1.06 10.36 9.39 92.87
Diversified Strategy(1) 1.33 1.06 10.39 10.38 123.54
Companies Issuing Dividends(22) 0.66 0.98 12.47 12.15 122.32
Companies Without Dividends(1) 0.24 0.35 10.21 10.21 65.23
Equity/Assets 6-12%(15) 0.71 1.09 12.70 12.29 142.53
Equity/Assets >12%(8) 0.52 0.71 11.79 11.67 79.83
Actively Traded Companies(1) 0.69 1.22 13.00 11.52 141.40
Holding Company Structure(1) 0.69 1.22 13.00 11.52 141.40
Assets Over $1 Billion(5) 0.97 1.30 12.74 11.83 149.25
Assets $500 Million-$1 Billion(4) 0.72 0.93 13.06 12.70 114.98
Assets $250-$500 Million(4) 0.78 1.25 14.09 14.06 160.32
Assets less than $250 Million(10) 0.39 0.67 11.29 11.19 90.16
Goodwill Companies(9) 0.86 1.14 12.33 11.58 134.35
Non-Goodwill Companies(14) 0.49 0.82 12.39 12.39 109.61
MHC Institutions(23) 0.64 0.95 12.37 12.06 119.73
MHC Converted Last 3 Months(2) 0.24 0.44 10.02 10.02 73.53
<FN>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date
and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings
and average common equity and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
115
RP FINANCIAL, LC.
- -------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 44.37 100,596 4,463.4 44.87 24.00 40.75 8.88 136.64 36.52
CSA Coast Savings Financial of CA 45.87 18,593 852.9 48.75 29.25 42.50 7.93 296.80 25.26
CFB Commercial Federal Corp. of NE 35.75 21,523 769.4 39.00 24.00 34.87 2.52 868.83 11.72
DME Dime Savings Bank, FSB of NY* 17.75 105,259 1,868.3 18.00 11.75 17.00 4.41 76.44 20.34
DSL Downey Financial Corp. of CA 21.00 26,734 561.4 22.50 12.86 20.00 5.00 93.37 12.36
FRC First Republic Bancorp of CA* 20.37 9,992 203.5 24.62 12.62 19.88 2.46 352.67 21.61
FED FirstFed Fin. Corp. of CA 28.37 10,560 299.6 28.37 16.75 28.31 0.21 75.67 28.95
GLN Glendale Fed. Bk, FSB of CA 26.75 50,306 1,345.7 28.00 16.50 25.50 4.90 64.62 15.05
GDW Golden West Fin. Corp. of CA 69.75 57,218 3,991.0 74.25 51.87 67.75 2.95 166.32 10.50
GWF Great Western Fin. Corp. of CA(8) 49.62 137,885 6,841.9 49.62 21.12 48.50 2.31 185.66 71.10
GPT GreenPoint Fin. Corp. of NY* 62.62 46,888 2,936.1 63.37 27.00 60.50 3.50 N.A. 31.83
WES Westcorp Inc. of Orange CA 16.87 26,014 438.9 23.87 13.25 16.50 2.24 130.15 -22.90
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 19.75 2,731 53.9 19.87 11.69 19.12 3.29 N.A. 32.82
BKC American Bank of Waterbury CT* 35.00 2,302 80.6 35.00 24.12 34.50 1.45 86.67 25.00
BFD BostonFed Bancorp of MA 16.94 5,963 101.0 17.12 11.62 15.13 11.96 N.A. 14.85
CFX CFX Corp of NH* 18.12 13,050 236.5 18.50 11.90 16.75 8.18 52.27 16.90
CZF Citisave Fin. Corp. of LA(8) 20.00 962 19.2 20.00 13.00 20.00 0.00 N.A. 42.86
CBK Citizens First Fin.Corp. of IL 16.00 2,799 44.8 16.75 9.50 16.50 -3.03 N.A. 11.34
ESX Essex Bancorp of VA(8) 1.31 1,055 1.4 2.81 1.00 1.31 0.00 -92.18 -40.18
FCB Falmouth Co-Op Bank of MA* 16.12 1,455 23.5 16.12 10.25 15.88 1.51 N.A. 22.87
FAB FirstFed America Bancorp of MA 14.62 8,707 127.3 15.25 13.62 14.87 -1.68 N.A. N.A.
GAF GA Financial Corp. of PA 16.56 8,408 139.2 17.25 10.25 16.13 2.67 N.A. 9.52
KNK Kankakee Bancorp of IL 29.00 1,420 41.2 29.00 18.50 27.50 5.45 190.00 17.17
KYF Kentucky First Bancorp of KY 10.87 1,319 14.3 15.25 10.62 10.63 2.26 N.A. 0.00
NYB New York Bancorp, Inc. of NY 32.87 16,381 538.4 33.50 16.75 32.75 0.37 363.61 27.26
PDB Piedmont Bancorp of NC 10.25 2,751 28.2 19.12 9.25 10.68 -4.03 N.A. -2.32
PLE Pinnacle Bank of AL 21.88 890 19.5 22.62 15.87 21.94 -0.27 224.15 25.96
SSB Scotland Bancorp of NC 16.37 1,840 30.1 16.75 11.87 15.75 3.94 N.A. 15.93
SZB SouthFirst Bancshares of AL 15.00 821 12.3 15.12 12.00 15.12 -0.79 N.A. 13.21
SRN Southern Banc Company of AL 14.37 1,230 17.7 15.12 12.25 14.37 0.00 N.A. 9.53
SSM Stone Street Bancorp of NC 26.19 1,825 47.8 27.25 16.25 26.25 -0.23 N.A. 27.76
TSH Teche Holding Company of LA 18.75 3,438 64.5 18.75 12.00 17.75 5.63 N.A. 30.48
FTF Texarkana Fst. Fin. Corp of AR 17.62 1,833 32.3 17.62 13.62 17.25 2.14 N.A. 12.73
THR Three Rivers Fin. Corp. of MI 15.00 824 12.4 15.25 12.50 15.00 0.00 N.A. 7.14
TBK Tolland Bank of CT* 18.00 1,172 21.1 18.00 9.62 16.37 9.96 148.28 50.00
WSB Washington SB, FSB of MD 4.87 4,220 20.6 5.69 4.38 5.00 -2.60 289.60 0.00
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 30.75 698 21.5 33.25 24.76 30.50 0.82 N.A. 7.89
AFED AFSALA Bancorp of NY 13.50 1,455 19.6 14.25 11.31 13.50 0.00 N.A. 12.50
ALBK ALBANK Fin. Corp. of Albany NY 37.25 12,819 477.5 38.87 25.12 38.38 -2.94 60.22 18.74
AMFC AMB Financial Corp. of IN 14.25 1,068 15.2 15.00 10.00 15.00 -5.00 N.A. 7.55
ASBP ASB Financial Corp. of OH 11.75 1,721 20.2 18.25 11.50 11.75 0.00 N.A. -9.62
ABBK Abington Savings Bank of MA(8)* 24.62 1,894 46.6 24.62 14.50 23.25 5.89 271.90 26.26
AABC Access Anytime Bancorp of NM 5.75 1,143 6.6 6.25 5.25 5.63 2.13 -14.81 4.55
AFBC Advance Fin. Bancorp of WV 13.62 1,084 14.8 14.50 12.75 14.00 -2.71 N.A. N.A.
AADV Advantage Bancorp of WI 37.50 3,232 121.2 41.25 31.25 39.25 -4.46 307.61 16.28
AFCB Affiliated Comm BC, Inc of MA 24.37 6,456 157.3 24.62 13.30 29.00 -15.97 N.A. 42.51
ALBC Albion Banc Corp. of Albion NY 23.00 250 5.8 23.00 16.50 19.87 15.75 76.92 37.31
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 1.41 2.80 19.05 16.08 484.09
CSA Coast Savings Financial of CA 0.73 2.31 23.45 23.12 473.14
CFB Commercial Federal Corp. of NE 1.99 2.84 18.99 16.90 320.67
DME Dime Savings Bank, FSB of NY* 1.05 1.34 10.01 9.92 175.42
DSL Downey Financial Corp. of CA 0.84 1.42 14.98 14.76 205.15
FRC First Republic Bancorp of CA* 1.38 1.23 16.20 16.19 218.52
FED FirstFed Fin. Corp. of CA 0.95 1.89 18.48 18.24 391.07
GLN Glendale Fed. Bk, FSB of CA 0.65 1.63 17.31 16.10 306.00
GDW Golden West Fin. Corp. of CA 6.49 7.96 42.19 42.19 673.39
GWF Great Western Fin. Corp. of CA(8) 0.67 2.09 17.55 15.54 310.97
GPT GreenPoint Fin. Corp. of NY* 3.09 2.82 30.56 17.51 282.83
WES Westcorp Inc. of Orange CA 1.30 0.51 12.29 12.26 130.92
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 0.29 0.30 17.24 17.24 96.80
BKC American Bank of Waterbury CT* 3.02 2.62 20.39 19.49 255.68
BFD BostonFed Bancorp of MA 0.64 0.88 14.05 13.56 157.81
CFX CFX Corp of NH* 0.94 1.17 10.25 9.56 133.67
CZF Citisave Fin. Corp. of LA(8) 0.40 0.61 12.95 12.95 77.90
CBK Citizens First Fin.Corp. of IL 0.25 0.53 14.21 14.21 97.04
ESX Essex Bancorp of VA(8) -7.54 -3.77 0.12 -0.08 170.55
FCB Falmouth Co-Op Bank of MA* 0.52 0.50 15.17 15.17 62.04
FAB FirstFed America Bancorp of MA -0.28 0.44 14.03 14.03 112.52
GAF GA Financial Corp. of PA 0.77 0.97 13.76 13.76 79.73
KNK Kankakee Bancorp of IL 1.51 1.94 25.74 24.10 241.11
KYF Kentucky First Bancorp of KY 0.53 0.70 10.86 10.86 67.42
NYB New York Bancorp, Inc. of NY 2.39 2.82 9.81 9.81 193.82
PDB Piedmont Bancorp of NC -0.14 0.36 7.31 7.31 43.08
PLE Pinnacle Bank of AL 1.26 1.89 17.34 16.78 224.27
SSB Scotland Bancorp of NC 0.55 0.67 13.74 13.74 37.46
SZB SouthFirst Bancshares of AL 0.05 0.30 15.82 15.82 113.17
SRN Southern Banc Company of AL 0.19 0.50 14.40 14.24 85.57
SSM Stone Street Bancorp of NC 0.99 1.15 20.72 20.72 57.80
TSH Teche Holding Company of LA 0.80 1.10 15.23 15.23 114.47
FTF Texarkana Fst. Fin. Corp of AR 1.25 1.55 14.70 14.70 91.70
THR Three Rivers Fin. Corp. of MI 0.54 0.81 15.35 15.29 106.03
TBK Tolland Bank of CT* 1.35 1.45 13.63 13.21 202.48
WSB Washington SB, FSB of MD 0.31 0.45 5.06 5.06 60.81
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 0.91 0.13 31.17 30.48 391.25
AFED AFSALA Bancorp of NY 0.61 0.61 14.05 14.05 102.70
ALBK ALBANK Fin. Corp. of Albany NY 2.17 2.71 25.10 21.77 272.75
AMFC AMB Financial Corp. of IN 0.55 0.69 14.29 14.29 87.68
ASBP ASB Financial Corp. of OH 0.39 0.57 10.00 10.00 63.58
ABBK Abington Savings Bank of MA(8)* 1.98 1.72 17.86 16.00 259.80
AABC Access Anytime Bancorp of NM -0.57 -0.22 6.34 6.34 93.17
AFBC Advance Fin. Bancorp of WV 0.35 0.71 14.76 14.76 95.55
AADV Advantage Bancorp of WI 1.08 2.68 27.92 25.87 316.04
AFCB Affiliated Comm BC, Inc of MA 1.45 1.66 15.96 15.86 163.41
ALBC Albion Banc Corp. of Albion NY 0.22 0.93 23.62 23.62 265.26
116
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ABCL Allied Bancorp of IL 30.25 5,334 161.4 31.25 22.00 29.38 2.96 202.50 21.00
ATSB AmTrust Capital Corp. of IN 12.75 526 6.7 12.75 8.50 12.00 6.25 N.A. 27.50
AHCI Ambanc Holding Co. of NY* 14.37 4,392 63.1 14.37 9.38 14.13 1.70 N.A. 27.73
ASBI Ameriana Bancorp of IN 15.50 3,260 50.5 16.37 13.00 15.50 0.00 67.93 -3.13
AFFFZ America First Fin. Fund of CA(8) 38.12 6,011 229.1 38.12 25.87 38.88 -1.95 103.31 26.02
AMFB American Federal Bank of SC(8) 30.75 11,035 339.3 31.00 15.50 30.75 0.00 547.37 62.96
ANBK American Nat'l Bancorp of MD 14.75 3,613 53.3 14.87 9.75 14.87 -0.81 N.A. 21.70
ABCW Anchor Bancorp Wisconsin of WI 43.12 4,581 197.5 47.00 33.00 42.50 1.46 46.82 20.62
ANDB Andover Bancorp, Inc. of MA* 29.75 5,146 153.1 29.87 19.17 28.88 3.01 176.74 16.12
ASFC Astoria Financial Corp. of NY 42.37 21,243 900.1 43.12 24.62 41.25 2.72 61.41 14.92
AVND Avondale Fin. Corp. of IL 13.75 3,525 48.5 18.50 12.50 13.50 1.85 N.A. -19.68
BKCT Bancorp Connecticut of CT* 25.75 2,560 65.9 26.00 19.56 25.00 3.00 194.29 14.44
BPLS Bank Plus Corp. of CA 10.50 18,245 191.6 13.75 8.75 10.88 -3.49 N.A. -8.70
BWFC Bank West Fin. Corp. of MI 13.87 1,783 24.7 14.25 10.25 13.50 2.74 N.A. 30.60
BANC BankAtlantic Bancorp of FL 13.75 18,553 255.1 14.12 8.16 13.94 -1.36 164.42 28.50
BKUNA BankUnited SA of FL 9.81 8,847 86.8 11.25 7.12 10.00 -1.90 80.66 -1.90
BKCO Bankers Corp. of NJ(8)* 25.25 12,378 312.5 25.62 17.25 25.38 -0.51 304.00 25.50
BVCC Bay View Capital Corp. of CA 24.87 12,970 322.6 28.62 16.19 25.00 -0.52 25.92 17.37
BFSB Bedford Bancshares of VA 19.87 1,142 22.7 20.50 16.00 19.75 0.61 89.24 12.77
BFFC Big Foot Fin. Corp. of IL 16.00 2,513 40.2 16.12 12.31 15.87 0.82 N.A. 23.08
BSBC Branford SB of CT* 4.75 6,559 31.2 4.75 2.87 4.31 10.21 124.06 22.74
BYFC Broadway Fin. Corp. of CA 10.75 893 9.6 11.25 9.00 10.75 0.00 N.A. 16.22
CBCO CB Bancorp of Michigan City IN(8) 34.00 1,162 39.5 34.25 17.00 34.00 0.00 209.09 43.16
CBES CBES Bancorp of MO 16.12 1,025 16.5 17.50 12.62 16.50 -2.30 N.A. 13.12
CCFH CCF Holding Company of GA 15.75 865 13.6 16.37 11.50 16.12 -2.30 N.A. 6.78
CENF CENFED Financial Corp. of CA 29.50 5,760 169.9 31.82 18.86 29.00 1.72 88.14 10.94
CFSB CFSB Bancorp of Lansing MI 23.00 5,167 118.8 23.75 16.11 22.50 2.22 155.56 29.72
CKFB CKF Bancorp of Danville KY 19.25 927 17.8 20.75 17.50 19.25 0.00 N.A. -4.94
CNSB CNS Bancorp of MO 16.00 1,653 26.4 17.50 11.00 15.50 3.23 N.A. 5.82
CSBF CSB Financial Group Inc of IL* 12.00 942 11.3 12.50 9.00 12.00 0.00 N.A. 18.58
CFHC California Fin. Hld. Co. of CA(8) 29.37 4,766 140.0 29.50 20.37 29.50 -0.44 179.71 1.73
CBCI Calumet Bancorp of Chicago IL 38.00 2,238 85.0 38.87 27.75 38.00 0.00 87.65 14.29
CAFI Camco Fin. Corp. of OH 18.50 3,062 56.6 19.29 14.75 18.38 0.65 N.A. 16.57
CMRN Cameron Fin. Corp. of MO 16.75 2,682 44.9 17.00 13.50 16.38 2.26 N.A. 4.69
CAPS Capital Savings Bancorp of MO 16.25 1,892 30.7 18.25 9.00 18.25 -10.96 22.64 25.00
CFNC Carolina Fincorp of NC* 14.50 1,851 26.8 15.25 13.00 14.37 0.90 N.A. 8.45
CNY Carver FSB of New York, NY 10.12 2,314 23.4 10.37 7.37 9.62 5.20 61.92 22.67
CASB Cascade SB of Everett WA 19.00 2,054 39.0 21.00 13.00 21.00 -9.52 48.44 17.87
CATB Catskill Fin. Corp. of NY* 15.50 5,027 77.9 16.50 9.87 15.62 -0.77 N.A. 10.71
CNIT Cenit Bancorp of Norfolk VA 45.00 1,640 73.8 46.00 31.75 43.38 3.73 183.38 8.43
CEBK Central Co-Op. Bank of MA* 17.25 1,965 33.9 18.50 14.75 16.88 2.19 228.57 -1.43
CENB Century Bancshares of NC* 69.00 407 28.1 71.00 62.00 68.25 1.10 N.A. 6.15
CBSB Charter Financial Inc. of IL 17.37 4,220 73.3 18.00 10.87 18.00 -3.50 N.A. 38.96
COFI Charter One Financial of OH 48.00 46,339 2,224.3 49.50 32.02 46.88 2.39 174.29 14.29
CNBA Chester Bancorp of IL 14.62 2,182 31.9 15.37 12.62 15.00 -2.53 N.A. 11.43
CVAL Chester Valley Bancorp of PA 19.75 2,054 40.6 19.75 13.90 19.00 3.95 74.32 33.45
CTZN CitFed Bancorp of Dayton OH 36.75 8,613 316.5 37.25 24.17 37.25 -1.34 308.33 11.36
CLAS Classic Bancshares of KY 14.62 1,322 19.3 14.75 10.37 14.50 0.83 N.A. 25.82
CMSB Cmnwealth Bancorp of PA 15.12 17,111 258.7 16.00 9.75 15.00 0.80 N.A. 0.80
COVB CoVest Bancshares of IL 17.75 3,018 53.6 18.25 15.37 17.75 0.00 166.52 2.90
CBSA Coastal Bancorp of Houston TX 27.00 4,969 134.2 28.25 16.50 27.25 -0.92 N.A. 18.06
CFCP Coastal Fin. Corp. of SC 21.25 4,637 98.5 22.87 12.00 22.68 -6.31 112.50 34.92
COFD Collective Bancorp Inc. of NJ(8) 44.00 20,447 899.7 44.12 23.00 43.00 2.33 477.43 25.28
CMSV Commty. Svgs, MHC of FL (48.5) 21.75 4,921 51.5 22.37 14.75 21.75 0.00 N.A. 6.10
CBNH Community Bankshares Inc of NH(8)* 37.37 2,465 92.1 37.37 17.12 35.25 6.01 896.53 82.29
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ABCL Allied Bancorp of IL 0.63 1.06 22.93 22.63 246.18
ATSB AmTrust Capital Corp. of IN 0.40 0.26 13.73 13.58 135.04
AHCI Ambanc Holding Co. of NY* -0.65 -0.65 13.85 13.85 108.86
ASBI Ameriana Bancorp of IN 0.73 1.06 13.38 13.37 123.36
AFFFZ America First Fin. Fund of CA(8) 5.32 6.51 30.07 29.64 363.18
AMFB American Federal Bank of SC(8) 1.35 1.67 10.65 9.93 118.43
ANBK American Nat'l Bancorp of MD 0.19 0.68 12.33 12.33 134.69
ABCW Anchor Bancorp Wisconsin of WI 3.04 3.97 25.73 25.23 411.48
ANDB Andover Bancorp, Inc. of MA* 2.52 2.60 18.96 18.96 235.06
ASFC Astoria Financial Corp. of NY 1.77 2.62 27.51 22.89 361.97
AVND Avondale Fin. Corp. of IL -1.22 -2.30 14.88 14.88 180.27
BKCT Bancorp Connecticut of CT* 2.01 1.92 16.81 16.81 161.61
BPLS Bank Plus Corp. of CA -0.63 -0.07 8.88 8.86 180.58
BWFC Bank West Fin. Corp. of MI 0.59 0.42 12.62 12.62 82.46
BANC BankAtlantic Bancorp of FL 1.11 0.86 8.23 6.69 149.47
BKUNA BankUnited SA of FL 0.21 0.41 7.33 5.89 164.25
BKCO Bankers Corp. of NJ(8)* 2.04 2.18 15.98 15.72 205.34
BVCC Bay View Capital Corp. of CA 0.94 1.59 14.81 14.08 234.74
BFSB Bedford Bancshares of VA 1.16 1.48 16.49 16.49 115.15
BFFC Big Foot Fin. Corp. of IL -0.24 0.23 14.28 14.28 83.60
BSBC Branford SB of CT* 0.31 0.30 2.58 2.58 27.05
BYFC Broadway Fin. Corp. of CA -0.31 0.16 14.26 14.26 131.13
CBCO CB Bancorp of Michigan City IN(8) 1.76 2.06 17.22 17.22 194.97
CBES CBES Bancorp of MO 0.69 0.86 17.08 17.08 92.90
CCFH CCF Holding Company of GA 0.25 0.41 14.39 14.39 100.51
CENF CENFED Financial Corp. of CA 1.84 2.70 20.06 20.02 392.95
CFSB CFSB Bancorp of Lansing MI 1.17 1.57 12.32 12.32 161.46
CKFB CKF Bancorp of Danville KY 0.84 0.83 15.38 15.38 64.94
CNSB CNS Bancorp of MO 0.31 0.47 14.73 14.73 59.35
CSBF CSB Financial Group Inc of IL* 0.25 0.38 13.57 12.80 53.10
CFHC California Fin. Hld. Co. of CA(8) 1.48 2.27 19.21 19.13 275.92
CBCI Calumet Bancorp of Chicago IL 2.49 3.22 35.23 35.23 220.98
CAFI Camco Fin. Corp. of OH 0.99 1.16 14.95 13.76 154.29
CMRN Cameron Fin. Corp. of MO 0.77 0.96 16.92 16.92 73.71
CAPS Capital Savings Bancorp of MO 0.77 1.10 10.89 10.89 125.75
CFNC Carolina Fincorp of NC* 0.65 0.61 13.92 13.92 58.71
CNY Carver FSB of New York, NY -0.76 -0.05 14.76 14.13 183.02
CASB Cascade SB of Everett WA 0.76 0.96 10.59 10.59 171.53
CATB Catskill Fin. Corp. of NY* 0.84 0.85 14.70 14.70 54.49
CNIT Cenit Bancorp of Norfolk VA 3.17 2.95 30.25 27.58 431.16
CEBK Central Co-Op. Bank of MA* 0.96 1.08 16.94 15.03 165.04
CENB Century Bancshares of NC* 4.31 4.36 73.51 73.51 245.57
CBSB Charter Financial Inc. of IL 0.84 1.06 13.22 11.60 93.56
COFI Charter One Financial of OH 2.88 3.66 20.53 19.10 302.99
CNBA Chester Bancorp of IL 0.71 0.71 14.50 14.50 65.30
CVAL Chester Valley Bancorp of PA 0.87 1.28 12.72 12.72 148.58
CTZN CitFed Bancorp of Dayton OH 1.76 2.55 21.59 19.23 341.03
CLAS Classic Bancshares of KY 0.30 0.50 14.49 12.17 97.10
CMSB Cmnwealth Bancorp of PA 0.66 0.85 12.50 9.60 130.68
COVB CoVest Bancshares of IL 0.31 0.85 16.36 15.59 183.09
CBSA Coastal Bancorp of Houston TX 1.49 2.49 19.64 16.59 574.11
CFCP Coastal Fin. Corp. of SC 0.89 0.98 6.37 6.37 104.51
COFD Collective Bancorp Inc. of NJ(8) 2.45 2.98 18.89 17.08 269.85
CMSV Commty. Svgs, MHC of FL (48.5) 0.83 1.26 15.57 15.57 138.65
CBNH Community Bankshares Inc of NH(8)* 2.08 1.68 16.80 16.80 235.56
117
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Share Market --------------- ------------------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------ ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
CFTP Community Fed. Bancorp of MS 17.50 4,282 74.9 20.00 12.25 17.50 0.00 N.A. 2.94
CFFC Community Fin. Corp. of VA 22.50 1,272 28.6 23.50 19.50 22.00 2.27 221.43 8.43
CIBI Community Inv. Bancorp of OH 19.00 633 12.0 19.50 14.75 19.00 0.00 N.A. 11.76
COOP Cooperative Bk.for Svgs. of NC 21.00 1,492 31.3 22.00 16.50 21.00 0.00 110.00 3.70
CRZY Crazy Woman Creek Bncorp of WY 13.62 1,005 13.7 14.25 10.00 13.50 0.89 N.A. 13.50
DNFC D&N Financial Corp. of MI 18.25 8,316 151.8 18.50 12.37 17.75 2.82 108.57 8.96
DFIN Damen Fin. Corp. of Chicago IL 14.25 3,247 46.3 15.00 11.00 14.44 -1.32 N.A. 10.72
DCBI Delphos Citizens Bancorp of OH 14.00 2,039 28.5 14.50 11.75 14.13 -0.92 N.A. 16.67
DIME Dime Community Bancorp of NY 17.87 13,126 234.6 19.62 11.69 17.38 2.82 N.A. 21.15
DIBK Dime Financial Corp. of CT* 23.87 5,136 122.6 23.87 13.75 22.88 4.33 127.33 38.38
EGLB Eagle BancGroup of IL 15.25 1,268 19.3 16.25 10.50 15.63 -2.43 N.A. 2.56
EBSI Eagle Bancshares of Tucker GA 16.31 4,552 74.2 17.50 13.62 16.25 0.37 124.97 5.23
EGFC Eagle Financial Corp. of CT 29.62 4,554 134.9 30.75 23.50 27.75 6.74 238.51 -2.89
ETFS East Texas Fin. Serv. of TX 17.25 1,079 18.6 18.75 14.25 17.25 0.00 N.A. 5.38
EBCP Eastern Bancorp of NH(8) 26.00 3,680 95.7 26.37 15.92 26.00 0.00 107.17 10.64
ESBK Elmira SB of Elmira NY* 20.75 706 14.6 21.25 14.75 20.75 0.00 44.40 13.70
EMLD Emerald Financial Corp of OH 15.00 5,062 75.9 15.00 10.25 14.75 1.69 N.A. 33.33
EIRE Emerald Island Bancorp, MA* 18.00 2,235 40.2 20.50 11.20 17.75 1.41 136.22 12.50
EFBC Empire Federal Bancorp of MT 13.12 2,592 34.0 14.44 12.50 13.12 0.00 N.A. N.A.
EFBI Enterprise Fed. Bancorp of OH 19.00 2,011 38.2 19.12 12.75 19.00 0.00 N.A. 31.03
EQSB Equitable FSB of Wheaton MD 34.00 602 20.5 35.50 22.50 34.00 0.00 N.A. 20.35
FFFG F.F.O. Financial Group of FL(8) 4.31 8,430 36.3 4.56 2.50 4.31 0.00 -48.13 27.89
FCBF FCB Fin. Corp. of Neenah WI 24.75 2,460 60.9 24.75 17.00 24.50 1.02 N.A. 33.78
FFBS FFBS Bancorp of Columbus MS 23.00 1,557 35.8 24.25 19.75 24.00 -4.17 N.A. 0.00
FFDF FFD Financial Corp. of OH 13.75 1,455 20.0 14.00 10.00 13.37 2.84 N.A. 3.77
FFLC FFLC Bancorp of Leesburg FL 28.25 2,342 66.2 28.25 17.75 26.75 5.61 N.A. 31.40
FFFC FFVA Financial Corp. of VA 25.00 4,521 113.0 25.75 15.75 24.50 2.04 N.A. 21.95
FFWC FFW Corporation of Wabash IN 26.00 697 18.1 26.75 19.00 26.00 0.00 N.A. 18.83
FFYF FFY Financial Corp. of OH 26.00 4,328 112.5 26.37 23.25 26.25 -0.95 N.A. 2.73
FMCO FMS Financial Corp. of NJ 19.75 2,386 47.1 20.75 15.50 20.75 -4.82 119.44 8.22
FFHH FSF Financial Corp. of MN 16.62 3,095 51.4 18.25 11.37 17.00 -2.24 N.A. 9.92
FOBC Fed One Bancorp of Wheeling WV 20.87 2,443 51.0 21.00 13.25 20.00 4.35 108.70 32.51
FBCI Fidelity Bancorp of Chicago IL 18.75 2,792 52.4 20.87 15.50 19.37 -3.20 N.A. 10.29
FSBI Fidelity Bancorp, Inc. of PA 20.00 1,541 30.8 21.70 14.54 20.50 -2.44 158.73 10.01
FFFL Fidelity FSB, MHC of FL (47.4) 18.75 6,766 59.8 20.00 12.00 18.75 0.00 N.A. 5.63
FFED Fidelity Fed. Bancorp of IN 9.00 2,490 22.4 12.25 7.50 7.75 16.13 27.66 -7.69
FFOH Fidelity Financial of OH 15.00 5,594 83.9 15.00 9.62 14.88 0.81 N.A. 30.43
FIBC Financial Bancorp of NY 17.25 1,748 30.2 18.50 12.37 17.25 0.00 N.A. 15.00
FBSI First Bancshares of MO 19.00 1,160 22.0 20.75 15.00 19.00 0.00 49.02 14.32
FBBC First Bell Bancorp of PA 14.87 6,803 101.2 17.37 13.12 14.75 0.81 N.A. 12.23
FBER First Bergen Bancorp of NJ 13.62 3,015 41.1 15.12 9.00 13.75 -0.95 N.A. 18.43
SKBO First Carnegie,MHC of PA(45.0) 13.44 2,300 13.9 13.50 11.62 13.37 0.52 N.A. N.A.
FCIT First Cit. Fin. Corp of MD(8) 28.62 2,944 84.3 28.62 16.00 27.75 3.14 229.34 56.82
FSTC First Citizens Corp of GA 24.75 1,588 39.3 26.75 18.25 25.00 -1.00 98.00 -1.98
FFBA First Colorado Bancorp of Co 18.00 16,555 298.0 18.87 12.50 17.50 2.86 445.45 5.88
FDEF First Defiance Fin.Corp. of OH 14.00 9,423 131.9 14.25 9.87 14.25 -1.75 N.A. 13.18
FESX First Essex Bancorp of MA* 16.62 7,484 124.4 17.12 10.00 17.00 -2.24 177.00 26.68
FFES First FS&LA of E. Hartford CT 25.25 2,649 66.9 28.50 16.50 24.62 2.56 288.46 9.78
FSSB First FS&LA of San Bern. CA 9.50 328 3.1 10.75 8.25 9.25 2.70 -5.00 5.56
FFSX First FS&LA. MHC of IA (46.0) 23.00 2,827 19.9 35.00 21.00 22.00 4.55 244.83 17.95
FFSW First Fed Fin. Serv. of OH 34.50 4,588 158.3 35.00 21.80 34.00 1.47 153.68 10.93
BDJI First Fed. Bancorp. of MN 18.75 701 13.1 19.25 12.25 18.25 2.74 N.A. 1.35
FFBH First Fed. Bancshares of AR 19.37 4,896 94.8 20.37 12.75 18.87 2.65 N.A. 22.05
FTFC First Fed. Capital Corp. of WI 30.25 6,089 184.2 31.00 19.50 30.00 0.83 168.89 28.72
FFKY First Fed. Fin. Corp. of KY 19.25 4,165 80.2 22.00 17.75 18.88 1.96 22.22 -4.94
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- -------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
CFTP Community Fed. Bancorp of MS 0.68 0.81 16.13 16.13 48.12
CFFC Community Fin. Corp. of VA 1.31 1.65 18.05 18.05 131.03
CIBI Community Inv. Bancorp of OH 0.99 1.47 17.73 17.73 153.94
COOP Cooperative Bk.for Svgs. of NC -1.96 0.29 17.49 17.49 233.58
CRZY Crazy Woman Creek Bncorp of WY 0.51 0.64 14.42 14.42 51.78
DNFC D&N Financial Corp. of MI 1.06 1.43 10.67 10.56 183.80
DFIN Damen Fin. Corp. of Chicago IL 0.51 0.64 14.12 14.12 70.03
DCBI Delphos Citizens Bancorp of OH 0.62 0.62 14.88 14.88 52.51
DIME Dime Community Bancorp of NY 0.87 0.97 14.53 12.47 94.26
DIBK Dime Financial Corp. of CT* 2.61 2.69 12.41 11.96 158.57
EGLB Eagle BancGroup of IL -0.26 0.15 16.27 16.27 134.49
EBSI Eagle Bancshares of Tucker GA 0.80 1.09 12.74 12.74 146.35
EGFC Eagle Financial Corp. of CT 1.85 2.47 22.91 17.24 332.02
ETFS East Texas Fin. Serv. of TX 0.34 0.68 19.69 19.69 103.51
EBCP Eastern Bancorp of NH(8) 0.87 1.36 17.86 16.95 235.28
ESBK Elmira SB of Elmira NY* 0.89 0.85 19.87 19.02 315.32
EMLD Emerald Financial Corp of OH 0.75 0.96 8.73 8.58 116.28
EIRE Emerald Island Bancorp, MA* 1.41 1.49 12.84 12.84 184.40
EFBC Empire Federal Bancorp of MT 0.35 0.46 14.76 14.76 42.30
EFBI Enterprise Fed. Bancorp of OH 0.75 0.82 15.52 15.50 122.52
EQSB Equitable FSB of Wheaton MD 2.20 3.52 24.92 24.92 491.70
FFFG F.F.O. Financial Group of FL(8) 0.19 0.31 2.41 2.41 37.60
FCBF FCB Fin. Corp. of Neenah WI 0.97 1.17 19.11 19.11 109.16
FFBS FFBS Bancorp of Columbus MS 0.96 1.21 16.05 16.05 82.64
FFDF FFD Financial Corp. of OH 0.44 0.61 14.50 14.50 58.62
FFLC FFLC Bancorp of Leesburg FL 1.00 1.47 22.16 22.16 153.09
FFFC FFVA Financial Corp. of VA 1.27 1.57 15.78 15.43 121.60
FFWC FFW Corporation of Wabash IN 1.98 2.46 22.75 22.75 227.32
FFYF FFY Financial Corp. of OH 1.20 1.72 19.50 19.50 138.32
FMCO FMS Financial Corp. of NJ 1.41 2.15 14.59 14.29 232.02
FFHH FSF Financial Corp. of MN 0.72 0.93 13.97 13.97 118.68
FOBC Fed One Bancorp of Wheeling WV 0.96 1.37 16.45 15.68 141.72
FBCI Fidelity Bancorp of Chicago IL 0.88 1.26 17.74 17.69 174.07
FSBI Fidelity Bancorp, Inc. of PA 1.07 1.70 14.81 14.81 212.78
FFFL Fidelity FSB, MHC of FL (47.4) 0.49 0.78 12.08 11.98 136.99
FFED Fidelity Fed. Bancorp of IN 0.17 0.30 5.17 5.17 100.52
FFOH Fidelity Financial of OH 0.40 0.64 12.03 10.57 91.72
FIBC Financial Bancorp of NY 0.77 1.32 14.98 14.91 154.00
FBSI First Bancshares of MO 1.18 1.45 19.80 19.77 137.97
FBBC First Bell Bancorp of PA 1.07 1.26 10.63 10.63 104.22
FBER First Bergen Bancorp of NJ 0.35 0.63 13.76 13.76 83.68
SKBO First Carnegie,MHC of PA(45.0) 0.24 0.35 10.21 10.21 65.23
FCIT First Cit. Fin. Corp of MD(8) 1.19 1.79 14.39 14.39 235.67
FSTC First Citizens Corp of GA 2.91 2.43 15.18 11.94 162.02
FFBA First Colorado Bancorp of Co 1.03 1.02 13.08 12.92 91.46
FDEF First Defiance Fin.Corp. of OH 0.44 0.60 12.41 12.41 57.95
FESX First Essex Bancorp of MA* 1.27 1.11 11.20 9.65 153.24
FFES First FS&LA of E. Hartford CT 1.56 2.49 23.00 23.00 367.95
FSSB First FS&LA of San Bern. CA -3.66 -3.67 13.70 13.20 316.08
FFSX First FS&LA. MHC of IA (46.0) 0.68 1.17 13.32 13.20 163.72
FFSW First Fed Fin. Serv. of OH 2.01 1.59 14.35 12.12 237.17
BDJI First Fed. Bancorp. of MN 0.48 1.00 17.17 17.17 153.66
FFBH First Fed. Bancshares of AR 0.81 1.16 16.79 16.79 106.16
FTFC First Fed. Capital Corp. of WI 1.77 2.06 15.97 14.97 251.31
FFKY First Fed. Fin. Corp. of KY 1.08 1.29 12.16 11.42 89.39
118
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FFBZ First Federal Bancorp of OH 17.50 1,572 27.5 19.00 11.75 17.50 0.00 75.00 9.38
FFCH First Fin. Holdings Inc. of SC 26.75 6,326 169.2 28.25 17.50 26.75 0.00 118.37 18.89
FFBI First Financial Bancorp of IL 16.00 415 6.6 16.50 15.50 15.50 3.23 N.A. 0.82
FFHC First Financial Corp. of WI(8) 28.00 36,411 1,019.5 28.62 17.20 27.87 0.47 77.78 14.29
FFHS First Franklin Corp. of OH 19.87 1,178 23.4 20.50 14.25 20.25 -1.88 51.45 20.42
FGHC First Georgia Hold. Corp of GA 7.50 3,052 22.9 8.25 4.00 7.75 -3.23 95.82 32.28
FSPG First Home Bancorp of NJ 19.25 2,708 52.1 19.37 13.31 18.75 2.67 220.83 38.79
FFSL First Independence Corp. of KS 11.28 1,005 11.3 12.25 8.87 10.88 3.68 N.A. 8.78
FISB First Indiana Corp. of IN 21.25 10,505 223.2 24.30 16.80 20.50 3.66 57.41 -0.70
FKFS First Keystone Fin. Corp of PA 22.75 1,228 27.9 22.75 16.75 22.31 1.97 N.A. 18.18
FLKY First Lancaster Bncshrs of KY 15.00 959 14.4 16.25 13.12 15.25 -1.64 N.A. 2.60
FLFC First Liberty Fin. Corp. of GA 21.50 7,725 166.1 22.50 13.67 21.75 -1.15 323.23 17.04
CASH First Midwest Fin. Corp. of IA 15.44 2,827 43.6 17.50 14.50 15.00 2.93 N.A. 0.72
FMBD First Mutual Bancorp of IL 15.00 3,742 56.1 16.00 11.62 15.38 -2.47 N.A. 0.00
FMSB First Mutual SB of Bellevue WA* 20.25 2,453 49.7 20.50 12.25 20.50 -1.22 161.29 15.71
FNGB First Northern Cap. Corp of WI 19.62 4,419 86.7 20.25 15.25 20.25 -3.11 34.75 20.74
FFPB First Palm Beach Bancorp of FL 30.00 5,009 150.3 30.00 19.94 30.00 0.00 N.A. 27.01
FSLA First SB SLA MHC of NJ (47.5) 24.75 7,247 84.2 24.75 14.09 24.50 1.02 147.50 33.78
FSNJ First SB of NJ, MHC (45.9)(8) 25.75 3,064 36.2 25.75 14.00 24.25 6.19 N.A. 11.96
SOPN First SB, SSB, Moore Co. of NC 20.75 3,697 76.7 21.25 16.75 20.00 3.75 N.A. 10.67
FWWB First Savings Bancorp of WA* 21.50 10,569 227.2 22.12 14.37 20.88 2.97 N.A. 17.04
SHEN First Shenango Bancorp of PA 25.00 2,063 51.6 25.75 20.00 24.00 4.17 N.A. 11.11
FSFC First So.east Fin. Corp. of SC 10.94 4,388 48.0 19.00 9.12 10.50 4.19 N.A. 16.63
FLAG Flag Financial Corp of GA 12.75 2,037 26.0 12.87 9.75 12.25 4.08 30.10 18.60
FFIC Flushing Fin. Corp. of NY* 19.37 8,088 156.7 19.94 15.75 18.88 2.60 N.A. 6.90
FBHC Fort Bend Holding Corp. of TX 26.50 822 21.8 27.50 16.87 27.00 -1.85 N.A. 3.92
FTSB Fort Thomas Fin. Corp. of KY 10.50 1,495 15.7 17.75 9.25 10.25 2.44 N.A. -28.18
FKKY Frankfort First Bancorp of KY 12.00 3,385 40.6 12.25 9.75 10.63 12.89 N.A. 5.54
FTNB Fulton Bancorp of MO 20.12 1,719 34.6 20.12 12.50 19.50 3.18 N.A. 30.90
GFSB GFS Bancorp of Grinnell IA 14.25 988 14.1 14.25 10.12 14.25 0.00 N.A. 34.18
GUPB GFSB Bancorp of Gallup NM 18.00 839 15.1 18.62 13.25 18.00 0.00 N.A. 13.42
GSLA GS Financial Corp. of LA 14.37 3,439 49.4 14.37 13.37 14.00 2.64 N.A. N.A.
GWBC Gateway Bancorp of KY(8) 16.62 1,076 17.9 17.25 13.00 16.50 0.73 N.A. 16.63
GBCI Glacier Bancorp of MT 16.50 6,799 112.2 17.00 13.50 16.50 0.00 241.61 1.04
GLBK Glendale Co-op. Bank of MA(8)* 26.75 247 6.6 26.75 16.50 26.75 0.00 N.A. 33.75
GFCO Glenway Financial Corp. of OH 24.75 1,144 28.3 25.75 18.09 24.75 0.00 N.A. 20.73
GTPS Great American Bancorp of IL 15.50 1,760 27.3 16.50 13.19 15.75 -1.59 N.A. 4.66
GTFN Great Financial Corp. of KY 33.25 14,073 467.9 34.75 25.37 33.00 0.76 N.A. 14.18
GSBC Great Southern Bancorp of MO 16.94 8,288 140.4 18.00 13.12 16.87 0.41 480.14 -4.88
GDVS Greater DV SB,MHC of PA (19.9)* 12.87 3,272 8.4 14.00 9.25 12.87 0.00 N.A. 24.11
GRTR Greater New York SB of NY(8)* 19.69 13,678 269.3 19.69 10.12 19.13 2.93 111.49 44.57
GSFC Green Street Fin. Corp. of NC 17.75 4,298 76.3 18.87 12.50 17.88 -0.73 N.A. 14.52
GSLC Guaranty Svgs & Loan FA of VA 10.00 1,499 15.0 11.00 7.25 9.62 3.95 N.A. 14.29
GFED Guarnty FS&LA,MHC of MO (31.0) 17.00 3,125 16.5 17.25 9.75 17.00 0.00 N.A. 40.96
HCBB HCB Bancshares of AR 12.87 2,645 34.0 13.25 12.62 13.12 -1.91 N.A. N.A.
HEMT HF Bancorp of Hemet CA 13.50 6,282 84.8 14.50 9.25 13.38 0.90 N.A. 21.40
HFFC HF Financial Corp. of SD 19.37 2,998 58.1 20.50 14.75 20.00 -3.15 287.40 11.90
HFNC HFNC Financial Corp. of NC 17.12 17,192 294.3 22.06 15.87 17.37 -1.44 N.A. -4.20
HMNF HMN Financial, Inc. of MN 21.12 4,210 88.9 23.75 15.12 22.00 -4.00 N.A. 16.56
HALL Hallmark Capital Corp. of WI 19.25 1,443 27.8 20.00 14.50 19.25 0.00 N.A. 8.45
HARB Harbor FSB, MHC of FL (46.0) 36.62 4,962 83.1 38.50 23.75 35.75 2.43 N.A. 2.43
HRBF Harbor Federal Bancorp of MD 17.00 1,754 29.8 18.75 12.37 18.00 -5.56 70.00 7.94
HFSA Hardin Bancorp of Hardin MO 14.62 859 12.6 15.50 11.00 14.62 0.00 N.A. 16.96
HARL Harleysville SA of PA 22.12 1,651 36.5 23.00 14.00 22.00 0.55 24.62 40.00
HARS Harris SB, MHC of PA (24.2) 20.75 11,221 56.3 22.62 14.75 19.75 5.06 N.A. 13.70
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FFBZ First Federal Bancorp of OH 0.86 1.18 9.34 9.33 121.94
FFCH First Fin. Holdings Inc. of SC 1.35 2.05 15.57 15.57 253.24
FFBI First Financial Bancorp of IL -0.05 1.05 17.52 17.52 224.47
FFHC First Financial Corp. of WI(8) 1.43 1.95 11.14 10.82 159.53
FFHS First Franklin Corp. of OH 0.27 1.15 16.93 16.81 192.05
FGHC First Georgia Hold. Corp of GA 0.47 0.28 4.09 3.73 48.20
FSPG First Home Bancorp of NJ 1.63 2.14 12.36 12.14 187.68
FFSL First Independence Corp. of KS 0.53 0.81 11.42 11.42 108.69
FISB First Indiana Corp. of IN 1.26 1.45 13.51 13.34 141.00
FKFS First Keystone Fin. Corp of PA 1.24 1.84 18.12 18.12 256.22
FLKY First Lancaster Bncshrs of KY 0.38 0.49 14.27 14.27 38.43
FLFC First Liberty Fin. Corp. of GA 1.76 1.42 11.87 10.62 161.56
CASH First Midwest Fin. Corp. of IA 0.96 1.24 15.18 13.43 130.94
FMBD First Mutual Bancorp of IL 0.13 0.34 15.22 11.71 113.47
FMSB First Mutual SB of Bellevue WA* 1.60 1.54 11.17 11.17 169.93
FNGB First Northern Cap. Corp of WI 0.81 1.20 16.09 16.09 139.83
FFPB First Palm Beach Bancorp of FL -0.02 0.15 21.04 20.50 311.09
FSLA First SB SLA MHC of NJ (47.5) 0.69 1.22 13.00 11.52 141.40
FSNJ First SB of NJ, MHC (45.9)(8) -0.70 0.47 16.18 16.18 188.83
SOPN First SB, SSB, Moore Co. of NC 0.99 1.19 18.04 18.04 73.34
FWWB First Savings Bancorp of WA* 0.68 0.68 14.13 12.97 89.60
SHEN First Shenango Bancorp of PA 1.55 2.08 20.79 20.79 194.34
FSFC First So.east Fin. Corp. of SC 0.01 0.70 7.80 7.80 76.29
FLAG Flag Financial Corp of GA -0.07 0.15 10.25 10.25 109.02
FFIC Flushing Fin. Corp. of NY* 0.86 0.89 16.06 16.06 100.30
FBHC Fort Bend Holding Corp. of TX 0.74 1.72 21.78 20.15 338.85
FTSB Fort Thomas Fin. Corp. of KY 0.30 0.46 10.19 10.19 63.33
FKKY Frankfort First Bancorp of KY 0.24 0.36 9.93 9.93 37.91
FTNB Fulton Bancorp of MO 0.41 0.58 14.47 14.47 57.86
GFSB GFS Bancorp of Grinnell IA 0.85 1.09 10.32 10.32 89.22
GUPB GFSB Bancorp of Gallup NM 0.69 0.87 16.88 16.88 103.59
GSLA GS Financial Corp. of LA 0.29 0.29 15.77 15.77 34.03
GWBC Gateway Bancorp of KY(8) 0.53 0.74 15.95 15.95 61.16
GBCI Glacier Bancorp of MT 1.00 1.13 7.77 7.55 81.24
GLBK Glendale Co-op. Bank of MA(8)* 1.11 1.07 24.48 24.48 149.50
GFCO Glenway Financial Corp. of OH 0.92 1.67 23.46 23.10 245.47
GTPS Great American Bancorp of IL 0.33 0.42 16.58 16.58 78.35
GTFN Great Financial Corp. of KY 1.46 1.40 19.83 18.97 213.33
GSBC Great Southern Bancorp of MO 1.09 1.23 7.35 7.35 81.94
GDVS Greater DV SB,MHC of PA (19.9)* 0.01 0.24 8.37 8.37 72.95
GRTR Greater New York SB of NY(8)* 0.86 0.74 11.78 11.78 187.93
GSFC Green Street Fin. Corp. of NC 0.57 0.70 14.64 14.64 40.57
GSLC Guaranty Svgs & Loan FA of VA 0.33 0.31 4.43 4.43 77.50
GFED Guarnty FS&LA,MHC of MO (31.0) 0.30 0.49 8.68 8.68 62.73
HCBB HCB Bancshares of AR -0.08 0.29 13.73 13.16 75.24
HEMT HF Bancorp of Hemet CA -0.36 -2.62 12.91 0.00 131.63
HFFC HF Financial Corp. of SD 1.10 1.51 17.21 17.17 187.22
HFNC HFNC Financial Corp. of NC 0.51 0.67 9.23 9.23 49.03
HMNF HMN Financial, Inc. of MN 0.99 1.20 18.71 18.71 131.36
HALL Hallmark Capital Corp. of WI 1.20 1.58 19.82 19.82 283.64
HARB Harbor FSB, MHC of FL (46.0) 1.93 2.54 18.30 17.61 222.68
HRBF Harbor Federal Bancorp of MD 0.51 0.82 16.09 16.09 125.12
HFSA Hardin Bancorp of Hardin MO 0.54 0.88 15.38 15.38 120.32
HARL Harleysville SA of PA 1.30 1.86 12.82 12.82 201.43
HARS Harris SB, MHC of PA (24.2) 0.36 0.88 13.71 11.83 173.19
119
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -----------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%) ($)
>
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HFFB Harrodsburg 1st Fin Bcrp of KY 15.00 2,025 30.4 19.00 14.87 15.00 0.00 N.A. -20.51
HHFC Harvest Home Fin. Corp. of OH 10.50 935 9.8 13.75 9.25 11.00 -4.55 N.A. 7.69
HAVN Haven Bancorp of Woodhaven NY 34.00 4,330 147.2 36.00 25.56 34.25 -0.73 N.A. 18.80
HVFD Haverfield Corp. of OH(8) 25.50 1,906 48.6 25.98 17.00 25.50 0.00 64.52 33.37
HTHR Hawthorne Fin. Corp. of CA 11.37 2,629 29.9 11.75 6.62 11.25 1.07 -58.65 39.85
HMLK Hemlock Fed. Fin. Corp. of IL 13.00 2,076 27.0 13.25 12.50 13.13 -0.99 N.A. N.A.
HBNK Highland Federal Bank of CA 21.81 2,282 49.8 24.00 14.25 21.50 1.44 N.A. 28.29
HIFS Hingham Inst. for Sav. of MA* 18.25 1,301 23.7 19.25 14.00 18.63 -2.04 300.22 -2.67
HBEI Home Bancorp of Elgin IL 16.25 7,009 113.9 16.25 11.81 16.00 1.56 N.A. 20.37
HBFW Home Bancorp of Fort Wayne IN 20.12 2,623 52.8 20.87 14.75 20.13 -0.05 N.A. 5.89
HBBI Home Building Bancorp of IN 21.00 312 6.6 22.00 17.00 21.00 0.00 N.A. 6.33
HCFC Home City Fin. Corp. of OH 13.25 952 12.6 14.25 12.00 13.25 0.00 N.A. 0.00
HOMF Home Fed Bancorp of Seymour IN 27.00 3,390 91.5 28.00 17.00 26.88 0.45 168.66 4.85
HWEN Home Financial Bancorp of IN 15.75 486 7.7 15.75 9.87 15.50 1.61 N.A. 23.53
HPBC Home Port Bancorp, Inc. of MA* 20.25 1,842 37.3 20.37 12.50 19.50 3.85 153.13 22.73
HMCI Homecorp, Inc. of Rockford IL 14.25 1,693 24.1 15.17 11.33 14.00 1.79 42.50 11.76
HZFS Horizon Fin'l. Services of IA 19.25 426 8.2 19.25 14.00 19.00 1.32 N.A. 27.31
HRZB Horizon Financial Corp. of WA* 15.37 7,399 113.7 16.00 10.65 14.87 3.36 34.59 30.92
IBSF IBS Financial Corp. of NJ 15.00 11,012 165.2 16.25 10.87 14.87 0.87 N.A. 10.38
ISBF ISB Financial Corp. of LA 22.75 7,001 159.3 26.12 13.62 22.25 2.25 N.A. 26.39
ITLA Imperial Thrift & Loan of CA* 15.25 7,829 119.4 17.25 12.62 15.25 0.00 N.A. 1.67
IFSB Independence FSB of DC 8.87 1,280 11.4 9.75 6.75 8.37 5.97 343.50 10.87
INCB Indiana Comm. Bank, SB of IN 16.25 922 15.0 19.00 13.25 15.00 8.33 N.A. 0.00
IFSL Indiana Federal Corp. of IN(8) 26.37 4,786 126.2 27.25 18.25 26.00 1.42 249.73 17.88
INBI Industrial Bancorp of OH 12.75 5,410 69.0 13.25 9.87 12.50 2.00 N.A. 0.00
IWBK Interwest SB of Oak Harbor WA 34.75 8,018 278.6 36.25 23.87 35.00 -0.71 247.50 7.75
IPSW Ipswich SB of Ipswich MA* 16.37 1,188 19.4 16.37 9.75 15.25 7.34 N.A. 36.42
JSBF JSB Financial, Inc. of NY 44.62 9,830 438.6 45.00 32.62 44.00 1.41 288.00 17.42
JXVL Jacksonville Bancorp of TX 14.62 2,572 37.6 15.75 10.00 14.50 0.83 N.A. 0.00
JXSB Jcksnville SB,MHC of IL (44.6) 16.25 1,272 9.2 18.00 11.50 17.50 -7.14 N.A. 22.64
JSBA Jefferson Svgs Bancorp of MO 29.00 4,971 144.2 30.50 22.25 28.50 1.75 N.A. 11.54
JOAC Joachim Bancorp of MO 14.75 760 11.2 15.25 12.12 14.87 -0.81 N.A. 1.72
KSAV KS Bancorp of Kenly NC 22.00 663 14.6 22.00 18.00 22.00 0.00 N.A. 10.72
KSBK KSB Bancorp of Kingfield ME(8)* 33.00 413 13.6 34.00 20.00 30.00 10.00 N.A. 43.48
KFBI Klamath First Bancorp of OR 18.94 9,962 188.7 19.00 13.37 18.50 2.38 N.A. 20.25
LSBI LSB Fin. Corp. of Lafayette IN 19.50 945 18.4 20.00 14.29 19.41 0.46 N.A. 5.01
LVSB Lakeview SB of Paterson NJ 29.62 2,302 68.2 33.50 17.27 29.00 2.14 N.A. 19.10
LARK Landmark Bancshares of KS 20.00 1,808 36.2 20.00 15.25 19.50 2.56 N.A. 11.11
LARL Laurel Capital Group of PA 21.25 1,498 31.8 22.50 14.50 21.50 -1.16 66.02 28.79
LSBX Lawrence Savings Bank of MA* 10.87 4,256 46.3 10.87 5.12 9.88 10.02 215.99 33.70
LFED Leeds FSB, MHC of MD (36.2) 18.00 3,455 22.5 19.00 13.00 18.00 0.00 N.A. 12.50
LXMO Lexington B&L Fin. Corp. of MO 14.75 1,088 16.0 15.75 9.62 14.50 1.72 N.A. 9.26
LIFB Life Bancorp of Norfolk VA 22.75 9,847 224.0 23.12 14.12 21.88 3.98 N.A. 26.39
LFBI Little Falls Bancorp of NJ 13.00 2,745 35.7 14.00 9.75 13.38 -2.84 N.A. 1.96
LOGN Logansport Fin. Corp. of IN 14.00 1,256 17.6 15.00 11.12 14.00 0.00 N.A. 24.44
LONF London Financial Corp. of OH 15.00 515 7.7 17.50 10.00 15.00 0.00 N.A. 6.23
LISB Long Island Bancorp of NY 35.12 24,228 850.9 39.25 27.69 34.87 0.72 N.A. 0.34
MAFB MAF Bancorp of IL 41.00 10,429 427.6 42.31 22.25 41.75 -1.80 382.35 17.99
MBLF MBLA Financial Corp. of MO(8) 23.25 1,316 30.6 24.00 19.00 20.75 12.05 N.A. 22.37
MFBC MFB Corp. of Mishawaka IN 19.50 1,735 33.8 19.75 13.75 19.37 0.67 N.A. 17.33
MLBC ML Bancorp of Villanova PA 18.44 10,415 192.1 18.44 11.87 17.44 5.73 N.A. 30.59
MBB MSB Bancorp of Middletown NY* 18.12 2,837 51.4 20.50 15.50 17.75 2.08 81.20 -7.65
MSBF MSB Financial Corp. of MI 22.00 630 13.9 22.00 16.50 21.75 1.15 N.A. 15.79
MGNL Magna Bancorp of MS(8) 23.25 13,754 319.8 23.75 16.75 23.50 -1.06 365.00 32.86
MARN Marion Capital Holdings of IN 22.50 1,828 41.1 23.25 19.25 23.25 -3.23 N.A. 16.88
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HFFB Harrodsburg 1st Fin Bcrp of KY 0.55 0.73 14.08 14.08 53.43
HHFC Harvest Home Fin. Corp. of OH 0.17 0.44 11.12 11.12 89.47
HAVN Haven Bancorp of Woodhaven NY 2.28 3.32 23.13 23.04 399.03
HVFD Haverfield Corp. of OH(8) 0.88 1.86 15.04 15.04 179.26
HTHR Hawthorne Fin. Corp. of CA 2.39 1.65 12.11 12.11 314.87
HMLK Hemlock Fed. Fin. Corp. of IL 0.19 0.49 13.74 13.74 79.00
HBNK Highland Federal Bank of CA 0.59 1.03 15.70 15.70 210.43
HIFS Hingham Inst. for Sav. of MA* 1.73 1.73 15.10 15.10 158.08
HBEI Home Bancorp of Elgin IL 0.15 0.39 14.39 14.39 51.18
HBFW Home Bancorp of Fort Wayne IN 0.68 1.10 17.43 17.43 124.97
HBBI Home Building Bancorp of IN 0.27 0.74 18.11 18.11 150.01
HCFC Home City Fin. Corp. of OH 0.51 0.77 14.77 14.77 71.68
HOMF Home Fed Bancorp of Seymour IN 1.93 2.29 16.54 16.00 195.77
HWEN Home Financial Bancorp of IN 0.45 0.64 15.12 15.12 81.16
HPBC Home Port Bancorp, Inc. of MA* 1.69 1.68 11.11 11.11 102.72
HMCI Homecorp, Inc. of Rockford IL 0.23 0.77 12.52 12.52 198.73
HZFS Horizon Fin'l. Services of IA 0.75 1.05 19.31 19.31 183.96
HRZB Horizon Financial Corp. of WA* 1.05 1.03 10.61 10.61 69.65
IBSF IBS Financial Corp. of NJ 0.35 0.60 11.45 11.45 67.20
ISBF ISB Financial Corp. of LA 0.75 1.01 16.28 13.74 132.73
ITLA Imperial Thrift & Loan of CA* 1.37 1.37 11.77 11.72 103.52
IFSB Independence FSB of DC 0.26 0.39 13.03 11.28 193.66
INCB Indiana Comm. Bank, SB of IN 0.16 0.50 12.27 12.27 99.06
IFSL Indiana Federal Corp. of IN(8) 1.10 1.56 15.03 14.12 171.11
INBI Industrial Bancorp of OH 0.44 0.86 11.41 11.41 61.71
IWBK Interwest SB of Oak Harbor WA 1.67 2.34 14.82 14.47 220.94
IPSW Ipswich SB of Ipswich MA* 1.51 1.22 8.29 8.29 133.79
JSBF JSB Financial, Inc. of NY 2.58 2.58 33.37 33.37 154.51
JXVL Jacksonville Bancorp of TX 0.74 1.02 13.27 13.27 84.89
JXSB Jcksnville SB,MHC of IL (44.6) 0.33 0.77 13.26 13.26 128.80
JSBA Jefferson Svgs Bancorp of MO 0.57 1.43 18.09 14.12 230.96
JOAC Joachim Bancorp of MO 0.24 0.37 13.60 13.60 46.92
KSAV KS Bancorp of Kenly NC 1.34 1.76 21.01 21.00 151.97
KSBK KSB Bancorp of Kingfield ME(8)* 2.75 2.74 21.90 20.27 320.90
KFBI Klamath First Bancorp of OR 0.59 0.87 14.03 14.03 68.64
LSBI LSB Fin. Corp. of Lafayette IN 0.94 0.79 18.06 18.06 198.97
LVSB Lakeview SB of Paterson NJ 2.85 1.78 20.78 16.64 204.95
LARK Landmark Bancshares of KS 0.98 1.22 18.11 18.11 123.78
LARL Laurel Capital Group of PA 1.50 1.92 14.51 14.51 139.24
LSBX Lawrence Savings Bank of MA* 1.30 1.30 7.06 7.06 80.37
LFED Leeds FSB, MHC of MD (36.2) 0.63 0.90 13.20 13.20 81.59
LXMO Lexington B&L Fin. Corp. of MO 0.42 0.58 17.24 17.24 56.68
LIFB Life Bancorp of Norfolk VA 0.96 1.18 15.42 14.94 142.97
LFBI Little Falls Bancorp of NJ 0.27 0.53 14.30 13.16 110.52
LOGN Logansport Fin. Corp. of IN 0.73 0.95 12.41 12.41 63.14
LONF London Financial Corp. of OH 0.54 0.79 14.63 14.63 73.66
LISB Long Island Bancorp of NY 1.38 1.64 21.62 21.41 239.98
MAFB MAF Bancorp of IL 2.23 3.11 24.46 21.24 310.33
MBLF MBLA Financial Corp. of MO(8) 1.05 1.36 21.51 21.51 159.41
MFBC MFB Corp. of Mishawaka IN 0.71 1.07 19.59 19.59 135.04
MLBC ML Bancorp of Villanova PA 1.26 1.15 13.55 13.22 180.04
MBB MSB Bancorp of Middletown NY* 0.44 0.48 19.57 7.69 299.00
MSBF MSB Financial Corp. of MI 1.22 1.52 19.94 19.94 120.05
MGNL Magna Bancorp of MS(8) 1.33 1.57 9.62 9.30 100.56
MARN Marion Capital Holdings of IN 1.27 1.53 21.99 21.99 95.41
120
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
MRKF Market Fin. Corp. of OH 12.87 1,336 17.2 13.00 12.25 12.63 1.90 N.A. N.A.
MFCX Marshalltown Fin. Corp. of IA(8) 15.00 1,411 21.2 16.62 14.25 15.00 0.00 N.A. 0.87
MFSL Maryland Fed. Bancorp of MD 45.00 3,210 144.5 45.00 26.91 37.75 19.21 328.57 29.50
MASB MassBank Corp. of Reading MA* 43.00 2,686 115.5 43.00 32.50 42.00 2.38 248.74 12.80
MFLR Mayflower Co-Op. Bank of MA* 16.25 890 14.5 19.75 13.12 17.13 -5.14 225.00 -4.41
MECH Mechanics SB of Hartford CT* 18.37 5,290 97.2 19.00 11.00 17.37 5.76 N.A. 16.63
MDBK Medford Savings Bank of MA* 27.25 4,540 123.7 29.75 20.75 27.06 0.70 289.29 5.83
MERI Meritrust FSB of Thibodaux LA 38.50 774 29.8 38.50 30.75 35.25 9.22 N.A. 21.76
MWBX Metro West of MA* 5.44 13,943 75.8 5.50 3.50 5.44 0.00 32.04 1.30
MCBS Mid Continent Bancshares of KS 26.00 1,958 50.9 27.00 17.50 25.75 0.97 N.A. 11.25
MIFC Mid Iowa Financial Corp. of IA 9.00 1,676 15.1 9.00 6.00 8.50 5.88 80.00 41.29
MCBN Mid-Coast Bancorp of ME 19.50 230 4.5 20.25 18.00 19.50 0.00 241.51 2.63
MWBI Midwest Bancshares, Inc. of IA 31.50 348 11.0 31.50 24.50 29.50 6.78 215.00 18.87
MWFD Midwest Fed. Fin. Corp of WI 19.75 1,625 32.1 24.50 15.12 20.75 -4.82 295.00 6.76
MFFC Milton Fed. Fin. Corp. of OH 14.12 2,327 32.9 16.00 11.50 14.00 0.86 N.A. -2.62
MIVI Miss. View Hold. Co. of MN 15.00 819 12.3 15.63 10.75 15.00 0.00 N.A. 25.00
MBSP Mitchell Bancorp of NC* 16.75 968 16.2 16.75 10.19 16.25 3.08 N.A. 17.54
MBBC Monterey Bay Bancorp of CA 16.37 3,245 53.1 18.25 11.37 16.00 2.31 N.A. 10.98
MSBK Mutual SB, FSB of Bay City MI 8.37 4,274 35.8 8.37 5.12 8.37 0.00 -4.34 52.18
NHTB NH Thrift Bancshares of NH 15.37 2,041 31.4 15.50 9.75 15.00 2.47 232.68 21.79
NSLB NS&L Bancorp of Neosho MO 16.50 708 11.7 17.25 12.00 16.50 0.00 N.A. 21.15
NMSB Newmil Bancorp. of CT* 9.50 3,888 36.9 10.12 6.75 9.50 0.00 49.14 -2.56
NASB North American SB of MO 45.00 2,257 101.6 46.25 29.25 43.50 3.45 958.82 31.39
NBSI North Bancshares of Chicago IL 19.50 1,035 20.2 20.12 15.25 19.50 0.00 N.A. 18.18
FFFD North Central Bancshares of IA 15.25 3,429 52.3 16.62 10.25 15.50 -1.61 N.A. 12.46
NBN Northeast Bancorp of ME* 14.37 1,275 18.3 14.75 12.50 14.37 0.00 22.30 2.64
NEIB Northeast Indiana Bncrp of IN 16.00 1,763 28.2 16.00 11.50 14.75 8.47 N.A. 17.47
NWEQ Northwest Equity Corp. of WI 14.62 929 13.6 15.00 10.25 15.00 -2.53 N.A. 20.63
NWSB Northwest SB, MHC of PA (29.9) 14.37 23,376 100.4 15.75 10.75 14.50 -0.90 N.A. 7.48
NSSY Norwalk Savings Society of CT* 26.87 2,404 64.6 28.13 19.87 28.12 -4.45 N.A. 14.98
NSSB Norwich Financial Corp. of CT* 20.62 5,400 111.3 23.25 13.12 20.00 3.10 194.57 5.10
NTMG Nutmeg FS&LA of CT 7.37 725 5.3 8.00 7.00 7.37 0.00 N.A. -1.73
OHSL OHSL Financial Corp. of OH 23.75 1,208 28.7 24.25 19.25 23.75 0.00 N.A. 11.14
OCFC Ocean Fin. Corp. of NJ 31.44 9,059 284.8 32.37 19.62 31.75 -0.98 N.A. 23.29
OCWN Ocwen Financial Corp. of FL 29.25 26,800 783.9 34.75 20.25 29.38 -0.44 N.A. 9.35
OFCP Ottawa Financial Corp. of MI 21.37 5,040 107.7 22.75 16.00 21.00 1.76 N.A. 27.13
PFFB PFF Bancorp of Pomona CA 15.25 18,846 287.4 16.94 10.37 15.44 -1.23 N.A. 2.56
PSFI PS Financial of Chicago IL 14.25 2,182 31.1 14.25 11.62 13.75 3.64 N.A. 21.28
PVFC PVF Capital Corp. of OH 18.00 2,323 41.8 19.00 12.00 18.00 0.00 309.09 14.29
PCCI Pacific Crest Capital of CA* 12.25 2,937 36.0 13.75 7.87 12.25 0.00 N.A. 6.52
PALM Palfed, Inc. of Aiken SC 16.50 5,278 87.1 17.50 11.62 16.63 -0.78 7.35 17.86
PBCI Pamrapo Bancorp, Inc. of NJ 19.75 2,863 56.5 23.75 18.25 20.25 -2.47 250.80 -1.25
PFED Park Bancorp of Chicago IL 14.75 2,431 35.9 16.12 10.19 14.50 1.72 N.A. 13.46
PVSA Parkvale Financial Corp of PA 28.37 4,060 115.2 29.50 19.60 27.25 4.11 242.63 9.12
PBIX Patriot Bank Corp. of PA 16.00 4,266 68.3 16.75 10.62 16.13 -0.81 N.A. 18.52
PEEK Peekskill Fin. Corp. of NY 14.00 3,203 44.8 15.25 11.25 13.87 0.94 N.A. -1.75
PFSB PennFed Fin. Services of NJ 25.19 4,821 121.4 25.25 14.87 24.13 4.39 N.A. 24.40
PWBC PennFirst Bancorp of PA 13.50 3,911 52.8 14.75 13.00 13.78 -2.03 69.17 -0.88
PWBK Pennwood SB of PA* 15.00 610 9.2 15.00 9.00 14.88 0.81 N.A. 9.09
PBKB People's SB of Brockton MA* 13.50 3,592 48.5 13.75 9.00 13.00 3.85 127.27 27.12
PFDC Peoples Bancorp of Auburn IN 21.75 2,279 49.6 23.00 19.25 22.25 -2.25 24.29 7.41
PBCT Peoples Bank, MHC of CT (37.4)* 24.37 61,017 369.3 24.75 13.50 23.63 3.13 209.66 26.60
PFFC Peoples Fin. Corp. of OH 15.63 1,491 23.3 16.00 10.87 15.50 0.84 N.A. 15.78
PHBK Peoples Heritage Fin Grp of ME* 35.25 28,425 1,002.0 35.25 19.00 33.12 6.43 130.24 25.89
PBNB Peoples Sav. Fin. Corp. of CT(8)* 34.25 1,907 65.3 34.25 20.50 33.50 2.24 247.01 23.42
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
MRKF Market Fin. Corp. of OH 0.38 0.50 14.17 14.17 42.68
MFCX Marshalltown Fin. Corp. of IA(8) 0.30 0.63 14.06 14.06 90.08
MFSL Maryland Fed. Bancorp of MD 2.03 2.96 29.68 29.28 351.55
MASB MassBank Corp. of Reading MA* 3.60 3.34 33.49 33.49 335.49
MFLR Mayflower Co-Op. Bank of MA* 1.33 1.30 13.21 12.98 140.10
MECH Mechanics SB of Hartford CT* 0.35 0.37 14.50 14.50 149.06
MDBK Medford Savings Bank of MA* 2.33 2.26 20.43 18.91 232.18
MERI Meritrust FSB of Thibodaux LA 1.77 2.88 23.34 23.34 295.34
MWBX Metro West of MA* 0.50 0.50 2.92 2.92 39.80
MCBS Mid Continent Bancshares of KS 1.75 2.00 19.04 19.04 189.57
MIFC Mid Iowa Financial Corp. of IA 0.64 0.84 6.71 6.70 73.73
MCBN Mid-Coast Bancorp of ME 0.97 1.55 21.63 21.63 251.47
MWBI Midwest Bancshares, Inc. of IA 1.84 3.04 27.71 27.71 399.44
MWFD Midwest Fed. Fin. Corp of WI 1.16 1.13 10.66 10.24 123.74
MFFC Milton Fed. Fin. Corp. of OH 0.40 0.55 11.32 11.32 76.82
MIVI Miss. View Hold. Co. of MN 0.58 0.86 15.55 15.55 85.17
MBSP Mitchell Bancorp of NC* 0.47 0.59 15.17 15.17 35.01
MBBC Monterey Bay Bancorp of CA 0.31 0.57 13.98 12.82 130.16
MSBK Mutual SB, FSB of Bay City MI 0.15 0.06 9.31 9.31 155.02
NHTB NH Thrift Bancshares of NH 0.44 0.65 11.47 9.72 153.37
NSLB NS&L Bancorp of Neosho MO 0.41 0.62 16.35 16.35 82.05
NMSB Newmil Bancorp. of CT* 0.65 0.63 8.13 8.13 81.54
NASB North American SB of MO 3.85 3.74 24.35 23.56 305.38
NBSI North Bancshares of Chicago IL 0.52 0.74 16.94 16.94 115.95
FFFD North Central Bancshares of IA 0.98 1.14 14.59 14.59 59.35
NBN Northeast Bancorp of ME* 0.64 0.61 13.49 11.66 194.14
NEIB Northeast Indiana Bncrp of IN 0.94 1.11 14.87 14.87 98.06
NWEQ Northwest Equity Corp. of WI 0.74 0.95 12.73 12.73 103.89
NWSB Northwest SB, MHC of PA (29.9) 0.56 0.81 8.30 7.80 85.45
NSSY Norwalk Savings Society of CT* 2.42 2.77 20.69 19.95 256.81
NSSB Norwich Financial Corp. of CT* 1.34 1.27 14.27 12.80 129.86
NTMG Nutmeg FS&LA of CT 0.34 0.44 7.35 7.35 129.17
OHSL OHSL Financial Corp. of OH 1.08 1.54 21.00 21.00 190.24
OCFC Ocean Fin. Corp. of NJ -0.06 1.30 27.30 27.30 153.20
OCWN Ocwen Financial Corp. of FL 2.59 1.88 8.40 8.40 98.86
OFCP Ottawa Financial Corp. of MI 0.70 1.20 15.07 12.06 170.42
PFFB PFF Bancorp of Pomona CA 0.14 0.56 14.09 13.93 134.55
PSFI PS Financial of Chicago IL 0.66 0.68 14.88 14.88 34.43
PVFC PVF Capital Corp. of OH 1.54 2.03 10.77 10.77 153.36
PCCI Pacific Crest Capital of CA* 1.06 0.90 8.43 8.43 116.70
PALM Palfed, Inc. of Aiken SC 0.07 0.70 10.07 10.07 124.23
PBCI Pamrapo Bancorp, Inc. of NJ 1.07 1.51 16.43 16.29 128.31
PFED Park Bancorp of Chicago IL 0.53 0.74 15.88 15.88 73.21
PVSA Parkvale Financial Corp of PA 1.64 2.46 17.91 17.76 239.56
PBIX Patriot Bank Corp. of PA 0.52 0.71 11.26 11.26 139.25
PEEK Peekskill Fin. Corp. of NY 0.63 0.81 14.58 14.58 57.01
PFSB PennFed Fin. Services of NJ 1.35 2.01 19.55 16.12 259.78
PWBC PennFirst Bancorp of PA 0.76 1.14 12.77 11.65 180.58
PWBK Pennwood SB of PA* 0.46 0.73 15.30 15.30 78.57
PBKB People's SB of Brockton MA* 1.16 0.69 8.57 8.21 152.78
PFDC Peoples Bancorp of Auburn IN 1.35 1.79 18.87 18.87 124.28
PBCT Peoples Bank, MHC of CT (37.4)* 1.33 1.06 10.39 10.38 123.54
PFFC Peoples Fin. Corp. of OH 0.05 0.24 16.18 16.18 60.15
PHBK Peoples Heritage Fin Grp of ME* 2.00 2.14 15.76 13.30 192.02
PBNB Peoples Sav. Fin. Corp. of CT(8)* 2.20 2.19 24.13 22.61 251.23
121
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
PSFC Peoples Sidney Fin. Corp of OH 13.00 1,785 23.2 13.62 12.56 12.88 0.93 N.A. N.A.
PERM Permanent Bancorp of IN 24.25 2,083 50.5 25.50 15.75 24.75 -2.02 N.A. 19.75
PMFI Perpetual Midwest Fin. of IA 19.37 1,907 36.9 22.00 17.00 19.25 0.62 N.A. 0.62
PERT Perpetual of SC, MHC (46.8) 27.62 1,505 19.5 27.75 20.25 26.50 4.23 N.A. 13.90
PCBC Perry Co. Fin. Corp. of MO 19.50 808 15.8 20.25 15.50 19.00 2.63 N.A. 14.71
PHFC Pittsburgh Home Fin. of PA 15.12 1,983 30.0 15.50 9.50 14.50 4.28 N.A. 13.09
PFSL Pocahnts Fed, MHC of AR (46.4) 19.50 1,629 14.7 20.00 14.25 19.00 2.63 N.A. 11.43
POBS Portsmouth Bank Shrs Inc of NH(8)* 16.12 5,872 94.7 16.12 12.38 15.25 5.70 54.85 17.49
PTRS Potters Financial Corp of OH 20.25 487 9.9 21.00 15.50 21.00 -3.57 N.A. 1.25
PKPS Poughkeepsie SB of NY 6.69 12,595 84.3 6.75 4.75 6.75 -0.89 -13.68 27.43
PRBC Prestige Bancorp of PA 15.50 920 14.3 16.12 9.75 15.56 -0.39 N.A. 14.81
PETE Primary Bank of NH(8)* 24.25 2,087 50.6 24.25 11.19 23.75 2.11 N.A. 59.12
PFNC Progress Financial Corp. of PA 9.12 3,814 34.8 9.38 5.75 9.13 -0.11 -17.17 8.96
PSBK Progressive Bank, Inc. of NY* 27.25 3,825 104.2 27.25 18.50 26.00 4.81 103.81 19.78
PROV Provident Fin. Holdings of CA 16.50 5,075 83.7 17.19 10.12 16.25 1.54 N.A. 17.86
PULB Pulaski SB, MHC of MO (29.0) 17.62 2,094 10.6 20.00 12.25 17.62 0.00 N.A. 21.52
PLSK Pulaski SB, MHC of NJ (46.0) 12.75 2,070 12.1 13.50 11.50 13.00 -1.92 N.A. N.A.
PULS Pulse Bancorp of S. River NJ 18.25 3,061 55.9 19.12 15.50 18.25 0.00 47.53 15.87
QCFB QCF Bancorp of Virginia MN 21.00 1,426 29.9 21.00 14.00 20.38 3.04 N.A. 15.07
QCBC Quaker City Bancorp of CA 15.87 4,778 75.8 16.40 10.30 19.75 -19.65 111.60 4.41
QCSB Queens County SB of NY* 41.62 11,137 463.5 41.75 23.25 41.00 1.51 N.A. 31.79
RCSB RCSB Financial, Inc. of NY(8)* 42.00 14,816 622.3 42.00 24.00 40.94 2.59 241.19 44.83
RARB Raritan Bancorp. of Raritan NJ* 29.50 1,532 45.2 30.75 20.25 29.50 0.00 202.56 26.88
REDF RedFed Bancorp of Redlands CA 15.12 7,164 108.3 15.44 8.37 14.31 5.66 N.A. 12.00
RELY Reliance Bancorp of NY 24.62 8,823 217.2 26.00 15.25 25.25 -2.50 N.A. 26.26
RELI Reliance Bancshares Inc of WI(8)* 7.56 2,528 19.1 10.12 6.50 7.62 -0.79 N.A. 12.00
RIVR River Valley Bancorp of IN 14.50 1,190 17.3 15.50 13.25 14.75 -1.69 N.A. 5.45
RFED Roosevelt Fin. Grp. Inc. of MO(8) 23.75 42,615 1,012.1 23.75 15.63 23.25 2.15 508.97 13.10
RSLN Roslyn Bancorp of NY* 17.44 43,642 761.1 18.62 15.00 17.50 -0.34 N.A. N.A.
RVSB Rvrview SB,FSB MHC of WA(41.7) 19.00 2,416 17.4 24.00 13.07 22.75 -16.48 N.A. 19.42
SCCB S. Carolina Comm. Bnshrs of SC 18.87 704 13.3 20.50 15.00 19.00 -0.68 N.A. 25.80
SBFL SB Fngr Lakes MHC of NY (33.1) 16.25 1,785 9.6 17.00 12.75 15.38 5.66 N.A. 18.18
SFBK SFB Bancorp, Inc. of TN 13.37 767 10.3 13.81 10.00 13.50 -0.96 N.A. N.A.
SFED SFS Bancorp of Schenectady NY 16.62 1,271 21.1 18.00 11.75 16.50 0.73 N.A. 12.68
SGVB SGV Bancorp of W. Covina CA 12.87 2,342 30.1 13.87 7.75 13.12 -1.91 N.A. 14.40
SISB SIS Bank of Springfield MA* 28.25 5,662 160.0 29.00 16.87 28.37 -0.42 N.A. 23.52
SJSB SJS Bancorp of St. Joseph MI(8) 26.50 918 24.3 26.62 19.50 26.50 0.00 N.A. 4.95
SWCB Sandwich Co-Op. Bank of MA* 30.75 1,906 58.6 34.00 19.37 31.00 -0.81 256.73 3.36
SECP Security Capital Corp. of WI(8) 93.00 9,203 855.9 93.00 59.00 92.00 1.09 N.A. 26.10
SFSL Security First Corp. of OH 21.25 5,003 106.3 22.00 13.12 22.00 -3.41 34.92 17.27
SMFC Sho-Me Fin. Corp. of MO 37.25 1,519 56.6 37.25 15.50 33.25 12.03 N.A. 71.26
SOBI Sobieski Bancorp of S. Bend IN 14.75 760 11.2 16.00 11.75 14.75 0.00 N.A. 1.72
SOSA Somerset Savings Bank of MA(8)* 2.69 16,652 44.8 2.88 1.44 2.58 4.26 -47.46 36.55
SSFC South Street Fin. Corp. of NC* 16.00 4,496 71.9 17.00 12.12 15.63 2.37 N.A. 14.29
SCBS Southern Commun. Bncshrs of AL 13.75 1,137 15.6 14.25 13.00 14.00 -1.79 N.A. 3.77
SMBC Southern Missouri Bncrp of MO 17.50 1,638 28.7 17.50 13.50 17.00 2.94 N.A. 16.67
SWBI Southwest Bancshares of IL 20.75 2,639 54.8 20.75 17.83 19.75 5.06 107.50 13.70
SVRN Sovereign Bancorp of PA 13.50 69,832 942.7 14.00 8.02 13.12 2.90 202.01 23.40
STFR St. Francis Cap. Corp. of WI 29.50 5,386 158.9 32.25 24.00 30.50 -3.28 N.A. 13.46
SPBC St. Paul Bancorp, Inc. of IL 32.81 22,840 749.4 32.81 17.80 31.75 3.34 94.49 39.62
STND Standard Fin. of Chicago IL(8) 24.37 16,204 394.9 24.37 15.12 23.31 4.55 N.A. 24.21
SFFC StateFed Financial Corp. of IA 18.50 790 14.6 19.00 15.00 18.75 -1.33 N.A. 12.12
SFIN Statewide Fin. Corp. of NJ 16.25 4,771 77.5 17.50 11.25 16.37 -0.73 N.A. 13.08
STSA Sterling Financial Corp. of WA 18.50 5,543 102.5 18.50 13.00 18.00 2.78 103.52 31.02
SFSB SuburbFed Fin. Corp. of IL 24.00 1,261 30.3 25.00 16.25 23.25 3.23 259.82 26.32
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
PSFC Peoples Sidney Fin. Corp of OH 0.56 0.73 14.09 14.09 60.57
PERM Permanent Bancorp of IN 0.46 1.01 19.23 19.04 198.26
PMFI Perpetual Midwest Fin. of IA 0.18 0.53 17.72 17.72 208.59
PERT Perpetual of SC, MHC (46.8) 1.00 1.41 19.69 19.69 148.17
PCBC Perry Co. Fin. Corp. of MO 0.70 0.95 18.76 18.76 99.51
PHFC Pittsburgh Home Fin. of PA 0.59 0.84 13.71 13.55 119.51
PFSL Pocahnts Fed, MHC of AR (46.4) 1.34 1.87 14.61 14.61 229.14
POBS Portsmouth Bank Shrs Inc of NH(8)* 1.02 0.89 11.25 11.25 44.78
PTRS Potters Financial Corp of OH 0.75 1.62 21.38 21.38 240.08
PKPS Poughkeepsie SB of NY 0.14 0.32 5.75 5.75 68.37
PRBC Prestige Bancorp of PA 0.32 0.68 16.11 16.11 137.86
PETE Primary Bank of NH(8)* 1.68 1.66 13.82 13.79 208.78
PFNC Progress Financial Corp. of PA 0.44 0.54 5.47 4.79 104.97
PSBK Progressive Bank, Inc. of NY* 2.48 2.50 19.17 16.98 229.46
PROV Provident Fin. Holdings of CA 0.26 0.13 17.06 17.06 119.94
PULB Pulaski SB, MHC of MO (29.0) 0.42 0.67 10.75 10.75 85.39
PLSK Pulaski SB, MHC of NJ (46.0) 0.23 0.52 9.83 9.83 81.83
PULS Pulse Bancorp of S. River NJ 1.17 1.75 13.14 13.14 168.55
QCFB QCF Bancorp of Virginia MN 1.32 1.32 18.35 18.35 104.01
QCBC Quaker City Bancorp of CA 0.49 0.89 14.56 14.54 163.42
QCSB Queens County SB of NY* 2.05 2.07 18.47 18.47 123.31
RCSB RCSB Financial, Inc. of NY(8)* 2.62 2.60 21.36 20.82 272.16
RARB Raritan Bancorp. of Raritan NJ* 2.18 2.36 18.80 18.46 244.87
REDF RedFed Bancorp of Redlands CA 0.15 0.57 10.37 10.36 126.84
RELY Reliance Bancorp of NY 1.16 1.76 17.56 12.31 218.38
RELI Reliance Bancshares Inc of WI(8)* 0.25 0.25 11.59 11.59 18.98
RIVR River Valley Bancorp of IN -0.21 -0.21 14.37 14.15 116.24
RFED Roosevelt Fin. Grp. Inc. of MO(8) 0.23 1.77 10.16 9.55 182.95
RSLN Roslyn Bancorp of NY* 0.23 0.93 14.08 14.01 65.29
RVSB Rvrview SB,FSB MHC of WA(41.7) 0.83 1.06 10.36 9.39 92.87
SCCB S. Carolina Comm. Bnshrs of SC 0.52 0.70 17.11 17.11 65.93
SBFL SB Fngr Lakes MHC of NY (33.1) 0.08 0.54 11.27 11.27 119.23
SFBK SFB Bancorp, Inc. of TN 0.51 0.72 14.26 14.26 68.89
SFED SFS Bancorp of Schenectady NY 0.60 1.08 17.26 17.26 132.84
SGVB SGV Bancorp of W. Covina CA 0.22 0.57 12.41 12.18 170.70
SISB SIS Bank of Springfield MA* 3.21 3.11 18.00 18.00 238.19
SJSB SJS Bancorp of St. Joseph MI(8) 0.28 0.79 17.23 17.23 165.45
SWCB Sandwich Co-Op. Bank of MA* 2.24 2.27 20.55 19.59 249.34
SECP Security Capital Corp. of WI(8) 4.40 5.27 62.82 62.82 396.28
SFSL Security First Corp. of OH 1.28 1.62 11.88 11.67 126.88
SMFC Sho-Me Fin. Corp. of MO 1.73 2.06 19.13 19.13 200.46
SOBI Sobieski Bancorp of S. Bend IN 0.30 0.60 16.03 16.03 104.05
SOSA Somerset Savings Bank of MA(8)* 0.18 0.18 1.85 1.85 31.36
SSFC South Street Fin. Corp. of NC* 0.35 0.47 13.51 13.51 53.11
SCBS Southern Commun. Bncshrs of AL 0.40 0.71 13.30 13.30 64.05
SMBC Southern Missouri Bncrp of MO 1.02 1.00 15.85 15.85 101.15
SWBI Southwest Bancshares of IL 1.04 1.46 15.19 15.19 140.80
SVRN Sovereign Bancorp of PA 0.55 0.91 5.96 4.37 147.31
STFR St. Francis Cap. Corp. of WI 1.53 1.81 23.74 20.89 293.16
SPBC St. Paul Bancorp, Inc. of IL 1.28 1.89 17.16 17.11 196.36
STND Standard Fin. of Chicago IL(8) 0.68 1.02 16.74 16.72 153.60
SFFC StateFed Financial Corp. of IA 1.05 1.29 19.00 19.00 107.95
SFIN Statewide Fin. Corp. of NJ 0.66 1.18 14.03 14.00 133.31
STSA Sterling Financial Corp. of WA 0.18 0.86 11.22 9.52 280.93
SFSB SuburbFed Fin. Corp. of IL 1.02 1.67 21.23 21.14 323.39
122
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of June 6, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
SBCN Suburban Bancorp. of OH(8) 18.25 1,475 26.9 19.37 14.25 17.75 2.82 N.A. 19.67
THRD TF Financial Corp. of PA 18.00 4,087 73.6 19.25 13.75 17.37 3.63 N.A. 10.77
ROSE TR Financial Corp. of NY 21.62 17,632 381.2 21.62 13.00 20.25 6.77 N.A. 21.80
TPNZ Tappan Zee Fin. Corp. of NY 16.50 1,534 25.3 17.37 11.62 17.25 -4.35 N.A. 21.15
TSBS Trenton SB, FSB MHC of NJ(35.0) 19.75 9,037 61.6 20.37 12.37 19.00 3.95 N.A. 23.44
TRIC Tri-County Bancorp of WY 20.50 609 12.5 20.50 18.00 19.50 5.13 N.A. 13.89
TWIN Twin City Bancorp of TN 18.50 853 15.8 19.50 16.00 18.25 1.37 N.A. 7.25
UFRM United FS&LA of Rocky Mount NC 11.00 3,066 33.7 11.25 7.00 10.75 2.33 238.46 29.41
UBMT United Fin. Corp. of MT 19.50 1,223 23.8 19.75 18.00 19.50 0.00 85.71 1.30
VABF Va. Beach Fed. Fin. Corp of VA 12.37 4,972 61.5 12.81 6.88 10.75 15.07 163.75 31.04
VFFC Virginia First Savings of VA(8) 22.12 5,805 128.4 22.12 11.00 21.38 3.46 ***.** 73.49
WHGB WHG Bancshares of MD 14.25 1,539 21.9 14.75 10.87 13.88 2.67 N.A. 8.61
WSFS WSFS Financial Corp. of DE* 13.00 12,530 162.9 13.00 6.75 12.81 1.48 79.31 27.58
WVFC WVS Financial Corp. of PA* 24.75 1,737 43.0 27.25 20.25 23.75 4.21 N.A. 0.53
WRNB Warren Bancorp of Peabody MA* 18.00 3,691 66.4 18.25 11.87 17.00 5.88 434.12 20.00
WFSL Washington FS&LA of Seattle WA 26.06 47,444 1,236.4 27.50 17.90 26.38 -1.21 78.62 8.18
WAMU Washington Mutual Inc. of WA* 55.87 118,248 6,606.5 58.87 28.75 55.62 0.45 201.02 29.00
WYNE Wayne Bancorp of NJ 18.50 2,156 39.9 18.50 10.75 16.75 10.45 N.A. 21.31
WAYN Wayne S&L Co. MHC of OH (47.8) 26.75 1,499 19.2 27.25 19.00 26.25 1.90 N.A. 9.18
WCFB Wbstr Cty FSB MHC of IA (45.2) 14.75 2,100 14.0 14.75 12.50 14.75 0.00 N.A. 7.27
WBST Webster Financial Corp. of CT 41.37 11,954 494.5 41.37 27.87 40.25 2.78 338.24 12.57
WEFC Wells Fin. Corp. of Wells MN 14.75 2,024 29.9 16.00 11.12 14.00 5.36 N.A. 12.42
WCBI WestCo Bancorp of IL 24.37 2,554 62.2 24.37 20.00 23.25 4.82 143.70 13.35
WSTR WesterFed Fin. Corp. of MT 20.37 5,551 113.1 21.75 13.87 20.50 -0.63 N.A. 11.62
WOFC Western Ohio Fin. Corp. of OH 21.00 2,312 48.6 23.25 19.50 21.75 -3.45 N.A. -3.45
WWFC Westwood Fin. Corp. of NJ 21.00 645 13.5 21.00 10.25 18.00 16.67 N.A. 27.27
WEHO Westwood Hmstd Fin Corp of OH 13.25 2,843 37.7 14.50 10.37 13.50 -1.85 N.A. 9.32
WFCO Winton Financial Corp. of OH 13.00 1,986 25.8 14.50 11.25 14.50 -10.34 N.A. 13.04
FFWD Wood Bancorp of OH 16.00 1,493 23.9 17.25 12.33 16.00 0.00 N.A. -5.88
YFCB Yonkers Fin. Corp. of NY 14.87 3,180 47.3 15.75 9.31 15.25 -2.49 N.A. 15.54
YFED York Financial Corp. of PA 20.00 6,971 139.4 20.00 14.54 19.38 3.20 111.64 23.08
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
SBCN Suburban Bancorp. of OH(8) 0.72 1.07 17.56 17.56 150.46
THRD TF Financial Corp. of PA 0.79 1.11 17.09 14.90 157.66
ROSE TR Financial Corp. of NY 1.76 1.54 11.90 11.90 193.08
TPNZ Tappan Zee Fin. Corp. of NY 0.52 0.48 14.00 14.00 78.14
TSBS Trenton SB, FSB MHC of NJ(35.0) 0.84 0.74 11.54 10.55 69.31
TRIC Tri-County Bancorp of WY 1.00 1.30 21.62 21.62 141.17
TWIN Twin City Bancorp of TN 0.70 0.97 15.83 15.83 122.49
UFRM United FS&LA of Rocky Mount NC 0.19 0.40 6.70 6.70 88.12
UBMT United Fin. Corp. of MT 0.94 1.16 19.95 19.95 88.08
VABF Va. Beach Fed. Fin. Corp of VA 0.18 0.50 8.29 8.29 122.16
VFFC Virginia First Savings of VA(8) 1.81 1.66 11.35 10.96 140.79
WHGB WHG Bancshares of MD 0.47 0.47 14.00 14.00 63.98
WSFS WSFS Financial Corp. of DE* 1.39 1.40 6.05 5.99 117.97
WVFC WVS Financial Corp. of PA* 1.64 2.04 20.50 20.50 161.14
WRNB Warren Bancorp of Peabody MA* 2.02 1.67 9.88 9.88 97.88
WFSL Washington FS&LA of Seattle WA 1.86 2.06 14.10 12.70 122.02
WAMU Washington Mutual Inc. of WA* 0.72 2.12 19.53 18.43 389.44
WYNE Wayne Bancorp of NJ 0.39 0.39 16.57 16.57 113.84
WAYN Wayne S&L Co. MHC of OH (47.8) 0.45 1.07 15.22 15.22 166.82
WCFB Wbstr Cty FSB MHC of IA (45.2) 0.46 0.61 10.45 10.45 44.36
WBST Webster Financial Corp. of CT 1.20 2.43 23.72 19.96 467.09
WEFC Wells Fin. Corp. of Wells MN 0.62 1.00 14.20 14.20 99.75
WCBI WestCo Bancorp of IL 1.33 1.71 18.89 18.89 121.35
WSTR WesterFed Fin. Corp. of MT 0.65 0.90 18.44 14.57 167.98
WOFC Western Ohio Fin. Corp. of OH 0.48 0.69 23.21 21.87 173.04
WWFC Westwood Fin. Corp. of NJ 0.67 1.24 15.43 13.67 167.41
WEHO Westwood Hmstd Fin Corp of OH 0.22 0.37 14.15 14.15 45.71
WFCO Winton Financial Corp. of OH 0.84 1.07 10.49 10.23 147.15
FFWD Wood Bancorp of OH 1.02 1.26 13.91 13.91 109.51
YFCB Yonkers Fin. Corp. of NY 0.67 0.92 13.68 13.68 89.43
YFED York Financial Corp. of PA 0.97 1.25 13.99 13.99 166.02
123
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(316) 12.93 12.66 0.62 5.30 3.86 0.84 7.32 0.80 125.96 0.83
NYSE Traded Companies(9) 6.02 5.78 0.50 7.79 4.64 0.67 11.62 1.42 69.96 1.38
AMEX Traded Companies(18) 15.58 15.49 0.61 4.61 3.30 0.95 7.23 0.71 120.82 0.74
NASDAQ Listed OTC Companies(289) 12.98 12.69 0.62 5.27 3.87 0.84 7.20 0.78 128.10 0.82
California Companies(24) 7.37 6.76 0.21 3.20 3.20 0.29 5.02 1.75 63.17 1.35
Florida Companies(6) 7.94 7.52 0.90 10.89 4.51 0.82 9.72 1.40 66.01 0.81
Mid-Atlantic Companies(60) 10.57 10.20 0.61 6.30 4.43 0.85 8.83 0.85 98.99 0.94
Mid-West Companies(153) 14.34 14.15 0.66 5.11 3.88 0.89 6.93 0.63 142.36 0.70
New England Companies(11) 8.48 8.08 0.41 5.01 4.01 0.64 8.26 0.74 96.48 1.04
North-West Companies(6) 13.96 13.64 0.79 6.99 3.78 1.05 9.84 0.54 112.30 0.67
South-East Companies(44) 15.62 15.44 0.70 5.09 3.41 0.97 7.04 0.86 133.79 0.89
South-West Companies(6) 11.27 11.10 0.31 1.80 1.54 0.59 5.41 0.88 53.10 0.72
Western Companies (Excl CA)(6) 16.78 16.32 0.99 6.61 4.74 1.18 7.75 0.23 299.54 0.73
Thrift Strategy(245) 14.21 13.95 0.63 4.77 3.80 0.88 6.76 0.67 132.50 0.74
Mortgage Banker Strategy(39) 7.46 7.05 0.52 7.22 4.35 0.66 9.38 1.12 96.28 1.00
Real Estate Strategy(13) 8.77 8.62 0.52 5.25 3.43 0.77 8.85 1.86 86.27 1.30
Diversified Strategy(14) 7.83 7.68 1.08 13.23 5.69 1.14 14.51 1.36 106.28 1.32
Retail Banking Strategy(5) 11.08 10.88 0.26 2.35 1.14 0.26 2.54 0.76 164.76 1.62
Companies Issuing Dividends(263) 13.11 12.84 0.68 5.85 4.23 0.91 7.85 0.72 126.60 0.79
Companies Without Dividends(53) 12.00 11.72 0.31 2.51 1.92 0.48 4.65 1.18 122.46 1.04
Equity/Assets <6%(26) 4.93 4.60 0.34 6.66 4.63 0.52 10.25 1.20 92.43 1.15
Equity/Assets 6-12%(156) 8.60 8.21 0.56 6.51 4.16 0.75 8.74 0.92 120.59 0.94
Equity/Assets >12%(134) 19.05 18.92 0.73 3.74 3.40 1.00 5.27 0.58 138.46 0.65
Converted Last 3 Mths (no MHC)(6) 26.52 26.40 0.59 2.15 2.32 0.88 3.55 0.67 89.00 0.87
Actively Traded Companies(45) 8.66 8.43 0.71 8.59 5.20 0.94 11.71 1.01 106.56 0.97
Market Value Below $20 Million(68) 14.95 14.87 0.50 2.90 3.08 0.75 4.77 0.84 116.34 0.71
Holding Company Structure(277) 13.54 13.27 0.63 5.22 3.81 0.86 7.22 0.76 125.20 0.81
Assets Over $1 Billion(67) 7.80 7.26 0.65 8.52 4.67 0.83 11.17 1.01 89.72 1.01
Assets $500 Million-$1 Billion(51) 10.36 9.89 0.60 5.94 4.18 0.78 7.69 0.80 160.90 1.03
Assets $250-$500 Million(64) 10.76 10.45 0.56 5.32 3.86 0.82 7.78 0.75 136.89 0.79
Assets less than $250 Million(134) 17.27 17.22 0.64 3.60 3.37 0.88 5.22 0.70 125.25 0.69
Goodwill Companies(128) 8.85 8.25 0.57 6.44 4.34 0.76 8.75 0.87 112.49 0.90
Non-Goodwill Companies(187) 15.59 15.53 0.65 4.56 3.55 0.90 6.41 0.75 135.35 0.78
Acquirors of FSLIC Cases(11) 7.16 6.77 0.53 7.05 4.29 0.79 11.06 1.57 52.89 0.91
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(316) 19.99 126.38 15.46 129.26 17.52 0.35 1.79 36.16
NYSE Traded Companies(9) 19.31 170.95 9.94 168.12 14.75 0.29 0.91 19.02
AMEX Traded Companies(18) 22.00 112.94 18.58 114.12 18.53 0.38 2.26 43.41
NASDAQ Listed OTC Companies(289) 19.88 125.80 15.44 129.09 17.55 0.35 1.79 36.44
California Companies(24) 17.98 132.15 9.26 130.66 17.88 0.14 0.54 13.08
Florida Companies(6) 17.31 142.74 14.57 161.48 18.67 0.24 0.91 14.70
Mid-Atlantic Companies(60) 19.00 127.25 13.08 131.65 16.01 0.38 1.83 38.45
Mid-West Companies(153) 20.50 121.79 16.40 122.92 17.50 0.35 1.84 36.41
New England Companies(11) 19.91 121.15 9.99 131.63 16.47 0.43 1.81 38.94
North-West Companies(6) 19.94 164.58 18.89 173.83 19.85 0.34 1.48 26.34
South-East Companies(44) 20.51 135.59 19.97 139.20 19.55 0.42 2.20 44.99
South-West Companies(6) 21.32 109.04 11.66 114.90 17.33 0.31 1.61 50.88
Western Companies (Excl CA)(6) 20.39 124.58 19.18 130.78 18.12 0.54 2.95 51.61
Thrift Strategy(245) 20.52 119.83 16.37 122.99 17.81 0.36 1.91 38.84
Mortgage Banker Strategy(39) 18.17 151.34 10.85 156.81 16.56 0.33 1.33 26.10
Real Estate Strategy(13) 17.83 138.05 11.80 140.12 16.40 0.24 1.13 28.96
Diversified Strategy(14) 17.40 195.74 16.78 193.78 14.84 0.44 1.69 29.95
Retail Banking Strategy(5) 18.90 112.96 12.19 115.43 18.70 0.16 1.27 16.90
Companies Issuing Dividends(263) 20.09 128.49 15.88 131.46 17.45 0.42 2.14 42.82
Companies Without Dividends(53) 19.08 115.53 13.33 117.85 17.99 0.00 0.00 0.00
Equity/Assets <6%(26) 17.49 158.13 8.22 162.35 15.48 0.21 0.82 15.93
Equity/Assets 6-12%(156) 18.66 136.89 11.83 141.77 16.13 0.38 1.70 35.03
Equity/Assets >12%(134) 22.25 109.73 20.70 111.03 19.63 0.36 2.05 42.27
Converted Last 3 Mths (no MHC)(6) 24.71 92.72 24.47 93.40 22.16 0.05 0.37 11.76
Actively Traded Companies(45) 17.92 157.51 13.17 156.34 15.15 0.50 1.87 32.28
Market Value Below $20 Million(68) 22.07 103.86 15.33 104.76 19.18 0.31 1.93 43.17
Holding Company Structure(277) 20.39 124.76 16.00 127.02 17.74 0.37 1.84 37.39
Assets Over $1 Billion(67) 18.59 159.79 12.50 167.08 16.12 0.45 1.52 29.76
Assets $500 Million-$1 Billion(51) 17.91 135.38 13.94 140.25 16.82 0.34 1.71 39.12
Assets $250-$500 Million(64) 19.80 125.18 13.36 129.66 16.62 0.33 1.79 33.55
Assets less than $250 Million(134) 21.76 109.03 18.41 109.75 19.05 0.32 1.94 40.27
Goodwill Companies(128) 18.93 140.82 12.02 148.47 16.71 0.39 1.70 33.68
Non-Goodwill Companies(187) 20.77 116.96 17.72 117.06 18.08 0.33 1.85 38.17
Acquirors of FSLIC Cases(11) 17.79 156.19 10.76 155.53 15.92 0.37 1.61 30.01
<FN>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and
are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and assets balances; ROI (return on investment) is current EPS divided by current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
124
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(68) 12.01 11.62 0.99 10.28 6.33 1.03 10.43 1.00 124.05 1.49
NYSE Traded Companies(3) 7.97 6.42 0.76 10.56 5.87 0.76 10.88 2.16 39.24 1.08
AMEX Traded Companies(5) 12.93 12.71 0.81 8.54 5.20 0.82 8.81 1.08 109.25 1.43
NASDAQ Listed OTC Companies(60) 12.17 11.84 1.02 10.44 6.47 1.06 10.57 0.92 130.87 1.52
California Companies(3) 8.67 8.65 1.05 12.34 8.14 0.98 11.29 1.43 74.61 1.40
Mid-Atlantic Companies(17) 12.50 11.77 0.78 7.69 4.72 0.91 8.62 1.04 117.90 1.48
Mid-West Companies(2) 25.56 24.11 0.54 2.08 2.08 0.82 3.16 0.74 41.29 0.53
New England Companies(37) 9.09 8.79 1.09 12.86 7.77 1.06 12.44 1.06 134.22 1.71
North-West Companies(4) 10.65 10.25 0.95 8.77 4.80 1.05 10.75 0.40 173.62 1.07
South-East Companies(5) 28.04 28.04 1.06 4.11 3.44 1.17 4.54 0.70 110.74 0.77
Thrift Strategy(43) 13.58 13.10 0.97 9.15 6.04 0.99 9.09 0.94 129.71 1.40
Mortgage Banker Strategy(10) 9.50 9.39 0.77 10.57 5.93 1.00 12.11 1.14 118.19 1.58
Real Estate Strategy(7) 10.03 10.02 1.38 14.00 8.02 1.30 13.08 1.29 91.30 1.65
Diversified Strategy(6) 6.64 6.12 1.06 15.16 7.33 1.13 16.67 1.03 138.02 1.94
Retail Banking Strategy(2) 6.30 6.03 0.28 4.48 4.29 0.27 4.28 0.83 76.33 0.80
Companies Issuing Dividends(54) 11.65 11.21 1.03 10.44 6.50 1.06 10.59 0.90 133.82 1.49
Companies Without Dividends(14) 13.70 13.54 0.82 9.51 5.52 0.88 9.71 1.48 82.04 1.46
Equity/Assets <6%(5) 5.36 5.21 0.73 13.16 6.62 0.80 14.66 1.59 69.24 1.64
Equity/Assets 6-12%(44) 8.49 7.98 1.05 12.49 7.61 1.03 12.22 1.14 123.99 1.61
Equity/Assets >12%(19) 21.61 21.43 0.92 4.56 3.36 1.08 5.34 0.55 139.87 1.17
Actively Traded Companies(24) 8.68 8.29 1.10 12.92 7.72 1.09 12.92 0.96 127.50 1.60
Market Value Below $20 Million(10) 16.75 16.34 0.76 6.98 4.87 0.86 6.93 1.30 59.48 1.07
Holding Company Structure(44) 13.46 13.07 1.03 9.68 5.90 1.09 10.05 0.79 147.78 1.54
Assets Over $1 Billion(16) 9.09 8.43 0.98 12.02 6.36 1.11 13.28 1.14 118.98 1.64
Assets $500 Million-$1 Billion(16) 10.06 9.44 1.06 11.10 7.01 1.03 10.66 0.95 135.97 1.56
Assets $250-$500 Million(18) 11.17 11.05 0.95 10.38 6.53 0.94 10.20 0.91 132.00 1.58
Assets less than $250 Million(18) 17.16 16.96 0.97 7.89 5.47 1.03 7.96 1.01 110.31 1.19
Goodwill Companies(32) 9.31 8.50 0.86 10.43 6.37 0.93 10.95 1.19 110.23 1.56
Non-Goodwill Companies(35) 14.54 14.54 1.11 10.13 6.29 1.11 9.95 0.82 138.41 1.42
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(68) 14.17 143.34 16.16 146.83 15.17 0.46 1.91 27.96
NYSE Traded Companies(3) 17.31 169.32 13.86 152.37 17.34 0.33 0.53 10.79
AMEX Traded Companies(5) 14.73 140.26 16.50 145.24 13.75 0.62 2.63 33.65
NASDAQ Listed OTC Companies(60) 13.88 142.01 16.27 146.76 15.12 0.45 1.92 28.76
California Companies(3) 12.48 133.54 11.52 133.75 13.77 0.00 0.00 0.00
Mid-Atlantic Companies(17) 17.07 142.21 16.84 150.72 17.01 0.45 1.72 34.06
Mid-West Companies(2) 0.00 88.43 22.60 93.75 0.00 0.00 0.00 0.00
New England Companies(37) 12.96 151.16 13.40 153.37 13.35 0.50 2.34 29.68
North-West Companies(4) 13.65 159.44 18.08 163.97 18.14 0.47 1.61 29.00
South-East Companies(5) 19.16 108.29 30.23 108.29 22.66 0.59 1.72 25.72
Thrift Strategy(43) 14.14 133.86 16.92 139.53 15.19 0.49 2.06 31.15
Mortgage Banker Strategy(10) 15.08 156.98 14.05 159.50 14.77 0.33 1.55 9.87
Real Estate Strategy(7) 13.33 167.78 17.45 167.88 13.92 0.28 1.34 18.41
Diversified Strategy(6) 12.22 185.97 13.29 182.07 15.23 0.54 1.70 22.19
Retail Banking Strategy(2) 23.31 104.43 6.58 109.10 24.41 0.64 3.08 71.91
Companies Issuing Dividends(54) 14.51 144.61 16.08 148.75 15.31 0.56 2.33 34.25
Companies Without Dividends(14) 12.01 137.61 16.52 138.58 14.37 0.00 0.00 0.00
Equity/Assets <6%(5) 12.63 183.24 11.08 186.80 17.11 0.37 1.28 12.64
Equity/Assets 6-12%(44) 13.42 150.08 12.75 155.03 13.69 0.50 2.15 27.41
Equity/Assets >12%(19) 18.47 120.68 25.11 121.90 19.44 0.40 1.54 33.34
Actively Traded Companies(24) 13.03 153.77 13.56 155.86 14.19 0.51 2.06 26.61
Market Value Below $20 Million(10) 17.21 118.33 18.19 122.46 20.47 0.29 1.73 34.45
Holding Company Structure(44) 14.59 142.50 17.97 148.17 15.69 0.48 1.94 27.92
Assets Over $1 Billion(16) 14.90 172.34 15.88 169.13 15.85 0.54 1.76 21.80
Assets $500 Million-$1 Billion(16) 12.82 144.23 14.34 159.87 13.66 0.47 2.04 26.39
Assets $250-$500 Million(18) 13.37 137.56 14.57 139.21 13.24 0.41 1.89 28.40
Assets less than $250 Million(18) 15.83 124.69 19.60 126.89 17.77 0.42 1.94 33.42
Goodwill Companies(32) 14.57 146.31 13.36 154.27 15.42 0.51 2.06 28.99
Non-Goodwill Companies(35) 13.78 140.67 18.77 140.67 14.93 0.41 1.77 27.04
<FN>
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date
and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings
and average common equity and assets balances; ROI (return on investment) is current EPS divided by current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
125
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ----------------------- ------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 11.67 11.39 0.58 5.01 3.04 0.87 7.77 0.49 180.29 0.79
BIF-Insured Thrifts(2) 9.94 9.94 0.56 6.87 2.77 0.61 6.84 1.85 84.60 1.87
NASDAQ Listed OTC Companies(23) 11.51 11.26 0.57 5.18 3.01 0.84 7.68 0.63 170.22 0.89
Florida Companies(3) 9.42 9.29 0.65 6.87 3.90 0.93 9.78 0.45 120.09 0.78
Mid-Atlantic Companies(10) 12.03 11.57 0.48 3.65 2.26 0.76 6.22 0.88 177.29 0.99
Mid-West Companies(7) 11.99 11.98 0.51 4.58 2.97 0.83 7.57 0.39 159.58 0.74
New England Companies(1) 8.41 8.40 1.10 13.63 5.46 0.88 10.86 0.91 125.48 1.68
North-West Companies(1) 11.16 10.11 0.92 8.38 4.37 1.17 10.71 0.10 372.65 0.54
South-East Companies(1) 13.29 13.29 0.75 6.48 3.62 1.06 9.13 0.00 0.00 1.01
Thrift Strategy(21) 11.69 11.46 0.53 4.60 2.82 0.82 7.37 0.64 160.94 0.86
Mortgage Banker Strategy(1) 11.16 10.11 0.92 8.38 4.37 1.17 10.71 0.10 372.65 0.54
Diversified Strategy(1) 8.41 8.40 1.10 13.63 5.46 0.88 10.86 0.91 125.48 1.68
Companies Issuing Dividends(22) 11.32 11.05 0.58 5.32 3.07 0.86 7.89 0.62 177.81 0.90
Companies Without Dividends(1) 15.65 15.65 0.37 2.35 1.79 0.54 3.43 0.74 33.56 0.66
Equity/Assets 6-12%(15) 9.25 8.95 0.50 5.62 3.15 0.79 8.55 0.68 129.67 0.97
Equity/Assets >12%(8) 15.47 15.29 0.69 4.42 2.78 0.94 6.16 0.50 283.75 0.73
Actively Traded Companies(1) 9.19 8.15 0.51 5.44 2.79 0.90 9.61 0.58 93.31 1.05
Holding Company Structure(1) 9.19 8.15 0.51 5.44 2.79 0.90 9.61 0.58 93.31 1.05
Assets Over $1 Billion(5) 8.69 8.08 0.70 7.95 3.83 0.92 10.32 0.70 115.46 1.20
Assets $500 Million-$1 Billion(4) 12.23 11.73 0.79 5.66 3.56 0.92 7.10 0.55 67.73 0.57
Assets $250-$500 Million(4) 9.95 9.94 0.52 5.65 3.75 0.83 9.08 0.29 365.36 0.61
Assets less than $250 Million(10) 13.33 13.23 0.47 3.47 2.14 0.78 5.98 0.78 141.75 0.95
Goodwill Companies(9) 9.80 9.17 0.73 7.21 3.70 0.92 9.37 0.53 150.03 0.90
Non-Goodwill Companies(14) 12.70 12.70 0.47 3.78 2.53 0.79 6.51 0.71 188.39 0.88
MHC Institutions(23) 11.51 11.26 0.57 5.18 3.01 0.84 7.68 0.63 170.22 0.89
MHC Converted Last 3 Months(2) 13.83 13.83 0.32 2.35 1.79 0.59 4.36 0.71 33.56 0.66
Asset Quality Ratios Pricing Ratios Dividend Data(6)
----------------------- ----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
NPAs Resvs/ Resvs/ Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Assets NPAs Loans Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 0.49 180.29 0.79 23.50 157.60 18.19 162.86 20.75 0.64 3.11 50.65
BIF-Insured Thrifts(2) 1.85 84.60 1.87 18.32 194.16 18.68 194.27 22.99 0.52 2.77 50.38
NASDAQ Listed OTC Companies(23) 0.63 170.22 0.89 22.92 160.92 18.23 165.72 20.87 0.63 3.08 50.62
Florida Companies(3) 0.45 120.09 0.78 22.59 165.01 15.27 168.05 18.57 1.03 4.08 72.54
Mid-Atlantic Companies(10) 0.88 177.29 0.99 25.91 153.52 18.26 161.93 22.14 0.39 2.29 42.09
Mid-West Companies(7) 0.39 159.58 0.74 14.55 157.91 18.89 158.13 21.11 0.70 3.72 68.88
New England Companies(1) 0.91 125.48 1.68 18.32 234.55 19.73 234.78 22.99 0.67 2.75 50.38
North-West Companies(1) 0.10 372.65 0.54 22.89 183.40 20.46 202.34 17.92 0.22 1.16 26.51
South-East Companies(1) 0.00 0.00 1.01 27.62 140.27 18.64 140.27 19.59 1.40 5.07 0.00
Thrift Strategy(21) 0.64 160.94 0.86 23.59 156.12 18.05 160.43 20.92 0.65 3.20 54.10
Mortgage Banker Strategy(1) 0.10 372.65 0.54 22.89 183.40 20.46 202.34 17.92 0.22 1.16 26.51
Diversified Strategy(1) 0.91 125.48 1.68 18.32 234.55 19.73 234.78 22.99 0.67 2.75 50.38
Companies Issuing Dividends(22) 0.62 177.81 0.90 22.92 162.32 18.12 167.34 20.87 0.66 3.23 56.94
Companies Without Dividends(1) 0.74 33.56 0.66 0.00 131.64 20.60 131.64 0.00 0.00 0.00 0.00
Equity/Assets 6-12%(15) 0.68 129.67 0.97 21.10 166.45 15.34 172.84 19.54 0.63 2.93 59.13
Equity/Assets >12%(8) 0.50 283.75 0.73 26.57 151.25 23.30 153.26 23.55 0.63 3.36 20.83
Actively Traded Companies(1) 0.58 93.31 1.05 0.00 190.38 17.50 214.84 20.29 0.48 1.94 69.57
Holding Company Structure(1) 0.58 93.31 1.05 0.00 190.38 17.50 214.84 20.29 0.48 1.94 69.57
Assets Over $1 Billion(5) 0.70 115.46 1.20 20.99 189.91 16.49 203.44 19.80 0.69 2.71 62.41
Assets $500 Million-$1 Billion(4) 0.55 67.73 0.57 24.86 155.35 19.29 161.14 22.66 0.68 3.39 41.67
Assets $250-$500 Million(4) 0.29 365.36 0.61 21.56 154.57 15.16 154.96 18.77 0.77 3.59 68.88
Assets less than $250 Million(10) 0.78 141.75 0.95 25.26 150.64 20.02 152.54 22.27 0.53 2.98 13.25
Goodwill Companies(9) 0.53 150.03 0.90 21.87 181.33 17.68 193.06 20.81 0.59 2.54 55.48
Non-Goodwill Companies(14) 0.71 188.39 0.88 24.24 146.79 18.61 146.79 20.93 0.66 3.46 33.58
MHC Institutions(23) 0.63 170.22 0.89 22.92 160.92 18.23 165.72 20.87 0.63 3.08 50.62
MHC Converted Last 3 Months(2) 0.71 33.56 0.66 0.00 130.67 18.09 130.67 24.52 0.15 1.18 0.00
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity and
assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
126
RP FINANCIAL, LC.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios
---------------------------------------------------------- Asset Quality Ratios
Tang. Reported Earnings Core Earnings -----------------------
Equity/ Equity/ --------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 3.94 3.32 0.29 6.90 3.18 0.57 13.71 2.06 38.66 1.24
CSA Coast Savings Financial of CA 4.96 4.89 0.16 3.19 1.59 0.50 10.09 1.34 71.08 1.37
CFB Commercial Federal Corp. of NE 5.92 5.27 0.64 10.83 5.57 0.91 15.46 1.01 70.83 0.95
DME Dime Savings Bank, FSB of NY* 5.71 5.65 0.58 10.88 5.92 0.73 13.89 2.36 23.73 0.94
DSL Downey Financial Corp. of CA 7.30 7.19 0.45 5.74 4.00 0.76 9.71 1.11 50.35 0.62
FRC First Republic Bancorp of CA* 7.41 7.41 0.66 10.90 6.77 0.59 9.72 1.28 65.82 0.95
FED FirstFed Fin. Corp. of CA 4.73 4.66 0.24 5.24 3.35 0.48 10.42 1.74 110.91 2.53
GLN Glendale Fed. Bk, FSB of CA 5.66 5.26 0.22 3.99 2.43 0.55 10.01 1.66 64.79 1.45
GDW Golden West Fin. Corp. of CA 6.27 6.27 1.01 15.83 9.30 1.24 19.41 1.44 37.62 0.68
GWF Great Western Fin. Corp. of CA(8) 5.64 5.00 0.21 3.73 1.35 0.66 11.65 1.28 58.56 1.02
GPT GreenPoint Fin. Corp. of NY* 10.81 6.19 1.06 9.91 4.93 0.96 9.05 2.84 28.16 1.36
WES Westcorp Inc. of Orange CA 9.39 9.36 0.99 10.58 7.71 0.39 4.15 1.02 115.45 2.20
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 17.81 17.81 0.31 2.70 1.47 0.33 2.79 0.51 192.62 1.37
BKC American Bank of Waterbury CT* 7.97 7.62 1.27 15.17 8.63 1.10 13.16 1.97 44.68 1.43
BFD BostonFed Bancorp of MA 8.90 8.59 0.48 4.34 3.78 0.65 5.97 0.63 91.43 0.71
CFX CFX Corp of NH* 7.67 7.15 0.90 10.59 5.19 1.12 13.18 0.61 147.62 1.34
CZF Citisave Fin. Corp. of LA(8) 16.62 16.62 0.50 3.00 2.00 0.77 4.58 0.20 46.05 0.15
CBK Citizens First Fin.Corp. of IL 14.64 14.64 0.27 1.98 1.56 0.58 4.19 0.54 35.90 0.24
ESX Essex Bancorp of VA(8) 0.07 -0.05 -3.47 NM NM -1.73 NM 3.23 40.63 1.50
FCB Falmouth Co-Op Bank of MA* 24.45 24.45 0.85 3.46 3.23 0.82 3.32 0.02 NA 1.06
FAB FirstFed America Bancorp of MA 12.47 12.47 -0.27 -3.69 -1.92 0.42 5.80 NA NA 1.06
GAF GA Financial Corp. of PA 17.26 17.26 1.07 5.21 4.65 1.35 6.57 0.12 136.73 0.48
KNK Kankakee Bancorp of IL 10.68 10.00 0.61 5.97 5.21 0.78 7.67 1.06 64.54 1.01
KYF Kentucky First Bancorp of KY 16.11 16.11 0.80 3.99 4.88 1.06 5.27 0.14 295.31 0.77
NYB New York Bancorp, Inc. of NY 5.06 5.06 1.31 24.82 7.27 1.55 29.28 1.29 48.39 1.01
PDB Piedmont Bancorp of NC 16.97 16.97 -0.31 -1.27 -1.37 0.79 3.28 0.91 71.22 0.80
PLE Pinnacle Bank of AL 7.73 7.48 0.58 7.39 5.76 0.88 11.08 1.53 39.16 0.87
SSB Scotland Bancorp of NC 36.68 36.68 1.46 4.01 3.36 1.78 4.88 NA NA 0.50
SZB SouthFirst Bancshares of AL 13.98 13.98 0.05 0.31 0.33 0.27 1.89 0.64 44.97 0.40
SRN Southern Banc Company of AL 16.83 16.64 0.22 1.14 1.32 0.57 3.00 NA NA NA
SSM Stone Street Bancorp of NC 35.85 35.85 1.67 4.76 3.78 1.94 5.52 0.18 274.87 0.62
TSH Teche Holding Company of LA 13.30 13.30 0.73 5.04 4.27 1.01 6.94 0.27 303.33 0.97
FTF Texarkana Fst. Fin. Corp of AR 16.03 16.03 1.39 7.83 7.09 1.72 9.71 0.47 144.57 0.82
THR Three Rivers Fin. Corp. of MI 14.48 14.42 0.54 3.58 3.60 0.81 5.36 1.21 44.02 0.80
TBK Tolland Bank of CT* 6.73 6.52 0.69 10.81 7.50 0.75 11.61 2.31 52.07 1.95
WSB Washington SB, FSB of MD 8.32 8.32 0.51 6.16 6.37 0.74 8.95 NA NA 0.90
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 7.97 7.79 0.24 2.95 2.96 0.03 0.42 0.71 51.00 0.55
AFED AFSALA Bancorp of NY 13.68 13.68 0.59 4.34 4.52 0.59 4.34 NA NA NA
ALBK ALBANK Fin. Corp. of Albany NY 9.20 7.98 0.81 8.74 5.83 1.01 10.91 0.92 78.02 0.98
AMFC AMB Financial Corp. of IN 16.30 16.30 0.69 3.72 3.86 0.87 4.67 0.58 64.22 0.50
ASBP ASB Financial Corp. of OH 15.73 15.73 0.60 3.01 3.32 0.88 4.40 1.58 50.98 1.23
ABBK Abington Savings Bank of MA(8)* 6.87 6.16 0.77 11.55 8.04 0.67 10.04 0.30 133.04 0.64
AABC Access Anytime Bancorp of NM 6.80 6.80 -0.59 -11.49 -9.91 -0.23 -4.44 1.59 26.80 0.94
AFBC Advance Fin. Bancorp of WV 15.45 15.45 0.39 3.45 2.57 0.79 7.00 0.37 89.84 0.40
AADV Advantage Bancorp of WI 8.83 8.19 0.35 3.80 2.88 0.86 9.43 0.56 102.27 1.01
AFCB Affiliated Comm BC, Inc of MA 9.77 9.71 0.93 9.45 5.95 1.07 10.81 0.46 163.49 1.19
ALBC Albion Banc Corp. of Albion NY 8.90 8.90 0.09 0.93 0.96 0.38 3.93 NA NA 0.65
ABCL Allied Bancorp of IL 9.31 9.19 0.42 4.88 2.08 0.71 8.21 0.18 236.73 0.50
Pricing Ratios Dividend Data(6)
---------------------------------------- ------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ------ ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA NM 232.91 9.17 NM 15.85 0.88 1.98 62.41
CSA Coast Savings Financial of CA NM 195.61 9.69 198.40 19.86 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 17.96 188.26 11.15 211.54 12.59 0.28 0.78 14.07
DME Dime Savings Bank, FSB of NY* 16.90 177.32 10.12 178.93 13.25 0.00 0.00 0.00
DSL Downey Financial Corp. of CA 25.00 140.19 10.24 142.28 14.79 0.32 1.52 38.10
FRC First Republic Bancorp of CA* 14.76 125.74 9.32 125.82 16.56 0.00 0.00 0.00
FED FirstFed Fin. Corp. of CA 29.86 153.52 7.25 155.54 15.01 0.00 0.00 0.00
GLN Glendale Fed. Bk, FSB of CA NM 154.53 8.74 166.15 16.41 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 10.75 165.32 10.36 165.32 8.76 0.44 0.63 6.78
GWF Great Western Fin. Corp. of CA(8) NM NM 15.96 NM 23.74 1.00 2.02 NM
GPT GreenPoint Fin. Corp. of NY* 20.27 204.91 22.14 NM 22.21 1.00 1.60 32.36
WES Westcorp Inc. of Orange CA 12.98 137.27 12.89 137.60 NM 0.40 2.37 30.77
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* NM 114.56 20.40 114.56 NM 0.36 1.82 NM
BKC American Bank of Waterbury CT* 11.59 171.65 13.69 179.58 13.36 1.44 4.11 47.68
BFD BostonFed Bancorp of MA 26.47 120.57 10.73 124.93 19.25 0.28 1.65 43.75
CFX CFX Corp of NH* 19.28 176.78 13.56 189.54 15.49 0.88 4.86 NM
CZF Citisave Fin. Corp. of LA(8) NM 154.44 25.67 154.44 NM 0.40 2.00 NM
CBK Citizens First Fin.Corp. of IL NM 112.60 16.49 112.60 NM 0.00 0.00 0.00
ESX Essex Bancorp of VA(8) NM NM 0.77 NM NM 0.00 0.00 NM
FCB Falmouth Co-Op Bank of MA* NM 106.26 25.98 106.26 NM 0.20 1.24 38.46
FAB FirstFed America Bancorp of MA NM 104.21 12.99 104.21 NM 0.00 0.00 NM
GAF GA Financial Corp. of PA 21.51 120.35 20.77 120.35 17.07 0.40 2.42 51.95
KNK Kankakee Bancorp of IL 19.21 112.67 12.03 120.33 14.95 0.48 1.66 31.79
KYF Kentucky First Bancorp of KY 20.51 100.09 16.12 100.09 15.53 0.50 4.60 NM
NYB New York Bancorp, Inc. of NY 13.75 NM 16.96 NM 11.66 0.60 1.83 25.10
PDB Piedmont Bancorp of NC NM 140.22 23.79 140.22 28.47 0.40 3.90 NM
PLE Pinnacle Bank of AL 17.37 126.18 9.76 130.39 11.58 0.80 3.66 63.49
SSB Scotland Bancorp of NC 29.76 119.14 43.70 119.14 24.43 0.30 1.83 54.55
SZB SouthFirst Bancshares of AL NM 94.82 13.25 94.82 NM 0.50 3.33 NM
SRN Southern Banc Company of AL NM 99.79 16.79 100.91 28.74 0.35 2.44 NM
SSM Stone Street Bancorp of NC 26.45 126.40 45.31 126.40 22.77 0.45 1.72 45.45
TSH Teche Holding Company of LA 23.44 123.11 16.38 123.11 17.05 0.50 2.67 62.50
FTF Texarkana Fst. Fin. Corp of AR 14.10 119.86 19.21 119.86 11.37 0.45 2.55 36.00
THR Three Rivers Fin. Corp. of MI 27.78 97.72 14.15 98.10 18.52 0.36 2.40 66.67
TBK Tolland Bank of CT* 13.33 132.06 8.89 136.26 12.41 0.20 1.11 14.81
WSB Washington SB, FSB of MD 15.71 96.25 8.01 96.25 10.82 0.10 2.05 32.26
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN NM 98.65 7.86 100.89 NM 0.40 1.30 43.96
AFED AFSALA Bancorp of NY 22.13 96.09 13.15 96.09 22.13 0.16 1.19 26.23
ALBK ALBANK Fin. Corp. of Albany NY 17.17 148.41 13.66 171.11 13.75 0.60 1.61 27.65
AMFC AMB Financial Corp. of IN 25.91 99.72 16.25 99.72 20.65 0.24 1.68 43.64
ASBP ASB Financial Corp. of OH NM 117.50 18.48 117.50 20.61 0.40 3.40 NM
ABBK Abington Savings Bank of MA(8)* 12.43 137.85 9.48 153.88 14.31 0.40 1.62 20.20
AABC Access Anytime Bancorp of NM NM 90.69 6.17 90.69 NM 0.00 0.00 NM
AFBC Advance Fin. Bancorp of WV NM 92.28 14.25 92.28 19.18 0.32 2.35 NM
AADV Advantage Bancorp of WI NM 134.31 11.87 144.96 13.99 0.40 1.07 37.04
AFCB Affiliated Comm BC, Inc of MA 16.81 152.69 14.91 153.66 14.68 0.48 1.97 33.10
ALBC Albion Banc Corp. of Albion NY NM 97.38 8.67 97.38 24.73 0.31 1.35 NM
ABCL Allied Bancorp of IL NM 131.92 12.29 133.67 28.54 0.65 2.15 NM
127
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ -------------------- ------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ATSB AmTrust Capital Corp. of IN 10.17 10.06 0.29 2.88 3.14 0.19 1.87 2.84 23.48 0.93
AHCI Ambanc Holding Co. of NY* 12.72 12.72 -0.62 -4.16 -4.52 -0.62 -4.16 1.06 72.94 1.47
ASBI Ameriana Bancorp of IN 10.85 10.84 0.60 5.40 4.71 0.87 7.85 0.43 63.58 0.38
AFFFZ America First Fin. Fund of CA(8) 8.28 8.16 1.42 19.23 13.96 1.74 23.53 0.41 80.65 0.50
AMFB American Federal Bank of SC(8) 8.99 8.38 1.10 13.34 4.39 1.37 16.50 0.44 193.22 1.30
ANBK American Nat'l Bancorp of MD 9.15 9.15 0.15 1.44 1.29 0.54 5.14 NA NA 1.17
ABCW Anchor Bancorp Wisconsin of WI 6.25 6.13 0.76 12.01 7.05 0.99 15.68 0.75 161.56 1.53
ANDB Andover Bancorp, Inc. of MA* 8.07 8.07 1.09 14.05 8.47 1.13 14.50 1.14 89.41 1.41
ASFC Astoria Financial Corp. of NY 7.60 6.32 0.52 6.54 4.18 0.77 9.68 0.52 35.00 0.50
AVND Avondale Fin. Corp. of IL 8.25 8.25 -0.71 -7.35 -8.87 -1.34 -13.86 1.66 194.88 5.35
BKCT Bancorp Connecticut of CT* 10.40 10.40 1.26 11.92 7.81 1.20 11.39 1.11 108.02 1.98
BPLS Bank Plus Corp. of CA 4.92 4.91 -0.35 -6.90 -6.00 -0.04 -0.77 3.22 49.87 1.96
BWFC Bank West Fin. Corp. of MI 15.30 15.30 0.74 4.25 4.25 0.53 3.03 0.03 458.70 0.20
BANC BankAtlantic Bancorp of FL 5.51 4.48 0.92 14.32 8.07 0.71 11.10 0.78 120.47 1.40
BKUNA BankUnited SA of FL 4.46 3.59 0.18 3.57 2.14 0.35 6.97 0.74 26.73 0.24
BKCO Bankers Corp. of NJ(8)* 7.78 7.66 1.10 13.28 8.08 1.18 14.19 1.20 23.83 0.46
BVCC Bay View Capital Corp. of CA 6.31 6.00 0.38 6.12 3.78 0.64 10.36 0.79 115.33 1.20
BFSB Bedford Bancshares of VA 14.32 14.32 1.05 7.12 5.84 1.35 9.09 0.63 77.52 0.57
BFFC Big Foot Fin. Corp. of IL 17.08 17.08 -0.30 -2.43 -1.50 0.29 2.33 0.11 128.76 0.37
BSBC Branford SB of CT* 9.54 9.54 1.14 12.65 6.53 1.11 12.24 1.94 112.22 3.09
BYFC Broadway Fin. Corp. of CA 10.87 10.87 -0.24 -2.42 -2.88 0.12 1.25 2.42 41.50 1.19
CBCO CB Bancorp of Michigan City IN(8) 8.83 8.83 1.00 10.68 5.18 1.17 12.50 2.41 42.37 2.50
CBES CBES Bancorp of MO 18.39 18.39 0.77 5.22 4.28 0.96 6.51 0.77 54.05 0.46
CCFH CCF Holding Company of GA 14.32 14.32 0.26 1.47 1.59 0.43 2.41 0.34 189.90 0.79
CENF CENFED Financial Corp. of CA 5.10 5.09 0.49 9.61 6.24 0.72 14.11 1.40 51.06 1.03
CFSB CFSB Bancorp of Lansing MI 7.63 7.63 0.75 9.50 5.09 1.00 12.75 0.10 565.80 0.62
CKFB CKF Bancorp of Danville KY 23.68 23.68 1.31 5.12 4.36 1.29 5.05 1.48 12.02 0.20
CNSB CNS Bancorp of MO 24.82 24.82 0.53 2.41 1.94 0.81 3.66 0.45 80.36 0.57
CSBF CSB Financial Group Inc of IL* 25.56 24.11 0.54 2.08 2.08 0.82 3.16 0.74 41.29 0.53
CFHC California Fin. Hld. Co. of CA(8) 6.96 6.93 0.53 8.00 5.04 0.82 12.26 1.04 54.70 0.77
CBCI Calumet Bancorp of Chicago IL 15.94 15.94 1.11 6.86 6.55 1.44 8.87 1.40 84.90 1.54
CAFI Camco Fin. Corp. of OH 9.69 8.92 0.75 8.54 5.35 0.88 10.01 0.68 38.86 0.32
CMRN Cameron Fin. Corp. of MO 22.95 22.95 1.12 4.46 4.60 1.39 5.56 0.60 135.41 0.95
CAPS Capital Savings Bancorp of MO 8.66 8.66 0.65 7.16 4.74 0.92 10.23 0.26 116.53 0.38
CFNC Carolina Fincorp of NC* 23.71 23.71 1.11 4.65 4.48 1.05 4.36 0.28 133.67 0.54
CNY Carver FSB of New York, NY 8.06 7.72 -0.47 -5.07 -7.51 -0.03 -0.33 1.53 34.62 1.12
CASB Cascade SB of Everett WA 6.17 6.17 0.46 7.46 4.00 0.58 9.42 0.59 142.60 1.02
CATB Catskill Fin. Corp. of NY* 26.98 26.98 1.42 6.14 5.42 1.44 6.22 0.50 133.79 1.47
CNIT Cenit Bancorp of Norfolk VA 7.02 6.40 0.74 10.48 7.04 0.68 9.75 0.65 85.28 0.87
CEBK Central Co-Op. Bank of MA* 10.26 9.11 0.59 5.92 5.57 0.66 6.66 1.67 53.48 1.24
CENB Century Bancshares of NC* 29.93 29.93 1.76 5.86 6.25 1.78 5.93 0.39 139.39 0.91
CBSB Charter Financial Inc. of IL 14.13 12.40 0.97 5.94 4.84 1.22 7.50 0.51 114.56 0.80
COFI Charter One Financial of OH 6.78 6.30 0.97 14.40 6.00 1.23 18.30 0.32 147.01 0.77
CNBA Chester Bancorp of IL 22.21 22.21 1.09 4.90 4.86 1.09 4.90 0.25 107.12 0.70
CVAL Chester Valley Bancorp of PA 8.56 8.56 0.63 7.00 4.41 0.92 10.30 0.47 187.15 1.10
CTZN CitFed Bancorp of Dayton OH 6.33 5.64 0.55 8.47 4.79 0.79 12.27 0.45 128.08 0.99
CLAS Classic Bancshares of KY 14.92 12.53 0.42 2.06 2.05 0.71 3.43 0.91 68.31 0.99
CMSB Cmnwealth Bancorp of PA 9.57 7.35 0.56 5.44 4.37 0.72 7.00 0.42 106.34 0.86
COVB CoVest Bancshares of IL 8.94 8.51 0.16 1.78 1.75 0.43 4.89 0.23 118.11 0.43
CBSA Coastal Bancorp of Houston TX 3.42 2.89 0.26 7.87 5.52 0.44 13.15 0.65 37.23 0.56
CFCP Coastal Fin. Corp. of SC 6.10 6.10 0.90 14.66 4.19 0.99 16.14 0.26 350.59 1.14
COFD Collective Bancorp Inc. of NJ(8) 7.00 6.33 0.94 13.56 5.57 1.15 16.49 0.40 60.69 0.47
CMSV Commty. Svgs, MHC of FL (48.5) 11.23 11.23 0.63 5.41 3.82 0.95 8.21 0.57 66.20 0.64
CBNH Community Bankshares Inc of NH(8)* 7.13 7.13 0.93 13.02 5.57 0.75 10.52 0.61 115.48 1.01
CFTP Community Fed. Bancorp of MS 33.52 33.52 1.43 4.31 3.89 1.70 5.13 0.35 79.45 0.47
CFFC Community Fin. Corp. of VA 13.78 13.78 1.04 7.50 5.82 1.31 9.44 0.35 180.62 0.70
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ATSB AmTrust Capital Corp. of IN NM 92.86 9.44 93.89 NM 0.20 1.57 50.00
AHCI Ambanc Holding Co. of NY* NM 103.75 13.20 103.75 NM 0.00 0.00 NM
ASBI Ameriana Bancorp of IN 21.23 115.84 12.56 115.93 14.62 0.60 3.87 NM
AFFFZ America First Fin. Fund of CA(8) 7.17 126.77 10.50 128.61 5.86 1.60 4.20 30.08
AMFB American Federal Bank of SC(8) 22.78 NM 25.96 NM 18.41 0.48 1.56 35.56
ANBK American Nat'l Bancorp of MD NM 119.63 10.95 119.63 21.69 0.12 0.81 63.16
ABCW Anchor Bancorp Wisconsin of WI 14.18 167.59 10.48 170.91 10.86 0.56 1.30 18.42
ANDB Andover Bancorp, Inc. of MA* 11.81 156.91 12.66 156.91 11.44 0.68 2.29 26.98
ASFC Astoria Financial Corp. of NY 23.94 154.02 11.71 185.10 16.17 0.60 1.42 33.90
AVND Avondale Fin. Corp. of IL NM 92.41 7.63 92.41 NM 0.00 0.00 NM
BKCT Bancorp Connecticut of CT* 12.81 153.18 15.93 153.18 13.41 0.88 3.42 43.78
BPLS Bank Plus Corp. of CA NM 118.24 5.81 118.51 NM 0.00 0.00 NM
BWFC Bank West Fin. Corp. of MI 23.51 109.90 16.82 109.90 NM 0.28 2.02 47.46
BANC BankAtlantic Bancorp of FL 12.39 167.07 9.20 205.53 15.99 0.12 0.87 10.81
BKUNA BankUnited SA of FL NM 133.83 5.97 166.55 23.93 0.00 0.00 0.00
BKCO Bankers Corp. of NJ(8)* 12.38 158.01 12.30 160.62 11.58 0.64 2.53 31.37
BVCC Bay View Capital Corp. of CA 26.46 167.93 10.59 176.63 15.64 0.32 1.29 34.04
BFSB Bedford Bancshares of VA 17.13 120.50 17.26 120.50 13.43 0.52 2.62 44.83
BFFC Big Foot Fin. Corp. of IL NM 112.04 19.14 112.04 NM 0.00 0.00 NM
BSBC Branford SB of CT* 15.32 184.11 17.56 184.11 15.83 0.08 1.68 25.81
BYFC Broadway Fin. Corp. of CA NM 75.39 8.20 75.39 NM 0.20 1.86 NM
CBCO CB Bancorp of Michigan City IN(8) 19.32 197.44 17.44 197.44 16.50 0.00 0.00 0.00
CBES CBES Bancorp of MO 23.36 94.38 17.35 94.38 18.74 0.40 2.48 57.97
CCFH CCF Holding Company of GA NM 109.45 15.67 109.45 NM 0.50 3.17 NM
CENF CENFED Financial Corp. of CA 16.03 147.06 7.51 147.35 10.93 0.33 1.12 17.93
CFSB CFSB Bancorp of Lansing MI 19.66 186.69 14.25 186.69 14.65 0.55 2.39 47.01
CKFB CKF Bancorp of Danville KY 22.92 125.16 29.64 125.16 23.19 0.44 2.29 52.38
CNSB CNS Bancorp of MO NM 108.62 26.96 108.62 NM 0.20 1.25 64.52
CSBF CSB Financial Group Inc of IL* NM 88.43 22.60 93.75 NM 0.00 0.00 0.00
CFHC California Fin. Hld. Co. of CA(8) 19.84 152.89 10.64 153.53 12.94 0.44 1.50 29.73
CBCI Calumet Bancorp of Chicago IL 15.26 107.86 17.20 107.86 11.80 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 18.69 123.75 11.99 134.45 15.95 0.52 2.81 52.53
CMRN Cameron Fin. Corp. of MO 21.75 99.00 22.72 99.00 17.45 0.28 1.67 36.36
CAPS Capital Savings Bancorp of MO 21.10 149.22 12.92 149.22 14.77 0.24 1.48 31.17
CFNC Carolina Fincorp of NC* 22.31 104.17 24.70 104.17 23.77 0.20 1.38 30.77
CNY Carver FSB of New York, NY NM 68.56 5.53 71.62 NM 0.00 0.00 NM
CASB Cascade SB of Everett WA 25.00 179.41 11.08 179.41 19.79 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 18.45 105.44 28.45 105.44 18.24 0.28 1.81 33.33
CNIT Cenit Bancorp of Norfolk VA 14.20 148.76 10.44 163.16 15.25 1.00 2.22 31.55
CEBK Central Co-Op. Bank of MA* 17.97 101.83 10.45 114.77 15.97 0.32 1.86 33.33
CENB Century Bancshares of NC* 16.01 93.86 28.10 93.86 15.83 2.00 2.90 46.40
CBSB Charter Financial Inc. of IL 20.68 131.39 18.57 149.74 16.39 0.32 1.84 38.10
COFI Charter One Financial of OH 16.67 233.80 15.84 NM 13.11 1.00 2.08 34.72
CNBA Chester Bancorp of IL 20.59 100.83 22.39 100.83 20.59 0.24 1.64 33.80
CVAL Chester Valley Bancorp of PA 22.70 155.27 13.29 155.27 15.43 0.44 2.23 50.57
CTZN CitFed Bancorp of Dayton OH 20.88 170.22 10.78 191.11 14.41 0.32 0.87 18.18
CLAS Classic Bancshares of KY NM 100.90 15.06 120.13 29.24 0.28 1.92 NM
CMSB Cmnwealth Bancorp of PA 22.91 120.96 11.57 157.50 17.79 0.28 1.85 42.42
COVB CoVest Bancshares of IL NM 108.50 9.69 113.86 20.88 0.40 2.25 NM
CBSA Coastal Bancorp of Houston TX 18.12 137.47 4.70 162.75 10.84 0.48 1.78 32.21
CFCP Coastal Fin. Corp. of SC 23.88 NM 20.33 NM 21.68 0.33 1.55 37.08
COFD Collective Bancorp Inc. of NJ(8) 17.96 232.93 16.31 NM 14.77 1.00 2.27 40.82
CMSV Commty. Svgs, MHC of FL (48.5) 26.20 139.69 15.69 139.69 17.26 0.90 4.14 NM
CBNH Community Bankshares Inc of NH(8)* 17.97 222.44 15.86 222.44 22.24 0.64 1.71 30.77
CFTP Community Fed. Bancorp of MS 25.74 108.49 36.37 108.49 21.60 0.30 1.71 44.12
CFFC Community Fin. Corp. of VA 17.18 124.65 17.17 124.65 13.64 0.56 2.49 42.75
128
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
CIBI Community Inv. Bancorp of OH 11.52 11.52 0.67 5.52 5.21 1.00 8.19 0.72 65.53 0.62
COOP Cooperative Bk.for Svgs. of NC 7.49 7.49 -0.89 -10.79 -9.33 0.13 1.60 0.45 53.51 0.30
CRZY Crazy Woman Creek Bncorp of WY 27.85 27.85 1.01 3.35 3.74 1.27 4.20 0.23 240.34 1.03
DNFC D&N Financial Corp. of MI 5.81 5.75 0.63 10.98 5.81 0.85 14.82 0.37 192.28 1.01
DFIN Damen Fin. Corp. of Chicago IL 20.16 20.16 0.71 3.13 3.58 0.89 3.93 0.20 76.94 0.38
DCBI Delphos Citizens Bancorp of OH 28.34 28.34 1.27 6.07 4.43 1.27 6.07 0.10 93.46 0.13
DIME Dime Community Bancorp of NY 15.41 13.23 0.93 6.19 4.87 1.03 6.90 0.82 97.78 1.45
DIBK Dime Financial Corp. of CT* 7.83 7.54 1.85 22.66 10.93 1.91 23.35 0.46 337.58 3.23
EGLB Eagle BancGroup of IL 12.10 12.10 -0.20 -1.89 -1.70 0.12 1.09 1.67 31.93 0.80
EBSI Eagle Bancshares of Tucker GA 8.71 8.71 0.59 6.82 4.90 0.80 9.29 0.88 65.80 0.84
EGFC Eagle Financial Corp. of CT 6.90 5.19 0.58 8.18 6.25 0.78 10.92 1.21 47.66 1.01
ETFS East Texas Fin. Serv. of TX 19.02 19.02 0.32 1.70 1.97 0.64 3.41 0.25 100.00 0.53
EBCP Eastern Bancorp of NH(8) 7.59 7.20 0.38 4.96 3.35 0.59 7.76 1.27 25.79 0.57
ESBK Elmira SB of Elmira NY* 6.30 6.03 0.28 4.48 4.29 0.27 4.28 0.83 76.33 0.80
EMLD Emerald Financial Corp of OH 7.51 7.38 0.69 8.89 5.00 0.89 11.37 0.34 75.41 0.34
EIRE Emerald Island Bancorp, MA* 6.96 6.96 0.81 12.00 7.83 0.86 12.68 0.62 105.23 0.97
EFBC Empire Federal Bancorp of MT 34.89 34.89 0.83 2.37 2.67 1.09 3.12 NA NA 0.47
EFBI Enterprise Fed. Bancorp of OH 12.67 12.65 0.68 4.72 3.95 0.75 5.16 0.01 NA 0.28
EQSB Equitable FSB of Wheaton MD 5.07 5.07 0.48 9.33 6.47 0.76 14.93 1.07 19.82 0.31
FFFG F.F.O. Financial Group of FL(8) 6.41 6.41 0.52 8.41 4.41 0.85 13.72 3.17 55.02 2.47
FCBF FCB Fin. Corp. of Neenah WI 17.51 17.51 0.91 5.04 3.92 1.10 6.08 0.11 426.35 0.56
FFBS FFBS Bancorp of Columbus MS 19.42 19.42 1.19 6.07 4.17 1.49 7.65 0.42 109.44 0.66
FFDF FFD Financial Corp. of OH 24.74 24.74 0.78 3.42 3.20 1.08 4.74 NA NA 0.27
FFLC FFLC Bancorp of Leesburg FL 14.48 14.48 0.69 4.30 3.54 1.01 6.32 0.27 116.25 0.46
FFFC FFVA Financial Corp. of VA 12.98 12.69 1.08 7.35 5.08 1.34 9.09 0.10 585.64 1.01
FFWC FFW Corporation of Wabash IN 10.01 10.01 0.90 8.74 7.62 1.11 10.86 0.22 150.42 0.48
FFYF FFY Financial Corp. of OH 14.10 14.10 0.89 5.44 4.62 1.27 7.80 0.72 73.17 0.69
FMCO FMS Financial Corp. of NJ 6.29 6.16 0.64 9.89 7.14 0.97 15.08 1.07 47.56 0.90
FFHH FSF Financial Corp. of MN 11.77 11.77 0.64 4.73 4.33 0.83 6.11 0.10 216.04 0.34
FOBC Fed One Bancorp of Wheeling WV 11.61 11.06 0.68 5.79 4.60 0.98 8.27 0.45 93.85 1.00
FBCI Fidelity Bancorp of Chicago IL 10.19 10.16 0.53 4.92 4.69 0.75 7.05 0.70 24.69 0.23
FSBI Fidelity Bancorp, Inc. of PA 6.96 6.96 0.52 7.41 5.35 0.83 11.77 0.51 100.48 1.06
FFFL Fidelity FSB, MHC of FL (47.4) 8.82 8.75 0.39 4.09 2.61 0.62 6.51 0.30 77.48 0.31
FFED Fidelity Fed. Bancorp of IN 5.14 5.14 0.16 3.18 1.89 0.28 5.62 0.16 455.75 0.85
FFOH Fidelity Financial of OH 13.12 11.52 0.63 3.90 2.67 1.01 6.24 0.18 174.34 0.38
FIBC Financial Bancorp of NY 9.73 9.68 0.51 5.14 4.46 0.88 8.82 NA NA 0.85
FBSI First Bancshares of MO 14.35 14.33 0.91 5.88 6.21 1.11 7.22 0.32 88.44 0.35
FBBC First Bell Bancorp of PA 10.20 10.20 1.19 7.34 7.20 1.40 8.65 0.09 107.87 0.12
FBER First Bergen Bancorp of NJ 16.44 16.44 0.42 2.50 2.57 0.75 4.50 0.74 161.82 2.41
SKBO First Carnegie,MHC of PA(45.0) 15.65 15.65 0.37 2.35 1.79 0.54 3.43 0.74 33.56 0.66
FCIT First Cit. Fin. Corp of MD(8) 6.11 6.11 0.53 8.65 4.16 0.79 13.02 1.92 52.05 1.33
FSTC First Citizens Corp of GA 9.37 7.37 1.80 19.17 11.76 1.50 16.01 1.26 87.96 1.40
FFBA First Colorado Bancorp of Co 14.30 14.13 1.13 7.87 5.72 1.12 7.80 0.19 136.49 0.37
FDEF First Defiance Fin.Corp. of OH 21.42 21.42 0.78 3.37 3.14 1.06 4.60 0.45 93.68 0.55
FESX First Essex Bancorp of MA* 7.31 6.30 1.01 13.37 7.64 0.88 11.68 0.62 143.10 1.42
FFES First FS&LA of E. Hartford CT 6.25 6.25 0.43 7.04 6.18 0.69 11.23 0.51 55.25 1.57
FSSB First FS&LA of San Bern. CA 4.33 4.18 -1.18 -24.68 NM -1.18 -24.75 2.31 45.41 1.47
FFSX First FS&LA. MHC of IA (46.0) 8.14 8.06 0.43 5.19 2.96 0.73 8.93 0.14 263.34 0.52
FFSW First Fed Fin. Serv. of OH 6.05 5.11 0.87 15.36 5.83 0.69 12.15 0.38 73.66 0.40
BDJI First Fed. Bancorp. of MN 11.17 11.17 0.32 2.58 2.56 0.66 5.38 0.31 127.79 0.82
FFBH First Fed. Bancshares of AR 15.82 15.82 0.79 5.42 4.18 1.13 7.76 0.19 127.62 0.31
FTFC First Fed. Capital Corp. of WI 6.35 5.96 0.74 11.32 5.85 0.86 13.18 0.17 308.37 0.68
FFKY First Fed. Fin. Corp. of KY 13.60 12.78 1.25 9.03 5.61 1.49 10.79 0.40 115.33 0.53
FFBZ First Federal Bancorp of OH 7.66 7.65 0.74 9.58 4.91 1.01 13.14 0.58 153.04 1.02
FFCH First Fin. Holdings Inc. of SC 6.15 6.15 0.55 8.85 5.05 0.84 13.43 1.82 39.24 0.84
FFBI First Financial Bancorp of IL 7.81 7.81 -0.02 -0.27 -0.31 0.47 5.76 0.27 200.40 0.69
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
CIBI Community Inv. Bancorp of OH 19.19 107.16 12.34 107.16 12.93 0.40 2.11 40.40
COOP Cooperative Bk.for Svgs. of NC NM 120.07 8.99 120.07 NM 0.00 0.00 NM
CRZY Crazy Woman Creek Bncorp of WY 26.71 94.45 26.30 94.45 21.28 0.40 2.94 NM
DNFC D&N Financial Corp. of MI 17.22 171.04 9.93 172.82 12.76 0.00 0.00 0.00
DFIN Damen Fin. Corp. of Chicago IL 27.94 100.92 20.35 100.92 22.27 0.24 1.68 47.06
DCBI Delphos Citizens Bancorp of OH 22.58 94.09 26.66 94.09 22.58 0.00 0.00 0.00
DIME Dime Community Bancorp of NY 20.54 122.99 18.96 143.30 18.42 0.18 1.01 20.69
DIBK Dime Financial Corp. of CT* 9.15 192.34 15.05 199.58 8.87 0.40 1.68 15.33
EGLB Eagle BancGroup of IL NM 93.73 11.34 93.73 NM 0.00 0.00 NM
EBSI Eagle Bancshares of Tucker GA 20.39 128.02 11.14 128.02 14.96 0.60 3.68 75.00
EGFC Eagle Financial Corp. of CT 16.01 129.29 8.92 171.81 11.99 0.92 3.11 49.73
ETFS East Texas Fin. Serv. of TX NM 87.61 16.67 87.61 25.37 0.20 1.16 58.82
EBCP Eastern Bancorp of NH(8) 29.89 145.58 11.05 153.39 19.12 0.64 2.46 73.56
ESBK Elmira SB of Elmira NY* 23.31 104.43 6.58 109.10 24.41 0.64 3.08 71.91
EMLD Emerald Financial Corp of OH 20.00 171.82 12.90 174.83 15.63 0.24 1.60 32.00
EIRE Emerald Island Bancorp, MA* 12.77 140.19 9.76 140.19 12.08 0.28 1.56 19.86
EFBC Empire Federal Bancorp of MT NM 88.89 31.02 88.89 28.52 0.30 2.29 NM
EFBI Enterprise Fed. Bancorp of OH 25.33 122.42 15.51 122.58 23.17 1.00 5.26 NM
EQSB Equitable FSB of Wheaton MD 15.45 136.44 6.91 136.44 9.66 0.00 0.00 0.00
FFFG F.F.O. Financial Group of FL(8) 22.68 178.84 11.46 178.84 13.90 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 25.52 129.51 22.67 129.51 21.15 0.72 2.91 74.23
FFBS FFBS Bancorp of Columbus MS 23.96 143.30 27.83 143.30 19.01 0.50 2.17 52.08
FFDF FFD Financial Corp. of OH NM 94.83 23.46 94.83 22.54 0.30 2.18 68.18
FFLC FFLC Bancorp of Leesburg FL 28.25 127.48 18.45 127.48 19.22 0.48 1.70 48.00
FFFC FFVA Financial Corp. of VA 19.69 158.43 20.56 162.02 15.92 0.48 1.92 37.80
FFWC FFW Corporation of Wabash IN 13.13 114.29 11.44 114.29 10.57 0.72 2.77 36.36
FFYF FFY Financial Corp. of OH 21.67 133.33 18.80 133.33 15.12 0.70 2.69 58.33
FMCO FMS Financial Corp. of NJ 14.01 135.37 8.51 138.21 9.19 0.20 1.01 14.18
FFHH FSF Financial Corp. of MN 23.08 118.97 14.00 118.97 17.87 0.50 3.01 69.44
FOBC Fed One Bancorp of Wheeling WV 21.74 126.87 14.73 133.10 15.23 0.58 2.78 60.42
FBCI Fidelity Bancorp of Chicago IL 21.31 105.69 10.77 105.99 14.88 0.32 1.71 36.36
FSBI Fidelity Bancorp, Inc. of PA 18.69 135.04 9.40 135.04 11.76 0.36 1.80 33.64
FFFL Fidelity FSB, MHC of FL (47.4) NM 155.22 13.69 156.51 24.04 0.80 4.27 NM
FFED Fidelity Fed. Bancorp of IN NM 174.08 8.95 174.08 30.00 0.40 4.44 NM
FFOH Fidelity Financial of OH NM 124.69 16.35 141.91 23.44 0.28 1.87 70.00
FIBC Financial Bancorp of NY 22.40 115.15 11.20 115.69 13.07 0.40 2.32 51.95
FBSI First Bancshares of MO 16.10 95.96 13.77 96.11 13.10 0.20 1.05 16.95
FBBC First Bell Bancorp of PA 13.90 139.89 14.27 139.89 11.80 0.40 2.69 37.38
FBER First Bergen Bancorp of NJ NM 98.98 16.28 98.98 21.62 0.12 0.88 34.29
SKBO First Carnegie,MHC of PA(45.0) NM 131.64 20.60 131.64 NM 0.00 0.00 0.00
FCIT First Cit. Fin. Corp of MD(8) 24.05 198.89 12.14 198.89 15.99 0.00 0.00 0.00
FSTC First Citizens Corp of GA 8.51 163.04 15.28 207.29 10.19 0.44 1.78 15.12
FFBA First Colorado Bancorp of Co 17.48 137.61 19.68 139.32 17.65 0.40 2.22 38.83
FDEF First Defiance Fin.Corp. of OH NM 112.81 24.16 112.81 23.33 0.32 2.29 72.73
FESX First Essex Bancorp of MA* 13.09 148.39 10.85 172.23 14.97 0.48 2.89 37.80
FFES First FS&LA of E. Hartford CT 16.19 109.78 6.86 109.78 10.14 0.60 2.38 38.46
FSSB First FS&LA of San Bern. CA NM 69.34 3.01 71.97 NM 0.00 0.00 NM
FFSX First FS&LA. MHC of IA (46.0) NM 172.67 14.05 174.24 19.66 0.48 2.09 70.59
FFSW First Fed Fin. Serv. of OH 17.16 240.42 14.55 NM 21.70 0.44 1.28 21.89
BDJI First Fed. Bancorp. of MN NM 109.20 12.20 109.20 18.75 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 23.91 115.37 18.25 115.37 16.70 0.20 1.03 24.69
FTFC First Fed. Capital Corp. of WI 17.09 189.42 12.04 202.07 14.68 0.72 2.38 40.68
FFKY First Fed. Fin. Corp. of KY 17.82 158.31 21.53 168.56 14.92 0.52 2.70 48.15
FFBZ First Federal Bancorp of OH 20.35 187.37 14.35 187.57 14.83 0.24 1.37 27.91
FFCH First Fin. Holdings Inc. of SC 19.81 171.80 10.56 171.80 13.05 0.72 2.69 53.33
FFBI First Financial Bancorp of IL NM 91.32 7.13 91.32 15.24 0.00 0.00 NM
129
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FFHC First Financial Corp. of WI(8) 6.98 6.78 0.93 12.87 5.11 1.26 17.55 0.29 137.23 0.65
FFHS First Franklin Corp. of OH 8.82 8.75 0.14 1.59 1.36 0.62 6.76 0.62 68.29 0.62
FGHC First Georgia Hold. Corp of GA 8.49 7.74 0.96 11.69 6.27 0.57 6.97 1.35 50.33 0.79
FSPG First Home Bancorp of NJ 6.59 6.47 0.90 13.90 8.47 1.19 18.24 0.79 93.39 1.41
FFSL First Independence Corp. of KS 10.51 10.51 0.50 4.27 4.70 0.76 6.53 0.90 69.84 0.97
FISB First Indiana Corp. of IN 9.58 9.46 0.89 9.68 5.93 1.03 11.14 1.55 85.76 1.59
FKFS First Keystone Fin. Corp of PA 7.07 7.07 0.51 6.65 5.45 0.76 9.86 2.46 34.36 1.46
FLKY First Lancaster Bncshrs of KY 37.13 37.13 0.98 1.94 2.53 1.26 2.50 0.75 32.89 0.29
FLFC First Liberty Fin. Corp. of GA 7.35 6.57 1.09 14.83 8.19 0.88 11.96 0.75 114.80 1.23
CASH First Midwest Fin. Corp. of IA 11.59 10.26 0.76 6.54 6.22 0.98 8.44 0.79 81.68 0.97
FMBD First Mutual Bancorp of IL 13.41 10.32 0.15 0.75 0.87 0.38 1.97 0.16 207.98 0.46
FMSB First Mutual SB of Bellevue WA* 6.57 6.57 1.01 15.36 7.90 0.98 14.78 NA NA 1.24
FNGB First Northern Cap. Corp of WI 11.51 11.51 0.60 5.05 4.13 0.89 7.48 0.13 368.77 0.54
FFPB First Palm Beach Bancorp of FL 6.76 6.59 -0.01 -0.09 -0.07 0.05 0.69 1.09 46.69 0.74
FSLA First SB SLA MHC of NJ (47.5) 9.19 8.15 0.51 5.44 2.79 0.90 9.61 0.58 93.31 1.05
FSNJ First SB of NJ, MHC (45.9)(8) 8.57 8.57 -0.34 -4.31 -2.72 0.23 2.89 0.87 58.25 1.21
SOPN First SB, SSB, Moore Co. of NC 24.60 24.60 1.39 5.48 4.77 1.67 6.58 0.12 192.97 0.32
FWWB First Savings Bancorp of WA* 15.77 14.48 1.01 5.46 3.16 1.01 5.46 0.25 261.72 1.07
SHEN First Shenango Bancorp of PA 10.70 10.70 0.83 7.07 6.20 1.12 9.49 0.50 144.74 1.14
FSFC First So.east Fin. Corp. of SC 10.22 10.22 0.01 0.11 0.09 0.92 7.48 0.11 362.15 0.50
FLAG Flag Financial Corp of GA 9.40 9.40 -0.06 -0.68 -0.55 0.14 1.45 4.52 44.14 2.91
FFIC Flushing Fin. Corp. of NY* 16.01 16.01 0.90 5.16 4.44 0.93 5.34 0.27 251.62 1.28
FBHC Fort Bend Holding Corp. of TX 6.43 5.95 0.23 3.44 2.79 0.54 7.99 NA NA 0.95
FTSB Fort Thomas Fin. Corp. of KY 16.09 16.09 0.50 2.50 2.86 0.76 3.83 2.02 25.00 0.57
FKKY Frankfort First Bancorp of KY 26.19 26.19 0.62 2.19 2.00 0.93 3.29 0.06 138.89 0.08
FTNB Fulton Bancorp of MO 25.01 25.01 0.74 3.81 2.04 1.05 5.39 NA NA 1.01
GFSB GFS Bancorp of Grinnell IA 11.57 11.57 0.99 8.43 5.96 1.27 10.81 1.54 45.77 0.81
GUPB GFSB Bancorp of Gallup NM 16.30 16.30 0.74 3.86 3.83 0.93 4.86 NA NA 0.69
GSLA GS Financial Corp. of LA 46.34 46.34 0.85 1.84 2.02 0.85 1.84 0.13 214.61 0.85
GWBC Gateway Bancorp of KY(8) 26.08 26.08 0.82 3.25 3.19 1.15 4.54 0.78 15.82 0.40
GBCI Glacier Bancorp of MT 9.56 9.29 1.39 14.68 6.06 1.57 16.59 0.28 212.30 0.85
GLBK Glendale Co-op. Bank of MA(8)* 16.37 16.37 0.75 4.64 4.15 0.72 4.47 NA NA 0.72
GFCO Glenway Financial Corp. of OH 9.56 9.41 0.38 3.95 3.72 0.68 7.17 0.32 84.04 0.32
GTPS Great American Bancorp of IL 21.16 21.16 0.43 1.95 2.13 0.55 2.48 0.16 188.02 0.42
GTFN Great Financial Corp. of KY 9.30 8.89 0.73 7.40 4.39 0.70 7.09 3.42 13.77 0.72
GSBC Great Southern Bancorp of MO 8.97 8.97 1.36 14.03 6.43 1.53 15.83 1.83 124.20 2.60
GDVS Greater DV SB,MHC of PA (19.9)* 11.47 11.47 0.01 0.12 0.08 0.33 2.81 2.78 43.72 2.05
GRTR Greater New York SB of NY(8)* 6.27 6.27 0.46 7.67 4.37 0.40 6.60 7.49 8.61 1.72
GSFC Green Street Fin. Corp. of NC 36.09 36.09 1.33 4.48 3.21 1.64 5.50 0.14 97.92 0.19
GSLC Guaranty Svgs & Loan FA of VA 5.72 5.72 0.46 7.73 3.30 0.43 7.26 NA NA 1.00
GFED Guarnty FS&LA,MHC of MO (31.0) 13.84 13.84 0.50 3.50 1.76 0.81 5.71 0.54 206.36 1.42
HCBB HCB Bancshares of AR 18.25 17.49 -0.11 -0.58 -0.62 0.39 2.11 NA NA 1.47
HEMT HF Bancorp of Hemet CA 9.81 0.00 -0.31 -2.63 -2.67 -2.27 -19.11 NA NA 1.10
HFFC HF Financial Corp. of SD 9.19 9.17 0.59 6.44 5.68 0.81 8.85 0.40 200.58 1.04
HFNC HFNC Financial Corp. of NC 18.83 18.83 1.07 3.82 2.98 1.41 5.01 0.99 94.51 1.26
HMNF HMN Financial, Inc. of MN 14.24 14.24 0.75 4.93 4.69 0.91 5.98 0.08 555.50 0.70
HALL Hallmark Capital Corp. of WI 6.99 6.99 0.45 6.30 6.23 0.60 8.30 0.02 NA 0.60
HARB Harbor FSB, MHC of FL (46.0) 8.22 7.91 0.93 11.11 5.27 1.22 14.62 0.47 216.59 1.38
HRBF Harbor Federal Bancorp of MD 12.86 12.86 0.43 3.20 3.00 0.68 5.15 0.13 131.49 0.26
HFSA Hardin Bancorp of Hardin MO 12.78 12.78 0.51 3.17 3.69 0.82 5.16 0.37 41.58 0.29
HARL Harleysville SA of PA 6.36 6.36 0.69 10.70 5.88 0.99 15.31 0.12 475.58 0.77
HARS Harris SB, MHC of PA (24.2) 7.92 6.83 0.25 2.68 1.73 0.60 6.55 0.70 61.77 0.98
HFFB Harrodsburg 1st Fin Bcrp of KY 26.35 26.35 1.03 3.73 3.67 1.36 4.95 0.47 58.12 0.37
HHFC Harvest Home Fin. Corp. of OH 12.43 12.43 0.21 1.35 1.62 0.54 3.49 0.15 90.48 0.26
HAVN Haven Bancorp of Woodhaven NY 5.80 5.77 0.62 10.26 6.71 0.91 14.94 0.78 84.95 1.23
HVFD Haverfield Corp. of OH(8) 8.39 8.39 0.49 5.94 3.45 1.03 12.55 1.00 87.44 1.00
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FFHC First Financial Corp. of WI(8) 19.58 NM 17.55 NM 14.36 0.60 2.14 41.96
FFHS First Franklin Corp. of OH NM 117.37 10.35 118.20 17.28 0.32 1.61 NM
FGHC First Georgia Hold. Corp of GA 15.96 183.37 15.56 201.07 26.79 0.05 0.67 10.64
FSPG First Home Bancorp of NJ 11.81 155.74 10.26 158.57 9.00 0.40 2.08 24.54
FFSL First Independence Corp. of KS 21.28 98.77 10.38 98.77 13.93 0.25 2.22 47.17
FISB First Indiana Corp. of IN 16.87 157.29 15.07 159.30 14.66 0.48 2.26 38.10
FKFS First Keystone Fin. Corp of PA 18.35 125.55 8.88 125.55 12.36 0.20 0.88 16.13
FLKY First Lancaster Bncshrs of KY NM 105.12 39.03 105.12 NM 0.00 0.00 0.00
FLFC First Liberty Fin. Corp. of GA 12.22 181.13 13.31 202.45 15.14 0.40 1.86 22.73
CASH First Midwest Fin. Corp. of IA 16.08 101.71 11.79 114.97 12.45 0.36 2.33 37.50
FMBD First Mutual Bancorp of IL NM 98.55 13.22 128.10 NM 0.32 2.13 NM
FMSB First Mutual SB of Bellevue WA* 12.66 181.29 11.92 181.29 13.15 0.20 0.99 12.50
FNGB First Northern Cap. Corp of WI 24.22 121.94 14.03 121.94 16.35 0.64 3.26 NM
FFPB First Palm Beach Bancorp of FL NM 142.59 9.64 146.34 NM 0.60 2.00 NM
FSLA First SB SLA MHC of NJ (47.5) NM 190.38 17.50 214.84 20.29 0.48 1.94 69.57
FSNJ First SB of NJ, MHC (45.9)(8) NM 159.15 13.64 159.15 NM 0.50 1.94 NM
SOPN First SB, SSB, Moore Co. of NC 20.96 115.02 28.29 115.02 17.44 0.80 3.86 NM
FWWB First Savings Bancorp of WA* NM 152.16 24.00 165.77 NM 0.28 1.30 41.18
SHEN First Shenango Bancorp of PA 16.13 120.25 12.86 120.25 12.02 0.48 1.92 30.97
FSFC First So.east Fin. Corp. of SC NM 140.26 14.34 140.26 15.63 0.24 2.19 NM
FLAG Flag Financial Corp of GA NM 124.39 11.70 124.39 NM 0.34 2.67 NM
FFIC Flushing Fin. Corp. of NY* 22.52 120.61 19.31 120.61 21.76 0.24 1.24 27.91
FBHC Fort Bend Holding Corp. of TX NM 121.67 7.82 131.51 15.41 0.28 1.06 37.84
FTSB Fort Thomas Fin. Corp. of KY NM 103.04 16.58 103.04 22.83 0.25 2.38 NM
FKKY Frankfort First Bancorp of KY NM 120.85 31.65 120.85 NM 0.36 3.00 NM
FTNB Fulton Bancorp of MO NM 139.05 34.77 139.05 NM 0.20 0.99 48.78
GFSB GFS Bancorp of Grinnell IA 16.76 138.08 15.97 138.08 13.07 0.20 1.40 23.53
GUPB GFSB Bancorp of Gallup NM 26.09 106.64 17.38 106.64 20.69 0.40 2.22 57.97
GSLA GS Financial Corp. of LA NM 91.12 42.23 91.12 NM 0.00 0.00 0.00
GWBC Gateway Bancorp of KY(8) NM 104.20 27.17 104.20 22.46 0.40 2.41 NM
GBCI Glacier Bancorp of MT 16.50 212.36 20.31 218.54 14.60 0.43 2.61 43.00
GLBK Glendale Co-op. Bank of MA(8)* 24.10 109.27 17.89 109.27 25.00 0.00 0.00 0.00
GFCO Glenway Financial Corp. of OH 26.90 105.50 10.08 107.14 14.82 0.68 2.75 73.91
GTPS Great American Bancorp of IL NM 93.49 19.78 93.49 NM 0.40 2.58 NM
GTFN Great Financial Corp. of KY 22.77 167.68 15.59 175.28 23.75 0.60 1.80 41.10
GSBC Great Southern Bancorp of MO 15.54 230.48 20.67 230.48 13.77 0.40 2.36 36.70
GDVS Greater DV SB,MHC of PA (19.9)* NM 153.76 17.64 153.76 NM 0.36 2.80 NM
GRTR Greater New York SB of NY(8)* 22.90 167.15 10.48 167.15 26.61 0.20 1.02 23.26
GSFC Green Street Fin. Corp. of NC NM 121.24 43.75 121.24 25.36 0.40 2.25 70.18
GSLC Guaranty Svgs & Loan FA of VA NM 225.73 12.90 225.73 NM 0.10 1.00 30.30
GFED Guarnty FS&LA,MHC of MO (31.0) NM 195.85 27.10 195.85 NM 0.40 2.35 NM
HCBB HCB Bancshares of AR NM 93.74 17.11 97.80 NM 0.00 0.00 NM
HEMT HF Bancorp of Hemet CA NM 104.57 10.26 NM NM 0.00 0.00 NM
HFFC HF Financial Corp. of SD 17.61 112.55 10.35 112.81 12.83 0.36 1.86 32.73
HFNC HFNC Financial Corp. of NC NM 185.48 34.92 185.48 25.55 0.28 1.64 54.90
HMNF HMN Financial, Inc. of MN 21.33 112.88 16.08 112.88 17.60 0.00 0.00 0.00
HALL Hallmark Capital Corp. of WI 16.04 97.12 6.79 97.12 12.18 0.00 0.00 0.00
HARB Harbor FSB, MHC of FL (46.0) 18.97 200.11 16.45 207.95 14.42 1.40 3.82 72.54
HRBF Harbor Federal Bancorp of MD NM 105.66 13.59 105.66 20.73 0.40 2.35 NM
HFSA Hardin Bancorp of Hardin MO 27.07 95.06 12.15 95.06 16.61 0.40 2.74 74.07
HARL Harleysville SA of PA 17.02 172.54 10.98 172.54 11.89 0.40 1.81 30.77
HARS Harris SB, MHC of PA (24.2) NM 151.35 11.98 175.40 23.58 0.58 2.80 NM
HFFB Harrodsburg 1st Fin Bcrp of KY 27.27 106.53 28.07 106.53 20.55 0.40 2.67 72.73
HHFC Harvest Home Fin. Corp. of OH NM 94.42 11.74 94.42 23.86 0.40 3.81 NM
HAVN Haven Bancorp of Woodhaven NY 14.91 147.00 8.52 147.57 10.24 0.60 1.76 26.32
HVFD Haverfield Corp. of OH(8) 28.98 169.55 14.23 169.55 13.71 0.56 2.20 63.64
130
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HTHR Hawthorne Fin. Corp. of CA 3.85 3.85 0.81 21.02 21.02 0.56 14.51 NA NA 1.92
HMLK Hemlock Fed. Fin. Corp. of IL 17.39 17.39 0.24 1.38 1.46 0.62 3.57 NA NA 1.37
HBNK Highland Federal Bank of CA 7.46 7.46 0.29 3.88 2.71 0.51 6.77 3.23 57.68 2.28
HIFS Hingham Inst. for Sav. of MA* 9.55 9.55 1.16 12.00 9.48 1.16 12.00 0.55 125.50 0.91
HBEI Home Bancorp of Elgin IL 28.12 28.12 0.31 1.41 0.92 0.81 3.66 0.35 77.63 0.37
HBFW Home Bancorp of Fort Wayne IN 13.95 13.95 0.56 3.74 3.38 0.90 6.05 0.09 468.58 0.53
HBBI Home Building Bancorp of IN 12.07 12.07 0.19 1.47 1.29 0.53 4.02 0.52 32.51 0.28
HCFC Home City Fin. Corp. of OH 20.61 20.61 0.78 5.01 3.85 1.17 7.57 0.62 110.38 0.87
HOMF Home Fed Bancorp of Seymour IN 8.45 8.17 1.03 12.42 7.15 1.22 14.74 0.43 121.80 0.61
HWEN Home Financial Bancorp of IN 18.63 18.63 0.57 3.68 2.86 0.82 5.23 NA NA 0.63
HPBC Home Port Bancorp, Inc. of MA* 10.82 10.82 1.70 15.85 8.35 1.69 15.76 0.25 501.45 1.53
HMCI Homecorp, Inc. of Rockford IL 6.30 6.30 0.11 1.87 1.61 0.38 6.24 3.68 13.13 0.62
HZFS Horizon Fin'l. Services of IA 10.50 10.50 0.43 3.87 3.90 0.60 5.42 1.02 36.63 0.56
HRZB Horizon Financial Corp. of WA* 15.23 15.23 1.55 9.82 6.83 1.52 9.64 0.01 NA 0.85
IBSF IBS Financial Corp. of NJ 17.04 17.04 0.52 2.73 2.33 0.88 4.68 0.15 94.57 0.52
ISBF ISB Financial Corp. of LA 12.27 10.35 0.74 4.49 3.30 1.00 6.05 NA NA 0.79
ITLA Imperial Thrift & Loan of CA* 11.37 11.32 1.46 13.06 8.98 1.46 13.06 1.78 75.09 1.63
IFSB Independence FSB of DC 6.73 5.82 0.13 1.97 2.93 0.20 2.96 NA NA 0.34
INCB Indiana Comm. Bank, SB of IN 12.39 12.39 0.16 1.24 0.98 0.51 3.88 NA NA 0.71
IFSL Indiana Federal Corp. of IN(8) 8.78 8.25 0.67 7.44 4.17 0.95 10.55 0.82 102.87 1.11
INBI Industrial Bancorp of OH 18.49 18.49 0.73 3.87 3.45 1.43 7.56 0.42 115.71 0.55
IWBK Interwest SB of Oak Harbor WA 6.71 6.55 0.84 12.48 4.81 1.18 17.49 0.69 69.69 0.81
IPSW Ipswich SB of Ipswich MA* 6.20 6.20 1.22 20.19 9.22 0.99 16.31 1.94 49.55 1.26
JSBF JSB Financial, Inc. of NY 21.60 21.60 1.65 7.56 5.78 1.65 7.56 1.08 33.09 0.62
JXVL Jacksonville Bancorp of TX 15.63 15.63 0.88 5.43 5.06 1.21 7.48 1.04 48.35 0.67
JXSB Jcksnville SB,MHC of IL (44.6) 10.30 10.30 0.29 2.50 2.03 0.67 5.84 0.39 125.08 0.63
JSBA Jefferson Svgs Bancorp of MO 7.83 6.11 0.25 3.41 1.97 0.63 8.56 0.52 117.45 0.82
JOAC Joachim Bancorp of MO 28.99 28.99 0.51 1.71 1.63 0.78 2.64 0.68 30.45 0.31
KSAV KS Bancorp of Kenly NC 13.83 13.82 0.92 6.45 6.09 1.21 8.47 0.42 70.56 0.35
KSBK KSB Bancorp of Kingfield ME(8)* 6.82 6.32 0.88 13.36 8.33 0.88 13.31 NA NA 1.00
KFBI Klamath First Bancorp of OR 20.44 20.44 0.90 3.79 3.12 1.33 5.59 0.10 176.70 0.24
LSBI LSB Fin. Corp. of Lafayette IN 9.08 9.08 0.50 5.26 4.82 0.42 4.42 1.34 68.99 1.07
LVSB Lakeview SB of Paterson NJ 10.14 8.12 1.43 13.88 9.62 0.89 8.67 NA NA NA
LARK Landmark Bancshares of KS 14.63 14.63 0.84 5.40 4.90 1.05 6.72 0.60 62.24 0.57
LARL Laurel Capital Group of PA 10.42 10.42 1.12 10.59 7.06 1.43 13.55 0.51 181.26 1.31
LSBX Lawrence Savings Bank of MA* 8.78 8.78 1.66 20.38 11.96 1.66 20.38 0.36 290.57 2.27
LFED Leeds FSB, MHC of MD (36.2) 16.18 16.18 0.79 4.89 3.50 1.13 6.98 0.02 977.36 0.30
LXMO Lexington B&L Fin. Corp. of MO 30.42 30.42 0.97 4.48 2.85 1.34 6.18 0.63 58.31 0.49
LIFB Life Bancorp of Norfolk VA 10.79 10.45 0.71 6.30 4.22 0.87 7.74 0.49 144.60 1.54
LFBI Little Falls Bancorp of NJ 12.94 11.91 0.25 1.78 2.08 0.50 3.48 0.90 36.77 0.82
LOGN Logansport Fin. Corp. of IN 19.65 19.65 1.17 5.26 5.21 1.53 6.84 0.45 67.13 0.42
LONF London Financial Corp. of OH 19.86 19.86 0.74 3.55 3.60 1.09 5.19 0.79 62.54 0.64
LISB Long Island Bancorp of NY 9.01 8.92 0.62 6.41 3.93 0.74 7.62 1.04 56.14 0.95
MAFB MAF Bancorp of IL 7.88 6.84 0.79 10.58 5.44 1.10 14.75 0.49 113.73 0.72
MBLF MBLA Financial Corp. of MO(8) 13.49 13.49 0.66 4.90 4.52 0.86 6.34 0.25 111.87 0.49
MFBC MFB Corp. of Mishawaka IN 14.51 14.51 0.56 3.37 3.64 0.85 5.09 0.03 529.85 0.20
MLBC ML Bancorp of Villanova PA 7.53 7.34 0.72 9.30 6.83 0.65 8.49 NA NA 1.73
MBB MSB Bancorp of Middletown NY* 6.55 2.57 0.18 2.32 2.43 0.20 2.53 0.70 36.62 0.60
MSBF MSB Financial Corp. of MI 16.61 16.61 1.20 6.08 5.55 1.49 7.58 1.02 48.65 0.57
MGNL Magna Bancorp of MS(8) 9.57 9.25 1.38 14.29 5.72 1.63 16.86 3.25 22.63 1.12
MARN Marion Capital Holdings of IN 23.05 23.05 1.32 5.68 5.64 1.59 6.85 0.76 153.22 1.35
MRKF Market Fin. Corp. of OH 33.20 33.20 0.89 2.68 2.95 1.17 3.53 0.89 10.40 0.20
MFCX Marshalltown Fin. Corp. of IA(8) 15.61 15.61 0.34 2.17 2.00 0.71 4.55 NA NA 0.19
MFSL Maryland Fed. Bancorp of MD 8.44 8.33 0.58 6.97 4.51 0.84 10.17 0.53 77.57 0.46
MASB MassBank Corp. of Reading MA* 9.98 9.98 1.10 10.91 8.37 1.02 10.12 0.19 128.64 0.88
MFLR Mayflower Co-Op. Bank of MA* 9.43 9.26 1.00 10.42 8.18 0.98 10.18 1.03 90.08 1.56
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HTHR Hawthorne Fin. Corp. of CA 4.76 93.89 3.61 93.89 6.89 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL NM 94.61 16.46 94.61 26.53 0.00 0.00 0.00
HBNK Highland Federal Bank of CA NM 138.92 10.36 138.92 21.17 0.00 0.00 0.00
HIFS Hingham Inst. for Sav. of MA* 10.55 120.86 11.54 120.86 10.55 0.40 2.19 23.12
HBEI Home Bancorp of Elgin IL NM 112.93 31.75 112.93 NM 0.40 2.46 NM
HBFW Home Bancorp of Fort Wayne IN 29.59 115.43 16.10 115.43 18.29 0.20 0.99 29.41
HBBI Home Building Bancorp of IN NM 115.96 14.00 115.96 28.38 0.30 1.43 NM
HCFC Home City Fin. Corp. of OH 25.98 89.71 18.48 89.71 17.21 0.32 2.42 62.75
HOMF Home Fed Bancorp of Seymour IN 13.99 163.24 13.79 168.75 11.79 0.50 1.85 25.91
HWEN Home Financial Bancorp of IN NM 104.17 19.41 104.17 24.61 0.20 1.27 44.44
HPBC Home Port Bancorp, Inc. of MA* 11.98 182.27 19.71 182.27 12.05 0.80 3.95 47.34
HMCI Homecorp, Inc. of Rockford IL NM 113.82 7.17 113.82 18.51 0.00 0.00 0.00
HZFS Horizon Fin'l. Services of IA 25.67 99.69 10.46 99.69 18.33 0.32 1.66 42.67
HRZB Horizon Financial Corp. of WA* 14.64 144.86 22.07 144.86 14.92 0.35 2.28 33.33
IBSF IBS Financial Corp. of NJ NM 131.00 22.32 131.00 25.00 0.32 2.13 NM
ISBF ISB Financial Corp. of LA NM 139.74 17.14 165.57 22.52 0.40 1.76 53.33
ITLA Imperial Thrift & Loan of CA* 11.13 129.57 14.73 130.12 11.13 0.00 0.00 0.00
IFSB Independence FSB of DC NM 68.07 4.58 78.63 22.74 0.22 2.48 NM
INCB Indiana Comm. Bank, SB of IN NM 132.44 16.40 132.44 NM 0.36 2.22 NM
IFSL Indiana Federal Corp. of IN(8) 23.97 175.45 15.41 186.76 16.90 0.72 2.73 65.45
INBI Industrial Bancorp of OH 28.98 111.74 20.66 111.74 14.83 0.48 3.76 NM
IWBK Interwest SB of Oak Harbor WA 20.81 234.48 15.73 240.15 14.85 0.56 1.61 33.53
IPSW Ipswich SB of Ipswich MA* 10.84 197.47 12.24 197.47 13.42 0.20 1.22 13.25
JSBF JSB Financial, Inc. of NY 17.29 133.71 28.88 133.71 17.29 1.40 3.14 54.26
JXVL Jacksonville Bancorp of TX 19.76 110.17 17.22 110.17 14.33 0.50 3.42 67.57
JXSB Jcksnville SB,MHC of IL (44.6) NM 122.55 12.62 122.55 21.10 0.40 2.46 NM
JSBA Jefferson Svgs Bancorp of MO NM 160.31 12.56 205.38 20.28 0.40 1.38 70.18
JOAC Joachim Bancorp of MO NM 108.46 31.44 108.46 NM 0.50 3.39 NM
KSAV KS Bancorp of Kenly NC 16.42 104.71 14.48 104.76 12.50 0.60 2.73 44.78
KSBK KSB Bancorp of Kingfield ME(8)* 12.00 150.68 10.28 162.80 12.04 0.20 0.61 7.27
KFBI Klamath First Bancorp of OR NM 135.00 27.59 135.00 21.77 0.30 1.58 50.85
LSBI LSB Fin. Corp. of Lafayette IN 20.74 107.97 9.80 107.97 24.68 0.32 1.64 34.04
LVSB Lakeview SB of Paterson NJ 10.39 142.54 14.45 178.00 16.64 0.25 0.84 8.77
LARK Landmark Bancshares of KS 20.41 110.44 16.16 110.44 16.39 0.40 2.00 40.82
LARL Laurel Capital Group of PA 14.17 146.45 15.26 146.45 11.07 0.44 2.07 29.33
LSBX Lawrence Savings Bank of MA* 8.36 153.97 13.52 153.97 8.36 0.00 0.00 0.00
LFED Leeds FSB, MHC of MD (36.2) 28.57 136.36 22.06 136.36 20.00 0.76 4.22 NM
LXMO Lexington B&L Fin. Corp. of MO NM 85.56 26.02 85.56 25.43 0.30 2.03 71.43
LIFB Life Bancorp of Norfolk VA 23.70 147.54 15.91 152.28 19.28 0.48 2.11 50.00
LFBI Little Falls Bancorp of NJ NM 90.91 11.76 98.78 24.53 0.12 0.92 44.44
LOGN Logansport Fin. Corp. of IN 19.18 112.81 22.17 112.81 14.74 0.40 2.86 54.79
LONF London Financial Corp. of OH 27.78 102.53 20.36 102.53 18.99 0.24 1.60 44.44
LISB Long Island Bancorp of NY 25.45 162.44 14.63 164.04 21.41 0.60 1.71 43.48
MAFB MAF Bancorp of IL 18.39 167.62 13.21 193.03 13.18 0.42 1.02 18.83
MBLF MBLA Financial Corp. of MO(8) 22.14 108.09 14.59 108.09 17.10 0.40 1.72 38.10
MFBC MFB Corp. of Mishawaka IN 27.46 99.54 14.44 99.54 18.22 0.32 1.64 45.07
MLBC ML Bancorp of Villanova PA 14.63 136.09 10.24 139.49 16.03 0.40 2.17 31.75
MBB MSB Bancorp of Middletown NY* NM 92.59 6.06 235.63 NM 0.60 3.31 NM
MSBF MSB Financial Corp. of MI 18.03 110.33 18.33 110.33 14.47 0.56 2.55 45.90
MGNL Magna Bancorp of MS(8) 17.48 241.68 23.12 250.00 14.81 0.60 2.58 45.11
MARN Marion Capital Holdings of IN 17.72 102.32 23.58 102.32 14.71 0.88 3.91 69.29
MRKF Market Fin. Corp. of OH NM 90.83 30.15 90.83 25.74 0.00 0.00 0.00
MFCX Marshalltown Fin. Corp. of IA(8) NM 106.69 16.65 106.69 23.81 0.00 0.00 0.00
MFSL Maryland Fed. Bancorp of MD 22.17 151.62 12.80 153.69 15.20 0.80 1.78 39.41
MASB MassBank Corp. of Reading MA* 11.94 128.40 12.82 128.40 12.87 1.08 2.51 30.00
MFLR Mayflower Co-Op. Bank of MA* 12.22 123.01 11.60 125.19 12.50 0.60 3.69 45.11
131
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
MECH Mechanics SB of Hartford CT* 9.73 9.73 0.25 2.93 1.91 0.27 3.10 1.71 67.13 1.72
MDBK Medford Savings Bank of MA* 8.80 8.14 1.04 11.72 8.55 1.01 11.37 0.45 146.30 1.22
MERI Meritrust FSB of Thibodaux LA 7.90 7.90 0.60 7.91 4.60 0.98 12.87 0.38 80.65 0.58
MWBX Metro West of MA* 7.34 7.34 1.37 18.25 9.19 1.37 18.25 1.19 88.62 1.37
MCBS Mid Continent Bancshares of KS 10.04 10.04 1.02 9.26 6.73 1.17 10.58 0.19 53.92 0.19
MIFC Mid Iowa Financial Corp. of IA 9.10 9.09 0.91 9.88 7.11 1.19 12.96 0.13 186.45 0.44
MCBN Mid-Coast Bancorp of ME 8.60 8.60 0.40 4.53 4.97 0.64 7.23 0.40 128.70 0.61
MWBI Midwest Bancshares, Inc. of IA 6.94 6.94 0.46 6.80 5.84 0.77 11.24 0.82 61.28 0.84
MWFD Midwest Fed. Fin. Corp of WI 8.61 8.28 0.94 10.88 5.87 0.91 10.60 0.14 543.01 1.01
MFFC Milton Fed. Fin. Corp. of OH 14.74 14.74 0.53 3.00 2.83 0.72 4.13 0.32 91.83 0.46
MIVI Miss. View Hold. Co. of MN 18.26 18.26 0.68 3.67 3.87 1.01 5.44 0.25 488.70 1.93
MBSP Mitchell Bancorp of NC* 43.33 43.33 1.34 3.08 2.81 1.68 3.86 2.06 24.32 0.62
MBBC Monterey Bay Bancorp of CA 10.74 9.85 0.28 2.17 1.89 0.51 3.99 0.36 94.16 0.61
MSBK Mutual SB, FSB of Bay City MI 6.01 6.01 0.09 1.62 1.79 0.04 0.65 0.17 168.15 0.71
NHTB NH Thrift Bancshares of NH 7.48 6.34 0.33 4.46 2.86 0.49 6.59 1.03 91.05 1.14
NSLB NS&L Bancorp of Neosho MO 19.93 19.93 0.49 2.30 2.48 0.74 3.47 0.06 127.27 0.13
NMSB Newmil Bancorp. of CT* 9.97 9.97 0.82 7.86 6.84 0.80 7.62 1.30 123.07 3.01
NASB North American SB of MO 7.97 7.71 1.23 16.83 8.56 1.19 16.35 3.34 26.40 1.00
NBSI North Bancshares of Chicago IL 14.61 14.61 0.46 2.95 2.67 0.65 4.19 NA NA 0.28
FFFD North Central Bancshares of IA 24.58 24.58 1.70 6.31 6.43 1.98 7.35 0.22 457.01 1.18
NBN Northeast Bancorp of ME* 6.95 6.01 0.33 4.74 4.45 0.31 4.52 1.37 77.15 1.32
NEIB Northeast Indiana Bncrp of IN 15.16 15.16 1.04 5.98 5.88 1.23 7.07 0.49 126.20 0.71
NWEQ Northwest Equity Corp. of WI 12.25 12.25 0.76 5.86 5.06 0.97 7.52 1.53 32.36 0.61
NWSB Northwest SB, MHC of PA (29.9) 9.71 9.13 0.69 6.88 3.90 1.00 9.95 0.84 80.17 0.89
NSSY Norwalk Savings Society of CT* 8.06 7.77 0.97 12.51 9.01 1.11 14.32 2.09 56.84 1.70
NSSB Norwich Financial Corp. of CT* 10.99 9.86 1.03 9.60 6.50 0.97 9.10 1.00 200.13 2.87
NTMG Nutmeg FS&LA of CT 5.69 5.69 0.27 4.76 4.61 0.35 6.16 NA NA 0.60
OHSL OHSL Financial Corp. of OH 11.04 11.04 0.61 5.15 4.55 0.86 7.34 0.33 68.18 0.31
OCFC Ocean Fin. Corp. of NJ 17.82 17.82 -0.04 -0.29 -0.19 0.95 6.33 0.64 69.12 0.88
OCWN Ocwen Financial Corp. of FL 8.50 8.50 2.70 32.38 8.85 1.96 23.50 4.10 19.90 1.19
OFCP Ottawa Financial Corp. of MI 8.84 7.08 0.43 4.52 3.28 0.74 7.76 0.31 112.26 0.42
PFFB PFF Bancorp of Pomona CA 10.47 10.35 0.11 0.93 0.92 0.45 3.74 1.87 58.44 1.50
PSFI PS Financial of Chicago IL 43.22 43.22 1.92 4.46 4.63 1.98 4.59 0.43 57.23 0.52
PVFC PVF Capital Corp. of OH 7.02 7.02 1.05 15.54 8.56 1.39 20.48 1.20 61.53 0.79
PCCI Pacific Crest Capital of CA* 7.22 7.22 1.05 13.05 8.65 0.89 11.08 1.23 82.93 1.62
PALM Palfed, Inc. of Aiken SC 8.11 8.11 0.06 0.70 0.42 0.57 6.99 2.52 42.12 1.29
PBCI Pamrapo Bancorp, Inc. of NJ 12.80 12.70 0.84 5.70 5.42 1.18 8.04 3.60 20.89 1.33
PFED Park Bancorp of Chicago IL 21.69 21.69 0.77 4.08 3.59 1.07 5.70 0.20 139.28 0.76
PVSA Parkvale Financial Corp of PA 7.48 7.41 0.71 9.51 5.78 1.07 14.27 0.24 604.11 2.08
PBIX Patriot Bank Corp. of PA 8.09 8.09 0.47 4.26 3.25 0.65 5.81 0.13 242.39 0.65
PEEK Peekskill Fin. Corp. of NY 25.57 25.57 1.07 3.74 4.50 1.38 4.81 1.23 26.98 1.36
PFSB PennFed Fin. Services of NJ 7.53 6.21 0.57 7.10 5.36 0.85 10.57 0.69 31.83 0.31
PWBC PennFirst Bancorp of PA 7.07 6.45 0.43 5.89 5.63 0.64 8.84 0.58 86.14 1.57
PWBK Pennwood SB of PA* 19.47 19.47 0.61 3.89 3.07 0.97 6.17 1.13 57.64 1.40
PBKB People's SB of Brockton MA* 5.61 5.37 0.80 14.39 8.59 0.47 8.56 0.88 91.08 1.65
PFDC Peoples Bancorp of Auburn IN 15.18 15.18 1.10 7.16 6.21 1.45 9.50 0.42 73.36 0.39
PBCT Peoples Bank, MHC of CT (37.4)* 8.41 8.40 1.10 13.63 5.46 0.88 10.86 0.91 125.48 1.68
PFFC Peoples Fin. Corp. of OH 26.90 26.90 0.08 0.31 0.32 0.40 1.48 0.01 NA 0.41
PHBK Peoples Heritage Fin Grp of ME* 8.21 6.93 1.24 14.93 5.67 1.32 15.97 0.94 130.42 1.77
PBNB Peoples Sav. Fin. Corp. of CT(8)* 9.60 9.00 0.93 9.31 6.42 0.92 9.26 0.54 70.66 0.69
PSFC Peoples Sidney Fin. Corp of OH 23.26 23.26 0.92 3.97 4.31 1.21 5.18 1.00 42.00 0.45
PERM Permanent Bancorp of IN 9.70 9.60 0.24 2.35 1.90 0.52 5.16 1.08 46.35 0.98
PMFI Perpetual Midwest Fin. of IA 8.50 8.50 0.09 0.99 0.93 0.26 2.92 0.41 172.00 0.94
PERT Perpetual of SC, MHC (46.8) 13.29 13.29 0.75 6.48 3.62 1.06 9.13 NA NA 1.01
PCBC Perry Co. Fin. Corp. of MO 18.85 18.85 0.71 3.66 3.59 0.96 4.97 0.05 64.10 0.20
PHFC Pittsburgh Home Fin. of PA 11.47 11.34 0.57 4.58 3.90 0.81 6.53 1.74 30.40 0.78
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
MECH Mechanics SB of Hartford CT* NM 126.69 12.32 126.69 NM 0.00 0.00 0.00
MDBK Medford Savings Bank of MA* 11.70 133.38 11.74 144.10 12.06 0.72 2.64 30.90
MERI Meritrust FSB of Thibodaux LA 21.75 164.95 13.04 164.95 13.37 0.70 1.82 39.55
MWBX Metro West of MA* 10.88 186.30 13.67 186.30 10.88 0.12 2.21 24.00
MCBS Mid Continent Bancshares of KS 14.86 136.55 13.72 136.55 13.00 0.40 1.54 22.86
MIFC Mid Iowa Financial Corp. of IA 14.06 134.13 12.21 134.33 10.71 0.08 0.89 12.50
MCBN Mid-Coast Bancorp of ME 20.10 90.15 7.75 90.15 12.58 0.52 2.67 53.61
MWBI Midwest Bancshares, Inc. of IA 17.12 113.68 7.89 113.68 10.36 0.60 1.90 32.61
MWFD Midwest Fed. Fin. Corp of WI 17.03 185.27 15.96 192.87 17.48 0.34 1.72 29.31
MFFC Milton Fed. Fin. Corp. of OH NM 124.73 18.38 124.73 25.67 0.60 4.25 NM
MIVI Miss. View Hold. Co. of MN 25.86 96.46 17.61 96.46 17.44 0.16 1.07 27.59
MBSP Mitchell Bancorp of NC* NM 110.42 47.84 110.42 28.39 0.00 0.00 0.00
MBBC Monterey Bay Bancorp of CA NM 117.10 12.58 127.69 28.72 0.10 0.61 32.26
MSBK Mutual SB, FSB of Bay City MI NM 89.90 5.40 89.90 NM 0.00 0.00 0.00
NHTB NH Thrift Bancshares of NH NM 134.00 10.02 158.13 23.65 0.50 3.25 NM
NSLB NS&L Bancorp of Neosho MO NM 100.92 20.11 100.92 26.61 0.50 3.03 NM
NMSB Newmil Bancorp. of CT* 14.62 116.85 11.65 116.85 15.08 0.24 2.53 36.92
NASB North American SB of MO 11.69 184.80 14.74 191.00 12.03 0.80 1.78 20.78
NBSI North Bancshares of Chicago IL NM 115.11 16.82 115.11 26.35 0.48 2.46 NM
FFFD North Central Bancshares of IA 15.56 104.52 25.70 104.52 13.38 0.25 1.64 25.51
NBN Northeast Bancorp of ME* 22.45 106.52 7.40 123.24 23.56 0.32 2.23 50.00
NEIB Northeast Indiana Bncrp of IN 17.02 107.60 16.32 107.60 14.41 0.32 2.00 34.04
NWEQ Northwest Equity Corp. of WI 19.76 114.85 14.07 114.85 15.39 0.48 3.28 64.86
NWSB Northwest SB, MHC of PA (29.9) 25.66 173.13 16.82 184.23 17.74 0.32 2.23 57.14
NSSY Norwalk Savings Society of CT* 11.10 129.87 10.46 134.69 9.70 0.40 1.49 16.53
NSSB Norwich Financial Corp. of CT* 15.39 144.50 15.88 161.09 16.24 0.56 2.72 41.79
NTMG Nutmeg FS&LA of CT 21.68 100.27 5.71 100.27 16.75 0.00 0.00 0.00
OHSL OHSL Financial Corp. of OH 21.99 113.10 12.48 113.10 15.42 0.88 3.71 NM
OCFC Ocean Fin. Corp. of NJ NM 115.16 20.52 115.16 24.18 0.80 2.54 NM
OCWN Ocwen Financial Corp. of FL 11.29 NM 29.59 NM 15.56 0.00 0.00 0.00
OFCP Ottawa Financial Corp. of MI NM 141.80 12.54 177.20 17.81 0.40 1.87 57.14
PFFB PFF Bancorp of Pomona CA NM 108.23 11.33 109.48 27.23 0.00 0.00 0.00
PSFI PS Financial of Chicago IL 21.59 95.77 41.39 95.77 20.96 0.32 2.25 48.48
PVFC PVF Capital Corp. of OH 11.69 167.13 11.74 167.13 8.87 0.00 0.00 0.00
PCCI Pacific Crest Capital of CA* 11.56 145.31 10.50 145.31 13.61 0.00 0.00 0.00
PALM Palfed, Inc. of Aiken SC NM 163.85 13.28 163.85 23.57 0.12 0.73 NM
PBCI Pamrapo Bancorp, Inc. of NJ 18.46 120.21 15.39 121.24 13.08 1.00 5.06 NM
PFED Park Bancorp of Chicago IL 27.83 92.88 20.15 92.88 19.93 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 17.30 158.40 11.84 159.74 11.53 0.52 1.83 31.71
PBIX Patriot Bank Corp. of PA NM 142.10 11.49 142.10 22.54 0.35 2.19 67.31
PEEK Peekskill Fin. Corp. of NY 22.22 96.02 24.56 96.02 17.28 0.36 2.57 57.14
PFSB PennFed Fin. Services of NJ 18.66 128.85 9.70 156.27 12.53 0.28 1.11 20.74
PWBC PennFirst Bancorp of PA 17.76 105.72 7.48 115.88 11.84 0.36 2.67 47.37
PWBK Pennwood SB of PA* NM 98.04 19.09 98.04 20.55 0.28 1.87 60.87
PBKB People's SB of Brockton MA* 11.64 157.53 8.84 164.43 19.57 0.44 3.26 37.93
PFDC Peoples Bancorp of Auburn IN 16.11 115.26 17.50 115.26 12.15 0.60 2.76 44.44
PBCT Peoples Bank, MHC of CT (37.4)* 18.32 234.55 19.73 234.78 22.99 0.67 2.75 50.38
PFFC Peoples Fin. Corp. of OH NM 96.60 25.99 96.60 NM 0.50 3.20 NM
PHBK Peoples Heritage Fin Grp of ME* 17.63 223.67 18.36 NM 16.47 0.72 2.04 36.00
PBNB Peoples Sav. Fin. Corp. of CT(8)* 15.57 141.94 13.63 151.48 15.64 0.92 2.69 41.82
PSFC Peoples Sidney Fin. Corp of OH 23.21 92.26 21.46 92.26 17.81 0.00 0.00 0.00
PERM Permanent Bancorp of IN NM 126.11 12.23 127.36 24.01 0.30 1.24 65.22
PMFI Perpetual Midwest Fin. of IA NM 109.31 9.29 109.31 NM 0.30 1.55 NM
PERT Perpetual of SC, MHC (46.8) 27.62 140.27 18.64 140.27 19.59 1.40 5.07 NM
PCBC Perry Co. Fin. Corp. of MO 27.86 103.94 19.60 103.94 20.53 0.40 2.05 57.14
PHFC Pittsburgh Home Fin. of PA 25.63 110.28 12.65 111.59 18.00 0.24 1.59 40.68
132
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
PFSL Pocahnts Fed, MHC of AR (46.4) 6.38 6.38 0.58 9.56 6.87 0.81 13.35 0.28 170.57 1.20
POBS Portsmouth Bank Shrs Inc of NH(8)* 25.12 25.12 2.24 8.99 6.33 1.95 7.85 0.38 69.08 0.70
PTRS Potters Financial Corp of OH 8.91 8.91 0.31 3.45 3.70 0.67 7.45 0.83 231.18 3.23
PKPS Poughkeepsie SB of NY 8.41 8.41 0.21 2.47 2.09 0.47 5.65 4.21 26.20 1.45
PRBC Prestige Bancorp of PA 11.69 11.69 0.27 2.17 2.06 0.58 4.61 0.32 78.54 0.39
PETE Primary Bank of NH(8)* 6.62 6.61 0.84 13.14 6.93 0.83 12.98 1.05 54.10 1.02
PFNC Progress Financial Corp. of PA 5.21 4.56 0.45 8.54 4.82 0.56 10.49 1.36 61.30 1.22
PSBK Progressive Bank, Inc. of NY* 8.35 7.40 1.10 13.18 9.10 1.11 13.28 0.84 127.85 1.58
PROV Provident Fin. Holdings of CA 14.22 14.22 0.23 1.72 1.58 0.11 0.86 1.97 44.11 1.03
PULB Pulaski SB, MHC of MO (29.0) 12.59 12.59 0.49 3.91 2.38 0.78 6.24 NA NA 0.33
PLSK Pulaski SB, MHC of NJ (46.0) 12.01 12.01 0.28 2.34 1.80 0.64 5.29 0.68 NA NA
PULS Pulse Bancorp of S. River NJ 7.80 7.80 0.72 8.47 6.41 1.08 12.67 0.75 60.59 1.83
QCFB QCF Bancorp of Virginia MN 17.64 17.64 1.24 6.25 6.29 1.24 6.25 NA NA NA
QCBC Quaker City Bancorp of CA 8.91 8.90 0.32 3.44 3.09 0.57 6.25 1.49 69.17 1.25
QCSB Queens County SB of NY* 14.98 14.98 1.72 10.84 4.93 1.74 10.94 0.75 91.25 0.80
RCSB RCSB Financial, Inc. of NY(8)* 7.85 7.65 0.96 12.27 6.24 0.96 12.17 0.79 88.29 1.38
RARB Raritan Bancorp. of Raritan NJ* 7.68 7.54 0.93 12.34 7.39 1.01 13.36 0.46 179.82 1.27
REDF RedFed Bancorp of Redlands CA 8.18 8.17 0.12 1.71 0.99 0.47 6.50 3.26 34.86 1.33
RELY Reliance Bancorp of NY 8.04 5.64 0.56 6.66 4.71 0.85 10.11 0.75 33.69 0.56
RELI Reliance Bancshares Inc of WI(8)* 61.06 61.06 1.32 2.16 3.31 1.32 2.16 NA NA 0.52
RIVR River Valley Bancorp of IN 12.36 12.17 -0.18 -1.46 -1.45 -0.18 -1.46 0.12 700.00 1.06
RFED Roosevelt Fin. Grp. Inc. of MO(8) 5.55 5.22 0.11 2.23 0.97 0.85 17.13 0.98 29.36 0.50
RSLN Roslyn Bancorp of NY* 21.57 21.46 0.35 1.63 1.32 1.42 6.61 0.31 264.38 3.59
RVSB Rvrview SB,FSB MHC of WA(41.7) 11.16 10.11 0.92 8.38 4.37 1.17 10.71 0.10 372.65 0.54
SCCB S. Carolina Comm. Bnshrs of SC 25.95 25.95 0.82 2.99 2.76 1.10 4.03 1.78 35.52 0.81
SBFL SB Fngr Lakes MHC of NY (33.1) 9.45 9.45 0.07 0.71 0.49 0.49 4.77 0.78 68.91 1.22
SFBK SFB Bancorp, Inc. of TN 20.70 20.70 0.74 3.58 3.81 1.05 5.05 NA NA NA
SFED SFS Bancorp of Schenectady NY 12.99 12.99 0.46 3.46 3.61 0.83 6.22 0.69 58.23 0.57
SGVB SGV Bancorp of W. Covina CA 7.27 7.14 0.14 1.66 1.71 0.37 4.29 0.61 49.82 0.42
SISB SIS Bank of Springfield MA* 7.56 7.56 1.50 20.13 11.36 1.46 19.50 0.46 254.44 2.57
SJSB SJS Bancorp of St. Joseph MI(8) 10.41 10.41 0.17 1.51 1.06 0.49 4.26 0.36 131.93 0.65
SWCB Sandwich Co-Op. Bank of MA* 8.24 7.86 0.94 11.30 7.28 0.95 11.45 1.28 62.63 1.13
SECP Security Capital Corp. of WI(8) 15.85 15.85 1.15 7.17 4.73 1.38 8.58 0.11 989.84 1.46
SFSL Security First Corp. of OH 9.36 9.20 1.10 11.88 6.02 1.39 15.04 0.26 301.46 0.87
SMFC Sho-Me Fin. Corp. of MO 9.54 9.54 0.91 8.68 4.64 1.09 10.34 0.09 664.29 0.70
SOBI Sobieski Bancorp of S. Bend IN 15.41 15.41 0.29 1.67 2.03 0.58 3.35 0.25 102.04 0.35
SOSA Somerset Savings Bank of MA(8)* 5.90 5.90 0.58 10.29 6.69 0.58 10.29 6.50 19.62 1.69
SSFC South Street Fin. Corp. of NC* 25.44 25.44 0.77 4.27 2.19 1.03 5.74 0.28 63.69 0.39
SCBS Southern Commun. Bncshrs of AL 20.77 20.77 0.62 3.01 2.91 1.11 5.34 2.28 50.34 2.02
SMBC Southern Missouri Bncrp of MO 15.67 15.67 1.03 6.46 5.83 1.01 6.33 1.10 37.60 0.64
SWBI Southwest Bancshares of IL 10.79 10.79 0.75 6.83 5.01 1.05 9.59 0.18 112.82 0.28
SVRN Sovereign Bancorp of PA 4.05 2.97 0.41 10.30 4.07 0.68 17.04 0.60 81.74 0.77
STFR St. Francis Cap. Corp. of WI 8.10 7.13 0.59 6.39 5.19 0.69 7.56 0.27 143.07 0.88
SPBC St. Paul Bancorp, Inc. of IL 8.74 8.71 0.68 7.65 3.90 1.00 11.30 0.48 163.91 1.18
STND Standard Fin. of Chicago IL(8) 10.90 10.89 0.47 4.12 2.79 0.71 6.18 0.22 137.54 0.49
SFFC StateFed Financial Corp. of IA 17.60 17.60 1.04 5.59 5.68 1.27 6.87 1.89 15.67 0.37
SFIN Statewide Fin. Corp. of NJ 10.52 10.50 0.50 4.60 4.06 0.89 8.23 0.49 80.61 0.81
STSA Sterling Financial Corp. of WA 3.99 3.39 0.07 1.61 0.97 0.31 7.68 0.43 119.58 0.81
SFSB SuburbFed Fin. Corp. of IL 6.56 6.54 0.33 4.93 4.25 0.54 8.08 0.27 75.49 0.33
SBCN Suburban Bancorp. of OH(8) 11.67 11.67 0.51 4.13 3.95 0.75 6.14 0.19 725.46 1.73
THRD TF Financial Corp. of PA 10.84 9.45 0.54 4.44 4.39 0.76 6.24 0.33 88.83 0.60
ROSE TR Financial Corp. of NY 6.16 6.16 0.98 15.66 8.14 0.85 13.70 0.40 108.61 0.83
TPNZ Tappan Zee Fin. Corp. of NY 17.92 17.92 0.69 4.14 3.15 0.64 3.82 NA NA 1.18
TSBS Trenton SB, FSB MHC of NJ(35.0 16.65 15.22 1.36 7.47 4.25 1.20 6.58 0.77 59.50 0.75
TRIC Tri-County Bancorp of WY 15.31 15.31 0.76 4.72 4.88 0.99 6.14 0.05 965.12 1.16
TWIN Twin City Bancorp of TN 12.92 12.92 0.57 4.36 3.78 0.79 6.04 0.19 127.41 0.33
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
PFSL Pocahnts Fed, MHC of AR (46.4) 14.55 133.47 8.51 133.47 10.43 0.90 4.62 67.16
POBS Portsmouth Bank Shrs Inc of NH(8)* 15.80 143.29 36.00 143.29 18.11 0.60 3.72 58.82
PTRS Potters Financial Corp of OH 27.00 94.71 8.43 94.71 12.50 0.36 1.78 48.00
PKPS Poughkeepsie SB of NY NM 116.35 9.78 116.35 20.91 0.10 1.49 71.43
PRBC Prestige Bancorp of PA NM 96.21 11.24 96.21 22.79 0.12 0.77 37.50
PETE Primary Bank of NH(8)* 14.43 175.47 11.62 175.85 14.61 0.00 0.00 0.00
PFNC Progress Financial Corp. of PA 20.73 166.73 8.69 190.40 16.89 0.08 0.88 18.18
PSBK Progressive Bank, Inc. of NY* 10.99 142.15 11.88 160.48 10.90 0.68 2.50 27.42
PROV Provident Fin. Holdings of CA NM 96.72 13.76 96.72 NM 0.00 0.00 0.00
PULB Pulaski SB, MHC of MO (29.0) NM 163.91 20.63 163.91 26.30 1.00 5.68 NM
PLSK Pulaski SB, MHC of NJ (46.0) NM 129.70 15.58 129.70 24.52 0.30 2.35 NM
PULS Pulse Bancorp of S. River NJ 15.60 138.89 10.83 138.89 10.43 0.70 3.84 59.83
QCFB QCF Bancorp of Virginia MN 15.91 114.44 20.19 114.44 15.91 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA NM 109.00 9.71 109.15 17.83 0.00 0.00 0.00
QCSB Queens County SB of NY* 20.30 225.34 33.75 225.34 20.11 0.80 1.92 39.02
RCSB RCSB Financial, Inc. of NY(8)* 16.03 196.63 15.43 201.73 16.15 0.60 1.43 22.90
RARB Raritan Bancorp. of Raritan NJ* 13.53 156.91 12.05 159.80 12.50 0.72 2.44 33.03
REDF RedFed Bancorp of Redlands CA NM 145.81 11.92 145.95 26.53 0.00 0.00 0.00
RELY Reliance Bancorp of NY 21.22 140.21 11.27 200.00 13.99 0.64 2.60 55.17
RELI Reliance Bancshares Inc of WI(8)* NM 65.23 39.83 65.23 NM 0.00 0.00 0.00
RIVR River Valley Bancorp of IN NM 100.90 12.47 102.47 NM 0.00 0.00 NM
RFED Roosevelt Fin. Grp. Inc. of MO(8) NM 233.76 12.98 248.69 13.42 0.68 2.86 NM
RSLN Roslyn Bancorp of NY* NM 123.86 26.71 124.48 18.75 0.20 1.15 NM
RVSB Rvrview SB,FSB MHC of WA(41.7) 22.89 183.40 20.46 202.34 17.92 0.22 1.16 26.51
SCCB S. Carolina Comm. Bnshrs of SC NM 110.29 28.62 110.29 26.96 0.60 3.18 NM
SBFL SB Fngr Lakes MHC of NY (33.1) NM 144.19 13.63 144.19 NM 0.40 2.46 NM
SFBK SFB Bancorp, Inc. of TN 26.22 93.76 19.41 93.76 18.57 0.30 2.24 58.82
SFED SFS Bancorp of Schenectady NY 27.70 96.29 12.51 96.29 15.39 0.28 1.68 46.67
SGVB SGV Bancorp of W. Covina CA NM 103.71 7.54 105.67 22.58 0.00 0.00 0.00
SISB SIS Bank of Springfield MA* 8.80 156.94 11.86 156.94 9.08 0.48 1.70 14.95
SJSB SJS Bancorp of St. Joseph MI(8) NM 153.80 16.02 153.80 NM 0.44 1.66 NM
SWCB Sandwich Co-Op. Bank of MA* 13.73 149.64 12.33 156.97 13.55 1.20 3.90 53.57
SECP Security Capital Corp. of WI(8) 21.14 148.04 23.47 148.04 17.65 1.20 1.29 27.27
SFSL Security First Corp. of OH 16.60 178.87 16.75 182.09 13.12 0.48 2.26 37.50
SMFC Sho-Me Fin. Corp. of MO 21.53 194.72 18.58 194.72 18.08 0.00 0.00 0.00
SOBI Sobieski Bancorp of S. Bend IN NM 92.01 14.18 92.01 24.58 0.28 1.90 NM
SOSA Somerset Savings Bank of MA(8)* 14.94 145.41 8.58 145.41 14.94 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* NM 118.43 30.13 118.43 NM 0.40 2.50 NM
SCBS Southern Commun. Bncshrs of AL NM 103.38 21.47 103.38 19.37 0.30 2.18 75.00
SMBC Southern Missouri Bncrp of MO 17.16 110.41 17.30 110.41 17.50 0.50 2.86 49.02
SWBI Southwest Bancshares of IL 19.95 136.60 14.74 136.60 14.21 0.76 3.66 73.08
SVRN Sovereign Bancorp of PA 24.55 226.51 9.16 NM 14.84 0.08 0.59 14.55
STFR St. Francis Cap. Corp. of WI 19.28 124.26 10.06 141.22 16.30 0.48 1.63 31.37
SPBC St. Paul Bancorp, Inc. of IL 25.63 191.20 16.71 191.76 17.36 0.48 1.46 37.50
STND Standard Fin. of Chicago IL(8) NM 145.58 15.87 145.75 23.89 0.40 1.64 58.82
SFFC StateFed Financial Corp. of IA 17.62 97.37 17.14 97.37 14.34 0.40 2.16 38.10
SFIN Statewide Fin. Corp. of NJ 24.62 115.82 12.19 116.07 13.77 0.40 2.46 60.61
STSA Sterling Financial Corp. of WA NM 164.88 6.59 194.33 21.51 0.00 0.00 0.00
SFSB SuburbFed Fin. Corp. of IL 23.53 113.05 7.42 113.53 14.37 0.32 1.33 31.37
SBCN Suburban Bancorp. of OH(8) 25.35 103.93 12.13 103.93 17.06 0.60 3.29 NM
THRD TF Financial Corp. of PA 22.78 105.32 11.42 120.81 16.22 0.40 2.22 50.63
ROSE TR Financial Corp. of NY 12.28 181.68 11.20 181.68 14.04 0.52 2.41 29.55
TPNZ Tappan Zee Fin. Corp. of NY NM 117.86 21.12 117.86 NM 0.20 1.21 38.46
TSBS Trenton SB, FSB MHC of NJ(35.0 23.51 171.14 28.50 187.20 26.69 0.35 1.77 41.67
TRIC Tri-County Bancorp of WY 20.50 94.82 14.52 94.82 15.77 0.60 2.93 60.00
TWIN Twin City Bancorp of TN 26.43 116.87 15.10 116.87 19.07 0.64 3.46 NM
133
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of June 6, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
UFRM United FS&LA of Rocky Mount NC 7.60 7.60 0.22 2.86 1.73 0.47 6.02 0.85 124.07 1.42
UBMT United Fin. Corp. of MT 22.65 22.65 1.09 4.70 4.82 1.34 5.80 0.42 16.41 0.21
VABF Va. Beach Fed. Fin. Corp of VA 6.79 6.79 0.15 2.19 1.46 0.41 6.09 1.15 63.74 0.96
VFFC Virginia First Savings of VA(8) 8.06 7.78 1.36 17.14 8.18 1.25 15.72 2.29 47.29 1.19
WHGB WHG Bancshares of MD 21.88 21.88 0.74 3.28 3.30 0.74 3.28 0.39 57.59 0.28
WSFS WSFS Financial Corp. of DE* 5.13 5.08 1.30 22.90 10.69 1.31 23.06 2.19 76.62 2.83
WVFC WVS Financial Corp. of PA* 12.72 12.72 1.08 8.12 6.63 1.34 10.10 0.31 229.86 1.31
WRNB Warren Bancorp of Peabody MA* 10.09 10.09 2.10 22.37 11.22 1.73 18.49 1.39 81.06 1.81
WFSL Washington FS&LA of Seattle WA 11.56 10.41 1.65 14.21 7.14 1.83 15.74 0.90 52.91 0.66
WAMU Washington Mutual Inc. of WA* 5.01 4.73 0.24 4.46 1.29 0.70 13.14 0.93 85.52 1.13
WYNE Wayne Bancorp of NJ 14.56 14.56 0.37 2.58 2.11 0.37 2.58 0.85 91.84 1.24
WAYN Wayne S&L Co. MHC of OH (47.8) 9.12 9.12 0.27 2.96 1.68 0.64 7.04 0.71 50.17 0.42
WCFB Wbstr Cty FSB MHC of IA (45.2) 23.56 23.56 1.01 4.44 3.12 1.35 5.89 0.27 141.96 0.67
WBST Webster Financial Corp. of CT 5.08 4.27 0.34 6.67 2.90 0.69 13.50 0.94 97.81 1.44
WEFC Wells Fin. Corp. of Wells MN 14.24 14.24 0.63 4.43 4.20 1.02 7.14 0.30 106.53 0.36
WCBI WestCo Bancorp of IL 15.57 15.57 1.10 7.06 5.46 1.41 9.08 0.84 33.74 0.39
WSTR WesterFed Fin. Corp. of MT 10.98 8.67 0.56 4.33 3.19 0.78 5.99 0.22 226.57 0.76
WOFC Western Ohio Fin. Corp. of OH 13.41 12.64 0.31 2.02 2.29 0.44 2.90 0.96 45.88 0.59
WWFC Westwood Fin. Corp. of NJ 9.22 8.17 0.43 4.44 3.19 0.80 8.22 0.14 146.31 0.54
WEHO Westwood Hmstd Fin Corp of OH 30.96 30.96 0.55 2.11 1.66 0.93 3.54 NA NA 0.19
WFCO Winton Financial Corp. of OH 7.13 6.95 0.66 8.78 6.46 0.84 11.18 NA NA 0.33
FFWD Wood Bancorp of OH 12.70 12.70 1.00 7.48 6.38 1.24 9.24 0.10 346.50 0.41
YFCB Yonkers Fin. Corp. of NY 15.30 15.30 0.84 5.28 4.51 1.16 7.25 0.73 51.78 1.17
YFED York Financial Corp. of PA 8.43 8.43 0.60 7.20 4.85 0.77 9.28 2.49 22.69 0.65
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
UFRM United FS&LA of Rocky Mount NC NM 164.18 12.48 164.18 27.50 0.24 2.18 NM
UBMT United Fin. Corp. of MT 20.74 97.74 22.14 97.74 16.81 0.96 4.92 NM
VABF Va. Beach Fed. Fin. Corp of VA NM 149.22 10.13 149.22 24.74 0.20 1.62 NM
VFFC Virginia First Savings of VA(8) 12.22 194.89 15.71 201.82 13.33 0.10 0.45 5.52
WHGB WHG Bancshares of MD NM 101.79 22.27 101.79 NM 0.20 1.40 42.55
WSFS WSFS Financial Corp. of DE* 9.35 214.88 11.02 217.03 9.29 0.00 0.00 0.00
WVFC WVS Financial Corp. of PA* 15.09 120.73 15.36 120.73 12.13 0.80 3.23 48.78
WRNB Warren Bancorp of Peabody MA* 8.91 182.19 18.39 182.19 10.78 0.52 2.89 25.74
WFSL Washington FS&LA of Seattle WA 14.01 184.82 21.36 205.20 12.65 0.88 3.38 47.31
WAMU Washington Mutual Inc. of WA* NM NM 14.35 NM 26.35 1.04 1.86 NM
WYNE Wayne Bancorp of NJ NM 111.65 16.25 111.65 NM 0.20 1.08 51.28
WAYN Wayne S&L Co. MHC of OH (47.8) NM 175.76 16.04 175.76 25.00 0.92 3.44 NM
WCFB Wbstr Cty FSB MHC of IA (45.2) NM 141.15 33.25 141.15 24.18 0.80 5.42 NM
WBST Webster Financial Corp. of CT NM 174.41 8.86 207.26 17.02 0.80 1.93 66.67
WEFC Wells Fin. Corp. of Wells MN 23.79 103.87 14.79 103.87 14.75 0.00 0.00 0.00
WCBI WestCo Bancorp of IL 18.32 129.01 20.08 129.01 14.25 0.60 2.46 45.11
WSTR WesterFed Fin. Corp. of MT NM 110.47 12.13 139.81 22.63 0.42 2.06 64.62
WOFC Western Ohio Fin. Corp. of OH NM 90.48 12.14 96.02 NM 1.00 4.76 NM
WWFC Westwood Fin. Corp. of NJ NM 136.10 12.54 153.62 16.94 0.20 0.95 29.85
WEHO Westwood Hmstd Fin Corp of OH NM 93.64 28.99 93.64 NM 0.28 2.11 NM
WFCO Winton Financial Corp. of OH 15.48 123.93 8.83 127.08 12.15 0.46 3.54 54.76
FFWD Wood Bancorp of OH 15.69 115.03 14.61 115.03 12.70 0.40 2.50 39.22
YFCB Yonkers Fin. Corp. of NY 22.19 108.70 16.63 108.70 16.16 0.20 1.34 29.85
YFED York Financial Corp. of PA 20.62 142.96 12.05 142.96 16.00 0.60 3.00 61.86
134
EXHIBIT IV-2
Historical Stock Price Indices
135
HISTORICAL STOCK PRICE INDICES(1)
SNL SNL
NASDAQ Thrift Bank
Year/Qtr. Ended DJIA S&P 500 Composite Index Index
- --------------- ---- ------- --------- ----- -----
1991: Quarter 1 2881.1 375.2 482.3 125.5 66.0
Quarter 2 2957.7 371.2 475.9 130.5 82.0
Quarter 3 3018.2 387.9 526.9 141.8 90.7
Quarter 4 3168.0 417.1 586.3 144.7 103.1
1992: Quarter 1 3235.5 403.7 603.8 157.0 113.3
Quarter 2 3318.5 408.1 563.6 173.3 119.7
Quarter 3 3271.7 417.8 583.3 167.0 117.1
Quarter 4 3301.1 435.7 677.0 201.1 136.7
1993: Quarter 1 3435.1 451.7 690.1 228.2 151.4
Quarter 2 3516.1 450.5 704.0 219.8 147.0
Quarter 3 3555.1 458.9 762.8 258.4 154.3
Quarter 4 3754.1 466.5 776.8 252.5 146.2
1994: Quarter 1 3625.1 445.8 743.5 241.6 143.1
Quarter 2 3625.0 444.3 706.0 269.6 152.6
Quarter 3 3843.2 462.6 764.3 279.7 149.2
Quarter 4 3834.4 459.3 752.0 244.7 137.6
1995: Quarter 1 4157.7 500.7 817.2 278.4 152.1
Quarter 2 4556.1 544.8 933.5 313.5 171.7
Quarter 3 4789.1 584.4 1,043.5 362.3 195.3
Quarter 4 5117.1 615.9 1,052.1 376.5 207.6
1996: Quarter 1 5587.1 645.5 1,101.4 382.1 225.1
Quarter 2 5654.6 670.6 1,185.0 387.2 224.7
Quarter 3 5882.2 687.3 1,226.9 429.3 249.2
Quarter 4 6442.5 737.0 1,280.7 483.6 280.1
1997: Quarter 1 6583.5 757.1 1,221.7 527.7 292.5
June 6, 1997 7435.8 858.0 1,404.8 590.8 327.4
<FN>
(1) End of period data.
Sources: SNL Securities; Wall Street Journal.
136
EXHIBIT IV-3
Historical Thrift Stock Indices
137
MONTHLY MARKET REPORT
INDEX VALUES
Index Values Percent Change
------------------------------------------------- --------------------------------
04/30/97 1 month YTD 52 week 1 month YTD 52 week
All Pub. Traded Thrifts 537.2 527.7 483.6 380.2 1.79 11.08 41.30
MHC Index 587.7 600.3 538.0 455.7 -2.11 9.22 28.95
INSURANCE INDICES
- ---------------------------------------------------------------------------------------------------------------------------
SAIF Thrifts 484.2 475.6 439.2 356.3 1.80 10.23 35.88
BIF Thrifts 689.7 677.9 616.8 451.8 1.74 11.81 52.67
STOCK EXCHANGE INDICES
- ---------------------------------------------------------------------------------------------------------------------------
AMEX Thrifts 166.7 165.9 156.2 134.7 0.48 6.73 23.72
NYSE Thrifts 314.7 303.4 277.3 249.9 3.74 13.52 25.95
OTC Thrifts 622.5 617.2 659.7 460.3 0.85 9.26 35.24
GEOGRAPHICAL INDICES
- ---------------------------------------------------------------------------------------------------------------------------
Mid-Atlantic Thrifts 1,077.4 1,051.1 970.7 746.3 2.50 10.99 44.36
Midwestern Thrifts 1,234.5 1,226.6 1,159.3 979.8 0.64 6.49 25.99
New England Thrifts 458.4 460.9 428.9 319.0 -0.54 6.49 25.99
Southeastern Thrifts 499.4 490.6 447.2 380.6 1.78 11.66 31.21
Southwestern Thrifts 347.5 349.1 315.9 255.6 -0.44 10.03 35.97
Western Thrifts 539.7 526.0 474.7 364.5 2.61 13.69 48.05
ASSET SIZE INDICES
- ---------------------------------------------------------------------------------------------------------------------------
Less than $250M 639.4 634.8 586.6 544.7 0.73 9.01 17.40
$250M to $500M 865.2 861.7 789.8 691.6 0.41 9.55 25.11
$500M to $1B 558.9 565.1 521.8 429.5 -1.10 7.11 30.11
$1B to $5B 593.8 592.0 546.0 431.2 0.30 8.74 37.72
Over $5B 344.1 333.4 305.8 231.8 3.21 12.51 48.43
COMPARATIVE INDICES
- ---------------------------------------------------------------------------------------------------------------------------
Dow Jones Industrials 7,009.0 6,583.5 6,448.3 5,569.1 6.46 8.70 25.86
S&P 500 801.3 757.1 740.7 654.2 5.84 8.18 22.50
All SNL indices are market-value weighted: i.e., an institution's effect on an
index is proportionate to that institution's market capitalization. All SNL
thrift indices, except for the SNL MHC indices, began at 100 on March 30, 1984.
The SNL MHC index began at 201.082 on Dec. 31, 1992, the level of the SNL Thrift
Index on that date. On March 30, 1984, the S&P 500 closed at 159.2 and the Dow
Jones Industrials stood at 1164.9.
Mid-Atlantic: Ed, DC, PA, MD, NJ, PR; Midwestern: IA, IL, IN, KS, KY, MI,
MN, MO, ND, NE, OH, SD, WI; New England: CT, ME, MA, NH, RI, VT; Southeastern:
AL, AR, FL, GA, MS, NC, SC, TN, VA, WV; Southwestern: CO, LA, NM, OK, TX, UT;
Western: AZ, AK, CA, HI, ID, MT, NV, OR, WA, WY.
Source: SNL Securities.
138
EXHIBIT IV-4
Market Arca Acquisition Activity
139
RP Financial, LC
May 6, 1997
Exhibit IV-4
Ohio Thrift Acquistions 1995-Present
Seller's Financials at Completion (1) Deal Terms at Completion (1)
---------------------------------------------------- ---------------------------
Comp/ Pooling, Total TgEq/ TTM TTM NPAs/ Rsrvs/ Deal Deal
Ann'd Purch, Assets Assets ROAA ROAE Assets NPLs Value Price Per Consider
Date Seller ST Not Disc ($000) (%) (%) (%) (%) (%) ($M) Share ($) Type
Pending Unity Savings Bank OH Pooling 65,078 11.46 0.87% 7.61% NA NA 12.1 129.625 Stock
04/29/97 Oak Hill Financial OH
Pending Haverfield Corp. OH Pooling 346,856 8.17 0.43% 5.32% 0.78 108.34 52.8 27.000 Stock
04/23/97 Charter One Fin'l OH
Pending Suburban Bancorp OH Not Disc 218,734 11.81 0.18% 1.50% 0.26 875.42 33.3 21.419 Stock
03/13/97 Fifth Third Bancorp OH
02/28/97 Jefferson Svgs Bank OH Purchase 66,134 6.62 0.52% 7.78% 1.16 41.19 7.3 NA Cash
04/02/96 CoBancorp, Inc OH
11/14/96 Seven Hills Fin'l OH Purchase 45,511 21.21 0.36% 1.72% 0.01 NA 11.0 19.698 Cash
06/14/96 Western Ohio Fncl OH
10/22/96 Third Financial OH Purchase 156,981 17.72 1.34% 7.59% 0.24 321.01 40.3 33.410 Cash
04/22/96 Security Banc Corp OH
10/11/96 Circle Fin'l Corp. OH Purchase 222,438 9.54 0.48% 4.38% 0.15 148.83 28.1 38.500 Mixture
04/29/96 Fidelity Fin'l of OH OH
04/10/96 First Kent Fncl Corp OH Pooling 78,609 17.21 1.18% 6.87% 0.14 201.80 18.0 21.675 Stock
10/19/95 Security First Corp OH
03/29/96 Mayflower Fncl Corp OH Purchase 52,839 11.67 0.82% 6.99% 0.59 186.39 10.0 28.500 Cash
08/31/95 Western Ohio Fncl OH
01/04/96 Blue Chip Svgs Bank OH Pooling 34,143 12.14 0.54% 4.46% 0.00 NA 3.9 22.854 Stock
06/16/95 Winton Fin'l Corp OH
08/31/95 PSB Holdings Corp OH Pooling 179,919 17.61 1.14% 6.40% 0.10 NA 58.7 25.253 Stock
03/01/95 CitFed Bancorp, Inc. OH
07/21/95 Falls Financial Inc OH Pooling 580,832 8.73 0.94% 10.77% 0.08 NA 84.1 26.949 Stock
12/12/94 Fifth Third Bancorp OH
Deal Pricing at Completion (1)
------------------------------
Comp/ Pr/ Pr/ Pr/
Ann'd Pr/Bk Tg Bk Assets EPS
Date Seller (%) (%) (%) (X)
Pending Unity Savings Bank 162.07 162.24 18.59 21.3
04/29/97 Oak Hill Financial
Pending Haverfield Corp. 181.57 181.7 15.22 34.18
04/23/97 Charter One Fin'l
Pending Suburban Bancorp NA NA NA NA
03/13/97 Fifth Third Bancorp
02/28/97 Jefferson Svgs Bank 146.53 146.53 11.60 10.80
04/02/96 CoBancorp, Inc
11/14/96 Seven Hills Fin'l 108.77 108.77 24.47 59.69
06/14/96 Western Ohio Fncl
10/22/96 Third Financial 132.42 132.42 25.85 18.88
04/22/96 Security Banc Corp
10/11/96 Circle Fin'l Corp. 111.27 127.53 11.62 24.68
04/29/96 Fidelity Fin'l of OH
04/10/96 First Kent Fncl Corp 128.94 128.94 22.89 21.25
10/19/95 Security First Corp
03/29/96 Mayflower Fncl Corp 163.43 163.43 19.38 26.60
08/31/95 Western Ohio Fncl
01/04/96 Blue Chip Svgs Bank 88.28 88.28 11.55 16.96
06/16/95 Winton Fin'l Corp
08/31/95 PSB Holdings Corp 175.00 176.59 33.58 NA
03/01/95 CitFed Bancorp, Inc.
07/21/95 Falls Financial Inc 153.12 153.12 14.00 18.09
12/12/94 Fifth Third Bancorp
140
RP Financial, LC
May 6, 1997
Exhibit IV-4
Ohio Thrift Acquisitions 1995-Present
Seller's Financials at Completion (1) Deal Terms at Completion (1)
---------------------------------------------------- -------------------------
Comp/ Pooling, Total TgEq/ TTM TTM NPAs/ Rsrvs/ Deal Deal
Ann'd Purch, Assets Assets ROAA ROAE Assets NPLs Value Price Per Consider
Date Seller ST Not Disc ($000) (%) (%) (%) (%) (%) ($M) Share ($) Type
03/03/95 Brentwood Fin'l Corp OH Purchase 100,346 12.95 0.91% 7.02% NA NA 20.8 29.000 Cash
08/03/94 PNC Bank Corp PA
01/31/95 CIVISTA Corp. OH Pooling 808,210 11.07 1.40% 12.63% 1.34 NA 139.7 39.091 Stock
08/10/94 FirstMerit Corp OH
01/20/95 Mutual FSB OH Pooling 85,168 17.11 1.46% 8.52% 0.40 NA 20.8 30.200 Stock
05/10/94 Fifth Third Bancorp OH
Average: 202,787 13.00 0.84% 6.64% 0.40 269.00 36.1 35.227
Median: 100,346 11.81 0.87% 6.99% 0.24 186.39 20.8 27.750
Deal Pricing at Completion (1)
-------------------------------
Comp/ Pr/ Pr/ Pr/
Ann'd Pr/Bk Tg Bk Assets EPS
Date Seller (%) (%) (%) (X)
03/03/95 Brentwood Fin'l Corp 149.72 149.72 21.47 46.77
08/03/94 PNC Bank Corp
01/31/95 CIVISTA Corp. 224.30 224.30 18.34 12.67
08/10/94 FirstMerit Corp
01/20/95 Mutual FSB 131.25 131.25 25.56 26.26
Average: 146.90 148.20 19.58 26.01
Median: 148.13 148.13 18.98 21.30
(1) Pending deal data is as of announcment date.
Source: SNL Securities, LP. May 6, 1997
141
EXHIBIT IV-5
Bridgeport Savings and Loan Association
Director and Senior Management Summary Resumes
142
Bridgeport Savings and Loan Association
John O. Costine is an attorney practicing in St. Clairsville, Ohio.
Anton M. Godez is the President of the General Welding Supply Company in
Martins Ferry, Ohio.
Jon W. Letzkus is the President of both the Holding Company and the
Association and is the designated Managing Officer of the Association.
Mr. Letzkus joined the Association in September 1980 as a vice president.
Mr. Letzkus has served as the President of the Association since 1989.
William E. Reline retired from Cooper Industries, a mining manufacturing
company, in 1989, and has been a consultant to Wheeling Machine Products since
1996.
Manuel C. Thomas is an officer of M.C. Thomas Insurance Agency, Inc. where he
has been employed since 1954.
Darlene V. Bennington has served as the Secretary of the Association since 1996
and as the Treasurer of the Association since 1991. Ms Bennington has been
employed by the Association since 1980.
Mariann Doyle has served the Association as the Assistant Vice President since
1994 and as a loan officer since 1985.
Michael P. Eddy has served since 1985 as the Comptroller of the Association and
from 1985 to 1994 he also served as the Secretary of the Association.
Sherri Yarbrough has served the Association as a loan officer and as the Office
Manager since 1990.
Source: Bridgeport Savings' prospectus.
143
EXHIBIT IV-6
Bridgeport Savings and Loan Association
Pro Forma Regulatory Capital Ratios
144
EXHIBIT IV-6
Bridgeport Savings and Loan Association
Pro Forma Regulatory Capital Ratios
Pro forma capital at March 31, 1997 assuming the sale of:
----------------------------------------------------------------------------------
573,750 675,000 776,250 892,687
Common Shares Common Shares Common Shares Common Shares
Historical at (offering price (offering price (offering price (offering price
March 31, 1997 of $10 per share) of $10 per share) of $10 per share) of $10 per share)
----------------- ------------------ ----------------- -------------------- -------------------
Amount Percent(1) Amount Percent(1) Amount Percent(1) Amount Percent(1) Amount Percent(1)
(Dollars in thousands)
Capital under generally
accepted accounting
principal, before
adjustments $4,860 14.1% $6.864 18.5% $7.242 19.3% $7,619 20.1% $8.054 20.9%
====== ==== ====== ==== ====== ==== ====== ==== ====== ====
Tangible capital:
Capital level $4,860 14.1% $6,864 18.5% $7,242 19.3% $7,619 20.1% $8,054 20.9%
Requirement 518 1.5 555 1.5 562 1.5 569 1.5 577 1.5
------ ---- ------ ---- ------ ---- ------ ---- ------ ----
Excess $4,342 12.6% $6,309 17.0% $6,680 17.8% $7,050 18.6% $7,477 19.4%
====== ==== ====== ==== ====== ==== ====== ==== ====== ====
Core capital:
Capital level $4,860 14.1% $6,864 18.5 $7,242 19.3% $7,619 20.1% $8,054 20.9%
Requirement 1,037 3.0 1,111 3.0 1,125 3.0 1,138 3.0 1,154 3.0%
------ ---- ------ ---- ------ ---- ------ ---- ------ ----
Excess $3,823 11.1% $5,753 15.5% $6,117 16.3% $6,481 17.1% $6,900 17.9%
====== ==== ====== ==== ====== ==== ====== ==== ====== ====
Risk-based capital:(2)
Capital level $4,995 29.8% $6,999 38.9% $7,377 40.5% $7,754 42.0% $8,189 43.7%
Requirement 1,342 8.0 1,441 8.0 1,459 8.0 1,477 8.0% 1,498 8.0%
------ ---- ------ ---- ------ ---- ------ ---- ------ ----
Excess $3,653 21.8% $5,558 30.9% $5,918 32.5% $6,277 34.0% $6,691 35.7%
====== ==== ====== ==== ====== ==== ====== ==== ====== ====
- --------------------------
(1) Generally accepted accounting principles, adjusted, or risk-weighted
assets, as appropriate.
(2) Proposed regulations of the OTS could increase the core capital requirement
to a ratio between 4% and 5%, based upon an association's regulatory
examination rating. Risk-based capital includes tangible capital plus
$135,000 of the Association's allowance for loan losses. Risk-weighted
assets at March 31, 1997 totally approximately $16.8 million. Net proceeds
available for investments by the Association are assumed to be invested in
interest earning assets have a 50% risk-weighting.
Source: Bridgeport Saving's prospectus.
145
EXHIBIT IV-7
Bridgeport Savings and Loan Association
Pro Forma Analysis Sheet
146
RP Financial, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-7
PRO FORMA ANALYSIS SHEET -- PAGE 1
Bridgeport Savings and Loan
Prices as of June 6, 1997
Comparable All OH All SAIF
Companies Companies Companies
------------- ------------- --------------
Price Multiple: Symbol Subject(1) Mean Median Mean Median Mean Median
- -------------- ------ ---------- ----- ------ ----- ------ ----- ------
Price-earnings ratio = P/E 22.13x 22.81x 23.66x 21.13x 20.88x 20.14x 20.41x
Price-core earnings = P/CORE 15.70x 18.91x 18.99x 17.60x 15.95x 17.72x 16.85x
Price-book ratio = P/B 64.70% 110.42% 113.10% 126.15% 113.92% 128.40% 123.11%
Price-tng book ratio = P/TB 64.70% 110.66% 113.10% 120.97% 113.92% 131.47% 125.24%
Price-assets ratio = P/A 16.82% 15.25% 14.61% 16.81% 15.67% 15.64% 14.25%
Valuation Parameters
- --------------------
Pre-Conv Earnings (Y) $ 206,000 Est ESOP Borrowings (E) $ 540,000
Pre-Conv Book Value (B) $ 4,860,000 Cost of ESOP Borrowings (S) 0.00% (4)
Pre-Conv Assets (A) $ 34,564,000 Amort of ESOP Borrowings (T) 10 Years
Reinvestment Rate(2) (R) 3.75% Recognition Plans Amount (M)
$ 270,000
Est Conversion Exp(3) (X) 367,000 Recognition Plans Expense (N)
$ 54,000
Proceeds Not Reinvested (Z) $ 810,000 Incr. Ohio Franchise Tax (O) $ 58,517 (2)
Calculation of Pro Forma Value After Conversion
- -----------------------------------------------
1. V = P/E (Y-R(X+Z)-ES-(1-TAX)E/T-(1-TAX)N-(1-TAX)O) V = $ 6,750,509
-------------------------------------------------
1-(P/E)R
2. V = P/B (B-X-E-M) V = $ 6,750,428
-----------------------
1-P/B
3. V = P/A (A-X-M-E) V = $ 6,751,254
-----------------------
1-P/A
Total Price Total
Conclusion Shares Per Share Value
- ---------- -------- --------- --------
Appraised Value 675,000 $10.00 $ 6,750,000
RANGE:
- ------
- Minimum 573,750 $10.00 $ 5,737,500
- Maximum 776,250 $10.00 $ 7,762,500
- Superrange 892,687 $10.00 $ 8,926,875
(1) Pricing ratios shown reflect the midpoint appraised value.
(2) Net return assumes a reinvestment rate of 5.68 percent, and a tax rate of
34.00 percent. Increased Ohio franchise tax is 1.1 percent of net proceeds.
(3) Conversion expenses reflect estimated expenses as presented in offering
document.
(4) Assumes a borrowings cost of 0.00 percent and a tax rate of 34.00 percent.
147
RP Financial, Inc.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-7
PRO FORMA ANALYSIS SHEET -- PAGE 2
Bridgeport Savings and Loan
Prices as of June 6, 1997
Mean Pricing Median Pricing
--------------- -----------------
Valuation Approach Subject Peers (Disc) Peers (Disc)
------------------ ------- ----- ------ ----- ------
P/E Price-earnings 22.13x 22.81x -3.00% 23.66x -6.48%
P/CORE Price-core earnings 15.70x 18.91x -16.98% 18.99x -17.33%
P/B Price-book 64.70% 110.42% -41.41% 113.10x -42.79%
P/TB Price-tang. book 64.70% 110.66% -41.53% 113.10x -42.79%
P/A Price-assets 16.82% 15.25% 10.25% 14.61% 15.10%
Average Premium (Discount) -18.53% -18.86%
148
EXHIBIT IV-8
Bridgeport Savings and Loan Association
Pro Forma Effect of Conversion Proceeds
149
RP Financial, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Bridgeport Savings and Loan
At the Minimum of the Range
1. Conversion Proceeds
Pro-forma market value ------------------------------ $ 5,737,500
Less: Estimated offering expenses --------------- 353,000
------------
Net Conversion Proceeds ----------------------------- $ 5,384,500
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ----------------------------- $ 5,384,500
Less: Held in Non-Earning Assets(5)(1) ---------- 688,500
------------
Net Proceeds Reinvested ----------------------------- $ 4,696,000
Estimated net incremental rate of return ------------ 3.75 %
------------
Earnings Increase ----------------------------------- $ 176,044
Less: Estimated cost of ESOP borrowings(1) ------ 0
Less: Amortization of ESOP borrowings(2) -------- 30,294
Less: Recognition Plans Expense(4)--------------- 30,294
Less: Increased Ohio franchise tax ------------- 32,543
------------
Net Earnings Increase ------------------------------- $ 82,912
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended March 31, 1997 $ 206,000 $ 288,912
12 Months ended March 31, 1997 (Core) $ 331,000 $ 413,912
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
March 31, 1997 $ 4,860,000 $ 4,696,000 (3)(4) $ 9,556,000
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
March 31, 1997 $ 34,564,000 $ 4,696,000 $ 39,260,000
NOTE: Shares for calculating per share amounts: 573,750
(1) Estimated ESOP borrowings of $ 459,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 34.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $459,000 are omitted from net worth.
(4) $229,500 purchased by the Recognition Plans with an estimated pre-tax
expense of $45,900 and a tax rate of 34.00 percent.
(5) Stock purchased by Recognition Plans does not generate reinvestment income.
150
RP Financial, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Bridgeport Savings and Loan
At the Midpoint of the Range
1. Conversion Proceeds
Pro-forma market value ------------------------------ $ 6,750,000
Less: Estimated offering expenses --------------- 367,000
------------
Net Conversion Proceeds ----------------------------- $ 6,383,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ----------------------------- $ 6,383,000
Less: Held in Non-Earning Assets(5)(1) ---------- 810,000
------------
Net Proceeds Reinvested ----------------------------- $ 5,573,000
Estimated net incremental rate of return ------------ 3.75 %
------------
Earnings Increase ----------------------------------- $ 208,921
Less: Estimated cost of ESOP borrowings(1) ------ 0
Less: Amortization of ESOP borrowings(2) -------- 35,640
Less: Recognition Plans Expense(4)--------------- 35,640
Less: Increased Ohio franchise tax ------------- 38,621
------------
Net Earnings Increase ------------------------------- $ 99,020
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended March 31, 1997 $ 206,000 $ 305,020
12 Months ended March 31, 1997 (Core) $ 331,000 $ 430,020
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
March 31, 1997 $ 4,860,000 $ 5,573,000 (3)(4) $ 10,433,000
5. Pro-Forma Net Assets (rounded)
<C
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
March 31, 1997 $ 34,564,000 $ 5,573,000 $ 40,137,000
NOTE: Shares for calculating per share amounts: 675,000
(1) Estimated ESOP borrowings of $540,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 34.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $540,000 are omitted from net worth.
(4) $270,000 purchased by the Recognition Plans with an estimated pre-tax
expense of $54,000 and a tax rate of 34.00 percent.
(5) Stock purchased by Recognition Plans does not generate reinvestment income.
151
RP Financial, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Bridgeport Savings and Loan
At the Maximum of the Range
1. Conversion Proceeds
Pro-forma market value ------------------------------ $ 7,762,500
Less: Estimated offering expenses --------------- 381,000
------------
Net Conversion Proceeds ----------------------------- $ 7,381,500
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ----------------------------- $ 7,381,500
Less: Held in Non-Earning Assets(5)(1) ---------- 931,500
------------
Net Proceeds Reinvested ----------------------------- $ 6,450,000
Estimated net incremental rate of return ------------ 3.75 %
------------
Earnings Increase ----------------------------------- $ 241,798
Less: Estimated cost of ESOP borrowings(1) ------ 0
Less: Amortization of ESOP borrowings(2) -------- 40,986
Less: Recognition Plans Expense(4)--------------- 40,986
Less: Increased Ohio franchise tax ------------- 44,698
------------
Net Earnings Increase ------------------------------- $ 115,127
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended March 31, 1997 $ 206,000 $ 321,127
12 Months ended March 31, 1997 (Core) $ 331,000 $ 446,127
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
March 31, 1997 $ 4,860,000 $ 6,450,000 (3)(4) $ 11,310,000
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
March 31, 1997 $ 34,564,000 $ 6,450,000 $ 41,014,000
NOTE: Shares for calculating per share amounts: 776,250
(1) Estimated ESOP borrowings of $621,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 34.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $621,000 are omitted from net worth.
(4) $310,500 purchased by the Recognition Plans with an estimated pre-tax
expense of $62,100 and a tax rate of 34.00 percent.
(5) Stock purchased by Recognition Plans does not generate reinvestment income.
152
RP Financial, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Bridgeport Savings and Loan
At the Superrange Maximum
1. Conversion Proceeds
Pro-forma market value ------------------------------ $ 8,926,875
Less: Estimated offering expenses --------------- 397,000
------------
Net Conversion Proceeds ----------------------------- $ 8,529,875
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ----------------------------- $ 8,529,875
Less: Held in Non-Earning Assets(5)(1) ---------- 1,071,225
------------
Net Proceeds Reinvested ----------------------------- $ 7,458,650
Estimated net incremental rate of return ------------ 3.75 %
-----------
Earnings Increase ----------------------------------- $ 279,610
Less: Estimated cost of ESOP borrowings(1) ------ 0
Less: Amortization of ESOP borrowings(2) -------- 47,134
Less: Recognition Plans Expense(4)--------------- 47,134
Less: Increased Ohio franchise tax ------------- 51,688
------------
Net Earnings Increase ------------------------------- $ 133,654
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended March 31, 1997 $ 206,000 $ 339,654
12 Months ended March 31, 1997 (Core) $ 331,000 $ 464,654
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
March 31, 1997 $ 4,860,000 $ 7,458,650 (3)(4) $ 12,318,650
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
March 31, 1997 $ 34,564,000 $ 7,458,650 $ 42,022,650
NOTE: Shares for calculating per share amounts: 892,687
(1) Estimated ESOP borrowings of $714,150 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 34.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $714,150 are omitted from net worth.
(4) $357,075 purchased by the Recognition Plans with an estimated pre-tax
expense of $71,415 and a tax rate of 34.00 percent.
(5) Stock purchased by Recognition Plans does not generate reinvestment income.
153
EXHIBIT IV-9
Peer Group Core Earnings Analysis
154
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Core Earnings Analysis
Comparable Institution Analysis
For the Twelve Months Ended March 31, 1997
Estimated
Net Income Less: Net Tax Effect Less: Extd Core Income Estimated
to Common Gains(Loss) @ 34% Items to Common Shares Core EPS
---------- ----------- ---------- ---------- ---------------- ----- ---------
($000) ($000) $000) ($000) ($000) ($000) ($)
Comparable Group
- ----------------
ASBP ASB Financial Corp. of OH 678 448 -152 0 974 1,721 0.57
CIBI Community Inv. Bancorp of OH 626 461 -157 0 930 633 1.47
EFBI Enterprise Fed. Bancorp of OH(1) 1,506 212 -72 0 1,646 2,011 0.82
FFDF FFD Financial Corp. of OH 636 375 -128 0 884 1,455 0.61
FFHS First Franklin Corp. of OH 317 1,572 -534 0 1,355 1,178 1.15
GFCO Glenway Financial Corp. of OH 1,057 1,300 -442 0 1,915 1,144 1.67
HHFC Harvest Home Fin. Corp. of OH(1) 161 374 -127 0 408 935 0.44
LONF London Financial Corp. of OH 277 193 -66 0 404 515 0.79
MFFC Milton Fed. Fin. Corp. of OH 940 525 -179 0 1,287 2,327 0.55
OHSL OHSL Financial Corp. of OH 1,299 853 -290 0 1,862 1,208 1.54
FFWD Wood Bancorp of OH 1,525 540 -184 0 1,881 1,493 1.26
(1) Financial information is for the quarter ending December 31, 1996.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The
information provided in this table has been obtained from sources we
believe are reliable, but we cannot guarantee the accuracy or
completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
155
EXHIBIT V-1
RP Financial, L.C.
Firm Qualification Statement
156
RP FINANCIAL, LC.
- ---------------------------------------- FIRM QUALIFICATION STATEMENT
FINANCIAL SERVICES INDUSTRY CONSULTANTS
RP Financial provides financial and management consulting and valuation services
to the financial services industry nationwide, particularly federally-insured
financial institutions. RP Financial establishes long-term client relationships
through its wide array of services, emphasis on quality and timeliness, hands-on
involvement by our principals and senior consulting staff, and careful
structuring of strategic plans and transactions. RP Financial's staff draws from
backgrounds in consulting, regulatory agencies and investment banking, thereby
providing our clients with considerable resources.
STRATEGIC AND CAPITAL PLANNING
RP Financial's strategic and capital planning services are designed to provide
effective workable plans with quantifiable results. Through a program known as
SAFE (Strategic Alternatives Financial Evaluations), RP Financial analyzes
strategic options to enhance shareholder value or other established objectives.
Our planning services involve conducting situation analyses; establishing
mission statements, strategic goals and objectives; and identifying strategies
for enhancement of franchise value, capital management and planning, earnings
improvement and operational issues. Strategy development typically includes the
following areas: capital formation and management, asset/liability targets,
profitability, return on equity and market value of stock. Our proprietary
financial simulation model provides the basis for evaluating the financial
impact of alternative strategies and assessing the feasibility/compatibility of
such strategies with regulations and/or other guidelines.
MERGER AND ACQUISITION SERVICES
RP Financial's merger and acquisition (M&A) services include targeting
candidates and potential acquirors, assessing acquisition merit, conducting
detailed due diligence, negotiating and structuring transactions, preparing
merger business plans and financial simulations, rendering fairness opinions and
assisting in implementing post-acquisition strategies. Through our financial
simulations, comprehensive in-house data bases, valuation expertise and
regulatory knowledge, RP Financial's M&A consulting focuses on structuring
transactions to enhance shareholder returns.
VALUATION SERVICES
RP Financial's extensive valuation practice includes valuations for a variety of
purposes including mergers and acquisitions, mutual-to-stock conversions, ESOPs,
subsidiary companies, mark-to-market transactions, loan and servicing
portfolios, non-traded securities, core deposits, FAS 107 (fair market value
disclosure), FAS 122 (loan servicing rights) and FAS 123 (stock options). Our
principals and staff are highly experienced in performing valuation appraisals
which conform with regulatory guidelines and appraisal industry standards. RP
Financial is the nation's leading valuation firm for mutual-to-stock conversions
of thrift institutions.
OTHER CONSULTING SERVICES AND DATA BASES
RP Financial offers a variety of other services including branching strategies,
feasibility studies and special research studies, which are complemented by our
quantitative and computer skills. RP Financial'sconsulting services are aided
by its in-house data base resources for commercial banks and savings
institutions and proprietary valuation and financial simulation models.
YEAR 2000 SERVICES
RP Financial, through a relationship with a computer research and development
company with a proprietary methodology, offers Year 2000 advisory and conversion
services to financial institutions which are more cost effective and less
disruptive than most other providers of such service.
RP Financial's Key Personnel (Years of Relevant Experience)
Ronald S. Riggins, Managing Director (17)
William E. Pommerening, Managing Director (11)
Gregory E. Dunn, Senior Vice President (15)
James P. Hennessey, Senior Vice President (10)
James J. Oren, Vice President (10)
Timothy M. Biddle, Vice President (7)
Alan P. Carruthers, Director-Community Banking (15)
- -------------------------------------------------------------------------------
WASHINGTON HEADQUARTERS
Rosslyn Center
1700 North Moore Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788