CONVERSION VALUATION APPRAISAL REPORT
Prepared for
Montgomery Savings,
A Federal Association
and
Montgomery Financial Corporation
Crawfordsville, Indiana
As Of:
March 4, 1997
Prepared By:
Keller & Company, Inc.
555 Metro Place North
Dublin, Ohio 43017
(614) 766-1426
KELLER & COMPANY
CONVERSION VALUATION APPRAISAL REPORT
Prepared for
Montgomery Savings,
A Federal Association
and
Montgomery Financial Corporation
Crawfordsville, Indiana
As Of:
March 4, 1997
Prepared By:
Michael R. Keller
President
KELLER & COMPANY, INC.
555 Metro Place North
Suite 524
Dublin, Ohio 43017
(614) 766-1426
(614) 766-1459 FAX
April 4, 1997
Board of Directors
Montgomery Savings,
A Federal Association
119 East Main Street
Crawfordsville, IN 47933
Gentlemen:
We hereby submit an independent appraisal of the pro forma market value of the
to-be-issued stock of Montgomery Financial Corporation (the "Corporation"),
which is the newly formed holding company of Montgomery Savings, A Federal
Association, Crawfordsville, Indiana ("Montgomery Savings" or the
"Association"). The Corporation will hold all of the shares of the common stock
of the Association, a federally chartered stock savings association that was
organized in 1995 as a subsidiary of Montgomery Mutual Holding Company (the
"Mutual Holding Company"), a federally chartered mutual holding company, which
currently has a majority ownership interest in the Association. Such stock is to
be issued in connection with the conversion and reorganization of the
Association as a subsidiary of the Corporation pursuant to a Plan of Conversion
adopted by the Association and the Mutual Holding Company. As part of the
conversion and reorganization, the Mutual Holding Company will convert to a
federal interim stock savings institution and simultaneously merge with and into
the Association, with the Association being the surviving entity. This appraisal
was prepared and provided to the Association in accordance with the conversion
requirements and regulations of the Office of Thrift Supervision ("OTS") 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.
Board of Directors
Montgomery Savings, A Federal Association
April 4, 1997
Page 2
Our appraisal is based on the assumption that the data provided to us by
Montgomery Savings and the material provided by the independent auditor, Geo. S.
Olive & Company, Indianapolis, Indiana, 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 Association's assets and liabilities. We
have also used information from other public sources, but we cannot assure the
accuracy of such material.
In the completion of this appraisal, we held discussions with the management of
Montgomery Savings, with the law firm of Silver, Freedman & Taff, L.L.P.,
Washington, D.C., the Association's conversion counsel, and with Geo. S. Olive &
Co. LLC. Further, we viewed the Association'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 Association'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 Association as determined by this
firm, we will proceed to make necessary adjustments to the Association's
appraised value in such appraisal update.
It is our opinion that as of March 4, 1997, the pro forma market value of the
Corporation, inclusive of the sale in the Subscription and Community Offering of
Montgomery Mutual Holding Company's 74.12 percent interest, is $12,500,000 at
the midpoint, representing 1,250,000 shares at $10.00 per share. The pro forma
valuation range of the Corporation is from a minimum of $10,625,000 or 1,062,500
shares at $10.00 per share to a maximum of $14,375,000 or 1,437,500 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
$16,531,250 or 2,653,125 shares at $10.00 per share. Based on the foregoing
valuation range and the 74.12 percent ownership interest being sold in the
Subscription and Community Offering, the midpoint value of the Corporation's
public offering was $9,264,700 or 926,470 shares, with a minimum of $7,874,995
or 787,500 shares, a maximum of $10,654,405 or 1,065,441 shares and a
super-maximum of $12,252,566 or 1,225,257 shares.
Board of Directors
Montgomery Savings, A Federal Association
April 4, 1997
Page 3
Pursuant to OTS regulations, in the conversion of a mutual holding company, the
minority shareholders are entitled to exchange their shares for an aggregate
number of shares equal to their collective interest in the Association prior to
conversion, in this case 25.88 percent. Consequently, an exchange ratio will be
established at the conclusion of the Corporation's Subscription and Community
Offering, based on the number of shares sold. Pursuant to the valuation range
established in this appraisal, the exchange ratio will be 1.1000 shares, 1.2941
shares, 1.4882 shares and 1.7115 shares of stock in Montgomery Financial
Corporation for each outstanding share of the Association prior to conversion at
the minimum, midpoint, maximum and super-maximum, respectively, of the valuation
range.
The appraised value of Montgomery Financial Corporation as of March 4, 1997, is
$12,500,000 at the midpoint.
Very truly yours,
KELLER & COMPANY, INC.
/s/Michael R. Keller
- --------------------
Michael R. Keller
President
TABLE OF CONTENTS
PAGE
INTRODUCTION .............................................................. 1
I. Description of Montgomery Savings, A Federal Association
General .......................................................... 4
Performance Overview ............................................. 8
Income and Expense ............................................... 10
Yields and Costs ................................................. 16
Interest Rate Sensitivity ........................................ 18
Lending Activities ............................................... 20
Non-Performing Assets ............................................ 24
Investments ...................................................... 26
Deposit Activities ............................................... 27
Borrowings ....................................................... 28
Subsidiaries ..................................................... 28
Office Properties ................................................ 28
Management ....................................................... 29
II. Description of Primary Market Area ............................... 30
III. Comparable Group Selection
Introduction ..................................................... 36
General Parameters
Merger/Acquisition ............................................. 37
Mutual Holding Companies ....................................... 38
Trading Exchange ............................................... 38
IPO Date ....................................................... 39
Geographic Location ............................................ 39
Asset Size ..................................................... 40
Balance Sheet Parameters
Introduction ................................................... 41
Cash and Investments to Assets ................................. 41
Mortgage-Backed Securities to Assets ........................... 42
One- to Four-Family Loans to Assets ............................ 42
Total Net Loans to Assets ...................................... 43
Total Net Loans and Mortgage-Backed Securities to Assets ....... 43
Borrowed Funds to Assets ....................................... 44
Equity to Assets ............................................... 44
Performance Parameters
Introduction ................................................... 45
TABLE OF CONTENTS (cont.)
PAGE
III. Comparable Group Selection (cont.)
Performance Parameters (cont.)
Return on Average Assets ....................................... 45
Return on Average Equity ....................................... 46
Net Interest Margin ............................................ 46
Operating Expenses to Assets ................................... 47
Noninterest Income to Assets ................................... 47
Asset Quality Parameters
Introduction ................................................... 48
Nonperforming Assets to Assets Ratio ........................... 48
Repossessed Assets to Assets ................................... 48
Loans Loss Reserves to Assets .................................. 49
The Comparable Group ............................................. 49
Summary of Comparable Group Institutions ......................... 50
IV. Analysis of Financial Performance ................................ 53
V. Market Value Adjustments
Earnings Performance ............................................. 56
Market Area ...................................................... 60
Financial Condition .............................................. 61
Dividend Payments ................................................ 62
Subscription Interest ............................................ 63
Liquidity of Stock ............................................... 64
Management ....................................................... 64
Marketing of the Issue ........................................... 65
VI. Valuation Methods ................................................ 66
Price to Book Value Ratio Method ................................. 67
Price to Earnings Method ......................................... 68
Price to Net Assets Method ....................................... 69
Valuation Conclusion ............................................. 71
LIST OF EXHIBITS
NUMERICAL PAGE
EXHIBITS
1 Consolidated Condensed Statement
of Financial Condition - December 31, 1996
and June 30, 1996 ........................................... 73
2 Consolidated Statement of Financial
Condition - June 30, 1992 through 1995 ...................... 74
3 Consolidated Statements of Income
- Six Months Ended December 31, 1996,
and Year Ended June 30, 1996 ............................... 75
4 Consolidated Statements of Income - June 30,
1992 through 1995 .......................................... 76
5 Selected Consolidated Financial Data .......................... 77
6 Income and Expense Trends ..................................... 78
7 Normalized Earnings Trend ..................................... 79
8 Performance Indicators ........................................ 80
9 Volume/Rate Analysis .......................................... 81
10 Yield and Cost Trends ......................................... 82
11 Interest Rate Sensitivity of Net Portfolio Value .............. 83
12 Loan Portfolio Composition .................................... 84
13 Loan Maturity Schedule ........................................ 85
14 Loan Portfolio Originations ................................... 86
15 Delinquent Loans .............................................. 87
16 Nonperforming Assets .......................................... 88
17 Classified Assets ............................................. 89
18 Allowance for Loan Losses ..................................... 90
19 Investment Portfolio Composition .............................. 91
20 Mix of Deposits ............................................... 92
21 Deposit Activity .............................................. 93
22 Borrowed Funds Activity ....................................... 94
23 Offices of Montgomery Savings ................................. 95
24 List of Key Officers and Directors ............................ 96
25 Key Demographic Data and Trends ............................... 97
26 Key Housing Data .............................................. 98
27 Major Sources of Employment ................................... 99
28 Unemployment Rates ............................................ 100
29 Market Share of Deposits ...................................... 101
30 National Interest Rates by Quarter ............................ 102
31 Thrift Stock Prices and Pricing Ratios ........................ 103
32 Key Financial Data and Ratios ................................. 114
33 Recently Converted Thrift Institutions ........................ 126
LIST OF EXHIBITS (cont.)
NUMERICAL PAGE
EXHIBITS
34 Acquisitions and Pending Acquisitions ......................... 127
35 Thrift Stock Prices and Pricing Ratios -
Mutual Holding Companies .................................... 128
36 Key Financial Data and Ratios -
Mutual Holding Companies .................................... 129
37 Balance Sheets Parameters -
Comparable Group Selection .................................. 130
38 Operating Performance and Asset Quality Parameters -
Comparable Group Selection .................................. 134
39 Balance Sheet Ratios -
Final Comparable Group ...................................... 139
40 Operation Performance and Asset Quality Ratios
Final Comparable Group ............................... 140
41 Balance Sheet Totals - Final Comparable Group ................. 141
42 Market Area Comparison - Final Comparable Group ............... 142
43 Balance Sheet - Asset Composition
Most Recent Quarter .................................. 143
44 Balance Sheet - Liability and Equity
Most Recent Quarter .................................. 144
45 Income and Expense Comparison
Trailing Four Quarters ............................... 145
46 Income and Expense Comparison as a Percent of
Average Assets - Trailing Four Quarters .............. 146
47 Yields, Costs & Earnings Ratios
Trailing Four Quarters ............................... 147
48 Dividends, Reserves and Supplemental Data ..................... 148
49 Valuation Analysis and Calculations
50 Market Pricings and Financial Ratios - Stock Prices
Comparable Group ..................................... 150
51 Pro Forma Minimum Valuation ................................... 151
52 Pro Forma Mid-Point Valuation ................................. 152
53 Pro Forma Maximum Valuation ................................... 153
54 Pro Forma Superrange Valuation ................................ 154
55 Summary of Valuation Premium or Discount ...................... 155
ALPHABETICAL EXHIBITS
PAGE
A Background and Qualifications ................................. 156
B RB 20 Certification ........................................... 159
C Affidavit of Independence ..................................... 160
INTRODUCTION
Keller & Company, Inc., an independent appraisal firm for financial
institutions, has prepared this Conversion Appraisal Report ("Report") which
provides the pro forma market value of the to-be-issued common stock of
Montgomery Financial Corporation (the "Corporation"), an Indiana corporation, a
newly formed holding company which will own all of the to-be-issued shares of
common stock of Montgomery Savings, A Federal Association, ("Montgomery Savings"
or the "Association"). Montgomery Savings was organized in 1995 as a subsidiary
of Montgomery Mutual Holding Company, which currently has a majority ownership
interest in the Association. The stock is to be issued in connection with the
Plan of Conversion in which Montgomery Mutual Holding Company will convert from
a federally chartered mutual holding company to a federal interim stock savings
institution and simultaneously merge with and into the Association, with the
Association being the surviving entity. 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 conversion,
there will be a simultaneous issuance of all the Association's stock to the
Corporation, which will be formed by the Association. Such Application for
Conversion has been reviewed by us, including the Prospectus and related
documents, and discussed with the Association's management and the Association's
conversion counsel, Silver, Freedman & Taff, Washington, D.C.
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.
1
Introduction (cont.)
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 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 Association 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 audited
financial statements for the five fiscal years ended June 30, 1992 through 1996,
unaudited financials for the six months ended December 31, 1996, and discussed
them with Montgomery Savings' management and with Montgomery Savings'
independent auditors, Geo. S. Olive & Co., LLC, Indianapolis, Indiana. We have
also discussed and reviewed with management other financial matters. We have
reviewed the Corporation's preliminary Form S-1 and the Association's
preliminary Form AC and discussed them with management and with the
Association's conversion counsel.
We have visited Montgomery Savings' local community and have traveled
the surrounding area. We have studied the economic and demographic
characteristics of the Association's primary market area of Fountain, Montgomery
and Warren Counties where the Association operates four offices relative to
Indiana and the United States. We have also examined the competitive financial
institution environment within which Montgomery Savings operates, giving
consideration to the market area's 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
2
Introduction (cont.)
selected publicly-traded thrift institutions and compared the performance of
Montgomery Savings to those selected institutions.
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 holding company 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.
3
I. DESCRIPTION OF MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION
GENERAL
Montgomery Savings, A Federal Association, Crawfordsville, Indiana, was
organized in 1888 as an Indiana savings and loan association with the name The
Montgomery Savings Association. The Association became a federally chartered
mutual savings and loan association in 1985 with the name of Montgomery Savings
Association, A Federal Association. In 1995, the Association converted to a
federally chartered stock savings association changing its name to Montgomery
Savings, A Federal Association operating as a subsidiary of Montgomery Mutual
Holding Company formed at the same time.
Montgomery Savings conducts its business from its home office in
Crawfordsville, Indiana, and has three branches--one in Crawfordsville, one in
Covington and one in Williamsport. The Association's primary market area
consists of Fountain, Montgomery and Warren Counties with Crawfordsville being
the largest community in the market area. Montgomery Savings' deposits are
insured up to applicable limits by the Federal Deposit Insurance Corporation
("FDIC") in the Savings Association Insurance Fund ("SAIF"). The Association is
also subject to certain reserve requirements of the Board of Governors of the
Federal Reserve Bank (the "FRB"). Montgomery Savings is a member of the Federal
Home Loan Bank (the "FHLB") of Indianapolis and is regulated by the OTS, and by
the FDIC. As of December 31, 1996, Montgomery Savings had assets of $94,623,000,
deposits of $72,343,000 and equity of $9,082,000.
Montgomery Savings is a community-oriented institution which has been
principally engaged in the business of serving the financial needs of the public
throughout its primary market area of Fountain, Montgomery and Warren Counties.
Montgomery Savings has been actively and consistently involved in the
origination of residential mortgage loans for the purchase of one- to
four-family dwellings, with these loans responsible for 75.5 percent of its loan
originations during the six months ended December 31, 1996, and 84.8 percent
4
General (cont.)
of its loan originations during the fiscal year ended June 30, 1996. At December
31, 1996, 87.0 percent of its net loans consisted of residential real estate
loans on one- to four-family dwellings, not including residential construction
loans of 1.7 percent, for a combined total of 88.7 percent, compared to a
similar 89.0 percent at June 30, 1994, with the primary source of its funds
being retail deposits from residents in its local communities. The Association
is also an originator of multifamily loans, nonresidential real estate loans,
land loans and also offers consumer loans on a less active basis. Consumer loans
include loans on savings accounts, home equity loans and personal loans and
represented 3.8 percent of net loans. Nonresidential real estate loans
represented a 6.3 percent share of the Association's net loans at December 31,
1996, and land loans represented 2.2 percent.
The Association had $6.8 million or 7.2 percent of its assets in cash
and investments including FHLB stock. The Association had no mortgage-backed
securities. Deposits and retained earnings have been the primary sources of
funds for the Association's lending and investment activities with FHLB advances
also having served as an additional source of funds.
The management of Montgomery Savings is aware of the emphasis being
placed on matching the maturities of assets and liabilities and monitoring the
Association's interest rate sensitivity position and market value of portfolio
equity. The Association understands the nature of interest rate risk and the
potential earnings impact during times of rapidly changing rates, either rising
or falling. Montgomery Savings also recognizes the need and importance of
attaining a competitive net interest margin due to its more modest levels of fee
and other income.
The Association's gross amount of stock to be sold in the conversion
will be $9,264,700 or 926,470 shares at $10 per share based on the midpoint of
the appraised value of $12,500,000 less 25.88 percent of this midpoint value,
representing the share of
5
General (cont.)
ownership of stockholders from the original offering sold in conjunction with
the formation of the Mutual Holding Company. The net conversion proceeds of
$8,774,700 reflect conversion expenses of $490,000. The actual cash proceeds to
the Association of $4.4 million will represent fifty percent of the net
conversion proceeds, including the ESOP of $1,000,000, and will be invested
primarily in mortgage loans and construction loan and initially invested in
short term investments. The Association can also use the proceeds to expand
services, expand operations or 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 and to invest in
short- and intermediate-term government or federal agency securities.
Montgomery Savings has seen moderate overall deposit growth over the
past five fiscal years with deposits increasing a moderate 14.9 percent from
June 30, 1992, to June 30, 1996, or an average of 3.7 percent per year. Deposits
increased 3.8 percent for the six months ended December 31, 1996. The
Association anticipates consistent growth in the future. The Association has
focused on maintaining its residential real estate loan portfolio during the
past five years, slightly decreasing its level of cash and investments, closely
reviewing nonperforming assets, monitoring its earnings and increasing its
capital to assets ratio. Equity to assets increased from 8.02 percent of assets
at June 30, 1992, to 10.35 percent at June 30, 1996, and then decreased to 9.60
percent at December 31, 1996.
Montgomery Savings' primary lending strategy has been to originate and
retain both adjustable-rate and fixed-rate residential mortgage loans with a
higher level of fixed-rate mortgage.
Montgomery Savings' share of one- to four-family mortgage loans,
excluding construction loans has risen modestly, increasing from 87.4 percent of
net loans at June 30, 1994, to 87.9 percent as of December 31, 1996.
Construction loans decreased from
6
General (cont.)
2.2 percent of net loans at June 30, 1994 to 1.7 percent at December 31, 1996.
Nonresidential real estate loans decreased from 7.9 percent of net loans at June
30, 1994, to 6.3 percent at December 31, 1996. Land loans increased their share
from 0.6 percent at June 30, 1994, to 2.2 percent at December 31, 1996. The
increase in land loans was offset by the Association's decrease in
nonresidential real estate loans. The Association's share of consumer loans
witnessed a modest decrease from 4.0 percent at June 30, 1994, to 3.8 percent at
December 31, 1996.
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 and also in recognition of the Association's planned
increase in lending. At June 30, 1994, Montgomery Savings had $158,000 in its
loan loss allowance or 0.22 percent of net loans, and a similar $158,000 but
represented a lower 0.19 percent of net loans at December 31, 1996.
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 maintaining the Association's net interest margin without undertaking
excessive credit risk and will not pursue any significant change in its interest
rate risk position.
7
PERFORMANCE OVERVIEW
Montgomery Savings' financial position over the past five fiscal years
of June 30, 1992, through June 30, 1996, and for the six months ended December
31, 1996, is highlighted through the use of selected financial data in Exhibit
5. Montgomery Savings has focused on strengthening its equity position,
controlling its lower overhead ratio, increasing its savings and loan levels,
and maintaining its net interest margin. Montgomery Savings has experienced a
moderate rise in assets from 1992 to 1996 and a smaller but still moderate rate
of increase in deposits with a greater than average increase in equity over the
past five fiscal years. Due to the moderate growth, the resultant impact has
been a moderate increase in the Association's equity to assets ratio from 1992
to 1996.
Montgomery Savings witnessed a total increase in assets of $27.9
million or 41.8 percent for the period of June 30, 1992 to December 31, 1996,
representing an average annual increase in assets of 9.29 percent. For the year
ended June 30, 1996, assets increased $1.0 million or 1.1 percent and a larger
$6.4 million or 7.3 percent for the six months ended December 31, 1996. Of the
past five fiscal periods, the Association experienced its largest dollar rise in
assets in fiscal year 1995 of $7.7 million due primarily to the Association's
conversion to stock and the formation of its Mutual Holding Company. The second
largest increase in assets was $7.1 million in 1993.
The Association's net loan portfolio, including mortgage loans and
non-mortgage loans, increased from $57.4 million at June 30, 1992, to $83.8
million at December 31, 1996, and represented a total increase of $26.4 million,
or 46.0 percent. The average annual increase during that period was 10.2
percent. That increase was the result of high levels of loan originations of
one- to four-family loans. For the fiscal year ended June 30, 1996, loans
increased $2.1 million or 2.8 percent with the Association's largest increase in
1994 totaling $8.6 million or 13.6 percent.
Montgomery Savings has pursued obtaining funds through deposit growth
in accordance with the demand for loans and has also made use of FHLB advances
in the past five fiscal years. The Association's competitive rates for savings
in its local market in
8
Performance Overview (cont.)
conjunction with its focus on services have been the sources of retail deposits.
Deposits increased from 1992 to 1993, followed by a decrease in fiscal year
1994, a strong increase in 1995 and then a modest increase in 1996, with an
average annual rate of increase of 4.3 percent from June 30, 1992, to December
31, 1996. The Association's strongest fiscal year deposit growth was in 1995,
when deposits increased $5.9 million or 9.50 percent.
Montgomery Savings has been able to increase its equity each fiscal
year from 1992 through 1996 with a minimal decrease for the six months ended
December 31, 1996, of $45,000 due to the one-time SAIF assessment of $428,000
before taxes. At June 30, 1992, the Association had equity (GAAP basis) of $5.4
million representing a 8.02 percent equity to assets ratio, increasing to $9.1
million at June 30, 1996, and representing a 10.35 percent equity to assets
ratio and then remaining at $9.1 million at December 31, 1996, and representing
a lower 9.60 percent equity to assets ratio. The rise in the equity to assets
ratio is the result of the Association's stable earnings performance in 1992
through 1996. Equity increased 69.6 percent from June 30, 1992, to December 31,
1996, representing an average annual increase of 15.47 percent.
9
INCOME AND EXPENSE
Exhibit 6 presents selected operating data for Montgomery Savings,
reflecting the Association's income and expense trends. This table provides
selected audited income and expense figures in dollars for the fiscal years of
1992 through 1996 and unaudited income and expense figures for the six months
ended December 31, 1996.
Montgomery Savings has witnessed an overall increase in its dollar
level of interest income from June 30, 1992, through June 30, 1996, ranging from
a high level of $6.8 million in 1996 to a low level of $5.6 million in 1994, and
representing a five year increase of 13.5 percent, or an average increase of 3.4
percent per year. This average is based on the interest income for nine months
ended June 30, 1992, annualized. This overall trend was a combination of
decreases in 1993 and 1994 followed by strong increases in 1995 and 1996. In
fiscal year 1996, interest income increased $599,000, or 9.7 percent to $6.8
million. For the six months ended December 31, 1996, interest income was
$3,532,000 or $7.1 million annualized, and represented a 4.7 percent increase
over the six months ended December 31, 1995. The overall increase in interest
income was due primarily to the Association's increase in loan volume.
The Association's interest expense experienced a declining trend from
fiscal year 1992 to 1994, followed by increases in 1995 and 1996. This
comparison is based on 1992 interest expense, annualized, and representing $3.8
million. Interest expense decreased $700,000, or 18.3 percent, from 1992 to
1994, compared to a decrease in interest income of $378,000, or 6.3 percent, for
the same time period. Interest expense then increased $800,000 or 25.7 percent
from 1994 to 1995, compared to an increase in interest income of $584,000 or
10.4 percent. Such increase in interest expense was not offset by the increase
in interest income and resulted in a decrease in annual net interest income to
$2,271,000 for the fiscal year ended June 30, 1995, and a decrease in net
interest margin. For the year ended June 30, 1996, interest expense increased
$527,000 or 13.5 percent compared to an increase in interest income of a larger
$599,000 or 9.7 percent but resulting in a modest decrease in net interest
margin due to strong growth.
10
Income and Expense (cont.)
The Association has made provisions for loan losses or adjustments in
the past five fiscal years of 1992 through 1996 with no provisions or
adjustments during the six months ended December 31, 1996. The amounts of those
provisions were determined in recognition of the Association's level of
nonperforming assets, lending activity, charge-offs and repossessed assets. The
loan loss provisions were $36,000 in 1992, $38,000 in 1993, $25,000 in 1994, and
$20,000 in 1996, with a $15,000 adjustment in 1995. The impact of these loan
loss provisions has been to provide Montgomery Savings with a general valuation
allowance of $158,000 at December 31, 1996, or 0.19 percent of net loans and
41.7 percent of nonperforming assets.
Total other income or noninterest income indicated modest levels in
fiscal years 1992 to 1996, and for the six months ended December 31, 1996 with
higher than average levels in 1992, 1993 and 1994. The highest level of
noninterest income was in fiscal year 1993 at $162,000 or 0.22 percent of assets
and the lowest level at $23,000 was in 1996, representing 0.03 percent of
assets. The average noninterest income level for the past five fiscal periods
was $104,600 or 0.13 percent of average assets using actual noninterest income.
For the six months ended December 31, 1996, noninterest income was $18,000 or
0.04 percent of assets. Noninterest income consists primarily of service charges
and other fees.
The Association's general and administrative expenses or noninterest
expenses increased from $1,410,000 for the fiscal year of 1992 based on the nine
months ended June 30, 1992, annualized, to $1,750,000 for the fiscal year ended
June 30, 1996. The dollar increase in noninterest expenses was $340,000 from
1992 to 1996, representing an average annual increase of $85,000 or 5.4 percent.
The average annual increase in other expenses was due to the Association's
normal rise in overhead expenses. On a percent of average assets basis, normal
operating expenses decreased from 2.13 percent of average assets for the fiscal
year ended June 30, 1992, to 1.98 percent for the fiscal year ended June 30,
1996, which was below current industry averages of approximately 2.35 percent.
11
Income and Expense (cont.)
Noninterest expenses increased to 2.87 percent of average assets for the six
months ended December 31, 1996, annualized, due to the cost of the one-time SAIF
assessment of $428,000, and excluding the one-time SAIF assessment would
decrease to 1.94 percent of average assets.
The net earnings position of Montgomery Savings has indicated
profitable performance in each of the past five fiscal periods ended June 30,
1992 through 1996. The annual net income figures for the past five fiscal years
of 1992, 1993, 1994, 1995 and 1996 have been $395,000, $332,000, $604,000,
$385,000 and $431,000, representing returns on average assets of 0.80 percent,
0.46 percent, 0.79 percent, 0.46 percent, and 0.49 percent, respectively. The
average return on assets for the past five fiscal years was 0.60 percent. Net
income was $17,000 for the six months ended December 31, 1996, due to the
one-time SAIF assessment and represented a 0.32 percent return on average
assets.
Exhibit 7 provides the Association's normalized earnings or core
earnings for fiscal years 1994 to 1996 and for the twelve months ended December
31, 1996. The Association's normalized earnings eliminate any nonrecurring
income and expense items. There was a downward expense adjustment of $428,000 in
the twelve months ended December 31, 1996, to reflect a one-time SAIF
assessment.
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 Association's return on assets decreased from 0.80
percent in fiscal year 1992 to its lowest level of 0.46 percent in fiscal year
1995, increasing to 0.49 percent in fiscal year 1996, and then down to 0.32
percent for the six months ended December 31, 1996, annualized.
The Association's net interest rate spread strengthened from 3.12
percent in fiscal year 1992 to 3.38 percent in fiscal year 1993, then decreased
in 1994 to 3.19 percent followed by a decrease in 1995 to 2.54 percent, a
decrease in 1996 to 2.27 percent, and then an increase for the six months ended
December 31, 1996, to 2.59 percent. The
12
Income and Expense (cont.)
Association's net interest margin indicated a similar trend, increasing from
3.43 percent in fiscal year 1992 to 3.61 percent in fiscal year 1993, then
decreasing to 3.41 percent in fiscal 1994, decreasing to 2.82 percent in 1995,
decreasing to 2.77 percent for the year ended June 30, 1996 and then increasing
to 3.05 percent for the six months ended December 31, 1996. Montgomery Savings'
net interest rate spread increased 26 basis points in 1993 to 3.38 percent from
3.12 percent in 1992 and then decreased 84 basis points by 1995 to 2.54 percent
as the result of a decrease in yield. Net interest rate spread decreased another
27 basis points to 2.27 percent for fiscal year 1996 and then increased 32 basis
points to 2.59 percent for the six months ended December 31, 1996. The
Association's net interest margin followed a similar trend, increasing 19 basis
points to 3.61 percent in 1993 and then decreasing 79 basis points to 2.82
percent by 1995. Net interest margin decreased another 5 basis points to 2.77
percent in fiscal 1996 and then increased 28 basis points to 3.05 percent for
the six months ended December 31, 1996.
The Association's return on average equity decreased from 1992 to 1993,
increased in 1994, but decreased in 1995 and 1996. The return on average equity
decreased from 10.25 percent in 1992 to 5.67 percent in fiscal year 1993, and
then went up to 9.90 percent in fiscal year 1994. The return on equity then
decreased to 5.78 percent in fiscal year 1995, then decreased to 4.89 percent in
fiscal year 1996 and decreased to 3.19 percent for the six months ended December
31, 1996.
The Association's ratio of noninterest expenses to average assets
increased from 1992 to 1993 and then decreased modestly from 2.22 percent in
fiscal year 1993 to 1.98 percent in fiscal year 1996. For the six months ended
December 31, 1996, the ratio increased to 2.41 percent due to the one-time SAIF
assessment but decreased to 1.94 percent excluding the one-time SAIF assessment.
Another key noninterest expense ratio reflecting efficiency of operation is the
ratio of noninterest expenses to net interest income
13
Income and Expense (cont.)
and noninterest income referred to as the "efficiency ratio." The industry norm
is 60.0 percent. The Association had an efficiency ratio of 74.0 percent in
fiscal 1996, reflective of lower net interest income and noninterest income with
a higher ratio reflective of lower efficiency.
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. Montgomery Savings has indicated a slightly higher
nonperforming loan to total loans ratios from 1992 to 1996. Nonperforming loans
consist of loans delinquent 90 days or more and nonaccruing loans. The ratio of
nonperforming loans to total loans was 0.62 percent at June 30, 1992, and
increased to 1.03 percent at June 30, 1993. These higher ratios are the result
of delinquent one- to four-family loans. The ratio then decreased to 0.73
percent in 1994, up to 1.05 percent in 1995, then down to 0.83 percent in 1996,
and down to 0.37 percent for the six months ended December 31, 1996. The
Association's allowance for loan losses was 29.98 percent of nonperforming loans
at June 30, 1994, and was a higher 50.32 percent at December 31, 1996. As
percentage of net loans, Montgomery Savings' allowance for loan losses decreased
from 0.22 percent in 1994, to 0.19 percent at December 31, 1996.
Exhibit 9 provides the changes in net interest income due to rate and
volume changes for the past three fiscal years of 1994, 1995 and 1996 and for
the six months ended December 31, 1996. In fiscal year 1994, net interest income
increased $30,000, due to a decrease in interest expense of $231,000 partially
offset by a $201,000 decrease in interest income. The decrease in interest
income was due to a decrease due to a change in rate of $641,000 partially
offset by an increase due to change in volume of $440,000. The decrease in
interest expense was the result of a decrease due to rate of $354,000 reduced by
an increase attributed to a change in volume of $123,000.
14
Income and Expense (cont.)
In fiscal year 1995, net interest decreased $216,000, due to a $800,000
increase in interest expense partially offset by a $584,000 increase in interest
income. The increase in interest expense was due to a $388,000 increase due to
volume accented by a $412,000 increase due to rate. The increase in interest
income was due to a $573,000 increase due to volume accented by a $11,000
increase due to rate.
In fiscal year 1996, net interest income increased $72,000, due to a
$599,000 increase in interest income primarily offset by $527,000 increase in
interest expense. The increase in interest income was due to a $282,000 increase
due to volume and a $317,000 increase due to rate. The increase in interest
expense was the result of a $78,000 increase due to volume accented by a
$449,000 increase due to rate.
For the six months ended December 31, 1996, net interest income
increased $239,000 due to a $159,000 increase in interest income accented by a
$80,000 decrease in interest expense. The increase in interest income was due to
a $141,000 increase due to volume accented by a $18,000 increase due to rate.
The decrease in interest expense was due to a $264,000 decrease due to rate
reduced by a $184,000 increase due to volume.
15
YIELDS AND COSTS
The overview of yield and cost trends for the fiscal years ended June
30, 1994 to 1996, the six months ended December 31, 1996, and at December 31,
1996 can be seen in Exhibit 10, which offers a summary of key yields on
interest-earning assets and costs of interest-bearing liabilities.
Montgomery Savings' weighted average yield on its loan portfolio
increased 36 basis points from fiscal year 1994 to 1996, from 7.82 percent to
8.18 percent, then increased to 8.23 percent for the six months ended December
31, 1996. The yield on investment securities decreased 50 basis points from 7.56
percent in 1994 to 7.06 percent in 1996. The yield then increased to 7.38
percent for the six months ended December 31, 1996. The combined weighted
average yield on all interest-earning assets increased 34 basis points to 8.00
percent from June 30, 1994 to June 30, 1996 and then increased to 8.11 percent
for the six months ended December 31, 1996. The combined yield increased to 8.11
percent at December 31, 1996.
Montgomery Savings' weighted average cost of interest-bearing
liabilities increased 66 basis points to 5.13 percent from fiscal year 1994 to
1995, which was greater than the Association's one basis point increase in
yield, resulting in the decrease in the Association's interest rate spread of 65
basis points from 3.19 percent to 2.54 percent from 1994 to 1995. The
Association's average cost of interest-bearing liabilities then increased from
1995 to 1996 by 60 basis points to 5.73 percent compared to a 33 basis point
increase in yield on interest-earning assets. The result was a further decrease
in the Association's interest rate spread of 27 basis points to 2.27 percent for
fiscal year 1996. For the six months ended December 31, 1996, the Association's
cost of interest-bearing liabilities decreased 21 basis points compared to an 11
basis point increase in yield resulting in a 32 basis point increase in interest
rate spread to 2.59 percent. The net interest rate spread was a higher 2.67
percent at December 31, 1996. The Association's net interest margin decreased
from 3.41
16
Yields and Costs (cont.)
percent in fiscal year 1994 to 2.82 percent in fiscal year 1995, then decreased
to 2.77 percent for the year ended June 30, 1996, and then increased to 3.05
percent for the six months ended December 31, 1996. As of December 31, 1996, the
Association's net interest margin was a slightly lower 3.03 percent.
17
INTEREST RATE SENSITIVITY
Montgomery Savings has monitored its interest rate sensitivity position
recognizing its higher level of fixed-rate mortgage loans. Due to its higher
share of fixed-rate mortgage loans, the Association has maintained a higher
level of longer term, highest cost certificates of deposit. Montgomery Savings
is aware of the thrift industry's historically higher interest rate risk
exposure in the past, 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.
The Association 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 Association is calculated on a quarterly basis by OTS as well as the
change in the NPV for the Association under rising and falling interest rates.
Such changes in NPV under changing rates is reflective of the Association's
interest rate risk exposure.
There are other factors which have a measurable influence on interest
rate sensitivity. 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, and
deposit withdrawals.
18
Interest Rate Sensitivity (cont.)
Exhibit 11 provides the Association's NPV as of December 31, 1996, and
June 30, 1996 and the change in the Association'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 point change in interest rates either up or down.
The Association's change in its NPV at December 31, 1996, based on a
rise in interest rates of 200 basis points was a 30.0 percent decrease,
representing a dollar decrease in equity value of $3,283,000. This compares to a
similar decrease in NPV of 29.0 percent at June 30, 1996. In contrast, based on
a decline in interest rates of 200 basis points, the Association's NPV was
estimated to increase 10.0 percent or $1,092,000 at December 31, 1996, compared
to a similar 10.0 percent increase at June 30, 1996. The Association's exposure
at December 31, 1996, increases to a 47.0 percent decrease under a 400 basis
point rise in rates, and the NPV is estimated to increase 13.0 percent based on
a 400 basis point decrease in rates.
The Association is aware of its negative interest rate risk exposure
under rapidly rising rates and moderately positive exposure under falling rates.
Due to Montgomery Savings' recognition of the need to control its interest rate
exposure, the Association has been active in the origination of adjustable-rate
residential mortgage loans.
19
LENDING ACTIVITIES
Montgomery Savings 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 Montgomery Savings' loan portfolio, by loan type, at
June 30, 1994 through 1996 and at December 31, 1996.
Residential loans secured by one- to four-family dwellings excluding
residential construction loans was the primary loan type representing a strong
87.0 percent of the Association's net loans as of December 31, 1996. This share
has seen a modest increase from 86.8 percent at June 30, 1994. The second
largest real estate loan type as of December 31, 1996 was nonresidential loans
which comprised 6.3 percent of net loans compared to a larger 7.9 percent as of
June 30, 1994. The construction loan category was the third largest real estate
loan type in 1994, but the third key real estate loan type at December 31, 1996
was land loans, which represented 2.2 percent of net loans compared to a smaller
0.6 percent at June 30, 1994. Construction loans were the fourth largest real
estate loan type at December 31, 1996, with 1.7 percent of net loans compared to
a larger 2.2 percent in 1994 and making it the third largest loan category in
1994. Basically all of the Association's construction loans are single-family
residential loans. These four real estate loan categories represented 97.2
percent of net loans at December 31, 1996, compared to a larger 97.5 percent of
net loans at June 30, 1994.
The consumer loan category was the other loan type at December 31,
1996, and represented 3.8 percent of net loans compared to 4.0 percent at June
30, 1994. Consumer loans were the third largest overall loan type at December
31, 1996, and also in 1994. The Association originates savings account loans,
home equity loans and other secured and unsecured personal loans. The overall
mix of loans has witnessed minimal change from fiscal year-end 1994 to December
31, 1996, with the Association having decreased its share of consumer,
construction and nonresidential loans to offset its increases in one- to
four-family and land loans.
20
Lending Activities (cont.)
The emphasis of Montgomery Savings' lending activity is the origination
of conventional mortgage loans secured by one- to four-family residences. Such
residences are located in Montgomery Savings' primary market area of Fountain,
Montgomery and Warren Counties. The Association also originates interim
construction loans on single-family residences primarily to individual owners
and to developers and residential land loans. At December 31, 1996, 87.9 percent
of Montgomery Savings' net loans consisted of loans secured by one- to
four-family residential properties, including construction loans.
The Association originates adjustable-rate mortgage loans, ("ARMs")
with adjustment/maturity periods of one and five years. The interest rates on
ARMs are indexed to the monthly average yield on U.S. Treasury Securities
adjusted to a constant maturity of one or five years. ARMs normally have a
maximum rate adjustment of 1.0 percent at each adjustment period and a 4.0
percent maximum adjustment over the life of the loan with payments based on up
to a 25 year loan term. The Association's ARMs are not convertible into
fixed-rate loans and do not have prepayment penalties.
The majority of ARMs have terms of 15 to 20 years, and fixed rate loans
have normal terms of up to 20 years. The Association will grant ARMs for terms
of up to 25 years. The Association normally retains all of its fixed rate loans.
Currently, the majority of Montgomery Savings' loans are fixed rate, which
represented 48.5 percent of net loans at December 31, 1996, with adjustable-rate
loans representing 13.7 percent of net loans. All of Montgomery Savings'
consumer loans were fixed rate, representing 3.8 percent of net loans.
The original loan to value ratio for conventional mortgage loans to
purchase or refinance one-to four-family dwellings generally does not exceed 80
percent at Montgomery Savings, even though the Association will grant loans with
up to a 95 percent loan-to-value ratio, with private mortgage insurance required
for loans in excess of 90 percent up to 95 percent loan-to-value ratio.
21
Lending Activities (cont.)
Montgomery Savings has also been an originator of nonresidential estate
loans, and has been much less active in multifamily loans in the past. The
Association will continue to make multifamily and nonresidential real estate
loans. The Association had a total of $5.3 million in nonresidential real estate
loans at December 31, 1996, or 6.3 percent of net loans, compared to $5.7
million or 7.9 percent of net loans at June 30, 1994. The major portion of
nonresidential real estate loans are secured by office buildings, churches,
nursing homes, farms, retail stores and other nonresidential properties. The
Association also originates land loans with these loans totaling $1.9 million or
2.2 percent of net loans at December 31, 1996. Multifamily loans have decreased
from a modest $1.1 million at June 30, 1994, to $688,000 at December 31, 1996,
and their share of loans has decreased from 1.6 percent to 0.8 percent over the
same time period.
Montgomery Savings has not been active in consumer lending in the past,
but its dollar level of consumer loans has increased from $2.9 million in 1994
to $3.2 million at December 31, 1996. Consumer loans consist primarily of
savings account loans, home equity loans and personal loans, which represented a
combined total of 3.8 percent of net loans at December 31, 1996, down from 4.0
percent in 1994.
Exhibit 13 provides a breakdown and summary of Montgomery Savings'
loans by maturity and also shows the Association's mix of loans between
adjustable and fixed rate, indicating a predominance of fixed-rate loans. At
December 31, 1996, 78.0 percent of the Association's total loans, due after
December 31, 1997, were fixed-rate and 22.0 percent were adjustable-rate. Even
though most loans are fixed-rate, it is evident that a relatively strong 54.8
percent of one- to four-family residential mortgage loans and 55.7 percent of
total loans reprice in five years or less.
As indicated in Exhibit 14, Montgomery Savings experienced a
significant decrease in its residential loan originations from 1994 to 1995
followed by a strong increase from 1995 to 1996. Total loan originations in
fiscal year 1996 were $27.5 million compared to $31.8 million in fiscal year
1994, with fiscal year 1995 indicating a lower $21.5
22
Lending Activities (cont.)
million, reflective of a reduction in one-to four-family loan originations. The
residential loan originations from 1994 to 1996 constituted a $1.9 million
decrease with total loan originations decreasing $4.4 million due to the
decrease in residential mortgage loans, nonresidential mortgage loans and other
loans. Loan originations secured by residential mortgages, including
construction loans, represented 85.5 percent of total loan originations in
fiscal year 1994, compared to a similar 82.6 percent in fiscal year 1995 and
91.2 percent in fiscal year 1996. Overall, loan originations exceeded principal
repayments and other deductions in fiscal year 1994 by $8.6 million, exceeded
reductions in fiscal year 1995 by $5.1 million, and exceeded reductions in
fiscal 1996 by $2.4 million. For the six months ended December 31, 1996, loan
originations totaled $15.9 million or $31.8 million annualized. One- to
four-family loans represented a smaller 75.4 percent of total loan originations
with nonresidential real estate loans having increased their share. Loan
originations continued to exceed principal repayments and other deductions by
$3.9 million for the six months ended December 31, 1996.
23
NONPERFORMING ASSETS
Montgomery Savings 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 and
set 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. Montgomery Savings has witnessed some volatility in its
nonperforming assets and has made a concerted effort in late 1996 to reduce its
increase in nonperforming assets over the past three years.
Exhibit 15 provides a summary of Montgomery Savings' delinquent loans
at December 31, 1996, and at June 30, 1994, 1995 and 1996, indicating a moderate
level of delinquent loans. Loans delinquent 90 days or more totaled $314,000 at
December 31, 1996, and represented 0.37 percent of net loans at December 31,
1996, with delinquent loans of 30 days or more totaling $2,089,000 or 2.49
percent of net loans. In 1994, delinquent loans totaled a lower $1,594,000 and
represented a lower 2.20 percent of loans.
Montgomery Savings reviews each loan when it becomes delinquent 60 days
or more, to assess its collectibility and to initiate direct contact with the
borrower. The Association sends the borrower a late payment notice when the loan
becomes delinquent 15 days or more and assesses a 5.0 percent late charge. The
Association then initiates both written and oral communication with the borrower
if the loan remains delinquent 60 days or more. When the loan becomes delinquent
at least 90 days, the Association will consider foreclosure proceedings. The
Association 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 Association may contact an attorney
24
Nonperforming Assets (cont.)
to pursue foreclosure procedures. Montgomery Savings had real estate owned of
$65,000 as of December 31, 1996.
Exhibit 16 provides a summary of Montgomery Savings' nonperforming
assets at June 30, 1994 through 1996 and at December 31, 1996. Nonperforming
assets consist of non-accrual loans, loans delinquent 90 days or more and
repossessed assets. The Association has historically carried a lower than
average level of nonperforming assets when compared to its peer group and the
thrift industry in general. Montgomery Savings' level of nonperforming assets
ranged from a high of $941,000 or 1.08 percent of total assets at June 30, 1995,
to a low of $379,000 or 0.40 percent of assets at December 31, 1996.
Montgomery Savings' level of nonperforming assets is similar to its
level of classified assets. The Association's level of classified assets was
$380,000 or 0.40 percent of assets at December 31, 1996 (reference Exhibit 17).
The Association's classified assets consisted of $380,000 in substandard assets
with no assets classified as doubtful or loss. The Association had no assets
classified as special mention as of December 31, 1996.
Exhibit 18 shows Montgomery Savings' allowance for loan losses for
fiscal years 1994 through 1996, and for the six months ended December 31, 1996,
indicating the activity and the resultant balances. Montgomery Savings has
witnessed moderate changes in its dollar level of allowance for loan losses over
the past three fiscal years, which was $158,000 1994 and the same at December
31, 1996, with provisions of $25,000 in 1994 and $20,000 in 1996 and a reduction
of $15,000 in 1995. The Association had net charge-offs of $5,000 in 1995. The
Association's ratio of allowance for loan losses to net loans decreased from
0.22 percent at June 30, 1994 to 0.19 percent at December 31, 1996, due to an
increase in loans. Allowance for loan losses to nonperforming loans were 29.98
percent at June 30, 1994 and a higher 50.32 percent at December 31, 1996.
25
INVESTMENTS
The investment and securities portfolio of Montgomery Savings has
recently been comprised of U.S. government and federal agency securities,
interest-bearing deposits in other financial institutions, municipal securities,
FHLB deposits, and FHLB stock. Exhibit 19 provides a summary of Montgomery
Savings' investment portfolio at June 30, 1994 through 1996 and at December 31,
1996. Investments were $6.6 million at December 31, 1996, compared to $4.7
million at June 30, 1996, and $4.1 million at June 30, 1994. The primary
component of investments at December 31, 1996 was interest-bearing deposits with
other financial institutions, representing 87.8 percent of investments, followed
by FHLB stock representing 11.4 percent of investments, for a combined total of
99.2 percent. In 1994, the primary component was also interest-bearing deposits
representing 42.1 percent of investments with mortgage-backed securities
representing the second largest component with a 17.1 percent share of total
investments. The Association had no mortgage-backed securities at December 31,
1996. The securities portfolio had a weighted average yield of 5.58 percent for
the six months ended December 31, 1996.
26
DEPOSIT ACTIVITIES
The change in the mix of deposits from June 30, 1994, to December 31,
1996 is provided in Exhibit 20. There has been a higher than average 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 a somewhat
strong 72.7 percent of deposits at June 30, 1994, to a strong 78.2 percent of
deposits at June 30, 1996, and then to 78.5 percent at December 31, 1996. The
major component of certificates had rates between 4.01 percent and 6.00 percent
and represented 61.2 percent of certificates at December 31, 1996. The second
major component of certificates was the 6.01 percent to 8.00 percent category
with a strong 38.7 percent share of certificates. Passbook savings accounts
decreased in dollar amount from a modest $5.1 million to $4.3 million, and their
share of deposits decreased from 8.2 percent to 5.9 percent from June 30, 1994,
to December 31, 1996, respectively. NOW and demand accounts indicated an
increase in their share of deposits from 2.9 percent at June 30, 1994, to 4.9
percent at December 31, 1996. Money market accounts witnessed a decrease in
their share from 16.2 percent at June 30, 1994, to 10.7 percent at December 31,
1996, both representing higher than average shares.
Exhibit 21 shows the Association's deposit activity for the three years
ended June 30, 1994 to 1996 and the six months ended December 31, 1996.
Including interest credited, Montgomery Savings experienced net increases in
deposits in fiscal years 1995, and 1996 and in the six months ended December 31,
1996, and a net decrease in fiscal year 1994. In fiscal year 1994, there was a
net decrease in deposits of $2.3 million or 3.6 percent, followed by a $5.9
million increase or 9.5 percent in 1995. In fiscal year 1996, an increase in
deposits of $1.4 million resulted in a 2.1 percent increase in deposits followed
by a $2.6 million increase or 3.8 percent for the six months ended December 31,
1996.
27
BORROWINGS
Montgomery Savings has relied on retail deposits as its primary source
of funds but has also made use of FHLB advances during the past three fiscal
years ended June 30, 1996, and in the six months ended December 31, 1996.
Exhibit 22 shows the Association's FHLB advances activity during the past three
fiscal years and in the six months ended December 31, 1996. The Association's
balance of FHLB advances was $9.0 million at June 30, 1994 and decreased to $8.0
million at June 30, 1996, and then increased to $11.9 million at December 31,
1996 The cost of advances was 4.63 percent in 1994 and increased to 5.76 percent
at June 30, 1996, and a similar 5.78 percent at December 31, 1996.
SUBSIDIARIES
Montgomery Savings has a wholly-owned subsidiary, MSA SERVICE
CORPORATION ("MSA"), which is a real estate management company. MSA owns a
single-family dwelling, an eight-unit apartment complex, and one nonresidential
property. At December 31, 1996, MSA had assets of $465,000 and equity of
$423,000. For the fiscal year ended June 30, 1996, MSA had net income of $4,000
and a net loss of $27,000 for the six months ended December 31, 1996.
OFFICE PROPERTIES
Montgomery Savings has four offices--its home office and a branch, both
located in Crawfordsville, a branch in Covington and a branch in Williamsport.
Montgomery Savings owns its offices. The Association also owns two buildings
adjacent to its home office for future expansion. The Association's investment
in its office premises including furniture, fixtures and equipment, totaled $1.6
million or 1.7 percent of assets at December 31, 1996.
28
MANAGEMENT
The president, chief financial officer, and managing officer of
Montgomery Savings is J. Lee Walden. Mr. Walden served the Association as
Executive Vice President since 1987 and as treasurer since 1992. Mr. Walden
became a director in 1995 and became president in 1996. The chief executive
officer is Earl F. Elliott, who served as president from 1983 to 1996 and served
as chief executive officer since 1983. Mr. Elliott is now chairman of the board
and has served as a board member since 1973. (Reference Exhibit 22).
29
II. DESCRIPTION OF PRIMARY MARKET AREA
Montgomery Savings' primary market area encompasses the cities where
its offices are located and those outer communities surrounding its offices and
includes all of Fountain, Montgomery and Warren Counties, Indiana ("the market
area"). The Association's home office and a branch are located in
Crawfordsville, Indiana and two other branches are located in Covington and
Williamsport, Indiana.
The market area is characterized by a lower growth rate in population
moderately lower than average levels of household income, much lower housing
values and a moderately lower unemployment level. The market area's strongest
employment categories are manufacturing, services and wholesale/retail trade
with a lower level of residents employed in the agriculture and mining industry
category.
Exhibit 25 provides a summary of key demographic data and trends for
the market area, Indiana and the United States for the periods of 1990, 1996,
and 2001. The market area showed a lower increase in population than Indiana or
the United States from 1990 to 1996. Overall, the period of 1990 to 1996 was
characterized by a moderate increase of 4.3 percent in the market area
population, which increased from 60,420 to 63,005 residents, compared to a
higher increase in population of 5.6 percent in Indiana and a rise in the
national population level by 6.7 percent. During the period of 1996 through
2001, population is projected to continue to rise in the market area by a
smaller 3.3 percent, increasing to 65,074 residents, while population is
expected to increase in Indiana by 4.3 percent, and in the United States by 5.1
percent.
In conformance with its rising trend in population, the market area
witnessed moderate increases in households of 5.4 percent and 4.0 percent, from
1990 to 1996 and from 1996 to 2001, respectively. These increases are less than
Indiana's increases in households of 6.0 percent and 4.4 percent for the same
two time periods. The United States continued to have stronger increases,
growing by 6.8 percent from 1990 to 1996, and 5.1 percent from 1996 to 2001.
From 1990 to 1996, the market area increased its
30
Description of Primary Market Area (cont.)
households from 10,056 to 10,598. By the year 2001, the market area is projected
to have 11,017 households.
The market area had a lower per capita income level than Indiana or the
United States in 1990 as well as 1996. In 1990, the market area had an average
per capita income of $11,947. Indiana had a per capita income of $13,149, while
the United States also had a higher per capita income of $12,313. The market
area increased its per capita income level by 22.5 percent to $14,637 in 1996,
Indiana increased its per capita income by 16.2 percent to $15,275, while the
United States had an increase in its per capita income of 35.9 percent to
$16,738.
Median household income figures for the market area were at lower
levels than Indiana and the United States in 1990 and 1996, and are projected to
remain lower than the United States but higher than Indiana through the year
2001. In 1990, the median household income for the market area was $26,774. The
1990 median household income levels for the market area, Indiana and the United
States were $26,774, $28,797 and $28,525, respectively. From 1990 to 1996, the
market area's median household income increased by 21.2 percent to $32,458.
Indiana's median household income level grew by a smaller 14.0 percent to
$32,816 and the United States had an increase in its median household income
level by a larger 21.1 percent to $34,530. By the year 2001, the market area,
Indiana and the United States are projected to witness declines in their median
household income levels to $31,052, $30,900 and $33,189, respectively.
Exhibit 26 provides a summary of key housing data for the market area,
Indiana, and the United States. Montgomery Savings' market area had a 73.3
percent rate of owner-occupancy, higher than the 70.2 percent owner-occupancy
rate for Indiana and noticeably higher than the 64.2 percent for the United
States in 1990. As a result, the market area supported a lower rate of
renter-occupied housing of 26.7 percent compared to 29.8 percent for Indiana and
a higher 35.8 percent for the United States.
31
Description of Primary Market Area (cont.)
The market area's median housing value of $43,496 in 1990 is much lower
than both Indiana and the United States. Indiana's median housing value of
$53,500 is 23.0 percent higher than the market area's median housing value. The
United States' $79,098 median housing value is 81.9 percent greater than that of
the market area. The average median rent of the market area is also surpassed by
the median rent of Indiana and the United States. The market area had a median
rent of $306, which was lower than Indiana's median rent of $374 and the United
States' median rent of $374.
The major business source of employment by industry group, based on
number of employees for the market area was the manufacturing industry
responsible for a strong 34.0 percent of jobs in 1990 which was higher than
Indiana at 25.1 percent and also higher than the United States at 19.2 percent
(reference Exhibit 27), even though the outlying area is dominated by
agriculture. The major employer in Indiana and the United States was the
services industry responsible for a 32.7 percent and a 34.0 percent share of
total employment in 1990, respectively. The services industry was the second
major employer in the market area at 27.1 percent. The wholesale/retail trade
group was the third major employer in the market area at 17.3 percent, compared
to a higher 21.4 percent in Indiana and 27.5 percent in the United States. The
construction group, finance, insurance and real estate group,
transportation/utilities group, and the agriculture/mining group combined to
21.6 percent of employment in the market area, compared to 20.8 percent of
employment in Indiana, and 19.3 percent in the United States.
The strong presence of the manufacturing industry in the market area is
partially related to a nonresidential printing plant, R.R. Donnelley & Sons,
which employs approximately 3,100 persons and is the largest employer in the
market area.
32
Description of Primary Market Area (cont.)
The following is a list of some of the leading employers in Montgomery County:
Employer Product/Service Number of Employees
- -------- --------------- -------------------
R.R. Donnelley & Sons Nonresidential Printing 3,100
Hi-Tek Lithonia Light Lighting Manufacturers 550
Raybestos Products Friction Products 802
NUCOR Steel Rolled Steel 466
H-C Industries Plastic Closures 417
ATAPCO (Crawfordsville) Plastic Folders/Binders 332
Heritage Products Automotive Parts 265
Mid-States Wire & Products 283
Fleetwood Trevel Trailers Trailers, 5th Wheels 401
Pace Dairy Foods Process & Packaged Cheese 250
The unemployment rate is another key economic indicator. Exhibit 28
shows the average unemployment rates in the market area, Indiana, and the United
States in 1994, 1995 and December 1996. The market area has historically been
characterized by a similar unemployment rate to Indiana in 1994 and 1996, but
much lower in 1995, and always lower than the United States. The market area had
a decrease in its unemployment rate from 4.8 percent in 1994 to 2.6 percent in
1995. Indiana had only a slight decrease in its unemployment rate from 4.9
percent to 4.7 percent and the United States' unemployment rate decreased from
6.1 percent to 5.6 percent in that same time period. In December 1996, the
unemployment rate increased in the market area, while decreasing in Indiana and
the United States. The market area had the lowest unemployment at 3.1 percent,
compared to the United States at 5.0 percent, and Indiana at 3.4 percent.
33
Description of Primary Market Area (cont.)
Exhibit 29 provides deposit data for banks, thrifts and credit unions
in the market area counties. Montgomery Savings' deposit base in the market area
was $69.7 million at June 30, 1996, or 38.2 percent of the $182.3 million total
thrift deposits but a much smaller 9.1 percent share of total deposits which
totaled $762.4 million. The market area is clearly dominated by the banking
industry. Total deposits were $762.4 million with 75.4 percent in bank deposits,
compared to a much lower $182.3 million or 23.9 percent of deposits for thrifts,
and $5.5 million or 7.3 percent held by credit unions. It is evident from the
size of both thrift deposits and bank deposits that the market area counties
have a moderate deposit base with the Association having a strong level of
market penetration of all thrift deposits, but a moderate level of market
penetration for total deposits.
Exhibit 30 provides interest rate data for each quarter for the years
1992 through 1996. The interest rates tracked are the Prime Rate, as well as
90-Day and One-Year Treasury Bills and the Thirty-Year Treasury Bond. Interest
rates experienced a declining trend in the first two quarters of 1992, but then
began to rise in the second half of the year. In 1993 rates experienced slight
volatility until the last two quarters, which indicated the beginning of a
rising trend. This rising trend continued throughout all of 1994 and into the
first quarter of 1995 with prime at 9.00 percent. However, throughout the rest
of 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 end of 1996. Rates on 90-day T-bills, decreased in
1996 as did long term treasury bonds with one-year Treasury Bills increasing
modestly in 1996.
34
SUMMARY
To summarize, Montgomery Savings' market area represents an area with a
slightly growing population and modest upward change in the number of households
during the mid-1990s. The market area has indicated lower historical per capita
income and median household income compared to Indiana and the United States.
The market area also has a much lower median housing value and average median
rent level than Indiana and the United States. Further, the market area has a
very competitive financial institution market dominated by banks with a total
deposit base of approximately $762.4 million for all market area counties.
35
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, SAIF- insured thrifts in the United States and all
publicly-traded, SAIF-insured thrifts in the Midwest and in Indiana.
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 331 publicly-traded, SAIF-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 157 publicly-traded
Midwest thrifts ("Midwest thrifts") and the 24 publicly-traded thrifts in
Indiana ("Indiana thrifts"), and by trading exchange. Exhibit 33 presents
prices, pricing ratios and price trends for the 28 thrifts completing their
conversions between July 1, 1996, and March 4, 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 Montgomery as determinants for defining those
parameters. The determination of parameters was also based on the uniqueness of
each parameter as a normal indicator of
36
Introduction (cont.)
a thrift institution's operating philosophy and perspective. The parameters
established and defined are considered to be both reasonable and reflective of
Montgomery's basic operation. Inasmuch 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 had
announced its involvement in merger or acquisition activity as of March 4, 1997,
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 announced involvement merger/acquisition activity include the following:
Institution State
----------- -----
SJS Bancorp Michigan
FCB Financial Corporation Wisconsin
OSB Financial Corporation Wisconsin
No thrift institution in Montgomery's market area is currently involved
in merger/acquisition activity or has been recently so involved, as indicated in
Exhibit 34.
37
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 the 19 publicly-traded, SAIF-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
Webster City Federal Savings Bank, MHC Iowa
Wayne Savings & Loan Co., MHC Ohio
Trading Exchange
It is necessary that each institution in the comparable group be listed
on one of the three major stock exchanges, the New York Stock Exchange, the
American Stock Exchange, or the 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 350 publicly-traded, SAIF-insured
institutions, including 19 mutual holding companies, 14 are traded on the New
York Stock Exchange, 18 are traded on the American Stock Exchange and 318 are
listed on NASDAQ.
38
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 March 4, 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 December 31, 1995.
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 Montgomery,
including the western and southwestern states, the southeastern states and the
New England states.
The geographic location parameter consists of Indiana, its surrounding
states of Ohio, Kentucky, Michigan, and Illinois, as well as the states of Iowa,
Missouri and Wisconsin, 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.
39
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
Montgomery, with assets of approximately $95 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 68 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.
40
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 Montgomery with
regard to asset mix. The balance sheet parameters also distinguish institutions
with a significantly different capital position from Montgomery. 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
Montgomery's level of cash and investments to assets was 6.4 percent at
December 31, 1996, and reflects the Association's lower level of investments
compared to national and regional averages. The Association's investments
consist primarily of FHLB time deposits with small balances of interest-bearing
deposits in banks and municipal securities. During its last five fiscal years,
Montgomery's ratio of cash and investments to assets has ranged from a high of
7.4 percent in 1993 to a low of 3.7 percent in 1994, averaging 5.5 percent.
41
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 5.0 percent
of assets to 25.0 percent of assets, with a midpoint of 15.0 percent.
Mortgage-Backed Securities to Assets
At October 31, 1996, Montgomery had no mortgage-backed securities in
its portfolio and did not indicate a balance of such securities at the end of
its past two fiscal years. At the end of its fiscal years 1992, 1993 and 1994,
the Association had nominal ratios of mortgage-backed securities to assets of
2.5 percent, 1.5 percent and 0.9 percent, respectively. As of December 31, 1996,
the regional average ratio of mortgage-backed securities to assets was of 9.5
percent and the national average was 12.2 percent. Recognizing both the
Association's current absence of mortgage-backed securities and the fact that
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
Montgomery's lending activity is focused on the origination of
residential mortgage loans secured by one- to four-family dwellings, which
constituted 90.2 percent of the Association's gross loans at December 31, 1996,
including residential construction loans.
42
One- to Four-Family Loans to Assets (cont.)
One- to four-family loans represented 80.5 percent of the Association's total
assets at December 31, 1996, which is above industry averages. The parameter for
this characteristic requires any comparable group institution to have from 45.0
percent to 85.0 percent of its assets in one- to four-family loans with a
midpoint of 65.0 percent.
Total Net Loans to Assets
At December 31, 1996, Montgomery had a ratio of total net loans to
assets of 88.5 percent and a five fiscal year average of 88.6 percent, which is
considerably higher than the national and regional averages of 66.6 percent and
69.1 percent, respectively. The parameter for the selection of the comparable
group is from 50.0 percent to 90.0 percent with a midpoint of 70.0 percent. The
wider range is simply due to the fact that, as the referenced national and
regional averages indicate, many 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 Montgomery.
Total Net Loans and Mortgage-Backed Securities to Assets
As discussed previously, Montgomery was absent mortgage-backed
securities at December 31, 1996, so its combined ratio of total net loans and
mortgage-backed securities to assets was also 88.5 percent. Recognizing the
industry and regional ratios of 12.2 percent and 9.5 percent, respectively, of
mortgage-backed securities to assets, the parameter range for the comparable
group in this category is 70.0 percent to 95.0 percent, with a midpoint of 82.5
percent.
43
Borrowed Funds to Assets
Montgomery had FHLB advances of $11.9 million or 12.61 percent of
assets at December 31, 1996. The Association's balance of advances has indicated
relatively modest fluctuation at the end of its last three fiscal years,
following considerably lower balances at the end of fiscal years 1993 and 1993.
Montgomery's ratio of borrowed funds to assets averaged 8.4 percent for its past
five fiscal years, ranging from a low of 3.7 percent in both 1992 and 1993 to a
high of 13.0 percent in 1994. 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 total assets is 30.0 percent or less
with a midpoint of 15.0 percent, similar to the national average of 14.8
percent.
Equity to Assets
Montgomery's equity to assets ratio as of December 31, 1996, was 9.60
percent. After conversion, based on the midpoint value of $12,500,000, gross
public offering proceeds of $9.3 million and net proceeds to the Association of
approximately $4.4 million, Montgomery's equity is projected to stabilize in the
area of 13.0 percent. Based on those historical and pro forma equity ratios, we
have defined the equity ratio parameter to be 7.0 percent to 20.0 percent with a
midpoint ratio of 13.5 percent.
44
PERFORMANCE PARAMETERS
Introduction
Exhibit 38 presents five parameters identified as key indicators of
Montgomery's earnings performance and the basis for such performance. The
primary performance indicator is the Association's return on average assets
("ROAA"). The second performance indicator is the Association's return on
average equity ("ROAE"). To measure the Association's ability to generate net
interest income, we have used net interest margin. The supplemental source of
income for the Association 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 Association'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. As a result of the special
SAIF assessment realized in the third quarter of 1996, categorized as a
non-recurring expense item, Montgomery's ROAA will reflect core income, rather
than net income, and will be compared to the core ROAA of candidate comparable
group institutions. The Association's core ROAA was 0.56 percent for the twelve
months ended December 31, 1996, based on core earnings after taxes, as detailed
in Item I of this report and presented in Exhibit 7. The Association's ROAA over
the past five fiscal years, based on net earnings, has ranged from a low of 0.46
percent in both 1993 and 1995 to a high of 0.80 percent in 1992 with an average
ROAA of 0.60 percent.
45
Return on Average Assets (cont.)
Considering the historical and current earnings performance of
Montgomery, the range for the ROAA parameter based on core or normalized income
has been defined as 0.40 percent to a high of 1.20 percent with a midpoint of
0.80 percent.
Return on Average Equity
The ROAE, also using core income, has been used as a secondary
parameter to eliminate any institutions with an unusually high or low ROAE that
is inconsistent with the Association'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 pro forma consolidated ROAE for the Association and the Corporation
for the year following conversion be approximately 3.97 percent based on the
midpoint valuation. Prior to conversion, the Association's ROAE was 5.71 percent
for the twelve months ended December 31, 1996, based on core income, with a five
year average net ROAE of 7.30 percent. The parameter range for the comparable
group, based on net income, is from 2.0 percent to 12.0 percent with a midpoint
of 7.0 percent.
Net Interest Margin
Montgomery had a net interest margin of 2.83 percent based on the
twelve month period ended December 31, 1996. The Association's range of net
interest margin for its past five fiscal years has been from a low of 2.77
percent in 1996 to a high of 3.61 percent in 1993 with an average of 3.21
percent and an annually declining trend since 1993.
46
Net Interest Margin (cont.)
The parameter range for the selection of the comparable group is from a
low of 2.50 percent to a high of 3.50 percent with a midpoint of 3.00 percent.
Operating Expenses to Assets
Net of non-recurring items, Montgomery had a lower than average 1.88
percent ratio of operating expenses to average assets ratio for the twelve
months ended December 31, 1996, based on core expense adjustments, as previously
discussed. For its five most recent fiscal years, the Association's operating
expenses have been stable, indicating a modestly declining trend and ranging
from a low of 1.99 percent in 1996 to a high of 2.26 percent in 1993 with an
average of 2.13 percent, lower than the current industry average of 2.33
percent.
The operating expense to assets parameter, net of non-recurring
expenses, for the selection of the comparable group is from a low of 1.50
percent to a high of 2.75 percent with a midpoint of 2.13 percent.
Noninterest Income to Assets
For its most recent four quarters, Montgomery experienced a
considerably lower than average dependence on noninterest income as a source of
additional income. The Association's noninterest income to average assets was
0.01 percent for the twelve months ended December 31, 1996, which is below the
industry average of 0.44 percent for the most recent four quarters. Montgomery's
ratio of noninterest income to average assets has decreased significantly since
1994.
The range for this parameter for the selection of the comparable group
is 0.40 percent or less of average assets, with a midpoint of 0.20 percent.
47
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 similar to that of Montgomery.
The three defined asset quality parameters are the ratios of nonperforming
assets to total assets, repossessed assets to total assets and loan loss
reserves to total assets at the end of the most recent period.
Nonperforming Assets to Assets Ratio
Montgomery's ratio of nonperforming assets to assets was 0.40 percent
at December 31, 1996. That ratio was lower than the national average of 0.86
percent and lower than the Midwest regional average of 0.60 percent, and also
lower than its ratios of 0.92 percent, 1.08 percent and 0.69 percent at June 30,
1996, 1995 and 1994, respectively, representing a three fiscal year average of
0.90 percent for the Association.
In recognition of Montgomery's historical and current ratios, the
parameter range for nonperforming assets to assets has been defined as 0.80
percent of assets or less with a midpoint of 0.40 percent.
Repossessed Assets to Assets
Montgomery had $65,000 of repossessed assets or 0.07 percent of total
assets at December 31, 1996. At June 30, 1996, the Association's ratio was a
higher 0.17 percent of total assets. The Association's three year average ratio
of repossessed assets to total assets was 0.10 percent for fiscal years 1994 to
1996. National and regional averages were 0.56 percent and 0.47 percent,
respectively, at December 31, 1996.
48
Repossessed Assets to Assets (cont.)
The range for the repossessed assets to total assets parameter is 0.25
percent of assets or less with a midpoint of 0.13 percent.
Loans Loss Reserves to Assets
Montgomery had a loan loss reserve or allowance for loan losses of
$158,000, representing a loan loss allowance to total assets ratio of 0.17
percent at December 31, 1996, which is similar to its ratio of 0.18 percent at
June 30, 1996. For its last three fiscal years, the Association's loan loss
reserve also averaged a similar 0.18 percent of assets from a low of 0.16
percent in 1995 to a high of 0.20 percent in 1994, indicating minimal
fluctuation.
The loan loss allowance to assets parameter range used for the
selection of the comparable group was a minimum required ratio of 0.15 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
$79.0 million to $278.7 million with an average asset size of $165.9 million and
have an average of 4.3 offices per institution compared to Montgomery with
assets of $94.6 million and four offices. One of the comparable group
institutions was converted in 1988, one in 1990, one in 1992, three in 1993, two
in 1994, and two in 1995.
Exhibit 42 presents a comparison of Montgomery's market area
demographic data with that of each of the institutions in the comparable group.
49
SUMMARY OF COMPARABLE GROUP INSTITUTIONS
FFW Corporation, Wabash, Indiana, is the holding company of First
Federal Savings Bank of Wabash, and operates three offices, two of which are in
Wabash County, and the third in nearby Kosciusko County. The Bank currently has
assets of $158.2 million and equity of $16.1 million, and reported a core ROAA
of 1.08 percent and a ROAE of 10.33 percent for its most recent four quarters.
First Bancshares, Inc., Mountain Grove, Missouri, is a unitary savings
and loan holding company for the First Home Savings Bank, with three full
service branches in Marshfield, Ava and Gainesville, Missouri. The Bank has
assets of $157.0 million, equity of $23.2 million and had a core ROAA of 1.03
percent for its most recent four quarters.
First Franklin Corporation, Cincinnati, Ohio, is the holding company of
Franklin Savings & Loan Company which operates seven branches in the Greater
Cincinnati Metropolitan Area, all in Hamilton County. At the end of its most
recent quarter, the Company had assets of $222.3 million and equity of $19.7
million, and reported a core ROAA of 0.60 percent for its most recent four
quarters.
GFS Bancorp, Grinell, Iowa, is the holding company for Grinell Federal
Savings Bank, serving Poweshiek, Marshall, Mahaska, Jasper and Tama Counties,
Iowa, from its single home office. The Bank has assets of $87.6 million and
equity of $10.1 million and in its most recent four quarters reported a core
ROAA of 1.17 percent and a core ROAE of 9.87 percent.
Glenway Financial Corp., Cincinnati, Ohio, is the holding company for
Centennial Savings Bank. The Bank serves the Hamilton County market area from
its six full service offices. The Bank has total assets of $278.7 million, total
equity of $26.8 million, and a core ROAA of 0.63 percent for its trailing four
quarters.
50
Summary of Comparable Group Institutions (cont.)
Hardin Bancorp, Hardin, Missouri, is the holding company for Hardin
Federal Savings Bank, which operates three full service offices in Ray and Clay
Counties, Missouri. At the end of its most recent quarter, Hardin Federal had
total assets of $97.0 million and total equity of $14.3 million, and for its
most recent four quarters, the Bank reported a core ROAA of 0.82 percent and a
core ROAE of 4.70 percent.
MFB Corp., Mishawaka, Indiana, is the holding company for Mishawaka
Federal Savings. Mishawaka Federal operates four offices in Mishawaka and
surrounding St. Joseph County. At the end of its most recent quarter, Mishawaka
Federal had total assets of $223.9 million and total equity of $34.5 million,
and for its most recent four quarters, the Bank reported a core ROAA of 0.82
percent.
Midwest Bancshares, Inc., Burlington, Iowa, is the holding company for
Midwest Federal Savings and Loan Association. The Association serves its
customers through five offices in Des Moines, Lee and Louisa Counties, Iowa. The
Bank has total assets of $136.4 million, total equity of $9.6 million, and
reported a core ROAA of 0.73 percent and a core ROAE of 10.50 percent for its
most recent four quarters.
Sobieski Bancorp, South Bend, Indiana, is the holding company for
Sobieski Federal Savings and Loan Association of South Bend. The Association
operates three full service offices in St. Joseph County. At the end of its most
recent quarter, Sobieski Federal had total assets of $79.0 million and total
equity of $13.9 million, and for its most recent four quarters, the Association
reported a core ROAA of 0.50 percent and a core ROAE of 2.79 percent.
51
Summary of Comparable Group Institutions (cont.)
Suburban Bancorporation, Inc., Cincinnati, Ohio, is the holding company
for Suburban Federal Savings Bank. The Bank's headquarters is located in
northeastern Cincinnati near the border of Hamilton and Warren Counties. The
Bank operates six other branches throughout the Cincinnati area. The Bank has
total assets of $218.7 million and total equity of $25.8 million, and reported a
core ROAA of 0.58 percent and a core ROAE of 4.62 percent for its most recent
four quarters.
52
IV. ANALYSIS OF FINANCIAL PERFORMANCE
This section reviews and compares the financial performance of
Montgomery to all thrifts, Midwest thrifts, Indiana thrifts and the ten
institutions constituting Montgomery'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 43 and 44, at December 31, 1996, Montgomery's
total equity of 9.60 percent of assets was lower than the 12.16 percent for the
comparable group, the 12.95 for all thrifts, the 14.22 percent ratio for Midwest
thrifts, and the 12.46 percent ratio for Indiana thrifts. The Association had a
88.53 percent share of net loans in its asset mix, considerably higher than the
comparable group at 72.13 percent, and also much higher than all thrifts at
66.58 percent, Midwest thrifts at 69.13 percent and Indiana thrifts at 69.68
percent. Montgomery's share of net loans, higher than industry and regional
averages, is the result of its absence of mortgage-backed securities and much
lower level of cash and investments. The comparable group had an 11.56 percent
share of mortgage-backed securities, and a higher 14.01 percent share of cash
and investments compared to the Association, with a 6.41 percent ratio of cash
and investments to assets. All thrifts had 12.19 percent of assets in
mortgage-backed securities and 17.90 percent in cash and investments.
Montgomery's share of deposits of 76.25 percent was modestly higher than the
comparable group and the three geographic categories, reflecting the
Association's somewhat lower 12.61 percent ratio of FHLB advances. The
comparable group had deposits of 72.05 percent and borrowings of 14.90 percent.
All thrifts averaged a 70.81 percent share of deposits and 14.83 percent of
borrowed funds, while Midwest thrifts had a 69.62 percent share of deposits and
a 14.93 percent share of borrowed funds. Indiana thrifts averaged a 70.43
percent share of deposits and a 16.08 percent share of borrowed funds.
Montgomery was absent goodwill and other intangibles, compared to a minimal 0.03
percent for the comparable group, 0.21 percent for all thrifts, 0.18 percent for
Midwest thrifts and 0.06 percent for Indiana thrifts.
53
Analysis of Financial Performance (cont.)
Operating performance indicators are summarized in Exhibits 45 and 46
and provide a synopsis of key sources of income and key expense items for
Montgomery in comparison to the comparable group, all thrifts, and Midwest
thrifts for the trailing four quarters.
As shown in Exhibit 47, for the twelve months ended December 31, 1996,
Montgomery had a yield on average interest-earning assets higher than the
comparable group, similar to all thrifts and Midwest thrifts and lower than
Indiana thrifts. The Association's yield on interest-earning assets was 7.73
percent compared to the comparable group at 7.64 percent, all thrifts at 7.71
percent, Midwest thrifts at 7.69 percent and Indiana thrifts at 7.82 percent.
The Association's cost of funds for the twelve months ended December
31, 1996, was higher than the comparable group and the three geographic
categories. Montgomery had an average cost of interest-bearing liabilities of
5.40 percent compared to 5.08 percent for the comparable group, 4.86 percent for
all thrifts, and 4.95 percent for Midwest thrifts and 4.96 percent for Indiana
thrifts. The Association's interest income and interest expense ratios resulted
in an interest rate spread of 2.33 percent, which was significantly lower than
the comparable group at 2.55 percent, all thrifts at 2.85 percent, Midwest
thrifts at 2.75 percent and Indiana thrifts at 2.86 percent. Montgomery
demonstrated a net interest margin of 2.79 percent for the twelve months ended
December 31, 1996, based on average interest-earning assets, which was also
considerably lower than the comparable group at 3.17 percent. All thrifts also
averaged a higher 3.41 percent net interest margin for the trailing four
quarters, as did Midwest thrifts at 3.38 percent and Indiana thrifts at 3.39
percent.
Montgomery's major source of earnings is interest income, as is
evidenced by the operations ratios presented in Exhibit 46. The Association made
a $20,000 provision for loan losses during the twelve months ended December 31,
1996, representing 0.02 percent of average assets. The comparable group
indicated provisions representing a higher 0.07
54
Analysis of Financial Performance (cont.)
percent of average assets, with all thrifts at 0.14 percent, Midwest thrifts at
0.10 percent and Indiana thrifts at 0.19 percent.
The Association's non-interest income was $6,000 or 0.01 percent of
average assets for the twelve months ended December 31, 1996. Such non-interest
income was significantly lower than the comparable group at 0.23 percent, all
thrifts at 0.44 percent, Midwest thrifts at 0.41 percent and Indiana thrifts at
0.48 percent. For the twelve months ended December 31, 1996, Montgomery's
operating expense ratio, net of non-recurring expense, was 1.88 percent, higher
than the comparable group and the three geographical categories. Non-recurring
expense during the most recent four quarters consisted primarily of the 67.5
basis point SAIF special assessment realized in the third quarter of 1996,
generally in the range of 0.40 percent to 0.55 percent of average assets for
most institutions. Net of such non-recurring expense, the comparable group's
operating expense ratio was 2.06 percent, while all thrifts, Midwest thrifts and
Indiana thrifts all averaged 2.33 percent. Montgomery's SAIF assessment of
$428,000 constituted 0.47 percent of average assets.
The overall impact of Montgomery's income and expense ratios is
reflected in the Association's core income and return on assets. The Association
had an ROAA, based on core income, of 0.56 percent for the twelve months ended
December 31, 1996. For its most recent four quarters, the comparable group had a
higher ROAA of 0.80 percent based on core income. Compared to Montgomery, all
thrifts also averaged a higher core ROAA of 0.79 percent, as did Midwest thrifts
at 0.77 percent and Indiana thrifts at 0.78 percent.
55
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 Montgomery with the comparable group. These adjustments will take
into consideration such key items as earnings performance, market area,
financial condition, 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
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 level of current and
historical 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 Association's historical business philosophy
has focused on strengthening its net interest income and net earnings level,
reducing its level of nonperforming assets, maintaining a reasonable level of
interest sensitive assets relative to interest sensitive liabilities and thereby
improving its sensitivity measure and its overall interest rate risk,
maintaining an adequate level of loan loss reserves to reduce the impact of any
unforeseen losses, and closely monitoring and striving to maintain its current
and historically lower level of overhead expenses. Having significantly reduced
its nonperforming and repossessed assets during the second half of 1996, the
Association's current philosophy will focus on maintaining a low level of
nonperforming and non-earning assets, increasing its net interest spread and net
interest margin, increasing its net income
56
Earnings Performance (cont.)
and return on assets and improving its interest rate risk position and net
portfolio value under conditions of interest rate fluctuation.
Earnings are often related to an institution's ability to generate
loans. The Association was an active originator of mortgage loans in fiscal
years 1994, 1995 and 1996, with 1994 indicating the highest level of origination
activity and 1995 indicating the lowest. During the six months ended December
31, 1996, originations of $15.9 million, or $31.8 million annualized, indicated
an annualized increase of $7.7 million or 9.5 percent over the Association's
fiscal year ended June 30, 1996, with approximately 86.0 percent of the
annualized increase constituting one- to four-family mortgage loans, including
construction loans. Annualized originations of non-residential mortgage loans
and non-real estate loans were also moderately higher than in fiscal 1996. Total
originations of $27.5 million during the twelve months ended June 30, 1996, were
27.8 percent higher than the $21.5 million in fiscal year 1995, but 13.7 percent
lower than the $31.8 million in fiscal year 1994. The Association's $3.9 million
net increase in loans outstanding for the six months ended December 31, 1996, or
$7.7 million annualized, was significantly higher, on a annualized basis, than
in fiscal year 1996, due to both the higher level of originations and a lower
level of principal payments and other reductions.
Notwithstanding lower principal payments and other reductions in fiscal
year 1995 than in fiscal year 1994, Montgomery experienced a lower level of
originations, resulting in a $5.1 million net increase in loans, $4.5 million
less than in fiscal year 1994, and a 7.0 percent increase in net loans
outstanding. The Association's higher levels of both originations and repayments
in fiscal year 1996 relates to moderating interest rates in late 1995, producing
repayments in excess of refinancings for the Association and resulting in net
loans increasing by only $2.4 million or 3.0 percent from June 30, 1995, to June
30, 1996. The Association's focus in fiscal years 1994, 1995 and 1996, and for
the six months ended December 31, 1996, was on the origination of one- to
four-family mortgage loans, including construction loans, with that combined
loan category constituting 85.5
57
Earnings Performance (cont.)
percent, 82.6 percent, 91.2 percent and 85.9 percent of total origination in
those four periods, respectively. In fiscal years 1994, 1995 and 1996 and for
the six months ended December 31, 1996, the Association's second largest
category of originations was nonresidential mortgage loans, including land
loans, with non-mortgage loans being the third largest.
The impact of these primary lending efforts has been to generate a
yield on average interest-earning assets of 7.73 percent for Montgomery for the
twelve months ended December 31, 1996, compared to 7.64 percent for the
comparable group, 7.71 percent for all thrifts and 7.69 for Midwest thrifts. The
Association's level of interest income to average assets was 7.63 percent for
the twelve months ended December 31, 1996, which was also higher than the
comparable group at 7.44 percent, all thrifts at 7.41 percent and Midwest
thrifts at 7.42 percent for their most recent four quarters.
Montgomery's cost of interest-bearing liabilities of 5.40 percent for
the twelve months ended December 31, 1996, was much higher than the comparable
group at 5.08 percent and also higher than all thrifts at 4.86 percent and
Midwest thrifts at 4.95 percent. As a result of its cost differential, the
Association's net interest margin of 2.79 percent, based on average
interest-earning assets for the twelve months ended December 31, 1996, was lower
than the comparable group at 3.17 percent and also much lower than all thrifts
at 3.41 percent. Montgomery's net interest spread of 2.33 percent for the twelve
months ended December 31, 1996, was also lower than the comparable group at 2.55
percent, all thrifts at 2.85 percent and Midwest thrifts at 2.75 percent.
The Association's ratio of noninterest income to assets was 0.01
percent for the twelve months ended December 31, 1996, significantly lower than
the comparable group at 0.23 percent, all thrifts at 0.44 percent and Midwest
thrifts at 0.41 percent. While the Association has indicated recent noninterest
income much lower than the comparable group, its recent operating expenses have
been only slightly lower than the comparable group, although more significantly
lower than all thrifts and Midwest thrifts. For the
58
Earnings Performance (cont.)
twelve months ended December 31, 1996, Montgomery had an operating expenses to
assets ratio of 1.88 percent, net of non-recurring expense, compared to a higher
2.06 percent for the comparable group and 2.33 percent for both all thrifts and
Midwest thrifts.
For the twelve months ended December 31, 1996, Montgomery generated
much lower levels of noninterest income, slightly lower levels of noninterest
expenses, and a significantly lower net interest margin relative to its
comparable group. As a result, the Association's core income level for its
twelve months ended December 31, 1996, was moderately lower than its comparable
group for the four most recent quarters, and also lower than all thrifts and
Midwest thrifts during that time period. Based on net earnings, the Association
had a return on average assets of 0.80 percent in 1992, 0.46 percent in 1993,
0.79 percent in 1994, 0.46 percent in 1995 , 0.49 percent in 1996 and 0.33
percent for the twelve months ended December 31, 1996. For its most recent four
quarters, the comparable group had a core ROAA of 0.56 percent compared to the
comparable group at 0.80 percent and all thrifts at 0.79 percent. The
Association's core or normalized earnings, as shown in Exhibit 7, were higher
than its net earnings due to the SAIF special assessment realized in the third
quarter of 1996, as previously discussed.
Montgomery's earnings stream will continue to be dependent on both the
overall trends in interest rates and, to a somewhat lesser extent, on the
consistency and reliability of its low level of non-interest income, the latter
indicating a significant decrease since 1992. The Association's cost of
interest-bearing liabilities will continue to adjust as deposits reprice. Upward
pressure on savings costs is likely, based on current rates, although the rate
of increase may subside somewhat during the next few years. It has also been
recognized that in addition to Montgomery's current ROAA being higher than that
of its comparable group for the most recent four quarters, the Association also
experienced a decreasing trend in its ROAA since 1994. The Association's net
interest margin and net interest spread for the twelve months ended December 31,
1996, are similar to their levels
59
Earnings Performance (cont.)
at June 30, 1996, but lower than for the preceding four fiscal years. In
recognition of the foregoing earnings related factors, a moderate downward
adjustment has been made to Montgomery's pro forma market value for earnings
performance.
MARKET AREA
Montgomery's primary market area for retail deposits consists of
Montgomery, Fountain and Warren Counties, Indiana, including the city of
Crawfordsville, the location of the Association's home office. As discussed in
Section II, this market area has evidenced a rate of population growth lower
than the comparable group markets, the state of Indiana and the United States.
The market area has also indicated slightly lower unemployment than both Indiana
and the United States. The unemployment rate in Montgomery's market area
counties averaged 3.1 percent in December, 1996, compared to 3.4 percent for
Indiana and 5.0 percent for the United States. The per capita income in
Montgomery's market area is lower than the state average and national averages
and the comparable group average, as is the market area's median household
income. The market area is also characterized by median housing values lower
than the comparable group, Indiana and the United States, although median rent
is very similar to the average of the comparable group markets . The market area
is generally rural and agricultural, with manufacturing being the major business
and employment sector, followed by the services sector and then the
wholesale/retail sector. The level of financial competition in the Association's
market area is moderate, but dominated by the banking industry. Montgomery had
net increases in deposits in fiscal years 1994, 1995 and for the twelve months
ended December 31, 1996, as deposits exceeded withdrawals. In recognition of all
these factors, we believe that a minimum downward adjustment is warranted for
the Association's market area.
60
FINANCIAL CONDITION
The financial condition of Montgomery 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 Association's total equity ratio before
conversion was 9.60 percent at December 31, 1996, which was lower than the
comparable group at 12.16 percent, all thrifts at 12.95 percent and Midwest
thrifts at 14.22 percent. With a conversion at the midpoint, the Corporation's
pro forma equity to assets ratio will increase to approximately 19.4 percent,
and the Association's pro forma equity to assets ratio will increase to a range
of 13.0 percent to 14.0 percent.
The Association's mix of assets indicates some areas of significant
variation from its comparable group. Montgomery had a higher share of net loans
at 88.53 percent of total assets at December 31, 1996, compared to the
comparable group at 72.13 percent and all thrifts at 66.58 percent. The
Association was absent mortgage-backed securities compared to 11.56 percent for
the comparable group and 12.19 percent for all thrifts. The Association's
indicated less disparity from the comparable group. Montgomery's 76.45 percent
share of deposits was modestly higher than that of the comparable group at 72.05
percent, reflecting Montgomery's 12.61 percent share of borrowed funds compared
to the comparable group at 14.90 percent.
The Association had a very low 0.07 percent level of repossessed assets
at December 31, 1996, but nevertheless slightly higher than the comparable at
0.04 percent, while all thrifts and Midwest thrifts indicated 0.56 percent and
0.47 percent, respectively. Montgomery was absent goodwill and intangible assets
at December 31, 1996, compared a minimal share of 0.03 percent for the
comparable group. All thrifts indicated goodwill and other intangible assets of
0.21 percent. The financial condition of Montgomery is strengthened by its lower
level of nonperforming assets at 0.40 percent of assets at December 31, 1996,
compared to a slightly higher 0.48 percent for the comparable group and a
considerably higher 0.86 percent for all thrifts. It should be recognized,
however,
61
Financial Condition (cont.)
that the Association's historical ratio of nonperforming assets to total assets
averaged a higher 0.90 percent for fiscal years 1994, 1995 and 1996, decreased
from 0.92 percent at June 30, 1996, before decreasing to its December 31, 1996,
level of 0.40 percent.
The Association had a modestly lower 8.25 percent share of high risk
real estate loans compared to 10.98 percent for the comparable group and 13.58
percent for all thrifts. Montgomery had $158,000 in allowances for loan losses
or 41.69 percent of nonperforming assets at December 31, 1996, compared to the
comparable group's higher 210.86 percent, with Midwest thrifts at 143.49 percent
and all thrifts at a lower 90.63 percent. Montgomery has also experienced
moderate levels of interest rate risk, as reflected by its exposure under
conditions of rising interest rates.
Overall, we believe that a minimum downward adjustment is warranted for
Montgomery's current financial condition.
DIVIDEND PAYMENTS
During the twelve months ended December 31, 1996, the Association paid
cash dividends of $0.35 per share to the minority public shareholders,
representing total cash dividends of $87,500 on 250,000 public shares
outstanding. It is the Association's intention to pay an annual dividend of
$0.31 per share, equivalent to a quarterly dividend of $0.08 per share,
following its intended second step conversion, resulting in a dividend yield of
3.10 percent based on the midpoint valuation. The actual payment of future cash
dividends will, however, be dependent upon such factors as earnings performance,
capital position, growth level, and regulatory limitations. All ten institutions
in the comparable group pay cash dividends for an average dividend yield of 2.22
percent.
Currently, many thrifts are committing to initial cash dividends,
similar to the absence of such a dividend commitments in 1995 and early 1996. In
our opinion, a
62
Dividend Payments (cont.)
minimum upward adjustment to the pro forma market value is warranted at this
time related to dividend payments.
SUBSCRIPTION INTEREST
The general interest in thrift conversion offerings was often difficult
to gauge in 1995. Based upon recent offerings, subscription and community
interest weakened significantly in early 1995, but regained some strength by the
second half of the year. In the first half of 1996, interest in new issues was
mixed, with the number of conversions decreasing from the same period in 1995.
The second half of 1996 suggests some renewed interest in thrift conversion
offerings. Overall, such interest has appears to be directly related to the
financial performance and condition of the thrift institution converting and the
strength of the local economy, as well as general market conditions and
aftermarket price trends.
Montgomery will focus its offering to depositors and residents of its
market area. The board of directors and officers anticipate purchasing
approximately $250,000 or approximately 2.7 percent of the conversion stock
based on the appraised midpoint valuation. Montgomery will form ESOP, based on
8.0 percent of the total number of shares to be issued, and plans to purchase
such ESOP stock in the initial offering. Additionally, the Prospectus restricts
to $200,000 the amount of conversion stock that may be purchased by a single
account holder, or by such persons and associates acting in concert.
The Association has secured the services of Charles Webb & Company, a
division of Keefe, Bruyette and Woods, Inc. ("KBW") to assist the Association 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, we believe that no adjustment is warranted for the Association's
anticipated subscription interest.
63
LIQUIDITY OF THE STOCK
Montgomery will offer its shares through concurrent subscription and
community offerings with the assistance of KBW. If necessary, KBW will conduct a
syndicated community offering upon the completion of the subscription and
community offering. Montgomery will pursue at least two market makers for the
stock. Subsequent to the Association's second step conversion at the midpoint of
the valuation range, its total of outstanding stock will be 35.6 percent smaller
than the comparable group and 70.7 percent smaller than the average of the
twenty four publicly-traded Indiana thrifts. Therefore, we believe that a
minimum downward adjustment to the pro forma market value is warranted at this
time relative to the liquidity of the stock.
MANAGEMENT
The chairman and chief executive officer of Montgomery is Earl F.
Elliott and the president, chief financial officer and managing officer is J.
Lee Walden. Mr. Elliott served as president from 1983 to 1996 and has been the
Association's chief executive officer since 1983. Prior to becoming a director
in 1995 and president in 1996, Mr. Walden served as executive vice president
from 1987 and treasurer from 1992.
Mr. Elliott and Mr. Walden have been able to increase lending activity,
as well as the Association's equity level and equity ratio, over the past few
years and the Association's asset quality has improved since 1994. Earnings,
however, have shown a modest downward trend during the past few years and remain
lower than the comparable group and industry averages. Net interest margin and
net interest spread are also currently lower than the comparable group and
industry averages. The Association's level of non-interest expense is currently
modestly lower than the comparable group and considerably lower than all thrifts
and Midwest thrifts, while non-interest income indicates a decline since 1992 to
very low current levels. It is our opinion that no adjustment to the pro forma
market value is warranted for management.
64
MARKETING OF THE ISSUE
The response to a newly issued thrift institution stock is more
difficult to predict, due to the volatility of new thrift stocks. Further, with
each conversion, there is a high level of uncertainty with regard to the stock
market particularly thrift institution stocks and interest rate trends. The
impact of recent increases in interest rates has made it more difficult for more
thrift institutions to strengthen their earnings and resulted in downward market
prices. Recent conflicts of opinion on interest rate trends and the recent rise
in interest rates have resulted in some significant stock volatility. Further,
the impact of the difference in a thrift's premium level on deposits compared to
BIF-insured institutions is another key concern, along with the one time
assessment of SAIF-insured thrifts to increase the capitalization of the SAIF
insurance fund.
The necessity to build a new issue discount into the stock price of a
converting thrift has prevailed in the thrift industry in recognition of higher
uncertainty among investors as a result of the thrift industry's dependence on
interest rate trends. Notwithstanding Montgomery's approximately two years in
the mutual holding company form with a relatively small number of public shares
outstanding, 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 in its second step conversion, and we have made a
moderate downward adjustment to the Corporation's pro forma market value in
recognition of the new issue discount.
65
VI. VALUATION METHODS
Under normal stock market conditions, the most frequently used method
for determining the pro forma market value of common stock for thrift
institutions by this firm is the price to book value ratio method. The focus on
the price to book value method is due to the volatility of earnings in the
thrift industry. As earnings in the thrift industry improved from late 1993
through 1996, there has been more emphasis placed on the price to earnings
method, but the price to book value method continues to be the primary valuation
method. These two pricing methods have both been used in determining the pro
forma market value of the Corporation.
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 has been used, the
price to net assets method. 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".
66
PRICE TO BOOK VALUE METHOD
The price to book value method focuses on a thrift institution's
financial condition, and does not give as much consideration to the
institution's performance as measured by net earnings. Therefore, this method is
sometimes considered less meaningful for institutions that do provide a
consistent earnings trend. 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.
Consideration was given to the adjustments to the Association's pro
forma market value discussed in Section V. Minimum downward adjustments were
made for Montgomery's financial condition, market area and the liquidity of the
stock; and moderate downward adjustments were made for earnings performance and
the marketing of the issue. A minimum upward adjustment was made for dividend
payments. No adjustments were made for subscription interest or the management
of the Association.
Exhibit 50 shows the average and median price to book value ratios for
the comparable group which were 99.24 percent and 99.16 percent, respectively.
The total comparable group indicated a moderately wide range, from a low of
82.11 percent (Sobieski Bancorp, Inc.) to a high of 110.59 percent (GFS Bancorp,
Inc.). This variance cannot be attributed to any one factor such as the
institution's equity ratio or earnings performance. Excluding the low and the
high in this group, the price to book value range narrowed from a low of 95.90
percent to a high of 110.52 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 74.66 percent at the midpoint, ranging from a
low of 68.36 percent at the minimum to a high of 85.53 percent at the super
maximum for the Corporation.
67
Price to Book Value Method (cont.)
The Corporation's price to book value ratio of 74.66 is strongly
influenced by the Association's financial condition, its local market and
subscription interest in thrift stocks. Further, the Association's equity to
assets after conversion will be approximately 16.00 percent compared to 12.16
percent for the comparable group. Based on this price to book value ratio and
the Association's equity of $9,082,000 at December 31, 1996, the indicated pro
forma market value for the Association using this approach is $12,497,904 at the
midpoint (reference Exhibit 51).
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 Montgomery indicates after
tax net earnings for the twelve months ended December 31, 1996, of $300,000.
Exhibit 7 indicates the derivation of the Association's core or normalized
earnings of $512,000 for the twelve months ended December 31, 1996. To arrive at
the pro forma market value of the Association by means of the price to earnings
method, we deemed net earnings to be not meaningful, due primarily to the
non-recurring expense related to the SAIF special assessment realized in the
third quarter of 1996, and used the core earnings base of $512,000.
In determining the price to core earnings multiple, we reviewed the
range of price to core earnings multiples for the comparable group and all
publicly-traded thrifts. The average price to core earnings multiple for the
comparable group was 15.60, while the median was 14.47. The comparable group's
price to core earnings multiple was lower than the average for all
publicly-traded, SAIF-insured thrifts of 17.62, but slightly higher than their
median of 14.93. The range in the price to core earnings multiple for the
68
Price to Earnings Method (cont.)
comparable group was from a low of 9.59 (FFW Corp.) to a high of 30.21 (Sobieski
Bancorp, Inc.). The primary range in the price to core earnings multiple for the
comparable group, excluding the high and low ranges, was from a low price to
core earnings multiple of 9.93 to a high of 18.68 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 18.47 at the midpoint,
based on Montgomery's core earnings of $512,000 for twelve months ended December
31, 1996. Based on the Association's core earnings base of $512,000 (reference
Exhibit 49), the pro forma market value of the Corporation using the price to
earnings method is $12,501,551 at the midpoint.
PRICE TO NET ASSETS METHOD
The final valuation method is the price to net assets method. This
method is not as frequently used due to the fact that it does not focus as much
on an institution's equity position or earnings performance. Exhibit 50
indicates that the average price to net assets ratio for the comparable group
was 12.09 percent and the median was 12.33 percent. The range in the price to
net assets ratios for the comparable group varied from a low of 6.85 percent
(Midwest Bancshares, Inc.) to a high of 15.64 percent (Sobieski Bancorp, Inc.).
It narrows modestly with the elimination of the two extremes in the group to a
low of 8.84 percent and a high of 15.24 percent.
Based on the adjustments made previously for Montgomery, it is our
opinion that an appropriate price to net assets ratio for the Corporation is
12.22 percent at the midpoint, which is slightly higher than the comparable
group at 12.09 percent and ranges
69
Prices to Net Assets Method (cont.)
from a low of 10.55 percent at the minimum to 15.84 percent at the super
maximum. Based on the Association's December 31, 1996, asset base of
$94,623,000, the indicated pro forma market value of the Corporation using the
price to net assets method is $12,502,342 at the midpoint (reference Exhibit
49).
70
VALUATION CONCLUSION
Exhibit 55 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 74.66 percent for the Corporation represents a discount of 24.77
percent relative to the comparable group and decreases to 13.81 percent at the
super maximum. The price to core earnings multiple of 18.47 for the Corporation
at the midpoint value indicates a premium of 18.43 percent, increasing to 44.48
percent at the super maximum. The price to assets ratio at the midpoint
represents a premium of 1.12 percent, changing to a premium of 31.05 percent at
the super maximum.
It is our opinion that as of March 4, 1997, the pro forma market value
of the Corporation, inclusive of the sale in the Subscription and Community
Offering of Montgomery Mutual Holding Company's 74.12 percent interest, is
$12,500,000 at the midpoint, representing 1,250,000 shares at $10.00 per share.
The pro forma valuation range of the Corporation is from a minimum of
$10,625,000 or 1,062,500 shares at $10.00 per share to a maximum of $14,375,000
or 1,437,500 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 $16,531,250 or 2,653,125 shares at $10.00 per share (reference
Exhibits 51 to 54). Based on the foregoing valuation range and the 74.12 percent
ownership interest being sold in the Subscription and Community Offering, the
midpoint value of the Corporation's public offering was $9,264,700 or 926,470
shares, with a minimum of $7,874,995 or 787,500 shares, a maximum of $10,654,405
or 1,065,441 shares and a super-maximum of $12,252,566 or 1,225,257 shares.
In the conversion of a mutual holding company, the minority
shareholders are entitled to exchange their shares for an aggregate number of
shares equal to their collective interest in the Association prior to
conversion, in this case 25.88 percent. Consequently, an exchange ratio will be
established at the conclusion of the Corporation's Subscription
71
Valuation Conclusion (cont.)
and Community Offering, based on the number of shares sold. Pursuant to the
valuation range established in this appraisal and described above, the exchange
ratio will be 1.1000 shares, 1.2941 shares, 1.4882 shares and 1.7115 shares of
stock in Montgomery Financial Corporation for each outstanding share of the
Association prior to conversion.
The appraised value of Montgomery Financial Corporation as of March 4,
1997, is $12,500,000 at the midpoint.
72
EXHIBITS
NUMERICAL
EXHIBITS
EXHIBIT 1
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION
CRAWFORDSVILLE, INDIANA
Consolidated Condensed Statement of Financial Condition
At June 30, 1996, and December 31, 1996
December 31, June 30,
1996 1996
------------------ -------------------
(Unaudited)
ASSETS
Cash $ 252,320 $ 129,519
Short-term interest-bearning deposits 5,665,534 3,506,685
------------------ -------------------
Total cash and cash equivalents 5,917,854 3,636,204
Interest-bearing deposits 100,000 100,000
Securities available for sale 52,239 311,656
Loans 83,928,087 80,232,496
Allowance for loan losses (158,000) (158,000)
------------------ -------------------
Net loans 83,770,087 80,074,496
Real estate owned 1,251,940 908,913
Premises and equipment 1,638,070 1,595,966
Federal Home Loan Bank stock, at cost 750,000 750,000
Interest receivable:
Loans 637,045 586,174
Investment and interest-bearing deposits 6,804 8,984
Other assets 498,491 238,351
------------------ -------------------
Total assets $ 94,622,530 $ 88,210,744
================== ===================
LIABILITIES
Deposits $ 72,342,509 $ 69,708,521
Borrowings 11,928,373 8,000,000
Advances by borrowers for taxes and insurance 182,500 381,914
Interest payable 542,432 428,178
Dividends payable 25,000 25,000
Deferred tax liability 364,432 364,395
Other liabilities 154,953 175,408
------------------ -------------------
Total liabilities 85,540,199 79,083,416
STOCKHOLDERS' EQUITY
Common stock, $.01 par value: 2,000,000 shares
authorized; 850,000 issued 8,500 8,500
Additional paid-in capital 2,194,128 2,194,128
Unearned compensation (11,563) --
Retained earnings - substantially restricted 6,891,266 6,924,757
Net unrealized loss on securities available -- --
for sale, net of tax -- (57)
------------------ -------------------
Total stockholders' equity 9,082,331 9,127,328
------------------ -------------------
Total liabilities and stockholders' equity $ 94,622,530 $ 88,210,744
================== ===================
Source: Montgomery Savings' audited and unaudited financial statements.
73
EXHIBIT 2
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION
CRAWFORDSVILLE, INDIANA
Consolidated Statement of Financial Condition
At June 30, 1992 through 1995
1995 1994 1993 1992
---------------------------------------------------------
ASSETS
Cash $ 263,796 $ 93,978 $ 92,320 $ 283,761
Short-term interest-bearing deposits 3,771,018 1,535,273 4,534,850 1,723,467
------------- ------------ ------------ -------------
Total cash and cash equivalents 4,034,814 1,629,251 4,627,170 2,006,228
Interest-bearing deposits 100,000 200,000 200,000 400,000
Investment securities available for sale 802,631 1,074,082 621,813 1,844,468
Mortgage-backed securities -- 707,162 1,139,729 1,665,387
Loans, net 77,929,323 72,214,613 63,566,287 57,416,766
Real estate owned 858,349 962,555 1,233,538 1,099,411
Premises and equipment 1,704,163 1,413,644 1,212,896 1,153,566
Federal Home Loan Bank stock, at cost 750,000 610,200 558,300 502,900
Interest receivable 567,239 -- -- --
Goodwill -- 57,736 69,891 82,046
Other assets 577,637 764,231 632,809 551,607
------------- ------------ ------------ -------------
Total assets $ 87,324,156 $ 79,633,474 $ 73,862,433 $ 66,722,379
============= ============ ============ =============
LIABILITIES
Deposits $ 68,285,607 $ 62,345,982 $ 64,681,199 $ 60,630,815
Borrowings 10,868,250 10,338,102 2,730,000 250,000
Interest payable 418,858 -- -- --
Deferred tax liability 389,933 -- -- --
Other liabilities 683,125 659,517 765,398 487,532
------------- ------------ ------------ -------------
Total liabilities 80,645,773 73,343,601 68,176,597 61,368,347
STOCKHOLDERS' EQUITY
Retained earnings--substantially restricted $ 6,675,130 $ 6,289,873 $ 5,685,836 $ 5,354,032
Net unrealized gain (loss) on securities available 3,253 -- -- --
for sale ------------- ------------ ------------ -------------
Total stockholders' equity 6,678,383 6,289,873 5,685,836 5,354,032
------------- ------------ ------------ -------------
Total liabilities and stockholders' equity $ 87,324,156 $ 79,633,474 $ 73,862,433 $ 66,722,379
============= ============ ============ =============
Source: Montgomery Savings' audited financial statements
74
EXHIBIT 3
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION, AND SUBSIDIARY
CRAWFORDSVILLE, INDIANA
Consolidated Statements of Income
For the six months ended December 31, 1995 and 1996, and
For the year ended June 30, 1996
For the six months Year ended
ended December 31, June 30,
1996 1995 1996
--------------- --------------- ----------------
(Unaudited)
Interest income:
Loans $ 3,395,258 $ 3,164,009 $ 6,409,666
Securities 9,469 16,333 28,678
Interest-bearing deposits 97,479 160,188 281,805
Other Interest and dividend income 29,598 31,981 56,472
--------------- --------------- ----------------
Total interest income 3,531,804 3,372,511 6,776,621
Interest expense:
Deposits 1,897,595 1,956,185 3,866,674
Short-term borrowings --- 8,000 8,000
Federal Home Loan Bank advances 303,399 316,589 559,393
--------------- --------------- ----------------
Total interest expense 2,200,994 2,280,774 4,434,067
--------------- --------------- ----------------
Net interest income 1,330,810 1,091,737 2,342,554
Provision (adjustment) for losses on loans --- (26,250) 19,750
--------------- --------------- ----------------
Net interest income after provision for
losses on loans 1,330,810 1,117,987 2,322,804
Other income:
Service charges on deposit accounts 12,309 10,969 22,184
Appraisal income (expense) 3,450 20,181 (5,007)
Other income 1,989 3,743 6,043
--------------- --------------- ----------------
Total other income 17,748 34,893 23,220
Other expenses:
Salaries and employee benefits 448,990 471,033 878,536
Net occupancy expenses 51,332 49,886 100,999
Equipment expenses 70,435 69,475 140,000
Data processing expense 44,995 43,090 86,684
Deposit insurance expense 500,156 77,033 156,199
Real estate operations, net (40,681) 15,943 (7,364)
Advertising expense 17,788 15,820 33,408
Other expenses 219,916 183,414 361,942
--------------- --------------- ----------------
Total other expenses 1,312,931 925,694 1,750,404
Income before income taxes 35,627 227,186 595,620
Income tax expense 19,118 79,672 164,993
--------------- --------------- ----------------
Net income $ 16,509 $ 147,514 $ 430,627
=============== =============== ================
Source: Montgomery Savings and Subsidiary's audited and unaudited
financial statements
75
EXHIBIT 4
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION, AND SUBSIDIARY
CRAWFORDSVILLE, INDIANA
Consolidated Statements of Income
For the nine months ended June 30, 1992, and
For the years ended June 30, 1993 through 1995
Nine
Year ended June 30, Months Ended
----------------------------------------------------- June 30,
1995 1994 1993 1992
-------------- --------------- ---------------- ----------------
Interest income:
Loans $ 5,894,188 $ 5,315,461 $ 5,433,269 $ 4,063,038
Securities 77,962 146,518 209,500 244,069
Deposits with financial institution 156,417 99,174 97,889 125,942
Dividend income 49,645 33,227 54,898 45,648
-------------- --------------- ---------------- ----------------
Total interest income 6,178,212 5,594,380 5,795,556 4,478,697
-------------- --------------- ---------------- ----------------
Interest expense:
Deposits 3,188,701 2,872,410 3,264,912 2,817,543
Short-term borrowings 34,525 28,962 -- --
Federal Home Loan Bank advances 684,032 205,678 56,380 19,918
Other interest expense -- -- 17,000 17,388
-------------- --------------- ---------------- ----------------
Total interest expense 3,907,258 3,107,050 3,338,292 2,854,849
-------------- --------------- ---------------- ----------------
Net interest income 2,270,954 2,487,330 2,457,264 1,623,848
Provision (adjustment) for losses on loans (15,000) 25,213 37,700 35,650
-------------- --------------- ---------------- ----------------
Net interest income after provision
for losses on loans 2,285,954 2,462,117 2,419,564 1,588,198
-------------- --------------- ---------------- ----------------
Other income:
Service charges on deposit accounts 8,285 8,069 7,470 4,772
Commissions -- 67,714 102,314 83,138
Net realized gains on sale of available-
for-sale securities 9,033 -- 25,094 --
Net appraisal income (expense) 39,540 62,124 -- --
Other income 22,276 9,415 26,813 24,049
-------------- --------------- ---------------- ----------------
Total other income 79,134 147,322 161,691 111,959
-------------- --------------- ---------------- ----------------
Other expenses:
Salaries and employee benefits 901,945 833,306 825,086 532,875
Net occupancy expenses 91,774 92,965 99,360 65,530
Equipment expenses 132,022 138,732 112,400 74,718
Data processing expense 87,069 75,989 74,033 50,590
Deposit insurance expense 145,529 146,682 127,918 97,905
Real estate operations, net (18,378) (26,329) (52,559) (47,822)
Advertising expense 31,250 20,177 -- --
Other expenses 378,158 374,643 403,015 283,960
-------------- --------------- ---------------- ----------------
Total other expenses 1,749,369 1,656,165 1,589,253 1,057,756
-------------- --------------- ---------------- ----------------
Income before income tax 615,719 953,274 992,002 642,401
Income tax expense 230,462 349,237 432,596 247,530
-------------- --------------- ---------------- ----------------
Net income (before change in
accounting method) 385,257 604,037 559,406 394,871
Cumulative effect of change in accounting method -- -- 227,602 --
-------------- --------------- ---------------- ----------------
Net income $ 385,257 $ 604,037 $ 331,804 $ 394,871
============== =============== ================ ================
Source: Montgomery Savings Association and Subsidiary's audited
financial statements
76
EXHIBIT 5
Selected Financial Condition Data
At December 31, 1996, and at June 30, 1992 through 1996
December 31, June 30,
------------- ----------------------------------------------------------------
1996 1996 1995 1994 1993 1992
------------- ----------------------------------------------------------------
(In thousands)
Summary of Financial Condition:
Total assets $ 94,623 $ 88,211 $ 87,324 $ 79,633 $ 73,862 $ 66,722
Interest-bearing deposits in other
financial institutions 5,766 3,607 3,871 1,735 4,735 2,123
Investment securities (1) 52 312 803 1,781 1,762 3,509
Loans receivable, net 83,770 80,074 77,929 72,215 63,566 57,417
Deposits 72,343 69,709 68,286 62,346 64,681 60,631
Advances from FHLB of Indianapolis and
other borrowings 11,928 8,000 10,868 10,338 2,730 250
Stockholders' equity 9,082 9,127 6,678 6,290 5,686 5,354
(1) Investment securities and mortgage-backed securities are all available for
sale beginning July 1, 1994, due to the adoption of Statement of Financial
Accounting Standards No. 115 ("SFAS 115"). These securities are recorded at
fair value, and at December 31, 1996, this resulted in no change in total
equity, at June 30, 1996, this resulted in a decrease of $57,000 in total
equity capital; and at June 30, 1995, this resulted in an increase in total
equity capital of $3,000.
77
EXHIBIT 6
Income and Expense Trends
For the Six Months Ended December 31, 1995 and 1996 and
For the Fiscal Years Ended June 30, 1993 through 1996, and
For the Nine Months Ended June 30, 1992
Nine
Six Months Ended Months
December 31, Year Ended June 30, Ended
----------------------- ------------------------------------------------- June 30,
1996 1995 1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ---------- ---------- ---------
Summary of Operating Results: (In thousands)
Interest income (1) ................ $3,532 $ 3,373 $6,777 $ 6,178 $5,594 $5,796 $4,479
Interest expense ................... 2,201 2,281 4,434 3,907 3,107 3,338 2,855
------ ------- ------ ------- ------ ------ ------
Net interest income ............ 1,331 1,092 2,343 2,271 2,487 2,458 1,624
Provisions (adjustment) for
losses on loans ........................ -- (26) 20 (15) 25 38 36
------ ------- ------ ------- ------ ------ ------
Net interest income
after provision
for losses on loans ........... 1,331 1,118 2,323 2,286 2,462 2,420 1,588
Other income ............................ 18 35 23 79 147 162 112
Other expenses:
Salaries and employee
benefits .......................... 449 471 879 902 833 825 533
Other .............................. 864 455 871 847 823 764 525
------ ------- ------ ------- ------ ------ ------
Total non-interest
expense ....................... 1,313 926 1,750 1,749 1,656 1,589 1,058
------ ------- ------ ------- ------ ------ ------
Income before income tax
and cumulative effect of
change in accounting
method ............................ 36 227 596 616 953 993 642
Income tax expense ................. 19 79 165 231 349 433 247
------ ------- ------ ------- ------ ------ ------
Income before cumulative
effect of change in
accounting method ............... 17 148 431 385 604 560 395
Cumulative effect of
change in accounting
method .......................... -- -- -- -- -- 228 --
------ ------- ------ ------- ------ ------ ------
Net income ..................... $ 17 $ 148 $ 431 $ 385 $ 604 $ 332 $ 395
====== ======= ====== ======= ====== ====== ======
<FN>
- -------------
(1) Loan origination fees are included in interest income on a deferral basis.
</FN>
Source: Montgomery Financial Corporation's prospectus
78
EXHIBIT 7
Normalized Earnings Trend
For the Twelve Months Ended December 31, 1996,
and For the Fiscal Years Ended June 30, 1994, 1995
and 1996
Twelve months Fiscal years ended
Ended June 30,
December 31, ------------------------
1996 1996 1995 1994
---- ---- ---- ----
(Dollars In Thousands)
Net income after taxes ............ $ 300 $431 $385 $604
Net income before taxes
after effect of accounting
adjustments ...................... 405 596 616 953
Income adjustments ................ -- -- -- --
Expense adjustments
SAIF Assessment .................. (428) -- -- --
Normalized earnings before
taxes ............................ 833 596 616 953
Taxes ............................. 321(1) 165 231 349
----- --- --- ---
Normalized earnings after
taxes ............................ $ 512 $431 $385 $604
===== ==== ==== ====
- ------------
(1) Based on tax rate of 39.5 percent
Source: Montgomery Financial Corporation's audited and unaudited
financial statements
79
EXHIBIT 8
Performance Indicators
For The Six Months Ended December 31, 1995 and 1996
For the Fiscal Years Ended June 30, 1993 through 1996
For the Nine Months Ended June 30, 1992
Nine
Months
Six Months Ended Ended
December 31, (7) Years ended June 30, June 30,
------------------ -------------------------------------- --------
1996 1995 1996 1995 1994 1993 1992
---- ---- ---- ---- ---- ---- ----
Selected Financial Ratios and Other Data:
Return on average assets (1)(2)(3) ................ 0.32% 0.34% 0.49% 0.46% 0.79% 0.46% 0.80%
Return on average equity (1)(2)(4) ................ 3.19% 3.48% 4.89% 5.78% 9.90% 5.67% 10.25%
Average equity to average assets .................. 10.10% 9.64% 9.99% 7.91% 7.96% 8.19% 7.76%
Equity to assets at end of period ................. 9.60% 10.20% 10.35% 7.65% 7.90% 7.70% 8.02%
Interest rate spread (2)(5) ....................... 2.59% 2.12% 2.27% 2.54% 3.19% 3.38% 3.12%
Net interest margin (2)(6) ........................ 3.05% 2.59% 2.77% 2.82% 3.41% 3.61% 3.43%
Non-performing loans to total loans ............... 0.37% 0.93% 0.83% 1.05% 0.73% 1.03% 0.62%
Average interest-earning assets to average
interest-bearing liabilities ...................... 109.26% 108.78% 109.47% 105.78% 104.96% 104.61% 104.96%
Non-interest expenses to average
assets (1)(2) ................................... 2.41% 2.10% 1.98% 2.08% 2.16% 2.22% 2.13%
Net interest income after provision for loan
losses to non-interest expenses (1) ............. 1.21x 1.21x 1.33x 1.31x 1.49x 1.52x 1.50x
<FN>
- ----------
(1) Information for the six months ended December 31, 1996, has been
annualized with the exception of the effect of the one time SAIF special
assessment of $428,000 included in other expenses, income tax adjustment
of $169,000 affecting net income in the amount of $259,000 for the six
month period. Information for the six months ended December 31, 1995, has
been annualized with no exceptions.
(2) Information for the nine months ended June 30, 1992 has been annualized
(3) Net income divided by average total assets.
(4) Net income divided by average total equity.
(5) Interest rate spread is calculated by subtracting combined weighted
average interest rate cost from combined weighted average interest rate
earned for the period indicated.
(6) Net interest income divided by average interest-earning assets.
(7) Ratios for the nine month periods have been annualized.
</FN>
Source: Montgomery Financial Corporation's Prospectus
80
EXHIBIT 9
Volume/Rate Analysis
For the Six Months Ended December 31, 1996
For the Fiscal Years Ended June 30, 1996, 1995 and 1994
Six Months Ended Year ended June 30,
December 31, -------------------------------------------------------
1996 vs. 1995 1996 vs. 1995 1995 vs. 1994
----------------------------- -------------------------- --------------------------
Increase Increase Increase
(Decrease) (Decrease) (Decrease)
Due to Total Due to Total Due to Total
----------------- Increase -------------- Increase -------------- Increase
Volume Rate (Decrease) Volume Rate (Decrease) Volume Rate (Decrease)
------ ---- ---------- ------ ---- ---------- ------ ---- ----------
(In thousands)
Interest-Earning Assets:
Interest-earning deposits ............... $ (46) $ (16) $ (62) $ 139 $ (13) $ 126 $ 7 $ 50 $ 57
Investment securities ................... (12) 4 (48) (53) 4 (49) (64) (4) (68)
Loans ................................... 199 32 231 192 324 516 622 (44) 578
Stock in FHLB of Indianapolis ........... -- (2) (2) 4 2 6 8 9 17
----- ----- ----- ----- ----- ----- ----- ----- -----
Total ................................. $ 141 $ 18 $ 119 $ 282 $ 317 $ 599 $ 573 $ 11 $ 584
===== ===== ===== ===== ===== ===== ===== ===== =====
Interest bearing liabilities:
Savings accounts ........................ $ (22) $ (14) $ (36) $ 27 $ 14 $ 41 $ (38) $ 28 $ (10)
NOW and money market accounts ........... 14 2 16 (62) 13 (49) (15) 45 30
Certificates of deposit ................. 117 (155) (38) 326 360 686 88 209 297
Borrowings .............................. 75 (97) (22) (213) 62 (151) 353 130 483
----- ----- ----- ----- ----- ----- ----- ----- -----
Total ................................. $ 184 $(264) $ (80) $ 78 $ 449 $ 527 $ 388 $ 412 $ 800
===== ===== ===== ===== ===== ===== ===== ===== =====
Change in net interest income ............ $ (43) $ 282 $ 199 $ 204 $(132) $ 72 $ 185 $(401) $(216)
===== ===== ===== ===== ===== ===== ===== ===== =====
Year ended June 30,
------------------------------
1994 vs. 1993
------------------------------
Increase
(Decrease)
Due to Total
----------------- Increase
Volume Rate (Decrease)
Interest-Earning Assets:
Interest-earning deposits ................. $ (26) $ 28 $ 2
Investment securities ..................... (13) (51) (64)
Loans ..................................... 476 (593) (117)
Stock in FHLB of Indianapolis ............. 3 (25) (22)
----- ----- -----
Total ................................... $ 440 $(641) $(201)
===== ===== =====
Interest bearing liabilities:
Savings accounts .......................... $ 62 $ (28) $ 34
NOW and money market accounts ............. 44 (64) (20)
Certificates of deposit ................... (71) (336) (407)
Borrowings ................................ 88 74 162
----- ----- -----
Total ................................... $ 123 $(354) $(231)
===== ===== =====
Change in net interest income .............. $ 317 $(287) $ 30
===== ===== =====
Source: Montgomery Financial Corporation's Prospectus
81
EXHIBIT 10
Yield and Cost Trends
At December 31, 1996 and
For the Six Months Ended June 30, 1995 and 1996, and
For the Fiscal Years Ended June 30, 1994 through 1996
Six Months Ended
At June 30, Year ended June 30,
December 31, ------------------- --------------------------------
1996 1996(3) 1995(3) 1996 1995 1994
----------- ------- ------- ------- ------- -------
Average Average Average Average Average Average
Rate Rate Rate Rate Rate Rate
---- ---- ---- ---- ---- ----
Weighted average yield on:
Loans ......................................... 8.26% 8.23% 8.14% 8.18% 7.76% 7.82%
Investments securities ........................ 7.00% 7.38% 6.76% 7.06% 6.64% 7.56%
Total Interest-earning assets ................. 8.11% 8.11% 8.01% 8.00% 7.67% 7.66%
Weighted average rate on:
Deposits ...................................... 5.34% 5.46% 5.74% 5.62% 4.97% 4.49%
Borrowings .................................... 6.04% 5.92% 7.04% 6.60% 6.00% 4.22%
Total interest-bearing liabilities ........... 5.44% 5.52% 5.89% 5.73% 5.13% 4.47%
Interest rate spread (spread between weighted
average yield on total interest-earning assets
and total interest-bearing liabilities) ........... 2.67% 2.59% 2.12% 2.27% 2.54% 3.19%
Net interest margin (net interest income as a
percentage of average interest-earnings assets .... 3.03% 3.05% 2.59% 2.77% 2.82% 3.41%
Source: Montgomery Financial Corporation's Prospectus
82
EXHIBIT 11
Interest Rate Sensitivity of Net Portfolio Value (NPV)
At December 31, 1996 and at June 30, 1996
At December 31, 1996 At June 30, 1996
-------------------------------- -------------------------------
Assumed Board
Change in Limit
Interest Rates % Change $ Change % Change $ Change % Change
(Basis Points) in NPV in NPV in NPV in NPV in NPV
- ------------------- ---------------- -------------- --------------- -------------- --------------
(Dollars in Thousands)
+300 -60 $ (5,247) (47) $ (4,823) (45)
+200 -50 (3,283) (30) (3,042) (29)
+100 -30 (1,452) (13) (1,351) (13)
0 0 0 0 0 0
-100 -30 876 10 838 8
-200 -50 1,092 10 1,097 10
-300 -60 1,102 13 1,112 10
Source: Montgomery Financial Corporation's Prospectus
83
EXHIBIT 12
Loan Portfolio Composition
At December 31, 1996, and at June 30, 1994 through 1996
At December 31, At June 30,
------------------ -----------------------------------------------------------------
1996 1996 1995 1994
------------------ ---------------- ------------------ -------------------
Amount Percent Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ ------- ------ -------
(Dollars in thousands)
Type of Loan:
Mortgage loans:
Residential .......................... $ 72,891 87.01% $ 68,961 86.12% $ 65,890 84.55% $ 62,672 86.79%
Land ................................. 1,852 2.21% 1,656 2.07% 1,866 2.39% 422 0.58%
Nonresidential ....................... 5,263 6.28% 5,866 7.33% 6,076 7.80% 5,694 7.88%
Construction:
Residential ........................ 1,448 1.73% 1,261 1.57% 1,345 1.73% 1,602 2.22%
----- ---- ----- ---- ----- ---- ----- ----
Total mortgage loans ............. 81,454 97.23% 77,744 97.09% 75,177 96.47% 70,390 97.47%
------ ----- ------ ----- ------ ----- ------ -----
Other Loans:
Home equity .......................... 2,536 3.03% 2,444 3.05% 2,653 3.40% 2,673 3.70%
Savings account and unsecured
consumer loans ...................... 638 0.76% 574 0.72% 576 0.74% 201 0.28%
--- ---- --- ---- --- ---- --- ----
Total other loans ................ 3,174 3.79% 3,018 3.77% 3,229 4.14% 2,874 3.98%
----- ---- ----- ---- ----- ---- ----- ----
Less:
Loans in process ..................... 861 1.02% 683 0.85% 456 0.58% 955 1.32%
Deferred loan fees (cost) ............ (161) (0.19)% (153) (0.19)% (117) (0.15)% (64) (0.09)%
Loan loss reserves ................... 158 0.19% 158 0.20% 138 0.18% 158 0.22%
--- ---- --- ---- --- ---- --- ----
Total adjustments ................ 858 1.02% 688 0.86% 477 0.61% 1,049 1.45%
--- ---- --- ---- --- ---- ----- ----
Total loans, net ....................... $ 83,770 100.00% $ 80,074 100.00% $ 77,929 100.00% $ 72,215 100.00%
======== ====== ======== ====== ======== ====== ======== ======
Type of Security:
Residential:
1-4 family ........................... $ 73,651 87.92% $ 69,353 86.61% $ 66,048 84.76% $ 63,126 87.42%
5 or more units ...................... 688 0.82% 869 1.08% 1,187 1.52% 1,148 1.59%
Nonresidential ....................... 5,263 6.28% 5,866 7.33% 6,076 7.80% 5,694 7.88%
Land ................................. 1,852 2.21% 1,656 2.07% 1,866 2.39% 422 0.58%
Residential--second mortgage ......... 2,536 3.03% 2,444 3.05% 2,653 3.40% 2,673 3.70%
Savings accounts and unsecured
consumer loans ...................... 638 0.76% 574 0.72% 576 0.74% 201 0.28%
--- ---- --- ---- --- ---- --- ----
Total loans ...................... 84,628 101.02% 80,762 100.86% 78,406 100.61% 73,264 101.45%
------ ------ ------ ------ ------ ------ ------ ------
Less:
Loans in process ..................... 861 1.02% 683 0.85% 456 0.58% 955 1.32%
Deferred loan fees (cost) ............ (161) (0.19)% (153) (0.19)% (117) (0.15)% (64) (0.09)%
Loan loss reserves ................... 158 0.19% 158 0.20% 138 0.18% 158 0.22%
--- ---- --- ---- --- ---- --- ----
Total loans, net ....................... $ 83,770 100.00% $ 80,074 100.00% $ 77,929 100.00% $ 72,215 100.00%
======== ====== ======== ====== ======== ====== ======== ======
Source: Montgomery Financial Corporation's Prospectus
84
EXHIBIT 13
Loan Maturity Schedule
At December 31, 1996
Due During Years Ended December 31,
----------------------------------------------------------------------------
2000 2002 2007 2012 Balance
and through through and December 31,
1997 1998 1999 2001 2006 2011 Following 1996
---- ---- ---- ---- ---- ---- --------- ----
(In Thousands)
Residential mortgage ... $28,239 $ 737 $343 $10,657 $5,468 $16,315 $11,132 $72,891
Commercial mortgage .... 1,832 -- 14 635 361 2,163 258 5,263
Residential construction 673 -- -- 118 -- 80 577 1,448
Land loans ............. 982 81 -- 732 57 -- -- 1,852
Equity loans ........... 422 71 242 732 797 272 -- 2,536
Savings account loans .. 386 145 21 70 16 -- -- 638
--- --- -- -- -- ------ ------- --------
Total ........... $32,534 $1,034 $620 $12,944 $6,699 $18,830 $11,967 $84,628
======= ====== ==== ======= ====== ======= ======= =======
Fixed rate loans ...... $ 40,631
Adjustable rate loans.. 11,463
--------
Total $ 52,094
========
Source: Montgomery Financial Corporation's Prospectus
85
EXHIBIT 14
Loan Originations
For The Six Months Ended December 31, 1996, and
For the Years Ended June 30, 1994 through 1996
Six Months Ended Years ended June 30,
December 31, -----------------------------
1996 1996 1995 1994
---- ---- ---- ----
(In thousands)
Loans originated:
Residential mortgage .......... $ 11,984 $ 23,285 $ 15,008 $ 25,232
Nonresidential mortgage ....... 1,450 1,270 1,027 2,158
Residential construction ...... 1,653 1,764 2,742 1,959
Nonresidential construction ... -- -- -- 120
Land loans .................... 364 618 1,158 323
Other loans ................... 427 523 1,550 2,020
--- --- ----- -----
Total loans originated ...... 15,878 27,460 21,485 31,812
Participation loans purchased:
Nonresidential mortgage ....... -- -- 553 768
Participation loans sold:
Nonresidential mortgage ....... -- -- (559) (156)
Loan principal payments ........ (6,195) (12,668) (10,793) (13,424)
Other changes, net ............. (5,817) (12,436) (5,544) (9,765)
====== ======= ====== ======
Source: Montgomery Financial Corporation's Prospectus
86
EXHIBIT 15
Delinquent Loans
For the Six Months Ended December 31, 1996 and
For the Years Ended June 30, 1994 through 1996
June 30,
December 31, ---------------------------
1996 1996 1995 1994
---- ---- ---- ----
(In Thousands)
Loans delinquent for:
30 to 59 days .................... $1,068 $ 988 $ 795 $ 688
60 to 89 days .................... 707 542 255 379
90 or more days .................. 314 661 817 527
------ ------ ------ ------
Total delinquent loans ........ $2,089 $2,191 $1,867 $1,594
====== ====== ====== ======
Ratio of total delinquent
loans to total loans ............. 2.49% 2.73% 2.39% 2.20%
Source: Montgomery Financial Corporation's prospectus
87
EXHIBIT 16
Nonperforming Assets
For the Six Months Ended December 31, 1996 and
For the Years Ended June 30, 1994 through 1996
June 30,
December 31, ------------------------
1996 1996 1995 1994
---- ---- ---- ----
(In Thousands)
Nonaccrual loans
Residential mortgage loans ............ $242 $614 $503 $494
Nonresidential mortgage loans ......... 18 19 19 18
Consumer loans ........................ -- -- -- --
---- --- ---- ----
Total nonaccrual loans ............. 260 633 522 512
Loans past due 90 days or more
Residential mortgage loans ............ -- -- 277 --
Nonresidential mortgage loans ......... -- -- -- --
Consumer loans ........................ 54 28 18 15
--- ---- ---- ----
Total nonaccrual loans ............. 54 28 295 15
Real estate acquired in
settlement of loans (net) ............ 65 148 124 --
---- ---- ---- ----
Total nonperforming assets ......... $379 $809 $941 $527
Source: Montgomery Financial Corporation's prospectus
88
EXHIBIT 17
Classified Assets
At December 31, 1996 and
at June 30, 1994, 1995 and 1996
June 30,
December 31, ------------------------
1996 1996 1995 1994
---- ---- ---- ----
(In Thousands)
Classified assets:
Substandard ......................... $380 $661 $255 $379
Doubtful ............................ -- -- -- --
Loss ................................ -- -- -- --
---- ---- ---- ----
Total classified assets $380 $661 $255 $379
Allowance for loan losses .............. $158 $158 $138 $158
Source: Montgomery Financial Corporation's prospectus
89
EXHIBIT 18
Allowance for Loan Losses
At December 31, 1996, and
at June 30, 1994, 1995 and 1996
Six Months Ended Years Ended June 30,
December 31, ----------------------------
1996 1996 1995 1994
---- ---- ---- ----
(In Thousands)
Balance of allowance at beginning of period $ 158 $ 138 $ 158 $ 133
Add: Recoveries on loans previously
charged off ......................... -- -- -- --
Less: Charge-offs--residential real estate
loans ............................... -- -- 5 --
------- ------- ------- -------
Net charge-offs ........................... -- -- 5 --
------- ------- ------- -------
Provision (adjustment) for losses on loans -- 20 (15) 25
Balance of allowance at end of period ..... $ 158 $ 158 $ 138 $ 158
======= ======= ======= =======
Net charge-offs to total average loans
outstanding for period .................. -- -- 0.01% --
Allowance at end of period to net loans
receivable at end of period ............. 0.19% 0.20% 0.18% 0.22%
Nonperforming assets to total assets ...... 0.40% 0.92% 1.08% 0.66%
Nonperforming loans to total loans ........ 0.37% 0.83% 1.05% 0.73%
Allowance to non-performing loans ......... 50.32% 24.96% 16.89% 29.98%
Source: Montgomery Financial Corporation's prospectus
90
EXHIBIT 19
Investment Portfolio Composition
At December 31, 1996, and
At June 30, 1994 through 1996
At June 30,
-------------------------------------------------------
At December 31, 1996 1996 1995 1994
-------------------- -------------- -------------- ---------------
Book % of Book % of Book % of Book % of
Value Total Value Total Value Total Value Total
----- ----- ----- ----- ----- ----- ----- -----
(Dollars in thousands)
Interest-bearing deposits with other
financial institutions ....................... $5,766 100.0% $3,607 100.0% $3,871 100.0% $1,735 100.00%
====== ===== ====== ===== ====== ===== ====== ======
Investment securities:
U.S. Treasury ................................ $ -- --% $ -- --% $ 250 16.10% $ 250 10.46%
Federal agencies ............................. -- --% 250 23.54% 257 16.55% 251 10.50%
Municipals ................................... 52 6.48% 62 5.84% 71 4.57% 88 3.68%
Corporate obligations ........................ -- --% -- --% 225 14.49% 485 20.28%
Mortgage-backed securities ................... -- --% -- --% -- --% 707 29.57%
------ ------ ------ ----- ------ ----- ------ ------
Total investment securities ................ 52 6.48% 312 29.38% 803 51.71% 1,781 74.49%
FHLB stock .................................... 750 93.5% 750 70.6% 750 48.29% 610 25.51%
--- ---- --- ---- --- ----- --- -----
Total investment securities,
mortgage-backed securities,
and FHLB stock ............................ $6,568 100.00% $4,669 100.00% $5,424 100.00% $4,126 100.00%
====== ====== ====== ====== ====== ====== ====== ======
Source: Montgomery Financial Corporation's Prospectus
91
EXHIBIT 20
Mix of Deposits
At December 31, 1996, and at June 30, 1994 through 1996
December 31, June 30,
------------------- ------------------------------------------------------------
1996 1996 1995 1994
------------------- ------------------ ------------------ ----------------
Percent Percent Percent Percent
Amount of Total Amount of Total Amount of Total Amount of Total
------ -------- ------ -------- ------ -------- ------ --------
(Dollars in thousands)
Demand accounts ............................ $ 465 0.64% $ 613 0.88% $ 483 0.71% $ 215 0.34%
NOW accounts ............................... 3,091 4.27% 2,578 3.70% 2,009 2.94% 1,622 2.60%
Regular savings ............................ 4,289 5.93% 4,948 7.10% 5,035 7.37% 5,083 8.15%
Money market demand accounts ............... 7,719 10.67% 7,035 10.09% 7,287 10.67% 10,085 16.18%
Certificates of deposit .................... 56,779 78.49% 54,535 78.23% 53,472 78.31% 45,341 72.73%
------ ----- ------ ----- ------ ----- ------ -----
Total .................................... $72,343 100.00% $69,709 100.00% $68,286 100.00% $62,346 100.00%
======= ====== ======= ====== ======= ====== ======= ======
Source: Montgomery Financial Corporation's Prospectus
92
EXHIBIT 21
Deposit Activity
For the Six Months Ended December 31, 1996 and
For the Years Ended June 30, 1994 through 1996
Six Months Ended Year ended June 30,
December 31, ----------------------------
1996 1996 1995 1994
---- ---- ---- ----
(Dollars in thousands)
Balance, beginning of period ....... $69,709 $68,286 $62,346 $64,681
------- ------- ------- -------
Net (decrease) increase before
interest credited ................ 825 ($ 2,429) 2,896 ($ 5,206)
Interest credited .................. 1,809 $ 3,852 $ 3,044 $ 2,871
------- ------- ------- -------
Net increase in deposits ........ 2,634 1,423 5,940 ($ 2,335)
------- ------- ------- -------
Balance, end of period ............. $72,343 $69,709 $68,286 $62,346
======= ======= ======= =======
Source: Montgomery Financial Corporation's Prospectus
93
EXHIBIT 22
Borrowed Funds Activity
For the Six Months Ended December 31, 1996 and
For The Years Ended June 30, 1994, 1995 and 1996
Six Months Ended Year Ended June 30,
December 31, --------------------------
1996 1996 1995 1994
---- ---- ---- ----
(Dollars in thousands)
Maximum balance outstanding
at any month end ................... $12,000 $10,500 $13,000 $9,000
Period end balance ................... 11,928 8,000 10,500 9,000
Weighted average interest rate of FHLB
advances at period end ............. 5.78% 5.76% 6.82% 4.63%
Source: Montgomery Financial Corporation's Prospectus
94
EXHIBIT 23
OFFICES OF MONTGOMERY SAVINGS
CRAWFORDSVILLE, INDIANA
Square
Description/Address Leased/Owned Footage
------------------- ------------ -------
Main Office:
119 East Main Street Owned 16,000
Crawfordsville, Indiana
47933
Branch Offices
16 South Mill Street Owned 1,700
Crawfordsville, Indiana
47933
417 Liberty Street Owned 1,600
Covington, Indiana
47932
118 Monroe Street Owned 2,300
Williamsport, Indiana
47933
Source: Montgomery Financial Corporation's Prospectus
95
EXHIBIT 24
LIST OF KEY OFFICERS AND DIRECTORS
At December 31, 1996
Director Term
Name Position(s) Held with the Bank Age(1) Since Expires
---- ------------------------------ ------ ----- -------
Earl F. Elliott Chairman of the Board, Chief Executive Officer 63 1973 1997
Mark E. Foster Director 44 1990 1997
Robert C. Wright Director 52 1996 1997
John M. Malott Director 59 1978 1998
J. Lee Walden President and Director 48 1995 1998
John E. Woodward Director 68 1975 1999
Charles R. Henthorn Director 59 1981 1999
Nancy L. McCormick First Vice President and Secretary 41 -- --
<FN>
- -----------
(1) At September 30, 1996
</FN>
Source: Montgomery Financial Corporation's Prospectus
96
EXHIBIT 25
Key Demographic Data and Trends
Market Area, Indiana and the United States
1990, 1996 and 2001
1990 1996 % Chg. 2001 % Chg.
---- ---- ------ ---- ------
Population
- ----------
Market Area 60,420 63,005 4.3% 65,074 3.3%
Indiana 5,544,159 5,853,633 5.6% 6,103,911 4.3%
United States 248,709,873 265,294,885 6.7% 278,802,003 5.1%
Households
- ----------
Market Area 10,056 10,598 5.4% 11,017 4.0%
Indiana 2,065,355 2,188,529 6.0% 2,284,274 4.4%
United States 91,947,410 98,239,161 6.8% 103,293,062 5.1%
Per Capita Income
- -----------------
Market Area $ 11,947 $ 14,637 22.5% --- ---
Indiana 13,149 15,275 16.2% --- ---
United States 12,313 16,738 35.9% --- ---
Median Household Income
- -----------------------
Market Area $ 26,774 $ 32,458 21.2% $ 31,052 (4.5)%
Indiana 28,797 32,816 14.0% 30,900 (5.8)%
United States 28,525 34,530 21.1% 33,189 (3.9)%
Source: Data Users Center and CACI
97
EXHIBIT 26
Key Housing Data
Market Area, Indiana and the United States
1990
Occupied Housing Units
----------------------
Market Area 10,057
Indiana 2,065,355
United States 91,947,410
Occupancy Rate
--------------
Market Area
Owner-Occupied 73.3%
Renter-Occupied 26.7%
Indiana
Owner-Occupied 70.2%
Renter-Occupied 29.8%
United States
Owner-Occupied 64.2%
Renter-Occupied 35.8%
Median Housing Values
---------------------
Market Area $ 43,496
Indiana 53,500
United States 79,098
Median Rent
-----------
Market Area $ 306
Indiana 374
United States 374
Source: U.S. Department of Commerce and CACI Sourcebook
98
EXHIBIT 27
Major Sources of Employment by Industry Group
Market Area, Indiana and the United States
1990
Market United
Industry Group Area Indiana States
- -------------- ---- ------- ------
Agriculture/Mining ................... 6.9% 2.9% 1.3%
Construction ......................... 5.3% 5.6% 4.8%
Manufacturing ........................ 34.0% 25.1% 19.2%
Transportation/Utilities ............. 5.6% 6.6% 5.9%
Wholesale/Retail ..................... 17.3% 21.4% 27.5%
Finance, Insurance, & Real Estate .... 3.8% 5.7% 7.3%
Services ............................. 27.1% 32.7% 34.0%
Source: Bureau of the Census County Business Patterns
99
EXHIBIT 28
Unemployment Rates
Market Area, Indiana and the United States
1994, 1995 and 1996 *
Location 1994 1995 1996*
-------- ---- ---- -----
Market Area 4.8% 2.6% 3.1%
Indiana 4.9% 4.7% 3.4%
United States 6.1% 5.6% 5.0%
- ----------
* December 1996
Source: Indiana Department of Workforce Development
100
EXHIBIT 29
Market Share of Deposits
Fountain, Montgomery and Warren Counties
June 30, 1996
Market
Area's Montgomery's Mortgomery's
Deposits Share Share
($000) ($000) (%)
--------- ------------ ------------
Banks $ 574,546 --- ---
Thrifts 182,349 $ 69,709 38.2%
Credit Unions 5,543 --- ---
---------- ------------ ------------
$ 762,438 $ 69,709 9.1%
Source: Sheshunoff
101
EXHIBIT 30
National Interest Rates by Quarter
1992-1996
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1992 1992 1992 1992
---- ---- ---- ----
Prime Rate ......................... 6.50% 6.50% 6.00% 6.00%
90-Day Treasury Bills .......... 4.14% 3.63% 2.73% 3.13%
1-Year Treasury Bills .......... 4.49% 4.03% 3.04% 3.57%
30-Year Treasury Bonds ......... 7.98% 7.78% 7.67% 7.39%
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 Bonds ......... 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 Bonds ......... 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 Bonds ......... 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 Bonds ......... 6.73% 7.14% 6.47% 6.67%
Source: The Wall Street Journal
102
KELLER & COMPANY EXHIBIT 31
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
PLE Pinnacle Bancshares, Inc. AL AMSE 22.125 22.625 4.000 8.59 26.43 17.18 219.71 0.72
SRN Southern Banc Company, Inc AL AMSE 14.250 14.250 11.375 3.64 5.56 14.39 85.54 0.70
SCBS Southern Community Bancshares AL NASDAQ 13.250 13.750 13.000 1.92 NA 14.04 63.44 NA
SZB SouthFirst Bancshares, Inc. AL AMSE 13.750 16.000 10.625 5.77 6.80 15.81 113.04 0.50
FFBH First Federal Bancshares of AR AR NASDAQ 19.125 20.375 10.000 12.50 18.60 16.17 98.88 NA
FTF Texarkana First Financial Corp AR AMSE 17.000 17.000 10.000 3.03 21.43 14.33 89.16 3.45
AHM Ahmanson & Company (H.F.) CA NYSE 41.375 44.875 2.688 8.52 31.35 19.09 488.50 0.88
AFFFZ America First Financial Fund CA NASDAQ 32.625 34.500 14.500 4.40 13.48 28.00 367.53 1.60
BPLS Bank Plus Corp. CA NASDAQ 13.250 14.000 5.000 10.42 13.98 8.82 182.53 0.00
BVFS Bay View Capital Corp. CA NASDAQ 56.375 57.250 11.250 4.40 42.27 29.97 494.45 0.61
BYFC Broadway Financial Corp. CA NASDAQ 10.375 11.000 9.000 -1.19 12.16 14.12 131.35 NA
CFHC California Financial Holding CA NASDAQ 29.125 29.125 5.909 1.30 2.19 18.96 282.09 0.44
CENF CENFED Financial Corp. CA NASDAQ 33.750 34.500 5.000 12.50 13.92 22.12 423.87 0.34
CSA Coast Savings Financial CA NYSE 46.625 47.875 1.625 11.01 33.21 22.84 468.39 0.00
DSL Downey Financial Corp. CA NYSE 23.250 23.625 1.387 13.41 24.55 15.38 204.18 0.32
FSSB First FS&LA of San Bernardino CA NASDAQ 9.500 14.500 6.875 5.56 5.56 14.34 305.62 0.00
FED FirstFed Financial Corp. CA NYSE 26.375 27.375 1.125 21.26 16.57 18.48 393.53 0.00
GLN Glendale Federal Bank, FSB CA NYSE 26.125 589.500 5.250 3.47 26.67 15.04 303.73 0.00
GDW Golden West Financial CA NYSE 68.375 74.250 3.875 0.92 6.63 40.99 657.99 0.40
GWF Great Western Financial CA NYSE 44.000 46.875 3.950 38.04 46.06 17.63 310.96 0.98
HTHR Hawthorne Financial Corp. CA NASDAQ 11.000 35.500 2.250 18.92 44.26 12.25 318.47 0.00
HEMT HF Bancorp, Inc. CA NASDAQ 13.250 14.000 8.188 8.16 20.45 12.93 161.23 0.00
HBNK Highland Federal Bank FSB CA NASDAQ 22.625 24.000 11.000 2.84 31.63 15.18 213.29 0.00
MBBC Monterey Bay Bancorp, Inc. CA NASDAQ 17.750 18.250 8.750 4.41 19.33 15.19 131.27 0.05
PFFB PFF Bancorp, Inc. CA NASDAQ 16.188 16.250 10.375 10.69 16.67 14.14 127.26 NA
PROV Provident Financial Holdings CA NASDAQ 15.880 17.188 10.125 2.45 15.49 16.81 115.35 NA
QCBC Quaker City Bancorp, Inc. CA NASDAQ 19.125 20.500 7.500 6.25 14.18 17.88 201.59 0.00
REDF RedFed Bancorp Inc. CA NASDAQ 14.000 15.438 7.750 4.67 4.67 9.86 122.31 0.00
SGVB SGV Bancorp, Inc. CA NASDAQ 13.875 13.875 7.750 19.35 26.14 12.34 146.64 0.00
WES Westcorp CA NYSE 17.750 23.875 3.703 2.16 -23.24 12.23 128.29 0.39
FFBA First Colorado Bancorp, Inc. CO NASDAQ 17.125 17.750 3.189 1.48 0.74 11.91 83.26 NA
EGFC Eagle Financial Corp. CT NASDAQ 29.500 30.750 6.198 1.72 -1.67 23.16 320.92 0.92
FFES First Federal of East Hartford CT NASDAQ 25.750 26.250 4.000 3.00 8.99 22.91 364.99 0.60
NTMG Nutmeg Federal S&LA CT NASDAQ 7.375 8.000 4.645 5.36 -4.84 7.08 131.98 0.08
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
PLE Pinnacle Bancshares, Inc. AL AMSE 20.11 128.78 10.07 12.94
SRN Southern Banc Company, Inc AL AMSE 54.81 99.03 16.66 25.00
SCBS Southern Community Bancshares AL NASDAQ NA 94.37 20.89 NA
SZB SouthFirst Bancshares, Inc. AL AMSE NM 86.97 12.16 NM
FFBH First Federal Bancshares of AR AR NASDAQ NA 118.27 19.34 NA
FTF Texarkana First Financial Corp AR AMSE 13.28 118.63 19.07 10.76
AHM Ahmanson & Company (H.F.) CA NYSE 45.47 216.74 8.47 18.55
AFFFZ America First Financial Fund CA NASDAQ 7.28 116.52 8.88 5.96
BPLS Bank Plus Corp. CA NASDAQ NM 150.23 7.26 NM
BVFS Bay View Capital Corp. CA NASDAQ 35.68 188.10 11.40 19.24
BYFC Broadway Financial Corp. CA NASDAQ NA 73.48 7.90 NA
CFHC California Financial Holding CA NASDAQ 20.23 153.61 10.32 14.07
CENF CENFED Financial Corp. CA NASDAQ 15.55 152.58 7.96 10.45
CSA Coast Savings Financial CA NYSE 83.26 204.14 9.95 22.74
DSL Downey Financial Corp. CA NYSE 28.70 151.17 11.39 18.16
FSSB First FS&LA of San Bernardino CA NASDAQ NM 66.25 3.11 NM
FED FirstFed Financial Corp. CA NYSE 33.81 142.72 6.70 15.61
GLN Glendale Federal Bank, FSB CA NYSE 108.85 173.70 8.60 24.88
GDW Golden West Financial CA NYSE 24.08 166.81 10.39 9.03
GWF Great Western Financial CA NYSE 63.77 249.57 14.15 63.77
HTHR Hawthorne Financial Corp. CA NASDAQ 20.00 89.80 3.45 19.30
HEMT HF Bancorp, Inc. CA NASDAQ NM 102.47 8.22 44.17
HBNK Highland Federal Bank FSB CA NASDAQ 78.02 149.04 10.61 21.97
MBBC Monterey Bay Bancorp, Inc. CA NASDAQ 65.74 116.85 13.52 34.13
PFFB PFF Bancorp, Inc. CA NASDAQ NA 114.48 12.72 NA
PROV Provident Financial Holdings CA NASDAQ NA 94.47 13.77 NA
QCBC Quaker City Bancorp, Inc. CA NASDAQ 39.03 106.96 9.49 18.94
REDF RedFed Bancorp Inc. CA NASDAQ NM 141.99 11.45 NM
SGVB SGV Bancorp, Inc. CA NASDAQ 126.14 112.44 9.46 32.27
WES Westcorp CA NYSE 14.67 145.13 13.84 53.79
FFBA First Colorado Bancorp, Inc. CO NASDAQ NA 143.79 20.57 NA
EGFC Eagle Financial Corp. CT NASDAQ 10.17 127.37 9.19 16.03
FFES First Federal of East Hartford CT NASDAQ 17.05 112.40 7.05 11.10
NTMG Nutmeg Federal S&LA CT NASDAQ 28.37 104.17 5.59 22.35
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Monthe
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ ---------
WBST Webster Financial Corporation CT NASDAQ 39.375 41.000 3.864 1.94 5.88 24.79 494.24 0.68
IFSB Independence Federal Savings DC NASDAQ 9.000 10.250 0.250 -2.70 18.03 13.02 193.66 0.22
BANC BankAtlantic Bancorp, Inc. FL NASDAQ 16.500 17.125 0.223 14.78 26.92 9.49 147.45 0.14
BKUNA BankUnited Financial Corp. FL NASDAQ 10.000 12.750 2.320 5.26 8.11 7.59 168.05 0.00
FFFG F.F.O. Financial Group, Inc. FL NASDAQ 3.750 10.000 0.563 -6.25 25.00 2.23 36.90 0.00
FFLC FFLC Bancorp, Inc. FL NASDAQ 26.625 27.500 12.750 25.29 32.30 22.00 142.12 0.38
FFPB First Palm Beach Bancorp, Inc. FL NASDAQ 29.375 29.625 14.000 25.67 16.34 21.06 298.20 0.45
OCWN Ocwen Financial Corporation FL NASDAQ 34.250 34.750 20.250 5.38 15.13 7.61 92.87 0.00
CCFH CCF Holding Company GA NASDAQ 16.250 16.250 10.750 3.17 8.33 14.34 96.64 0.45
EBSI Eagle Bancshares GA NASDAQ 16.500 19.000 1.875 1.54 11.86 12.74 146.34 0.58
FSTC First Citizens Corporation GA NASDAQ 24.750 26.750 2.955 5.32 -1.98 15.18 162.02 0.43
FGHC First Georgia Holding, Inc. GA NASDAQ 7.500 7.500 0.815 7.14 40.63 3.94 49.32 0.05
FLFC First Liberty Financial Corp. GA NASDAQ 22.000 22.000 2.667 17.33 5.39 11.47 170.07 0.36
FLAG FLAG Financial Corp. GA NASDAQ 12.750 15.000 3.200 7.37 14.61 9.89 112.38 0.32
CASH First Midwest Financial, Inc. IA NASDAQ 17.000 17.500 8.833 3.03 3.03 15.08 127.70 0.31
GFSB GFS Bancorp, Inc. IA NASDAQ 22.250 22.250 11.000 4.71 7.23 20.12 175.39 0.38
HZFS Horizon Financial Svcs Corp. IA NASDAQ 17.000 17.750 10.375 -0.73 13.80 19.02 174.00 0.32
MFCX Marshalltown Financial Corp. IA NASDAQ 14.625 16.750 8.500 -0.85 -7.14 13.87 89.21 0.00
MIFC Mid-Iowa Financial Corp. IA NASDAQ 8.500 8.500 2.474 6.25 33.33 6.59 70.70 0.08
MWBI Midwest Bancshares, Inc. IA NASDAQ 26.750 28.500 11.750 -4.46 -0.93 27.48 390.48 0.56
FFFD North Central Bancshares, Inc. IA NASDAQ 15.500 15.625 8.071 5.08 18.10 14.36 59.22 NA
PMFI Perpetual Midwest Financial IA NASDAQ 20.250 22.000 10.000 6.58 6.58 17.60 203.71 0.30
SFFC StateFed Financial Corporation IA NASDAQ 18.380 19.750 10.500 6.55 8.12 18.78 105.69 0.40
ABCL Alliance Bancorp, Inc. IL NASDAQ 30.875 31.250 9.000 8.33 14.35 21.01 247.85 0.00
AVND Avondale Financial Corp. IL NASDAQ 18.000 18.500 11.500 5.49 5.11 17.22 168.94 0.00
BFFC Big Foot Financial Corp. IL NASDAQ 13.750 14.250 12.313 2.80 NA NA NA NA
CBCI Calumet Bancorp, Inc. IL NASDAQ 36.250 36.500 10.333 8.21 11.11 34.40 214.64 0.00
CBSB Charter Financial, Inc. IL NASDAQ 15.875 16.250 6.361 5.83 27.00 13.60 89.35 0.24
CNBA Chester Bancorp, Inc. IL NASDAQ 14.750 15.250 12.625 4.42 8.26 NA NA NA
CBK Citizens First Financial Corp. IL AMSE 15.500 15.500 9.500 10.71 12.73 14.31 92.86 NA
CSBF CSB Financial Group, Inc. IL NASDAQ 10.375 10.625 8.810 -2.35 3.75 12.69 50.46 0.00
DFIN Damen Financial Corp. IL NASDAQ 14.500 14.750 11.000 10.48 17.17 14.28 62.39 0.18
EGLB Eagle BancGroup, Inc. IL NASDAQ 15.875 16.250 10.500 4.52 16.51 17.00 132.54 NA
FBCI Fidelity Bancorp, Inc. IL NASDAQ 19.688 20.875 9.500 12.50 15.81 17.67 173.73 0.24
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
WBST Webster Financial Corporation CT NASDAQ 14.11 158.83 7.97 13.62
IFSB Independence Federal Savings DC NASDAQ 34.62 69.12 4.65 23.08
BANC BankAtlantic Bancorp, Inc. FL NASDAQ 17.19 173.87 11.19 17.37
BKUNA BankUnited Financial Corp. FL NASDAQ 66.67 131.75 5.95 22.22
FFFG F.F.O. Financial Group, Inc. FL NASDAQ 46.88 168.16 10.16 17.05
FFLC FFLC Bancorp, Inc. FL NASDAQ 31.32 121.02 18.73 20.96
FFPB First Palm Beach Bancorp, Inc. FL NASDAQ NM 139.48 9.85 112.98
OCWN Ocwen Financial Corporation FL NASDAQ 18.22 450.07 36.88 22.39
CCFH CCF Holding Company GA NASDAQ 46.43 113.32 16.81 27.08
EBSI Eagle Bancshares GA NASDAQ 19.19 129.51 11.28 14.35
FSTC First Citizens Corporation GA NASDAQ 9.71 163.04 15.28 9.82
FGHC First Georgia Holding, Inc. GA NASDAQ 30.00 190.36 15.21 18.29
FLFC First Liberty Financial Corp. GA NASDAQ 18.64 191.80 12.94 16.42
FLAG FLAG Financial Corp. GA NASDAQ NM 128.92 11.35 127.50
CASH First Midwest Financial, Inc. IA NASDAQ 18.09 112.73 13.31 12.32
GFSB GFS Bancorp, Inc. IA NASDAQ 14.26 110.59 12.69 11.65
HZFS Horizon Financial Svcs Corp. IA NASDAQ 62.96 89.38 9.77 30.91
MFCX Marshalltown Financial Corp. IA NASDAQ 91.41 105.44 16.39 34.82
MIFC Mid-Iowa Financial Corp. IA NASDAQ 15.18 128.98 12.02 NA
MWBI Midwest Bancshares, Inc. IA NASDAQ 15.92 97.34 6.85 10.02
FFFD North Central Bancshares, Inc. IA NASDAQ NA 107.94 26.17 NA
PMFI Perpetual Midwest Financial IA NASDAQ 144.64 115.06 9.94 38.94
SFFC StateFed Financial Corporation IA NASDAQ 18.38 97.87 17.39 14.47
ABCL Alliance Bancorp, Inc. IL NASDAQ 27.82 146.95 12.46 19.30
AVND Avondale Financial Corp. IL NASDAQ 15.93 104.53 10.65 NM
BFFC Big Foot Financial Corp. IL NASDAQ NA NA NA NA
CBCI Calumet Bancorp, Inc. IL NASDAQ 17.68 105.38 16.89 14.27
CBSB Charter Financial, Inc. IL NASDAQ 20.89 116.73 17.77 16.20
CNBA Chester Bancorp, Inc. IL NASDAQ NA NA NA NA
CBK Citizens First Financial Corp. IL AMSE NA 108.32 16.69 NA
CSBF CSB Financial Group, Inc. IL NASDAQ 41.50 81.76 20.56 29.64
DFIN Damen Financial Corp. IL NASDAQ 30.85 101.54 23.24 22.66
EGLB Eagle BancGroup, Inc. IL NASDAQ NA 93.38 11.98 NA
FBCI Fidelity Bancorp, Inc. IL NASDAQ 25.57 111.42 11.33 17.58
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
FFBI First Financial Bancorp, Inc. IL NASDAQ 16.500 16.500 9.000 3.13 6.45 16.60 214.77 0.00
FMBD First Mutual Bancorp, Inc. IL NASDAQ 15.625 16.000 11.125 -0.79 6.84 16.51 88.03 0.30
FFDP FirstFed Bancshares IL NASDAQ 17.880 18.250 8.000 -0.67 5.18 16.32 176.66 0.37
GTPS Great American Bancorp IL NASDAQ 16.500 16.500 11.875 5.18 11.86 18.05 63.52 0.48
HBEI Home Bancorp of Elgin, Inc. IL NASDAQ 14.750 15.250 11.813 1.72 14.56 14.25 50.84 NA
HMCI HomeCorp, Inc. IL NASDAQ 20.000 21.250 5.000 2.56 9.59 18.48 297.51 0.00
KNK Kankakee Bancorp, Inc. IL AMSE 27.375 27.875 13.625 10.05 10.61 25.79 247.82 0.40
MAFB MAF Bancorp, Inc. IL NASDAQ 40.500 40.750 2.727 14.89 14.89 23.89 307.94 0.34
NBSI North Bancshares, Inc. IL NASDAQ 18.500 18.500 11.000 8.03 17.46 16.80 111.04 0.40
PFED Park Bancorp, Inc. IL NASDAQ 15.375 16.000 10.188 7.42 28.79 15.38 65.42 NA
PSFI PS Financial, Inc. IL NASDAQ 13.750 14.000 11.625 5.77 17.64 NA NA NA
SWBI Southwest Bancshares IL NASDAQ 19.880 20.500 7.833 4.63 8.93 15.11 144.98 0.73
SPBC St. Paul Bancorp, Inc. IL NASDAQ 26.750 26.750 3.066 11.46 19.96 17.04 191.31 0.35
STND Standard Financial, Inc. IL NASDAQ 20.375 21.250 9.125 1.88 2.84 16.58 148.72 0.32
SFSB SuburbFed Financial Corp. IL NASDAQ 22.656 22.750 6.667 2.98 11.20 20.92 322.04 0.32
WCBI Westco Bancorp IL NASDAQ 21.500 22.250 7.667 6.17 0.00 18.63 121.15 0.50
FBCV 1ST Bancorp IN NASDAQ 30.250 32.653 3.990 1.68 4.14 30.66 373.19 0.38
AMFC AMB Financial Corp. IN NASDAQ 13.875 13.875 9.750 4.47 11.00 14.40 74.32 NA
ASBI Ameriana Bancorp IN NASDAQ 16.250 16.375 2.750 3.17 3.17 13.35 120.55 0.57
ATSB AmTrust Capital Corp. IN NASDAQ 11.500 11.875 7.750 3.37 8.24 13.88 135.88 0.00
CBCO CB Bancorp, Inc. IN NASDAQ 32.750 33.000 7.125 17.49 36.46 17.21 194.92 0.00
CBIN Community Bank Shares IN NASDAQ 13.750 14.750 12.000 -3.51 10.55 12.84 118.26 0.33
FFWC FFW Corp. IN NASDAQ 25.375 25.375 12.500 12.78 20.83 22.96 225.34 0.57
FFED Fidelity Federal Bancorp IN NASDAQ 10.000 14.773 1.534 14.29 -2.44 5.06 104.53 0.83
FISB First Indiana Corporation IN NASDAQ 28.250 30.375 1.797 -5.04 8.65 16.70 180.22 0.56
HFGI Harrington Financial Group IN NASDAQ 10.500 11.000 9.750 2.44 3.70 7.31 161.93 0.00
HBFW Home Bancorp IN NASDAQ 19.750 19.750 12.500 3.95 5.33 17.15 122.58 0.15
HBBI Home Building Bancorp IN NASDAQ 21.000 21.250 10.000 13.51 16.67 19.07 142.99 0.30
HOMF Home Federal Bancorp IN NASDAQ 27.250 28.000 2.148 2.83 19.34 16.09 194.06 0.35
HWEN Home Financial Bancorp IN NASDAQ 14.875 14.875 9.875 8.18 13.33 15.53 77.15 NA
INCB Indiana Community Bank, SB IN NASDAQ 17.500 17.500 11.000 2.94 7.69 12.10 98.37 3.35
IFSL Indiana Federal Corporation IN NASDAQ 27.250 27.250 4.000 11.22 25.29 14.76 170.80 0.81
LOGN Logansport Financial Corp. IN NASDAQ 13.500 14.750 11.125 11.34 14.89 12.28 61.82 3.40
MARN Marion Capital Holdings IN NASDAQ 22.000 22.000 14.250 7.32 2.33 21.68 95.34 0.78
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
FFBI First Financial Bancorp, Inc. IL NASDAQ 75.00 99.40 7.68 23.24
FMBD First Mutual Bancorp, Inc. IL NASDAQ 55.80 94.64 17.75 33.97
FFDP FirstFed Bancshares IL NASDAQ 40.64 109.56 10.12 33.74
GTPS Great American Bancorp IL NASDAQ 78.57 91.41 25.98 43.42
HBEI Home Bancorp of Elgin, Inc. IL NASDAQ NA 103.51 29.01 NA
HMCI HomeCorp, Inc. IL NASDAQ 66.67 108.23 6.72 22.22
KNK Kankakee Bancorp, Inc. IL AMSE 23.20 106.15 11.05 17.33
MAFB MAF Bancorp, Inc. IL NASDAQ 18.16 169.53 13.15 13.37
NBSI North Bancshares, Inc. IL NASDAQ 42.05 110.12 16.66 27.61
PFED Park Bancorp, Inc. IL NASDAQ NA 99.97 23.50 NA
PSFI PS Financial, Inc. IL NASDAQ NA NA NA NA
SWBI Southwest Bancshares IL NASDAQ 21.85 131.57 13.71 15.41
SPBC St. Paul Bancorp, Inc. IL NASDAQ 24.54 156.98 13.98 16.61
STND Standard Financial, Inc. IL NASDAQ 27.17 122.89 13.70 19.98
SFSB SuburbFed Financial Corp. IL NASDAQ 28.32 108.30 7.04 15.84
WCBI Westco Bancorp IL NASDAQ 18.53 115.41 17.75 14.24
FBCV 1ST Bancorp IN NASDAQ 48.02 98.66 8.11 NM
AMFC AMB Financial Corp. IN NASDAQ NA 96.35 18.67 NA
ASBI Ameriana Bancorp IN NASDAQ 22.57 121.72 13.48 15.48
ATSB AmTrust Capital Corp. IN NASDAQ 26.14 82.85 8.46 44.23
CBCO CB Bancorp, Inc. IN NASDAQ 19.97 190.30 16.80 17.06
CBIN Community Bank Shares IN NASDAQ 20.83 107.09 11.63 13.89
FFWC FFW Corp. IN NASDAQ 13.72 110.52 11.26 11.13
FFED Fidelity Federal Bancorp IN NASDAQ 66.67 197.63 9.57 35.71
FISB First Indiana Corporation IN NASDAQ 17.77 169.16 15.68 15.78
HFGI Harrington Financial Group IN NASDAQ 19.09 143.64 6.48 14.58
HBFW Home Bancorp IN NASDAQ 32.38 115.16 16.11 19.36
HBBI Home Building Bancorp IN NASDAQ NM 110.12 14.69 NM
HOMF Home Federal Bancorp IN NASDAQ 14.89 169.36 14.04 13.04
HWEN Home Financial Bancorp IN NASDAQ NA 95.78 19.28 NA
INCB Indiana Community Bank, SB IN NASDAQ 125.00 144.63 17.79 37.23
IFSL Indiana Federal Corporation IN NASDAQ 25.71 184.62 15.95 18.17
LOGN Logansport Financial Corp. IN NASDAQ 19.57 109.93 21.84 15.52
MARN Marion Capital Holdings IN NASDAQ 21.15 101.48 23.08 16.92
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
MFBC MFB Corp. IN NASDAQ 19.234 19.250 10.500 6.86 14.83 19.43 126.24 0.14
NEIB Northeast Indiana Bancorp IN NASDAQ 14.250 15.250 11.250 4.59 5.56 14.29 81.92 0.30
PFDC Peoples Bancorp IN NASDAQ 23.000 23.000 5.375 15.72 16.46 18.63 121.47 0.58
PERM Permanent Bancorp, Inc. IN NASDAQ 22.500 22.500 9.750 4.65 16.88 19.24 198.27 0.25
RIVR River Valley Bancorp IN NASDAQ 15.250 15.500 13.250 7.02 NA NA NA NA
SOBI Sobieski Bancorp, Inc. IN NASDAQ 14.000 16.000 10.000 -3.45 -5.08 17.05 89.52 0.00
FFSL First Independence Corp. KS NASDAQ 12.250 12.250 5.438 13.95 24.83 11.33 102.96 0.20
LARK Landmark Bancshares, Inc. KS NASDAQ 18.750 19.000 9.750 4.17 13.64 17.82 120.90 0.40
MCBS Mid Continent Bancshares Inc. KS NASDAQ 25.000 27.000 9.750 -4.76 9.89 19.37 176.29 0.40
CKFB CKF Bancorp, Inc. KY NASDAQ 18.750 20.750 11.375 -2.60 -5.06 17.02 64.75 0.42
CLAS Classic Bancshares, Inc. KY NASDAQ 13.750 13.875 10.375 3.77 15.79 14.48 97.06 0.13
FFKY First Federal Financial Corp. KY NASDAQ 20.000 22.000 3.063 5.26 6.67 11.95 87.77 0.48
FLKY First Lancaster Bancshares KY NASDAQ 16.000 16.250 13.125 5.79 0.00 14.28 38.44 NA
FTSB Fort Thomas Financial Corp. KY NASDAQ 11.750 17.750 11.250 -16.81 -18.97 9.97 57.89 4.25
FKKY Frankfort First Bancorp, Inc. KY NASDAQ 10.500 15.875 9.750 3.70 -6.67 9.83 37.76 4.36
GWBC Gateway Bancorp, Inc. KY NASDAQ 14.375 16.250 11.000 0.88 -0.86 15.83 61.76 0.40
GTFN Great Financial Corporation KY NASDAQ 32.125 34.750 13.875 -1.15 8.44 19.87 205.23 0.46
HFFB Harrodsburg First Fin Bancorp KY NASDAQ 15.750 19.000 12.375 -4.55 -14.86 15.31 52.73 0.55
KYF Kentucky First Bancorp, Inc. KY AMSE 11.875 15.250 10.750 3.26 5.56 10.85 63.28 3.50
SFNB Security First Network Bank KY NASDAQ 9.500 41.500 9.000 -19.15 -17.39 5.98 13.62 NA
ANA Acadiana Bancshares, Inc. LA AMSE 17.500 17.625 11.690 7.69 20.69 17.03 97.05 NA
CZF CitiSave Financial Corp LA AMSE 13.750 16.500 12.750 -2.65 3.77 12.61 78.61 2.30
ISBF ISB Financial Corporation LA NASDAQ 25.125 25.250 12.938 21.82 40.56 17.09 97.26 0.32
MERI Meritrust Federal SB LA NASDAQ 35.500 35.500 13.500 7.58 12.70 22.64 292.69 0.63
TSH Teche Holding Co. LA AMSE 15.000 16.125 11.375 -6.25 11.11 15.02 113.15 0.50
AFCB Affiliated Community Bancorp MA NASDAQ 25.125 26.375 16.060 2.55 11.05 20.05 200.46 0.51
BFD BostonFed Bancorp, Inc. MA AMSE 16.500 16.500 10.000 3.94 9.09 14.75 131.07 0.15
FAB FirstFed America Bancorp, Inc. MA AMSE 14.625 15.125 13.625 0.00 NA NA NA NA
ANBK American National Bancorp MD NASDAQ 13.000 13.250 4.639 0.97 8.33 12.93 135.04 0.03
EQSB Equitable Federal Savings Bank MD NASDAQ 32.750 33.000 11.250 6.50 23.58 23.88 477.73 0.00
FCIT First Citizens Financial Corp. MD NASDAQ 22.000 22.750 0.375 11.22 18.92 14.17 233.91 0.00
FFWM First Financial-W. Maryland MD NASDAQ 32.500 33.250 7.167 -2.26 2.36 19.44 166.45 0.48
HRBF Harbor Federal Bancorp, Inc. MD NASDAQ 17.125 18.250 9.750 -1.44 9.60 16.08 124.70 0.40
MFSL Maryland Federal Bancorp MD NASDAQ 37.500 38.250 4.329 8.30 13.64 29.48 360.81 0.63
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
MFBC MFB Corp. IN NASDAQ 33.16 98.99 15.24 21.61
NEIB Northeast Indiana Bancorp IN NASDAQ 19.26 99.72 17.40 15.83
PFDC Peoples Bancorp IN NASDAQ 17.16 123.46 18.93 12.64
PERM Permanent Bancorp, Inc. IN NASDAQ 51.14 116.94 11.35 23.44
RIVR River Valley Bancorp IN NASDAQ NA NA NA NA
SOBI Sobieski Bancorp, Inc. IN NASDAQ 70.00 82.11 15.64 29.17
FFSL First Independence Corp. KS NASDAQ 23.11 108.12 11.90 15.51
LARK Landmark Bancshares, Inc. KS NASDAQ 21.80 105.22 15.51 17.05
MCBS Mid Continent Bancshares Inc. KS NASDAQ 14.97 129.07 14.18 12.44
CKFB CKF Bancorp, Inc. KY NASDAQ 22.59 110.16 28.96 22.87
CLAS Classic Bancshares, Inc. KY NASDAQ 42.97 94.96 14.17 25.94
FFKY First Federal Financial Corp. KY NASDAQ 19.42 167.36 22.79 16.53
FLKY First Lancaster Bancshares KY NASDAQ NA 112.04 41.62 NA
FTSB Fort Thomas Financial Corp. KY NASDAQ 39.17 117.85 20.30 24.48
FKKY Frankfort First Bancorp, Inc. KY NASDAQ 37.50 106.82 27.81 26.92
GWBC Gateway Bancorp, Inc. KY NASDAQ 29.95 90.81 23.28 21.14
GTFN Great Financial Corporation KY NASDAQ 23.62 161.68 15.65 24.15
HFFB Harrodsburg First Fin Bancorp KY NASDAQ 28.64 102.87 29.87 22.18
KYF Kentucky First Bancorp, Inc. KY AMSE 20.83 109.45 18.77 16.49
SFNB Security First Network Bank KY NASDAQ NM 158.86 69.75 NM
ANA Acadiana Bancshares, Inc. LA AMSE NA 102.76 18.03 NA
CZF CitiSave Financial Corp LA AMSE 20.22 109.04 17.49 15.63
ISBF ISB Financial Corporation LA NASDAQ 33.50 147.02 25.83 24.39
MERI Meritrust Federal SB LA NASDAQ 22.76 156.80 12.13 13.98
TSH Teche Holding Co. LA AMSE 21.74 99.87 13.26 14.15
AFCB Affiliated Community Bancorp MA NASDAQ 15.32 125.31 12.53 13.22
BFD BostonFed Bancorp, Inc. MA AMSE 34.38 111.86 12.59 23.91
FAB FirstFed America Bancorp, Inc. MA AMSE NA NA NA NA
ANBK American National Bancorp MD NASDAQ 76.47 100.54 9.63 19.70
EQSB Equitable Federal Savings Bank MD NASDAQ 18.50 137.14 6.86 10.81
FCIT First Citizens Financial Corp. MD NASDAQ 22.22 155.26 9.41 15.83
FFWM First Financial-W. Maryland MD NASDAQ 21.96 167.18 19.53 16.33
HRBF Harbor Federal Bancorp, Inc. MD NASDAQ 42.81 106.50 13.73 23.46
MFSL Maryland Federal Bancorp MD NASDAQ 20.49 127.20 10.39 13.49
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
WSB Washington Savings Bank, FSB MD AMSE 5.125 6.917 0.281 -4.65 3.79 4.98 60.44 0.15
WHGB WHG Bancshares Corp. MD NASDAQ 13.625 14.250 10.875 -1.80 3.31 13.90 59.17 NA
MCBN Mid-Coast Bancorp, Inc. ME NASDAQ 19.000 20.250 8.095 0.00 1.33 21.61 251.28 0.51
BWFC Bank West Financial Corp. MI NASDAQ 11.750 12.250 8.500 4.44 4.44 12.47 78.70 0.28
CFSB CFSB Bancorp, Inc. MI NASDAQ 20.380 21.818 3.169 -0.59 7.26 13.27 176.33 0.45
DNFC D & N Financial Corp. MI NASDAQ 18.125 18.875 2.500 2.11 18.85 10.20 176.45 0.00
MSBF MSB Financial, Inc. MI NASDAQ 21.000 21.750 10.750 0.00 13.51 19.60 102.69 0.48
MSBK Mutual Savings Bank, FSB MI NASDAQ 7.000 25.500 3.000 16.67 16.67 9.47 155.51 0.00
OFCP Ottawa Financial Corp. MI NASDAQ 19.750 19.750 10.250 17.04 19.70 14.55 159.73 0.33
SJSB SJS Bancorp MI NASDAQ 25.500 25.875 10.810 2.51 0.99 17.56 164.96 0.42
SFB Standard Federal Bancorp MI NYSE 57.625 58.000 4.750 0.44 2.44 29.91 489.24 0.78
THR Three Rivers Financial Corp. MI AMSE 15.125 15.250 11.375 7.08 8.04 15.04 104.87 0.32
BDJI First Federal Bancorporation MN NASDAQ 18.500 19.250 10.625 2.78 2.78 17.80 156.63 0.00
FFHH FSF Financial Corp. MN NASDAQ 17.125 17.250 7.750 5.38 20.18 15.81 112.18 0.50
HMNF HMN Financial, Inc. MN NASDAQ 23.500 23.750 9.313 26.17 29.66 18.52 125.10 0.00
MIVI Mississippi View Holding Co. MN NASDAQ 14.875 14.875 8.500 9.17 16.67 15.25 82.28 0.24
QCFB QCF Bancorp, Inc. MN NASDAQ 18.750 19.500 11.000 4.17 10.29 18.34 104.00 0.00
TCB TCF Financial Corp. MN NYSE 44.625 47.125 2.813 3.48 3.48 15.81 204.01 0.72
WEFC Wells Financial Corp. MN NASDAQ 15.000 16.000 9.000 7.14 16.50 13.57 96.88 0.00
CMRN Cameron Financial Corp MO NASDAQ 16.500 16.625 10.688 6.45 6.45 16.65 67.34 0.28
CAPS Capital Savings Bancorp, Inc. MO NASDAQ 14.000 14.750 6.125 0.00 6.67 10.54 124.58 0.20
CBES CBES Bancorp, Inc. MO NASDAQ 17.250 17.500 12.625 11.29 23.21 16.90 89.44 NA
CNSB CNS Bancorp, Inc. MO NASDAQ 17.500 17.500 11.000 12.90 22.81 14.60 59.82 NA
FBSI First Bancshares, Inc. MO NASDAQ 19.250 20.750 10.250 0.00 16.67 19.38 131.38 0.20
FTNB Fulton Bancorp, Inc. MO NASDAQ 18.375 18.500 12.500 14.84 26.72 14.36 57.85 NA
GSBC Great Southern Bancorp, Inc. MO NASDAQ 17.250 18.000 1.146 0.73 2.22 7.36 81.88 0.38
HFSA Hardin Bancorp, Inc. MO NASDAQ 14.375 14.375 11.000 3.60 15.00 14.99 101.60 0.40
JSBA Jefferson Savings Bancorp MO NASDAQ 28.375 30.750 13.250 1.34 24.73 21.59 269.82 0.24
JOAC Joachim Bancorp, Inc. MO NASDAQ 14.000 15.250 11.500 -4.27 -3.45 14.07 46.17 0.50
LXMO Lexington B&L Financial Corp. MO NASDAQ 14.375 14.750 9.500 0.88 12.75 15.03 48.74 NA
MBLF MBLA Financial Corp. MO NASDAQ 20.125 26.000 12.750 0.63 0.63 21.23 156.03 0.40
NASB North American Savings Bank MO NASDAQ 38.690 39.500 2.500 -1.43 24.81 22.60 314.15 0.59
NSLB NS&L Bancorp, Inc. MO NASDAQ 16.188 16.500 11.750 5.29 15.63 16.16 76.93 0.50
PCBC Perry County Financial Corp. MO NASDAQ 19.000 21.500 12.375 9.35 10.14 18.33 97.21 0.30
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
WSB Washington Savings Bank, FSB MD AMSE 18.98 102.91 8.48 10.68
WHGB WHG Bancshares Corp. MD NASDAQ NA 98.02 23.03 NA
MCBN Mid-Coast Bancorp, Inc. ME NASDAQ 20.43 87.92 7.56 12.67
BWFC Bank West Financial Corp. MI NASDAQ 21.36 94.23 14.93 23.50
CFSB CFSB Bancorp, Inc. MI NASDAQ 18.70 153.58 11.56 13.59
DNFC D & N Financial Corp. MI NASDAQ 16.63 177.70 10.27 12.76
MSBF MSB Financial, Inc. MI NASDAQ 16.94 107.14 20.45 13.38
MSBK Mutual Savings Bank, FSB MI NASDAQ NM 73.92 4.50 NM
OFCP Ottawa Financial Corp. MI NASDAQ 42.02 135.74 12.36 20.57
SJSB SJS Bancorp MI NASDAQ 102.00 145.22 15.46 33.55
SFB Standard Federal Bancorp MI NYSE 34.10 192.66 11.78 14.55
THR Three Rivers Financial Corp. MI AMSE 27.01 100.57 14.42 17.59
BDJI First Federal Bancorporation MN NASDAQ 39.36 103.93 11.81 18.50
FFHH FSF Financial Corp. MN NASDAQ 28.07 108.32 15.27 21.41
HMNF HMN Financial, Inc. MN NASDAQ 24.48 126.89 18.78 20.61
MIVI Mississippi View Holding Co. MN NASDAQ 26.56 97.54 18.08 17.92
QCFB QCF Bancorp, Inc. MN NASDAQ 15.89 102.24 18.03 12.42
TCB TCF Financial Corp. MN NYSE 18.59 282.26 21.87 15.99
WEFC Wells Financial Corp. MN NASDAQ 25.00 110.54 15.48 15.63
CMRN Cameron Financial Corp MO NASDAQ 21.43 99.10 24.50 17.01
CAPS Capital Savings Bancorp, Inc. MO NASDAQ 20.00 132.83 11.24 13.33
CBES CBES Bancorp, Inc. MO NASDAQ NA 102.07 19.29 NA
CNSB CNS Bancorp, Inc. MO NASDAQ NA 119.86 29.25 NA
FBSI First Bancshares, Inc. MO NASDAQ 18.69 99.33 14.65 14.69
FTNB Fulton Bancorp, Inc. MO NASDAQ NA 127.96 31.76 NA
GSBC Great Southern Bancorp, Inc. MO NASDAQ 16.43 234.38 21.07 14.50
HFSA Hardin Bancorp, Inc. MO NASDAQ 31.94 95.90 14.15 18.91
JSBA Jefferson Savings Bancorp MO NASDAQ 43.65 131.43 10.52 16.50
JOAC Joachim Bancorp, Inc. MO NASDAQ 56.00 99.50 30.32 35.90
LXMO Lexington B&L Financial Corp. MO NASDAQ NA 95.64 29.49 NA
MBLF MBLA Financial Corp. MO NASDAQ 20.75 94.80 12.90 16.23
NASB North American Savings Bank MO NASDAQ 11.41 171.19 12.32 11.02
NSLB NS&L Bancorp, Inc. MO NASDAQ 41.51 100.17 21.04 31.13
PCBC Perry County Financial Corp. MO NASDAQ 26.76 103.66 19.55 15.70
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
RFED Roosevelt Financial Group MO NASDAQ 22.750 23.250 2.167 5.20 22.97 10.15 176.46 0.62
SMFC Sho-Me Financial Corp. MO NASDAQ 29.500 29.500 9.375 7.27 35.63 20.66 204.99 0.00
SMBC Southern Missouri Bancorp, Inc MO NASDAQ 16.000 17.500 8.875 3.23 14.29 15.76 97.48 0.50
CFTP Community Federal Bancorp MS NASDAQ 20.000 20.000 12.250 14.29 17.65 16.09 48.11 NA
FFBS FFBS BanCorp, Inc. MS NASDAQ 22.000 24.250 12.000 -4.86 -4.35 16.68 81.20 0.50
MGNL Magna Bancorp, Inc. MS NASDAQ 18.500 22.500 0.844 0.00 0.00 9.48 97.66 0.45
EFBC Empire Federal Bancorp, Inc. MT NASDAQ 13.750 14.438 13.000 2.80 NA NA NA NA
GBCI Glacier Bancorp, Inc. MT NASDAQ 24.500 25.250 1.495 0.00 4.26 11.54 122.11 0.61
UBMT United Financial Corp. MT NASDAQ 19.500 22.500 5.625 -1.27 1.96 19.89 88.24 0.87
WSTR WesterFed Financial Corp. MT NASDAQ 20.875 21.750 11.375 14.38 13.61 18.08 128.18 0.40
CFNC Carolina Fincorp, Inc. NC NASDAQ 15.125 15.250 13.000 13.08 16.35 14.06 57.88 NA
CENB Century Bancorp, Inc. NC NASDAQ 71.000 71.000 62.000 10.08 NA 72.50 240.87 NA
COOP Cooperative Bankshares, Inc. NC NASDAQ 20.500 22.500 3.467 2.50 -1.80 17.07 228.80 0.00
SOPN First Savings Bancorp, Inc. NC NASDAQ 20.000 21.000 13.500 3.23 8.11 18.03 72.08 0.74
GSFC Green Street Financial Corp. NC NASDAQ 17.875 18.875 12.125 5.15 10.85 14.54 40.99 NA
HFNC HFNC Financial Corp. NC NASDAQ 21.625 21.750 13.125 16.89 25.36 14.62 52.44 0.12
KSAV KS Bancorp, Inc. NC NASDAQ 21.500 22.000 11.625 8.86 2.99 20.69 152.04 1.20
MBSP Mitchell Bancorp, Inc. NC NASDAQ 15.375 15.375 10.190 6.03 16.04 15.20 34.90 NA
PDB Piedmont Bancorp, Inc. NC AMSE 10.625 19.125 9.250 -2.30 -40.97 7.14 45.47 7.44
SSB Scotland Bancorp, Inc NC AMSE 16.500 16.500 11.625 11.86 16.81 13.64 36.99 NA
SSFC South Street Financial Corp. NC NASDAQ 16.500 17.000 12.125 16.81 17.86 13.53 50.82 NA
SSM Stone Street Bancorp, Inc. NC AMSE 27.130 27.250 16.250 20.58 35.65 20.49 58.28 NA
UFRM United Federal Savings Bank NC NASDAQ 8.250 8.750 1.750 -5.71 -1.49 6.44 86.00 0.19
CFB Commercial Federal Corporation NE NYSE 36.125 37.750 1.083 5.86 18.77 18.37 319.59 0.27
EBCP Eastern Bancorp NH NASDAQ 25.000 26.000 3.000 -1.96 12.36 17.64 235.89 0.52
NHTB New Hampshire Thrift Bncshrs NH NASDAQ 12.125 13.375 1.750 3.19 -3.00 11.31 155.47 0.50
FBER 1st Bergen Bancorp NJ NASDAQ 14.500 14.625 9.000 9.43 19.59 13.68 81.94 NA
COFD Collective Bancorp, Inc. NJ NASDAQ 41.375 42.000 1.351 18.21 20.80 18.45 271.88 0.95
FSPG First Home Bancorp, Inc. NJ NASDAQ 18.875 18.875 1.898 13.11 32.46 12.05 184.02 0.37
FMCO FMS Financial Corporation NJ NASDAQ 19.750 20.500 1.500 -1.25 15.33 14.14 226.40 0.20
IBSF IBS Financial Corp. NJ NASDAQ 17.500 17.875 8.409 6.06 14.75 13.23 75.77 0.51
LVSB Lakeview Financial NJ NASDAQ 33.250 33.250 7.335 2.31 37.11 19.77 195.07 0.23
LFBI Little Falls Bancorp, Inc. NJ NASDAQ 13.750 14.000 9.500 0.00 6.80 14.45 97.11 NA
OCFC Ocean Financial Corp. NJ NASDAQ 30.250 30.875 19.625 3.42 14.69 27.90 143.93 NA
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
RFED Roosevelt Financial Group MO NASDAQ 175.00 224.14 12.89 13.15
SMFC Sho-Me Financial Corp. MO NASDAQ 21.85 142.79 14.39 17.77
SMBC Southern Missouri Bancorp, Inc MO NASDAQ 21.33 101.52 16.41 15.69
CFTP Community Federal Bancorp MS NASDAQ NA 124.30 41.57 NA
FFBS FFBS BanCorp, Inc. MS NASDAQ 24.18 131.89 27.09 18.80
MGNL Magna Bancorp, Inc. MS NASDAQ 14.68 195.15 18.94 11.94
EFBC Empire Federal Bancorp, Inc. MT NASDAQ NA NA NA NA
GBCI Glacier Bancorp, Inc. MT NASDAQ 15.12 212.31 20.06 13.46
UBMT United Financial Corp. MT NASDAQ 18.40 98.04 22.10 15.23
WSTR WesterFed Financial Corp. MT NASDAQ 25.77 115.46 16.29 18.81
CFNC Carolina Fincorp, Inc. NC NASDAQ NA 107.57 26.13 NA
CENB Century Bancorp, Inc. NC NASDAQ NA 97.93 29.48 NA
COOP Cooperative Bankshares, Inc. NC NASDAQ NM 120.09 8.96 NM
SOPN First Savings Bancorp, Inc. NC NASDAQ 22.47 110.93 27.75 18.35
GSFC Green Street Financial Corp. NC NASDAQ NA 122.94 43.61 NA
HFNC HFNC Financial Corp. NC NASDAQ 37.28 147.91 41.24 30.46
KSAV KS Bancorp, Inc. NC NASDAQ 18.07 103.91 14.14 13.52
MBSP Mitchell Bancorp, Inc. NC NASDAQ NA 101.15 44.05 NA
PDB Piedmont Bancorp, Inc. NC AMSE NM 148.81 23.37 23.61
SSB Scotland Bancorp, Inc NC AMSE NA 120.97 44.61 NA
SSFC South Street Financial Corp. NC NASDAQ NA 121.95 32.47 NA
SSM Stone Street Bancorp, Inc. NC AMSE NA 132.41 46.55 NA
UFRM United Federal Savings Bank NC NASDAQ 37.50 128.11 9.59 20.12
CFB Commercial Federal Corporation NE NYSE 18.82 196.65 11.30 13.23
EBCP Eastern Bancorp NH NASDAQ 30.12 141.72 10.60 20.66
NHTB New Hampshire Thrift Bncshrs NH NASDAQ 20.21 107.21 7.80 13.62
FBER 1st Bergen Bancorp NJ NASDAQ NA 105.99 17.70 NA
COFD Collective Bancorp, Inc. NJ NASDAQ 17.76 224.25 15.22 14.47
FSPG First Home Bancorp, Inc. NJ NASDAQ 11.95 156.64 10.26 10.79
FMCO FMS Financial Corporation NJ NASDAQ 16.46 139.67 8.72 10.45
IBSF IBS Financial Corp. NJ NASDAQ 41.67 132.28 23.10 25.00
LVSB Lakeview Financial NJ NASDAQ 12.89 168.18 17.05 20.52
LFBI Little Falls Bancorp, Inc. NJ NASDAQ NA 95.16 14.16 NA
OCFC Ocean Financial Corp. NJ NASDAQ NA 108.42 21.02 NA
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
PBCI Pamrapo Bancorp, Inc. NJ NASDAQ 20.125 26.125 2.563 1.26 2.55 16.95 114.99 0.90
PFSB PennFed Financial Services,Inc NJ NASDAQ 25.000 25.250 9.063 10.50 21.95 20.69 251.76 0.07
PULS Pulse Bancorp NJ NASDAQ 18.000 18.750 4.000 5.88 14.29 12.99 167.11 0.70
SFIN Statewide Financial Corp. NJ NASDAQ 16.875 17.500 11.250 8.43 23.85 13.09 132.56 NA
WYNE Wayne Bancorp, Inc. NJ NASDAQ 17.125 18.000 10.750 -1.44 20.18 16.10 107.38 NA
WWFC Westwood Financial Corporation NJ NASDAQ 19.500 19.500 10.250 20.00 27.87 15.06 162.52 NA
AABC Access Anytime Bancorp, Inc. NM NASDAQ 5.250 10.417 1.750 0.00 -12.50 6.82 148.75 0.00
GUPB GFSB Bancorp, Inc. NM NASDAQ 16.250 16.250 12.875 3.17 6.56 16.14 90.73 0.75
AFED AFSALA Bancorp, Inc. NY NASDAQ 13.250 13.500 11.313 3.92 12.77 15.53 103.00 NA
ALBK ALBANK Financial Corporation NY NASDAQ 36.375 37.000 9.167 16.40 13.23 24.72 271.57 0.51
ALBC Albion Banc Corp. NY NASDAQ 16.750 18.750 10.500 0.00 -3.60 23.06 239.39 0.31
ASFC Astoria Financial Corporation NY NASDAQ 42.000 43.125 12.688 6.67 14.68 27.42 338.70 0.43
BFSI BFS Bankorp, Inc. NY NASDAQ 51.000 55.000 2.500 0.00 0.00 31.49 392.29 0.00
CARV Carver Bancorp, Inc. NY NASDAQ 9.875 10.750 6.250 -3.66 25.40 15.08 160.80 0.00
FIBC Financial Bancorp, Inc. NY NASDAQ 17.940 18.500 8.500 0.36 23.72 14.74 148.26 0.30
HAVN Haven Bancorp, Inc. NY NASDAQ 33.000 34.250 10.000 12.34 17.33 22.98 366.10 0.55
LISB Long Island Bancorp, Inc. NY NASDAQ 37.250 39.250 12.090 -4.49 18.73 21.49 235.48 0.45
NYB New York Bancorp Inc. NY NYSE 32.125 33.500 1.617 25.37 40.70 9.60 188.42 0.55
PEEK Peekskill Financial Corp. NY NASDAQ 14.875 15.250 11.125 10.19 8.18 14.48 55.51 0.27
PKPS Poughkeepsie Savings Bank, FSB NY NASDAQ 6.063 26.750 0.875 5.44 15.49 5.69 68.19 0.10
RELY Reliance Bancorp, Inc. NY NASDAQ 21.875 22.375 8.875 3.55 17.45 17.62 212.83 0.52
SFED SFS Bancorp, Inc. NY NASDAQ 17.125 17.375 11.000 5.38 12.30 16.56 129.87 0.06
TPNZ Tappan Zee Financial, Inc. NY NASDAQ 14.500 15.125 11.250 -1.69 5.45 13.81 75.84 0.20
YFCB Yonkers Financial Corporation NY NASDAQ 13.250 14.125 9.310 -6.19 7.07 13.74 82.63 NA
ASBP ASB Financial Corp. OH NASDAQ 11.500 18.250 11.375 -5.15 -36.99 10.84 64.96 5.38
CAFI Camco Financial Corp. OH NASDAQ 16.000 19.286 12.245 0.00 -3.03 14.70 153.27 0.45
COFI Charter One Financial OH NASDAQ 46.625 49.500 3.281 -1.32 10.03 20.00 299.39 0.86
CTZN CitFed Bancorp, Inc. OH NASDAQ 34.250 37.250 6.167 2.24 18.10 21.54 339.94 0.23
CIBI Community Investors Bancorp OH NASDAQ 17.500 18.250 10.750 5.26 1.45 17.24 151.34 0.28
DCBI Delphos Citizens Bancorp, Inc. OH NASDAQ 13.750 14.250 11.750 1.85 12.24 14.68 52.29 NA
EFBI Enterprise Federal Bancorp OH NASDAQ 15.125 18.000 11.250 2.54 -0.82 15.41 121.63 1.00
FFDF FFD Financial Corp. OH NASDAQ 13.500 14.000 10.000 2.86 0.00 14.71 59.23 NA
FFYF FFY Financial Corp. OH NASDAQ 25.125 25.875 12.250 -0.50 -1.95 19.30 134.83 0.63
FFOH Fidelity Financial of Ohio OH NASDAQ 12.250 13.000 3.112 -1.01 10.11 11.93 89.37 NA
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
PBCI Pamrapo Bancorp, Inc. NJ NASDAQ 22.36 118.73 17.50 14.91
PFSB PennFed Financial Services,Inc NJ NASDAQ 20.66 120.83 9.93 13.23
PULS Pulse Bancorp NJ NASDAQ 18.95 138.57 10.77 11.92
SFIN Statewide Financial Corp. NJ NASDAQ NA 128.92 12.73 NA
WYNE Wayne Bancorp, Inc. NJ NASDAQ NA 106.37 15.95 NA
WWFC Westwood Financial Corporation NJ NASDAQ NA 129.48 12.00 NA
AABC Access Anytime Bancorp, Inc. NM NASDAQ NM 76.98 3.53 NM
GUPB GFSB Bancorp, Inc. NM NASDAQ 25.39 100.68 17.91 20.06
AFED AFSALA Bancorp, Inc. NY NASDAQ NA 85.32 12.86 NA
ALBK ALBANK Financial Corporation NY NASDAQ 19.88 147.15 13.39 15.82
ALBC Albion Banc Corp. NY NASDAQ NM 72.64 7.00 38.07
ASFC Astoria Financial Corporation NY NASDAQ 24.56 153.17 12.40 17.80
BFSI BFS Bankorp, Inc. NY NASDAQ 10.04 161.96 13.00 8.11
CARV Carver Bancorp, Inc. NY NASDAQ NM 65.48 6.14 24.09
FIBC Financial Bancorp, Inc. NY NASDAQ 24.92 121.71 12.10 14.24
HAVN Haven Bancorp, Inc. NY NASDAQ 15.64 143.60 9.01 10.93
LISB Long Island Bancorp, Inc. NY NASDAQ 27.59 173.34 15.82 23.28
NYB New York Bancorp Inc. NY NYSE 16.47 334.64 17.05 15.01
PEEK Peekskill Financial Corp. NY NASDAQ 25.65 102.73 26.80 19.83
PKPS Poughkeepsie Savings Bank, FSB NY NASDAQ 55.12 106.56 8.89 21.65
RELY Reliance Bancorp, Inc. NY NASDAQ 21.45 124.15 10.28 13.76
SFED SFS Bancorp, Inc. NY NASDAQ 31.71 103.41 13.19 16.96
TPNZ Tappan Zee Financial, Inc. NY NASDAQ 25.89 105.00 19.12 19.08
YFCB Yonkers Financial Corporation NY NASDAQ NA 96.43 16.04 NA
ASBP ASB Financial Corp. OH NASDAQ 28.05 106.09 17.70 19.49
CAFI Camco Financial Corp. OH NASDAQ 12.31 108.84 10.44 11.03
COFI Charter One Financial OH NASDAQ 17.46 233.13 15.57 13.67
CTZN CitFed Bancorp, Inc. OH NASDAQ 22.24 159.01 10.08 14.89
CIBI Community Investors Bancorp OH NASDAQ 19.66 101.51 11.56 12.59
DCBI Delphos Citizens Bancorp, Inc. OH NASDAQ NA 93.66 26.30 NA
EFBI Enterprise Federal Bancorp OH NASDAQ 19.39 98.15 12.44 17.39
FFDF FFD Financial Corp. OH NASDAQ NA 91.77 22.79 NA
FFYF FFY Financial Corp. OH NASDAQ 25.13 130.18 18.63 16.86
FFOH Fidelity Financial of Ohio OH NASDAQ NA 102.68 13.71 NA
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
FDEF First Defiance Financial OH NASDAQ 13.125 13.130 5.790 11.11 5.52 12.31 57.38 0.29
FFBZ First Federal Bancorp, Inc. OH NASDAQ 17.500 17.500 3.125 9.38 20.69 8.37 120.29 0.22
FFHS First Franklin Corporation OH NASDAQ 17.000 17.500 3.500 3.42 3.03 17.06 192.23 0.31
FFSW FirstFederal Financial Svcs OH NASDAQ 37.750 39.750 2.232 -1.95 -2.58 15.07 307.48 0.46
GFCO Glenway Financial Corp. OH NASDAQ 22.500 23.333 15.419 -1.10 11.11 22.60 234.74 0.66
HHFC Harvest Home Financial Corp. OH NASDAQ 11.000 13.750 8.750 11.39 18.92 11.12 89.49 3.40
HVFD Haverfield Corporation OH NASDAQ 22.500 22.500 5.165 26.76 21.62 14.87 181.95 0.54
HCFC Home City Financial Corp. OH NASDAQ 14.000 14.000 12.000 1.82 NA 15.96 77.78 NA
INBI Industrial Bancorp OH NASDAQ 12.875 16.000 9.875 0.98 5.10 11.28 59.34 3.75
LONF London Financial Corporation OH NASDAQ 15.250 15.250 9.750 1.67 13.48 15.11 70.53 NA
METF Metropolitan Financial Corp. OH NASDAQ 11.250 11.500 10.500 4.65 4.65 8.17 230.34 NA
MFFC Milton Federal Financial Corp. OH NASDAQ 13.750 17.125 10.000 -4.35 -5.98 12.29 79.69 2.99
OHSL OHSL Financial Corp. OH NASDAQ 22.000 22.500 11.500 1.15 8.64 20.58 177.96 0.74
PFFC Peoples Financial Corp. OH NASDAQ 15.125 15.500 10.875 4.31 14.15 16.17 59.85 NA
PTRS Potters Financial Corp. OH NASDAQ 20.000 20.250 9.000 1.27 5.79 20.35 247.93 0.29
PVFC PVF Capital Corp. OH NASDAQ 16.750 17.250 4.316 0.75 15.52 10.24 149.60 0.00
SFSL Security First Corp. OH NASDAQ 17.750 19.250 1.625 -4.05 5.97 11.59 125.52 0.43
SSBK Strongsville Savings Bank OH NASDAQ 22.750 24.000 15.500 -3.19 2.25 17.05 224.23 0.47
SBCN Suburban Bancorporation, Inc. OH NASDAQ 17.750 18.500 10.500 14.52 16.39 18.04 148.30 0.60
WOFC Western Ohio Financial Corp. OH NASDAQ 22.000 24.375 14.750 1.15 7.98 24.34 159.01 1.00
WEHO Westwood Homestead Fin. Corp. OH NASDAQ 13.875 14.500 10.375 5.71 18.09 14.06 42.19 NA
WFCO Winton Financial Corp. OH NASDAQ 13.000 15.000 3.750 -2.80 2.97 10.76 147.15 0.42
FFWD Wood Bancorp, Inc. OH NASDAQ 15.750 17.250 8.000 -4.55 -4.55 13.68 106.99 0.27
KFBI Klamath First Bancorp OR NASDAQ 16.125 16.250 12.500 6.17 9.32 15.25 67.29 0.27
CVAL Chester Valley Bancorp Inc. PA NASDAQ 21.500 21.500 3.879 14.67 10.26 15.72 177.60 0.40
CMSB Commonwealth Bancorp, Inc. PA NASDAQ 16.000 16.000 5.790 6.22 14.29 12.92 118.08 NA
FSBI Fidelity Bancorp, Inc. PA NASDAQ 23.875 23.875 3.756 24.03 24.03 16.75 231.96 0.31
FBBC First Bell Bancorp, Inc. PA NASDAQ 15.875 17.375 11.875 19.81 -7.97 11.14 84.58 3.30
FKFS First Keystone Financial PA NASDAQ 22.250 22.250 10.250 13.38 15.58 18.03 240.38 0.05
SHEN First Shenango Bancorp, Inc. PA NASDAQ 24.750 25.750 12.750 8.79 4.21 20.90 196.99 0.46
GAF GA Financial, Inc. PA AMSE 16.000 17.250 10.250 3.23 6.67 15.70 74.99 NA
HARL Harleysville Savings Bank PA NASDAQ 21.250 21.600 2.828 2.16 45.55 12.52 199.09 0.33
LARL Laurel Capital Group, Inc. PA NASDAQ 21.500 21.750 3.627 14.67 34.38 14.31 133.61 0.38
MLBC ML Bancorp, Inc. PA NASDAQ 17.375 17.500 6.219 17.30 17.80 13.07 160.77 0.37
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
FDEF First Defiance Financial OH NASDAQ 31.25 106.62 22.87 23.03
FFBZ First Federal Bancorp, Inc. OH NASDAQ 21.34 209.08 14.55 15.91
FFHS First Franklin Corporation OH NASDAQ 77.27 99.65 8.84 16.35
FFSW FirstFederal Financial Svcs OH NASDAQ 22.60 250.50 12.28 17.40
GFCO Glenway Financial Corp. OH NASDAQ 28.48 99.56 9.59 14.33
HHFC Harvest Home Financial Corp. OH NASDAQ 57.89 98.92 12.29 23.91
HVFD Haverfield Corporation OH NASDAQ 28.48 151.31 12.37 14.71
HCFC Home City Financial Corp. OH NASDAQ NA 87.72 18.00 NA
INBI Industrial Bancorp OH NASDAQ 27.39 114.14 21.70 15.90
LONF London Financial Corporation OH NASDAQ NA 100.93 21.62 NA
METF Metropolitan Financial Corp. OH NASDAQ NA 137.70 4.88 NA
MFFC Milton Federal Financial Corp. OH NASDAQ 28.65 111.88 17.25 23.31
OHSL OHSL Financial Corp. OH NASDAQ 23.66 106.90 12.36 15.94
PFFC Peoples Financial Corp. OH NASDAQ NA 93.54 25.27 NA
PTRS Potters Financial Corp. OH NASDAQ NM 98.28 8.07 22.73
PVFC PVF Capital Corp. OH NASDAQ 12.59 163.57 11.20 7.19
SFSL Security First Corp. OH NASDAQ 17.40 153.15 14.14 12.41
SSBK Strongsville Savings Bank OH NASDAQ 16.25 133.43 10.15 12.93
SBCN Suburban Bancorporation, Inc. OH NASDAQ 65.74 98.39 11.97 21.39
WOFC Western Ohio Financial Corp. OH NASDAQ 34.92 90.39 13.84 36.67
WEHO Westwood Homestead Fin. Corp. OH NASDAQ NA 98.68 32.89 NA
WFCO Winton Financial Corp. OH NASDAQ 13.98 120.82 8.83 12.04
FFWD Wood Bancorp, Inc. OH NASDAQ 18.10 115.13 14.72 13.58
KFBI Klamath First Bancorp OR NASDAQ 31.01 105.74 23.96 20.41
CVAL Chester Valley Bancorp Inc. PA NASDAQ 20.87 136.77 12.11 14.24
CMSB Commonwealth Bancorp, Inc. PA NASDAQ NA 123.84 13.55 NA
FSBI Fidelity Bancorp, Inc. PA NASDAQ 22.11 142.54 10.29 13.41
FBBC First Bell Bancorp, Inc. PA NASDAQ 15.88 142.50 18.77 13.57
FKFS First Keystone Financial PA NASDAQ 19.35 123.41 9.26 12.23
SHEN First Shenango Bancorp, Inc. PA NASDAQ 18.61 118.42 12.56 14.22
GAF GA Financial, Inc. PA AMSE NA 101.91 21.34 NA
HARL Harleysville Savings Bank PA NASDAQ 19.32 169.73 10.67 12.72
LARL Laurel Capital Group, Inc. PA NASDAQ 15.25 150.24 16.09 12.15
MLBC ML Bancorp, Inc. PA NASDAQ 15.51 132.94 10.81 17.20
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
PVSA Parkvale Financial Corporation PA NASDAQ 26.500 26.500 2.150 2.91 2.91 17.56 233.64 0.47
PBIX Patriot Bank Corp. PA NASDAQ 15.750 16.250 10.258 11.50 17.76 12.94 109.83 NA
PWBC PennFirst Bancorp, Inc. PA NASDAQ 13.500 15.915 4.019 -3.57 -5.26 13.21 179.08 0.86
PWBK Pennwood Bancorp, Inc. PA NASDAQ 14.375 14.500 9.000 6.48 15.00 15.37 76.55 NA
PHFC Pittsburgh Home Financial Corp PA NASDAQ 14.750 14.750 9.500 7.27 13.46 13.71 105.49 NA
PRBC Prestige Bancorp, Inc. PA NASDAQ 15.000 15.250 9.750 3.45 11.11 16.02 119.04 NA
PSAB Prime Bancorp, Inc. PA NASDAQ 20.750 20.750 3.194 2.47 1.22 13.33 175.02 0.68
PFNC Progress Financial Corporation PA NASDAQ 8.630 18.750 0.750 3.04 -1.37 5.33 102.55 0.04
SVRN Sovereign Bancorp, Inc. PA NASDAQ 12.688 12.708 0.837 10.73 18.26 6.64 158.16 0.07
THRD TF Financial Corporation PA NASDAQ 18.750 19.000 9.750 11.11 17.19 18.31 151.32 0.31
THBC Troy Hill Bancorp, Inc. PA NASDAQ 20.250 21.000 10.250 1.25 1.25 17.29 96.10 0.40
WVFC WVS Financial Corporation PA NASDAQ 25.500 26.500 13.000 4.62 10.87 20.21 158.85 2.20
YFED York Financial Corp. PA NASDAQ 18.125 19.750 4.301 -5.23 9.85 13.92 170.78 0.55
AMFB American Federal Bank, FSB SC NASDAQ 28.875 29.250 0.625 32.76 49.51 9.90 127.32 0.44
CFCP Coastal Financial Corp. SC NASDAQ 25.500 25.500 1.918 24.39 15.91 8.38 131.50 0.43
FFCH First Financial Holdings Inc. SC NASDAQ 27.000 28.000 4.000 12.50 13.68 15.28 251.11 0.66
FSFC First Southeast Financial Corp SC NASDAQ 10.750 20.250 9.125 11.69 7.50 7.69 74.29 10.33
PALM Palfed, Inc. SC NASDAQ 14.250 18.500 3.500 -0.87 -3.39 9.91 127.26 0.08
SCCB S. Carolina Community Bancshrs SC NASDAQ 19.250 20.500 12.625 14.93 26.23 16.85 65.10 0.60
HFFC HF Financial Corp. SD NASDAQ 19.500 20.250 5.500 11.43 13.87 16.96 189.94 0.35
TWIN Twin City Bancorp TN NASDAQ 18.500 19.000 10.500 0.00 5.71 15.68 123.33 0.63
BNKU Bank United Corp. TX NASDAQ 31.500 32.750 22.500 11.50 16.67 17.25 350.04 NA
CBSA Coastal Bancorp, Inc. TX NASDAQ 26.500 27.125 9.875 3.41 10.42 18.70 579.01 0.40
ETFS East Texas Financial Services TX NASDAQ 18.250 18.750 11.000 -2.67 17.74 19.54 105.10 0.20
FBHC Fort Bend Holding Corp. TX NASDAQ 23.250 25.750 10.375 0.00 -7.00 21.83 339.52 0.28
LOAN Horizon Bancorp TX NASDAQ 24.000 25.500 7.250 12.94 39.13 8.09 107.37 0.16
JXVL Jacksonville Bancorp, Inc. TX NASDAQ 14.500 15.750 7.141 0.00 0.00 13.16 82.74 NA
BFSB Bedford Bancshares, Inc. VA NASDAQ 19.250 19.375 10.250 4.05 10.00 17.08 113.32 0.42
CNIT CENIT Bancorp, Inc. VA NASDAQ 44.500 46.000 10.875 -1.11 14.10 29.55 419.95 0.60
CFFC Community Financial Corp. VA NASDAQ 22.250 22.500 4.250 1.14 4.71 18.04 130.99 0.50
ESX Essex Bancorp, Inc. VA AMSE 1.938 19.250 0.750 93.80 -3.10 -0.16 162.92 0.00
FFFC FFVA Financial Corp. VA NASDAQ 24.250 25.000 8.250 12.14 14.12 17.04 113.76 0.40
VABF First Coastal Bank VA NASDAQ 11.000 11.313 1.625 12.82 15.79 8.21 121.95 0.16
GSLC Guaranty Financial Corp. VA NASDAQ 9.750 9.875 6.313 -1.27 14.71 7.19 125.73 0.10
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
PVSA Parkvale Financial Corporation PA NASDAQ 15.77 150.91 11.34 11.42
PBIX Patriot Bank Corp. PA NASDAQ NA 121.72 14.34 NA
PWBC PennFirst Bancorp, Inc. PA NASDAQ 19.01 102.20 7.54 13.11
PWBK Pennwood Bancorp, Inc. PA NASDAQ NA 93.53 18.78 NA
PHFC Pittsburgh Home Financial Corp PA NASDAQ NA 107.59 13.98 NA
PRBC Prestige Bancorp, Inc. PA NASDAQ NA 93.63 12.60 NA
PSAB Prime Bancorp, Inc. PA NASDAQ 28.04 155.66 11.86 16.09
PFNC Progress Financial Corporation PA NASDAQ 26.97 161.91 8.42 21.05
SVRN Sovereign Bancorp, Inc. PA NASDAQ 17.62 191.08 8.02 13.36
THRD TF Financial Corporation PA NASDAQ 22.59 102.40 12.39 16.89
THBC Troy Hill Bancorp, Inc. PA NASDAQ 22.01 117.12 21.07 19.10
WVFC WVS Financial Corporation PA NASDAQ 16.24 126.18 16.05 13.08
YFED York Financial Corp. PA NASDAQ 20.60 130.21 10.61 16.04
AMFB American Federal Bank, FSB SC NASDAQ 23.29 291.67 22.68 18.51
CFCP Coastal Financial Corp. SC NASDAQ 23.39 304.30 19.39 21.79
FFCH First Financial Holdings Inc. SC NASDAQ 21.77 176.70 10.75 14.06
FSFC First Southeast Financial Corp SC NASDAQ NM 139.79 14.47 15.14
PALM Palfed, Inc. SC NASDAQ NM 143.79 11.20 25.00
SCCB S. Carolina Community Bancshrs SC NASDAQ 33.77 114.24 29.57 26.37
HFFC HF Financial Corp. SD NASDAQ 17.73 114.98 10.27 13.83
TWIN Twin City Bancorp TN NASDAQ 24.03 117.98 15.00 17.29
BNKU Bank United Corp. TX NASDAQ 57.27 182.61 9.00 NA
CBSA Coastal Bancorp, Inc. TX NASDAQ 19.20 141.71 4.58 12.10
ETFS East Texas Financial Services TX NASDAQ 46.79 93.40 17.36 26.45
FBHC Fort Bend Holding Corp. TX NASDAQ 46.50 106.50 6.85 16.03
LOAN Horizon Bancorp TX NASDAQ 26.67 296.66 22.35 28.92
JXVL Jacksonville Bancorp, Inc. TX NASDAQ NA 110.18 17.52 NA
BFSB Bedford Bancshares, Inc. VA NASDAQ 16.31 112.70 16.99 12.58
CNIT CENIT Bancorp, Inc. VA NASDAQ 28.34 150.59 10.60 18.39
CFFC Community Financial Corp. VA NASDAQ 16.86 123.34 16.99 13.17
ESX Essex Bancorp, Inc. VA AMSE NM NM 1.19 NM
FFFC FFVA Financial Corp. VA NASDAQ 22.88 142.31 21.32 18.51
VABF First Coastal Bank VA NASDAQ 100.00 133.98 9.02 28.95
GSLC Guaranty Financial Corp. VA NASDAQ 18.06 135.61 7.75 18.40
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
LIFB Life Bancorp, Inc. VA NASDAQ 19.625 21.000 8.313 11.35 9.40 15.33 144.18 0.44
VFFC Virginia First Financial Corp. VA NASDAQ 15.625 16.250 1.250 23.76 14.15 10.99 140.01 0.09
CASB Cascade Financial Corp. WA NASDAQ 16.375 17.500 2.662 -6.43 9.17 10.34 169.54 0.00
FWWB First SB of Washington Bancorp WA NASDAQ 19.750 22.125 12.375 2.60 6.04 15.11 92.45 0.20
IWBK InterWest Bancorp, Inc. WA NASDAQ 35.063 36.250 8.478 8.30 7.89 14.51 212.89 0.52
STSA Sterling Financial Corp. WA NASDAQ 17.000 17.375 1.878 22.52 21.43 11.41 277.36 0.00
WFSL Washington Federal, Inc. WA NASDAQ 26.000 27.500 1.566 7.86 8.95 13.99 123.69 0.84
AADV Advantage Bancorp, Inc. WI NASDAQ 35.500 36.000 10.600 8.40 11.81 27.54 314.86 0.30
ABCW Anchor BanCorp Wisconsin WI NASDAQ 46.750 46.750 9.800 16.88 33.57 24.94 404.51 0.43
FCBF FCB Financial Corp. WI NASDAQ 22.750 23.500 10.000 8.33 18.18 19.11 109.17 0.69
FFEC First Fed Bncshrs Eau Claire WI NASDAQ 18.625 18.656 8.375 1.36 2.40 14.57 105.62 0.26
FTFC First Federal Capital Corp. WI NASDAQ 28.750 29.500 1.449 11.65 21.05 15.10 238.20 0.60
FFHC First Financial Corp. WI NASDAQ 26.375 28.250 1.114 3.43 16.19 11.15 154.89 0.51
FNGB First Northern Capital Corp. WI NASDAQ 19.000 19.000 3.063 10.14 8.57 16.01 140.29 0.60
HALL Hallmark Capital Corp. WI NASDAQ 19.125 19.130 9.875 7.75 9.29 19.46 275.00 0.00
MWFD Midwest Federal Financial WI NASDAQ 18.000 24.500 4.167 -1.37 -17.24 10.19 121.39 0.22
NWEQ Northwest Equity Corp. WI NASDAQ 13.500 14.188 6.875 3.85 14.89 13.82 103.86 0.28
OSBF OSB Financial Corp. WI NASDAQ 32.000 33.250 14.500 6.56 20.75 28.57 219.89 0.62
RELI Reliance Bancshares, Inc. WI NASDAQ 7.125 10.125 6.500 1.79 0.00 8.83 17.64 NA
SECP Security Capital Corporation WI NASDAQ 83.500 86.750 25.000 13.61 17.61 58.17 397.49 0.68
STFR St. Francis Capital Corp. WI NASDAQ 30.500 31.500 12.625 12.96 12.96 23.73 263.13 0.42
AFBC Advance Financial Bancorp WV NASDAQ 14.063 14.500 12.750 0.45 NA NA NA NA
FOBC Fed One Bancorp WV NASDAQ 19.125 19.125 5.358 15.91 23.39 16.88 139.06 0.56
CRZY Crazy Woman Creek Bancorp WY NASDAQ 13.625 13.625 10.000 3.81 19.78 14.79 49.71 NA
TRIC Tri-County Bancorp, Inc. WY NASDAQ 18.500 19.000 11.375 -1.33 1.37 21.59 141.09 0.50
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
LIFB Life Bancorp, Inc. VA NASDAQ 22.05 128.02 13.61 16.63
VFFC Virginia First Financial Corp. VA NASDAQ 8.68 142.17 11.16 16.98
CASB Cascade Financial Corp. WA NASDAQ 22.74 158.37 9.66 20.47
FWWB First SB of Washington Bancorp WA NASDAQ 22.97 130.71 21.36 20.36
IWBK InterWest Bancorp, Inc. WA NASDAQ 19.92 241.65 16.47 15.79
STSA Sterling Financial Corp. WA NASDAQ 170.00 148.99 6.13 23.29
WFSL Washington Federal, Inc. WA NASDAQ 14.36 185.85 21.02 12.87
AADV Advantage Bancorp, Inc. WI NASDAQ 40.34 128.90 11.27 15.57
ABCW Anchor BanCorp Wisconsin WI NASDAQ 18.05 187.45 11.56 14.75
FCBF FCB Financial Corp. WI NASDAQ 23.21 119.05 20.84 19.28
FFEC First Fed Bncshrs Eau Claire WI NASDAQ 26.61 127.83 17.63 20.93
FTFC First Federal Capital Corp. WI NASDAQ 19.83 190.40 12.07 17.42
FFHC First Financial Corp. WI NASDAQ 20.29 236.55 17.03 14.49
FNGB First Northern Capital Corp. WI NASDAQ 26.39 118.68 13.54 17.43
HALL Hallmark Capital Corp. WI NASDAQ 17.39 98.28 6.95 13.01
MWFD Midwest Federal Financial WI NASDAQ 16.51 176.64 14.83 16.82
NWEQ Northwest Equity Corp. WI NASDAQ 17.31 97.68 13.00 14.52
OSBF OSB Financial Corp. WI NASDAQ 27.35 112.01 14.55 19.63
RELI Reliance Bancshares, Inc. WI NASDAQ NA 80.69 40.39 NA
SECP Security Capital Corporation WI NASDAQ 23.00 143.54 21.01 17.80
STFR St. Francis Capital Corp. WI NASDAQ 18.05 128.53 11.59 17.13
AFBC Advance Financial Bancorp WV NASDAQ NA NA NA NA
FOBC Fed One Bancorp WV NASDAQ 21.02 113.30 13.75 14.71
CRZY Crazy Woman Creek Bancorp WY NASDAQ NA 92.12 27.41 NA
TRIC Tri-County Bancorp, Inc. WY NASDAQ 20.56 85.69 13.11 15.42
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
PER SHARE
-----------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
ALL THRIFTS
AVERAGE 20.598 23.736 8.358 5.93 11.84 16.18 161.09 0.58
MEDIAN 18.000 19.000 9.500 4.41 12.16 15.32 131.74 0.40
HIGH 83.500 589.500 62.000 93.80 49.51 72.50 657.99 10.33
LOW 1.938 6.917 0.223 -19.15 -40.97 -0.16 13.62 0.00
AVERAGE FOR STATE
IN 19.327 20.039 8.499 6.16 11.21 16.16 142.16 0.65
AVERAGE BY REGION
MIDWEST 20.114 21.473 8.857 4.55 10.06 16.51 146.76 0.60
NEW ENGLAND 21.438 22.363 7.124 1.97 4.35 18.14 254.03 0.50
MID ATLANTIC 20.818 22.071 7.265 5.87 14.19 16.12 170.12 0.45
SOUTHEAST 19.380 20.972 8.823 10.24 12.92 14.58 121.34 0.87
SOUTHWEST 20.250 21.503 10.586 4.14 11.47 15.56 183.23 0.55
WEST 23.990 41.714 6.865 7.59 16.06 16.89 232.94 0.33
AVERAGE BY EXCHANGE
NYSE 38.698 87.885 2.822 11.16 18.93 19.61 346.40 0.44
AMEX 15.352 17.469 9.952 9.34 8.93 13.83 104.18 1.55
OTC/NASDAQ 20.206 21.567 8.478 5.50 11.73 16.18 157.02 0.53
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
ALL THRIFTS
AVERAGE 30.70 130.29 15.62 19.51
MEDIAN 22.52 117.98 13.76 16.89
HIGH 175.00 450.07 69.75 127.50
LOW 7.28 65.48 1.19 5.96
AVERAGE FOR STATE
IN 34.210 124.792 14.847 20.568
AVERAGE BY REGION
MIDWEST 31.84 123.66 16.45 19.06
NEW ENGLAND 21.13 119.64 8.99 16.35
MID ATLANTIC 23.41 129.53 13.34 16.24
SOUTHEAST 28.09 144.68 19.58 23.91
SOUTHWEST 32.00 133.43 14.74 19.08
WEST 43.38 141.55 12.30 22.26
AVERAGE BY EXCHANGE
NYSE 40.88 204.68 12.12 23.78
AMEX 25.46 111.08 18.10 17.10
OTC/NASDAQ 30.40 128.37 15.61 19.41
KELLER & COMPANY EXHIBIT 32
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
PLE Pinnacle Bancshares, Inc. AL 195,502 15,285 14,775 0.51 0.80 6.55 10.19
SRN Southern Banc Company, Inc AL 105,245 17,710 17,513 0.21 0.57 1.11 2.98
SCBS Southern Community Bancshares AL 72,151 15,973 15,973 NA NA NA NA
SZB SouthFirst Bancshares, Inc. AL 93,110 13,021 13,021 -0.06 0.05 -0.43 0.34
FFBH First Federal Bancshares of AR AR 509,605 83,339 83,339 NA NA NA NA
FTF Texarkana First Financial Corp AR 163,571 26,289 26,289 1.39 1.72 7.41 9.17
AHM Ahmanson & Company (H.F.) CA 49,902,044 2,433,049 2,124,966 0.29 0.58 5.26 10.48
AFFFZ America First Financial Fund CA 2,209,051 177,447 174,596 1.37 1.67 19.46 23.75
BPLS Bank Plus Corp. CA 3,330,290 161,657 161,320 -0.47 -0.15 -9.13 -2.82
BVFS Bay View Capital Corp. CA 3,300,262 200,062 189,865 0.34 0.64 5.39 9.98
BYFC Broadway Financial Corp. CA 117,253 13,515 13,515 -0.16 0.21 -1.73 2.22
CFHC California Financial Holding CA 1,337,379 89,877 89,452 0.53 0.76 7.89 11.36
CENF CENFED Financial Corp. CA 2,184,858 114,029 113,824 0.53 0.79 10.54 15.68
CSA Coast Savings Financial CA 8,704,952 424,531 418,293 0.13 0.47 2.56 9.37
DSL Downey Financial Corp. CA 5,198,157 391,571 385,397 0.42 0.67 5.34 8.46
FSSB First FS&LA of San Bernardino CA 100,334 4,709 4,498 -1.07 -1.24 -19.94 -23.18
FED FirstFed Financial Corp. CA 4,143,852 194,550 191,846 0.20 0.44 4.22 9.16
GLN Glendale Federal Bank, FSB CA 15,128,192 963,278 906,636 0.29 0.54 4.45 8.37
GDW Golden West Financial CA 37,730,598 2,350,477 2,350,477 0.46 1.23 7.46 20.04
GWF Great Western Financial CA 42,874,572 2,595,200 2,309,209 0.27 0.65 4.23 10.36
HTHR Hawthorne Financial Corp. CA 827,784 43,442 43,442 0.89 0.63 17.24 12.17
HEMT HF Bancorp, Inc. CA 1,012,799 81,201 NA -0.05 0.20 -0.54 2.08
HBNK Highland Federal Bank FSB CA 489,701 34,863 34,863 0.15 0.52 1.92 6.82
MBBC Monterey Bay Bancorp, Inc. CA 425,762 45,759 41,780 0.26 0.49 1.83 3.54
PFFB PFF Bancorp, Inc. CA 2,524,612 280,601 277,515 0.05 0.41 0.46 3.64
PROV Provident Financial Holdings CA 591,193 86,158 86,158 0.27 0.08 2.35 0.66
QCBC Quaker City Bancorp, Inc. CA 764,466 67,785 67,636 0.27 0.54 2.87 5.66
REDF RedFed Bancorp Inc. CA 866,269 69,868 69,868 -0.77 -0.47 -12.78 -7.86
SGVB SGV Bancorp, Inc. CA 369,823 31,117 31,117 0.07 0.30 0.76 3.19
WES Westcorp CA 3,335,045 317,930 317,001 0.97 0.27 10.33 2.84
FFBA First Colorado Bancorp, Inc. CO 1,514,086 216,622 213,865 0.88 1.20 5.72 7.78
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
PLE Pinnacle Bancshares, Inc. AL 12/17/86 AMSE 889,824 15.46
SRN Southern Banc Company, Inc AL 10/05/95 AMSE 1,230,313 16.15
SCBS Southern Community Bancshares AL 12/23/96 NASDAQ 1,137,350 15.07
SZB SouthFirst Bancshares, Inc. AL 02/14/95 AMSE 823,700 10.91
FFBH First Federal Bancshares of AR AR 05/03/96 NASDAQ 5,153,751 77.31
FTF Texarkana First Financial Corp AR 07/07/95 AMSE 1,834,563 28.67
AHM Ahmanson & Company (H.F.) CA 10/25/72 NYSE 102,153,052 3319.97
AFFFZ America First Financial Fund CA NA NASDAQ 6,010,589 181.82
BPLS Bank Plus Corp. CA NA NASDAQ 18,245,265 209.82
BVFS Bay View Capital Corp. CA 05/09/86 NASDAQ 6,674,635 282.84
BYFC Broadway Financial Corp. CA 01/09/96 NASDAQ 892,688 8.82
CFHC California Financial Holding CA 04/01/83 NASDAQ 4,740,914 136.89
CENF CENFED Financial Corp. CA 10/25/91 NASDAQ 5,154,533 150.77
CSA Coast Savings Financial CA 12/23/85 NYSE 18,584,717 680.67
DSL Downey Financial Corp. CA 01/01/71 NYSE 25,459,079 499.63
FSSB First FS&LA of San Bernardino CA 02/02/93 NASDAQ 328,296 3.20
FED FirstFed Financial Corp. CA 12/16/83 NYSE 10,529,849 231.66
GLN Glendale Federal Bank, FSB CA 10/01/83 NYSE 49,808,780 1158.05
GDW Golden West Financial CA 05/29/59 NYSE 57,342,389 3619.74
GWF Great Western Financial CA NA NYSE 137,875,955 3998.40
HTHR Hawthorne Financial Corp. CA NA NASDAQ 2,599,275 18.84
HEMT HF Bancorp, Inc. CA 06/30/95 NASDAQ 6,281,875 69.89
HBNK Highland Federal Bank FSB CA NA NASDAQ 2,295,983 39.03
MBBC Monterey Bay Bancorp, Inc. CA 02/15/95 NASDAQ 3,243,360 47.84
PFFB PFF Bancorp, Inc. CA 03/29/96 NASDAQ 19,837,500 295.08
PROV Provident Financial Holdings CA 06/28/96 NASDAQ 5,125,215 71.75
QCBC Quaker City Bancorp, Inc. CA 12/30/93 NASDAQ 3,792,125 72.05
REDF RedFed Bancorp Inc. CA 04/08/94 NASDAQ 7,082,781 85.88
SGVB SGV Bancorp, Inc. CA 06/29/95 NASDAQ 2,521,976 28.37
WES Westcorp CA 05/01/86 NYSE 25,996,618 568.68
FFBA First Colorado Bancorp, Inc. CO 01/02/96 NASDAQ 18,184,108 309.13
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
EGFC Eagle Financial Corp. CT 1,458,050 105,209 78,854 0.97 0.62 13.49 8.67
FFES First Federal of East Hartford CT 958,550 60,173 60,173 0.43 0.67 6.91 10.62
NTMG Nutmeg Federal S&LA CT 93,924 5,488 5,488 0.32 0.38 5.13 6.05
WBST Webster Financial Corporation CT 3,917,600 206,296 161,981 0.67 0.70 11.99 12.42
IFSB Independence Federal Savings DC 247,888 16,672 14,440 0.13 0.19 1.98 2.94
BANC BankAtlantic Bancorp, Inc. FL 2,170,480 139,727 129,822 0.85 0.86 11.95 12.04
BKUNA BankUnited Financial Corp. FL 1,329,044 98,155 86,221 0.40 0.61 4.79 7.28
FFFG F.F.O. Financial Group, Inc. FL 311,028 18,805 18,805 0.21 0.64 3.28 9.97
FFLC FFLC Bancorp, Inc. FL 346,442 53,626 53,626 0.65 0.98 3.94 5.88
FFPB First Palm Beach Bancorp, Inc. FL 1,502,978 106,159 103,383 0.02 0.09 0.27 1.21
OCWN Ocwen Financial Corporation FL 2,483,685 203,596 203,596 2.49 2.02 31.08 25.22
CCFH CCF Holding Company GA 88,509 13,137 13,137 0.47 0.75 2.39 3.82
EBSI Eagle Bancshares GA 666,166 57,999 57,999 0.59 0.80 6.63 8.97
FSTC First Citizens Corporation GA 257,288 24,109 18,962 2.04 2.03 19.36 19.20
FGHC First Georgia Holding, Inc. GA 150,551 12,057 10,813 0.56 0.89 6.79 10.80
FLFC First Liberty Financial Corp. GA 1,212,681 89,333 79,400 0.80 0.86 10.80 11.56
FLAG FLAG Financial Corp. GA 228,914 20,149 20,149 -0.07 0.10 -0.75 1.11
CASH First Midwest Financial, Inc. IA 369,885 43,669 38,669 0.75 0.98 6.38 8.33
GFSB GFS Bancorp, Inc. IA 87,625 10,052 10,052 0.96 1.17 8.10 9.87
HZFS Horizon Financial Svcs Corp. IA 74,043 8,092 8,092 0.14 0.31 1.27 2.73
MFCX Marshalltown Financial Corp. IA 125,923 19,581 19,581 0.19 0.49 1.24 3.15
MIFC Mid-Iowa Financial Corp. IA 117,066 10,905 10,891 0.84 1.12 9.07 12.15
MWBI Midwest Bancshares, Inc. IA 136,425 9,600 9,600 0.46 0.73 6.61 10.50
FFFD North Central Bancshares, Inc. IA 203,093 49,235 NA 1.64 1.91 7.92 9.24
PMFI Perpetual Midwest Financial IA 388,529 33,574 33,574 0.09 0.27 0.94 2.95
SFFC StateFed Financial Corporation IA 82,809 14,718 14,718 1.01 1.27 5.29 6.67
ABCL Alliance Bancorp, Inc. IL 667,964 56,626 55,052 0.47 0.69 5.72 8.32
AVND Avondale Financial Corp. IL 595,571 60,708 60,708 0.71 0.02 6.88 0.15
BFFC Big Foot Financial Corp. IL 193,103 13,686 13,686 NA NA NA NA
CBCI Calumet Bancorp, Inc. IL 510,217 81,764 81,764 1.08 1.34 6.56 8.14
CBSB Charter Financial, Inc. IL 380,051 57,861 53,623 0.98 1.25 5.72 7.31
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
EGFC Eagle Financial Corp. CT 02/03/87 NASDAQ 4,543,398 138.57
FFES First Federal of East Hartford CT 06/23/87 NASDAQ 2,626,263 60.40
NTMG Nutmeg Federal S&LA CT NA NASDAQ 711,634 5.07
WBST Webster Financial Corporation CT 12/12/86 NASDAQ 7,926,472 291.30
IFSB Independence Federal Savings DC 06/06/85 NASDAQ 1,280,030 9.60
BANC BankAtlantic Bancorp, Inc. FL 11/29/83 NASDAQ 18,400,416 198.72
BKUNA BankUnited Financial Corp. FL 12/11/85 NASDAQ 7,908,468 79.08
FFFG F.F.O. Financial Group, Inc. FL 10/13/88 NASDAQ 8,430,000 22.66
FFLC FFLC Bancorp, Inc. FL 01/04/94 NASDAQ 2,437,737 52.41
FFPB First Palm Beach Bancorp, Inc. FL 09/29/93 NASDAQ 5,040,097 119.07
OCWN Ocwen Financial Corporation FL NA NASDAQ 26,744,170 715.41
CCFH CCF Holding Company GA 07/12/95 NASDAQ 915,900 13.51
EBSI Eagle Bancshares GA 04/01/86 NASDAQ 4,552,200 70.56
FSTC First Citizens Corporation GA 03/01/86 NASDAQ 1,588,012 40.10
FGHC First Georgia Holding, Inc. GA 02/11/87 NASDAQ 3,052,443 17.30
FLFC First Liberty Financial Corp. GA 12/06/83 NASDAQ 7,130,461 131.02
FLAG FLAG Financial Corp. GA 12/11/86 NASDAQ 2,036,990 21.90
CASH First Midwest Financial, Inc. IA 09/20/93 NASDAQ 2,896,536 44.41
GFSB GFS Bancorp, Inc. IA 01/06/94 NASDAQ 499,600 10.62
HZFS Horizon Financial Svcs Corp. IA 06/30/94 NASDAQ 425,540 6.44
MFCX Marshalltown Financial Corp. IA 03/31/94 NASDAQ 1,411,475 21.00
MIFC Mid-Iowa Financial Corp. IA 10/14/92 NASDAQ 1,655,880 10.56
MWBI Midwest Bancshares, Inc. IA 11/12/92 NASDAQ 349,379 9.26
FFFD North Central Bancshares, Inc. IA 03/21/96 NASDAQ 3,429,455 46.51
PMFI Perpetual Midwest Financial IA 03/31/94 NASDAQ 1,907,278 36.72
SFFC StateFed Financial Corporation IA 01/05/94 NASDAQ 783,485 12.93
ABCL Alliance Bancorp, Inc. IL 07/07/92 NASDAQ 2,695,085 67.38
AVND Avondale Financial Corp. IL 04/07/95 NASDAQ 3,525,288 60.37
BFFC Big Foot Financial Corp. IL 12/20/96 NASDAQ NA NA
CBCI Calumet Bancorp, Inc. IL 02/20/92 NASDAQ 2,377,028 79.04
CBSB Charter Financial, Inc. IL 12/29/95 NASDAQ 4,253,459 53.17
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
CNBA Chester Bancorp, Inc. IL 154,771 12,055 12,055 NA NA NA NA
CBK Citizens First Financial Corp. IL 261,637 40,312 40,312 0.25 0.55 2.19 4.79
CSBF CSB Financial Group, Inc. IL 47,527 11,955 11,249 0.51 0.73 1.78 2.54
DFIN Damen Financial Corp. IL 235,264 53,830 53,830 0.72 0.94 3.09 4.01
EGLB Eagle BancGroup, Inc. IL 172,666 22,141 22,141 -0.31 0.02 -2.85 0.15
FBCI Fidelity Bancorp, Inc. IL 484,106 49,236 49,092 0.50 0.73 4.37 6.41
FFBI First Financial Bancorp, Inc. IL 94,533 7,325 7,325 -0.17 0.37 -2.04 4.29
FMBD First Mutual Bancorp, Inc. IL 331,776 62,217 62,217 0.38 0.63 1.71 2.80
FFDP FirstFed Bancshares IL 541,169 49,944 47,578 0.26 0.32 2.94 3.57
GTPS Great American Bancorp IL 123,866 31,731 31,731 0.37 0.67 1.31 2.39
HBEI Home Bancorp of Elgin, Inc. IL 356,335 99,881 99,881 0.20 0.73 1.11 4.02
HMCI HomeCorp, Inc. IL 335,824 20,858 20,858 0.11 0.32 1.72 5.19
KNK Kankakee Bancorp, Inc. IL 350,643 36,494 34,101 0.50 0.67 4.95 6.64
MAFB MAF Bancorp, Inc. IL 3,230,341 250,625 216,306 0.68 1.02 9.57 14.33
NBSI North Bancshares, Inc. IL 117,473 17,770 17,770 0.42 0.63 2.59 3.95
PFED Park Bancorp, Inc. IL 176,732 41,544 41,544 NA NA NA NA
PSFI PS Financial, Inc. IL 53,520 11,724 11,724 2.01 2.17 9.49 10.26
SWBI Southwest Bancshares IL 382,375 39,859 39,859 0.72 1.02 6.30 8.94
SPBC St. Paul Bancorp, Inc. IL 4,357,170 388,110 386,862 0.62 0.92 6.85 10.14
STND Standard Financial, Inc. IL 2,405,221 268,078 267,646 0.53 0.72 4.45 6.05
SFSB SuburbFed Financial Corp. IL 404,092 26,254 26,128 0.28 0.50 4.04 7.21
WCBI Westco Bancorp IL 310,992 47,833 47,833 1.06 1.38 6.83 8.87
FBCV 1ST Bancorp IN 260,211 21,379 21,379 0.17 -0.06 2.04 -0.73
AMFC AMB Financial Corp. IN 83,542 16,184 16,184 0.49 0.76 3.00 4.66
ASBI Ameriana Bancorp IN 396,755 43,945 43,897 0.62 0.89 5.40 7.84
ATSB AmTrust Capital Corp. IN 72,219 7,376 7,298 0.30 0.19 3.00 1.87
CBCO CB Bancorp, Inc. IN 226,553 20,008 20,008 1.02 1.19 10.70 12.47
FFWC FFW Corp. IN 158,200 16,117 16,117 0.87 1.08 8.36 10.33
FFED Fidelity Federal Bancorp IN 260,171 12,605 12,605 0.17 0.31 3.18 5.78
FISB First Indiana Corporation IN 1,496,421 138,658 136,829 0.90 1.02 10.23 11.52
HFGI Harrington Financial Group IN 527,369 23,820 23,820 0.32 0.48 7.42 10.91
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
CNBA Chester Bancorp, Inc. IL 10/08/96 NASDAQ NA NA
CBK Citizens First Financial Corp. IL 05/01/96 AMSE 2,817,500 40.50
CSBF CSB Financial Group, Inc. IL 10/09/95 NASDAQ 941,850 9.54
DFIN Damen Financial Corp. IL 10/02/95 NASDAQ 3,770,778 48.55
EGLB Eagle BancGroup, Inc. IL 07/01/96 NASDAQ 1,302,705 19.38
FBCI Fidelity Bancorp, Inc. IL 12/15/93 NASDAQ 2,786,578 47.37
FFBI First Financial Bancorp, Inc. IL 10/04/93 NASDAQ 424,876 6.74
FMBD First Mutual Bancorp, Inc. IL 07/05/95 NASDAQ 3,769,000 56.54
FFDP FirstFed Bancshares IL 07/01/92 NASDAQ 3,063,316 52.84
GTPS Great American Bancorp IL 06/30/95 NASDAQ 1,950,112 26.81
HBEI Home Bancorp of Elgin, Inc. IL 09/27/96 NASDAQ 7,009,250 94.62
HMCI HomeCorp, Inc. IL 06/22/90 NASDAQ 1,128,779 21.59
KNK Kankakee Bancorp, Inc. IL 01/06/93 AMSE 1,414,918 35.02
MAFB MAF Bancorp, Inc. IL 01/12/90 NASDAQ 10,490,113 364.53
NBSI North Bancshares, Inc. IL 12/21/93 NASDAQ 1,057,950 17.46
PFED Park Bancorp, Inc. IL 08/12/96 NASDAQ 2,701,441 30.56
PSFI PS Financial, Inc. IL 11/27/96 NASDAQ NA NA
SWBI Southwest Bancshares IL 06/24/92 NASDAQ 2,637,461 48.13
SPBC St. Paul Bancorp, Inc. IL 05/18/87 NASDAQ 22,775,991 535.24
STND Standard Financial, Inc. IL 08/01/94 NASDAQ 16,173,235 317.40
SFSB SuburbFed Financial Corp. IL 03/04/92 NASDAQ 1,254,769 23.84
WCBI Westco Bancorp IL 06/26/92 NASDAQ 2,567,053 55.19
FBCV 1ST Bancorp IN 04/07/87 NASDAQ 697,261 19.87
AMFC AMB Financial Corp. IN 04/01/96 NASDAQ 1,124,125 12.37
ASBI Ameriana Bancorp IN 03/02/87 NASDAQ 3,291,319 52.66
ATSB AmTrust Capital Corp. IN 03/28/95 NASDAQ 531,479 5.31
CBCO CB Bancorp, Inc. IN 12/28/92 NASDAQ 1,162,279 27.60
FFWC FFW Corp. IN 04/05/93 NASDAQ 702,060 15.36
FFED Fidelity Federal Bancorp IN 08/31/87 NASDAQ 2,489,072 24.27
FISB First Indiana Corporation IN 08/02/83 NASDAQ 8,303,414 222.12
HFGI Harrington Financial Group IN NA NASDAQ 3,256,738 35.01
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
HBFW Home Bancorp IN 325,168 45,481 45,481 0.52 0.86 3.36 5.54
HBBI Home Building Bancorp IN 44,564 5,566 5,566 -0.36 -0.04 -2.60 -0.33
HOMF Home Federal Bancorp IN 650,433 53,926 52,078 1.01 1.14 12.18 13.83
HWEN Home Financial Bancorp IN 39,030 7,859 7,859 0.57 0.85 4.22 6.25
INCB Indiana Community Bank, SB IN 89,215 11,316 11,316 0.15 0.49 1.13 3.62
IFSL Indiana Federal Corporation IN 809,123 69,957 65,277 0.69 0.98 7.20 10.25
LOGN Logansport Financial Corp. IN 77,668 15,427 15,427 1.20 1.51 5.09 6.41
MARN Marion Capital Holdings IN 175,806 39,971 39,971 1.15 1.41 4.90 6.04
MFBC MFB Corp. IN 223,945 34,472 34,472 0.52 0.82 2.93 4.58
NEIB Northeast Indiana Bancorp IN 160,032 27,916 27,916 1.02 1.22 4.97 5.97
PFDC Peoples Bancorp IN 280,339 43,009 43,009 1.12 1.46 7.26 9.52
PERM Permanent Bancorp, Inc. IN 412,967 40,064 39,667 0.24 0.51 2.37 5.11
RIVR River Valley Bancorp IN 86,604 6,574 6,426 0.30 0.30 4.01 4.01
SOBI Sobieski Bancorp, Inc. IN 78,978 13,942 13,942 0.21 0.50 1.18 2.79
FFSL First Independence Corp. KS 108,914 11,980 11,980 0.58 0.85 4.84 7.05
LARK Landmark Bancshares, Inc. KS 221,978 32,709 32,709 0.80 0.98 4.91 6.05
MCBS Mid Continent Bancshares Inc. KS 355,525 37,843 37,833 1.05 1.27 8.88 10.74
CKFB CKF Bancorp, Inc. KY 60,038 15,099 15,099 1.30 1.30 4.87 4.84
CLAS Classic Bancshares, Inc. KY 128,361 19,151 16,094 0.43 0.71 2.05 3.40
FFKY First Federal Financial Corp. KY 367,067 49,987 46,842 1.23 1.44 8.76 10.24
FLKY First Lancaster Bancshares KY 36,858 13,689 13,689 0.98 1.25 3.58 4.55
FTSB Fort Thomas Financial Corp. KY 91,109 15,685 15,685 0.51 0.78 2.32 3.57
FKKY Frankfort First Bancorp, Inc. KY 129,911 33,803 33,803 0.66 0.94 2.20 3.12
GWBC Gateway Bancorp, Inc. KY 66,439 17,029 17,029 0.76 1.07 2.99 4.21
GTFN Great Financial Corporation KY 2,897,162 280,454 269,208 0.73 0.71 7.00 6.82
HFFB Harrodsburg First Fin Bancorp KY 107,051 28,636 28,636 0.99 1.31 3.52 4.66
KYF Kentucky First Bancorp, Inc. KY 87,874 15,067 15,067 0.87 1.14 3.88 5.08
SFNB Security First Network Bank KY 110,432 50,521 49,939 -18.24 -14.37 -56.67 -44.64
ANA Acadiana Bancshares, Inc. LA 265,079 46,521 46,521 NA NA NA NA
CZF CitiSave Financial Corp LA 75,635 12,101 12,097 0.78 1.03 4.30 5.69
ISBF ISB Financial Corporation LA 929,264 114,006 96,199 0.74 0.99 4.49 6.01
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
HBFW Home Bancorp IN 03/30/95 NASDAQ 2,652,613 50.40
HBBI Home Building Bancorp IN 02/08/95 NASDAQ 311,660 6.16
HOMF Home Federal Bancorp IN 01/23/88 NASDAQ 3,351,683 86.31
HWEN Home Financial Bancorp IN 07/02/96 NASDAQ 505,926 6.45
INCB Indiana Community Bank, SB IN 12/15/94 NASDAQ 922,039 14.98
IFSL Indiana Federal Corporation IN 02/04/87 NASDAQ 4,737,130 95.93
LOGN Logansport Financial Corp. IN 06/14/95 NASDAQ 1,256,375 14.13
MARN Marion Capital Holdings IN 03/18/93 NASDAQ 1,843,942 35.50
MFBC MFB Corp. IN 03/25/94 NASDAQ 1,774,017 29.49
NEIB Northeast Indiana Bancorp IN 06/28/95 NASDAQ 1,953,586 25.15
PFDC Peoples Bancorp IN 07/07/87 NASDAQ 2,307,973 46.74
PERM Permanent Bancorp, Inc. IN 04/04/94 NASDAQ 2,082,858 42.18
RIVR River Valley Bancorp IN 12/20/96 NASDAQ NA NA
SOBI Sobieski Bancorp, Inc. IN 03/31/95 NASDAQ 882,232 12.79
FFSL First Independence Corp. KS 10/08/93 NASDAQ 1,057,794 10.97
LARK Landmark Bancshares, Inc. KS 03/28/94 NASDAQ 1,835,996 33.05
MCBS Mid Continent Bancshares Inc. KS 06/27/94 NASDAQ 2,016,750 47.14
CKFB CKF Bancorp, Inc. KY 01/04/95 NASDAQ 927,275 18.78
CLAS Classic Bancshares, Inc. KY 12/29/95 NASDAQ 1,322,500 15.37
FFKY First Federal Financial Corp. KY 07/15/87 NASDAQ 4,182,018 84.69
FLKY First Lancaster Bancshares KY 07/01/96 NASDAQ 958,812 14.02
FTSB Fort Thomas Financial Corp. KY 06/28/95 NASDAQ 1,573,775 23.02
FKKY Frankfort First Bancorp, Inc. KY 07/10/95 NASDAQ 3,440,000 39.13
GWBC Gateway Bancorp, Inc. KY 01/18/95 NASDAQ 1,075,754 15.33
GTFN Great Financial Corporation KY 03/31/94 NASDAQ 14,116,732 411.15
HFFB Harrodsburg First Fin Bancorp KY 10/04/95 NASDAQ 2,030,186 38.32
KYF Kentucky First Bancorp, Inc. KY 08/29/95 AMSE 1,388,625 15.10
SFNB Security First Network Bank KY NA NASDAQ 8,110,007 188.56
ANA Acadiana Bancshares, Inc. LA 07/16/96 AMSE 2,731,250 37.55
CZF CitiSave Financial Corp LA 07/14/95 AMSE 962,207 13.47
ISBF ISB Financial Corporation LA 04/07/95 NASDAQ 7,051,260 126.92
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
MERI Meritrust Federal SB LA 226,591 17,525 17,525 0.55 0.90 7.36 11.97
TSH Teche Holding Co. LA 388,910 51,607 51,607 0.69 1.01 4.42 6.49
AFCB Affiliated Community Bancorp MA 1,032,213 101,402 100,738 0.88 1.02 8.70 10.09
BFD BostonFed Bancorp, Inc. MA 820,567 86,355 NA 0.40 0.58 3.32 4.79
FAB FirstFed America Bancorp, Inc. MA 971,497 47,731 47,731 NA NA NA NA
ANBK American National Bancorp MD 492,506 44,356 44,356 0.22 0.59 2.16 5.90
EQSB Equitable Federal Savings Bank MD 286,637 14,325 14,325 0.41 0.71 8.08 13.73
FCIT First Citizens Financial Corp. MD 687,196 41,617 41,617 0.49 0.69 7.95 11.17
FFWM First Financial-W. Maryland MD 360,849 42,142 42,142 0.96 1.28 7.84 10.49
HRBF Harbor Federal Bancorp, Inc. MD 218,777 28,206 28,206 0.33 0.59 2.35 4.21
MFSL Maryland Federal Bancorp MD 1,129,756 92,318 90,966 0.53 0.79 6.48 9.60
WSB Washington Savings Bank, FSB MD 255,049 21,007 21,007 0.48 0.83 5.82 10.09
WHGB WHG Bancshares Corp. MD 95,862 22,518 22,518 0.49 0.83 2.29 3.84
MCBN Mid-Coast Bancorp, Inc. ME 57,838 4,975 4,975 0.40 0.64 4.50 7.17
BWFC Bank West Financial Corp. MI 143,186 22,693 22,693 0.77 0.65 4.12 3.50
CFSB CFSB Bancorp, Inc. MI 829,800 62,470 62,470 0.69 0.95 8.54 11.77
DNFC D & N Financial Corp. MI 1,473,054 86,121 85,110 0.67 0.87 11.58 15.14
MSBF MSB Financial, Inc. MI 66,541 12,701 12,701 1.29 1.60 6.07 7.54
MSBK Mutual Savings Bank, FSB MI 664,675 40,495 40,495 -0.02 -0.05 -0.28 -0.90
OFCP Ottawa Financial Corp. MI 827,275 75,351 59,565 0.40 0.81 3.11 6.28
SJSB SJS Bancorp MI 151,369 16,111 16,111 0.16 0.46 1.41 4.15
SFB Standard Federal Bancorp MI 15,650,791 956,773 794,775 0.37 0.87 5.96 13.99
THR Three Rivers Financial Corp. MI 89,271 12,800 12,748 0.53 0.80 3.59 5.35
BDJI First Federal Bancorporation MN 109,729 12,467 12,467 0.32 0.67 2.45 5.16
FFHH FSF Financial Corp. MN 362,373 44,926 44,926 0.58 0.77 4.02 5.34
HMNF HMN Financial, Inc. MN 554,732 82,099 82,099 0.78 0.92 4.82 5.73
MIVI Mississippi View Holding Co. MN 70,329 13,035 13,035 0.68 1.00 3.63 5.35
QCFB QCF Bancorp, Inc. MN 148,321 26,161 26,161 1.24 1.53 6.18 7.65
TCB TCF Financial Corp. MN 7,090,862 549,506 528,766 1.24 1.44 16.13 18.75
WEFC Wells Financial Corp. MN 201,326 28,202 28,202 0.61 0.96 4.21 6.70
CMRN Cameron Financial Corp MO 191,879 47,445 47,445 1.15 1.42 4.39 5.42
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
MERI Meritrust Federal SB LA NA NASDAQ 774,176 24.48
TSH Teche Holding Co. LA 04/19/95 AMSE 3,437,000 49.41
AFCB Affiliated Community Bancorp MA 10/19/95 NASDAQ 5,149,166 110.06
BFD BostonFed Bancorp, Inc. MA 10/24/95 AMSE 6,260,317 92.34
FAB FirstFed America Bancorp, Inc. MA 01/15/97 AMSE NA NA
ANBK American National Bancorp MD 10/31/95 NASDAQ 3,603,646 46.85
EQSB Equitable Federal Savings Bank MD 09/10/93 NASDAQ 600,000 16.95
FCIT First Citizens Financial Corp. MD 12/17/86 NASDAQ 2,937,860 53.62
FFWM First Financial-W. Maryland MD 02/11/92 NASDAQ 2,167,896 69.37
HRBF Harbor Federal Bancorp, Inc. MD 08/12/94 NASDAQ 1,754,420 27.63
MFSL Maryland Federal Bancorp MD 06/02/87 NASDAQ 3,131,206 104.50
WSB Washington Savings Bank, FSB MD NA AMSE 4,220,206 20.57
WHGB WHG Bancshares Corp. MD 04/01/96 NASDAQ 1,620,062 21.26
MCBN Mid-Coast Bancorp, Inc. ME 11/02/89 NASDAQ 230,171 4.37
BWFC Bank West Financial Corp. MI 03/30/95 NASDAQ 1,819,475 19.33
CFSB CFSB Bancorp, Inc. MI 06/22/90 NASDAQ 4,706,041 91.77
DNFC D & N Financial Corp. MI 02/13/85 NASDAQ 8,348,155 139.83
MSBF MSB Financial, Inc. MI 02/06/95 NASDAQ 647,953 12.31
MSBK Mutual Savings Bank, FSB MI 07/17/92 NASDAQ 4,274,154 23.51
OFCP Ottawa Financial Corp. MI 08/19/94 NASDAQ 5,179,279 84.81
SJSB SJS Bancorp MI 02/16/95 NASDAQ 917,622 23.17
SFB Standard Federal Bancorp MI 01/21/87 NYSE 31,990,098 1819.44
THR Three Rivers Financial Corp. MI 08/24/95 AMSE 851,240 11.92
BDJI First Federal Bancorporation MN 04/04/95 NASDAQ 700,566 12.96
FFHH FSF Financial Corp. MN 10/07/94 NASDAQ 3,230,310 48.86
HMNF HMN Financial, Inc. MN 06/30/94 NASDAQ 4,434,160 80.37
MIVI Mississippi View Holding Co. MN 03/24/95 NASDAQ 854,714 10.26
QCFB QCF Bancorp, Inc. MN 04/03/95 NASDAQ 1,426,200 21.39
TCB TCF Financial Corp. MN 06/17/86 NYSE 34,757,105 1511.93
WEFC Wells Financial Corp. MN 04/11/95 NASDAQ 2,078,125 27.28
CMRN Cameron Financial Corp MO 04/03/95 NASDAQ 2,849,280 45.59
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
CAPS Capital Savings Bancorp, Inc. MO 235,687 19,949 19,949 0.63 0.91 6.65 9.71
CBES CBES Bancorp, Inc. MO 91,672 17,317 17,317 NA NA NA NA
CNSB CNS Bancorp, Inc. MO 98,898 24,129 24,129 NA NA NA NA
FBSI First Bancshares, Inc. MO 157,014 23,160 23,125 0.83 1.03 5.19 6.46
FTNB Fulton Bancorp, Inc. MO 99,462 24,685 24,685 NA NA NA NA
GSBC Great Southern Bancorp, Inc. MO 669,483 60,170 60,170 1.42 1.60 14.24 16.04
HFSA Hardin Bancorp, Inc. MO 97,015 14,316 14,316 0.49 0.82 2.82 4.70
JSBA Jefferson Savings Bancorp MO 1,128,339 81,681 67,311 0.23 0.60 3.21 8.43
JOAC Joachim Bancorp, Inc. MO 35,110 10,701 10,701 0.49 0.77 1.66 2.60
LXMO Lexington B&L Financial Corp. MO 61,650 19,012 19,012 NA NA NA NA
MBLF MBLA Financial Corp. MO 208,898 28,424 28,424 0.66 0.84 4.86 6.13
NASB North American Savings Bank MO 738,692 52,836 51,007 1.15 1.18 16.09 16.57
NSLB NS&L Bancorp, Inc. MO 58,394 12,263 12,263 0.51 0.73 2.29 3.27
PCBC Perry County Financial Corp. MO 80,408 15,162 15,162 0.71 0.96 3.69 4.96
RFED Roosevelt Financial Group MO 7,796,412 497,427 471,486 0.11 0.86 1.87 15.27
SMFC Sho-Me Financial Corp. MO 298,037 30,032 30,032 0.79 0.97 7.14 8.77
SMBC Southern Missouri Bancorp, Inc MO 159,653 25,813 25,813 0.74 1.02 4.56 6.26
CFTP Community Federal Bancorp MS 206,023 68,884 68,884 1.27 1.53 4.26 5.15
FFBS FFBS BanCorp, Inc. MS 127,125 24,645 24,645 1.13 1.44 5.72 7.31
MGNL Magna Bancorp, Inc. MS 1,341,985 130,267 125,061 1.37 1.68 13.90 17.01
EFBC Empire Federal Bancorp, Inc. MT 86,810 15,876 15,876 0.72 0.72 3.99 3.99
GBCI Glacier Bancorp, Inc. MT 412,042 38,926 38,889 1.36 1.53 14.25 16.00
UBMT United Financial Corp. MT 107,945 24,320 24,320 1.20 1.45 5.24 6.34
WSTR WesterFed Financial Corp. MT 563,617 79,506 79,506 0.61 0.85 4.47 6.16
CFNC Carolina Fincorp, Inc. NC 107,170 26,031 26,031 NA NA NA NA
CENB Century Bancorp, Inc. NC 98,115 29,531 29,531 NA NA NA NA
COOP Cooperative Bankshares, Inc. NC 341,300 25,470 25,470 -0.98 0.02 -12.66 0.23
SOPN First Savings Bancorp, Inc. NC 265,888 66,498 66,498 1.34 1.63 5.18 6.31
GSFC Green Street Financial Corp. NC 176,179 62,514 62,514 1.31 1.61 4.79 5.87
HFNC HFNC Financial Corp. NC 901,613 251,380 251,380 1.21 1.46 3.87 4.67
KSAV KS Bancorp, Inc. NC 100,840 13,721 13,711 0.88 1.18 5.94 7.92
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
CAPS Capital Savings Bancorp, Inc. MO 12/29/93 NASDAQ 1,891,800 24.59
CBES CBES Bancorp, Inc. MO 09/30/96 NASDAQ 1,024,958 14.61
CNSB CNS Bancorp, Inc. MO 06/12/96 NASDAQ 1,653,125 21.49
FBSI First Bancshares, Inc. MO 12/22/93 NASDAQ 1,195,076 19.87
FTNB Fulton Bancorp, Inc. MO 10/18/96 NASDAQ 1,719,250 26.43
GSBC Great Southern Bancorp, Inc. MO 12/14/89 NASDAQ 8,176,703 145.65
HFSA Hardin Bancorp, Inc. MO 09/29/95 NASDAQ 954,845 11.94
JSBA Jefferson Savings Bancorp MO 04/08/93 NASDAQ 4,181,795 94.09
JOAC Joachim Bancorp, Inc. MO 12/28/95 NASDAQ 760,437 11.03
LXMO Lexington B&L Financial Corp. MO 06/06/96 NASDAQ 1,265,000 17.08
MBLF MBLA Financial Corp. MO 06/24/93 NASDAQ 1,338,861 25.44
NASB North American Savings Bank MO 09/27/85 NASDAQ 2,255,956 77.27
NSLB NS&L Bancorp, Inc. MO 06/08/95 NASDAQ 759,082 10.34
PCBC Perry County Financial Corp. MO 02/13/95 NASDAQ 827,166 14.06
RFED Roosevelt Financial Group MO 01/23/87 NASDAQ 44,182,925 927.84
SMFC Sho-Me Financial Corp. MO 07/01/94 NASDAQ 1,453,939 31.62
SMBC Southern Missouri Bancorp, Inc MO 04/13/94 NASDAQ 1,637,813 24.57
CFTP Community Federal Bancorp MS 03/26/96 NASDAQ 4,282,339 72.80
FFBS FFBS BanCorp, Inc. MS 07/01/93 NASDAQ 1,565,595 36.01
MGNL Magna Bancorp, Inc. MS 03/13/91 NASDAQ 13,741,018 240.47
EFBC Empire Federal Bancorp, Inc. MT 01/27/97 NASDAQ NA NA
GBCI Glacier Bancorp, Inc. MT 03/30/84 NASDAQ 3,374,282 80.98
UBMT United Financial Corp. MT 09/23/86 NASDAQ 1,223,312 22.63
WSTR WesterFed Financial Corp. MT 01/10/94 NASDAQ 4,397,156 80.25
CFNC Carolina Fincorp, Inc. NC 11/25/96 NASDAQ 1,851,500 24.76
CENB Century Bancorp, Inc. NC 12/23/96 NASDAQ 407,330 26.48
COOP Cooperative Bankshares, Inc. NC 08/21/91 NASDAQ 1,491,698 30.21
SOPN First Savings Bancorp, Inc. NC 01/06/94 NASDAQ 3,689,000 69.17
GSFC Green Street Financial Corp. NC 04/04/96 NASDAQ 4,298,125 66.62
HFNC HFNC Financial Corp. NC 12/29/95 NASDAQ 17,192,500 307.32
KSAV KS Bancorp, Inc. NC 12/30/93 NASDAQ 663,263 13.18
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
MBSP Mitchell Bancorp, Inc. NC 34,203 14,898 14,898 NA NA NA NA
PDB Piedmont Bancorp, Inc. NC 125,086 19,631 19,631 -0.21 0.86 -0.77 3.17
SSB Scotland Bancorp, Inc NC 68,067 25,096 25,096 1.31 1.62 3.86 4.75
SSFC South Street Financial Corp. NC 228,523 60,848 60,848 NA NA NA NA
SSM Stone Street Bancorp, Inc. NC 105,807 37,368 37,368 1.43 1.71 4.47 5.37
UFRM United Federal Savings Bank NC 263,582 19,736 19,736 0.27 0.49 3.38 6.13
CFB Commercial Federal Corporation NE 6,868,213 394,722 346,989 0.65 0.92 10.90 15.48
EBCP Eastern Bancorp NH 866,018 64,778 61,345 0.39 0.57 5.04 7.45
NHTB New Hampshire Thrift Bncshrs NH 264,385 19,194 19,194 0.24 0.42 3.15 5.56
FBER 1st Bergen Bancorp NJ 247,072 41,235 41,235 0.30 0.63 1.91 3.96
COFD Collective Bancorp, Inc. NJ 5,543,924 376,262 337,968 0.91 1.12 13.07 16.04
FSPG First Home Bancorp, Inc. NJ 498,399 32,645 32,014 0.90 0.99 13.77 15.16
FMCO FMS Financial Corporation NJ 541,710 33,826 33,013 0.58 0.91 9.05 14.22
IBSF IBS Financial Corp. NJ 752,798 131,447 131,447 0.58 0.93 2.94 4.73
LVSB Lakeview Financial NJ 471,799 47,828 38,312 1.43 0.90 13.98 8.81
LFBI Little Falls Bancorp, Inc. NJ 280,601 41,767 38,460 0.15 0.42 1.36 3.71
OCFC Ocean Financial Corp. NJ 1,303,865 252,789 252,789 -0.15 0.90 -1.03 6.24
PBCI Pamrapo Bancorp, Inc. NJ 362,910 53,509 53,085 0.81 1.21 5.25 7.87
PFSB PennFed Financial Services,Inc NJ 1,213,679 91,749 74,585 0.55 0.83 6.39 9.71
PULS Pulse Bancorp NJ 509,690 39,605 39,605 0.72 1.09 7.60 11.41
SFIN Statewide Financial Corp. NJ 662,067 65,357 65,198 0.38 0.87 3.41 7.88
WYNE Wayne Bancorp, Inc. NJ 244,081 36,911 36,911 0.31 0.85 2.33 6.45
WWFC Westwood Financial Corporation NJ 105,095 9,740 8,585 NA NA NA NA
AABC Access Anytime Bancorp, Inc. NM 108,912 4,991 4,991 -0.57 -0.22 -12.00 -4.61
GUPB GFSB Bancorp, Inc. NM 81,775 14,545 14,545 0.76 0.97 3.68 4.67
AFED AFSALA Bancorp, Inc. NY 149,846 20,917 20,861 NA NA NA NA
ALBK ALBANK Financial Corporation NY 3,506,136 319,125 275,643 0.77 0.97 8.20 10.30
ALBC Albion Banc Corp. NY 59,860 5,767 5,767 -0.10 0.20 -1.00 1.91
ASFC Astoria Financial Corporation NY 7,272,763 588,829 488,562 0.53 0.73 6.38 8.82
BFSI BFS Bankorp, Inc. NY 650,514 52,211 52,211 1.47 1.81 18.45 22.84
CARV Carver Bancorp, Inc. NY 372,147 34,902 33,393 -0.03 0.24 -0.28 2.56
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
MBSP Mitchell Bancorp, Inc. NC 07/12/96 NASDAQ 979,897 13.96
PDB Piedmont Bancorp, Inc. NC 12/08/95 AMSE 2,750,800 28.88
SSB Scotland Bancorp, Inc NC 04/01/96 AMSE 1,840,000 25.99
SSFC South Street Financial Corp. NC 10/03/96 NASDAQ 4,496,500 62.95
SSM Stone Street Bancorp, Inc. NC 04/01/96 AMSE 1,825,050 37.41
UFRM United Federal Savings Bank NC 07/01/80 NASDAQ 3,065,064 23.75
CFB Commercial Federal Corporation NE 12/31/84 NYSE 21,490,460 687.69
EBCP Eastern Bancorp NH 11/17/83 NASDAQ 3,671,234 86.27
NHTB New Hampshire Thrift Bncshrs NH 05/22/86 NASDAQ 1,704,982 21.53
FBER 1st Bergen Bancorp NJ 04/01/96 NASDAQ 3,015,300 34.68
COFD Collective Bancorp, Inc. NJ 02/07/84 NASDAQ 20,391,308 716.24
FSPG First Home Bancorp, Inc. NJ 04/20/87 NASDAQ 2,708,426 37.58
FMCO FMS Financial Corporation NJ 12/14/88 NASDAQ 2,392,707 43.67
IBSF IBS Financial Corp. NJ 10/13/94 NASDAQ 9,935,905 155.25
LVSB Lakeview Financial NJ 12/22/93 NASDAQ 2,418,643 74.37
LFBI Little Falls Bancorp, Inc. NJ 01/05/96 NASDAQ 2,889,663 33.23
OCFC Ocean Financial Corp. NJ 07/03/96 NASDAQ 9,059,124 231.01
PBCI Pamrapo Bancorp, Inc. NJ 11/14/89 NASDAQ 3,155,964 63.12
PFSB PennFed Financial Services,Inc NJ 07/15/94 NASDAQ 4,820,720 97.62
PULS Pulse Bancorp NJ 09/18/86 NASDAQ 3,050,048 48.04
SFIN Statewide Financial Corp. NJ 10/02/95 NASDAQ 4,994,545 65.55
WYNE Wayne Bancorp, Inc. NJ 06/27/96 NASDAQ 2,231,383 34.03
WWFC Westwood Financial Corporation NJ 06/07/96 NASDAQ 646,672 10.67
AABC Access Anytime Bancorp, Inc. NM 08/08/86 NASDAQ 732,198 4.39
GUPB GFSB Bancorp, Inc. NM 06/30/95 NASDAQ 901,313 14.31
AFED AFSALA Bancorp, Inc. NY 10/01/96 NASDAQ 1,454,750 17.46
ALBK ALBANK Financial Corporation NY 04/01/92 NASDAQ 12,910,763 405.08
ALBC Albion Banc Corp. NY 07/26/93 NASDAQ 250,051 4.13
ASFC Astoria Financial Corporation NY 11/18/93 NASDAQ 21,472,886 791.81
BFSI BFS Bankorp, Inc. NY 05/12/88 NASDAQ 1,658,237 81.67
CARV Carver Bancorp, Inc. NY 10/25/94 NASDAQ 2,314,375 19.09
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
FIBC Financial Bancorp, Inc. NY 259,104 25,758 25,619 0.50 0.87 4.78 8.34
HAVN Haven Bancorp, Inc. NY 1,583,545 99,384 98,943 0.62 0.89 9.83 14.08
LISB Long Island Bancorp, Inc. NY 5,759,340 525,687 520,531 0.63 0.74 6.22 7.35
NYB New York Bancorp Inc. NY 3,122,017 159,050 159,050 1.22 1.33 21.81 23.89
PEEK Peekskill Financial Corp. NY 187,534 48,919 48,919 1.13 1.44 3.78 4.79
PKPS Poughkeepsie Savings Bank, FSB NY 858,690 71,668 71,668 0.17 0.43 2.02 5.07
RELY Reliance Bancorp, Inc. NY 1,878,184 155,460 108,305 0.52 0.78 6.00 9.07
SFED SFS Bancorp, Inc. NY 166,030 21,174 21,174 0.45 0.80 3.22 5.79
TPNZ Tappan Zee Financial, Inc. NY 116,726 21,257 21,257 0.71 0.96 3.82 5.13
YFCB Yonkers Financial Corporation NY 262,118 43,592 43,592 0.74 1.05 4.48 6.37
ASBP ASB Financial Corp. OH 111,824 17,563 17,563 0.60 0.86 2.72 3.89
CAFI Camco Financial Corp. OH 469,449 45,013 41,312 0.79 0.88 9.19 10.26
COFI Charter One Financial OH 13,904,563 928,693 860,872 0.94 1.21 13.89 17.74
CTZN CitFed Bancorp, Inc. OH 2,918,160 184,944 163,900 0.51 0.77 7.68 11.51
CIBI Community Investors Bancorp OH 95,787 10,913 10,913 0.64 0.97 4.99 7.58
DCBI Delphos Citizens Bancorp, Inc. OH 106,608 29,923 29,923 NA NA NA NA
EMLD Emerald Financial Corp. OH 567,490 43,159 42,373 0.68 0.85 8.38 10.51
EFBI Enterprise Federal Bancorp OH 246,397 31,215 31,172 0.68 0.75 4.71 5.14
FFDF FFD Financial Corp. OH 86,159 21,403 21,403 0.76 0.99 3.61 4.73
FFYF FFY Financial Corp. OH 582,331 83,342 83,342 0.84 1.25 4.74 7.06
FFOH Fidelity Financial of Ohio OH 499,918 66,712 58,390 0.53 0.98 3.16 5.86
FDEF First Defiance Financial OH 543,411 116,565 116,565 0.78 1.07 3.26 4.43
FFBZ First Federal Bancorp, Inc. OH 189,065 14,337 14,319 0.77 1.04 10.08 13.62
FFHS First Franklin Corporation OH 222,302 19,730 19,576 0.13 0.60 1.35 6.41
FFSW FirstFederal Financial Svcs OH 1,080,383 85,287 74,715 0.95 0.89 12.20 11.45
GFCO Glenway Financial Corp. OH 278,721 26,837 26,365 0.31 0.63 3.28 6.62
HHFC Harvest Home Financial Corp. OH 83,659 10,399 10,399 0.21 0.51 1.36 3.27
HVFD Haverfield Corporation OH 346,856 28,352 28,331 0.44 0.86 5.21 10.12
HCFC Home City Financial Corp. OH 68,140 13,983 13,983 NA NA NA NA
INBI Industrial Bancorp OH 326,613 62,104 62,104 0.75 1.29 3.62 6.27
LONF London Financial Corporation OH 37,313 7,992 7,992 0.75 1.09 3.77 5.47
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
FIBC Financial Bancorp, Inc. NY 08/17/94 NASDAQ 1,747,686 26.22
HAVN Haven Bancorp, Inc. NY 09/23/93 NASDAQ 4,325,407 123.81
LISB Long Island Bancorp, Inc. NY 04/18/94 NASDAQ 24,458,346 856.04
NYB New York Bancorp Inc. NY 01/28/88 NYSE 16,569,681 428.04
PEEK Peekskill Financial Corp. NY 12/29/95 NASDAQ 3,378,134 48.14
PKPS Poughkeepsie Savings Bank, FSB NY 11/19/85 NASDAQ 12,591,825 66.11
RELY Reliance Bancorp, Inc. NY 03/31/94 NASDAQ 8,824,739 172.08
SFED SFS Bancorp, Inc. NY 06/30/95 NASDAQ 1,278,472 17.74
TPNZ Tappan Zee Financial, Inc. NY 10/05/95 NASDAQ 1,539,062 20.97
YFCB Yonkers Financial Corporation NY 04/18/96 NASDAQ 3,172,250 40.84
ASBP ASB Financial Corp. OH 05/11/95 NASDAQ 1,721,412 22.38
CAFI Camco Financial Corp. OH NA NASDAQ 3,062,893 48.62
COFI Charter One Financial OH 01/22/88 NASDAQ 46,442,723 1950.59
CTZN CitFed Bancorp, Inc. OH 01/23/92 NASDAQ 8,584,392 283.28
CIBI Community Investors Bancorp OH 02/07/95 NASDAQ 632,946 10.76
DCBI Delphos Citizens Bancorp, Inc. OH 11/21/96 NASDAQ 2,038,719 24.46
EMLD Emerald Financial Corp. OH NA NASDAQ 2,530,800 56.94
EFBI Enterprise Federal Bancorp OH 10/17/94 NASDAQ 2,025,828 29.37
FFDF FFD Financial Corp. OH 04/03/96 NASDAQ 1,454,750 19.28
FFYF FFY Financial Corp. OH 06/28/93 NASDAQ 4,318,859 109.32
FFOH Fidelity Financial of Ohio OH 03/04/96 NASDAQ 5,593,969 64.33
FDEF First Defiance Financial OH 10/02/95 NASDAQ 9,470,877 117.20
FFBZ First Federal Bancorp, Inc. OH 07/13/92 NASDAQ 1,571,716 25.15
FFHS First Franklin Corporation OH 01/26/88 NASDAQ 1,156,434 19.08
FFSW FirstFederal Financial Svcs OH 03/31/87 NASDAQ 3,627,100 141.00
GFCO Glenway Financial Corp. OH 11/30/90 NASDAQ 1,187,369 24.34
HHFC Harvest Home Financial Corp. OH 10/10/94 NASDAQ 934,857 9.11
HVFD Haverfield Corporation OH 03/19/85 NASDAQ 1,906,349 36.46
HCFC Home City Financial Corp. OH 12/30/96 NASDAQ 876,024 11.61
INBI Industrial Bancorp OH 08/01/95 NASDAQ 5,504,500 70.18
LONF London Financial Corporation OH 04/01/96 NASDAQ 529,000 7.47
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
METF Metropolitan Financial Corp. OH 719,968 25,536 22,507 NA NA NA NA
MFFC Milton Federal Financial Corp. OH 175,707 27,092 27,092 0.61 0.78 3.24 4.11
OHSL OHSL Financial Corp. OH 217,627 25,167 25,167 0.57 0.85 4.60 6.85
PFFC Peoples Financial Corp. OH 89,242 24,105 24,105 0.29 0.62 1.55 3.38
PTRS Potters Financial Corp. OH 125,497 10,301 10,301 0.03 0.40 0.27 4.19
PVFC PVF Capital Corp. OH 347,577 23,797 23,797 0.99 1.31 14.87 19.59
SFSL Security First Corp. OH 624,296 57,671 56,617 0.94 1.28 9.99 13.66
SBCN Suburban Bancorporation, Inc. OH 218,734 25,831 25,831 0.19 0.58 1.50 4.62
WOFC Western Ohio Financial Corp. OH 347,704 53,223 49,994 0.52 0.49 2.63 2.47
WEHO Westwood Homestead Fin. Corp. OH 119,951 39,982 39,982 0.34 0.67 1.71 3.35
WFCO Winton Financial Corp. OH 292,264 21,379 20,870 0.67 0.83 8.96 11.14
FFWD Wood Bancorp, Inc. OH 159,693 20,412 20,412 0.92 1.16 6.68 8.45
KFBI Klamath First Bancorp OR 673,094 152,559 152,559 0.91 1.31 3.55 5.15
WFSG Wilshire Financial Services OR 341,454 7,039 NA 0.24 0.07 8.65 2.43
CVAL Chester Valley Bancorp Inc. PA 290,173 25,680 25,680 0.61 0.90 6.72 9.91
CMSB Commonwealth Bancorp, Inc. PA 2,119,961 231,924 180,704 0.51 0.71 4.97 6.99
FSBI Fidelity Bancorp, Inc. PA 320,336 23,135 23,135 0.50 0.81 6.98 11.40
FBBC First Bell Bancorp, Inc. PA 656,183 86,433 86,433 1.30 1.52 6.75 7.89
FKFS First Keystone Financial PA 310,695 23,298 23,298 0.48 0.75 5.93 9.28
SHEN First Shenango Bancorp, Inc. PA 405,785 43,054 43,054 0.82 1.07 6.43 8.44
GAF GA Financial, Inc. PA 634,048 122,404 122,404 1.00 1.12 5.21 5.84
HARL Harleysville Savings Bank PA 324,230 20,392 20,392 0.62 0.94 9.33 14.14
LARL Laurel Capital Group, Inc. PA 202,474 21,685 21,685 1.11 1.42 10.45 13.41
MLBC ML Bancorp, Inc. PA 1,875,091 141,163 137,662 0.71 0.65 9.21 8.38
PVSA Parkvale Financial Corporation PA 945,302 71,065 70,410 0.77 1.06 10.67 14.64
PBIX Patriot Bank Corp. PA 489,558 51,401 51,401 0.40 0.67 3.05 5.10
PWBC PennFirst Bancorp, Inc. PA 698,735 51,543 47,068 0.41 0.59 5.47 7.92
PWBK Pennwood Bancorp, Inc. PA 46,707 9,378 9,378 0.53 0.88 3.54 5.94
PHFC Pittsburgh Home Financial Corp PA 218,693 28,422 28,095 0.52 0.77 4.34 6.43
PRBC Prestige Bancorp, Inc. PA 114,640 15,430 15,430 0.15 0.47 1.23 3.96
PSAB Prime Bancorp, Inc. PA 926,071 70,516 NA 0.46 0.80 5.75 10.01
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
METF Metropolitan Financial Corp. OH NA NASDAQ 3,125,635 NA
MFFC Milton Federal Financial Corp. OH 10/07/94 NASDAQ 2,204,851 31.97
OHSL OHSL Financial Corp. OH 02/10/93 NASDAQ 1,222,879 23.85
PFFC Peoples Financial Corp. OH 09/13/96 NASDAQ 1,491,012 20.13
PTRS Potters Financial Corp. OH 12/31/93 NASDAQ 506,169 7.97
PVFC PVF Capital Corp. OH 12/30/92 NASDAQ 2,323,338 36.59
SFSL Security First Corp. OH 01/22/88 NASDAQ 4,973,820 90.15
SBCN Suburban Bancorporation, Inc. OH 09/30/93 NASDAQ 1,474,932 22.49
WOFC Western Ohio Financial Corp. OH 07/29/94 NASDAQ 2,186,669 43.19
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 NASDAQ 2,843,375 34.48
WFCO Winton Financial Corp. OH 08/04/88 NASDAQ 1,986,152 22.84
FFWD Wood Bancorp, Inc. OH 08/31/93 NASDAQ 1,492,636 25.37
KFBI Klamath First Bancorp OR 10/05/95 NASDAQ 10,002,360 157.54
WFSG Wilshire Financial Services OR NA NASDAQ NA NA
CVAL Chester Valley Bancorp Inc. PA 03/27/87 NASDAQ 1,633,885 30.23
CMSB Commonwealth Bancorp, Inc. PA 06/17/96 NASDAQ 17,953,613 269.30
FSBI Fidelity Bancorp, Inc. PA 06/24/88 NASDAQ 1,380,977 27.62
FBBC First Bell Bancorp, Inc. PA 06/29/95 NASDAQ 7,758,150 102.80
FKFS First Keystone Financial PA 01/26/95 NASDAQ 1,292,500 24.88
SHEN First Shenango Bancorp, Inc. PA 04/06/93 NASDAQ 2,059,910 46.35
GAF GA Financial, Inc. PA 03/26/96 AMSE 8,455,000 127.88
HARL Harleysville Savings Bank PA 08/04/87 NASDAQ 1,628,529 25.73
LARL Laurel Capital Group, Inc. PA 02/20/87 NASDAQ 1,515,385 25.00
MLBC ML Bancorp, Inc. PA 08/11/94 NASDAQ 11,663,510 164.75
PVSA Parkvale Financial Corporation PA 07/16/87 NASDAQ 4,046,017 105.20
PBIX Patriot Bank Corp. PA 12/04/95 NASDAQ 4,457,447 53.86
PWBC PennFirst Bancorp, Inc. PA 06/13/90 NASDAQ 3,901,780 53.16
PWBK Pennwood Bancorp, Inc. PA 07/15/96 NASDAQ 610,128 8.39
PHFC Pittsburgh Home Financial Corp PA 04/01/96 NASDAQ 2,073,019 27.73
PRBC Prestige Bancorp, Inc. PA 06/27/96 NASDAQ 963,023 13.00
PSAB Prime Bancorp, Inc. PA 11/21/88 NASDAQ 5,291,157 108.47
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
PFNC Progress Financial Corporation PA 383,981 19,954 17,294 0.35 0.44 6.58 8.41
SVRN Sovereign Bancorp, Inc. PA 9,433,154 475,815 364,358 0.58 0.74 11.34 14.48
THRD TF Financial Corporation PA 647,853 72,575 63,343 0.61 0.82 4.74 6.35
THBC Troy Hill Bancorp, Inc. PA 102,628 18,466 18,466 1.03 1.19 5.10 5.93
WVFC WVS Financial Corporation PA 275,920 35,105 35,105 1.06 1.33 7.78 9.75
YFED York Financial Corp. PA 1,160,035 94,529 94,529 0.55 0.73 6.57 8.72
AMFB American Federal Bank, FSB SC 1,318,400 115,592 107,561 1.07 1.33 13.10 16.23
CFCP Coastal Financial Corp. SC 453,955 28,928 28,928 0.88 0.95 14.38 15.47
FFCH First Financial Holdings Inc. SC 1,582,274 96,305 96,305 0.52 0.82 8.24 12.83
FSFC First Southeast Financial Corp SC 326,013 33,761 33,761 -0.01 0.86 -0.08 5.83
PALM Palfed, Inc. SC 665,257 51,823 51,823 0.02 0.50 0.21 6.04
SCCB S. Carolina Community Bancshrs SC 45,919 11,889 11,889 0.90 1.19 3.21 4.22
HFFC HF Financial Corp. SD 552,735 51,182 51,045 0.61 0.78 6.67 8.55
TWIN Twin City Bancorp TN 105,263 13,384 13,384 0.62 0.86 4.69 6.49
BNKU Bank United Corp. TX 11,059,646 545,148 529,541 1.13 1.10 17.47 17.04
%CAL California Federal Bank, a FSB TX 16,809,461 1,461,581 1,316,799 NA NA NA NA
CBSA Coastal Bancorp, Inc. TX 2,875,907 94,148 78,552 0.25 0.39 7.48 11.89
ETFS East Texas Financial Services TX 113,435 21,089 21,089 0.35 0.66 1.83 3.46
FBHC Fort Bend Holding Corp. TX 278,532 17,906 16,565 0.23 0.53 3.47 7.85
JXVL Jacksonville Bancorp, Inc. TX 218,277 34,717 34,717 0.78 1.11 5.14 7.28
BFSB Bedford Bancshares, Inc. VA 129,601 18,478 18,478 1.06 1.36 7.02 8.95
CNIT CENIT Bancorp, Inc. VA 685,962 48,274 43,971 0.40 0.62 5.61 8.57
CFFC Community Financial Corp. VA 166,664 22,958 22,958 1.04 1.31 7.50 9.44
ESX Essex Bancorp, Inc. VA 171,498 14,834 14,597 -2.57 -1.56 -38.94 -23.61
FFFC FFVA Financial Corp. VA 533,826 74,481 72,873 1.05 1.29 6.68 8.26
GSLC Guaranty Financial Corp. VA 116,177 6,639 6,639 0.46 0.43 7.77 7.27
LIFB Life Bancorp, Inc. VA 1,419,762 150,938 146,135 0.68 0.91 5.52 7.31
VABF Virginia Beach Fed. Financial VA 606,138 40,827 40,827 0.09 0.30 1.39 4.76
VFFC Virginia First Financial Corp. VA 808,545 63,469 61,117 1.42 0.75 17.69 9.36
CASB Cascade Financial Corp. WA 348,050 21,223 21,223 0.51 0.53 8.16 8.52
FWWB First SB of Washington Bancorp WA 977,075 147,866 135,853 1.05 1.19 5.71 6.48
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
PFNC Progress Financial Corporation PA 07/18/83 NASDAQ 3,744,317 31.36
SVRN Sovereign Bancorp, Inc. PA 08/12/86 NASDAQ 59,641,313 652.36
THRD TF Financial Corporation PA 07/13/94 NASDAQ 4,281,386 69.57
THBC Troy Hill Bancorp, Inc. PA 06/27/94 NASDAQ 1,067,917 21.36
WVFC WVS Financial Corporation PA 11/29/93 NASDAQ 1,736,960 42.77
YFED York Financial Corp. PA 02/01/84 NASDAQ 6,792,435 110.38
AMFB American Federal Bank, FSB SC 01/19/89 NASDAQ 10,975,535 207.16
CFCP Coastal Financial Corp. SC 09/26/90 NASDAQ 3,452,112 72.49
FFCH First Financial Holdings Inc. SC 11/10/83 NASDAQ 6,301,141 141.78
FSFC First Southeast Financial Corp SC 10/08/93 NASDAQ 4,388,231 41.14
PALM Palfed, Inc. SC 12/15/85 NASDAQ 5,231,317 73.24
SCCB S. Carolina Community Bancshrs SC 07/07/94 NASDAQ 705,410 10.58
HFFC HF Financial Corp. SD 04/08/92 NASDAQ 2,910,116 50.38
TWIN Twin City Bancorp TN 01/04/95 NASDAQ 853,484 14.72
BNKU Bank United Corp. TX NA NASDAQ 31,595,596 845.18
%CAL California Federal Bank, a FSB TX NA NYSE NA NA
CBSA Coastal Bancorp, Inc. TX NA NASDAQ 4,966,941 113.62
ETFS East Texas Financial Services TX 01/10/95 NASDAQ 1,079,285 17.67
FBHC Fort Bend Holding Corp. TX 06/30/93 NASDAQ 820,376 20.92
JXVL Jacksonville Bancorp, Inc. TX 04/01/96 NASDAQ 2,638,265 38.58
BFSB Bedford Bancshares, Inc. VA 08/22/94 NASDAQ 1,143,669 20.16
CNIT CENIT Bancorp, Inc. VA 08/06/92 NASDAQ 1,633,438 64.52
CFFC Community Financial Corp. VA 03/30/88 NASDAQ 1,272,348 26.40
ESX Essex Bancorp, Inc. VA NA AMSE 1,052,637 2.37
FFFC FFVA Financial Corp. VA 10/12/94 NASDAQ 4,692,552 96.20
GSLC Guaranty Financial Corp. VA NA NASDAQ 924,008 8.09
LIFB Life Bancorp, Inc. VA 10/11/94 NASDAQ 9,846,840 177.24
VABF Virginia Beach Fed. Financial VA 11/01/80 NASDAQ 4,970,307 46.91
VFFC Virginia First Financial Corp. VA 01/01/78 NASDAQ 5,774,855 73.63
CASB Cascade Financial Corp. WA 09/16/92 NASDAQ 2,052,931 33.10
FWWB First SB of Washington Bancorp WA 11/01/95 NASDAQ 10,569,082 194.21
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
IWBK InterWest Bancorp, Inc. WA 1,703,244 116,072 113,268 0.81 1.09 11.92 15.98
STSA Sterling Financial Corp. WA 1,536,344 89,220 79,192 0.16 0.41 2.74 6.90
WFSL Washington Federal, Inc. WA 5,869,259 663,959 594,870 1.64 1.82 13.93 15.45
AADV Advantage Bancorp, Inc. WI 1,031,221 90,160 83,524 0.32 0.83 3.42 8.78
ABCW Anchor BanCorp Wisconsin WI 1,869,211 115,238 112,408 0.72 0.96 11.06 14.66
FCBF FCB Financial Corp. WI 268,528 47,008 47,008 0.91 1.09 5.09 6.09
FFEC First Fed Bncshrs Eau Claire WI 724,074 99,874 96,223 0.66 0.84 4.72 5.99
FTFC First Federal Capital Corp. WI 1,469,422 93,175 87,850 0.71 0.78 10.18 11.21
FFHC First Financial Corp. WI 5,700,431 410,511 397,772 0.90 1.26 12.31 17.23
FNGB First Northern Capital Corp. WI 615,503 70,224 70,224 0.56 0.85 4.61 6.97
HALL Hallmark Capital Corp. WI 396,808 28,074 28,074 0.43 0.58 5.81 7.75
MWFD Midwest Federal Financial WI 194,707 16,340 15,621 1.04 1.02 11.26 10.99
NWEQ Northwest Equity Corp. WI 96,518 11,827 11,827 0.76 0.97 5.88 7.47
OSBF OSB Financial Corp. WI 255,105 31,756 31,756 0.52 0.72 4.14 5.78
RELI Reliance Bancshares, Inc. WI 44,605 22,336 NA NA NA NA NA
SECP Security Capital Corporation WI 3,657,959 568,213 568,213 0.99 1.28 6.02 7.76
STFR St. Francis Capital Corp. WI 1,409,316 125,910 119,585 0.72 0.74 7.31 7.60
AFBC Advance Financial Bancorp WV 100,209 15,740 15,740 NA NA NA NA
FOBC Fed One Bancorp WV 341,897 39,974 38,003 0.69 0.98 5.70 8.11
CRZY Crazy Woman Creek Bancorp WY 52,593 15,652 15,652 0.83 1.09 2.86 3.72
TRIC Tri-County Bancorp, Inc. WY 85,888 13,146 13,146 0.71 0.95 4.87 6.50
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
IWBK InterWest Bancorp, Inc. WA NA NASDAQ 8,000,756 258.02
STSA Sterling Financial Corp. WA NA NASDAQ 5,539,178 78.24
WFSL Washington Federal, Inc. WA 11/17/82 NASDAQ 47,450,146 1143.12
AADV Advantage Bancorp, Inc. WI 03/23/92 NASDAQ 3,275,135 105.62
ABCW Anchor BanCorp Wisconsin WI 07/16/92 NASDAQ 4,620,962 165.20
FCBF FCB Financial Corp. WI 09/24/93 NASDAQ 2,459,614 45.50
FFEC First Fed Bncshrs Eau Claire WI 10/12/94 NASDAQ 6,855,379 125.11
FTFC First Federal Capital Corp. WI 11/02/89 NASDAQ 6,168,777 138.80
FFHC First Financial Corp. WI 12/24/80 NASDAQ 36,802,484 901.66
FNGB First Northern Capital Corp. WI 12/29/83 NASDAQ 4,387,429 71.30
HALL Hallmark Capital Corp. WI 01/03/94 NASDAQ 1,442,950 25.61
MWFD Midwest Federal Financial WI 07/08/92 NASDAQ 1,603,980 30.07
NWEQ Northwest Equity Corp. WI 10/11/94 NASDAQ 929,267 11.27
OSBF OSB Financial Corp. WI 07/01/92 NASDAQ 1,160,134 31.61
RELI Reliance Bancshares, Inc. WI 04/19/96 NASDAQ 2,528,499 17.07
SECP Security Capital Corporation WI 01/03/94 NASDAQ 9,202,665 678.70
STFR St. Francis Capital Corp. WI 06/21/93 NASDAQ 5,356,064 139.26
AFBC Advance Financial Bancorp WV 01/02/97 NASDAQ NA NA
FOBC Fed One Bancorp WV 01/19/95 NASDAQ 2,458,699 38.72
CRZY Crazy Woman Creek Bancorp WY 03/29/96 NASDAQ 1,058,000 12.70
TRIC Tri-County Bancorp, Inc. WY 09/30/93 NASDAQ 608,749 10.96
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
ALL THRIFTS
AVERAGE 1,336,835 101,352 96,643 0.54 0.79 5.09 7.39
MEDIAN 325,168 37,843 37,368 0.60 0.85 4.87 6.82
HIGH 49,902,044 2,595,200 2,350,477 2.49 2.17 31.08 25.22
LOW 34,203 4,709 4,498 -18.24 -14.37 -56.67 -44.64
AVERAGE FOR STATE
IN 298,808 30,870 30,491 0.57 0.78 4.85 6.49
AVERAGE BY REGION
MIDWEST 955,376 83,653 78,339 0.49 0.77 4.89 7.06
NEW ENGLAND 1,139,236 107,453 103,564 0.53 0.67 5.83 7.57
MID ATLANTIC 545,248 57,231 54,490 0.57 0.86 4.79 7.16
SOUTHEAST 957,404 76,615 72,732 0.73 0.93 6.80 8.64
SOUTHWEST 1,256,642 81,279 69,987 0.32 0.58 3.24 6.13
WEST 5,444,835 329,677 315,434 0.35 0.58 3.50 6.65
AVERAGE BY EXCHANGE
NYSE 16,658,366 1,014,786 934,631 0.54 0.78 8.22 12.60
AMEX 275,163 34,823 31,771 0.44 0.79 1.23 3.95
OTC/NASDAQ 794,794 70,701 67,498 0.55 0.79 5.19 7.32
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
ALL THRIFTS
AVERAGE 6,025,426 147.53
MEDIAN 2,548,927 39.13
HIGH 137,875,955 3,998.40
LOW 230,171 2.37
AVERAGE FOR STATE
IN 2,092,326 39.30
AVERAGE BY REGION
MIDWEST 5,123,820 133.83
NEW ENGLAND 7,193,118 155.54
MID ATLANTIC 3,688,336 69.98
SOUTHEAST 4,316,009 80.65
SOUTHWEST 8,438,677 102.30
WEST 16,014,596 469.59
AVERAGE BY EXCHANGE
NYSE 44,379,815 1,543.66
AMEX 2,488,064 33.87
OTC/NASDAQ 4,709,640 98.12
KELLER & COMPANY EXHIBIT 33
Columbus, Ohio
614-766-1426
RECENTLY CONVERTED THRIFT INSTITUTIONS
PRICES AND PRICING RATIOS
PRO FORMA 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) (%) (%) (%)
---- -------- ------ --------- ------ -------- ------ --------- ------
FLKY First Lancaster Bancshares KY 07/01/96 18.50 74.70 74.67 21.30 23.44 105.04 105.04 39.02
EGLB Eagle BancGroup, Inc. IL 07/01/96 100.10 58.40 58.45 7.90 33.33 94.12 94.12 12.07
HWEN Home Financial Bancorp IN 07/02/96 11.40 68.00 68.04 13.10 20.39 99.81 99.81 20.09
OCFC Ocean Financial Corp. NJ 07/03/96 13.40 71.20 71.18 13.90 20.31 110.66 110.66 21.45
MBSP Mitchell Bancorp, Inc. NC 07/12/96 NA 70.00 70.04 25.80 26.25 103.62 103.62 45.13
PWBK Pennwood Bancorp, Inc. PA 07/15/96 14.50 67.50 67.54 12.80 15.22 91.09 91.09 18.29
ANA Acadiana Bancshares, Inc. LA 07/16/96 NA 71.90 71.93 12.70 NA 105.70 105.70 18.55
PFED Park Bancorp, Inc. IL 08/12/96 26.20 66.70 66.66 14.50 NA 102.41 102.41 24.08
PFFC Peoples Financial Corp. OH 09/13/96 28.60 64.30 64.30 16.00 22.79 95.86 95.86 25.90
HBEI Home Bancorp of Elgin, Inc. IL 09/27/96 24.90 72.60 72.64 18.70 34.38 106.14 106.14 29.75
CBES CBES Bancorp, Inc. MO 09/30/96 13.20 61.10 61.06 10.60 12.99 98.37 98.37 18.59
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 NA 73.80 73.83 22.70 21.29 96.91 96.91 32.29
AFED AFSALA Bancorp, Inc. NY 10/01/96 13.70 71.70 71.73 9.90 NA 90.95 91.19 13.71
SSFC South Street Financial Corp. NC 10/03/96 26.10 76.30 76.32 21.20 NA 122.88 122.88 32.71
CNBA Chester Bancorp, Inc. IL 10/08/96 18.80 72.10 72.10 13.90 NA NA NA NA
FTNB Fulton Bancorp, Inc. MO 10/18/96 14.60 72.50 72.53 16.70 NA 127.96 127.96 31.76
DCBI Delphos Citizens Bancorp, Inc. OH 11/21/96 14.60 72.20 72.23 18.80 NA 93.66 93.66 26.30
CFNC Carolina Fincorp, Inc. NC 11/25/96 17.20 77.00 76.98 16.40 NA 104.02 104.02 25.27
PSFI PS Financial, Inc. IL 11/27/96 17.20 71.90 71.93 29.00 NA NA NA NA
BFFC Big Foot Financial Corp. IL 12/20/96 33.10 72.70 72.67 11.40 NA NA NA NA
RIVR River Valley Bancorp IN 12/20/96 15.20 73.00 72.96 12.10 NA NA NA NA
SCBS Southern Community Bancshares AL 12/23/96 14.50 74.40 74.39 15.00 NA 95.26 95.26 21.08
CENB Century Bancorp, Inc. NC 12/23/96 18.90 72.10 72.11 20.00 NA 91.03 91.03 27.40
HCFC Home City Financial Corp. OH 12/30/96 13.70 71.20 71.20 14.60 NA 85.37 85.37 17.52
AFBC Advance Financial Bancorp WV 01/02/97 16.80 71.10 71.09 10.60 NA NA NA NA
RSLN Roslyn Bancorp, Inc. NY 01/13/97 9.30 72.00 71.98 21.00 NA NA NA NA
FAB FirstFed America Bancorp, Inc. MA 01/15/97 13.60 72.00 72.02 10.70 NA NA NA NA
EFBC Empire Federal Bancorp, Inc. MT 01/27/97 21.50 68.10 68.09 23.00 NA NA NA NA
PRICES AND TREND FROM IPO DATE
---------------------------------------------------------
1 Day 1 Week 1 Mo.
IPO After After After
IPO Price IPO % IPO % IPO %
Date ($) ($) Change ($) Change ($) Change
---- ----- ----- ------ ------ ------ ----- ------
FLKY First Lancaster Bancshares KY 07/01/96 10.00 13.50 35.00 13.38 33.75 13.75 37.50
EGLB Eagle BancGroup, Inc. IL 07/01/96 10.00 11.25 12.50 11.25 12.50 11.13 11.25
HWEN Home Financial Bancorp IN 07/02/96 10.00 10.25 2.50 9.88 (1.25) 10.50 5.00
OCFC Ocean Financial Corp. NJ 07/03/96 20.00 21.25 6.25 20.13 0.63 21.00 5.00
MBSP Mitchell Bancorp, Inc. NC 07/12/96 10.00 NA NA 10.63 6.25 11.00 10.00
PWBK Pennwood Bancorp, Inc. PA 07/15/96 10.00 9.50 (5.00) 9.13 (8.75) 9.63 (3.75)
ANA Acadiana Bancshares, Inc. LA 07/16/96 12.00 12.00 0.00 11.75 (2.08) 12.38 3.13
PFED Park Bancorp, Inc. IL 08/12/96 10.00 10.25 2.50 10.44 4.38 10.50 5.00
PFFC Peoples Financial Corp. OH 09/13/96 10.00 10.88 8.75 11.50 15.00 12.75 27.50
HBEI Home Bancorp of Elgin, Inc. IL 09/27/96 10.00 11.81 18.13 12.50 25.00 12.63 26.25
CBES CBES Bancorp, Inc. MO 09/30/96 10.00 12.63 26.25 13.44 34.38 13.25 32.50
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 10.00 10.75 7.50 10.63 6.25 10.50 5.00
AFED AFSALA Bancorp, Inc. NY 10/01/96 10.00 11.38 13.75 11.31 13.13 11.56 15.63
SSFC South Street Financial Corp. NC 10/03/96 10.00 NA NA 12.50 25.00 12.38 23.75
CNBA Chester Bancorp, Inc. IL 10/08/96 10.00 12.94 29.38 12.63 26.25 12.63 26.25
FTNB Fulton Bancorp, Inc. MO 10/18/96 10.00 12.50 25.00 12.88 28.75 14.75 47.50
DCBI Delphos Citizens Bancorp, Inc. OH 11/21/96 10.00 12.13 21.25 12.13 21.25 12.06 20.63
CFNC Carolina Fincorp, Inc. NC 11/25/96 10.00 13.00 30.00 13.00 30.00 13.63 36.25
PSFI PS Financial, Inc. IL 11/27/96 10.00 11.64 16.41 11.69 16.88 12.50 25.00
BFFC Big Foot Financial Corp. IL 12/20/96 10.00 12.31 23.13 12.50 25.00 13.88 38.75
RIVR River Valley Bancorp IN 12/20/96 10.00 13.69 36.88 13.88 38.75 15.00 50.00
SCBS Southern Community Bancshares AL 12/23/96 10.00 13.00 30.00 13.75 37.50 13.50 35.00
CENB Century Bancorp, Inc. NC 12/23/96 50.00 62.63 25.25 66.00 32.00 65.13 30.25
HCFC Home City Financial Corp. OH 12/30/96 10.00 NA NA 12.50 25.00 13.50 35.00
AFBC Advance Financial Bancorp WV 01/02/97 10.00 12.88 28.75 12.94 29.38 14.00 40.00
RSLN Roslyn Bancorp, Inc. NY 01/13/97 10.00 15.00 50.00 15.94 59.38 16.00 60.00
FAB FirstFed America Bancorp, Inc. MA 01/15/97 10.00 13.63 36.25 14.13 41.25 14.88 48.75
EFBC Empire Federal Bancorp, Inc. MT 01/27/97 10.00 13.25 32.50 13.50 35.00 13.75 37.50
EXHIBIT 34
KELLER & COMPANY
Columbus, Ohio
614-766-1426
ACQUISITIONS AND PENDING ACQUISITIONS
COUNTY, CITY OR MARKET AREA OF MONTGOMERY SAVINGS
NONE
KELLER & COMPANY EXHIBIT 35
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED MUTUAL HOLDING COMPANIES
AS OF MARCH 4, 1997
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 20.000 20.000 9.500 1.27 15.94 14.32 229.15 0.81
CMSV Community Savings, MHC FL NASDAQ 19.500 20.500 10.000 2.63 6.85 15.50 133.45 0.78
FFFL Fidelity Bankshares Inc., MHC FL NASDAQ 19.500 19.750 9.091 2.63 13.04 12.12 129.88 0.70
HARB Harbor Federal Savings Bk, MHC FL NASDAQ 37.000 38.500 11.875 4.23 15.63 17.75 214.69 1.20
FFSX First Fed SB of Siouxland, MHC IA NASDAQ 30.750 31.500 8.239 -2.38 1.65 19.86 242.82 0.63
WCFB Webster City Federal SB, MHC IA NASDAQ 14.500 14.625 8.813 5.45 11.00 10.30 45.00 0.70
JXSB Jacksonville Savings Bank, MHC IL NASDAQ 16.500 17.250 10.000 1.54 32.00 13.01 112.95 0.40
LFED Leeds Federal Savings Bk, MHC MD NASDAQ 18.563 19.000 9.875 -1.00 16.02 13.02 80.56 0.66
GFED Guaranty Federal SB, MHC MO NASDAQ 12.000 12.750 8.000 2.13 5.49 8.53 61.09 0.34
PULB Pulaski Bank, Savings Bk, MHC MO NASDAQ 17.000 17.000 10.500 1.49 20.35 10.91 84.26 0.90
FSLA First Savings Bank, MHC NJ NASDAQ 21.500 23.500 5.072 -2.27 19.44 12.92 137.38 0.36
FSNJ First Savings Bk of NJ, MHC NJ NASDAQ 24.125 24.500 10.750 2.12 39.86 16.18 188.82 0.50
SBFL SB of the Finger Lakes, MHC NY NASDAQ 15.125 17.000 8.125 10.00 12.04 11.22 110.61 0.40
WAYN Wayne Savings & Loan Co. MHC OH NASDAQ 27.250 27.250 11.255 4.81 18.48 15.22 166.84 0.89
GDVS Greater Delaware Valley SB,MHC PA NASDAQ 13.250 14.000 9.250 15.22 32.50 8.49 72.20 0.36
HARS Harris Savings Bank, MHC PA NASDAQ 20.375 22.625 12.750 -6.32 12.41 13.62 157.64 0.58
NWSB Northwest Savings Bank, MHC PA NASDAQ 15.500 15.750 7.375 3.33 16.98 8.17 81.79 0.31
PERT Perpetual Bank, MHC SC NASDAQ 26.000 26.500 20.250 5.05 18.18 19.69 148.21 1.20
RVSB Riverview Savings Bank, MHC WA NASDAQ 17.750 18.750 9.711 2.90 5.97 11.11 102.23 0.22
ALL MUTUAL HOLDING COMPANIES
AVERAGE 20.326 21.092 10.023 2.78 16.52 13.26 131.56 0.63
MEDIAN 19.500 19.750 9.711 2.63 15.94 13.01 129.88 0.63
HIGH 37.000 38.500 20.250 15.22 39.86 19.86 242.82 1.20
LOW 12.000 12.750 5.072 -6.32 1.65 8.17 45.00 0.22
PRICING RATIOS
------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
PFSL Pocahontas FS&LA, MHC AR NASDAQ 16.67 139.66 8.73 14.18
CMSV Community Savings, MHC FL NASDAQ 24.07 125.81 14.61 15.98
FFFL Fidelity Bankshares Inc., MHC FL NASDAQ 36.79 160.89 15.01 25.32
HARB Harbor Federal Savings Bk, MHC FL NASDAQ 20.33 208.45 17.23 15.29
FFSX First Fed SB of Siouxland, MHC IA NASDAQ 32.37 154.83 12.66 17.67
WCFB Webster City Federal SB, MHC IA NASDAQ 36.25 140.78 32.22 NA
JXSB Jacksonville Savings Bank, MHC IL NASDAQ 78.57 126.83 14.61 31.13
LFED Leeds Federal Savings Bk, MHC MD NASDAQ 29.94 142.57 23.04 21.34
GFED Guaranty Federal SB, MHC MO NASDAQ 26.09 140.68 19.64 30.77
PULB Pulaski Bank, Savings Bk, MHC MO NASDAQ 35.42 155.82 20.18 24.64
FSLA First Savings Bank, MHC NJ NASDAQ 33.08 166.41 15.65 18.53
FSNJ First Savings Bk of NJ, MHC NJ NASDAQ NM 149.10 12.78 53.61
SBFL SB of the Finger Lakes, MHC NY NASDAQ NM 134.80 13.67 126.04
WAYN Wayne Savings & Loan Co. MHC OH NASDAQ 57.98 179.04 16.33 25.23
GDVS Greater Delaware Valley SB,MHC PA NASDAQ NM 156.07 18.35 88.33
HARS Harris Savings Bank, MHC PA NASDAQ 226.39 149.60 12.93 29.11
NWSB Northwest Savings Bank, MHC PA NASDAQ 27.19 189.72 18.95 18.24
PERT Perpetual Bank, MHC SC NASDAQ 25.74 132.05 17.54 19.12
RVSB Riverview Savings Bank, MHC WA NASDAQ 18.49 159.77 17.36 15.99
ALL MUTUAL HOLDING COMPANIES
AVERAGE 45.34 153.31 16.92 32.81
MEDIAN 31.16 149.60 16.33 22.99
HIGH 226.39 208.45 32.22 126.04
LOW 16.67 125.81 8.73 14.18
KELLER & COMPANY EXHIBIT 36
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED MUTUAL HOLDING COMPANIES
AS OF MARCH 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------------- ----------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ----------- ---- ---- ---- ----
PFSL Pocahontas FS&LA, MHC AR 373,084 23,319 23,319 0.55 0.64 9.15 10.76
CMSV Community Savings, MHC FL 655,209 76,119 76,119 0.64 0.95 5.37 8.01
FFFL Fidelity Bankshares Inc., MHC FL 875,998 81,723 80,968 0.43 0.62 4.36 6.32
HARB Harbor Federal Savings Bk, MHC FL 1,060,339 87,683 84,157 0.91 1.20 10.74 14.23
FFSX First Fed SB of Siouxland, MHC IA 457,311 37,395 37,054 0.41 0.72 4.90 8.58
WCFB Webster City Federal SB, MHC IA 94,492 21,628 21,628 0.87 1.19 3.88 5.30
JXSB Jacksonville Savings Bank, MHC IL 143,710 16,554 16,512 0.19 0.46 1.57 3.87
LFED Leeds Federal Savings Bk, MHC MD 278,311 44,982 44,982 0.77 1.11 4.75 6.79
GFED Guaranty Federal SB, MHC MO 190,919 26,668 26,668 0.76 0.65 5.29 4.50
PULB Pulaski Bank, Savings Bk, MHC MO 176,436 22,843 22,843 0.57 0.83 4.46 6.51
FSLA First Savings Bank, MHC NJ 987,115 92,863 81,913 0.49 0.87 5.15 9.22
FSNJ First Savings Bk of NJ, MHC NJ 578,574 49,585 49,585 -0.33 0.21 -4.33 2.78
SBFL SB of the Finger Lakes, MHC NY 197,437 20,020 20,020 -0.06 0.11 -0.51 1.00
WAYN Wayne Savings & Loan Co. MHC OH 250,057 22,811 22,811 0.28 0.65 2.97 6.91
GDVS Greater Delaware Valley SB,MHC PA 236,259 27,779 27,779 -0.09 0.22 -0.74 1.84
HARS Harris Savings Bank, MHC PA 1,768,112 152,752 131,057 0.07 0.52 0.68 5.28
NWSB Northwest Savings Bank, MHC PA 1,911,978 191,081 182,173 0.72 1.04 6.95 10.02
PERT Perpetual Bank, MHC SC 223,000 29,629 29,629 0.76 1.06 6.85 9.54
RVSB Riverview Savings Bank, MHC WA 224,473 24,391 21,980 0.97 1.15 8.87 10.53
ALL MUTUAL HOLDING COMPANIES
AVERAGE 562,253 55,254 52,695 0.47 0.75 4.23 6.95
MEDIAN 278,311 29,629 29,629 0.55 0.72 4.75 6.79
HIGH 1,911,978 191,081 182,173 0.97 1.20 10.74 14.23
LOW 94,492 16,554 16,512 -0.33 0.11 -4.33 1.00
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
PFSL Pocahontas FS&LA, MHC AR 04/05/94 NASDAQ 1,628,153 28.49
CMSV Community Savings, MHC FL 10/24/94 NASDAQ 4,909,676 100.65
FFFL Fidelity Bankshares Inc., MHC FL 01/07/94 NASDAQ 6,744,689 119.72
HARB Harbor Federal Savings Bk, MHC FL 01/06/94 NASDAQ 4,938,897 176.57
FFSX First Fed SB of Siouxland, MHC IA 07/13/92 NASDAQ 1,883,303 55.09
WCFB Webster City Federal SB, MHC IA 08/15/94 NASDAQ 2,100,000 27.83
JXSB Jacksonville Savings Bank, MHC IL 04/21/95 NASDAQ 1,272,300 15.35
LFED Leeds Federal Savings Bk, MHC MD 05/02/94 NASDAQ 3,454,736 55.28
GFED Guaranty Federal SB, MHC MO 04/10/95 NASDAQ 3,125,000 37.70
PULB Pulaski Bank, Savings Bk, MHC MO 05/11/94 NASDAQ 2,094,000 30.36
FSLA First Savings Bank, MHC NJ 07/10/92 NASDAQ 7,185,199 132.93
FSNJ First Savings Bk of NJ, MHC NJ 01/09/95 NASDAQ 3,064,131 70.48
SBFL SB of the Finger Lakes, MHC NY 11/11/94 NASDAQ 1,785,000 25.88
WAYN Wayne Savings & Loan Co. MHC OH 06/25/93 NASDAQ 1,498,775 36.72
GDVS Greater Delaware Valley SB,MHC PA 03/03/95 NASDAQ 3,272,500 33.95
HARS Harris Savings Bank, MHC PA 01/25/94 NASDAQ 11,216,400 204.70
NWSB Northwest Savings Bank, MHC PA 11/07/94 NASDAQ 23,376,000 312.65
PERT Perpetual Bank, MHC SC 10/26/93 NASDAQ 1,504,601 36.49
RVSB Riverview Savings Bank, MHC WA 10/26/93 NASDAQ 2,195,781 38.43
ALL MUTUAL HOLDING COMPANIES
AVERAGE 4,592,060 81.01
MEDIAN 3,064,131 38.43
HIGH 23,376,000 312.65
LOW 1,272,300 15.35
Exhibit 37
KELLER & COMPANY
Columbus, Ohio
614-766-1426
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: IA IL IN KY MI MO OH WI
IPO Date: <= 12/31/95
Asset size: <= $350,000
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) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- ---
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION -- 94,622 6.41 0.00 80.52 88.53 88.53 12.61 9.60
DEFINED PARAMETERS FOR Prior to 5.00- 45.00- 50.00- 70.00- 7.00-
INCLUSION IN COMPARABLE GROUP 12/31/95 <$350,000 25.00 <25.00 85.00 90.00 95.00 <30.00 20.00
JOAC Joachim Bancorp, Inc. MO 12/28/95 35,110 29.10 0.28 59.43 68.43 68.71 0.00 30.48
HBBI Home Building Bancorp IN 02/08/95 44,564 19.89 13.79 48.43 63.65 77.44 8.93 12.49
CSBF CSB Financial Group, Inc. IL 10/09/95 47,527 NA NA 39.25 58.28 NA 0.00 25.15
NSLB NS&L Bancorp, Inc. MO 06/08/95 58,394 34.01 9.29 48.49 54.12 63.41 5.14 21.00
CKFB CKF Bancorp, Inc. KY 01/04/95 60,038 9.42 0.01 69.38 88.64 88.65 2.09 25.15
GWBC Gateway Bancorp, Inc. KY 01/18/95 66,439 28.41 41.64 25.72 28.71 70.35 0.00 25.63
MSBF MSB Financial, Inc. MI 02/06/95 66,541 4.27 0.02 64.33 93.76 93.78 18.03 19.09
ATSB AmTrust Capital Corp. IN 03/28/95 72,219 NA NA 37.80 70.33 NA 20.30 10.21
HZFS Horizon Financial Svcs Corp. IA 06/30/94 74,043 27.80 0.00 44.91 69.18 69.18 13.68 10.93
LOGN Logansport Financial Corp. IN 06/14/95 77,668 15.63 8.25 51.61 73.13 81.39 4.38 19.86
SOBI Sobieski Bancorp, Inc. IN 03/31/95 78,978 7.93 18.71 58.39 70.08 88.79 7.22 17.65
PCBC Perry County Financial Corp. MO 02/13/95 80,408 46.66 NA 13.01 15.10 NA 3.11 18.86
SFFC StateFed Financial Corporation IA 01/05/94 82,809 12.88 0.00 53.11 82.12 82.12 22.94 17.77
HHFC Harvest Home Financial Corp. OH 10/10/94 83,659 NA NA 45.01 51.07 NA 17.93 12.43
GFSB GFS Bancorp, Inc. IA 01/06/94 87,625 8.37 3.70 58.27 86.59 90.29 20.87 11.47
KYF Kentucky First Bancorp, Inc. KY 08/29/95 87,874 18.00 25.21 28.42 54.22 79.43 19.83 17.15
THR Three Rivers Financial Corp. MI 08/24/95 89,271 NA NA 44.26 66.14 NA 16.63 14.34
INCB Indiana Community Bank, SB IN 12/15/94 90,697 11.77 3.35 41.92 81.20 84.56 0.00 12.30
FTSB Fort Thomas Financial Corp. KY 06/28/95 91,109 6.99 0.87 68.72 89.15 90.03 10.32 17.22
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) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- ---
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION -- 94,622 6.41 0.00 80.52 88.53 88.53 12.61 9.60
DEFINED PARAMETERS FOR Prior to 5.00- 45.00- 50.00- 70.00- 7.00-
INCLUSION IN COMPARABLE GROUP 12/31/95 <$350,000 25.00 <25.00 85.00 90.00 95.00 <30.00 20.00
CIBI Community Investors Bancorp OH 02/07/95 95,787 21.55 1.97 61.93 75.36 77.33 14.61 11.39
NWEQ Northwest Equity Corp. WI 10/11/94 96,518 7.55 7.84 56.53 81.06 88.90 22.54 12.25
HFSA Hardin Bancorp, Inc. MO 09/29/95 97,015 23.72 20.66 45.35 53.92 74.58 14.43 14.76
FFBI First Financial Bancorp, Inc. IL 10/04/93 97,143 15.02 7.29 60.68 75.18 82.47 23.21 7.73
HFFB Harrodsburg First Fin Bancorp KY 10/04/95 107,051 25.09 0.09 62.23 73.60 73.69 0.00 26.75
ASBP ASB Financial Corp. OH 05/11/95 111,824 26.91 8.72 43.34 61.73 70.44 4.83 15.71
MIFC Mid-Iowa Financial Corp. IA 10/14/92 117,066 29.86 14.85 39.28 53.62 68.47 21.78 9.32
NBSI North Bancshares, Inc. IL 12/21/93 117,473 29.15 6.35 56.20 62.46 68.82 20.52 15.13
GTPS Great American Bancorp IL 06/30/95 123,866 NA NA 40.54 73.52 NA 0.00 25.62
PTRS Potters Financial Corp. OH 12/31/93 125,497 31.55 20.89 36.48 44.68 65.57 12.67 8.21
MFCX Marshalltown Financial Corp. IA 03/31/94 125,923 12.96 36.58 43.17 48.61 85.18 0.00 15.55
CLAS Classic Bancshares, Inc. KY 12/29/95 128,361 NA NA 45.68 62.17 NA 7.40 14.92
FKKY Frankfort First Bancorp, Inc. KY 07/10/95 129,911 9.52 0.00 81.74 88.85 88.85 5.64 26.02
MWBI Midwest Bancshares, Inc. IA 11/12/92 136,425 17.01 20.78 46.19 59.54 80.32 17.59 7.04
BWFC Bank West Financial Corp. MI 03/30/95 143,186 24.70 1.44 62.53 71.00 72.44 15.40 15.85
FBSI First Bancshares, Inc. MO 12/22/93 157,014 16.66 0.57 61.63 80.12 80.69 13.09 14.75
FFWC FFW Corp. IN 04/05/93 158,200 17.98 11.84 45.26 67.90 79.73 27.37 10.19
SMBC Southern Missouri Bancorp, Inc MO 04/13/94 159,653 NA NA 44.82 63.97 NA 8.48 16.17
FFWD Wood Bancorp, Inc. OH 08/31/93 159,693 16.10 2.94 60.35 79.51 82.45 13.51 12.78
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) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- ---
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION -- 94,622 6.41 0.00 80.52 88.53 88.53 12.61 9.60
DEFINED PARAMETERS FOR Prior to 5.00- 45.00- 50.00- 70.00- 7.00-
INCLUSION IN COMPARABLE GROUP 12/31/95 <$350,000 25.00 <25.00 85.00 90.00 95.00 <30.00 20.00
NEIB Northeast Indiana Bancorp IN 06/28/95 160,032 10.95 0.00 62.96 86.98 86.98 33.12 17.44
MFFC Milton Federal Financial Corp. OH 10/07/94 175,707 25.00 9.67 59.46 62.73 72.40 8.95 15.42
MARN Marion Capital Holdings IN 03/18/93 175,806 9.20 0.02 51.09 83.50 83.53 4.68 22.74
FFBZ First Federal Bancorp, Inc. OH 07/13/92 189,065 8.45 0.84 54.62 86.29 87.13 24.68 7.58
CMRN Cameron Financial Corp MO 04/03/95 191,879 13.52 0.01 57.76 83.00 83.00 9.51 24.73
MWFD Midwest Federal Financial WI 07/08/92 194,707 14.76 8.89 31.34 72.43 81.32 11.35 8.39
MBLF MBLA Financial Corp. MO 06/24/93 208,898 36.08 9.43 49.39 53.67 63.10 41.64 13.61
OHSL OHSL Financial Corp. OH 02/10/93 217,627 19.82 6.55 46.79 71.52 78.06 9.33 11.56
SBCN Suburban Bancorporation, Inc. OH 09/30/93 218,734 6.39 12.26 58.49 79.53 91.79 27.51 11.81
FFHS First Franklin Corporation OH 01/26/88 222,302 13.10 17.60 53.75 67.54 85.14 2.89 8.88
MFBC MFB Corp. IN 03/25/94 223,945 22.39 2.20 65.78 74.03 76.23 11.16 15.39
CBCO CB Bancorp, Inc. IN 12/28/92 226,553 NA NA 32.77 39.83 NA 23.39 8.83
CBIN Community Bank Shares IN 04/10/95 234,600 37.91 1.73 40.10 57.76 59.49 9.13 10.85
DFIN Damen Financial Corp. IL 10/02/95 235,264 38.87 20.37 34.15 38.42 58.78 24.65 22.88
CAPS Capital Savings Bancorp, Inc. MO 12/29/93 235,687 8.74 11.11 65.45 78.43 89.54 22.06 8.46
EFBI Enterprise Federal Bancorp OH 10/17/94 246,397 NA NA 43.25 65.62 NA 28.41 12.67
FFED Fidelity Federal Bancorp IN 08/31/87 260,171 8.72 4.49 43.43 80.72 85.22 21.16 4.84
FBCV 1ST Bancorp IN 04/07/87 260,211 25.76 1.00 59.59 69.66 70.66 39.37 8.22
GFCO Glenway Financial Corp. OH 11/30/90 278,721 6.54 7.29 67.03 82.05 89.33 6.91 9.63
PFDC Peoples Bancorp IN 07/07/87 280,339 19.21 0.21 72.44 79.37 79.58 0.82 15.34
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) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- ---
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION -- 94,622 6.41 0.00 80.52 88.53 88.53 12.61 9.60
DEFINED PARAMETERS FOR Prior to 5.00- 45.00- 50.00- 70.00- 7.00-
INCLUSION IN COMPARABLE GROUP 12/31/95 <$350,000 25.00 <25.00 85.00 90.00 95.00 <30.00 20.00
WFCO Winton Financial Corp. OH 08/04/88 292,264 NA NA 48.22 85.63 NA 15.86 7.31
SMFC Sho-Me Financial Corp. MO 07/01/94 298,037 9.48 2.17 65.47 85.72 87.89 28.20 10.08
WCBI Westco Bancorp IL 06/26/92 310,992 26.63 0.00 56.93 71.99 71.99 0.00 15.38
HBFW Home Bancorp IN 03/30/95 325,168 19.50 0.00 73.22 78.89 78.89 0.00 13.99
INBI Industrial Bancorp OH 08/01/95 326,613 8.33 0.17 77.77 87.51 87.68 0.61 19.01
FMBD First Mutual Bancorp, Inc. IL 07/05/95 331,776 11.24 0.00 61.23 85.35 85.35 18.93 18.75
HMCI HomeCorp, Inc. IL 06/22/90 335,824 9.72 6.08 41.35 77.72 83.81 0.00 6.21
HVFD Haverfield Corporation OH 03/19/85 346,856 12.22 0.58 67.26 84.70 85.28 8.65 8.17
PVFC PVF Capital Corp. OH 12/30/92 347,577 6.35 0.16 31.93 92.30 92.46 10.78 6.85
WOFC Western Ohio Financial Corp. OH 07/29/94 347,704 16.74 5.83 64.73 74.64 80.47 28.70 15.31
Exhibit 38
KELLER & COMPANY
Columbus, Ohio
614-766-1426
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
Most Recent Four Quarters
General Parameters:
States: IA IL IN KY MI MO OH WI
IPO Date: <= 12/31/95
Asset size: <= $350,000
OPERATING PERFORMANCE ASSET QUALITY(1)
------------------------------------------ -----------------------
Non-
Net Operating Interest
Total Core Core Interest Expenses/ Income/ NPA/ REO/ Reserves/
Assets ROAA ROAE Margin(2) Assets(3) Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- --- ---
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION -- 94,623 0.56 5.71 2.83 1.88 0.01 0.40 0.07 0.17
DEFINED PARAMETERS FOR Prior to 0.40- 2.00- 2.50- 1.50-
INCLUSION IN COMPARABLE GROUP 12/31/95 <350,000 1.20 12.00 3.50 2.75 <0.40 <0.80 <0.25 >0.15
JOAC Joachim Bancorp, Inc. MO 12/28/95 35,110 0.77 2.60 4.13 3.02 0.16 0.74 0.29 0.22
HBBI Home Building Bancorp IN 02/08/95 44,564 -0.04 -0.33 3.48 2.46 0.24 1.14 0.00 0.18
CSBF CSB Financial Group, Inc. IL 10/09/95 47,527 0.73 2.54 3.79 2.38 0.15 0.78 0.00 0.28
NSLB NS&L Bancorp, Inc. MO 06/08/95 58,394 0.73 3.27 3.15 2.31 0.33 0.10 0.00 0.07
CKFB CKF Bancorp, Inc. KY 01/04/95 60,038 1.30 4.84 3.81 1.82 0.09 1.12 0.38 0.18
GWBC Gateway Bancorp, Inc. KY 01/18/95 66,439 1.07 4.21 2.97 1.38 0.02 0.32 0.00 0.12
MSBF MSB Financial, Inc. MI 02/06/95 66,541 1.60 7.54 5.40 3.25 0.47 1.18 0.00 0.55
ATSB AmTrust Capital Corp. IN 03/28/95 72,219 0.19 1.87 2.83 2.88 0.59 2.59 0.11 0.66
HZFS Horizon Financial Svcs Corp. IA 06/30/94 74,043 0.31 2.73 3.41 2.64 0.45 1.35 0.46 0.40
LOGN Logansport Financial Corp. IN 06/14/95 77,668 1.51 6.41 4.02 1.64 0.14 0.52 0.00 0.30
SOBI Sobieski Bancorp, Inc. IN 03/31/95 78,978 0.50 2.79 3.28 2.63 0.23 0.24 0.00 0.25
PCBC Perry County Financial Corp. MO 02/13/95 80,408 0.96 4.96 2.81 1.26 0.04 0.00 0.00 0.03
SFFC StateFed Financial Corporation IA 01/05/94 82,809 1.27 6.67 3.70 1.62 0.08 1.86 0.00 0.30
HHFC Harvest Home Financial Corp. OH 10/10/94 83,659 0.51 3.27 3.02 2.29 0.07 0.26 0.00 0.13
GFSB GFS Bancorp, Inc. IA 01/06/94 87,625 1.17 9.87 3.47 1.77 0.13 0.65 0.00 0.81
KYF Kentucky First Bancorp, Inc. KY 08/29/95 87,874 1.14 5.08 3.74 2.12 0.14 0.05 0.00 0.43
THR Three Rivers Financial Corp. MI 08/24/95 89,271 0.80 5.35 3.94 3.00 0.46 1.23 0.44 0.53
INCB Indiana Community Bank, SB IN 12/15/94 90,697 0.48 3.38 4.34 3.92 0.97 NA NA NA
FTSB Fort Thomas Financial Corp. KY 06/28/95 91,109 0.78 3.57 4.37 3.14 0.21 1.68 0.00 0.41
CIBI Community Investors Bancorp OH 02/07/95 95,787 0.97 7.58 3.68 2.08 0.11 0.69 0.09 0.48
NWEQ Northwest Equity Corp. WI 10/11/94 96,518 0.97 7.47 3.92 2.48 0.42 1.53 0.08 0.50
HFSA Hardin Bancorp, Inc. MO 09/29/95 97,015 0.82 4.70 3.19 2.11 0.29 0.18 0.00 0.16
FFBI First Financial Bancorp, Inc. IL 10/04/93 97,143 0.36 3.97 3.06 2.85 0.43 0.43 0.00 0.46
HFFB Harrodsburg First Fin Bancorp KY 10/04/95 107,051 1.31 4.66 3.56 1.58 0.09 0.65 0.00 0.28
ASBP ASB Financial Corp. OH 05/11/95 111,824 0.86 3.89 3.52 2.30 0.19 1.64 0.59 0.79
MIFC Mid-Iowa Financial Corp. IA 10/14/92 117,066 1.12 12.15 3.03 2.24 0.99 0.08 0.00 0.24
NBSI North Bancshares, Inc. IL 12/21/93 117,473 0.63 3.95 3.36 2.52 0.18 0.00 0.00 0.18
GTPS Great American Bancorp IL 06/30/95 123,866 0.67 2.39 4.88 3.62 0.40 0.13 0.00 0.26
PTRS Potters Financial Corp. OH 12/31/93 125,497 0.40 4.19 3.28 2.62 0.20 2.20 0.00 1.67
MFCX Marshalltown Financial Corp. IA 03/31/94 125,923 0.49 3.15 2.62 1.91 0.07 0.00 0.00 0.09
CLAS Classic Bancshares, Inc. KY 12/29/95 128,361 0.71 3.40 3.14 2.07 0.11 0.91 0.30 0.62
FKKY Frankfort First Bancorp, Inc. KY 07/10/95 129,911 0.94 3.12 3.63 2.15 0.04 0.16 0.00 0.08
MWBI Midwest Bancshares, Inc. IA 11/12/92 136,425 0.73 10.50 2.95 1.85 0.18 0.73 0.01 0.50
BWFC Bank West Financial Corp. MI 03/30/95 143,186 0.65 3.50 3.16 2.63 0.62 0.05 0.00 0.14
OPERATING PERFORMANCE ASSET QUALITY(1)
------------------------------------------ -----------------------
Non-
Net Operating Interest
Total Core Core Interest Expenses/ Income/ NPA/ REO/ Reserves/
Assets ROAA ROAE Margin(2) Assets(3) Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- --- ---
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION -- 94,623 0.56 5.71 2.83 1.88 0.01 0.40 0.07 0.17
DEFINED PARAMETERS FOR Prior to 0.40- 2.00- 2.50- 1.50-
INCLUSION IN COMPARABLE GROUP 12/31/95 <350,000 1.20 12.00 3.50 2.75 <0.40 <0.80 <0.25 >0.15
FBSI First Bancshares, Inc. MO 12/22/93 157,014 1.03 6.46 3.50 1.94 0.26 0.49 0.00 0.28
FFWC FFW Corp. IN 04/05/93 158,200 1.08 10.33 3.16 1.80 0.33 0.11 0.03 0.34
SMBC Southern Missouri Bancorp, Inc MO 04/13/94 159,653 1.02 6.26 3.23 1.99 0.36 0.61 0.10 0.41
FFWD Wood Bancorp, Inc. OH 08/31/93 159,693 1.16 8.45 4.35 2.49 0.21 0.35 0.02 0.31
NEIB Northeast Indiana Bancorp IN 06/28/95 160,032 1.22 5.97 3.88 1.92 0.22 0.20 0.00 0.64
MFFC Milton Federal Financial Corp. OH 10/07/94 175,707 0.78 4.11 3.39 2.16 0.13 0.33 0.00 0.29
MARN Marion Capital Holdings IN 03/18/93 175,806 1.41 6.04 4.19 2.26 0.18 1.04 0.01 1.15
FFBZ First Federal Bancorp, Inc. OH 07/13/92 189,065 1.04 13.62 4.01 2.43 0.44 0.72 0.01 0.91
CMRN Cameron Financial Corp MO 04/03/95 191,879 1.42 5.42 4.27 1.72 0.09 0.71 0.01 0.80
MWFD Midwest Federal Financial WI 07/08/92 194,707 1.02 10.99 4.13 2.98 0.87 0.24 0.00 0.76
MBLF MBLA Financial Corp. MO 06/24/93 208,898 0.84 6.13 2.14 0.76 0.01 0.26 0.01 0.27
OHSL OHSL Financial Corp. OH 02/10/93 217,627 0.85 6.85 3.33 2.10 0.13 0.22 0.00 0.24
SBCN Suburban Bancorporation, Inc. OH 09/30/93 218,734 0.58 4.62 3.00 2.33 0.22 0.26 0.09 1.43
FFHS First Franklin Corporation OH 01/26/88 222,302 0.60 6.41 2.83 1.98 0.18 0.54 0.08 0.42
MFBC MFB Corp. IN 03/25/94 223,945 0.82 4.58 3.17 1.95 0.17 0.02 0.00 0.16
CBCO CB Bancorp, Inc. IN 12/28/92 226,553 1.18 12.49 4.26 2.16 0.62 NA NA NA
CBIN Community Bank Shares IN 04/10/95 234,600 0.89 7.63 3.02 2.06 0.59 0.22 0.03 0.26
DFIN Damen Financial Corp. IL 10/02/95 235,264 0.94 4.01 3.09 1.94 0.08 0.15 0.00 0.15
CAPS Capital Savings Bancorp, Inc. MO 12/29/93 235,687 0.91 9.71 3.28 2.14 0.40 0.25 0.03 0.29
EFBI Enterprise Federal Bancorp OH 10/17/94 246,397 0.75 5.14 3.08 1.89 0.04 0.01 0.00 0.18
FFED Fidelity Federal Bancorp IN 08/31/87 260,171 0.31 5.78 2.51 3.32 1.82 0.22 0.02 0.71
FBCV 1ST Bancorp IN 04/07/87 260,211 -0.06 -0.73 2.41 2.71 0.33 0.82 0.19 0.36
GFCO Glenway Financial Corp. OH 11/30/90 278,721 0.63 6.62 3.15 2.21 0.23 0.47 0.15 0.25
PFDC Peoples Bancorp IN 07/07/87 280,339 1.46 9.52 3.78 1.60 0.23 0.41 0.03 0.32
WFCO Winton Financial Corp. OH 08/04/88 292,264 0.83 11.14 3.24 2.06 0.12 0.39 0.26 0.29
SMFC Sho-Me Financial Corp. MO 07/01/94 298,037 0.97 8.77 3.32 2.05 0.40 0.09 0.00 0.61
WCBI Westco Bancorp IL 06/26/92 310,992 1.38 8.87 3.65 1.71 0.25 0.50 0.00 0.28
HBFW Home Bancorp IN 03/30/95 325,168 0.86 5.54 2.96 1.54 0.07 0.06 0.00 0.43
INBI Industrial Bancorp OH 08/01/95 326,613 1.29 6.27 4.32 2.10 0.14 0.38 0.00 0.48
FMBD First Mutual Bancorp, Inc. IL 07/05/95 331,776 0.63 2.80 3.54 2.68 0.27 0.17 0.02 0.37
HMCI HomeCorp, Inc. IL 06/22/90 335,824 0.32 5.19 3.04 2.69 0.56 3.94 2.87 0.47
HVFD Haverfield Corporation OH 03/19/85 346,856 0.86 10.12 3.76 2.87 0.58 0.78 0.00 0.84
PVFC PVF Capital Corp. OH 12/30/92 347,577 1.31 19.59 4.14 2.51 0.37 0.76 0.00 0.73
WOFC Western Ohio Financial Corp. OH 07/29/94 347,704 0.49 2.47 3.31 2.36 0.08 0.73 0.02 0.41
<FN>
- --------------
(1) Asset quality ratios reflect balance sheet totals at the end of the most
recent quarter.
(2) Based on average interest-earning assets.
(3) Net of non-recurring expense.
</FN>
Exhibit 39
KELLER & COMPANY
Columbus, Ohio
614-766-1426
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION
FINAL COMPARABLE GROUP
BALANCE SHEET RATIOS
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) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- ---
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION -- 94,622 6.41 0.00 80.52 88.53 88.53 12.61 9.60
DEFINED PARAMETERS FOR Prior to 5.00- 45.00- 50.00- 70.00- 7.00-
INCLUSION IN COMPARABLE GROUP 12/31/95 <$350,000 25.00 <25.00 85.00 90.00 95.00 <30.00 20.00
SOBI Sobieski Bancorp, Inc. IN 03/31/95 78,978 7.93 18.71 58.39 70.08 88.79 7.22 17.65
GFSB GFS Bancorp, Inc. IA 01/06/94 87,625 8.37 3.70 58.27 86.59 90.29 20.87 11.47
HFSA Hardin Bancorp, Inc. MO 09/29/95 97,015 23.72 20.66 45.35 53.92 74.58 14.43 14.76
MWBI Midwest Bancshares, Inc. IA 11/12/92 136,425 17.01 20.78 46.19 59.54 80.32 17.59 7.04
FBSI First Bancshares, Inc. MO 12/22/93 157,014 16.66 0.57 61.63 80.12 80.69 13.09 14.75
FFWC FFW Corp. IN 04/05/93 158,200 17.98 11.84 45.26 67.90 79.73 27.37 10.19
SBCN Suburban Bancorporation, Inc. OH 09/30/93 218,734 6.39 12.26 58.49 79.53 91.79 27.51 11.81
FFHS First Franklin Corporation OH 01/26/88 222,302 13.10 17.60 53.75 67.54 85.14 2.89 8.88
MFBC MFB Corp. IN 03/25/94 223,945 22.39 2.20 65.78 74.03 76.23 11.16 15.39
GFCO Glenway Financial Corp. OH 11/30/90 278,721 6.54 7.29 67.03 82.05 89.33 6.91 9.63
AVERAGE 165,896 14.01 11.56 56.01 72.13 83.69 14.90 12.16
MEDIAN 157,607 14.88 12.05 58.33 72.06 82.91 13.76 11.64
HIGH 278,721 23.72 20.78 67.03 86.59 91.79 27.51 17.65
LOW 78,978 6.39 0.57 45.26 53.92 74.58 2.89 7.04
Exhibit 40
KELLER & COMPANY
Columbus, Ohio
614-766-1426
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION
FINAL COMPARABLE GROUP
OPERATING PERFORMANCE AND ASSET QUALITY RATIOS
Most Recent Four Quarters
OPERATING PERFORMANCE ASSET QUALITY(1)
---------------------------------------------- ----------------------
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/ NPA/ REO/ Reserves/
Assets ROAA ROAE Margin(2) Assets(3) Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- --- ---
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION -- 94,623 0.56 5.71 2.83 1.88 0.01 0.40 0.07 0.17
DEFINED PARAMETERS FOR Prior to 0.40- 2.00- 2.50- 1.50-
INCLUSION IN COMPARABLE GROUP 12/31/95 <350,000 1.20 12.00 3.50 2.75 <0.40 <0.80 <0.25 >0.15
SOBI Sobieski Bancorp, Inc. IN 03/31/95 78,978 0.50 2.79 3.28 2.63 0.23 0.24 0.00 0.25
GFSB GFS Bancorp, Inc. IA 01/06/94 87,625 1.17 9.87 3.47 1.77 0.13 0.65 0.00 0.81
HFSA Hardin Bancorp, Inc. MO 09/29/95 97,015 0.82 4.70 3.19 2.11 0.29 0.18 0.00 0.16
MWBI Midwest Bancshares, Inc. IA 11/12/92 136,425 0.73 10.50 2.95 1.85 0.18 0.73 0.01 0.50
FBSI First Bancshares, Inc. MO 12/22/93 157,014 1.03 6.46 3.50 1.94 0.26 0.49 0.00 0.28
FFWC FFW Corp. IN 04/05/93 158,200 1.08 10.33 3.16 1.80 0.33 0.11 0.03 0.34
SBCN Suburban Bancorporation, Inc. OH 09/30/93 218,734 0.58 4.62 3.00 2.33 0.22 0.26 0.09 1.43
FFHS First Franklin Corporation OH 01/26/88 222,302 0.60 6.41 2.83 1.98 0.18 0.54 0.08 0.42
MFBC MFB Corp. IN 03/25/94 223,945 0.82 4.58 3.17 1.95 0.17 0.02 0.00 0.16
GFCO Glenway Financial Corp. OH 11/30/90 278,721 0.63 6.62 3.15 2.21 0.23 0.47 0.15 0.25
AVERAGE 165,896 0.80 6.69 3.17 2.06 0.22 0.37 0.04 0.46
MEDIAN 157,607 0.78 6.44 3.17 1.97 0.23 0.37 0.00 0.31
HIGH 278,721 1.17 10.50 3.50 2.63 0.33 0.73 0.15 1.43
LOW 78,978 0.50 2.79 2.83 1.77 0.13 0.02 0.00 0.16
<FN>
- -------------
(1) Asset quality ratios reflect balance sheet totals at the end of the most
recent quarter.
(2) Based on average interest-earning assets.
(3) Net of non-recurring expense.
</FN>
EXHIBIT 41
KELLER & COMPANY
Columbus, Ohio
614-766-1426
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION
COMPARABLE GROUP CHARACTERISTICS AND BALANCE SHEET TOTALS
Most Recent Quarter
-------------------------------------------------
Int. Total Goodwill
Number Conversion Total Earning Net and Total Total
of (IPO) Assets Assets Loans Intang. Deposits Equity
Offices Exchange Date ($000) ($000) ($000) ($000) ($000) ($000)
------- -------- ---------- ------ ------- ------ -------- -------- ------
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION 4 NA NA 94,623 92,353 83,770 0 72,343 9,082
COMPARABLE GROUP
FFWC FFW Corporation Wabash IN 3 NASDAQ 04/05/93 158,200 152,027 107,413 0 97,886 16,117
FBSI First Bancshares, Inc. Mountain Grove MO 5 NASDAQ 12/22/93 157,014 145,774 125,794 35 112,875 23,160
FFHS First Franklin Corporation Cincinnati OH 7 NASDAQ 01/26/88 222,302 214,402 150,135 154 194,648 19,730
GFSB GFS Bancorp, Inc. Grinnell IA 1 NASDAQ 01/06/94 87,625 85,928 75,874 0 58,455 10,052
GFCO Glenway Financial Corp. Cincinnati OH 6 NASDAQ 11/30/90 278,721 270,482 228,683 472 228,753 26,837
HFSA Hardin Bancorp, Inc. Hardin MO 3 NASDAQ 09/29/95 97,015 90,820 52,311 0 67,866 14,316
MFBC MFB Corp. Mishawaka IN 4 NASDAQ 03/25/94 223,945 217,162 165,789 0 161,577 34,472
MWBI Midwest Bancshares, Inc. Burlington IA 4 NASDAQ 11/12/92 136,425 132,885 81,225 0 101,918 9,600
SOBI Sobieski Bancorp, Inc. South Bend IN 3 NASDAQ 03/31/95 78,978 77,332 55,348 0 58,985 13,942
SBCN Suburban Bancorporation, Inc. Cincinnati OH 7 NASDAQ 09/30/93 218,734 211,972 173,966 0 128,872 25,831
Average 4.3 165,896 159,878 121,654 66 121,184 19,406
Median 4.0 157,607 148,901 116,604 0 107,397 17,924
High 7.0 278,721 270,482 228,683 472 228,753 34,472
Low 1.0 78,978 77,332 52,311 0 58,455 9,600
EXHIBIT 42
KELLER & COMPANY
Columbus, Ohio
614-766-1426
MONTGOMERY SAVINGS, A FEDERAL ASSOCIATION
COMPARABLE GROUP MARKET AREA COMPARISON
1990 1990 1990 1990
1990-1996 1990 Median Median 1990 High 1990 Below
Population Per Capita Household Housing Median School College Poverty
1996 Growth Income Income Value Rent Graduates Graduates Level
Population (%) ($) ($) ($) ($) (%) (%) (%)
---------- ---------- ---------- --------- ------- ------ --------- --------- -------
SUBJECT
Montgomery Savings IN 60,420 4.2 11,947 26,774 43,496 306 74.4 11.8 9.6
COMPARABLE GROUP
FFWC FFW Corp. IN 34,831 0.3 13,428 30,573 43,401 304 75.4 12.7 10.2
FBSI First Bancshares, Inc. MO 66,455 8.9 9,633 19,183 35,705 243 72.4 10.2 15.5
FFHS First Franklin Corporation OH 866,222 1.2 18,004 34,401 72,243 304 75.6 23.7 13.3
GFSB GFS Bancorp, Inc IA 132,292 0.2 13,002 28,618 41,532 236 79.0 15.0 9.5
GFCO Glenway Financial Corp. OH 866,222 1.2 18,004 34,401 72,243 304 75.6 23.7 13.3
HFSA Hardin Bancorp, Inc. MO 182,748 4.2 14,828 33,428 65,236 416 71.7 13.6 14.1
MFBC MFB Corp. IN 257,533 0.8 16,003 34,165 50,751 325 76.1 19.2 9.7
MWBI Midwest Bancshares, Inc. IA 43,075 1.1 13,959 29,170 41,576 242 78.9 12.7 9.1
SOBI Sobieski Bancorp, Inc. IN 257,533 0.8 16,003 34,165 50,751 325 76.1 19.2 9.7
SBCN Suburban Bancorporation, Inc. OH 866,222 1.2 18,004 34,401 72,243 304 75.6 23.7 13.3
Average 357,313 2.0 15,087 31,251 54,568 300 75.6 17.4 11.8
Median 220,141 1.2 15,416 33,797 50,751 304 75.6 17.1 11.8
High 866,222 8.9 18,004 34,401 72,243 416 79.0 23.7 15.5
Low 34,831 0.2 9,633 19,183 35,705 236 71.7 10.2 9.1
Exhibit 43
KELLER & COMPANY
Columbus, Ohio
614-766-1426
BALANCE SHEET
ASSET COMPOSITION - MOST RECENT QUARTER
As a Percent of Total Assets
------------------------------------------------------------------------
Loan Real Goodwill
Total Cash & Net Loss Estate & Other
Assets Invest. MBS Loans Reserves Owned Intang. Assets
($000) (%) (%) (%) (%) (%) (%) (%)
------ --- --- --- --- --- --- ---
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION .................... 94,622 6.41 0.00 88.53 0.17 0.07 0.00 3.73
COMPARABLE GROUP
FFWC FFW Corp. ............................ 158,200 17.98 11.84 67.90 0.34 0.03 0.00 2.26
FBSI First Bancshares, Inc. ............... 157,014 16.66 0.57 80.12 0.28 0.00 0.02 2.63
FFHS First Franklin Corp. ................. 222,302 13.10 17.60 67.54 0.42 0.08 0.07 1.59
GFSB GFS Bancorp, Inc. .................... 87,625 8.37 3.70 86.59 0.81 0.00 0.00 1.34
GFCO Glenway Financial Corp. .............. 278,721 6.54 7.29 82.05 0.25 0.15 0.17 3.82
HFSA Hardin Bancorp, Inc. ................. 97,015 23.72 20.66 53.92 0.16 0.00 0.00 1.70
MFBC MFB Corp. ............................ 223,945 22.39 2.20 74.03 0.16 0.00 0.00 1.38
MWBI Midwest Bancshares, Inc. ............. 136,425 17.01 20.78 59.54 0.50 0.01 0.00 2.66
SOBI Sobieski Bancorp, Inc. ............... 78,978 7.93 18.71 70.08 0.25 0.00 0.00 3.28
SBCN Suburban Bancorporation .............. 218,734 6.39 12.26 79.53 1.43 0.09 0.00 1.59
Average .............................. 165,896 14.01 11.56 72.13 0.46 0.04 0.03 2.22
Median ............................... 157,607 14.88 12.05 72.06 0.31 0.00 0.00 1.98
High ................................. 278,721 23.72 20.78 86.59 1.43 0.15 0.17 3.82
Low .................................. 78,978 6.39 0.57 53.92 0.16 0.00 0.00 1.34
ALL THRIFTS (331)
Average ............................ 1,336,835 17.90 12.19 66.58 0.56 0.56 0.21 2.59
MIDWEST THRIFTS (157)
Average ............................ 782,190 17.87 9.52 69.13 0.47 0.47 0.18 2.53
INDIANA THRIFTS (24)
Average ............................ 298,808 16.56 9.86 69.68 0.48 0.07 0.06 3.15
As a Percent of Total Assets
-------------------------------------------------
High
Risk Non- Inst. Inst. Capitalized
R. E. Perf. Earning Bearing Loan
Loans Assets Assets Liabilities Servicing
(%) (%) (%) (%) (%)
--- --- --- --- ---
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION ....... 8.25 0.40 97.60 89.06 0.00
COMPARABLE GROUP
FFWC FFW Corp. ............... 5.84 0.11 96.10 88.07 0.00
FBSI First Bancshares, Inc. .. 12.39 0.49 92.84 80.34 0.00
FFHS First Franklin Corp. .... 13.24 0.54 96.45 89.55 0.02
GFSB GFS Bancorp, Inc. ....... 26.47 1.65 98.06 86.13 0.00
GFCO Glenway Financial Corp... 14.17 0.47 97.04 89.68 0.00
HFSA Hardin Bancorp, Inc. .... 2.30 0.18 93.61 79.14 0.00
MFBC MFB Corp. ............... 2.83 0.02 96.97 82.07 0.00
MWBI Midwest Bancshares, Inc. 7.80 0.83 97.41 92.36 0.00
SOBI Sobieski Bancorp, Inc. .. 4.19 0.24 97.92 82.53 0.00
SBCN Suburban Bancorporation . 20.57 0.26 96.91 85.60 0.00
Average ................. 10.98 0.48 96.33 85.55 0.00
Median .................. 10.10 0.37 96.94 85.87 0.00
High .................... 26.47 1.65 98.06 92.36 0.02
Low ..................... 2.30 0.02 92.84 79.14 0.00
ALL THRIFTS (331)
Average ............... 13.58 0.86 95.42 83.95 0.12
MIDWEST THRIFTS (157)
Average ............... 12.64 0.60 95.96 83.38 0.10
INDIANA THRIFTS (24)
Average ............... 10.85 0.64 95.33 84.77 0.05
Exhibit 44
KELLER & COMPANY
Columbus, Ohio
614-766-1426
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 Liabilitie Equity Equity Gain (Loss)
($000) ($000) (%) (%) (%) (%) (%) (%)
------ ------ --- --- --- --- --- ---
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION ............ 85,540 9,082 76.45 12.61 1.34 0.00 9.60 0.00
COMPARABLE GROUP
FFWC FFW Corp. ......................... 142,083 16,117 61.87 27.37 0.57 0.00 10.19 0.28
FBSI First Bancshares, Inc. ............ 133,854 23,160 71.89 13.09 0.27 0.00 14.75 (0.01)
FFHS First Franklin Corporation ........ 202,572 19,730 87.56 2.89 0.68 0.00 8.88 0.10
GFSB GFS Bancorp, Inc. ................. 77,573 10,052 66.71 20.87 0.94 0.00 11.47 0.01
GFCO Glenway Financial Corp. ........... 251,884 26,837 82.07 6.91 1.39 0.00 9.63 0.02
HFSA Hardin Bancorp, Inc. .............. 82,699 14,316 69.95 14.43 0.86 0.00 14.76 (0.18)
MFBC MFB Corp. ......................... 189,473 34,472 72.15 11.16 1.29 0.00 15.39 (0.03)
MWBI Midwest Bancshares, Inc. .......... 126,825 9,600 74.71 17.59 0.66 0.00 7.04 0.04
SOBI Sobieski Bancorp, Inc. ............ 65,036 13,942 74.69 7.22 0.44 0.00 17.65 (0.01)
SBCN Suburban Bancorporation, Inc. ..... 192,903 25,831 58.92 27.51 1.77 0.00 11.81 0.13
Average ........................... 146,490 19,406 72.05 14.90 0.89 0.00 12.16 0.03
Median ............................ 137,969 17,924 72.02 13.76 0.77 0.00 11.64 0.02
High .............................. 251,884 34,472 87.56 27.51 1.77 0.00 17.65 0.28
Low ............................... 65,036 9,600 58.92 2.89 0.27 0.00 7.04 (0.18)
ALL THRIFTS (331)
Average ........................... 1,235,483 101,352 70.81 14.83 1.41 0.07 12.88 0.03
MIDWEST THRIFTS (157)
Average ........................... 713,121 69,070 69.62 14.93 1.23 0.03 14.19 0.03
INDIANA THRIFTS (24)
Average ........................... 267,938 30,870 70.43 16.08 1.03 0.00 12.46 (0.02)
As a Percent of Assets
--------------------------------------------------------------
Reg. Reg. Reg.
Retained Total Tangible Core Tangible Risk-Based
Earnings Equity Equity Capital Capital Capital
(%) (%) (%) (%) (%) (%)
--- --- --- --- --- ---
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION ...... 7.28 9.60 9.60 9.15 9.15 13.47
COMPARABLE GROUP
FFWC FFW Corp. ................... 5.11 10.19 10.19 7.94 7.94 14.71
FBSI First Bancshares, Inc. ...... 8.14 14.75 14.73 11.56 11.56 19.45
FFHS First Franklin Corporation .. 3.70 8.88 8.81 6.34 6.34 14.47
GFSB GFS Bancorp, Inc. ........... 6.80 11.47 11.47 9.51 9.51 18.86
GFCO Glenway Financial Corp. ..... 4.43 9.63 9.48 8.60 NA NA
HFSA Hardin Bancorp, Inc. ........ 6.91 14.76 14.76 11.84 11.84 31.22
MFBC MFB Corp. ................... 9.28 15.39 15.39 14.21 14.21 32.65
MWBI Midwest Bancshares, Inc. .... 3.32 7.04 7.04 6.41 6.41 15.27
SOBI Sobieski Bancorp, Inc. ...... 6.71 17.65 17.65 11.80 11.80 28.52
SBCN Suburban Bancorporation, Inc. 7.18 11.81 11.81 10.20 10.20 19.82
Average ..................... 6.16 12.16 12.13 9.84 9.98 21.66
Median ...................... 6.76 11.64 11.64 9.86 10.20 19.45
High ........................ 9.28 17.65 17.65 14.21 14.21 32.65
Low ......................... 3.32 7.04 7.04 6.34 6.34 14.47
ALL THRIFTS (331)
Average ..................... 6.08 12.95 12.70 10.82 15.01 22.79
MIDWEST THRIFTS (157)
Average ..................... 6.73 14.22 13.76 11.58 11.51 24.59
INDIANA THRIFTS (24)
Average ..................... 6.53 12.46 12.40 11.05 11.01 22.08
Exhibit 45
KELLER & COMPANY
Columbus, Ohio
614-766-1426
INCOME AND EXPENSE COMPARISON
TRAILING FOUR QUARTERS
($000)
Net Gain Total
Interest Interest Interest Provision (Loss) Non-Int.
Income Expense Income for Loss on Sale Income
------ ------- ------ -------- ------- ------
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION ......................... 6,936 4,354 2,582 20 0 6
COMPARABLE GROUP
FFWC FFW Corp. ................................ 11,670 7,003 4,667 118 76 524
FBSI First Bancshares, Inc. ................... 10,890 6,024 4,866 133 186 412
FFHS First Franklin Corporation ............... 15,782 9,785 5,997 92 135 400
GFSB GFS Bancorp, Inc. ........................ 6,802 3,928 2,874 310 (67) 117
GFCO Glenway Financial Corp. .................. 20,455 11,987 8,468 169 139 646
HFSA Hardin Bancorp, Inc. ..................... 6,345 3,617 2,728 39 2 278
MFBC MFB Corp. ................................ 15,074 8,563 6,511 29 9 385
MWBI Midwest Bancshares, Inc. ................. 10,163 6,243 3,920 48 45 245
SOBI Sobieski Bancorp, Inc. ................... 5,554 3,066 2,488 0 68 183
SBCN Suburban Bancorporation, Inc. ............ 15,499 9,456 6,043 0 (46) 515
Average .................................. 11,823 6,967 4,856 94 55 371
Median ................................... 11,280 6,623 4,767 70 57 393
High ..................................... 20,455 11,987 8,468 310 186 646
Low ...................................... 5,554 3,066 2,488 0 (67) 117
ALL THRIFTS (331)
Average .................................... 100,406 60,882 39,525 3,082 1,124 7,289
MIDWEST THRIFTS (157)
Average .................................... 59,083 35,091 23,992 720 237 5,011
INDIANA THRIFTS (24)
Average .................................... 21,975 12,502 9,474 704 378 1,682
Net
Goodwill Net Total Non- Income
& Intang. Real Est. Non-Int. Recurring Before
Amtz. Expense Expense Expense Taxes
----- ------- ------- ------- -----
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION .................................. 0 (32) 1,709 428 405
COMPARABLE GROUP
FFWC FFW Corp. ......................................... 0 (12) 2,739 556 1,854
FBSI First Bancshares, Inc. ............................ 16 (113) 2,824 640 1,867
FFHS First Franklin Corporation ........................ 31 2 4,318 1,715 407
GFSB GFS Bancorp, Inc. ................................. 0 0 1,479 288 934
GFCO Glenway Financial Corp. ........................... 214 (5) 6,168 1,504 1,412
HFSA Hardin Bancorp, Inc. .............................. 0 0 1,839 441 689
MFBC MFB Corp. ......................................... 0 0 4,094 955 1,827
MWBI Midwest Bancshares, Inc. .......................... 0 (35) 2,542 675 1,004
SOBI Sobieski Bancorp, Inc. ............................ 0 (3) 2,060 414 266
SBCN Suburban Bancorporation, Inc. ..................... 0 1 4,794 1,348 520
Average ........................................... 26 (17) 3,286 854 1,078
Median ............................................ 0 (2) 2,782 658 969
High .............................................. 214 2 6,168 1,715 1,867
Low ............................................... 0 (113) 1,479 288 266
ALL THRIFTS (331)
Average ............................................. 725 518 27,240 6,332 11,380
MIDWEST THRIFTS (157)
Average ............................................. 373 (105) 16,528 3,585 8,428
INDIANA THRIFTS (24)
Average ............................................. 4 29 6,604 1,245 2,999
Net Inc.
Before
Income Extraord. Extraord. Net Core
Taxes Items Items Income Income
----- ----- ----- ------ ------
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION ................................. 105 300 0 300 512
COMPARABLE GROUP
FFWC FFW Corp. ........................................ 524 1,330 0 1,330 1,642
FBSI First Bancshares, Inc. ........................... 663 1,204 0 1,204 1,499
FFHS First Franklin Corporation ....................... 133 274 0 274 1,301
GFSB GFS Bancorp, Inc. ................................ 136 798 0 798 973
GFCO Glenway Financial Corp. .......................... 543 869 0 869 1,756
HFSA Hardin Bancorp, Inc. ............................. 260 429 0 429 715
MFBC MFB Corp. ........................................ 728 1,099 0 1,099 1,714
MWBI Midwest Bancshares, Inc. ......................... 374 630 0 630 1,001
SOBI Sobieski Bancorp, Inc. ........................... 100 166 0 166 391
SBCN Suburban Bancorporation, Inc. .................... 132 388 0 388 1,197
Average .......................................... 359 719 0 719 1,219
Median ........................................... 317 714 0 714 1,249
High ............................................. 728 1,330 0 1,330 1,756
Low .............................................. 100 166 0 166 391
ALL THRIFTS (331)
Average ............................................ 3,191 8,189 (821) 7,369 11,509
MIDWEST THRIFTS (157)
Average ............................................ 2,939 5,489 (313) 5,176 7,652
INDIANA THRIFTS (24)
Average ............................................ 1,046 1,953 0 1,953 2,505
<FN>
- -------------
* For the twelve months ended October 31, 1997.
</FN>
Exhibit 46
KELLER & COMPANY
Columbus, Ohio
614-766-1426
INCOME AND EXPENSE COMPARISON
AS A PERCENTAGE OF AVERAGE ASSETS
TRAILING FOUR QUARTERS
Net Gain Total
Interest Interest Interest Provision (Loss) Non-Int.
Income Expense Income for Loss on Sale Income
------ ------- ------ -------- ------- ------
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION .............................. 7.63 4.79 2.84 0.02 0.00 0.01
COMPARABLE GROUP
FFWC FFW Corp. ..................................... 7.67 4.60 3.07 0.08 0.05 0.34
FBSI First Bancshares, Inc. ........................ 7.50 4.15 3.35 0.09 0.13 0.28
FFHS First Franklin Corporation .................... 7.25 4.50 2.76 0.04 0.06 0.18
GFSB GFS Bancorp, Inc. ............................. 8.15 4.71 3.44 0.37 (0.08) 0.14
GFCO Glenway Financial Corp. ....................... 7.34 4.30 3.04 0.06 0.05 0.23
HFSA Hardin Bancorp, Inc. .......................... 7.29 4.16 3.14 0.04 0.00 0.32
MFBC MFB Corp. ..................................... 7.19 4.08 3.10 0.01 0.00 0.18
MWBI Midwest Bancshares, Inc. ...................... 7.39 4.54 2.85 0.03 0.03 0.18
SOBI Sobieski Bancorp, Inc. ........................ 7.09 3.91 3.18 0.00 0.09 0.23
SBCN Suburban Bancorporation, Inc. ................. 7.53 4.59 2.94 0.00 (0.02) 0.25
Average ....................................... 7.44 4.35 3.09 0.07 0.03 0.23
Median ........................................ 7.37 4.40 3.08 0.04 0.04 0.23
High .......................................... 8.15 4.71 3.44 0.37 0.13 0.34
Low ........................................... 7.09 3.91 2.76 0.00 (0.08) 0.14
ALL THRIFTS (331)
Average ......................................... 7.41 4.13 3.28 0.14 0.10 0.44
MIDWEST THRIFTS (157)
Average ......................................... 7.42 4.16 3.26 0.10 0.09 0.41
INDIANA THRIFTS (24)
Average ......................................... 7.51 4.26 3.25 0.19 0.10 0.48
Net
Goodwill Net Total Non- Income
& Intang. Real Est. Non-Int. Recurring Before
Amtz. Expense Expense Expense Taxes
----- ------- ------- ------- -----
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION ................................. 0.00 (0.04) 1.88 0.47 0.12
COMPARABLE GROUP
FFWC FFW Corp. ........................................ 0.00 (0.01) 1.80 0.37 1.22
FBSI First Bancshares, Inc. ........................... 0.01 (0.08) 1.94 0.44 1.29
FFHS First Franklin Corporation ....................... 0.01 0.00 1.98 0.79 0.19
GFSB GFS Bancorp, Inc. ................................ 0.00 0.00 1.77 0.35 1.12
GFCO Glenway Financial Corp. .......................... 0.08 (0.00) 2.21 0.54 0.51
HFSA Hardin Bancorp, Inc. ............................. 0.00 0.00 2.11 0.51 0.79
MFBC MFB Corp. ........................................ 0.00 0.00 1.95 0.46 0.87
MWBI Midwest Bancshares, Inc. ......................... 0.00 (0.03) 1.85 0.49 0.73
SOBI Sobieski Bancorp, Inc. ........................... 0.00 (0.00) 2.63 0.53 0.34
SBCN Suburban Bancorporation, Inc. .................... 0.00 0.00 2.33 0.65 0.25
Average .......................................... 0.01 (0.01) 2.06 0.51 0.73
Median ........................................... 0.00 (0.00) 1.97 0.50 0.76
High ............................................. 0.08 0.00 2.63 0.79 1.29
Low .............................................. 0.00 (0.08) 1.77 0.35 0.19
ALL THRIFTS (331)
Average ............................................ 0.03 (0.00) 2.33 0.49 0.87
MIDWEST THRIFTS (157)
Average ............................................ 0.02 (0.01) 2.33 0.50 0.84
INDIANA THRIFTS (24)
Average ............................................ 0.00 0.00 2.33 0.42 0.89
Net Inc.
Before
Income Extraord. Extraord. Net Core
Taxes Items Items Income Income
----- ----- ----- ------ ------
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION ................................. 0.33 0.00 0.33 0.56
COMPARABLE GROUP
FFWC FFW Corp. ........................................ 0.34 0.87 0.00 0.87 1.08
FBSI First Bancshares, Inc. ........................... 0.46 0.83 0.00 0.83 1.03
FFHS First Franklin Corporation ....................... 0.06 0.13 0.00 0.13 0.60
GFSB GFS Bancorp, Inc. ................................ 0.16 0.96 0.00 0.96 1.17
GFCO Glenway Financial Corp. .......................... 0.19 0.31 0.00 0.31 0.63
HFSA Hardin Bancorp, Inc. ............................. 0.30 0.49 0.00 0.49 0.82
MFBC MFB Corp. ........................................ 0.35 0.52 0.00 0.52 0.82
MWBI Midwest Bancshares, Inc. ......................... 0.27 0.46 0.00 0.46 0.73
SOBI Sobieski Bancorp, Inc. ........................... 0.13 0.21 0.00 0.21 0.50
SBCN Suburban Bancorporation, Inc. .................... 0.06 0.19 0.00 0.19 0.58
Average .......................................... 0.23 0.50 0.00 0.50 0.80
Median ........................................... 0.23 0.48 0.00 0.48 0.77
High ............................................. 0.46 0.96 0.00 0.96 1.17
Low .............................................. 0.06 0.13 0.00 0.13 0.50
ALL THRIFTS (331)
Average ............................................ 0.32 0.55 (0.00) 0.54 0.79
MIDWEST THRIFTS (157)
Average ............................................ 0.33 0.51 (0.00) 0.51 0.77
INDIANA THRIFTS (24)
Average ............................................ 0.32 0.57 0.00 0.57 0.78
KELLER & COMPANY EXHIBIT 47
Columbus, Ohio
614-766-1426
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
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION 7.73 5.40 2.33 2.79 0.33 0.56 3.34 5.70
FFWC FFW Corp. 7.89 5.23 2.66 3.16 0.87 1.08 8.36 10.33
FBSI First Bancshares, Inc. 7.83 5.07 2.76 3.50 0.83 1.03 5.19 6.46
FFHS First Franklin Corporation 7.45 5.01 2.44 2.83 0.13 0.60 1.35 6.41
GFSB GFS Bancorp, Inc. 8.21 5.41 2.80 3.47 0.96 1.17 8.10 9.87
GFCO Glenway Financial Corp. 7.61 4.86 2.75 3.15 0.31 0.63 3.28 6.62
HFSA Hardin Bancorp, Inc. 7.41 5.10 2.31 3.19 0.49 0.82 2.82 4.70
MFBC MFB Corp. 7.33 5.04 2.29 3.17 0.52 0.82 2.93 4.58
MWBI Midwest Bancshares, Inc. 7.64 4.96 2.68 2.95 0.46 0.73 6.61 10.50
SOBI Sobieski Bancorp, Inc. 7.32 4.82 2.50 3.28 0.21 0.50 1.18 2.79
SBCN Suburban Bancorporation, Inc. 7.69 5.34 2.35 3.00 0.19 0.58 1.50 4.62
Average 7.64 5.08 2.55 3.17 0.50 0.80 4.13 6.69
Median 7.63 5.06 2.58 3.17 0.48 0.78 3.11 6.44
High 8.21 5.41 2.80 3.50 0.96 1.17 8.36 10.50
Low 7.32 4.82 2.29 2.83 0.13 0.50 1.18 2.79
ALL THRIFTS (331)
Average 7.71 4.86 2.85 3.41 0.54 0.79 5.12 7.39
MIDWEST THRIFTS (157)
Average 7.69 4.95 2.75 3.38 0.51 0.77 4.79 6.87
INDIANA THRIFTS (24)
Average 7.82 4.96 2.86 3.39 0.57 0.78 4.85 6.49
* Based on average interest-earning assets.
KELLER & COMPANY EXHIBIT 48
Columbus, Ohio
614-766-1426
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
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION NA 0.35 3.50 100.00
COMPARABLE GROUP
FFWC FFW Corp. 0 0.60 2.37 30.81
FBSI First Bancshares, Inc. 0 0.20 1.04 19.42
FFHS First Franklin Corporation 0 0.31 1.88 140.91
GFSB GFS Bancorp, Inc. 0 0.38 1.80 24.04
GFCO Glenway Financial Corp. 0 0.66 3.02 83.00
HFSA Hardin Bancorp, Inc. 0 0.40 2.78 88.89
MFBC MFB Corp. 0 0.22 1.66 24.14
MWBI Midwest Bancshares, Inc. 0 0.56 2.24 33.33
SOBI Sobieski Bancorp, Inc. 0 0.07 2.00 0.00
SBCN Suburban Bancorporation, Inc. 0 0.60 3.38 222.22
Average 0 0.40 2.22 66.68
Median 0 0.39 2.12 32.07
High 0 0.66 3.38 222.22
Low 0 0.07 1.04 0.00
ALL THRIFTS (331)
Average 226 0.39 1.26 47.31
MIDWEST THRIFTS (157)
Average 43 0.54 1.71 81.57
INDIANA THRIFTS (24)
Average 0 0.59 1.91 87.33
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
(%) (%) (%) (%) (%) (%) ($000)
--------- --------- ----------- ----------- --------- --------- --------
SUBJECT
MONTGOMERY SAVINGS,
A FEDERAL ASSOCIATION 0.19 41.69 0.02 221 NA 25.93 3,505
COMPARABLE GROUP
FFWC FFW Corp. 0.49 295.56 -0.09 NM NA 31.90 4,056
FBSI First Bancshares, Inc. 0.35 58.38 0.33 17.65 NA 38.28 2,617
FFHS First Franklin Corporation 0.61 77.74 0.04 142.86 1.90 40.96 4,730
GFSB GFS Bancorp, Inc. 0.93 49.34 0.00 NM NA 24.92 5,477
GFCO Glenway Financial Corp. 0.31 54.49 0.02 864.29 NA 36.39 NA
HFSA Hardin Bancorp, Inc. 0.30 89.08 0.00 NM -1.92 36.95 5,390
MFBC MFB Corp. 0.21 756.52 0.00 NM NA 39.75 3,929
MWBI Midwest Bancshares, Inc. 0.84 60.60 0.00 NM -14.27 37.97 3,498
SOBI Sobieski Bancorp, Inc. 0.36 105.26 0.00 NM NA 38.50 NA
SBCN Suburban Bancorporation, Inc. 1.77 561.65 0.00 NM -13.56 34.48 3,586
Average 0.62 210.86 0.03 341.60 -6.96 36.01 4,160
Median 0.43 83.41 0.00 142.86 -7.74 37.46 3,993
High 1.77 756.52 0.33 864.29 1.90 40.96 5,477
Low 0.21 49.34 -0.09 17.65 -14.27 24.92 2,617
ALL THRIFTS (331)
Average 0.62 90.63 0.12 111.95 -1.93 24.21 4,161
MIDWEST THRIFTS (157)
Average 0.67 143.49 0.06 205.94 -3.93 34.20 3,915
INDIANA THRIFTS (24)
Average 0.65 163.98 0.07 97.87 -5.09 37.06 3,720
KELLER & COMPANY EXHIBIT 49
Columbus, Ohio
614-766-1426
VALUATION ANALYSIS AND CALCULATION
Montgomery Financial Corp./Montgomery Savings, A Federal Assn.
Stock Prices as of March 4, 1997
Valuation assumptions: Comparable Group All Thrifts
----------------- -----------------
Symbol Value Average Median Average Median
------ ------------- ------- ------ ------- ------
Post conv. price to earnings P/E 26.89 36.92 30.21 30.70 22.52
Post conv. price to book value P/B 74.66% 99.24% 99.16% 130.29% 117.98%
Post conv. price to assets P/A 12.22% 12.09% 12.33% 15.62% 13.76%
Post conv. price to core earnings P/E 18.47 15.60 14.47 17.62 14.93
Pre conversion earnings ($) Y $ 300,000 For the twelve months ended December 31, 1996.
Pre conversion book value ($) B $ 9,082,000 At December 31, 1996.
Pre conversion assets ($) A $ 94,623,000 At December 31, 1996.
Pre conversion core earnings ($) $ 512,000 For the twelve months ended December 31, 1996.
Conversion expense (%) X 5.29%
ESOP stock purchase (%) E 8.00%
ESOP cost of borrowings, net (%) S 0.00%
ESOP term of borrowings (yrs.) T 10
RRP amount (%) M 4.00%
RRP term (yrs.) N 5
Tax rate (%) TAX 38.50%
Investment rate of return, net (%) R 3.34%
Investment rate of return, pretax (%) 5.43%
Percent sold (%) 74.12%
Formulae to indicate value after conversion:
P/E*Y
1. P/E method: Value = ------------------------------------------------ = $12,497,904
1-P/E*PCT*((1-X-E-M)*R-(1-TAX)*E/T-(1-TAX)*M/N))
PB*B
2. P/B method: Value = ------------------- = $12,501,551
1-P/B*PCT*(1-X-E-M)
P/A*A
3. P/A method: Value = ------------------ = $12,502,342
1-PA*PCT*(1-X-E-M)
VALUATION CORRELATION AND CONCLUSIONS:
Gross Proceeds Total Number
Shares Offered Price of Public Exchange of Shares TOTAL
to Public Per Share Offering Ratio Issued VALUE
-------------- --------- -------------- -------- ------------ -----------
Appraised value - midrange 926,470 $10.00 $ 9,264,700 1.2941 1,250,000 $12,500,000
Minimum - 85% of midrange 787,500 $10.00 $ 7,874,995 1.1000 1,062,500 $10,625,000
Maximum - 115% of midrange 1,065,441 $10.00 $10,654,405 1.4882 1,437,500 $14,375,000
Superrange - 115% of maximum 1,225,257 $10.00 $12,252,566 1.7115 1,653,125 $16,531,250
KELLER & COMPANY EXHIBIT 50
Columbus, Ohio
614-766-1426
COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS
Stock Prices as of March 4, 1997
Market Data Pricing Ratios
--------------------------------- ------------------------------------------------
Book Price/ Price/ Price/
Market Price/ 12 Mo. Value/ Price/ Book Price/ Tang. Core
Value Share EPS Share Earnings Value Assets Bk. Val. Earnings
($M) ($) ($) ($) (X) (%) (%) (%) (%)
------ ------ ------ ------ -------- ------ ------ -------- --------
MONTGOMERY SAVINGS, A FEDERAL
ASSOCIATION
Appraised value - midpoint 12.50 10.00 0.35 13.09 26.89 74.66 12.22 74.66 18.47
Minimum of range 10.63 10.00 0.39 14.32 24.24 68.36 10.55 68.36 16.34
Maximum of range 14.38 10.00 0.32 12.17 29.27 80.10 13.95 80.10 20.44
Superrange maximum 16.53 10.00 0.29 11.38 31.69 85.53 15.84 85.53 22.54
ALL THRIFTS (331)
Average 167.96 20.60 0.86 16.18 30.70 130.29 15.62 135.35 17.62
Median 42.89 18.00 0.82 15.32 22.52 117.98 13.76 119.05 14.93
INDIANA THRIFTS (24)
Average 42.66 19.33 0.78 16.16 34.21 124.79 14.85 125.83 18.54
Median 26.43 18.37 0.66 16.09 21.86 110.52 15.64 110.52 14.93
COMPARABLE GROUP (10)
Average 19.40 19.85 0.86 19.91 36.92 99.24 12.09 99.51 15.60
Median 18.74 19.24 0.69 19.41 30.21 99.16 12.33 99.24 14.47
COMPARABLE GROUP
FFWC FFW Corp. 17.81 25.38 1.85 22.96 13.72 110.52 11.26 110.52 9.59
FBSI First Bancshares, Inc. 23.01 19.25 1.03 19.38 18.69 99.33 14.65 99.48 12.69
FFHS First Franklin Corporation 19.66 17.00 0.22 17.06 77.27 99.65 8.84 100.41 15.87
GFSB GFS Bancorp, Inc. 11.07 22.25 1.56 20.12 14.26 110.59 12.69 110.59 11.13
GFCO Glenway Financial Corp. 26.72 22.50 0.79 22.60 28.48 99.56 9.59 101.35 13.06
HFSA Hardin Bancorp, Inc. 13.73 14.38 0.45 14.99 31.94 95.90 14.15 95.90 16.45
MFBC MFB Corp. 34.12 19.23 0.58 19.43 33.16 98.99 15.24 98.99 18.68
MWBI Midwest Bancshares, Inc. 9.35 26.75 1.68 27.48 15.92 97.34 6.85 97.34 9.93
SOBI Sobieski Bancorp, Inc. 12.35 14.00 0.20 17.05 70.00 82.11 15.64 82.11 30.21
SBCN Suburban Bancorporation, Inc. 26.18 17.75 0.27 18.04 65.74 98.39 11.97 98.39 18.37
Dividends Financial Ratios
------------------------- ----------------------
Div./ Dividend Payout Equity/ Core Core
Share Yield Ratio Assets ROA ROE
($) (%) (%) (%) (%) (%)
----- -------- ------ ------- ---- ----
MONTGOMERY SAVINGS, A FEDERAL
ASSOCIATION
Appraised value - midpoint 0.31 3.10 88.75 16.05 0.64 3.97
Minimum of range 0.36 3.60 92.30 15.10 0.62 4.12
Maximum of range 0.27 2.70 84.59 16.98 0.65 3.83
Superrange maximum 0.23 2.30 78.49 18.03 0.67 3.70
ALL THRIFTS (331)
Average 0.52 1.69 68.21 12.95 0.79 7.39
Median 0.34 1.78 36.64 10.63 0.85 6.97
INDIANA THRIFTS (24)
Average 0.59 1.91 87.33 12.46 0.78 6.49
Median 0.33 1.87 40.54 10.97 0.86 6.01
COMPARABLE GROUP (10)
Average 0.40 2.22 66.68 12.16 0.80 6.69
Median 0.39 2.12 32.07 11.64 0.78 6.44
COMPARABLE GROUP
FFWC FFW Corp. 0.60 2.37 30.81 10.19 1.08 10.33
FBSI First Bancshares, Inc. 0.20 1.04 19.42 14.75 1.03 6.46
FFHS First Franklin Corporation 0.31 1.88 140.91 8.88 0.60 6.41
GFSB GFS Bancorp, Inc. 0.38 1.80 24.04 11.47 1.17 9.87
GFCO Glenway Financial Corp. 0.66 3.02 83.00 9.63 0.63 6.62
HFSA Hardin Bancorp, Inc. 0.40 2.78 88.89 14.76 0.82 4.70
MFBC MFB Corp. 0.22 1.66 24.14 15.39 0.82 4.58
MWBI Midwest Bancshares, Inc. 0.56 2.24 33.33 7.04 0.73 10.50
SOBI Sobieski Bancorp, Inc. 0.07 2.00 0.00 17.65 0.50 2.79
SBCN Suburban Bancorporation, Inc. 0.60 3.38 222.22 11.81 0.58 4.62
KELLER & COMPANY EXHIBIT 51
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Montgomery Financial Corp./Montgomery Savings, A Federal Assn.
At the MINIMUM of the Range
1. Gross Offering Proceeds
Minimum offering proceeds (1) $7,874,995
Less: Estimated conversion expenses 468,554
Net conversion proceeds $7,406,441
2. Generation of Additional Income
Net conversion proceeds $7,406,441
Less: Proceeds not invested (2) 850,000
Total conversion proceeds invested $6,556,441
Investment rate 3.34%
Earnings increase - return on proceeds invested $ 218,949
Less: Estimated cost of ESOP borrowings 0
Less: Amortization of ESOP borrowings, net of taxes 52,275
Less: RRP expense, net of taxes 52,275
Net earnings increase $ 114,399
3. Comparative Earnings
Regular Core
---------- -------
Before conversion - 12 months ended 12/31/96 $ 300,000 512,000
Net earnings increase 114,399 114,399
After conversion $ 414,399 626,399
4. Comparative Net Worth (3)
Before conversion - 12/31/96 $ 9,082,000
Net cash conversion proceeds 6,131,441
After conversion $ 15,213,441
5. Comparative Net Assets
Before conversion - 12/31/96 $ 94,623,000
Conversion proceeds 6,131,441
After conversion $100,754,441
(1) Represents gross proceeds of public offering.
(2) Represents ESOP.
(3) ESOP and RRP are omitted from net worth.
KELLER & COMPANY EXHIBIT 52
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Montgomery Financial Corp./Montgomery Savings, A Federal Assn.
At the MIDPOINT of the Range
1. Gross Conversion Proceeds
Midpoint offering proceeds (1) $9,264,700
Less: Estimated conversion expenses 490,263
Net conversion proceeds $8,774,438
2. Generation of Additional Income
Net conversion proceeds $8,774,438
Less: Proceeds not invested (2) 1,000,000
Total conversion proceeds invested $7,774,438
Investment rate 3.34%
Earnings increase - return on proceeds invested $ 259,623
Less: Estimated cost of ESOP borrowings 0
Less: Amortization of ESOP borrowings, net of taxes 61,500
Less: RRP expense, net of taxes 61,500
Net earnings increase $ 136,623
3. Comparative Earnings
Regular Core
---------- -------
Before conversion - 12 months ended 12/31/96 $ 300,000 512,000
Net earnings increase 136,623 136,623
After conversion $ 436,623 648,623
4. Comparative Net Worth (3)
Before conversion - 12/31/96 $ 9,082,000
Conversion proceeds 7,274,438
After conversion $ 16,356,438
5. Comparative Net Assets
Before conversion - 12/31/96 $ 94,623,000
Conversion proceeds 7,274,438
After conversion $101,897,438
(1) Represents gross proceeds of public offering.
(2) Represents ESOP.
(3) ESOP and RRP are omitted from net worth.
KELLER & COMPANY EXHIBIT 53
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Montgomery Financial Corp./Montgomery Savings, A Federal Assn.
At the MAXIMUM of the Range
1. Gross Conversion Proceeds
Maximum offering proceeds (1) $10,654,405
Less: Estimated conversion expenses 511,931
Net conversion proceeds $10,142,474
2. Generation of Additional Income
Net conversion proceeds $10,142,474
Less: Proceeds not invested (2) 1,150,000
Total conversion proceeds invested $ 8,992,474
Investment rate 3.34%
Earnings increase - return on proceeds invested $ 300,299
Less: Estimated cost of ESOP borrowings 0
Less: Amortization of ESOP borrowings, net of taxes 70,725
Less: RRP expense, net of taxes 70,725
Net earnings increase $ 158,849
3. Comparative Earnings
Regular Core
----------- -------
Before conversion - 12 months ended 12/31/96 $ 300,000 512,000
Net earnings increase 158,849 158,849
After conversion $ 458,849 670,849
4. Comparative Net Worth (3)
Before conversion - 12/31/96 $ 9,082,000
Conversion proceeds 8,417,474
After conversion $ 17,499,474
5. Comparative Net Assets
Before conversion - 12/31/96 $ 94,623,000
Conversion proceeds 8,417,474
After conversion $103,040,474
(1) Represents gross proceeds of public offering.
(2) Represents ESOP.
(3) ESOP and RRP are omitted from net worth.
KELLER & COMPANY EXHIBIT 54
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Montgomery Financial Corp./Montgomery Savings, A Federal Assn.
At the SUPERRANGE Maximum
1. Gross Conversion Proceeds
Super-maximum offering proceeds (1) $12,252,566
Less: Estimated conversion expenses 536,915
Net conversion proceeds $11,715,651
2. Generation of Additional Income
Net conversion proceeds $11,715,651
Less: Proceeds not invested (2) 1,322,500
Total conversion proceeds invested $10,393,151
Investment rate 3.34%
Earnings increase - return on proceeds invested $ 347,074
Less: Estimated cost of ESOP borrowings 0
Less: Amortization of ESOP borrowings, net of taxes 81,334
Less: RRP expense, net of taxes 81,334
Net earnings increase $ 184,407
3. Comparative Earnings
Regular Core
----------- -------
Before conversion - 12 months ended 12/31/96 $ 300,000 512,000
Net earnings increase 184,407 184,407
After conversion $ 484,407 696,407
4. Comparative Net Worth (3)
Before conversion - 12/31/96 $ 9,082,000
Conversion proceeds 9,731,901
After conversion $ 18,813,901
5. Comparative Net Assets
Before conversion - 12/31/96 $ 94,623,000
Conversion proceeds 9,731,901
After conversion $104,354,901
(1) Represents gross proceeds of public offering.
(2) Represents ESOP.
(3) ESOP and RRP are omitted from net worth.
KELLER & COMPANY EXHIBIT 55
Columbus, Ohio
614-766-1426
SUMMARY OF VALUATION PREMIUM OR DISCOUNT
Premium or (discount)
from comparable group.
----------------------
Montgomery Average Median
---------- ------- --------
Midpoint:
Price/earnings 26.89x (27.15)% (10.97)%
Price/book value 74.66% * (24.77)% (24.71)%
Price/assets 12.22% 1.12 % (0.87)%
Price/tangible book value 74.66% (24.98)% (24.77)%
Price/core earnings 18.47x 18.43 % 27.71 %
Minimum of range:
Price/earnings 24.24x (34.34)% (19.75)%
Price/book value 68.36% * (31.12)% (31.06)%
Price/assets 10.55% (12.76)% (14.47)%
Price/tangible book value 68.36% (31.31)% (31.12)%
Price/core earnings 16.34x 4.75 % 12.96 %
Maximum of range:
Price/earnings 29.27x (20.72)% (3.12)%
Price/book value 80.10% * (19.28)% (19.22)%
Price/assets 13.95% 15.41 % 13.15 %
Price/tangible book value 80.10% (19.50)% (19.28)%
Price/core earnings 20.44x 31.06 % 41.33 %
Super maximum of range:
Price/earnings 31.69x (14.15)% 4.92 %
Price/book value 85.53% * (13.81)% (13.74)%
Price/assets 15.84% 31.05 % 28.48 %
Price/tangible book value 85.53% (14.04)% (13.81)%
Price/core earnings 22.54x 44.48 % 55.79 %
* Represents pricing ratio associated with primary valuation method.
ALPHABETICAL
EXHIBITS
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.
156
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.
157
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.
158
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
April 4, 1997 /s/Michael R. Keller
- -------------------- -------------------------------------
Date Michael R. Keller
159
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, Montgomery
Financial Corporation, Crawfordsville, Indiana in the amount of $15,000 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 4th day of April,
1997.
/s/Candace M. Snow
---------------------------------
NOTARY PUBLIC
CANDACE M. SNOW
Notary Public, State of Ohio
My Commission Expries
August 20, 1999
160