1
CONVERSION VALUATION APPRAISAL REPORT
Prepared for:
COLUMBIA FEDERAL SAVINGS BANK
and
COLUMBIA FINANCIAL OF KENTUCKY, INC.
Fort Mitchell, Kentucky
As Of:
November 28, 1997
Prepared By:
KELLER & COMPANY, INC.
555 Metro Place North
Suite 524
Dublin, Ohio 43017
(614) 766-1426
KELLER & COMPANY
2
CONVERSION VALUATION APPRAISAL REPORT
Prepared for:
COLUMBIA FEDERAL SAVINGS BANK
and
COLUMBIA FINANCIAL OF KENTUCKY, INC.
Fort Mitchell, Kentucky
As Of:
November 28, 1997
Prepared By:
Michael R. Keller
President
3
KELLER & COMPANY, INC.
555 METRO PLACE NORTH
SUITE 524
DUBLIN, OHIO 43017
(614) 766-1426
(614) 766-1459 FAX
December 8, 1997
Board of Directors
Columbia Federal Savings Bank
2497 Dixie Highway
Fort Mitchell, KY 41017
Gentlemen:
We hereby submit an independent appraisal of the pro forma market value of the
to-be-issued stock of Columbia Financial of Kentucky, Inc. ("Corporation"),
which is the newly formed holding company of Columbia Federal Savings Bank, Fort
Mitchell, Kentucky ("Columbia Federal" or the "Bank"). The Corporation will hold
all of the shares of the common stock of the Bank. Such stock is to be issued in
connection with the Bank's conversion from a federally chartered mutual savings
bank to a federally chartered stock savings bank in accordance with the Bank's
Plan of Conversion. This appraisal was prepared and provided to the Bank in
accordance with the conversion requirements and regulations of the Office of
Thrift Supervision of the United States Department of the Treasury.
Keller & Company, Inc. is an independent financial institution consulting firm
that serves both banks and thrift institutions. The firm is a full-service
consulting organization, as described in more detail in Exhibit A, specializing
in market studies, business and strategic plans, stock valuations, conversion
appraisals, and fairness opinions for thrift institutions and banks. The firm
has affirmed its independence in this transaction with the preparation of its
Affidavit of Independence, a copy of which is included as Exhibit C.
Our appraisal is based on the assumption that the data provided to us by
Columbia Federal and the material provided by the independent auditor, Von
Lehman & Company, Inc., Fort Mitchell, Kentucky, are both accurate and complete.
We did not proceed to verify the financial statements provided to us, nor did we
conduct independent valuations of the Bank's assets and liabilities. We have
also used information from other public sources, but we cannot assure the
accuracy of such material.
4
Board of Directors
Columbia Federal Savings Bank
December 8, 1997
Page 2
In the preparation of this appraisal, we held discussions with the management of
Columbia Federal, with the law firm of Vorys, Sater, Seymour & Pease,
Cincinnati, Ohio, the Bank's conversion counsel, and with Von Lehman & Company,
Inc. Further, we viewed the Bank's local economy and primary market area.
This valuation must not be considered as a recommendation as to the purchase of
stock in the Corporation, and we can provide no guarantee or assurance that any
person who purchases shares of the Corporation's stock in this conversion will
be able to later sell such shares at a price equivalent to the price designated
in this appraisal.
Our valuation will be updated as required and will give consideration to any new
developments in the Bank's operation that have an impact on operations or
financial condition. Further, we will give consideration to any changes in
general market conditions and to specific changes in the market for
publicly-traded thrift institutions. Based on the material impact of any such
changes on the pro forma market value of the Bank as determined by this firm, we
will make necessary adjustments to the Bank's appraised value in such appraisal
update.
It is our opinion that as of November 28, 1997, the pro forma market value or
appraised value of the Corporation was $20,200,000. Further, a range for this
valuation is from a minimum of $17,170,000 to a maximum of $23,230,00, with a
super-maximum of $26,714,500.
Very truly yours,
KELLER & COMPANY, INC.
/s/ Michael R. Keller
Michael R. Keller
President
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TABLE OF CONTENTS
PAGE
INTRODUCTION 1
I. DESCRIPTION OF COLUMBIA FEDERAL SAVINGS BANK
General 4
Performance Overview 7
Income and Expense 9
Yields and Costs 14
Interest Rate Sensitivity 15
Lending Activities 17
Non-Performing Assets 21
Investments 23
Deposit Activities 24
Borrowings 25
Subsidiaries 25
Office Properties 25
Management 25
II. DESCRIPTION OF PRIMARY MARKET AREA 26
III. COMPARABLE GROUP SELECTION
Introduction 32
General Parameters
Merger/Acquisition 33
Mutual Holding Companies 34
Trading Exchange 34
IPO Date 35
Geographic Location 35
Asset Size 36
Balance Sheet Parameters
Introduction 37
Cash and Investments to Assets 37
Mortgage-Backed Securities to Assets 38
One- to Four-Family Loans to Assets 38
Total Net Loans to Assets 39
Total Net Loans and Mortgage-Backed Securities to Assets 39
Borrowed Funds to Assets 40
Equity to Assets 40
Performance Parameters
Introduction 41
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TABLE OF CONTENTS (CONT.)
PAGE
III. COMPARABLE GROUP SELECTION (CONT.)
Performance Parameters (cont.)
Return on Average Assets 41
Return on Average Equity 42
Net Interest Margin 42
Operating Expenses to Assets 43
Noninterest Income to Assets 43
Asset Quality Parameters
Introduction 44
Nonperforming Assets to Asset Ratio 44
Repossessed Assets to Assets 44
Allowance for Loan Losses to Assets 45
The Comparable Group 45
Summary of Comparable Group Institutions 47
IV. ANALYSIS OF FINANCIAL PERFORMANCE 57
V. MARKET VALUE ADJUSTMENTS
Earnings Performance 60
Market Area 64
Financial Condition 65
Asset and Deposit Growth 67
Dividend Payments 68
Subscription Interest 68
Liquidity of Stock 69
Management 69
Marketing of the Issue 70
VI. VALUATION METHODS 71
Price to Book Value Ratio Method 72
Price to Earnings Method 73
Price to Net Assets Method 74
Valuation Conclusion 76
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LIST OF EXHIBITS
NUMERICAL PAGE
EXHIBITS
1 Balance Sheet - At September 30, 1997 77
2 Balance Sheets - At September 30, 1993
through 1996 78
3 Statement of Income - Year ended
September 30, 1997 79
4 Consolidated Statements of Income -
Years ended September 30, 1993 through 1996 80
5 Selected Consolidated Financial Condition Data 81
6 Income and Expense Trends 82
7 Normalized Earnings Trend 83
8 Performance Indicators 84
9 Volume/Rate Analysis 85
10 Yield and Cost Trends 86
11 Net Portfolio Value 87
12 Loan Portfolio Composition 88
13 Loan Maturity Schedule 89
14 Loan Originations 90
15 Delinquent Loans 91
16 Classified Assets 92
17 Nonperforming Assets 93
18 Allowance for Loan Losses 94
19 Investment Portfolio Composition 95
20 Mix of Deposits 96
21 Deposit Activity 97
22 Borrowed Funds Activity 98
23 Offices of Columbia Federal Savings Bank 99
24 List of Key Officers and Directors 100
25 Key Demographic Data and Trends 101
26 Key Housing Data 102
27 Major Sources of Employment 103
28 Unemployment Rates 104
29 Market Share of Deposits 105
30 National Interest Rates by Quarter 106
31 Thrift Stock Prices and Pricing Ratios 107
32 Key Financial Data and Ratios 119
33 Recently Converted Thrift Institutions 132
34 Acquisitions and Pending Acquisitions 133
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LIST OF EXHIBITS (CONT.)
NUMERICAL PAGE
EXHIBITS
35 Thrift Stock Prices and Pricing Ratios -
Mutual Holding Companies 134
36 Key Financial Data and Ratios -
Mutual Holding Companies 135
37 Balance Sheets Parameters -
Comparable Group Selection 136
38 Operating Performance and Asset Quality Parameters -
Comparable Group Selection 140
39 Balance Sheet Ratios -
Final Comparable Group 145
40 Operating Performance and Asset Quality Ratios
Final Comparable Group 146
41 Balance Sheet Totals - Final Comparable Group 147
42 Balance Sheet - Asset Composition
Most Recent Quarter 148
43 Balance Sheet - Liability and Equity
Most Recent Quarter 149
44 Income and Expense Comparison
Trailing Four Quarters 150
45 Income and Expense Comparison as a Percent of
Average Assets - Trailing Four Quarters 151
46 Yields, Costs & Earnings Ratios
Trailing Four Quarters 152
47 Dividends, Reserves and Supplemental Data 153
48 Valuation Analysis and Conclusions 154
49 Market Pricings and Financial Ratios - Stock Prices
Comparable Group 155
50 Pro Forma Minimum Valuation 156
51 Pro Forma Mid-Point Valuation 157
52 Pro Forma Maximum Valuation 158
53 Pro Forma Superrange Valuation 159
54 Summary of Valuation Premium or Discount 160
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ALPHABETICAL EXHIBITS
PAGE
A Background and Qualifications 161
B RB 20 Certification 165
C Affidavit of Independence 166
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INTRODUCTION
Keller & Company, Inc. is an independent appraisal firm for financial
institutions, and has prepared this Conversion Appraisal Report ("Report") to
provide the pro forma market value of the to-be-issued common stock of Columbia
Financial of Kentucky Inc. (the "Corporation"), an Ohio corporation, formed as a
holding company to own all of the to-be-issued shares of common stock of
Columbia Federal Savings Bank, Fort Mitchell, Kentucky ("Columbia Federal" or
the "Bank"). The stock is to be issued in connection with the Bank's Application
for Approval of Conversion from a federally chartered mutual savings bank to a
federally chartered stock savings bank. The Application is being filed with the
Office of Thrift Supervision ("OTS") of the Department of the Treasury and the
Securities and Exchange Commission ("SEC"). In accordance with the Bank's
conversion, there will be a simultaneous issuance of all the Bank's stock to the
Corporation, which will be formed by the Bank. Such Application for Conversion
has been reviewed by us, including the Prospectus and related documents, and
discussed with the Bank's management and the Bank's conversion counsel, Vorys,
Sater, Seymour and Pease, Cincinnati, Ohio.
This conversion appraisal was prepared based on the guidelines provided
by OTS entitled "Guidelines for Appraisal Reports for the Valuation of Savings
Institutions Converting from the Mutual to Stock Form of Organization", in
accordance with the OTS application requirements of Regulation ss.563b and the
OTS's Revised Guidelines for Appraisal Reports, and represents a full appraisal
report. The Report provides detailed exhibits based on the Revised Guidelines
and a discussion on each of the fourteen factors that need to be considered. Our
valuation will be updated in accordance with the Revised Guidelines and will
consider any changes in market conditions for thrift institutions.
The pro forma market value is defined as the price at which the stock
of the Corporation after conversion would change hands between a typical willing
buyer and a
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INTRODUCTION (CONT.)
typical willing seller when the former is not under any compulsion to buy and
the latter is not under any compulsion to sell, and with both parties having
reasonable knowledge of relevant facts in an arms-length transaction. The
appraisal assumes the Bank is a going concern and that the shares issued by the
Corporation in the conversion are sold in non-control blocks.
In preparing this conversion appraisal, we have reviewed the financial
statements for the five fiscal years ended September 30, 1993 through 1997, and
discussed them with Columbia Federal's management and with Columbia Federal's
independent auditors, Von Lehman & Company, Ft. Mitchell, Kentucky. We have also
discussed and reviewed with management other financial matters and have reviewed
internal projections. We have reviewed the Corporation's preliminary Form S-1
and the Bank's preliminary Form AC and discussed them with management and with
the Bank's conversion counsel.
We have visited Columbia Federal's home office and have traveled the
surrounding area. We have studied the economic and demographic characteristics
of the primary market area, and analyzed the Bank's primary market area relative
to Kentucky and the United States. We have also examined the competitive market
within which Columbia Federal operates, giving consideration to the area's
numerous financial institution offices, mortgage banking offices, and credit
union offices and other key characteristics, both positive and negative.
We have given consideration to the market conditions for securities in
general and for publicly-traded thrift stocks in particular. We have examined
the performance of selected publicly-traded thrift institutions and compared the
performance of Columbia Federal to those selected institutions.
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12
INTRODUCTION (CONT.)
Our valuation is not intended to represent and must not be interpreted
to be a recommendation of any kind as to the desirability of purchasing the
to-be-outstanding shares of common stock of the Corporation. Giving
consideration to the fact that this appraisal is based on numerous factors that
can change over time, we can provide no assurance that any person who purchases
the stock of the Corporation in this mutual-to-stock conversion will
subsequently be able to sell such shares at prices similar to the pro forma
market value of the Corporation as determined in this conversion appraisal.
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I. DESCRIPTION OF COLUMBIA FEDERAL SAVINGS BANK
GENERAL
Columbia Federal Savings Bank, Fort Mitchell, Kentucky, was organized
in 1884 as a Kentucky-chartered mutual savings and loan association with the
name of Columbia Building Association. The Bank became a federally-chartered
savings and loan association in 1934, changing its name to Columbia Federal
Savings and Loan Association of Covington. In 1970, Star Federal Savings and
Loan Association merged into Columbia Federal and in 1981, American Federal
Savings and Loan Association merged into Columbia Federal. Then in 1995, the
Bank converted its charter to a federal savings bank and adopted its current
name, Columbia Federal Savings Bank.
Columbia Federal conducts its business from its main office in Fort
Mitchell, Kentucky, and its four branch offices located in Crescent Springs,
Covington, Erlanger and Florence. The Bank's market area is comprised of Boone
and Kenton Counties, Kentucky.
Columbia Federal's deposits are insured up to applicable limits by the
Federal Deposit Insurance Corporation ("FDIC") in the Savings Association
Insurance Fund ("SAIF"). The Bank is also subject to certain reserve
requirements of the Board of Governors of the Federal Reserve Bank (the "FRB").
Columbia Federal is a member of the Federal Home Loan Bank (the "FHLB") of
Cincinnati and is regulated by the OTS and by the FDIC. As of September 30,
1997, Columbia Federal had assets of $104,006,000, deposits of $90,195,000,
retained earnings of $13,090,000.
Columbia Federal is a community-oriented institution which has been
principally engaged in the business of serving the financial needs of the public
in its local communities and throughout its market area. Columbia Federal has
been actively and consistently
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14
GENERAL (CONT.)
involved in the origination of residential mortgage loans of one- to four-family
dwellings, which represented 91.0 percent of its loan originations and loan
purchases during the year ended September 30, 1997, and a lesser 87.5 percent of
its loan originations and purchases during the fiscal year ended September 30,
1996. At September 30, 1997, 83.8 percent of its gross loans consisted of
residential real estate loans on one- to four-family dwellings, not including
residential construction loans, compared to a smaller 78.1 percent at September
30, 1993, with the primary sources of funds being retail deposits from residents
in its local communities. The Bank is also an originator of multi-family loans,
commercial real estate loans, construction and land loans, and consumer loans
including loans on deposits and home improvement loans.
The Bank had $22.2 million, or 20.1 percent of its assets in cash and
investments including FHLB stock. The Bank had an additional $17.9 million, or
17.2 percent of its assets in mortgage-backed securities, with the combined
total of investment securities, mortgage-backed securities, FHLB stock and cash
and cash equivalents being $40.1 million or 38.6 percent of assets. Deposits and
retained earnings have been the primary sources of funds for the Bank's lending
and investment activities.
The Bank's gross amount of stock to be sold in the subscription and
community offering will be $20,200,000 or 2,020,000 shares at $10 per share
based on the midpoint of the appraised value of with net conversion proceeds of
$19,542,000 reflecting conversion expenses of approximately $658,000. The actual
cash proceeds to the Bank of $9.8 million will represent fifty percent of the
net conversion proceeds. The ESOP will represent 8.0 percent of the gross shares
issued or 161,600 shares at $10 per share, representing $1,616,000. The Bank's
net proceeds will be invested in adjustable-rate and fixed-rate mortgage loans,
construction loans, multi-family loans and mortgage-backed securities and
initially invested in short term investments. The Bank may also use
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15
GENERAL (CONT.)
the proceeds to expand services, expand operations or acquire other financial
service organizations, diversification into other businesses, or for any other
purposes authorized by law. The Holding Company will use its proceeds to fund
the ESOP, to invest in short-and intermediate-term government and federal agency
securities and to possibly purchase mortgage-backed and related securities.
Columbia Federal has seen a moderate overall deposit decrease over the
past four fiscal years with deposits decreasing 7.3 percent from September 30,
1993, to September 30, 1997, or an average of 1.8 percent per year. From
September 30, 1996, to September 30, 1997, deposits decreased by 4.7 percent
compared to a lesser 1.2 percent decline rate in fiscal 1996. The Bank has also
witnessed a decrease in its residential real estate loan portfolio during the
past five years. The Bank has focused on monitoring its earnings and maintaining
its equity to assets ratio. Equity to assets increased from 9.34 percent of
assets at September 30, 1993, to 12.59 percent at September 30, 1997.
Columbia Federal's primary lending strategy has been to focus on the
origination of fixed-rate loans, followed by the origination of adjustable-rate
residential mortgage loans, the origination of multi-family loans, commercial
real estate loans and construction loans of all types, and the origination of
consumer loans to a lesser extent.
Columbia Federal's share of one- to four-family mortgage loans has
increased modestly, rising from 78.1 percent of gross loans at September 30,
1993 to 83.8 percent as of September 30, 1997. Construction and land loans
increased from 4.1 percent of gross loans at September 30, 1993, to 4.9 percent
at September 30, 1997. Multi-family loans decreased from 9.8 percent to 8.6
percent and commercial real estate loans decreased from 7.9 percent to 2.7
percent from September 30, 1993, to September 30, 1997. All types of mortgage
loans as a group increased minimally from 99.88 percent of gross loans
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16
GENERAL (CONT.)
in 1993 to 99.92 percent at September 30, 1997. The slight increase in mortgage
loans was offset by the Bank's minimal decrease in consumer loans. The Bank's
share of consumer loans witnessed a decrease in its share of loans from 0.13
percent at September 30, 1993, to 0.08 percent at September 30, 1997, and the
level of consumer loans decreased from $85,000 to $49,000.
Management's internal strategy has also included continued emphasis on
maintaining an adequate and appropriate allowance for loan losses relative to
loans and nonperforming assets in recognition of the more stringent requirements
within the industry to establish and maintain a higher level of general
valuation allowances. At September 30, 1993, Columbia Federal had $189,000 in
its loan loss allowance or 0.28 percent of gross loans, which increased to
$300,000 and represented a higher 0.49 percent of gross loans at September 30,
1997.
Interest income from loans and investments has been the basis of
earnings with the net interest margin being the key determinant of net earnings.
With a dependence on net interest margin for earnings, current management will
focus on strengthening the Bank's net interest margin without undertaking
excessive credit risk and will not pursue any significant change in its interest
rate risk position.
PERFORMANCE OVERVIEW
Columbia Federal's financial position over the past five fiscal years
of September 30, 1993, through September 30, 1997, is highlighted through the
use of selected financial data in Exhibit 5. Columbia Federal has focused on
maintaining its equity position, controlling its overhead ratio, increasing its
investments, and maintaining its net interest margin. Columbia Federal has
experienced a moderate decrease in assets from 1993 to 1997 with a similar
decrease in deposits, and an increase in retained earnings over the past five
fiscal years. Such decreases were the result of a major decrease in assets and
deposits in 1997 with each of these having increased from September 30, 1993, to
September 30, 1995.
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PERFORMANCE OVERVIEW (CONT.)
Such decreases in loans in 1997 was the result of a higher level of loan
payoffs. Due to the Bank's moderate increase in equity, the resultant impact has
been a moderate increase in the Bank's equity to assets ratio from 1993 to 1997.
Columbia Federal witnessed a total decrease in assets of $3.7 million
or 3.5 percent for the period of September 30, 1993, to September 30, 1997,
representing an average annual decrease in assets of 0.9 percent. Assets
decreased $4.1 million in 1997 or a moderate 3.8 percent. Over the past four
fiscal periods, the Bank experienced its only dollar rise in assets of $2.3
million in fiscal year 1995, which represented a 2.1 percent increase in assets
funded by a rise in deposits. This increase was preceded by a $1.6 million or
1.5 percent decrease in assets in fiscal year 1994.
The Bank's net loan portfolio, including mortgage loans and
non-mortgage loans, decreased from $67.0 million at September 30, 1993, to $61.6
million at September 30, 1997, and represented a total decrease of $5.4 million,
or 8.1 percent. The average annual decrease during that period was 2.03 percent.
That decrease was primarily the result of higher levels of loan payoffs of one-
to four-family loans and multi-family loans. For the year ended September 30,
1997, loans decreased $6.2 million or 9.1 percent.
Columbia Federal has pursued obtaining funds through deposits in
accordance with the demand for loans and has also made occasional use of FHLB
advances for cash management purposes during the past five years. The Bank's
competitive rates for savings in its local market in conjunction with its focus
on services and office network have been the sources for attracting retail
deposits. Deposits decreased 3.6 percent from 1993 to 1994, followed by a 2.1
percent increase in fiscal year 1995 and then a minimal decrease of 1.2 percent
in 1996 and a moderate decrease of 4.7 percent in 1997, with an average annual
rate of decrease of 1.8 percent from September 30, 1993, to September 30, 1997.
The Bank's only fiscal year deposit growth was in 1995, when deposits increased
$2.0 million or 2.1 percent. The Bank had no FHLB advances at the end of any
fiscal year.
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PERFORMANCE OVERVIEW (CONT.)
Columbia Federal has been able to increase its retained earnings each
fiscal year from 1993 through 1997. At September 30, 1993, the Bank had retained
earnings of $10.1 million representing a 9.34 percent retained earnings to
assets ratio increasing to $13.1 million at September 30, 1997, and representing
a 12.59 percent retained earnings to assets ratio. The modest rise in the equity
to assets ratio from 1993 to 1997 is the result of the Bank's moderate earnings
performance in 1993 through 1997 combined with a modest decrease in assets.
Retained earnings increased 30.0 percent from September 30, 1993, to September
30, 1997, representing an average annual increase of 7.5 percent and increased
4.4 percent for the year ended September 30, 1997.
INCOME AND EXPENSE
Exhibit 6 presents selected operating data for Columbia Federal,
reflecting the Bank's income and expense trends. This table provides key income
and expense figures in dollars for the fiscal years of 1993 through 1997.
Columbia Federal has witnessed an overall decrease in its dollar level
of interest income from September 30, 1993, through September 30, 1997, due to
the Bank's shrinkage in assets, primarily loans. Interest income ranged from a
high of $8.4 million in 1993 to a low of $7.94 million in 1994, and then
increasing to $8.2 million in 1996 before decreasing to $8.0 million in 1997.
This overall trend was a combination of a decrease of 5.0 percent from 1993 to
1994 followed by modest increases from 1994 to 1996. In fiscal year 1997,
interest income decreased $202,000 or 2.5 percent to $8.0 million. The overall
decrease in interest income was due primarily to the Bank's decrease in its loan
portfolio.
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INCOME AND EXPENSE (CONT.)
The Bank's interest expense experienced a similar trend with a decrease
in 1994 followed by an increase from fiscal year 1994 to 1996, followed by a
modest decrease in 1997. Interest expense decreased $517,000 or 11.8 percent,
from 1993 to 1994, compared to a smaller decrease in interest income of $416,000
or 5.0 percent, for the same time period. Interest expense then increased
$725,000 or 18.8 percent from 1994 to 1996, compared to an increase in interest
income of $259,000 or 3.3 percent. From 1996 to 1997, interest expense decreased
$127,000 or 2.8 percent compared to a decrease in interest income of $202,000 or
2.5 percent. Such decrease in interest income, notwithstanding the decrease in
interest expense, resulted in a modest dollar decrease in annual net interest
income of $75,000 or 2.1 percent for the fiscal year ended September 30, 1997,
but an increase in net interest margin. Net interest income increased from
$3,985,000 in 1993 to its highest level of $4,086,000 in 1994 and then decreased
to $3,545,000 in 1997.
The Bank has made provisions for loan losses in each of the past five
fiscal years of 1993 through 1997. The amounts of those provisions were
determined in recognition of the Bank's levels of nonperforming assets,
classified assets, charge-offs, repossessed assets, the Bank's level of lending
activity, and industry norms. The loan loss provisions were $47,000 in 1993,
$34,000 in 1994, $13,000 in 1995, $8,000 in 1996 and $113,000 in 1997. The
impact of these loan loss provisions has been to provide Columbia Federal with a
general valuation allowance of $300,000 at September 30, 1997, or 0.49 percent
of gross loans and 49.9 percent of nonperforming assets.
Total other income or noninterest income indicated overall stable
levels in fiscal years 1994 to 1997, with a significantly higher level in 1993
due to higher loan fee income. The highest level of noninterest income was in
fiscal year 1993 at $174,000 or 0.17 percent of assets and the lowest level at
$88,000 was in 1997, representing 0.08 percent of assets. The average
noninterest income level for the past five fiscal years was $111,600 or a modest
0.11 percent of average assets and a lower $96,000 when one excludes 1993 or
0.09 percent of average assets. Noninterest income consists primarily of service
charges, fees and other income.
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INCOME AND EXPENSE (CONT.)
The Bank's general and administrative expenses or noninterest expenses
increased from $2,190,000 for the fiscal year of 1993 to $2,667,000 for the
fiscal year ended September 30, 1997. In fiscal 1996, noninterest expenses were
a higher $3,120,000 due to the one time SAIF assessment of $592,000. The dollar
increase in noninterest expenses was $477,000 from 1993 to 1997, representing an
average annual increase of $119,250 or 5.1 percent. The average annual increase
in other expenses was due primarily to the Bank's normal rise in overhead
expenses. On a percent of average assets basis, operating expenses increased
from 2.07 percent of average assets for the fiscal year ended September 30,
1993, to 2.53 percent for the fiscal year ended September 30, 1997, which was
higher than current industry average of approximately 2.35 percent.
The net earnings position of Columbia Federal has indicated profitable
performance in each of the past five fiscal years ended September 30, 1993
through 1997. The annual net income figures for the past five fiscal years of
1993, 1994, 1995, 1996 and 1997 have been $1,329,000, $1,265,000, $816,000,
$388,000, and $553,000, representing returns on average assets of 1.23 percent,
1.17 percent, 0.77 percent, 0.36 percent, and 0.53 percent, respectively.
Exhibit 7 provides the Bank's normalized earnings or core earnings for
fiscal years 1995, 1996, and 1997. The Bank's normalized earnings eliminate any
nonrecurring income and expense items. There were no adjustments for fiscal year
1995. In fiscal 1996, there was an expense adjustment of $592,000 to eliminate
the one time SAIF assessment and in 1997, there was an expense adjustment to
reduce the higher provision for loan losses.
The key performance indicators comprised of selected operating ratios,
asset quality ratios and capital ratios are shown in Exhibit 8 to reflect the
results of performance. The Bank's return on assets decreased from 1.23 percent
in fiscal year 1993 to 1.17 percent in 1994, then decreasing to 0.77 percent in
fiscal year 1995, decreasing to 0.36 percent in fiscal year 1996, and then
increasing to 0.53 percent in 1997.
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INCOME AND EXPENSE (CONT.)
The Bank's average net interest rate spread increased from 3.45 percent
in fiscal year 1993 to 3.53 percent in fiscal year 1994, then decreased during
the next three fiscal years to 2.97 percent in 1997. The Bank's net interest
margin increased from 3.76 percent in fiscal year 1993 to 3.87 percent in fiscal
year 1994, then decreasing to 3.38 percent in fiscal 1995, and then increasing
to 3.46 percent in fiscal 1997. Columbia Federal's net interest rate spread
increased 8 basis points in 1994 to 3.53 percent from 3.45 percent in 1993 and
then decreased 60 basis points in 1995 to 2.93 percent. Net interest rate spread
then increased 1 basis points to 2.94 percent in fiscal year 1996 and increased
another 3 basis points to 2.97 percent for the fiscal year ended September 30,
1997. The Bank's net interest margin followed a similar trend, increasing 11
basis points to 3.87 percent in 1994 and then decreasing 49 basis points to 3.38
percent in 1995. Net interest margin increased 3 basis points to 3.41 percent in
1996 and continued to increase to 3.46 percent in 1997.
The Bank's return on average retained earnings decreased from 1993 to
1996, and then increased in 1997. The return on average retained income
decreased from 14.12 percent in 1993 to 11.78 percent in fiscal year 1994, and
then decreased to 6.92 percent in fiscal year 1995. The return on average
retained earnings then decreased to 3.10 percent in fiscal year 1996, and then
increased to 4.30 percent for the fiscal year ended September 30, 1997.
The Bank's ratio of non-interest expenses to average assets increased
from 2.07 percent in fiscal year 1993 to a higher 2.53 percent in fiscal year
1997, due primarily to a rise in normal overhead. Another key noninterest
expense ratio reflecting efficiency of operation is the ratio of noninterest
expenses to noninterest income plus net interest income referred to as the
"efficiency ratio". The industry norm is 64.0 percent with the lower the ratio
indicating higher efficiency. The Bank has been characterized with a decreasing
level of efficiency reflected in its rise in its efficiency ratio, which
increased from 52.66 percent in 1993 to 73.41 percent in 1997.
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INCOME AND EXPENSE (CONT.)
Earnings performance can be affected by an institution's asset quality
position. The ratio of nonperforming assets to total assets is a key indicator
of asset quality. Columbia Federal witnessed a decrease in its nonperforming
asset ratio from 1993 to 1997. Nonperforming assets consist of loans delinquent
90 days or more, nonaccruing loans and repossessed assets. The ratio of
nonperforming assets to total assets was 0.46 percent at September 30, 1993, and
increased to 0.56 percent at September 30, 1994. The ratio then decreased to
0.03 percent in 1995, increased to 0.16 percent in 1996 and to 0.58 percent in
1997. The Bank's allowance for loan losses was 0.28 percent of loans at
September 30, 1993, and decreased to 0.27 percent at September 30, 1994, and
then increased to 0.49 percent at September 30, 1997. As a percentage of
nonperforming loans, Columbia Federal's allowance for loan losses increased to
72.97 percent in 1993, then decreased to 38.03 percent in 1994, increased to
106.78 percent in 1996 and then decreased to 49.92 percent in 1997.
Exhibit 9 provides the changes in net interest income due to rate and
volume changes for the past two fiscal years of 1996 and 1997. In fiscal year
1996, net interest income increased $123,000, due to an increase in interest
income of $255,000 reduced by a $132,000 increase in interest expense. The
increase in interest income was due to an increase due to rate of $152,000
accented by an increase due to volume of $103,000. The increase in interest
expense was due to an increase due to volume of $159,000 reduced by a decrease
due to a change in rate of $27,000.
In fiscal year 1997, net interest income decreased $75,000, due to a
$202,000 decrease in interest income reduced by a $127,000 decrease in interest
expense. The decrease in interest income was due to a $248,000 decrease due to
volume reduced by a $46,000 increase due to rate. The decrease in interest
expense was due to a $149,000 decrease due to volume reduced by $22,000 increase
due to rate.
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23
YIELDS AND COSTS
The overview of yield and cost trends for the years ended September 30,
1995 to 1997, and at September 30, 1997, can be seen in Exhibit 10, which offers
a summary of key yields on interest-earning assets and costs of interest-bearing
liabilities.
Columbia Federal's weighted average yield on its loan portfolio
increased 7 basis points from fiscal year 1995 to 1997, from 8.54 percent to
8.61 percent, and then decreased 38 basis points to 8.23 percent at September
30, 1997. The yield on mortgage-backed securities increased 32 basis points from
fiscal year 1995 to 1997 from 6.51 percent to 6.83 percent and then decreased 2
basis points to 6.81 percent at September 30, 1997. The yield on investment
securities increased 55 basis points from 5.34 percent in 1995 to 5.89 percent
in 1997 and then decreased 16 basis points to 5.73 percent at September 30,
1997. The yield on interest-bearing deposits increased 26 basis points from
fiscal year 1995 to 1997, from 4.99 percent to 5.25 percent and then increased
11 basis points to 5.36 percent at September 30, 1997. The combined weighted
average yield on all interest-earning assets increased 13 basis points to 7.81
percent from 1995 to 1997. The yield on interest-earning assets at September 30,
1997, was a lower 7.44 percent.
Columbia Federal's weighted average cost of interest-bearing
liabilities increased 3 basis points to 4.78 percent from fiscal year 1995 to
1996, which was less than the Bank's 4 basis point increase in yield, resulting
in an increase in the Bank's interest rate spread of 1 basis points from 2.93
percent to 2.94 percent from 1995 to 1996. The Bank's average cost of
interest-bearing liabilities then increased from 1996 to 1997 by 6 basis points
to 4.84 percent compared to a 9 basis point increase in yield on
interest-earning assets. The result was a continued increase in the Bank's
interest rate spread of 3 basis points to 2.97 percent for fiscal year 1997. At
September 30, 1997, the Bank's cost of funds increased 10 basis points to 4.94
percent, compared to a 37 basis point decrease in yield on interest-earning
assets, resulting in a lower net interest rate spread by 47 basis points to 2.50
percent
14
24
YIELDS AND COSTS (CONT.)
compared to 2.97 percent for the fiscal year ended September 30, 1997. The
Bank's net interest margin increased from 3.38 percent in fiscal year 1995 to
3.41 percent in fiscal year 1996, increasing further to 3.46 percent for the
year ended September 30, 1997.
INTEREST RATE SENSITIVITY
Columbia Federal has always monitored its interest rate sensitivity
position and focused on maintaining a higher level of rate sensitive short term
investments to offset its higher level of fixed-rate mortgage loans. Columbia
Federal recognized the thrift industry's significant interest rate risk exposure
in the 1980's, which caused a negative impact on earnings and market value of
portfolio equity as a result of significant fluctuations in interest rates,
specifically rising rates. Such exposure was due to the disparate rate of
maturity and/or repricing of assets relative liabilities commonly referred to as
an institution's "gap". The larger an institution's gap, the greater the risk
(interest rate risk) of earnings loss due to a decrease in net interest margin
and a decrease in market value of equity or portfolio loss. In response to the
potential impact of interest rate volatility and negative earnings impact, many
institutions have taken steps in the 1990's to minimize their gap position. This
frequently results in a decline in the institution's net interest margin and
overall earnings performance. Columbia Federal has responded to the interest
rate sensitivity issue by maintaining a higher level of short term investments
and a moderate level of adjustable-rate mortgage-backed securities.
The Bank measures its interest rate risk through the use of its net
portfolio value ("NPV") of the expected cash flows from interest-earning assets
and interest-bearing liabilities and any off-balance sheet contracts. The NPV
for the Bank is calculated on a quarterly basis, by the OTS, as well as the
change in the NPV for the Bank under rising and falling interest rates. Such
changes in NPV under changing rates is reflective of the Bank's interest rate
risk exposure.
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25
INTEREST RATE SENSITIVITY (CONT.)
There are numerous factors which have a measurable influence on
interest rate sensitivity in addition to changing interest rates. Such key
factors to consider when analyzing interest rate sensitivity include the loan
payoff schedule, accelerated principal payments, deposit maturities, interest
rate caps on adjustable-rate mortgage loans, deposit withdrawals, etc.
Exhibit 11 provides the Bank's NPV as of September 30, 1997, and the
change in the Bank's NPV under rising and declining interest rates. Such
calculations are provided by OTS, and the focus of this exposure table is a 200
basis points change in interest rates either up or down.
The Bank's change in its NPV at September 30, 1997, based on a rise in
interest rates of 200 basis points was a 20.0 percent decrease, representing a
dollar decrease in equity value of $3,322,000. In contrast, based on a decline
in interest rates of 200 basis points, the Bank's NPV was estimated to increase
8.0 percent or $1,333,000 at September 30, 1997. The Bank's exposure increases
to a 43.0 percent decrease under a 400 basis point rise in rates, and the NPV is
estimated to increase 20.0 percent based on a 400 basis point decrease in rates.
The Bank is aware of its moderate interest rate risk exposure under
rapidly rising rates and more modest exposure under falling rates. Due to
Columbia Federal's recognition of the need to control its interest rate
exposure, the Bank has focused on maintaining a higher level of liquid
investments, mortgage-backed securities and originating adjustable-rate
multi-family, commercial real estate loans and one- to four-family ARMs.
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26
LENDING ACTIVITIES
Columbia Federal has focused its lending activity on the origination of
conventional mortgage loans secured by one- to four-family dwellings. Exhibit 12
provides a summary of Columbia Federal's loan portfolio, by loan type, at
September 30, 1993 through 1997.
Residential loans secured by one- to four-family dwellings but
excluding residential construction loans was the primary loan type representing
83.8 percent of the Bank's gross loans as of September 30, 1997. This share has
seen a moderate increase from 78.1 percent at September 30, 1993. The second
largest real estate loan type as of September 30, 1997, was multi-family loans
which comprised a moderate 8.6 percent of gross loans compared to a larger 9.8
percent as of September 30, 1993. The multi-family loan category was also the
second largest real estate loan type in 1993. The third key real estate loan
type was construction loans, which represented 4.9 percent of gross loans as of
September 30, 1997, compared to a slightly smaller 4.1 percent at September 30,
1993. Construction loans was the fourth largest real estate loan type at
September 30, 1993. Nonresidential loans was the fourth largest real estate loan
type representing 2.7 percent of gross loans at September 30, 1997, and a larger
7.9 percent at September 30, 1993, making it the third largest real estate loan
type in 1993. These four largest real estate loan categories represented 99.92
percent of gross loans at September 30, 1997, compared to a similar 99.88
percent of gross loans at September 30, 1993.
The consumer loan category was the remaining loan type at September 30,
1997, and represented a minimal 0.08 percent of gross loans compared to 0.12
percent at September 30, 1993. Consumer loans were the fifth largest overall
loan type, at September 30, 1997, and at September 30, 1993. The Bank originates
home improvement loans and savings account loans. The overall mix of loans has
witnessed almost no change from fiscal year-end 1993 to 1997.
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27
LENDING ACTIVITIES (CONT.)
The emphasis of Columbia Federal's lending activity is the origination
and purchase of conventional mortgage loans secured by one- to four-family
residences. Such residences are located in Columbia Federal's market area, which
includes Boone and Kenton Counties, Kentucky. The Bank also originates interim
construction loans on one- to four-family residences primarily to individual
owners and to developers. At September 30, 1997, 83.8 percent of Columbia
Federal's gross loans consisted of loans secured by one- to four-family
residential properties, excluding construction loans. Construction loans
represented another 4.9 percent of gross loans.
The Bank originates adjustable-rate mortgage loans, ("ARMs") with
adjustment/periods of one and three years. The interest rates on ARMs are
generally indexed to the one-year or three-year U. S. Treasury Constant Maturity
Treasury (CMT) Index. ARMs have a maximum rate adjustment of 2.0 percent at each
adjustment period and 6.0 percent for the life of the loan with payments based
on up to a 25 year loan term.
The Bank retains all ARMs which it originates.
The majority of ARMs have terms of up to 25 years, and fixed rate loans
have normal terms of 15 to 25 years. The Bank retains its fixed rate loans. The
majority of Columbia Federal's mortgage loan portfolio has been fixed-rate
mortgage loans, which represented 80.7 percent of mortgage loans due after
September 30, 1997. All of Columbia Federal's construction loans are fixed-rate,
but 39.5 percent of multifamily loans are adjustable-rate, the largest loan
category of adjustable-rate loans based on share of loans. Overall, 19.3 percent
of Columbia Federal loans due after September 30, 1997, are adjustable-rate.
The normal loan-to-value ratio for conventional mortgage loans to
purchase or refinance one-to four-family dwellings generally does not exceed 80
percent at Columbia Federal, even though the Bank will grant loans with up to a
95 percent loan to value ratio, but private mortgage insurance is required for
loans in excess of 85 percent. Mortgage
18
28
LENDING ACTIVITIES (CONT.)
loans originated by the Bank include due-on-sale clauses enabling the Bank to
adjust rates on fixed-rate loans in the event the borrower transfers ownership.
The Bank normally exercises its rights under these clauses.
Columbia Federal has also been an originator of commercial real estate
loans and has been somewhat active in multi-family loans in the past. The Bank
will continue to make multi-family and commercial real estate loans. The Bank
had a total of $1.7 million in commercial real estate loans at September 30,
1997, or 2.7 percent of gross loans, compared to $5.5 million or 7.9 percent of
gross loans at September 30, 1993. Multifamily loans have decreased from $6.8
million or 9.8 percent of gross loans at September 30, 1993, to $5.5 million and
a lesser 8.9 percent of gross loans at September 30, 1997. The major portion of
commercial real estate loans are secured by office buildings, retail stores and
other commercial properties and are located in the Bank's primary market area.
Columbia Federal has not been active in consumer lending. Consumer
loans originated consist of home improvement loans and savings account loans,
which represented a combined total of only $49,000 or 0.08 percent of gross
loans at September 30, 1997, down from $85,000 or 0.12 percent of loans in 1993.
Exhibit 13 provides a loan maturity schedule and breakdown and summary
of Columbia Federal's fixed- and adjustable-rate loans, indicating a majority of
fixed-rate loans. At September 30, 1997, 80.7 percent of the Bank's total loans
due after September 30, 1997, were fixed-rate and 19.3 percent were
adjustable-rate. The Bank also has 15.6 percent of its loans at September 30,
1997, due in 10 years or less and an additional 50.0 percent due in 10 to 20
years.
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29
LENDING ACTIVITIES (CONT.)
As indicated in Exhibit 14, Columbia Federal experienced an increase in
its one-to four-family loan originations and total loan originations from fiscal
years 1995 to 1997. Total loan originations in fiscal year 1997 were $11.7
million compared to $6.8 million in fiscal year 1995, with fiscal year 1996
originations of $10.3 million, reflective of higher levels of one- to
four-family, construction, multi-family and nonresidential loan originations.
The increase in one- to four-family residential loan originations from 1995 to
1997 constituted 75.7 percent of the $4.9 million aggregate increase in total
loan originations from 1995 to 1997, construction loans were responsible for
12.8 percent of the increase, nonresidential loans were responsible for 3.8
percent and multi-family loans responsible for 6.7 percent of the increase. Loan
originations on one- to four-family residences, excluding construction loans,
represented 56.0 percent of total loan originations in fiscal year 1995,
compared to a higher 67.5 percent in fiscal year 1996 and 64.3 percent in fiscal
year 1997. Construction loans represented a strong 27.2 percent of total loans
originated in fiscal 1997, compared to a larger 37.5 percent in fiscal 1995.
Overall, loan originations fell short of principal payments and
repayments in fiscal 1995 by $4.4 million, were less than reductions in fiscal
year 1996 by $2.4 million, and fell short of reductions in fiscal 1997 by a
higher $7.3 million.
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30
NONPERFORMING ASSETS
Columbia Federal understands asset quality risk and the direct
relationship of such risk to delinquent loans and nonperforming assets including
real estate owned. The quality of assets has been a key concern to financial
institutions throughout many regions of the country. A number of financial
institutions have been confronted with rapid increases in their levels of
nonperforming assets and have been forced to recognize significant losses,
setting aside major valuation allowances. A sharp increase in nonperforming
assets has often been related to specific regions of the country and has
frequently been associated with higher risk loans, including purchased
nonresidential real estate loans. Columbia Federal has made a concerted effort
to control its nonperforming assets during the past five years and has been
successful.
Exhibit 15 provides a summary of Columbia Federal's delinquent loans at
September 30, 1995 through 1997, indicating a rising level of delinquent loans.
The Bank had $601,000 or 0.94 percent of loans in loans delinquent 90 days or
more at September 30, 1997, compared to no loans at September 30, 1995. Loans
delinquent 30 to 89 days totaled $668,000 at September 30, 1995, or 0.95 percent
of loans, and were $1,140,000 or a higher 1.78 percent of gross loans at
September 30, 1997. Total delinquent loans were $1.7 million or 2.72 percent at
September 30, 1997, up from 0.95 percent at September 30, 1995.
Columbia Federal's management reviews all loans delinquent 30 days or
more on a monthly basis, to assess their collectibility and to initiate any
direct contact with borrowers. The board reviews all loans delinquent 90 days or
more on a monthly basis and all real estate owned. When a loan is delinquent,
the Bank sends the borrower a late payment notice within 15 days after the
payment is due. The Bank then initiates both written and oral communication with
the borrower if the loan remains delinquent. When the loan becomes delinquent at
least 90 days, the Bank will commence foreclosure
21
31
NONPERFORMING ASSETS (CONT.)
proceedings. The Bank does not normally accrue interest on loans past due 90
days or more. Most loans delinquent 90 days or more are placed on a non-accrual
status, and at that point in time the Bank pursues foreclosure procedures.
Exhibit 16 provides a summary of Columbia Federal's nonperforming
assets at September 30, 1993 through 1997. Nonperforming assets consist of
non-accrual loans, loans delinquent 90 days or more and real estate owned. The
Bank historically carried a lower level of nonperforming assets. Columbia
Federal's level of nonperforming assets ranged from a high dollar amount of
$601,000 or 0.58 percent of total assets at September 30, 1997, to a low dollar
amount of $32,000 or 0.03 percent of assets at September 30, 1995. At September
30, 1997, Columbia Federal's nonperforming assets consisted of $601,000 in
delinquent loans 90 days or more past due representing 0.98 percent of loans,
its highest ratio over the past five years with no repossessed assets or
nonaccruing loans.
Columbia Federal's level of nonperforming assets was below its level of
classified assets. The Bank's level of classified assets was $972,000 or 0.93
percent of assets at September 30, 1997 (reference Exhibit 17). The Bank's
classified assets consisted of $972,000 in substandard assets, with none
classified as doubtful or loss.
Exhibit 18 shows Columbia Federal's allowance for loan losses for
fiscal years 1993 through 1997, indicating the activity and the resultant
balances. Columbia Federal has witnessed an increase in its balance of allowance
for loan losses from $189,000 in 1993 to $300,000 in 1997. The balance in
allowance for loan losses was maintained each year from 1993 to 1996 and then
increased in 1997, with provisions of $47,000 in 1993, $34,000 in 1994, $13,000
in 1995, $8,000 in 1996 and $113,000 in fiscal 1997. The Bank had net
charge-offs of $47,000 in 1993, $34,000 in 1994, $13,000 in 1995, $8,000 in
1996, and $2,000 in 1997. The Bank's ratio of allowance for loan losses to gross
loans increased from a modest 0.28 percent at September 30, 1993, to 0.49
percent at September 30, 1997,
22
32
NONPERFORMING ASSETS (CONT.)
due to the higher provision in 1997. Allowance for loan losses to nonperforming
loans was 72.97 percent at September 30, 1993, and a lower 49.92 percent at
September 30, 1997, reflecting the significant increase in nonperforming loans
and the moderate increase in allowance for loan losses.
INVESTMENTS
The investment and securities portfolio of Columbia Federal has been
comprised of U.S. government and federal agency securities, mortgage-backed
securities and FHLB stock. Exhibit 19 provides a summary of Columbia Federal's
investment portfolio at September 30, 1995 through 1997, including FHLB stock.
Investment securities totaled $15.3 million at September 30, 1997, compared to
$16.2 million at September 30, 1996, and $14.6 million at September 30, 1995,
including FHLB stock of $1.3 million at September 30, 1997. The primary
component of investment securities at September 30, 1997, was U.S. government
and federal agency securities, representing 91.8 percent of investments. The
securities portfolio had a weighted average yield of 5.73. percent, and the
mortgage-backed securities had a weighted average yield of 6.81 percent at
September 30, 1997. The Bank also had cash and cash equivalents of $6.8 million
or 6.6 percent of assets at September 30, 1997, and liquid assets represented
23.5 percent of assets at September 30, 1997.
The Bank had mortgage-backed securities with a book value of $17.9
million at September 30, 1997, which decreased from $18.8 million at September
30, 1996, and increased from $16.8 million at September 30, 1995.
Mortgage-backed securities are included with total investments and shown in
Exhibit 19. Total investment and mortgage-backed securities were $33.2 million
or 31.9 percent of assets excluding cash and cash equivalents but including FHLB
stock.
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DEPOSIT ACTIVITIES
The change in the mix of deposits from September 30, 1995, to September
30, 1997, is provided in Exhibit 20. There has been a moderate change in both
total deposits and in the deposit mix during this period. Certificates of
deposit witnessed an increase in their share of deposits, rising from 65.1
percent of total deposits at September 30, 1995, to a stronger 67.7 percent of
total deposits at September 30, 1997. This increase is similar to the industry
norm of a rise in the share of certificates. The major component of certificates
had rates between 4.01 percent and 6.00 percent and represented 51.5 percent of
certificates at September 30, 1997. At September 30, 1995, the major component
of certificates was the 6.01 percent to 8.00 percent category with 51.3 percent
of certificates. Passbook savings accounts decreased slightly in dollar amount
from $13.5 million to $13.2 million, but their share of total deposits increased
from 14.1 percent to 14.6 percent from September 30, 1995, to September 30,
1997, respectively, with a change in rates from 3.44 percent to 3.02 percent
during that period. NOW accounts indicated a modest dollar decrease declining
from $4.3 million at September 30, 1995, to $4.0 million at September 30, 1997,
and their share of total deposits decreased from 4.5 percent to 4.4 percent.
MMDA accounts witnessed a more significant decrease in deposits from $15.6
million at September 30, 1995, to $11.9 million at September 30, 1997, with
their share decreasing from 16.3 percent to 13.2 percent over that time period.
Club accounts had a decrease in their share of deposits declining from 0.08
percent to 0.07 percent during the same time period.
Exhibit 21 shows the Bank's deposit activity for the three years ended
September 30, 1995 to 1997. Excluding interest credited, Columbia Federal
experienced net decreases in deposits in fiscal years 1995, 1996, and 1997. In
fiscal year 1995, there was a net decrease in deposits of $1.7 million or 1.9
percent, followed by a $5.0 million net decrease or 5.2 percent in 1996. In
fiscal year 1997, a net decrease in deposits of $8.2 million resulted in a 8.6
percent decrease in deposits excluding interest credited.
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BORROWINGS
Columbia Federal has relied on retail deposits as its primary source of
funds but has made occasional use of FHLB advances for cash management purposes.
Exhibit 22 shows the Bank's FHLB advances activity for the past three fiscal
years. The Bank had average FHLB advances totaling $1.1 million in 1995, with no
advances in 1996 and average advances of $417,000 in 1997. The Bank had no
advances outstanding at the end of 1995, 1996, or 1997. The cost of FHLB
advances has increased from 5.82 percent in 1995, to 6.00 percent in 1997.
SUBSIDIARIES
Columbia Federal has no subsidiaries.
OFFICE PROPERTIES
Columbia Federal has 5 full service offices located in Boone and Kenton
Counties. (reference Exhibit 23). Columbia Federal owns all of its offices. The
Bank's investment in its office premises, including furniture, fixtures and
equipment, totaled $1.6 million or 1.54 percent of assets at September 30, 1997.
MANAGEMENT
The President, Chief Executive Officer, and Managing Officer of
Columbia Federal is Robert V. Lynch, who is also a Director. Mr. Lynch joined
the Bank in 1971 serving the Bank as Treasurer from 1974 to 1977. In 1977 Mr.
Lynch became President and Chief Executive Officer. Mr. Lynch has been a
director since 1978. The Bank's senior management also includes four vice
presidents, the secretary/treasurer and the controller.
25
35
II. DESCRIPTION OF PRIMARY MARKET AREA
Columbia Federal's primary market area for retail deposits encompasses
all of Kentucky and Boone and Kenton Counties, (the market area"). The Bank has
five offices, one each in Fort Mitchell, Covington, Crescent Springs, Erlanger
and Florence.
The primary market area is characterized by a modestly higher than
average level of median household income but a lower housing value when compared
to the United States. Unemployment rates in the market area, Kenton County and
Boone County have been lower than national unemployment rates and have declined
over the past few years. Kenton and Boone Counties' unemployment rates have been
below Kentucky's unemployment rates, while Kentucky's unemployment rate has been
higher than the United States. The market area's strongest employment categories
are the services industry, wholesale/retail trade industry and the manufacturing
industry, with a noticeably higher level of residents employed in the
transportation/utilities industry category than in the United States.
Exhibit 25 provides a summary of key demographic data and trends for
the market area, Fort Mitchell, Kentucky and the United States. Overall, from
1990 to 1996, population increased in the market area as well as in Fort
Mitchell, Kentucky and the United States. The population increased by 9.5
percent and 4.8 percent for the market area and Fort Mitchell, respectively,
from 1990 to 1996. In the same time period, population increased a similar 5.7
percent in Kentucky, and increased in the United States by 6.7 percent. Future
population projections indicate that population will continue to increase in the
market area through the year 2001. From 1996 to 2001, population is expected to
increase by 7.0 percent in the market area and increase by 3.2 percent in Fort
Mitchell, 4.3 percent in Kentucky and 5.1 percent in the United States.
In conformance with its modestly rising trend in population, the two
market area counties witnessed an increase in households (families) of 9.3
percent from 1990 to 1996. During that same time period, the number of
households increased in Kentucky by 6.0 percent and increased by 6.8 percent in
the United States. By the year 2001, the market
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36
DESCRIPTION OF PRIMARY MARKET AREA (CONT.)
area's households are projected to continue to increase by 6.8 percent, while
the number of households are expected to increase by 4.4 percent in Kentucky and
increase in the United States by 5.1 percent.
In 1990, per capita income in the market area was higher than the per
capita income in Kentucky and the United States. The market area had a 1990 per
capita income of $13,582 compared to Kentucky at a lower $11,153 and the United
States at $12,313. From 1990 to 1996, per capita income increased in the market
area, Kentucky and the United States, with the United States having the greatest
percent increase. The market area's' per capita income increased from 1990 to
1996, by 13.1 percent to $15,361, while Kentucky's per capita income increased
by a larger 14.3 percent to a lower $12,744. Per capita income in the United
States also increased by a larger 35.9 percent to $16,738.
The 1990 median household income in the Bank's primary market area was
higher than the median household income in Kentucky and the United States. The
market area had a 1990 median household income of $32,501, which was higher than
Kentucky's median household income of $22,534 and also higher than the United
States' median household income of $28,255. From 1990 to 1996, median household
income in the primary market area, Kentucky and the United States all increased,
with the market area indicating the lowest rate of increase, and the United
States the highest. Median household income increased by 10.9 percent to $36,000
in the market area compared to a lower 14.1 percent increase to $25,703 in
Kentucky and a higher 21.1 percent increase to $34,530 in the United States.
From 1996 to 2001, median household income is projected to decrease by 2.7
percent in the market area while decreasing by 5.0 percent in Kentucky and
decreasing 3.9 percent in the United States. Based on those rates of change, by
2001, median household income is expected to be a lower $35,076 in the market
area, $24,407 in Kentucky, while decreasing in the United States to $33,189.
Exhibit 26 provides a summary of key housing data for the market area,
Fort Mitchell, Kentucky and the United States. The market area had a slightly
lower than
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DESCRIPTION OF PRIMARY MARKET AREA (CONT.)
average rate of owner-occupancy at 68.9 percent, less than the 69.6 percent
owner- occupancy rate for Kentucky. The United States had an owner-occupancy
rate of 64.2 percent. As a result, the market area supports a lower than average
rate of renter-occupied housing at 31.1 percent compared to 30.4 percent for
Kentucky and 35.8 percent for the United States.
The market area's median housing value of $69,450 is higher than
Kentucky's but lower than the United States' median housing value. The market
area's median housing value of $69,450 is 38.6 percent higher than Kentucky's
median housing value of $50,100 but 12.2 percent lower than the United States'
$79,098 median housing value. The average median rent of the market area
surpasses the median rent of Kentucky and the United States. The market area had
a median rent of $396, which was higher than the United States' median rent of
$374 and higher than Kentucky's median rent value of $319.
In 1990, the major business source of employment by industry group,
based on number of employees, for the market area was the services industry,
responsible for 30.3 percent of jobs, which was lower than Kentucky and the
United States with 31.3 percent and 34.0 percent, respectively (reference,
Exhibit 27). The wholesale/retail trade industry was the second major employer
in the market area at 24.4 percent. In Kentucky and the United States, the
wholesale/retail trade group was also the second major employer with 22.3
percent and 27.5 percent, respectively. The manufacturing group was the third
major employer in the market area at 18.0 percent. In Kentucky and the United
States the manufacturing group was also third with 20.3 percent and 19.2
percent, respectively. The construction group, finance, insurance and real
estate group, transportation/utilities group, and the agriculture/mining groups
combined to provide 27.3 percent of employment in the market area, 26.1 percent
of employment in Kentucky and 19.3 percent in the United States.
The strong presence of the services group in the market area is due to
the strong presence of the Internal Revenue Service office and also of the St.
Elizabeth Medical Center, which together, employ approximately 6,000 people. The
public school systems within Kenton County are also major employers for the
area, providing over 2,000 jobs.
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DESCRIPTION OF PRIMARY MARKET AREA (CONT.)
The following list provides some of the leading employers in the market area:
Employer Product/Service Number of Employees
- -------- --------------- -------------------
U.S. Government Internal Revenue Service 3,500
St. Elizabeth Medical Center Hospital 2,494
Fidelity Investments Stock brokerage 2,000
Kenton County Board of Ed. Public school system 1,250
Covington Board of Ed. Public school system 787
Mazak Corporation Machine tools & machinery 553
R.A. Jones & Company Packaging machinery 510
Boone County to the west and Campbell County to the east, just outside
the market area, also contribute major sources of employment to Columbia
Federal's market area as well. Major employers in these counties are Delta Air
Lines with 3,130 jobs, The Gap/Banana Republic with 1,650 jobs, COMAIR Holdings
providing 1,613 jobs, The St. Luke Hospitals contributing 1,289 jobs, the Kroger
Company with 1,279 positions, the Boone County Board of Education with 1,200
positions, and Northern Kentucky University with 1,004 jobs.
The unemployment rate is another key economic indicator. Exhibit 28
shows the unemployment rates in the two market area counties, Kentucky and the
United States in 1994, 1995, 1996 and September 1997. The two market area
counties combined have been characterized by a lower unemployment rate than
Kentucky and also lower than the United States. In 1994, Kenton County had an
unemployment rate of 4.5 percent and Boone County had an unemployment rate of
4.6 percent, compared to an unemployment rate of 5.4 percent in Kentucky and a
higher 6.1 percent in the United States. Kenton County's unemployment rate
decreased to 4.2 percent in 1995 and Boone County's unemployment rate decreased
to 4.1 percent, compared to no change in Kentucky and a decrease to 5.6 percent
in the United States. In 1996, the two market area counties had an unemployment
rate of 4.2 percent in Kenton County and 4.1 percent in Boone County, with
Kentucky at
29
39
DESCRIPTION OF PRIMARY MARKET AREA (CONT.)
5.6 percent and the United States at 5.0 percent. By September 1997, the
unemployment rate in the two market area counties was again lower at 3.7 percent
in Kenton County and 3.5 percent in Boone County and had also decreased to 5.0
percent in Kentucky and to 4.7 percent in the United States.
Exhibit 29 provides deposit data for banks, thrifts and credit unions
in the two market area counties. Columbia Federal's deposit base in the market
area was $97.5 million or 53.0 percent of the $184.1 million total thrift
deposits and a much smaller 4.4 percent share of total deposits which were $2.2
billion as of June 30, 1996. The market area is dominated by the banking
industry. Total bank deposits in the market area was $2.0 billion representing
90.9 percent of total deposits, compared to a lower $184.1 million or 8.3
percent of deposits for thrifts, and $16.9 million or 0.8 percent of total
deposits held by credit unions. It is evident from the size of both thrift
deposits and bank deposits that the market area counties have a strong deposit
base with the Bank having a strong level of market penetration for thrift
deposits but a small share of market penetration of total deposits.
Exhibit 30 provides interest rate data for each quarter for the years
1993 through 1996 and for the first three quarters of 1997. The interest rates
tracked are the Prime Rate, as well as 90-Day, One-Year and Thirty-Year Treasury
Bills. Short term interest rates experienced a slightly rising trend in 1993.
This rising trend continued throughout all of 1994 and into the first quarter of
1995 with prime at 9.00 percent. However, throughout 1995, interest rates saw
dramatic decreases, as the prime rate fell to its 1994 year end level of 8.50
percent. Such decrease in the prime rate continued through the first quarter of
1996 as it fell to 8.25 percent and then remained at 8.25 percent through the
remainder of 1996. Rates on one-year T-bills, however, witnessed an increase in
1996 after a measurable decrease in 1995. Rates on one-year T-Bills continued to
increase in early 1997 and then stabilized later in the year with modest
fluctuations.
30
40
SUMMARY
To summarize, the market area represents an area with an increasing
population trend and household trend during the mid 1990s. The market area
displayed a lower per capita income but higher median household income than the
United States in 1996 and had a lower median housing value but higher median
rent level than the United States. Finally, the market area has a lower
unemployment rate when compared to the United States and a highly competitive
financial institution market strongly dominated by banks, with a relatively
small presence of thrifts and credit unions, and a total market deposit base for
banks, thrifts and credit unions that exceeds $2.2 billion in deposits.
31
41
III. COMPARABLE GROUP SELECTION
INTRODUCTION
Integral to the valuation of the Corporation is the selection of an
appropriate group of publicly-traded thrift institutions, hereinafter referred
to as the "comparable group". This section identifies the comparable group and
describes each parameter used in the selection of each institution in the group,
resulting in a comparable group based on such specific and detailed parameters,
current financials and recent trading prices. The various characteristics of the
selected comparable group provide the primary basis for making the necessary
adjustments to the Corporation's pro forma value relative to the comparable
group. There is also a recognition and consideration of financial comparisons
with all publicly-traded, FDIC-insured thrifts in the United States and all
publicly-traded, FDIC- insured thrifts in the Midwest and Kentucky.
Exhibits 31 and 32 present Thrift Stock Prices and Pricing Ratios and
Key Financial Data and Ratios, respectively, both individually and in aggregate,
for the universe of 373 publicly-traded, FDIC-insured thrifts in the United
States ("all thrifts"), excluding mutual holding companies, used in the
selection of the comparable group and other financial comparisons. Exhibits 31
and 32 also subclassify all thrifts by region, including the 146 publicly-traded
Midwest thrifts ("Midwest thrifts") and the 10 publicly-traded thrifts in
Kentucky ("Kentucky thrifts"), and by trading exchange. Exhibit 33 presents
prices, pricing ratios and price trends for all FDIC-insured thrifts completing
their conversions between January 1, 1997, and November 28, 1997.
The selection of the comparable group was based on the establishment of
both general and specific parameters using financial, operating and asset
quality characteristics of Columbia Federal as determinants for defining those
parameters. The determination of parameters was also based on the uniqueness of
each parameter as a normal indicator of a thrift institution's operating
philosophy and perspective. The parameters established and
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42
INTRODUCTION (COnt.)
defined are considered to be both reasonable and reflective of Columbia
Federal's basic operation. In as much as the comparable group must consist of at
least ten institutions, the parameters relating to asset size and geographic
location have been expanded as necessary in order to fulfill this requirement.
GENERAL PARAMETERS
MERGER/ACQUISITION
The comparable group will not include any institution that is in the
process of a merger or acquisition due to the price impact of such a pending
transaction. The thrift institutions that were potential comparable group
candidates but were not considered due to their involvement in a
merger/acquisition or a potential merger/acquisition include the following:
Institution State
----------- -----
HomeCorp, Inc. Illinois
Gateway Bancorp, Inc. Kentucky
Sho-Me Financial Corp. Missouri
No thrift institution in Columbia Federal's city, county or market area
is currently involved in merger/acquisition activity or has recently been so
involved, as indicated in Exhibit 34.
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43
MUTUAL HOLDING COMPANIES
The comparable group will not include any mutual holding companies.
Mutual holding companies typically demonstrate higher price to book valuation
ratios that are the result of their minority ownership structure that are
inconsistent with those of conventional, publicly-traded institutions. Exhibit
35 presents pricing ratios and Exhibit 36 presents key financial data and ratios
for all publicly-traded, FDIC-insured mutual holding companies in the United
States. The following thrift institutions were potential comparable group
candidates, but were not considered due to their mutual holding company form:
Institution State
----------- -----
Jacksonville Savings Bank, MHC Illinois
Pulaski Bank, Savings Bank, MHC Missouri
Guaranty Federal Savings Bank, MHC Missouri
Wayne Savings Community Bank, MHC Ohio
TRADING EXCHANGE
It is necessary that each institution in the comparable group be listed
on one of the two major stock exchanges, the New York Stock Exchange or the
American Stock Exchange, or traded over-the-counter ("OTC") and listed on the
National Association of Securities Dealers Automated Quotation System
("NASDAQ"). Such a listing indicates that an institution's stock has
demonstrated trading activity and is responsive to normal market conditions,
which are requirements for listing. Of the 396 publicly-traded, FDIC-insured
institutions, including 23 mutual holding companies, 14 are traded on the New
York Stock Exchange, 25 are traded on the American Stock Exchange and 357 are
listed on NASDAQ.
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44
IPO DATE
Another general parameter for the selection of the comparable group is
the initial public offering ("IPO") date, which must be at least four quarterly
periods prior to the trading date of November 28, 1997, used in this report, in
order to insure at least four consecutive quarters of reported data as a
publicly-traded institution. The resulting parameter is a required IPO date
prior to September 30, 1996.
GEOGRAPHIC LOCATION
The geographic location of an institution is a key parameter due to the
impact of various economic and thrift industry conditions on the performance and
trading prices of thrift institution stocks. Although geographic location and
asset size are the two parameters that have been developed incrementally to
fulfill the comparable group requirements, the geographic location parameter has
definitely eliminated regions of the United States distant to Columbia Federal,
including the western, southwestern and New England states.
The geographic location parameter consists of Kentucky and its
surrounding states of Missouri, Illinois, Indiana, Ohio, West Virginia, Virginia
and Tennessee, for a total of eight states. To extend the geographic parameter
beyond those states could result in the selection of similar thrift institutions
with regard to financial conditions and operating characteristics, but with
different pricing ratios due to their geographic regions. The result could then
be an unrepresentative comparable group with regard to price relative to the
parameters and, therefore, an inaccurate value.
35
45
ASSET SIZE
Asset size was another key parameter used in the selection of the
comparable group. The range of total assets for any potential comparable group
institution was $350 million or less, due to the greater similarity of asset mix
and operating strategies of institutions in this asset range compared to
Columbia Federal, with assets of approximately $104 million. Such an asset size
parameter was necessary to obtain a comparable group of at least ten
institutions.
In connection with asset size, we did not consider the number of
offices or branches in selecting or eliminating candidates since this
characteristic is directly related to operating expenses, which are recognized
as an operating performance parameter.
SUMMARY
Exhibits 37 and 38 show the 65 institutions considered as comparable
group candidates after applying the general parameters, with the shaded lines
denoting the institutions ultimately selected for the comparable group using the
balance sheet, performance and asset quality parameters established in this
section.
36
46
BALANCE SHEET PARAMETERS
INTRODUCTION
The balance sheet parameters focused on seven balance sheet ratios as
determinants for selecting a comparable group, as presented in Exhibit 37. The
balance sheet ratios consist of the following:
1. Cash and Investments/Assets
2. Mortgage-Backed Securities/Assets
3. One- to Four-Family Loans/Assets
4. Total Net Loans/Assets
5. Total Net Loans and Mortgage-Backed Securities/Assets
6. Borrowed Funds/Assets
7. Equity/Assets
The parameters enable the identification and elimination of thrift
institutions that are distinctly and functionally different from Columbia
Federal with regard to asset mix. The balance sheet parameters also distinguish
institutions with a significantly different capital position from Columbia
Federal. The ratio of deposits to assets was not used as a parameter as it is
directly related to and affected by an institution's equity and borrowed funds
ratios, which are separate parameters.
CASH AND INVESTMENTS TO ASSETS
Columbia Federal's level of cash and investments to assets was 20.1
percent at September 30, 1997, and reflects the Bank's slightly higher share of
investments compared to national and regional averages. The Bank's investments
consist primarily of U. S. government and federal agency securities, FHLB
deposits and certificates of deposit in other institutions. During its last five
fiscal years, Columbia Federal's ratio of cash and investments to assets has
remained generally constant and has averaged 17.8 percent, from a high of 20.1
percent at September 30, 1997, to a low of 15.3 percent in fiscal year 1994.
37
47
CASH AND INVESTMENTS TO ASSETS (CONT.)
It should be noted that Federal Home Loan Bank stock is not included in cash and
investments, but rather is part of other assets in order to be consistent with
reporting requirements and sources of statistical and comparative analysis.
The parameter range for cash and investments is broad due to the
volatility of this parameter and to prevent the elimination of otherwise good
potential comparable group candidates. The range has been defined as 4.0 percent
of assets to 35.0 of assets, with a midpoint of 19.5 percent, similar to
Columbia Federal's current ratio and five year average.
MORTGAGE-BACKED SECURITIES TO ASSETS
At September 30, 1997, Columbia Federal's ratio of mortgage-backed
securities to assets was 17.2 percent, moderately higher than both the regional
average of 8.2 percent and the national average of 11.2 percent for
publicly-traded thrift institutions and 18.5 percent for all FDIC-insured thrift
institutions. Inasmuch as many institutions purchase mortgage-backed securities
as an alternative to lending relative to cyclical loan demand and prevailing
interest rates, this parameter is moderately broad at 25.0 percent or less of
assets and a midpoint of 12.5 percent.
ONE- TO FOUR-FAMILY LOANS TO ASSETS
Columbia Federal's lending activity is focused on the origination of
residential mortgage loans secured by one- to four-family dwellings. One- to
four-family loans, not including construction loans, represented 51.5 percent of
the Bank's assets at September 30, 1997, which is similar to the industry
average of approximately 49.0 percent. The parameter for this characteristic
requires any comparable group institution to have from
38
48
ONE- TO FOUR-FAMILY LOANS TO ASSETS (CONT.)
35.0 percent to 70.0 percent of its assets in one- to four-family loans with a
midpoint of 52.5 percent.
TOTAL NET LOANS TO ASSETS
At September 30, 1997, Columbia Federal had a ratio of total net loans
to assets of 59.2 percent and a higher five fiscal year average of 63.1 percent,
both of which are lower than the national and regional averages of 67.2 percent
and 71.8 percent, respectively. The parameter for the selection of the
comparable group is from 45.0 percent to 85.0 percent with a midpoint of 65.0
percent. The wider range is simply due to the fact that, as the referenced
national and regional averages indicate, many larger institutions purchase a
greater volume of investment securities and/or mortgage-backed securities as a
cyclical alternative to lending, but may otherwise be similar to Columbia
Federal.
TOTAL NET LOANS AND MORTGAGE-BACKED SECURITIES TO ASSETS
As discussed previously, Columbia Federal's shares of mortgage-backed
securities to assets and total net loans to assets were 17.2 percent and 59.2
percent, respectively, for a combined share of 76.4 percent. Recognizing the
average publicly-traded industry and regional ratios of 11.2 percent and 8.2
percent, respectively, of mortgage-backed securities to assets, the parameter
range for the comparable group in this category is 65.0 percent to 95.0 percent,
with a midpoint of 80.0 percent, similar to the Bank's ratio.
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49
BORROWED FUNDS TO ASSETS
Columbia Federal had no borrowed funds at September 30, 1997, had no
balance of borrowed funds at the end of its three most recent fiscal years, and
indicated very modest borrowing activity during fiscal years 1995 and 1997. The
use of borrowed funds by some thrift institutions indicates an alternative to
retail deposits and may provide a source of term funds for lending.
The public demand for longer term funds increased in 1995 and the first
half of 1996 due to the higher cost of deposits. The result was competitive
rates on longer term Federal Home Loan Bank advances, and an increase in
borrowed funds by many institutions as an alternative to higher cost, long term
certificates. The ratio of borrowed funds to assets, therefore, does not
typically indicate higher risk or more aggressive lending, but primarily an
alternative to retail deposits.
The range of borrowed funds to assets is 25.0 percent or less with a
midpoint of 12.5 percent, below the national average of 14.9 percent.
EQUITY TO ASSETS
Columbia Federal's equity to assets ratio as of September 30, 1997, was
12.59 percent. After conversion, based on the midpoint value of $20.2 million,
with 50.0 percent of the net proceeds of the public offering going to the Bank,
Columbia Federal's equity is projected to stabilize in the area of 21.0 percent.
The consolidated pro forma equity to assets ratio for the Corporation is
projected to be 24.4 percent following conversion. Based on those equity ratios,
we have defined the equity ratio parameter to be 8.0 percent to 16.0 percent
with a midpoint ratio of 12.0 percent.
40
50
PERFORMANCE PARAMETERS
INTRODUCTION
Exhibit 38 presents five parameters identified as key indicators of
Columbia Federal's earnings performance and the basis for such performance. The
primary performance indicator is the Bank's return on average assets ("ROAA").
The second performance indicator is the Bank's return on average equity
("ROAE"). To measure the Bank's ability to generate net interest income, we have
used net interest margin. The supplemental source of income for the Bank is
noninterest income, and the parameter used to measure this factor is noninterest
income to assets. The final performance indicator that has been identified is
the Bank's ratio of operating expenses, also referred to as noninterest
expenses, to assets, a key factor in distinguishing different types of
operations, particularly institutions that are aggressive in secondary market
activities, which often results in much higher operating costs and overhead
ratios.
RETURN ON AVERAGE ASSETS
The key performance parameter is the ROAA. For the twelve months ended
September 30, 1997, Columbia Federal's ROAA was 0.53 percent based on net
earnings after taxes, and a higher 0.58 percent based on core or normalized
earnings after taxes as detailed in Item I of this report and presented in
Exhibit 7. The Bank's ROAA over its prior four fiscal years, based on net
earnings, has ranged from a low of 0.36 percent in fiscal year 1997 to a high of
1.23 percent in fiscal year 1995 with an average ROAA of 0.81 percent. For the
four quarters following conversion in early 1998, the Bank's ROAA based on both
net and core income is projected to range between 0.60 percent and 0.70 percent.
Considering the historical, current and projected earnings performance
of Columbia Federal, the range for the ROAA parameter based on net income has
been defined as 0.45 percent to a high of 0.90 percent with a midpoint of 0.68
percent.
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51
RETURN ON AVERAGE EQUITY
The ROAE has been used as a secondary parameter to eliminate any
institutions with an unusually high or low ROAE that is inconsistent with the
Bank's position. This parameter does not provide as much meaning for a newly
converted thrift institution as it does for established stock institutions, due
to the newness of the capital structure of the newly converted thrift and the
inability to accurately reflect a mature ROAE for the newly converted thrift
relative to other stock institutions.
The consolidated ROAE for the Bank and the Corporation on a pro forma
basis at the time of conversion will be 2.92 percent based on the midpoint
valuation. Prior to conversion, the Bank's ROAE was 4.30 percent for the twelve
months ended September 30, 1997, based on net income, and a higher 4.74 percent
based on core income, with a five fiscal year average net ROAE of 8.04 percent.
The parameter range for the comparable group, based on net income, is from 3.0
percent to 10.0 percent with a midpoint of 6.5 percent.
NET INTEREST MARGIN
Columbia Federal had a net interest margin of 3.46 percent for the
twelve month period ended September 30, 1997. The Bank's range of net interest
margin for the past five fiscal years has been from a low of 3.38 percent in
1995 to a high of 3.87 percent in 1994 with an average of 3.57 percent.
The parameter range for the selection of the comparable group is from a
low of 2.90 percent to a high of 4.00 percent with a midpoint of 3.45 percent,
similar to the Bank's current and five year average net interest margin.
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52
OPERATING EXPENSES TO ASSETS
Columbia Federal had a higher than average 2.53 percent ratio of
operating expense to average assets for the twelve months ended September 30,
1997. The Bank's operating expenses increased significantly from 2.07 percent in
fiscal year 1993 to 2.87 percent in fiscal year 1996 before moderating to 2.53
in fiscal year 1997 and averaging 2.37 percent. During this five year period,
Columbia Federal's operating expenses rose from below to above the industry
average, which is currently 2.34 percent for publicly-traded thrifts and 2.12
percent for all FDIC-insured thrifts.
The operating expense to assets parameter for the selection of the
comparable group is from a low of 1.90 percent to a high of 3.10 percent with a
midpoint of 2.50 percent.
NONINTEREST INCOME TO ASSETS
Columbia Federal has experienced a lower than average dependence on
noninterest income as a source of additional income. The Bank's noninterest
income to average assets was 0.08 percent for the twelve months ended September
30, 1997, which is well below the industry average of 0.44 percent for
publicly-traded thrifts for that period. Columbia Federal's noninterest income
for the past five fiscal years indicates a significant decrease in fiscal years
1995 through 1997 compared to fiscal years 1993 and 1994. The Bank's ratio of
noninterest income to average assets was 1.62 percent, 1.01 percent, 0.09
percent, 0.09 percent and 0.08 percent in fiscal years 1993, 1994, 1995, 1996
and 1997, respectively, averaging 0.58 percent for the five years.
The range for this parameter for the selection of the comparable group
is 0.50 percent of average assets or less, with a midpoint of 0.25 percent.
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53
ASSET QUALITY PARAMETERS
INTRODUCTION
The final set of financial parameters used in the selection of the
comparable group are asset quality parameters, also shown in Exhibit 38. The
purpose of these parameters is to insure that any thrift institution in the
comparable group has an asset quality position reasonably similar to that of
Columbia Federal. The three defined asset quality parameters are the ratios of
nonperforming assets to total assets, repossessed assets to total assets and
allowance for loan losses to total assets at the end of the most recent period.
NONPERFORMING ASSETS TO ASSETS RATIO
Columbia Federal's ratio of nonperforming assets to total assets was
0.58 percent at September 30, 1997, which is lower than the national average of
0.82 percent and slightly lower than the Midwest regional average of 0.63
percent, but higher than its ratios of 0.16 percent at September 30, 1996, and
0.03 percent at September 30, 1995. For the five fiscal years ended September
30, 1993 to 1997, the Bank's ratio of nonperforming assets to total assets
averaged 0.36 percent.
The parameter range for nonperforming assets to assets has been defined
as 1.10 percent of assets or less with a midpoint of 0.55 percent.
REPOSSESSED ASSETS TO ASSETS
Columbia Federal was absent repossessed assets at September 30, 1996
and 1997. At the close of fiscal years 1993, 1994 and 1995, the Bank's ratio of
repossessed assets to total assets was 0.22 percent, 0.10 percent and 0.03
percent, indicating a steady decline and a five fiscal year average of 0.07
percent. At September 30, 1997, national and
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54
REPOSSESSED ASSETS TO ASSETS (CONT.)
regional averages for publicly-traded thrifts were 0.61 percent and 0.47
percent, respectively, and the national average for all FDIC-insured thrifts was
0.22 percent.
The range for the repossessed assets to total assets parameter is 0.50
percent of assets or less with a midpoint of 0.25 percent.
ALLOWANCE FOR LOANS LOSSES TO ASSETS
Columbia Federal had an allowance for loan losses of $300,000,
representing a ratio to total assets of 0.29 percent at September 30, 1997,
which is higher than its ratio of 0.17 percent at September 30, 1997. For its
last five fiscal years, the Bank's allowance for loan losses averaged 0.20
percent of assets, which represents a virtually constant ratio of 0.18 percent
in 1993 and 1994, and 0.17 percent in 1995 and 1996, followed by 0.29 percent in
1997.
The allowance for loan losses to assets parameter range used for the
selection of the comparable group focused on a minimum required ratio of 0.10
percent of assets.
THE COMPARABLE GROUP
With the application of the parameters previously identified and
applied, the final comparable group represents ten institutions identified in
Exhibits 39, 40 and 41. The comparable group institutions range in size from
$41.7 million to $339.9 million with an average asset size of $183.5 million and
have an average of 4.2 offices per institution, compared to Columbia Federal
with assets of $104.0 million and 5 offices. One of the comparable group
institutions was converted in 1990, two in 1993, two in 1994, four in 1995 and
one in 1996. Nine of the comparable group institutions are traded on NASDAQ
45
55
THE COMPARABLE GROUP (CONT.)
and one is traded on the American Stock Exchange. Of the ten institutions, all
are SAIF members. The comparable group institutions as a unit have a ratio of
equity to assets 1.0 percent lower than all publicly-traded thrift institutions
in the United States but 12.1 percent higher than publicly-traded thrift
institutions in Kentucky, and for the most recent four quarters indicated a core
return on average assets of 0.76 percent, lower than all publicly-traded thrifts
at 0.84 percent, and also lower than publicly-traded thrifts in Kentucky at 1.09
percent.
46
56
SUMMARY OF COMPARABLE GROUP INSTITUTIONS
AMB Financial Corp., Munster, Indiana is the holding company for
American Savings, FSB, serving its market area of Lake County, Indiana, from 4
full service offices.
For the nine months ended September 30, 1997, interest income rose 21
percent to $5.3 million. Net interest income after loan loss provision rose 13%
to $2.5 million and reflects an increase in average loan balances, partially
offset by increased borrowings. Net income for the nine months ended September
30, 1997 was $770,000 as compared to $269,000 for the same period in 1996 or an
increase of $502,000. This increase was due primarily to an increase in net
interest income of $342,000, an increase in non-interest income of $408,000 and
a decrease in non-interest expense of $163,000, offset by an increase in the
loan loss provision of $46,000 and an increase in income taxes of $365,000. Net
income also reflects higher unrealized gains on the trading portfolio and lower
FDIC premiums. Total assets of the Company increased $17.3 million, or 20.1% to
$103.4 million at September 30, 1997 compared to $86.1 million at December 31,
1996. This increase was primarily due to increases in cash and cash equivalents
and growth in loans receivable, which were funded by an increase in deposits and
borrowed funds. At the end of its most recent quarter, the Bank had total assets
of $103.4 million and equity of $14.4 million, and reported a core ROAA of 0.73
percent and a core ROAE of 4.46 percent for its most recent four quarters.
CLASSIC BANCSHARES, INC., Ashland, Kentucky, is the holding company for
Classic Bank, with 1 office, and The First National Bank of Paintsville, with 2
offices, serving the market area of Boyd and Johnson Counties.
The Company's total assets increased $631,000, or 0.5 percent from
$131.6 million at March 31, 1997 to $132.2 million at September 30, 1997. The
increase was due primarily to an increase in loans of $6.4 million offset by a
decrease in cash and cash equivalents of $4.8 million and a decrease in
investment securities of $2.2 million. Net deposits decreased $1.2 million from
$100.5 million at March 31, 1997, to $99.3 million
47
57
SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
at September 30, 1997. The decrease in deposits was due to a more conservative
pricing structure in an effort to reduce interest costs. Federal Home Loan Bank
advances increased $2.8 million from $4.7 million at March 31, 1997 to $7.5
million at September 30, 1997. Net proceeds from advances were used to fund loan
demand and the outflow of deposits and repurchase agreements.
The Company reported net income of $511,000 for the six months ended
September 30, 1997 compared to net income of $34,000 for the six months ended
September 30, 1996. The increase in income of $477,000 between the two periods
was primarily the result of an increase in net interest income of $1.3 million,
and increase in non-interest income of $504,000, partially offset by an increase
in the provision for loss on loans of $73,000, an increase in non-interest
expenses of $959,000 and an increase in income tax expense of $248,000. Total
interest income increased $2.4 million for the six months ended September 30,
1997, as compared to the six months ended September 30, 1996. The average
balance of interest-earning assets increased from $65.1 million at September 30,
1996 to $120.7 million at September 30, 1997. The increase in the average
balance of interest-earning assets was due primarily to the increase in the
average balance of loans, mortgage-backed and investment securities and other
interest-earning assets as a result of the acquisition of First National.
Interest expense increased $564,000 and $1.1 million for the three and six
months ended September 30, 1997 as compared to the same period in 1996 primarily
as a result of the inclusion of First National'sinterest expense for the period.
At the end of its most recent quarter, the Bank had total assets of
$132.2 million and equity of $19.7 million, and reported a core ROAA of 0.62
percent and a core ROAE of 4.25 percent for its most recent four quarters.
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58
SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
GLENWAY FINANCIAL CORP., Cincinnati, Ohio, is the holding company for
Centennial Savings Bank, a savings bank serving the west side of Cincinnati from
5 full service offices.
For the three months ended September 30, 1997, interest income rose 7
percent to $5.5 million and interest income after loan loss provisions rose 5
percent to $2.1 million. Net income totalled $613,000 compared to a loss of
$439,000 for the same period in 1996 and reflects an increase of $344,000 in net
interest income, an increase of $10,000 in other income, and a decline in
general, administrative and other expense, including reduced insurance premiums.
These increases were partially offset by the increase in the provision for loan
losses of $82,000. Interest income reflects loan growth, partially offset by
higher delinquent loan reserves.
The Corporation's total assets increased by $6.2 million, or 2.1%, over
the $287.1 million total at June 30, 1997. The increase was funded primarily
through growth in deposits of $3.2 million, and an increase in borrowings of
$3.4 million. Deposits increased by $3.2 million or 1.4 percent for the current
three month period. FHLB advances increased by $1.9 million or 6.7% from June
30, 1997, and federal funds purchased increased by $1.5 million. The
Corporation's stockholders' equity increased by $512,000 during the current
three month period. At the end of its most recent quarter, the Bank had total
assets of $293.2 million and equity of $27.8 million, and reported a core ROAA
of 0.77 percent and a core ROAE of 8.14 percent for its most recent four
quarters.
HARDIN BANCORP, INC., Hardin, Missouri, is the holding company for
Hardin Federal Savings Bank. The Bank conducts its business through its main
office in Hardin, Ray County, and two full service branch offices in Ray and
Clay Counties, Missouri. The Bank is principally engaged in the business of
attracting retail savings deposits from the general public and investing those
funds in first mortgage loans on owner occupied,
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59
SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
single-family residential loans, commercial real estate loans, mortgage-backed
securities, U.S. Government and agency securities, and insured interest bearing
deposits. The Bank also originates consumer loans for the purchase of
automobiles, home improvement, and home equity lines of credit.
For the six months ended September 30, 1997, total interest income rose
26 percent to $4 million and net interest income after loan loss provision was
$1,447,718 compared to $1,341,090 for the six month period ended September 30,
1996, an increase of $106,628. The increase was due to an increase in interest
earning assets partially offset by greater interest on FHLB advances and a
higher loan loss provision. Net earnings for the six months ended September 30,
1997, were $408,417 compared to $64,075 for the six months ended September 30,
1996, an increase of $344,342. The increase is related to a decrease in
non-interest expense, including the absence of a $441,000 SAIF special
assessment, and an increase in non-interest income and net interest income after
provision for loan losses.
Consolidated assets as of September 30, 1997, indicated an increase of
$14,010,131 compared to March 31, 1997. On September 30, 1997, total
stockholders' equity increased $325,928 compared to stockholders' equity on
March 31, 1997. The increase in assets was due to growth in investment
securities and the loan portfolio which was funded by a $7,500,000 increase in
Federal Home Loan Bank advances and an increase in deposits in the amount of
$5,626,288. The increase in stockholders' equity was a result of a decrease in
unrealized loss on available-for-sale securities, amortization of deferred
recognition and retention plan, and net earnings during the period, offset by
the declaration of cash dividends on the Company's common stock in June and
September. Deposits totaled $75,827,145 on September 30, 1997, an increase from
$70,200,857 on March 31, 1997. The increase of $5,626,288 is due to a special
certificate of deposit program and the introduction of a new checking account
marketing program. Federal Home Loan Bank advances were $26,500,000 on September
30, 1997, compared to $19,000,000 on March
50
60
SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
31, 1997, an increase of $7,500,000. The funds were acquired to meet the
Company's growth objective, and to fund the purchase of U.S. government agency
securities. At the end of its most recent quarter, the Bank had total assets of
$117.4 million and equity of $13.5 million, and reported a core ROAA of 0.75
percent and a core ROAE of 5.55 percent for its most recent four quarters.
HOME BUILDING BANCORP INC., Washington, Indiana, is the holding company
for Home Building Savings Bank, FSB. Established in 1908, the Bank is a
community oriented financial institution offering a variety of financial
services to meet the needs of the communities it serves from its 2 full service
offices. The Bank's primary market area covers Daviess and Pike counties in
southwestern Indiana. The Bank attracts deposits from the general public and
uses such deposits, together with borrowings and other funds, to originate one-
to four-family residential mortgages, automobile and consumer loans, and to a
lesser extent commercial and multifamily loans.
For the nine months ended June 30, 1997, total interest income
increased 4 percent to $2.5 million and net interest income after loan loss
provision rose 51 percent to $1.1 million. Net income increased from $23,000 to
$250,000. Net interest income reflects interest earned on a large deposit of
public funds. Earnings benefitted from a decrease in the loan loss provision and
lower deposit insurance premiums. For the nine months ended June 30, 1997, total
assets increased approximately $2.5 million to $45.1 million from $42.6 million
at September 30, 1996. Liabilities increased by approximately $2.2 million as
deposits increased by $2.6 compared to September 30, 1996. The Bank's advances
from the FHLB remained unchanged. At the end of its most recent quarter, the
Bank had total assets of $41.7 million and equity of $5.9 million, and reported
a core ROAA of 0.73 percent and a core ROAE of 5.65 percent for its most recent
four quarters.
51
61
SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
KANKAKEE BANCORP, INC., Kankakee, Illinois, is the bank holding company
for Kankakee Federal Savings Bank, which operates 10 full service banking
offices in Illinois. The Bank was originally chartered in 1885 as an Illinois
savings and loan association and was converted to a federally chartered thrift
institution in 1937. The Bank serves the financial needs of families and local
businesses in its primary market areas through its main office in Kankakee,
Illinois, and nine branch offices located in the communities of Ashkum,
Bourbonnais, Champaign, Dwight, Herscher, Hoopeston, Manteno and Momence,
Illinois. The Bank's business involves attracting deposits from the general
public and using those deposits to originate residential mortgage loans and, to
a lesser extent, commercial real estate, consumer, commercial business,
multi-family and construction loans in its primary market areas. The Bank also
invests in investment securities, mortgage-backed securities and various types
of short term liquid assets.
Net income for the nine-month period ended September 30, 1997 was $2.3
million compared to $974,000 for the same period in 1996, reflecting the absence
of $1.7 million FDIC assessment, as well as lower balances of earning assets,
offset by lower costs of interest-bearing liabilities. The difference in net
income of$1.3 million represents a 132.5 percent increase in net income for the
1997 period. The increase in net income resulted from a $159,000 increase in net
interest income, a $41,000 decrease in provision for losses on loans, and a $2.2
million decrease in other expenses, which were partially offset by a decrease of
$562,000 in other income and a $583,000 increase in federal income tax expense.
At the end of its most recent quarter, the Bank had total assets of $339.9
million and equity of $38.9 million, and reported a core ROAA of 0.87 percent
and a core ROAE of 8.11 percent for its most recent four quarters.
MFB CORPORATION, Mishawaka, Indiana, is the holding company for
Mishawaka Federal Savings with 4 full service offices in St. Joseph County,
Indiana. The principal business of MFB Financial (the "Bank") consists of
providing a variety of lending, deposit and selected financial services to
retail and commercial banking customers.
52
62
SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
For the nine months ended September 30, 1997, interest income rose 26
percent to $12.9 million and net interest income after loan loss provision rose
24 percent to $5.5 million. Net income rose 28 percent to $1.5 million. Interest
income reflects mortgage loan growth and the inclusion of interest from
financing leases, partially offset by interest on FHLB advances. Earnings
reflect reduced SAIF insurance premiums paid.
Total assets increased by $22.4 million June 30, 1997, compared to
September 30, 1996. Net loans increased by $34.6 million from $152.0 million at
September 30, 1996, to $l86.6 million at June 30, 1997, due to loan originations
exceeding principal payments by approximately $34.2 million, along with the
purchase of $505,000 in mortgage loans. Total liabilities increased from $188.2
million at September 30, 1996 to $214.3 million at June 30, 1997. Significant
changes included a net increase of $8.5 million in customer deposits primarily
due to the addition of $1.8 million in savings, NOW and MMDA deposits and $7.3
million in time deposits. FHLB advances also increased by $19.2 million during
the nine months ended June 30, 1997, and were used primarily to fund security
investments during the period. At the end of its most recent quarter, the Bank
had total assets of $255.9 million and equity of $33.5 million, and reported a
core ROAA of 0.83 percent and a core ROAE of 5.62 percent for its most recent
four quarters.
MILTON FEDERAL FINANCIAL CORP., West Milton, Ohio, is the holding
company for Milton Federal Savings Bank, serving Miami and Montgomery Counties
from 2 full service offices.
For the nine months ended June 30, 1997, interest income rose 8 percent
to $10 million and net interest income after loan loss provisions fell 4 percent
to $4.1 million. Net income fell 18 percent to $1 million. Interest income
benefitted from increased interest-earning assets. Earnings suffered from
increased interest on borrowed funds, data processing services and salaries and
employee benefits.
53
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SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
The Corporation's assets totaled $200.2 million at June 30, 1997, an
increase of $19.4 million, or 10.7%, from $180.8 million at September 30, 1996.
The growth in assets was primarily in mortgage-backed and related securities and
loans receivable. Such growth was funded by increased deposits and borrowed
funds. Total deposits increased $10.1 million, or 7.9%, from $128.6 million at
September 30, 1996, to $138.7 million at June 30, 1997. The Corporation
experienced little change in passbook savings accounts, negotiable order of
withdrawal ("NOW") accounts and money market accounts. Certificates of deposit
increased $10.2 million, or 10.7%, and were the primary reason for the overall
deposit growth. Certificates of deposit growth has been due to normal operating
procedures as the Corporation has not used special promotions to attract
increased volume. Borrowed funds increased $16.1 million from $17.5 million at
September 30, 1996, to $33.6 million at June 30, 1997. At the end of its most
recent quarter, the Bank had total assets of $210.0 million and equity of $26.4
million, and reported a core ROAA of 0.65 percent and a core ROAE of 4.52
percent for its most recent four quarters.
OHSL FINANCIAL CORP., Cincinnati, Ohio, is the holding company for Oak
Hills Savings and Loan Company, F.A., operating 5 full service offices in
Hamilton County, Ohio.
For the nine months ended September 30, 1997, total interest income
rose 9 percent to $13.2 million and net interest income after loan loss
provision rose 5 percent to $5.4 million. Net income rose from $731,000 to $1.5
million. Net interest income reflects increased loan balances, partially offset
by higher deposit costs. Earnings include higher commission income. Net income
for the six months ended June 30, 1997 was $1,041,000, an increase of $108,000
or 11.6% over the net income for the six months ended June 30, 1996. Total
interest income for the six months ended June 30, 1997 was $8,659,000, compared
to $7,915,000 for the same period in 1996. That increase of $744,000 or 9.4
54
64
SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
percent is generally the result of larger loan and investment balances carried
during the first six months of 1997.
Total assets increased $14.3 million or 6.6 percent from December 31,
1996, to June 30, 1997. During the first six months of 1997, loans receivable
increased by $7.9 million and held-to-maturity securities increased by $9.6
million. These changes were funded primarily by a $5.0 million increase in
deposit accounts, by a $9.7 million increase in advances from the Federal Home
Loan Bank, by a reduction in cash and cash equivalents of $1.4 million and by a
reduction in available-for-sale securities of $2.5 million. The stockholders'
equity of OHSL increased by $171,000 during the first six months of 1997. At the
end of its most recent quarter, the Bank had total assets of $234.6 million and
equity of $25.6 million, and reported a core ROAA of 0.88 percent and a core
ROAE of 7.86 percent for its most recent four quarters.
TWIN CITY BANCORP, INC., Bristol, Tennessee, is the holding company for
Twin City Federal Savings Bank, serving Sullivan County from 3 full service
offices.
The Bank posted net income of $802,000 for the nine months ended
September 30, 1997. Net interest income for the nine months ended September 30,
1997, decreased $16,000 from the nine months ended September 30, 1996, and for
the three months ended September 30, 1997, increased $35,000 as compared to the
three months ended September 30, 1996. The decrease was primarily attributable
to a decrease in the interest rate spread. For the six months ended June 30,
1997, interest income rose 1 percent to $4 million and net interest income after
loan loss provisions fell 3 percent to $1.9 million. Net income fell 14 percent
to $512,000. Net interest income reflects increase in average balance of
interest-earning assets, offset by higher cost of deposits and loan loss
provision. Net income suffered from increased compensation and employee benefits
expense.
55
65
SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
The Bank's total consolidated assets increased $1.9 million or 1.8
percent from December 31, 1996, to September 30, 1997. Interest-earning deposits
and federal funds increased $1.2 million as the Bank experienced an increase in
net cash flows. Net loans receivable decreased $2.7 million or 3.5 percent from
$78.2 million at December 31, 1996, to $75.4 million at September 30, 1997.
Total real estate loans amounted to $49.8 million at September 30, 1997,
compared to $53.6 million at December 31, 1996. Consumer/commercial loans
increased 3.4 percent from $26.1 million at December 31, 1996, to $27.0 million
at September 30, 1997. Deposits increased $3.9 million or 4.6 percent from $85.7
million at December 31, 1996, to $89.6 million at September 30, 1997. During the
nine months ended September 30, 1997, the Bank secured governmental deposits of
approximately $4.4 million. Federal Home Loan Bank advances decreased $4.1
million at September 30, 1997 from December 31, 1996. Total stockholders' equity
has increased $456,000 or 3.4 percent from December 31, 1996, to September 30,
1997. At the end of its most recent quarter, the Bank had total assets of $106.9
million and equity of $13.8 million, and reported a core ROAA of 0.72 percent
and a core ROAE of 5.59 percent for its most recent four quarters.
56
66
IV. ANALYSIS OF FINANCIAL PERFORMANCE
This section reviews and compares the financial performance of Columbia
Federal to all thrifts, regional thrifts, Kentucky thrifts and the ten
institutions constituting Columbia Federal's comparable group, as selected and
described in the previous section. The comparative analysis focuses on financial
condition, earning performance and pertinent ratios as shown in Exhibits 43
through 48.
As presented in Exhibits 42 and 43, at September 30, 1997, Columbia
Federal's total equity of 12.59 percent of assets was similar to the 12.49
percent for the comparable group and the 12.67 for all thrifts, but lower than
the 14.27 percent ratio for Midwest thrifts and the 19.61 percent ratio for
Kentucky thrifts. The Bank had a 59.21 percent share of net loans in its asset
mix, lower than the comparable group at 69.34 percent, and also lower than all
thrifts at 67.23 percent, Midwest thrifts at 71.83 percent and Kentucky thrifts
at 75.21 percent. Columbia Federal's share of net loans, lower than industry
averages, is primarily the result of its higher 20.09 percent share of cash and
investments and its higher 17.17 percent share of mortgage-backed securities.
The comparable group had a lower 9.46 percent share of mortgage-backed
securities and a lower 18.07 percent share of cash and investments. All thrifts
had 11.19 percent of assets in mortgage-backed securities and 17.85 percent in
cash and investments. Columbia Federal's share of deposits of 86.72 percent was
moderately higher than the comparable group, but more noticeably higher than the
three geographic categories, reflecting the Bank's absence of FHLB advances. The
comparable group had deposits of 74.26 percent and borrowings of 12.14 percent.
All thrifts averaged a 70.38 percent share of deposits and 15.26 percent of
borrowed funds, while Midwest thrifts had a 69.32 percent share of deposits and
a 15.04 percent share of borrowed funds. Kentucky thrifts averaged a 67.79
percent share of deposits and a 11.36 percent share of borrowed funds. Columbia
Federal was absent goodwill and other intangibles, compared to 0.30 percent for
the comparable group, 0.25 percent for all thrifts, 0.19 percent for Midwest
thrifts and 0.34 percent for Kentucky thrifts.
57
67
ANALYSIS OF FINANCIAL PERFORMANCE (CONT.)
Operating performance indicators are summarized in Exhibits 44 and 45
and provide a synopsis of key sources of income and key expense items for
Columbia Federal in comparison to the comparable group, all thrifts, and
regional thrifts for the trailing four quarters.
As shown in Exhibit 46, for the twelve months ended September 30, 1997,
Columbia Federal had a yield on average interest-earning assets modestly higher
than the comparable group and slightly higher than the three geographical
categories. The Bank's yield on interest-earning assets was 7.81 percent
compared to the comparable group at 7.69 percent, all thrifts at 7.77, Midwest
thrifts at 7.76 percent and Kentucky thrifts also at 7.76 percent.
The Bank's cost of funds for the twelve months ended September 30,
1997, was very similar to the comparable group and to all thrifts and modestly
lower than the regional and state averages. Columbia Federal had an average cost
of interest-bearing liabilities of 4.84 percent compared to 4.86 percent for the
comparable group, 4.86 percent for all thrifts, 4.98 percent for Midwest thrifts
and 5.00 for Kentucky thrifts. The Bank's interest income and interest expense
ratios resulted in an interest rate spread of 2.97 percent, which was higher
than the comparable group at 2.83 percent, all thrifts at 2.91 percent, Midwest
thrifts at 2.78 percent and Kentucky thrifts at 2.77 percent. Columbia Federal
achieved a net interest margin of 3.46 percent based on average interest-earning
assets for the twelve months ended September 30, 1997, which was slightly higher
than the comparable group ratio of 3.39 percent. All thrifts averaged a slightly
higher 3.48 percent net interest margin for the trailing four quarters, while
Midwest thrifts and Kentucky thrifts averaged net interest margins of 3.43
percent and 3.78 percent, respectively.
Columbia Federal's major source of income is interest earnings, as is
evidenced by the operations ratios presented in Exhibit 45. The Bank made a
$113,000 provision for
58
68
ANALYSIS OF FINANCIAL PERFORMANCE (CONT.)
loan losses during the twelve months ended September 30, 1997, representing 0.11
percent of average assets and reflecting the Bank's objective to strengthen its
allowance for loan losses as it increases its share of nonresidential and
multi-family loans. The comparable group indicated a provision representing a
nominally lower 0.09 percent of assets, with all thrifts at 0.14 percent,
Midwest thrifts at 0.11 percent and Kentucky thrifts at 0.06 percent.
The Bank's non-interest income was $88,000 or 0.08 percent of average
assets for the twelve months ended September 30, 1997. Such non-interest income
was significantly lower than the comparable group at 0.29 percent, all thrifts
at 0.44 percent, Midwest thrifts at 0.41 percent and Kentucky thrifts at 0.25
percent. For the twelve months ended September 30, 1997, Columbia Federal's
operating expense ratio was 2.53 percent, higher than the comparable group and
the three geographical averages. The comparable group's operating expense ratio
was 2.30 percent, while all thrifts averaged 2.34 percent, Midwest thrifts
averaged 2.17 percent and Kentucky thrifts averaged 2.15 percent.
The overall impact of Columbia Federal's income and expense ratios is
reflected in the Bank's net income and return on average assets. The Bank had an
ROAA of 0.53 percent based on net income and a higher ROAA of 0.58 percent based
on core income for the twelve months ended September 30, 1997. For its most
recent four quarters, the comparable group had a higher ROAA of 0.83 percent
based on net income and also a higher core ROAA of 0.76 percent compared to the
Bank. All thrifts also averaged a higher net ROAA of 0.86 percent, while Midwest
thrifts averaged 0.94 percent and Kentucky thrifts averaged a higher 1.10
percent. All thrifts indicated a core ROAA of 0.84 percent, while Midwest
thrifts and Kentucky thrifts averaged core ROAAs of 0.93 percent and 1.09
percent, respectively.
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69
V. MARKET VALUE ADJUSTMENTS
This is a conclusive section where adjustments are made to determine
the pro forma market value or appraised value of the Corporation based on a
comparison of Columbia Federal with the comparable group. These adjustments will
take into consideration such key items as earnings performance and growth
potential, market area, financial condition, asset and deposit growth, dividend
payments, subscription interest, liquidity of the stock to be issued,
management, and market conditions or marketing of the issue. It must be noted,
however, that all of the institutions in the comparable group have their
differences, and as a result, such adjustments become necessary.
EARNINGS PERFORMANCE AND GROWTH POTENTIAL
In analyzing earnings performance, consideration was given to the level
of net interest income, the level and volatility of interest income and interest
expense relative to changes in market area conditions and to changes in overall
interest rates, the quality of assets as it relates to the presence of problem
assets which may result in adjustments to earnings, the current and historical
levels of classified assets and real estate owned, the level of valuation
allowances to support any problem assets or nonperforming assets, the level and
volatility of non-interest income, and the level of non-interest expenses.
As discussed earlier, the Bank's historical business philosophy has
focused on increasing its net interest income and net earnings, reducing its
historical ratio of nonperforming assets, strengthening its level of interest
sensitive assets relative to interest sensitive liabilities, maintaining its
sensitivity measure and its overall interest rate risk, maintaining an adequate
level of general valuation allowances to reduce the impact of any unforeseen
losses, and closely monitoring and reducing its overhead expenses. The Bank's
current philosophy will continue to focus on maintaining a stable net interest
spread and net interest margin while increasing its net income and return on
assets, increasing its level of interest sensitive assets relative to interest
sensitive liabilities and reducing its overhead expenses.
60
70
EARNINGS PERFORMANCE AND GROWTH POTENTIAL (CONT.)
Earnings are often related to an institution's ability to generate
loans. The Bank was a moderate originator of mortgage loans in fiscal years 1993
to 1997. During the twelve months ended September 30, 1997, originations of
$11.7 million exceeded fiscal year 1996 originations of $10.3 million by $1.4
million or 13.7 percent. Such 1996 originations exceeded fiscal year 1995
originations of $6.8 million by a greater $3.5 million or 51.2 percent. In each
of the three most recent fiscal years, however, principal repayments exceeded
originations, resulting in a decrease in Columbia Federal's net loan portfolio
since September 30, 1995. The significant increase in principal repayments of
$18.9 million in fiscal year 1997 compared to $12.8 million in fiscal year 1996
included the payoff of four nonresidential and multi-family loans totaling
approximately $7.1 million. Such total of principal repayments exceeded
originations and produced a $6.2 million decrease in net loans receivable from
fiscal year 1996 to fiscal year 1997. The net decrease in loans receivable,
however, was a much lower $529,000 in fiscal 1996 and, along with the net
decrease of $2.0 million in loans receivable in fiscal year 1995, relate to
moderating interest rates in late 1995, also exceeded originations during those
periods. In fiscal year 1994, loan originations exceeded repayment by $3.3
million. Most of the increase in loan originations in fiscal years 1996 and 1997
constituted one- to four-family mortgage loans, with multi-family originations
increasing in 1996 and then decreasing in 1997. Originations of construction
loans and consumer loans both increased from fiscal year 1995 to fiscal year
1996, although those dollar increases were not substantial, and then remained
generally constant in fiscal year 1997.
The Bank's net loans receivable decreased by $5.4 million or 8.1
percent from September 30, 1993 to September 30, 1997, with an increase in
fiscal year 1994 followed by decreases in the next three fiscal years. The
Bank's strong emphasis has been on the origination of one- to four-family
mortgage loans, with that loan category constituting 90.4 percent, 87.5 percent,
91.0 percent of total originations in fiscal years 1995, 1996 and 1997,
respectively. In each of those fiscal years, the second largest category of
originations
61
71
EARNINGS PERFORMANCE AND GROWTH POTENTIAL (CONT.)
was multi-family loans, followed by nonresidential loans and consumer loans. The
impact of these primary lending efforts has been to generate a yield on average
interest-earning assets of 7.81 percent for Columbia Federal for the twelve
months ended September 30, 1997, compared to 7.69 percent for the comparable
group and 7.77 percent for all thrifts and 7.76 percent for Midwest thrifts. The
Bank's ratio of interest income to average assets was 7.58 percent for the
twelve months ended September 30, 1997, which was higher than the comparable
group at 7.45 percent, Midwest thrifts at 7.49 percent and all thrifts at 7.47
percent for their most recent four quarters.
The Bank's net interest margin of 3.46 percent, based on average
interest-earning assets for the twelve months ended September 30, 1997, was
higher than the comparable group at 3.39 percent, while being very similar to
all thrifts at 3.48 percent and Midwest thrifts at 3.43 percent. Columbia
Federal's cost of interest-bearing liabilities of 4.84 percent for the twelve
months ended September 30, 1997, was very similar to both the comparable group
and all thrifts at 4.86 percent, but modestly lower than Midwest thrifts at 4.98
percent. Columbia Federal's net interest spread of 2.97 percent for the twelve
months ended September 30, 1997, was higher than the comparable group at 2.83
percent, all thrifts at 2.91 percent and Midwest thrifts at 2.78 percent.
The Bank's ratio of noninterest income to assets was 0.08 percent for
the twelve months ended September 30, 1997, considerably lower than the
comparable group at 0.29 percent, all thrifts at 0.44 percent and Midwest
thrifts at 0.41 percent. The Bank has indicated noninterest income lower than
the comparable group and its operating expenses were higher than the comparable
group, as well as all thrifts and Midwest thrifts. For the twelve months ended
September 30, 1997, Columbia Federal had an operating expense to assets ratio of
2.53 percent compared to a lower 2.30 percent for the comparable group, 2.34
percent for all thrifts and 2.17 percent for Midwest thrifts.
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72
EARNINGS PERFORMANCE AND GROWTH POTENTIAL (CONT.)
For the twelve months ended September 30, 1997, Columbia Federal
generated lower levels of noninterest income, higher levels of noninterest
expenses, only partially offset by a modestly higher net interest margin
relative to its comparable group. As a result, the Bank's net income level was
lower than its comparable group for the twelve months ended September 30, 1997.
Based on net earnings, the Bank had a return on average assets of 1.23 percent
in fiscal year 1993, 1.17 percent in fiscal year 1994, 0.77 percent in fiscal
year 1995, 0.36 percent in fiscal year 1996 and 0.53 percent in fiscal year
1997. For its most recent four quarters, the comparable group had a higher ROAA
of 0.83 percent, while all thrifts also indicated an even higher 0.86 percent.
The Bank's core or normalized earnings, however, as shown in Exhibit 7, were
slightly higher than its net earnings, indicating a 0.58 percent core return on
assets for the most recent twelve months ended September 30, 1997. That core
ROAA was also lower than the comparable group's core ROAA at 0.76 percent, all
thrifts at 0.84 percent and Midwest thrifts at 0.93 percent.
Columbia Federal's earnings stream will continue to be dependent on
both the overall trends in interest rates, and also on the consistency and
reliability of its non-interest income, the latter indicating a considerable
annual decline since fiscal year 1993. The Bank's cost of interest-bearing
liabilities will continue to adjust upward as deposits reprice at higher rates
and continue their gradual movement toward medium term instruments. This upward
pressure on savings costs is likely to continue through 1998 based on current
rates, although the rate of increase will likely subside somewhat during
subsequent few years. It has also been recognized that in addition to Columbia
Federal's current ROAA being lower than that of its comparable group for the
most recent four quarters, the Bank has also experienced a decline in both its
net and core ROAA, as well as its net interest margin and net interest spread
for the twelve months ended September 30, 1997, since fiscal year 1993. Further,
Columbia Federal's efficiency ratio has become steadily less favorable during
the last five year, changing from 48.2 percent in fiscal year 1993 to 73.40
percent in fiscal year 1997, significantly less favorable than the current
industry average of approximately 64.0 percent.
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73
EARNINGS PERFORMANCE AND GROWTH POTENTIAL (CONT.)
In recognition of the foregoing earnings related factors, a moderate
downward adjustment has been made to Columbia Federal's pro forma market value
for earnings performance.
MARKET AREA
Columbia Federal's primary market area for retail deposits consists of
Boone and Kenton Counties, Kentucky, the latter county including the city of
Fort Mitchell, the location of the Bank's home office. As discussed in Section
II, this market area has evidenced higher population and household growth and
reported a somewhat lower unemployment rate compared to the comparable group
markets, Kentucky and the United States. The unemployment rates in Boone County
and Kenton County were 3.5 percent and 3.7 percent, respectively, in September,
1997, 5.0 percent for Kentucky and 4.7 percent for the United States. In
Columbia Federal's market area in 1996, per capita income was above the state
average but below the national average, and median household income was higher
than both the state and national average. The market area is also characterized
by median housing values higher than Kentucky and the United States.
The market area is principally suburban to Greater Cincinnati, with the
major employment sector being services, followed by the wholesale/retail sector,
with the manufacturing sector third.
Due to its proximity to Cincinnati, the level of financial competition
in the Bank's market area is considerable and dominated by the banking industry,
with the additional presence of credit unions. Many residents of the Bank's
market area work in the Cincinnati area and do their banking there, further
intensifying competition for both loan and deposit customers. Consequently,
Columbia Federal, had net decreases in both deposits and net
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74
MARKET AREA (CONT.)
loans from fiscal year 1993 to fiscal year 1997, as deposits, including
interest, exceeded withdrawals and principal repayments on loans exceeded
originations. The Bank's share of total market area deposits is, therefore,
lower than the average of the comparable group institutions.
In recognition of all these factors, we believe that no adjustment is
warranted for the Bank's market area.
FINANCIAL CONDITION
The financial condition of Columbia Federal is discussed in Section I
and shown in Exhibits 1, 2, 5, 15, 16 and 17, and is compared to the comparable
group in Exhibits 41, 43 and 44. The Bank's total equity ratio before conversion
was 12.59 percent at September 30, 1997, which was slightly higher than the
comparable group at 12.49 percent, similar to all thrifts at 12.67 percent and
lower than Midwest thrifts at 14.27 percent. With a conversion at the midpoint,
the Corporation's pro forma equity to assets ratio will increase to
approximately 24.5 percent, and the Bank's pro forma equity to assets ratio will
increase to approximately 21.0 percent.
The Bank's mix of assets indicates some areas of significant variation
from its comparable group. Columbia Federal had a lower share of net loans at
59.21 percent of total assets at September 30, 1997, compared to the comparable
group at 69.24 percent and all thrifts at 67.23 percent. The Bank's share of
cash and investments was a modestly higher 20.09 percent compared to 18.07
percent for the comparable group and 17.85 percent for all thrifts. Columbia
Federal's ratio of mortgage-backed securities to total assets was 17.17 percent,
higher than the comparable group at 9.46 percent and all thrifts at 11.19
percent. The Bank's 86.72 percent share of deposits and absence of FHLB advances
differed from the comparable group's 74.26 percent of deposits and 12.14 percent
of borrowed funds.
65
75
FINANCIAL CONDITION (CONT.)
At September 30, 1997, the Bank was absent both intangible assets and
repossessed real estate compared to 0.30 percent and 0.08 percent in intangible
assets and repossessed real estate, respectively, for the comparable group. The
financial condition of Columbia Federal is further affected by its level of
nonperforming assets at 0.58 percent of assets at September 30, 1997, compared
to a lower 0.36 percent for the comparable group. It should be recognized,
however, that the Bank's ratio of nonperforming assets at September 30, 1997,
was the highest of its most recent five fiscal years, increasing considerably
from 0.03 percent and 0.16 percent of total assets in fiscal years 1995 and
1996, respectively. At September 30, 1993, Columbia Federal's ratio of
nonperforming assets to total assets was 0.46 percent.
The Bank had a lower 6.78 percent share of high risk real estate loans
compared to 8.92 percent for the comparable group, and the Bank's share was also
lower than all thrifts at 13.08 percent and Midwest thrifts at 12.35 percent.
Columbia Federal had $300,000 in allowance for loan losses or 49.92 percent of
nonperforming assets at September 30, 1997, compared to the comparable group's
higher 107.92 percent, with all thrifts and Midwest thrifts at 102.28 percent
and 131.66 percent, respectively. The Bank's ratio is reflective of its
historically higher levels of non-performing assets and classified loans. The
Bank's allowance for loan losses represented 0.47 percent of gross loans at
September 30, 1997, compared to the comparable group at a similar 0.45 percent,
all thrifts at a higher 0.77 percent and Midwest thrifts also at a higher 0.65
percent.
Overall, we believe that no adjustment is warranted for Columbia
Federal's current financial condition.
66
76
ASSET AND DEPOSIT GROWTH
During the past three years, Columbia Federal has been characterized by
a much lower than average growth in assets compared to the comparable group,
publicly-traded Kentucky thrifts and all publicly-traded thrifts. The Bank's
assets decreased at an average annual rate of 1.03 percent from 1993 to 1997,
compared to annual growth of 9.72 percent for the comparable group, 11.22
percent for all thrifts and 8.85 percent for Kentucky thrifts. Columbia
Federal's negative asset growth rate is reflective of its average annual deposit
decrease of 2.09 percent for the same five year period, compared to a positive
annual growth rate of 3.47 percent for the comparable group. Deposits for all
thrifts grew at a five year average rate of 6.38 percent, while Kentucky thrifts
experienced average annual deposit growth of 2.41 percent. Finally, Columbia
Federal also indicates a negative loan growth rate of 1.94 percent for 1993
through 1997, compared to positive annual growth for the comparable group at
9.52 percent, all thrifts at 12.52 percent and Kentucky thrifts at 9.87 percent.
The Bank's ability to increase its asset base and deposits in the
future and to deploy its incoming conversion capital is, to a great extent,
dependent on its being able to competitively price its loan and savings products
and to maintain a high quality of service to its customers. The location of
Columbia Federal's banking offices in a two county market area, suburban to
Greater Cincinnati, results in additional competition with Cincinnati financial
institutions for market share. Other financial institutions, even those smaller
in size than Columbia Federal, may be more visible and convenient to the
Cincinnati workplaces of Kenton and Boone County residents and have the ability
to be more competitive in areas contiguous to the Bank's market area. With no
immediate plans to expand beyond Kenton and Boone Counties, the Bank's growth
potential in assets, deposits and loans relative to the comparable group may be
limited.
Based on these conditions, we have concluded that a minimum downward
adjustment to the Bank's pro forma value is warranted related to its recent and
potential asset, deposit and loan growth.
67
77
DIVIDEND PAYMENTS
Columbia Federal has not indicated its intention to pay an initial cash
dividend. The future payment of cash dividends will be dependent upon such
factors as earnings performance, capital position, growth level, and regulatory
limitations. All ten of the institutions in the comparable group pay cash
dividends for an average dividend yield of 2.25 percent.
Currently, many thrifts are not committing to initial cash dividends,
compared to such a dividend commitment in the past. In our opinion, no
adjustment to the pro forma market value is warranted at this time related to
dividend payments.
SUBSCRIPTION INTEREST
In the first half of 1996, investors' interest in new issues was mixed,
with the number of conversions decreasing from the same period in 1995. The
second half of 1996 produced some renewed interest in thrift conversion
offerings and to date in 1997, the total number of completed conversions has
been fairly modest, although subscription levels have been consistently high.
Overall, however, such interest appears to be directly related to the financial
performance and condition of the thrift institution converting, the strength of
the local economy, general market conditions and aftermarket price trends.
Further, there are currently an increased number of announced and pending
conversions which will compete with Columbia Federal's offering.
Columbia Federal will direct its offering primarily to depositors and
residents in its market area. The board of directors and officers anticipate
purchasing approximately $2.0 million or 9.9 percent of the conversion stock
offered to the public based on the appraised midpoint valuation. The Bank will
form an 8.0 percent ESOP, which plans to purchase stock in the initial offering.
Additionally, the Prospectus restricts to 30,000 shares, based on the $10.00 per
share purchase price, the total number of shares in the conversion that may be
purchased by a single person, or by persons and associates acting in concert as
part of either the subscription offering or the direct community offering. The
Bank has secured
68
78
SUBSCRIPTION INTEREST (CONT.)
the services of Charles Webb & Company, a division of Keefe, Bruyette & Woods,
Inc., ("Webb") to assist the Bank in the marketing and sale of the conversion
stock.
Based on the size of the offering, current market conditions, local
market interest and the terms of the offering, and the establishment of the
charitable foundation, we believe that no adjustment is warranted for the Bank's
anticipated subscription interest.
LIQUIDITY OF THE STOCK
Columbia Federal will offer its shares through concurrent subscription
and community offerings with the assistance of Webb. If necessary, Webb will
conduct a syndicated community offering upon the completion of the subscription
and community offering. Columbia Federal will pursue at least two market makers
for the stock. The Bank's public offering is approximately 26.7 percent smaller
than the current market value of the comparable group and approximately 78.4
percent smaller than the average market value of Kentucky thrifts. We believe,
nevertheless, that no adjustment to the pro forma market value is warranted at
this time relative to the liquidity of the stock.
MANAGEMENT
The president and chief executive officer of Columbia Federal is Robert
V. Lynch. Mr. Lynch joined the Bank in 1971, served as treasurer from 1974 to
1977, has served as president and chief executive officer since 1977 and as
director since 1978. The Bank also has four vice presidents, a controller and a
secretary/treasurer as senior management.
The management of Columbia Federal has been able to strengthen the
Bank's equity and increase its equity ratio over the past several years and to
increase the Bank's net
69
79
MANAGEMENT (CONT.)
interest spread and net interest margin since 1995. Net interest spread and net
interest margin are higher than the comparable group and similar to all thrifts,
although net and core earnings are currently lower than comparable group and
industry averages, reflecting the Bank's higher operating expenses and lower
noninterest income.
Overall, we believe the Bank to be professionally, knowledgeably and
efficiently managed, as are the comparable group institutions. It is our opinion
that no adjustment to the pro forma market value is warranted for management.
MARKETING OF THE ISSUE
The necessity to build a new issue discount into the stock price of a
converting thrift institution continue to prevail in recognition of uncertainty
among investors as a result of the thrift industry's dependence on interest rate
trends, recent volatility in the stock market and pending federal legislation
related to thrift charters and regulation. Recently converted institutions seem
to have borne much of the impact of that uncertainty, in spite of strong
subscription activity. The inference is that the market has discounted those
stocks pending the seasoning and stabilization of their post-conversion
earnings. Excluding two mutual holding companies, the nine thrifts completing
their conversions in the first half of 1997, all but one of which closed at the
super-maximum of their valuation range, are currently trading at an average of
115.62 percent of book value, compared to all thrifts at 161.12 percent and
Kentucky thrifts at a lower 136.67 percent, 15.2 percent below the national
average.
We believe that a new issue discount applied to the price to book
valuation approach continues and is considered to be reasonable and necessary in
the pricing of the Corporation. We have made a minimum downward adjustment to
the Corporation's pro forma market value in recognition of the new issue
discount.
70
80
VI. VALUATION METHODS
Historically, the most frequently used method for determining the pro
forma market value of common stock for thrift institutions by this firm has been
the price to book value ratio method, due to the volatility of earnings in the
thrift industry in the early to mid- 1990s. As earnings in the thrift industry
improved in the last few years, however, more emphasis has been placed on the
price to earnings method, particularly considering increases in stock prices
during the past twelve months. Primary emphasis, therefore, has been placed on
the price to earnings method in determining the pro forma market value of
Columbia Financial of Kentucky, Inc., with additional analytical and correlative
attention to the price to book value method.
In recognition of the volatility and variance in earnings due to
fluctuations in interest rates, the continued differences in asset and liability
repricing and the frequent disparity in value between the price to book approach
and the price to earnings approach, a third valuation method, the price to net
assets method, has also been used. The price to net assets method is used less
often for valuing ongoing institutions; however, this method becomes more useful
in valuing converting institutions when the equity position and earnings
performance of the institutions under consideration are different.
In addition to the pro forma market value, we have defined a valuation
range with the minimum of the range being 85.0 percent of the pro forma market
value, the maximum of the range being 115.0 percent of the pro forma market
value, and a super maximum being 115.0 percent of the maximum. The pro forma
market value or appraised value will also be referred to as the "midpoint
value".
In applying each of the valuation methods, consideration was given to
the adjustments to the Bank's pro forma market value discussed in Section V. A
moderate downward adjustment was made for Columbia Federal's earnings
performance and growth potential. Minimum downward adjustments were made for the
Bank's asset and deposit growth and for the marketing of the issue. No
adjustments were made for the Bank's financial condition, market area, dividend
payments, subscription interest, liquidity of the stock and management.
71
81
PRICE TO BOOK VALUE METHOD
In the valuation of thrift institutions, the price to book value method
focuses on an institution's financial condition, and does not give as much
consideration to the institution's long term performance and value as measured
by earnings. Due to the earnings volatility of many thrift stocks, the price to
book value method is frequently used by investors who rely on an institution's
financial condition rather than earnings performance. This method, therefore, is
sometimes considered less meaningful for institutions that provide a consistent
earnings trend, but remains significant and reliable as a confirmational and
correlative analysis to the price to earnings and price to assets approaches. It
should be noted that the prescribed formulary computation of value using the pro
forma price to book value method returns a price to book value ratio below
market value.
Exhibit 49 shows the average and median price to book value ratios for
the comparable group which were 120.70 percent and 118.17 percent, respectively.
The total comparable group indicated a moderately wide range, from a low of
104.01 percent (Home Building Bancorp) to a high of 156.12 percent (Glenway
Financial Corp.). The comparable group had a modestly higher average price to
tangible book value ratio of 123.66 percent, with a similar range. Excluding the
low and the high in the group, the price to book value range narrowed moderately
from a low of 107.02 percent to a high of 129.55 percent, and the range of price
to tangible book value ratio narrowed from a low of 104.01 percent to a high of
133.27 percent.
Taking into consideration all of the previously mentioned items in
conjunction with the adjustments made in Section V, we have determined a pro
forma price to book value ratio of 66.90 percent and a price to tangible book
value ratio of 66.87 percent at the midpoint. The price to book value ratio
increases from 62.26 percent at the minimum to 74.49 percent at the super
maximum, while the price to tangible book value ratio increases from 62.26
percent at the minimum to 74.49 percent at the super maximum.
72
82
PRICE TO BOOK VALUE METHOD (CONT.)
The Corporation's pro forma price to book value and price to tangible
book value ratios of 66.90 percent and 66.87 percent, respectively, are strongly
influenced by the Bank's financial condition, growth trend, local market and
subscription interest in thrift stocks. Further, the Corporation's ratio of
equity to assets after conversion at the midpoint of the valuation range will be
approximately 24.45 percent compared to 12.49 percent for the comparable group.
Based on the price to book value ratio and the Bank's total equity of
$13,090,000 at September 30, 1997, the indicated pro forma market value for the
Bank using this approach is $20,232,104 at the midpoint (reference Exhibit 48).
PRICE TO EARNINGS METHOD
The focal point of this method is the determination of the earnings
base to be used and secondly, the determination of an appropriate price to
earnings multiple. The recent earnings position of Columbia Federal is displayed
in Exhibit 3, indicating after tax net earnings for the twelve months ended
September 30, 1997, of $553,000, and in Exhibit 7 indicating the derivation of
the Bank's higher core or normalized earnings of $609,000 for that period. To
arrive at the pro forma market value of the Bank by means of the price to
earnings method, we used the core earnings base of $609,000.
In determining the price to earnings multiple, we reviewed the range of
price to core earnings and price to net earnings multiples for the comparable
group and all publicly-traded thrifts. The average price to core earnings
multiple for the comparable group was 21.01, while the median was 20.09. The
average price to net earnings multiple was 18.82 and the median multiple was
18.70. The comparable group's price to core earnings multiple was lower than the
average for all publicly-traded, FDIC-insured thrifts of 22.14 and also lower
than their median of 19.71. The range in the price to core earnings multiple for
the comparable group was from a low of 16.85 (Kankakee Bancorp, Inc.) to a high
of 26.79 (Milton Federal Financial Corp.). The primary range in the price
73
83
PRICE TO EARNINGS METHOD (CONT.)
to core earnings multiple for the comparable group, excluding the high and low
ranges, was from a low price to earnings multiple of 17.45 to a high of 25.18
times earnings for eight of the ten institutions in the group.
Consideration was given to the adjustments to the Corporation's pro
forma market value discussed in Section V. In recognition of these adjustments,
we have determined a price to core earnings multiple of 21.56 at the midpoint,
based on Columbia Federal's core earnings of $609,000 for the twelve months
ended September 30, 1997. The price to core earnings multiple increases from
19.39 percent at the minimum to 25.50 percent at the super maximum, which is
moderately higher than the 21.01 price to net earnings multiple of the
comparable group.
Based on the Bank's core earnings base of $609,000 (reference Exhibits
7 and 47), the pro forma market value of the Corporation using the price to
earnings method is $22,232,104 at the midpoint.
PRICE TO NET ASSETS METHOD
The final valuation method is the price to net assets method. This
method is not frequently used due to the fact that it does not incorporate an
institution's equity position or earnings performance. Additionally, the
prescribed formulary computation of value using the pro forma price to net
assets method does not recognize the runoff of deposits concurrently allocated
to the purchase of conversion stock, returning a pro forma price to net assets
ratio below its true level following conversion. Exhibit 49 indicates that the
average price to net assets ratio for the comparable group was 15.17 percent and
the median was 14.96 percent. The range in the price to net assets ratios for
the comparable group varied from a low of 12.81 percent (Hardin Bancorp, Inc.)
to a high of
74
84
PRICE TO NET ASSETS METHOD (CONT.)
16.84 percent (Classic Bancshares, Inc.). It narrows only slightly with the
elimination of the two extremes in the group to a low of 14.21 percent and a
high of 16.47 percent.
Based on the adjustments made previously for Columbia Federal, it is
our opinion that an appropriate price to net assets ratio for the Corporation is
16.36 percent at the midpoint, which is modestly higher than the comparable
group at 15.17 percent and ranges from a low of 14.24 percent at the minimum to
20.55 percent at the super maximum.
Based on the Bank's September 30, 1997, asset base of $104,006,000, the
indicated pro forma market value of the Corporation using the price to net
assets method is $20,208,305 at the midpoint (reference Exhibit 48).
75
85
VALUATION CONCLUSION
Exhibit 54 provides a summary of the valuation premium or discount for
each of the valuation ranges when compared to the comparable group based on each
of the valuation approaches. At the midpoint value, the price to book value
ratio of 66.90 percent for the Corporation represents a discount of 44.57
percent relative to the comparable group and decreases to 36.96 percent at the
super maximum. The price to core earnings multiple of 21.56 for the Corporation
at the midpoint value indicates a premium of 2.63 percent, changing to a premium
of 26.94 percent at the super maximum. The price to assets ratio at the midpoint
represents a premium of 7.82 percent, changing to a premium of 37.38 percent at
the super maximum.
It is our opinion that as of November 28, 1997, the pro forma market
value of the Corporation, is $20,200,000 at the midpoint, representing 2,020,000
shares at $10.00 per share. The pro forma valuation range of the Corporation is
from a minimum of $17,170,000 or 1,717,000 shares at $10.00 per share to a
maximum of $23,230,000 or 2,323,000 shares at $10.00 per share, with such range
being defined as 15 percent below the appraised value to 15 percent above the
appraised value. The super maximum is $26,714,500 or 2,671,450 shares at $10.00
per share (reference Exhibits 50 to 53).
The appraised value of Columbia Financial of Kentucky, Inc. as of
November 28, 1997, is $20,200,000 at the midpoint.
76
86
EXHIBITS
87
NUMERICAL
EXHIBITS
88
EXHIBIT 1
COLUMBIA FEDERAL SAVINGS BANK
FORT MITCHELL, KENTUCKY
BALANCE SHEET
AT SEPTEMBER 30, 1997
September 30,
1997
-------------------
ASSETS (In thousands)
Cash and cash equivalents due from banks $ 612
Interest-bearing deposits in other banks 6,215
---------
Total cash and cash equivalents 6,827
Investment securities held to maturity, at cost
(Market Value of $13,068 for 1997) 13,069
Available for sale, at market value 1,003
Mortgate-backed securities, at cost
(Market value of $17,893 for 1997) 17,862
Loans receivable, net 61,578
Interest receivable 712
Premises and equipment, net 1,595
Federal Home Loan Bank stock, at cost 1,260
Deferred Federal Income Tax Asset --
Federal Income Tax-Refund Receivable 13
Other assets 87
---------
Total assets $104,006
========
LIABILITIES
Deposits $ 90,195
Advances from Borrowers for taxes and insurance 460
Accrued Federal Income Tax Liability --
Deferred Federal Income Tax Asset 162
Other liabilities 98
---------
Total liabilities 90,915
EQUITY
Retained earnings, substantially restricted 13,090
Unrealized gain on available for sale securities
net of related taxes 1
Total equity 13,091
---------
Total liabilities and equity $104,006
========
Source: Columbia Federal Savings Bank's audited financial statement.
89
EXHIBIT 2
COLUMBIA FEDERAL SAVINGS BANK
FORT MITCHELL, KENTUCKY
BALANCE SHEETS
AT SEPTEMBER 30, 1993 THROUGH 1996
1996 1995 1994 1993
------------- ------------- ------------- -------------
ASSETS
Cash and cash equivalents (including interest bearing accounts
of $2,497,559, $6,303,752, $2,202,192 and $6,621,277
in 1996, 1995, 1994, and 1993, respectively) $ 3,046,629 $ 6,846,372 $ 2,770,512 $ 7,232,914
Investment securities, at cost (Market value of
$13,949,438, $12,100,781, $12,771,670, and $14,180,740
for 1996, 1995, 1994, and 1993, respectively) 13,994,580 12,493,163 13,494,794 12,427,967
Available for sale, at market value 1,002,188 987,928 -- --
Mortgage-backed securities, at cost (market value of
$18,584,680, $16,699,118, $16,122,445, and $18,507,849
in 1996, 1995, 1994, and 1993, respectively) 18,750,516 16,800,481 16,743,791 18,264,096
Loans receivable, net 67,741,258 68,269,714 70,288,296 67,026,479
Interest receivable 819,037 708,187 760,302 787,518
Real estate owned -- 31,609 101,322 239,311
Property and equipment, net 1,329,232 857,705 627,442 621,515
Federal Home Loan Bank Stock, at cost 1,174,100 1,095,400 1,025,700 973,800
Federal income tax receivable -- 92,479 172,899 17,120
Deferred Federal income tax asset 65,684 -- -- 120,280
Other assets 174,643 193,851 113,224 111,812
------------- ------------- ------------- -------------
Total assets $ 108,097,867 $ 108,376,889 $ 106,098,282 $ 107,822,812
============= ============= ============= =============
LIABILITIES
Deposits $ 94,657,461 $ 95,806,222 $ 93,806,712 $ 97,242,294
Advances from Borrowers for taxes and insurance 263,285 300,157 377,096 372,255
FHLB Advances -- -- 500,000 --
Other borrowings -- -- -- 52,421
Accrued federal income tax 6,970 -- -- --
Deferred Federal income tax liability -- 72,865 6,735 --
Other liabilities 633,627 48,652 75,014 87,466
------------- ------------- ------------- -------------
Total liabilities 95,561,343 96,227,896 94,765,557 97,754,436
------------- ------------- ------------- -------------
EQUITY
Retained earnings - substantially restricted 12,536,603 12,149,060 11,332,725 10,068,376
Unrealized loss on available-for-sale securities,
net of related taxes (79) (67) -- --
------------- ------------- ------------- -------------
Total equity 12,536,524 12,148,993 11,332,725 10,068,376
------------- ------------- ------------- -------------
Total liabilities and equity $ 108,097,867 $ 108,376,889 $ 106,098,282 $ 107,822,812
============= ============= ============= =============
Source: Columbia Federal Savings Bank's audited financial statements
90
EXHIBIT 3
COLUMBIA FEDERAL SAVINGS BANK
FORT MITCHELL, KENTUCKY
STATEMENT OF INCOME
YEAR ENDED SEPTEMBER 30, 1997
Year ended
September 30,
1997
-----------------
(In thousands)
Interest income:
Interest and fees on loans $5,802
Mortgage-backed securities 1,143
Interest and dividends on investments 854
Interest-bearing deposits 197
------
Total interest income 7,996
Interest expense:
Deposits 4,426
FHLB Advances 25
------
Total interest expense 4,451
Net interest income 3,545
Provision for losses on Loans and REO 113
------
Net interest income after provision for loan losses 3,432
Non-interest income 88
------
General, Administrative and Other Expenses
Compensation and employee benefits 1,680
Net occupancy expense of premises 242
Federal deposit insurance premiums 88
Data Processing services 112
Advertising 106
Other 439
------
Total General, Administrative and Other Expenses 2,667
Income before Federal income tax expense 853
Federal income tax expense 300
------
Net income $ 553
======
Source: Columbia Federal Savings Bank's audited financial statements
91
EXHIBIT 4
COLUMBIA FEDERAL SAVINGS BANK
FORT MITCHELL, KENTUCKY
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED SEPTEMBER 30, 1993 THROUGH 1996
Year ended September 30,
------------------------------
1996 1995 1994 1993
------ ------ ------ ------
(In thousands)
Interest income:
Loans $5,869 $6,014 $6,070 $6,166
Mortgage-backed securities 1,214 981 995 1,304
Investment securities 876 777 708 697
Interest-bearing deposits 239 171 114 145
------ ------ ------ ------
Total interest income 8,198 7,943 7,887 8,312
------ ------ ------ ------
Interest expense:
Deposits 4,578 4,383 3,835 4,365
FHLB Advances 63 15 --
Other borrowings 3 6
------ ------ ------ ------
Total interest expense 4,578 4,446 3,853 4,370
Net interest income 3,620 3,497 4,034 3,942
Provision for losses on Loans and REO 8 13 34 47
------ ------ ------ ------
Net interest income after provision
for loan losses 3,612 3,484 4,000 3,895
------ ------ ------ ------
Non-Interest Income 96 92 160 217
------ ------ ------ ------
Other expenses
Compensation and employee benefits 1,458 1,372 1,232 1,165
Occupancy of premises 228 206 216 232
Federal deposit insurance premiums 809 213 223 184
Data processing 109 103 101 99
Other 516 477 500 511
------ ------ ------ ------
Total other expenses 3,120 2,371 2,272 2,190
------ ------ ------ ------
Income before Federal income tax expense 588 1,205 1,888 1,922
Federal income tax expense 200 389 623 593
------ ------ ------ ------
Net income 388 816 1,265 1,329
====== ====== ====== ======
Source: Columbia Federal Savings Bank's audited financial statements
92
EXHIBIT 5
SELECTED CONSOLIDATED FINANCIAL CONDITION DATA
AT SEPTEMBER 30, 1993 THROUGH 1997
September 30,
--------------------------------------------------
1997 1996 1995 1994 1993
--------------------------------------------------
(In thousands)
SELECTED FINANCIAL CONSITION AND OTHER DATA:
Total assets $104,006 $108,098 $108,376 $106,099 $107,739
Cash and amounts due from banks (1) 612 549 543 568 612
Interest-bearing deposits in banks 6,215 2,498 6,304 2,202 6,621
Investment securities available-for-sale 1,003 1,002 988 -- --
Investment securities held-to-maturity 13,069 13,995 12,493 13,495 12,428
Mortgage-backed securities available-for-sale -- -- -- -- --
Mortgage-backed securities held-to-maturity 17,862 18,751 16,800 16,744 18,264
Loans receivable, net 61,578 67,741 68,270 70,288 67,026
FHLB stock - at cost 1,260 1,174 1,095 1,026 974
Deposits 90,195 94,657 95,806 93,807 97,278
Retained Earnings 13,090 12,537 12,149 11,333 10,068
(1) Includes cash and amounts due from depository institutions and
interest-bearing deposits in other financial institutions.
Source: Columbia Financial of Kentucky Inc's Prospectus
93
EXHIBIT 6
INCOME AND EXPENSE TRENDS
FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1993 THROUGH 1997
Year Ended September 30,
--------------------------------------
1997 1996 1995 1994 1993
------ ------ ------ ------ ------
SUMMARY OF EARNINGS: (In thousands)
Interest and dividend income $7,996 $8,198 $7,943 $7,939 $8,355
Interest expense 4,451 4,578 4,446 3,853 4,370
------ ------ ------ ------ ------
Net interest income 3,545 3,620 3,497 4,086 3,985
Provisions for loan losses 113 8 13 34 47
------ ------ ------ ------ ------
Net interest income after provision
for losses on loans 3,432 3,612 3,484 4,052 3,938
Non-interest income 88 96 92 108 174
Non-interest expense 2,667 3,120 2,371 2,272 2,190
------ ------ ------ ------ ------
Income before income taxes 853 588 1,205 1,888 1,922
Income tax expense 300 200 389 623 593
------ ------ ------ ------ ------
Net income $ 553 $ 388 $ 816 $1,265 $1,329
====== ====== ====== ====== ======
Source: Columbia Financial of Kentucky Inc.'s Prospectus
94
EXHIBIT 7
NORMALIZED EARNINGS TREND
FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1995, 1996 AND 1997
Fiscal years ended
September 30,
------------------------------------
1997 1996 1995
------- ------- -------
Net income after taxes $ 553 $ 388 $ 816
Net income before taxes and effect
of accounting adjustments 853 588 1,205
Expense adjustments
Provision for loan losses (70) --- ---
SAIF assessment --- (592) ---
Normalized earnings before taxes 923 1,180 1,205
Taxes 314(1) 401(1) 389(1)
------- ------- -------
Normalized earnings after taxes $ 609 $ 779 $ 816
======= ======= =======
(1) Based on tax rate of 34.00 percent
Source: Columbia Federal Savings Bank's audited financial statements
95
EXHIBIT 8
PERFORMANCE INDICATORS
FOR THE YEARS ENDED SEPTEMBER 30, 1993 THROUGH 1997
Years ended September 30,
-------------------------------------------------------
1997 1996 1995 1994 1993
------ ------ ------ ------ ------
SELECTED FINANCIAL RATIOS:
Return on average assets 0.53% 0.36% 0.77% 1.17% 1.23%
Return on average equity 4.30% 3.10% 6.92% 11.78% 14.12%
Interest rate spread 2.97% 2.94% 2.93% 3.53% 3.45%
Net interest margin 3.46% 3.41% 3.38% 3.87% 3.76%
Non-interest expense to average total assets 2.53% 2.87% 2.24% 2.15% 2.07%
Capital ratios:
Average equity to average assets 12.22% 11.50% 11.15% 9.96% 8.70%
Equity to assets at the end of period 12.59% 11.60% 11.21% 10.68% 9.34%
Asset quality ratios and other data:
Non-performing loans to total net loans at end of period 0.98% 0.26% 0.00% 0.71% 0.39%
Non-performing assets to total assets at end of period 0.58% 0.16% 0.03% 0.56% 0.46%
Allowance for losses on loans to total net loans
at end of period 0.49% 0.28% 0.28% 0.27% 0.28%
Allowance for losses on loans to non-performing loans
at end of period 49.92% 106.78% 0.00% 38.03% 72.97%
Net charge-offs to average loans 0.00% 0.01% 0.02% 0.05% 0.07%
Source: Columbia Financial of Kentucky Inc.'s Prospectus
96
EXHIBIT 9
VOLUME/RATE ANALYSIS
FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1996 AND 1997
Year ended September 30,
--------------------------------------------------------------------------
1997 vs. 1996 1996 vs. 1995
------------------------------------- ----------------------------------
Increase Increase
(Decrease) (Decrease)
Due to Total Due to Total
----------------------- ----------------------
Increase Increase
Volume Rate (Decrease) Volume Rate (Decrease)
--------- --------- ------------------------ -------- -----------
(In thousands)
INTEREST INCOME ATTRIBUTABLE TO:
Interest bearing deposits $ (39) $ (3) $ (42) $ 53 $ 15 $ 68
Investment securities (56) 34 (22) 51 48 99
Mortgage backed securities (79) 8 (71) 184 49 233
Loans receivable (74) 7 (67) (185) 40 (145)
--------- --------- --------- --------- -------- ---------
Total interest income $ (248) $ 46 $ (202) $ 103 $ 152 $ 255
========= ========= ========= ========= ======== =========
INTEREST EXPENSE ATTRIBUTABLE TO:
NOW accounts $ (8) $ (1) $ (9) $ 10 $ (18) $ (8)
Money market accounts (60) (10) (70) (94) (53) (147)
Passbook savings accounts (2) (7) (9) (5) (50) (55)
Certificates of deposit (104) 40 (64) 311 94 405
FHLB advances 25 -- 25 (63) -- (63)
--------- --------- --------- --------- -------- ---------
Total interest expense $ (149) $ 22 $ (127) $ 159 $ (27) $ 132
========= ========= ========= ========= ======== =========
Increase (decrease) in net interest income $ (99) $ 24 $ (75) $ (56) $ 179 $ 123
========= ========= ========= ========= ======== =========
Source: Columbia Financial of Kentucky Inc.'s Prospectus
97
EXHIBIT 10
Yield and Cost Trends
For the Years Ended September 30, 1995 through 1997
Years Ended September 30,
--------------------------------------
1997 1996 1995
Yield/ Yield/ Yield/
Rate Rate Rate
----------- ----------- ---------
Interest Earning Assets
Interest bearing deposits 5.25% 5.32% 4.99%
Investment securities 5.89% 5.65% 5.34%
Mortgage backed and related securities 6.83% 6.79% 6.51%
Loans receivable, net 8.61% 8.60% 8.54%
----------- ----------- ---------
Total interest earning assets 7.81% 7.72% 7.68%
Interest bearing liabilities
NOW accounts 2.46% 2.49% 2.90%
Money market accounts 3.06% 3.14% 3.50%
Passbook savings accounts 3.02% 3.07% 3.44%
Certificates of deposit 5.74% 5.68% 5.53%
FHLB borrowings 6.00% -- 5.82%
----------- ----------- ---------
Total interest bearing liabilities 4.84% 4.78% 4.75%
Net interest income: interest rate spread 2.97% 2.94% 2.93%
----------- ----------- ---------
Net interest margin (net interest income as a
percent of average interest-earning assets) 3.46% 3.41% 3.38%
----------- ----------- ---------
Source: Columbia Financial of Kentucky Inc.'s prospectus
98
EXHIBIT 11
Interest Rate Sensitivity of Net Portfolio Value (NPV)
At September 30, 1997
At September 30, 1997
----------------------------
Assumed
Change in
Interest Rates $ Change % Change
(Basis Points) in NPV in NPV
----------------- ------------ ------------
(In Thousands)
+400 $(7,137) (43)%
+300 (5,232) (32)%
+200 (3,322) (20)%
+100 (1,498) (9)%
0 0 0%
-100 838 5%
-200 1,333 8%
-300 2,109 13%
-400 3,260 20%
Source: Columbia Financial of Kentucky Inc.'s Prospectus
99
EXHIBIT 12
Loan Portfolio Composition
At March 31, 1997, and at June 30, 1993 through 1996
September 30,
------------------------ -------------------------- -------------------------
1997 1996 1995
------------------------ -------------------------- -------------------------
Amount Percent Amount Percent Amount Percent
---------- ------ ---------- ------ ---------- -----
(Dollars in thousands)
Type of Loan:
- ------------
Residential real estate loans:
One-to-four family residential $ 53,584 83.80% $ 52,691 75.92% $ 53,552 75.92%
Multi-family residential 5,487 8.58% 8,769 12.64% 8,918 12.64%
Land and construction:
Nonresidential real estate loans 1,711 2.68% 6,011 8.66% 5,630 7.98%
Construction loans 3,117 4.87% 1,878 2.71% 2,405 3.41%
---------- ------ ---------- ------ ---------- -----
Total real estate loans 63,899 99.92% 69,349 99.93% 70,505 99.95%
Consumer loans:
Loans on deposits 42 0.07% 42 0.06% 22 0.03%
Home improvement loans 7 0.01% 8 0.01% 14 0.02%
---------- ------ ---------- ------ ---------- -----
Total consumer loans 49 0.08% 50 0.07% 36 0.05%
---------- ------ ---------- ------ ---------- -----
Total loans $ 63,948 100.00% $ 69,399 100.00% $ 70,541 100.00%
---------- ====== ---------- ====== ---------- ======
Less:
Loans in process $ 1,202 $ 552 $ 1,196
Unearned discounts
Deferred loan fees 868 864 886
Allowance for loan losses 300 189 189
---------- ---------- ----------
Loans receivable, net $ 61,578 $ 67,794 $ 68,270
========== ========== ==========
September 30,
--------------------- -------------------------
1994 1993
--------------------- -------------------------
Amount Percent Amount Percent
------- ------ ---------- ------
Type of Loan:
Residential real estate loans:
One-to-four family residential $ 54,29 74.39% $ 54,123 78.12%
Multi-family residential 8,973 12.29% 6,793 9.80%
Land and construction:
Nonresidential real estate loans 6,434 8.82% 5,467 7.89%
Construction loans 3,235 4.43% 2,818 4.07%
------- ------ ---------- ------
Total real estate loans 72,939 99.93% 69,201 99.88%
Consumer loans:
Loans on deposits 35 0.05% 61 0.09%
Home improvement loans 13 0.02% 24 0.03%
------- ------ ---------- ------
Total consumer loans 48 0.07% 85 0.13%
------- ------ ---------- ------
Total loans $ 72,987 100.00% $ 69,286 100.00%
------- ====== ---------- ======
Less:
Loans in process $ 1,589 $ 1,296
Unearned discounts
Deferred loan fees 921 775
Allowance for loan losses 189 189
------- ----------
Loans receivable, net $ 70,288 $ 67,026
========== ==========
Source: Columbia Financial of Kentucky Inc.'s Prospectus
100
EXHIBIT 13
Loan Maturity Schedule
Due
Due during the year ending Due 4-5 Due 6-10 Due 11-20 More Than
September 30, Years Years Years 20 Years
-------------------------------- After After After After
1998 1999 2000 9/30/97 9/30/97 9/30/97 9/30/97 Total
------- ------- ------- ------- ------- ------- ------- -------
Fixed Rate Loans (In Thousands)
Residential real estate loans:
One-to-four family (first mortgage) $ 16 $ 29 $ 111 $ 830 $ 6,438 $22,766 $13,690 $43,880
Home equity (second mortgage) - - 2 11 5 31 - 49
Multi-family - - 13 78 297 2,775 154 3,317
Nonresidential real estate loans - - - 39 134 965 79 1,217
Construction loans 3,117 - - - - - - 3,117
------- ------- ------- ------- ------- ------- ------- -------
Total real estate loans $ 3,133 $ 29 $ 126 $ 958 $ 6,874 $26,537 $13,923 $51,580
Consumer loans:
Loans on deposits 42 - - - - - - 42
Other consumer loans - - 2 - 5 - - 7
------- ------- ------- ------- ------- ------- ------- -------
Total consumer loans 42 - 2 - 5 - - 49
------- ------- ------- ------- ------- ------- ------- -------
Total fixed rate loans $ 3,175 $ 29 $ 128 $ 958 $ 6,879 $26,537 $13,923 $51,629
======= ======= ======= ======= ======= ======= ======= =======
Adjustable Rate Loans
Residential real estate loans:
One- to four-family (first mortgage) - $ 19 $ 56 $ 126 $ 853 $ 4,505 $ 3,967 $ 9,526
Home equity (second mortgage) - 9 3 8 109 - - 129
Multifamily - - 18 - 909 694 549 2,170
Nonresidential real estate loans - - 13 33 131 229 88 494
Construction loans - - - - - - - -
------- ------- ------- ------- ------- ------- ------- -------
Total real estate loans - $ 28 $ 90 $ 167 $ 2,002 $ 5,428 $ 4,604 $12,319
Consumer loans:
Loans on deposits - - - - - - - -
Other consumer loans - - - - - - - -
------- ------- ------- ------- ------- ------- ------- -------
Total consumer loans - - - - - - - -
Total adjustable rate loans - $ 28 $ 90 $ 167 $ 2,002 $ 5,428 $ 4,604 $12,319
======= ======= ======= ======= ======= ======= ======= =======
Source: Columbia Financial of Kentucky Inc.'s Prospectus
101
EXHIBIT 14
LOAN ORIGINATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1995, 1996, AND 1997
Year Ended September 30,
-----------------------------------------
1997 1996 1995
------------- ------------- ----------
LOAN ORIGINATIONS:
One-to-four family residential $ 7,493 $ 6,925 $ 3,802
Multi-family residential 684 553 358
Nonresidential 232 125 49
Construction 3,170 2,584 2,544
Consumer 80 70 32
------- ------- -------
Total loans originated 11,659 10,257 6,785
Loan purchases -- 160 --
------- ------- -------
Total loans originated and purchased 11,659 10,417 6,785
------- ------- -------
SALES AND LOAN PRINCIPAL REPAYMENTS:
LOANS SOLD:
PRINCIPAL REPAYMENTS 18,904 12,818 11,213
------- ------- -------
Loan originations, net (7,245) (2,401) (4,428)
Increase (decrease) due to
other items, net $ 1,082 $ 1,872 $ 2,410
------- ------- -------
Net increase in net
loan portfolio $ (6,163) $ (529) $ (2,018)
======== ====== ========
Source: Columbia Financial of Kentucky Inc.'s Prospectus
102
EXHIBIT 15
DELINQUENT LOANS
AT SEPTEMBER 30, 1995 THROUGH 1997
September 30,
-------------------------------------------------------------------------------------------------------
1997 1996 1995
------------------------------------- ---------------------------------------- -------------------
Percent Percent Percent
of Total of Total of Total
Number Amount Loans Number Amount Loans Number Amount Loans
------ ---- ------ ---- ------ -------- --------- ------- ------
Loans delinquent for:
30 - 59 days $ 549 0.86% $ 792 1.14% $ 668 0.95%
60 - 89 days 591 0.92% 132 0.19% -- --
90 days and over 601 0.94% 177 0.26% -- --
------ ---- ------ ---- ------ ----
Total delinquent loans $1,741 2.72% $1,101 1.59% $ 668 0.95%
====== ==== ====== ==== ====== ====
Source: Columbia Financial of Kentucky Inc.'s Prospectus
103
EXHIBIT 16
CLASSIFIED ASSETS
AT SEPTEMBER 30, 1996 AND 1997
At September 30,
---------------------------
1997 1996
----------- ------------
(In thousands)
Loss assets $ 0 $ 0
Doubtful assets 0 0
Substandard assets 972 178
------------- -----------
Total classified assets $ 972 $ 178
============= ============
Source: Columbia Financial of Kentucky Inc.'s Prospectus
104
EXHIBIT 17
NONPERFORMING ASSETS
September 30,
----------------------------------------------------------
1997 1996 1995 1994 1993
----------------------------------------------------------
(In Thousands)
Accruing loans greater than 90 days delinquent Real estate:
Residential $ 601 $ 177 $ -- $286 $259
Nonresidential -- -- -- 211 --
Consumer -- -- -- -- --
------- ------- ------- ---- ----
Total nonperforming loans 601 177 -- 497 259
Real estate owned -- -- 32 101 239
------- ------- ------- ---- ----
Total nonperforming assets $ 601 $ 177 $ 32 $598 $498
Total nonperforming loans as a
percentage of total net loans 0.98% 0.26% 0.05% 0.71% 0.39%
Total nonperforming assets as a
percentage of total assets 0.58% 0.16% 0.03% 0.56% 0.46%
Allowance for losses on loans as a
percentage of nonperforming
loans 49.92% 106.78% N/M 38.03% 72.97%
Source: Columbia Financial of Kentucky Inc.'s Prospectus
105
EXHIBIT 18
ALLOWANCE FOR LOAN LOSSES
FOR THE YEARS ENDED SEPTEMBER 30, 1993 THROUGH 1997
At or for The Year Ended September 30,
------------------------------------------------------------------
1997 1996 1995 1994 1993
------------ ------------- ------------ ------------ ------------
(Dollars in thousands)
------------------------------------------------------------------
Total net loans outstanding $61,578 $67,741 $68,270 $70,288 $67,026
Average loans outstanding 67,405 68,269 70,433 69,611 68,740
Allowance for loan losses
Balance at beginning of period 189 189 189 189 189
Charge-offs
Real estate:
Residential 2 8 13 34 47
Nonresidential -- -- -- -- --
Consumer -- -- -- -- --
Recoveries
Real estate:
Residential -- -- -- -- --
Nonresidential -- -- -- -- --
Consumer -- -- -- -- --
-------
Net charge-offs
Provision for losses on loans
(charged to operations) 113 8 13 34 47
------- ------- ------- ------- -------
Balance at end of period $ 300 $ 189 $ 189 $ 189 $ 189
======= ======= ======= ======= =======
Ratio of allowance for losses on loans as a
percent of total loans outstanding 0.49% 0.28% 0.28% 0.27% 0.28%
======= ======= ======= ======= =======
Ratio of net charge-offs (recoveries) to
average net loans outstanding during the period -- 0.01% 0.02% 0.05% 0.07%
======= ======= ======= ======= =======
Source: Columbia Financial of Kentucky Inc.'s Prospectus
106
EXHIBIT 19
INVESTMENT PORTFOLIO COMPOSITION
AT SEPTEMBER 30, 1997
At September 30,
--------------------------------------------------------------------
1997 1996 1995
--------------------- --------------------- -----------------------
Carrying % of Carrying % of Carrying % of
Value Total Value Total Value Total
------- ------ ------- ------ ------- ------
(Dollars in thousands)
Investment securities:
U.S. government and federal agency securities $14,027 92.00% $14,997 93.00 $13,481 92.00%
FHLB stock 1,260 8.00% 1,174 7.00% 1,095 8.00%
------- ------ ------- ------ ------- ------
Total investment securities $15,287 100.00% $16,171 100.00 $14,576 100.00%
Mortgage-backed securities:
FNMA certificates $ 9,297 52.00% $ 9,229 49.22% $ 9,290 55.30%
GNMA certificates 5,048 28.26% 4,536 24.19% 3,858 22.96%
FHLMC certificates 3,517 19.74% 4,986 26.59% 3,652 21.74%
------- ------ ------- ------ ------- ------
Total mortgage-backed and related securities $17,862 100.00% $18,751 100.00 $16,800 100.00%
Source: Columbia Financial of Kentucky Inc.'s Prospectus
107
EXHIBIT 20
MIX OF DEPOSITS
AT SEPTEMBER 30, 1995 THROUGH 1997
September 30,
-----------------------------------------------------------------------------
1997 1996 1995
---------------------- ------------------------- -----------------------
Percent Percent Percent
Amount of Total Amount of Total Amount of Total
--------------------- ------------------------- -----------------------
(Dollars in thousands)
Transaction accounts:
- --------------------
NOW accounts $ 3,952 4.38% $ 4,339 4.58% $ 4,267 4.45%
Money market accounts 11,919 13.21% 13,641 14.41% 15,624 16.31%
Club accounts 66 0.07% 73 0.08% 77 0.08%
Passbook savings accounts 13,167 14.60% 13,519 14.28% 13,478 14.07%
------- ---- ------- ---- ------- ----
Total transaction accounts $29,104 32.26% $31,572 33.35% $33,446 34.91%
Certificates of deposit:
- -----------------------
2.01 - 4.00% 42 0.05% 42 0.04% 50 0.05%
4.01 - 6.00% 31,457 34.88% 54,925 58.03% 30,274 31.60%
6.01 - 8.005 29,592 32.81% 8,118 8.58% 32,036 33.44%
------- ---- ------- ---- ------- ----
Total Certificates $61,091 67.74% $63,085 66.65% $62,360 65.09%
------- ---- ------- ---- ------- ----
Total Deposits $90,195 100.0% $94,657 100.00% $95,806 100.00%
======= ===== ======= ====== ======= ======
Source: Columbia Financial of Kentucky Inc.'s Prospectus
108
EXHIBIT 21
DEPOSIT ACTIVITY
FOR THE YEARS ENDED SEPTEMBER 30, 1995 THROUGH 1997
Year ended September 30,
----------------------------------------
1996 1995 1994
------------ ------------- -------------
(Dollars in thousands)
Beginning balance $ 94,657 $ 95,806 $ 93,807
Deposits 59,497 60,704 66,213
Withdrawals (67,647) (65,719) (67,956)
Net increases (decreases) before
interest credited (8,150) (5,015) (1,743)
------------ ------------- -------------
Interest credited 3,688 3,866 3,742
Ending balance $ 90,195 $ 94,657 $ 95,806
============ ============= =============
Net increase (decrease) $ (4,462) $ (1,149) $ 1,999
============ ============= =============
Percent increase (decrease) (4.71)% (1.20)% 2.13%
============ ============= =============
Source:Columbia Financial of Kentucky Inc.'s Prospectus
109
EXHIBIT 22
BORROWED FUNDS ACTIVITY
FOR THE YEARS ENDED SEPTEMBER 30, 1995 THROUGH 1997
Year ended September 30,
--------------------------------------
1997 1996 1995
------------ ------------- -------------
(Dollars in thousands)
FHBL ADVANCES
Average balance outstanding $ 417 $ -- $1,083
Maximum amount outstanding at any
month end during the period 1,000 -- 2,750
Balance outstanding at end of period -- -- --
Weighted average interest rate
during the period 6.00% -- 5.82%
Weighted average interest rate at
end of period -- -- --
Source: Columbia Financial of Kentucky Inc.'s Prospectus
110
EXHIBIT 23
OFFICES OF COLUMBIA FEDERAL SAVINGS BANK
FORT MITCHELL, KENTUCKY
AT SEPTEMBER 30, 1997
Net Book
Owned Value at
Date or September 30,
LOCATION Acquired Leased 1997
- -------------------------------------- ------------- ------------ ------------
(000)
Main Office:
2497 Dixie Highway 1957 Owned $ 231
Ft. Mitchell, KY 41017-3085
Branch Offices:
Pike Street and Lee Street 1937 Owned $ 141
Covington, KY 41011
612 Buttermilk Pike 1981 Owned $134
Crescent Springs, KY 41017
3522 Dixie Highway 1981 Owned $52
Erlanger, KY 41018
7550 Dixie Highway 1996 Owned $748
Florence, KY 41042
Source: Columbia Financial of Kentucky Inc.'s Prospectus
111
EXHIBIT 24
LIST OF KEY OFFICERS AND DIRECTORS
AT SEPTEMBER 30, 1997
DIRECTOR TERM
NAME POSITION(S) HELD WITH THE BANK AGE (1) SINCE EXPIRES
--------------------------- ---------------------------------------------------------- ------------- ------------
J. Robert Bluemlein Director 79 1970 2000
Kenneth R. Kelly Director, Chairman of the Board 76 1965 2000
John C. Layne Director 48 1995 2000
Daniel T. Mistler Director 55 1997 1999
Fred A. Tobergte, Sr. Director 79 1981 1999
Geraldine Zembrodt Director 53 1993 1999
Robert V. Lynch Director, President, CEO 52 1978 2000
Mary Jane Lucas Vice President 61 1971 --
George Raybourne Vice President 44 1972 --
Edward Schwartz Vice President 48 1973 --
Harold E. Taylor Vice President 56 1996 --
Abijah Adams Controller 52 1978 --
Carol S. Margrave Secretary, Treasurer 42 1979 --
(1) At September 30, 1997
Source: Columbia Financial of Kentucky Inc.'s Prospectus
112
EXHIBIT 25
KEY DEMOGRAPHIC DATA AND TRENDS
MARKET AREA, FORT MITCHELL, KENTUCKY AND THE UNITED STATES
1990, 1996 AND 2001
1990 1996 % Change 2001 % Change
--------------- ---------------- ------------ --------------- ----------
Population
- ----------
Market Area 199,620 218,682 9.5% 233,929 7.0%
Fort Mitchell 7,438 7,798 4.8% 8,046 3.2%
Kentucky 3,685,296 3,895,554 5.7% 4,063,325 4.3%
United States 248,709,873 265,294,885 6.7% 278,802,003 5.1%
Households
- ----------
Market Area 72,837 79,625 9.3% 85,028 6.8%
Fort Mitchell 3,149 3,309 5.1% 3,417 3.3%
Kentucky 1,379,610 1,462,541 6.0% 1,527,071 4.4%
United States 91,947,410 98,239,161 6.8% 103,293,062 5.1%
Per Capita Income
- -----------------
Market Area $ 13,582 $ 15,364 13.1% -- --
Fort Mitchell 20,919 23,504 12.4% -- --
Kentucky 11,153 12,744 14.3% -- --
United States 12,313 16,738 35.9% -- --
Median Household Income
- -----------------------
Market Area $ 32,501 $ 36,031 10.9% $ 35,076 (2.7)%
Fort Mitchell 36,250 46,848 29.2% 45,365 (3.2)%
Kentucky 22,534 25,703 14.1% 24,407 (5.0)%
United States 28,525 34,530 21.1% 33,189 (3.9)%
Source: Data Users Center and CACI
113
EXHIBIT 26
KEY HOUSING DATA
MARKET AREA, FORT MITCHELL, KENTUCKY AND THE UNITED STATES
1990
Occupied Housing Units
- ----------------------
Market Area 72,817
Fort Mitchell 3,149
Kentucky 1,379,610
United States 91,947,410
Occupancy Rate
- ---------------
Market Area
Owner-Occupied 68.9%
Renter-Occupied 31.1%
Fort Mitchell
Owner-Occupied 51.0%
Renter-Occupied 49.0%
Kentucky
Owner-Occupied 69.6%
Renter-Occupied 30.4%
United States
Owner-Occupied 64.2%
Renter-Occupied 35.8%
Median Housing Values
- ----------------------
Market Area $ 69,450
Fort Mitchell 94,200
Kentucky 50,100
United States 79,098
Median Rent
- -----------
Market Area $ 396
Fort Mitchell 431
Kentucky 319
United States 374
Source: U.S. Department of Commerce and CACI Sourcebook
114
EXHIBIT 27
MAJOR SOURCES OF EMPLOYMENT BY INDUSTRY GROUP
MARKET AREA, FORT MITCHELL, KENTUCKY AND THE UNITED STATES
1990
Market Fort United
Industry Group Area Mitchell Kentucky States
- --------------- ------------ ------------ ------------- ------------
Agriculture/Mining 1.3% 0.5% 6.5% 1.3%
Construction 7.1% 5.8% 6.6% 4.8%
Manufacturing 18.0% 14.5% 20.3% 19.2%
Transportation/Utilities 12.0% 11.1% 7.6% 5.9%
Wholesale/Retail 24.4% 22.7% 22.3% 27.5%
Finance, Insurance, & Real Estate 6.9% 8.0% 5.4% 7.3%
Services 30.3% 37.4% 31.3% 34.0%
Source: Bureau of the Census County Business Patterns
115
EXHIBIT 28
UNEMPLOYMENT RATES
KENTON COUNTY, BOONE COUNTY,
KENTUCKY AND THE UNITED STATES
1994, 1995, 1996 AND 1997
Location 1994 1995 1996 1997
- ------------- ------------- ------------ ------------ -------------
Kenton County 4.5% 4.2% 4.2% 3.7%
Boone County 4.6% 4.1% 4.1% 3.5%
Kentucky 5.4% 5.4% 5.6% 5.0%
United States 6.1% 5.6% 5.0% 4.7%
* September 1997
Source: Kentucky Commission for Employment Services
116
EXHIBIT 29
MARKET SHARE OF DEPOSITS
BOONE AND KENTON COUNTY
JUNE 30, 1996
Market Area Columbia's Columbia's
Deposits Share Share
($000) ($000) (%)
----------- -------- --------
Banks $ 2,005,807 --- ---
Thrifts 184,074 $ 97,510 53.0%
Credit Unions 16,890 --- ---
----------- --------- ---------
TOTAL $ 2,206,771 $ 97,510 4.4%
Source: Sheshunoff
117
EXHIBIT 30
NATIONAL INTEREST RATES BY QUARTER
1993-1997
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1993 1993 1993 1993
---- ---- ---- ----
Prime Rate 6.00% 6.00% 6.00% 6.00%
90-Day Treasury Bills 2.93% 3.07% 2.96% 3.05%
1-Year Treasury Bills 3.27% 3.43% 3.35% 3.58%
30-Year Treasury Notes 6.92% 6.67% 6.03% 6.35%
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1994 1994 1994 1994
---- ---- ---- ----
Prime Rate 6.25% 7.25% 7.75% 8.50%
90-Day Treasury Bills 3.54% 4.23% 5.14% 5.66%
1-Year Treasury Bills 4.40% 5.49% 6.13% 7.15%
30-Year Treasury Notes 7.11% 7.43% 7.82% 7.88%
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1995 1995 1995 1995
---- ---- ---- ----
Prime Rate 9.00% 9.00% 8.75% 8.50%
90-Day Treasury Bills 5.66% 5.58% 5.40% 5.06%
1-Year Treasury Bills 6.51% 5.62% 5.45% 5.14%
30-Year Treasury Notes 7.43% 6.71% 5.69% 5.97%
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1996 1996 1996 1996
---- ---- ---- ----
Prime Rate 8.25% 8.25% 8.25% 8.25%
90-Day Treasury Bills 5.18% 5.25% 5.16% 5.07%
1-Year Treasury Bills 5.43% 5.91% 5.38% 5.57%
30-Year Treasury Notes 6.73% 7.14% 6.47% 6.67%
1st Qtr. 2nd Qtr. 3rd Qtr.
1997 1997 1997
---- ---- ----
Prime Rate 8.50% 8.50% 8.50%
90-Day Treasury Bills 4.95% 4.68% 4.98%
1-Year Treasury Bills 5.95% 5.36% 5.50%
30-Year Treasury Notes 7.06% 6.41% 6.39%
Source: THE WALL STREET JOURNAL
118
KELLER & COMPANY Page 1
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
*****************************************
Latest All Time All Time
Price High Low
State Exchange ($) ($) ($)
----- -------- -------- -------- --------
FFDB FirstFed Bancorp Inc. AL NASDAQ 22.000 22.750 8.500
SRN Southern Banc Co. AL AMSE 16.875 17.375 11.375
SCBS Southern Community Bancshares AL NASDAQ 18.188 18.500 13.000
SZB SouthFirst Bancshares Inc. AL AMSE 19.000 20.875 10.625
FFBH First Federal Bancshares of AR AR NASDAQ 21.375 21.750 10.000
HCBB HCB Bancshares Inc. AR NASDAQ 13.625 14.250 12.625
FTF Texarkana First Financial Corp AR AMSE 24.750 27.000 10.000
AFFFZ America First Financial Fund CA NASDAQ 47.125 50.563 14.500
BPLS Bank Plus Corp. CA NASDAQ 11.125 14.000 5.000
BVCC Bay View Capital Corp. CA NASDAQ 33.750 35.813 5.625
BYFC Broadway Financial Corp. CA NASDAQ 13.000 13.000 9.000
CENF CENFED Financial Corp. CA NASDAQ 40.750 42.250 4.545
CSA Coast Savings Financial CA NYSE 60.000 61.438 1.625
DSL Downey Financial Corp. CA NYSE 27.500 27.563 1.321
FSSB First FS&LA of San Bernardino CA NASDAQ 9.625 14.500 6.875
FED FirstFed Financial Corp. CA NYSE 36.500 39.438 1.125
GSB Golden State Bancorp Inc. CA NYSE 33.313 589.500 5.250
GDW Golden West Financial CA NYSE 89.625 93.813 3.875
AHM H.F. Ahmanson & Co. CA NYSE 59.500 62.063 2.688
HTHR Hawthorne Financial Corp. CA NASDAQ 21.000 35.500 2.250
HEMT HF Bancorp Inc. CA NASDAQ 16.750 17.125 8.188
HBNK Highland Federal Bank FSB CA NASDAQ 32.000 32.750 11.000
ITLA ITLA Capital Corp. CA NASDAQ 18.000 21.250 11.375
LFCO Life Financial Corp. CA NASDAQ 15.500 21.875 13.375
MBBC Monterey Bay Bancorp Inc. CA NASDAQ 19.000 20.500 8.750
PFFB PFF Bancorp Inc. CA NASDAQ 18.375 21.500 10.375
PROV Provident Financial Holdings CA NASDAQ 20.000 21.125 10.125
QCBC Quaker City Bancorp Inc. CA NASDAQ 20.500 24.563 6.000
REDF RedFed Bancorp Inc. CA NASDAQ 20.000 21.125 7.750
SGVB SGV Bancorp Inc. CA NASDAQ 17.125 19.375 7.750
WES Westcorp CA NYSE 17.000 23.875 3.703
FFBA First Colorado Bancorp Inc. CO NASDAQ 22.750 23.500 3.189
ANE Alliance Bncorp of New England CT AMSE 17.500 18.000 2.063
BKC American Bank of Connecticut CT AMSE 47.125 47.875 2.875
PER SHARE
*****************************************************************
Monthly Quarterly Book 12 Month
Change Change Value Assets Div.
(%) (%) ($) ($) ($)
-------- -------- -------- -------- --------
FFDB FirstFed Bancorp Inc. -3.30 33.08 14.77 153.31 0.55
SRN Southern Banc Co. -2.17 8.87 14.74 86.29 0.35
SCBS Southern Community Bancshares 1.04 14.57 13.19 61.87 NA
SZB SouthFirst Bancshares Inc. -1.94 16.92 16.06 114.77 0.50
FFBH First Federal Bancshares of AR 4.27 1.79 16.64 111.75 0.16
HCBB HCB Bancshares Inc. 2.83 1.87 14.43 75.59 NA
FTF Texarkana First Financial Corp -0.50 10.30 15.03 95.71 3.48
AFFFZ America First Financial Fund 9.59 19.68 29.41 374.43 1.60
BPLS Bank Plus Corp. -10.10 3.19 9.16 202.69 0.00
BVCC Bay View Capital Corp. 12.97 29.49 14.81 254.58 0.32
BYFC Broadway Financial Corp. 2.97 18.18 14.77 150.14 0.20
CENF CENFED Financial Corp. 0.93 21.64 21.51 386.73 0.34
CSA Coast Savings Financial 0.52 30.97 25.21 484.89 0.00
DSL Downey Financial Corp. 12.53 26.80 15.61 218.81 0.31
FSSB First FS&LA of San Bernardino 1.32 16.67 13.68 315.79 0.00
FED FirstFed Financial Corp. 2.28 9.16 20.01 387.78 0.00
GSB Golden State Bancorp Inc. -0.93 16.38 16.16 325.68 0.00
GDW Golden West Financial 4.44 9.63 45.36 691.00 0.44
AHM H.F. Ahmanson & Co. -2.36 16.67 20.17 495.69 0.88
HTHR Hawthorne Financial Corp. 20.00 22.63 14.01 288.58 0.00
HEMT HF Bancorp Inc. 5.93 12.61 13.26 167.21 0.00
HBNK Highland Federal Bank FSB 0.00 18.52 17.20 224.33 0.00
ITLA ITLA Capital Corp. -10.00 0.70 12.32 114.89 0.00
LFCO Life Financial Corp. -11.43 -8.82 7.56 44.96 NA
MBBC Monterey Bay Bancorp Inc. 4.11 14.29 15.60 126.84 0.11
PFFB PFF Bancorp Inc. -3.92 1.73 14.69 146.09 0.00
PROV Provident Financial Holdings -0.62 1.27 17.66 132.47 0.00
QCBC Quaker City Bancorp Inc. 2.50 0.00 15.33 181.26 0.00
REDF RedFed Bancorp Inc. 6.67 15.94 11.21 134.75 0.00
SGVB SGV Bancorp Inc. -4.86 14.17 12.98 174.61 0.00
WES Westcorp -9.64 -20.24 13.00 143.11 0.40
FFBA First Colorado Bancorp Inc. 14.47 22.97 12.00 91.76 0.42
ANE Alliance Bncorp of New England 5.26 2.19 10.95 148.70 0.15
BKC American Bank of Connecticut 5.90 24.83 23.22 263.65 1.56
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
FFDB FirstFed Bancorp Inc. 14.97 148.95 14.35 15.38
SRN Southern Banc Co. 40.18 114.48 19.56 40.18
SCBS Southern Community Bancshares NA 137.89 29.40 NA
SZB SouthFirst Bancshares Inc. NM 118.31 16.55 100.00
FFBH First Federal Bancshares of AR 17.67 128.46 19.13 18.59
HCBB HCB Bancshares Inc. NA 94.42 18.02 NA
FTF Texarkana First Financial Corp 18.07 164.67 25.86 14.82
AFFFZ America First Financial Fund 7.74 160.23 12.59 7.69
BPLS Bank Plus Corp. 16.36 121.45 5.49 19.52
BVCC Bay View Capital Corp. 25.57 227.89 13.26 23.28
BYFC Broadway Financial Corp. 33.33 88.02 8.66 31.71
CENF CENFED Financial Corp. 16.84 189.45 10.54 18.69
CSA Coast Savings Financial 21.35 238.00 12.37 20.00
DSL Downey Financial Corp. 18.58 176.17 12.57 19.50
FSSB First FS&LA of San Bernardino NM 70.36 3.05 NM
FED FirstFed Financial Corp. 16.98 182.41 9.41 16.98
GSB Golden State Bancorp Inc. 24.32 206.14 10.23 20.19
GDW Golden West Financial 15.22 197.59 12.97 15.45
AHM H.F. Ahmanson & Co. 17.20 294.99 12.00 20.03
HTHR Hawthorne Financial Corp. 15.91 149.89 7.28 16.80
HEMT HF Bancorp Inc. NM 126.32 10.02 55.83
HBNK Highland Federal Bank FSB 13.56 186.05 14.26 17.68
ITLA ITLA Capital Corp. 12.08 146.10 15.67 12.08
LFCO Life Financial Corp. NA 205.03 34.48 NA
MBBC Monterey Bay Bancorp Inc. 32.20 121.79 14.98 34.55
PFFB PFF Bancorp Inc. 27.84 125.09 12.58 27.43
PROV Provident Financial Holdings 20.83 113.25 15.10 43.48
QCBC Quaker City Bancorp Inc. 17.08 133.72 11.31 17.67
REDF RedFed Bancorp Inc. 15.87 178.41 14.84 16.00
SGVB SGV Bancorp Inc. 25.18 131.93 9.81 31.71
WES Westcorp 12.88 130.77 11.88 NM
FFBA First Colorado Bancorp Inc. 20.50 189.58 24.79 20.50
ANE Alliance Bncorp of New England 15.22 159.82 11.77 16.20
BKC American Bank of Connecticut 14.77 202.95 17.87 17.52
119
KELLER & COMPANY Page 2
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
*****************************
Latest All Time
Price High
State Exchange ($) ($)
----- -------- -------- --------
BKCT Bancorp Connecticut Inc. CT NASDAQ 40.000 40.000
BSBC Branford Savings Bank CT NASDAQ 6.000 178.750
DIBK Dime Financial Corp. CT NASDAQ 31.500 32.000
EGFC Eagle Financial Corp. CT NASDAQ 51.750 52.500
FFES First Federal of East Hartford CT NASDAQ 37.000 37.500
MECH Mechanics Savings Bank CT NASDAQ 25.625 27.250
NMSB NewMil Bancorp Inc. CT NASDAQ 14.250 15.500
NSSB Norwich Financial Corp. CT NASDAQ 29.750 31.625
NSSY NSS Bancorp Inc. CT NASDAQ 38.500 38.500
NTMG Nutmeg Federal S&LA CT NASDAQ 13.000 13.000
WBST Webster Financial Corp. CT NASDAQ 62.656 66.000
IFSB Independence Federal Svgs Bank DC NASDAQ 13.781 15.125
WSFS WSFS Financial Corp. DE NASDAQ 19.625 20.000
BANC BankAtlantic Bancorp Inc. FL NASDAQ 14.375 17.125
BKUNA BankUnited Financial Corp. FL NASDAQ 12.938 13.750
FFLC FFLC Bancorp Inc. FL NASDAQ 22.500 23.500
FFPB First Palm Beach Bancorp Inc. FL NASDAQ 38.750 40.563
OCN Ocwen Financial Corp. FL NYSE 24.250 28.282
CCFH CCF Holding Company GA NASDAQ 20.000 21.000
CFBC Community First Banking Co. GA NASDAQ 38.375 40.000
EBSI Eagle Bancshares GA NASDAQ 19.250 20.938
FSTC First Citizens Corp. GA NASDAQ 24.000 27.167
FGHC First Georgia Holding Inc. GA NASDAQ 8.375 9.500
FLFC First Liberty Financial Corp. GA NASDAQ 27.875 28.375
FLAG FLAG Financial Corp. GA NASDAQ 18.500 19.875
SFNB Security First Network Bank GA NASDAQ 8.000 41.500
CASH First Midwest Financial Inc. IA NASDAQ 20.500 20.750
GFSB GFS Bancorp Inc. IA NASDAQ 16.875 17.625
HZFS Horizon Financial Svcs Corp. IA NASDAQ 11.000 13.000
MFCX Marshalltown Financial Corp. IA NASDAQ 17.250 17.250
MIFC Mid-Iowa Financial Corp. IA NASDAQ 10.625 11.000
MWBI Midwest Bancshares Inc. IA NASDAQ 18.500 19.500
FFFD North Central Bancshares Inc. IA NASDAQ 18.875 19.250
PMFI Perpetual Midwest Financial IA NASDAQ 27.000 27.500
PER SHARE
******************************************************************************
All Time Monthly Quarterly Book 12 Month
Low Change Change Value Assets Div.
($) (%) (%) ($) ($) ($)
-------- -------- -------- -------- -------- --------
BKCT Bancorp Connecticut Inc. 2.026 8.84 33.33 17.92 166.65 0.88
BSBC Branford Savings Bank 1.625 14.29 21.51 2.69 27.88 0.08
DIBK Dime Financial Corp. 2.125 1.61 14.03 14.54 178.52 0.37
EGFC Eagle Financial Corp. 6.198 6.98 54.48 22.91 332.04 0.94
FFES First Federal of East Hartford 4.000 5.71 14.73 24.40 368.12 0.60
MECH Mechanics Savings Bank 11.000 3.02 13.26 16.33 156.94 0.00
NMSB NewMil Bancorp Inc. 1.250 16.33 9.62 8.42 82.76 0.24
NSSB Norwich Financial Corp. 2.000 2.59 17.82 15.05 129.02 0.62
NSSY NSS Bancorp Inc. 9.875 6.21 16.23 21.54 275.37 0.25
NTMG Nutmeg Federal S&LA 4.645 13.04 20.93 7.72 138.72 0.08
WBST Webster Financial Corp. 3.864 4.53 21.07 26.83 502.50 0.76
IFSB Independence Federal Svgs Bank 0.250 -0.23 6.01 14.23 196.37 0.22
WSFS WSFS Financial Corp. 1.250 12.14 30.83 6.66 120.20 0.00
BANC BankAtlantic Bancorp Inc. 0.278 6.48 13.86 7.03 127.72 8.23
BKUNA BankUnited Financial Corp. 2.320 0.49 12.50 7.94 225.06 0.00
FFLC FFLC Bancorp Inc. 7.650 7.14 19.05 13.73 99.98 0.28
FFPB First Palm Beach Bancorp Inc. 14.000 1.31 19.00 22.39 358.26 0.60
OCN Ocwen Financial Corp. 10.125 -14.26 14.45 6.91 48.86 0.00
CCFH CCF Holding Company 10.750 0.63 17.65 14.21 133.32 0.78
CFBC Community First Banking Co. 31.875 6.60 13.70 31.49 163.48 NA
EBSI Eagle Bancshares 1.875 6.57 16.67 12.59 154.03 0.60
FSTC First Citizens Corp. 1.970 -5.26 14.29 12.44 122.97 0.29
FGHC First Georgia Holding Inc. 0.815 3.08 11.67 4.21 51.23 0.05
FLFC First Liberty Financial Corp. 2.667 19.89 27.43 12.30 166.86 0.39
FLAG FLAG Financial Corp. 3.200 10.45 25.42 10.66 117.07 0.34
SFNB Security First Network Bank 5.500 1.59 -38.76 3.02 9.12 0.00
CASH First Midwest Financial Inc. 8.833 4.46 12.33 16.11 149.91 0.36
GFSB GFS Bancorp Inc. 5.500 -1.46 16.38 11.01 95.62 0.23
HZFS Horizon Financial Svcs Corp. 5.188 -2.22 16.55 10.27 103.14 0.16
MFCX Marshalltown Financial Corp. 8.500 1.10 2.99 14.37 88.91 0.00
MIFC Mid-Iowa Financial Corp. 2.474 -1.16 14.86 7.19 76.29 0.08
MWBI Midwest Bancshares Inc. 3.917 8.82 63.83 10.18 147.21 0.20
FFFD North Central Bancshares Inc. 8.071 7.09 13.53 15.13 66.03 0.25
PMFI Perpetual Midwest Financial 10.000 12.50 34.16 18.24 214.44 0.30
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
BKCT Bancorp Connecticut Inc. 19.42 223.21 24.00 21.16
BSBC Branford Savings Bank 20.69 223.05 21.52 20.69
DIBK Dime Financial Corp. 10.68 216.64 17.65 10.94
EGFC Eagle Financial Corp. 47.92 225.88 15.59 35.69
FFES First Federal of East Hartford 19.79 151.64 10.05 17.45
MECH Mechanics Savings Bank 9.56 156.92 16.33 9.56
NMSB NewMil Bancorp Inc. 22.27 169.24 17.22 23.75
NSSB Norwich Financial Corp. 20.80 197.67 23.06 22.71
NSSY NSS Bancorp Inc. 16.59 178.74 13.98 56.62
NTMG Nutmeg Federal S&LA 59.09 168.39 9.37 38.24
WBST Webster Financial Corp. 29.42 233.53 12.47 19.04
IFSB Independence Federal Svgs Bank 12.64 96.84 7.02 29.96
WSFS WSFS Financial Corp. 15.45 294.67 16.33 15.58
BANC BankAtlantic Bancorp Inc. 15.13 204.48 11.26 28.19
BKUNA BankUnited Financial Corp. 23.96 162.95 5.75 26.95
FFLC FFLC Bancorp Inc. 25.00 163.87 22.50 26.47
FFPB First Palm Beach Bancorp Inc. 20.95 173.07 10.82 25.00
OCN Ocwen Financial Corp. 16.28 350.94 49.63 28.53
CCFH CCF Holding Company 133.33 140.75 15.00 NM
CFBC Community First Banking Co. NA 121.86 23.47 NA
EBSI Eagle Bancshares 22.38 152.90 12.50 18.16
FSTC First Citizens Corp. 11.59 192.93 19.52 12.97
FGHC First Georgia Holding Inc. 27.92 198.93 16.35 22.64
FLFC First Liberty Financial Corp. 21.28 226.63 16.71 18.22
FLAG FLAG Financial Corp. 18.50 173.55 15.80 23.13
SFNB Security First Network Bank NM 264.90 87.72 NM
CASH First Midwest Financial Inc. 16.14 127.25 13.67 16.94
GFSB GFS Bancorp Inc. 15.07 153.27 17.65 15.07
HZFS Horizon Financial Svcs Corp. 14.10 107.11 10.67 17.46
MFCX Marshalltown Financial Corp. 30.26 120.04 19.40 31.94
MIFC Mid-Iowa Financial Corp. 11.81 147.77 13.93 12.96
MWBI Midwest Bancshares Inc. 16.67 181.73 12.57 19.07
FFFD North Central Bancshares Inc. 16.41 124.75 28.59 16.41
PMFI Perpetual Midwest Financial 32.93 148.03 12.59 40.91
120
KELLER & COMPANY Page 3
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
*****************************************
Latest All Time All Time
Price High Low
State Exchange ($) ($) ($)
----- -------- -------- -------- --------
SFFC StateFed Financial Corp. IA NASDAQ 13.500 14.125 5.250
FBNW FirstBank Corp. ID NASDAQ 17.625 19.000 15.500
ABCL Alliance Bancorp Inc. IL NASDAQ 26.250 28.375 6.000
AVND Avondale Financial Corp. IL NASDAQ 16.000 18.875 11.500
BFFC Big Foot Financial Corp. IL NASDAQ 18.500 19.625 12.313
CBCI Calumet Bancorp Inc. IL NASDAQ 31.875 34.000 6.889
CBSB Charter Financial Inc. IL NASDAQ 22.000 22.000 6.361
CBK Citizens First Financial Corp. IL AMSE 18.250 19.500 9.500
CSBF CSB Financial Group Inc. IL NASDAQ 12.500 12.750 8.810
EGLB Eagle BancGroup Inc. IL NASDAQ 19.750 19.750 10.500
FBCI Fidelity Bancorp Inc. IL NASDAQ 23.250 25.750 9.500
FFBI First Financial Bancorp Inc. IL NASDAQ 19.000 20.000 9.000
FMBD First Mutual Bancorp Inc. IL NASDAQ 20.250 21.500 11.125
FSFF First SecurityFed Financial IL NASDAQ 16.063 16.063 15.000
GTPS Great American Bancorp IL NASDAQ 19.000 19.500 11.875
HMLK Hemlock Federal Financial Corp IL NASDAQ 17.250 17.500 12.500
HBEI Home Bancorp of Elgin Inc. IL NASDAQ 18.000 19.313 11.813
HMCI HomeCorp Inc. IL NASDAQ 25.000 25.000 3.333
KNK Kankakee Bancorp Inc. IL AMSE 33.875 34.625 13.625
MAFB MAF Bancorp Inc. IL NASDAQ 32.500 34.750 1.818
NBSI North Bancshares Inc. IL NASDAQ 26.500 27.125 11.000
PFED Park Bancorp Inc. IL NASDAQ 17.875 18.125 10.188
PSFI PS Financial Inc. IL NASDAQ 17.250 18.000 11.625
SWBI Southwest Bancshares IL NASDAQ 25.500 26.000 7.833
SPBC St. Paul Bancorp Inc. IL NASDAQ 24.500 28.500 2.044
SFSB SuburbFed Financial Corp. IL NASDAQ 34.875 34.875 6.667
WCBI Westco Bancorp IL NASDAQ 27.500 29.250 7.667
FBCV 1ST Bancorp IN NASDAQ 40.000 41.000 3.990
AMFC AMB Financial Corp. IN NASDAQ 16.000 17.750 9.750
ASBI Ameriana Bancorp IN NASDAQ 19.500 22.000 2.750
ATSB AmTrust Capital Corp. IN NASDAQ 14.000 14.500 7.750
FFWC FFW Corp. IN NASDAQ 37.750 37.750 12.500
FFED Fidelity Federal Bancorp IN NASDAQ 10.000 14.773 1.534
FISB First Indiana Corporation IN NASDAQ 26.250 26.500 1.642
PER SHARE
****************************************************************
Monthly Quarterly Book 12 Month
Change Change Value Assets Div.
(%) (%) ($) ($) ($)
-------- -------- -------- -------- --------
SFFC StateFed Financial Corp. 0.00 22.73 9.86 56.21 0.20
FBNW FirstBank Corp. 7.63 0.71 15.99 89.66 NA
ABCL Alliance Bancorp Inc. 5.53 24.51 16.10 170.96 0.29
AVND Avondale Financial Corp. -6.57 8.47 13.18 170.81 0.00
BFFC Big Foot Financial Corp. 4.23 9.63 14.97 85.63 NA
CBCI Calumet Bancorp Inc. -5.32 17.33 25.01 154.24 0.00
CBSB Charter Financial Inc. 4.76 7.32 13.71 94.77 0.28
CBK Citizens First Financial Corp. -2.67 14.06 16.30 107.58 0.00
CSBF CSB Financial Group Inc. 1.01 6.38 12.99 51.86 0.00
EGLB Eagle BancGroup Inc. 6.76 19.70 17.03 143.72 0.00
FBCI Fidelity Bancorp Inc. -1.06 9.41 18.66 178.13 0.30
FFBI First Financial Bancorp Inc. -1.30 0.66 18.10 202.92 0.00
FMBD First Mutual Bancorp Inc. 6.58 35.00 16.77 114.75 0.32
FSFF First SecurityFed Financial NA NA NA NA NA
GTPS Great American Bancorp 0.00 6.29 18.44 82.25 0.40
HMLK Hemlock Federal Financial Corp 1.47 12.20 15.06 77.98 NA
HBEI Home Bancorp of Elgin Inc. 7.46 5.88 13.77 49.96 0.20
HMCI HomeCorp Inc. 23.46 63.93 13.07 191.43 0.00
KNK Kankakee Bancorp Inc. 7.54 16.31 27.25 238.46 0.46
MAFB MAF Bancorp Inc. 6.56 4.84 17.22 221.04 0.26
NBSI North Bancshares Inc. 1.92 17.13 17.04 126.92 0.46
PFED Park Bancorp Inc. 0.70 7.52 16.61 71.77 0.00
PSFI PS Financial Inc. 0.73 16.95 14.76 39.55 NA
SWBI Southwest Bancshares -0.97 25.93 16.01 141.13 0.76
SPBC St. Paul Bancorp Inc. 1.29 7.69 11.98 133.25 0.32
SFSB SuburbFed Financial Corp. 3.33 26.82 22.73 342.62 0.32
WCBI Westco Bancorp 3.77 5.26 19.42 124.93 0.60
FBCV 1ST Bancorp 3.90 11.89 32.63 377.22 0.40
AMFC AMB Financial Corp. -4.48 10.34 14.95 107.27 0.24
ASBI Ameriana Bancorp 4.00 -3.70 13.63 121.63 0.61
ATSB AmTrust Capital Corp. 1.82 7.69 14.46 132.36 0.15
FFWC FFW Corp. 20.80 29.06 24.64 253.86 0.66
FFED Fidelity Federal Bancorp 8.11 17.65 5.15 84.32 0.50
FISB First Indiana Corporation 7.69 28.05 14.12 146.49 0.47
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
SFFC StateFed Financial Corp. 18.75 136.92 24.02 18.75
FBNW FirstBank Corp. NA 110.23 19.66 NA
ABCL Alliance Bancorp Inc. 22.63 163.04 15.35 20.35
AVND Avondale Financial Corp. NM 121.40 9.37 NM
BFFC Big Foot Financial Corp. NA 123.58 21.60 NA
CBCI Calumet Bancorp Inc. 15.78 127.45 20.67 16.10
CBSB Charter Financial Inc. 21.15 160.47 23.21 20.75
CBK Citizens First Financial Corp. 31.47 111.96 16.96 35.10
CSBF CSB Financial Group Inc. 73.53 96.23 24.10 46.30
EGLB Eagle BancGroup Inc. 43.89 115.97 13.74 58.09
FBCI Fidelity Bancorp Inc. 16.85 124.60 13.05 16.85
FFBI First Financial Bancorp Inc. NM 104.97 9.36 20.88
FMBD First Mutual Bancorp Inc. 59.56 120.75 17.65 65.32
FSFF First SecurityFed Financial NA NA NA NA
GTPS Great American Bancorp 48.72 103.04 23.10 44.19
HMLK Hemlock Federal Financial Corp NA 114.54 22.12 NA
HBEI Home Bancorp of Elgin Inc. 39.13 130.72 36.03 40.91
HMCI HomeCorp Inc. 27.17 191.28 13.06 33.78
KNK Kankakee Bancorp Inc. 16.61 124.31 14.21 16.85
MAFB MAF Bancorp Inc. 13.89 188.73 14.70 13.95
NBSI North Bancshares Inc. 35.33 155.52 20.88 39.55
PFED Park Bancorp Inc. 21.80 107.62 24.91 22.63
PSFI PS Financial Inc. NA 116.87 43.62 NA
SWBI Southwest Bancshares 17.71 159.28 18.07 18.21
SPBC St. Paul Bancorp Inc. 18.15 204.51 18.39 18.01
SFSB SuburbFed Financial Corp. 17.10 153.43 10.18 20.88
WCBI Westco Bancorp 16.18 141.61 22.01 17.19
FBCV 1ST Bancorp 14.71 122.59 10.60 28.99
AMFC AMB Financial Corp. 16.00 107.02 14.92 22.86
ASBI Ameriana Bancorp 17.41 143.07 16.03 19.31
ATSB AmTrust Capital Corp. 25.00 96.82 10.58 41.18
FFWC FFW Corp. 15.35 153.21 14.87 15.66
FFED Fidelity Federal Bancorp 14.29 194.17 11.86 14.71
FISB First Indiana Corporation 16.61 185.91 17.92 20.04
121
KELLER & COMPANY Page 4
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
*******************************************
Latest All Time All Time
Price High Low
State Exchange ($) ($) ($)
----- -------- -------- -------- --------
HFGI Harrington Financial Group IN NASDAQ 12.375 13.750 9.750
HBFW Home Bancorp IN NASDAQ 27.375 27.375 12.500
HBBI Home Building Bancorp IN NASDAQ 21.250 23.750 10.000
HOMF Home Federal Bancorp IN NASDAQ 27.500 27.500 1.432
HWEN Home Financial Bancorp IN NASDAQ 16.438 17.250 9.875
INCB Indiana Community Bank SB IN NASDAQ 20.500 20.500 11.000
LOGN Logansport Financial Corp. IN NASDAQ 15.250 16.000 11.125
LSBI LSB Financial Corp. IN NASDAQ 26.000 27.375 10.714
MARN Marion Capital Holdings IN NASDAQ 26.500 28.125 14.250
MFBC MFB Corp. IN NASDAQ 23.250 23.750 10.500
MONT Montgomery Financial Corp. IN NASDAQ 12.313 14.000 10.000
NEIB Northeast Indiana Bancorp IN NASDAQ 20.000 21.125 11.250
PFDC Peoples Bancorp IN NASDAQ 22.000 24.500 3.583
PERM Permanent Bancorp Inc. IN NASDAQ 25.625 27.375 9.750
RIVR River Valley Bancorp IN NASDAQ 18.750 18.875 13.250
SOBI Sobieski Bancorp Inc. IN NASDAQ 19.625 19.625 10.000
FFSL First Independence Corp. KS NASDAQ 15.000 15.000 5.438
LARK Landmark Bancshares Inc. KS NASDAQ 24.000 27.250 9.750
MCBS Mid Continent Bancshares Inc. KS NASDAQ 41.250 43.250 9.750
CKFB CKF Bancorp Inc. KY NASDAQ 18.500 20.750 11.375
CLAS Classic Bancshares Inc. KY NASDAQ 17.125 17.250 10.375
FFKY First Federal Financial Corp. KY NASDAQ 22.000 23.500 3.063
FLKY First Lancaster Bancshares KY NASDAQ 15.750 16.375 13.125
FTSB Fort Thomas Financial Corp. KY NASDAQ 14.750 17.750 9.250
FKKY Frankfort First Bancorp Inc. KY NASDAQ 9.250 15.875 8.000
GWBC Gateway Bancorp Inc. KY NASDAQ 19.625 19.625 11.000
GTFN Great Financial Corp. KY NASDAQ 48.000 48.125 13.875
HFFB Harrodsburg First Fin Bancorp KY NASDAQ 17.125 19.000 12.375
KYF Kentucky First Bancorp Inc. KY AMSE 14.500 15.250 10.563
ANA Acadiana Bancshares Inc. LA AMSE 23.750 24.750 11.690
GSLA GS Financial Corp. LA NASDAQ 17.750 18.750 13.375
ISBF ISB Financial Corp. LA NASDAQ 26.250 28.000 12.938
MERI Meritrust Federal SB LA NASDAQ 51.219 51.219 13.500
TSH Teche Holding Co. LA AMSE 21.875 23.500 11.375
PER SHARE
****************************************************************
Monthly Quarterly Book 12 Month
Change Change Value Assets Div.
(%) (%) ($) ($) ($)
-------- -------- -------- -------- --------
HFGI Harrington Financial Group -1.98 1.02 7.74 159.99 0.06
HBFW Home Bancorp 12.59 24.43 17.62 132.63 0.20
HBBI Home Building Bancorp -1.73 3.66 20.43 133.95 0.30
HOMF Home Federal Bancorp 17.86 37.50 11.77 136.05 0.30
HWEN Home Financial Bancorp 0.38 4.37 15.61 88.93 0.20
INCB Indiana Community Bank SB 36.67 30.16 12.38 104.21 0.36
LOGN Logansport Financial Corp. 1.67 5.17 12.86 68.06 0.40
LSBI LSB Financial Corp. 1.96 23.81 20.24 218.55 0.32
MARN Marion Capital Holdings -1.85 15.22 22.22 101.26 0.84
MFBC MFB Corp. 2.20 -1.06 20.31 155.05 0.32
MONT Montgomery Financial Corp. 0.51 3.14 11.81 61.70 NA
NEIB Northeast Indiana Bancorp 8.84 19.40 15.51 107.97 0.32
PFDC Peoples Bancorp 4.76 38.95 12.82 84.30 0.40
PERM Permanent Bancorp Inc. 2.50 7.89 20.25 206.19 0.43
RIVR River Valley Bancorp 15.38 13.64 14.80 116.33 NA
SOBI Sobieski Bancorp Inc. 7.53 20.77 17.26 108.12 0.22
FFSL First Independence Corp. 2.56 12.94 11.78 115.02 0.24
LARK Landmark Bancshares Inc. 0.00 0.00 18.99 134.86 0.40
MCBS Mid Continent Bancshares Inc. 8.55 34.15 19.93 208.65 0.40
CKFB CKF Bancorp Inc. -2.63 -2.63 16.91 66.29 1.47
CLAS Classic Bancshares Inc. 10.48 21.24 15.13 101.69 0.21
FFKY First Federal Financial Corp. 0.00 -2.22 12.60 91.99 0.52
FLKY First Lancaster Bancshares 0.00 -1.56 14.62 49.60 0.25
FTSB Fort Thomas Financial Corp. 10.28 22.92 10.56 65.44 0.30
FKKY Frankfort First Bancorp Inc. -3.90 -10.84 6.84 40.63 4.36
GWBC Gateway Bancorp Inc. 3.97 11.35 16.15 58.20 0.40
GTFN Great Financial Corp. 10.34 41.43 21.08 209.32 0.54
HFFB Harrodsburg First Fin Bancorp 7.03 15.13 15.68 53.81 0.55
KYF Kentucky First Bancorp Inc. 7.41 16.00 11.29 67.62 3.50
ANA Acadiana Bancshares Inc. 6.74 10.47 17.21 101.59 0.36
GSLA GS Financial Corp. 2.90 12.25 16.44 38.12 NA
ISBF ISB Financial Corp. 8.25 9.38 17.75 138.54 0.41
MERI Meritrust Federal SB 7.26 24.83 24.89 301.37 0.70
TSH Teche Holding Co. 9.38 20.69 15.53 118.18 0.50
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
HFGI Harrington Financial Group 18.20 159.88 7.73 22.50
HBFW Home Bancorp 36.02 155.36 20.64 23.40
HBBI Home Building Bancorp 18.48 104.01 15.86 18.81
HOMF Home Federal Bancorp 16.37 233.64 20.21 17.86
HWEN Home Financial Bancorp 21.92 105.30 18.48 25.29
INCB Indiana Community Bank SB 39.42 165.59 19.67 39.42
LOGN Logansport Financial Corp. 16.94 118.58 22.41 16.22
LSBI LSB Financial Corp. 15.57 128.46 11.90 17.69
MARN Marion Capital Holdings 16.67 119.26 26.17 16.88
MFBC MFB Corp. 20.39 114.48 15.00 20.39
MONT Montgomery Financial Corp. NA 104.26 19.96 NA
NEIB Northeast Indiana Bancorp 16.53 128.95 18.52 16.53
PFDC Peoples Bancorp 23.91 171.61 26.10 17.19
PERM Permanent Bancorp Inc. 21.18 126.54 12.43 21.35
RIVR River Valley Bancorp NA 126.69 16.12 NA
SOBI Sobieski Bancorp Inc. 29.73 113.70 18.15 32.17
FFSL First Independence Corp. 22.06 127.33 13.04 22.06
LARK Landmark Bancshares Inc. 17.65 126.38 17.80 20.00
MCBS Mid Continent Bancshares Inc. 21.94 206.97 19.77 19.46
CKFB CKF Bancorp Inc. 14.80 109.40 27.91 19.68
CLAS Classic Bancshares Inc. 19.68 113.19 16.84 25.18
FFKY First Federal Financial Corp. 15.07 174.60 23.92 15.28
FLKY First Lancaster Bancshares 28.64 107.73 31.75 28.64
FTSB Fort Thomas Financial Corp. 18.67 139.68 22.54 18.67
FKKY Frankfort First Bancorp Inc. NM 135.23 22.77 35.58
GWBC Gateway Bancorp Inc. 33.26 121.52 33.72 33.26
GTFN Great Financial Corp. 22.02 227.70 22.93 29.81
HFFB Harrodsburg First Fin Bancorp 29.03 109.22 31.82 22.83
KYF Kentucky First Bancorp Inc. 18.13 128.43 21.44 18.35
ANA Acadiana Bancshares Inc. 22.20 138.00 23.38 22.84
GSLA GS Financial Corp. NA 107.97 46.56 NA
ISBF ISB Financial Corp. 25.00 147.89 18.95 25.49
MERI Meritrust Federal SB 15.76 205.78 17.00 15.76
TSH Teche Holding Co. 26.36 140.86 18.51 19.02
122
KELLER & COMPANY Page 5
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
******************************
Latest All Time e
Price High
State Exchange ($) ($)
----- -------- -------- --------
ABBK Abington Bancorp Inc. MA NASDAQ 36.000 36.750
AFCB Affiliated Community Bancorp MA NASDAQ 28.500 32.125
ANDB Andover Bancorp Inc. MA NASDAQ 37.750 40.500
BFD BostonFed Bancorp Inc. MA AMSE 20.375 22.313
CEBK Central Co-operative Bank MA NASDAQ 26.500 26.500
EIRE Emerald Isle Bancorp Inc. MA NASDAQ 32.250 32.250
FCB Falmouth Bancorp Inc. MA AMSE 20.250 22.000
FESX First Essex Bancorp Inc. MA NASDAQ 19.875 20.500
FAB FirstFed America Bancorp Inc. MA AMSE 20.625 22.125
HIFS Hingham Instit. for Savings MA NASDAQ 27.125 29.000
HPBC Home Port Bancorp Inc. MA NASDAQ 24.000 25.000
IPSW Ipswich Savings Bank MA NASDAQ 12.875 14.125
LSBX Lawrence Savings Bank MA NASDAQ 13.875 18.125
MASB MASSBANK Corp. MA NASDAQ 45.000 47.750
MFLR Mayflower Co-operative Bank MA NASDAQ 24.438 26.250
MDBK Medford Savings Bank MA NASDAQ 37.000 38.500
MWBX MetroWest Bank MA NASDAQ 8.250 18.125
PBKB People's Bancshares Inc. MA NASDAQ 20.000 20.250
SWCB Sandwich Bancorp Inc. MA NASDAQ 41.750 42.000
SISB SIS Bancorp Inc. MA NASDAQ 33.625 37.000
SOSA Somerset Savings Bank MA NASDAQ 4.875 36.563
WRNB Warren Bancorp Inc. MA NASDAQ 20.625 21.375
EQSB Equitable Federal Savings Bank MD NASDAQ 45.000 45.750
HRBF Harbor Federal Bancorp Inc. MD NASDAQ 21.750 23.500
MFSL Maryland Federal Bancorp MD NASDAQ 26.625 26.625
WSB Washington Savings Bank, FSB MD AMSE 7.375 8.250
WHGB WHG Bancshares Corp. MD NASDAQ 16.250 16.500
FCME First Coastal Corp. ME NASDAQ 13.875 15.750
KSBK KSB Bancorp Inc. ME NASDAQ 15.250 16.000
MCBN Mid-Coast Bancorp Inc. ME NASDAQ 28.750 29.000
NBN Northeast Bancorp ME AMSE 27.750 27.875
PHBK Peoples Heritage Finl Group ME NASDAQ 42.625 43.250
BWFC Bank West Financial Corp. MI NASDAQ 22.000 22.500
CFSB CFSB Bancorp Inc. MI NASDAQ 35.500 35.750
PER SHARE
****************************************************************************
All Time Monthly Quarterly Book 12 Month
Low Change Change Value Assets Div.
($) (%) (%) ($) ($) ($)
-------- -------- -------- -------- -------- --------
ABBK Abington Bancorp Inc. 1.250 10.77 18.03 19.43 272.65 0.40
AFCB Affiliated Community Bancorp 12.848 0.00 8.57 17.28 173.83 0.48
ANDB Andover Bancorp Inc. 1.563 6.34 23.27 20.20 248.73 0.64
BFD BostonFed Bancorp Inc. 10.000 -1.21 6.88 15.43 170.04 0.24
CEBK Central Co-operative Bank 2.000 17.78 36.77 18.05 182.40 0.32
EIRE Emerald Isle Bancorp Inc. 0.666 2.38 51.76 13.78 197.13 0.28
FCB Falmouth Bancorp Inc. 10.250 -1.22 19.12 15.40 64.56 0.15
FESX First Essex Bancorp Inc. 1.000 1.92 18.66 11.90 160.72 0.48
FAB FirstFed America Bancorp Inc. 13.625 5.10 3.77 15.63 118.99 NA
HIFS Hingham Instit. for Savings 1.625 -4.82 13.02 16.10 165.89 0.53
HPBC Home Port Bancorp Inc. 3.000 3.23 14.29 11.65 109.13 0.80
IPSW Ipswich Savings Bank 1.100 -0.96 7.29 4.78 85.17 0.11
LSBX Lawrence Savings Bank 0.500 3.74 21.98 7.84 82.39 0.00
MASB MASSBANK Corp. 6.375 3.45 18.81 28.25 261.97 0.83
MFLR Mayflower Co-operative Bank 2.000 3.99 39.65 13.67 141.14 0.54
MDBK Medford Savings Bank 3.250 5.71 19.35 21.96 243.63 0.86
MWBX MetroWest Bank 0.750 0.00 32.00 3.13 41.97 0.17
PBKB People's Bancshares Inc. 0.750 7.38 19.40 8.96 218.53 0.39
SWCB Sandwich Bancorp Inc. 1.875 15.97 27.48 21.16 266.68 1.20
SISB SIS Bancorp Inc. 9.625 -0.74 14.47 18.94 260.36 0.38
SOSA Somerset Savings Bank 0.313 -4.88 36.82 2.06 31.25 0.00
WRNB Warren Bancorp Inc. 0.500 1.85 16.20 10.20 95.86 0.85
EQSB Equitable Federal Savings Bank 11.250 2.56 15.94 25.80 511.79 0.00
HRBF Harbor Federal Bancorp Inc. 9.750 4.82 14.47 16.74 128.26 0.42
MFSL Maryland Federal Bancorp 2.165 17.03 20.34 15.42 181.68 0.39
WSB Washington Savings Bank, FSB 0.281 -3.28 9.26 5.16 61.61 0.10
WHGB WHG Bancshares Corp. 10.875 7.44 3.17 14.16 68.56 0.15
FCME First Coastal Corp. 1.500 0.91 29.07 10.66 109.31 0.00
KSBK KSB Bancorp Inc. 3.712 8.93 8.93 8.90 120.87 0.07
MCBN Mid-Coast Bancorp Inc. 8.095 2.57 11.65 22.65 263.84 0.52
NBN Northeast Bancorp 4.625 18.09 91.38 14.27 205.19 0.32
PHBK Peoples Heritage Finl Group 1.875 8.60 17.18 16.42 220.43 0.72
BWFC Bank West Financial Corp. 8.500 7.32 31.34 13.30 94.02 0.28
CFSB CFSB Bancorp Inc. 2.881 15.92 36.54 13.03 169.05 0.57
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
ABBK Abington Bancorp Inc. 17.06 185.28 13.20 19.05
AFCB Affiliated Community Bancorp 16.38 164.93 16.40 16.38
ANDB Andover Bancorp Inc. 15.16 186.88 15.18 15.53
BFD BostonFed Bancorp Inc. 18.03 132.05 11.98 19.78
CEBK Central Co-operative Bank 17.67 146.81 14.53 18.79
EIRE Emerald Isle Bancorp Inc. 20.54 234.03 16.36 19.43
FCB Falmouth Bancorp Inc. 38.94 131.49 31.37 40.50
FESX First Essex Bancorp Inc. 14.40 167.02 12.37 16.99
FAB FirstFed America Bancorp Inc. NA 131.96 17.33 NA
HIFS Hingham Instit. for Savings 13.70 168.48 16.35 13.70
HPBC Home Port Bancorp Inc. 13.64 206.01 21.99 13.71
IPSW Ipswich Savings Bank 15.33 269.35 15.12 18.93
LSBX Lawrence Savings Bank 10.13 176.98 16.84 10.13
MASB MASSBANK Corp. 16.67 159.29 17.18 17.72
MFLR Mayflower Co-operative Bank 17.58 178.77 17.31 19.71
MDBK Medford Savings Bank 15.48 168.49 15.19 16.67
MWBX MetroWest Bank 15.57 263.58 19.66 15.57
PBKB People's Bancshares Inc. 14.81 223.21 9.15 27.03
SWCB Sandwich Bancorp Inc. 17.69 197.31 15.66 18.00
SISB SIS Bancorp Inc. 16.40 177.53 12.91 16.56
SOSA Somerset Savings Bank 15.73 236.65 15.60 16.25
WRNB Warren Bancorp Inc. 10.58 202.21 21.52 13.05
EQSB Equitable Federal Savings Bank 21.84 174.42 8.79 13.64
HRBF Harbor Federal Bancorp Inc. 23.14 129.93 16.96 23.14
MFSL Maryland Federal Bancorp 23.15 172.67 14.65 16.33
WSB Washington Savings Bank, FSB 30.73 142.93 11.97 21.69
WHGB WHG Bancshares Corp. 46.43 114.76 23.70 28.02
FCME First Coastal Corp. 3.08 130.16 12.69 3.20
KSBK KSB Bancorp Inc. 11.82 171.35 12.62 11.73
MCBN Mid-Coast Bancorp Inc. 14.82 126.93 10.90 15.63
NBN Northeast Bancorp 23.32 194.46 13.52 29.52
PHBK Peoples Heritage Finl Group 16.72 259.59 19.34 16.72
BWFC Bank West Financial Corp. 23.91 165.41 23.40 42.31
CFSB CFSB Bancorp Inc. 18.98 272.45 21.00 20.29
123
KELLER & COMPANY Page 6
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
***************************************************
Latest All Time All Time Monthly
Price High Low Change
State Exchange ($) ($) ($) (%)
----- -------- -------- -------- -------- --------
DNFC D & N Financial Corp. MI NASDAQ 24.125 25.375 2.500 1.05
FLGS Flagstar Bancorp Inc. MI NASDAQ 18.250 21.750 13.000 -6.41
MSBF MSB Financial Inc. MI NASDAQ 19.500 19.500 5.375 10.64
MSBK Mutual Savings Bank FSB MI NASDAQ 13.000 25.500 3.000 6.12
OFCP Ottawa Financial Corp. MI NASDAQ 27.500 28.250 9.318 3.29
THR Three Rivers Financial Corp. MI AMSE 19.750 20.500 11.375 9.72
BDJI First Federal Bancorporation MN NASDAQ 28.000 28.000 10.625 13.71
FFHH FSF Financial Corp. MN NASDAQ 20.000 21.000 7.750 4.58
HMNF HMN Financial Inc. MN NASDAQ 25.875 26.500 9.313 6.70
MIVI Mississippi View Holding Co. MN NASDAQ 18.250 19.750 8.500 1.39
QCFB QCF Bancorp Inc. MN NASDAQ 28.500 28.500 11.000 0.00
WEFC Wells Financial Corp. MN NASDAQ 17.750 19.000 9.000 4.41
CMRN Cameron Financial Corp MO NASDAQ 19.625 19.875 10.688 8.28
CAPS Capital Savings Bancorp Inc. MO NASDAQ 22.375 22.500 6.125 29.71
CBES CBES Bancorp Inc. MO NASDAQ 20.375 22.375 12.625 6.54
CNSB CNS Bancorp Inc. MO NASDAQ 20.000 20.000 11.000 15.94
FBSI First Bancshares Inc. MO NASDAQ 26.250 28.000 10.250 6.60
FTNB Fulton Bancorp Inc. MO NASDAQ 20.250 26.500 12.500 5.19
GSBC Great Southern Bancorp Inc. MO NASDAQ 21.875 22.125 1.146 8.70
HFSA Hardin Bancorp Inc. MO NASDAQ 17.500 18.625 11.000 -0.71
JSBA Jefferson Savings Bancorp MO NASDAQ 43.250 44.000 13.250 8.13
JOAC Joachim Bancorp Inc. MO NASDAQ 14.750 15.625 11.500 -0.84
LXMO Lexington B&L Financial Corp. MO NASDAQ 16.750 17.250 9.500 2.29
MBLF MBLA Financial Corp. MO NASDAQ 27.000 27.000 12.750 4.85
NASB North American Savings Bank MO NASDAQ 49.938 55.625 2.500 0.38
NSLB NS&L Bancorp Inc. MO NASDAQ 18.750 19.500 11.750 2.74
PCBC Perry County Financial Corp. MO NASDAQ 23.250 25.000 12.375 13.41
SMFC Sho-Me Financial Corp. MO NASDAQ 47.000 48.000 9.375 3.87
SMBC Southern Missouri Bancorp Inc. MO NASDAQ 19.000 19.500 8.875 7.04
CFTP Community Federal Bancorp MS NASDAQ 17.125 20.000 12.250 4.58
FFBS FFBS BanCorp Inc. MS NASDAQ 22.500 26.000 12.000 1.98
EFBC Empire Federal Bancorp Inc. MT NASDAQ 16.500 18.250 12.500 3.94
GBCI Glacier Bancorp Inc. MT NASDAQ 20.750 22.500 0.997 3.75
UBMT United Financial Corp. MT NASDAQ 27.000 27.000 5.625 12.50
PER SHARE
***************************************************
Quarterly Book 12 Month
Change Value Assets Div.
(%) ($) ($) ($)
-------- -------- -------- --------
DNFC D & N Financial Corp. 26.97 11.18 212.76 0.05
FLGS Flagstar Bancorp Inc. -5.81 8.89 148.74 NA
MSBF MSB Financial Inc. 22.83 10.33 62.43 0.27
MSBK Mutual Savings Bank FSB 20.93 9.73 152.86 0.00
OFCP Ottawa Financial Corp. 18.05 14.15 161.95 0.35
THR Three Rivers Financial Corp. 25.40 15.75 114.40 0.37
BDJI First Federal Bancorporation 33.33 17.75 165.77 0.00
FFHH FSF Financial Corp. 12.68 16.24 128.96 0.50
HMNF HMN Financial Inc. 4.02 20.09 135.06 0.00
MIVI Mississippi View Holding Co. 17.74 16.30 92.60 0.16
QCFB QCF Bancorp Inc. 11.76 18.83 114.49 0.00
WEFC Wells Financial Corp. 7.58 14.86 104.50 0.12
CMRN Cameron Financial Corp 11.35 17.18 79.23 0.28
CAPS Capital Savings Bancorp Inc. 42.06 11.70 128.06 0.24
CBES CBES Bancorp Inc. 13.99 17.60 104.04 0.30
CNSB CNS Bancorp Inc. 19.40 14.34 58.93 0.21
FBSI First Bancshares Inc. 8.25 20.74 148.97 0.20
FTNB Fulton Bancorp Inc. -2.41 14.88 60.32 NA
GSBC Great Southern Bancorp Inc. 25.00 7.79 90.04 0.40
HFSA Hardin Bancorp Inc. 6.06 15.75 136.57 0.44
JSBA Jefferson Savings Bancorp 32.06 24.57 251.23 0.38
JOAC Joachim Bancorp Inc. 1.72 13.66 48.55 0.50
LXMO Lexington B&L Financial Corp. 5.51 14.73 52.03 0.15
MBLF MBLA Financial Corp. 13.68 22.35 176.63 0.40
NASB North American Savings Bank -3.50 25.37 330.46 0.71
NSLB NS&L Bancorp Inc. 1.52 16.51 84.40 0.50
PCBC Perry County Financial Corp. 8.77 18.81 97.97 0.40
SMFC Sho-Me Financial Corp. 26.17 22.63 230.05 0.00
SMBC Southern Missouri Bancorp Inc. 11.76 16.36 101.29 0.50
CFTP Community Federal Bancorp -4.86 13.40 46.65 2.80
FFBS FFBS BanCorp Inc. -2.17 15.07 85.83 2.50
EFBC Empire Federal Bancorp Inc. 4.76 15.51 42.64 NA
GBCI Glacier Bancorp Inc. 16.90 8.41 84.21 0.45
UBMT United Financial Corp. 14.89 20.24 84.26 0.95
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
DNFC D & N Financial Corp. 14.89 215.79 11.34 16.08
FLGS Flagstar Bancorp Inc. 40.56 205.29 12.27 NA
MSBF MSB Financial Inc. 21.91 188.77 31.23 22.67
MSBK Mutual Savings Bank FSB 86.67 133.61 8.50 NM
OFCP Ottawa Financial Corp. 22.36 194.35 16.98 22.92
THR Three Rivers Financial Corp. 18.63 125.40 17.26 19.55
BDJI First Federal Bancorporation 23.14 157.75 16.89 23.73
FFHH FSF Financial Corp. 18.87 123.15 15.51 19.05
HMNF HMN Financial Inc. 18.35 128.80 19.16 21.56
MIVI Mississippi View Holding Co. 19.01 111.96 19.71 19.21
QCFB QCF Bancorp Inc. 14.54 151.35 24.89 14.54
WEFC Wells Financial Corp. 16.14 119.45 16.99 16.28
CMRN Cameron Financial Corp 24.84 114.23 24.77 19.63
CAPS Capital Savings Bancorp Inc. 18.80 191.24 17.47 19.29
CBES CBES Bancorp Inc. 15.92 115.77 19.58 17.56
CNSB CNS Bancorp Inc. 39.22 139.47 33.94 38.46
FBSI First Bancshares Inc. 15.44 126.57 17.62 17.05
FTNB Fulton Bancorp Inc. NA 136.09 33.57 NA
GSBC Great Southern Bancorp Inc. 14.30 280.81 24.29 15.09
HFSA Hardin Bancorp Inc. 18.23 111.11 12.81 19.23
JSBA Jefferson Savings Bancorp 20.12 176.03 17.22 20.69
JOAC Joachim Bancorp Inc. 38.82 107.98 30.38 38.82
LXMO Lexington B&L Financial Corp. 29.39 113.71 32.19 22.04
MBLF MBLA Financial Corp. 20.15 120.81 15.29 19.71
NASB North American Savings Bank 12.33 196.84 15.11 13.07
NSLB NS&L Bancorp Inc. 42.61 113.57 22.22 31.25
PCBC Perry County Financial Corp. 24.22 123.60 23.73 17.22
SMFC Sho-Me Financial Corp. 17.54 207.69 20.43 18.43
SMBC Southern Missouri Bancorp Inc. 20.21 116.14 18.76 20.65
CFTP Community Federal Bancorp 24.46 127.80 36.71 24.46
FFBS FFBS BanCorp Inc. 18.75 149.30 26.21 18.75
EFBC Empire Federal Bancorp Inc. NA 106.38 38.70 NA
GBCI Glacier Bancorp Inc. 17.01 246.73 24.64 16.60
UBMT United Financial Corp. 21.95 133.40 32.04 22.13
124
KELLER & COMPANY Page 7
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
*****************************************
Latest All Time All Time
Price High Low
State Exchange ($) ($) ($)
----- -------- -------- -------- --------
WSTR WesterFed Financial Corp. MT NASDAQ 23.563 27.000 11.375
CFNC Carolina Fincorp Inc. NC NASDAQ 17.375 17.875 13.000
CENB Century Bancorp Inc. NC NASDAQ 80.000 84.000 62.000
COOP Cooperative Bankshares Inc. NC NASDAQ 17.375 17.750 1.734
SOPN First Savings Bancorp Inc. NC NASDAQ 24.375 25.000 13.500
GSFC Green Street Financial Corp. NC NASDAQ 18.500 20.750 12.125
HBS Haywood Bancshares Inc. NC AMSE 21.000 22.625 9.500
HFNC HFNC Financial Corp. NC NASDAQ 14.875 22.063 13.125
KSAV KS Bancorp Inc. NC NASDAQ 22.500 25.500 8.719
MBSP Mitchell Bancorp Inc. NC NASDAQ 17.500 18.000 10.190
PDB Piedmont Bancorp Inc. NC AMSE 10.375 19.125 9.250
SSB Scotland Bancorp Inc. NC AMSE 10.250 19.250 10.188
SSFC South Street Financial Corp. NC NASDAQ 17.500 20.000 12.125
SSM Stone Street Bancorp Inc. NC AMSE 20.250 27.250 16.250
UFRM United Federal Savings Bank NC NASDAQ 11.500 12.750 1.750
CFB Commercial Federal Corp. NE NYSE 48.063 51.188 1.083
CFX CFX Corp. NH AMSE 27.750 27.750 3.290
NHTB New Hampshire Thrift Bncshrs NH NASDAQ 21.000 22.750 1.750
FBER 1st Bergen Bancorp NJ NASDAQ 18.625 19.500 9.000
FSNJ Bayonne Bancshares Inc. NJ NASDAQ 12.000 13.063 3.665
FSPG First Home Bancorp Inc. NJ NASDAQ 23.750 23.750 1.898
FMCO FMS Financial Corp. NJ NASDAQ 29.375 31.500 1.500
IBSF IBS Financial Corp. NJ NASDAQ 17.438 18.750 7.312
LVSB Lakeview Financial NJ NASDAQ 24.125 26.000 3.668
LFBI Little Falls Bancorp Inc. NJ NASDAQ 20.000 20.000 9.500
OCFC Ocean Financial Corp. NJ NASDAQ 37.125 38.375 19.625
PBCI Pamrapo Bancorp Inc. NJ NASDAQ 23.875 26.750 2.563
PFSB PennFed Financial Services Inc NJ NASDAQ 33.188 33.500 9.063
PULS Pulse Bancorp NJ NASDAQ 24.500 29.750 4.000
RARB Raritan Bancorp Inc. NJ NASDAQ 27.250 28.625 3.445
SFIN Statewide Financial Corp. NJ NASDAQ 21.500 22.625 11.250
WYNE Wayne Bancorp Inc. NJ NASDAQ 22.750 24.875 10.750
WWFC Westwood Financial Corp. NJ NASDAQ 27.625 28.000 10.250
AABC Access Anytime Bancorp Inc. NM NASDAQ 10.125 10.625 1.716
PER SHARE
***************************************************************** *
Monthly Quarterly Book 12 Month
Change Change Value Assets Div.
(%) (%) ($) ($) ($)
-------- -------- -------- -------- --------
WSTR WesterFed Financial Corp. -4.80 8.65 19.03 179.16 0.46
CFNC Carolina Fincorp Inc. 2.21 0.00 13.92 61.61 NA
CENB Century Bancorp Inc. -4.76 3.23 75.05 247.80 NA
COOP Cooperative Bankshares Inc. 8.59 32.38 9.27 120.51 0.00
SOPN First Savings Bancorp Inc. 3.72 16.07 18.43 80.11 0.79
GSFC Green Street Financial Corp. 2.78 -2.63 14.64 41.40 0.57
HBS Haywood Bancshares Inc. -0.59 10.53 17.33 122.20 0.56
HFNC HFNC Financial Corp. 0.00 -6.30 9.48 50.42 5.28
KSAV KS Bancorp Inc. 4.65 21.62 16.44 124.17 0.94
MBSP Mitchell Bancorp Inc. 2.94 5.26 15.36 37.16 0.40
PDB Piedmont Bancorp Inc. -5.68 -1.19 7.56 46.00 7.40
SSB Scotland Bancorp Inc. -3.53 -43.45 7.61 33.65 6.30
SSFC South Street Financial Corp. -1.41 -3.45 14.84 53.49 NA
SSM Stone Street Bancorp Inc. 0.00 -4.71 16.32 55.20 4.56
UFRM United Federal Savings Bank 1.10 -2.13 6.82 92.95 0.22
CFB Commercial Federal Corp. 0.00 19.04 20.59 333.95 0.28
CFX CFX Corp. 11.56 45.10 10.25 117.66 0.88
NHTB New Hampshire Thrift Bncshrs -4.55 21.74 12.04 153.92 0.50
FBER 1st Bergen Bancorp 2.05 4.93 13.57 99.40 0.14
FSNJ Bayonne Bancshares Inc. 3.23 0.00 10.58 67.73 NA
FSPG First Home Bancorp Inc. 5.56 18.01 13.31 193.87 0.40
FMCO FMS Financial Corp. 3.07 16.34 15.80 243.60 0.22
IBSF IBS Financial Corp. 8.99 1.09 11.69 67.10 0.54
LVSB Lakeview Financial 0.26 49.61 13.71 112.19 0.12
LFBI Little Falls Bancorp Inc. 14.29 15.11 14.53 124.40 0.13
OCFC Ocean Financial Corp. 0.34 10.00 27.63 182.15 0.40
PBCI Pamrapo Bancorp Inc. 5.52 13.02 16.89 130.84 0.98
PFSB PennFed Financial Services Inc 11.32 14.94 22.43 282.83 0.28
PULS Pulse Bancorp -6.22 18.07 14.03 170.75 0.70
RARB Raritan Bancorp Inc. -1.80 22.47 12.64 171.68 0.45
SFIN Statewide Financial Corp. 10.26 14.28 14.34 153.15 0.41
WYNE Wayne Bancorp Inc. 1.11 -7.14 16.49 132.73 0.15
WWFC Westwood Financial Corp. 0.45 13.92 15.95 171.14 0.25
AABC Access Anytime Bancorp Inc. 21.50 50.22 7.51 86.81 0.00
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
WSTR WesterFed Financial Corp. 18.70 123.82 13.15 19.47
CFNC Carolina Fincorp Inc. NA 124.82 28.20 NA
CENB Century Bancorp Inc. NA 106.60 32.28 NA
COOP Cooperative Bankshares Inc. 25.18 187.43 14.42 25.18
SOPN First Savings Bancorp Inc. 19.82 132.26 30.43 19.82
GSFC Green Street Financial Corp. 27.61 126.37 44.69 27.61
HBS Haywood Bancshares Inc. 13.46 121.18 17.18 13.46
HFNC HFNC Financial Corp. 22.20 156.91 29.50 25.65
KSAV KS Bancorp Inc. 17.05 136.86 18.12 17.18
MBSP Mitchell Bancorp Inc. 28.23 113.93 47.09 28.23
PDB Piedmont Bancorp Inc. NM 137.24 22.55 39.90
SSB Scotland Bancorp Inc. 13.85 134.69 30.46 13.85
SSFC South Street Financial Corp. NA 117.92 32.72 NA
SSM Stone Street Bancorp Inc. 22.75 124.08 36.68 22.75
UFRM United Federal Savings Bank 18.25 168.62 12.37 23.00
CFB Commercial Federal Corp. 16.13 233.43 14.39 16.07
CFX CFX Corp. 25.69 270.73 23.58 21.35
NHTB New Hampshire Thrift Bncshrs 21.21 174.42 13.64 26.25
FBER 1st Bergen Bancorp 25.51 137.25 18.74 25.51
FSNJ Bayonne Bancshares Inc. NA 113.42 17.72 NA
FSPG First Home Bancorp Inc. 13.81 178.44 12.25 14.14
FMCO FMS Financial Corp. 12.88 185.92 12.06 12.94
IBSF IBS Financial Corp. 32.29 149.17 25.99 32.29
LVSB Lakeview Financial 20.10 175.97 21.50 27.73
LFBI Little Falls Bancorp Inc. 29.85 137.65 16.08 33.33
OCFC Ocean Financial Corp. 22.64 134.36 20.38 22.64
PBCI Pamrapo Bancorp Inc. 14.56 141.36 18.25 14.74
PFSB PennFed Financial Services Inc 15.29 147.96 11.73 15.29
PULS Pulse Bancorp 13.61 174.63 14.35 13.61
RARB Raritan Bancorp Inc. 17.69 215.59 15.87 17.93
SFIN Statewide Financial Corp. 16.93 149.93 14.04 16.93
WYNE Wayne Bancorp Inc. 21.06 137.96 17.14 21.06
WWFC Westwood Financial Corp. 23.02 173.20 16.14 21.58
AABC Access Anytime Bancorp Inc. 8.10 134.82 11.66 9.04
125
KELLER & COMPANY Page 8
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
****************************************
Latest All Time All Time
Price High Low
State Exchange ($) ($) ($)
----- -------- -------- -------- --------
GUPB GFSB Bancorp Inc. NM NASDAQ 20.250 22.250 12.875
AFED AFSALA Bancorp Inc. NY NASDAQ 19.125 19.500 11.313
ALBK ALBANK Financial Corp. NY NASDAQ 46.250 47.750 9.167
ALBC Albion Banc Corp. NY NASDAQ 29.000 30.500 10.500
AHCI Ambanc Holding Co. NY NASDAQ 17.000 17.375 9.375
ASFC Astoria Financial Corp. NY NASDAQ 55.125 56.625 12.688
CNY Carver Bancorp Inc. NY AMSE 17.063 17.063 6.250
CATB Catskill Financial Corp. NY NASDAQ 17.625 19.125 9.875
DME Dime Bancorp Inc. NY NYSE 24.250 26.375 1.625
DIME Dime Community Bancorp Inc. NY NASDAQ 23.250 23.625 11.687
ESBK Elmira Savings Bank (The) NY NASDAQ 30.000 31.000 9.091
FIBC Financial Bancorp Inc. NY NASDAQ 24.813 25.750 8.500
FFIC Flushing Financial Corp. NY NASDAQ 22.250 24.000 14.125
GPT GreenPoint Financial Corp. NY NYSE 66.625 69.375 17.625
GOSB GSB Financial Corp. NY NASDAQ 15.625 16.750 14.250
HAVN Haven Bancorp Inc. NY NASDAQ 43.000 45.375 10.000
JSB JSB Financial Inc. NY NYSE 46.625 49.563 10.750
LISB Long Island Bancorp Inc. NY NASDAQ 47.125 47.500 12.090
MBB MSB Bancorp Inc. NY AMSE 29.000 29.500 10.750
NYB New York Bancorp Inc. NY NYSE 35.375 36.313 1.213
PEEK Peekskill Financial Corp. NY NASDAQ 17.500 18.250 11.125
PKPS Poughkeepsie Financial Corp. NY NASDAQ 9.938 26.750 0.875
PSBK Progressive Bank Inc. NY NASDAQ 33.750 38.000 1.667
QCSB Queens County Bancorp Inc. NY NASDAQ 35.000 37.750 7.111
RELY Reliance Bancorp Inc. NY NASDAQ 33.125 33.500 8.875
RSLN Roslyn Bancorp Inc. NY NASDAQ 21.750 24.313 15.000
SFED SFS Bancorp Inc. NY NASDAQ 22.125 24.500 11.000
SKAN Skaneateles Bancorp Inc. NY NASDAQ 27.000 32.000 4.250
TPNZ Tappan Zee Financial Inc. NY NASDAQ 19.750 22.625 11.250
ROSE TR Financial Corp. NY NASDAQ 32.875 33.500 4.938
YFCB Yonkers Financial Corporation NY NASDAQ 18.500 22.000 9.310
ASBP ASB Financial Corp. OH NASDAQ 13.125 18.250 11.375
CAFI Camco Financial Corp. OH NASDAQ 24.000 24.000 4.310
COFI Charter One Financial OH NASDAQ 59.250 61.905 3.125
PER SHARE
*****************************************************************
Monthly Quarterly Book 12 Month
Change Change Value Assets Div.
(%) (%) ($) ($) ($)
-------- -------- -------- -------- --------
GUPB GFSB Bancorp Inc. -4.71 8.00 17.60 137.33 0.40
AFED AFSALA Bancorp Inc. 2.00 21.43 15.92 109.42 NA
ALBK ALBANK Financial Corp. 1.65 20.92 26.69 288.76 0.63
ALBC Albion Banc Corp. 0.00 24.73 24.25 283.18 0.47
AHCI Ambanc Holding Co. 3.42 7.94 13.98 122.91 0.05
ASFC Astoria Financial Corp. 8.49 17.91 29.51 382.48 0.52
CNY Carver Bancorp Inc. 36.50 36.50 15.08 179.56 0.05
CATB Catskill Financial Corp. 0.71 6.82 15.41 62.19 0.21
DME Dime Bancorp Inc. 0.78 27.21 10.38 191.28 0.08
DIME Dime Community Bancorp Inc. 12.05 25.25 14.81 109.73 0.05
ESBK Elmira Savings Bank (The) 6.67 30.43 21.07 323.16 0.64
FIBC Financial Bancorp Inc. 10.28 25.64 15.71 173.69 0.38
FFIC Flushing Financial Corp. 5.33 10.56 17.08 120.27 0.20
GPT GreenPoint Financial Corp. 7.03 8.44 33.65 305.75 0.95
GOSB GSB Financial Corp. 4.17 6.84 NA NA NA
HAVN Haven Bancorp Inc. 2.08 16.22 25.07 417.98 0.60
JSB JSB Financial Inc. -0.80 3.04 35.91 154.68 1.35
LISB Long Island Bancorp Inc. 7.71 19.30 22.74 246.88 0.60
MBB MSB Bancorp Inc. 5.94 25.41 22.40 272.13 0.60
NYB New York Bancorp Inc. 7.20 15.51 7.93 152.18 0.53
PEEK Peekskill Financial Corp. 4.48 7.69 14.81 56.76 0.36
PKPS Poughkeepsie Financial Corp. 0.00 37.08 5.91 70.18 0.10
PSBK Progressive Bank Inc. -0.74 2.66 20.18 231.09 0.64
QCSB Queens County Bancorp Inc. -2.10 -2.55 13.26 102.00 0.52
RELY Reliance Bancorp Inc. 8.61 10.42 19.29 233.55 0.62
RSLN Roslyn Bancorp Inc. 0.00 -1.97 14.04 79.60 NA
SFED SFS Bancorp Inc. 2.91 13.46 17.64 141.42 0.26
SKAN Skaneateles Bancorp Inc. -10.74 21.35 18.15 259.29 0.40
TPNZ Tappan Zee Financial Inc. -3.66 16.18 14.36 83.74 0.22
ROSE TR Financial Corp. 8.23 19.55 13.94 209.84 0.49
YFCB Yonkers Financial Corporation -1.33 6.47 14.53 103.60 0.21
ASBP ASB Financial Corp. -1.87 0.00 10.30 66.15 5.40
CAFI Camco Financial Corp. 6.67 34.98 14.98 156.23 0.49
COFI Charter One Financial 0.85 16.69 21.63 306.62 0.91
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
GUPB GFSB Bancorp Inc. 21.09 115.06 14.75 21.09
AFED AFSALA Bancorp Inc. NA 120.13 17.48 NA
ALBK ALBANK Financial Corp. 17.39 173.29 16.02 17.45
ALBC Albion Banc Corp. 21.80 119.59 10.24 22.14
AHCI Ambanc Holding Co. NM 121.60 13.83 NM
ASFC Astoria Financial Corp. 19.07 186.80 14.41 20.19
CNY Carver Bancorp Inc. NM 113.15 9.50 51.71
CATB Catskill Financial Corp. 21.49 114.37 28.34 22.03
DME Dime Bancorp Inc. 19.56 233.62 12.68 19.88
DIME Dime Community Bancorp Inc. 21.73 156.99 21.19 23.02
ESBK Elmira Savings Bank (The) 22.06 142.38 9.28 27.27
FIBC Financial Bancorp Inc. 16.54 157.94 14.29 15.61
FFIC Flushing Financial Corp. 20.99 130.27 18.50 20.79
GPT GreenPoint Financial Corp. 18.71 197.99 21.79 19.42
GOSB GSB Financial Corp. NA NA NA NA
HAVN Haven Bancorp Inc. 17.00 171.52 10.29 16.93
JSB JSB Financial Inc. 16.36 129.84 30.14 18.36
LISB Long Island Bancorp Inc. 22.66 207.23 19.09 26.62
MBB MSB Bancorp Inc. 25.89 129.46 10.66 25.89
NYB New York Bancorp Inc. 15.72 446.09 23.25 17.34
PEEK Peekskill Financial Corp. 26.12 118.16 30.83 26.12
PKPS Poughkeepsie Financial Corp. 28.39 168.16 14.16 28.39
PSBK Progressive Bank Inc. 15.34 167.24 14.60 15.63
QCSB Queens County Bancorp Inc. 24.65 263.95 34.31 25.00
RELY Reliance Bancorp Inc. 17.34 171.72 14.18 18.40
RSLN Roslyn Bancorp Inc. NA 154.91 27.32 NA
SFED SFS Bancorp Inc. 22.35 125.43 15.64 22.35
SKAN Skaneateles Bancorp Inc. 15.17 148.76 10.41 15.70
TPNZ Tappan Zee Financial Inc. 27.43 137.53 23.58 27.82
ROSE TR Financial Corp. 17.58 235.83 15.67 19.57
YFCB Yonkers Financial Corporation 18.14 127.32 17.86 17.96
ASBP ASB Financial Corp. 18.49 127.43 19.84 19.59
CAFI Camco Financial Corp. 13.87 160.21 15.36 16.33
COFI Charter One Financial 16.41 273.93 19.32 16.78
126
KELLER & COMPANY Page 9
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
****************************************
Latest All Time All Time
Price High Low
State Exchange ($) ($) ($)
----- -------- -------- -------- --------
CTZN CitFed Bancorp Inc. OH NASDAQ 50.625 55.500 6.167
CIBI Community Investors Bancorp OH NASDAQ 15.750 17.000 7.167
DCBI Delphos Citizens Bancorp Inc. OH NASDAQ 17.500 18.250 11.750
EMLD Emerald Financial Corp. OH NASDAQ 19.250 19.250 7.750
EFBI Enterprise Federal Bancorp OH NASDAQ 27.750 27.750 11.250
FFDF FFD Financial Corp. OH NASDAQ 18.375 19.500 10.000
FFYF FFY Financial Corp. OH NASDAQ 29.750 30.125 12.250
FFOH Fidelity Financial of Ohio OH NASDAQ 15.000 16.375 3.112
FDEF First Defiance Financial OH NASDAQ 15.250 16.000 5.790
FFBZ First Federal Bancorp Inc. OH NASDAQ 19.250 20.500 3.125
FFHS First Franklin Corp. OH NASDAQ 26.000 26.000 3.500
GFCO Glenway Financial Corp. OH NASDAQ 19.000 19.000 7.710
HHFC Harvest Home Financial Corp. OH NASDAQ 14.750 14.750 8.750
HCFC Home City Financial Corp. OH NASDAQ 18.000 18.000 12.000
INBI Industrial Bancorp Inc. OH NASDAQ 18.000 18.250 9.875
LONF London Financial Corporation OH NASDAQ 14.750 21.000 9.750
MRKF Market Financial Corp. OH NASDAQ 15.250 15.750 12.250
METF Metropolitan Financial Corp. OH NASDAQ 28.500 30.625 10.500
MFFC Milton Federal Financial Corp. OH NASDAQ 15.000 17.125 10.000
OSFS Ohio State Financial Services OH NASDAQ 14.750 15.500 14.750
OHSL OHSL Financial Corp. OH NASDAQ 27.750 28.250 11.500
PFFC Peoples Financial Corp. OH NASDAQ 14.000 19.000 10.875
PSFC Peoples-Sidney Financial Corp. OH NASDAQ 17.250 18.500 12.563
PTRS Potters Financial Corp. OH NASDAQ 34.000 34.000 9.000
PVFC PVF Capital Corp. OH NASDAQ 20.500 21.750 3.924
SFSL Security First Corp. OH NASDAQ 19.500 19.500 1.083
WOFC Western Ohio Financial Corp. OH NASDAQ 25.750 29.250 14.750
WEHO Westwood Homestead Fin. Corp. OH NASDAQ 17.500 18.000 10.375
WFI Winton Financial Corp. OH AMSE 20.000 20.500 3.750
FFWD Wood Bancorp Inc. OH NASDAQ 18.500 18.750 5.333
KFBI Klamath First Bancorp OR NASDAQ 21.875 24.250 12.500
OTFC Oregon Trail Financial Corp. OR NASDAQ 16.000 16.750 15.625
WFSG Wilshire Financial Services OR NASDAQ 27.625 33.500 13.500
CVAL Chester Valley Bancorp Inc. PA NASDAQ 26.250 27.500 2.955
PER SHARE
*****************************************************************
Monthly Quarterly Book 12 Month
Change Change Value Assets Div.
(%) (%) ($) ($) ($)
-------- -------- -------- -------- --------
CTZN CitFed Bancorp Inc. 2.27 16.71 23.88 380.60 0.33
CIBI Community Investors Bancorp 5.00 5.00 12.09 102.94 0.28
DCBI Delphos Citizens Bancorp Inc. 0.00 8.53 14.65 55.01 NA
EMLD Emerald Financial Corp. 8.45 37.50 9.28 118.99 0.24
EFBI Enterprise Federal Bancorp 5.71 38.75 15.82 138.42 1.75
FFDF FFD Financial Corp. -0.68 24.58 14.86 61.06 0.25
FFYF FFY Financial Corp. 4.39 8.18 20.30 148.22 0.70
FFOH Fidelity Financial of Ohio -3.23 -4.76 12.34 94.75 0.26
FDEF First Defiance Financial -3.17 1.67 12.61 64.13 0.32
FFBZ First Federal Bancorp Inc. -1.91 4.05 9.06 129.33 0.24
FFHS First Franklin Corp. 13.04 31.65 17.49 193.95 0.34
GFCO Glenway Financial Corp. 24.08 55.10 12.17 128.62 0.36
HHFC Harvest Home Financial Corp. 0.00 25.53 11.31 95.75 3.40
HCFC Home City Financial Corp. 16.13 16.13 15.20 77.50 NA
INBI Industrial Bancorp Inc. 4.35 19.01 11.76 68.46 0.34
LONF London Financial Corporation -27.61 -1.67 14.60 74.23 0.24
MRKF Market Financial Corp. 1.67 7.49 14.89 42.02 NA
METF Metropolitan Financial Corp. 40.74 57.24 9.90 245.51 0.00
MFFC Milton Federal Financial Corp. -1.64 7.14 12.31 91.09 3.09
OSFS Ohio State Financial Services -1.40 NA 16.47 60.80 NA
OHSL OHSL Financial Corp. 4.72 19.35 21.42 190.02 0.85
PFFC Peoples Financial Corp. 3.70 -17.65 15.78 58.00 NA
PSFC Peoples-Sidney Financial Corp. -1.43 7.81 15.72 57.60 NA
PTRS Potters Financial Corp. 26.51 41.21 22.42 254.43 0.32
PVFC PVF Capital Corp. 2.50 -4.09 10.63 147.96 0.00
SFSL Security First Corp. 9.09 2.63 8.31 89.69 0.31
WOFC Western Ohio Financial Corp. 5.10 8.42 23.40 168.69 1.00
WEHO Westwood Homestead Fin. Corp. 10.24 14.75 14.20 51.35 0.21
WFI Winton Financial Corp. 2.56 24.03 11.72 163.40 0.45
FFWD Wood Bancorp Inc. 5.71 11.28 9.77 78.60 0.29
KFBI Klamath First Bancorp -3.31 14.38 15.64 97.83 0.30
OTFC Oregon Trail Financial Corp. -1.54 NA NA NA NA
WFSG Wilshire Financial Services -3.91 57.86 9.55 180.95 NA
CVAL Chester Valley Bancorp Inc. 0.96 14.84 12.89 147.22 0.38
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
CTZN CitFed Bancorp Inc. 17.64 212.00 13.30 17.64
CIBI Community Investors Bancorp 15.00 130.27 15.30 15.00
DCBI Delphos Citizens Bancorp Inc. NA 119.45 31.81 NA
EMLD Emerald Financial Corp. 16.18 207.44 16.18 17.34
EFBI Enterprise Federal Bancorp 22.56 175.41 20.05 26.94
FFDF FFD Financial Corp. 14.70 123.65 30.09 29.64
FFYF FFY Financial Corp. 16.08 146.55 20.07 16.35
FFOH Fidelity Financial of Ohio 19.23 121.56 15.83 16.85
FDEF First Defiance Financial 25.42 120.94 23.78 25.85
FFBZ First Federal Bancorp Inc. 16.89 212.47 14.88 17.66
FFHS First Franklin Corp. 25.49 148.66 13.41 21.49
GFCO Glenway Financial Corp. 19.19 156.12 14.77 19.79
HHFC Harvest Home Financial Corp. 56.73 130.42 15.40 27.83
HCFC Home City Financial Corp. NA 118.42 23.23 NA
INBI Industrial Bancorp Inc. 17.82 153.06 26.29 18.75
LONF London Financial Corporation 28.37 101.03 19.87 19.16
MRKF Market Financial Corp. NA 102.42 36.29 NA
METF Metropolitan Financial Corp. 19.39 287.88 11.61 20.65
MFFC Milton Federal Financial Corp. 23.81 121.85 16.47 26.79
OSFS Ohio State Financial Services NA 89.56 24.26 NA
OHSL OHSL Financial Corp. 16.92 129.55 14.60 17.45
PFFC Peoples Financial Corp. NA 88.72 24.14 NA
PSFC Peoples-Sidney Financial Corp. NA 109.73 29.95 NA
PTRS Potters Financial Corp. 14.53 151.65 13.36 14.85
PVFC PVF Capital Corp. 11.39 192.85 13.86 11.92
SFSL Security First Corp. 18.75 234.66 21.74 18.75
WOFC Western Ohio Financial Corp. 38.43 110.04 15.26 32.19
WEHO Westwood Homestead Fin. Corp. 35.00 123.24 34.08 31.82
WFI Winton Financial Corp. 12.35 170.65 12.24 14.93
FFWD Wood Bancorp Inc. 18.32 189.36 23.54 19.89
KFBI Klamath First Bancorp 24.86 139.87 22.36 24.86
OTFC Oregon Trail Financial Corp. NA NA NA NA
WFSG Wilshire Financial Services NA 289.27 15.27 NA
CVAL Chester Valley Bancorp Inc. 19.30 203.65 17.83 20.35
127
KELLER & COMPANY Page 10
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
****************************************
Latest All Time All Time
Price High Low
State Exchange ($) ($) ($)
----- -------- -------- -------- --------
CMSB Commonwealth Bancorp Inc. PA NASDAQ 20.375 20.375 5.790
FSBI Fidelity Bancorp Inc. PA NASDAQ 26.625 26.625 3.415
FBBC First Bell Bancorp Inc. PA NASDAQ 17.250 18.375 11.875
FKFS First Keystone Financial PA NASDAQ 32.000 33.250 10.250
SHEN First Shenango Bancorp Inc. PA NASDAQ 33.750 35.000 12.750
GAF GA Financial Inc. PA AMSE 19.250 19.688 10.250
HARL Harleysville Savings Bank PA NASDAQ 29.375 30.250 2.828
LARL Laurel Capital Group Inc. PA NASDAQ 27.750 28.000 3.627
MLBC ML Bancorp Inc. PA NASDAQ 28.750 29.063 6.219
PVSA Parkvale Financial Corporation PA NASDAQ 29.750 29.750 1.720
PWBC PennFirst Bancorp Inc. PA NASDAQ 18.250 19.500 3.654
PWBK Pennwood Bancorp Inc. PA NASDAQ 18.938 19.000 9.000
PHFC Pittsburgh Home Financial Corp PA NASDAQ 20.688 20.813 9.500
PRBC Prestige Bancorp Inc. PA NASDAQ 18.406 19.375 9.750
PFNC Progress Financial Corp. PA NASDAQ 15.500 17.277 0.714
SHSB SHS Bancorp Inc. PA NASDAQ 16.000 16.370 14.750
SVRN Sovereign Bancorp Inc. PA NASDAQ 18.938 19.250 0.837
THRD TF Financial Corp. PA NASDAQ 28.000 28.000 9.750
USAB USABancshares, Inc. PA NASDAQ 9.000 9.750 6.000
WVFC WVS Financial Corp. PA NASDAQ 31.500 34.000 13.000
YFED York Financial Corp. PA NASDAQ 26.500 27.250 3.441
CFCP Coastal Financial Corp. SC NASDAQ 23.000 27.750 1.439
FFCH First Financial Holdings Inc. SC NASDAQ 43.125 44.000 4.000
FSFC First Southeast Financial Corp SC NASDAQ 15.125 20.250 9.125
FSPT FirstSpartan Financial Corp. SC NASDAQ 37.500 39.000 35.000
PALM Palfed Inc. SC NASDAQ 27.000 27.000 3.500
SCCB S. Carolina Community Bancshrs SC NASDAQ 23.000 25.250 12.625
HFFC HF Financial Corp. SD NASDAQ 26.000 27.000 5.500
TWIN Twin City Bancorp TN NASDAQ 13.625 14.500 7.000
BNKU Bank United Corp. TX NASDAQ 42.000 45.375 22.500
CBSA Coastal Bancorp Inc. TX NASDAQ 28.875 33.250 9.875
ETFS East Texas Financial Services TX NASDAQ 20.000 21.500 11.000
FBHC Fort Bend Holding Corp. TX NASDAQ 19.625 24.000 5.188
GLMR Gilmer Financial Svcs, Inc. TX NASDAQ NA 12.000 9.000
PER SHARE
****************************************************************
Monthly Quarterly Book 12 Month
Change Change Value Assets Div.
(%) (%) ($) ($) ($)
-------- -------- -------- -------- --------
CMSB Commonwealth Bancorp Inc. 17.27 18.98 13.02 140.25 0.27
FSBI Fidelity Bancorp Inc. 10.94 25.29 16.65 245.02 0.33
FBBC First Bell Bancorp Inc. 0.73 9.52 11.02 104.63 3.40
FKFS First Keystone Financial 9.40 15.32 20.15 303.99 0.20
SHEN First Shenango Bancorp Inc. -1.46 22.73 22.55 194.02 0.54
GAF GA Financial Inc. 3.36 1.99 14.72 100.63 0.38
HARL Harleysville Savings Bank 0.43 12.98 13.76 207.77 0.39
LARL Laurel Capital Group Inc. 7.77 23.33 15.20 145.22 0.46
MLBC ML Bancorp Inc. 4.07 41.98 14.41 195.17 0.39
PVSA Parkvale Financial Corporation 3.48 26.06 15.20 196.92 0.44
PWBC PennFirst Bancorp Inc. 2.10 16.80 12.96 154.86 0.34
PWBK Pennwood Bancorp Inc. -0.33 13.06 15.34 83.64 0.30
PHFC Pittsburgh Home Financial Corp 10.34 6.09 14.63 138.78 0.29
PRBC Prestige Bancorp Inc. 0.85 7.48 16.88 150.66 0.09
PFNC Progress Financial Corp. 11.71 6.90 5.85 108.91 0.09
SHSB SHS Bancorp Inc. 1.59 NA NA NA NA
SVRN Sovereign Bancorp Inc. 7.83 24.69 7.33 163.55 0.08
THRD TF Financial Corp. 16.67 45.45 19.21 152.95 0.38
USAB USABancshares, Inc. 1.41 10.77 6.73 87.75 0.00
WVFC WVS Financial Corp. 1.61 17.21 19.38 161.47 3.10
YFED York Financial Corp. 26.79 38.74 11.62 131.24 0.48
CFCP Coastal Financial Corp. -6.12 -7.07 6.97 106.32 0.35
FFCH First Financial Holdings Inc. 20.63 34.24 16.45 268.98 0.72
FSFC First Southeast Financial Corp -4.72 0.00 8.20 79.77 0.22
FSPT FirstSpartan Financial Corp. 7.14 5.63 29.17 108.87 NA
PALM Palfed Inc. 7.46 65.51 10.74 126.15 0.11
SCCB S. Carolina Community Bancshrs 6.98 6.98 17.35 65.29 0.60
HFFC HF Financial Corp. 1.96 18.18 18.22 205.07 0.38
TWIN Twin City Bancorp -0.91 2.19 10.87 84.04 0.43
BNKU Bank United Corp. 0.00 16.67 18.94 378.76 0.56
CBSA Coastal Bancorp Inc. -1.70 -5.33 20.13 586.83 0.44
ETFS East Texas Financial Services 4.58 6.67 20.34 112.97 0.20
FBHC Fort Bend Holding Corp. 1.95 18.05 11.88 192.91 0.16
GLMR Gilmer Financial Svcs, Inc. NA NA 19.88 220.49 0.00
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
CMSB Commonwealth Bancorp Inc. 20.17 156.49 14.53 26.12
FSBI Fidelity Bancorp Inc. 15.57 159.91 10.87 15.85
FBBC First Bell Bancorp Inc. 14.87 156.53 16.49 15.27
FKFS First Keystone Financial 14.10 158.81 10.53 15.38
SHEN First Shenango Bancorp Inc. 15.13 149.67 17.40 15.20
GAF GA Financial Inc. 20.05 130.77 19.13 20.48
HARL Harleysville Savings Bank 14.61 213.48 14.14 14.61
LARL Laurel Capital Group Inc. 14.16 182.57 19.11 14.68
MLBC ML Bancorp Inc. 22.82 199.51 14.73 31.94
PVSA Parkvale Financial Corporation 14.88 195.72 15.11 14.88
PWBC PennFirst Bancorp Inc. 17.55 140.82 11.78 17.55
PWBK Pennwood Bancorp Inc. 22.02 123.46 22.64 20.36
PHFC Pittsburgh Home Financial Corp 19.89 141.41 14.91 22.25
PRBC Prestige Bancorp Inc. 20.23 109.04 12.22 20.23
PFNC Progress Financial Corp. 18.02 264.96 14.23 22.79
SHSB SHS Bancorp Inc. NA NA NA NA
SVRN Sovereign Bancorp Inc. 27.85 258.36 11.58 19.52
THRD TF Financial Corp. 22.95 145.76 18.31 26.17
USAB USABancshares, Inc. 31.03 133.73 10.26 34.62
WVFC WVS Financial Corp. 15.22 162.54 19.51 15.29
YFED York Financial Corp. 21.72 228.06 20.19 25.48
CFCP Coastal Financial Corp. 19.33 329.99 21.63 22.33
FFCH First Financial Holdings Inc. 19.34 262.16 16.03 19.87
FSFC First Southeast Financial Corp 18.67 184.45 18.96 18.67
FSPT FirstSpartan Financial Corp. NA 128.56 34.44 NA
PALM Palfed Inc. 56.25 251.40 21.40 32.53
SCCB S. Carolina Community Bancshrs 29.49 132.56 35.23 29.49
HFFC HF Financial Corp. 13.90 142.70 12.68 15.12
TWIN Twin City Bancorp 18.92 125.34 16.21 22.71
BNKU Bank United Corp. 17.36 221.75 11.09 22.34
CBSA Coastal Bancorp Inc. 12.29 143.44 4.92 12.78
ETFS East Texas Financial Services 25.64 98.33 17.70 27.40
FBHC Fort Bend Holding Corp. 20.66 165.19 10.17 26.88
GLMR Gilmer Financial Svcs, Inc. NA NA NA NA
128
KELLER & COMPANY Page 11
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
****************************************
Latest All Time All Time
Price High Low
State Exchange ($) ($) ($)
----- -------- -------- -------- --------
JXVL Jacksonville Bancorp Inc. TX NASDAQ 18.750 19.500 7.141
BFSB Bedford Bancshares Inc. VA NASDAQ 28.250 28.750 10.250
CNIT CENIT Bancorp Inc. VA NASDAQ 68.000 71.000 10.875
CFFC Community Financial Corp. VA NASDAQ 24.750 24.750 4.250
ESX Essex Bancorp Inc. VA AMSE 5.000 19.250 0.750
FFFC FFVA Financial Corp. VA NASDAQ 33.375 35.125 8.250
LIFB Life Bancorp Inc. VA NASDAQ 31.125 31.125 8.313
VABF Virginia Beach Fed. Financial VA NASDAQ 16.625 17.625 1.625
VFFC Virginia First Financial Corp. VA NASDAQ 25.250 25.250 1.250
CASB Cascade Financial Corp. WA NASDAQ 12.750 16.800 2.130
FMSB First Mutual Savings Bank WA NASDAQ 18.250 20.167 1.628
FWWB First SB of Washington Bancorp WA NASDAQ 25.250 26.375 12.375
HRZB Horizon Financial Corp. WA NASDAQ 16.563 18.000 1.970
IWBK InterWest Bancorp Inc. WA NASDAQ 39.500 43.250 8.478
RVSB Riverview Bancorp Inc. WA NASDAQ 15.000 15.000 3.481
STSA Sterling Financial Corp. WA NASDAQ 21.125 22.500 1.878
WFSL Washington Federal Inc. WA NASDAQ 32.188 33.313 1.566
WAMU Washington Mutual Inc. WA NASDAQ 69.125 72.375 1.629
AADV Advantage Bancorp Inc. WI NASDAQ 62.250 62.250 10.600
ABCW Anchor BanCorp Wisconsin WI NASDAQ 31.500 32.250 4.900
FCBF FCB Financial Corp. WI NASDAQ 27.250 28.125 10.000
FTFC First Federal Capital Corp. WI NASDAQ 27.875 29.000 0.966
FNGB First Northern Capital Corp. WI NASDAQ 13.500 14.000 1.730
HALL Hallmark Capital Corp. WI NASDAQ 15.250 15.375 4.938
MWFD Midwest Federal Financial WI NASDAQ 26.500 27.500 4.167
NWEQ Northwest Equity Corp. WI NASDAQ 19.000 19.000 6.875
RELI Reliance Bancshares Inc. WI NASDAQ 8.875 10.125 6.500
STFR St. Francis Capital Corp. WI NASDAQ 38.250 41.250 12.625
AFBC Advance Financial Bancorp WV NASDAQ 17.750 17.875 12.750
FOBC Fed One Bancorp WV NASDAQ 24.875 27.000 5.358
CRZY Crazy Woman Creek Bancorp WY NASDAQ 15.375 15.500 10.000
TRIC Tri-County Bancorp Inc. WY NASDAQ 27.500 29.000 11.375
PER SHARE
***************************************************************
Monthly Quarterly Book 12 Month
Change Change Value Assets Div.
(%) (%) ($) ($) ($)
-------- -------- -------- -------- --------
JXVL Jacksonville Bancorp Inc. 1.35 11.94 13.55 90.83 0.50
BFSB Bedford Bancshares Inc. 22.83 16.05 18.04 121.83 0.53
CNIT CENIT Bancorp Inc. 11.02 28.91 31.01 424.15 1.00
CFFC Community Financial Corp. 13.79 13.79 18.99 143.71 0.55
ESX Essex Bancorp Inc. -4.76 185.71 0.03 181.42 0.00
FFFC FFVA Financial Corp. 5.53 13.86 17.84 125.46 0.46
LIFB Life Bancorp Inc. 31.75 31.75 16.17 150.94 0.46
VABF Virginia Beach Fed. Financial 9.92 22.02 8.70 121.61 0.19
VFFC Virginia First Financial Corp. 4.12 5.76 11.89 146.82 0.10
CASB Cascade Financial Corp. 2.00 -3.77 8.36 125.97 0.00
FMSB First Mutual Savings Bank -0.45 32.73 7.53 110.92 0.13
FWWB First SB of Washington Bancorp 4.66 3.06 15.83 107.22 0.26
HRZB Horizon Financial Corp. 1.53 10.42 11.17 71.44 0.69
IWBK InterWest Bancorp Inc. 5.69 0.32 16.13 254.24 0.59
RVSB Riverview Bancorp Inc. 12.15 51.39 9.56 46.06 NA
STSA Sterling Financial Corp. 0.60 14.19 12.98 247.19 0.00
WFSL Washington Federal Inc. 3.42 19.21 15.11 120.39 0.90
WAMU Washington Mutual Inc. 1.47 14.61 20.28 371.76 1.02
AADV Advantage Bancorp Inc. 13.18 47.34 30.60 320.62 0.38
ABCW Anchor BanCorp Wisconsin 11.50 16.67 13.82 215.91 0.28
FCBF FCB Financial Corp. 0.93 1.87 18.72 134.81 0.74
FTFC First Federal Capital Corp. 2.29 17.37 11.46 170.18 0.45
FNGB First Northern Capital Corp. 0.00 3.85 8.24 74.29 0.32
HALL Hallmark Capital Corp. 7.08 37.08 10.59 145.00 0.00
MWFD Midwest Federal Financial 10.42 24.71 11.70 130.06 0.33
NWEQ Northwest Equity Corp. 8.57 15.15 14.53 115.59 0.46
RELI Reliance Bancshares Inc. 1.43 2.90 9.18 19.01 3.00
STFR St. Francis Capital Corp. -0.65 10.87 24.78 317.28 0.48
AFBC Advance Financial Bancorp 1.43 9.23 15.01 97.48 NA
FOBC Fed One Bancorp 3.65 24.38 17.45 150.73 0.59
CRZY Crazy Woman Creek Bancorp 4.24 6.03 14.88 62.79 0.40
TRIC Tri-County Bancorp Inc. -0.90 20.88 23.13 151.05 0.45
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
JXVL Jacksonville Bancorp Inc. 24.35 138.38 20.64 8.22
BFSB Bedford Bancshares Inc. 19.22 156.60 23.19 19.35
CNIT CENIT Bancorp Inc. 20.61 219.28 16.03 21.12
CFFC Community Financial Corp. 16.50 130.33 17.22 16.50
ESX Essex Bancorp Inc. NM NM 2.76 NM
FFFC FFVA Financial Corp. 20.48 187.08 26.60 21.26
LIFB Life Bancorp Inc. 22.55 192.49 20.62 24.13
VABF Virginia Beach Fed. Financial 22.17 191.09 13.67 27.25
VFFC Virginia First Financial Corp. 19.42 212.36 17.20 36.59
CASB Cascade Financial Corp. 17.96 152.51 10.12 18.21
FMSB First Mutual Savings Bank 17.89 242.36 16.45 18.25
FWWB First SB of Washington Bancorp 19.42 159.51 23.55 20.53
HRZB Horizon Financial Corp. 14.92 148.28 23.18 15.20
IWBK InterWest Bancorp Inc. 15.93 244.89 15.54 18.12
RVSB Riverview Bancorp Inc. NM 156.90 32.57 NA
STSA Sterling Financial Corp. 17.32 162.75 8.55 19.03
WFSL Washington Federal Inc. 14.56 213.02 26.74 14.63
WAMU Washington Mutual Inc. 130.42 340.85 18.59 29.54
AADV Advantage Bancorp Inc. 20.15 203.43 19.42 22.39
ABCW Anchor BanCorp Wisconsin 15.91 227.93 14.59 17.03
FCBF FCB Financial Corp. 21.80 145.57 20.21 21.29
FTFC First Federal Capital Corp. 16.79 243.24 16.38 20.20
FNGB First Northern Capital Corp. 21.09 163.83 18.17 21.77
HALL Hallmark Capital Corp. 16.76 144.00 10.52 17.13
MWFD Midwest Federal Financial 15.68 226.50 20.38 20.38
NWEQ Northwest Equity Corp. 15.32 130.76 16.44 15.83
RELI Reliance Bancshares Inc. 34.13 96.68 46.69 35.50
STFR St. Francis Capital Corp. 14.88 154.36 12.06 17.96
AFBC Advance Financial Bancorp NA 118.25 18.21 NA
FOBC Fed One Bancorp 18.56 142.55 16.50 18.70
CRZY Crazy Woman Creek Bancorp 21.06 103.33 24.49 20.78
TRIC Tri-County Bancorp Inc. 18.21 118.89 18.21 17.86
129
KELLER & COMPANY Page 12
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
PER SHARE
*******************************************************
Latest All Time All Time Monthly
Price High Low Change
State Exchange ($) ($) ($) (%)
----- -------- -------- -------- -------- --------
ALL THRIFTS
AVERAGE 24.414 28.144 7.934 4.44
MEDIAN 21.000 23.500 8.875 3.31
HIGH 89.625 589.500 62.000 40.74
LOW 4.875 8.250 0.250 -27.61
AVERAGE FOR STATE
KY 19.663 21.350 10.300 4.30
AVERAGE BY REGION
MIDWEST 22.647 23.926 8.505 4.96
NEW ENGLAND 27.315 33.571 3.887 5.15
MID ATLANTIC 25.768 27.237 7.725 4.91
SOUTHEAST 22.894 25.802 9.872 3.61
SOUTHWEST 24.863 25.587 10.383 5.54
WEST 26.991 42.443 7.121 1.90
AVERAGE BY EXCHANGE
NYSE 43.740 89.137 4.770 0.52
AMEX 20.522 22.839 8.618 4.14
OTC/NASDAQ 23.962 26.177 8.004 4.62
************************************************** **
Quarterly Book 12 Month e
Change Value Assets Div.
(%) ($) ($) ($)
-------- -------- -------- --------
ALL THRIFTS
AVERAGE 16.21 15.58 153.65 0.55
MEDIAN 14.73 14.98 131.80 0.35
HIGH 185.71 75.05 691.00 8.23
LOW -43.45 0.03 9.12 0.00
AVERAGE FOR STATE
KY 11.08 14.09 80.46 1.21
AVERAGE BY REGION
MIDWEST 15.91 15.53 132.15 0.49
NEW ENGLAND 22.78 14.85 179.88 0.47
MID ATLANTIC 16.24 16.18 171.58 0.44
SOUTHEAST 13.80 14.91 118.49 1.23
SOUTHWEST 15.91 16.69 185.46 0.36
WEST 13.77 15.95 204.64 0.30
AVERAGE BY EXCHANGE
NYSE 13.62 20.84 302.59 0.40
AMEX 22.17 14.32 128.82 1.33
OTC/NASDAQ 15.84 15.48 149.73 0.49
PRICING RATIOS
****************************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- --------
ALL THRIFTS
AVERAGE 21.77 161.12 18.72 22.14
MEDIAN 18.71 149.24 16.99 19.71
HIGH 133.33 446.09 87.72 100.00
LOW 3.08 70.36 2.76 3.20
AVERAGE FOR STATE
KY 22.144 136.670 25.564 24.728
AVERAGE BY REGION
MIDWEST 22.63 147.96 19.51 22.71
NEW ENGLAND 18.89 189.13 16.20 19.94
MID ATLANTIC 20.36 166.19 16.62 21.30
SOUTHEAST 24.40 164.72 23.50 24.99
SOUTHWEST 19.94 149.77 18.47 19.28
WEST 22.20 168.91 16.17 21.76
AVERAGE BY EXCHANGE
NYSE 17.64 232.15 17.95 19.31
AMEX 22.22 143.76 18.24 27.34
OTC/NASDAQ 21.92 159.63 18.79 21.82
130
KELLER & COMPANY Page 1
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY
***************************************************************************
Total Total Total ue
Assets Equity Tang. Equity es
State ($000) ($000) ($000)
----- --------------- --------------- --------------- ----
FFDB FirstFed Bancorp Inc. AL 176,464 16,996 15,553
SRN Southern Banc Co. AL 106,164 18,132 17,968
SCBS Southern Community Bancshares AL 70,370 15,005 15,005
SZB SouthFirst Bancshares Inc. AL 97,283 13,616 13,616
FFBH First Federal Bancshares of AR AR 547,119 81,468 81,468
HCBB HCB Bancshares Inc. AR 199,946 38,165 36,781
FTF Texarkana First Financial Corp AR 171,358 26,907 26,907
AFFFZ America First Financial Fund CA 2,250,517 188,268 186,285
BPLS Bank Plus Corp. CA 3,920,257 177,211 176,895
BVCC Bay View Capital Corp. CA 3,162,207 183,974 153,659
BYFC Broadway Financial Corp. CA 124,740 13,184 13,184
CENF CENFED Financial Corp. CA 2,304,678 128,179 127,976
CSA Coast Savings Financial CA 9,040,413 469,973 464,532
DSL Downey Financial Corp. CA 5,853,968 417,660 412,188
FSSB First FS&LA of San Bernardino CA 103,674 4,492 4,329
FED FirstFed Financial Corp. CA 4,104,647 211,836 209,769
GSB Golden State Bancorp Inc. CA 16,432,304 1,043,578 946,157
GDW Golden West Financial CA 39,228,359 2,575,220 2,575,220
AHM H.F. Ahmanson & Co. CA 46,799,157 2,386,357 2,099,972
HTHR Hawthorne Financial Corp. CA 891,163 54,865 54,865
HEMT HF Bancorp Inc. CA 1,050,377 83,294 69,411
HBNK Highland Federal Bank FSB CA 515,990 39,557 39,557
ITLA ITLA Capital Corp. CA 901,555 96,636 96,277
LFCO Life Financial Corp. CA 294,102 49,477 49,477
MBBC Monterey Bay Bancorp Inc. CA 409,663 47,137 43,697
PFFB PFF Bancorp Inc. CA 2,615,466 262,987 260,217
PROV Provident Financial Holdings CA 640,634 85,407 85,407
QCBC Quaker City Bancorp Inc. CA 847,024 71,634 71,634
REDF RedFed Bancorp Inc. CA 967,309 80,488 80,181
SGVB SGV Bancorp Inc. CA 408,975 30,411 29,945
WES Westcorp CA 3,757,362 341,452 340,585
PROFITABILITY
*************************************************
Core Core
ROAA ROAA ROAE ROAE
(%) (%) (%) (%)
------- ---------- -------- --------
FFDB FirstFed Bancorp Inc. 1.03 1.01 10.60 10.32
SRN Southern Banc Co. 0.47 0.47 2.77 2.77
SCBS Southern Community Bancshares 0.55 0.90 3.18 5.16
SZB SouthFirst Bancshares Inc. -0.03 0.17 -0.20 1.24
FFBH First Federal Bancshares of AR 1.06 1.01 6.82 6.51
HCBB HCB Bancshares Inc. NA NA NA NA
FTF Texarkana First Financial Corp 1.40 1.73 8.49 10.43
AFFFZ America First Financial Fund 1.99 2.01 24.62 24.79
BPLS Bank Plus Corp. 0.36 0.30 7.52 6.27
BVCC Bay View Capital Corp. 0.56 0.61 9.02 9.92
BYFC Broadway Financial Corp. 0.29 0.29 2.61 2.61
CENF CENFED Financial Corp. 0.64 0.57 12.38 11.14
CSA Coast Savings Financial 0.62 0.66 12.54 13.39
DSL Downey Financial Corp. 0.73 0.70 9.99 9.58
FSSB First FS&LA of San Bernardino -1.18 -1.18 -24.70 -24.76
FED FirstFed Financial Corp. 0.56 0.56 11.71 11.68
GSB Golden State Bancorp Inc. 0.63 0.74 9.94 11.69
GDW Golden West Financial 0.88 0.86 13.90 13.68
AHM H.F. Ahmanson & Co. 0.83 0.73 16.75 14.58
HTHR Hawthorne Financial Corp. 1.07 1.04 19.43 18.86
HEMT HF Bancorp Inc. 0.03 0.18 0.40 2.17
HBNK Highland Federal Bank FSB 1.12 0.86 15.34 11.72
ITLA ITLA Capital Corp. 1.46 1.46 13.06 13.06
LFCO Life Financial Corp. NA NA NA NA
MBBC Monterey Bay Bancorp Inc. 0.46 0.42 4.11 3.79
PFFB PFF Bancorp Inc. 0.45 0.46 4.29 4.33
PROV Provident Financial Holdings 0.74 0.36 5.29 2.55
QCBC Quaker City Bancorp Inc. 0.72 0.69 8.10 7.79
REDF RedFed Bancorp Inc. 1.02 1.02 12.31 12.25
SGVB SGV Bancorp Inc. 0.39 0.31 5.04 3.95
WES Westcorp 0.99 -0.01 10.63 -0.11
CAPITAL ISSUES
**********************************************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
---------- ------------- ---------------- ------------
FFDB FirstFed Bancorp Inc. 11/19/91 NASDAQ 1,150,998 20.43
SRN Southern Banc Co. 10/05/95 AMSE 1,230,313 19.84
SCBS Southern Community Bancshares 12/23/96 NASDAQ 1,137,350 16.63
SZB SouthFirst Bancshares Inc. 02/14/95 AMSE 847,600 13.56
FFBH First Federal Bancshares of AR 05/03/96 NASDAQ 4,896,063 104.35
HCBB HCB Bancshares Inc. 05/07/97 NASDAQ 2,645,000 36.37
FTF Texarkana First Financial Corp 07/07/95 AMSE 1,790,305 34.91
AFFFZ America First Financial Fund NA NASDAQ 6,010,589 249.44
BPLS Bank Plus Corp. NA NASDAQ 19,340,840 249.01
BVCC Bay View Capital Corp. 05/09/86 NASDAQ 12,421,260 340.03
BYFC Broadway Financial Corp. 01/09/96 NASDAQ 830,834 9.55
CENF CENFED Financial Corp. 10/25/91 NASDAQ 5,959,417 214.17
CSA Coast Savings Financial 12/23/85 NYSE 18,644,177 977.66
DSL Downey Financial Corp. 01/01/71 NYSE 26,753,970 652.13
FSSB First FS&LA of San Bernardino 02/02/93 NASDAQ 328,296 3.20
FED FirstFed Financial Corp. 12/16/83 NYSE 10,585,046 361.21
GSB Golden State Bancorp Inc. 10/01/83 NYSE 50,455,630 1507.36
GDW Golden West Financial 05/29/59 NYSE 56,770,444 5095.15
AHM H.F. Ahmanson & Co. 10/25/72 NYSE 94,411,284 5363.79
HTHR Hawthorne Financial Corp. NA NASDAQ 3,088,096 55.59
HEMT HF Bancorp Inc. 06/30/95 NASDAQ 6,281,875 103.65
HBNK Highland Federal Bank FSB NA NASDAQ 2,300,137 71.30
ITLA ITLA Capital Corp. 10/24/95 NASDAQ 7,846,984 158.90
LFCO Life Financial Corp. NA NASDAQ 6,541,716 120.20
MBBC Monterey Bay Bancorp Inc. 02/15/95 NASDAQ 3,229,679 66.21
PFFB PFF Bancorp Inc. 03/29/96 NASDAQ 17,903,344 346.88
PROV Provident Financial Holdings 06/28/96 NASDAQ 4,836,215 95.52
QCBC Quaker City Bancorp Inc. 12/30/93 NASDAQ 4,673,094 106.31
REDF RedFed Bancorp Inc. 04/08/94 NASDAQ 7,178,505 124.73
SGVB SGV Bancorp Inc. 06/29/95 NASDAQ 2,342,176 41.87
WES Westcorp 05/01/86 NYSE 26,255,925 600.60
131
KELLER & COMPANY Page 2
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY
***********************************************************************
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- --------------- --------------- ---------------
FFBA First Colorado Bancorp Inc. CO 1,512,605 197,849 195,283
ANE Alliance Bncorp of New England CT 241,918 17,808 17,384
BKC American Bank of Connecticut CT 609,923 53,724 51,770
BKCT Bancorp Connecticut Inc. CT 423,800 45,558 45,558
BSBC Branford Savings Bank CT 182,868 17,612 17,612
DIBK Dime Financial Corp. CT 921,510 75,034 72,879
EGFC Eagle Financial Corp. CT 2,097,179 144,701 115,127
FFES First Federal of East Hartford CT 987,416 65,439 65,439
MECH Mechanics Savings Bank CT 830,741 86,445 86,445
NMSB NewMil Bancorp Inc. CT 317,407 32,295 32,295
NSSB Norwich Financial Corp. CT 700,860 81,776 74,236
NSSY NSS Bancorp Inc. CT 663,668 51,910 50,223
NTMG Nutmeg Federal S&LA CT 102,438 8,573 8,573
WBST Webster Financial Corp. CT 6,811,014 363,584 313,059
IFSB Independence Federal Svgs Bank DC 251,561 18,231 16,228
WSFS WSFS Financial Corp. DE 1,495,609 82,916 82,315
BANC BankAtlantic Bancorp Inc. FL 2,844,996 156,558 129,534
BKUNA BankUnited Financial Corp. FL 2,145,406 99,645 85,367
FFLC FFLC Bancorp Inc. FL 383,382 52,649 52,649
FFPB First Palm Beach Bancorp Inc. FL 1,808,420 113,030 110,399
OCN Ocwen Financial Corp. FL 2,956,300 418,044 407,190
CCFH CCF Holding Company GA 109,342 11,651 11,651
CFBC Community First Banking Co. GA 394,570 70,237 69,308
EBSI Eagle Bancshares GA 872,706 71,343 71,343
FSTC First Citizens Corp. GA 337,197 34,118 26,890
FGHC First Georgia Holding Inc. GA 156,383 12,849 11,791
FLFC First Liberty Financial Corp. GA 1,288,919 95,028 85,652
FLAG FLAG Financial Corp. GA 238,463 21,718 21,718
SFNB Security First Network Bank GA 78,653 27,657 27,260
CASH First Midwest Financial Inc. IA 404,589 43,477 38,614
GFSB GFS Bancorp Inc. IA 94,496 10,879 10,879
PROFITABILITY
***************************************************
Core Core
ROAA ROAA ROAE ROAE
(%) (%) (%) (%)
-------- ---------- -------- --------
FFBA First Colorado Bancorp Inc. 1.21 1.20 9.04 8.96
ANE Alliance Bncorp of New England 0.81 0.76 11.64 10.93
BKC American Bank of Connecticut 1.30 1.10 15.46 13.05
BKCT Bancorp Connecticut Inc. 1.36 1.24 13.21 12.06
BSBC Branford Savings Bank 1.12 1.11 11.94 11.92
DIBK Dime Financial Corp. 1.95 1.90 24.07 23.53
EGFC Eagle Financial Corp. 0.38 0.51 5.10 6.85
FFES First Federal of East Hartford 0.53 0.60 8.36 9.47
MECH Mechanics Savings Bank 1.80 1.79 17.86 17.83
NMSB NewMil Bancorp Inc. 0.86 0.82 8.31 7.93
NSSB Norwich Financial Corp. 1.16 1.07 10.30 9.54
NSSY NSS Bancorp Inc. 0.89 0.31 11.42 3.97
NTMG Nutmeg Federal S&LA 0.31 0.40 4.85 6.36
WBST Webster Financial Corp. 0.46 0.73 8.62 13.84
IFSB Independence Federal Svgs Bank 0.54 0.23 8.03 3.40
WSFS WSFS Financial Corp. 1.15 1.13 20.60 20.39
BANC BankAtlantic Bancorp Inc. 1.01 0.54 18.05 9.57
BKUNA BankUnited Financial Corp. 0.51 0.48 8.06 7.49
FFLC FFLC Bancorp Inc. 0.99 0.94 6.80 6.42
FFPB First Palm Beach Bancorp Inc. 0.59 0.50 8.71 7.31
OCN Ocwen Financial Corp. 3.07 1.74 34.49 19.54
CCFH CCF Holding Company 0.14 -0.15 1.10 -1.17
CFBC Community First Banking Co. 0.51 0.48 4.66 4.41
EBSI Eagle Bancshares 0.62 0.76 7.26 8.90
FSTC First Citizens Corp. 1.95 1.75 20.58 18.43
FGHC First Georgia Holding Inc. 0.66 0.78 7.97 9.53
FLFC First Liberty Financial Corp. 0.87 0.94 11.82 12.81
FLAG FLAG Financial Corp. 0.91 0.72 10.01 7.98
SFNB Security First Network Bank -28.08 -28.75 -68.24 -69.85
CASH First Midwest Financial Inc. 0.92 0.88 8.40 8.04
GFSB GFS Bancorp Inc. 1.27 1.27 11.01 11.03
CAPITAL ISSUES
**********************************************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
---------- ------------- ---------------- ------------
FFBA First Colorado Bancorp Inc. 01/02/96 NASDAQ 16,484,530 354.42
ANE Alliance Bncorp of New England 12/19/86 AMSE 1,626,930 27.25
BKC American Bank of Connecticut 12/01/81 AMSE 2,313,350 93.11
BKCT Bancorp Connecticut Inc. 07/03/86 NASDAQ 2,543,116 90.28
BSBC Branford Savings Bank 11/04/86 NASDAQ 6,559,396 36.08
DIBK Dime Financial Corp. 07/09/86 NASDAQ 5,161,987 161.31
EGFC Eagle Financial Corp. 02/03/87 NASDAQ 6,316,037 252.64
FFES First Federal of East Hartford 06/23/87 NASDAQ 2,682,291 97.90
MECH Mechanics Savings Bank 06/26/96 NASDAQ 5,293,266 138.95
NMSB NewMil Bancorp Inc. 02/01/86 NASDAQ 3,835,090 54.65
NSSB Norwich Financial Corp. 11/14/86 NASDAQ 5,432,341 157.54
NSSY NSS Bancorp Inc. 06/16/94 NASDAQ 2,410,118 72.91
NTMG Nutmeg Federal S&LA NA NASDAQ 738,427 6.46
WBST Webster Financial Corp. 12/12/86 NASDAQ 13,554,224 796.31
IFSB Independence Federal Svgs Bank 06/06/85 NASDAQ 1,281,083 18.10
WSFS WSFS Financial Corp. 11/26/86 NASDAQ 12,442,339 228.63
BANC BankAtlantic Bancorp Inc. 11/29/83 NASDAQ 22,275,692 350.84
BKUNA BankUnited Financial Corp. 12/11/85 NASDAQ 9,532,783 125.12
FFLC FFLC Bancorp Inc. 01/04/94 NASDAQ 3,834,625 70.75
FFPB First Palm Beach Bancorp Inc. 09/29/93 NASDAQ 5,047,746 175.73
OCN Ocwen Financial Corp. NA NYSE 60,505,220 1274.42
CCFH CCF Holding Company 07/12/95 NASDAQ 820,120 13.74
CFBC Community First Banking Co. 07/01/97 NASDAQ 2,413,562 91.11
EBSI Eagle Bancshares 04/01/86 NASDAQ 5,665,694 109.77
FSTC First Citizens Corp. 03/01/86 NASDAQ 2,742,195 63.98
FGHC First Georgia Holding Inc. 02/11/87 NASDAQ 3,052,319 23.66
FLFC First Liberty Financial Corp. 12/06/83 NASDAQ 7,724,780 166.08
FLAG FLAG Financial Corp. 12/11/86 NASDAQ 2,036,990 32.85
SFNB Security First Network Bank NA NASDAQ 8,619,873 59.26
CASH First Midwest Financial Inc. 09/20/93 NASDAQ 2,698,904 53.64
GFSB GFS Bancorp Inc. 01/06/94 NASDAQ 988,242 14.82
132
KELLER & COMPANY Page 3
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY
***********************************************************************
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- --------------- --------------- ---------------
HZFS Horizon Financial Svcs Corp. IA 87,784 8,737 8,737
MFCX Marshalltown Financial Corp. IA 125,491 20,281 20,281
MIFC Mid-Iowa Financial Corp. IA 128,017 12,061 12,048
MWBI Midwest Bancshares Inc. IA 149,850 10,366 10,366
FFFD North Central Bancshares Inc. IA 215,133 49,303 49,303
PMFI Perpetual Midwest Financial IA 401,665 34,162 34,162
SFFC StateFed Financial Corp. IA 87,542 15,345 15,345
FBNW FirstBank Corp. ID 177,870 29,221 29,221
ABCL Alliance Bancorp Inc. IL 1,371,184 129,090 127,543
AVND Avondale Financial Corp. IL 596,918 46,070 46,070
BFFC Big Foot Financial Corp. IL 215,162 37,610 37,610
CBCI Calumet Bancorp Inc. IL 488,346 79,190 79,190
CBSB Charter Financial Inc. IL 393,268 56,901 50,347
CBK Citizens First Financial Corp. IL 277,962 38,225 38,225
CSBF CSB Financial Group Inc. IL 48,844 12,230 11,554
EGLB Eagle BancGroup Inc. IL 172,160 20,401 20,401
FBCI Fidelity Bancorp Inc. IL 497,862 52,165 52,058
FFBI First Financial Bancorp Inc. IL 84,242 7,513 7,513
FMBD First Mutual Bancorp Inc. IL 402,389 53,918 41,095
FSFF First SecurityFed Financial IL 258,115 29,261 28,909
GTPS Great American Bancorp IL 139,568 28,507 28,507
HMLK Hemlock Federal Financial Corp IL 161,905 31,262 31,262
HBEI Home Bancorp of Elgin Inc. IL 342,518 94,393 94,393
HMCI HomeCorp Inc. IL 326,877 22,322 22,322
KNK Kankakee Bancorp Inc. IL 339,937 38,852 36,632
MAFB MAF Bancorp Inc. IL 3,370,587 262,616 230,719
NBSI North Bancshares Inc. IL 122,081 16,392 16,392
PFED Park Bancorp Inc. IL 174,515 40,379 40,379
PSFI PS Financial Inc. IL 85,698 31,985 31,985
SWBI Southwest Bancshares IL 375,004 42,543 42,543
SPBC St. Paul Bancorp Inc. IL 4,548,436 409,054 407,897
PROFITABILITY
*************************************************
Core Core
ROAA ROAA ROAE ROAE
(%) (%) (%) (%)
-------- ---------- -------- --------
HZFS Horizon Financial Svcs Corp. 0.81 0.66 7.85 6.37
MFCX Marshalltown Financial Corp. 0.67 0.63 4.26 4.02
MIFC Mid-Iowa Financial Corp. 1.27 1.15 13.68 12.41
MWBI Midwest Bancshares Inc. 0.87 0.77 12.54 11.05
FFFD North Central Bancshares Inc. 1.84 1.84 7.58 7.57
PMFI Perpetual Midwest Financial 0.40 0.32 4.65 3.78
SFFC StateFed Financial Corp. 1.28 1.28 7.20 7.20
FBNW FirstBank Corp. 0.85 0.51 9.25 5.55
ABCL Alliance Bancorp Inc. 0.76 0.84 8.37 9.35
AVND Avondale Financial Corp. -1.91 -1.94 -20.02 -20.35
BFFC Big Foot Financial Corp. NA NA NA NA
CBCI Calumet Bancorp Inc. 1.44 1.41 9.17 8.96
CBSB Charter Financial Inc. 1.13 1.16 7.62 7.78
CBK Citizens First Financial Corp. 0.61 0.54 4.15 3.70
CSBF CSB Financial Group Inc. 0.31 0.51 1.21 1.99
EGLB Eagle BancGroup Inc. 0.32 0.24 2.62 2.00
FBCI Fidelity Bancorp Inc. 0.81 0.81 7.81 7.81
FFBI First Financial Bancorp Inc. -0.07 0.42 -0.86 5.18
FMBD First Mutual Bancorp Inc. 0.31 0.28 2.16 1.95
FSFF First SecurityFed Financial 0.18 1.16 1.50 9.67
GTPS Great American Bancorp 0.53 0.59 2.38 2.65
HMLK Hemlock Federal Financial Corp 0.37 0.80 2.45 5.32
HBEI Home Bancorp of Elgin Inc. 0.83 0.80 3.02 2.90
HMCI HomeCorp Inc. 0.51 0.41 7.95 6.43
KNK Kankakee Bancorp Inc. 0.89 0.87 8.28 8.11
MAFB MAF Bancorp Inc. 1.16 1.15 14.81 14.72
NBSI North Bancshares Inc. 0.63 0.56 4.37 3.86
PFED Park Bancorp Inc. 1.10 1.06 4.84 4.65
PSFI PS Financial Inc. 2.03 2.10 5.26 5.43
SWBI Southwest Bancshares 1.05 1.02 9.84 9.55
SPBC St. Paul Bancorp Inc. 1.07 1.07 12.09 12.11
CAPITAL ISSUES
**********************************************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
---------- ------------- ---------------- ------------
HZFS Horizon Financial Svcs Corp. 06/30/94 NASDAQ 851,080 8.51
MFCX Marshalltown Financial Corp. 03/31/94 NASDAQ 1,411,475 24.35
MIFC Mid-Iowa Financial Corp. 10/14/92 NASDAQ 1,678,088 16.36
MWBI Midwest Bancshares Inc. 11/12/92 NASDAQ 1,017,933 13.83
FFFD North Central Bancshares Inc. 03/21/96 NASDAQ 3,257,983 58.64
PMFI Perpetual Midwest Financial 03/31/94 NASDAQ 1,873,075 41.68
SFFC StateFed Financial Corp. 01/05/94 NASDAQ 1,557,446 20.05
FBNW FirstBank Corp. 07/02/97 NASDAQ 1,983,750 33.72
ABCL Alliance Bancorp Inc. 07/07/92 NASDAQ 8,020,348 194.49
AVND Avondale Financial Corp. 04/07/95 NASDAQ 3,494,545 61.15
BFFC Big Foot Financial Corp. 12/20/96 NASDAQ 2,512,750 43.66
CBCI Calumet Bancorp Inc. 02/20/92 NASDAQ 3,166,196 97.62
CBSB Charter Financial Inc. 12/29/95 NASDAQ 4,149,758 73.66
CBK Citizens First Financial Corp. 05/01/96 AMSE 2,583,793 47.48
CSBF CSB Financial Group Inc. 10/09/95 NASDAQ 941,850 11.30
EGLB Eagle BancGroup Inc. 07/01/96 NASDAQ 1,197,905 21.11
FBCI Fidelity Bancorp Inc. 12/15/93 NASDAQ 2,794,978 70.92
FFBI First Financial Bancorp Inc. 10/04/93 NASDAQ 415,149 8.10
FMBD First Mutual Bancorp Inc. 07/05/95 NASDAQ 3,506,670 64.87
FSFF First SecurityFed Financial 10/31/97 NASDAQ NA NA
GTPS Great American Bancorp 06/30/95 NASDAQ 1,696,976 32.67
HMLK Hemlock Federal Financial Corp 04/02/97 NASDAQ 2,076,325 31.92
HBEI Home Bancorp of Elgin Inc. 09/27/96 NASDAQ 6,855,799 122.55
HMCI HomeCorp Inc. 06/22/90 NASDAQ 1,707,527 29.45
KNK Kankakee Bancorp Inc. 01/06/93 AMSE 1,425,568 44.91
MAFB MAF Bancorp Inc. 01/12/90 NASDAQ 15,249,102 493.69
NBSI North Bancshares Inc. 12/21/93 NASDAQ 961,870 23.08
PFED Park Bancorp Inc. 08/12/96 NASDAQ 2,431,441 43.16
PSFI PS Financial Inc. 11/27/96 NASDAQ 2,166,625 37.10
SWBI Southwest Bancshares 06/24/92 NASDAQ 2,657,075 55.13
SPBC St. Paul Bancorp Inc. 05/18/87 NASDAQ 34,133,382 853.33
133
KELLER & COMPANY Page 4
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY
**********************************************************************
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- --------------- --------------- ---------------
SFSB SuburbFed Financial Corp. IL 432,559 28,695 28,599
WCBI Westco Bancorp IL 309,070 48,032 48,032
FBCV 1ST Bancorp IN 260,935 22,574 22,144
AMFC AMB Financial Corp. IN 103,388 14,411 14,411
ASBI Ameriana Bancorp IN 393,028 44,054 44,028
ATSB AmTrust Capital Corp. IN 69,685 7,615 7,540
FFWC FFW Corp. IN 181,468 17,610 15,984
FFED Fidelity Federal Bancorp IN 235,336 14,381 14,381
FISB First Indiana Corporation IN 1,547,121 149,177 147,401
HFGI Harrington Financial Group IN 521,043 25,222 25,222
HBFW Home Bancorp IN 334,862 44,491 44,491
HBBI Home Building Bancorp IN 41,746 5,893 5,893
HOMF Home Federal Bancorp IN 694,109 60,080 58,308
HWEN Home Financial Bancorp IN 41,309 7,251 7,251
INCB Indiana Community Bank SB IN 96,089 11,413 11,413
LOGN Logansport Financial Corp. IN 85,801 16,211 16,211
LSBI LSB Financial Corp. IN 200,266 17,290 17,290
MARN Marion Capital Holdings IN 179,822 39,467 39,467
MFBC MFB Corp. IN 255,921 33,521 33,521
MONT Montgomery Financial Corp. IN 101,986 19,521 19,521
NEIB Northeast Indiana Bancorp IN 190,319 27,342 27,342
PFDC Peoples Bancorp IN 287,564 43,723 43,723
PERM Permanent Bancorp Inc. IN 433,568 41,026 40,489
RIVR River Valley Bancorp IN 138,461 17,611 17,359
SOBI Sobieski Bancorp Inc. IN 84,279 12,453 12,453
FFSL First Independence Corp. KS 112,523 11,529 11,529
LARK Landmark Bancshares Inc. KS 227,736 32,062 32,062
MCBS Mid Continent Bancshares Inc. KS 408,590 38,359 38,359
CKFB CKF Bancorp Inc. KY 59,868 14,171 14,171
CLAS Classic Bancshares Inc. KY 132,186 19,666 16,701
FFKY First Federal Financial Corp. KY 382,585 52,421 49,457
PROFITABILITY
**************************************************
Core Core
ROAA ROAA ROAE ROAE
(%) (%) (%) (%)
-------- ---------- -------- --------
SFSB SuburbFed Financial Corp. 0.66 0.54 10.11 8.28
WCBI Westco Bancorp 1.50 1.41 9.74 9.19
FBCV 1ST Bancorp 0.72 0.36 8.73 4.40
AMFC AMB Financial Corp. 1.03 0.73 6.30 4.46
ASBI Ameriana Bancorp 0.92 0.82 8.36 7.51
ATSB AmTrust Capital Corp. 0.40 0.23 3.86 2.27
FFWC FFW Corp. 1.05 1.03 10.54 10.34
FFED Fidelity Federal Bancorp 0.75 0.73 14.15 13.74
FISB First Indiana Corporation 1.15 0.95 12.00 9.90
HFGI Harrington Financial Group 0.43 0.36 9.01 7.49
HBFW Home Bancorp 0.56 0.89 3.96 6.29
HBBI Home Building Bancorp 0.75 0.73 5.76 5.65
HOMF Home Federal Bancorp 1.33 1.21 15.87 14.44
HWEN Home Financial Bancorp 0.85 0.74 4.60 4.00
INCB Indiana Community Bank SB 0.53 0.53 4.30 4.30
LOGN Logansport Financial Corp. 1.42 1.47 7.28 7.54
LSBI LSB Financial Corp. 0.78 0.69 8.67 7.65
MARN Marion Capital Holdings 1.70 1.68 7.49 7.40
MFBC MFB Corp. 0.83 0.83 5.63 5.62
MONT Montgomery Financial Corp. 0.69 0.69 5.12 5.12
NEIB Northeast Indiana Bancorp 1.20 1.20 7.78 7.78
PFDC Peoples Bancorp 1.12 1.46 7.29 9.55
PERM Permanent Bancorp Inc. 0.62 0.62 6.64 6.61
RIVR River Valley Bancorp 0.76 0.57 6.28 4.75
SOBI Sobieski Bancorp Inc. 0.62 0.57 3.88 3.56
FFSL First Independence Corp. 0.65 0.65 6.09 6.09
LARK Landmark Bancshares Inc. 1.11 0.98 7.62 6.70
MCBS Mid Continent Bancshares Inc. 1.03 1.17 9.74 11.06
CKFB CKF Bancorp Inc. 1.82 1.37 7.51 5.63
CLAS Classic Bancshares Inc. 0.81 0.62 5.53 4.25
FFKY First Federal Financial Corp. 1.64 1.62 11.99 11.85
CAPITAL ISSUES
*********************************************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
---------- ------------- ---------------- ------------
SFSB SuburbFed Financial Corp. 03/04/92 NASDAQ 1,262,507 40.08
WCBI Westco Bancorp 06/26/92 NASDAQ 2,473,953 66.80
FBCV 1ST Bancorp 04/07/87 NASDAQ 691,726 24.90
AMFC AMB Financial Corp. 04/01/96 NASDAQ 963,798 15.06
ASBI Ameriana Bancorp 03/02/87 NASDAQ 3,231,407 65.44
ATSB AmTrust Capital Corp. 03/28/95 NASDAQ 526,479 7.30
FFWC FFW Corp. 04/05/93 NASDAQ 714,847 21.80
FFED Fidelity Federal Bancorp 08/31/87 NASDAQ 2,791,051 25.12
FISB First Indiana Corporation 08/02/83 NASDAQ 10,561,326 250.83
HFGI Harrington Financial Group NA NASDAQ 3,256,738 42.34
HBFW Home Bancorp 03/30/95 NASDAQ 2,524,779 52.70
HBBI Home Building Bancorp 02/08/95 NASDAQ 311,660 6.86
HOMF Home Federal Bancorp 01/23/88 NASDAQ 5,101,692 109.69
HWEN Home Financial Bancorp 07/02/96 NASDAQ 464,526 7.75
INCB Indiana Community Bank SB 12/15/94 NASDAQ 922,039 14.75
LOGN Logansport Financial Corp. 06/14/95 NASDAQ 1,260,620 19.22
LSBI LSB Financial Corp. 02/03/95 NASDAQ 916,350 23.83
MARN Marion Capital Holdings 03/18/93 NASDAQ 1,775,812 49.72
MFBC MFB Corp. 03/25/94 NASDAQ 1,650,567 38.38
MONT Montgomery Financial Corp. 07/01/97 NASDAQ 1,653,032 19.84
NEIB Northeast Indiana Bancorp 06/28/95 NASDAQ 1,762,727 34.37
PFDC Peoples Bancorp 07/07/87 NASDAQ 3,411,042 52.30
PERM Permanent Bancorp Inc. 04/04/94 NASDAQ 2,102,805 50.47
RIVR River Valley Bancorp 12/20/96 NASDAQ 1,190,250 20.23
SOBI Sobieski Bancorp Inc. 03/31/95 NASDAQ 779,500 13.25
FFSL First Independence Corp. 10/08/93 NASDAQ 978,333 14.43
LARK Landmark Bancshares Inc. 03/28/94 NASDAQ 1,688,641 42.64
MCBS Mid Continent Bancshares Inc. 06/27/94 NASDAQ 1,958,250 55.81
CKFB CKF Bancorp Inc. 01/04/95 NASDAQ 903,175 17.16
CLAS Classic Bancshares Inc. 12/29/95 NASDAQ 1,299,950 20.47
FFKY First Federal Financial Corp. 07/15/87 NASDAQ 4,159,196 90.98
134
KELLER & COMPANY Page 5
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY
***********************************************************************
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- --------------- --------------- ---------------
FLKY First Lancaster Bancshares KY 47,184 13,907 13,907
FTSB Fort Thomas Financial Corp. KY 97,843 15,786 15,786
FKKY Frankfort First Bancorp Inc. KY 133,255 22,426 22,426
GWBC Gateway Bancorp Inc. KY 62,609 17,370 17,370
GTFN Great Financial Corp. KY 2,893,505 291,347 279,661
HFFB Harrodsburg First Fin Bancorp KY 108,949 29,334 29,334
KYF Kentucky First Bancorp Inc. KY 88,089 14,711 14,711
ANA Acadiana Bancshares Inc. LA 274,018 46,433 46,433
GSLA GS Financial Corp. LA 131,071 56,525 56,525
ISBF ISB Financial Corp. LA 956,048 115,252 98,616
MERI Meritrust Federal SB LA 233,311 19,270 19,270
TSH Teche Holding Co. LA 406,253 53,384 53,384
ABBK Abington Bancorp Inc. MA 501,622 35,744 32,394
AFCB Affiliated Community Bancorp MA 1,128,579 110,158 109,565
ANDB Andover Bancorp Inc. MA 1,280,601 103,988 103,988
BFD BostonFed Bancorp Inc. MA 960,704 81,806 78,758
CEBK Central Co-operative Bank MA 358,424 35,472 31,944
EIRE Emerald Isle Bancorp Inc. MA 443,503 30,991 30,991
FCB Falmouth Bancorp Inc. MA 93,915 22,410 22,410
FESX First Essex Bancorp Inc. MA 1,209,698 89,542 78,333
FAB FirstFed America Bancorp Inc. MA 1,036,062 126,439 126,439
HIFS Hingham Instit. for Savings MA 216,240 20,987 20,987
HPBC Home Port Bancorp Inc. MA 201,014 21,452 21,452
IPSW Ipswich Savings Bank MA 202,509 11,370 11,370
LSBX Lawrence Savings Bank MA 352,980 33,606 33,606
MASB MASSBANK Corp. MA 932,757 100,570 99,059
MFLR Mayflower Co-operative Bank MA 125,671 12,170 11,966
MDBK Medford Savings Bank MA 1,106,345 99,739 93,463
MWBX MetroWest Bank MA 585,760 43,743 43,743
PBKB People's Bancshares Inc. MA 717,451 29,415 28,207
SWCB Sandwich Bancorp Inc. MA 511,765 40,604 39,026
PROFITABILITY
**************************************************
Core Core
ROAA ROAA ROAE ROAE
(%) (%) (%) (%)
-------- ---------- -------- --------
FLKY First Lancaster Bancshares 1.24 1.24 3.64 3.64
FTSB Fort Thomas Financial Corp. 1.22 1.22 7.18 7.18
FKKY Frankfort First Bancorp Inc. 0.09 0.63 0.37 2.74
GWBC Gateway Bancorp Inc. 0.94 0.94 3.60 3.59
GTFN Great Financial Corp. 1.05 0.77 10.85 8.01
HFFB Harrodsburg First Fin Bancorp 1.03 1.35 3.80 4.99
KYF Kentucky First Bancorp Inc. 1.15 1.14 6.64 6.60
ANA Acadiana Bancshares Inc. 0.98 0.95 5.62 5.44
GSLA GS Financial Corp. 1.31 1.32 3.48 3.50
ISBF ISB Financial Corp. 0.74 0.72 5.86 5.76
MERI Meritrust Federal SB 1.15 1.15 14.61 14.61
TSH Teche Holding Co. 0.70 0.96 5.06 6.97
ABBK Abington Bancorp Inc. 0.85 0.76 12.37 11.05
AFCB Affiliated Community Bancorp 1.09 1.08 11.13 11.05
ANDB Andover Bancorp Inc. 1.06 1.03 13.25 12.93
BFD BostonFed Bancorp Inc. 0.72 0.66 7.52 6.87
CEBK Central Co-operative Bank 0.88 0.83 8.71 8.20
EIRE Emerald Isle Bancorp Inc. 0.87 0.92 12.49 13.23
FCB Falmouth Bancorp Inc. 0.83 0.80 3.41 3.26
FESX First Essex Bancorp Inc. 0.90 0.77 12.42 10.65
FAB FirstFed America Bancorp Inc. 0.05 0.47 0.56 4.89
HIFS Hingham Instit. for Savings 1.25 1.25 12.96 12.96
HPBC Home Port Bancorp Inc. 1.69 1.67 15.80 15.64
IPSW Ipswich Savings Bank 1.21 0.97 20.35 16.37
LSBX Lawrence Savings Bank 1.75 1.74 20.22 20.08
MASB MASSBANK Corp. 1.10 1.03 10.53 9.90
MFLR Mayflower Co-operative Bank 1.03 0.92 10.64 9.53
MDBK Medford Savings Bank 1.07 1.00 12.00 11.19
MWBX MetroWest Bank 1.38 1.37 18.11 18.02
PBKB People's Bancshares Inc. 0.84 0.46 15.14 8.32
SWCB Sandwich Bancorp Inc. 0.97 0.95 12.19 11.95
CAPITAL ISSUES
*********************************************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
---------- ------------- ---------------- ------------
FLKY First Lancaster Bancshares 07/01/96 NASDAQ 951,262 15.22
FTSB Fort Thomas Financial Corp. 06/28/95 NASDAQ 1,495,086 19.62
FKKY Frankfort First Bancorp Inc. 07/10/95 NASDAQ 3,279,952 33.21
GWBC Gateway Bancorp Inc. 01/18/95 NASDAQ 1,075,754 19.36
GTFN Great Financial Corp. 03/31/94 NASDAQ 13,823,438 589.22
HFFB Harrodsburg First Fin Bancorp 10/04/95 NASDAQ 2,024,756 30.12
KYF Kentucky First Bancorp Inc. 08/29/95 AMSE 1,302,694 18.40
ANA Acadiana Bancshares Inc. 07/16/96 AMSE 2,697,350 60.02
GSLA GS Financial Corp. 04/01/97 NASDAQ 3,438,500 56.31
ISBF ISB Financial Corp. 04/07/95 NASDAQ 6,900,710 189.77
MERI Meritrust Federal SB NA NASDAQ 774,176 36.39
TSH Teche Holding Co. 04/19/95 AMSE 3,437,530 65.31
ABBK Abington Bancorp Inc. 06/10/86 NASDAQ 1,839,788 58.87
AFCB Affiliated Community Bancorp 10/19/95 NASDAQ 6,492,609 181.79
ANDB Andover Bancorp Inc. 05/08/86 NASDAQ 5,148,658 189.21
BFD BostonFed Bancorp Inc. 10/24/95 AMSE 5,649,937 119.00
CEBK Central Co-operative Bank 10/24/86 NASDAQ 1,965,000 44.21
EIRE Emerald Isle Bancorp Inc. 09/08/86 NASDAQ 2,249,786 55.68
FCB Falmouth Bancorp Inc. 03/28/96 AMSE 1,454,750 24.00
FESX First Essex Bancorp Inc. 08/04/87 NASDAQ 7,526,726 153.36
FAB FirstFed America Bancorp Inc. 01/15/97 AMSE 8,707,152 190.47
HIFS Hingham Instit. for Savings 12/20/88 NASDAQ 1,303,500 35.68
HPBC Home Port Bancorp Inc. 08/25/88 NASDAQ 1,841,890 43.51
IPSW Ipswich Savings Bank 05/26/93 NASDAQ 2,377,801 31.51
LSBX Lawrence Savings Bank 05/02/86 NASDAQ 4,284,500 54.09
MASB MASSBANK Corp. 05/28/86 NASDAQ 3,560,578 169.13
MFLR Mayflower Co-operative Bank 12/23/87 NASDAQ 890,400 17.36
MDBK Medford Savings Bank 03/18/86 NASDAQ 4,541,148 163.48
MWBX MetroWest Bank 10/10/86 NASDAQ 13,956,235 107.30
PBKB People's Bancshares Inc. 10/30/86 NASDAQ 3,283,086 65.66
SWCB Sandwich Bancorp Inc. 07/25/86 NASDAQ 1,919,000 71.00
135
KELLER & COMPANY Page 6
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY
***********************************************************************
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- --------------- --------------- ---------------
SISB SIS Bancorp Inc. MA 1,453,017 106,958 106,958
SOSA Somerset Savings Bank MA 520,339 34,333 34,333
WRNB Warren Bancorp Inc. MA 364,130 38,762 38,762
EQSB Equitable Federal Savings Bank MD 308,197 15,534 15,534
HRBF Harbor Federal Bancorp Inc. MD 217,202 28,356 28,356
MFSL Maryland Federal Bancorp MD 1,175,006 99,697 98,560
WSB Washington Savings Bank, FSB MD 267,870 22,443 22,443
WHGB WHG Bancshares Corp. MD 100,235 20,704 20,704
FCME First Coastal Corp. ME 148,571 14,485 14,485
KSBK KSB Bancorp Inc. ME 149,657 11,018 10,475
MCBN Mid-Coast Bancorp Inc. ME 61,473 5,277 5,277
NBN Northeast Bancorp ME 265,442 20,465 18,319
PHBK Peoples Heritage Finl Group ME 6,056,083 451,071 385,019
BWFC Bank West Financial Corp. MI 164,854 23,322 23,322
CFSB CFSB Bancorp Inc. MI 859,962 66,271 66,271
DNFC D & N Financial Corp. MI 1,754,069 92,144 91,218
FLGS Flagstar Bancorp Inc. MI 2,033,260 121,549 116,711
MSBF MSB Financial Inc. MI 77,014 12,740 12,740
MSBK Mutual Savings Bank FSB MI 654,127 41,642 41,642
OFCP Ottawa Financial Corp. MI 866,966 75,736 61,184
THR Three Rivers Financial Corp. MI 94,216 12,973 12,927
BDJI First Federal Bancorporation MN 111,492 11,941 11,941
FFHH FSF Financial Corp. MN 388,135 43,362 43,362
HMNF HMN Financial Inc. MN 568,847 84,619 84,619
MIVI Mississippi View Holding Co. MN 68,546 12,068 12,068
QCFB QCF Bancorp Inc. MN 158,192 26,020 26,020
WEFC Wells Financial Corp. MN 204,761 29,113 29,113
CMRN Cameron Financial Corp MO 208,105 45,136 45,136
CAPS Capital Savings Bancorp Inc. MO 242,259 22,143 22,143
CBES CBES Bancorp Inc. MO 106,635 18,039 18,039
CNSB CNS Bancorp Inc. MO 97,411 23,698 23,698
ASSETS AND EQUITY
***************************************************
Core Core
ROAA ROAA ROAE ROAE
(%) (%) (%) (%)
-------- ---------- -------- --------
SISB SIS Bancorp Inc. 0.83 0.82 11.45 11.33
SOSA Somerset Savings Bank 1.02 0.99 16.91 16.47
WRNB Warren Bancorp Inc. 2.17 1.76 21.57 17.57
EQSB Equitable Federal Savings Bank 0.46 0.73 9.13 14.49
HRBF Harbor Federal Bancorp Inc. 0.71 0.71 5.50 5.50
MFSL Maryland Federal Bancorp 0.65 0.91 7.88 11.00
WSB Washington Savings Bank, FSB 0.44 0.62 5.07 7.14
WHGB WHG Bancshares Corp. 0.52 0.85 2.25 3.72
FCME First Coastal Corp. 4.13 3.97 46.76 44.97
KSBK KSB Bancorp Inc. 1.07 1.08 14.91 14.95
MCBN Mid-Coast Bancorp Inc. 0.76 0.72 8.73 8.25
NBN Northeast Bancorp 0.75 0.61 9.72 7.89
PHBK Peoples Heritage Finl Group 1.30 1.30 16.38 16.37
BWFC Bank West Financial Corp. 1.03 0.57 6.76 3.72
CFSB CFSB Bancorp Inc. 1.21 1.14 15.78 14.86
DNFC D & N Financial Corp. 0.90 0.83 15.93 14.74
FLGS Flagstar Bancorp Inc. 1.43 1.43 22.84 22.84
MSBF MSB Financial Inc. 1.50 1.44 8.42 8.08
MSBK Mutual Savings Bank FSB 0.10 0.02 1.57 0.35
OFCP Ottawa Financial Corp. 0.80 0.79 9.08 8.88
THR Three Rivers Financial Corp. 0.90 0.86 6.48 6.19
BDJI First Federal Bancorporation 0.65 0.63 5.87 5.72
FFHH FSF Financial Corp. 0.84 0.84 7.03 6.96
HMNF HMN Financial Inc. 1.00 0.85 6.83 5.81
MIVI Mississippi View Holding Co. 1.07 1.05 6.04 5.95
QCFB QCF Bancorp Inc. 1.65 1.65 9.33 9.33
WEFC Wells Financial Corp. 1.06 1.04 7.49 7.37
CMRN Cameron Financial Corp 1.06 1.32 4.41 5.51
CAPS Capital Savings Bancorp Inc. 0.95 0.94 10.99 10.77
CBES CBES Bancorp Inc. 1.24 1.13 6.89 6.28
CNSB CNS Bancorp Inc. 0.79 0.80 3.20 3.23
CAPITAL ISSUES
**********************************************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
---------- ------------- ---------------- ------------
SISB SIS Bancorp Inc. 02/08/95 NASDAQ 5,580,842 193.93
SOSA Somerset Savings Bank 07/09/86 NASDAQ 16,651,602 87.42
WRNB Warren Bancorp Inc. 07/09/86 NASDAQ 3,798,427 74.07
EQSB Equitable Federal Savings Bank 09/10/93 NASDAQ 602,200 22.28
HRBF Harbor Federal Bancorp Inc. 08/12/94 NASDAQ 1,693,420 38.53
MFSL Maryland Federal Bancorp 06/02/87 NASDAQ 6,467,390 139.05
WSB Washington Savings Bank, FSB NA AMSE 4,347,956 27.17
WHGB WHG Bancshares Corp. 04/01/96 NASDAQ 1,462,107 22.30
FCME First Coastal Corp. NA NASDAQ 1,359,194 17.84
KSBK KSB Bancorp Inc. 06/24/93 NASDAQ 1,238,115 16.41
MCBN Mid-Coast Bancorp Inc. 11/02/89 NASDAQ 232,991 6.29
NBN Northeast Bancorp 08/19/87 AMSE 1,293,642 24.58
PHBK Peoples Heritage Finl Group 12/04/86 NASDAQ 27,474,529 1162.53
BWFC Bank West Financial Corp. 03/30/95 NASDAQ 1,753,475 33.32
CFSB CFSB Bancorp Inc. 06/22/90 NASDAQ 5,086,891 146.88
DNFC D & N Financial Corp. 02/13/85 NASDAQ 8,244,263 174.16
FLGS Flagstar Bancorp Inc. NA NASDAQ 13,670,000 283.65
MSBF MSB Financial Inc. 02/06/95 NASDAQ 1,233,622 21.28
MSBK Mutual Savings Bank FSB 07/17/92 NASDAQ 4,279,154 62.58
OFCP Ottawa Financial Corp. 08/19/94 NASDAQ 5,353,334 145.21
THR Three Rivers Financial Corp. 08/24/95 AMSE 823,540 13.69
BDJI First Federal Bancorporation 04/04/95 NASDAQ 672,566 14.80
FFHH FSF Financial Corp. 10/07/94 NASDAQ 3,009,715 59.07
HMNF HMN Financial Inc. 06/30/94 NASDAQ 4,211,836 104.24
MIVI Mississippi View Holding Co. 03/24/95 NASDAQ 740,243 12.58
QCFB QCF Bancorp Inc. 04/03/95 NASDAQ 1,381,683 34.54
WEFC Wells Financial Corp. 04/11/95 NASDAQ 1,959,360 32.33
CMRN Cameron Financial Corp 04/03/95 NASDAQ 2,626,696 47.28
CAPS Capital Savings Bancorp Inc. 12/29/93 NASDAQ 1,891,800 33.11
CBES CBES Bancorp Inc. 09/30/96 NASDAQ 1,024,958 21.01
CNSB CNS Bancorp Inc. 06/12/96 NASDAQ 1,653,125 29.34
136
KELLER & COMPANY PAGE 7
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY PROFITABILITY
************************************ *****************************
Total Total Total Core Core ue
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE s
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ----------- --------- ----------- ----- ------ ------- ----- -
FBSI First Bancshares Inc. MO 162,755 22,657 22,657 1.20 1.08 8.49 7.68
FTNB Fulton Bancorp Inc. MO 103,713 25,585 25,585 1.25 1.08 5.41 4.69
GSBC Great Southern Bancorp Inc. MO 727,533 62,940 62,940 1.85 1.74 21.01 19.81
HFSA Hardin Bancorp Inc. MO 117,364 13,536 13,536 0.80 0.75 5.88 5.55
JSBA Jefferson Savings Bancorp MO 1,257,753 113,516 89,043 0.79 0.76 9.60 9.32
JOAC Joachim Bancorp Inc. MO 35,073 9,870 9,870 0.79 0.79 2.72 2.72
LXMO Lexington B&L Financial Corp. MO 59,236 16,775 16,775 1.02 1.32 3.45 4.46
MBLF MBLA Financial Corp. MO 224,013 28,347 28,347 0.83 0.85 6.50 6.63
NASB North American Savings Bank MO 736,585 56,547 54,645 1.27 1.20 17.21 16.21
NSLB NS&L Bancorp Inc. MO 59,711 11,679 11,679 0.49 0.77 2.39 3.72
PCBC Perry County Financial Corp. MO 81,105 15,570 15,570 0.93 1.07 4.97 5.72
SMFC Sho-Me Financial Corp. MO 344,849 31,138 31,138 1.30 1.24 13.64 12.97
SMBC Southern Missouri Bancorp Inc. MO 163,297 26,376 26,376 0.93 0.90 5.81 5.61
CFTP Community Federal Bancorp MS 215,953 57,701 57,701 1.46 1.45 4.73 4.71
FFBS FFBS BanCorp Inc. MS 134,952 22,544 22,544 1.41 1.41 7.42 7.42
EFBC Empire Federal Bancorp Inc. MT 110,540 40,200 40,200 NA NA NA NA
GBCI Glacier Bancorp Inc. MT 573,968 57,332 55,929 1.50 1.54 15.68 16.10
UBMT United Financial Corp. MT 103,082 24,757 24,757 1.41 1.40 6.06 6.01
WSTR WesterFed Financial Corp. MT 999,203 106,148 85,632 0.80 0.76 6.90 6.60
CFNC Carolina Fincorp Inc. NC 114,069 25,764 25,764 1.20 1.16 5.52 5.32
CENB Century Bancorp Inc. NC 100,937 30,572 30,572 1.58 1.59 6.21 6.25
COOP Cooperative Bankshares Inc. NC 359,535 27,652 27,652 0.63 0.63 8.26 8.21
SOPN First Savings Bancorp Inc. NC 295,315 67,949 67,949 1.76 1.76 7.28 7.28
GSFC Green Street Financial Corp. NC 177,962 62,946 62,946 1.58 1.58 4.47 4.47
HBS Haywood Bancshares Inc. NC 152,796 21,672 20,931 1.37 1.37 9.41 9.41
HFNC HFNC Financial Corp. NC 866,859 163,027 163,027 1.21 1.05 5.28 4.55
KSAV KS Bancorp Inc. NC 109,937 14,554 14,549 1.21 1.20 8.84 8.77
MBSP Mitchell Bancorp Inc. NC 34,591 14,303 14,303 1.62 1.62 3.79 3.79
PDB Piedmont Bancorp Inc. NC 126,544 20,791 20,791 -0.25 0.57 -1.39 3.19
SSB Scotland Bancorp Inc. NC 64,399 14,561 14,561 1.89 1.88 6.39 6.36
SSFC South Street Financial Corp. NC 240,524 61,718 61,718 1.23 1.19 6.85 6.62
CAPITAL ISSUES
*********************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
--------- ---------- ---------- ---------
FBSI First Bancshares Inc. 12-22-93 NASDAQ 1,092,554 25.13
FTNB Fulton Bancorp Inc. 10-18-96 NASDAQ 1,719,250 41.26
GSBC Great Southern Bancorp Inc. 12-14-89 NASDAQ 8,080,412 153.53
HFSA Hardin Bancorp Inc. 09-29-95 NASDAQ 859,360 15.25
JSBA Jefferson Savings Bancorp 04-08-93 NASDAQ 5,006,368 202.13
JOAC Joachim Bancorp Inc. 12-28-95 NASDAQ 722,415 11.02
LXMO Lexington B&L Financial Corp. 06-06-96 NASDAQ 1,138,500 18.93
MBLF MBLA Financial Corp. 06-24-93 NASDAQ 1,268,268 33.29
NASB North American Savings Bank 09-27-85 NASDAQ 2,228,993 106.43
NSLB NS&L Bancorp Inc. 06-08-95 NASDAQ 707,482 12.20
PCBC Perry County Financial Corp. 02-13-95 NASDAQ 827,897 16.56
SMFC Sho-Me Financial Corp. 07-01-94 NASDAQ 1,499,036 63.71
SMBC Southern Missouri Bancorp Inc. 04-13-94 NASDAQ 1,612,094 28.41
CFTP Community Federal Bancorp 03-26-96 NASDAQ 4,628,750 82.16
FFBS FFBS BanCorp Inc. 07-01-93 NASDAQ 1,572,244 33.41
EFBC Empire Federal Bancorp Inc. 01-27-97 NASDAQ 2,592,100 45.69
GBCI Glacier Bancorp Inc. 03-30-84 NASDAQ 6,816,066 128.65
UBMT United Financial Corp. 09-23-86 NASDAQ 1,223,312 29.05
WSTR WesterFed Financial Corp. 01-10-94 NASDAQ 5,577,127 145.01
CFNC Carolina Fincorp Inc. 11-25-96 NASDAQ 1,851,500 32.40
CENB Century Bancorp Inc. 12-23-96 NASDAQ 407,330 31.57
COOP Cooperative Bankshares Inc. 08-21-91 NASDAQ 2,983,396 50.72
SOPN First Savings Bancorp Inc. 01-06-94 NASDAQ 3,686,510 88.02
GSFC Green Street Financial Corp. 04-04-96 NASDAQ 4,298,125 89.19
HBS Haywood Bancshares Inc. 12-18-87 AMSE 1,250,356 27.04
HFNC HFNC Financial Corp. 12-29-95 NASDAQ 17,192,500 277.23
KSAV KS Bancorp Inc. 12-30-93 NASDAQ 885,356 15.94
MBSP Mitchell Bancorp Inc. 07-12-96 NASDAQ 930,902 16.06
PDB Piedmont Bancorp Inc. 12-08-95 AMSE 2,750,800 29.91
SSB Scotland Bancorp Inc. 04-01-96 AMSE 1,913,600 23.92
SSFC South Street Financial Corp. 10-03-96 NASDAQ 4,496,500 87.68
137
KELLER & COMPANY PAGE 8
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY PROFITABILITY
************************************ *****************************
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ----------- --------- ----------- ----- ------ ------- -----
SSM Stone Street Bancorp Inc. NC 104,773 30,979 30,979 1.56 1.56 4.57 4.57
UFRM United Federal Savings Bank NC 285,744 20,954 20,954 0.72 0.57 9.56 7.55
CFB Commercial Federal Corp. NE 7,207,143 444,273 397,642 0.94 0.94 15.97 15.97
CFX CFX Corp. NH 2,821,182 245,691 236,835 0.72 0.95 8.45 11.09
NHTB New Hampshire Thrift Bncshrs NH 319,338 24,976 21,454 0.74 0.60 9.98 8.11
FBER 1st Bergen Bancorp NJ 284,739 38,881 38,881 0.77 0.77 4.94 4.94
FSNJ Bayonne Bancshares Inc. NJ 609,053 95,161 95,161 0.37 0.53 4.05 5.77
FSPG First Home Bancorp Inc. NJ 525,092 36,039 35,494 0.93 0.91 14.03 13.69
FMCO FMS Financial Corp. NJ 581,660 37,729 37,180 1.03 1.02 15.86 15.74
IBSF IBS Financial Corp. NJ 734,751 128,019 128,019 0.78 0.78 4.44 4.44
LVSB Lakeview Financial NJ 505,882 61,809 52,953 1.28 0.93 13.09 9.48
LFBI Little Falls Bancorp Inc. NJ 324,425 37,903 34,957 0.57 0.51 4.37 3.93
OCFC Ocean Financial Corp. NJ 1,489,220 225,884 225,884 1.00 1.00 5.71 5.71
PBCI Pamrapo Bancorp Inc. NJ 371,958 48,008 47,674 1.35 1.33 9.76 9.61
PFSB PennFed Financial Services Inc NJ 1,363,950 99,917 84,615 0.82 0.82 10.96 10.96
PULS Pulse Bancorp NJ 526,016 43,207 43,207 1.10 1.10 14.06 14.06
RARB Raritan Bancorp Inc. NJ 407,262 29,996 29,536 1.04 1.02 13.27 13.07
SFIN Statewide Financial Corp. NJ 703,112 65,812 65,700 0.81 0.81 8.46 8.46
WYNE Wayne Bancorp Inc. NJ 267,285 33,213 33,213 0.86 0.86 6.01 6.01
WWFC Westwood Financial Corp. NJ 110,425 10,290 9,205 0.73 0.78 2.34 2.50
AABC Access Anytime Bancorp Inc. NM 105,639 9,134 9,134 1.44 1.34 22.55 20.89
GUPB GFSB Bancorp Inc. NM 109,964 14,095 14,095 0.87 0.87 5.47 5.45
AFED AFSALA Bancorp Inc. NY 159,181 21,444 21,444 NA NA NA NA
ALBK ALBANK Financial Corp. NY 3,716,954 343,512 302,611 1.05 1.05 11.40 11.35
ALBC Albion Banc Corp. NY 70,810 6,064 6,064 0.50 0.49 5.54 5.46
AHCI Ambanc Holding Co. NY 529,309 60,204 60,204 -0.54 -0.61 -4.22 -4.74
ASFC Astoria Financial Corp. NY 7,904,363 609,784 515,847 0.81 0.77 10.35 9.80
CNY Carver Bancorp Inc. NY 415,561 34,910 33,561 -0.15 0.18 -1.76 2.08
CATB Catskill Financial Corp. NY 289,619 71,777 71,777 1.40 1.37 5.22 5.11
DME Dime Bancorp Inc. NY 19,413,597 1,053,004 1,002,707 0.67 0.66 12.63 12.47
DIME Dime Community Bancorp Inc. NY 1,385,356 186,951 161,119 1.10 1.04 6.94 6.55
CAPITAL ISSUES
*********************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
--------- --------- ---------- ---------
SSM Stone Street Bancorp Inc. 04-01-96 AMSE 1,898,052 40.33
UFRM United Federal Savings Bank 07-01-80 NASDAQ 3,074,314 38.43
CFB Commercial Federal Corp. 12-31-84 NYSE 21,581,704 1017.04
CFX CFX Corp. 02-12-87 AMSE 23,977,304 514.03
NHTB New Hampshire Thrift Bncshrs 05-22-86 NASDAQ 2,074,683 43.05
FBER 1st Bergen Bancorp 04-01-96 NASDAQ 2,864,535 52.64
FSNJ Bayonne Bancshares Inc. 08-22-97 NASDAQ 8,993,000 112.41
FSPG First Home Bancorp Inc. 04-20-87 NASDAQ 2,708,426 59.59
FMCO FMS Financial Corp. 12-14-88 NASDAQ 2,387,766 65.07
IBSF IBS Financial Corp. 10-13-94 NASDAQ 10,949,327 186.83
LVSB Lakeview Financial 12-22-93 NASDAQ 4,509,054 74.40
LFBI Little Falls Bancorp Inc. 01-05-96 NASDAQ 2,607,921 48.25
OCFC Ocean Financial Corp. 07-03-96 NASDAQ 8,175,860 290.24
PBCI Pamrapo Bancorp Inc. 11-14-89 NASDAQ 2,842,924 67.52
PFSB PennFed Financial Services Inc 07-15-94 NASDAQ 4,822,574 151.91
PULS Pulse Bancorp 09-18-86 NASDAQ 3,080,548 73.93
RARB Raritan Bancorp Inc. 03-01-87 NASDAQ 2,372,226 59.31
SFIN Statewide Financial Corp. 10-02-95 NASDAQ 4,590,934 98.71
WYNE Wayne Bancorp Inc. 06-27-96 NASDAQ 2,013,823 49.34
WWFC Westwood Financial Corp. 06-07-96 NASDAQ 645,241 17.82
AABC Access Anytime Bancorp Inc. 08-08-86 NASDAQ 1,216,852 9.25
GUPB GFSB Bancorp Inc. 06-30-95 NASDAQ 800,700 17.01
AFED AFSALA Bancorp Inc. 10-01-96 NASDAQ 1,454,750 21.28
ALBK ALBANK Financial Corp. 04-01-92 NASDAQ 12,872,195 543.85
ALBC Albion Banc Corp. 07-26-93 NASDAQ 250,051 6.44
AHCI Ambanc Holding Co. 12-27-95 NASDAQ 4,306,418 69.44
ASFC Astoria Financial Corp. 11-18-93 NASDAQ 20,665,877 1039.76
CNY Carver Bancorp Inc. 10-25-94 AMSE 2,314,275 29.22
CATB Catskill Financial Corp. 04-18-96 NASDAQ 4,657,274 78.59
DME Dime Bancorp Inc. 08-19-86 NYSE 101,492,000 2137.73
DIME Dime Community Bancorp Inc. 06-26-96 NASDAQ 12,624,750 257.23
138
KELLER & COMPANY PAGE 9
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY PROFITABILITY
************************************ *****************************
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ----------- --------- ----------- ----- ------ ------- -----
ESBK Elmira Savings Bank (The) NY 228,268 14,503 14,123 0.42 0.34 6.67 5.40
FIBC Financial Bancorp Inc. NY 296,956 26,856 26,729 0.92 0.98 9.57 10.16
FFIC Flushing Financial Corp. NY 960,130 136,389 130,931 0.96 0.96 6.01 6.05
GPT GreenPoint Financial Corp. NY 13,093,985 1,268,776 680,049 1.09 1.05 10.41 10.01
GOSB GSB Financial Corp. NY 154,649 12,545 12,545 NA NA NA NA
HAVN Haven Bancorp Inc. NY 1,833,284 109,945 109,594 0.68 0.69 11.37 11.45
JSB JSB Financial Inc. NY 1,531,068 355,419 355,419 1.93 1.72 8.62 7.67
LISB Long Island Bancorp Inc. NY 5,930,784 546,375 541,306 0.86 0.73 9.33 7.93
MBB MSB Bancorp Inc. NY 773,991 76,137 46,403 0.53 0.54 6.05 6.06
NYB New York Bancorp Inc. NY 3,244,200 169,063 169,063 1.64 1.49 31.49 28.61
PEEK Peekskill Financial Corp. NY 181,242 47,297 47,297 1.15 1.15 4.33 4.33
PKPS Poughkeepsie Financial Corp. NY 883,981 74,436 74,436 0.53 0.54 6.36 6.44
PSBK Progressive Bank Inc. NY 884,617 77,243 69,571 0.95 0.94 11.39 11.17
QCSB Queens County Bancorp Inc. NY 1,541,049 172,847 172,847 1.57 1.55 11.69 11.55
RELY Reliance Bancorp Inc. NY 2,034,753 168,030 123,413 0.89 0.84 10.86 10.22
RSLN Roslyn Bancorp Inc. NY 3,474,150 612,813 609,850 0.97 1.17 5.64 6.80
SFED SFS Bancorp Inc. NY 174,093 21,716 21,716 0.69 0.69 5.48 5.48
SKAN Skaneateles Bancorp Inc. NY 247,643 17,337 16,838 0.70 0.68 10.32 9.99
TPNZ Tappan Zee Financial Inc. NY 124,603 21,369 21,369 0.85 0.84 4.87 4.77
ROSE TR Financial Corp. NY 3,691,564 230,213 230,213 0.97 0.87 15.66 14.14
YFCB Yonkers Financial Corporation NY 312,956 43,878 43,878 1.05 1.07 6.72 6.79
ASBP ASB Financial Corp. OH 112,449 17,512 17,512 0.97 0.91 5.89 5.53
CAFI Camco Financial Corp. OH 502,186 48,157 44,568 1.16 0.99 12.08 10.23
COFI Charter One Financial OH 15,196,993 1,071,930 984,464 1.27 1.24 18.76 18.34
CTZN CitFed Bancorp Inc. OH 3,294,554 206,713 187,844 0.87 0.87 13.46 13.46
CIBI Community Investors Bancorp OH 94,328 11,085 11,085 0.97 0.97 8.37 8.37
DCBI Delphos Citizens Bancorp Inc. OH 107,796 28,716 28,716 1.61 1.61 8.03 8.03
EMLD Emerald Financial Corp. OH 603,493 47,081 46,387 1.04 0.97 13.69 12.70
EFBI Enterprise Federal Bancorp OH 274,888 31,424 31,404 0.93 0.78 7.35 6.14
FFDF FFD Financial Corp. OH 88,220 21,473 21,473 1.93 0.97 7.83 3.92
FFYF FFY Financial Corp. OH 610,974 83,662 83,662 1.29 1.26 8.78 8.58
CAPITAL ISSUES
*********************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
--------- --------- ---------- ---------
ESBK Elmira Savings Bank (The) 03-01-85 NASDAQ 706,361 21.01
FIBC Financial Bancorp Inc. 08-17-94 NASDAQ 1,709,700 38.47
FFIC Flushing Financial Corp. 11-21-95 NASDAQ 7,983,423 191.60
GPT GreenPoint Financial Corp. 01-28-94 NYSE 42,826,000 2714.10
GOSB GSB Financial Corp. 07-09-97 NASDAQ NA NA
HAVN Haven Bancorp Inc. 09-23-93 NASDAQ 4,386,052 187.50
JSB JSB Financial Inc. 06-27-90 NYSE 9,898,160 484.40
LISB Long Island Bancorp Inc. 04-18-94 NASDAQ 24,022,924 1129.08
MBB MSB Bancorp Inc. 09-03-92 AMSE 2,844,153 82.12
NYB New York Bancorp Inc. 01-28-88 NYSE 21,318,644 638.24
PEEK Peekskill Financial Corp. 12-29-95 NASDAQ 3,193,121 53.48
PKPS Poughkeepsie Financial Corp. 11-19-85 NASDAQ 12,595,325 116.51
PSBK Progressive Bank Inc. 08-01-84 NASDAQ 3,828,059 131.11
QCSB Queens County Bancorp Inc. 11-23-93 NASDAQ 15,108,350 521.87
RELY Reliance Bancorp Inc. 03-31-94 NASDAQ 8,712,455 287.51
RSLN Roslyn Bancorp Inc. 01-13-97 NASDAQ 43,642,459 971.04
SFED SFS Bancorp Inc. 06-30-95 NASDAQ 1,230,997 27.39
SKAN Skaneateles Bancorp Inc. 06-02-86 NASDAQ 955,067 27.22
TPNZ Tappan Zee Financial Inc. 10-05-95 NASDAQ 1,488,062 27.72
ROSE TR Financial Corp. 06-29-93 NASDAQ 17,592,169 560.75
YFCB Yonkers Financial Corporation 04-18-96 NASDAQ 3,020,763 60.04
ASBP ASB Financial Corp. 05-11-95 NASDAQ 1,699,822 22.74
CAFI Camco Financial Corp. NA NASDAQ 3,214,369 73.13
COFI Charter One Financial 01-22-88 NASDAQ 49,562,991 2790.89
CTZN CitFed Bancorp Inc. 01-23-92 NASDAQ 8,656,198 438.22
CIBI Community Investors Bancorp 02-07-95 NASDAQ 916,371 13.97
DCBI Delphos Citizens Bancorp Inc. 11-21-96 NASDAQ 1,959,696 33.80
EMLD Emerald Financial Corp. NA NASDAQ 5,071,600 82.41
EFBI Enterprise Federal Bancorp 10-17-94 NASDAQ 1,985,828 47.16
FFDF FFD Financial Corp. 04-03-96 NASDAQ 1,444,750 23.84
FFYF FFY Financial Corp. 06-28-93 NASDAQ 4,122,007 114.90
139
KELLER & COMPANY PAGE 10
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY PROFITABILITY
************************************ *****************************
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ----------- --------- ----------- ----- ------ ------- -----
FFOH Fidelity Financial of Ohio OH 528,704 68,875 61,076 0.83 0.94 6.28 7.07
FDEF First Defiance Financial OH 574,364 112,906 112,906 1.02 1.00 4.79 4.67
FFBZ First Federal Bancorp Inc. OH 203,703 15,626 15,609 1.02 0.97 13.37 12.73
FFHS First Franklin Corp. OH 231,189 20,847 20,730 0.55 0.65 6.18 7.31
GFCO Glenway Financial Corp. OH 293,245 27,750 27,418 0.80 0.77 8.37 8.14
HHFC Harvest Home Financial Corp. OH 87,596 10,349 10,349 0.30 0.57 2.31 4.44
HCFC Home City Financial Corp. OH 70,110 13,750 13,750 1.23 1.25 6.40 6.49
INBI Industrial Bancorp Inc. OH 354,116 60,848 60,848 1.51 1.44 8.32 7.92
LONF London Financial Corporation OH 38,240 7,519 7,519 0.66 0.99 3.17 4.77
MRKF Market Financial Corp. OH 56,121 19,895 19,895 0.99 0.99 3.66 3.66
METF Metropolitan Financial Corp. OH 865,572 34,911 31,859 0.64 0.60 16.23 15.21
MFFC Milton Federal Financial Corp. OH 209,958 26,385 26,385 0.73 0.65 5.08 4.52
OSFS Ohio State Financial Services OH 38,559 10,442 10,442 0.98 0.98 6.13 6.13
OHSL OHSL Financial Corp. OH 234,600 25,619 25,619 0.90 0.88 8.06 7.86
PFFC Peoples Financial Corp. OH 86,486 23,534 23,534 0.59 0.90 2.31 3.54
PSFC Peoples-Sidney Financial Corp. OH 102,835 26,014 26,014 1.04 1.04 6.37 6.37
PTRS Potters Financial Corp. OH 122,716 10,812 10,812 0.98 0.96 10.93 10.72
PVFC PVF Capital Corp. OH 383,278 27,537 27,537 1.37 1.31 19.66 18.82
SFSL Security First Corp. OH 680,827 63,059 62,084 1.36 1.37 14.62 14.73
WOFC Western Ohio Financial Corp. OH 397,425 55,105 51,442 0.37 0.43 2.74 3.16
WEHO Westwood Homestead Fin. Corp. OH 142,878 39,513 39,513 1.01 1.09 3.23 3.50
WFI Winton Financial Corp. OH 324,532 23,277 22,814 1.05 0.86 14.63 12.06
FFWD Wood Bancorp Inc. OH 166,520 20,707 20,707 1.40 1.29 11.07 10.20
KFBI Klamath First Bancorp OR 980,078 144,462 NA 1.04 1.04 5.75 5.75
OTFC Oregon Trail Financial Corp. OR 341,988 65,168 65,168 NA NA NA NA
WFSG Wilshire Financial Services OR 1,369,761 99,769 99,769 1.83 1.62 28.33 25.01
CVAL Chester Valley Bancorp Inc. PA 322,321 27,917 27,917 0.98 0.93 11.31 10.83
CMSB Commonwealth Bancorp Inc. PA 2,278,099 211,483 164,822 0.75 0.58 7.49 5.76
FSBI Fidelity Bancorp Inc. PA 380,951 25,881 NA 0.78 0.76 11.41 11.19
FBBC First Bell Bancorp Inc. PA 681,215 71,762 71,762 1.12 1.09 9.47 9.27
FKFS First Keystone Financial PA 373,430 24,752 24,752 0.84 0.77 11.46 10.53
CAPITAL ISSUES
*********************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
--------- --------- ---------- ---------
FFOH Fidelity Financial of Ohio 03-04-96 NASDAQ 5,579,719 89.28
FDEF First Defiance Financial 10-02-95 NASDAQ 8,956,764 141.07
FFBZ First Federal Bancorp Inc. 07-13-92 NASDAQ 1,575,116 29.53
FFHS First Franklin Corp. 01-26-88 NASDAQ 1,192,029 28.01
GFCO Glenway Financial Corp. 11-30-90 NASDAQ 2,279,994 34.20
HHFC Harvest Home Financial Corp. 10-10-94 NASDAQ 914,857 9.95
HCFC Home City Financial Corp. 12-30-96 NASDAQ 904,590 13.57
INBI Industrial Bancorp Inc. 08-01-95 NASDAQ 5,172,800 93.11
LONF London Financial Corporation 04-01-96 NASDAQ 515,160 7.60
MRKF Market Financial Corp. 03-27-97 NASDAQ 1,335,725 20.04
METF Metropolitan Financial Corp. NA NASDAQ 3,525,635 66.99
MFFC Milton Federal Financial Corp. 10-07-94 NASDAQ 2,304,836 35.15
OSFS Ohio State Financial Services 09-29-97 NASDAQ 634,168 9.83
OHSL OHSL Financial Corp. 02-10-93 NASDAQ 1,234,597 32.10
PFFC Peoples Financial Corp. 09-13-96 NASDAQ 1,491,012 23.30
PSFC Peoples-Sidney Financial Corp. 04-28-97 NASDAQ 1,785,375 29.46
PTRS Potters Financial Corp. 12-31-93 NASDAQ 482,326 13.63
PVFC PVF Capital Corp. 12-30-92 NASDAQ 2,590,485 52.46
SFSL Security First Corp. 01-22-88 NASDAQ 7,591,177 144.23
WOFC Western Ohio Financial Corp. 07-29-94 NASDAQ 2,355,893 63.90
WEHO Westwood Homestead Fin. Corp. 09-30-96 NASDAQ 2,782,398 50.08
WFI Winton Financial Corp. 08-04-88 AMSE 1,986,152 34.51
FFWD Wood Bancorp Inc. 08-31-93 NASDAQ 2,118,538 36.02
KFBI Klamath First Bancorp 10-05-95 NASDAQ 10,018,502 221.66
OTFC Oregon Trail Financial Corp. 10-06-97 NASDAQ NA NA
WFSG Wilshire Financial Services 12-19-96 NASDAQ 7,570,000 197.77
CVAL Chester Valley Bancorp Inc. 03-27-87 NASDAQ 2,189,381 50.36
CMSB Commonwealth Bancorp Inc. 06-17-96 NASDAQ 16,242,691 292.37
FSBI Fidelity Bancorp Inc. 06-24-88 NASDAQ 1,554,775 34.59
FBBC First Bell Bancorp Inc. 06-29-95 NASDAQ 6,510,625 113.12
FKFS First Keystone Financial 01-26-95 NASDAQ 1,228,419 39.62
140
KELLER & COMPANY PAGE 11
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY PROFITABILITY
************************************ *****************************
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ----------- --------- ----------- ----- ------ ------- -----
SHEN First Shenango Bancorp Inc. PA 401,437 46,654 46,654 1.17 1.17 10.51 10.46
GAF GA Financial Inc. PA 802,304 117,377 116,235 1.09 1.07 6.26 6.10
HARL Harleysville Savings Bank PA 345,239 22,872 22,872 1.04 1.04 16.14 16.17
LARL Laurel Capital Group Inc. PA 209,980 21,982 21,982 1.46 1.41 14.07 13.60
MLBC ML Bancorp Inc. PA 2,315,784 160,337 149,595 0.72 0.51 9.90 7.09
PVSA Parkvale Financial Corporation PA 1,005,440 77,610 77,108 1.08 1.08 14.93 14.93
PWBC PennFirst Bancorp Inc. PA 822,350 68,826 61,205 0.66 0.66 8.60 8.61
PWBK Pennwood Bancorp Inc. PA 47,645 8,736 8,736 0.99 1.08 5.20 5.66
PHFC Pittsburgh Home Financial Corp PA 273,304 28,814 28,511 0.85 0.76 6.70 6.02
PRBC Prestige Bancorp Inc. PA 137,834 15,445 15,445 0.62 0.62 5.10 5.11
PFNC Progress Financial Corp. PA 436,746 23,291 20,773 0.89 0.71 17.19 13.62
SHSB SHS Bancorp Inc. PA 88,460 11,797 11,797 NA NA NA NA
SVRN Sovereign Bancorp Inc. PA 14,601,008 742,122 624,005 0.53 0.65 10.12 12.46
THRD TF Financial Corp. PA 625,338 72,713 64,214 0.78 0.67 6.96 6.02
USAB USABancshares, Inc. PA 64,269 5,420 5,338 0.53 0.47 4.57 4.08
WVFC WVS Financial Corp. PA 282,235 33,877 33,877 1.29 1.28 10.68 10.65
YFED York Financial Corp. PA 1,155,725 102,335 102,335 0.95 0.80 11.47 9.70
CFCP Coastal Financial Corp. SC 494,003 32,391 32,391 1.21 1.05 19.36 16.81
FFCH First Financial Holdings Inc. SC 1,712,931 104,785 104,785 0.87 0.85 14.22 13.85
FSFC First Southeast Financial Corp SC 350,038 35,978 35,978 1.05 1.05 10.32 10.32
FSPT FirstSpartan Financial Corp. SC 482,314 129,234 129,234 1.08 1.07 7.51 7.47
PALM Palfed Inc. SC 668,504 56,928 56,928 0.39 0.67 4.87 8.22
SCCB S. Carolina Community Bancshrs SC 45,619 12,126 12,126 1.15 1.15 4.37 4.37
HFFC HF Financial Corp. SD 574,889 54,185 54,182 1.02 0.94 11.03 10.13
TWIN Twin City Bancorp TN 106,931 13,840 13,840 0.85 0.72 6.65 5.59
BNKU Bank United Corp. TX 11,967,072 598,479 584,874 0.69 0.54 13.50 10.48
CBSA Coastal Bancorp Inc. TX 2,929,560 101,656 85,465 0.42 0.40 12.44 11.94
ETFS East Texas Financial Services TX 115,949 20,879 20,879 0.67 0.62 3.67 3.44
FBHC Fort Bend Holding Corp. TX 319,414 19,671 18,368 0.66 0.51 10.61 8.12
GLMR Gilmer Financial Svcs, Inc. TX 42,171 3,803 3,803 0.06 0.32 0.59 3.36
JXVL Jacksonville Bancorp Inc. TX 226,182 33,745 33,745 1.02 1.33 6.42 8.42
CAPITAL ISSUES
*********************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
--------- --------- ---------- ---------
SHEN First Shenango Bancorp Inc. 04-06-93 NASDAQ 2,069,007 65.17
GAF GA Financial Inc. 03-26-96 AMSE 7,972,900 148.50
HARL Harleysville Savings Bank 08-04-87 NASDAQ 1,661,626 44.03
LARL Laurel Capital Group Inc. 02-20-87 NASDAQ 1,445,957 35.97
MLBC ML Bancorp Inc. 08-11-94 NASDAQ 11,865,567 324.82
PVSA Parkvale Financial Corporation 07-16-87 NASDAQ 5,105,905 133.26
PWBC PennFirst Bancorp Inc. 06-13-90 NASDAQ 5,310,173 93.59
PWBK Pennwood Bancorp Inc. 07-15-96 NASDAQ 569,622 10.11
PHFC Pittsburgh Home Financial Corp 04-01-96 NASDAQ 1,969,369 37.66
PRBC Prestige Bancorp Inc. 06-27-96 NASDAQ 914,873 17.27
PFNC Progress Financial Corp. 07-18-83 NASDAQ 4,010,116 58.90
SHSB SHS Bancorp Inc. 10-01-97 NASDAQ NA NA
SVRN Sovereign Bancorp Inc. 08-12-86 NASDAQ 89,275,475 1562.32
THRD TF Financial Corp. 07-13-94 NASDAQ 4,088,432 103.74
USAB USABancshares, Inc. NA NASDAQ 732,426 6.23
WVFC WVS Financial Corp. 11-29-93 NASDAQ 1,747,920 50.91
YFED York Financial Corp. 02-01-84 NASDAQ 8,806,398 181.41
CFCP Coastal Financial Corp. 09-26-90 NASDAQ 4,646,534 106.29
FFCH First Financial Holdings Inc. 11-10-83 NASDAQ 6,368,262 241.20
FSFC First Southeast Financial Corp 10-08-93 NASDAQ 4,388,231 70.49
FSPT FirstSpartan Financial Corp. 07-09-97 NASDAQ 4,430,375 171.68
PALM Palfed Inc. 12-15-85 NASDAQ 5,299,201 130.49
SCCB S. Carolina Community Bancshrs 07-07-94 NASDAQ 698,733 16.33
HFFC HF Financial Corp. 04-08-92 NASDAQ 2,803,400 72.19
TWIN Twin City Bancorp 01-04-95 NASDAQ 1,272,447 17.18
BNKU Bank United Corp. 08-09-96 NASDAQ 31,595,596 1398.11
CBSA Coastal Bancorp Inc. NA NASDAQ 4,992,203 161.00
ETFS East Texas Financial Services 01-10-95 NASDAQ 1,026,366 21.04
FBHC Fort Bend Holding Corp. 06-30-93 NASDAQ 1,655,754 33.12
GLMR Gilmer Financial Svcs, Inc. 02-09-95 NASDAQ 191,258 2.10
JXVL Jacksonville Bancorp Inc. 04-01-96 NASDAQ 2,490,068 37.51
141
KELLER & COMPANY PAGE 12
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY PROFITABILITY
************************************ *****************************
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ----------- --------- ----------- ----- ------ ------- -----
BFSB Bedford Bancshares Inc. VA 139,179 19,621 19,621 1.20 1.19 8.39 8.34
CNIT CENIT Bancorp Inc. VA 701,708 48,739 44,638 0.80 0.78 11.24 10.96
CFFC Community Financial Corp. VA 183,278 24,213 24,213 1.12 1.13 8.18 8.22
ESX Essex Bancorp Inc. VA 191,886 15,028 14,853 0.12 0.02 1.41 0.30
FFFC FFVA Financial Corp. VA 567,266 75,499 73,981 1.40 1.35 10.37 9.97
LIFB Life Bancorp Inc. VA 1,486,357 159,280 154,881 0.92 0.86 8.70 8.10
VABF Virginia Beach Fed. Financial VA 605,486 43,320 43,320 0.62 0.49 9.13 7.24
VFFC Virginia First Financial Corp. VA 853,557 69,136 66,918 0.94 0.50 11.68 6.22
CASB Cascade Financial Corp. WA 426,451 28,311 28,311 0.61 0.61 9.61 9.55
FMSB First Mutual Savings Bank WA 451,120 30,637 30,637 1.03 1.00 15.32 15.00
FWWB First SB of Washington Bancorp WA 1,098,615 150,295 138,838 1.25 1.17 8.47 7.97
HRZB Horizon Financial Corp. WA 531,028 83,044 83,044 1.58 1.55 10.18 9.95
IWBK InterWest Bancorp Inc. WA 2,046,705 129,824 127,516 1.12 0.98 16.98 14.90
RVSB Riverview Bancorp Inc. WA 282,247 58,556 56,390 1.26 1.23 11.33 11.07
STSA Sterling Financial Corp. WA 1,870,513 98,250 89,924 0.59 0.54 10.33 9.50
WFSL Washington Federal Inc. WA 5,719,589 717,745 658,971 1.86 1.85 15.71 15.62
WAMU Washington Mutual Inc. WA 95,607,369 5,337,105 4,964,585 0.18 0.68 3.15 11.92
AADV Advantage Bancorp Inc. WI 1,037,462 99,004 92,102 1.05 0.94 11.67 10.49
ABCW Anchor BanCorp Wisconsin WI 1,954,749 125,150 122,971 1.00 0.93 15.57 14.53
FCBF FCB Financial Corp. WI 522,991 72,633 72,633 1.05 1.09 6.67 6.92
FTFC First Federal Capital Corp. WI 1,559,672 105,029 98,984 1.08 0.90 16.79 13.94
FNGB First Northern Capital Corp. WI 656,745 72,801 72,801 0.93 0.89 8.20 7.88
HALL Hallmark Capital Corp. WI 418,467 30,555 30,555 0.65 0.63 9.10 8.94
MWFD Midwest Federal Financial WI 211,689 19,047 18,415 1.45 1.11 16.71 12.82
NWEQ Northwest Equity Corp. WI 96,954 11,333 11,333 1.03 0.99 8.75 8.42
RELI Reliance Bancshares Inc. WI 46,987 22,698 22,698 1.32 1.29 2.58 2.52
STFR St. Francis Capital Corp. WI 1,661,916 129,797 114,976 0.89 0.74 10.76 8.94
AFBC Advance Financial Bancorp WV 105,717 16,279 16,279 0.88 0.86 6.11 5.92
FOBC Fed One Bancorp WV 357,721 39,980 38,210 0.94 0.94 8.31 8.26
CRZY Crazy Woman Creek Bancorp WY 59,952 14,210 14,210 1.28 1.30 4.74 4.79
TRIC Tri-County Bancorp Inc. WY 88,173 13,503 13,503 1.05 1.07 7.13 7.26
CAPITAL ISSUES
*********************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
--------- --------- ---------- ---------
BFSB Bedford Bancshares Inc. 08-22-94 NASDAQ 1,142,425 27.99
CNIT CENIT Bancorp Inc. 08-06-92 NASDAQ 1,654,391 102.16
CFFC Community Financial Corp. 03-30-88 NASDAQ 1,275,373 27.42
ESX Essex Bancorp Inc. 07-18-90 AMSE 1,057,682 5.02
FFFC FFVA Financial Corp. 10-12-94 NASDAQ 4,521,600 143.00
LIFB Life Bancorp Inc. 10-11-94 NASDAQ 9,847,581 259.73
VABF Virginia Beach Fed. Financial 11-01-80 NASDAQ 4,978,795 80.91
VFFC Virginia First Financial Corp. 01-01-78 NASDAQ 5,813,762 139.53
CASB Cascade Financial Corp. 09-16-92 NASDAQ 3,385,358 51.20
FMSB First Mutual Savings Bank 12-17-85 NASDAQ 4,067,130 72.53
FWWB First SB of Washington Bancorp 11-01-95 NASDAQ 10,246,513 253.60
HRZB Horizon Financial Corp. 08-01-86 NASDAQ 7,433,701 119.41
IWBK InterWest Bancorp Inc. NA NASDAQ 8,050,266 324.02
RVSB Riverview Bancorp Inc. 10-26-93 NASDAQ 6,127,938 78.54
STSA Sterling Financial Corp. NA NASDAQ 7,567,091 144.25
WFSL Washington Federal Inc. 11-17-82 NASDAQ 47,508,759 1407.45
WAMU Washington Mutual Inc. 03-11-83 NASDAQ 257,176,039 17938.03
AADV Advantage Bancorp Inc. 03-23-92 NASDAQ 3,235,830 184.44
ABCW Anchor BanCorp Wisconsin 07-16-92 NASDAQ 9,053,564 263.69
FCBF FCB Financial Corp. 09-24-93 NASDAQ 3,879,441 104.74
FTFC First Federal Capital Corp. 11-02-89 NASDAQ 9,164,902 265.78
FNGB First Northern Capital Corp. 12-29-83 NASDAQ 8,840,200 120.45
HALL Hallmark Capital Corp. 01-03-94 NASDAQ 2,885,900 37.16
MWFD Midwest Federal Financial 07-08-92 NASDAQ 1,627,674 38.25
NWEQ Northwest Equity Corp. 10-11-94 NASDAQ 838,754 13.52
RELI Reliance Bancshares Inc. 04-19-96 NASDAQ 2,472,075 21.01
STFR St. Francis Capital Corp. 06-21-93 NASDAQ 5,238,000 195.77
AFBC Advance Financial Bancorp 01-02-97 NASDAQ 1,084,450 17.62
FOBC Fed One Bancorp 01-19-95 NASDAQ 2,373,181 60.52
CRZY Crazy Woman Creek Bancorp 03-29-96 NASDAQ 954,845 14.38
TRIC Tri-County Bancorp Inc. 09-30-93 NASDAQ 583,749 13.50
142
KELLER & COMPANY PAGE 13
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED THRIFT INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF NOVEMBER 28, 1997
ASSETS AND EQUITY PROFITABILITY
************************************ *****************************
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ----------- --------- ----------- ----- ------ ------- -----
ALL THRIFTS
AVERAGE 1,465,609 110,687 103,408 0.86 0.84 8.74 8.36
MEDIAN 343,684 37,816 36,707 0.94 0.90 8.34 7.91
HIGH 95,607,369 5,337,105 4,964,585 4.13 3.97 46.76 44.97
LOW 34,591 3,803 3,803 -28.08 -28.75 -68.24 -69.85
AVERAGE FOR STATE
KY 400,607 49,114 47,352 1.10 1.09 6.11 5.85
AVERAGE BY REGION
MIDWEST 618,558 58,457 55,722 0.91 0.90 8.55 8.37
NEW ENGLAND 855,812 85,574 84,703 0.89 0.79 8.41 6.90
MID ATLANTIC 1,205,089 117,505 104,100 1.10 1.08 8.47 8.22
SOUTHEAST 868,922 68,412 64,135 0.52 0.47 8.63 8.00
SOUTHWEST 390,902 47,951 47,211 1.06 0.99 7.46 7.06
WEST 4,229,833 268,514 262,841 0.81 0.78 9.65 9.19
AVERAGE BY EXCHANGE
NYSE 13,281,731 858,050 773,884 1.12 0.91 15.31 12.98
AMEX 427,272 46,490 44,473 0.77 0.84 5.95 6.41
OTC/NASDAQ 1,085,390 86,522 81,704 0.86 0.83 8.70 8.34
CAPITAL ISSUES
*********************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
--------- --------- ---------- ---------
ALL THRIFTS
AVERAGE 6,801,232 226.65
MEDIAN 2,669,683 55.36
HIGH 257,176,039 17,938.03
LOW 191,258 2.10
AVERAGE FOR STATE
KY 3,031,526 85.38
AVERAGE BY REGION
MIDWEST 3,911,510 94.63
NEW ENGLAND 6,774,072 141.97
MID ATLANTIC 7,457,563 219.01
SOUTHEAST 5,286,350 141.77
SOUTHWEST 3,515,419 65.81
WEST 12,794,278 531.32
AVERAGE BY EXCHANGE
NYSE 41,653,708 1,755.68
AMEX 3,442,219 67.63
OTC/NASDAQ 5,689,536 178.80
143
KELLER & COMPANY
Dublin, Ohio
614-766-1426
RECENTLY CONVERTED THRIFT INSTITUTIONS
PRICES AND PRICING RATIOS
IPO CLOSING RATIOS CURRENT RATIOS
****************************** *******************************
Price/ Price/ Price/ Price/
Price/ Book Tang. Bk. Price/ Price/ Book Tang. Bk. Price/
IPO Earnings Value Value Assets Earnings Value Value Assets
Date (X) (%) (%) (%) (X) (%) (%) (%)
-------- ----- ----- ------ ----- ----- ------ ------ -----
AFBC Advance Financial Bancorp WV 01-02-97 16.80 71.10 71.09 10.60 22.19 118.25 118.25 18.21
RSLN Roslyn Bancorp Inc. NY 01-13-97 9.30 72.00 71.98 21.00 19.42 154.91 155.69 27.32
FAB FirstFed America Bancorp Inc. MA 01-15-97 13.60 72.00 72.02 10.70 23.44 131.96 131.96 17.33
EFBC Empire Federal Bancorp Inc. MT 01-27-97 21.50 68.10 68.09 23.00 24.26 106.38 106.38 38.70
MRKF Market Financial Corp. OH 03-27-97 26.20 71.10 71.07 22.70 25.42 102.42 102.42 36.29
GSLA GS Financial Corp. LA 04-01-97 38.70 63.80 63.75 28.40 26.10 107.97 107.97 46.56
HMLK Hemlock Federal Financial Corp IL 04-02-97 37.50 71.60 71.62 12.40 19.60 114.54 114.54 22.12
PLSK Pulaski Savings Bank (MHC) NJ 04-03-97 18.20 103.20 103.15 5.70 29.30 180.98 180.98 21.68
SKBO First Carnegie Deposit (MHC) PA 04-04-97 17.30 98.80 98.80 7.10 33.26 175.54 175.54 29.12
PSFC Peoples-Sidney Financial Corp. OH 04-28-97 11.50 71.20 71.24 17.00 21.56 109.73 109.73 29.95
HCBB HCB Bancshares Inc. AR 05-07-97 29.00 72.00 71.95 13.40 30.97 94.42 97.95 18.02
* MONT Montgomery Financial Corp. IN 07-01-97 NA NA NA NA NA 104.26 104.26 19.96
CFBC Community First Banking Co. GA 07-01-97 36.10 72.70 72.74 12.00 NA 121.86 123.51 23.47
FBNW FirstBank Corp. ID 07-02-97 19.20 71.90 71.93 13.00 NA 110.23 110.23 19.66
FSPT FirstSpartan Financial Corp. SC 07-09-97 26.00 73.00 72.98 19.10 NA 128.56 128.56 34.44
GOSB GSB Financial Corp. NY 07-09-97 23.20 73.40 73.44 18.90 NA NA NA NA
PHSB Peoples Home Savings Bk (MHC) PA 07-10-97 30.10 106.20 106.17 5.80 NA 182.24 182.24 24.90
* FSNJ Bayonne Bancshares Inc. NJ 08-22-97 NA NA NA NA NA 113.42 113.42 17.72
OSFS Ohio State Financial Services OH 09-29-97 17.00 63.30 63.33 15.70 NA 89.56 89.56 24.26
SHSB SHS Bancorp Inc. PA 10-01-97 13.90 70.70 70.73 9.10 NA NA NA NA
OTFC Oregon Trail Financial Corp. OR 10-06-97 18.50 76.60 76.63 18.70 NA NA NA NA
FSFF First SecurityFed Financial IL 10-31-97 21.30 73.40 73.44 19.80 NA NA NA NA
PRICES AND CHANGE FROM IPO DATE
*****************************************************
1 Day 1 Week 1 Mo.
IPO After After After
Price IPO % IPO % IPO %
($) ($) Change ($) Change ($) Change
----- ----- ----- ----- ------ ----- -----
AFBC Advance Financial Bancorp 10.00 12.88 28.75 12.94 29.38 14.00 40.00
RSLN Roslyn Bancorp Inc. 10.00 15.00 50.00 15.94 59.38 16.00 60.00
FAB FirstFed America Bancorp Inc. 10.00 13.63 36.25 14.13 41.25 14.88 48.75
EFBC Empire Federal Bancorp Inc. 10.00 13.25 32.50 13.50 35.00 13.75 37.50
MRKF Market Financial Corp. 10.00 12.94 29.38 12.25 22.50 12.63 26.25
GSLA GS Financial Corp. 10.00 13.38 33.75 13.75 37.50 14.00 40.00
HMLK Hemlock Federal Financial Corp 10.00 12.88 28.75 12.88 28.75 13.00 30.00
PLSK Pulaski Savings Bank (MHC) 10.00 11.50 15.00 12.00 20.00 11.86 18.59
SKBO First Carnegie Deposit (MHC) 10.00 11.63 16.25 13.00 30.00 12.88 28.75
PSFC Peoples-Sidney Financial Corp. 10.00 12.56 25.63 12.88 28.75 13.25 32.50
HCBB HCB Bancshares Inc. 10.00 12.63 26.25 12.75 27.50 12.88 28.75
* MONT Montgomery Financial Corp. 10.00 11.13 11.25 11.25 12.50 12.06 20.63
CFBC Community First Banking Co. 20.00 31.88 59.38 33.00 65.00 34.00 70.00
FBNW FirstBank Corp. 10.00 15.81 58.13 15.56 55.63 17.75 77.50
FSPT FirstSpartan Financial Corp. 20.00 36.69 83.44 37.00 85.00 35.63 78.13
GOSB GSB Financial Corp. 10.00 14.63 46.25 14.88 48.75 14.38 43.75
PHSB Peoples Home Savings Bk (MHC) 10.00 14.00 40.00 13.75 37.50 14.00 40.00
* FSNJ Bayonne Bancshares Inc. 10.00 11.75 17.50 11.88 18.75 12.69 26.88
OSFS Ohio State Financial Services 10.00 15.50 55.00 15.37 53.70 14.96 49.60
SHSB SHS Bancorp Inc. 10.00 14.75 47.50 16.25 62.50 16.00 60.00
OTFC Oregon Trail Financial Corp. 10.00 16.75 67.50 16.38 63.75 16.13 61.25
FSFF First SecurityFed Financial 10.00 15.06 50.63 15.13 51.25 16.06 60.63
<FN>
* Second stage conversion.
144
EXHIBIT 34
KELLER & COMPANY
Dublin, Ohio
614-766-1426
ACQUISITIONS AND PENDING ACQUISITIONS
COUNTY, CITY OR MARKET AREA OF COLUMBIA FEDERAL SAVINGS BANK
NONE
145
KELLER & COMPANY
Dublin, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, FDIC-INSURED MUTUAL HOLDING COMPANIES
AS OF NOVEMBER 28, 1997
EXHIBIT 35
PER SHARE
*************************************************************************
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- -------- ------- ------- ------ ------ ----- ------- -------
PFSL Pocahontas FS&LA (MHC) AR NASDAQ 34.000 37.125 9.500 -2.16 24.77 14.85 234.88 0.89
PBCT People's Bank (MHC) CT NASDAQ 33.688 37.375 1.250 2.86 21.40 11.41 126.48 0.63
CMSV Community Savings Bnkshrs(MHC) FL NASDAQ 35.000 39.750 10.000 -0.71 12.00 16.22 139.20 0.88
FFFL Fidelity Bankshares Inc. (MHC) FL NASDAQ 27.875 32.500 9.091 3.24 4.69 12.36 147.59 0.80
HARB Harbor Florida Bancorp (MHC) FL NASDAQ 65.000 69.750 11.875 4.00 19.54 19.46 227.41 1.35
FFSX First Fed SB of Siouxland(MHC) IA NASDAQ 31.875 35.000 8.239 -0.39 13.84 14.08 161.26 0.48
WCFB Webster City Federal SB (MHC) IA NASDAQ 20.250 22.000 8.813 -3.57 21.80 10.52 44.99 0.80
JXSB Jacksonville Savings Bk (MHC) IL NASDAQ 26.750 29.500 10.000 0.94 27.38 13.62 129.10 0.40
LFED Leeds Federal Savings Bk (MHC MD NASDAQ 21.500 22.750 6.583 2.38 27.73 9.19 55.08 0.49
GFED Guaranty Federal SB (MHC) MO NASDAQ 23.750 27.875 8.000 5.56 27.52 8.76 67.24 0.60
PULB Pulaski Bank, Svgs Bank (MHC) MO NASDAQ 30.500 32.500 10.500 3.39 25.13 11.23 86.07 1.00
FSLA First Savings Bank (MHC) NJ NASDAQ 40.375 47.500 4.611 -14.10 48.04 12.39 130.45 0.39
PLSK Pulaski Savings Bank (MHC) NJ NASDAQ 18.750 24.500 11.500 2.74 11.94 10.36 86.47 NA
TSBS Trenton SB (MHC) NJ NASDAQ 34.750 39.125 11.375 5.30 19.31 11.97 70.63 0.35
PBHC Oswego City Savings Bk (MHC) NY NASDAQ 28.500 29.500 8.250 3.64 49.02 12.02 100.70 0.24
SBFL SB of the Finger Lakes (MHC) NY NASDAQ 29.250 29.500 8.125 4.46 27.17 11.92 127.71 0.40
WAYN Wayne Svgs Community Bank(MHC) OH NASDAQ 31.000 32.000 7.503 21.57 47.62 10.58 110.96 0.62
SKBO First Carnegie Deposit (MHC) PA NASDAQ 18.625 19.875 11.625 4.20 22.13 10.61 63.96 NA
GDVS Greater Delaware Valley (MHC) PA NASDAQ 31.000 32.500 9.250 9.73 49.40 8.85 76.03 0.36
HARS Harris Financial Inc. (MHC) PA NASDAQ 19.000 20.750 4.250 5.56 54.06 5.12 62.47 0.19
NWSB Northwest Savings Bank (MHC) PA NASDAQ 14.000 16.375 3.688 -3.87 25.84 4.33 44.93 0.16
PHSB Peoples Home Savings Bk (MHC) PA NASDAQ 18.625 19.750 13.625 4.93 17.32 10.22 74.79 NA
PERT Perpetual Bank (MHC) SC NASDAQ 51.000 58.000 20.250 0.00 26.71 20.14 170.29 1.60
ALL MUTUAL HOLDING COMPANIES
AVERAGE 29.785 32.848 9.039 2.60 27.15 11.75 110.38 0.63
MEDIAN 29.250 32.000 9.091 3.24 25.13 11.41 100.70 0.55
HIGH 65.000 69.750 20.250 21.57 54.06 20.14 234.88 1.60
LOW 14.000 16.375 1.250 -14.10 4.69 4.33 44.93 0.16
PRICING RATIOS
***************************************
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------- ----------
PFSL Pocahontas FS&LA (MHC) AR NASDAQ 23.29 228.96 14.48 23.45
PBCT People's Bank (MHC) CT NASDAQ 23.56 295.25 26.64 36.22
CMSV Community Savings Bnkshrs(MHC FL NASDAQ 32.41 215.78 25.14 35.35
FFFL Fidelity Bankshares Inc. (MHC FL NASDAQ 55.75 225.53 18.89 34.84
HARB Harbor Florida Bancorp (MHC) FL NASDAQ 24.44 334.02 28.58 24.62
FFSX First Fed SB of Siouxland(MHC IA NASDAQ 26.79 226.38 19.77 27.48
WCFB Webster City Federal SB (MHC) IA NASDAQ 31.15 192.49 45.01 31.15
JXSB Jacksonville Savings Bk (MHC) IL NASDAQ 33.86 196.40 20.72 40.53
LFED Leeds Federal Savings Bk (MHC MD NASDAQ 33.08 233.95 39.03 33.08
GFED Guaranty Federal SB (MHC) MO NASDAQ 38.31 271.12 35.32 39.58
PULB Pulaski Bank, Svgs Bank (MHC) MO NASDAQ 52.59 271.59 35.44 39.10
FSLA First Savings Bank (MHC) NJ NASDAQ 36.05 325.87 30.95 34.51
PLSK Pulaski Savings Bank (MHC) NJ NASDAQ NA 180.98 21.68 NA
TSBS Trenton SB (MHC) NJ NASDAQ 39.94 290.31 49.20 56.97
PBHC Oswego City Savings Bk (MHC) NY NASDAQ 26.64 237.10 28.30 29.69
SBFL SB of the Finger Lakes (MHC) NY NASDAQ 66.48 245.39 22.90 100.86
WAYN Wayne Svgs Community Bank(MHC OH NASDAQ 38.27 293.01 27.94 40.79
SKBO First Carnegie Deposit (MHC) PA NASDAQ NA 175.54 29.12 NA
GDVS Greater Delaware Valley (MHC) PA NASDAQ 45.59 350.28 40.77 45.59
HARS Harris Financial Inc. (MHC) PA NASDAQ 36.54 371.09 30.41 44.19
NWSB Northwest Savings Bank (MHC) PA NASDAQ 32.56 323.33 31.16 33.33
PHSB Peoples Home Savings Bk (MHC) PA NASDAQ NA 182.24 24.90 NA
PERT Perpetual Bank (MHC) SC NASDAQ 43.22 253.23 29.95 31.68
ALL MUTUAL HOLDING COMPANIES
AVERAGE 37.03 257.38 29.40 39.15
MEDIAN 34.96 245.39 28.58 35.10
HIGH 66.48 371.09 49.20 100.86
LOW 23.29 175.54 14.48 23.45
146
KELLER & COMPANY
Dublin, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, FDIC-INSURED MUTUAL HOLDING COMPANIES
AS OF NOVEMBER 12, 1997
EXHIBIT 36
ASSETS AND EQUITY PROFITABILITY
**************************************** ***********************************
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ---------------------------------------- -----------------------------------
PFSL Pocahontas FS&LA (MHC) AR 383,417 24,246 24,246 0.63 0.62 10.07 9.98
PBCT People's Bank (MHC) CT 7,731,200 697,500 696,700 1.14 0.74 13.69 8.90
CMSV Community Savings Bnkshrs(MHC) FL 709,220 80,442 80,442 0.80 0.74 7.02 6.46
FFFL Fidelity Bankshares Inc. (MHC) FL 999,289 83,679 83,075 0.38 0.59 4.13 6.47
HARB Harbor Florida Bancorp (MHC) FL 1,131,024 96,802 93,757 1.22 1.20 14.72 14.58
FFSX First Fed SB of Siouxland(MHC) IA 456,850 39,882 39,562 0.73 0.71 8.82 8.61
WCFB Webster City Federal SB (MHC) IA 94,481 22,086 22,086 1.42 1.42 6.09 6.09
JXSB Jacksonville Savings Bk (MHC) IL 164,235 17,331 17,331 0.64 0.54 6.04 5.05
LFED Leeds Federal Savings Bk (MHC) MD 285,425 47,489 47,489 1.19 1.19 7.30 7.30
GFED Guaranty Federal SB (MHC) MO 210,139 27,360 27,360 0.99 0.97 6.95 6.78
PULB Pulaski Bank, Svgs Bank (MHC) MO 180,232 23,506 23,506 0.67 0.92 5.21 7.16
FSLA First Savings Bank (MHC) NJ 1,044,513 99,213 90,195 0.89 0.93 9.58 9.99
PLSK Pulaski Savings Bank (MHC) NJ 178,987 21,447 21,447 0.64 0.62 7.03 6.82
TSBS Trenton SB (MHC) NJ 638,942 108,239 97,405 1.28 0.90 7.47 5.26
PBHC Oswego City Savings Bk (MHC) NY 193,005 23,044 19,360 1.06 0.95 9.21 8.27
SBFL SB of the Finger Lakes (MHC) NY 227,970 21,284 21,284 0.37 0.24 3.83 2.51
WAYN Wayne Svgs Community Bank(MHC) OH 250,241 23,869 23,869 0.73 0.69 7.85 7.40
SKBO First Carnegie Deposit (MHC) PA 147,102 24,407 24,407 0.59 0.54 4.83 4.45
GDVS Greater Delaware Valley (MHC) PA 248,792 28,957 28,957 0.93 0.93 7.95 7.95
HARS Harris Financial Inc. (MHC) PA 2,110,299 173,017 153,016 0.93 0.77 11.16 9.21
NWSB Northwest Savings Bank (MHC) PA 2,100,744 202,442 191,118 0.97 0.96 9.96 9.84
PHSB Peoples Home Savings Bk (MHC) PA 206,426 28,213 28,213 0.83 0.80 8.86 8.55
PERT Perpetual Bank (MHC) SC 256,211 30,302 30,302 0.79 1.11 6.46 9.03
ALL MUTUAL HOLDING COMPANIES
AVERAGE 867,337 84,555 81,962 0.86 0.83 8.01 7.68
MEDIAN 256,211 28,957 28,957 0.83 0.80 7.47 7.40
HIGH 7,731,200 697,500 696,700 1.42 1.42 14.72 14.58
LOW 94,481 17,331 17,331 0.37 0.24 3.83 2.51
CAPITAL ISSUES
***********************************************
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
-----------------------------------------------
PFSL Pocahontas FS&LA (MHC) 04/05/94 NASDAQ 1,632,424 53.87
PBCT People's Bank (MHC) 07/06/88 NASDAQ 61,125,869 1959.88
CMSV Community Savings Bnkshrs(MHC) 10/24/94 NASDAQ 5,094,920 184.69
FFFL Fidelity Bankshares Inc. (MHC) 01/07/94 NASDAQ 6,770,654 133.72
HARB Harbor Florida Bancorp (MHC) 01/06/94 NASDAQ 4,973,428 278.51
FFSX First Fed SB of Siouxland(MHC) 07/13/92 NASDAQ 2,833,043 83.57
WCFB Webster City Federal SB (MHC) 08/15/94 NASDAQ 2,100,000 39.90
JXSB Jacksonville Savings Bk (MHC) 04/21/95 NASDAQ 1,272,140 26.71
LFED Leeds Federal Savings Bk (MHC) 05/02/94 NASDAQ 5,182,104 104.51
GFED Guaranty Federal SB (MHC) 04/10/95 NASDAQ 3,125,000 70.31
PULB Pulaski Bank, Svgs Bank (MHC) 05/11/94 NASDAQ 2,094,000 38.48
FSLA First Savings Bank (MHC) 07/10/92 NASDAQ 8,006,921 258.41
PLSK Pulaski Savings Bank (MHC) 04/03/97 NASDAQ 2,070,000 37.78
TSBS Trenton SB (MHC) 08/03/95 NASDAQ 9,045,795 299.64
PBHC Oswego City Savings Bk (MHC) 11/16/95 NASDAQ 1,916,666 42.41
SBFL SB of the Finger Lakes (MHC) 11/11/94 NASDAQ 1,785,000 42.84
WAYN Wayne Svgs Community Bank(MHC) 06/25/93 NASDAQ 2,255,287 55.82
SKBO First Carnegie Deposit (MHC) 04/04/97 NASDAQ 2,300,000 43.99
GDVS Greater Delaware Valley (MHC) 03/03/95 NASDAQ 3,272,500 82.63
HARS Harris Financial Inc. (MHC) 01/25/94 NASDAQ 33,779,325 532.02
NWSB Northwest Savings Bank (MHC) 11/07/94 NASDAQ 46,753,120 599.05
PHSB Peoples Home Savings Bk (MHC) 07/10/97 NASDAQ 2,760,000 46.92
PERT Perpetual Bank (MHC) 10/26/93 NASDAQ 1,504,601 44.39
ALL MUTUAL HOLDING COMPANIES
AVERAGE 9,202,296 220.00
MEDIAN 2,833,043 70.31
HIGH 61,125,869 1,959.88
LOW 1,272,140 26.71
147
KELLER & COMPANY
Dublin, Ohio
614-766-1426
Exhibit 37
Page 1
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: IL IN KY MO OH TN VA WV
IPO Date: <= 09/30/96
Asset size: <= $350,000,000 Total
Cash & 1-4 Fam. Total Net Net Loans Borrowed
Total Invest./ MBS/ Loans/ Loans/ & MBS/ Funds/ Equity/
Assets Assets Assets Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%)
----------------------------------------------------------------------------------------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 20.09 17.17 51.52 59.21 76.38 0.00 12.59
-----------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 4.00 - 35.00 - 45.00 - 65.00 - 8.00 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 35.00 <25.00 70.00 85.00 95.00 <25.00 16.00
=============================================================================================================================
JOAC Joachim Bancorp Inc. MO 12/28/95 35,073 27.43 0.23 59.49 70.21 70.44 0.00 28.14
LONF London Financial Corporation OH 04/01/96 38,240 11.73 9.62 57.06 77.07 86.69 2.09 19.66
HWEN Home Financial Bancorp IN 07/02/96 41,309 9.69 1.80 55.90 84.94 86.74 19.37 17.55
HBBI Home Building Bancorp IN 02/08/95 41,746 16.94 11.76 51.70 68.46 80.22 9.58 14.12
FLKY First Lancaster Bancshares KY 07/01/96 47,184 6.92 1.09 61.76 90.37 91.46 21.02 29.47
CSBF CSB Financial Group Inc. IL 10/09/95 48,844 38.20 2.73 38.19 55.41 58.14 0.00 25.04
LXMO Lexington B&L Financial Corp. MO 06/06/96 59,236 18.55 2.97 68.43 76.31 79.28 0.00 28.32
NSLB NS&L Bancorp Inc. MO 06/08/95 59,711 33.56 7.95 47.43 55.66 63.62 5.02 19.56
CKFB CKF Bancorp Inc. KY 01/04/95 59,868 5.45 0.68 69.58 92.12 92.80 3.71 23.67
ATSB AmTrust Capital Corp. IN 03/28/95 69,685 18.14 5.78 39.17 70.79 76.56 18.78 10.93
PCBC Perry County Financial Corp. MO 02/13/95 81,105 47.61 34.47 12.90 16.41 50.88 5.55 19.20
FFBI First Financial Bancorp Inc. IL 10/04/93 84,242 27.49 2.31 69.98 66.62 68.93 9.73 8.92
SOBI Sobieski Bancorp Inc. IN 03/31/95 84,279 4.70 15.59 54.72 76.57 92.17 15.44 14.78
LOGN Logansport Financial Corp. IN 06/14/95 85,801 13.67 10.75 46.72 71.09 81.83 6.41 18.89
PFFC Peoples Financial Corp. OH 09/13/96 86,486 14.05 23.47 41.46 60.22 83.69 0.00 27.21
HHFC Harvest Home Financial Corp. OH 10/10/94 87,596 NA NA 42.99 51.44 NA 22.43 11.81
KYF Kentucky First Bancorp Inc. KY 08/29/95 88,089 18.33 23.01 28.36 55.99 79.00 20.17 16.70
FFDF FFD Financial Corp. OH 04/03/96 88,220 14.95 16.62 52.31 66.66 83.28 9.39 24.34
CIBI Community Investors Bancorp OH 02/07/95 94,328 13.14 1.71 62.89 83.92 85.63 9.05 11.75
148
KELLER & COMPANY Page 2
Dublin, Ohio
614-766-1426
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: IL IN KY MO OH TN VA WV
IPO Date: <= 09/30/96
Asset size: <= $350,000,000 Total
Cash & 1-4 Fam. Total Net Net Loans Borrowed
Total Invest./ MBS/ Loans/ Loans/ & MBS/ Funds/ Equity/
Assets Assets Assets Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%)
----------------------------------------------------------------------------------------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 20.09 17.17 51.52 59.21 76.38 0.00 12.59
-----------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 4.00 - 35.00 - 45.00 - 65.00 - 8.00 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 35.00 <25.00 70.00 85.00 95.00 <25.00 16.00
=============================================================================================================================
INCB Indiana Community Bank SB IN 12/15/94 96,089 18.08 2.69 39.56 75.95 78.64 0.00 11.88
CNSB CNS Bancorp Inc. MO 06/12/96 97,411 15.38 11.14 46.88 69.28 80.42 0.00 24.33
FTSB Fort Thomas Financial Corp. KY 06/28/95 97,843 6.11 0.82 63.99 90.89 91.71 9.04 16.13
AMFC AMB Financial Corp. IN 04/01/96 103,388 21.44 3.53 44.33 72.69 76.22 13.06 13.94
CBES CBES Bancorp Inc. MO 09/30/96 106,635 6.07 0.10 50.38 90.11 90.21 9.14 16.92
TWIN Twin City Bancorp TN 01/04/95 106,931 12.98 12.41 44.40 70.88 83.29 0.94 12.94
HFFB Harrodsburg First Fin Bancorp KY 10/04/95 108,949 25.06 0.06 61.15 73.63 73.69 0.00 26.92
ASBP ASB Financial Corp. OH 05/11/95 112,449 22.98 7.28 43.10 67.65 74.93 3.00 15.57
HFSA Hardin Bancorp Inc. MO 09/29/95 117,364 31.52 17.60 37.49 49.25 66.85 22.58 11.53
NBSI North Bancshares Inc. IL 12/21/93 122,081 30.34 5.28 54.08 62.56 67.84 23.84 13.43
PTRS Potters Financial Corp. OH 12/31/93 122,716 16.71 17.42 37.30 63.13 80.55 8.03 8.81
CLAS Classic Bancshares Inc. KY 12/29/95 132,186 7.02 20.00 44.36 66.69 86.69 8.95 14.88
FKKY Frankfort First Bancorp Inc. KY 07/10/95 133,255 5.80 0.00 79.69 92.64 92.64 17.89 16.83
BFSB Bedford Bancshares Inc. VA 08/22/94 139,179 14.53 0.01 58.63 83.41 83.43 10.78 14.10
GTPS Great American Bancorp IL 06/30/95 139,568 14.99 0.00 35.98 78.62 78.62 0.00 20.43
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 142,878 18.98 1.56 43.85 78.08 79.64 11.74 27.66
FBSI First Bancshares Inc. MO 12/22/93 162,755 12.55 0.49 59.45 84.09 84.57 11.89 13.92
SMBC Southern Missouri Bancorp Inc. MO 04/13/94 163,297 17.66 11.86 43.82 68.55 80.41 10.74 16.15
FFWD Wood Bancorp Inc. OH 08/31/93 166,520 13.95 2.48 57.88 81.70 84.18 12.63 12.44
149
KELLER & COMPANY Page 3
Dublin, Ohio
614-766-1426
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: IL IN KY MO OH TN VA WV
IPO Date: <= 09/30/96
Asset size: <= $350,000,000 Total
Cash & 1-4 Fam. Total Net Net Loans Borrowed
Total Invest./ MBS/ Loans/ Loans/ & MBS/ Funds/ Equity/
Assets Assets Assets Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%)
----------------------------------------------------------------------------------------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 20.09 17.17 51.52 59.21 76.38 0.00 12.59
-----------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 4.00 - 35.00 - 45.00 - 65.00 - 8.00 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 35.00 <25.00 70.00 85.00 95.00 <25.00 16.00
=============================================================================================================================
EGLB Eagle BancGroup Inc. IL 07/01/96 172,160 18.00 6.97 37.95 72.12 79.08 10.89 11.85
PFED Park Bancorp Inc. IL 08/12/96 174,515 45.39 11.29 30.52 39.44 50.73 1.72 23.14
MARN Marion Capital Holdings IN 03/18/93 179,822 6.68 0.00 49.95 84.43 84.43 8.06 21.95
FFWC FFW Corp. IN 04/05/93 181,468 20.58 10.32 36.84 66.00 76.32 25.79 9.70
CFFC Community Financial Corp. VA 03/30/88 183,278 NA NA 49.89 87.76 NA 15.82 13.21
NEIB Northeast Indiana Bancorp IN 06/28/95 190,319 9.27 0.00 52.94 88.78 88.78 34.15 14.37
ESX Essex Bancorp Inc. VA 07/18/90 191,886 9.46 0.99 57.98 84.56 85.55 12.39 7.83
LSBI LSB Financial Corp. IN 02/03/95 200,266 7.23 1.69 48.09 87.77 89.45 23.32 8.63
FFBZ First Federal Bancorp Inc. OH 07/13/92 203,703 9.51 0.71 50.69 85.43 86.14 29.36 7.67
CMRN Cameron Financial Corp MO 04/03/95 208,105 11.40 0.00 53.25 83.97 83.97 16.94 21.69
MFFC Milton Federal Financial Corp. OH 10/07/94 209,958 27.89 8.50 49.76 60.68 69.17 18.85 12.57
MBLF MBLA Financial Corp. MO 06/24/93 224,013 34.54 6.98 46.06 57.69 64.67 40.09 12.65
FFHS First Franklin Corp. OH 01/26/88 231,189 15.99 16.43 51.68 65.88 82.31 2.64 9.02
OHSL OHSL Financial Corp. OH 02/10/93 234,600 20.41 4.73 43.41 72.07 76.80 10.98 10.92
FFED Fidelity Federal Bancorp IN 08/31/87 235,336 6.26 3.57 48.01 83.56 87.13 16.04 6.11
CAPS Capital Savings Bancorp Inc. MO 12/29/93 242,259 9.40 9.08 63.67 79.75 88.84 18.58 9.14
MFBC MFB Corp. IN 03/25/94 255,921 18.76 1.37 57.56 78.51 79.89 18.71 13.10
FBCV 1ST Bancorp IN 04/07/87 260,935 26.61 0.96 59.43 68.47 69.43 38.42 8.65
EFBI Enterprise Federal Bancorp OH 10/17/94 274,888 10.93 17.74 38.77 69.52 87.25 34.56 11.43
CBK Citizens First Financial Corp. IL 05/01/96 277,962 5.24 6.92 59.47 83.53 90.45 15.16 13.75
150
KELLER & COMPANY Page 4
Dublin, Ohio
614-766-1426
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: IL IN KY MO OH TN VA WV
IPO Date: <= 09/30/96
Asset size: <= $350,000,000 Total
Cash & 1-4 Fam. Total Net Net Loans Borrowed
Total Invest./ MBS/ Loans/ Loans/ & MBS/ Funds/ Equity/
Assets Assets Assets Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%)
----------------------------------------------------------------------------------------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 20.09 17.17 51.52 59.21 76.38 0.00 12.59
-----------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 4.00 - 35.00 - 45.00 - 65.00 - 8.00 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 35.00 <25.00 70.00 85.00 95.00 <25.00 16.00
=============================================================================================================================
PFDC Peoples Bancorp IN 07/07/87 287,564 18.87 0.18 70.62 79.61 79.80 0.99 15.20
GFCO Glenway Financial Corp. OH 11/30/90 293,245 6.16 5.44 63.71 84.71 90.15 10.76 9.46
WCBI Westco Bancorp IL 06/26/92 309,070 22.10 0.00 57.29 76.55 76.55 0.00 15.54
WFI Winton Financial Corp. OH 08/04/88 324,532 NA NA 43.42 86.45 NA 17.69 7.17
HBFW Home Bancorp IN 03/30/95 334,862 17.06 0.00 71.10 81.37 81.37 0.00 13.29
KNK Kankakee Bancorp Inc. IL 01/06/93 339,937 17.59 9.26 44.99 69.48 78.74 6.98 11.43
HBEI Home Bancorp of Elgin Inc. IL 09/27/96 342,518 12.15 0.03 76.38 84.97 85.00 0.00 27.56
151
EXHIBIT 38
KELLER & COMPANY Page 1
Dublin, Ohio
614-766-1426
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
MOST RECENT FOUR QUARTERS
General Parameters:
States: IL IN KY MO OH TN VA WV
IPO Date: <= 09/30/96
Asset size: <= $350,000,000
OPERATING PERFORMANCE
*******************************************************
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin (2) Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%)
--------- ---------- -------- -------- ----------- ----------- --------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 4.74 3.46 2.53 0.08
---------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.45 - 3.00 - 2.90 - 1.75 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 0.90 10.00 4.00 3.10 <0.50
===========================================================================================================================
JOAC Joachim Bancorp Inc. MO 12/28/95 35,073 0.79 2.72 4.22 2.91 0.14
LONF London Financial Corporation OH 04/01/96 38,240 0.66 3.17 3.72 2.39 0.19
HWEN Home Financial Bancorp IN 07/02/96 41,309 0.85 4.60 4.42 3.13 0.28
HBBI Home Building Bancorp IN 02/08/95 41,746 0.75 5.76 3.50 2.40 0.28
FLKY First Lancaster Bancshares KY 07/01/96 47,184 1.24 3.64 4.86 2.73 0.00
CSBF CSB Financial Group Inc. IL 10/09/95 48,844 0.31 1.21 3.50 2.55 0.17
LXMO Lexington B&L Financial Corp. MO 06/06/96 59,236 1.02 3.45 3.72 1.75 0.15
NSLB NS&L Bancorp Inc. MO 06/08/95 59,711 0.49 2.39 3.15 2.27 0.33
CKFB CKF Bancorp Inc. KY 01/04/95 59,868 1.82 7.51 3.81 1.77 0.10
ATSB AmTrust Capital Corp. IN 03/28/95 69,685 0.40 3.86 2.81 2.79 0.54
PCBC Perry County Financial Corp. MO 02/13/95 81,105 0.93 4.97 2.89 1.13 0.04
FFBI First Financial Bancorp Inc. IL 10/04/93 84,242 -0.07 -0.86 3.01 2.72 0.59
SOBI Sobieski Bancorp Inc. IN 03/31/95 84,279 0.62 3.88 3.34 2.44 0.19
LOGN Logansport Financial Corp. IN 06/14/95 85,801 1.42 7.28 3.86 1.55 0.15
PFFC Peoples Financial Corp. OH 09/13/96 86,486 0.59 2.31 3.53 2.10 0.04
ASSET QUALITY (1)
***************************************
Total NPA/ REO/ Reserves/
Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%)
--------- ---------- ----------- ----------- -----------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 0.00 0.29
--------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 <1.10 <0.50 >0.10
==============================================================================================================
JOAC Joachim Bancorp Inc. MO 12/28/95 35,073 0.24 0.00 0.23
LONF London Financial Corporation OH 04/01/96 38,240 0.80 0.00 0.49
HWEN Home Financial Bancorp IN 07/02/96 41,309 1.70 0.08 0.62
HBBI Home Building Bancorp IN 02/08/95 41,746 0.44 0.00 0.19
FLKY First Lancaster Bancshares KY 07/01/96 47,184 2.28 0.00 0.32
CSBF CSB Financial Group Inc. IL 10/09/95 48,844 0.56 0.00 0.32
LXMO Lexington B&L Financial Corp. MO 06/06/96 59,236 0.48 0.00 0.37
NSLB NS&L Bancorp Inc. MO 06/08/95 59,711 0.03 0.00 0.07
CKFB CKF Bancorp Inc. KY 01/04/95 59,868 1.20 0.00 0.20
ATSB AmTrust Capital Corp. IN 03/28/95 69,685 2.20 0.27 0.74
PCBC Perry County Financial Corp. MO 02/13/95 81,105 0.03 0.00 0.03
FFBI First Financial Bancorp Inc. IL 10/04/93 84,242 0.33 0.00 0.58
SOBI Sobieski Bancorp Inc. IN 03/31/95 84,279 0.13 0.00 0.24
LOGN Logansport Financial Corp. IN 06/14/95 85,801 0.49 0.12 0.28
PFFC Peoples Financial Corp. OH 09/13/96 86,486 0.00 0.00 0.23
152
KELLER & COMPANY Page 2
Dublin, Ohio
614-766-1426
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
MOST RECENT FOUR QUARTERS
General Parameters:
States: IL IN KY MO OH TN VA WV
IPO Date: <= 09/30/96
Asset size: <= $350,000,000
OPERATING PERFORMANCE
*******************************************************
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin (2) Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%)
--------- ---------- -------- -------- ----------- ----------- --------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 4.74 3.46 2.53 0.08
---------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.45 - 3.00 - 2.90 - 1.75 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 0.90 10.00 4.00 3.10 <0.50
===========================================================================================================================
HHFC Harvest Home Financial Corp. OH 10/10/94 87,596 0.30 2.31 2.89 2.05 0.07
KYF Kentucky First Bancorp Inc. KY 08/29/95 88,089 1.15 6.64 3.50 1.93 0.19
FFDF FFD Financial Corp. OH 04/03/96 88,220 1.93 7.83 3.34 1.81 0.06
CIBI Community Investors Bancorp OH 02/07/95 94,328 0.97 8.37 3.45 1.99 0.17
INCB Indiana Community Bank SB IN 12/15/94 96,089 0.53 4.30 4.34 3.93 0.98
CNSB CNS Bancorp Inc. MO 06/12/96 97,411 0.79 3.20 3.57 2.22 0.17
FTSB Fort Thomas Financial Corp. KY 06/28/95 97,843 1.22 7.18 4.23 2.38 0.24
AMFC AMB Financial Corp. IN 04/01/96 103,388 0.90 6.30 3.72 2.90 0.45
CBES CBES Bancorp Inc. MO 09/30/96 106,635 1.24 6.89 4.48 2.88 0.42
TWIN Twin City Bancorp TN 01/04/95 106,931 0.85 6.65 3.92 2.59 0.40
HFFB Harrodsburg First Fin Bancorp KY 10/04/95 108,949 1.03 3.80 3.64 1.58 0.09
ASBP ASB Financial Corp. OH 05/11/95 112,449 0.97 5.89 3.37 2.19 0.24
HFSA Hardin Bancorp Inc. MO 09/29/95 117,364 0.80 5.88 2.91 1.83 0.20
NBSI North Bancshares Inc. IL 12/21/93 122,081 0.63 4.37 3.28 2.65 0.18
PTRS Potters Financial Corp. OH 12/31/93 122,716 0.98 10.93 3.36 2.44 0.28
ASSET QUALITY (1)
***************************************
Total NPA/ REO/ Reserves/
Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%)
--------- ---------- ----------- ----------- -----------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 0.00 0.29
------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 <1.10 <0.50 >0.10
============================================================================================================
HHFC Harvest Home Financial Corp. OH 10/10/94 87,596 0.11 0.00 0.13
KYF Kentucky First Bancorp Inc. KY 08/29/95 88,089 0.09 0.00 0.43
FFDF FFD Financial Corp. OH 04/03/96 88,220 NA NA 0.31
CIBI Community Investors Bancorp OH 02/07/95 94,328 0.53 0.04 0.50
INCB Indiana Community Bank SB IN 12/15/94 96,089 NA NA 0.72
CNSB CNS Bancorp Inc. MO 06/12/96 97,411 0.50 0.00 0.40
FTSB Fort Thomas Financial Corp. KY 06/28/95 97,843 1.98 0.00 0.49
AMFC AMB Financial Corp. IN 04/01/96 103,388 0.32 0.12 0.38
CBES CBES Bancorp Inc. MO 09/30/96 106,635 0.59 0.25 0.48
TWIN Twin City Bancorp TN 01/04/95 106,931 0.16 0.08 0.14
HFFB Harrodsburg First Fin Bancorp KY 10/04/95 108,949 0.47 0.00 0.28
ASBP ASB Financial Corp. OH 05/11/95 112,449 0.96 0.00 0.73
HFSA Hardin Bancorp Inc. MO 09/29/95 117,364 0.09 0.01 0.18
NBSI North Bancshares Inc. IL 12/21/93 122,081 0.00 0.00 0.17
PTRS Potters Financial Corp. OH 12/31/93 122,716 0.44 0.00 1.72
153
KELLER & COMPANY Page 3
Dublin, Ohio
614-766-1426
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
MOST RECENT FOUR QUARTERS
General Parameters:
States: IL IN KY MO OH TN VA WV
IPO Date: <= 09/30/96
Asset size: <= $350,000,000
OPERATING PERFORMANCE
*******************************************************
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin (2) Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%)
--------- ---------- -------- -------- ----------- ----------- --------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 4.74 3.46 2.53 0.08
---------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.45 - 3.00 - 2.90 - 1.75 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 0.90 10.00 4.00 3.10 <0.50
===========================================================================================================================
CLAS Classic Bancshares Inc. KY 12/29/95 132,186 0.81 5.53 3.83 2.91 0.31
FKKY Frankfort First Bancorp Inc. KY 07/10/95 133,255 0.09 0.37 3.47 1.94 0.04
BFSB Bedford Bancshares Inc. VA 08/22/94 139,179 1.20 8.39 4.01 2.31 0.44
GTPS Great American Bancorp IL 06/30/95 139,568 0.53 2.38 4.36 3.44 0.49
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 142,878 1.01 3.23 3.56 1.90 0.09
FBSI First Bancshares Inc. MO 12/22/93 162,755 1.20 8.49 3.52 1.87 0.30
SMBC Southern Missouri Bancorp Inc. MO 04/13/94 163,297 0.93 5.81 3.18 2.00 0.36
FFWD Wood Bancorp Inc. OH 08/31/93 166,520 1.40 11.07 4.28 2.30 0.24
EGLB Eagle BancGroup Inc. IL 07/01/96 172,160 0.32 2.62 2.51 2.16 0.20
PFED Park Bancorp Inc. IL 08/12/96 174,515 1.10 4.84 3.59 1.95 0.10
MARN Marion Capital Holdings IN 03/18/93 179,822 1.70 7.49 4.30 2.44 0.59
FFWC FFW Corp. IN 04/05/93 181,468 1.05 10.54 3.27 1.95 0.38
CFFC Community Financial Corp. VA 03/30/88 183,278 1.12 8.18 3.94 2.07 0.34
NEIB Northeast Indiana Bancorp IN 06/28/95 190,319 1.20 7.78 3.58 1.73 0.27
ESX Essex Bancorp Inc. VA 07/18/90 191,886 0.12 1.41 2.99 4.12 1.27
ASSET QUALITY (1)
***************************************
Total NPA/ REO/ Reserves/
Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%)
--------- ---------- ----------- ----------- -----------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 0.00 0.29
------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 <1.10 <0.50 >0.10
============================================================================================================
CLAS Classic Bancshares Inc. KY 12/29/95 132,186 0.67 0.21 0.63
FKKY Frankfort First Bancorp Inc. KY 07/10/95 133,255 0.09 0.00 0.08
BFSB Bedford Bancshares Inc. VA 08/22/94 139,179 0.52 0.15 0.49
GTPS Great American Bancorp IL 06/30/95 139,568 0.26 0.00 0.34
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 142,878 0.22 0.00 0.17
FBSI First Bancshares Inc. MO 12/22/93 162,755 0.67 0.10 0.31
SMBC Southern Missouri Bancorp Inc. MO 04/13/94 163,297 0.88 0.05 0.45
FFWD Wood Bancorp Inc. OH 08/31/93 166,520 0.35 0.02 0.36
EGLB Eagle BancGroup Inc. IL 07/01/96 172,160 1.48 0.38 0.53
PFED Park Bancorp Inc. IL 08/12/96 174,515 0.24 0.03 0.29
MARN Marion Capital Holdings IN 03/18/93 179,822 1.08 0.04 1.13
FFWC FFW Corp. IN 04/05/93 181,468 0.18 0.02 0.40
CFFC Community Financial Corp. VA 03/30/88 183,278 0.56 0.10 0.59
NEIB Northeast Indiana Bancorp IN 06/28/95 190,319 0.17 0.00 0.60
ESX Essex Bancorp Inc. VA 07/18/90 191,886 2.11 1.01 1.09
154
KELLER & COMPANY Page 4
Dublin, Ohio
614-766-1426
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
MOST RECENT FOUR QUARTERS
General Parameters:
States: IL IN KY MO OH TN VA WV
IPO Date: <= 09/30/96
Asset size: <= $350,000,000
OPERATING PERFORMANCE
*******************************************************
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin (2) Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%)
--------- ---------- -------- -------- ----------- ----------- --------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 4.74 3.46 2.53 0.08
---------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.45 - 3.00 - 2.90 - 1.75 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 0.90 10.00 4.00 3.10 <0.50
===========================================================================================================================
LSBI LSB Financial Corp. IN 02/03/95 200,266 0.78 8.67 3.54 2.45 0.30
FFBZ First Federal Bancorp Inc. OH 07/13/92 203,703 1.02 13.37 3.88 2.41 0.43
CMRN Cameron Financial Corp MO 04/03/95 208,105 1.06 4.41 4.17 1.77 0.09
MFFC Milton Federal Financial Corp. OH 10/07/94 209,958 0.73 5.08 3.09 2.10 0.22
MBLF MBLA Financial Corp. MO 06/24/93 224,013 0.83 6.50 2.15 0.65 0.01
FFHS First Franklin Corp. OH 01/26/88 231,189 0.55 6.18 2.76 1.83 0.17
OHSL OHSL Financial Corp. OH 02/10/93 234,600 0.90 8.06 3.25 1.98 0.14
FFED Fidelity Federal Bancorp IN 08/31/87 235,336 0.75 14.15 2.79 3.03 1.56
CAPS Capital Savings Bancorp Inc. MO 12/29/93 242,259 0.95 10.99 3.28 2.15 0.55
MFBC MFB Corp. IN 03/25/94 255,921 0.83 5.63 3.19 1.91 0.16
FBCV 1ST Bancorp IN 04/07/87 260,935 0.72 8.73 2.57 2.43 0.43
EFBI Enterprise Federal Bancorp OH 10/17/94 274,888 0.93 7.35 2.84 1.59 0.05
CBK Citizens First Financial Corp. IL 05/01/96 277,962 0.61 4.15 3.27 2.65 0.47
PFDC Peoples Bancorp IN 07/07/87 287,564 1.12 7.29 3.70 1.52 0.21
GFCO Glenway Financial Corp. OH 11/30/90 293,245 0.80 8.37 3.25 2.07 0.26
ASSET QUALITY (1)
***************************************
Total NPA/ REO/ Reserves/
Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%)
--------- ---------- ----------- ----------- -----------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 0.00 0.29
------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 <1.10 <0.50 >0.10
============================================================================================================
LSBI LSB Financial Corp. IN 02/03/95 200,266 1.05 0.00 0.73
FFBZ First Federal Bancorp Inc. OH 07/13/92 203,703 0.52 0.00 0.89
CMRN Cameron Financial Corp MO 04/03/95 208,105 0.73 0.00 0.82
MFFC Milton Federal Financial Corp. OH 10/07/94 209,958 0.29 0.00 0.27
MBLF MBLA Financial Corp. MO 06/24/93 224,013 0.57 0.00 0.29
FFHS First Franklin Corp. OH 01/26/88 231,189 0.47 0.00 0.43
OHSL OHSL Financial Corp. OH 02/10/93 234,600 0.18 0.00 0.23
FFED Fidelity Federal Bancorp IN 08/31/87 235,336 0.13 0.04 0.81
CAPS Capital Savings Bancorp Inc. MO 12/29/93 242,259 0.37 0.01 0.31
MFBC MFB Corp. IN 03/25/94 255,921 0.10 0.00 0.14
FBCV 1ST Bancorp IN 04/07/87 260,935 1.30 0.16 0.45
EFBI Enterprise Federal Bancorp OH 10/17/94 274,888 0.07 0.00 0.21
CBK Citizens First Financial Corp. IL 05/01/96 277,962 0.61 0.22 0.24
PFDC Peoples Bancorp IN 07/07/87 287,564 0.36 0.09 0.31
GFCO Glenway Financial Corp. OH 11/30/90 293,245 0.25 0.02 0.31
155
KELLER & COMPANY Page 5
Dublin, Ohio
614-766-1426
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
MOST RECENT FOUR QUARTERS
General Parameters:
States: IL IN KY MO OH TN VA WV
IPO Date: <= 09/30/96
Asset size: <= $350,000,000
OPERATING PERFORMANCE
*******************************************************
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin (2) Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%)
--------- ---------- -------- -------- ----------- ----------- --------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 4.74 3.46 2.53 0.08
---------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.45 - 3.00 - 2.90 - 1.75 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 0.90 10.00 4.00 3.10 <0.50
===========================================================================================================================
WCBI Westco Bancorp IL 06/26/92 309,070 1.50 9.74 3.65 1.61 0.27
WFI Winton Financial Corp. OH 08/04/88 324,532 1.05 14.63 3.14 1.91 0.12
HBFW Home Bancorp IN 03/30/95 334,862 0.56 3.96 2.95 1.46 0.07
KNK Kankakee Bancorp Inc. IL 01/06/93 339,937 0.89 8.28 3.24 2.31 0.44
HBEI Home Bancorp of Elgin Inc. IL 09/27/96 342,518 0.83 3.02 4.23 3.01 0.31
ASSET QUALITY (1)
***************************************
Total NPA/ REO/ Reserves/
Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%)
--------- ---------- ----------- ----------- -----------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 0.00 0.29
------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 <1.10 <0.50 >0.10
============================================================================================================
WCBI Westco Bancorp IL 06/26/92 309,070 0.21 0.00 0.29
WFI Winton Financial Corp. OH 08/04/88 324,532 0.30 0.16 0.26
HBFW Home Bancorp IN 03/30/95 334,862 0.05 0.00 0.41
KNK Kankakee Bancorp Inc. IL 01/06/93 339,937 1.05 0.41 0.63
HBEI Home Bancorp of Elgin Inc. IL 09/27/96 342,518 0.35 0.08 0.30
<FN>
(1) Asset quality ratios reflect balance sheet totals at the end of the most recent quarter.
(2) Based on average
interest-earning assets.
156
KELLER & COMPANY
Dublin, Ohio
614-766-1426
EXHIBIT 39
FINAL COMPARABLE GROUP
BALANCE SHEET RATIOS
Cash & 1-4 Fam. Total Net
Total Invest./ MBS/ Loans/ Loans/
Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%)
----------- ---------- --------- -------- -------- --------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 20.09 17.17 51.52 59.21
----------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 4.00 - 35.00 - 45.00 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 35.00 <25.00 70.00 85.00
=================================================================================================================
HBBI Home Building Bancorp IN 02/08/95 41,746 16.94 11.76 51.70 68.46
AMFC AMB Financial Corp. IN 04/01/96 103,388 21.44 3.53 44.33 72.69
TWIN Twin City Bancorp TN 01/04/95 106,931 12.98 12.41 44.40 70.88
HFSA Hardin Bancorp Inc. MO 09/29/95 117,364 31.52 17.60 37.49 49.25
CLAS Classic Bancshares Inc. KY 12/29/95 132,186 7.02 20.00 44.36 66.69
MFFC Milton Federal Financial Corp. OH 10/07/94 209,958 27.89 8.50 49.76 60.68
OHSL OHSL Financial Corp. OH 02/10/93 234,600 20.41 4.73 43.41 72.07
MFBC MFB Corp. IN 03/25/94 255,921 18.76 1.37 57.56 78.51
GFCO Glenway Financial Corp. OH 11/30/90 293,245 6.16 5.44 63.71 84.71
KNK Kankakee Bancorp Inc. IL 01/06/93 339,937 17.59 9.26 44.99 69.48
AVERAGE 183,528 18.07 9.46 48.17 69.34
MEDIAN 171,072 18.17 8.88 44.70 70.18
HIGH 339,937 31.52 20.00 63.71 84.71
LOW 41,746 6.16 1.37 37.49 49.25
Total
Net Loans Borrowed
Total & MBS/ Funds/ Equity/
Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%)
----------- ------------ ---------- ---------- ----------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 76.38 0.00 12.59
--------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 65.00 - 8.00 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 95.00 <25.00 16.00
====================================================================================================================
HBBI Home Building Bancorp IN 02/08/95 41,746 80.22 9.58 14.12
AMFC AMB Financial Corp. IN 04/01/96 103,388 76.22 13.06 13.94
TWIN Twin City Bancorp TN 01/04/95 106,931 83.29 0.94 12.94
HFSA Hardin Bancorp Inc. MO 09/29/95 117,364 66.85 22.58 11.53
CLAS Classic Bancshares Inc. KY 12/29/95 132,186 86.69 8.95 14.88
MFFC Milton Federal Financial Corp. OH 10/07/94 209,958 69.17 18.85 12.57
OHSL OHSL Financial Corp. OH 02/10/93 234,600 76.80 10.98 10.92
MFBC MFB Corp. IN 03/25/94 255,921 79.89 18.71 13.10
GFCO Glenway Financial Corp. OH 11/30/90 293,245 90.15 10.76 9.46
KNK Kankakee Bancorp Inc. IL 01/06/93 339,937 78.74 6.98 11.43
AVERAGE 183,528 78.80 12.14 12.49
MEDIAN 171,072 79.31 10.87 12.75
HIGH 339,937 90.15 22.58 14.88
LOW 41,746 66.85 0.94 9.46
157
KELLER & COMPANY
Dublin, Ohio
614-766-1426
EXHIBIT 40
FINAL COMPARABLE GROUP
OPERATING PERFORMANCE AND ASSET QUALITY RATIOS
MOST RECENT FOUR QUARTERS
OPERATING PERFORMANCE
*****************************************************
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin (2) Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%)
---------- --------- -------- ------- --------- --------- -----------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 4.74 3.46 2.53 0.08
---------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.45 - 3.00 - 2.90 - 1.75 -
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 0.90 10.00 4.00 3.10 <0.50
===========================================================================================================================
HBBI Home Building Bancorp IN 02/08/95 41,746 0.75 5.76 3.50 2.40 0.28
AMFC AMB Financial Corp. IN 04/01/96 103,388 0.90 6.30 3.72 2.90 0.45
TWIN Twin City Bancorp TN 01/04/95 106,931 0.85 6.65 3.92 2.59 0.40
HFSA Hardin Bancorp Inc. MO 09/29/95 117,364 0.80 5.88 2.91 1.83 0.20
CLAS Classic Bancshares Inc. KY 12/29/95 132,186 0.81 5.53 3.83 2.91 0.31
MFFC Milton Federal Financial Corp. OH 10/07/94 209,958 0.73 5.08 3.09 2.10 0.22
OHSL OHSL Financial Corp. OH 02/10/93 234,600 0.90 8.06 3.25 1.98 0.14
MFBC MFB Corp. IN 03/25/94 255,921 0.83 5.63 3.19 1.91 0.16
GFCO Glenway Financial Corp. OH 11/30/90 293,245 0.80 8.37 3.25 2.07 0.26
KNK Kankakee Bancorp Inc. IL 01/06/93 339,937 0.89 8.28 3.24 2.31 0.44
AVERAGE 183,528 0.83 6.55 3.39 2.30 0.29
MEDIAN 171,072 0.82 6.09 3.25 2.21 0.27
HIGH 339,937 0.90 8.37 3.92 2.91 0.45
LOW 41,746 0.73 5.08 2.91 1.83 0.14
ASSET QUALITY (1)
****************************************
Total NPA/ REO/ Reserves/
Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%)
---------- --------- ----------- ----------- -----------
COLUMBIA FEDERAL
SAVINGS BANK -- 104,006 0.58 0.00 0.29
----------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to
INCLUSION IN COMPARABLE GROUP 09/30/96 <$350,000 <1.10 <0.50 >0.10
=====================================================================================================================
HBBI Home Building Bancorp IN 02/08/95 41,746 0.44 0.00 0.19
AMFC AMB Financial Corp. IN 04/01/96 103,388 0.32 0.12 0.38
TWIN Twin City Bancorp TN 01/04/95 106,931 0.16 0.08 0.14
HFSA Hardin Bancorp Inc. MO 09/29/95 117,364 0.09 0.01 0.18
CLAS Classic Bancshares Inc. KY 12/29/95 132,186 0.67 0.21 0.63
MFFC Milton Federal Financial Corp. OH 10/07/94 209,958 0.29 0.00 0.27
OHSL OHSL Financial Corp. OH 02/10/93 234,600 0.18 0.00 0.23
MFBC MFB Corp. IN 03/25/94 255,921 0.10 0.00 0.14
GFCO Glenway Financial Corp. OH 11/30/90 293,245 0.25 0.02 0.31
KNK Kankakee Bancorp Inc. IL 01/06/93 339,937 1.05 0.41 0.63
AVERAGE 183,528 0.36 0.08 0.31
MEDIAN 171,072 0.27 0.01 0.25
HIGH 339,937 1.05 0.41 0.63
LOW 41,746 0.09 0.00 0.14
<FN>
(1) Asset quality ratios reflect balance sheet totals at the end of the most recent quarter.
(2) Based on average interest-earning assets.
158
KELLER & COMPANY
Dublin, Ohio
614-766-1426
EXHIBIT 41
COLUMBIA FEDERAL SAVINGS BANK
COMPARABLE GROUP CHARACTERISTICS AND BALANCE SHEET TOTALS
Number Conversion
of (IPO)
Offices Exchange Date
----------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK Ft. Mitchell KY 5 NA NA
COMPARABLE GROUP
AMFC AMB Financial Corp. Munster IN 4 NASDAQ 04/01/96
CLAS Classic Bancshares, Inc. Ashland KY 3 NASDAQ 12/29/95
GFCO Glenway Financial Corp. Cincinnati OH 5 NASDAQ 11/30/90
HFSA Hardin Bancorp, Inc. Hardin MO 3 NASDAQ 09/29/95
HBBI Home Building Bancorp, Inc. Washington IN 2 NASDAQ 02/08/95
KNK Kankakee Bancorp, Inc. Kankakee IL 9 AMSE 01/06/93
MFBC MFB Corp. Mishawaka IN 5 NASDAQ 03/25/94
MFFC Milton Federal Financial
Corporation West Milton OH 3 NASDAQ 10/07/94
OHSL OHSL Financial Corp. Cincinnati OH 5 NASDAQ 02/10/93
TWIN Twin City Bancorp, Inc. Bristol TN 3 NASDAQ 01/04/95
Average 4.2
Median 3.5
High 9.0
Low 2.0
Most Recent Quarter
------------------------------------------------------------
Total Goodwill
Total Int. Earning Net and Total Total
Assets Assets Loans Intang. Deposits Equity
($000) ($000) ($000) ($000) ($000) ($000)
-------------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 104,006 102,391 61,578 0 90,195 13,090
COMPARABLE GROUP
AMFC AMB Financial Corp. 103,388 96,781 75,150 0 73,745 14,411
CLAS Classic Bancshares, Inc. 132,186 123,431 88,157 2,965 99,329 19,666
GFCO Glenway Financial Corp. 293,245 279,292 248,414 332 230,008 27,750
HFSA Hardin Bancorp, Inc. 117,364 108,942 57,799 0 75,827 13,536
HBBI Home Building Bancorp, Inc. 41,746 41,416 28,579 0 31,518 5,893
KNK Kankakee Bancorp, Inc. 339,937 326,460 236,193 2,220 276,215 38,852
MFBC MFB Corp. 255,921 245,290 200,935 0 171,887 33,521
MFFC Milton Federal Financial
Corporation 209,958 197,170 127,396 0 142,832 26,385
OHSL OHSL Financial Corp. 234,600 227,741 169,080 0 181,319 25,619
TWIN Twin City Bancorp, Inc. 106,931 103,314 75,794 0 89,624 13,840
Average 183,528 174,984 130,750 552 137,230 21,947
Median 171,072 160,301 107,777 0 121,081 22,643
High 339,937 326,460 248,414 2,965 276,215 38,852
Low 41,746 41,416 28,579 0 31,518 5,893
159
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 42
BALANCE SHEET
ASSET COMPOSITION - MOST RECENT QUARTER
As a Percent of Total Assets
----------------------------------------------------------
Total Cash & Net Loan Loss Estate Goodwill
Assets Invest. MBS Loans Reserves Owned & Intang.
($000) (%) (%) (%) (%) (%) (%)
------------ ----------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 104,006 20.09 17.17 59.21 0.29 0.00 0.00
COMPARABLE GROUP
AMFC AMB Financial Corp. 103,388 21.44 3.53 72.69 0.38 0.12 0.00
CLAS Classic Bancshares Inc. 132,186 7.02 20.00 66.69 0.63 0.21 2.24
GFCO Glenway Financial Corp. 293,245 6.16 5.44 84.71 0.31 0.02 0.11
HFSA Hardin Bancorp Inc. 117,364 31.52 17.60 49.25 0.18 0.01 0.00
HBBI Home Building Bancorp 41,746 16.94 11.76 68.46 0.19 0.00 0.00
KNK Kankakee Bancorp Inc. 339,937 17.59 9.26 69.48 0.63 0.41 0.65
MFBC MFB Corp. 255,921 18.76 1.37 78.51 0.14 0.00 0.00
MFFC Milton Federal Financial Corp. 209,958 27.89 8.50 60.68 0.27 0.00 0.00
OHSL OHSL Financial Corp. 234,600 20.41 4.73 72.07 0.23 0.00 0.00
TWIN Twin City Bancorp 106,931 12.98 12.41 70.88 0.14 0.08 0.00
Average 183,528 18.07 9.46 69.34 0.31 0.08 0.30
Median 171,072 18.17 8.88 70.18 0.25 0.01 0.00
High 339,937 31.52 20.00 84.71 0.63 0.41 2.24
Low 41,746 6.16 1.37 49.25 0.14 0.00 0.00
ALL THRIFTS (373)
Average 1,465,609 17.85 11.19 67.23 0.61 0.61 0.25
MIDWEST THRIFTS (146)
Average 576,875 16.35 8.22 71.83 0.47 0.47 0.19
KENTUCKY THRIFTS (10)
Average 400,607 13.00 8.52 75.21 0.35 0.04 0.34
As a Percent of Total Assets
----------------------------------------------------------------
Interest Interest Capitalized
Other High Risk Non-Perf. Earning Bearing Loan
Assets R.E. Loans Assets Assets Liabilities Servicing
(%) (%) (%) (%) (%) (%)
----------------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 3.53 6.78 0.58 95.89 86.72 0.00
COMPARABLE GROUP
AMFC AMB Financial Corp. 2.22 13.85 0.32 93.61 80.39 0.00
CLAS Classic Bancshares Inc. 4.22 6.82 0.67 93.38 83.69 0.00
GFCO Glenway Financial Corp. 3.56 13.47 0.25 95.24 88.08 0.00
HFSA Hardin Bancorp Inc. 1.63 1.90 0.09 92.82 81.96 0.00
HBBI Home Building Bancorp 2.84 1.42 0.44 99.21 90.18 0.00
KNK Kankakee Bancorp Inc. 2.59 13.23 1.05 96.04 88.80 0.02
MFBC MFB Corp. 1.36 2.48 0.10 95.85 83.65 0.00
MFFC Milton Federal Financial Corp. 2.89 7.93 0.29 93.91 83.81 0.05
OHSL OHSL Financial Corp. 2.77 21.37 0.18 97.08 86.51 0.01
TWIN Twin City Bancorp 3.09 6.71 0.16 96.62 84.92 0.56
Average 2.72 8.92 0.36 95.37 85.20 0.06
Median 2.81 7.37 0.27 95.54 84.37 0.00
High 4.22 21.37 1.05 99.21 90.18 0.56
Low 1.36 1.42 0.09 92.82 80.39 0.00
ALL THRIFTS (373)
Average 2.66 13.08 0.82 94.89 83.39 0.14
MIDWEST THRIFTS (146)
Average 2.53 12.35 0.63 95.79 83.16 0.11
KENTUCKY THRIFTS (10)
Average 2.21 10.34 1.13 96.20 77.87 0.13
160
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 43
BALANCE SHEET COMPARISON
LIABILITIES AND EQUITY - MOST RECENT QUARTER
As a Percent of Assets
----------------------------------------------------------------
FASB 115
Total Total Total Total Other Preferred Common Unrealized
Liabilities Equity Deposits Borrowings Liabilities Equity Equity Gain (Loss)
($000) ($000) (%) (%) (%) (%) (%) (%)
----------------------- ----------------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 90,915 13,091 86.72 0.00 0.69 0.00 0.00 0.00
COMPARABLE GROUP
AMFC AMB Financial Corp. 88,977 14,411 71.33 13.06 1.68 0.00 13.94 0.05
CLAS Classic Bancshares Inc. 112,520 19,666 75.14 8.95 1.03 0.00 14.88 0.09
GFCO Glenway Financial Corp. 265,495 27,750 78.44 10.76 1.34 0.00 9.46 0.04
HFSA Hardin Bancorp Inc. 103,828 13,536 64.61 22.58 1.28 0.00 11.53 (0.14)
HBBI Home Building Bancorp 35,853 5,893 75.50 9.58 0.80 0.00 14.12 0.03
KNK Kankakee Bancorp Inc. 301,085 38,852 81.25 6.98 0.34 0.00 11.43 (0.00)
MFBC MFB Corp. 222,400 33,521 67.16 18.71 1.03 0.00 13.10 0.03
MFFC Milton Federal Financial
Corp. 183,573 26,385 68.03 18.85 0.56 0.00 12.57 (0.04)
OHSL OHSL Financial Corp. 208,981 25,619 77.29 10.98 0.82 0.00 10.92 (0.01)
TWIN Twin City Bancorp 93,091 13,840 83.81 0.94 2.31 0.00 12.94 0.06
Average 161,580 21,947 74.26 12.14 1.12 0.00 12.49 0.01
Median 148,047 22,643 75.32 10.87 1.03 0.00 12.75 0.03
High 301,085 38,852 83.81 22.58 2.31 0.00 14.88 0.09
Low 35,853 5,893 64.61 0.94 0.34 0.00 9.46 (0.14)
ALL THRIFTS (373)
Average 1,354,922 110,687 70.38 15.26 1.69 0.06 12.60 0.12
MIDWEST THRIFTS (146)
Average 523,284 53,591 69.32 15.04 1.37 0.00 14.27 0.09
KENTUCKY THRIFTS (10)
Average 351,493 49,114 67.79 11.36 1.24 0.00 19.61 0.39
As a Percent of Assets
--------------------------------------------------------
Reg. Reg. Reg.
Retained Total Tangible Core Tangible Risk-Based
Earnings Equity Equity Capital Capital Capital
(%) (%) (%) (%) (%) (%)
--------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 12.59 12.59 12.59 12.59 12.59 30.37
COMPARABLE GROUP
AMFC AMB Financial Corp. 6.25 13.94 13.94 9.15 9.15 26.61
CLAS Classic Bancshares Inc. 1.49 14.88 12.92 11.60 11.60 NA
GFCO Glenway Financial Corp. 4.21 9.46 9.36 8.50 NA NA
HFSA Hardin Bancorp Inc. 5.71 11.53 11.53 10.00 10.00 31.22
HBBI Home Building Bancorp 7.29 14.12 14.12 10.69 10.69 20.95
KNK Kankakee Bancorp Inc. 6.79 11.43 10.85 9.02 9.02 15.09
MFBC MFB Corp. 8.12 13.10 13.10 12.43 12.43 32.65
MFFC Milton Federal Financial Corp 4.93 12.57 12.57 10.34 10.34 24.25
OHSL OHSL Financial Corp. 5.92 10.92 10.92 9.17 9.17 19.51
TWIN Twin City Bancorp 6.96 12.94 12.94 12.14 12.14 21.11
Average 5.77 12.49 12.23 10.30 10.50 23.92
Median 6.09 12.76 12.75 10.17 10.34 22.68
High 8.12 14.88 14.12 12.43 12.43 32.65
Low 1.49 9.46 9.36 8.50 9.02 15.09
ALL THRIFTS (373)
Average 5.31 12.67 12.44 11.04 11.02 23.36
MIDWEST THRIFTS (146)
Average 6.58 14.27 14.11 12.13 12.19 24.17
KENTUCKY THRIFTS (10)
Average 9.55 19.61 19.31 17.51 17.51 41.38
161
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 44
INCOME AND EXPENSE COMPARISON
TRAILING FOUR QUARTERS
($000)
Net Gain Total Goodwill Net Total
Interest Interest Interest Provision (Loss) Non-Int. & Intang. Real Est. Non-Int.
Income Expense Income for Loss on Sale Income Amtz. Expense Expense
---------------------------------------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 7,996 4,451 3,545 113 0 88 0 0 2,667
COMPARABLE GROUP
AMFC AMB Financial Corp. 6,888 3,544 3,344 46 424 467 0 (28) 2,667
CLAS Classic Bancshares Inc. 9,458 4,727 4,731 178 51 407 124 57 3,815
GFCO Glenway Financial Corp. 21,204 12,348 8,856 326 95 750 191 6 5,880
HFSA Hardin Bancorp Inc. 7,512 4,599 2,913 73 72 233 0 (8) 1,861
HBBI Home Building Bancorp 3,306 1,831 1,475 5 9 117 0 0 1,058
KNK Kankakee Bancorp Inc. 25,189 14,422 10,767 1 95 1,489 232 7 7,986
MFBC MFB Corp. 17,685 10,157 7,528 29 6 418 0 0 4,599
MFFC Milton Federal Financial Corp. 13,773 8,149 5,624 75 233 252 0 (13) 3,947
OHSL OHSL Financial Corp. 17,348 10,154 7,194 39 79 326 0 4 4,471
TWIN Twin City Bancorp 8,201 4,196 4,005 423 221 427 0 (34) 2,744
Average 13,056 7,413 5,644 120 129 489 55 (1) 3,903
Median 11,616 6,438 5,178 60 87 413 0 0 3,881
High 25,189 14,422 10,767 423 424 1,489 232 57 7,986
Low 3,306 1,831 1,475 1 6 117 0 (34) 1,058
ALL THRIFTS (373)
Average 103,673 62,708 40,965 3,161 1,512 7,841 793 187 27,164
MIDWEST THRIFTS (146)
Average 40,857 24,566 16,291 663 484 3,548 211 (95) 10,933
KENTUCKY THRIFTS (10)
Average 29,839 17,629 12,210 347 1,286 2,922 136 34 9,273
Net Net Inc.
Non- Income Before
Recurring Before Income Extraord. Extraord. Net Core
Expense Taxes Taxes Items Items Income Income
--------------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 0 853 300 553 0 553 609
COMPARABLE GROUP
AMFC AMB Financial Corp. 0 1,522 580 942 0 942 667
CLAS Classic Bancshares Inc. 0 1,526 460 1,066 0 1,066 819
GFCO Glenway Financial Corp. 0 3,495 1,237 2,258 0 2,258 2,196
HFSA Hardin Bancorp Inc. 0 1,284 475 809 0 809 763
HBBI Home Building Bancorp 0 538 210 328 0 328 322
KNK Kankakee Bancorp Inc. 0 4,364 1,296 3,068 0 3,068 3,006
MFBC MFB Corp. 0 3,324 1,322 2,002 0 2,002 1,998
MFFC Milton Federal Financial Corp. 0 2,087 709 1,378 0 1,378 1,227
OHSL OHSL Financial Corp. 0 3,089 1,052 2,037 0 2,037 1,986
TWIN Twin City Bancorp 0 1,486 583 903 0 903 759
Average 0 2,272 792 1,479 0 1,479 1,374
Median 0 1,807 646 1,222 0 1,222 1,023
High 0 4,364 1,322 3,068 0 3,068 3,006
Low 0 538 210 328 0 328 322
ALL THRIFTS (373)
Average 2,618 17,435 6,505 10,929 (6) 10,924 11,609
MIDWEST THRIFTS (146)
Average 160 8,587 2,996 5,591 (7) 5,584 5,367
KENTUCKY THRIFTS (10)
Average 164 6,667 2,349 4,318 0 4,318 3,568
162
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 45
INCOME AND EXPENSE COMPARISON
AS A PERCENTAGE OF AVERAGE ASSETS
TRAILING FOUR QUARTERS
Net Gain Total Goodwill Net Total
Interest Interest Interest Provision (Loss) Non-Int. & Intang Real Est. Non-Int.
Income Expense Income for Loss on Sale Income Amtz. Expense Expense
(%) (%) (%) (%) (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 7.58 4.22 3.36 0.11 0.00 0.08 0.00 0.00 2.53
COMPARABLE GROUP
AMFC AMB Financial Corp. 7.50 3.86 3.64 0.05 0.46 0.51 0.00 (0.03) 2.90
CLAS Classic Bancshares Inc. 7.21 3.60 3.61 0.14 0.04 0.31 0.09 0.04 2.91
GFCO Glenway Financial Corp. 7.47 4.35 3.12 0.11 0.03 0.26 0.07 0.00 2.07
HFSA Hardin Bancorp Inc. 7.41 4.53 2.87 0.07 0.07 0.23 0.00 (0.01) 1.83
HBBI Home Building Bancorp 7.52 4.16 3.35 0.01 0.02 0.27 0.00 0.00 2.40
KNK Kankakee Bancorp Inc. 7.28 4.17 3.11 0.00 0.03 0.43 0.07 0.00 2.31
MFBC MFB Corp. 7.34 4.22 3.13 0.01 0.00 0.17 0.00 0.00 1.91
MFFC Milton Federal Financial
Corp. 7.33 4.34 2.99 0.04 0.12 0.13 0.00 (0.01) 2.10
OHSL OHSL Financial Corp. 7.68 4.49 3.18 0.02 0.03 0.14 0.00 0.00 1.98
TWIN Twin City Bancorp 7.75 3.96 3.78 0.40 0.21 0.40 0.00 (0.03) 2.59
Average 7.45 4.17 3.28 0.09 0.10 0.29 0.02 (0.00) 2.30
Median 7.44 4.19 3.15 0.05 0.04 0.27 0.00 0.00 2.20
High 7.75 4.53 3.78 0.40 0.46 0.51 0.09 0.04 2.91
Low 7.21 3.60 2.87 0.00 0.00 0.13 0.00 (0.03) 1.83
ALL THRIFTS (373)
Average 7.47 4.12 3.35 0.14 0.11 0.44 0.03 (0.01) 2.34
MIDWEST THRIFTS (146)
Average 7.49 4.18 3.31 0.11 0.09 0.41 0.02 (0.01) 2.17
KENTUCKY THRIFTS (10)
Average 7.53 3.86 3.66 0.06 0.12 0.25 0.02 0.01 2.15
Net Net Inc.
Non- Income Before
Recurring Before Income Extraord. Extraord. Net Core
Expense Taxes Taxes Items Items Income Income
(%) (%) (%) (%) (%) (%) (%)
--------------------------------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 0.00 0.81 0.28 0.53 0.00 0.53 0.58
COMPARABLE GROUP
AMFC AMB Financial Corp. 0.00 1.53 0.63 0.90 0.00 0.90 0.73
CLAS Classic Bancshares Inc. 0.00 1.16 0.35 0.81 0.00 0.81 0.62
GFCO Glenway Financial Corp. 0.00 1.23 0.44 0.80 0.00 0.80 0.77
HFSA Hardin Bancorp Inc. 0.00 1.27 0.47 0.80 0.00 0.80 0.75
HBBI Home Building Bancorp 0.00 1.22 0.48 0.75 0.00 0.75 0.73
KNK Kankakee Bancorp Inc. 0.00 1.26 0.37 0.89 0.00 0.89 0.87
MFBC MFB Corp. 0.00 1.38 0.55 0.83 0.00 0.83 0.83
MFFC Milton Federal Financial Corp. 0.00 1.11 0.38 0.73 0.00 0.73 0.65
OHSL OHSL Financial Corp. 0.00 1.37 0.47 0.90 0.00 0.90 0.88
TWIN Twin City Bancorp 0.00 1.40 0.55 0.85 0.00 0.85 0.72
Average 0.00 1.29 0.47 0.83 0.00 0.83 0.76
Median 0.00 1.26 0.47 0.82 0.00 0.82 0.74
High 0.00 1.53 0.63 0.90 0.00 0.90 0.88
Low 0.00 1.11 0.35 0.73 0.00 0.73 0.62
ALL THRIFTS (373)
Average 0.07 1.36 0.49 0.86 0.00 0.86 0.84
MIDWEST THRIFTS (146)
Average 0.07 1.47 0.52 0.94 (0.00) 0.94 0.93
KENTUCKY THRIFTS (10)
Average 0.13 1.71 0.62 1.10 0.00 1.10 1.09
163
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 46
YIELDS, COSTS AND EARNINGS RATIOS
TRAILING FOUR QUARTERS
Yield on Cost of Net Net
Int. Earning Int. Bearing Interest Interest Core Core
Assets Liabilities Spread Margin * ROAA ROAA ROAE ROAE
(%) (%) (%) (%) (%) (%) (%) (%)
------------------------------------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 7.81 4.84 2.97 3.46 0.53 0.58 4.30 4.74
AMFC AMB Financial Corp. 7.66 4.69 2.97 3.72 0.90 0.73 6.30 4.46
CLAS Classic Bancshares Inc. 7.65 4.28 3.37 3.83 0.81 0.62 5.53 4.25
GFCO Glenway Financial Corp. 7.78 4.89 2.89 3.25 0.80 0.77 8.37 8.14
HFSA Hardin Bancorp Inc. 7.51 5.29 2.22 2.91 0.80 0.75 5.88 5.55
HBBI Home Building Bancorp 7.83 4.69 3.14 3.50 0.75 0.73 5.76 5.65
KNK Kankakee Bancorp Inc. 7.59 4.71 2.88 3.24 0.89 0.87 8.28 8.11
MFBC MFB Corp. 7.48 5.08 2.40 3.19 0.83 0.83 5.63 5.62
MFFC Milton Federal Financial Corp. 7.56 5.12 2.44 3.09 0.73 0.65 5.08 4.52
OHSL OHSL Financial Corp. 7.84 5.23 2.61 3.25 0.90 0.88 8.06 7.86
TWIN Twin City Bancorp 8.02 4.65 3.37 3.92 0.85 0.72 6.65 5.59
Average 7.69 4.86 2.83 3.39 0.83 0.76 6.55 5.98
Median 7.66 4.80 2.89 3.25 0.82 0.74 6.09 5.61
High 8.02 5.29 3.37 3.92 0.90 0.88 8.37 8.14
Low 7.48 4.28 2.22 2.91 0.73 0.62 5.08 4.25
ALL THRIFTS (373)
Average 7.77 4.86 2.91 3.48 0.86 0.84 8.74 8.36
MIDWEST THRIFTS (146)
Average 7.76 4.98 2.78 3.43 0.94 0.93 7.85 7.57
KENTUCKY THRIFTS (10)
Average 7.76 5.00 2.77 3.78 1.10 1.09 6.11 5.85
164
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 47
DIVIDENDS, RESERVES AND SUPPLEMENTAL DATA
DIVIDENDS
-----------------------------------------
12 Month 12 Month
12 Month Common Current Dividend
Preferred Div./ Dividend Payout
Dividends Share Yield Ratio
($000) ($) (%) (%)
---------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK - - - -
COMPARABLE GROUP
AMFC AMB Financial Corp. 0 0.25 1.75 24.00
CLAS Classic Bancshares Inc. 0 0.28 1.64 24.14
GFCO Glenway Financial Corp. 0 0.37 2.11 35.86
HFSA Hardin Bancorp Inc. 0 0.44 2.74 45.83
HBBI Home Building Bancorp 0 0.30 1.41 26.09
KNK Kankakee Bancorp Inc. 0 0.48 1.42 22.55
MFBC MFB Corp. 0 0.32 1.38 28.07
MFFC Milton Federal Financial Corp. 0 0.60 4.00 490.48
OHSL OHSL Financial Corp. 0 0.88 3.17 51.83
TWIN Twin City Bancorp 0 0.42 2.94 59.28
Average 0 0.43 2.25 80.81
Median 0 0.40 1.93 31.97
High 0 0.88 4.00 490.48
Low 0 0.25 1.38 22.55
ALL THRIFTS (373)
Average 202 0.45 1.27 39.49
MIDWEST THRIFTS (146)
Average 0 0.51 1.59 44.11
KENTUCKY THRIFTS (10)
Average 0 1.23 2.47 98.23
RESERVES AND SUPPLEMENTAL DATA - MOST RECENT PERIOD
-------------------------------------------------------------------------------------
Net
Reserves/ Reserves/ Chargeoffs/ Provisions/ 1 Year Total
Gross Non-Perf. Average Net Repricing Effective Assets/
Loans Assets Loans Chargeoffs Gap Tax Rate Employee
(%) (%) (%) (%) (%) (%) ($000)
--------------------------------------------------------------------------------------
SUBJECT
COLUMBIA FEDERAL
SAVINGS BANK 0.47 49.92 0.00 NM NA 35.17 2,737
COMPARABLE GROUP
AMFC AMB Financial Corp. 0.51 118.29 0.04 214.29 NA 38.95 NA
CLAS Classic Bancshares Inc. 0.94 93.71 0.00 NM NA 29.20 NA
GFCO Glenway Financial Corp. 0.37 123.32 0.00 NM NA 34.72 4,312
HFSA Hardin Bancorp Inc. 0.36 195.33 0.08 145.45 5.04 36.88 6,177
HBBI Home Building Bancorp 0.28 44.51 0.03 0.00 NA 42.22 2,783
KNK Kankakee Bancorp Inc. 0.90 60.22 0.08 46.67 7.47 27.98 2,982
MFBC MFB Corp. 0.18 141.76 0.00 NM (36.75) 39.88 3,709
MFFC Milton Federal Financial Corp. 0.44 91.98 0.00 NM NA 34.03 3,620
OHSL OHSL Financial Corp. 0.31 121.89 0.00 NM NA 33.64 3,846
TWIN Twin City Bancorp 0.20 88.17 0.60 38.26 NA 39.33 2,018
Average 0.45 107.92 0.08 88.93 (8.08) 35.68 3,681
Median 0.37 106.00 0.02 46.67 5.04 35.80 3,664
High 0.94 195.33 0.60 214.29 7.47 42.22 6,177
Low 0.18 44.51 0.00 0.00 (36.75) 27.98 2,018
ALL THRIFTS (373)
Average 0.77 102.28 0.13 149.81 (4.11) 29.71 4,341
MIDWEST THRIFTS (146)
Average 0.65 131.66 0.21 213.13 (6.99) 35.53 4,078
KENTUCKY THRIFTS (10)
Average 0.49 87.15 0.00 358.65 3.47 33.70 5,354
153
165
EXHIBIT 48
KELLER & COMPANY
Dublin, Ohio
614-766-1426
VALUATION ANALYSIS AND CONCLUSIONS
Columbia Federal Savings Bank/Columbia Financial of Kentucky, Inc.
Stock Prices as of November 28, 1997
VALUATION ASSUMPTIONS: Comparable Group All Thrifts
Symbol Value Average Median Average Median
--------- ------------ -------------- -------------- ------------- ----------
Post conv. price to earnings P/E 22.93 18.82 18.70 21.77 18.71
Post conv. price to book value P/B 66.90% 120.70% 118.17% 161.12% 149.24%
Post conv. price to assets P/A 16.36% 15.17% 14.96% 18.72% 16.99%
Post conv. price to core earnings P/E 21.56 21.01 20.09 22.14 19.71
Pre conversion earnings ($) Y $ 553,000 For the twelve months ended September 30, 1997.
Pre conversion book value ($) B $ 13,090,000 At September 30, 1997.
Pre conversion assets ($) A $ 104,006,000 At September 30, 1997.
Pre conversion core earnings ($) $ 609,000 For the twelve months ended September 30, 1997.
Conversion expense ($) X $ 658,000
Proceeds not reinvested ($) Z $ 1,616,000 ESOP
ESOP borrowings ($) E $ 1,616,000
ESOP cost of borrowings, net (%) S 6.27%
ESOP term of borrowings (yrs.) T 11
RRP amount ($) M $ 808,000
RRP expense ($) N $ 161,600
Tax rate (%) TAX 34.00%
Investment rate of return, net (%) R 3.53%
Investment rate of return, pretax (%) 5.35%
FORMULAE TO INDICATE VALUE AFTER CONVERSION:
1. P/E method: Value = P/E(Y-R(X+Z)-ES-(1-TAX)E/T-(1-TAX)N)) = $ 20,197,826
------------------------------------
1-(P/E)R
2. P/B method: Value = P/B(B-X-E-M) = $ 20,232,104
------------
1-P/B
3. P/A method: Value = P/A(A-X) = $ 20,208,305
--------
1-P/A
VALUATION CORRELATION AND CONCLUSIONS:
Number of Price TOTAL
Shares Per Share VALUE
--------------- ------------------ ------------------
APPRAISED VALUE - MIDRANGE 2,020,000 $10.00 $ 20,200,000
Minimum - 85% of midrange 1,717,000 $10.00 $ 17,170,000
Maximum - 115% of midrange 2,323,000 $10.00 $ 23,230,000
Superrange - 115% of maximum 2,671,450 $10.00 $ 26,714,500
154
166
KELLER & COMPANY
Dublin, Ohio
614-766-1426
EXHIBIT 49
COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS
Stock Prices as of November 28, 1997
Market Data Pricing Ratios
----------------------------------- -------------------------------------------
Book Price/ Price/ Price/
Market Price/ 12 Mo. Value/ Price/ Book Price/ Tang. Core
Value Share EPS Share Earnings Value Assets Bk. Val. Earnings
($M) ($) ($) ($) (X) (%) (%) (%) (%)
----- ----- --- ----- -------- ----- ------ -----------------
COLUMBIA FEDERAL SAVINGS BANK
APPRAISED VALUE - MIDPOINT 20.20 10.00 0.44 14.95 22.93 66.90 16.36 66.87 21.56
Minimum of range 17.17 10.00 0.48 16.06 20.69 62.26 14.24 62.26 19.39
Maximum of range 23.23 10.00 0.40 14.14 24.91 70.74 18.36 70.74 22.92
Superrange maximum 26.71 10.00 0.37 13.42 26.94 74.49 20.55 74.49 25.50
ALL THRIFTS (373)
Average 236.38 24.41 1.27 15.58 21.77 161.12 18.72 167.47 22.14
Median 59.45 21.00 1.19 14.98 18.71 149.24 16.99 153.21 19.71
KENTUCKY THRIFTS (10)
Average 93.58 19.66 0.91 14.09 22.14 136.67 25.56 140.68 24.73
Median 22.16 17.13 0.80 14.88 19.68 124.98 23.43 130.85 24.01
COMPARABLE GROUP (10)
Average 27.55 20.44 1.11 17.06 18.82 120.70 15.17 123.66 21.01
Median 28.26 18.25 1.00 15.44 18.70 118.17 14.96 123.60 20.09
COMPARABLE GROUP
AMFC AMB Financial Corp. 15.42 16.00 1.00 14.95 16.00 107.02 14.92 107.02 22.86
CLAS Classic Bancshares Inc. 22.26 17.13 0.87 15.13 19.68 113.19 16.84 133.27 25.18
GFCO Glenway Financial Corp. 43.35 19.00 0.99 12.17 19.19 156.12 14.77 158.07 19.79
HFSA Hardin Bancorp Inc. 15.04 17.50 0.96 15.75 18.23 111.11 12.81 111.11 19.23
HBBI Home Building Bancorp 6.62 21.25 1.15 20.43 18.48 104.01 15.86 104.01 18.81
KNK Kankakee Bancorp Inc. 48.29 33.88 2.04 27.25 16.61 124.31 14.21 131.86 16.85
MFBC MFB Corp. 38.38 23.25 1.14 20.31 20.39 114.48 15.00 114.48 20.39
MFFC Milton Federal Financial Corp. 34.57 15.00 0.63 12.31 23.81 121.85 16.47 121.85 26.79
OHSL OHSL Financial Corp. 34.26 27.75 1.64 21.42 16.92 129.55 14.60 129.55 17.45
TWIN Twin City Bancorp 17.34 13.63 0.72 10.87 18.92 125.34 16.21 125.34 22.71
Dividends Financial Ratios
---------------------------------------------------
Div./ Dividend Payout Equity/ Core Core
Share Yield Ratio Assets ROAA ROAE
($) (%) (%) (%) (%) (%)
----- ----- ----- ------ ---- ----
COLUMBIA FEDERAL SAVINGS BANK
APPRAISED VALUE - MIDPOINT 0.00 0.00 0.00 24.45 0.71 2.92
Minimum of range 0.00 0.00 0.00 22.88 0.69 3.01
Maximum of range 0.00 0.00 0.00 25.95 0.74 2.84
Superrange maximum 0.00 0.00 0.00 27.59 0.76 2.76
ALL THRIFTS (373)
Average 0.54 1.52 48.22 12.67 0.86 8.74
Median 0.33 1.56 27.04 10.64 0.94 8.34
KENTUCKY THRIFTS (10)
Average 1.23 2.47 98.23 19.61 1.10 6.11
Median 0.56 2.44 45.45 16.77 1.10 6.09
COMPARABLE GROUP (10)
Average 0.43 2.25 80.81 12.49 0.83 6.55
Median 0.40 1.93 31.97 12.76 0.82 6.09
COMPARABLE GROUP
AMFC AMB Financial Corp. 0.25 1.75 24.00 13.94 0.90 6.30
CLAS Classic Bancshares Inc. 0.28 1.64 24.14 14.88 0.81 5.53
GFCO Glenway Financial Corp. 0.37 2.11 35.86 9.46 0.80 8.37
HFSA Hardin Bancorp Inc. 0.44 2.74 45.83 11.53 0.80 5.88
HBBI Home Building Bancorp 0.30 1.41 26.09 14.12 0.75 5.76
KNK Kankakee Bancorp Inc. 0.48 1.42 22.55 11.43 0.89 8.28
MFBC MFB Corp. 0.32 1.38 28.07 13.10 0.83 5.63
MFFC Milton Federal Financial Corp. 0.60 4.00 490.48 12.57 0.73 5.08
OHSL OHSL Financial Corp. 0.88 3.17 51.83 10.92 0.90 8.06
TWIN Twin City Bancorp 0.42 2.94 59.28 12.94 0.85 6.65
155
167
EXHIBIT 50
KELLER & COMPANY
Dublin, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Columbia Federal Savings Bank/Columbia Financial of Kentucky, Inc.
At the MINIMUM of the Range
1. GROSS CONVERSION PROCEEDS
Minimum market value $ 17,170,000
Less: Estimated conversion expenses 620,000
Net conversion proceeds $ 16,550,000
2. GENERATION OF ADDITIONAL INCOME
Net conversion proceeds $ 16,550,000
Less: Proceeds not invested (1) 1,373,600
Total conversion proceeds invested $ 15,176,400
Investment rate 3.53%
Earnings increase - return on proceeds invested $ 535,879
Less: Estimated cost of ESOP borrowings 86,125
Less: Amortization of ESOP borrowings, net of taxes 82,416
Less: RRP expense, net of taxes 90,658
Net earnings increase $ 276,680
3. COMPARATIVE EARNINGS
Regular Core
--------------------- --------------------
Before conversion - 12 months ended 09/30/97 $ 553,000 609,000
Net earnings increase 276,680 276,680
After conversion $ 829,680 885,680
4. COMPARATIVE NET WORTH (2)
Before conversion - 09/30/97 $ 13,090,000
Conversion proceeds 14,489,600
After conversion $ 27,579,600
5. COMPARATIVE NET ASSETS
Before conversion - 09/30/97 $ 104,006,000
Conversion proceeds 16,550,000
After conversion $ 120,556,000
(1) Represents ESOP borrowings and fixed assets.
(2) ESOP borrowings and RRP are omitted from net worth.
156
168
EXHIBIT 51
KELLER & COMPANY
Dublin, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Columbia Federal Savings Bank/Columbia Financial of Kentucky, Inc.
At the MIDPOINT of the Range
1. GROSS CONVERSION PROCEEDS
Midpoint market value $ 20,200,000
Less: Estimated conversion expenses 658,000
Net conversion proceeds $ 19,542,000
2. GENERATION OF ADDITIONAL INCOME
Net conversion proceeds $ 19,542,000
Less: Proceeds not invested (1) 1,616,000
Total conversion proceeds invested $ 17,926,000
Investment rate of return 3.53%
Earnings increase - return on proceeds invested $ 632,967
Less: Estimated cost of ESOP borrowings 101,323
Less: Amortization of ESOP borrowings, net of taxes 96,960
Less: RRP expense, net of taxes 106,656
Net earnings increase $ 328,028
3. COMPARATIVE EARNINGS
Regular Core
--------------------- --------------------
Before conversion - 12 months ended 09/30/97 $ 553,000 609,000
Net earnings increase 328,028 328,028
After conversion $ 881,028 937,028
4. COMPARATIVE NET WORTH (2)
Before conversion - 09/30/97 $ 13,090,000
Conversion proceeds 17,118,000
After conversion $ 30,208,000
5. COMPARATIVE NET ASSETS
Before conversion - 09/30/97 $ 104,006,000
Conversion proceeds 19,542,000
After conversion $ 123,548,000
(1) Represents ESOP borrowings and fixed assets.
(2) ESOP borrowings and RRP are omitted from net worth.
157
169
EXHIBIT 52
KELLER & COMPANY
Dublin, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Columbia Federal Savings Bank/Columbia Financial of Kentucky, Inc.
At the MAXIMUM of the Range
1. GROSS CONVERSION PROCEEDS
Maximum market value $ 23,230,000
Less: Estimated conversion expenses 695,000
Net conversion proceeds $ 22,535,000
2. GENERATION OF ADDITIONAL INCOME
Net conversion proceeds $ 22,535,000
Less: Proceeds not invested (1) 1,858,400
Total conversion proceeds invested $ 20,676,600
Investment rate 3.53%
Earnings increase - return on proceeds invested $ 730,091
Less: Estimated cost of ESOP borrowings 116,522
Less: Amortization of ESOP borrowings, net of taxes 111,504
Less: RRP expense, net of taxes 122,654
Net earnings increase $ 379,411
3. COMPARATIVE EARNINGS
Regular Core
--------------------- --------------------
Before conversion - 12 months ended 09/30/97 $ 553,000 609,000
Net earnings increase 379,411 379,411
After conversion $ 932,411 988,411
4. COMPARATIVE NET WORTH (2)
Before conversion - 09/30/97 $ 13,090,000
Conversion proceeds 19,747,400
After conversion $ 32,837,400
5. COMPARATIVE NET ASSETS
Before conversion - 09/30/97 $ 104,006,000
Conversion proceeds 22,535,000
After conversion $ 126,541,000
(1) Represents ESOP borrowings and fixed assets.
(2) ESOP borrowings and RRP are omitted from net worth.
158
170
EXHIBIT 53
KELLER & COMPANY
Dublin, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Columbia Federal Savings Bank/Columbia Financial of Kentucky, Inc.
At the SUPERRANGE Maximum
1. GROSS CONVERSION PROCEEDS
Superrange market value $ 26,714,500
Less: Estimated conversion expenses 737,000
Net conversion proceeds $ 25,977,500
2. GENERATION OF ADDITIONAL INCOME
Net conversion proceeds $ 25,977,500
Less: Proceeds not invested (1) 2,137,160
Total conversion proceeds invested $ 23,840,340
Investment rate 3.53%
Earnings increase - return on proceeds invested $ 841,802
Less: Estimated cost of ESOP borrowings 134,000
Less: Amortization of ESOP borrowings, net of taxes 128,230
Less: RRP expense, net of taxes 141,053
Net earnings increase $ 438,520
3. COMPARATIVE EARNINGS
Regular Core
--------------------- ---------------------
Before conversion - 12 months ended 09/30/97 $ 553,000 609,000
Net earnings increase 438,520 438,520
After conversion $ 991,520 1,047,520
4. COMPARATIVE NET WORTH (2)
Before conversion - 09/30/97 $ 13,090,000
Conversion proceeds 22,771,760
After conversion $ 35,861,760
5. COMPARATIVE NET ASSETS
Before conversion - 09/30/97 $ 104,006,000
Conversion proceeds 25,977,500
After conversion $ 129,983,500
(1) Represents ESOP borrowings and fixed assets.
(2) ESOP borrowings and RRP are omitted from net worth.
159
171
EXHIBIT 54
KELLER & COMPANY
Dublin, Ohio
614-766-1426
SUMMARY OF VALUATION PREMIUM OR DISCOUNT
Premium or (discount)
from comparable group.
-----------------------------
Columbia Federal Average Median
---------------- ------- ------
MIDPOINT:
Price/earnings 22.93x 21.80% 22.61%
Price/book value 66.90% (44.57)% (43.38)%
Price/assets 16.36% 7.82% 9.33%
Price/tangible book value 66.87% (45.92)% (45.90)%
Price/core earnings 21.56x 2.63% 7.30%
MINIMUM OF RANGE:
Price/earnings 20.69x 9.94% 10.67%
Price/book value 62.26% (48.42)% (47.31)%
Price/assets 14.24% (6.11)% (4.80)%
Price/tangible book value 62.26% (49.65)% (49.63)%
Price/core earnings 19.39x (7.71)% (3.50)%
MAXIMUM OF RANGE:
Price/earnings 24.91x 32.36% 33.23%
Price/book value 70.74% (41.39)% (40.13)%
Price/assets 18.36% 21.02% 22.71%
Price/tangible book value 70.74% (42.79)% (42.76)%
Price/core earnings 22.92x 9.13% 14.11%
SUPER MAXIMUM OF RANGE:
Price/earnings 26.94x 43.14% 44.08%
Price/book value 74.49% (38.28)% (36.96)%
Price/assets 20.55% 35.49% 37.38%
Price/tangible book value 74.49% (39.76)% (39.73)%
Price/core earnings 25.50x 21.41 % 26.94%
160
172
ALPHABETICAL
EXHIBITS
173
EXHIBIT A
KELLER & COMPANY, INC.
555 METRO PLACE NORTH
SUITE 524
DUBLIN, OHIO 43017
(614) 766-1426
(614) 766-1459 FAX
PROFILE OF THE FIRM
KELLER & COMPANY, INC. is a full service consulting firm to financial
institutions, serving clients throughout the United States from its office in
Dublin, Ohio. The firm consults primarily in the areas of regulatory and
compliance matters, financial analysis and strategic planning, stock valuations
and appraisals, mergers and acquisitions, mutual to stock conversions,
conversion/mergers and branching. Since its inception in 1985, KELLER & COMPANY
has provided a wide range of consulting services to over 100 financial
institutions including thrifts, banks, mortgage companies and holding companies.
KELLER & COMPANY is an affiliate member of the Community Bankers of America,
Community Bankers Association of Ohio, the Ohio League of Financial
Institutions, and the Tri State League of Financial Institutions.
Each of the firm's senior consultants has over eighteen years front line
experience and accomplishment in various areas of the financial institution and
real estate industries. Each consultant provides to clients distinct and diverse
areas of expertise. Specific services and projects have included financial
institution charter and deposit insurance applications, market studies,
institutional mergers and acquisitions, branch sales and acquisitions,
operations and performance analyses, business plans, strategic planning,
financial projections and modeling, stock valuations, fairness opinions,
conversion appraisals, capital plans, policy development and revision, lending,
underwriting and investment criteria, data processing and management information
systems, and incentive compensation programs.
It is the goal of KELLER & COMPANY to provide specific and ongoing services that
are pertinent and responsive to the needs of the individual client institution
within the changing industry environment, and to offer those services at
reasonable fees on a timely basis. In recent years, KELLER & COMPANY has become
one of the leading consulting firms in the nation.
174
CONSULTANTS IN THE FIRM
MICHAEL R. KELLER has over twenty years experience as a consultant to the
financial institution industry. Immediately following his graduation from
college, he was employed by the Ohio Division of Financial Institutions, working
for two years in the northeastern Ohio district as an examiner of financial
institutions before pursuing graduate studies at the Ohio State University.
Mr. Keller later worked as an associate for a management consulting firm
specializing in services to financial institutions. During his eight years with
the firm, he specialized in mergers and acquisitions, branch acquisitions and
sales, branch feasibility studies, stock valuations, charter applications, and
site selection analyses. By the time of his departure, he had attained the
position of vice president, with experience in almost all facets of banking
operations.
Prior to forming Keller & Company, Mr. Keller also worked as a senior consultant
in a larger consulting firm. In that position, he broadened his activities and
experience, becoming more involved with institutional operations, business and
strategic planning, regulatory policies and procedures, conversion appraisals,
and fairness opinions. Mr. Keller established the firm in November 1985 to
better serve the needs of the financial institution industry.
Mr. Keller graduated from Wooster College with a B.A. in Economics in 1972, and
later received an M.B.A. in Finance in 1976 from the Ohio State University
where he took two courses in corporate stock valuations.
175
Consultants in the Firm (cont.)
JOHN A. SHAFFER has over twenty years experience in banking, finance, real
estate lending, and development.
From 1971 to 1974, Mr. Shaffer was employed by a large real estate investment
trust as a lending officer, specializing in construction and development loans.
By 1974, having gained experience in loan underwriting, management and workout,
he joined Chemical Association of New York and was appointed Vice President for
Loan Administration of Chemical Mortgage Company in Columbus, Ohio. At Chemical,
he managed all commercial and residential loan servicing, administering a
portfolio in excess of $1 billion. His responsibilities also included the
analysis, management and workout of problem commercial loans and properties, and
the structuring, negotiation, acquisition and sale of loan servicing and
mortgage and equity securities.
Mr. Shaffer later formed an independent real estate and financial consulting
firm, serving corporate and institutional clients, and also investing in and
developing real estate. His primary activities have included the planning,
analysis, financing, implementation, and administration of real estate projects,
as well as financial projection and modeling, cost and profit analysis, loan
management, budgeting, cash flow management and project design.
Mr. Shaffer graduated from Syracuse University with a B.S. in Business
Administration, later receiving an M.B.A. in Finance and a Ph.D. in Economics
from New York University.
176
Consultants in the Firm (cont.)
JAMES E. CAMPBELL has over twenty-five years experience in the banking and
thrift industry. He served in upper management and was involved in asset and
liability management, lending policy, retail management, public policy and
Community Reinvestment Act policy.
From 1969 to 1991, Mr. Campbell was employed by National City Bank of Columbus,
Ohio. He was appointed Executive Vice President of the Retail Banking Group in
1984. He had management responsibility for 135 banking officers with over 1,500
associates in Central and Southern Ohio. He also managed the consumer and real
estate functions of the Bank.
Mr. Campbell became Chairman, President and Chief Executive Officer of Jefferson
Savings Bank, West Jefferson, Ohio in 1993 and remained with them until the bank
was sold in 1997.
Mr. Campbell graduated from Stonier School of Bank, Rutgers University in 1979.
177
EXHIBIT B
RB 20
CERTIFICATION
I hereby certify that I have not been the subject of any criminal, civil
or administrative judgments, consents, undertakings or orders, or any
past administrative proceedings (excluding routine or customary audits,
inspections and investigation) issued by any federal or state court, any
department, agency, or commission of the U.S. Government, any state or
municipality, any self-regulatory trade or professional organization, or
any foreign government or governmental entity, which involve:
(i) commission of a felony, fraud, moral turpitude, dishonesty or
breach of trust;
(ii) violation of securities or commodities laws or regulations;
(iii) violation of depository institution laws or regulations;
(iv) violation of housing authority laws or regulations;
(v) violation of the rules, regulations, codes or conduct or ethics
of a self-regulatory trade or professional organization;
(vi) adjudication of bankruptcy or insolvency or appointment of a
receiver, conservator, trustee, referee, or guardian.
I hereby certify that the statements I have made herein are true, complete and
correct to the best of my knowledge and belief.
Conversion Appraiser
December 10, 1997 /s/ Michael R. Keller
- ----------------------------- -------------------------------------
DATE Michael R. Keller
178
EXHIBIT C
KELLER & COMPANY, INC.
555 METRO PLACE NORTH
SUITE 524
DUBLIN, OHIO 43017
(614) 766-1426
(614) 766-1459 FAX
AFFIDAVIT OF INDEPENDENCE
-------------------------
STATE OF OHIO,
COUNTY OF FRANKLIN, ss:
I, Michael R. Keller, being first duly sworn hereby depose and say that:
The fee which I received directly from the applicant, Columbia Federal
Savings Bank, Fort Mitchell, Kentucky in the amount of $17,000 for the
performance of my appraisal was not related to the value determined in the
appraisal and that the undersigned appraiser is independent and has fully
disclosed any relationships which may have a material bearing upon the question
of my independence; and that any indemnity agreement with the applicant has been
fully disclosed.
Further, affiant sayeth naught.
/s/ Michael R. Keller
-----------------------
MICHAEL R. KELLER
Sworn to before me and subscribed in my presence this 11th day of
December 1997.
/s/ Julie A. Wij???
---------------------------
NOTARY PUBLIC
COMMISSION 10-16-99