Conversion Valuation Report
- --------------------------------------------------------------------------------
Valued as of August 22, 1997
Wyman Park Federal Savings and Loan Association
Lutherville, Maryland
Prepared By:
Ferguson & Company
Suite 550
122 W. John Carpenter Frwy
Irving, TX 75039
972/869-1177
TABLE OF CONTENTS
Wyman Park Federal Savings and Loan Association
Lutherville, Maryland
PAGE
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INTRODUCTION 1
SECTION I. -- FINANCIAL CHARACTERISTICS 3
PAST & PROJECTED ECONOMIC CONDITIONS 3
FINANCIAL CONDITION OF INSTITUTION 4
Balance Sheet Trends 4
Asset/Liability Management 4
Income and Expense Trends 9
Regulatory Capital Requirements 9
Lending 11
Nonperforming Assets 16
Loan Loss Allowance 18
Mortgage Backed Securities and Investments 19
Savings Deposits 20
Borrowings 22
Subsidiaries 22
Legal Proceedings 22
EARNINGS CAPACITY OF THE INSTITUTION 22
Asset-Size-Efficiency of Asset Utilization 23
Intangible Values 23
Effect of Government Regulations 23
Office Facilities 24
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FERGUSON & COMPANY
TABLE OF CONTENTS -- CONTINUED
Wyman Park Federal Savings and Loan Association
Lutherville, Maryland
PAGE
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SECTION II -- MARKET AREA 1
DEMOGRAPHICS 1
SECTION III -- COMPARISON WITH PUBLICLY TRADED THRIFTS 1
COMPARATIVE DISCUSSION 1
Selection Criteria 1
Profitability 2
Balance Sheet Characteristics 2
Risk Factors 2
Summary of Financial Comparison 3
FUTURE PLANS 3
SECTION IV -- CORRELATION OF MARKET VALUE 1
MARKETABILITY & LIQUIDITY OF STOCK TO BE ISSUED 1
Financial Aspects 1
Market Area 2
Management 3
Dividends 3
Liquidity 3
Thrift Equity Market Conditions 4
EFFECT OF INTEREST RATES ON THRIFT STOCK 4
MARYLAND ACQUISITIONS 4
ii
FERGUSON & COMPANY
TABLE OF CONTENTS - CONTINUED
Wyman Park Federal Savings and Loan Association
Lutherville, Maryland
PAGE
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SECTION IV - CORRELATION OF MARKET VALUE - continued
Adjustments Conclusion 7
Valuation Approach 7
Valuation Conclusion 8
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FERGUSON & COMPANY
LIST OF TABLES
Wyman Park Federal Savings and Loan Association
Lutherville, Maryland
TABLE
NUMBER TABLE TITLE PAGE
- ------ ----------- ----
SECTION I -- FINANCIAL CHARACTERISTICS
1 Selected Financial and Other Data 6
2 Selected Operating Ratios 7
3 Loan Maturity Schedule 8
4 Maturities by Rate Type 8
5 Net Portfolio Value 9
6 Regulatory Capital Compliance 10
7 Analysis of Loan Portfolio 12
8 Loan Activity 13
9 Average Balances, Yields, Costs 14
10 Rate/Volume Analysis 15
11a Loan Delinquencies and Non-Performing Assets 16
11b Non-Performing Assets 16
12 Schedule of Classified Assets 17
13 Analysis of Allowance for Loan Losses 17
14 Allocation of Allowance for Loan Losses 18
15 Classification of Investment Securities 19
16 Deposit Portfolio 20
17 Time Deposit Rates and Maturities 21
17a Certificates by Time Remaining Until Maturity 21
18 Jumbo CD's at June 30, 1997 22
19 Office Facilities and Locations 24
SECTION II -- MARKET AREA
1 Key Economic Indicators 2
2 Employment by Industry 4
3 Market Area Deposits 5
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FERGUSON & COMPANY
LIST OF TABLES -- continued
Wyman Park Federal Savings and Loan Association
Lutherville, Maryland
TABLE
NUMBER TABLE TITLE PAGE
- ------ ----------- ----
SECTION III -- COMPARISON WITH PUBLICLY TRADED THRIFTS
1 Comparatives General 4
2 Key Financial Indicators 5
3 Pro Forma Comparisons 6
4 Comparative Selection 8
SECTION IV -- CORRELATION OF MARKET VALUE
1 Appraisal Adjustments to Earnings 2
2 Acquisitions Since January 1, 1996 9
3 Recent Conversions 11
4 Comparison of Pricing Ratios 14
LIST OF FIGURES
FIGURE
NUMBER FIGURE TITLE PAGE
- ------ ------------ ----
SECTION IV -- CORRELATION OF MARKET VALUE
1 SNL Index Since 1994 15
2 Interest Rates Last Six Months 16
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FERGUSON & COMPANY
EXHIBITS
Wyman Park Federal Savings and Loan Association
Lutherville, Maryland
EXHIBIT TITLE
Exhibit I -- Ferguson & Co., LLP. Qualifications
Exhibit II -- Selected national, Region, State, and Comparatives Information
Exhibit III -- First Federal Savings and Loan Association TAFS Report
Exhibit IV -- Comparative Group TAFS and BankSource Reports
Exhibit V -- Pro Forma Calculations
Pro Forma Assumptions
Pro Forma Effect of Conversion Proceeds at the Minimum of the Range
Pro Forma Effect of Conversion Proceeds at the Midpoint of the Range
Pro Forma Effect of Conversion Proceeds at the Maximum of the Range
Pro Forma Effect of Conversion Proceeds at the SuperMax of the Range
Pro Forma Analysis Sheet
vi
SECTION I
FINANCIAL CHARACTERISTICS
FERGUSON & COMPANY Section I.
INTRODUCTION
WYMAN PARK FEDERAL SAVINGS AND LOAN ASSOCIATION
Wyman Park Federal Savings and Loan Association ("Wyman Park" or
"Association") has operated in its mutual form since it was founded in 1914.
Originally a Maryland-chartered mutual association, it converted to a federally
chartered association in 1937. In 1937, when the Association received its
federal charter, the name was changed to Wyman Park Federal Savings and Loan
Association. Contemporaneously, with receiving its federal charter, it received
insurance of accounts. The Association now conducts its business through two
offices, one located at 11 West Ridgely Road, Lutherville, Maryland, and one
branch office located in Glen Burnie, Maryland. At June 30, 1997, the Savings
Association had $62.2 million in total assets, $56.1 million in deposits, and
equity capital of $4.8 million which equated to 7.7% of total assets.
WYMAN PARK BANCORPORATION, INC.
Wyman Park Bancorporation, Inc. ("the Company" or "WPBI"), a Delaware
Corporation, was organized in 1997 by the Association for the purpose of holding
all of the common stock of the Association. Upon completion of the Conversion
and Reorganization, the only significant assets of the Company will be all of
the outstanding Association's Common Stock, the note evidencing the loan to the
ESOP, and the portion of the net proceeds from the offering that is retained by
the company.
Wyman Park is a traditional thrift. The asset composition of the
institution suggests that it is primarily a residential lender, with some
commercial real estate loans. It invests primarily in: (1) 1-4 family loans; (2)
commercial real estate loans; (3) construction loans; (4) consumer loans; (5)
mortgage backed securities; (6) United States government and agency securities;
and (7) temporary cash investments. It is funded principally by savings
deposits, borrowings, and existing net worth.
The Association offers a variety of loan products to accommodate its
customer base. Single family loans dominate the Association's loan portfolio.
The Association has emphasized the origination of adjustable loans and loans of
short and medium term (15 years and less). The loan portfolio has been
supplemented with some consumer lending and commercial lending. At June 30,
1997, gross loans on 1-4 family dwellings made up 74.30% of total assets and
82.92% of the net loan portfolio. Mortgage backed securities made up 0.57% of
total assets. Investment securities made up 4.81% of Wyman Park's assets at June
30, 1997.
Wyman Park had $176 thousand in non-performing assets at June 30, 1997
(0.28% of total assets) as compared to $27 thousand at June 30, 1996 (0.04% of
total assets). The current level of nonperforming assets is nominal. Management
has adequate control of the nonperforming assets and does a more than adequate
job of managing such assets. The current nonperforming asset level is not likely
to have a significant impact on the earning capacity of the Association.
Savings deposits have decreased during the five years from June 30, 1993,
to June 30, 1997, by $3.67 million. Between June 30, 1993, and June 30, 1994,
the deposits fell from $59.77 million to $59.39 million. In 1995 deposits fell
an additional $0.92 million. Contraction continued between 1995 and 1996 with
deposits decreasing another $0.65 million. June 30, 1996 saw another decrease of
.60 million to $57.87 million. Between June 30, 1996, and June 30, 1997,
deposits continued shrinking by $1.77 million to their current level of $56.10
million.
The Association's capital to assets ratio has shown steady growth. Equity
capital, as a percentage of average assets, increased from 4.71% at June 30,
1993, to 6.05% at June 30, 1994. Between June 30, 1994,
1
and June 30, 1995, capital increased as a percentage of average assets, to
6.36%. June 30, 1997, saw equity capital as a percentage of assets climb to
7.04%. Between June 30, 1996, and June 30, 1997, equity capital increased
further to 7.58% of average assets. The increase was due mainly to continued
profitability, coupled with negative asset growth. The former increased equity
capital, and the latter had a positive impact in ratio analysis by lowering the
denominator. Nevertheless, pre-conversion capital levels remain ample. Equity
capital, in dollars, has increased from $3.34 million to $4.76 million, which is
a 40.02% increase in five years.
Wyman Park's profitability, as measured by return on average assets
("ROAA"), was below its peer group average of thrifts filing TFR's with the OTS,
consisting of OTS supervised thrifts with assets from $50 million to $100
million, between December 31, 1994 and March 31, 1997. For the years ending
December 31, 1994, 1995, 1996, and the quarter ended March 31, 1997, Wyman Park
ranked in the 23rd, 30th, 29th, and 46th percentile, respectively, in ROAA. In
return on equity (ROAE) for the same periods, Wyman Park ranked in the 46th,
62nd, 37th, and 73rd percentile, respectively.1. The disparity between the peer
rankings on ROAA and ROAE reflect the lower capital ratios of the institution.
Although considered "Well Capitalized" by any regulatory standard, the higher
performance in ROAE is, of course, the result of having less than peer average
capital. However, after conversion the return on equity ratios will trend
downward as capital increases.
- --------
1 "TAFS" by Sheshunoff Information Services, Inc., as of March 31, 1997.
2
FERGUSON & COMPANY Section I.
I. FINANCIAL CHARACTERISTICS
PAST & PROJECTED ECONOMIC CONDITIONS
Fluctuations in thrift earnings in recent years have occurred within the
time frames as a result of changing temporary trends in interest rates and other
economic factors. However, the year-to-year results have been upward while the
general trends in the thrift industry have been improving as interest rates
declined. Interest rates began a general upward movement during late 1993,
followed by a decline in interest margins and profitability. Rates began a
general decline in mid 1995. Since early 1996, rates have moved in a narrow
band. From mid-March until early June there was a slight upward trend, with the
spread between the short end and the long end increasing. Early July saw the
jobless rate dip, and responding to inflation fears, the rates rose slightly. In
late July, Greenspan's comments sparked a rise in the Dow-Jones, but rates
remained steady. Mid-August's report on the rising CPI caused a slight increase
in rates, but they remained within the narrow band. The recent pass by the
Federal Reserve in 1997, to raise rates provided some stability in rates and the
equities market. Recently rates have been stable, and that stability has sparked
a general upward trend in all equity markets.
The overall economic environment has been conducive to profitability in the
industry as well as in the area of equity markets. The economy continues to
expand slowly, unemployment is at recent record low levels, and for the moment,
inflation seems to be in restraint. August 1997 economic news showed that
manufacturing levels were lower than previous months, adding confirmation to the
belief that inflation is currently not a problem to the economy. A consensus
indicates that although growing, the economy is not as robust as some would
desire, that inflation is for the moment under control, and that the chance of a
rate increase is nominal, for the moment. These factors have caused the equities
market to rise beyond the expectations of most reasonable analysts. In addition,
there is tremendous pressure on the general equities market produced by the
volume of new dollars entering the mutual funds market. It is unreasonable to
assume that the thrift equities market would escape the buying pressures that
have driven up other markets.
The general rise in the equity market has translated into overall gains in
the thrift equity market. Recently, conversion stocks have become of interest to
some mutual funds and institutional buyers. These factors, coupled with the
circumstances of having fewer conversions in 1996 and 1997, have produced some
dramatic results in the thrift equities market. The number of "conversion stock
speculators" has grown as thrift and bank acquisitions have continued. The hope
of a quick profit has many speculative dollars chasing fewer good conversion
opportunities, bringing into play the principal of supply and demand.
In the recent months, the thrift equities market has generally paralleled
the other major equities markets. Some interim fluctuations have been caused by
changes or anticipated changes in interest rates or other economic conditions
that influence, or that are perceived to influence the market. In the general
equities market, increased prices are usually a response to improved profits or
anticipated improvements in profits, with price-to-earnings ratios increasing as
increased earnings potentials are anticipated. There is little economic news
that would indicate that the market will stop its upward trend. There will be
periodic adjustments and price fluctuations, but the upward pressure will likely
continue. However, it is not realistic to think that any market can continue to
rise at a 15% to 20% rate per annum for an indefinite period, but accurately
anticipating the change is unlikely.
The thrift industry generally is better equipped to cope with changing
interest rates than it was in the past, and investors have recognized the
demonstrated ability of the thrift industry to maintain interest margins in
spite of rising interest rates. However, much of the industry is still a long
lender and, for the most part, a short borrower. Periods of gradually rising
interest rates can be readily managed, but periods of rapidly rising rates and
interest rate spikes can negate, to a certain degree, the positive impact of
adjustable rate loans and investments.
3
FINANCIAL CONDITION OF INSTITUTION
Balance Sheet Trends
As Table I.1 shows, Wyman Park demonstrated a decrease in assets during the
five year period between June 30, 1993, and June 30, 1997. Assets have declined
from $65.41 million at June 30, 1993, to $64.67 million at June 30, 1994, to
$64.26 million at June 30, 1995. Year end June 30, 1996, reflected a decline in
total assets to $63.89 million and then a further loss to $62.24 million at June
30, 1997. The loan portfolio reflects an overall upward trend from $48.72
million at June 30, 1993, to $52.09 million at June 30, 1994, to $54.40 million
at June 30, 1995. Loans then declined to $53.24 million at June 30, 1996, and
then reversed to grow to $55.19 million at June 30, 1997.
Wyman Park's ratio of interest earning assets ("IEA's") to interest bearing
liabilities ("IBL's") has been on a steady increase, reflecting 105.31%,
106.66%, 106.24%, 107.66%, and 108.40% at June 30, 1993, 1994, 1995, 1996, and
1997, respectively (see Table I.2). However, an erratic average interest spread
and a variable net interest margin have served to confuse the issue of
sustainability of earnings. The capital infused by the Conversion should improve
profitability, and the coming years may not have to bear expenses like the SAIF
assessment and the increased operating expenses associated with pre-conversion
activities that were incurred in 1997.
Equity accounts increased steadily from $3.40 million at June 30, 1993, to
$3.89 million at June 30, 1994, and to $4.33 million in 1995. Equity further
increased to $4.62 million in 1996 to $4.76 million at June 30, 1997. During
this period, net interest margins, net interest spread, and net interest income
have been erratic, and profitability has trended downward during the entire five
year period. Net interest income was $642 thousand in 1993, $498 thousand in
1994, $433 thousand in 1995, $294 thousand in 1996, and $134 thousand in1997.
The income for 1996 was negatively impacted by the SAIF assessment of $383
thousand and an additional allocation to the reserve for loan and lease losses
of $120 thousand. Adjusting for those expenditures, earnings for 1997 were $482
thousand for 1997. This level of income is closer to the historical earnings
levels of the Association. Net interest spread nearly paralleled net interest
income at 2.70% in 1995, 2.26% in 1996, and 2.76% in 1997. These ratios are
followed closely by the net interest yield, which was 2.98% in 1995, 2.63% in
1996, and 2.76% in 1997. Net interest margin, which is net interest income
divided by average interest earning assets, was 2.98% at June 30, 1995, 2.63% at
June 30, 1996, and 3.14% at June 30, 1997. Income ratios are parallel to the net
interest income of $1.90 million in 1995, the $1.65 million in 1996, and the
$1.90 million in 1997. The major variable in income is the wide ranges of
operating expenses.
Asset/Liability Management
Managing interest rate risk is a major and necessary component of the
strategy used in operating a thrift. Most of a thrift's interest earning assets
are long term, while most of the interest bearing liabilities have short to
intermediate terms to contractual maturity. To compensate, asset/liability
management techniques include: (1) making long term loans with interest rates
that adjust to market periodically, (2) investing in assets with shorter terms
to maturity, (3) lengthening the terms of savings deposits, and (4) seeking to
employ any combination of the aforementioned techniques artificially through the
use of synthetic hedge instruments.
Table I.3 contains information on contractual loan maturities at June 30,
1997. However, this table must be read in conjunction with Table I.4 and Table
I.5. Table I.3 shows that $34.08 million of the loan portfolio (60.98%) matures
after one year. Of that $34.08 million, $16.40 million has maturity dates that
are in excess of ten years. Table I.4 confirms the information in Table I.3 by
showing that $20.45 million of the portfolio are adjustable loans. This is
equivalent to 36.58%. Table I.3 indicates that $21.81 million matures within one
year. This level of interest rate risk is not unusual in portfolios that are
primarily 1 to 4 residential. Efforts on the part of Management to mitigate
interest rate risk have been hampered by the asset
4
composition. There has been a lengthening of the maturity of deposits by
offering higher rates for the longer term certificates. Conversely, the number
of fixed rate mortgages increased from $32.00 million to $35.44 million in the
period between June 30, 1996, and June 30, 1997. Contemporaneously, the level of
adjustable rate loans dropped from $21.8 million to $20.45 million during the
same 12 month period. Management plans to increase the number of commercial real
estate loans. This will gradually have a positive effect on the interest rate
risk, by providing more repricing opportunities. In addition, the additional
capital that comes with the Conversion can be used to help with interest rate
risk.
Table I.5 provides rate shock information at varying levels of interest
rate change and confirms the conclusions derived from Table I.5 in regard to the
interest rate sensitivity of Wyman Park.
The Association has significant interest rate risk and would suffer major
deterioration in profitability, as well as an erosion in the value of its
portfolio equity. A careful review of Table I.5 (Net Portfolio Value) shows that
if there were a 200 basis point ("BP") rise in interest rates, Wyman Park's Net
Portfolio Value ("NPV") would decrease by $1.69 million or 25.0% of the NPV. If
interest rates were to increase by 400 BP, the NPV would be decreased by $3.68
million or 54.0% of the total NPV. Clearly, the impact of an increase in rates
would be devastating to Wyman Park from an income view. However, the additional
capital infused by the Conversion can be used to acquire assets of shorter
maturities and assets that provide more repricing opportunities. This type of
action would mitigate to a limited extent the degree of interest rate risk.
Table I.5 was prepared by the Office of Thrift Supervision.
5
FERGUSON & COMPANY Section I.
Table I.1 -- SELECTED CONSOLIDATED FINANCIAL INFORMATION
June 30,
---------------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
(In Thousands)
Selected Financial Condition Data:
Total assets $62,241 $63,866 $64,258 $64,666 $65,405
Loans receivable, net 55,189 53,244 54,403 52,093 48,724
Mortgage-backed securities 356 424 520 605 4,912
Investment securities 2,993 2,964 5,920 7,935 8,300
Deposits 56,095 57,871 58,474 59,389 59,765
Total borrowings
Retain Earnings 4,755 4,621 4,327 3,894 3,396
Year Ended June 30,
---------------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
(In Thousands)
Selected Operations Data
Total interest income $ 4,658 $ 4,725 $ 4,788 $ 4,537 $ 4,988
Total interest expense 2,756 3,073 2,891 2,777 3,202
------- ------- ------- ------- -------
Net interest income 1,902 1,652 1,897 1,760 1,786
Provision for recovery of loan losses 145 25 (88) 183 133
------- ------- ------- ------- -------
Net int. inc. after provisions for
loan losses 1,757 1,627 1,985 1,577 1,653
Fees and service charges 48 47 36 28 23
Gain (loss) on sales of loans,
mortgage-backed securities and
inv. secities. 6 20 23 442 354
Other non-interest income 24 39 26 177 135
------- ------- ------- ------- -------
Total non-interest income 78 106 85 647 512
Total non-interest expense 1,614 1,278 1,361 1,411 1,222
------- ------- ------- ------- -------
Income before taxes and cumulative
effect of accounting change 221 455 709 813 943
Income tax provision 87 161 276 315 370
Cumulative effect of account changes -- -- -- -- 69
------- ------- ------- ------- -------
Net income $ 134 $ 294 $ 433 $ 498 $ 642
======= ======= ======= ======= =======
6
FERGUSON & COMPANY Section I.
Table I.2 - Selected Operating Ratios
Year Ended June 30,
----------------------------------------------
1997 1996 1995 1994 1993
------ ------ ------ ------ ------
Selected Financial Ratios & Other Data:
Performance Ratios:
Return on assets (ratio of net income
to average total assets) 0.22% 0.46% 0.67% 0.80% 0.99%
Return on retained earnings (ratio of
net income to average equity 2.87 6.56 10.52 13.22 21.02
Interest rate spread information:
Average during period 2.76 2.26 2.70 2.46 2.54
End of period 2.77 2.19 2.25 2.93 2.86
Net interest margin (1) 3.14 2.63 2.98 2.75 2.81
Ratio of operating expense to average
total assets 2.62 2.01 2.11 2.27 1.89
Ratio of average interest-earning assets
to average interest bearing liabilities 108.40 107.66 106.24 106.66 105.31
Quality Ratios:
Non-performing assets to total assets
at end of period .28 .04 .30 .25 .28
Allowance for loan losses to
non-performing loans 153.11 456.89 51.89 196.32 234.46
Allowance for loan losses to
loans receivable, net 0.49 0.24 0.18 0.60 0.87
Capital Ratios:
Retained earnings to total assets at
end of period 7.64 7.24 6.73 6.02 5.19
Average retained earnings to average assets 7.58 7.04 6.36 6.05 4.71
Other Data:
Number of full-service offices 2 2 2 2 2
- ----------
(1) Net interest income divided by average interest earning assets.
Source: Offering Circular
7
FERGUSON & COMPANY Section I.
Table I.3 -- Loan Maturity Schedule
1 year 5 years
Less than through to Over
1 year 5 years 10 years 10 years Total
------ ------- -------- -------- -----
Mortgage(1) (2):
One to Four Family $17,811 $ 8,459 $6,138 $13,938 $46,346
Construction 150 -- -- -- 150
Multi-Family & Commercial 485 1,851 1,210 2,471 6,017
Non-Mortgage Loans:
Consumer 3,360 16 -- -- 3,376
Total $21,806 $10,326 $7,348 $16,409 $55,889
======= ======= ====== ======= =======
- ----------
(1) Includes demand loans, loans having no maturity, and overdraft loans.
(2) Mortgages which have adjustable or renegotiable interest rates are shown as
maturing in the period during which the contract is due.
Source: Offering circular
Table I.4 - Loan Maturities by Rate Type
The following tables sets forth the dollar amount of all loans, maturing or
repricing, before net items, due after one year from June 30, 1997, which have
fixed interest rates or which have adjustable interest rates.
Fixed Adjustable
Rate Rate Total
----- ---------- -----
(in thousands)
Mortgage 1-4 Family $30,505 $15,841 $46,346
Construction 150 -- 150
Consumer 192 3,184 3,376
Commercial & Multi-Family 4,596 1,421 6,017
------- ------- -------
Total (1) $35,443 $20,446 $55,889
======= ======= =======
- ----------
(1) Gross Loans.
Source: Offering circular
8
FERGUSON & COMPANY Section I.
Table I.5 -- Net Portfolio Value
As of June 30, 1997
--------------------------------------------------------------
NPV as % of
Estimated Portfolio Value
Change in NPV as a of Assets
Interest Rates Estimated Percentage Amount ----------------------
(basis points) NPV of Assets of Change NPV Ratio % Change
- -------------- --------- ---------- --------- --------- ---------
(dollars in thousands)
+400 $3,154 -54.0% $(3,681) 5.39% -5.27%
300 4,150 -39.0% (2,685) 6.92 -3.74%
200 5,143 -25.0% (1,692) 8.37 -2.29%
100 6,072 -11.0% (763) 9.66 -1.00%
0 6,835 0% -- 10.66 --
-100 7,273 6.0% 438 11.18 .52%
200 7,270 6.0% 435 11.07 .41%
300 7,075 4.0% 340 10.71 .05%
400 6,979 2.0% 144 10.48 -.18%
Source: Office of Thrift Supervision, Risk Management Division
Income and Expense Trends
Wyman Park was profitable for the five years ending June 30, 1997. However,
the year ending June 30, 1997, was significantly less profitable than preceding
years. Profits were $642 thousand, $498 thousand, $433 thousand, $294 thousand,
and $134 thousand in 1993, 1994, 1995, 1996, and 1997, respectively. The
diminution of earnings in the last period can be attributed to the SAIF
assessment of $383 thousand, and an addition to the loan and lease loss reserve
of $120 thousand above the normal accrual. As mentioned earlier, net interest
income has been erratic and so have net interest margins. Historically, net
interest income before provisions for losses has followed the rate cycle, but
the net after provisions has been erratic due to wide swings in the provisions
for loan losses. These provisions were $133 thousand in 1993, $183 thousand in
1994, a negative $88 thousand in 1995, $25 thousand in 1996, and $145 thousand
in 1997. The influence of non-interest income was extremely obvious in 1993 and
1994, as gains on the sale of assets added to the income of those two years.
Gains on sale of assets was $354 thousand in 1993, and $442 thousand in 1994. As
market conditions changed, the gain on sale of assets dropped to $23 thousand,
$20 thousand, and $6 thousand in 1995, 1996, and 1997, respectively.
Unfortunately, the asset structure and the income structure of the Association
has kept the core earnings of the Association below peer level. The ability to
generate core earnings will improve with the anticipated infusion of capital
generated by the Conversion, and Wyman Park will gain core earnings parity with
its peers in the near term.
Regulatory Capital Requirements
As Table I.6 demonstrates, Wyman Park meets all regulatory capital
requirements and meets the regulatory definition of a "Well Capitalized"
institution. Moreover, the additional capital raised in the stock conversion
will add to the existing capital cushion.
9
FERGUSON & COMPANY Section I.
Table I.6 - Regulatory Capital Compliance
June 30, 1997
Amount
(Million) Percent
--------- -------
GAAP Capital $4.8 7.7%
Tangible Capital:
Capital level $4.8 7.7%
Requirement 1.0 1.5%
---- ----
Excess $3.8 6.2%
==== ====
Core Capital:
Capital level $4.8 7.7%
Requirement 1.9 3.0%
---- ----
Excess $2.9 4.7%
==== ====
Risk Based Capital:
Capital level $5.0 14.6%
Requirement 2.7 8.0%
---- ----
Excess $2.3 6.6%
==== ====
Source: Wyman Park TFR, Form SB-2, and F&C calculations.
10
FERGUSON & COMPANY Section I.
Lending
Table I.7 provides an analysis of the Association's loan portfolio by type
of loan security. This analysis shows that Wyman Park's loan composition is
still dominated by 1-4 family dwelling loans. However, there is a noticeable
increase in the amount of commercial real estate loans that are being added to
the portfolio. This trend is consistent with the institution's business
strategies, and it is unlikely that the strategies now in place will change in
the near future.
Table I.8 provides information with respect to loan originations and
repayments. It also clearly shows the emphasis upon one to four family
residential loans. Moreover, the table relates the impact upon the types of
loans originated by changing interest rates. In the year ended June 30, 1995,
the Association originated $11.35 million in loans. Adjustable rate loans were
$9.61 million or 84.63%. As rates fell in the year ended June 30, 1996, we can
see the impact of the refinancing activity. In that year $9.05 million in loans
were originated, but the fixed rate loans were predominant at $7.54 million or
83.37%. The year ended June 30, 1997, resulted in $8.89 million in originations,
with fixed rate loans comprising $4.86 million, or 54.65%, and adjustable rates
at $4.03 million, or 45.35% of loans originated. If any conclusions can be drawn
from this information, it is that one-to-four family residential loans will
provide only temporary assistance in reducing interest rate risk. The majority
of adjustable loans are made when rates are high, and when rates decrease they
will refinance to the fixed rate loans.
Table I.9 provides rates, yields, and average balances for the three years
ended June 30, 1995, 1996, and 1997. Net yield on average interest-earning
assets decreased from 7.53% in 1995, to 7.52% in 1996, then increased to 7.69%
in 1997. Interest rates paid on average interest-bearing liabilities increased
from 4.83% in 1995, to 5.26% in 1996, then fell to 4.93% in 1997. The net yield
on interest earning assets went from 2.98% in 1995, to 2.63% in 1996, to 3.14%
in 1997. Wyman Park's net interest spread changed from 2.70% in 1995, to 2.26%
in 1996, to 2.76% in 1997. However, the ratio of average interest earning assets
to average interest bearing liabilities increased from 106% in 1995, to 108% in
1996, and remained flat at 108% in 1997. The effect of interest rate risk can be
seen when comparing 1995 with 1996. In that period, the cost of funds as shown
in IBL's rate increased from 4.83% to 5.26%, a movement of 43 basis points,
compared to the 1 BP move in the yield in IEA's.
11
FERGUSON & COMPANY Section I.
Table I.7 -- Loan Portfolio Composition
June 30,
------------------------------------------
1997 1996
------------------ ------------------
Amount Percent Amount Percent
------ ------- ------ -------
Real Estate Loans:
One- to four-family $46,346 82.92% $45,669 84.82%
Multi-family 211 0.38 128 0.24
Commercial 5,806 10.39 4,448 8.26
Construction or development 150 0.27 270 0.5
------- ------ ------- ------
Total real estate loans 52,513 93.96 50,515 93.82
------- ------ ------- ------
Other Loans:
Consumer Loans:
Deposit account 176 0.31 138 0.26
Student -- -- -- --
Automobile -- -- -- --
Home equity 3,184 5.70 3,189 5.92
Home improvement 16 0.03 -- --
------- ------ ------- ------
Total consumer loans 3,376 6.04 3,327 6.18
Total loans 55,889 100.00% 53,842 100.00%
====== ======
Less:
Loan in process (231) (270)
Deferred fees and discounts (199) (203)
Allowance for losses (270) (125)
------- -------
Total loans receivable, net $55,189 $53,244
======= =======
Source: Offering Circular
12
FERGUSON & COMPANY Section I.
Table I.8 - Loan Activity
Table I.8 clearly demonstrates that Wyman Park can be considered primarily
a residential lender. The information shows that although consumer and business
type loans are becoming more common and are the growing portion of the loan
portfolio, the residential loan portfolio is the major asset of the Association.
Within the portfolio, fixed rate loans still dominate loan production.
Year Ended June 30,
---------------------------------
1997 1996 1995
------ ------ ------
(Dollars in Thousands)
Originations by type:
Adjustable rate:
Real estate--one-to-four family $2,843 $1,314 $9,606
--multi-family 90 -- --
--commercial 1,100 190 --
Non-real estate--consumer -- -- --
--commercial business -- -- --
------ ------ ------
Total adjustable-rate 4,033 1,504 9,606
------ ------ ------
Fixed rate:
Real estate--one-to-four family 3,907 6,991 1,744
--multi-family -- -- --
--commercial 936 550 --
Non-real estate--consumer 18 -- --
--commercial business -- -- --
------ ------ ------
Total fixed-rate 4,861 7,541 1,744
------ ------ ------
Total loans originated 8,894 9,045 11,350
------ ------ ------
Purchases:
Real estate--one-to-four family 983 -- --
--multi-family -- -- --
--commercial 805 300 --
Non-real estate--consumer -- -- --
--commercial business -- -- --
------ ------ ------
Total loans purchased 1,788 300 --
Mortgage-backed securities -- -- --
------ ------ ------
Total purchased 1,788 300 --
------ ------ ------
Sales and Repayments:
Real estate--one-to-four family 395 990 1,936
--multi-family -- -- --
--commercial 900 -- --
Non-real estate--consumer -- -- --
--commercial business -- -- --
------ ------ ------
Total loans sold 1,295 990 1,936
Mortgage-backed securities -- -- --
------ ------ ------
Total sales 1,295 990 1,936
Principal repayments 7,177 9,539 7,419
------ ------ ------
Total reductions 8,472 10,529 9,355
Increase (decrease) in other items, net (265) 24 316
------ ------ ------
Net increase (decrease) 1,945 (1,160) 2,311
====== ====== ======
13
FERGUSON & CO., LLP Section I.
Table I.9 Average Balances, Yields and Cost
-------------------------------------------------------------------------------------------
Year Ended June 30,
-------------------------------------------------------------------------------------------
1997 1996 1995
----------------------------- ----------------------------- -----------------------------
Average Interest Average Interest Average Interest
Outstanding Earned/ Yield/ Outstanding Earned/ Yield/ Outstanding Earned/ Yield/
Balance Paid Rate Balance Paid Rate Balance Paid Rate
----------- -------- ------ ----------- -------- ------ ----------- -------- ------
Interest-earning assets:
Loans receivable (1) $53,903 $4,250 7.88% $53,033 $4,157 7.84% $55,460 $4,325 7.80%
Mortgage-backed securities 383 27 7.05 468 35 7.49 552 33 5.98
Investment securities 2,402 140 5.83 5,298 307 5.79 5,845 329 5.63
FHLB stock 510 37 7.25 510 37 7.25 510 36 7.06
Other investments 3,382 204 6.03 3,547 189 5.33 1,192 65 5.45
------- ------ ------- ------ ------- ------
Total interest-earning assets (1) $60,580 $4,658 7.69 $62,856 $4,725 7.52 $63,559 $4,788 7.53
======= ====== ======= ====== ======= ======
Interest-Earning Liabilities:
Savings deposits $5,856 174 2.97% $ 5,593 $178 3.18% $ 5,777 $ 204 3.53%
Demand and NOW deposits 9,745 309 3.17 9,632 317 3.29 9,990 332 3.32
Certificate accounts 40,182 2,267 5.64 43,010 2,570 5.98 42,326 2,254 5.33
Escrow deposits 115 6 5.22 147 8 5.44 193 11 5.69
Borrowings 1,542 90 5.83
------- ------ ------- ------ ------- ------
Total interest-bearing liabilities $55,898 $2,756 4.93 $58,382 $3,073 5.26 $59,828 $2,891 4.83
------- ------ ---- ------- ------ ---- ------- ------ ----
Net interest income $1,902 $1,652 $1,897
====== ====== ======
Net interest rate spread 2.76% 2.26% 2.70%
==== ==== ====
Net earning assets $ 4,682 $ 4,474 $ 3,731
======= ======= =======
Net yield on average interest-earning
assets 3.14% 2.63% 2.98%
==== ==== ====
Average interest-earning assets to
average interest-bearing liabilities 1.08x 1.08x 1.06x
====== ====== ======
Source: Offering circular
14
FERGUSON & CO., LLP Section I.
Table I.10 provides a rate volume analysis, measuring differences in
interest earning assets ("IEA's") and interest bearing liabilities ("IBL's"),
and the interest rates thereon comparing the year ended June 30, 1995 with June
30, 1996, and then comparing the year ended June 30, 1996 with June 30, 1997.
The table shows the effect of the changes in interest income and funding cost
between 1995 and 1996, produced a decline in net income of $245 thousand. A
negative $96 thousand in interest income can be attributed to volume (total
loans decreased), and a positive $33 thousand can be attributed to rate (rates
on loans were higher). For the same period, the interest expense decreased $74
thousand due to volume and increased $256 thousand due to rates (deposits
dropped in volume and in funding cost). The period between June 30, 1996, and
June 30, 1997, had an increase of $250 thousand. Analysis shows that the income
on interest earning assets decreased $177 thousand due to volume (loan volumes
continue to decline) and increased $50 thousand due to rates (rates increased
slightly on loans funded). On the funding side, the cost of interest bearing
liabilities was reduced $160 thousand due to volume and decreased an additional
$157 thousand due to rates (deposit volumes and rates declined). The net result
of the changes in the 1996 to 1997 period should have translated into additional
profits, however, these potential profits were offset by the SAIF assessment
($383 thousand) and a higher than normal increase in the reserve for loan losses
($120 thousand). Although the Rate/Volume Analysis cannot predict performance in
a changing rate environment, it can show the impact of interest rate changes
upon net interest income and net interest margins.
Table I.10 - Rate/Volume Analysis
Year Ended June 30,
-------------------------------------------------
1996 vs. 1997 1995 vs. 1996
------------------------ ------------------------
Increase Increase
(Decrease) (Decrease)
Due to Total Due to Total
------------- Increase ------------- Increase
Volume Rate (Decrease) Volume Rate (Decrease)
------ ------ ---------- ------ ------ ----------
(Dollars in Thousands)
Interest-earning assets:
Loans Receivable 68 25 93 (190) 22 (168)
Mortgage-backed securities (6) (2) (8) (5) 7 2
Investment securities (169) 2 (167) (31) 9 (22)
Other (10) 25 15 130 (5) 125
----- ----- ----- ----- ----- -----
Total interest-earning assets $(117) $ 50 $ (67) $ (96) $ 33 $ (63)
===== ===== ===== ===== ===== =====
Interest-bearing liabilities:
Savings deposits $ 8 $ (12) $ (4) $ (7) $ (19) $ (26)
Demand and NOW deposits 3 (11) (8) (12) (3) (15)
Borrowings -- -- -- (90) -- (90)
Certificate accounts (169) (134) (303) 38 278 316
Escrow deposits (2) -- (2) (3) -- (3)
----- ----- ----- ----- ----- -----
Total int.-bearing liab. $(160) $(157) $(317) $ (74) $ 256 $ 182
===== ===== ===== ===== ===== =====
Net interest income $ 250 $(245)
===== =====
Source: Offering Circular
15
FERGUSON & CO., LLP Section I.
Non-performing Assets
As shown in Tables I.11 (a) and I.11 (b), Wyman Park's total non-performing
loans as of June 30, 1997, were a nominal $176 thousand and represented 0.28% of
total assets. All of the non-performing loans as of that date were secured. Past
due loans were $178 thousand and were all secured by one-to-four residences. The
level of non-performing assets does not appear to be a significant threat to the
capitalization or future earnings of the institution.
Table I.11 (a) Loan Delinquencies and Non-Performing Assets
June 30, 1997
Loans Delinquent For:
---------------------------------------------------------------------------------------
60-89 Days 90 Days and Over Total Delinquent Loans
--------------------------- --------------------------- ---------------------------
% of Loan % of Loan % of Loan
Number Amount Category Number Amount Category Number Amount Category
------ ------ --------- ------ ------ --------- ------ ------ ---------
(Dollars in Thousands)
Real Estate
One to four family 5 $178 0.38% 2 $176 0.38 7 $354 0.76%
---------------------------------------------------------------------------------------
Total 5 $178 0.38% 2 $176 0.38 7 $354 0.76%
=======================================================================================
Source: Offering circular.
Table I.11(b) - Non-Performing Assets
June 30
--------------------
1997 1996
---- ----
(Dollars in Thousands)
Non-Accruing Loans:
One-to-four Family $176 $27
--------------------
Total non-performing Assets $176 $27
====================
Total as a percentage of total assets 0.28% 0.04%
Source: Offering Circular
16
FERGUSON & CO., LLP Section I.
Table I.12 -- Schedule of Classified Assets
------------------------------
1997 1996 1995
---- ---- ----
(In Thousands)
Classification
Special Mention $178 $270 $ 47
Substandard 176 27 192
Doubtful 0 0 0
Loss 0 0 0
------------------------------
Total classified assets $354 $297 $239
Source: Offering Circular
The volume of total classified assets is nominal for an institution this
size, and the classified assets are centered in Special Mention. It is apparent
that Management has developed adequate management techniques for dealing with
the classified assets of the Association. Equally as important is the fact that
the majority of the assets classified by the examiner had already been
identified as problem assets by Management. In other words, the portfolio is
believed to hold only a minimum of asset quality surprises.
Table I.13 -- Analysis of Allowance for Loan Losses
The following table sets forth an analysis of the Association's allowance
for possible loan losses for the periods indicated: As of June 30, 1997, the
provision for loan and lease losses was equal to 0.50% of gross loans and 153%
of non-performing loans. Considering the conservative underwriting of Management
and the composition of the loan portfolio (mostly 1-4 residential loans), the
Allowance for Loan and Lease Losses is adequate.
June 30,
------------------
1997 1996
---- ----
Balance at beginning of period $125 $100
Loans charged-off:
Mortgage loans 0 0
Commercial loans 0 0
Consumer loans 0 0
---- ----
Total charge-offs $ 0 $ 0
---- ----
Recoveries: 0 0
Net loans charged-off 0 0
Provision for loan losses 145 25
Balance at end of period $270 $125
==== ====
Source: Audit Financial Statement
17
FERGUSON & CO., LLP Section I.
Loan Loss Allowance
Table I.13 provides an analysis of Wyman Park's loan loss allowance.
Significant increases to the loan loss reserves were made at June 30, 1997.
These increases in loan loss reserves were not dictated by historical or
anticipated losses, but instead were provisions made in anticipation of the
Conversion.
Table I.14 shows the allocation of the loan loss allowance among the
various loan categories for the years ending June, 30, 1996, and June 30, 1997.
It must be noted that the major portion of the allocation is to the unallocated
category.
Table I.14 - Allocation of Loan Loss Allowance
June 30, 1997 June 30, 1996
------------------------------- -------------------------------
% of % of
Loan Loans in Loan Loans in
Amounts Each Amounts Each
By Category to By Category to
Amount Category Total Loans Amount Category Total Loans
------ -------- ----------- ------ -------- -----------
(Dollars in Thousands)
Allocated to :
One to four Family $ 25 $46,346 82.92% $ 22 $45,669 84.82%
------------------------------- -------------------------------
Multi-Family 211 0.38% 128 .24%
------------------------------- -------------------------------
Commercial real estate 56 5,806 10.39% 43 4,448 8.26%
------------------------------- -------------------------------
Construction or Dev. 150 0.27% 270 .50%
------------------------------- -------------------------------
Consumer 3,376 6.04% 3,327 6.18%
------------------------------- -------------------------------
Unallocated 189 59
------------------------------- -------------------------------
Total $270 $55,889 100.0% $125 $53,842 100.0%
=============================== ===============================
Source: Offering Circular
The preceding table (Table I.14) allocates the allowance for loan losses by
loan category at the dates indicated. The allocation of the allowance to each
category is not necessarily indicative of future losses and does not restrict
the use of the allowance to absorb losses in any other category.
18
FERGUSON & CO., LLP Section I.
Mortgage-Backed Securities and Investments
Table I.15 provides a breakdown of mortgage-backed securities and
investments as of June 30, 1997.
Table I.15 -- Classification of Investment Securities
June 30, % of June 30, % of
1997 Total 1996 Total
-------- ----- -------- -----
(Dollars in Thousands)
All Inv. Sec. are classified "Available for Sale"
- -------------------------------------------------
US government and agency obligations $2,992 85.44% $2,964 85.32%
------ ------ ------ ------
Sub Total 2,992 85.44% 2,964 85.32%
FHLB Stock 510 14.56% 510 14.68%
------ ------ ------ ------
Total investment securities and FHLB Stock $3,502 100.00% 3,474 100.00%
====== ====== ====== ======
Average remaining life of investment securities 1.3 years 2.3 years
Other Interest-earning assets:
Interest bearing deposits with banks $1,093 57.05% $3,483 60.46%
Federal funds sold 823 42.95% 2,278 39.54%
------ ------ ------ ------
Total $1,916 100.00% $5,761 100.00%
====== ====== ====== ======
All MBS's are "Held to Maturity"
- --------------------------------
Mortgage-backed securities -- -- -
FNMA $ 2 0.56% $ 3 0.71%
FHLMC 354 99.44% 421 99.29%
------ ------ ------ ------
Total mortgage-backed securities $ 356 100.00% $ 424 100.00%
====== ====== ====== ======
Table I.15 is notable for showing that all of the investment securities
owned by Wyman Park are classified as "Available for Sale," as of June 30, 1997,
and all MBS's are classified as "Held to Maturity". Having the majority of all
investments available for sale enhances actual liquidity and provides Management
with the flexibility to properly manage the investment portfolio of the
Association. All securities classified as "Available for Sale" are carried at
their fair value as of June 30, 1997.
Mortgage backed securities have been used by Management to supplement loan
products. Competitive factors within the primary trade area of the Association
have made expansion of the one to four residential portfolios difficult.
Management has not committed a significant amount of its assets to
Mortgage-Backed Securities ("MBS's"). At June 30, 1997, Wyman Park had $356
thousand in MBS's.
Except for MBS's, the investment portfolio of Wyman Park is very short. The
U.S. Government securities and agencies have an average remaining term of 1.3
years. The deposits in domestic banks and Fed funds have a maturity that is less
than one year. The MBS portfolio of $356 thousand has a maturity that is more
than 10 years but less than 20 years.
19
FERGUSON & CO., LLP Section I.
Table I.16 -- Deposit Portfolio
Deposits in the Association at June 30, 1997, were represented by the
various types of deposit programs described below.
1997 1996
--------------------- ---------------------
Amount Percentage Amount Percentage
------ ---------- ------ ----------
Certificates of Deposit
4.00 - 5.99% $26,366 46.99% $23,101 39.90%
6.00 - 7.99% 13,492 24.04% 16,657 28.77%
8.00 - 9.99% 383 0.68% 2,609 4.51%
--------------------- ---------------------
Sub Total 40,241 71.71% 42,367 73.18%
--------------------- ---------------------
Transaction accounts
Non-interest bearing accts 587 1.05% 337 0.58%
NOW and money market
accounts 1.76% 1,615 2.88% 1,673 2.89%
Passbook Accounts 2.96% 6,027 10.74% 5,857 10.12%
Money Market Accts. 3.10% 7,627 13.59% 7,637 13.19%
--------------------- ---------------------
Sub Total 15,856 28.26% 15,504 26.78%
--------------------- ---------------------
Accrued Interest 19 0.03% 21 .04%
--------------------- ---------------------
Total Deposits $56,116 100.00% $57,892 100.00%
===================== =====================
Source: Offering circular
Savings Deposit
The Association offers a variety of deposit products that have a wide range
of interest rates and terms. As the general customer base continues to become
more sophisticated, Wyman Park is likely to become more susceptible to
short-term interest rate changes. The Association experiences a higher cost of
funds than its peers mainly due to its mix of transaction accounts and
certificate accounts. In addition, smaller institutions like Wyman Park are
often placed in a position of competitive disadvantage and are forced to price
in reaction to competitive pressures.
At June 30, 1997, Wyman Park's deposit portfolio of $56.11 million was
composed as follows: total transaction type accounts--$9.83 million, or 17.52%;
savings deposits and passbook account--$6.03 million, or 10.74%%, and
certificate accounts--$40.24 million, or 71.71%. Certificates were comprised of
$4.20 million, or 7.48% of total deposits that were in excess of $100 thousand,
and $36.04 million, or 64.23% of total deposits that were less than $100
thousand. (See Table I.16 above.)
Table I.17 displayed below shows the totals of certificates of deposits and
the maturities by year with rate ranges at the year ending June 30, 1997. The
rate section of Table I.17 clearly shows the cost of funds for the institution
is affected more by rate than term. The Association has a heavy concentration in
certificates of deposits with rates 6.00% and 7.99%, ($13.49 million, 33.53% of
certificates).
20
FERGUSON & CO., LLP Section I.
Table I.17 -- Time Deposit Rates and Maturities
The following table sets forth the rates and maturities of time deposits at
June 30, 1997.
Certificate Accounts 4.00 6.00 8.00 Percent
maturing to to to of
in quarter ending: 5.99% 7.99% 9.99% Total Total
- -------------------- ----- ----- ----- ----- -------
(Dollars in Thousands)
September 30, 1997 $ 5,540 $ 991 $ 0 $ 6,531 16.23%
December 31, 1997 5,470 967 186 6,623 16.46%
March 31, 1998 3,605 179 15 3,799 9.44%
June 30, 1998 3,216 86 0 3,302 8.21%
September 30, 1998 2,910 61 163 3,134 7.79%
December 31, 1998 2,292 53 3 2,348 5.83%
March 31, 1999 506 451 16 973 2.42%
June 30, 1999 492 1,079 0 1,571 3.90%
September 30, 1999 267 1,227 0 1,494 3.71%
December 31, 1999 138 900 0 1,038 2.58%
March 31, 2000 19 2,129 0 2,148 5.34%
Thereafter 1,911 5,369 0 7,280 18.09%
---------------------------------------------------
Total $26,366 $13,492 $383 $40,241 100.00%
===================================================
Percent of Total 65.52% 33.53% 0.95%
============================
Source: Offering circular
Table I.17 (a) Certificates by Time Remaining Until Maturity
Maturity
-------------------------------------------------
Over Over
3 Months 3 to 6 6 to 12 Over
or Less Months Months 12 Months Total
-------- ------ ------- --------- -----
Certificates of Deposit less than $100,000 $5,548 $6,174 $6,888 $17,434 $36,044
Certificates of Deposit of $100,000 or more 983 449 213 2,552 4,197
-------------------------------------------------
Total Certificates of Deposits $6,531 $6,623 $7,101 $19,986 $40,241
=================================================
Source: Offering Circular
As of June 30, 1997, Wyman Park has 49.66% of its certificates of deposit
maturing after one year (see Table I.17(a)). Taking a longer term position in
the certificate of deposit portfolio is a method of improving interest rate
risk. On the other hand the majority of the certificates that have maturities in
excess of one year fall in the higher rate categories. Of the $13.49 million in
deposits in the 6.00 to 7.99% range, $11.27 million are in the over 12 month
schedule. Attempting to minimize interest rate risk on the liability side has
served to reduce the net interest margins of Wyman Park.
21
FERGUSON & CO., LLP Section I.
Wyman Park has limited dependency on jumbo certificates of deposit. At June
30, 1997, the Association had $4.20 million in certificates that were issued for
$100 thousand or more, or 7.48% of its total deposits (see Table I.18). The
jumbo dependency is not considered excessive.
Table I.18 -- Jumbo CD's at June 30, 1997
Time Deposits over $100,000 -- Maturity Schedules
Certificates of Weighted
Maturity Period Deposits Average Rate
--------------- -------- ------------
Three months or less $ 933 4.78%
Over three through six months 449 5.48%
Over six through 12 months 213 5.08%
Over 12 months 2,552 6.23%
------
$4,197 5.75%
======
Source: Offering circular
Borrowings
At June 30, 1997, Wyman Park was a member of FHLB of Atlanta and had the
availability of advances from the FHLB in the approximate amount of $8 million.
Advances are not being utilized at this time, but remain a viable alternative
source of funding to the Association.
Subsidiaries
At June 30, 1997, Wyman Park had one investment in a service corporation,
W. P. Financial Corporation, a company which engages in the sale of annuities.
Neither the investment in, nor the income derived from, the operation of the
company have any material effect on the financial results of the Association.
Legal Proceedings
From time to time, Wyman Park becomes involved in legal proceedings
principally related to the enforcement of its security interest in real estate
loans. In the opinion of Management of the Association, no legal proceedings are
in process or pending that would have a material effect on Wyman Park's
financial position, results of operations, or liquidity.
EARNINGS CAPACITY OF THE INSTITUTION
As in any interest sensitive industry, the future earnings capacity of
Wyman Park will be affected by the interest rate environment. Historically, the
thrift industry has performed at less profitable levels in periods of rising
interest rates. This performance is due principally to the general composition
of the assets and the limited repricing opportunities afforded even the
adjustable rate loans. The converse earnings situation (falling rates) does not
afford the same degree of profitability potential for thrifts due to the
tendency of borrowers to refinance both high rate loans, fixed rate loans, and
adjustable loans as rates decline.
Wyman Park is no exception to the aforementioned paradox. With its current
asset and liability structure, however, the effect of rising interest rates will
have a more negative impact on earnings. Management's strategy of offering a
limited array of additional loan products that will
22
FERGUSON & CO., LLP Section I.
provide additional repricing opportunities through the cash flow of payments or
the adjustability of rates will eventually mitigate the effects of interest rate
risk, and improve profitability.
The addition of capital through the conversion will allow Wyman Park to
grow. As growth is attained, the leverage of that new capital should, from a
ratio of expenses to total assets standpoint, reduce the operating expense
ratio. However, growth and additional leverage will likely be moderate and well
controlled to maintain the current acceptable risk levels inherent in the
Association's asset base.
Asset-Size-Efficiency of Asset Utilization
At its current size and in its current asset configuration, Wyman Park is
an efficient operation. With total assets of approximately $62.24 million, Wyman
Park has 15 full time equivalent employees. If current strategies are employed,
the asset and liability composition of the institution changes and becomes more
volume oriented, the current level of employees may not be adequate to manage
additional asset and liability growth.
Intangible Values
Wyman Park's greatest intangible value (other than the goodwill discussed
earlier) lies in its loyal deposit base. Wyman Park has a 83 year history of
sound operations, controlled growth, and generally consistent earnings. The
Association currently has 7.94% of the deposit market in its area, and it has
the ability to increase market share (see Table II.3 in Section II).
Wyman Park has no significant intangible values that could be attributed to
unrecognized asset gains on investments and real estate.
Effect of Government Regulations
Government regulations will have the greatest impact in the area of cost of
compliance and reporting. The Conversion will create an additional layer of
regulations and reporting, and thereby increase the cost to the Association.
Moreover, no future plans currently exist to make additional acquisitions,
purchase additional branches, or complicate operations with matters that would
add to reporting and regulatory compliance. However, economic situations change,
and if an appropriate opportunity arises, it will be considered, and a proper
request will be made of the regulators, if necessary.
23
FERGUSON & CO., LLP Section I.
Office Facilities
Wyman Park's main office is an adequately maintained facility. Table I.19
provides information on all of Wyman Park's offices. The Association's
facilities are currently adequate for the convenience and needs of the
Association's customer base.
Table I.19 -- Office Facilities and Locations
Year Owned Net B.V
Physical address Opened Leased (1) June 30
- ---------------- ------ ---------- -------
($000's)
Main Office:
- ------------
11 Ridgley Road, Lutherville, Maryland 1977 Land is Leased (2)
Building is Owned $97,000
Branch Office
- -------------
7963 Baltimore/Annapolis Blvd., Glen Burine, MD 1977 Leased (3) N/A
Source: Wyman Park Association audited financial statement and the
Offering Circular.
(1) The Association is obligated under long operating leases for its offices.
These leases expire at various dates to 2002. The future minimum payments
due under the leases at June 30, 1997 are $201, 574.
(2) There are five, five-year options which expire May 2027.
(3) Lease expires in November 2001.
24
SECTION II
MARKET AREA
FERGUSON & COMPANY Section II.
II. MARKET AREA
DEMOGRAPHICS
Wyman Park operates from its main office located at 11 Ridgely Road,
Lutherville, Maryland. The Association has one branch office in addition to its
main office. That office is located a 7963 Baltimore/Annapolis Blvd., Glen
Burnie, Maryland.
Wyman Park considers its primary Assessment Area to be the areas
surrounding its offices. Although Wyman Park is located in the Baltimore MSA,
its primary Assessment Area contains only the counties of Baltimore and Anne
Arundel. More specifically, within those two counties, the closer competition
for customers and deposits can be identified as occurring in the zip code areas
surrounding each branch. Table II.1, below, presents historical and projected
trends for the United States, Maryland, Baltimore County, and Anne Arundel
County, along with the two zip codes that surround the branches. The information
addresses population, income, employment, and housing trends.
As indicated in Table II.1, below, the State of Maryland, the Baltimore
MSA, the counties, and the two zip codes have experienced varying growth rates
in terms of population. The State of Maryland experienced a growth rate from
1990 to 1996, of 6.40%, which is slightly lower than the recorded growth rate
for all of the U. S. Within the trade area, historical growth rates vary. The
Baltimore MSA and the County of Baltimore experienced much lower growth rates
than the State. On the other hand, Anne Arundel County grew at a rate that
exceeded the State (9.73% vs. 6.40%), the Glen Burnie Zip Code's growth rate
equaled that of the State, and the Zip Code of Lutherville fell short of the
State's growth rate (5.45% vs. 6.40%). Future prospects are similar to
historical growth rates. Between 1996 and 2001, the State is expected to grow
5.33%; the Baltimore MSA, 4.32%; and Baltimore County, 3.0%. In the same period,
Anne Arundel County is expected to grow 7.10%; the Glen Bernie Zip Code, 5.51%;
and the Lutherville Zip Code, 3.71%.
The single most impressive demographic factor about Wyman Park's assessment
area is the Estimated Household Income for 2001. All of the surrounding area is
anticipated to have the majority of its population in the two household income
ranges that are between $25,000 to $100,000. Moreover, Anne Arundel County and
the Lutherville Zip Code areas are expected to have a disproportionate
percentage of their population in the $100,000 to $150,000 household income
range.
These growth rates are obviously being pushed along by the population and
industrial growth rates that have been experienced by the recovery in the
Baltimore MSA and its proximity, Washington, D. C.
1
FERGUSON & COMPANY Section II.
Table II.1 - Demographic Trends
Key Economic Indicators
United States, Maryland, Baltimore MSA, Baltimore County, Anne Arundel County,
Zip 21060(1), Zip 21093 (2)
====================================================================================================================
Anne
United Baltimore Baltimore Arundel 21060 21093
Key Economic Indicator States Maryland MSA County County Zip Zip
- --------------------------------------------------------------------------------------------------------------------
Total Population, 2001 Est. 278,802,003 5,358,628 2,591,459 740,667 502,080 28,267 34,516
1996 - 2001 Percent Change, Est. 5.09 5.33 4.32 3.00 7.10 5.51 3.71
Total Population, 1996 Est. 265,294,885 5,087,442 2,484,101 719,095 468,813 26,791 33,280
1990 - 96 Percent Change, Est. 6.67 6.40 4.28 3.90 9.73 6.40 5.45
Total Population, 1990 248,709,873 4,781,468 2,382,172 692,134 427,239 25,180 31,560
- --------------------------------------------------------------------------------------------------------------------
Household Income, 2001 Est. 33,189 47,915 45,324 44,145 55,740 45,030 62,127
1996 - 2001 Percent Change, Est. (3.88) 4.49 4.93 0.62 5.87 5.59 0.88
Household Income, 1996 Est. 34,530 45,857 43,194 43,872 52,651 42,646 61,587
- --------------------------------------------------------------------------------------------------------------------
Per Capita Income, 1990 16,738 21,037 19,991 21,601 22,444 18,008 31,752
- --------------------------------------------------------------------------------------------------------------------
Household Income Distrib.2001 Est. (%)
$15,000 and less 20 12 14 10 7 11 5
$15,000 - $25,000 16 11 12 12 9 11 8
$25,000 - $50,000 34 32 33 36 31 38 26
$50,000 - $100,000 24 35 33 33 40 35 38
$100,000 - $150,000 4 8 7 7 10 4 15
$150,000 and over 2 3 3 3 4 0 8
- --------------------------------------------------------------------------------------------------------------------
Unemployment rate, 1990 6.24 6.93 6.84 6.86 7.37 7.30 6.65
- --------------------------------------------------------------------------------------------------------------------
Median Age of Population, 1996 Est. 34.3 34.6 35.0 36.7 34.5 34.8 41.7
Median Age of Population, 1990 32.9 33.0 33.4 35.2 32.7 33.1 40.6
- --------------------------------------------------------------------------------------------------------------------
Average Housing Value, 1990 79,098 142,450 123,426 125,124 158,769 102,706 187,088
- --------------------------------------------------------------------------------------------------------------------
Total Households, 2001 Est. 103,293,062 1,956,215 955,690 287,409 176,043 10,603 13,688
1996 - 2001 Percent Change, Est. 5.14 5.29 4.23 3.02 7.29 5.54 3.65
Total Households, 1996 98,239,161 1,858,013 916,918 278,971 164,080 10,046 13,206
1990 - 96 Percent Change, Est. 6.84 6.23 4.18 3.99 10.04 6.43 5.31
Total Households, 1990 91,947,410 1,748,991 880,145 268,280 149,114 9,439 12,540
- --------------------------------------------------------------------------------------------------------------------
Total Housing Units, 1990 101,641,260 1,891,917 928,076 281,553 157,194 8,109 12,930
% Vacant 10.07 7.55 6.25 4.71 5.14 4.87 2.95
% Occupied 89.93 92.45 93.75 95.29 94.86 95.13 97.05
% By Owner 57.78 60.11 59.51 63.22 69.12 61.99 78.21
% By Renter 32.15 32.33 34.23 32.07 25.74 33.14 18.85
====================================================================================================================
(1) ZIP Code for Glen Burnie, MD. (2) ZIP Code for Lutherville, MD
Source: Scan/US, Inc.
Maryland is one of the more affluent states, and the comparison of
household income demonstrates that fact. The estimated household income for the
United States for 1996 was $34,530, and that of Maryland was $45,857. Maryland
benefits economically from being close to the Capital. The Baltimore area, with
its deep water port, has become a center for commercial, financial,
distribution, transportation, and manufacturing. In addition, the State benefits
from several large federal agency facilities.(1)
- --------
(1) Marylanda, Encarta 96 Encyclopedia
2
FERGUSON & COMPANY Section II.
Important to any financial institution that is in the business of financing
homes is the growth in the number of households. Table II.1 shows that the
prospects for the establishment of new households in the trade area are
excellent. From 1990 until 1996, all of the counties in the trade area
experienced an increase in the number of households. The greatest increase was
seen in Anne Arundel County, with the number of households increasing 10.04%
from 149,114 to 164,080; to Baltimore County showing the least amount of
increase at 3.99% (from 268,280 to 278,971 households). The area, whether
growing at 3.99% or 10.14%, is an economically stable area, growing and embedded
with well paying sources of income.
When home ownership is compared to the United States and the State of
Maryland, all of the trade area has a higher incidence of home ownership than
the United States and the State of Maryland.
The principal sources of employment in Wyman Park's assessment area are
shown in Table II.2, below. On average, the major sources of employment are
trade, services, and public administration. The counties in the delineated trade
area have only minor variations from the State in the percentage of residents
who are employed in trade, services, and public administration. Manufacturing,
the fourth most frequent source of employment, is higher in Baltimore County
than it is in the entire State (11.0% for Baltimore County vs. 8.0% for the
State). Anne Arundel County is only slightly higher in manufacturing than the
State (9.0% vs. 8.0%).
3
FERGUSON & COMPANY Section II.
Table II.2 -- EMPLOYMENT BY INDUSTRY
As of Year End 1995
--------------------------------------
State Anne
of Baltimore Arundel
Employment by Industry (percent) Maryland County County
- -------------------------------- --------------------------------------
(%)
Construction/Agriculture/Mining 7.0% 6.0% 7.0%
Manufacturing 8.0% 11.0% 9.0%
Transportation/Utilities 5.0% 5.0% 6.0%
Trade 25.0% 27.0% 28.0%
Finance/Insurance 6.0% 6.0% 4.0%
Services 30.0% 30.0% 27.0%
Public Administration 19.0% 15.0% 19.0%
--------------------------------------
Total 100.0% 100.0% 100.0%
======================================
This information gives rise to understanding the other demographic
information. With trade, services, and public administration employing such high
percentages of the population and contributing to the earnings of the citizenry,
the concentration of income in the middle range is more clear, as is the
estimated increase in household income. Obviously, the population within the
assessment area of Wyman Park is better employed than the State average. This
should equate to continued economic growth which should translate into more home
buyers, more consumer goods being purchased, and a growing, stable, and robust
economy.
In summary, the demographics of the assessment area are very favorable. The
area has and is expected to have an overall growth in population. This growth in
population is being accompanied with an anticipated increase in household income
that is creating a more stable per capita income and an anticipated increase in
the number of new households that will be created. These factors, coupled with a
strong tradition of home ownership in the area, should translate into an
increased number of housing units being built and a good market for previously
owned housing.
Based on information publicly available on deposits as of June 30, 1996
(see Table II.3), in the two Zip Code areas which Wyman Park considers its
closest competition, there are $886.2 million in total deposits. Banks
controlled $638.2 million, credit unions $142.68 million, and other thrifts
$47.42 million. As of that date, Wyman Park had 6.53% of the total deposit
market, or $57.87 million.
The Association is a major player in a limited area of the total market
area that is located within their delineated market area. The statistics reveal
success and opportunities for the institution. Additional capital infused by the
Conversion will assist the Association in becoming more competitive.
4
FERGUSON & COMPANY Section II.
Table II.3 -- Market Area Deposits
As of June 30,
----------------------------------
Zip Codes 21060 and 21093 1996 1995 1994
- ------------------------- -------- -------- --------
(Dollars in Thousands)
Wyman Park Federal -- Total $ 57,871 $ 58,474 $ 59,389
----------------------------------
Lutherville Office 48,240 48,959 49,568
Glen Burnie Office 9,631 9,515 9,821
Other Savings and Loan Associations $ 47,422 $ 46,883 $ 96,173
----------------------------------
Number of Branches 2 2 4
Total Savings and Loan Association Deposits $105,293 $105,357 $155,562
----------------------------------
Total Number of Branches 4 4 6
Total Credit Union Deposits $142,683 $133,864 $138,419
----------------------------------
Total Number of Branches 1 1 1
Total Bank Deposits $638,222 $648,918 $634,264
----------------------------------
Total Number of Branches 16 15 15
Total Market Area Deposits $886,198 $888,139 $928,245
==================================
Wyman Park Federal -- Market Share 6.53% 6.58% 6.40%
==================================
Growth opportunities for Wyman Park can be assessed by reviewing economic
factors in its market area. The salient factors include growth trends, economic
trends, and competition from other financial institutions. We have reviewed
these factors to assess the potential for the market area. In assessing the
growth potential of Wyman Park, we must also assess the willingness and
flexibility of Management to respond to the competitive factors that exist in
their market area. It is our analysis that the economic environment and the
potential of the area is excellent, moreover, we feel that the current
Management team can readily realize the potential afforded by the area's
economic base. Our analysis of the economic potential and the potential of
Management has a positive affect on the valuation of the institution.
5
SECTION III
COMPARISON WITH PUBLICLY
TRADED THRIFTS
FERGUSON & COMPANY Section III.
III. COMPARISON WITH PUBLICLY TRADED THRIFTS
COMPARATIVE DISCUSSION
This section presents an analysis of Wyman Park relative to a group of 12
publicly traded thrift institutions ("Comparative Group"). Such analysis is
necessary to determine the adjustments that must be made to the pro forma market
value of Wyman Park's stock. Table III.1 presents a listing of the comparative
group with general information about the group. Table III.2 presents key
financial indicators relative to profitability, balance sheet composition and
strength, and risk factors. Table III.3 presents a pro forma comparison of Wyman
Park to the comparative group. Exhibits III and IV contain selected financial
information on Wyman Park and the comparative group. This information is derived
from quarterly TFR's filed with the OTS. The selection criteria and comparison
with the Comparative Group are discussed below.
Selection Criteria
Ideally, the comparative group would consist of thrifts in the same
geographic region with identical local economies, asset size, capital level,
earnings performance, asset quality, etc. However, there are few comparably
sized institutions with stock that is liquid enough to provide timely,
meaningful market values. Therefore, we have selected a group of comparatives
that are listed on either the New York Stock Exchange ("NYSE"), the American
Stock Exchange ("AMEX"), or NASDAQ. We excluded companies that are apparent
takeover targets and companies with unusual characteristics that tend to distort
both mean and median calculations. For example, we have excluded all companies
with losses during the trailing 12 months. We have also excluded mutual holding
companies (see Exhibit II.1).
The principal source of data was SNL Securities, Charlottesville, Virginia.
There are approximately 414 publicly traded thrifts listed on NYSE, AMEX, or
NASDAQ. In developing statistics for the entire country, we eliminated certain
institutions that skewed the results, in order to make the data more meaningful:
o We eliminated companies with losses,
o We eliminated indicated acquisition targets,
o We eliminated companies with price/earnings ratios in excess of 25,
o We eliminated companies that had not reported as a stock institution
for one complete year, and
o We eliminated mutual holding companies.
The resulting group of approximately 271 publicly traded thrifts is
included in Exhibit II.1.
Because of the limited number of similar size thrifts with sufficient
trading volume, we refined the search looking for members of the comparative
groups among thrifts with assets between $50 million and $150 million. From that
group we then eliminated the following:
o Companies with loans to deposits less than 50%,
o Companies with loans to deposits greater than 100%,
o Companies with total assets greater than $150 million,
o Companies with non-performing assets greater than 1%,
o Companies with BIF insurance,
o Companies with equity to assets .20%,
o and Companies with excessive loan servicing.
1
FERGUSON & COMPANY Section III.
The result was a group of 12 thrifts. Normally, we consider 10 to be the
desired sample, but provided the extra comparative in case there are changes
before this Conversion is completed.
The selected group of comparatives has sufficient trading volume to provide
meaningful price data. Eight of the comparative group members are located in the
Midwest, three in the Mid-Atlantic, and one in the Southeast. Three of the group
are located in Indiana, two in New York, and one each in Kentucky, Kansas, New
Mexico, Ohio, Iowa, Missouri, and Pennsylvania. With total assets of
approximately $62.3 million, Wyman Park is near the group selected, which has
average assets of $104.9 million and median assets of $101.11 million.
Profitability
Using the comparison of profitability components as a percentage of average
assets and using appraisal earnings, Wyman Park was above the comparative group
in return on assets, 0.69% to 0.42%, based on appraisal earnings; and core
income, 0.69% to 0.68%. Wyman Park was below the comparative group in other
operating income, 0.12% to 0.29% and net interest income, 2.79% to 3.28%; but
above the group in operating expense, 2.56% to 2.46%. After conversion,
deployment of the proceeds will provide additional income, and Wyman Park will
compare even more favorably with the comparative group in terms of return on
average assets, with a return of .82% at the midpoint of the appraisal range.
Pro forma return on average equity is 5.44% at the midpoint, versus a mean of
5.30%, and median of 4.77% for the comparative group. After conversion, the
employment of funds and the growth of asset and liabilities will improve the
profitability of this institution.
Balance Sheet Characteristics
The general asset composition of the Association is similar to that of the
comparative group. Wyman Park has a lower level of passive investments with
9.08% of its assets invested in cash, investments, and mortgage-backed
securities, versus 47.62% for the comparative group. In the investment
portfolio, Wyman Park has 8.52% in cash and investment securities, and 0.56% in
mortgage backed securities. The comparative group has 33.06% in cash and
investments, and 14.56% in mortgage backed securities. Wyman Park has a higher
percentage of its assets in loans at 87.53%, versus 63.68% for the comparative
group. The Associations' percentage of interest earning assets to interest
bearing liabilities is much lower than that of the group. Wyman Park has 108.4%,
and the comparative group averages 113.62%. A portion of this disparity can be
explained by understanding that Wyman Park, although considered "Well
Capitalized" has only 7.53% of assets in equity capital, and the comparative
group has an average of 13.09% in equity to assets which accounts for 5.56% of
the disparity. After conversion, and after the utilization of the capital
infusion for earning assets and supporting growth, Wyman Park's ratio will be
more in line with that of the group of comparatives.
The liability side differs mainly in that Wyman Park has no borrowings and
higher percentage of deposits. Wyman Park funds its assets with 88.96% deposits,
expressed as a percentage of total assets. On the other hand, the comparative
group has deposits of 73.75% and borrowings of 12.01%. The comparison between
Wyman Park's capital level and that of the comparative group will improve after
conversion. After the Conversion, Wyman Park's equity to assets will be 15.45%,
at the mid-point. The average equity to assets of the comparative group is
13.09% and the median is 12.39%.
Risk Factors
Both Wyman Park and the comparative group have reasonable and controllable
levels of non-performing assets, with the Association being lower than the
comparative group, 0.28% to 0.57% of assets. Wyman Park's loan loss allowance is
0.50% of net loans, which compares
2
FERGUSON & COMPANY Section III.
favorably with the comparative group's 0.67%. In the area of interest rate risk
and the implications of one year gap assets, the Association and the comparative
group are far apart. Wyman Park has a negative one year gap of 7.05%, and the
group has a negative 3.53%. This is reflective of Wyman Park's reliance upon
on-to-four residential loans.
Summary of Financial Comparison
Based on the above discussion of operational, balance sheet, and risk
characteristics of Wyman Park compared with the group, we believe that Wyman
Park's performance is equal to that of the comparative group. While the
Association's appraisal profitability levels are higher than the comparative
group, the capital levels are below the comparative group, the conversion
proceeds will increase its capital levels to near comparable levels, and will
enhance profitability.
FUTURE PLANS
Wyman Park's future plans are to remain an independent, well capitalized,
profitable institution with good asset quality, a commitment to serving the
needs of its trade area, and emphasizing lending. The current strategy, which is
reflected in the business plan, projects increased growth in commercial real
estate lending. Management recognizes that it will take time to invest the
proceeds of its capital infusion in a manner consistent with its historic
performance and current lending policies. During that period of time, Management
is willing to accept a lower return on assets, as well as a lower return on
equity capital.
Wyman Park has recently adhered to a no-growth policy. In fact, the
Association has experienced asset downsizing in the last two years. Total
assets, total loans, and total deposits have diminished approximately 4%. The
additional capital raised by the sale of Common Stock will initially be used to
purchase short term investment securities. Adjustable rate and short term loans
will continue to be emphasized. The Association will continue to minimize long
term, fixed rate loans. The Association's business plan projects that it will
experience growth in loans, savings deposits, and liquidity.
Wyman Park anticipates a moderate growth rate. The additional capital and
the continuation of the holding company concept would make the acquisition of
another institution or branches a viable option, along with de novo branching.
At this time there are no plans for acquisition of institutions or new branches.
If an economically viable opportunity arises, proper approval will be sought
from the regulatory agencies.
Increasing market penetration by increasing the number of services and
products available, coupled with expanded marketing efforts and improved
service, are the most likely methods to be employed to achieve growth.
3
FERGUSON & COMPANY Section III.
Table III.1 -- Comparatives General Characteristics
Total Current Current
Type Number Assets Stock Market
of of ($000) Price Value
Ticker Short Name City State Thrift Offices Mst RctQ IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ------- -------- -------- ------- -------
ALBC Albion Banc Corp. Albion NY Traditional 2 66,316 07/26/93 23.25 6.12
CLAS Classic Bancshares Inc. Ashland KY Traditional 3 130,525 12/29/95 14.00 18.27
FFSL First Independence Corp. Independence KS Traditional 2 110,876 10/08/93 12.88 12.77
GUPB GFSB Bancorp Inc. Gallup NM Traditional 1 86,911 06/30/95 18.75 15.08
HHFC Harvest Home Financial Corp. Cheviot OH Traditional 3 87,596 10/10/94 11.75 10.75
INCB Indiana Community Bank SB Lebanon IN Traditional 3 91,329 12/15/94 15.25 14.06
MWBI Midwest Bancshares Inc. Burlington IA Traditional 4 146,542 11/12/92 33.88 11.53
NSLB NS&L Bancorp Inc. Neosho MO Traditional 2 59,711 06/08/95 18.63 13.18
PRBC Prestige Bancorp Inc. Pleasant Hills PA Traditional 3 135,721 06/27/96 17.50 16.01
RIVR River Valley Bancorp Madison IN Traditional 6 140,442 12/20/96 16.88 20.09
SOBI Sobieski Bancorp Inc. South Bend IN Traditional 3 79,080 03/31/95 16.25 12.34
TPNZ Tappan Zee Financial Inc. Tarrytown NY Traditional 1 124,150 10/05/95 17.44 26.11
Maximum 6 146,542 33.88 26.11
Minimum 1 59,711 11.75 6.12
Average 3 104,933 18.04 14.69
Median 3 101,103 17.16 13.62
Source: SNL and F&C calculations
4
FERGUSON & COMPANY Section III.
Table III.2 -- Key Financial Indicators
Wyman Comparative
Park Group
----- -----------
Profitability
(% of average assets)
Net income 0.69(*) 0.42
Net interest income 2.79 3.28
Loss (recovery) provisions 0.23 0.09
Other operating income 0.12 0.29
Operating expense 2.56 2.46
Core income ( excluding gains
and losses on asset sales) 0.69 0.68
Balance Sheet Factors
(% of assets)
Cash and investments 8.52 33.06
Mortgage-backed securities 0.56 14.56
Loans 87.53 63.68
Savings deposits 88.96 73.75
Borrowings -- 12.01
Equity 7.53 13.09
Tangible equity 7.53 12.91
Risk Factors
(%)
Earning assets/costing liabilities 108.40 113.62
Non-performing assets/assets 0.28 0.57
Loss allowance/non performing assets 153.89 143.72
Loss allowance/loans 0.50 0.67
One year gap/assets (7.05) (3.53)
(*) Based on Appraisal Earnings
Source: SNL Securities and F&C caluculations
5
FERGUSON & COMPANY Section III.
Table III.3 -- Pro Forma Comparison
Converting Institution to Comparative Group
As of August 22, 1997
Price Mk Value PE P/Book P/TBook P/Assets Div Yld Assets Eq/A TEq/A EPS ROAA ROAE
Ticker Name ($) ($Mil) (X) (%) (%) (%) (%) ($000) (%) (%) ($) (%) (%)
- ------ ---- ----- -------- --- ------ ------- -------- ------- ------ ---- ----- --- ---- ----
Wyman Park
----------
Before Conversion N/A N/A N/A N/A N/A N/A N/A 62,241 7.63 7.63 N/A 0.69 2.87
Pro Forma Supermax 10.000 9,258 15.13 74.34 74.34 13.24 3.00 69,939 17.81 17.81 0.66 0.86 4.95
Pro Forma Maximum 10.000 8,050 13.69 70.55 70.55 11.68 3.00 68,897 16.56 16.56 0.73 0.84 5.19
Pro Forma Midpoint 10.000 7,000 12.35 66.64 66.64 10.30 3.00 67,991 15.45 15.45 0.81 0.82 5.44
Pro Forma Minimum 10.000 5,950 10.90 61.99 61.99 8.87 3.00 67,085 14.31 14.31 0.92 0.80 5.73
Comparative Group
-----------------
Averages 18.037 14.69 22.13 109.16 110.75 14.42 1.91 104,933 13.09 12.91 0.92 0.70 5.30
Medians 17.157 13.62 21.59 111.04 111.23 14.15 1.96 101,103 12.39 12.31 0.78 0.71 4.77
Maryland Public Thrifts
-----------------------
Averages 24.438 49.16 17.68 129.38 129.75 13.54 1.34 408,115 11.05 11.04 1.68 0.78 8.61
Medians 19.125 28.67 16.46 133.66 133.66 12.08 1.48 258,330 8.38 8.30 0.93 0.73 8.66
Mid-Atlantic Region Thrifts
---------------------------
Averages 24.396 214.99 17.50 150.04 161.75 14.42 1.72 1,490,157 10.11 9.69 1.51 0.91 9.70
Medians 21.375 64.11 16.76 140.20 145.93 13.05 1.70 500,925 8.91 8.25 1.35 0.88 9.40
All Public Thrifts
------------------
Averages 23.214 237.42 17.82 146.57 153.42 14.98 1.80 1,554,864 10.87 10.60 1.46 0.99 9.75
Medians 20.938 55.84 16.55 138.35 142.81 14.11 1.76 383,263 9.41 8.91 1.28 0.91 8.76
Comparative Group
-----------------
ALBC AlbionBancCorp-NY 23.250 6.12 24.73 98.43 98.43 8.77 1.38 66,316.00 8.90 8.90 0.94 0.38 3.90
CLAS ClassicBcshs-KY 14.000 18.27 19.18 94.15 111.38 14.00 2.00 130,525.00 14.87 12.87 0.73 0.72 4.64
FFSL FirstIndcCorp-KS 12.875 12.77 18.13 110.99 110.99 11.58 1.94 110,876.00 10.43 10.43 0.71 0.69 6.20
GUPB GFSBBancorp-NM 18.750 15.08 22.32 111.08 111.08 18.11 2.13 86,911.00 16.30 16.30 0.84 0.93 4.89
HHFC HarvestHome-OH 11.750 10.75 22.17 103.89 103.89 12.27 3.40 87,596.00 11.81 11.81 0.53 0.57 4.44
INCB IndianaCommBkSB-IN 15.250 14.06 31.77 124.29 124.29 15.40 2.36 91,329.00 12.39 12.39 0.48 0.50 3.92
MWBI MidwestBncshrs-IA 33.875 11.53 12.06 116.57 116.57 8.05 1.77 146,542.00 6.91 6.91 2.81 0.75 10.82
NSLB NS&LBancorp-MO 18.625 13.18 31.04 112.81 112.81 22.07 2.69 59,711.00 19.56 19.56 0.60 0.77 3.72
PRBC PrestigeBancorp-PA 17.500 16.01 20.11 106.00 106.00 11.80 0.69 135,721.00 11.13 11.13 0.87 0.65 4.97
RIVR RiverValleyBncp-IN 16.875 20.09 14.55 115.42 117.19 14.30 0.95 140,442.00 12.39 12.23 1.16 0.88 7.23
SOBI SobieskiBancorp-IN 16.250 12.34 28.51 92.75 92.75 15.61 1.97 79,080.00 15.40 15.40 0.57 0.57 3.28
TPNZ TappanZeeFin-NY 17.438 26.11 21.01 123.59 123.59 21.03 1.61 124,150.00 17.02 17.02 0.83 1.00 5.63
Note: Stock prices are closing prices or last trade. Pro forma calculations for
Wyman Park's are based on sales at $10 per share with a midpoint of $7,000,000
minimum of $5,950,000, and maximum of $8,050,000.
6
FERGUSON & COMPANY Section III.
Table III.4 -- Selection of Comparatives
Deposit Current Current Price/ Price/
Insurance Stock Market LTM Core
Agency Price Value Core EPS EPS
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M) (x) (x)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ------- -------- ------
ALBC Albion Banc Corp. Albion NY MA SAIF NASDAQ 07/26/93 23.625 6.22 25.13 13.13
CLAS Classic Bancshares Inc. Ashland KY MW SAIF NASDAQ 12/29/95 14.500 18.92 21.97 NA
FFSL First Independence Corp. Independence KS MW SAIF NASDAQ 10/08/93 12.375 12.34 17.43 17.19
GUPB GFSB Bancorp Inc. Gallup NM SW SAIF NASDAQ 06/30/95 19.750 15.88 23.51 23.51
HHFC Harvest Home Financial Corp. Cheviot OH MW SAIF NASDAQ 10/10/94 11.750 10.75 23.50 16.32
INCB Indiana Community Bank SB Lebanon IN MW SAIF NASDAQ 12/15/94 15.250 14.06 31.77 25.42
MWBI Midwest Bancshares Inc. Burlington IA MW SAIF NASDAQ 11/12/92 34.750 12.10 12.68 13.16
NSLB NS&L Bancorp Inc. Neosho MO MW SAIF NASDAQ 06/08/95 16.625 11.76 28.66 23.09
PRBC Prestige Bancorp Inc. Pleasant Hills PA MA SAIF NASDAQ 06/27/96 15.875 14.52 NA 17.26
RIVR River Valley Bancorp Madison IN MW SAIF NASDAQ 12/20/96 15.500 18.45 NA 20.39
SOBI Sobieski Bancorp Inc. South Bend IN MW SAIF NASDAQ 03/31/95 15.750 11.96 27.63 21.88
TPNZ Tappan Zee Financial Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 17.500 26.85 21.34 24.31
Maximum 34.750 26.85 31.77 25.42
Minimum 11.750 6.22 12.68 13.13
Average 17.771 14.48 23.36 19.61
Median 15.813 13.20 23.51 20.39
---------------------------------------------------------------
Start with 413 Thrifts
---------------------------------------------------------------
1. Delete less than $50 million and greater than $200 million
Remaining 116
2. Delete Merger Targets
Remaining 113
3. Delete MHC's
Remaining 107
4. Delete Loans to Deposits less than 50%
Remaining 99
5. Delete Loans to Deposits greater than 100%
Remaining 29
6. Delete greater than $150 million
Remaining 24
7. Eliminate NPA's greater than 1%
Remaining 17
8. Eliminate BIF insured
Remaining 15
9. Eliminate Equity to Assets greater than 20%
Remaining 13
10. Eliminate Excessive loan servicing
Remaining 12
---------------------------------------------------------------
7
FERGUSON & COMPANY Section III.
Table III.4 -- Selection of Comparatives (Continued)
Tangible Return on
Current Current Current Total Equity/ Equity Core Core Avg Assets
Price/ Price/ Tang Price/ Dividend Assets Assets Tang Assets EPS EPS Before Extra
Book Value Book Value Assets Yield ($000) (%) (%) ($) ($) (%)
Ticker (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM Mst RctQ LTM
- ------ ---------- ----------- ------ -------- -------- -------- ----------- ---- -------- ------------
ALBC 100.02 100.02 8.91 1.312 66,316 8.90 8.90 0.94 0.45 0.09
CLAS 98.84 117.12 14.55 1.931 131,554 14.72 12.72 0.66 NA 0.63
FFSL 106.68 106.68 11.13 2.020 110,876 10.43 10.43 0.71 0.18 0.43
GUPB 117.00 117.00 19.07 2.025 86,911 16.30 16.30 0.84 0.21 0.74
HHFC 105.76 105.76 13.22 3.404 83,103 12.50 12.50 0.50 0.18 0.27
INCB 124.29 124.29 15.40 2.361 91,329 12.39 12.39 0.48 0.15 0.17
MWBI 125.54 125.54 8.71 1.727 139,006 6.94 6.94 2.74 0.66 0.47
NSLB 101.62 101.62 20.25 3.008 58,089 19.92 19.92 0.58 0.18 0.50
PRBC 98.54 98.54 11.51 0.756 126,833 11.69 11.69 NA 0.23 0.27
RIVR 107.86 109.54 13.34 0.000 138,325 12.36 12.19 NA 0.19 NA
SOBI 89.90 89.90 15.13 1.778 79,080 15.40 15.40 0.57 0.18 0.28
TPNZ 126.45 126.45 22.03 1.143 121,841 17.42 17.42 0.82 0.18 0.72
Maximum 126.45 126.45 22.03 3.40 139,006.00 19.92 19.92 2.74 0.66 0.74
Minimum 89.90 89.90 8.71 -- 58,089.00 6.94 6.94 0.48 0.15 0.09
Average 108.54 110.21 14.44 1.79 102,771.92 13.25 13.07 0.88 0.25 0.42
Median 106.22 108.11 13.95 1.85 101,102.50 12.45 12.45 0.69 0.18 0.43
8
FERGUSON & COMPANY Section III.
Table III.4 -- Selection of Comparatives (Continued)
Return on ROACE ROACE Loans
Avg Assets Before Before NPAs/ Loans/ Loans/ Deposits/ Borrowings/ Serviced
Before Extra Extra Extra Merger Current Assets Deposits Assets Assets Assets For Others
(%) (%) (%) Target? Pricing (%) (%) (%) (%) (%) ($000)
Ticker Mst RctQ LTM Mst RctQ (Y/N) Date Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ
- ------ ------------ ------ -------- ------- -------- -------- -------- -------- --------- ----------- ----------
ALBC 0.69 0.93 7.68 N 07/24/97 NA 96.00 72.82 75.86 13.98 NA
CLAS 0.91 3.21 6.17 N 07/24/97 0.70 82.10 62.73 76.41 8.20 --
FFSL 0.64 3.86 6.15 N 07/24/97 NA 98.53 66.00 66.99 21.01 NA
GUPB 0.81 3.86 4.76 N 07/24/97 NA 82.01 52.16 63.61 18.93 NA
HHFC 0.78 1.89 6.27 N 07/24/97 0.15 76.48 52.98 69.27 17.69 NA
INCB 0.60 1.29 4.77 N 07/24/97 NA 90.47 78.66 86.95 -- NA
MWBI 0.72 6.77 10.23 N 07/24/97 0.82 79.76 59.93 75.14 17.27 --
NSLB 0.86 2.31 4.19 N 07/24/97 -- 75.11 55.13 73.40 5.16 --
PRBC 0.65 NA 5.34 N 07/24/97 0.32 94.98 65.36 68.81 17.98 --
RIVR 0.98 NA 8.05 N 07/24/97 0.12 92.54 79.38 85.78 0.36 NA
SOBI 0.67 1.64 4.04 N 07/24/97 0.25 98.14 73.21 74.60 8.98 --
TPNZ 0.90 3.92 5.07 N 07/24/97 NA 56.72 45.77 80.70 -- NA
Maximum 0.98 6.77 10.23 0.82 98.53 79.38 86.95 21.01 --
Minimum 0.60 0.93 4.04 -- 56.72 45.77 63.61 -- --
Average 0.77 2.97 6.06 0.34 85.24 63.68 74.79 10.80 --
Median 0.75 2.76 5.75 0.25 86.29 64.05 74.87 11.48 --
9
SECTION IV
CORRELATION OF MARKET VALUE
FERGUSON & COMPANY Section IV.
IV. CORRELATION OF MARKET VALUE
MARKETABILITY & LIQUIDITY OF STOCK TO BE ISSUED
This section addresses the aforementioned factors and the estimated pro
forma market. Certain factors must be considered to determine whether
adjustments are required in correlating Wyman Park's market value to the
comparative group. Those factors include financial aspects, market area,
management, dividends, liquidity, thrift equity market conditions, and
subscription interest value of the to-be-issued common shares, and compares the
resulting market value of the Association to the members of its comparative
group and the selected group of publicly held thrifts.
Financial Aspects
Section III includes a discussion regarding a comparison of Wyman Park's
earnings, balance sheet characteristics, and risk factors with its comparative
group. Table III.2 presents a comparison of certain key indicators, and Table
III.3 presents certain key indicators on a pro forma basis after conversion.
As shown in Table III.2, from an earnings viewpoint, Wyman Park is above
its comparative group in return on assets (based on appraisal earnings) and core
income as a percentage of average assets. This is principally a result of Wyman
Park's earnings being adjusted for the SAIF assessment. Without the appraisal
earnings adjustment, the return on assets for Wyman Park was 0.22%. The more
accurate comparison would be to compare the core earnings of Wyman Park to the
comparative group. In that comparison Wyman Park is higher than the comparative
group in core earnings to assets (0.69% to 0.68%). Wyman Park has a lower net
interest income than the comparables, 2.79% to the comparative group's 3.28%.
Wyman Park has a higher loss provision than the comparative group (0.23% vs.
0.09%). However, if you adjust Wyman Park's 0.23% provision to a normal
provision, the comparison would be 0.03% to 0.09%. Wyman Park has a lower other
operating income (0.12% vs. 0.29%), and slightly higher operating expenses than
the comparative group (2.56% vs. 2.46%). After considering all of the analytical
factors, and adjusting to core earnings, we see that Wyman Park is remarkably
similar in results to the comparative group. After Wyman Park completes its
stock conversion, its return on average assets and core income as a percentage
of average assets will increase, and out perform the comparable group
principally in spite of the lower ratio of IEA's to IBL's, and a higher level of
operating expense. Table III.3 projects that Wyman Park will out-perform the
comparable group in return on assets with 0.82% at the midpoint, versus a mean
of 0.70% and median of 0.71% for the comparative group.
Wyman Park's pro forma equity to assets ratio at the midpoint is 15.45%,
versus a mean of 13.09%, and median of 12.39% for the comparative group. Wyman
Park's pro forma return on equity is higher than the comparative group--5.44% at
the midpoint versus a mean of 5.30%, and median of 4.77% for the comparative
group.
Wyman Park's recorded earnings have been adjusted for appraisal purposes
(see Table IV.1). The Association recorded gains of $6 thousand from the sale of
assets, paid the SAIF special assessment of $383 thousand, and recorded, at June
30, 1997, an excess provision for loan loss reserves of $120 thousand.
1
FERGUSON & COMPANY Section IV.
Table IV.1 - Appraisal Earnings Adjustments
for the Twelve Months Ending June 30, 1997
(In Thousands)
Appraisal Earnings
Year End June 30, 1997 $134
----
SAIF Assessment $383
Excess Loss Provision 120
Securities Gain (6)
----
497
Tax @ 38% (194)
Net Adjustments 303
----
Adjusted Earnings $437
====
Source: Wyman Park's audited financial statements and F&C calculations.
Wyman Park's asset composition is similar to that of its comparative
group--lending oriented (more than 50% of total assets are in loans); however,
cash and investments and mortgage-backed securities present some differences
from the comparative group. Wyman Park has 8.52% in cash and investment
securities and a nominal 0.56% of total assets in MBS's. The comparative group
has 33.06% in cash and investments, and 14.56% in MBS's. However, if you add
MBS's to loans, Wyman Park then has 88.09% in combination (loans + MBS's), and
the comparative group has 78.24% in the same combination.
From the risk factor viewpoint, Wyman Park is similar to the comparative
group. Wyman Park has 0.28% in non performing assets, and the comparative group
has 0.57% in nonperforming assets. Obviously, Wyman Park's percentage is much
smaller, but both levels are indicative of a quality portfolio, and neither
should present any problems related to capital or future earnings of Wyman Park
or the comparative group. Wyman Park's loan loss allowance is 0.50% of net
loans, comparing favorably with the comparative group, which is 0.67%. Wyman
Park's loan loss reserve is less, mainly due to Management's opinion that their
asset composition has less risk than a traditional thrift. Its ratio of interest
earning assets to interest bearing liabilities (108.40%) is well below the
comparative group (113.62%). From an earnings perspective, this is a significant
amount of difference, but Wyman Park's ratio will be in line with the
comparative group after conversion. From an interest rate risk factor, Wyman
Park has more risk than the comparable group, however, the amount of interest
rate risk is manageable, and the Association's interest rate risk will decrease
after the Conversion with the employment of the subsequent capital infusion.
We believe that no adjustment is necessary relative to financial aspects of
Wyman Park.
Market Area
Section II describes Wyman Park's market area.
2
FERGUSON & COMPANY Section IV.
We believe that an upward adjustment is required for Wyman Park's market
area.
Management
The CEO has served as President, CEO, and Director since 1989. He has in
excess of 30 years of experience in the thrift industry and banking industry.
Prior to joining Wyman Park, he was a Vice President of Yorkridge-Calvert
Savings and Loan Association, where he was in charge of all residential lending.
He is well qualified for the position he holds.
The Treasurer has been with Wyman Park since 1990. He joined Wyman Park
with an excess of 26 years experience in accounting, and 15 of the 26 years are
in thrift accounting. He is also well qualified for the position he holds.
The senior staff possess the necessary intellect, skills, levels of
expertise, and experience to maintain the integrity of the assets and to
implement the strategic goals of the organization. Wyman Park's results compare
well with the comparative group. Therefore, the Association's Management has
done the same quality job as its selected comparatives. The Board has not
developed a formal management succession plan, however, that is not unusual for
an Association of the size of Wyman Park.. The Association would be vulnerable
to the loss of the CEO.
We believe that no adjustment is required for Wyman Park's Management.
Dividends
Table III.3 provides dividend information relative to the comparative group
and the thrift industry as a whole. The comparative group is paying a mean yield
on a market price of 1.91% and a median of 1.96%, while all public thrifts are
paying a mean of 1.80% and median of 1.76%. Maryland public thrifts are paying a
mean of 1.34% and a median of 1.48%. Wyman Park intends to pay a dividend at an
initial annual rate of 3.0%, on an offering price of $10.00 per share ($0.30 per
share). Even with market appreciation, Wyman Park's dividend rate will be
comparable.
We believe that no adjustment is required relative to Wyman Park's
intention to pay dividends.
Liquidity
The Holding Company has never issued capital stock to the public, and as a
result, there is no existing market for the Common Stock. Although the Holding
Company has applied to list its Common Stock on NASDAQ, there can be no
assurance that a liquid trading market will develop.
A public market having the desirable characteristics of depth, liquidity,
and orderliness depends upon the presence in the marketplace of both willing
buyers and sellers of the Common Stock. These characteristics are not within the
control of the Association or the market.
The peer group includes companies with sufficient trading volume to develop
meaningful pricing characteristics for the stock. The market value of the
comparative group ranges from $6.22 million to $26.85 million, with a mean value
of $14.48 million. The midpoint of Wyman Park's valuation range is $7.0 million
at $10.00 a share, or 700,000 shares. The liquidity of the stock can be affected
by the size of the issue ($7.0 million at the mid-point at $10.00 per share). Of
the 700,000 shares in the offering, approximately 75,000 shares will be
purchased by insiders, 56,000 by the ESOP, leaving only 569,000 shares available
to the market. Such a small number of shares is not sufficient to produce the
trading volume necessary to develop a meaningful, liquid market.
We believe a downward adjustment is required relative to the liquidity of
Wyman Park.
3
FERGUSON & COMPANY Section IV.
Thrift Equity Market Conditions
As shown in Figure IV.1, which is a graph of the SNL Thrift Index covering
from January 31, 1994, through August 22, 1997, the market, as reflected by the
index, experienced fluctuations but ended in 1994-down 13.74, which is only
5.3%. Since year end 1994, the market has continued with a well defined increase
and has moved from 244.7 at December 31, 1994, to 376.51 at December 29, 1995,
an increase of 53.84%. From that point, the SNL Index rose consistently from the
376.51 reported at December 31, 1995, to 486.67 at December 31, 1996. The Index
increased further until the end of February 1996, reaching 569.67. March 1996
brought the first retrenchment of the Index and it fell to 517.63 in April of
1997. From April 11, 1997, forward, the Index increased, with one noticeable
decline in value in the third week of April 1997. By the end of the month of
April, the Index rebounded, and has rebounded robustly since then, increasing
from 537.21 at April 30, 1997, to 684.51 reported July 31, 1997. Since the end
of July, the market has retreated slightly and at the appraisal date, August 2,
1997, was recorded at 663.36, down 3.8% since the end of July.
EFFECT OF INTEREST RATES ON THRIFT STOCK
The current interest rate environment and the anticipated rate environment
will affect the pricing of thrift stocks and all other interest sensitive
stocks. As the economy continues to expand, the fear of inflation can return.
The Federal Reserve, in its resolve to curb inflation, has increased rates in
the past, but has more recently relented and passed several opportunities to
increase rates, until March 25, 1997, when the Federal Open Market Committee
(FOMC) increased the discount rate 25 basis points. In some minds, this was an
attempt to head off inflationary trends. According to the FOMC, "This action was
taken in light of persisting strength in demand, which is progressively
increasing the risk of inflationary imbalances developing in the economy that
would eventually undermine the long expansion."1 This increase was clearly
telegraphed by Chairman Greenspan who voiced concern about the levels of the
equity markets. Following the March 25 increase, unemployment rates were
announced at the 5.2% level, down from the 5.5% level at the beginning of 1996,
and significantly down from the 6.7% level at the beginning of 1994.2 The good
news about unemployment gave way to speculation that the March 25 increase was
just the first of at least two or three increases, and the speculation was given
some credence at that time by rises in the Employment Cost Index, an increase in
Unit Labor Cost and an upward trend in the price of crude oil. By April 1, 1997,
following the rate increase, the equities markets lost all of the gains
registered since the first of the year. By the end of April 1997, the market had
began a rebound and has trended upward since then. There have been specific days
of price adjustment, but the overall trend is up notwithstanding recent dramatic
ups and downs. Chairman Greenspan, in recent public appearances, has not
articulated concerns about market levels and inflation.
The thrift equities market is following the market in general. However, the
thrift equities market will continue to be influenced by the speculation that
there will eventually be a buyout, and the knowledge that thrift IPO stock can
be purchased at significant discounts from book value. These two facts could
keep the thrift equities market from falling as much as the other general
markets, if there is a period of adjustment. However, if the merger and
acquisition levels drop, if there were another sharp and sustained rise in the
interest rates, or if other equity markets have protracted adjustment, the
market in thrift equities would also adjust. Recent earnings reports by
financial institutions that have made major acquisitions in the recent past have
been disappointing. Even the vaunted Wells Fargo, the master at merger
profitability, had to admit that its latest
- --------
1 US Financial Data, published by the Research Division of the Federal Reserve
Bank of St. Louis, MO.
2 National Economic Trends, The Federal Reserve Bank of St. Louis, MO.
4
FERGUSON & COMPANY Section IV.
acquisition produced losses. If such occurrences become general the large
mergers could slow, but at the regional level, merger activity is likely to
continue.
What is likely to happen in the short to intermediate term is that rates
will float around current levels for the next few months. The yield curve will
continue to be of normal configuration. Most economists feel that a rise of
three quarters of one percent on the short side and less on the long side could
severely dampen the economy, but such increases are highly unlikely at this
time. Following the March increase in rates, additional data has caused the
concerns about rising inflation to moderate. Since lower rates benefit corporate
earnings, the housing and stock market, not to mention the bond market, the
economy has continued its expansion, but at a slightly slower rate.
With the Federal Reserve always ready to raise (or lower) rates as economic
conditions warrant, it is likely that before this expansionary cycle is over,
interest rates will rise. The supply and demand portion of the equation is
nicely balanced, and a continuation of such equilibrium will probably restrain
rising rates in the near term. It is even possible that in the short-term,
interest rates might ease a bit.
The consumer seems to be happier now than in the past. Job markets remain
strong and the unemployment rate is at 4.8%--the lowest since November of 1973.
Consumer confidence is at a 28 year high. Our continuing economic health has
always been dependent upon meaningful consumer participation, because consumers
(household sector) actually account for 68% of the Gross Domestic Product
("GDP").
In the second quarter of 1997, consumers seemed to rein in their
consumption. This lowering of consumption may be only to catch their economic
breath and repay credit card debt, and other personal debt which has
accumulated. Manufacturing is still strong, even with the slight drop in retail
sales, home purchases, and other big ticket items.
With consumer confidence at a high level, jobs plentiful, inflation
seemingly in check, and the economy healthy and continuing to expand, why
shouldn't the economy continue to roll onward and upward. From an analytical
view, there is little on the economic horizon at this time that would interfere
with continuing economic expansion for at least another 12 to 18 months.
Thrift net interest margins have remained stable. The equilibrium in the
supply and demand portion of the interest rate market has helped continue the
profitability mode of the industry that started in 1993. Access to
mortgage-backed securities and derivatives has made it possible for many to be
profitable without making loans in significant volumes. With reduced deposit
insurance premiums, perhaps they will become more willing to compete for
customer deposits. However, even with portfolios replete with adjustable rate
loans and adjustable MBS's, there remains a real fear that a quickly rising rate
environment can cause the cost of funds to rise faster than the adjustable
assets can accommodate, and accordingly, spreads would narrow. If rates rise in
a slow and orderly manner, then the negative impact on spreads will be less, and
the adjustable rate assets will have time to rise and protect rate spreads.
Figure IV.2 graphically displays the rate environment since December 31,
1996. Since the year end, the yield curve has flattened with the high spread
between the 1 year T-Bill and the 30 year long bond being 129 BP and the low 91
BP. Mortgage rates follow closely the long term government obligations. The lack
of a significant spread since year end has not improved portfolio managers
chances of improving profitability.
5
FERGUSON & COMPANY Section IV.
MARYLAND ACQUISITIONS
Table IV.2 provides information relative to acquisitions of financial
institutions in Maryland between January 1, 1996, and August 22, 1997. There
were 12 acquisitions completed during that time frame. Currently there are five
publicly held thrifts in the State of Maryland. There are 60 publicly held
thrifts in the Mid-Atlantic region of the country. Acquisitions of financial
institutions in Maryland since January 1, 1996, have averaged 203.75% of
tangible book value and 19.44 times earnings. The median price has been 194.24%
of tangible book value and 23.13 times earnings. Thrifts generally sell at lower
price/book multiples than do banks. This data does not reflect that, and in
fact, reflects the opposite, but the limited number of thrifts in the database
makes it dangerous to deduce that the overall price of thrifts are nearing the
price of banks. Disparity, or the lack thereof, between the price of thrifts and
banks aside, there is ample data shown to conclude that speculators in thrift
IPO stock have good reason to believe that, in the event of a sell out, there
would be a generous profit to be made. Such knowledge and hope for profits have
created a whole new level of professional investors (speculators) and that, in
turn, has increased the demand for thrift IPO stocks.
Table IV.3, which has information on recent conversions since January 7,
1997, shows that recent price appreciation has been more vigorous than it was in
past periods. Table IV.3 provides information on 13 conversions completed since
January 1997. The average change in price since conversion is a gain of 66.15%,
and the median change is a gain of 60.00%. All thrifts within that group have
increased in value, ranging from a low of 35.0% to a high of 138.75%. The
average increase in value at one day, one week, and one month after conversion
has been 41.42%, 43.41%, and 47.16%, respectively. The median increase in value
at one day, one week, and one month after conversion has been 33.75%, 37.50%,
and 40.00%, respectively. A notable change in pricing patterns is that it is
taking longer for the stocks to increase in value. In the recent past, it was
not uncommon for a stock to gain 75% to 80% of its total price increase in the
first day or week. However, more recent conversions gained 62.61% of their total
price increase in the first day, and 65.62% of the total price increase in the
first week. This is mainly due to the trend toward higher price to pro forma
book values at closings. Since January 2, 1997, only two issues have closed at a
price to pro forma book value of less than 71.00%, and they closed as 68.10% and
63.80% of pro forma book value. The remainder closed between 71.10% and 73.40%
price to pro forma book value.
Because of the lack of complete earnings information on recent conversions,
a meaningful comparison of the price earnings ratios is difficult to make.
However, there is sufficient information to review the current price-to-book
ratio. The average price-to-book ratio as of August 22, 1997, is 112.84%, and
the median is 105.53%. That compares to the offering price to pro forma book,
where the average was 71.07%, and the median was 71.90%.
We believe that a slight downward adjustment is required for the new
issue discount.
6
FERGUSON & COMPANY Section IV.
Adjustments Conclusion
Adjustments Summary
- --------------------------------------------------------------------------------
No Change Upward Down
--------- ------ ----
Financial Aspects X
Market Area X
Management X
Dividends X
Liquidity X
Thrift Equity Market Conditions X
- --------------------------------------------------------------------------------
Valuation Approach
Typically, investors rely on the price/earnings ratio as the most
appropriate indicator of value. We consider price/earnings to be one of the
important pricing methods in valuing a thrift stock. Price/book is a well
recognized yardstick for measuring the value of financial institution stocks in
general. Another method of viewing thrift values is price/assets, which is more
meaningful in situations where the subject is thinly capitalized. Given the
healthy condition of the thrift industry today, more emphasis is placed on
price/earnings and price/book. Generally, price/earnings and price/book should
be considered in tandem.
Table III.3 presents Wyman Park's pro forma ratios and compares them to the
ratios of its comparative group and the publicly held thrift industry as a
whole. Wyman Park's earnings for the 12 months ended June 30, 1997, were
approximately $134,000, with net adjustments of $497,000 ($303,000 after tax @
39%) required to determine appraisal earnings of $437,000 (see Table IV.1).
Management has exhibited, through its diversification of deposit and loan
products, the flexibility in operations needed to serve both the public and the
institution. The Association is not well positioned to manage interest rate
variations. The Association projects moderate growth.
The comparative group traded at an average of 22.13 times earnings at
August 22, 1997, and at 109.16% of book value. The comparative group traded at a
median of 21.59 times earnings and a median of 111.04% of book value. At the
midpoint of the valuation range, Wyman Park is priced at 12.35 times earnings
and 66.64% of book value. At the maximum end of the range, Wyman Park is priced
at 13.69 times earnings and 70.55% of book value. At the supermaximum, Wyman
Park is priced at 15.13 times earnings and 74.34% of book value.
The midpoint valuation of $7,000,000 represents a discount of 39.0% from
the average and a discount of 40.0% from the median of the comparative group on
a price/book basis. The price/earnings ratio for Wyman Park at the midpoint
represents a discount of 44.2% from the comparative group's mean and 42.8% from
the median price/earnings ratio.
The maximum valuation of $9,258,000 represents a discount of 35.4% from the
average and 36.5% from the median of the comparative group on a price/book
basis. The price/earnings ratio for Wyman Park at the maximum represents a
discount of 38.1% from the average and a discount of 36.6% from the median of
the comparative group.
7
FERGUSON & COMPANY Section IV.
As shown in Table IV.3, conversions closing since January 2, 1997, have
closed at an average price to book ratio of 71.07% and median of 71.90%. Wyman
Park's pro forma price to book ratio is 66.64% at the midpoint, 70.55% at the
maximum, and 74.34% at the supermaximum of the range. At the midpoint, Wyman
Park is 6.23% below the average and 7.32% below the median. At the maximum of
the range, Wyman Park is 0.73% below the average and 1.81% below the median. At
the supermaximum of the range, Wyman Park's pro forma price to book ratio is
4.60% above the average and 3.39% above the median.
Addressing the discounts between the pro forma book value of Wyman Park and
the current price to book values of the comparative group (see Table IV.4),
there are some notable factors. Should the issue close at the supermaximum,
which is likely, then it would be closing at a premium of 4.6% on the average of
recent conversion. It is important to realize that there is some point beyond
which most knowledgeable investors will not travel as it relates to the price of
thrift IPO stock. This valuation provides for a 15% increase between midpoint
and maximum and an additional 15% to supermaximum, which would take the value
higher than all of the most recent conversions.
Valuation Conclusion
We believe that as of August 22, 1997, the estimated pro forma market value
of Wyman Park was $7,000,000. The resulting valuation range was $5,950,000 at
the minimum to $8,050,000 at the maximum, based on a range of 15% below and 15%
above the midpoint valuation. The supermaximum is $9,258,000, based on 1.15
times the maximum. Pro forma comparisons with the comparative group are
presented in Table III.3 based on calculations shown in Exhibit V.
8
FERGUSON & COMPANY Section IV.
Table IV.2 -- Bank and Thrift Acquisitions Since January 1, 1996
Buyer's Seller's Ann'd Ann'd Ann'd Ann'd
Total Total Completed/ Deal Deal Deal Pr/ Deal Pr/
Assets Assets Announce Terminated Value Pr/Bk Tg Bk 4-Qtr
Buyer ST Seller ST ($000) ($000) Date Date ($M) (%) (%) EPS (x)
- ----- -- ------ -- ------- -------- -------- ---------- ----- ----- -------- --------
MainStreet BnGp Inc VA Commerce Bank Corp MD 1,361,815 69,315 06/24/97 NA 14.30 255.86 255.86 15.56
Crestar Financial VA American Natl Bncp MD 21,982,732 505,318 06/23/97 NA 77.10 161.48 161.48 53.29
Fulton Fin'l Corp PA Peoples Bk, Elkton MD 3,769,385 92,324 03/18/97 NA 21.90 221.06 221.06 17.59
Provident Bkshrs MD First Citizens Fin'l MD 2,798,839 687,196 03/11/97 NA 104.00 220.88 220.88 31.62
Mercantile Bankshrs MD Farmers Bank MD 6,546,631 27,392 12/10/96 07/01/97 3.90 163.32 163.32 21.67
Shore Bancshares MD Kent S&LA MD 141,115 24,034 12/05/96 03/31/97 5.10 169.89 169.89 16.67
Keystone Financial PA First Financial-W.MD MD 5,186,129 345,505 11/26/96 05/30/97 76.30 180.77 180.77 26.42
Mercantile Bankshrs MD Home Bank MD 6,546,631 45,394 10/21/96 07/01/97 13.90 259.96 259.96 22.20
Crestar Financial VA Citizens Bancorp MD 18,488,317 4,179,798 09/16/96 12/31/96 794.50 224.08 224.67 20.02
F&M National Corp VA Allegiance Banc Corp MD 1,833,820 138,090 04/22/96 10/01/96 27.90 215.83 215.83 24.59
Sandy Spring Bancorp MD Annapolis Bancshares MD 794,319 81,820 04/17/96 08/30/96 18.00 203.75 203.75 15.92
F&M Bancorp MD Home Federal Corp MD 739,854 214,615 04/02/96 11/15/96 30.60 165.00 167.52 12.05
Maximum 21,982,732 4,179,798 794.50 259.96 259.96 53.29
Minimum 141,115 24,034 3.90 161.48 161.48 12.05
Average 5,849,132 534,233 98.96 203.49 203.75 23.13
Median 3,284,112 115,207 24.90 209.79 209.79 20.85
NA=Not Available
Source: SNL Securities LC, Charlottesville, VA
9
FERGUSON & COMPANY Section IV.
Table IV.3 -- Recent Conversions
Conversion Pricing Ratios
-------------------------------------------
Price/ Price/ Price/ Price/
Conversion Gross Offering Pro-Forma Pro-Forma Pro-Forma Adjusted
Assets Proceeds Price Book Value Tang. Book Earnings Assets
Ticker Short Name State IPO Date ($000) ($000) ($) (%) (%) (x) (%)
- ------ ---------- ----- -------- ---------- -------- -------- ---------- ---------- --------- --------
AFBC Advance Financial Bancorp WV 01/02/97 91,852 10,845 10.00 71.10 71.09 16.80 10.60
RSLN Roslyn Bancorp Inc. NY 01/13/97 1,596,744 423,714 10.00 72.00 71.98 9.30 21.00
FAB FirstFed America Bancorp Inc. MA 01/15/97 723,778 87,126 10.00 72.00 72.02 13.60 10.70
EFBC Empire Federal Bancorp Inc. MT 01/27/97 86,810 25,921 10.00 68.10 68.09 21.50 23.00
MRKF Market Financial Corp. OH 03/27/97 45,547 13,357 10.00 71.10 71.07 26.20 22.70
GSLA GS Financial Corp. LA 04/01/97 86,521 34,385 10.00 63.80 63.75 38.70 28.40
HMLK Hemlock Federal Financial Corp IL 04/02/97 146,595 20,763 10.00 71.60 71.62 37.50 12.40
PSFC Peoples-Sidney Financial Corp. OH 04/28/97 86,882 17,854 10.00 71.20 71.24 11.50 17.00
HCBB HCB Bancshares Inc. AR 05/07/97 171,241 26,450 10.00 72.00 71.95 29.00 13.40
CFBC Community First Banking Co. GA 07/01/97 352,532 48,271 20.00 72.70 72.74 36.10 12.00
FBNW FirstBank Corp. ID 07/02/97 133,194 19,838 10.00 71.90 71.93 19.20 13.00
FSPT FirstSpartan Financial Corp. SC 07/09/97 375,526 88,608 20.00 73.00 72.98 26.00 19.10
GOSB GSB Financial Corp. NY 07/09/97 96,323 22,483 10.00 73.40 73.44 23.20 18.90
Maximum 1,596,744 423,714 20.00 73.40 73.44 38.70 28.40
Minimum 45,547 10,845 10.00 63.80 63.75 9.30 10.60
Average 307,196 64,586 11.54 71.07 71.07 23.74 17.09
Median 133,194 25,921 10.00 71.90 71.93 23.20 17.00
Table IV.3 -- Recent Conversions (Continued)
Post Conversion Increase (Decrease)
Current Current Current Price One Price One Price One ---------------------------------------
Stock Price/ Price/Tang Day After Week After Month After Price One Price One Price One To
Price Book Value Book Value Conversion Conversion Conversion Day Week Month Date
Ticker ($) (%) (%) ($) ($) ($) (%) (%) (%) (%)
- ------ ------- ---------- ---------- ---------- ---------- ----------- --------- --------- --------- ----
AFBC 16.00 108.47 108.47 12.88 12.94 14.00 28.75 29.38 40.00 60.00
RSLN 23.88 163.75 164.54 15.00 15.94 16.00 50.00 59.38 60.00 138.75
FAB 19.13 124.59 124.59 13.63 14.13 14.88 36.25 41.25 48.75 91.25
EFBC 15.50 99.04 99.04 13.25 13.50 13.75 32.50 35.00 37.50 55.00
MRKF 14.13 95.25 95.25 12.94 12.25 12.63 29.38 22.50 26.25 41.25
GSLA 15.25 93.22 93.22 13.38 13.75 14.00 33.75 37.50 40.00 52.50
HMLK 15.38 105.53 105.53 12.88 12.88 13.00 28.75 28.75 30.00 53.75
PSFC 16.00 NA NA 12.56 12.88 13.25 25.63 28.75 32.50 60.00
HCBB 13.50 NA NA 12.63 12.75 12.88 26.25 27.50 28.75 35.00
CFBC 33.75 NA NA 31.88 33.00 34.00 59.38 65.00 70.00 68.75
FBNW 17.88 NA NA 15.81 15.56 17.75 58.13 55.63 77.50 78.75
FSPT 35.50 NA NA 36.69 37.00 35.63 83.44 85.00 78.13 77.50
GOSB 14.75 NA NA 14.63 14.88 14.38 46.25 48.75 43.75 47.50
Maximum 35.50 163.75 164.54 36.69 37.00 35.63 83.44 85.00 78.13 138.75
Minimum 13.50 93.22 93.22 12.56 12.25 12.63 25.63 22.50 26.25 35.00
Average 19.28 112.84 112.95 16.78 17.03 17.39 41.42 43.41 47.16 66.15
Median 16.00 105.53 105.53 13.38 13.75 14.00 33.75 37.50 40.00 60.00
10
FERGUSON & COMPANY Section IV.
Table IV.4 -- Comparison of Pricing Ratios
Wyman Park Group Percent Premium
Savings and Compared to (Discount) Versus
Loan ----------------- -----------------
Association Average Median Average Median
----------- ------- ------ ------- ------
Comparison of PE ratio at midpoint to:
- ------------------------------------------
Comparative group 12.35 22.13 21.59 (44.2) (42.8)
Maryland Thrifts 12.35 17.68 16.46 (30.1) (25.0)
Mid Atlantic Region Thrifts 12.35 17.50 16.76 (29.4) (26.3)
All public thrifts 12.35 17.82 16.55 (30.7) (25.4)
Recent conversions 12.35 23.74 23.20 (48.0) (46.8)
Comparison of PE ratio at maximum to:
- ------------------------------------------
Comparative group 13.69 22.13 21.59 (38.1) (36.6)
Maryland Thrifts 13.69 17.68 16.46 (22.6) (16.8)
Mid Atlantic Region Thrifts 13.69 17.50 16.76 (21.8) (18.3)
All public thrifts 13.69 17.82 16.55 (23.2) (17.3)
Recent conversions 13.69 23.74 23.20 (42.3) (41.0)
Comparison of PE ratio at supermaximum to:
- ------------------------------------------
Comparative group 15.13 22.13 21.59 (31.6) (29.9)
Maryland Thrifts 15.13 17.68 16.46 (14.4) (8.1)
Mid Atlantic Region Thrifts 15.13 17.50 16.76 (13.5) (9.7)
All public thrifts 15.13 17.82 16.55 (15.1) (8.6)
Recent conversions 15.13 23.74 23.20 (36.3) (34.8)
Comparison of PB ratio at midpoint to:
- ------------------------------------------
Comparative group 66.64 109.16 111.04 (39.0) (40.0)
Maryland Thrifts 66.64 129.38 133.66 (48.5) (50.1)
Mid Atlantic Region Thrifts 66.64 150.04 140.20 (55.6) (52.5)
All public thrifts 66.64 146.57 138.35 (54.5) (51.8)
Recent conversions 66.64 71.07 71.90 (6.2) (7.3)
Comparison of PB ratio at maximum to:
- ------------------------------------------
Comparative group 70.55 109.16 111.04 (35.4) (36.5)
Maryland Thrifts 70.55 129.38 133.66 (45.5) (47.2)
Mid Atlantic Region Thrifts 70.55 150.04 140.20 (53.0) (49.7)
All public thrifts 70.55 146.57 138.35 (51.9) (49.0)
Recent conversions 70.55 71.07 71.90 (0.7) (1.9)
Comparison of PB ratio at supermaximum to:
- ------------------------------------------
Comparative group 74.34 109.16 111.04 (31.9) (33.1)
Maryland Thrifts 74.34 129.38 133.66 (42.5) (44.4)
Mid Atlantic Region Thrifts 74.34 150.04 140.20 (50.5) (47.0)
All public thrifts 74.34 146.57 138.35 (49.3) (46.3)
Recent conversions 74.34 71.07 71.90 4.6 3.4
11
FERGUSON & COMPANY Section IV.
Figure IV.1 -- SNL Index
Date Index
- -----------------
31-Jan-94 258.47
28-Feb-94 249.53
31-Mar-94 241.57
29-Apr-94 248.31
31-May-94 263.34
30-Jun-94 269.58
29-Jul-94 276.69
31-Aug-94 287.18
30-Sep-94 279.69
31-Oct-94 236.12
30-Nov-94 245.84
30-Dec-94 244.73
31-Jan-95 256.10
28-Feb-95 277.00
31-Mar-95 278.40
28-Apr-95 295.44
31-May-95 307.60
23-Jun-95 313.95
31-Jul-95 328.20
31-Aug-95 355.50
29-Sep-95 362.29
31-Oct-95 354.05
30-Nov-95 370.17
29-Dec-95 376.51
31-Jan-95 370.69
29-Feb-96 373.64
29-Mar-96 382.13
30-Apr-96 377.24
31-May-96 382.99
28-Jun-96 387.18
30-Jul-96 388.38
30-Aug-96 408.34
13-Sep-96 416.01
20-Sep-96 419.50
30-Sep-96 429.28
30-Oct-96 456.70
15-Nov-96 468.06
29-Nov-96 485.83
13-Dec-96 473.64
20-Dec-96 481.56
31-Dec-96 486.63
10-Jan-97 484.33
31-Jan-97 520.08
14-Feb-97 547.17
27-Feb-97 569.67
14-Mar-97 560.67
31-Mar-97 527.74
15-Apr-97 525.48
30-Apr-97 537.21
20-May-97 571.30
30-May-97 577.94
12-Jun-97 604.15
30-Jun-97 624.55
17-Jul-97 652.44
30-Jul-97 684.51
08-Aug-97 664.56
22-Aug-97 663.36
12
FERGUSON & COMPANY Section IV.
Figure IV.1 -- SNL Index (Continued)
- ----------------------------------------------------------------------
Percent Change Since
-------------------------------------------------
SNL Prev.
Date Index Date 12/31/94 12/31/95 12/31/96 3/14/97
- ---- ----- ----- -------- -------- -------- -------
31-Dec-94 244.70
31-Mar-95 278.40 13.77% 13.77%
30-Jun-95 313.50 12.61% 28.12%
30-Sep-95 362.30 15.57% 48.06%
31-Oct-95 354.10 -2.26% 44.71%
30-Nov-95 370.20 4.55% 51.29%
31-Dec-95 376.50 1.70% 53.86%
12-Jan-96 372.40 -1.09% 52.19% -1.09%
31-Jan-96 370.70 -0.46% 51.49% -1.54%
29-Feb-96 373.60 0.78% 52.68% -0.77%
29-Mar-96 382.10 2.28% 56.15% 1.49%
30-Apr-96 377.20 -1.28% 54.15% 0.19%
31-May-96 382.99 1.53% 56.51% 1.72%
28-Jun-96 387.18 1.09% 58.23% 2.84%
30-Jul-96 371.62 -4.02% 51.87% -1.30%
30-Aug-96 408.34 9.88% 66.87% 8.46%
20-Sep-96 419.50 2.73% 71.43% 11.42%
30-Sep-96 429.28 2.33% 75.43% 14.02%
30-Oct-96 456.70 6.39% 86.64% 21.30%
29-Nov-96 485.83 6.38% 98.54% 29.04%
13-Dec-96 473.64 -2.51% 93.56% 25.80%
20-Dec-96 481.56 1.67% 96.80% 27.90%
31-Dec-96 486.63 1.05% 98.87% 29.25%
10-Jan-97 484.33 -0.47% 97.93% 28.64% -0.47%
31-Jan-97 520.08 7.38% 112.54% 38.14% 6.87%
14-Feb-97 547.17 5.21% 123.61% 45.33% 12.44%
27-Feb-97 569.67 4.11% 132.80% 51.31% 17.06%
14-Mar-97 560.67 -1.58% 129.13% 48.92% 15.21% -1.58%
31-Mar-97 527.74 -5.87% 115.67% 40.17% 8.45% -7.36%
11-Apr-97 517.63 -1.92% 111.54% 37.48% 6.37% -9.14%
15-Apr-97 525.48 1.52% 114.74% 39.57% 7.98% -7.76%
30-Apr-97 537.21 2.23% 119.54% 42.69% 10.39% -5.70%
20-May-97 571.30 6.35% 133.47% 51.74% 17.40% 0.29%
30-May-97 577.94 1.16% 136.18% 53.50% 18.76% 1.45%
12-Jun-97 604.15 4.54% 146.89% 60.46% 24.15% 6.05%
30-Jun-97 624.55 3.38% 155.23% 65.88% 28.34% 9.63%
17-Jul-97 652.44 4.47% 166.63% 73.29% 34.07% 14.53%
30-Jul-97 684.51 4.92% 179.73% 81.81% 40.66% 20.16%
8-Aug-97 664.56 -2.91% 171.58% 76.51% 36.56% 16.66%
22-Aug-97 663.36 -0.18% 171.09% 76.19% 36.32% 16.45%
- ---------------------------------------------------------------------
13
FERGUSON & COMPANY Section IV.
Figure IV.2 -- Interest Rates
- ------------------------------------------------------------- ----------
1 Year 5 Year 10 Year 30 Year 1 to 30
Fed Fds (*) T-bill Treas. Treas. Treas. Yr. Spread
- ------------------------------------------------------------- ----------
31-Dec-96 5.18 5.48 6.12 6.34 6.58 1.10
- ------------------------------------------------------------- ----------
17-Jan-97 5.19 5.60 6.33 6.56 6.81
31-Jan-97 5.18 5.60 6.36 6.62 6.89 1.29
- ------------------------------------------------------------ ----------
14-Feb-97 5.05 5.48 6.14 6.37 6.65
27-Feb-97 5.16 5.52 6.25 6.45 6.71 1.19
- ------------------------------------------------------------ ----------
14-Mar-97 5.19 5.69 6.41 6.58 6.85
31-Mar-97 5.40 5.91 6.75 6.96 7.15 1.24
- ------------------------------------------------------------ ----------
18-Apr-97 5.48 6.00 6.80 6.92 7.13
30-Apr-97 5.45 5.89 6.57 6.71 6.95 1.06
- ------------------------------------------------------------ ----------
16-May-97 5.49 5.85 6.54 6.68 6.90
30-May-97 5.43 5.85 6.60 6.75 6.99 1.14
- ------------------------------------------------------------ ----------
13-Jun-97 5.48 5.71 6.40 6.52 6.80
27-Jun-97 5.42 5.64 6.33 6.45 6.75 1.11
- ------------------------------------------------------------ ----------
18-Jul-97 5.44 5.53 6.14 6.23 6.52
1-Aug-97 5.57 5.47 6.00 6.11 6.38 0.91
- ------------------------------------------------------------ ----------
15-Aug-97 5.45 5.61 6.20 6.37 6.65
22-Aug-97 5.55 5.54 6.20 6.36 6.65 1.11
- ------------------------------------------------------------ ----------
Rates December 31, 1996 through August 22, 1997
- ------------------------------------------------------------- ----------
1 Year 5 Year 10 Year 30 Year 1 to 30
Fed Fds (*) T-bill Treas. Treas. Treas. Yr. Spread
- ------------------------------------------------------------- ----------
31-Dec-96 5.55 5.54 6.20 6.36 6.65 1.11
- ------------------------------------------------------------- ----------
Current Yield Curve
14
EXHIBIT I
FERGUSON & COMPANY QUALIFICATIONS
Ferguson & Company (F&C) is a financial, economic, and regulatory
consulting firm providing services to financial institutions. It is located in
Irving, Texas. Its services to financial institutions include:
o Mergers and acquisition services,
o Business plans,
o Fairness opinions and conversion appraisals,
o Litigation support,
o Loan review and valuation,
o Operational and efficiency consulting,
o Human resources evaluation and management, and
o Regulatory consulting.
F&C developed several financial institution databases of information
derived from periodic financial reports filed with regulatory authorities by
financial institutions. For example, F&C developed TAFS and BankSource. TAFS
includes thrifts filing TFR's with the OTS and BankSource includes banks and
savings banks filing call reports with the FDIC. Both databases of information
include information from the periodic reports plus numerous calculations derived
from F&C's analysis. In addition, both databases are interactive, permitting the
user to conduct merger analysis, do peer group comparisons, and a number of
other items. F&C recently sold its electronic publishing segment to Sheshunoff
Information Services Inc., Austin, Texas.
Brief biographical information is presented below on F&C's principals:
WILLIAM C. FERGUSON
Mr. Ferguson has approximately 30 years of experience providing various
services to financial institutions. He was a partner in a CPA firm prior to
founding F&C in 1984. Mr. Ferguson is a frequent speaker for financial
institution seminars and he has testified before Congressional Committees
several times on his analysis of the state of the thrift industry. Mr. Ferguson
has a B.A. degree from Austin Peay University and an M.S. degree from the
University of Tennessee. He is a CPA.
1
CHARLES M. HEBERT
Mr. Hebert has over 30 years of experience providing services to and
managing financial institutions. He spent 7 years as a national bank examiner,
14 years in bank management, 5 years in thrift management, and has spent the
last 7 years on the F&C consulting staff. Mr. Hebert holds a B.S. degree from
Louisiana State University. He is a certified commercial lender.
ROBIN L. FUSSELL
Mr. Fussell has over 25 years of experience providing professional services
to and managing financial institutions. He worked on the audit staff of a "Big
Six" accounting firm for 12 years, served as CFO of a thrift for 3 years, and
has worked in financial institution consulting for the last 12 years. He is a
co-founder of F&C. He holds a B.S. degree from East Carolina University. He is a
CPA.
2
EXHIBIT II
Exhibit II.1 -- Selected Publicly Traded Thrifts
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
AADV Advantage Bancorp Inc. Kenosha WI MW SAIF NASDAQ 03/23/92 44.250 143.09
ABBK Abington Bancorp Inc. Abington MA NE BIF NASDAQ 06/10/86 29.250 53.83
ABCL Alliance Bancorp Inc. Hinsdale IL MW SAIF NASDAQ 07/07/92 31.625 169.03
ABCW Anchor BanCorp Wisconsin Madison WI MW SAIF NASDAQ 07/16/92 27.000 244.32
AFCB Affiliated Community Bancorp Waltham MA NE SAIF NASDAQ 10/19/95 26.875 173.87
AHM Ahmanson & Company (H.F.) Irwindale CA WE SAIF NYSE 10/25/72 50.750 4,939.80
ALBC Albion Banc Corp. Albion NY MA SAIF NASDAQ 07/26/93 23.250 6.12
ALBK ALBANK Financial Corp. Albany NY MA SAIF NASDAQ 04/01/92 38.000 487.34
AMFC AMB Financial Corp. Munster IN MW SAIF NASDAQ 04/01/96 15.000 14.46
ANDB Andover Bancorp Inc. Andover MA NE BIF NASDAQ 05/08/86 29.750 153.17
ASBI Ameriana Bancorp New Castle IN MW SAIF NASDAQ 03/02/87 18.500 59.76
ASBP ASB Financial Corp. Portsmouth OH MW SAIF NASDAQ 05/11/95 12.500 21.52
ASFC Astoria Financial Corp. Lake Success NY MA SAIF NASDAQ 11/18/93 46.750 973.76
BANC BankAtlantic Bancorp Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83 12.750 293.87
BDJI First Federal Bancorporation Bemidji MN MW SAIF NASDAQ 04/04/95 21.250 14.50
BFD BostonFed Bancorp Inc. Burlington MA NE SAIF AMSE 10/24/95 19.500 115.97
BFSB Bedford Bancshares Inc. Bedford VA SE SAIF NASDAQ 08/22/94 25.250 28.85
BKC American Bank of Connecticut Waterbury CT NE BIF AMSE 12/01/81 37.000 85.31
BKCT Bancorp Connecticut Inc. Southington CT NE BIF NASDAQ 07/03/86 30.500 77.28
BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85 11.500 102.00
BPLS Bank Plus Corp. Los Angeles CA WE SAIF NASDAQ NA 10.875 209.98
BVCC Bay View Capital Corp. San Mateo CA WE SAIF NASDAQ 05/09/86 25.625 332.59
BYFC Broadway Financial Corp. Los Angeles CA WE SAIF NASDAQ 01/09/96 11.000 9.19
CAFI Camco Financial Corp. Cambridge OH MW SAIF NASDAQ NA 18.250 58.66
CAPS Capital Savings Bancorp Inc. Jefferson City MO MW SAIF NASDAQ 12/29/93 15.875 30.03
CASB Cascade Financial Corp. Everett WA WE SAIF NASDAQ 09/16/92 13.250 34.06
CASH First Midwest Financial Inc. Storm Lake IA MW SAIF NASDAQ 09/20/93 18.000 49.21
CATB Catskill Financial Corp. Catskill NY MA BIF NASDAQ 04/18/96 16.500 77.88
CBCI Calumet Bancorp Inc. Dolton IL MW SAIF NASDAQ 02/20/92 41.750 88.13
CBSA Coastal Bancorp Inc. Houston TX SW SAIF NASDAQ NA 29.875 148.52
CBSB Charter Financial Inc. Sparta IL MW SAIF NASDAQ 12/29/95 21.000 87.14
CEBK Central Co-operative Bank Somerville MA NE BIF NASDAQ 10/24/86 19.250 37.83
CENF CENFED Financial Corp. Pasadena CA WE SAIF NASDAQ 10/25/91 33.125 189.76
CFB Commercial Federal Corp. Omaha NE MW SAIF NYSE 12/31/84 40.375 870.20
CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90 24.750 114.86
CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88 21.750 27.74
CFSB CFSB Bancorp Inc. Lansing MI MW SAIF NASDAQ 06/22/90 26.500 135.04
CFTP Community Federal Bancorp Tupelo MS SE SAIF NASDAQ 03/26/96 17.750 82.16
CFX CFX Corp. Keene NH NE BIF AMSE 02/12/87 18.875 248.09
CIBI Community Investors Bancorp Bucyrus OH MW SAIF NASDAQ 02/07/95 15.375 14.29
CKFB CKF Bancorp Inc. Danville KY MW SAIF NASDAQ 01/04/95 19.250 18.29
CLAS Classic Bancshares Inc. Ashland KY MW SAIF NASDAQ 12/29/95 14.000 18.27
CMRN Cameron Financial Corp Cameron MO MW SAIF NASDAQ 04/03/95 17.625 46.30
CNIT CENIT Bancorp Inc. Norfolk VA SE SAIF NASDAQ 08/06/92 50.750 83.89
COFI Charter One Financial Cleveland OH MW SAIF NASDAQ 01/22/88 52.875 2,442.08
COOP Cooperative Bankshares Inc. Wilmington NC SE SAIF NASDAQ 08/21/91 26.500 39.53
CRZY Crazy Woman Creek Bancorp Buffalo WY WE SAIF NASDAQ 03/29/96 14.375 13.73
CSA Coast Savings Financial Los Angeles CA WE SAIF NYSE 12/23/85 44.438 827.25
CTZN CitFed Bancorp Inc. Dayton OH MW SAIF NASDAQ 01/23/92 43.125 372.53
CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87 24.000 49.41
DIBK Dime Financial Corp. Wallingford CT NE BIF NASDAQ 07/09/86 28.000 144.27
DME Dime Bancorp Inc. New York NY MA BIF NYSE 08/19/86 19.188 1,990.16
DNFC D & N Financial Corp. Hancock MI MW SAIF NASDAQ 02/13/85 19.000 155.64
DSL Downey Financial Corp. Newport Beach CA WE SAIF NYSE 01/01/71 21.500 574.77
EFBI Enterprise Federal Bancorp West Chester OH MW SAIF NASDAQ 10/17/94 20.125 40.27
EIRE Emerald Isle Bancorp Inc. Quincy MA NE BIF NASDAQ 09/08/86 21.500 48.33
EMLD Emerald Financial Corp. Strongsville OH MW SAIF NASDAQ NA 14.000 70.90
1
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 37.500 22.58
ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85 23.250 16.42
ETFS East Texas Financial Services Tyler TX SW SAIF NASDAQ 01/10/95 18.750 19.22
FBBC First Bell Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95 16.500 107.43
FBCI Fidelity Bancorp Inc. Chicago IL MW SAIF NASDAQ 12/15/93 21.375 59.68
FBER 1st Bergen Bancorp Wood-Ridge NJ MA SAIF NASDAQ 04/01/96 17.750 53.26
FBHC Fort Bend Holding Corp. Rosenberg TX SW SAIF NASDAQ 06/30/93 32.000 26.47
FBSI First Bancshares Inc. Mountain Grove MO MW SAIF NASDAQ 12/22/93 24.250 26.57
FCME First Coastal Corp. Westbrook ME NE BIF NASDAQ NA 10.750 14.61
FDEF First Defiance Financial Defiance OH MW SAIF NASDAQ 10/02/95 15.000 140.12
FED FirstFed Financial Corp. Santa Monica CA WE SAIF NYSE 12/16/83 32.563 344.54
FESX First Essex Bancorp Inc. Andover MA NE BIF NASDAQ 08/04/87 17.000 127.56
FFBA First Colorado Bancorp Inc. Lakewood CO SW SAIF NASDAQ 01/02/96 17.813 295.05
FFBH First Federal Bancshares of AR Harrison AR SE SAIF NASDAQ 05/03/96 21.000 102.82
FFBI First Financial Bancorp Inc. Belvidere IL MW SAIF NASDAQ 10/04/93 19.250 7.99
FFBS FFBS BanCorp Inc. Columbus MS SE SAIF NASDAQ 07/01/93 21.000 32.71
FFBZ First Federal Bancorp Inc. Zanesville OH MW SAIF NASDAQ 07/13/92 18.500 29.08
FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83 31.000 197.06
FFDB FirstFed Bancorp Inc. Bessemer AL SE SAIF NASDAQ 11/19/91 16.531 19.03
FFED Fidelity Federal Bancorp Evansville IN MW SAIF NASDAQ 08/31/87 8.500 21.14
FFES First Federal of East Hartford East Hartford CT NE SAIF NASDAQ 06/23/87 31.750 84.96
FFFC FFVA Financial Corp. Lynchburg VA SE SAIF NASDAQ 10/12/94 29.375 132.79
FFFD North Central Bancshares Inc. Fort Dodge IA MW SAIF NASDAQ 03/21/96 17.000 55.39
FFHH FSF Financial Corp. Hutchinson MN MW SAIF NASDAQ 10/07/94 18.125 54.97
FFHS First Franklin Corporation Cincinnati OH MW SAIF NASDAQ 01/26/88 20.000 23.84
FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95 20.250 161.57
FFKY First Federal Financial Corp. Elizabethtown KY MW SAIF NASDAQ 07/15/87 20.750 86.53
FFLC FFLC Bancorp Inc. Leesburg FL SE SAIF NASDAQ 01/04/94 28.250 65.47
FFOH Fidelity Financial of Ohio Cincinnati OH MW SAIF NASDAQ 03/04/96 16.000 89.27
FFPB First Palm Beach Bancorp Inc. West Palm Beach FL SE SAIF NASDAQ 09/29/93 32.250 162.24
FFSL First Independence Corp. Independence KS MW SAIF NASDAQ 10/08/93 12.875 12.77
FFWC FFW Corp. Wabash IN MW SAIF NASDAQ 04/05/93 29.250 20.80
FFWD Wood Bancorp Inc. Bowling Green OH MW SAIF NASDAQ 08/31/93 16.500 34.96
FFYF FFY Financial Corp. Youngstown OH MW SAIF NASDAQ 06/28/93 27.375 112.65
FGHC First Georgia Holding Inc. Brunswick GA SE SAIF NASDAQ 02/11/87 7.500 22.89
FIBC Financial Bancorp Inc. Long Island City NY MA SAIF NASDAQ 08/17/94 19.500 33.58
FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95 27.500 33.77
FKKY Frankfort First Bancorp Inc. Frankfort KY MW SAIF NASDAQ 07/10/95 9.750 33.00
FLAG FLAG Financial Corp. LaGrange GA SE SAIF NASDAQ 12/11/86 14.500 29.54
FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83 22.750 175.74
FMCO FMS Financial Corporation Burlington NJ MA SAIF NASDAQ 12/14/88 27.250 65.06
FMSB First Mutual Savings Bank Bellevue WA WE BIF NASDAQ 12/17/85 20.375 55.05
FNGB First Northern Capital Corp. Green Bay WI MW SAIF NASDAQ 12/29/83 12.750 112.63
FOBC Fed One Bancorp Wheeling WV SE SAIF NASDAQ 01/19/95 20.750 49.26
FRC First Republic Bancorp San Francisco CA WE BIF NYSE NA 23.563 228.39
FSBI Fidelity Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88 21.250 32.93
FSPG First Home Bancorp Inc. Pennsville NJ MA SAIF NASDAQ 04/20/87 20.000 54.17
FSTC First Citizens Corp. Newnan GA SE SAIF NASDAQ 03/01/86 31.500 57.93
FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 22.313 39.95
FTFC First Federal Capital Corp. La Crosse WI MW SAIF NASDAQ 11/02/89 24.500 223.95
FTSB Fort Thomas Financial Corp. Fort Thomas KY MW SAIF NASDAQ 06/28/95 10.688 15.16
FWWB First SB of Washington Bancorp Walla Walla WA WE SAIF NASDAQ 11/01/95 24.125 253.10
GAF GA Financial Inc. Pittsburgh PA MA SAIF AMSE 03/26/96 17.563 140.24
GBCI Glacier Bancorp Inc. Kalispell MT WE SAIF NASDAQ 03/30/84 18.500 126.02
GDW Golden West Financial Oakland CA WE SAIF NYSE 05/29/59 82.250 4,666.74
GFCO Glenway Financial Corp. Cincinnati OH MW SAIF NASDAQ 11/30/90 26.000 29.64
GFSB GFS Bancorp Inc. Grinnell IA MW SAIF NASDAQ 01/06/94 14.500 14.32
GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94 63.000 2,728.72
2
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
GSB Golden State Bancorp Inc. Glendale CA WE SAIF NYSE 10/01/83 28.375 1,428.64
GSBC Great Southern Bancorp Inc. Springfield MO MW SAIF NASDAQ 12/14/89 16.875 136.77
GTFN Great Financial Corporation Louisville KY MW SAIF NASDAQ 03/31/94 33.875 467.63
GUPB GFSB Bancorp Inc. Gallup NM SW SAIF NASDAQ 06/30/95 18.750 15.08
HALL Hallmark Capital Corp. West Allis WI MW SAIF NASDAQ 01/03/94 21.500 31.02
HARB Harbor Florida Bancorp Inc. Fort Pierce FL SE SAIF NASDAQ 01/06/94 46.500 231.12
HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87 27.250 45.03
HAVN Haven Bancorp Inc. Woodhaven NY MA SAIF NASDAQ 09/23/93 37.125 162.73
HBBI Home Building Bancorp Washington IN MW SAIF NASDAQ 02/08/95 20.500 6.39
HBFW Home Bancorp Fort Wayne IN MW SAIF NASDAQ 03/30/95 21.375 53.97
HBNK Highland Federal Bank FSB Burbank CA WE SAIF NASDAQ NA 26.500 60.95
HBS Haywood Bancshares Inc. Waynesville NC SE BIF AMSE 12/18/87 19.000 23.76
HFFB Harrodsburg First Fin Bancorp Harrodsburg KY MW SAIF NASDAQ 10/04/95 15.250 30.88
HFFC HF Financial Corp. Sioux Falls SD MW SAIF NASDAQ 04/08/92 22.500 67.04
HFSA Hardin Bancorp Inc. Hardin MO MW SAIF NASDAQ 09/29/95 16.500 14.18
HHFC Harvest Home Financial Corp. Cheviot OH MW SAIF NASDAQ 10/10/94 11.750 10.75
HIFS Hingham Instit. for Savings Hingham MA NE BIF NASDAQ 12/20/88 23.625 30.80
HMCI HomeCorp Inc. Rockford IL MW SAIF NASDAQ 06/22/90 15.750 26.67
HMNF HMN Financial Inc. Spring Valley MN MW SAIF NASDAQ 06/30/94 24.500 103.19
HOMF Home Federal Bancorp Seymour IN MW SAIF NASDAQ 01/23/88 29.750 101.04
HPBC Home Port Bancorp Inc. Nantucket MA NE BIF NASDAQ 08/25/88 19.500 35.92
HRBF Harbor Federal Bancorp Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 19.125 32.39
HRZB Horizon Financial Corp. Bellingham WA WE BIF NASDAQ 08/01/86 15.000 111.25
HTHR Hawthorne Financial Corp. El Segundo CA WE SAIF NASDAQ NA 16.438 49.88
HZFS Horizon Financial Svcs Corp. Oskaloosa IA MW SAIF NASDAQ 06/30/94 18.875 8.03
IFSB Independence Federal Savings Washington DC MA SAIF NASDAQ 06/06/85 13.156 16.84
INBI Industrial Bancorp Bellevue OH MW SAIF NASDAQ 08/01/95 15.125 79.81
IPSW Ipswich Savings Bank Ipswich MA NE BIF NASDAQ 05/26/93 26.000 30.89
ISBF ISB Financial Corporation New Iberia LA SW SAIF NASDAQ 04/07/95 24.750 170.79
ITLA ITLA Capital Corp. La Jolla CA WE BIF NASDAQ 10/24/95 17.875 140.24
IWBK InterWest Bancorp Inc. Oak Harbor WA WE SAIF NASDAQ NA 39.500 317.42
JSB JSB Financial Inc. Lynbrook NY MA BIF NYSE 06/27/90 44.688 441.25
JSBA Jefferson Savings Bancorp Ballwin MO MW SAIF NASDAQ 04/08/93 32.500 162.67
JXVL Jacksonville Bancorp Inc. Jacksonville TX SW SAIF NASDAQ 04/01/96 16.625 41.00
KFBI Klamath First Bancorp Klamath Falls OR WE SAIF NASDAQ 10/05/95 19.000 190.35
KNK Kankakee Bancorp Inc. Kankakee IL MW SAIF AMSE 01/06/93 29.500 42.04
KSAV KS Bancorp Inc. Kenly NC SE SAIF NASDAQ 12/30/93 18.500 16.38
KSBK KSB Bancorp Inc. Kingfield ME NE BIF NASDAQ 06/24/93 12.750 15.79
KYF Kentucky First Bancorp Inc. Cynthiana KY MW SAIF AMSE 08/29/95 12.375 16.33
LARK Landmark Bancshares Inc. Dodge City KS MW SAIF NASDAQ 03/28/94 21.500 36.78
LARL Laurel Capital Group Inc. Allison Park PA MA SAIF NASDAQ 02/20/87 21.500 31.02
LIFB Life Bancorp Inc. Norfolk VA SE SAIF NASDAQ 10/11/94 24.625 242.48
LISB Long Island Bancorp Inc. Melville NY MA SAIF NASDAQ 04/18/94 38.875 931.77
LOGN Logansport Financial Corp. Logansport IN MW SAIF NASDAQ 06/14/95 14.250 17.96
LONF London Financial Corporation London OH MW SAIF NASDAQ 04/01/96 15.000 7.65
LSBI LSB Financial Corp. Lafayette IN MW BIF NASDAQ 02/03/95 20.625 18.90
LSBX Lawrence Savings Bank North Andover MA NE BIF NASDAQ 05/02/86 11.375 48.72
LVSB Lakeview Financial West Paterson NJ MA SAIF NASDAQ 12/22/93 32.250 73.13
LXMO Lexington B&L Financial Corp. Lexington MO MW SAIF NASDAQ 06/06/96 15.875 18.07
MAFB MAF Bancorp Inc. Clarendon Hills IL MW SAIF NASDAQ 01/12/90 31.000 477.39
MARN Marion Capital Holdings Marion IN MW SAIF NASDAQ 03/18/93 23.000 40.67
MASB MASSBANK Corp. Reading MA NE BIF NASDAQ 05/28/86 51.500 138.32
MBB MSB Bancorp Inc. Goshen NY MA BIF AMSE 09/03/92 23.375 66.48
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE NA 23.375 66.48
MBLF MBLA Financial Corp. Macon MO MW SAIF NASDAQ 06/24/93 23.500 30.51
MCBN Mid-Coast Bancorp Inc. Waldoboro ME NE SAIF NASDAQ 11/02/89 25.750 5.99
MCBS Mid Continent Bancshares Inc. El Dorado KS MW SAIF NASDAQ 06/27/94 30.000 58.75
MDBK Medford Savings Bank Medford MA NE BIF NASDAQ 03/18/86 30.250 137.37
3
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
MECH Mechanics Savings Bank Hartford CT NE BIF NASDAQ 06/26/96 22.750 120.35
MERI Meritrust Federal SB Thibodaux LA SW SAIF NASDAQ NA 40.500 31.35
METF Metropolitan Financial Corp. Mayfield Heights OH MW SAIF NASDAQ NA 18.750 66.11
MFBC MFB Corp. Mishawaka IN MW SAIF NASDAQ 03/25/94 21.000 35.49
MFFC Milton Federal Financial Corp. West Milton OH MW SAIF NASDAQ 10/07/94 13.625 31.40
MFLR Mayflower Co-operative Bank Middleboro MA NE BIF NASDAQ 12/23/87 18.000 16.03
MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 43.563 139.84
MIVI Mississippi View Holding Co. Little Falls MN MW SAIF NASDAQ 03/24/95 15.500 12.69
MLBC ML Bancorp Inc. Villanova PA MA SAIF NASDAQ 08/11/94 21.000 221.89
MSBF MSB Financial Inc. Marshall MI MW SAIF NASDAQ 02/06/95 13.500 16.86
MWBI Midwest Bancshares Inc. Burlington IA MW SAIF NASDAQ 11/12/92 33.875 11.53
MWBX MetroWest Bank Framingham MA NE BIF NASDAQ 10/10/86 6.250 87.20
MWFD Midwest Federal Financial Baraboo WI MW SAIF NASDAQ 07/08/92 21.000 34.18
NASB North American Savings Bank Grandview MO MW SAIF NASDAQ 09/27/85 51.750 116.66
NBN Northeast Bancorp Portland ME NE BIF AMSE 08/19/87 14.625 18.65
NEIB Northeast Indiana Bancorp Huntington IN MW SAIF NASDAQ 06/28/95 16.750 29.53
NHTB New Hampshire Thrift Bncshrs New London NH NE SAIF NASDAQ 05/22/86 16.625 34.32
NMSB NewMil Bancorp Inc. New Milford CT NE BIF NASDAQ 02/01/86 12.750 48.88
NSLB NS&L Bancorp Inc. Neosho MO MW SAIF NASDAQ 06/08/95 18.625 13.18
NSSB Norwich Financial Corp. Norwich CT NE BIF NASDAQ 11/14/86 25.000 135.33
NSSY Norwalk Savings Society Norwalk CT NE BIF NASDAQ 06/16/94 34.250 82.55
NTMG Nutmeg Federal S&LA Danbury CT NE SAIF NASDAQ NA 11.000 7.98
NWEQ Northwest Equity Corp. Amery WI MW SAIF NASDAQ 10/11/94 16.500 13.84
NYB New York Bancorp Inc. Douglaston NY MA SAIF NYSE 01/28/88 30.750 663.93
OFCP Ottawa Financial Corp. Holland MI MW SAIF NASDAQ 08/19/94 25.250 124.06
OHSL OHSL Financial Corp. Cincinnati OH MW SAIF NASDAQ 02/10/93 23.250 27.81
PALM Palfed Inc. Aiken SC SE SAIF NASDAQ 12/15/85 15.875 83.89
PAMM PacificAmerica Money Center Woodland Hills CA WE BIF NASDAQ 06/25/96 23.500 89.29
PBCI Pamrapo Bancorp Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89 20.750 58.99
PBKB People's Bancshares Inc. New Bedford MA NE BIF NASDAQ 10/30/86 16.250 52.77
PCBC Perry County Financial Corp. Perryville MO MW SAIF NASDAQ 02/13/95 20.500 16.97
PCCI Pacific Crest Capital Agoura Hills CA WE BIF NASDAQ NA 15.250 44.81
PDB Piedmont Bancorp Inc. Hillsborough NC SE SAIF AMSE 12/08/95 10.875 29.91
PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95 16.250 51.89
PERM Permanent Bancorp Inc. Evansville IN MW SAIF NASDAQ 04/04/94 23.000 48.31
PFDC Peoples Bancorp Auburn IN MW SAIF NASDAQ 07/07/87 24.750 56.28
PFFB PFF Bancorp Inc. Pomona CA WE SAIF NASDAQ 03/29/96 19.375 362.62
PFNC Progress Financial Corporation Blue Bell PA MA SAIF NASDAQ 07/18/83 14.250 54.35
PFSB PennFed Financial Services Inc West Orange NJ MA SAIF NASDAQ 07/15/94 29.000 139.84
PHBK Peoples Heritage Finl Group Portland ME NE BIF NASDAQ 12/04/86 37.375 1,026.21
PHFC Pittsburgh Home Financial Corp Pittsburgh PA MA SAIF NASDAQ 04/01/96 19.375 38.16
PKPS Poughkeepsie Financial Corp. Poughkeepsie NY MA SAIF NASDAQ 11/19/85 7.438 93.68
PMFI Perpetual Midwest Financial Cedar Rapids IA MW SAIF NASDAQ 03/31/94 20.125 37.89
PRBC Prestige Bancorp Inc. Pleasant Hills PA MA SAIF NASDAQ 06/27/96 17.500 16.01
PSBK Progressive Bank Inc. Fishkill NY MA BIF NASDAQ 08/01/84 29.750 113.67
PTRS Potters Financial Corp. East Liverpool OH MW SAIF NASDAQ 12/31/93 24.000 11.79
PULS Pulse Bancorp South River NJ MA SAIF NASDAQ 09/18/86 20.500 63.15
PVFC PVF Capital Corp. Bedford Heights OH MW SAIF NASDAQ 12/30/92 21.375 54.63
PVSA Parkvale Financial Corporation Monroeville PA MA SAIF NASDAQ 07/16/87 29.250 118.61
PWBC PennFirst Bancorp Inc. Ellwood City PA MA SAIF NASDAQ 06/13/90 16.375 86.88
QCBC Quaker City Bancorp Inc. Whittier CA WE SAIF NASDAQ 12/30/93 20.750 97.59
QCFB QCF Bancorp Inc. Virginia MN MW SAIF NASDAQ 04/03/95 25.500 36.37
QCSB Queens County Bancorp Inc. Flushing NY MA BIF NASDAQ 11/23/93 52.000 528.06
RARB Raritan Bancorp Inc. Raritan NJ MA BIF NASDAQ 03/01/87 22.250 53.66
REDF RedFed Bancorp Inc. Redlands CA WE SAIF NASDAQ 04/08/94 16.750 120.17
RELY Reliance Bancorp Inc. Garden City NY MA SAIF NASDAQ 03/31/94 30.000 263.29
ROSE TR Financial Corp. Garden City NY MA BIF NASDAQ 06/29/93 27.375 482.04
SFED SFS Bancorp Inc. Schenectady NY MA SAIF NASDAQ 06/30/95 19.469 23.97
4
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
SFFC StateFed Financial Corporation Des Moines IA MW SAIF NASDAQ 01/05/94 22.000 17.24
SFIN Statewide Financial Corp. Jersey City NJ MA SAIF NASDAQ 10/02/95 18.750 88.32
SFSB SuburbFed Financial Corp. Flossmoor IL MW SAIF NASDAQ 03/04/92 27.500 34.71
SFSL Security First Corp. Mayfield Heights OH MW SAIF NASDAQ 01/22/88 19.250 145.95
SISB SIS Bancorp Inc. Springfield MA NE BIF NASDAQ 02/08/95 30.000 167.31
SKAN Skaneateles Bancorp Inc. Skaneateles NY MA BIF NASDAQ 06/02/86 22.500 21.47
SMBC Southern Missouri Bancorp Inc. Poplar Bluff MO MW SAIF NASDAQ 04/13/94 17.250 28.25
SOBI Sobieski Bancorp Inc. South Bend IN MW SAIF NASDAQ 03/31/95 16.250 12.34
SOPN First Savings Bancorp Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94 20.375 74.96
SOSA Somerset Savings Bank Somerville MA NE BIF NASDAQ 07/09/86 3.625 60.36
SPBC St. Paul Bancorp Inc. Chicago IL MW SAIF NASDAQ 05/18/87 22.500 764.73
STFR St. Francis Capital Corp. Milwaukee WI MW SAIF NASDAQ 06/21/93 35.500 188.43
STSA Sterling Financial Corp. Spokane WA WE SAIF NASDAQ NA 17.875 99.50
SWBI Southwest Bancshares Hometown IL MW SAIF NASDAQ 06/24/92 20.875 55.33
SWCB Sandwich Co-operative Bank Sandwich MA NE BIF NASDAQ 07/25/86 32.750 62.72
TBK Tolland Bank Tolland CT NE BIF AMSE 12/19/86 17.625 27.50
THR Three Rivers Financial Corp. Three Rivers MI MW SAIF AMSE 08/24/95 16.375 13.49
THRD TF Financial Corporation Newtown PA MA SAIF NASDAQ 07/13/94 19.625 80.13
TPNZ Tappan Zee Financial Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 17.438 26.11
TRIC Tri-County Bancorp Inc. Torrington WY WE SAIF NASDAQ 09/30/93 22.750 13.85
TSH Teche Holding Co. Franklin LA SW SAIF AMSE 04/19/95 18.250 62.73
TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95 19.750 16.86
UBMT United Financial Corp. Great Falls MT WE SAIF NASDAQ 09/23/86 23.500 28.75
USAB USABancshares, Inc. Philadelphia PA MA BIF NASDAQ NA 8.500 6.24
VABF Virginia Beach Fed. Financial Virginia Beach VA SE SAIF NASDAQ 11/01/80 14.000 69.67
WAMU Washington Mutual Inc. Seattle WA WE BIF NASDAQ 03/11/83 62.563 15,766.70
WBST Webster Financial Corp. Waterbury CT NE SAIF NASDAQ 12/12/86 50.000 678.07
WCBI Westco Bancorp Westchester IL MW SAIF NASDAQ 06/26/92 26.000 64.39
WEFC Wells Financial Corp. Wells MN MW SAIF NASDAQ 04/11/95 16.125 31.59
WFI Winton Financial Corp. Cincinnati OH MW SAIF AMSE 08/04/88 15.750 31.28
WFSL Washington Federal Inc. Seattle WA WE SAIF NASDAQ 11/17/82 26.375 1,251.98
WHGB WHG Bancshares Corp. Lutherville MD MA SAIF NASDAQ 04/01/96 15.250 22.30
WRNB Warren Bancorp Inc. Peabody MA NE BIF NASDAQ 07/09/86 17.500 66.28
WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 6.750 28.67
WSFS WSFS Financial Corporation Wilmington DE MA BIF NASDAQ 11/26/86 14.500 180.11
WSTR WesterFed Financial Corp. Missoula MT WE SAIF NASDAQ 01/10/94 21.750 121.04
WVFC WVS Financial Corp. Pittsburgh PA MA SAIF NASDAQ 11/29/93 27.375 47.83
WWFC Westwood Financial Corporation Westwood NJ MA SAIF NASDAQ 06/07/96 21.250 13.71
WYNE Wayne Bancorp Inc. Wayne NJ MA SAIF NASDAQ 06/27/96 24.000 50.88
YFCB Yonkers Financial Corporation Yonkers NY MA SAIF NASDAQ 04/18/96 17.250 52.11
YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84 24.000 168.20
271
Maximum 82.250 15,766.700
Minimum 3.625 5.990
Average 23.214 237.415
Median 20.938 55.835
5
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
AADV 17.15 152.38 162.98 14.04 0.90 1,019,510 9.21 8.67 2.58 0.89
ABBK 16.34 156.17 173.38 10.80 1.37 501,256 6.92 6.27 1.79 0.73
ABCL 17.87 135.15 136.85 12.04 2.09 1,404,263 8.91 8.81 1.77 0.76
ABCW 7.85 101.93 103.89 6.34 1.19 1,925,866 6.22 6.11 3.44 0.96
AFCB 15.72 160.45 161.41 15.93 1.79 1,090,431 9.78 9.73 1.71 1.10
AHM 18.06 249.39 292.68 10.39 1.73 47,532,068 5.18 4.60 2.81 0.70
ALBC 24.73 98.43 98.43 8.77 1.38 66,316 8.90 8.90 0.94 0.38
ALBK 14.67 147.00 168.22 13.53 1.58 3,602,227 9.20 8.14 2.59 1.04
AMFC 22.06 102.60 102.60 15.35 1.60 94,179 14.96 14.96 0.68 0.80
ANDB 11.18 151.94 151.94 12.24 2.29 1,250,943 8.06 8.06 2.66 1.13
ASBI 18.14 137.14 137.24 15.02 3.24 397,730 10.96 10.95 1.02 0.84
ASBP 21.19 125.00 125.00 19.67 3.20 109,414 15.74 15.74 0.59 0.86
ASFC 16.52 163.52 194.71 12.80 1.28 7,664,495 7.83 6.66 2.83 0.79
BANC 17.00 149.30 181.62 8.39 0.91 2,730,474 5.62 4.67 0.75 0.64
BDJI 19.50 120.67 120.67 13.12 -- 110,589 10.87 10.87 1.09 0.63
BFD 20.10 126.87 131.22 11.88 1.44 975,922 8.79 8.52 0.97 0.66
BFSB 16.19 142.25 142.25 21.30 2.22 135,455 14.16 14.16 1.56 1.28
BKC 14.07 169.96 177.03 14.08 3.89 605,857 8.29 7.98 2.63 1.10
BKCT 16.40 176.00 176.00 18.04 3.28 428,362 10.25 10.25 1.86 1.25
BKUNA 20.18 151.52 186.99 5.64 -- 1,807,192 5.61 4.94 0.57 0.58
BPLS NM 117.31 117.57 5.94 -- 3,534,002 5.07 5.06 0.04 0.02
BVCC 17.20 169.48 201.93 10.74 1.25 3,096,213 6.34 5.37 1.49 0.63
BYFC 26.83 75.09 75.09 7.52 1.82 122,245 10.75 10.75 0.41 0.30
CAFI 13.62 125.17 135.69 11.98 2.71 489,833 9.57 8.89 1.34 0.89
CAPS 14.30 140.74 140.74 12.38 1.51 242,518 8.80 8.80 1.11 0.92
CASB 21.03 150.91 150.91 9.25 -- 368,126 6.13 6.13 0.63 0.52
CASH 13.04 115.24 130.06 13.13 2.00 374,824 11.40 10.23 1.38 0.93
CATB 20.37 109.42 109.42 27.40 1.70 284,238 25.04 25.04 0.81 1.41
CBCI 14.86 114.48 114.48 17.75 -- 496,561 15.50 15.50 2.81 1.37
CBSA 12.93 152.19 183.06 5.01 1.61 2,964,082 3.33 2.78 2.31 0.41
CBSB 19.81 153.17 173.12 22.16 1.52 393,268 14.47 13.02 1.06 1.16
CEBK 13.10 110.63 123.64 10.98 1.66 344,420 9.93 8.98 1.47 0.88
CENF 12.09 158.87 159.18 8.27 1.09 2,295,523 5.20 5.19 2.74 0.73
CFB 14.22 204.22 230.32 12.26 0.69 7,096,665 6.00 5.36 2.84 0.91
CFCP 25.52 369.96 369.96 22.84 1.46 502,761 6.17 6.17 0.97 1.03
CFFC 12.87 115.32 115.32 15.81 2.58 175,414 13.71 13.71 1.69 1.28
CFSB 16.67 209.49 209.49 15.97 2.26 845,438 7.62 7.62 1.59 1.07
CFTP 22.47 110.04 110.04 39.87 1.69 206,049 33.52 33.52 0.79 1.71
CFX 13.88 179.42 191.82 13.34 4.66 1,859,030 7.44 6.99 1.36 0.98
CIBI 15.53 130.08 130.08 14.98 2.08 97,446 11.52 11.52 0.99 0.99
CKFB 21.39 113.44 113.44 29.29 2.60 60,812 23.96 23.96 0.90 1.33
CLAS 19.18 94.15 111.38 14.00 2.00 130,525 14.87 12.87 0.73 0.72
CMRN 17.63 102.59 102.59 22.25 1.59 208,105 21.69 21.69 1.00 1.32
CNIT 16.58 163.08 177.57 11.80 1.97 709,550 7.24 6.69 3.06 0.75
COFI 14.49 250.00 267.05 16.77 1.89 14,564,703 6.71 6.31 3.65 1.23
COOP 77.94 146.98 146.98 11.22 -- 352,438 7.63 7.63 0.34 0.18
CRZY 20.54 97.92 97.92 25.29 2.78 54,275 25.82 25.82 0.70 1.30
CSA 18.67 184.70 187.11 9.09 -- 9,102,743 4.92 4.86 2.38 0.52
CTZN 16.40 188.90 209.75 12.03 0.84 3,097,515 6.37 5.77 2.63 0.82
CVAL 19.05 188.68 188.68 16.16 1.83 305,187 8.56 8.56 1.26 0.92
DIBK 10.33 207.10 214.07 16.49 1.43 873,878 7.96 7.72 2.71 1.88
DME 14.87 187.93 197.00 9.91 0.83 20,087,176 5.27 5.04 1.29 0.70
DNFC 13.57 175.28 177.24 9.67 1.05 1,608,837 5.58 5.52 1.40 0.81
DSL 15.14 140.89 142.86 9.77 1.49 5,885,670 6.93 6.84 1.42 0.73
EFBI 19.17 127.45 127.53 15.24 4.97 264,266 11.96 11.95 1.05 0.82
EIRE 13.52 160.57 160.57 11.36 1.30 425,014 7.07 7.07 1.59 0.89
EMLD 14.00 155.04 157.48 11.75 1.71 603,080 7.58 7.47 1.00 0.90
6
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
EQSB 11.36 145.35 145.35 7.33 -- 308,197 5.04 5.04 3.30 0.73
ESBK 20.95 112.21 117.01 7.21 2.75 227,828 6.30 6.05 1.11 0.35
ETFS 26.79 93.89 93.89 17.06 1.07 112,697 18.16 18.16 0.70 0.63
FBBC 14.35 153.06 153.06 15.04 2.42 714,366 9.82 9.82 1.15 1.23
FBCI 16.32 117.32 117.57 12.18 1.50 489,843 10.39 10.37 1.31 0.77
FBER 25.72 131.77 131.77 18.70 0.68 284,765 14.19 14.19 0.69 0.77
FBHC 21.62 137.75 147.87 8.31 1.25 318,668 6.03 5.64 1.48 0.51
FBSI 16.50 122.47 122.66 17.58 0.83 160,048 14.35 14.33 1.47 1.12
FCME 2.45 103.86 103.86 9.59 -- 152,386 9.23 9.23 4.39 4.08
FDEF 26.79 119.05 119.05 25.37 2.13 552,225 21.32 21.32 0.56 1.02
FED 16.04 170.13 172.02 8.21 -- 4,193,203 4.83 4.78 2.03 0.52
FESX 13.39 146.93 169.15 10.24 2.82 1,245,415 6.97 6.11 1.27 0.85
FFBA 16.19 151.09 153.16 19.53 2.47 1,510,376 12.92 12.77 1.10 1.21
FFBH 18.42 128.36 128.36 19.21 0.95 535,204 14.97 14.97 1.14 1.06
FFBI 21.63 109.25 109.25 9.46 -- 84,531 8.65 8.65 0.89 0.41
FFBS 17.07 123.46 123.46 25.42 2.38 128,676 19.42 19.42 1.23 1.49
FFBZ 17.45 209.99 210.23 14.45 1.30 201,262 7.55 7.54 1.06 0.96
FFCH 14.90 193.39 193.39 11.82 2.32 1,667,178 6.11 6.11 2.08 0.84
FFDB 12.52 114.16 125.23 10.75 3.03 176,528 9.42 8.65 1.32 0.94
FFED 31.48 164.41 164.41 8.46 4.71 250,285 5.14 5.14 0.27 0.29
FFES 12.91 134.36 134.36 8.64 1.89 983,594 6.43 6.43 2.46 0.70
FFFC 19.58 168.72 172.39 23.76 1.63 558,886 13.18 12.94 1.50 1.34
FFFD 15.32 114.79 114.79 26.02 1.47 212,869 22.67 22.67 1.11 1.91
FFHH 18.13 113.00 113.00 14.53 2.76 378,233 11.35 11.35 1.00 0.84
FFHS 16.95 116.48 117.23 10.51 1.60 226,944 9.02 8.97 1.18 0.64
FFIC 20.88 121.40 121.40 18.79 1.19 860,031 15.47 15.47 0.97 0.94
FFKY 15.37 167.34 177.81 22.93 2.70 377,380 13.70 13.01 1.35 1.53
FFLC 19.48 125.44 125.44 16.91 1.70 387,097 13.48 13.48 1.45 1.01
FFOH 19.28 131.47 148.98 17.01 1.75 524,743 12.94 11.60 0.83 0.95
FFPB NM 148.21 151.91 9.74 1.86 1,666,396 6.57 6.42 0.08 0.02
FFSL 18.13 110.99 110.99 11.58 1.94 110,876 10.43 10.43 0.71 0.69
FFWC 12.34 121.32 134.61 11.55 2.46 180,056 9.52 8.66 2.37 1.06
FFWD 18.75 173.32 173.32 21.33 2.42 163,918 12.30 12.30 0.88 1.26
FFYF 16.39 138.05 138.05 18.93 2.56 599,249 13.71 13.71 1.67 1.27
FGHC 20.27 178.15 194.30 14.64 0.71 156,383 8.22 7.59 0.37 0.78
FIBC 12.34 127.04 127.70 11.89 2.05 282,485 9.36 9.32 1.58 1.00
FKFS 13.48 144.05 144.05 10.53 0.73 320,797 7.31 7.31 2.04 0.78
FKKY 26.35 98.19 98.19 25.72 3.69 128,328 26.19 26.19 0.37 0.92
FLAG 80.56 138.89 138.89 13.31 2.35 221,926 9.58 9.58 0.18 0.16
FLFC 14.87 184.96 205.14 13.63 1.76 1,288,919 7.37 6.69 1.53 0.94
FMCO 12.27 178.81 182.03 11.72 0.73 554,925 6.56 6.45 2.22 1.02
FMSB 14.05 186.76 186.76 12.74 0.98 432,034 6.83 6.83 1.45 1.00
FNGB 10.37 78.37 78.37 8.83 2.51 637,725 11.27 11.27 1.23 0.90
FOBC 15.04 120.29 126.14 13.80 2.80 356,718 11.07 10.61 1.38 0.97
FRC 18.13 142.29 142.37 10.21 -- 2,238,033 7.17 7.17 1.30 0.60
FSBI 12.72 134.24 134.24 9.07 1.69 363,302 6.75 6.75 1.67 0.83
FSPG 11.30 155.64 158.23 10.37 2.00 522,396 6.66 6.56 1.77 0.97
FSTC 11.25 175.10 225.16 17.04 1.40 338,857 9.73 7.73 2.80 1.90
FTF 13.36 148.46 148.46 23.31 2.51 171,358 15.70 15.70 1.67 1.73
FTFC 15.51 221.12 235.12 14.25 1.96 1,571,981 6.44 6.08 1.58 0.90
FTSB 21.38 102.77 102.77 16.48 2.34 96,940 16.04 16.04 0.50 0.81
FWWB 20.98 153.86 166.61 23.62 1.16 1,074,166 14.23 13.29 1.15 1.16
GAF 19.73 123.25 124.56 18.70 2.73 749,748 15.18 15.04 0.89 1.12
GBCI 15.04 227.83 233.88 22.20 2.60 567,610 9.74 9.51 1.23 1.54
GDW 10.31 187.36 187.36 11.94 0.54 39,095,082 6.37 6.37 7.98 1.23
GFCO 14.69 108.83 110.31 10.32 3.08 287,088 9.49 9.37 1.77 0.71
GFSB 13.94 140.37 140.37 16.25 1.79 88,154 11.57 11.57 1.04 1.20
GPT 19.27 183.83 326.93 21.34 1.59 13,300,046 10.31 6.07 3.27 1.03
7
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
GSB 19.57 181.54 204.28 8.81 -- 16,218,259 6.24 5.66 1.45 0.68
GSBC 13.50 226.51 226.51 19.32 2.37 707,841 8.53 8.53 1.25 1.54
GTFN 22.43 166.05 173.36 15.34 1.77 3,046,227 9.23 8.88 1.51 0.72
GUPB 22.32 111.08 111.08 18.11 2.13 86,911 16.30 16.30 0.84 0.93
HALL 12.80 104.57 104.57 7.57 -- 409,820 7.24 7.24 1.68 0.61
HARB 17.68 246.68 255.07 20.70 3.01 1,116,718 8.39 8.14 2.63 1.22
HARL 13.97 204.73 204.73 13.37 1.47 336,666 6.53 6.53 1.95 1.02
HAVN 11.75 153.41 153.98 9.12 1.62 1,781,545 5.95 5.93 3.16 0.84
HBBI 25.63 101.69 101.69 14.18 1.46 45,064 12.81 12.81 0.80 0.52
HBFW 18.27 121.31 121.31 16.12 0.94 334,862 13.29 13.29 1.17 0.89
HBNK 19.06 161.68 161.68 12.09 -- 504,381 7.47 7.47 1.39 0.67
HBS 15.20 113.37 117.57 15.79 2.95 150,416 13.93 13.50 1.25 1.15
HFFB 20.33 97.26 97.26 28.34 2.62 108,950 26.92 26.92 0.75 1.35
HFFC 14.06 126.55 126.55 11.94 1.87 561,664 9.43 9.43 1.60 0.89
HFSA 18.97 105.23 105.23 13.13 2.91 108,018 12.48 12.48 0.87 0.79
HHFC 22.17 103.89 103.89 12.27 3.40 87,596 11.81 11.81 0.53 0.57
HIFS 12.70 151.25 151.25 14.15 2.03 217,586 9.36 9.36 1.86 1.22
HMCI 19.94 122.95 122.95 8.04 -- 331,608 6.54 6.54 0.79 0.42
HMNF 20.76 126.16 126.16 18.20 -- 566,865 14.43 14.43 1.18 0.88
HOMF 13.05 174.49 180.08 14.80 1.68 682,796 8.48 8.24 2.28 1.22
HPBC 11.34 171.20 171.20 18.07 4.10 198,748 10.56 10.56 1.72 1.68
HRBF 20.56 116.05 116.05 14.97 2.09 216,370 12.89 12.89 0.93 0.70
HRZB 14.29 137.49 137.49 21.45 2.67 518,661 15.60 15.60 1.05 1.54
HTHR 24.53 125.77 125.77 5.78 -- 863,096 5.94 5.94 0.67 0.72
HZFS 17.48 95.47 95.47 9.34 1.70 85,969 9.79 9.79 1.08 0.55
IFSB 20.24 98.25 112.06 6.41 1.67 262,753 6.52 5.76 0.65 0.33
INBI 18.67 130.05 130.05 23.03 3.17 346,596 17.70 17.70 0.81 1.27
IPSW 20.47 285.40 285.40 16.31 0.92 189,379 5.71 5.71 1.27 0.97
ISBF 22.10 140.55 165.22 18.03 1.62 947,107 12.04 10.43 1.12 0.85
ITLA 12.59 149.96 NA 16.48 -- 850,201 10.99 NA 1.42 1.46
IWBK 17.10 255.50 261.07 17.32 1.52 1,832,582 6.78 6.64 2.31 1.10
JSB 17.66 125.74 125.74 28.73 3.13 1,531,115 22.85 22.85 2.53 1.70
JSBA 15.19 135.64 174.83 12.59 1.23 1,292,021 8.54 6.75 2.14 0.77
JXVL 7.29 122.69 122.69 18.30 3.01 226,182 14.92 14.92 2.28 1.33
KFBI 22.35 122.03 122.03 26.15 1.58 727,903 19.55 19.55 0.85 1.19
KNK 15.05 110.94 118.05 12.30 1.63 341,678 11.09 10.49 1.96 0.82
KSAV 12.01 114.13 114.20 15.43 3.24 106,121 13.52 13.52 1.54 1.24
KSBK 10.04 150.71 159.38 10.82 0.63 145,888 7.18 6.81 1.27 1.08
KYF 15.87 110.89 110.89 18.35 4.04 88,959 16.55 16.55 0.78 1.13
LARK 16.80 116.91 116.91 16.12 1.86 228,100 13.79 13.79 1.28 1.04
LARL 11.50 145.86 145.86 14.63 2.42 211,987 10.03 10.03 1.87 1.43
LIFB 18.66 154.49 159.08 16.29 1.95 1,488,257 10.55 10.28 1.32 0.86
LISB 23.00 175.35 177.11 15.77 1.54 5,908,737 8.99 8.91 1.69 0.72
LOGN 15.16 112.56 112.56 21.60 2.81 83,152 19.19 19.19 0.94 1.51
LONF 19.48 102.74 102.74 20.21 1.60 38,240 19.66 19.66 0.77 0.99
LSBI 14.52 104.17 104.17 9.90 1.65 194,117 8.85 8.85 1.42 0.68
LSBX 8.36 152.68 152.68 13.27 -- 366,318 8.69 8.69 1.36 1.73
LVSB 18.43 161.98 202.58 15.42 0.78 481,646 9.52 7.76 1.75 0.95
LXMO 20.89 107.77 107.77 30.51 1.89 59,236 28.32 28.32 0.76 1.32
MAFB 13.60 184.63 211.32 14.37 0.90 3,321,464 7.78 6.87 2.28 1.16
MARN 14.84 104.12 104.12 23.46 3.83 173,304 22.54 22.54 1.55 1.67
MASB 15.19 143.37 143.37 15.25 2.49 905,417 10.64 10.64 3.39 1.04
MBB 21.85 110.52 225.19 8.17 2.57 813,902 8.92 5.36 1.07 0.51
MBB 21.85 110.52 225.19 8.17 2.57 813,902 8.92 5.36 1.07 0.51
MBLF 17.67 106.92 106.92 12.99 1.70 234,824 12.15 12.15 1.33 0.85
MCBN 15.42 116.52 116.52 10.03 2.02 59,739 8.60 8.60 1.67 0.67
MCBS 14.15 150.53 150.53 14.38 1.33 408,590 9.39 9.39 2.12 1.17
MDBK 13.81 142.42 152.85 12.81 2.38 1,072,557 8.99 8.43 2.19 1.01
8
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
MECH 8.07 142.81 142.81 14.61 -- 823,575 10.23 10.23 2.82 1.95
MERI 13.78 167.29 167.29 13.72 1.73 228,485 8.20 8.20 2.94 1.05
METF 15.50 203.36 224.82 8.05 -- 821,280 3.96 3.59 1.21 0.54
MFBC 19.27 104.74 104.74 14.30 1.52 248,241 13.65 13.65 1.09 0.86
MFFC 24.33 111.13 111.13 15.74 4.40 199,886 13.14 13.14 0.56 0.69
MFLR 14.63 136.26 138.67 12.85 3.33 124,688 9.43 9.28 1.23 0.93
MFSL 13.74 144.15 145.99 12.08 1.84 1,157,445 8.38 8.29 3.17 0.89
MIVI 17.82 96.33 96.33 18.19 1.03 69,775 18.88 18.88 0.87 1.03
MLBC 18.58 153.51 156.25 10.71 1.91 2,071,285 6.98 6.87 1.13 0.68
MSBF 16.67 132.74 132.74 22.57 2.07 74,698 16.99 16.99 0.81 1.46
MWBI 12.06 116.57 116.57 8.05 1.77 146,542 6.91 6.91 2.81 0.75
MWBX 12.25 206.95 206.95 15.39 1.92 566,517 7.45 7.45 0.51 1.37
MWFD 16.94 187.33 194.26 16.51 1.62 207,050 8.81 8.52 1.24 1.09
NASB 13.80 212.53 219.65 16.94 1.55 689,246 7.97 7.73 3.75 1.18
NBN 22.16 108.41 125.43 7.53 2.19 247,525 7.76 6.88 0.66 0.50
NEIB 14.44 110.27 110.27 16.75 1.91 176,309 15.19 15.19 1.16 1.21
NHTB 23.42 145.07 171.22 10.84 3.01 313,038 7.48 6.41 0.71 0.51
NMSB 21.98 154.17 154.17 15.13 1.88 323,061 9.82 9.82 0.58 0.80
NSLB 31.04 112.81 112.81 22.07 2.69 59,711 19.56 19.56 0.60 0.77
NSSB 19.23 170.07 188.39 18.99 2.24 712,699 11.17 10.19 1.30 1.05
NSSY 50.37 159.01 164.35 12.44 1.17 663,668 7.82 7.59 0.68 0.31
NTMG 32.35 149.66 149.66 8.52 -- 93,645 6.17 6.17 0.34 0.38
NWEQ 15.42 115.95 115.95 14.28 3.15 96,891 11.45 11.45 1.07 0.98
NYB 15.93 397.80 397.80 20.22 1.95 3,283,653 5.08 5.08 1.93 1.45
OFCP 19.73 164.92 205.45 14.40 1.58 861,334 8.73 7.13 1.28 0.76
OHSL 15.60 109.62 109.62 12.09 3.79 230,035 11.03 11.03 1.49 0.85
PALM 21.45 153.09 153.09 12.62 0.76 664,863 8.24 8.24 0.74 0.60
PAMM 6.04 152.10 152.10 32.80 -- 136,110 21.57 21.57 3.89 9.57
PBCI 14.21 124.85 125.83 15.90 4.82 370,987 12.74 12.65 1.46 1.24
PBKB 20.31 174.54 181.36 9.97 2.71 585,678 5.71 5.51 0.80 0.53
PCBC 15.19 108.98 108.98 20.92 1.95 81,105 19.20 19.20 1.35 1.07
PCCI 15.25 170.39 170.39 12.07 -- 371,126 7.08 7.08 1.00 0.98
PDB 36.25 146.56 146.56 24.37 3.68 122,761 16.63 16.63 0.30 0.64
PEEK 21.96 110.47 110.47 28.42 2.22 182,560 25.73 25.73 0.74 1.29
PERM 19.17 116.51 118.25 10.67 1.74 433,239 9.16 9.04 1.20 0.62
PFDC 13.31 128.71 128.71 19.57 2.42 287,564 15.20 15.20 1.86 1.46
PFFB 30.75 133.53 134.92 13.78 -- 2,631,413 10.32 10.22 0.63 0.46
PFNC 21.92 244.43 276.70 12.98 0.84 418,658 5.26 4.68 0.65 0.64
PFSB 13.88 132.84 158.82 10.58 0.97 1,321,751 7.36 6.23 2.09 0.84
PHBK 15.19 237.00 281.23 18.30 2.03 5,591,180 7.72 6.59 2.46 1.31
PHFC 21.06 136.35 137.90 14.89 1.24 256,265 10.92 10.81 0.92 0.80
PKPS 20.66 127.15 127.15 10.64 1.34 880,196 8.37 8.37 0.36 0.54
PMFI 34.70 111.81 111.81 9.54 1.49 397,229 8.53 8.53 0.58 0.29
PRBC 20.11 106.00 106.00 11.80 0.69 135,721 11.13 11.13 0.87 0.65
PSBK 13.28 151.25 169.32 12.93 2.29 878,823 8.55 7.71 2.24 0.97
PTRS 12.00 109.24 109.24 9.64 1.50 121,189 8.83 8.83 2.00 0.84
PULS 11.99 150.40 150.40 12.10 3.42 520,203 8.05 8.05 1.71 1.06
PVFC 8.94 218.34 218.34 15.33 -- 356,251 7.02 7.02 2.39 1.35
PVSA 11.99 157.77 158.97 11.97 1.78 991,239 7.58 7.53 2.44 1.08
PWBC 15.16 131.63 140.80 10.63 2.00 816,954 8.08 7.59 1.08 0.66
QCBC 20.75 138.89 138.98 12.18 -- 801,402 8.77 8.76 1.00 0.61
QCFB 14.25 134.35 134.35 24.30 -- 149,637 18.09 18.09 1.79 1.66
QCSB 25.49 262.23 262.23 36.09 1.92 1,466,906 11.85 11.85 2.04 1.61
RARB 14.74 178.29 181.19 14.14 2.16 379,428 7.93 7.81 1.51 1.03
REDF 22.64 155.81 156.40 13.17 -- 912,237 8.46 8.42 0.74 0.64
RELY 16.76 161.81 224.55 13.32 2.13 1,976,764 8.23 6.07 1.79 0.87
ROSE 16.59 203.53 203.53 13.57 2.19 3,551,783 6.20 6.20 1.65 0.89
SFED 17.70 111.63 111.63 13.92 1.44 172,849 12.47 12.47 1.10 0.79
9
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
SFFC 15.17 113.17 113.17 20.12 1.82 85,679 17.78 17.78 1.45 1.37
SFIN 13.69 134.89 135.18 13.12 2.35 673,214 9.73 9.71 1.37 0.90
SFSB 16.27 125.46 125.92 8.13 1.16 426,705 6.48 6.46 1.69 0.56
SFSL 14.92 237.07 240.93 22.32 1.66 653,226 9.42 9.28 1.29 1.34
SISB 9.09 163.84 163.84 11.66 1.87 1,434,545 7.20 7.20 3.30 1.38
SKAN 13.16 126.48 130.51 8.66 1.78 247,697 6.85 6.65 1.71 0.68
SMBC 16.91 108.83 108.83 17.05 2.90 165,688 15.67 15.67 1.02 1.01
SOBI 28.51 92.75 92.75 15.61 1.97 79,080 15.40 15.40 0.57 0.57
SOPN 17.41 111.58 111.58 25.48 3.93 294,217 22.84 22.84 1.17 1.69
SOSA 14.50 184.95 184.95 11.73 -- 514,502 6.33 6.33 0.25 0.79
SPBC 17.05 192.80 193.30 16.58 1.78 4,611,394 8.60 8.58 1.32 1.04
STFR 18.39 146.82 166.12 11.45 1.35 1,645,539 7.88 7.03 1.93 0.71
STSA 21.54 146.88 168.47 5.90 -- 1,686,395 5.54 5.04 0.83 0.44
SWBI 15.24 133.13 133.13 14.63 3.64 378,325 11.00 11.00 1.37 1.01
SWCB 14.06 157.23 164.24 12.50 3.66 501,894 7.95 7.63 2.33 0.98
TBK 15.74 166.27 171.12 11.54 1.14 238,227 6.94 6.76 1.12 0.79
THR 17.61 107.52 107.94 14.79 2.44 91,165 13.76 13.71 0.93 0.83
THRD 17.37 104.06 118.65 12.51 2.04 640,746 11.12 9.89 1.13 0.73
TPNZ 21.01 123.59 123.59 21.03 1.61 124,150 17.02 17.02 0.83 1.00
TRIC 16.49 101.07 101.07 15.48 2.64 89,457 15.32 15.32 1.38 1.02
TSH 15.87 117.51 117.51 15.44 2.74 406,253 13.14 13.14 1.15 0.96
TWIN 20.36 122.14 122.14 15.70 3.24 107,345 12.86 12.86 0.97 0.75
UBMT 20.26 117.85 117.85 26.69 4.17 107,723 22.65 22.65 1.16 1.34
USAB 34.00 131.99 134.49 12.92 -- 48,303 10.76 10.58 0.25 0.55
VABF 24.56 164.71 164.71 11.28 1.43 617,818 6.85 6.85 0.57 0.46
WAMU 24.44 303.70 320.02 16.21 1.73 48,763,153 5.24 5.00 2.56 0.71
WBST 15.87 200.72 234.96 10.08 1.60 5,943,766 5.02 4.32 3.15 0.71
WCBI 16.35 135.56 135.56 20.66 2.31 311,613 15.24 15.24 1.59 1.41
WEFC 14.79 110.22 110.22 15.64 2.98 202,035 14.19 14.19 1.09 1.06
WFI 12.50 138.64 141.64 9.86 2.92 317,392 7.11 6.97 1.26 0.88
WFSL 12.10 179.91 196.98 21.73 3.49 5,760,385 12.08 11.15 2.18 1.84
WHGB 26.29 107.70 107.70 22.24 1.31 100,235 20.66 20.66 0.58 0.85
WRNB 10.67 178.21 178.21 18.48 2.97 358,021 10.37 10.37 1.64 1.83
WSB 16.46 133.66 133.66 11.10 1.48 258,330 8.30 8.30 0.41 0.73
WSFS 10.43 229.43 231.26 11.94 -- 1,508,540 5.20 5.16 1.39 1.34
WSTR 17.98 116.06 145.10 12.67 2.02 955,639 10.91 8.92 1.21 0.82
WVFC 13.04 145.46 145.46 16.23 2.92 294,693 11.16 11.16 2.10 1.32
WWFC 15.98 134.84 151.35 12.31 0.94 111,394 9.13 8.21 1.33 0.84
WYNE 21.62 145.99 145.99 19.49 0.83 261,027 13.35 13.35 1.11 0.92
YFCB 16.75 121.99 121.99 18.18 1.39 288,089 14.90 14.90 1.03 1.15
YFED 19.05 168.07 168.07 14.47 2.50 1,162,393 8.61 8.61 1.26 0.77
271
Maximum 80.56 397.80 397.80 39.87 4.97 48,763,153 33.52 33.52 7.98 9.57
Minimum 2.45 75.09 75.09 5.01 -- 38,240 3.33 2.78 0.04 0.02
Average 17.82 146.57 153.42 14.98 1.80 1,554,864 10.87 10.60 1.46 0.99
Median 16.55 138.35 142.81 14.11 1.76 383,263 9.41 8.91 1.28 0.91
10
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
AADV 9.89 N 08/22/97 0.44 15.36 0.72 0.98 10.77
ABBK 10.71 N 08/22/97 0.17 14.63 0.50 0.81 11.68
ABCL 8.48 N 08/22/97 0.15 17.57 0.45 0.77 8.35
ABCW 15.09 N 08/22/97 0.92 7.42 0.91 0.91 13.93
AFCB 11.14 N 08/22/97 0.39 15.27 0.44 1.10 11.18
AHM 13.79 N 08/22/97 1.90 16.92 0.75 0.73 14.74
ALBC 3.90 N 08/22/97 0.60 12.92 0.45 0.69 7.68
ALBK 11.23 N 08/22/97 0.71 14.18 0.67 1.05 11.37
AMFC 4.54 N 08/22/97 0.81 22.06 0.17 0.67 4.28
ANDB 14.33 N 08/22/97 1.01 12.40 0.60 1.00 12.54
ASBI 7.64 N 08/22/97 0.40 18.50 0.25 0.83 7.60
ASBP 4.31 N 08/22/97 1.56 22.32 0.14 0.85 5.43
ASFC 10.05 N 08/22/97 0.45 17.19 0.68 0.75 9.80
BANC 10.83 N 08/22/97 0.87 15.94 0.20 0.66 11.50
BDJI 5.45 N 08/22/97 0.23 16.10 0.33 0.69 6.25
BFD 6.48 N 08/22/97 0.52 18.06 0.27 0.65 7.14
BFSB 8.90 N 08/22/97 -- 16.61 0.38 1.22 8.52
BKC 12.98 N 08/22/97 1.81 12.67 0.73 1.16 14.12
BKCT 12.07 N 08/22/97 1.19 15.25 0.50 1.29 12.72
BKUNA 8.04 N 08/22/97 0.60 20.54 0.14 0.48 8.00
BPLS 0.39 N 08/22/97 2.88 19.42 0.14 0.31 6.30
BVCC 10.26 N 08/22/97 0.79 18.30 0.35 0.60 9.51
BYFC 2.60 N 08/22/97 2.06 17.19 0.16 0.48 4.33
CAFI 9.59 N 08/22/97 0.34 12.01 0.38 1.02 10.59
CAPS 10.16 N 08/22/97 0.17 13.23 0.30 0.96 10.97
CASB 8.53 N 08/22/97 0.39 17.43 0.19 0.61 9.92
CASH 8.12 N 08/22/97 0.85 14.52 0.31 0.92 7.98
CATB 5.10 N 08/22/97 0.47 19.64 0.21 1.35 5.24
CBCI 8.66 N 08/22/97 1.16 12.00 0.87 1.60 10.40
CBSA 12.30 N 08/22/97 0.54 13.58 0.55 0.39 11.51
CBSB 7.78 N 08/22/97 0.56 21.00 0.25 1.08 7.67
CEBK 8.75 N 08/22/97 0.85 15.52 0.31 0.73 7.16
CENF 14.27 N 08/22/97 1.28 14.53 0.57 0.60 11.72
CFB 15.58 N 08/22/97 0.89 12.94 0.78 0.97 16.34
CFCP 16.66 N 08/22/97 0.21 22.10 0.28 1.11 18.07
CFFC 9.23 N 08/22/97 0.39 13.94 0.39 1.16 8.41
CFSB 13.83 N 08/22/97 0.17 14.10 0.47 1.22 15.91
CFTP 5.13 N 08/22/97 0.35 22.19 0.20 1.73 5.13
CFX 11.60 N 08/22/97 0.72 14.75 0.32 0.96 12.20
CIBI 8.18 N 08/22/97 0.72 14.24 0.27 1.01 8.86
CKFB 5.37 N 08/22/97 0.63 19.25 0.25 1.47 6.16
CLAS 4.64 N 08/22/97 0.66 17.50 0.20 0.72 4.89
CMRN 5.51 N 08/22/97 0.24 17.63 0.25 1.26 5.63
CNIT 10.46 N 08/22/97 0.42 15.29 0.83 0.81 11.22
COFI 18.22 N 08/22/97 0.22 13.77 0.96 1.27 18.76
COOP 2.29 N 08/22/97 0.30 20.08 0.33 0.61 8.05
CRZY 4.54 N 08/22/97 0.39 17.97 0.20 1.34 5.07
CSA 10.65 N 08/22/97 1.40 17.09 0.65 0.56 11.43
CTZN 12.75 N 08/22/97 0.41 14.38 0.75 0.89 13.88
CVAL 10.24 N 08/22/97 0.47 17.65 0.34 0.96 10.98
DIBK 23.00 N 08/22/97 0.38 9.09 0.77 1.97 25.24
DME 13.30 N 08/22/97 1.57 19.19 0.25 0.54 10.16
DNFC 14.10 N 08/22/97 0.34 13.19 0.36 0.79 13.96
DSL 9.65 N 08/22/97 0.95 17.92 0.30 0.57 8.03
EFBI 6.28 N 08/22/97 0.03 17.97 0.28 0.85 6.97
EIRE 12.99 N 08/22/97 0.40 12.80 0.42 0.93 13.30
EMLD 11.63 N 08/22/97 0.14 12.07 0.29 0.98 13.07
11
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
EQSB 14.49 N 08/22/97 0.15 11.43 0.82 0.70 13.83
ESBK 5.53 N 08/22/97 0.65 16.61 0.35 0.43 6.85
ETFS 3.38 N 08/22/97 0.17 24.67 0.19 0.65 3.51
FBBC 8.92 N 08/22/97 0.07 14.73 0.28 0.98 10.10
FBCI 7.37 N 08/22/97 0.80 14.44 0.37 0.84 8.12
FBER 4.69 N 08/22/97 0.83 21.13 0.21 0.85 5.57
FBHC 8.10 N 08/22/97 0.37 18.60 0.43 0.60 9.70
FBSI 7.33 N 08/22/97 0.08 15.54 0.39 1.14 7.96
FCME 53.47 N 08/22/97 1.95 13.44 0.20 0.73 8.06
FDEF 4.57 N 08/22/97 0.45 23.44 0.16 1.08 5.05
FED 11.28 N 08/22/97 1.39 16.28 0.50 0.51 10.73
FESX 11.63 N 08/22/97 0.56 15.18 0.28 0.72 10.19
FFBA 8.59 N 08/22/97 0.23 15.90 0.28 1.19 9.25
FFBH 6.61 N 08/22/97 0.19 22.83 0.23 0.81 5.24
FFBI 5.11 N 08/22/97 0.39 22.92 0.21 0.38 4.64
FFBS 7.62 N 08/22/97 0.03 15.44 0.34 1.62 8.37
FFBZ 12.66 N 08/22/97 0.47 14.45 0.32 1.11 14.72
FFCH 13.67 N 08/22/97 1.61 14.35 0.54 0.84 13.68
FFDB 9.54 N 08/22/97 0.72 12.16 0.34 0.98 10.05
FFED 5.39 N 08/22/97 0.12 11.18 0.19 0.80 15.52
FFES 11.12 N 08/22/97 0.31 14.17 0.56 0.64 10.10
FFFC 9.56 N 08/22/97 0.18 17.91 0.41 1.35 10.37
FFFD 7.43 N 08/22/97 0.12 14.17 0.30 1.84 7.80
FFHH 6.65 N 08/22/97 0.03 15.63 0.29 0.87 7.55
FFHS 7.08 N 08/22/97 0.41 14.71 0.34 0.73 8.16
FFIC 5.62 N 08/22/97 0.29 17.46 0.29 1.01 6.49
FFKY 11.20 N 08/22/97 0.23 13.65 0.38 1.68 12.28
FFLC 6.56 N 08/22/97 0.19 18.11 0.39 0.96 6.91
FFOH 6.61 N 08/22/97 0.08 17.39 0.23 0.94 7.17
FFPB 0.35 N 08/22/97 0.70 19.66 0.41 0.52 7.79
FFSL 6.20 N 08/22/97 0.37 17.88 0.18 0.64 6.17
FFWC 10.49 N 08/22/97 0.16 13.54 0.54 0.93 9.35
FFWD 9.76 N 08/22/97 0.02 17.19 0.24 1.29 10.36
FFYF 8.06 N 08/22/97 0.67 13.69 0.50 1.33 9.62
FGHC 9.53 N 08/22/97 1.41 15.63 0.12 1.00 11.97
FIBC 10.16 N 08/22/97 1.71 12.19 0.40 0.96 10.04
FKFS 10.49 N 08/22/97 1.60 12.50 0.55 0.78 10.93
FKKY 3.34 N 08/22/97 -- 24.38 0.10 0.95 3.69
FLAG 1.70 N 08/22/97 4.27 19.08 0.19 0.68 7.17
FLFC 12.83 N 08/22/97 0.81 13.87 0.41 1.01 13.69
FMCO 15.76 N 08/22/97 1.06 11.35 0.60 1.05 16.36
FMSB 15.01 N 08/22/97 -- 13.40 0.38 0.99 14.73
FNGB 7.86 N 08/22/97 0.06 10.28 0.31 0.89 7.82
FOBC 8.35 N 08/22/97 0.15 15.26 0.34 0.93 8.36
FRC 9.49 N 08/22/97 1.01 17.33 0.34 0.65 8.73
FSBI 11.94 N 08/22/97 0.31 13.28 0.40 0.75 10.90
FSPG 14.79 N 08/22/97 0.64 12.50 0.40 0.86 12.91
FSTC 19.95 N 08/22/97 NA 5.08 1.55 3.68 38.97
FTF 10.43 N 08/22/97 0.12 11.87 0.47 1.86 11.74
FTFC 13.96 N 08/22/97 NA 17.01 0.36 0.93 14.48
FTSB 4.47 N 08/22/97 1.42 11.62 0.23 1.38 8.60
FWWB 7.58 N 08/22/97 0.29 18.85 0.32 1.21 8.28
GAF 5.80 N 08/22/97 0.12 16.89 0.26 1.10 6.97
GBCI 16.25 N 08/22/97 0.12 13.60 0.34 1.64 17.10
GDW 19.73 N 08/22/97 1.31 13.71 1.50 0.88 13.91
GFCO 7.47 N 08/22/97 0.11 12.50 0.52 0.83 8.67
GFSB 10.24 N 08/22/97 1.54 12.95 0.28 1.27 11.06
GPT 9.59 N 08/22/97 2.89 17.50 0.90 1.12 10.49
12
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
GSB 10.56 N 08/22/97 1.46 16.50 0.43 0.74 11.55
GSBC 17.00 N 08/22/97 1.91 11.72 0.36 1.66 19.65
GTFN 7.50 N 08/22/97 0.36 20.16 0.42 0.77 8.37
GUPB 4.89 N 08/22/97 0.18 22.32 0.21 0.81 4.74
HALL 8.62 N 08/22/97 0.15 11.44 0.47 0.67 9.40
HARB 14.82 N 08/22/97 0.46 17.35 0.67 1.21 14.61
HARL 16.03 N 08/22/97 -- 12.85 0.53 1.09 16.89
HAVN 13.80 N 08/22/97 0.74 18.56 0.50 0.53 8.81
HBBI 4.03 N 08/22/97 0.38 18.30 0.28 0.72 5.67
HBFW 6.29 N 08/22/97 -- 17.24 0.31 0.89 6.61
HBNK 9.20 N 08/22/97 3.09 11.42 0.58 1.10 14.97
HBS 7.72 N 08/22/97 1.97 14.39 0.33 1.12 7.99
HFFB 4.99 N 08/22/97 -- 19.06 0.20 1.39 5.23
HFFC 9.66 N 08/22/97 0.33 12.50 0.45 0.99 10.56
HFSA 5.37 N 08/22/97 0.09 17.19 0.24 0.77 6.00
HHFC 4.44 N 08/22/97 0.11 15.46 0.19 0.80 6.56
HIFS 12.54 N 08/22/97 0.41 11.58 0.51 1.27 13.18
HMCI 6.80 N 08/22/97 2.91 17.12 0.23 0.51 7.88
HMNF 5.90 N 08/22/97 0.08 19.76 0.31 0.87 5.99
HOMF 14.67 N 08/22/97 0.45 13.77 0.54 1.13 13.40
HPBC 15.76 N 08/22/97 -- 10.83 0.45 1.68 15.74
HRBF 5.41 N 08/22/97 0.05 19.13 0.25 0.74 5.80
HRZB 9.82 N 08/22/97 -- 13.39 0.28 1.57 10.19
HTHR 13.27 N 08/22/97 8.93 7.47 0.55 1.59 28.90
HZFS 5.25 N 08/22/97 0.96 22.47 0.21 0.43 4.23
IFSB 4.92 N 08/22/97 2.03 16.45 0.20 0.39 5.96
INBI 6.78 N 08/22/97 0.22 14.54 0.26 1.51 8.43
IPSW 16.21 N 08/22/97 1.52 17.57 0.37 1.03 17.52
ISBF 6.26 N 08/22/97 NA 22.10 0.28 0.76 6.27
ITLA 12.69 N 08/22/97 1.47 11.76 0.38 1.45 12.99
IWBK 16.39 N 08/22/97 0.64 16.19 0.61 1.10 16.36
JSB 7.77 N 08/22/97 NA 16.19 0.69 1.85 8.24
JSBA 9.84 N 08/22/97 0.46 14.77 0.55 0.81 9.67
JXVL 8.42 N 08/22/97 0.78 10.14 0.41 1.75 11.48
KFBI 5.38 N 08/22/97 0.08 21.59 0.22 1.16 5.81
KNK 7.89 N 08/22/97 0.61 14.75 0.50 0.88 8.12
KSAV 8.86 N 08/22/97 0.35 12.17 0.38 1.39 10.15
KSBK 15.21 N 08/22/97 1.75 10.63 0.30 0.98 13.70
KYF 5.83 N 08/22/97 -- 15.47 0.20 1.17 7.19
LARK 7.02 N 08/22/97 0.04 17.34 0.31 0.97 6.90
LARL 13.82 N 08/22/97 0.43 11.20 0.48 1.39 13.58
LIFB 8.06 N 08/22/97 0.39 18.66 0.33 0.89 8.33
LISB 7.63 N 08/22/97 1.03 22.09 0.44 0.71 7.78
LOGN 7.40 N 08/22/97 0.61 14.84 0.24 1.46 7.53
LONF 4.77 N 08/22/97 0.80 22.06 0.17 0.85 4.30
LSBI 7.38 N 08/22/97 1.17 13.57 0.38 0.70 7.88
LSBX 20.78 N 08/22/97 0.30 8.89 0.32 1.60 18.57
LVSB 9.52 N 08/22/97 0.98 14.66 0.55 1.14 11.56
LXMO 4.46 N 08/22/97 0.48 18.04 0.22 1.52 5.43
MAFB 14.83 N 08/22/97 0.43 12.11 0.64 1.24 15.73
MARN 7.28 N 08/22/97 0.81 14.38 0.40 1.72 7.53
MASB 10.20 N 08/22/97 0.16 13.99 0.92 1.13 10.85
MBB 5.95 N 08/22/97 0.71 19.48 0.30 0.56 6.37
MBB 5.95 N 08/22/97 0.71 19.48 0.30 0.56 6.37
MBLF 6.52 N 08/22/97 0.25 18.36 0.32 0.79 6.21
MCBN 7.57 N 08/22/97 0.73 13.14 0.49 0.76 8.77
MCBS 11.06 N 08/22/97 0.15 12.71 0.59 1.18 11.85
MDBK 11.31 N 08/22/97 0.37 13.50 0.56 1.00 11.31
13
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
MECH 19.68 N 08/22/97 1.13 4.12 1.38 3.60 36.83
MERI 13.46 N 08/22/97 0.22 11.38 0.89 1.27 15.91
METF 13.86 N 08/22/97 0.49 13.79 0.34 0.59 15.15
MFBC 5.53 N 08/22/97 -- 17.50 0.30 0.85 6.06
MFFC 4.30 N 08/22/97 0.15 22.71 0.15 0.70 5.11
MFLR 9.66 N 08/22/97 1.02 12.16 0.37 1.08 11.33
MFSL 10.76 N 08/22/97 0.44 15.34 0.71 0.80 9.60
MIVI 5.77 N 08/22/97 0.28 14.90 0.26 1.18 6.82
MLBC 9.23 N 08/22/97 0.46 22.83 0.23 0.52 7.41
MSBF 7.85 N 08/22/97 0.06 14.67 0.23 1.43 8.39
MWBI 10.82 N 08/22/97 0.77 10.86 0.78 0.81 11.75
MWBX 17.82 N 08/22/97 0.70 11.16 0.14 1.36 18.35
MWFD 12.59 N 08/22/97 0.12 15.91 0.33 1.11 12.75
NASB 16.39 N 08/22/97 3.34 12.56 1.03 1.30 17.21
NBN 6.24 N 08/22/97 1.37 14.06 0.26 0.66 8.48
NEIB 7.43 N 08/22/97 0.40 13.09 0.32 1.20 7.88
NHTB 6.82 N 08/22/97 0.74 14.33 0.29 0.89 11.96
NMSB 7.67 N 08/22/97 0.87 21.25 0.15 0.81 8.07
NSLB 3.72 N 08/22/97 0.02 24.51 0.19 0.94 4.78
NSSB 9.60 N 08/22/97 1.29 18.94 0.33 1.06 9.55
NSSY 3.97 N 08/22/97 1.35 19.46 0.44 0.65 8.20
NTMG 6.31 N 08/22/97 1.11 25.00 0.11 0.49 7.99
NWEQ 8.16 N 08/22/97 1.25 12.89 0.32 1.02 8.96
NYB 27.70 N 08/22/97 1.09 13.25 0.58 1.63 32.18
OFCP 8.36 N 08/22/97 0.16 16.61 0.38 0.87 10.01
OHSL 7.42 N 08/22/97 0.01 14.53 0.40 0.86 7.92
PALM 7.44 N 08/22/97 2.12 15.88 0.25 0.82 9.99
PAMM 49.37 N 08/22/97 3.47 3.46 1.70 13.21 58.78
PBCI 8.63 N 08/22/97 2.14 11.79 0.44 1.37 10.69
PBKB 9.27 N 08/22/97 0.82 21.38 0.19 0.50 8.86
PCBC 5.72 N 08/22/97 -- 17.08 0.30 1.16 6.18
PCCI 12.40 N 08/22/97 1.29 12.71 0.30 1.04 14.25
PDB 3.09 N 08/22/97 0.65 20.91 0.13 1.15 6.76
PEEK 4.71 N 08/22/97 0.71 23.90 0.17 1.13 4.38
PERM 6.52 N 08/22/97 1.09 18.55 0.31 0.58 6.32
PFDC 9.55 N 08/22/97 0.34 12.89 0.48 1.53 10.08
PFFB 4.07 N 08/22/97 1.73 23.07 0.21 0.57 5.46
PFNC 12.31 N 08/22/97 1.46 16.19 0.22 0.84 15.89
PFSB 10.78 N 08/22/97 0.59 13.18 0.55 0.83 11.06
PHBK 16.17 N 08/22/97 0.83 14.60 0.64 1.30 16.19
PHFC 6.03 N 08/22/97 1.60 19.38 0.25 0.73 6.50
PKPS 6.52 N 08/22/97 3.81 20.66 0.09 0.58 6.85
PMFI 3.34 N 08/22/97 0.39 21.88 0.23 0.45 5.30
PRBC 4.97 N 08/22/97 0.30 16.20 0.27 0.68 5.98
PSBK 11.84 N 08/22/97 0.84 13.28 0.56 0.97 11.59
PTRS 9.48 N 08/22/97 0.50 9.23 0.65 1.06 11.83
PULS 13.51 N 08/22/97 0.57 11.39 0.45 1.10 13.79
PVFC 19.93 N 08/22/97 0.90 13.36 0.40 1.24 17.94
PVSA 14.91 N 08/22/97 0.27 11.79 0.62 1.07 14.75
PWBC 8.86 N 08/22/97 0.65 15.16 0.27 0.71 9.02
QCBC 6.72 N 08/22/97 1.31 17.29 0.30 0.70 7.87
QCFB 8.76 N 08/22/97 0.27 14.17 0.45 1.55 8.53
QCSB 11.15 N 08/22/97 0.57 24.07 0.54 1.54 12.67
RARB 13.25 N 08/22/97 0.29 15.03 0.37 0.99 12.53
REDF 8.06 N 08/22/97 2.19 12.69 0.33 1.06 12.65
RELY 10.51 N 08/22/97 0.77 15.63 0.48 0.90 11.10
ROSE 14.28 N 08/22/97 0.45 15.55 0.44 0.88 14.63
SFED 6.18 N 08/22/97 0.68 21.16 0.23 0.63 5.07
14
Exhibit II.1 -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
SFFC 7.36 N 08/22/97 NA 12.79 0.43 1.55 8.78
SFIN 9.33 N 08/22/97 0.38 14.20 0.33 0.82 8.78
SFSB 8.52 N 08/22/97 0.48 15.99 0.43 0.55 8.49
SFSL 14.39 N 08/22/97 0.28 18.51 0.26 1.35 14.52
SISB 18.99 N 08/22/97 0.43 14.42 0.52 0.83 11.63
SKAN 10.07 N 08/22/97 1.46 12.23 0.46 0.72 10.38
SMBC 6.29 N 08/22/97 1.10 17.25 0.25 0.96 6.06
SOBI 3.28 N 08/22/97 0.25 22.57 0.18 0.67 4.04
SOPN 6.96 N 08/22/97 0.08 15.92 0.32 1.80 7.60
SOSA 13.61 N 08/22/97 6.28 9.06 0.10 1.33 21.58
SPBC 11.66 N 08/22/97 0.21 15.63 0.36 1.11 12.61
STFR 8.11 N 08/22/97 0.16 15.57 0.57 0.79 9.57
STSA 7.84 N 08/22/97 0.61 17.88 0.25 0.49 8.97
SWBI 9.54 N 08/22/97 0.30 14.91 0.35 1.02 9.50
SWCB 12.17 N 08/22/97 0.81 14.36 0.57 0.91 11.42
TBK 11.78 N 08/22/97 2.13 14.69 0.30 0.83 11.73
THR 5.71 N 08/22/97 1.21 18.61 0.22 0.77 5.49
THRD 6.42 N 08/22/97 0.33 16.92 0.29 0.73 6.60
TPNZ 5.63 N 08/22/97 1.28 24.22 0.18 0.84 4.85
TRIC 6.79 N 08/22/97 -- 14.58 0.39 1.08 7.09
TSH 6.97 N 08/22/97 0.27 16.29 0.28 0.93 6.88
TWIN 5.88 N 08/22/97 0.08 16.46 0.30 0.91 7.08
UBMT 5.74 N 08/22/97 0.39 19.58 0.30 1.39 5.81
USAB 4.05 N 08/22/97 0.67 17.71 0.12 0.80 6.93
VABF 6.82 N 08/22/97 0.68 20.59 0.17 0.54 7.98
WAMU 12.58 N 08/22/97 0.81 16.82 0.93 0.98 18.47
WBST 13.33 N 08/22/97 0.85 13.02 0.96 0.82 16.31
WCBI 9.13 N 08/22/97 0.60 15.85 0.41 1.43 9.40
WEFC 7.56 N 08/22/97 0.21 14.40 0.28 1.06 7.44
WFI 12.23 N 08/22/97 0.29 11.58 0.34 0.86 12.00
WFSL 15.84 N 08/22/97 0.73 11.77 0.56 1.87 15.71
WHGB 3.72 N 08/22/97 0.15 22.43 0.17 0.93 4.37
WRNB 18.86 N 08/22/97 1.08 10.67 0.41 1.85 18.09
WSB 8.66 N 08/22/97 NA 16.88 0.10 0.72 8.67
WSFS 23.57 N 08/22/97 1.66 10.98 0.33 1.12 21.27
WSTR 6.48 N 08/22/97 0.17 15.54 0.35 0.83 7.53
WVFC 10.73 N 08/22/97 0.30 13.69 0.50 1.21 10.88
WWFC 8.78 N 08/22/97 -- 14.36 0.37 0.86 9.42
WYNE 6.16 N 08/22/97 0.91 22.22 0.27 0.83 6.02
YFCB 6.81 N 08/22/97 0.57 15.97 0.27 1.13 7.48
YFED 9.46 N 08/22/97 1.24 17.65 0.34 0.84 9.96
271
Maximum 53.47 8.93 25.00 1.70 13.21 58.78
Minimum 0.35 -- 3.46 0.09 0.31 3.51
Average 9.75 0.76 15.81 0.40 1.05 10.45
Median 8.76 0.48 15.45 0.34 0.93 9.40
15
Exhibit II.2 -- Selected Publicly Held Mid-Atlantic Thrifts
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
ALBC Albion Banc Corp. Albion NY MA SAIF NASDAQ 07/26/93 23.250 6.12
ALBK ALBANK Financial Corp. Albany NY MA SAIF NASDAQ 04/01/92 38.000 487.34
ASFC Astoria Financial Corp. Lake Success NY MA SAIF NASDAQ 11/18/93 46.750 973.76
CATB Catskill Financial Corp. Catskill NY MA BIF NASDAQ 04/18/96 16.500 77.88
CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87 24.000 49.41
DME Dime Bancorp Inc. New York NY MA BIF NYSE 08/19/86 19.188 1,990.16
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 37.500 22.58
ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85 23.250 16.42
FBBC First Bell Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95 16.500 107.43
FBER 1st Bergen Bancorp Wood-Ridge NJ MA SAIF NASDAQ 04/01/96 17.750 53.26
FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95 20.250 161.57
FIBC Financial Bancorp Inc. Long Island City NY MA SAIF NASDAQ 08/17/94 19.500 33.58
FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95 27.500 33.77
FMCO FMS Financial Corporation Burlington NJ MA SAIF NASDAQ 12/14/88 27.250 65.06
FSBI Fidelity Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88 21.250 32.93
FSPG First Home Bancorp Inc. Pennsville NJ MA SAIF NASDAQ 04/20/87 20.000 54.17
GAF GA Financial Inc. Pittsburgh PA MA SAIF AMSE 03/26/96 17.563 140.24
GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94 63.000 2,728.72
HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87 27.250 45.03
HAVN Haven Bancorp Inc. Woodhaven NY MA SAIF NASDAQ 09/23/93 37.125 162.73
HRBF Harbor Federal Bancorp Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 19.125 32.39
IFSB Independence Federal Savings Washington DC MA SAIF NASDAQ 06/06/85 13.156 16.84
JSB JSB Financial Inc. Lynbrook NY MA BIF NYSE 06/27/90 44.688 441.25
LARL Laurel Capital Group Inc. Allison Park PA MA SAIF NASDAQ 02/20/87 21.500 31.02
LISB Long Island Bancorp Inc. Melville NY MA SAIF NASDAQ 04/18/94 38.875 931.77
LVSB Lakeview Financial West Paterson NJ MA SAIF NASDAQ 12/22/93 32.250 73.13
MBB MSB Bancorp Inc. Goshen NY MA BIF AMSE 09/03/92 23.375 66.48
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE NA 23.375 66.48
MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 43.563 139.84
MLBC ML Bancorp Inc. Villanova PA MA SAIF NASDAQ 08/11/94 21.000 221.89
NYB New York Bancorp Inc. Douglaston NY MA SAIF NYSE 01/28/88 30.750 663.93
PBCI Pamrapo Bancorp Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89 20.750 58.99
PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95 16.250 51.89
PFNC Progress Financial Corporation Blue Bell PA MA SAIF NASDAQ 07/18/83 14.250 54.35
PFSB PennFed Financial Services Inc West Orange NJ MA SAIF NASDAQ 07/15/94 29.000 139.84
PHFC Pittsburgh Home Financial Corp Pittsburgh PA MA SAIF NASDAQ 04/01/96 19.375 38.16
PKPS Poughkeepsie Financial Corp. Poughkeepsie NY MA SAIF NASDAQ 11/19/85 7.438 93.68
PRBC Prestige Bancorp Inc. Pleasant Hills PA MA SAIF NASDAQ 06/27/96 17.500 16.01
PSBK Progressive Bank Inc. Fishkill NY MA BIF NASDAQ 08/01/84 29.750 113.67
PULS Pulse Bancorp South River NJ MA SAIF NASDAQ 09/18/86 20.500 63.15
PVSA Parkvale Financial Corporation Monroeville PA MA SAIF NASDAQ 07/16/87 29.250 118.61
PWBC PennFirst Bancorp Inc. Ellwood City PA MA SAIF NASDAQ 06/13/90 16.375 86.88
QCSB Queens County Bancorp Inc. Flushing NY MA BIF NASDAQ 11/23/93 52.000 528.06
RARB Raritan Bancorp Inc. Raritan NJ MA BIF NASDAQ 03/01/87 22.250 53.66
RELY Reliance Bancorp Inc. Garden City NY MA SAIF NASDAQ 03/31/94 30.000 263.29
ROSE TR Financial Corp. Garden City NY MA BIF NASDAQ 06/29/93 27.375 482.04
SFED SFS Bancorp Inc. Schenectady NY MA SAIF NASDAQ 06/30/95 19.469 23.97
SFIN Statewide Financial Corp. Jersey City NJ MA SAIF NASDAQ 10/02/95 18.750 88.32
SKAN Skaneateles Bancorp Inc. Skaneateles NY MA BIF NASDAQ 06/02/86 22.500 21.47
THRD TF Financial Corporation Newtown PA MA SAIF NASDAQ 07/13/94 19.625 80.13
TPNZ Tappan Zee Financial Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 17.438 26.11
USAB USABancshares, Inc. Philadelphia PA MA BIF NASDAQ NA 8.500 6.24
WHGB WHG Bancshares Corp. Lutherville MD MA SAIF NASDAQ 04/01/96 15.250 22.30
WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 6.750 28.67
WSFS WSFS Financial Corporation Wilmington DE MA BIF NASDAQ 11/26/86 14.500 180.11
WVFC WVS Financial Corp. Pittsburgh PA MA SAIF NASDAQ 11/29/93 27.375 47.83
WWFC Westwood Financial Corporation Westwood NJ MA SAIF NASDAQ 06/07/96 21.250 13.71
16
Exhibit II.2 -- Selected Publicly Held Mid-Atlantic Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
WYNE Wayne Bancorp Inc. Wayne NJ MA SAIF NASDAQ 06/27/96 24.000 50.88
YFCB Yonkers Financial Corporation Yonkers NY MA SAIF NASDAQ 04/18/96 17.250 52.11
YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84 24.000 168.20
Maximum 63.000 2,728.720
Minimum 6.750 6.120
Average 24.396 214.992
Median 21.375 64.105
17
Exhibit II.2 -- Selected Publicly Held Mid-Atlantic Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
ALBC 24.73 98.43 98.43 8.77 1.38 66,316 8.90 8.90 0.94 0.38
ALBK 14.67 147.00 168.22 13.53 1.58 3,602,227 9.20 8.14 2.59 1.04
ASFC 16.52 163.52 194.71 12.80 1.28 7,664,495 7.83 6.66 2.83 0.79
CATB 20.37 109.42 109.42 27.40 1.70 284,238 25.04 25.04 0.81 1.41
CVAL 19.05 188.68 188.68 16.16 1.83 305,187 8.56 8.56 1.26 0.92
DME 14.87 187.93 197.00 9.91 0.83 20,087,176 5.27 5.04 1.29 0.70
EQSB 11.36 145.35 145.35 7.33 -- 308,197 5.04 5.04 3.30 0.73
ESBK 20.95 112.21 117.01 7.21 2.75 227,828 6.30 6.05 1.11 0.35
FBBC 14.35 153.06 153.06 15.04 2.42 714,366 9.82 9.82 1.15 1.23
FBER 25.72 131.77 131.77 18.70 0.68 284,765 14.19 14.19 0.69 0.77
FFIC 20.88 121.40 121.40 18.79 1.19 860,031 15.47 15.47 0.97 0.94
FIBC 12.34 127.04 127.70 11.89 2.05 282,485 9.36 9.32 1.58 1.00
FKFS 13.48 144.05 144.05 10.53 0.73 320,797 7.31 7.31 2.04 0.78
FMCO 12.27 178.81 182.03 11.72 0.73 554,925 6.56 6.45 2.22 1.02
FSBI 12.72 134.24 134.24 9.07 1.69 363,302 6.75 6.75 1.67 0.83
FSPG 11.30 155.64 158.23 10.37 2.00 522,396 6.66 6.56 1.77 0.97
GAF 19.73 123.25 124.56 18.70 2.73 749,748 15.18 15.04 0.89 1.12
GPT 19.27 183.83 326.93 21.34 1.59 13,300,046 10.31 6.07 3.27 1.03
HARL 13.97 204.73 204.73 13.37 1.47 336,666 6.53 6.53 1.95 1.02
HAVN 11.75 153.41 153.98 9.12 1.62 1,781,545 5.95 5.93 3.16 0.84
HRBF 20.56 116.05 116.05 14.97 2.09 216,370 12.89 12.89 0.93 0.70
IFSB 20.24 98.25 112.06 6.41 1.67 262,753 6.52 5.76 0.65 0.33
JSB 17.66 125.74 125.74 28.73 3.13 1,531,115 22.85 22.85 2.53 1.70
LARL 11.50 145.86 145.86 14.63 2.42 211,987 10.03 10.03 1.87 1.43
LISB 23.00 175.35 177.11 15.77 1.54 5,908,737 8.99 8.91 1.69 0.72
LVSB 18.43 161.98 202.58 15.42 0.78 481,646 9.52 7.76 1.75 0.95
MBB 21.85 110.52 225.19 8.17 2.57 813,902 8.92 5.36 1.07 0.51
MBB 21.85 110.52 225.19 8.17 2.57 813,902 8.92 5.36 1.07 0.51
MFSL 13.74 144.15 145.99 12.08 1.84 1,157,445 8.38 8.29 3.17 0.89
MLBC 18.58 153.51 156.25 10.71 1.91 2,071,285 6.98 6.87 1.13 0.68
NYB 15.93 397.80 397.80 20.22 1.95 3,283,653 5.08 5.08 1.93 1.45
PBCI 14.21 124.85 125.83 15.90 4.82 370,987 12.74 12.65 1.46 1.24
PEEK 21.96 110.47 110.47 28.42 2.22 182,560 25.73 25.73 0.74 1.29
PFNC 21.92 244.43 276.70 12.98 0.84 418,658 5.26 4.68 0.65 0.64
PFSB 13.88 132.84 158.82 10.58 0.97 1,321,751 7.36 6.23 2.09 0.84
PHFC 21.06 136.35 137.90 14.89 1.24 256,265 10.92 10.81 0.92 0.80
PKPS 20.66 127.15 127.15 10.64 1.34 880,196 8.37 8.37 0.36 0.54
PRBC 20.11 106.00 106.00 11.80 0.69 135,721 11.13 11.13 0.87 0.65
PSBK 13.28 151.25 169.32 12.93 2.29 878,823 8.55 7.71 2.24 0.97
PULS 11.99 150.40 150.40 12.10 3.42 520,203 8.05 8.05 1.71 1.06
PVSA 11.99 157.77 158.97 11.97 1.78 991,239 7.58 7.53 2.44 1.08
PWBC 15.16 131.63 140.80 10.63 2.00 816,954 8.08 7.59 1.08 0.66
QCSB 25.49 262.23 262.23 36.09 1.92 1,466,906 11.85 11.85 2.04 1.61
RARB 14.74 178.29 181.19 14.14 2.16 379,428 7.93 7.81 1.51 1.03
RELY 16.76 161.81 224.55 13.32 2.13 1,976,764 8.23 6.07 1.79 0.87
ROSE 16.59 203.53 203.53 13.57 2.19 3,551,783 6.20 6.20 1.65 0.89
SFED 17.70 111.63 111.63 13.92 1.44 172,849 12.47 12.47 1.10 0.79
SFIN 13.69 134.89 135.18 13.12 2.35 673,214 9.73 9.71 1.37 0.90
SKAN 13.16 126.48 130.51 8.66 1.78 247,697 6.85 6.65 1.71 0.68
THRD 17.37 104.06 118.65 12.51 2.04 640,746 11.12 9.89 1.13 0.73
TPNZ 21.01 123.59 123.59 21.03 1.61 124,150 17.02 17.02 0.83 1.00
USAB 34.00 131.99 134.49 12.92 -- 48,303 10.76 10.58 0.25 0.55
WHGB 26.29 107.70 107.70 22.24 1.31 100,235 20.66 20.66 0.58 0.85
WSB 16.46 133.66 133.66 11.10 1.48 258,330 8.30 8.30 0.41 0.73
WSFS 10.43 229.43 231.26 11.94 -- 1,508,540 5.20 5.16 1.39 1.34
WVFC 13.04 145.46 145.46 16.23 2.92 294,693 11.16 11.16 2.10 1.32
WWFC 15.98 134.84 151.35 12.31 0.94 111,394 9.13 8.21 1.33 0.84
18
Exhibit II.2 -- Selected Publicly Held Mid-Atlantic Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
WYNE 21.62 145.99 145.99 19.49 0.83 261,027 13.35 13.35 1.11 0.92
YFCB 16.75 121.99 121.99 18.18 1.39 288,089 14.90 14.90 1.03 1.15
YFED 19.05 168.07 168.07 14.47 2.50 1,162,393 8.61 8.61 1.26 0.77
Maximum 34.00 397.80 397.80 36.09 4.82 20,087,176 25.73 25.73 3.30 1.70
Minimum 10.43 98.25 98.43 6.41 -- 48,303 5.04 4.68 0.25 0.33
Average 17.50 150.04 161.75 14.42 1.72 1,490,157 10.11 9.69 1.51 0.91
Median 16.76 140.20 145.93 13.05 1.70 500,925 8.91 8.25 1.35 0.88
19
Exhibit II.2 -- Selected Publicly Held Mid-Atlantic Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
ALBC 3.90 N 08/22/97 0.60 12.92 0.45 0.69 7.68
ALBK 11.23 N 08/22/97 0.71 14.18 0.67 1.05 11.37
ASFC 10.05 N 08/22/97 0.45 17.19 0.68 0.75 9.80
CATB 5.10 N 08/22/97 0.47 19.64 0.21 1.35 5.24
CVAL 10.24 N 08/22/97 0.47 17.65 0.34 0.96 10.98
DME 13.30 N 08/22/97 1.57 19.19 0.25 0.54 10.16
EQSB 14.49 N 08/22/97 0.15 11.43 0.82 0.70 13.83
ESBK 5.53 N 08/22/97 0.65 16.61 0.35 0.43 6.85
FBBC 8.92 N 08/22/97 0.07 14.73 0.28 0.98 10.10
FBER 4.69 N 08/22/97 0.83 21.13 0.21 0.85 5.57
FFIC 5.62 N 08/22/97 0.29 17.46 0.29 1.01 6.49
FIBC 10.16 N 08/22/97 1.71 12.19 0.40 0.96 10.04
FKFS 10.49 N 08/22/97 1.60 12.50 0.55 0.78 10.93
FMCO 15.76 N 08/22/97 1.06 11.35 0.60 1.05 16.36
FSBI 11.94 N 08/22/97 0.31 13.28 0.40 0.75 10.90
FSPG 14.79 N 08/22/97 0.64 12.50 0.40 0.86 12.91
GAF 5.80 N 08/22/97 0.12 16.89 0.26 1.10 6.97
GPT 9.59 N 08/22/97 2.89 17.50 0.90 1.12 10.49
HARL 16.03 N 08/22/97 -- 12.85 0.53 1.09 16.89
HAVN 13.80 N 08/22/97 0.74 18.56 0.50 0.53 8.81
HRBF 5.41 N 08/22/97 0.05 19.13 0.25 0.74 5.80
IFSB 4.92 N 08/22/97 2.03 16.45 0.20 0.39 5.96
JSB 7.77 N 08/22/97 NA 16.19 0.69 1.85 8.24
LARL 13.82 N 08/22/97 0.43 11.20 0.48 1.39 13.58
LISB 7.63 N 08/22/97 1.03 22.09 0.44 0.71 7.78
LVSB 9.52 N 08/22/97 0.98 14.66 0.55 1.14 11.56
MBB 5.95 N 08/22/97 0.71 19.48 0.30 0.56 6.37
MBB 5.95 N 08/22/97 0.71 19.48 0.30 0.56 6.37
MFSL 10.76 N 08/22/97 0.44 15.34 0.71 0.80 9.60
MLBC 9.23 N 08/22/97 0.46 22.83 0.23 0.52 7.41
NYB 27.70 N 08/22/97 1.09 13.25 0.58 1.63 32.18
PBCI 8.63 N 08/22/97 2.14 11.79 0.44 1.37 10.69
PEEK 4.71 N 08/22/97 0.71 23.90 0.17 1.13 4.38
PFNC 12.31 N 08/22/97 1.46 16.19 0.22 0.84 15.89
PFSB 10.78 N 08/22/97 0.59 13.18 0.55 0.83 11.06
PHFC 6.03 N 08/22/97 1.60 19.38 0.25 0.73 6.50
PKPS 6.52 N 08/22/97 3.81 20.66 0.09 0.58 6.85
PRBC 4.97 N 08/22/97 0.30 16.20 0.27 0.68 5.98
PSBK 11.84 N 08/22/97 0.84 13.28 0.56 0.97 11.59
PULS 13.51 N 08/22/97 0.57 11.39 0.45 1.10 13.79
PVSA 14.91 N 08/22/97 0.27 11.79 0.62 1.07 14.75
PWBC 8.86 N 08/22/97 0.65 15.16 0.27 0.71 9.02
QCSB 11.15 N 08/22/97 0.57 24.07 0.54 1.54 12.67
RARB 13.25 N 08/22/97 0.29 15.03 0.37 0.99 12.53
RELY 10.51 N 08/22/97 0.77 15.63 0.48 0.90 11.10
ROSE 14.28 N 08/22/97 0.45 15.55 0.44 0.88 14.63
SFED 6.18 N 08/22/97 0.68 21.16 0.23 0.63 5.07
SFIN 9.33 N 08/22/97 0.38 14.20 0.33 0.82 8.78
SKAN 10.07 N 08/22/97 1.46 12.23 0.46 0.72 10.38
THRD 6.42 N 08/22/97 0.33 16.92 0.29 0.73 6.60
TPNZ 5.63 N 08/22/97 1.28 24.22 0.18 0.84 4.85
USAB 4.05 N 08/22/97 0.67 17.71 0.12 0.80 6.93
WHGB 3.72 N 08/22/97 0.15 22.43 0.17 0.93 4.37
WSB 8.66 N 08/22/97 NA 16.88 0.10 0.72 8.67
WSFS 23.57 N 08/22/97 1.66 10.98 0.33 1.12 21.27
WVFC 10.73 N 08/22/97 0.30 13.69 0.50 1.21 10.88
WWFC 8.78 N 08/22/97 -- 14.36 0.37 0.86 9.42
20
Exhibit II.2 -- Selected Publicly Held Mid-Atlantic Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
WYNE 6.16 N 08/22/97 0.91 22.22 0.27 0.83 6.02
YFCB 6.81 N 08/22/97 0.57 15.97 0.27 1.13 7.48
YFED 9.46 N 08/22/97 1.24 17.65 0.34 0.84 9.96
Maximum 27.70 3.81 24.22 0.90 1.85 32.18
Minimum 3.72 -- 10.98 0.09 0.39 4.37
Average 9.70 0.83 16.39 0.39 0.91 9.99
Median 9.40 0.65 16.19 0.36 0.85 9.70
21
Exhibit II.3 -- Selected Publicly Held Maryland Thrifts
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 37.500 22.58
HRBF Harbor Federal Bancorp Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 19.125 32.39
MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 43.563 139.84
WHGB WHG Bancshares Corp. Lutherville MD MA SAIF NASDAQ 04/01/96 15.250 22.30
WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 6.750 28.67
Maximum 43.563 139.840
Minimum 6.750 22.300
Average 24.438 49.156
Median 19.125 28.670
22
Exhibit II.3 -- Selected Publicly Held Maryland Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
EQSB 11.36 145.35 145.35 7.33 -- 308,197 5.04 5.04 3.30 0.73
HRBF 20.56 116.05 116.05 14.97 2.09 216,370 12.89 12.89 0.93 0.70
MFSL 13.74 144.15 145.99 12.08 1.84 1,157,445 8.38 8.29 3.17 0.89
WHGB 26.29 107.70 107.70 22.24 1.31 100,235 20.66 20.66 0.58 0.85
WSB 16.46 133.66 133.66 11.10 1.48 258,330 8.30 8.30 0.41 0.73
Maximum 26.29 145.35 145.99 22.24 2.09 1,157,445 20.66 20.66 3.30 0.89
Minimum 11.36 107.70 107.70 7.33 -- 100,235 5.04 5.04 0.41 0.70
Average 17.68 129.38 129.75 13.54 1.34 408,115 11.05 11.04 1.68 0.78
Median 16.46 133.66 133.66 12.08 1.48 258,330 8.38 8.30 0.93 0.73
23
Exhibit II.3 -- Selected Publicly Held Maryland Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
EQSB 14.49 N 08/22/97 0.15 11.43 0.82 0.70 13.83
HRBF 5.41 N 08/22/97 0.05 19.13 0.25 0.74 5.80
MFSL 10.76 N 08/22/97 0.44 15.34 0.71 0.80 9.60
WHGB 3.72 N 08/22/97 0.15 22.43 0.17 0.93 4.37
WSB 8.66 N 08/22/97 NA 16.88 0.10 0.72 8.67
Maximum 14.49 0.44 22.43 0.82 0.93 13.83
Minimum 3.72 0.05 11.43 0.10 0.70 4.37
Average 8.61 0.20 17.04 0.41 0.78 8.45
Median 8.66 0.15 16.88 0.25 0.74 8.67
24
Exhibit II.4 -- Comparatives General
Total Current Current
Number Assets Stock Market
of ($000) Price Value
Ticker Short Name City State Offices Mst RctQ IPO Date ($) ($M)
- ------ ---------- ---- ----- ------- -------- -------- ------- -------
ALBC Albion Banc Corp. Albion NY 2 66,316 07/26/93 23.25 6.12
CLAS Classic Bancshares Inc. Ashland KY 3 130,525 12/29/95 14.00 18.27
FFSL First Independence Corp. Independence KS 2 110,876 10/08/93 12.88 12.77
GUPB GFSB Bancorp Inc. Gallup NM 1 86,911 06/30/95 18.75 15.08
HHFC Harvest Home Financial Corp. Cheviot OH 3 87,596 10/10/94 11.75 10.75
INCB Indiana Community Bank SB Lebanon IN 3 91,329 12/15/94 15.25 14.06
MWBI Midwest Bancshares Inc. Burlington IA 4 146,542 11/12/92 33.88 11.53
NSLB NS&L Bancorp Inc. Neosho MO 2 59,711 06/08/95 18.63 13.18
PRBC Prestige Bancorp Inc. Pleasant Hills PA 3 135,721 06/27/96 17.50 16.01
RIVR River Valley Bancorp Madison IN 6 140,442 12/20/96 16.88 20.09
SOBI Sobieski Bancorp Inc. South Bend IN 3 79,080 03/31/95 16.25 12.34
TPNZ Tappan Zee Financial Inc. Tarrytown NY 1 124,150 10/05/95 17.44 26.11
Maximum 6 146,542 33.88 26.11
Minimum 1 59,711 11.75 6.12
Average 3 104,933 18.04 14.69
Median 3 101,103 17.16 13.62
25
Exhibit II.5 -- Comparatives Balance Sheet
Total Mortgage-
Total Cash and Cash & Inv. Backed MBS's Net Net Loans
Assets Investments % of Assets Securities % of Assets Loans % of Assets
($000) ($000) (%) ($000) (%) ($000) (%)
Ticker Short Name Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- -------- ----------- ----------- ---------- ----------- -------- -----------
ALBC Albion Banc Corp. 66,316 15,377 23.19 8,772 13.23 47,090 71.01
CLAS Classic Bancshares Inc. 130,525 35,719 27.37 NA NA 86,140 66.00
FFSL First Independence Corp. 110,876 36,061 32.52 16,488 14.87 72,513 65.40
GUPB GFSB Bancorp Inc. 86,911 40,582 46.69 32,789 37.73 45,026 51.81
HHFC Harvest Home Financial Corp. 87,596 40,835 46.62 NA NA 45,063 51.44
INCB Indiana Community Bank SB 91,329 16,913 18.52 2,828 3.10 71,330 78.10
MWBI Midwest Bancshares Inc. 146,542 55,236 37.69 29,167 19.90 87,221 59.52
NSLB NS&L Bancorp Inc. 59,711 24,788 41.51 4,750 7.95 33,238 55.66
PRBC Prestige Bancorp Inc. 135,721 41,294 30.43 12,170 8.97 90,840 66.93
RIVR River Valley Bancorp 140,442 22,829 16.26 10,347 7.37 112,558 80.15
SOBI Sobieski Bancorp Inc. 79,080 18,771 23.74 14,182 17.93 57,698 72.96
TPNZ Tappan Zee Financial Inc. 124,150 64,801 52.20 NA NA 56,122 45.20
Maximum 146,542 64,801 52.20 32,789 37.73 112,558 80.15
Minimum 59,711 15,377 16.26 2,828 3.10 33,238 45.20
Average 104,933 34,434 33.06 14,610 14.56 67,070 63.68
Median 101,103 35,890 31.47 12,170 13.23 64,514 65.70
Exhibit II.5 -- Comparatives Balance Sheet (Continued)
Invest &
Foreclosed Total Other Total Total Dep. Total Borrowings Other
Real Estate Intangibles Assets Deposits % of Assets Borrowings % of Assets Liabilities
($000) ($000) ($000) ($000) (%) ($000) (%) ($000)
Ticker Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ
- ------ ----------- ----------- -------- -------- ----------- ---------- ----------- -----------
ALBC 105 -- 2,855 50,306 75.86 9,270 13.98 835
CLAS 370 2,996 5,300 99,108 75.93 10,977 8.41 1,031
FFSL 58 -- 2,244 74,275 66.99 23,300 21.01 1,734
GUPB -- -- 1,303 55,285 63.61 16,450 18.93 1,010
HHFC -- -- 1,698 57,072 65.15 19,650 22.43 525
INCB -- -- 3,086 79,413 86.95 -- -- 604
MWBI 473 -- 3,612 106,786 72.87 28,500 19.45 1,133
NSLB -- -- 1,685 44,018 73.72 3,000 5.02 1,014
PRBC 10 -- 3,577 88,896 65.50 30,281 22.31 1,435
RIVR 82 259 4,416 116,020 82.61 5,000 3.56 2,018
SOBI -- -- 2,611 58,996 74.60 7,100 8.98 803
TPNZ 122 -- 3,105 100,866 81.25 -- -- 2,158
Maximum 473 2,996 5,300 116,020 86.95 30,281 22.43 2,158
Minimum -- -- 1,303 44,018 63.61 -- -- 525
Average 102 271 2,958 77,587 73.75 12,794 12.01 1,192
Median 34 -- 2,971 76,844 74.16 10,124 11.48 1,023
26
Exhibit II.5 -- Comparatives Balance Sheet (Continued)
Regulatory Regulatory Regulatory
Total Common Total Tangible Core Total Tangible
Liabilities Equity Equity Capital Capital Capital Capital/
($000) ($000) ($000) ($000) ($000) ($000) Tangible
Ticker Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Assets (%)
- ------ ----------- -------- -------- ---------- ---------- ---------- ----------
ALBC 60,411 5,905 5,905 NA NA NA 8.22
CLAS 111,116 19,409 19,409 7,676 7,676 8,003 NA
FFSL 99,309 11,567 11,567 9,130 9,130 9,758 9.87
GUPB 72,745 14,166 14,166 -- NA NA 14.54
HHFC 77,247 10,349 10,349 NA NA NA NA
INCB 80,017 11,312 11,312 11,311 11,311 11,821 NA
MWBI 136,419 10,123 10,123 8,760 8,760 9,470 6.09
NSLB 48,032 11,679 11,679 8,650 8,650 8,692 13.83
PRBC 120,612 15,109 15,109 15,349 15,349 15,698 11.19
RIVR 123,038 17,404 17,404 12,154 12,154 12,608 NA
SOBI 66,899 12,181 12,181 8,800 8,800 9,000 11.85
TPNZ 103,024 21,126 21,126 16,763 16,763 17,338 14.22
Maximum 136,419 21,126 21,126 16,763 16,763 17,338 14.54
Minimum 48,032 5,905 5,905 -- 7,676 8,003 6.09
Average 91,572 13,361 13,361 9,859 10,955 11,376 11.23
Median 89,663 11,930 11,930 8,965 9,130 9,758 11.52
Exhibit II.5 -- Comparatives Balance Sheet (Continued)
Loan Loss Publicly Tangible Earn Assets/ Full-Time Loans
Core Risk-Based NPAs/ Reserves/ Reserves/ Reported Publicly Rep Int Bearing Equivalent Serviced
Capital/ Capital/ Assets Assets NPLs Book Value Book Value Liabilities Employees For Others
Adj Tangible Risk-Weightd (%) (%) (%) ($) ($) (%) (Actual) ($000)
Ticker Assets (%) Assets (%) Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ
- ------ ------------ ------------ -------- --------- --------- ---------- ------------ ------------ ---------- ----------
ALBC 8.22 16.67 0.60 0.47 104.30 23.62 23.62 107.07 27 10,947
CLAS NA NA 0.66 0.62 165.98 14.87 12.57 111.39 NA --
FFSL 9.87 23.77 0.37 0.60 187.11 11.60 11.60 111.21 24 2,316
GUPB 14.54 36.76 0.18 0.36 199.36 16.88 16.88 120.83 16 --
HHFC NA NA 0.11 0.13 117.00 11.31 11.31 112.43 NA NA
INCB NA NA NA 0.56 NA 12.27 12.27 112.01 48 868
MWBI 6.09 15.27 0.77 0.48 109.06 29.06 29.06 105.60 39 --
NSLB 13.83 38.51 0.02 0.07 466.67 16.51 16.51 123.52 NA --
PRBC 11.19 25.63 0.30 0.26 87.47 16.51 16.51 111.16 33 --
RIVR NA NA 0.49 0.84 193.60 14.62 14.40 107.97 55 NA
SOBI 11.85 28.52 0.25 0.25 102.04 17.52 17.52 117.19 22 --
TPNZ 14.22 38.00 1.28 0.54 45.58 14.11 14.11 123.01 14 NA
Maximum 14.54 38.51 1.28 0.84 466.67 29.06 29.06 123.52 55 10,947
Minimum 6.09 15.27 0.02 0.07 45.58 11.31 11.31 105.60 14 --
Average 11.23 27.89 0.46 0.43 161.65 16.57 16.36 113.62 31 1,570
Median 11.52 27.08 0.37 0.48 117.00 15.69 15.46 111.70 27 --
27
Exhibit II.6 -- Comparatives Operations
Net Income Return on Core
Average Before Return on Avg Assets Income/ Return on
Assets Net Income Extra Items Avg Assets Before Extra Avg Assets Avg Equity
($000) ($000) ($000) (%) (%) (%) (%)
Ticker Short Name LTM LTM LTM LTM LTM LTM LTM
- ------ ---------- ------- ---------- ----------- ---------- ------------ ---------- ----------
ALBC Albion Banc Corp. 60,934 55 55 0.09 0.09 0.38 0.93
CLAS Classic Bancshares Inc. 123,944 665 665 0.54 0.54 0.72 3.46
FFSL First Independence Corp. 108,915 467 467 0.43 0.43 0.69 3.87
GUPB GFSB Bancorp Inc. 78,351 578 578 0.74 0.74 0.93 3.86
HHFC Harvest Home Financial Corp. 81,870 243 243 0.30 0.30 0.57 2.31
INCB Indiana Community Bank SB 90,855 150 150 0.17 0.17 0.50 1.29
MWBI Midwest Bancshares Inc. 139,312 631 631 0.45 0.45 0.75 6.56
NSLB NS&L Bancorp Inc. 58,716 290 290 0.49 0.49 0.77 2.39
PRBC Prestige Bancorp Inc. 117,057 431 431 0.37 0.37 0.65 2.83
RIVR River Valley Bancorp NA NA NA NA NA NA NA
SOBI Sobieski Bancorp Inc. 79,053 225 225 0.28 0.28 0.57 1.64
TPNZ Tappan Zee Financial Inc. 119,994 866 866 0.72 0.72 1.00 4.06
Maximum 139,312 866 866 0.74 0.74 1.00 6.56
Minimum 58,716 55 55 0.09 0.09 0.38 0.93
Average 96,273 418 418 0.42 0.42 0.68 3.02
Median 90,855 431 431 0.43 0.43 0.69 2.83
Exhibit II.6 -- Comparatives Operations (Continued)
Return on Core Loan Loan Loss Total Total Net Loan Common
Avg Equity Income/ Loss Prov. as % of Noninterest Noninterest Chargeoffs/ LTM EPS Dividends
Before Extra Avg Equity Provision Avg Assets Income Expense Avg Loans After Extra Per Share
(%) (%) ($000) (%) ($000) ($000) (%) ($) ($)
Ticker LTM LTM LTM LTM LTM LTM LTM LTM LTM
- ------ ------------ ---------- --------- ------------- ----------- ----------- ----------- ----------- ---------
ALBC 0.93 3.90 140 0.23 250 1,925 0.16 0.22 0.31
CLAS 3.46 4.64 138 0.11 309 3,039 NA 0.55 0.20
FFSL 3.87 6.20 -- -- 234 2,115 0.03 0.45 0.23
GUPB 3.86 4.89 21 0.03 57 1,505 0.05 0.67 0.75
HHFC 2.31 4.44 7 0.01 60 1,680 -- 0.26 3.40
INCB 1.29 3.92 460 0.51 870 3,546 0.54 0.15 3.36
MWBI 6.56 10.82 48 0.03 298 2,536 -- 1.69 0.58
NSLB 2.39 3.72 (1) (0.00) 197 1,334 -- 0.44 0.50
PRBC 2.83 4.97 70 0.06 319 2,811 0.03 0.51 0.06
RIVR NA NA NA NA NA NA NA NA NA
SOBI 1.64 3.28 -- -- 189 2,030 -- 0.29 0.07
TPNZ 4.06 5.63 74 0.06 139 2,886 0.11 0.60 0.20
Maximum 6.56 10.82 460 0.51 870 3,546 0.54 1.69 3.40
Minimum 0.93 3.28 (1) (0.00) 57 1,334 -- 0.15 0.06
Average 3.02 5.13 87 0.09 266 2,310 0.09 0.53 0.88
Median 2.83 4.64 48 0.03 234 2,115 0.03 0.45 0.31
28
Exhibit II.6 -- Comparatives Operations (Continued)
Dividend Interest Interest Net Interest Gain on Real Noninterest G&A Noninterest
Payout Income/ Expense/ Income/ Sale/ Estate Income/ Expense/ Expense/
Ratio Avg Assets Avg Assets Avg Assets Avg Assets Expense Avg Assets Avg Assets Avg Assets
(%) (%) (%) (%) (%) ($000) (%) (%) (%)
Ticker LTM LTM LTM LTM LTM LTM LTM LTM LTM
- ------ -------- ---------- ---------- ------------ ---------- ------- ----------- ---------- -----------
ALBC 140.91 7.52 4.02 3.50 0.01 (39.00) 0.41 3.22 3.16
CLAS 36.36 6.69 3.36 3.33 0.06 4.00 0.25 2.37 2.45
FFSL 50.00 7.34 4.55 2.78 -- 6.00 0.21 1.94 1.94
GUPB 111.94 7.30 4.01 3.29 0.02 -- 0.07 1.92 1.92
HHFC NM 7.08 4.25 2.83 0.01 -- 0.07 2.05 2.05
INCB NM 7.77 3.54 4.23 -- -- 0.96 3.90 3.90
MWBI 34.32 7.42 4.60 2.82 0.03 (30.00) 0.21 1.84 1.82
NSLB 113.64 6.48 3.41 3.07 0.05 -- 0.34 2.27 2.27
PRBC 11.76 6.85 3.66 3.20 -- -- 0.27 2.40 2.40
RIVR NA NA NA NA NA NA NA 2.68 NA
SOBI 24.14 7.14 3.91 3.23 0.09 (3.00) 0.24 2.57 2.57
TPNZ 33.33 7.31 3.53 3.78 0.02 61.00 0.12 2.35 2.41
Maximum 140.91 7.77 4.60 4.23 0.09 61.00 0.96 3.90 3.90
Minimum 11.76 6.48 3.36 2.78 -- (39.00) 0.07 1.84 1.82
Average 61.82 7.17 3.89 3.28 0.03 (0.09) 0.29 2.46 2.44
Median 36.36 7.30 3.91 3.23 0.02 -- 0.24 2.36 2.40
Exhibit II.6 -- Comparatives Operations (Continued)
Net Oper Total Amortization Yield on Cost of Interest
Expenses/ Nonrecurring of Tax Efficiency Int Earning Int Bearing Effective Yield
Avg Assets Expense Intangibles Provision Ratio Assets Liabilities Tax Rate Spread
(%) ($000) ($000) ($000) (%) (%) (%) (%) (%)
Ticker LTM LTM LTM LTM LTM LTM LTM LTM LTM
- ------ ---------- ------------ ------------ --------- ---------- ----------- ----------- --------- --------
ALBC 2.81 275 -- (7.00) 82.45 7.92 4.61 (14.58) 3.31
CLAS 2.12 416 93.00 251.00 66.28 7.07 4.02 27.40 3.05
FFSL 1.72 432 -- 253.00 64.57 7.48 5.21 35.14 2.27
GUPB 1.85 250 -- 298.00 57.05 7.37 5.03 34.02 2.34
HHFC 1.98 368 -- 103.00 70.65 7.22 4.91 29.77 2.31
INCB 2.95 474 -- 80.00 75.29 8.06 4.11 34.78 3.95
MWBI 1.63 675 -- 379.00 60.75 7.65 5.01 37.52 2.64
NSLB 1.94 281 -- 128.00 66.70 6.65 4.39 30.62 2.26
PRBC 2.13 502 -- 246.00 69.24 7.05 4.25 36.34 2.80
RIVR NA NA NA NA NA NA NA NA NA
SOBI 2.33 414 -- 143.00 74.09 7.37 4.78 38.86 2.59
TPNZ 2.24 538 -- 332.00 60.45 7.49 4.41 27.71 3.08
Maximum 2.95 675 93 379 82.45 8.06 5.21 38.86 3.95
Minimum 1.63 250 -- (7) 57.05 6.65 4.02 (14.58) 2.26
Average 2.15 420 8 201 67.96 7.39 4.61 28.87 2.78
Median 2.12 416 -- 246 66.70 7.37 4.61 34.02 2.64
29
Exhibit II.7 -- Comparatives Pricing Characteristics
Current Current Price/ Current Current Current Total
Stock Market LTM Price/ Price/Tang Price/ Dividend Assets
Price Value Core EPS Book Value Book Value Assets Yield ($000)
Ticker Name City State ($) ($M) (x) (%) (%) (%) (%) Mst RctQ
- ------ ---- ---- ----- ------- ------- -------- ---------- ---------- ------ -------- --------
ALBC AlbionBancCorp-NY Albion NY 23.250 6.12 24.73 98.43 98.43 8.77 1.38 66,316
CLAS ClassicBcshs-KY Ashland KY 14.000 18.27 19.18 94.15 111.38 14.00 2.00 130,525
FFSL FirstIndcCorp-KS Independence KS 12.875 12.77 18.13 110.99 110.99 11.58 1.94 110,876
GUPB GFSBBancorp-NM Gallup NM 18.750 15.08 22.32 111.08 111.08 18.11 2.13 86,911
HHFC HarvestHome-OH Cheviot OH 11.750 10.75 22.17 103.89 103.89 12.27 3.40 87,596
INCB IndianaCommBkSB-IN Lebanon IN 15.250 14.06 31.77 124.29 124.29 15.40 2.36 91,329
MWBI MidwestBncshrs-IA Burlington IA 33.875 11.53 12.06 116.57 116.57 8.05 1.77 146,542
NSLB NS&LBancorp-MO Neosho MO 18.625 13.18 31.04 112.81 112.81 22.07 2.69 59,711
PRBC PrestigeBancorp-PA Pleasant Hills PA 17.500 16.01 20.11 106.00 106.00 11.80 0.69 135,721
RIVR RiverValleyBncp-IN Madison IN 16.875 20.09 14.55 115.42 117.19 14.30 0.95 140,442
SOBI SobieskiBancorp-IN South Bend IN 16.250 12.34 28.51 92.75 92.75 15.61 1.97 79,080
TPNZ TappanZeeFin-NY Tarrytown NY 17.438 26.11 21.01 123.59 123.59 21.03 1.61 124,150
Maximum 33.875 26.11 31.77 124.29 124.29 22.07 3.40 146,542
Minimum 11.750 6.12 12.06 92.75 92.75 8.05 0.69 59,711
Average 18.037 14.69 22.13 109.16 110.75 14.42 1.91 104,933
Median 17.157 13.62 21.59 111.04 111.23 14.15 1.96 101,103
Exhibit II.7 -- Comparatives Pricing Characteristics (Continued)
Tangible Core Core ROACE Core Core
Equity/ Equity/ Core Income/ Income/ Before NPAs/ Price/ Core Income/ Income/
Assets Tang Assets EPS Avg Assets Avg Equity Extra Merger Current Assets Core EPS Avg Assets Avg Equity
(%) (%) ($) (%) (%) (%) Target? Pricing (%) EPS ($) (%) (%)
Ticker Mst RctQ Mst RctQ LTM LTM LTM LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ -------- ----------- ---- ---------- ---------- ------ ------- ------- -------- ------ -------- ---------- ----------
ALBC 8.90 8.90 0.94 0.38 3.90 0.93 N 08/22/97 0.60 12.92 0.45 0.69 7.68
CLAS 14.87 12.87 0.73 0.72 4.64 3.46 N 08/22/97 0.66 17.50 0.20 0.72 4.89
FFSL 10.43 10.43 0.71 0.69 6.20 3.87 N 08/22/97 0.37 17.88 0.18 0.64 6.17
GUPB 16.30 16.30 0.84 0.93 4.89 3.86 N 08/22/97 0.18 22.32 0.21 0.81 4.74
HHFC 11.81 11.81 0.53 0.57 4.44 2.31 N 08/22/97 0.11 15.46 0.19 0.80 6.56
INCB 12.39 12.39 0.48 0.50 3.92 1.29 N 08/22/97 NA 25.42 0.15 0.60 4.77
MWBI 6.91 6.91 2.81 0.75 10.82 6.56 N 08/22/97 0.77 10.86 0.78 0.81 11.75
NSLB 19.56 19.56 0.60 0.77 3.72 2.39 N 08/22/97 0.02 24.51 0.19 0.94 4.78
PRBC 11.13 11.13 0.87 0.65 4.97 2.83 N 08/22/97 0.30 16.20 0.27 0.68 5.98
RIVR 12.39 12.23 1.16 0.88 7.23 NA N 08/22/97 0.49 14.55 0.29 0.88 7.23
SOBI 15.40 15.40 0.57 0.57 3.28 1.64 N 08/22/97 0.25 22.57 0.18 0.67 4.04
TPNZ 17.02 17.02 0.83 1.00 5.63 4.06 N 08/22/97 1.28 24.22 0.18 0.84 4.85
Maximum 19.56 19.56 2.81 1.00 10.82 6.56 1.28 25.42 0.78 0.94 11.75
Minimum 6.91 6.91 0.48 0.38 3.28 0.93 0.02 10.86 0.15 0.60 4.04
Average 13.09 12.91 0.92 0.70 5.30 3.02 0.46 18.70 0.27 0.76 6.12
Median 12.39 12.31 0.78 0.71 4.77 2.83 0.37 17.69 0.20 0.76 5.44
30
Exhibit II.8 -- Comparatives Risk Characteristics
NPAs + Loans Net Loan
NPAs/ 90+ Pst Due/ NPAs/ Reserves/ Reserves/ Chargeoffs/
Assets Assets Equity Loans NPAs Avg Loans
(%) (%) (%) (%) (%) (%)
Ticker Short Name Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- -------- ------------ -------- --------- --------- -----------
ALBC Albion Banc Corp. 0.60 0.60 6.71 0.65 79.55 --
CLAS Classic Bancshares Inc. 0.66 0.94 4.41 0.93 94.15 --
FFSL First Independence Corp. 0.37 0.87 3.59 0.91 160.96 0.12
GUPB GFSB Bancorp Inc. 0.18 0.18 1.10 0.69 199.36 0.44
HHFC Harvest Home Financial Corp. 0.11 0.11 0.97 0.26 117.00 --
INCB Indiana Community Bank SB NA NA NA 0.71 NA 0.91
MWBI Midwest Bancshares Inc. 0.77 0.77 11.10 0.81 63.17 --
NSLB NS&L Bancorp Inc. 0.02 0.03 0.08 0.13 466.67 --
PRBC Prestige Bancorp Inc. 0.30 0.30 2.71 0.38 85.33 --
RIVR River Valley Bancorp 0.49 0.49 3.97 1.03 170.62 0.23
SOBI Sobieski Bancorp Inc. 0.25 0.25 1.61 0.35 102.04 --
TPNZ Tappan Zee Financial Inc. 1.28 1.73 7.55 1.18 42.10 --
Maximum 1.28 1.73 11.10 1.18 466.67 0.91
Minimum 0.02 0.03 0.08 0.13 42.10 --
Average 0.46 0.57 3.98 0.67 143.72 0.14
Median 0.37 0.49 3.59 0.70 102.04 --
Exhibit II.8 -- Comparatives Risk Characteristics (Continued)
Intangible One Year Earn Assets/
Loans/ Assets/ Cum Gap/ Net Int Bearing
Assets Equity Assets Loans Liabilities
(%) (%) (%) ($000) (%)
Ticker Mst RctQ Mst RctQ Mst RctY Mst RctQ Mst RctQ
- ------ -------- ---------- -------- -------- ------------
ALBC 72.82 -- NA 47,090 107.07
CLAS 66.61 15.44 NA 86,140 111.39
FFSL 66.00 -- (14.59) 72,513 111.21
GUPB 52.16 -- NA 45,026 120.83
HHFC 51.58 -- (6.90) 45,063 112.43
INCB 78.66 -- 25.59 71,330 112.01
MWBI 60.00 -- (10.88) 87,221 105.60
NSLB 55.74 -- NA 33,238 123.52
PRBC 67.19 -- (10.89) 90,840 111.16
RIVR 81.20 1.49 NA 112,558 107.97
SOBI 73.21 -- NA 57,698 117.19
TPNZ 45.75 -- NA 56,122 123.01
Maximum 81.20 15.44 25.59 112,558 123.52
Minimum 45.75 -- (14.59) 33,238 105.60
Average 64.24 1.41 (3.53) 67,070 113.62
Median 66.31 -- (10.88) 64,514 111.70
31
EXHIBIT III
WYMAN PARK FEDERAL SAVINGS AND LOAN ASSOCIATION
LUTHERVILLE, MARYLAND
FINANCIAL HIGHLIGHTS
1994 1995 1996 YTD 3/97
---- ---- ---- --------
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 65,201 63,949 60,764 61,416
% Change in Assets 0.41 (1.92) (4.98) 1.07
Total Loans 56,462 53,147 54,543 53,108
Deposits 58,797 58,635 55,320 55,563
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 3,968 4,461 4,607 4,726
Tangible Capital 4,100 4,467 4,607 4,737
Core Capital 4,100 4,467 4,607 4,737
Risk-Based Capital 4,277 4,592 4,739 4,870
Equity Capital/Total Assets 6.09 6.98 7.58 7.70
Core Capital/Risk Based Assets 11.91 13.52 13.90 14.45
Core Capital/Adj Tang Assets 6.28 6.98 7.58 7.71
Tangible Cap/Tangible Assets 6.28 6.98 7.58 7.71
Risk-Based Cap/Risk-Wt Assets 12.42 13.90 14.30 14.86
PROFITABILITY:
Net Income(Loss) 338 367 126 130
Ret on Avg Assets Bef Ext Item 0.52 0.57 0.20 0.85
Return on Average Equity 8.67 8.71 2.78 11.14
Net Interest Income/Avg Assets 2.91 2.61 2.71 3.12
Noninterest Income/Avg Assets 0.28 0.43 0.19 0.18
Noninterest Expense/Avg Assets 2.14 2.03 2.56 1.91
Yield/Cost Spread 2.76 2.44 2.50 2.94
LIQUIDITY:
Int Earn Assets/Int Bear Liab 105.87 106.43 106.76 107.81
Brokered Deposits/Tot Deposits -- -- -- --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 0.28 0.24 0.16 0.04
Nonaccrual Loans/Gross Loans 0.28 0.24 0.16 0.04
Nonaccrual Lns/Ln Loss Reserve 47.63 101.60 66.67 17.29
Repos Assets/Tot Assets -- -- -- --
Net Chrg-Off/Av Adj Lns 0.54 0.47 -- --
Nonmtg 1-4 Constr&Conv Lns/TA 7.33 6.68 8.77 8.92
1
EXHIBIT IV
ALBC
ALBION FEDERAL SAVINGS & LOAN ASSN.
ALBION, NEW YORK
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 55,371 56,264 64,012 65,666
% Change in Assets 10.12 1.61 13.77 2.58
Total Loans 47,042 44,124 48,012 48,177
Deposits 38,494 46,432 48,493 50,279
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 4,787 4,992 4,988 5,120
Tangible Capital 4,787 4,916 4,948 5,071
Core Capital 4,787 4,916 4,948 5,071
Risk-Based Capital 5,011 5,160 5,157 5,268
Equity Capital/Total Assets 8.65 8.87 7.79 7.80
Core Capital/Risk Based Assets 15.63 16.39 15.32 15.48
Core Capital/Adj Tang Assets 8.65 8.75 7.73 7.73
Tangible Cap/Tangible Assets 8.65 8.75 7.73 7.73
Risk-Based Cap/Risk-Wt Assets 16.36 17.20 15.96 16.08
PROFITABILITY:
Net Income(Loss) 357 169 (21) 113
Ret on Avg Assets Bef Ext Item 0.68 0.30 (0.04) 0.70
Return on Average Equity 7.78 3.46 (0.42) 8.94
Net Interest Income/Avg Assets 3.83 3.38 3.44 3.33
Noninterest Income/Avg Assets 0.32 0.38 0.44 0.64
Noninterest Expense/Avg Assets 2.90 3.23 3.68 2.86
Yield/Cost Spread 3.79 3.41 3.56 3.48
LIQUIDITY:
Int Earn Assets/Int Bear Liab 108.07 105.09 103.30 102.39
Brokered Deposits/Tot Deposits 0 0 0 0
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 0.64 0.82 1.47 1.08
Nonaccrual Loans/Gross Loans 0.46 0.73 0.52 0.63
Nonaccrual Lns/Ln Loss Reserve 99.11 131.97 120.10 153.30
Repos Assets/Tot Assets -- -- -- 0.18
Net Chrg-Off/Av Adj Lns 0.07 0.02 0.17 --
Nonmtg 1-4 Constr&Conv Lns/TA 4.70 4.51 3.63 3.43
1
CLAS
CLASSIC BANK
ASHLAND, KENTUCKY
FINANCIAL HIGHLIGHTS
------------------------------
1994 1995 1996
(All Amounts in Thousands)
Num of Quarters Open for Period 4 4 4
BALANCE SHEET:
Total Assets 60,891 62,486 128,361
% Change in Assets 3.70 2.62 205.42
Total Loans 35,095 42,638 79,805
Deposits 48,549 47,923 97,362
Broker Originated Deposits -- 3,462 --
CAPITAL:
Equity Capital 7,470 13,158 19,151
Tangible Capital 7,470 12,905 16,094
Core Capital 7,470 12,905 16,094
Risk-Based Capital 7,470 13,171 16,094
Equity Capital/Total Assets 12.27 21.06 14.92
Core Capital/Risk Based Assets 32.14 47.59 11.77
Core Capital/Adj Tang Assets 12.27 20.78 12.84
Tangible Cap/Tangible Assets 12.27 20.78 12.12
Risk-Based Cap/Risk-Wt Assets 32.14 48.57 26.78
PROFITABILITY:
Net Income(Loss) 417 324 258
Ret on Avg Assets Bef Ext Item 0.70 0.53 0.78
Return on Average Equity 5.77 3.14 5.44
Net Interest Income/Avg Assets 2.55 2.29 N/M
Noninterest Income/Avg Assets 0.11 0.24 N/M
Noninterest Expense/Avg Assets 1.56 1.74 N/M
Yield/Cost Spread 2.14 1.51 N/M
LIQUIDITY:
Int Earn Assets/Int Bear Liab 111.30 124.15 112.42
Brokered Deposits/Tot Deposits -- 7.22 --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 2.05 0.80 1.12
Nonaccrual Loans/Gross Loans -- 0.79 1.07
Nonaccrual Lns/Ln Loss Reserve -- 129.32 68.31
Repos Assets/Tot Assets -- -- --
Net Chrg-Off/Av Adj Lns 0.59 0.51 0.01
Nonmtg 1-4 Constr&Conv Lns/TA 1.37 4.18 5.81
2
FFSL
FIRST FEDERAL SAVINGS AND LOAN ASSN.
INDEPENDENCE, KANSAS
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 91,415 100,497 107,627 107,927
% Change in Assets 6.30 9.93 7.09 0.28
Total Loans 57,559 61,344 70,066 70,627
Deposits 64,612 71,712 71,698 74,984
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 9,782 10,076 8,734 8,898
Tangible Capital 9,769 10,026 8,742 8,930
Core Capital 9,769 10,026 8,742 8,930
Risk-Based Capital 10,270 10,569 9,347 9,544
Equity Capital/Total Assets 10.70 10.03 8.12 8.24
Core Capital/Risk Based Assets 24.49 23.18 18.10 18.20
Core Capital/Adj Tang Assets 10.69 9.98 8.12 8.27
Tangible Cap/Tangible Assets 10.69 9.98 8.12 8.27
Risk-Based Cap/Risk-Wt Assets 25.75 24.43 19.35 19.45
PROFITABILITY:
Net Income(Loss) 1,195 1,178 643 172
Ret on Avg Assets Bef Ext Item 1.35 1.23 0.62 0.64
Return on Average Equity 12.39 11.86 6.30 7.80
Net Interest Income/Avg Assets 3.76 3.26 2.94 2.69
Noninterest Income/Avg Assets 0.16 0.51 0.27 0.18
Noninterest Expense/Avg Assets 1.75 1.76 2.23 1.81
Yield/Cost Spread 3.52 2.92 2.60 2.50
LIQUIDITY:
Int Earn Assets/Int Bear Liab 110.49 109.85 105.85 106.11
Brokered Deposits/Tot Deposits -- -- -- --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 2.66 1.39 0.74 1.40
Nonaccrual Loans/Gross Loans 1.26 0.84 0.43 0.62
Nonaccrual Lns/Ln Loss Reserve 107.17 76.09 44.06 63.91
Repos Assets/Tot Assets -- -- -- 0.01
Net Chrg-Off/Av Adj Lns (0.05) 0.01 -- --
Nonmtg 1-4 Constr&Conv Lns/TA 9.59 8.62 8.60 8.38
3
GIPB
GALLUP FEDERAL SAVINGS BANK
GALLUP, NEW MEXICO
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 44,032 66,826 82,321 87,380
% Change in Assets 7.25 51.77 23.19 6.15
Total Loans 30,224 34,104 42,920 45,292
Deposits 36,950 39,772 53,903 55,465
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 6,676 12,290 11,945 11,917
Tangible Capital 6,676 12,078 11,614 11,614
Core Capital 6,676 12,078 11,614 11,614
Risk-Based Capital 6,894 11,926 11,150 11,084
Equity Capital/Total Assets 15.16 18.39 14.51 13.64
Core Capital/Risk Based Assets 31.08 48.98 36.52 29.31
Core Capital/Adj Tang Assets 15.16 18.19 14.17 13.34
Tangible Cap/Tangible Assets 15.16 18.19 14.17 13.34
Risk-Based Cap/Risk-Wt Assets 32.10 48.36 35.06 27.97
PROFITABILITY:
Net Income(Loss) 588 721 573 161
Ret on Avg Assets Bef Ext Item 1.38 1.30 0.77 0.76
Return on Average Equity 9.14 7.60 4.82 5.40
Net Interest Income/Avg Assets 4.19 3.75 3.15 2.91
Noninterest Income/Avg Assets 0.13 0.13 0.12 0.12
Noninterest Expense/Avg Assets 2.17 1.78 2.03 1.63
Yield/Cost Spread 3.76 3.14 2.59 2.50
LIQUIDITY:
Int Earn Assets/Int Bear Liab 114.99 120.11 112.65 111.71
Brokered Deposits/Tot Deposits -- -- -- --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 0.30 0.09 0.29 0.34
Nonaccrual Loans/Gross Loans -- -- 0.28 0.34
Nonaccrual Lns/Ln Loss Reserve -- -- 36.63 46.02
Repos Assets/Tot Assets -- -- -- --
Net Chrg-Off/Av Adj Lns -- 0.11 (0.07) 0.19
Nonmtg 1-4 Constr&Conv Lns/TA 10.14 7.91 12.11 9.64
4
HHFC
HARVEST HOME SVGS BK
CHEVOIT, OHIO
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
($'s in Thousands)
Number of Open Quarters 4 4 4 1
BALANCE SHEET:
Total Assets 65,431 66,135 81,666 81,208
% Change in Assets 1.81 1.08 23.48 (0.56)
Securities-Book Value 24,575 24,096 34,723 34,022
Securities-Fair Value 23,840 24,096 34,723 34,022
Total Loans & Leases 36,632 38,576 42,834 44,025
Total Deposits 56,134 56,758 57,923 57,672
Loan/Deposit Ratio 65.26 67.97 73.95 76.34
Provision for Loan Losses 12 9 -- 3
CAPITAL:
Equity Capital 8,262 8,275 8,069 8,146
Total Qualifying Capital(Est) 8,360 8,086 8,207 8,364
Equity Capital/Average Assets 12.74 12.58 11.04 10.00
Tot Qual Cap/Rk Bsd Asts(Est) 29.20 27.51 23.87 24.23
Tier 1 Cap/Rsk Bsed Asts(Est) 28.85 27.13 23.55 23.90
T1 Cap/Avg Assets(Lev Est) 12.05 12.09 10.33 10.13
Dividends Declared/Net Income -- 186.97 -- --
PROFITABILITY:
Net Income(Loss) 450 468 194 153
Return on Average Assets 0.69 0.71 0.27 0.75
Return on Average Equity Cap 7.18 5.66 2.47 7.55
Net Interest Margin 2.95 3.02 2.87 2.83
Net Int Income/Avg Assets 2.90 2.96 2.78 2.75
Noninterest Income/Avg Assets 0.07 0.07 0.09 0.06
Noninterest Exp/Avg Assets 1.96 1.92 2.48 1.66
ASSET QUALITY:
NPL+Frcl RE/Lns+Frcl RE 0.27 0.33 0.51 0.29
NPA's/Equity + LLR 1.20 1.53 2.65 1.53
LLR/Nonperf & Restrcd Lns 140.00 86.72 51.15 90.48
Foreclosed RE/Total Assets 0.05 -- -- --
90+ Day Del Loans/Total Loans -- -- -- --
Loan Loss Reserves/Total Lns 0.27 0.29 0.26 0.26
Net Charge-Offs/Average Loans 0.02 -- -- --
Dom Risk R/E Lns/Tot Dom Lns 13.61 11.86 10.89 10.59
LIQUIDITY:
Brokered Dep/Total Dom Deps -- -- -- --
$100M+ Time Dep/Total Dom Dep 2.95 3.47 3.29 3.56
Int Earn Assets/Int Bear Liab 111.74 111.74 108.83 109.04
Pledged Sec/Total Sec -- -- -- --
Fair Value Sec/Amort Cost Sec 97.01 101.92 99.89 99.54
5
INCB
INDIANA COMMTY BANK SB
LEBANON, INDIANA
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
($'s in Thousands)
Number of Open Quarters 4 4 4 1
BALANCE SHEET:
Total Assets 88,347 90,666 89,476 91,582
% Change in Assets (0.41) 2.62 (1.31) 2.35
Securities-Book Value 10,314 9,320 5,657 7,769
Securities-Fair Value 10,045 9,409 5,711 7,793
Total Loans & Leases 69,380 72,948 72,836 71,839
Total Deposits 73,660 75,566 77,062 79,222
Loan/Deposit Ratio 94.19 96.54 94.52 90.68
Provision for Loan Losses 92 245 303 72
CAPITAL:
Equity Capital 13,736 14,105 11,316 11,311
Total Qualifying Capital(Est) 14,135 14,609 11,918 11,821
Equity Capital/Average Assets 15.52 15.76 12.37 12.49
Tot Qual Cap/Rk Bsd Asts(Est) 23.85 23.66 18.85 19.00
Tier 1 Cap/Rsk Bsed Asts(Est) 23.02 22.94 17.90 18.18
T1 Cap/Avg Assets(Lev Est) 15.74 15.40 12.57 12.49
Dividends Declared/Net Income -- 38.38 2,305.22 122.06
PROFITABILITY:
Net Income(Loss) 78 693 134 136
Return on Average Assets 0.09 0.77 0.15 0.60
Return on Average Equity Cap 0.80 4.98 1.07 4.81
Net Interest Margin 3.67 4.61 4.53 4.65
Net Int Income/Avg Assets 3.43 4.35 4.24 4.40
Noninterest Income/Avg Assets 0.59 0.78 0.88 0.79
Noninterest Exp/Avg Assets 3.14 3.64 4.55 3.91
ASSET QUALITY:
NPL+Frcl RE/Lns+Frcl RE 0.37 0.27 0.16 0.20
NPA's/Equity + LLR 1.82 1.36 0.95 1.24
LLR/Nonperf & Restrcd Lns 188.80 225.25 532.74 346.94
Foreclosed RE/Total Assets -- -- -- --
90+ Day Del Loans/Total Loans 0.37 0.27 0.16 0.02
Loan Loss Reserves/Total Lns 0.70 0.61 0.83 0.71
Net Charge-Offs/Average Loans 0.13 0.40 0.51 0.23
Dom Risk R/E Lns/Tot Dom Lns 6.47 7.33 10.96 8.53
LIQUIDITY:
Brokered Dep/Total Dom Deps -- -- -- --
$100M+ Time Dep/Total Dom Dep 3.32 7.66 8.99 9.38
Int Earn Assets/Int Bear Liab 116.06 115.56 112.52 112.47
Pledged Sec/Total Sec -- 26.82 22.98 38.62
Fair Value Sec/Amort Cost Sec 97.39 100.33 100.56 100.17
6
MWBI
MIDWEST FEDERAL S&LA OF EASTERN IOWA
BURLINGTON, IOWA
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 131,055 133,548 135,767 138,277
% Change in Assets 0.18 1.90 1.66 1.85
Total Loans 70,724 74,518 81,847 83,211
Deposits 106,937 102,274 102,134 104,595
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 8,869 9,516 8,668 8,732
Tangible Capital 8,869 9,175 8,702 8,961
Core Capital 8,869 9,175 8,702 8,961
Risk-Based Capital 9,497 9,837 9,388 9,659
Equity Capital/Total Assets 6.77 7.13 6.38 6.31
Core Capital/Risk Based Assets 17.52 17.32 14.73 14.63
Core Capital/Adj Tang Assets 6.77 6.89 6.41 6.47
Tangible Cap/Tangible Assets 6.77 6.89 6.41 6.47
Risk-Based Cap/Risk-Wt Assets 18.76 18.57 15.89 15.77
PROFITABILITY:
Net Income(Loss) 1,123 1,338 657 259
Ret on Avg Assets Bef Ext Item 0.86 1.01 0.48 0.76
Return on Average Equity 12.81 14.55 7.69 11.91
Net Interest Income/Avg Assets 2.91 2.79 2.75 2.74
Noninterest Income/Avg Assets 0.27 0.67 0.37 0.34
Noninterest Expense/Avg Assets 1.87 1.90 2.32 1.84
Yield/Cost Spread 2.91 2.76 2.77 2.73
LIQUIDITY:
Int Earn Assets/Int Bear Liab 103.65 103.95 102.94 102.43
Brokered Deposits/Tot Deposits -- -- -- --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 1.06 0.16 1.39 1.36
Nonaccrual Loans/Gross Loans 0.23 0.07 1.11 1.36
Nonaccrual Lns/Ln Loss Reserve 25.23 7.54 134.26 162.89
Repos Assets/Tot Assets -- -- -- --
Net Chrg-Off/Av Adj Lns 0.06 -- 0.05 --
Nonmtg 1-4 Constr&Conv Lns/TA 3.05 5.72 8.41 6.70
7
NSLB
NEOSHO SAVINGS & LOAN ASSN., FA
NEOSHO, MISSOURI
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 49,738 53,156 56,645 56,507
% Change in Assets (4.49) 6.87 6.56 (0.24)
Total Loans 25,095 28,013 31,762 32,145
Deposits 43,274 41,964 44,062 43,630
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 6,018 9,947 8,339 8,475
Tangible Capital 6,018 9,947 8,339 8,475
Core Capital 6,018 9,947 8,339 8,475
Risk-Based Capital 6,036 9,945 8,381 8,518
Equity Capital/Total Assets 12.10 18.71 14.72 15.00
Core Capital/Risk Based Assets 34.70 51.58 38.31 35.21
Core Capital/Adj Tang Assets 12.10 18.71 14.72 15.00
Tangible Cap/Tangible Assets 12.10 18.71 14.72 15.00
Risk-Based Cap/Risk-Wt Assets 34.81 51.57 38.50 35.39
PROFITABILITY:
Net Income(Loss) 471 471 186 93
Ret on Avg Assets Bef Ext Item 0.93 0.92 0.33 0.66
Return on Average Equity 8.16 5.90 1.97 4.42
Net Interest Income/Avg Assets 3.04 3.06 2.80 2.90
Noninterest Income/Avg Assets 0.59 0.54 0.43 0.36
Noninterest Expense/Avg Assets 2.17 2.32 2.79 2.24
Yield/Cost Spread 2.94 2.70 2.32 2.49
LIQUIDITY:
Int Earn Assets/Int Bear Liab 110.37 119.53 114.10 114.51
Brokered Deposits/Tot Deposits -- -- -- --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 0.04 0.12 0.14 --
Nonaccrual Loans/Gross Loans -- 0.12 0.14 --
Nonaccrual Lns/Ln Loss Reserve -- 89.74 107.14 --
Repos Assets/Tot Assets -- -- -- --
Net Chrg-Off/Av Adj Lns -- (0.02) -- --
Nonmtg 1-4 Constr&Conv Lns/TA 0.42 0.33 0.20 1.03
8
PRBC
PRESTIGE BANK, FSB
PITTSBURGH, PENNSYLVANIA
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 87,539 92,015 114,449 126,471
% Change in Assets 6.08 5.11 24.38 10.50
Total Loans 60,987 61,798 77,038 83,099
Deposits 75,313 80,858 87,453 90,695
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 7,024 7,219 11,629 11,740
Tangible Capital 7,024 7,282 11,787 12,158
Core Capital 7,024 7,282 11,787 12,158
Risk-Based Capital 7,328 7,569 12,094 12,480
Equity Capital/Total Assets 8.02 7.85 10.16 9.28
Core Capital/Risk Based Assets 18.93 18.75 23.20 21.07
Core Capital/Adj Tang Assets 8.02 7.91 10.28 9.58
Tangible Cap/Tangible Assets 8.02 7.91 10.28 9.58
Risk-Based Cap/Risk-Wt Assets 19.7478 19.4881 23.8061 21.6325
PROFITABILITY:
Net Income(Loss) 549 197 86 191
Ret on Avg Assets Bef Ext Item 0.65 0.22 0.09 0.63
Return on Average Equity 8.11 2.77 0.87 6.54
Net Interest Income/Avg Assets 3.12 2.52 2.93 3.06
Noninterest Income/Avg Assets 0.37 0.29 0.33 0.30
Noninterest Expense/Avg Assets 2.39 2.49 3.06 2.28
Yield/Cost Spread 3.08 2.46 2.79 2.92
LIQUIDITY:
Int Earn Assets/Int Bear Liab 105.60 105.03 107.94 106.44
Brokered Deposits/Tot Deposits -- -- -- --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 0.64 0.57 0.50 0.49
Nonaccrual Loans/Gross Loans 0.64 0.50 0.44 0.47
Nonaccrual Lns/Ln Loss Reserve 128.62 106.62 110.75 122.05
Repos Assets/Tot Assets -- -- -- 0.01
Net Chrg-Off/Av Adj Lns -- 0.09 0.04 0.01
Nonmtg 1-4 Constr&Conv Lns/TA 0.84 0.86 0.89 0.79
9
RIVR
MADISON FIRST FEDERAL SAVINGS & LOAN ASSN.
MADISON, INDIANA
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 87,542 86,949 82,863 138,325
% Change in Assets 4.04 (0.68) (4.70) 166.90
Total Loans 56,533 58,408 59,746 108,640
Deposits 75,607 75,485 70,550 118,661
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 6,320 6,688 11,688 17,099
Tangible Capital 6,164 6,528 11,689 16,833
Core Capital 6,164 6,528 11,689 16,833
Risk-Based Capital 6,412 6,777 12,112 N/A
Equity Capital/Total Assets 7.22 7.69 14.11 12.36
Core Capital/Risk Based Assets 15.16 15.35 26.60 15.72
Core Capital/Adj Tang Assets 7.05 7.54 14.11 15.73
Tangible Cap/Tangible Assets 7.05 7.54 14.11 15.73
Risk-Based Cap/Risk-Wt Assets 15.77 15.94 27.56 31.10
PROFITABILITY:
Net Income(Loss) 652 356 (59) 341
Ret on Avg Assets Bef Ext Item 0.76 0.41 (0.24) 0.98
Return on Average Equity 10.88 5.47 (2.77) 8.05
Net Interest Income/Avg Assets 3.00 2.50 2.80 N/M
Noninterest Income/Avg Assets 0.33 0.35 0.49 N/M
Noninterest Expense/Avg Assets 2.05 2.19 3.22 N/M
Yield/Cost Spread 3.08 2.57 2.75 N/A
LIQUIDITY:
Int Earn Assets/Int Bear Liab 102.01 101.97 113.10 112.12
Brokered Deposits/Tot Deposits -- -- -- --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 0.05 0.01 0.26 0.12
Nonaccrual Loans/Gross Loans -- -- -- --
Nonaccrual Lns/Ln Loss Reserve -- -- -- --
Repos Assets/Tot Assets -- -- -- 0.06
Net Chrg-Off/Av Adj Lns 0.01 0.01 0.01 --
Nonmtg 1-4 Constr&Conv Lns/TA 8.01 12.42 10.21 N/A
10
SOBI
SOBIESKI FEDERAL SAVINGS & LOAN ASSN.
SOUTH BEND, INDIANA
FINANCIAL HIGHLIGHTS
------------------------------------------
1994 1995 1996 1997
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 70,694 72,595 75,773 76,285
% Change in Assets (4.11) 2.69 4.38 0.68
Total Loans 49,594 45,893 52,234 55,213
Deposits 64,309 61,399 59,714 59,045
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 5,917 10,002 9,321 8,803
Tangible Capital 5,917 9,964 9,331 8,814
Core Capital 5,917 9,964 9,331 8,814
Risk-Based Capital 6,117 10,164 9,531 9,014
Equity Capital/Total Assets 8.37 13.78 12.30 11.54
Core Capital/Risk Based Assets 19.89 35.15 29.37 27.61
Core Capital/Adj Tang Assets 8.37 13.73 12.31 11.55
Tangible Cap/Tangible Assets 8.37 13.73 12.31 11.55
Risk-Based Cap/Risk-Wt Assets 20.56 35.86 30.00 28.24
PROFITABILITY:
Net Income(Loss) 686 363 74 106
Ret on Avg Assets Bef Ext Item 0.95 0.57 0.10 0.56
Return on Average Equity 12.25 5.09 0.76 4.68
Net Interest Income/Avg Assets 3.53 3.02 2.92 3.04
Noninterest Income/Avg Assets 0.22 0.23 0.37 0.27
Noninterest Expense/Avg Assets 2.20 2.40 3.08 2.41
Yield/Cost Spread 3.45 2.84 2.69 2.88
LIQUIDITY:
Int Earn Assets/Int Bear Liab 105.04 109.97 107.58 108.24
Brokered Deposits/Tot Deposits -- -- -- --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 0.30 0.17 0.38 0.37
Nonaccrual Loans/Gross Loans -- -- -- --
Nonaccrual Lns/Ln Loss Reserve -- -- -- --
Repos Assets/Tot Assets -- -- -- --
Net Chrg-Off/Av Adj Lns -- -- -- --
Nonmtg 1-4 Constr&Conv Lns/TA 0.50 3.57 4.53 4.85
11
TPNZ
TARRYTOWN BANK, FSB
TARRYTOWN, NEW YORK
FINANCIAL HIGHLIGHTS
-------------------------------------------
1994 1995 1996 YTD 3/97
(All $ Amounts in Thousands)
Num of Quarters Open for Period 4 4 4 1
BALANCE SHEET:
Total Assets 88,922 105,172 113,708 117,216
% Change in Assets 3.92 18.27 8.12 3.09
Total Loans 47,144 51,327 56,486 55,504
Deposits 80,489 86,671 95,582 98,630
Broker Originated Deposits -- -- -- --
CAPITAL:
Equity Capital 7,317 16,267 16,331 16,298
Tangible Capital 7,317 16,055 16,482 16,607
Core Capital 7,317 16,055 16,482 16,607
Risk-Based Capital 7,317 16,055 17,042 17,151
Equity Capital/Total Assets 8.23 15.47 14.36 13.90
Core Capital/Risk Based Assets 20.24 36.26 36.79 38.23
Core Capital/Adj Tang Assets 8.23 15.30 14.48 14.13
Tangible Cap/Tangible Assets 8.23 15.30 14.48 14.13
Risk-Based Cap/Risk-Wt Assets 20.24 36.26 38.04 39.48
PROFITABILITY:
Net Income(Loss) 921 823 787 256
Ret on Avg Assets Bef Ext Item 1.06 0.85 0.70 0.89
Return on Average Equity 12.99 6.98 4.89 6.28
Net Interest Income/Avg Assets 4.15 3.53 3.67 3.70
Noninterest Income/Avg Assets 0.13 0.15 0.22 0.19
Noninterest Expense/Avg Assets 2.06 2.27 2.86 2.29
Yield/Cost Spread 4.10 3.22 3.23 3.27
LIQUIDITY:
Int Earn Assets/Int Bear Liab 106.59 116.46 114.87 113.89
Brokered Deposits/Tot Deposits -- -- -- --
ASSET QUALITY:
Nonperf Lns+REO/Total Lns+REO 4.62 5.43 3.49 2.97
Nonaccrual Loans/Gross Loans 0.90 1.45 1.08 0.82
Nonaccrual Lns/Ln Loss Reserve 79.67 110.39 96.88 68.94
Repos Assets/Tot Assets -- -- -- 0.10
Net Chrg-Off/Av Adj Lns 0.27 0.07 0.11 0.03
Nonmtg 1-4 Constr&Conv Lns/TA 8.35 6.59 5.83 5.52
12
EXHIBIT V
Exhibit V. -- Pro Forma Assumptions
1. Net proceeds from the conversion were invested at the beginning of the
period at 5.65%, which was the approximate rate on the one-year treasury
bill on June 30, 1997. This rate was selected because it is considered more
representative of the rate the Association is likely to earn.
2. Wyman Park's ESOP will acquire 8% of the conversion stock with loan
proceeds obtained from the Holding Company; therefore, there will be no
interest expense. We assumed that the ESOP expense is 10% annually of the
initial ESOP expense.
3. Wyman Park's RP will acquire 4% of the stock through open market purchases
at $10 per share and the expense is recognized ratably over five years as
the shares vest.
4. All pro forma income and expense items are adjusted for income taxes at a
combined state and federal rate of 39%.
5. In calculating the pro forma adjustments to net worth, the ESOP and RP are
deducted in accordance with generally accepted accounting principles.
6. Earnings per share calculations have ignored AICPA OP 93-6. Calculating
earnings per share under SOP 93-6 and assuming 10% of the ESOP shares are
committed to be released and allocated to individual accounts at the
beginning of the period would yield earnings per share of $.99, $0.87,
$0.79 and $0.71 and a price to earnings ratio of 10.12, 11.46, 12.71and
14.04, at the minimum, midpoint, maximum and super maximum, respectively.
1
Exhibit V
Pro Forma Effect of Conversion Proceeds
At the Minimum of the Conversion Valuation Range
30-Jun-97
WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
- ---------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Value (Minimum) $5,950,000
Less: Estimated Expenses (392,000)
----------
Net Conversion Proceeds $5,558,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $5,558,000
Less: ESOP Contributions (476,000)
MRP Contributions (238,000)
----------
Net Conversion Proceeds after ESOP & MRP $4,844,000
Estimated Incremental Rate of Return(1) 3.45%
----------
Estimated Additional Income $ 166,948
Less: ESOP Expense (29,036)
MRP Expense (29,036)
----------
$ 108,876
----------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
------ -----------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
30-Jun-97 $ 437,000 $ 108,876 $ 545,876
b. Pro Forma Net Worth
30-Jun-97 $ 4,754,419 $4,844,000 $ 9,598,419
c. Pro Forma Net Assets
30-Jun-97 $62,241,000 $4,844,000 $67,085,000
(1) Investment rate of 5.65%, subject to an effective tax rate of 39%.
2
Exhibit V
Pro Forma Effect of Conversion Proceeds
At the Midpoint of the Conversion Valuation Range
30-Jun-97
WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
- ---------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation (Midpoint) $7,000,000
Less: Estimated Expenses (410,000)
----------
Net Conversion Proceeds $6,590,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $6,590,000
Less: ESOP Contributions (560,000)
MRP Contributions (280,000)
----------
Net Conversion Proceeds after ESOP & MRP $5,750,000
Estimated Incremental Rate of Return(1) 3.45%
----------
Estimated Additional Income $ 198,174
Less: ESOP Expense (34,160)
MRP Expense (34,160)
----------
$ 129,854
----------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
------ -----------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
30-Jun-97 $ 437,000 $ 129,854 $ 566,854
b. Pro Forma Net Worth
30-Jun-97 $ 4,754,419 $5,750,000 $10,504,419
c. Pro Forma Net Assets
30-Jun-97 $62,241,000 $5,750,000 $67,991,000
(1) Investment rate of 5.65%, subject to an effective tax rate of 39%.
3
Exhibit V
Pro Forma Effect of Conversion Proceeds
At the Maximum of the Conversion Valuation Range
30-Jun-97
WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
- ---------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation (Maximum) $8,050,000
Less: Estimated Expenses (428,000)
----------
Net Conversion Proceeds $7,622,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $7,622,000
Less: ESOP Contributions (644,000)
MRP Contributions (322,000)
----------
Net Conversion Proceeds after ESOP & MRP $6,656,000
Estimated Incremental Rate of Return(1) 3.45%
----------
Estimated Additional Income $ 229,399
Less: ESOP Expense (39,284)
MRP Expense (39,284)
----------
$ 150,831
----------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
------ -----------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
30-Jun-97 $ 437,000 $ 150,831 $ 587,831
b. Pro Forma Net Worth
30-Jun-97 $ 4,754,419 $6,656,000 $11,410,419
c. Pro Forma Net Assets
30-Jun-97 $62,241,000 $6,656,000 $68,897,000
(1) Investment rate of 5.65%, subject to an effective tax rate of 39%.
4
Exhibit V
Pro Forma Effect of Conversion Proceeds
At the SuperMax of the Conversion Valuation Range
30-Jun-97
WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
- ---------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation (Final) $9,257,500
Less: Estimated Expenses $ (448,000)
----------
Net Conversion Proceeds $8,809,500
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $8,809,500
Less: ESOP Contributions $ (740,600)
MRP Contributions $ (370,300)
----------
Net Conversion Proceeds after ESOP & MRP $7,698,600
Estimated Incremental Rate of Return(1) 3.45%
----------
Estimated Additional Income $ 265,332
Less: ESOP Expense $ (45,177)
MRP Expense $ (45,177)
----------
$ 174,979
----------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
------ -----------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
30-Jun-97 $ 437,000 $ 174,979 $ 611,979
b. Pro Forma Net Worth
30-Jun-97 $ 4,754,419 $7,698,600 $12,453,019
c. Pro Forma Net Assets
30-Jun-97 $62,241,000 $7,698,600 $69,939,600
(1) Investment rate of 5.65%, subject to an effective tax rate of 39%.
5
Exhibit V
Pro Forma Analysis Sheet
Name of Association: WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
Date of Letter to Assn.: Sept 19, 97
Date of Market Prices: 30-Jun-97
Mid-Atlantic Publicly All Publicly
Comparatives Held Thrifts Held Thrifts
-------------- -------------- --------------
Symbols Value Mean Median Mean Median Mean Median
--------------- ---- ------ ---- ------ ---- ------
Price-Earnings Ratio P/E
Last Twelve Months N/A
At Minimum of Range 10.90
At Midpoint of Range 12.35 22.13 21.59 17.50 16.76 17.82 16.55
At Maximum of Range 13.69
At SuperMax of Range 15.13
Price-Book Ratio P/B
Last Twelve Months N/A
At Minimum of Range 61.99%
At Midpoint of Range 66.64% 109.16 111.04 150.04 140.20 146.57 138.35
At Maximum of Range 70.55%
At SuperMax of Range 74.34%
Price-Asset Ratio P/A
Last Twelve Months N/A
At Minimum of Range 8.87%
At Midpoint of Range 10.30% 14.42 14.15 14.42 13.05 14.98 14.11
At Maximum of Range 11.68%
At SuperMax of Range 13.24%
Twelve Mo. Earnings Base Y $ 437,000
Period Ended 30-Jun-97
Book Value B $ 4,754,419
As of 30-Jun-97
Total Assets A $62,241,000
As of 30-Jun-97
Return on Money (1) R 3.45%
Conversion Expense X $ 410,000
Underwriting Commission C 0.00%
Percentage Underwritten S 0.00%
Estimate Dividend
Dollar Amount DA $ --
Yield DY
ESOP Contributions P $ 560,000
MRP Contributions I $ 280,000
ESOP Annual Expense E $ 34,160
MRP Annual Contributions M $ 34,160
Cost of ESOP Borrowings F 0.00%
(1) Investment rate of 5.65%, subject to an effective tax rate of 39%.
6
Exhibit V
Pro Forma Analysis Sheet
Calculation of Estimated Value (V) at Midpoint Value
1. V= P/A(A-X-P-I) $ 7,000,000
------------------------
1-P/A(1-(CxS))
2. V= P/B(B-X-P-I) $ 7,000,000
------------------------
1-P/B(1-(CxX))
3. V= P/E(Y-R(X+P+I)-(E+M+ST)) $ 7,000,000
------------------------
1-P/E(R(1-(CxX))
Value
Estimated Value Per Share Total Shares Date
- --------------- --------- ------------ ---------
$7,000,000 $10.00 700,000 30-Jun-97
Range of Value
$7.0 million x 1.15 = $8.05 million or 805,000 shares at $10.00 per share.
$7.0 million x .085 = $5.950 million or 595,500 shares at $10.00 per share.
Calculation of Estimated Value (V) Supermax
1. V= P/A(A-X-P-I) $ 9,257,500
------------------------
1-P/A(1-(CxS))
2. V= P/B(B-X-P-I) $ 9,257,500
------------------------
1-P/B(1-(CxX))
3. V= P/E(Y-R(X+P+I)-(E+M)) $ 9,257,500
------------------------
1-P/E(R(1-(CxX))
Value
Final Value Per Share Total Shares Date
- --------------- --------- ------------ ---------
$9,257,500 $10.00 925,750 30-Jun-97
7
FERGUSON & CO., LLP
September 19, 1997
Board of Directors
Wyman Park Federal Savings and Loan Association
11 West Ridgely Road
Lutherville, Maryland
Dear Directors:
We have completed and hereby provide, as of August 22, 1997, an independent
appraisal of the estimated pro forma market value of Wyman Park Federal Savings
and Loan Association ("Wyman Park" or the "Association"), Lutherville, Maryland,
in connection with the conversion of Wyman Park from the mutual form to the
stock form of organization ("Conversion"). This appraisal report is furnished
pursuant to the regulatory filing of the Association's Application for
Conversion ("Form AC") with the Office of Thrift Supervision ("OTS").
Ferguson & Company ("F&C") is a consulting firm that specializes in
providing financial, economic, and regulatory services to financial
institutions. The background and experience of F&C is presented in Exhibit I. We
believe that, except for the fees we will receive for preparing the appraisal
and assisting with Wyman Park's business plan, we are independent. F&C personnel
are prohibited from owning stock in conversion clients for a period of at least
one year after conversion.
In preparing our appraisal, we have reviewed Wyman Park's Application for
Approval of Conversion, including the Proxy Statement as filed with the OTS. We
conducted an analysis of Wyman Park that included discussions with Wooden &
Benson, Chartered., the Association's independent auditors, and with Silver,
Freedman & Taff, L.L.P., the Association's conversion counsel. In addition,
where appropriate, we considered information based on other available published
sources that we believe is reliable; however, we cannot guarantee the accuracy
or completeness of such information.
We also reviewed the economy in Wyman Park's primary market area
(assessment area) and compared the Association's financial condition and
operating results with that of selected publicly traded thrift institutions. We
reviewed conditions in the securities markets in general and in the market for
thrifts stocks in particular.
Our appraisal is based on Wyman Park's representation that the information
contained in the Form AC and additional evidence furnished to us by the
Association and its independent auditors are truthful, accurate, and complete.
We did not independently verify the financial statements and other information
provided by Wyman Park and its auditors, nor did we independently value the
Association's assets or liabilities. The valuation considers Wyman Park only as
a going concern and should not be considered an indication of its liquidation
value
It is our opinion that, as of August 22, 1997, the estimated pro forma
market value of Wyman Park was $7,000,000, or 700,000 shares at $10.00 per
share. The resultant valuation range
FERGUSON & CO., LLP
was $5,950,000 at the minimum (595,000 shares at $10.00 per share) to $8,050,000
at the maximum (805,000 shares at $10.00 per share), based on a range of 15
percent below and above the midpoint valuation. The supermaximum was $9,258,000
(925,800 shares at $10.00 per share).
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of common
stock in the conversion. Moreover, because such valuation is necessarily based
upon estimates and projections of a number of matters, all of which are subject
to change from time to time, no assurance can be given that persons who purchase
shares of common stock in the conversion will thereafter be able to sell such
shares at prices related to the foregoing estimate of the Association's pro
forma market value. F&C is not a seller of securities within the meaning of any
federal or state securities laws and any report prepared by F&C shall not be
used as an offer or solicitation with respect to the purchase or sale of any
securities.
Our opinion is based on circumstances as of the date hereof, including
current conditions in the United States securities markets. Events occurring
after the date hereof, including, but not limited to, changes affecting the
United States securities markets and subsequent results of operations of First
Federal, could materially affect the assumptions used in preparing this
appraisal.
The valuation reported herein will be updated as provided in the OTS
conversion regulations and guidelines. All updates will consider, among other
things, any developments or changes in Wyman Park's financial performance and
condition, management policies, and current conditions in the equity markets for
thrift shares. Should any such new developments or changes be material, in our
opinion, to the valuation of the shares, appropriate adjustments will be made to
the estimated pro forma market value. The reasons for any such adjustments will
be explained in detail at the time.
Respectfully,
Ferguson & Company
Charles M. Hebert
Principal
FERGUSON & CO., LLP
STATEMENT OF APPRAISER'S INDEPENDENCE
Wyman Park Federal Savings and Loan Association
Lutherville, Maryland
We are the appraiser for Wyman Park Federal Savings and Loan Association in
connection with its conversion, reorganization and issuance of Public Shares. We
are submitting our independent estimate of the pro forma market value of the
Wyman Park Federal Savings and Loan Association's stock to be issued in the
conversion and reorganization. In connection with our appraisal of the
to-be-issued stock, we have received a fee which was not related to the
estimated final value. The estimated pro forma market value is solely the
opinion of our company and it was not unduly influenced by Wyman Park Federal
Savings and Loan Association, its conversion counsel, its selling agent, or any
other party connected with the conversion.
Wyman Park Federal Savings and Loan Association has agreed to indemnify
Ferguson & Company under certain circumstances against liabilities arising out
of our services. Specifically, we are indemnified against liabilities arising
from our appraisal except to the extent such liabilities are determined to have
arisen because of our negligence or willful conduct.
Ferguson & Company
Charles M. Hebert
Principal
September 19, 1997
Conversion Valuation Report Update
- --------------------------------------------------------------------------------
Valued as of October 28, 1997
Wyman Park Federal Savings and Loan Association
Lutherville, Maryland
Prepared By:
Ferguson & Company
Suite 550
122 W. John Carpenter Frwy
Irving, TX 75039
972/869-1177
FERGUSON & CO., LLP
Suite 305
860 West Airport Pkwy.
Hurst, Texas 76054
(817) 577-9558
(817) 577-3054 Fax
October 30, 1997
Board of Directors
Wyman Park Federal Savings and Loan Association
11 West Ridgely Road
Lutherville, Maryland
Dear Directors:
We have completed and hereby provide, as of October 28, 1997, an
updated independent appraisal of the estimated pro forma market value of Wyman
Park Federal Savings and Loan Association ('Wyman Park" or the "Association"),
Lutherville, Maryland, in connection with the conversion of Wyman Park from the
mutual to stock form of organization ("Conversion"). This appraisal report
update is furnished pursuant to an amendment to the Association's Application
for Conversion ('Form AC") filed with the Office of Thrift Supervision ("OTS").
The necessity for this update arises from recent changes in overall thrift
market values. Our original appraisal report, dated August 22, 1997, is
incorporated herein by reference.
In preparing this appraisal update, we reviewed our original appraisal
and the Form AC, including the proxy statement. We considered, among other
items, recent developments in stock market conditions and available financial
information on Wyman Park. In addition, where appropriate, we considered
information based on other available published sources that we believe is
reliable; however, we cannot guarantee the accuracy or completeness of such
information.
Our appraisal update is based on the Association's representation that
the information in the application for conversion and additional evidence
furnished us by the Association are accurate and complete. We did not
independently verify the financial statements and other information furnished by
the Association, nor did we independently value its assets and liabilities. Ile
appraisal update considers the Association as a going concern and should not be
considered as an indication of its liquidation value.
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of common
stock in the conversion. Moreover, because such valuation is necessarily based
upon estimates and projections of a number of matters, all of which are subject
to change from time to time, no assurance can be given that persons who purchase
shares of common stock in the conversion will thereafter be able to sell such
shares at prices related to the foregoing estimate of the Association! s pro
forma market value. Ferguson & Company ("F&C") is not a seller of securities
within the meaning of any federal or state securities laws and any report
prepared by F&C shall not be used as an offer or solicitation with respect to
the purchase or sale of any securities.
Board of Directors
October 30, 1997
Page 2
Recent Financial Performance
The Association has a June 30 fiscal year. The Form AC has June 30,
1997 audited financial statements and no unaudited financial statements. Our
original appraisal of August 22, 1997 was based on June 30, 1997 financial
statements. The Association is including capsule information on the September
30, 1997 financial statements in this amendment. Accordingly, this appraisal
update is based on the September 30, 1997 financial information (see Exhibit
IX).
The unaudited financial statements indicate net income of $1,000 for the
September 30, 1997 quarter. Equity was $4,755,000 at September 30, 1997, a
$5,000 increase from $4,750,000 at June 30, 1997, and assets at September 30,
1997 are approximately $63,391,000.
Net loss for the September 30, 1996 quarter was $128,000. The 1996 quarter
included the SAIF assessment, which was $383,000 pretax and approximately
$237,000 after tax. The adjusted appraisal earnings for the September 30, 1996
quarter is $106,000, with the SAIF assessment and a small adjustment of $2,000
for gains on sale of loans being the only adjustments. The September 1997 year
includes three items of income or expense that need to be adjusted for appraisal
purposes. The first adjustment of $120,000 relates to excessive provisions for
loan and lease losses. The second is for $4,000 gains on the sale of assets. The
final adjustment is for $272,000 which represents a payment for retirement
benefits for the Chief Executive Officer. The appraisal earnings figure for the
twelve months ending June 30, 1997 was $437,000, including adjustments for the
SAIF assessment gains on the sale of assets, and abnormal loan loss provisions.
The appraisal earnings for the year ending September 30, 1997 is $504,000, up
$67,000 from the June 30, 1997 year. Although profits are up for this period,
the amount of interest rate risk in the portfolio still makes the sustainability
of future earnings questionable in a period of rising interest rates.
General
Since our original appraisal as of August 22, 1997, the overall thrift
equity market has shown upward movement in value, after taking into
consideration the recent fluctuations in the market. Figure I shows the movement
of the SNL Thrift index from December 31, 1994 to October 28, 1997, the date of
this update. The table shows that the index increased by 12.43% during the
update period. The general level of interest rates has decreased slightly during
the update period (see Figure 11).
Exhibit I provides information on thrift conversions completed since
March 31, 1997. All of the 11 thrifts have increased in value since conversion.
The thrifts have averaged an increase of 62.58%, with a median increase of
63.75%. Individual changes have ranged from an increase of 32.50% to an increase
of 80.0%. Short term price increases have occurred as follows: One day--average
48.33%, median 47.50%; one week--average 50.62%, median 53.70%; and one
month--average 50.77%, median 46.68%.
The group of comparative institutions, which is included in Exhibit V,
experienced an average increase in per share value of 13.77% and a median
increase in value of 12.82% during the update period, with three decreasing in
value, and nine increasing in value.
Recent conversions have experienced dramatic increases in prices. These
price increases are reflective of general market pressures and supply and
demand. The majority of the price increase is during
Board of Directors
October 30, 1997
Page 3
the first day and first week. Following that, prices seem to increase with or
without significant trading volume and with little regard to price earnings
ratios. The eight that have been completed since June 30, 1997 have experienced
an average first day increase of 57.15% and a minimum first day increase of
40.0%.
Valuation Approach
Exhibit VI indicates the pro forma market valuation of Wyman Park
versus the comparative group and all publicly held thrifts. Pro forma pricing
ratios for Wyman Park are based on the financial information shown in Exhibit
VIII. Pro forma earnings are based on currently available interest rates and pro
forma assets and book value information are taken from the September 30, 1997
financial data included in the offering circular capsule information.
At the adjusted $7,650,000 midpoint of the range, Wyman Park is valued
at 69.16% of pro forma book value, representing a discount of 43.7% from the
mean and 42.9% from the median of the comparative group. The midpoint price is
11.92 times pro forma earnings, representing a discount of 53.3% from the mean
and 54.6% from the median of the comparative group.
As compared to all publicly held thrifts, at the midpoint of the range,
Wyman Park's price earnings ratio represents a discount of 39.6% from the mean
and 35.9% from the median. Wyman Park's value of 69.16% of pro forma book value
is well below the mean of 162.30% and median of 152.11% of all publicly held
thrifts.
As compared to thrift conversions completed within the past six months
(see Exhibit), Wyman Park's price to pro forma book of 69.16% at the mid point
represents a 2.5% discount from the mean and a discount of 3.8% from the median.
And its price earnings ratio of 11.92 represents a 51.5% discount from the mean
and a 48.8% discount from the median.
At the supermaximum, Wyman Park's price to pro forma book ratio of
76.69% represents a premium of 8. 1 % over the mean and 6.7% over the median of
conversions completed since March 31, 1997. Wyman Park's pro forma price to book
of 76.69% is higher than all but one of the recent conversions, and that one
closed at 76.70% price to book value.
Conclusion
In our opinion, Wyman Park's estimated pro forma market value at
October 28, 1997 was $7,650,000, which increased $650,000, or 9.3% from our
original appraisal as of August 22, 1997. The resulting valuation range is
$6,502,500 at the minimum to $8,797,500 at the maximum, based on a range of 15%
below and 15% above the midpoint valuation. The supermaximurn is $10,117,125,
based on 1.15 times the maximum. Pro forma comparisons with the comparative
group are presented in Exhibit VI based on calculations shown in Exhibit VIII.
During the update period from August 22, 1997 to October 28, 1997,
thrift equity markets have shown significant movement. Interest rates have
decreased slightly during the update period. The SNL Thrift Index increased
12.43%, the average value of the comparative group increased 13.77%, and the
median value of the comparative group increased 12.82%. Recent conversions have
shown very strong
Board of Directors
October 30, 1997
Page 4
receptivity since June 30, 1997. Wyman Park continues to have significant
interest rate risk and the sustainability of profits is still in question.
Considering all of the above factors together, we believe the 9.3% increase in
the midpoint value is justified.
Our opinion is based upon circumstances as of the date hereof,
including current conditions in the United States securities markets. Events
occurring after the date hereof, including, but not limited to, changes
affecting the United States securities markets and subsequent results of
operations of Wyman Park, could materially affect the assumptions, used in
preparing this opinion.
Respectfully,
Ferguson & Company
Charles M. Hebert
Principal
List of Figures and Exhibits
Figure
Number Title Page
- ------ ----- ----
I SNL Index 1
II Selected Interest Rates 2
Exhibit
Number
- -------
I Recent Conversions 1
II Selected Publicly Held Thrifts 4
III Selected Mid-Atlantic Thrifts 28
IV Selected Maryland Thrifts 36
V Comparative Group Price Changes 40
VI Pro Forma Comparisons 42
VII Comparison of Pricing Ratios 44
VIII Pro Forma Assumptions 45
Pro Forma Effect of Conversion Proceeds 46
Pro Forma Analysis Sheet 50
IX Recent Operating Results 52
X Appraisal Earnings 54
FIGURES
FERGUSON & COMPANY
Date Index
- -----------------
31-Jan-94 258.47
28-Feb-94 249.53
31-Mar-94 241.57
29-Apr-94 248.31
31-May-94 263.34
30-Jun-94 269.58
29-Jul-94 276.69
31-Aug-94 287.18
30-Sep-94 279.69
31-Oct-94 236.12
30-Nov-94 245.84
30-Dec-94 244.73
31-Jan-95 256.10
28-Feb-95 277.00
31-Mar-95 278.40
28-Apr-95 295.44
31-May-95 307.60
23-Jun-95 313.95
31-Jul-95 328.20
31-Aug-95 355.50
29-Sep-95 362.29
31-Oct-95 354.05
30-Nov-95 370.17
29-Dec-95 376.51
31-Jan-95 370.69
29-Feb-96 373.64
29-Mar-96 382.13
30-Apr-96 377.24
31-May-96 382.99
28-Jun-96 387.18
30-Jul-96 388.38
30-Aug-96 408.34
30-Sep-96 429.28
30-Oct-96 456.70
29-Nov-96 485.83
31-Dec-96 486.63
10-Jan-97 484.33
31-Jan-97 520.08
27-Feb-97 569.67
14-Mar-97 560.67
31-Mar-97 527.74
15-Apr-97 525.48
30-Apr-97 537.21
20-May-97 571.30
30-May-97 577.94
12-Jun-97 604.15
30-Jun-97 624.55
17-Jul-97 652.44
30-Jul-97 684.51
08-Aug-97 664.56
22-Aug-97 663.36
28-Aug-97 661.21
02-Sep-97 677.20
12-Sep-97 698.55
23-Sep-97 729.07
30-Sep-97 737.50
09-Oct-97 766.19
21-Oct-97 773.33
24-Oct-97 768.59
28-Oct-97 745.83
FERGUSON & COMPANY
----------------------------------------------------------------
Percent Change Since
---------------------------------------------
SNL Prev.
Date Index Date 12/31/94 12/31/95 12/31/96 8/22/97
---- ----- ----- -------- -------- -------- -------
31-Dec-94 244.70
31-Mar-95 278.40 13.77% 13.77%
30-Jun-95 313.50 12.61% 28.12%
30-Sep-95 362.30 15.57% 48.06%
31-Oct-95 354.10 -2.26% 44.71%
30-Nov-95 370.20 4.55% 51.29%
31-Dec-95 376.50 1.70% 53.86%
12-Jan-96 372.40 -1.09% 52.19% -1.09%
31-Jan-96 370.70 -0.46% 51.49% -1.54%
29-Feb-96 373.60 0.78% 52.68% -0.77%
29-Mar-96 382.10 2.28% 56.15% 1.49%
30-Apr-96 377.20 -1.28% 54.15% 0.19%
31-May-96 382.99 1.53% 56.51% 1.72%
28-Jun-96 387.18 1.09% 58.23% 2.84%
30-Jul-96 371.62 -4.02% 51.87% -1.30%
30-Aug-96 408.34 9.88% 66.87% 8.46%
20-Sep-96 419.50 2.73% 71.43% 11.42%
30-Sep-96 429.28 2.33% 75.43% 14.02%
30-Oct-96 456.70 6.39% 86.64% 21.30%
29-Nov-96 485.83 6.38% 98.54% 29.04%
13-Dec-96 473.64 -2.51% 93.56% 25.80%
20-Dec-96 481.56 1.67% 96.80% 27.90%
31-Dec-96 486.63 1.05% 98.87% 29.25%
10-Jan-97 484.33 -0.47% 97.93% 28.64% -0.47%
31-Jan-97 520.08 7.38% 112.54% 38.14% 6.87%
14-Feb-97 547.17 5.21% 123.61% 45.33% 12.44%
27-Feb-97 569.67 4.11% 132.80% 51.31% 17.06%
14-Mar-97 560.67 -1.58% 129.13% 48.92% 15.21%
31-Mar-97 527.74 -5.87% 115.67% 40.17% 8.45%
15-Apr-97 525.48 -0.43% 114.74% 39.57% 7.98%
30-Apr-97 537.21 2.23% 119.54% 42.69% 10.39%
20-May-97 571.30 6.35% 133.47% 51.74% 17.40%
30-May-97 577.94 1.16% 136.18% 53.50% 18.76%
12-Jun-97 604.15 4.54% 146.89% 60.46% 24.15%
30-Jun-97 624.55 3.38% 155.23% 65.88% 28.34%
17-Jul-97 652.44 4.47% 166.63% 73.29% 34.07%
30-Jul-97 684.51 4.92% 179.73% 81.81% 40.66%
8-Aug-97 664.56 -2.91% 171.58% 76.51% 36.56%
------
Apprisal Date - 22-Aug-97 663.36 -0.18% 171.09% 76.19% 36.32%
- --------------------------------------------------------------------------------
28-Aug-97 661.21 -0.32% 170.21% 75.62% 35.88% -0.32%
2-Sep-97 677.20 2.42% 176.75% 79.87% 39.16% 2.09%
12-Sep-97 698.55 3.15% 185.47% 85.54% 43.55% 5.30%
23-Sep-97 729.07 4.37% 197.94% 93.64% 49.82% 9.91%
30-Sep-97 737.50 1.16% 201.39% 95.88% 51.55% 11.18%
9-Oct-97 766.19 3.89% 213.11% 103.50% 57.45% 15.50%
21-Oct-97 773.33 4.86% 216.03% 105.40% 58.92% 16.58%
24-Oct-97 768.59 -0.61% 214.09% 104.14% 57.94% 15.86%
------ -----
Update - 28-Oct-97 745.83 -3.56% 204.79% 98.10% 53.26% 12.43%
- --------------------------------------------------------------------------------
Figure 1 -- SNL Index
Source: SNL Securities and F&C calculations.
1
FERGUSON & COMPANY
- ------------------------------------------------------------- ----------
1 Year 5 Year 10 Year 30 Year 1 to 30
Fed Fds (*) T-bill Treas. Treas. Treas. Yr. Spread
- ------------------------------------------------------------- ----------
31-Dec-96 5.18 5.48 6.12 6.34 6.58 1.10
- ------------------------------------------------------------- ----------
17-Jan-97 5.19 5.60 6.33 6.56 6.81
31-Jan-97 5.18 5.60 6.36 6.62 6.89 1.29
- ------------------------------------------------------------ ----------
14-Feb-97 5.05 5.48 6.14 6.37 6.65
27-Feb-97 5.16 5.52 6.25 6.45 6.71 1.19
- ------------------------------------------------------------ ----------
14-Mar-97 5.19 5.69 6.41 6.58 6.85
31-Mar-97 5.40 5.91 6.75 6.96 7.15 1.24
- ------------------------------------------------------------ ----------
18-Apr-97 5.48 6.00 6.80 6.92 7.13
30-Apr-97 5.45 5.89 6.57 6.71 6.95 1.06
- ------------------------------------------------------------ ----------
16-May-97 5.49 5.85 6.54 6.68 6.90
30-May-97 5.43 5.85 6.60 6.75 6.99 1.14
- ------------------------------------------------------------ ----------
13-Jun-97 5.48 5.71 6.40 6.52 6.80
27-Jun-97 5.42 5.64 6.33 6.45 6.75 1.11
- ------------------------------------------------------------ ----------
18-Jul-97 5.44 5.53 6.14 6.23 6.52
1-Aug-97 5.57 5.47 6.00 6.11 6.38 0.91
- ------------------------------------------------------------ ----------
15-Aug-97 5.45 5.61 6.20 6.37 6.65
29-Aug-97 5.56 5.59 6.22 6.34 6.61 1.02
- ------------------------------------------------------------ ----------
12-Sep-97 5.48 5.59 6.23 6.34 6.64
26-Sep-97 5.45 5.46 6.00 6.08 6.36 0.90
- ------------------------------------------------------------ ----------
10-Oct-97 5.46 5.40 5.88 5.99 6.29
28-Oct-97 5.45 5.39 5.88 6.16 6.22 0.83
- ------------------------------------------------------------ ----------
(*) Average of Rates Available
INREREST RATES FROM MARCH 14, 1997 TO OCTOBER 28, 1997
[GRAPHIC OMITTED]
- ------------------------------------------------------------- ----------
1 Year 5 Year 10 Year 30 Year 1 to 30
Fed Fds (*) T-bill Treas. Treas. Treas. Yr. Spread
- ------------------------------------------------------------- ----------
28-Oct-97 5.45 5.39 5.88 6.16 6.22 0.83
- ------------------------------------------------------------- ----------
CURRENT YIELD CURVE
[GRAPHIC OMITTED]
(*) Average of Rates Available
Figure IV.2 -- Rates
Source: US FInancial Data, Federal Reserve Bank of St. Louis, MO
2
EXHIBITS
FERGUSON & COMPANY
Exhibit I -- Recent Conversions
Conversion Pricing Ratios
-------------------------------------------
Price/ Price/ Price/ Price/
Conversion Gross Offering Pro-Forma Pro-Forma Pro-Forma Adjusted
Assets Proceeds Price Book Value Tang. Book Earnings Assets
Ticker Short Name State IPO Date ($000) ($000) ($) (%) (%) (x) (%)
- ------ ---------- ----- -------- ---------- -------- -------- ---------- ---------- --------- --------
OTFC Oregon Trail Financial Corp. OR 10/06/97 204,213 46,949 10.00 76.60 76.63 18.50 18.70
SHSB SHS Bancorp Inc. PA 10/01/97 81,688 8,200 10.00 70.70 70.73 13.90 9.10
OSFS Ohio State Financial Services OH 09/29/97 33,929 6,332 10.00 63.30 63.33 17.00 15.70
FSPT FirstSpartan Financial Corp. SC 07/09/97 375,526 88,608 20.00 73.00 72.98 26.00 19.10
GOSB GSB Financial Corp. NY 07/09/97 96,323 22,483 10.00 73.40 73.44 23.20 18.90
FBNW FirstBank Corp. ID 07/02/97 133,194 19,838 10.00 71.90 71.93 19.20 13.00
CFBC Community First Banking Co. GA 07/01/97 352,532 48,271 20.00 72.70 72.74 36.10 12.00
HCBB HCB Bancshares Inc. AR 05/07/97 171,241 26,450 10.00 72.00 71.95 29.00 13.40
PSFC Peoples-Sidney Financial Corp. OH 04/28/97 86,882 17,854 10.00 71.20 71.24 11.50 17.00
HMLK Hemlock Federal Financial Corp IL 04/02/97 146,595 20,763 10.00 71.60 71.62 37.50 12.40
GSLA GS Financial Corp. LA 04/01/97 86,521 34,385 10.00 63.80 63.75 38.70 28.40
Maximum 375,526 88,608 20.00 76.60 76.63 38.70 28.40
Minimum 33,929 6,332 10.00 63.30 63.33 11.50 9.10
Average All Recent Conversion Since March 31, 1997 160,786 30,921 11.82 70.93 70.94 24.60 16.15
----------------------------------------------
Median 133,194 22,483 10.00 71.90 71.93 23.20 15.70
Maximum 375,526 88,608 20.00 76.60 76.63 36.10 19.10
Minimum 33,929 6,332 10.00 63.30 63.33 13.90 9.10
Average All Recent Conversion Since July 1, 1997 182,486 34,383 12.86 71.66 71.69 21.99 15.21
----------------------------------------------
Median 133,194 22,483 10.00 72.70 72.74 19.20 15.70
Exhibit I -- Recent Conversions (Continued)
Post Conversion Increase (Decrease)
Current Current Current Price One Price One Price One -----------------------------------------
Stock Price/ Price/Tang Day After Week After Month After One One One To
Price Book Value Book Value Conversion Conversion Conversion Day After Week After Month After Date
Ticker ($) (%) (%) ($) ($) ($) (%) (%) (%) (%)
- ------ ------- ---------- ---------- ---------- ---------- ----------- --------- ---------- ----------- ----
OTFC 16.250 NA NA 16.75 16.38 NA 67.50 63.75 NA 62.50
SHSB 15.750 NA NA 14.75 16.25 15.75 47.50 62.50 57.50 57.50
OSFS 14.960 NA NA 15.50 15.37 14.96 55.00 53.70 49.60 49.60
FSPT 35.000 NA NA 36.69 37.00 35.63 83.44 85.00 78.13 75.00
GOSB 15.000 NA NA 14.63 14.88 14.38 46.25 48.75 43.75 50.00
FBNW 16.375 NA NA 15.81 15.56 17.75 58.13 55.63 77.50 63.75
CFBC 36.000 NA NA 31.88 33.00 34.00 59.38 65.00 70.00 80.00
HCBB 13.250 92.85 96.50 12.63 12.75 12.88 26.25 27.50 28.75 32.50
PSFC 17.500 121.53 121.53 12.56 12.88 13.25 25.63 28.75 32.50 75.00
HMLK 17.000 112.88 112.88 12.88 12.88 13.00 28.75 28.75 30.00 70.00
GSLA 17.250 105.44 105.44 13.38 13.75 14.00 33.75 37.50 40.00 72.50
Maximum 36.00 121.53 121.53 36.69 37.00 35.63 83.44 85.00 78.13 80.00
Minimum 13.25 92.85 96.50 12.56 12.75 12.88 25.63 27.50 28.75 32.50
Average 19.49 108.18 109.09 17.95 18.24 18.56 48.33 50.62 50.77 62.58
Median 16.38 109.16 109.16 14.75 15.37 14.67 47.50 53.70 46.68 63.75
Maximum 36.00 -- -- 36.69 37.00 35.63 83.44 85.00 78.13 80.00
Minimum 14.96 -- -- 14.63 14.88 14.38 46.25 48.75 43.75 49.60
Average 21.33 NA NA 20.86 21.20 22.08 59.60 62.05 62.75 62.62
Median 16.25 NA NA 15.81 16.25 16.75 58.13 62.50 63.75 62.50
Source: SNL Securities and F&C calculations.
1
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
AADV Advantage Bancorp Inc. Kenosha WI MW SAIF NASDAQ 03/23/92 55.000 177.86
ABBK Abington Bancorp Inc. Abington MA NE BIF NASDAQ 06/10/86 32.500 59.81
ABCL Alliance Bancorp Inc. Hinsdale IL MW SAIF NASDAQ 07/07/92 24.875 199.51
ABCW Anchor BanCorp Wisconsin Madison WI MW SAIF NASDAQ 07/16/92 28.250 255.76
AFCB Affiliated Community Bancorp Waltham MA NE SAIF NASDAQ 10/19/95 28.500 185.04
AHM Ahmanson & Company (H.F.) Irwindale CA WE SAIF NYSE 10/25/72 60.938 5,753.23
ALBC Albion Banc Corp. Albion NY MA SAIF NASDAQ 07/26/93 29.000 7.25
ALBK ALBANK Financial Corp. Albany NY MA SAIF NASDAQ 04/01/92 45.500 585.68
AMFC AMB Financial Corp. Munster IN MW SAIF NASDAQ 04/01/96 16.750 16.14
ANDB Andover Bancorp Inc. Andover MA NE BIF NASDAQ 05/08/86 35.500 182.78
ANE Alliance Bncorp of New England Tolland CT NE BIF AMSE 12/19/86 16.625 25.94
ASBI Ameriana Bancorp New Castle IN MW SAIF NASDAQ 03/02/87 18.750 60.57
ASBP ASB Financial Corp. Portsmouth OH MW SAIF NASDAQ 05/11/95 13.375 23.02
ASFC Astoria Financial Corp. Lake Success NY MA SAIF NASDAQ 11/18/93 50.813 1,050.10
ATSB AmTrust Capital Corp. Peru IN MW SAIF NASDAQ 03/28/95 13.750 7.24
BANC BankAtlantic Bancorp Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83 13.500 144.15
BDJI First Federal Bancorporation Bemidji MN MW SAIF NASDAQ 04/04/95 24.625 16.81
BFD BostonFed Bancorp Inc. Burlington MA NE SAIF AMSE 10/24/95 20.625 116.53
BFSB Bedford Bancshares Inc. Bedford VA SE SAIF NASDAQ 08/22/94 23.000 26.28
BKC American Bank of Connecticut Waterbury CT NE BIF AMSE 12/01/81 44.500 102.94
BKCT Bancorp Connecticut Inc. Southington CT NE BIF NASDAQ 07/03/86 36.750 93.46
BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85 12.875 114.19
BVCC Bay View Capital Corp. San Mateo CA WE SAIF NASDAQ 05/09/86 29.875 371.09
BYFC Broadway Financial Corp. Los Angeles CA WE SAIF NASDAQ 01/09/96 12.625 10.54
CAFI Camco Financial Corp. Cambridge OH MW SAIF NASDAQ NA 22.500 72.32
CAPS Capital Savings Bancorp Inc. Jefferson City MO MW SAIF NASDAQ 12/29/93 17.250 32.63
CASB Cascade Financial Corp. Everett WA WE SAIF NASDAQ 09/16/92 12.500 42.33
CASH First Midwest Financial Inc. Storm Lake IA MW SAIF NASDAQ 09/20/93 19.625 53.65
CATB Catskill Financial Corp. Catskill NY MA BIF NASDAQ 04/18/96 17.500 85.72
CBCI Calumet Bancorp Inc. Dolton IL MW SAIF NASDAQ 02/20/92 50.500 106.60
CBK Citizens First Financial Corp. Bloomington IL MW SAIF AMSE 05/01/96 18.750 48.64
CBSA Coastal Bancorp Inc. Houston TX SW SAIF NASDAQ NA 29.375 146.65
CBSB Charter Financial Inc. Sparta IL MW SAIF NASDAQ 12/29/95 21.000 87.15
CEBK Central Co-operative Bank Somerville MA NE BIF NASDAQ 10/24/86 22.500 44.21
CFB Commercial Federal Corp. Omaha NE MW SAIF NYSE 12/31/84 48.063 1,037.28
CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90 24.500 113.70
CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88 21.750 27.74
CFSB CFSB Bancorp Inc. Lansing MI MW SAIF NASDAQ 06/22/90 30.625 155.79
CFTP Community Federal Bancorp Tupelo MS SE SAIF NASDAQ 03/26/96 16.375 75.80
CFX CFX Corp. Keene NH NE BIF AMSE 02/12/87 24.875 596.43
CIBI Community Investors Bancorp Bucyrus OH MW SAIF NASDAQ 02/07/95 15.000 13.75
CKFB CKF Bancorp Inc. Danville KY MW SAIF NASDAQ 01/04/95 19.000 17.62
CLAS Classic Bancshares Inc. Ashland KY MW SAIF NASDAQ 12/29/95 15.500 20.23
CMRN Cameron Financial Corp Cameron MO MW SAIF NASDAQ 04/03/95 18.125 46.44
CMSB Commonwealth Bancorp Inc. Norristown PA MA SAIF NASDAQ 06/17/96 17.375 282.22
CNIT CENIT Bancorp Inc. Norfolk VA SE SAIF NASDAQ 08/06/92 61.250 101.25
COFI Charter One Financial Cleveland OH MW SAIF NASDAQ 01/22/88 58.750 2,911.83
CRZY Crazy Woman Creek Bancorp Buffalo WY WE SAIF NASDAQ 03/29/96 14.750 14.08
CTZN CitFed Bancorp Inc. Dayton OH MW SAIF NASDAQ 01/23/92 49.500 428.58
CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87 26.000 56.22
DIBK Dime Financial Corp. Wallingford CT NE BIF NASDAQ 07/09/86 31.000 160.02
DIME Dime Community Bancorp Inc. Brooklyn NY MA BIF NASDAQ 06/26/96 20.750 271.67
DME Dime Bancorp Inc. New York NY MA BIF NYSE 08/19/86 24.063 2,442.20
DNFC D & N Financial Corp. Hancock MI MW SAIF NASDAQ 02/13/85 23.875 196.83
2
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
DSL Downey Financial Corp. Newport Beach CA WE SAIF NYSE 01/01/71 24.438 653.81
EBSI Eagle Bancshares Tucker GA SE SAIF NASDAQ 04/01/86 18.063 102.23
EFBI Enterprise Federal Bancorp West Chester OH MW SAIF NASDAQ 10/17/94 26.250 52.11
EGFC Eagle Financial Corp. Bristol CT NE SAIF NASDAQ 02/03/87 48.375 305.54
EIRE Emerald Isle Bancorp Inc. Quincy MA NE BIF NASDAQ 09/08/86 31.500 70.87
EMLD Emerald Financial Corp. Strongsville OH MW SAIF NASDAQ NA 17.750 90.02
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 43.875 26.42
ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85 28.125 19.87
ETFS East Texas Financial Services Tyler TX SW SAIF NASDAQ 01/10/95 19.125 19.61
FBBC First Bell Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95 17.125 111.49
FBCI Fidelity Bancorp Inc. Chicago IL MW SAIF NASDAQ 12/15/93 23.500 65.68
FBCV 1ST Bancorp Vincennes IN MW SAIF NASDAQ 04/07/87 38.500 26.63
FBER 1st Bergen Bancorp Wood-Ridge NJ MA SAIF NASDAQ 04/01/96 18.250 54.76
FBHC Fort Bend Holding Corp. Rosenberg TX SW SAIF NASDAQ 06/30/93 19.250 31.85
FBSI First Bancshares Inc. Mountain Grove MO MW SAIF NASDAQ 12/22/93 24.625 26.90
FCBF FCB Financial Corp. Oshkosh WI MW SAIF NASDAQ 09/24/93 27.000 109.97
FCME First Coastal Corp. Westbrook ME NE BIF NASDAQ NA 13.750 18.69
FDEF First Defiance Financial Defiance OH MW SAIF NASDAQ 10/02/95 15.750 141.07
FED FirstFed Financial Corp. Santa Monica CA WE SAIF NYSE 12/16/83 35.688 377.76
FESX First Essex Bancorp Inc. Andover MA NE BIF NASDAQ 08/04/87 19.500 146.77
FFBA First Colorado Bancorp Inc. Lakewood CO SW SAIF NASDAQ 01/02/96 19.875 327.63
FFBH First Federal Bancshares of AR Harrison AR SE SAIF NASDAQ 05/03/96 20.500 100.37
FFBI First Financial Bancorp Inc. Belvidere IL MW SAIF NASDAQ 10/04/93 19.250 7.99
FFBS FFBS BanCorp Inc. Columbus MS SE SAIF NASDAQ 07/01/93 22.063 34.36
FFBZ First Federal Bancorp Inc. Zanesville OH MW SAIF NASDAQ 07/13/92 19.625 30.84
FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83 35.750 227.67
FFDB FirstFed Bancorp Inc. Bessemer AL SE SAIF NASDAQ 11/19/91 22.750 26.19
FFDF FFD Financial Corp. Dover OH MW SAIF NASDAQ 04/03/96 18.500 26.73
FFED Fidelity Federal Bancorp Evansville IN MW SAIF NASDAQ 08/31/87 9.250 23.01
FFES First Federal of East Hartford East Hartford CT NE SAIF NASDAQ 06/23/87 35.000 93.88
FFFC FFVA Financial Corp. Lynchburg VA SE SAIF NASDAQ 10/12/94 31.625 142.96
FFFD North Central Bancshares Inc. Fort Dodge IA MW SAIF NASDAQ 03/21/96 17.625 57.42
FFFL Fidelity Bankshares Inc. (MHC) West Palm Beach FL SE SAIF NASDAQ 01/07/94 27.000 182.82
FFHH FSF Financial Corp. Hutchinson MN MW SAIF NASDAQ 10/07/94 19.125 57.56
FFHS First Franklin Corporation Cincinnati OH MW SAIF NASDAQ 01/26/88 23.000 27.42
FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95 21.125 168.65
FFKY First Federal Financial Corp. Elizabethtown KY MW SAIF NASDAQ 07/15/87 22.000 91.50
FFLC FFLC Bancorp Inc. Leesburg FL SE SAIF NASDAQ 01/04/94 35.000 80.53
FFOH Fidelity Financial of Ohio Cincinnati OH MW SAIF NASDAQ 03/04/96 15.500 86.49
FFPB First Palm Beach Bancorp Inc. West Palm Beach FL SE SAIF NASDAQ 09/29/93 38.250 193.08
FFSL First Independence Corp. Independence KS MW SAIF NASDAQ 10/08/93 14.625 14.51
FFSX First Fed SB of Siouxland(MHC) Sioux City IA MW SAIF NASDAQ 07/13/92 32.000 90.66
FFWC FFW Corp. Wabash IN MW SAIF NASDAQ 04/05/93 31.250 22.34
FFWD Wood Bancorp Inc. Bowling Green OH MW SAIF NASDAQ 08/31/93 17.500 37.07
FFYF FFY Financial Corp. Youngstown OH MW SAIF NASDAQ 06/28/93 28.500 117.48
FGHC First Georgia Holding Inc. Brunswick GA SE SAIF NASDAQ 02/11/87 8.125 24.80
FIBC Financial Bancorp Inc. Long Island City NY MA SAIF NASDAQ 08/17/94 22.500 38.47
FISB First Indiana Corporation Indianapolis IN MW SAIF NASDAQ 08/02/83 24.375 257.43
FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95 29.250 35.92
FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83 23.250 179.60
FMCO FMS Financial Corp. Burlington NJ MA SAIF NASDAQ 12/14/88 28.500 68.04
FMSB First Mutual Savings Bank Bellevue WA WE BIF NASDAQ 12/17/85 27.500 74.56
FNGB First Northern Capital Corp. Green Bay WI MW SAIF NASDAQ 12/29/83 13.500 119.34
FOBC Fed One Bancorp Wheeling WV SE SAIF NASDAQ 01/19/95 24.000 56.96
3
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
FSBI Fidelity Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88 24.000 37.20
FSPG First Home Bancorp Inc. Pennsville NJ MA SAIF NASDAQ 04/20/87 22.500 60.94
FSTC First Citizens Corp. Newnan GA SE SAIF NASDAQ 03/01/86 38.000 69.88
FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95 24.875 44.53
FTFC First Federal Capital Corp. La Crosse WI MW SAIF NASDAQ 11/02/89 27.250 249.74
FTSB Fort Thomas Financial Corp. Fort Thomas KY MW SAIF NASDAQ 06/28/95 13.375 18.97
FWWB First SB of Washington Bancorp Walla Walla WA WE SAIF NASDAQ 11/01/95 24.125 253.10
GAF GA Financial Inc. Pittsburgh PA MA SAIF AMSE 03/26/96 18.625 148.50
GBCI Glacier Bancorp Inc. Kalispell MT WE SAIF NASDAQ 03/30/84 20.000 136.24
GDW Golden West Financial Oakland CA WE SAIF NYSE 05/29/59 85.813 4,871.64
GFCO Glenway Financial Corp. Cincinnati OH MW SAIF NASDAQ 11/30/90 30.625 34.91
GFSB GFS Bancorp Inc. Grinnell IA MW SAIF NASDAQ 01/06/94 17.125 16.92
GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94 62.250 2,665.92
GSB Golden State Bancorp Inc. Glendale CA WE SAIF NYSE 10/01/83 33.625 1,696.57
GSBC Great Southern Bancorp Inc. Springfield MO MW SAIF NASDAQ 12/14/89 20.125 162.62
GSFC Green Street Financial Corp. Fayetteville NC SE SAIF NASDAQ 04/04/96 18.000 77.37
GUPB GFSB Bancorp Inc. Gallup NM SW SAIF NASDAQ 06/30/95 21.250 15.98
HALL Hallmark Capital Corp. West Allis WI MW SAIF NASDAQ 01/03/94 28.484 41.10
HARB Harbor Florida Bancorp (MHC) Fort Pierce FL SE SAIF NASDAQ 01/06/94 62.500 310.84
HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87 29.250 48.60
HAVN Haven Bancorp Inc. Woodhaven NY MA SAIF NASDAQ 09/23/93 42.125 184.76
HBBI Home Building Bancorp Washington IN MW SAIF NASDAQ 02/08/95 21.625 6.74
HBFW Home Bancorp Fort Wayne IN MW SAIF NASDAQ 03/30/95 24.313 61.38
HBNK Highland Federal Bank FSB Burbank CA WE SAIF NASDAQ NA 32.000 73.60
HBS Haywood Bancshares Inc. Waynesville NC SE BIF AMSE 12/18/87 21.125 26.41
HFFB Harrodsburg First Fin Bancorp Harrodsburg KY MW SAIF NASDAQ 10/04/95 16.000 32.40
HFFC HF Financial Corp. Sioux Falls SD MW SAIF NASDAQ 04/08/92 25.500 76.06
HFGI Harrington Financial Group Richmond IN MW SAIF NASDAQ NA 12.625 41.12
HFNC HFNC Financial Corp. Charlotte NC SE SAIF NASDAQ 12/29/95 14.875 255.74
HFSA Hardin Bancorp Inc. Hardin MO MW SAIF NASDAQ 09/29/95 17.625 15.15
HHFC Harvest Home Financial Corp. Cheviot OH MW SAIF NASDAQ 10/10/94 14.750 13.49
HIFS Hingham Instit. for Savings Hingham MA NE BIF NASDAQ 12/20/88 28.500 37.15
HMCI HomeCorp Inc. Rockford IL MW SAIF NASDAQ 06/22/90 20.250 34.58
HMNF HMN Financial Inc. Spring Valley MN MW SAIF NASDAQ 06/30/94 24.250 102.14
HOMF Home Federal Bancorp Seymour IN MW SAIF NASDAQ 01/23/88 35.000 119.04
HPBC Home Port Bancorp Inc. Nantucket MA NE BIF NASDAQ 08/25/88 23.250 42.82
HRBF Harbor Federal Bancorp Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 20.750 35.14
HRZB Horizon Financial Corp. Bellingham WA WE BIF NASDAQ 08/01/86 16.313 120.99
HTHR Hawthorne Financial Corp. El Segundo CA WE SAIF NASDAQ NA 17.500 54.04
HZFS Horizon Financial Svcs Corp. Oskaloosa IA MW SAIF NASDAQ 06/30/94 22.500 9.57
IBSF IBS Financial Corp. Cherry Hill NJ MA SAIF NASDAQ 10/13/94 16.000 176.23
IFSB Independence Federal Svgs Bank Washington DC MA SAIF NASDAQ 06/06/85 13.813 17.70
INBI Industrial Bancorp Inc. Bellevue OH MW SAIF NASDAQ 08/01/95 17.250 89.23
INCB Indiana Community Bank SB Lebanon IN MW SAIF NASDAQ 12/15/94 15.000 13.83
IPSW Ipswich Savings Bank Ipswich MA NE BIF NASDAQ 05/26/93 13.000 30.91
ISBF ISB Financial Corp. New Iberia LA SW SAIF NASDAQ 04/07/95 24.250 167.34
ITLA ITLA Capital Corp. La Jolla CA WE BIF NASDAQ 10/24/95 20.000 156.94
IWBK InterWest Bancorp Inc. Oak Harbor WA WE SAIF NASDAQ NA 37.375 300.34
JSB JSB Financial Inc. Lynbrook NY MA BIF NYSE 06/27/90 47.000 465.21
JSBA Jefferson Savings Bancorp Ballwin MO MW SAIF NASDAQ 04/08/93 40.000 200.25
JXVL Jacksonville Bancorp Inc. Jacksonville TX SW SAIF NASDAQ 04/01/96 18.500 45.62
KFBI Klamath First Bancorp Klamath Falls OR WE SAIF NASDAQ 10/05/95 22.625 226.67
KNK Kankakee Bancorp Inc. Kankakee IL MW SAIF AMSE 01/06/93 31.500 44.91
KSAV KS Bancorp Inc. Kenly NC SE SAIF NASDAQ 12/30/93 21.500 19.04
4
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
KSBK KSB Bancorp Inc. Kingfield ME NE BIF NASDAQ 06/24/93 14.000 17.33
KYF Kentucky First Bancorp Inc. Cynthiana KY MW SAIF AMSE 08/29/95 13.500 17.59
LARK Landmark Bancshares Inc. Dodge City KS MW SAIF NASDAQ 03/28/94 24.000 41.06
LARL Laurel Capital Group Inc. Allison Park PA MA SAIF NASDAQ 02/20/87 25.750 37.15
LFBI Little Falls Bancorp Inc. Little Falls NJ MA SAIF NASDAQ 01/05/96 17.500 45.64
LFED Leeds Federal Savings Bk (MHC) Baltimore MD MA SAIF NASDAQ 05/02/94 31.500 108.82
LIFB Life Bancorp Inc. Norfolk VA SE SAIF NASDAQ 10/11/94 23.625 232.65
LISB Long Island Bancorp Inc. Melville NY MA SAIF NASDAQ 04/18/94 43.750 1,051.00
LOGN Logansport Financial Corp. Logansport IN MW SAIF NASDAQ 06/14/95 15.000 18.91
LONF London Financial Corporation London OH MW SAIF NASDAQ 04/01/96 20.375 10.39
LSBI LSB Financial Corp. Lafayette IN MW BIF NASDAQ 02/03/95 25.500 23.37
LSBX Lawrence Savings Bank North Andover MA NE BIF NASDAQ 05/02/86 13.375 57.31
LVSB Lakeview Financial Paterson NJ MA SAIF NASDAQ 12/22/93 24.063 108.50
LXMO Lexington B&L Financial Corp. Lexington MO MW SAIF NASDAQ 06/06/96 16.375 18.64
MAFB MAF Bancorp Inc. Clarendon Hills IL MW SAIF NASDAQ 01/12/90 30.500 465.10
MARN Marion Capital Holdings Marion IN MW SAIF NASDAQ 03/18/93 27.000 47.95
MASB MASSBANK Corp. Reading MA NE BIF NASDAQ 05/28/86 43.500 154.89
MBB MSB Bancorp Inc. Goshen NY MA BIF AMSE 09/03/92 27.375 77.86
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE NA 27.375 77.86
MBBC Monterey Bay Bancorp Inc. Watsonville CA WE SAIF NASDAQ 02/15/95 18.250 59.17
MBLF MBLA Financial Corp. Macon MO MW SAIF NASDAQ 06/24/93 25.750 33.43
MCBN Mid-Coast Bancorp Inc. Waldoboro ME NE SAIF NASDAQ 11/02/89 28.031 6.53
MDBK Medford Savings Bank Medford MA NE BIF NASDAQ 03/18/86 35.000 158.94
MECH Mechanics Savings Bank Hartford CT NE BIF NASDAQ 06/26/96 24.875 131.67
MERI Meritrust Federal SB Thibodaux LA SW SAIF NASDAQ NA 47.750 36.97
METF Metropolitan Financial Corp. Mayfield Heights OH MW SAIF NASDAQ NA 20.250 71.39
MFBC MFB Corp. Mishawaka IN MW SAIF NASDAQ 03/25/94 22.750 37.55
MFFC Milton Federal Financial Corp. West Milton OH MW SAIF NASDAQ 10/07/94 15.250 35.15
MFLR Mayflower Co-operative Bank Middleboro MA NE BIF NASDAQ 12/23/87 23.500 20.92
MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 45.500 147.13
MIVI Mississippi View Holding Co. Little Falls MN MW SAIF NASDAQ 03/24/95 18.000 14.74
MSBF MSB Financial Inc. Marshall MI MW SAIF NASDAQ 02/06/95 17.625 21.74
MWBI Midwest Bancshares Inc. Burlington IA MW SAIF NASDAQ 11/12/92 51.000 17.30
MWBX MetroWest Bank Framingham MA NE BIF NASDAQ 10/10/86 8.250 115.14
MWFD Midwest Federal Financial Baraboo WI MW SAIF NASDAQ 07/08/92 24.000 39.06
NASB North American Savings Bank Grandview MO MW SAIF NASDAQ 09/27/85 49.750 111.26
NBN Northeast Bancorp Auburn ME NE BIF AMSE 08/19/87 23.500 30.39
NEIB Northeast Indiana Bancorp Huntington IN MW SAIF NASDAQ 06/28/95 18.375 32.39
NHTB New Hampshire Thrift Bncshrs New London NH NE SAIF NASDAQ 05/22/86 22.000 45.42
NMSB NewMil Bancorp Inc. New Milford CT NE BIF NASDAQ 02/01/86 12.250 46.98
NSLB NS&L Bancorp Inc. Neosho MO MW SAIF NASDAQ 06/08/95 18.250 12.91
NTMG Nutmeg Federal S&LA Danbury CT NE SAIF NASDAQ NA 11.500 8.49
NWEQ Northwest Equity Corp. Amery WI MW SAIF NASDAQ 10/11/94 17.500 14.68
OCN Ocwen Financial Corp. West Palm Beach FL SE SAIF NYSE NA 56.563 1,711.18
OFCP Ottawa Financial Corp. Holland MI MW SAIF NASDAQ 08/19/94 26.625 142.53
OHSL OHSL Financial Corp. Cincinnati OH MW SAIF NASDAQ 02/10/93 26.500 31.69
PBCI Pamrapo Bancorp Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89 22.625 64.32
PBHC Oswego City Savings Bk (MHC) Oswego NY MA BIF NASDAQ 11/16/95 27.500 52.71
PBKB People's Bancshares Inc. New Bedford MA NE BIF NASDAQ 10/30/86 18.625 60.49
PCBC Perry County Financial Corp. Perryville MO MW SAIF NASDAQ 02/13/95 20.500 16.97
PCCI Pacific Crest Capital Agoura Hills CA WE BIF NASDAQ NA 16.250 47.76
PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95 16.750 53.48
PERM Permanent Bancorp Inc. Evansville IN MW SAIF NASDAQ 04/04/94 25.000 52.51
PERT Perpetual Bank (MHC) Anderson SC SE SAIF NASDAQ 10/26/93 51.000 76.73
5
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
PFDC Peoples Bancorp Auburn IN MW SAIF NASDAQ 07/07/87 31.500 71.62
PFFB PFF Bancorp Inc. Pomona CA WE SAIF NASDAQ 03/29/96 19.125 342.40
PFNC Progress Financial Corp. Blue Bell PA MA SAIF NASDAQ 07/18/83 13.875 55.64
PFSB PennFed Financial Services Inc West Orange NJ MA SAIF NASDAQ 07/15/94 29.813 143.78
PFSL Pocahontas FS&LA (MHC) Pocahontas AR SE SAIF NASDAQ 04/05/94 34.750 56.73
PHBK Peoples Heritage Finl Group Portland ME NE BIF NASDAQ 12/04/86 39.250 1,078.38
PHFC Pittsburgh Home Financial Corp Pittsburgh PA MA SAIF NASDAQ 04/01/96 18.750 36.93
PRBC Prestige Bancorp Inc. Pleasant Hills PA MA SAIF NASDAQ 06/27/96 18.250 16.70
PSBK Progressive Bank Inc. Fishkill NY MA BIF NASDAQ 08/01/84 34.000 130.15
PTRS Potters Financial Corp. East Liverpool OH MW SAIF NASDAQ 12/31/93 26.875 12.88
PULS Pulse Bancorp South River NJ MA SAIF NASDAQ 09/18/86 26.125 80.48
PVFC PVF Capital Corp. Bedford Heights OH MW SAIF NASDAQ 12/30/92 20.000 51.80
PVSA Parkvale Financial Corporation Monroeville PA MA SAIF NASDAQ 07/16/87 28.750 146.79
PWBC PennFirst Bancorp Inc. Ellwood City PA MA SAIF NASDAQ 06/13/90 17.875 94.92
QCBC Quaker City Bancorp Inc. Whittier CA WE SAIF NASDAQ 12/30/93 20.000 93.46
QCFB QCF Bancorp Inc. Virginia MN MW SAIF NASDAQ 04/03/95 28.500 40.65
QCSB Queens County Bancorp Inc. Flushing NY MA BIF NASDAQ 11/23/93 35.750 540.12
RARB Raritan Bancorp Inc. Raritan NJ MA BIF NASDAQ 03/01/87 27.750 65.83
REDF RedFed Bancorp Inc. Redlands CA WE SAIF NASDAQ 04/08/94 18.750 134.52
RELI Reliance Bancshares Inc. Milwaukee WI MW SAIF NASDAQ 04/19/96 8.750 22.12
RELY Reliance Bancorp Inc. Garden City NY MA SAIF NASDAQ 03/31/94 30.500 265.73
ROSE TR Financial Corp. Garden City NY MA BIF NASDAQ 06/29/93 30.375 534.36
SCCB S. Carolina Community Bancshrs Winnsboro SC SE SAIF NASDAQ 07/07/94 21.500 15.04
SFED SFS Bancorp Inc. Schenectady NY MA SAIF NASDAQ 06/30/95 21.500 26.47
SFFC StateFed Financial Corporation Des Moines IA MW SAIF NASDAQ 01/05/94 27.000 21.16
SFIN Statewide Financial Corp. Jersey City NJ MA SAIF NASDAQ 10/02/95 19.500 91.85
SFSB SuburbFed Financial Corp. Flossmoor IL MW SAIF NASDAQ 03/04/92 33.750 42.61
SFSL Security First Corp. Mayfield Heights OH MW SAIF NASDAQ 01/22/88 17.875 135.53
SGVB SGV Bancorp Inc. West Covina CA WE SAIF NASDAQ 06/29/95 18.000 42.16
SHEN First Shenango Bancorp Inc. New Castle PA MA SAIF NASDAQ 04/06/93 34.250 70.86
SISB SIS Bancorp Inc. Springfield MA NE BIF NASDAQ 02/08/95 33.875 189.05
SKAN Skaneateles Bancorp Inc. Skaneateles NY MA BIF NASDAQ 06/02/86 30.250 28.89
SMBC Southern Missouri Bancorp Inc. Poplar Bluff MO MW SAIF NASDAQ 04/13/94 17.750 29.07
SOBI Sobieski Bancorp Inc. South Bend IN MW SAIF NASDAQ 03/31/95 18.250 13.86
SOPN First Savings Bancorp Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94 23.500 86.46
SOSA Somerset Savings Bank Somerville MA NE BIF NASDAQ 07/09/86 5.125 85.34
SPBC St. Paul Bancorp Inc. Chicago IL MW SAIF NASDAQ 05/18/87 24.188 825.62
SSB Scotland Bancorp Inc Laurinburg NC SE SAIF AMSE 04/01/96 10.625 20.33
SSM Stone Street Bancorp Inc. Mocksville NC SE SAIF AMSE 04/01/96 20.250 38.44
STFR St. Francis Capital Corp. Milwaukee WI MW SAIF NASDAQ 06/21/93 38.500 204.16
STSA Sterling Financial Corp. Spokane WA WE SAIF NASDAQ NA 21.000 158.91
SVRN Sovereign Bancorp Inc. Wyomissing PA MA SAIF NASDAQ 08/12/86 17.563 1,981.78
SWBI Southwest Bancshares Hometown IL MW SAIF NASDAQ 06/24/92 25.750 68.42
SWCB Sandwich Bancorp Inc. Sandwich MA NE BIF NASDAQ 07/25/86 36.000 68.95
THR Three Rivers Financial Corp. Three Rivers MI MW SAIF AMSE 08/24/95 18.000 14.82
THRD TF Financial Corporation Newtown PA MA SAIF NASDAQ 07/13/94 24.000 98.12
TPNZ Tappan Zee Financial Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 20.500 30.69
TRIC Tri-County Bancorp Inc. Torrington WY WE SAIF NASDAQ 09/30/93 27.750 16.20
TSH Teche Holding Co. Franklin LA SW SAIF AMSE 04/19/95 20.000 68.75
TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95 13.750 17.50
UBMT United Financial Corp. Great Falls MT WE SAIF NASDAQ 09/23/86 24.000 29.36
UFRM United Federal Savings Bank Rocky Mount NC SE SAIF NASDAQ 07/01/80 11.375 34.97
VABF Virginia Beach Fed. Financial Virginia Beach VA SE SAIF NASDAQ 11/01/80 15.125 75.27
WAMU Washington Mutual Inc. Seattle WA WE BIF NASDAQ 03/11/83 68.125 17,520.12
6
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
WAYN Wayne Svgs Community Bank(MHC) Wooster OH MW SAIF NASDAQ 06/25/93 25.500 57.39
WBST Webster Financial Corp. Waterbury CT NE SAIF NASDAQ 12/12/86 59.938 812.41
WCBI Westco Bancorp Westchester IL MW SAIF NASDAQ 06/26/92 26.500 65.56
WEFC Wells Financial Corp. Wells MN MW SAIF NASDAQ 04/11/95 17.000 33.31
WFI Winton Financial Corp. Cincinnati OH MW SAIF AMSE 08/04/88 19.500 38.73
WFSL Washington Federal Inc. Seattle WA WE SAIF NASDAQ 11/17/82 31.125 1,478.71
WHGB WHG Bancshares Corp. Lutherville MD MA SAIF NASDAQ 04/01/96 15.125 22.11
WOFC Western Ohio Financial Corp. Springfield OH MW SAIF NASDAQ 07/29/94 24.500 57.72
WRNB Warren Bancorp Inc. Peabody MA NE BIF NASDAQ 07/09/86 20.250 76.92
WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 7.625 32.39
WSFS WSFS Financial Corp. Wilmington DE MA BIF NASDAQ 11/26/86 17.500 217.74
WSTR WesterFed Financial Corp. Missoula MT WE SAIF NASDAQ 01/10/94 24.750 138.03
WVFC WVS Financial Corp. Pittsburgh PA MA SAIF NASDAQ 11/29/93 31.000 54.19
WYNE Wayne Bancorp Inc. Wayne NJ MA SAIF NASDAQ 06/27/96 22.500 45.31
YFCB Yonkers Financial Corporation Yonkers NY MA SAIF NASDAQ 04/18/96 18.750 56.64
YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84 26.125 183.09
Maximum 85.813 17,520.12
Minimum 5.125 6.53
Average 25.442 261.60
Median 23.000 61.16
7
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
AADV 21.32 189.39 202.58 17.45 0.73 1,019,510 9.21 8.67 2.58 0.89
ABBK 18.16 173.52 192.65 12.01 1.23 501,256 6.92 6.27 1.79 0.73
ABCL 19.28 154.50 156.35 14.55 1.77 1,371,184 9.41 9.31 1.29 0.85
ABCW 15.27 204.41 208.03 13.08 1.13 1,954,749 6.40 6.30 1.85 0.93
AFCB 16.38 164.93 165.79 16.40 2.11 1,128,579 9.76 9.71 1.74 1.08
AHM 20.52 302.12 355.53 12.29 1.44 46,799,157 5.10 4.51 2.97 0.73
ALBC 29.90 121.04 121.04 10.57 1.10 68,628 8.73 8.73 0.97 0.37
ALBK 17.23 170.48 193.53 15.76 1.58 3,716,954 9.24 8.23 2.64 1.04
AMFC 24.63 114.57 114.57 17.14 1.67 94,179 14.96 14.96 0.68 0.80
ANDB 14.61 175.74 175.74 14.27 1.92 1,280,601 8.12 8.12 2.43 1.03
ANE 14.84 156.84 161.41 10.89 1.20 238,227 6.94 6.76 1.12 0.79
ASBI 18.38 138.99 139.09 15.23 3.41 397,730 10.96 10.95 1.02 0.84
ASBP 22.29 130.11 130.11 20.47 2.99 112,469 15.74 15.74 0.60 0.85
ASFC 18.61 172.19 203.58 13.29 1.18 7,904,363 7.71 6.60 2.73 0.77
ATSB 31.98 96.97 97.93 10.02 1.46 72,245 10.33 10.24 0.43 0.29
BANC 26.47 192.03 231.56 10.57 0.98 2,844,996 5.50 4.60 0.51 0.54
BDJI 22.59 139.84 139.84 15.20 -- 110,589 10.87 10.87 1.09 0.63
BFD 20.02 133.67 138.42 12.13 1.36 960,704 8.52 8.25 1.03 0.66
BFSB 14.74 129.58 129.58 19.40 2.44 135,455 14.16 14.16 1.56 1.28
BKC 16.54 191.65 198.84 16.88 3.24 609,923 8.81 8.52 2.69 1.10
BKCT 19.34 205.08 205.08 22.05 2.72 423,800 10.75 10.75 1.90 1.24
BKUNA 22.59 169.63 209.35 6.32 -- 1,807,192 5.61 4.94 0.57 0.58
BVCC 20.32 201.72 241.51 11.74 1.07 3,162,207 5.82 4.91 1.47 0.62
BYFC 30.79 86.18 86.18 8.63 1.58 122,245 10.75 10.75 0.41 0.30
CAFI 16.79 154.32 167.29 14.76 2.31 489,833 9.57 8.89 1.34 0.89
CAPS 15.54 152.93 152.93 13.46 1.39 242,518 8.80 8.80 1.11 0.92
CASB 19.84 142.37 142.37 8.73 -- 368,126 6.13 6.13 0.63 0.52
CASH 14.22 125.64 141.80 14.31 1.83 374,824 11.40 10.23 1.38 0.93
CATB 21.60 116.05 116.05 29.06 1.60 284,238 25.04 25.04 0.81 1.41
CBCI 17.00 134.59 134.59 21.83 -- 488,346 16.22 16.22 2.97 1.41
CBK 34.72 116.17 116.17 17.91 -- 271,573 14.08 14.08 0.54 0.58
CBSA 13.00 145.93 173.61 5.01 1.63 2,929,560 3.47 2.93 2.26 0.40
CBSB 19.81 153.17 173.12 22.16 1.52 393,268 14.47 13.02 1.06 1.16
CEBK 15.31 129.31 144.51 12.84 1.42 344,420 9.93 8.98 1.47 0.88
CFB 16.07 233.43 260.79 14.39 0.58 7,207,143 6.16 5.55 2.99 0.94
CFCP 25.26 366.22 366.22 22.61 1.47 502,761 6.17 6.17 0.97 1.03
CFFC 12.87 115.32 115.32 15.81 2.58 175,414 13.71 13.71 1.69 1.28
CFSB 17.50 235.03 235.03 18.12 2.22 859,962 7.71 7.71 1.75 1.14
CFTP 21.55 117.30 117.30 36.26 1.83 209,035 27.45 27.45 0.76 1.61
CFX 19.13 242.68 251.77 21.14 3.54 2,821,182 8.71 8.42 1.30 0.95
CIBI 15.15 125.42 125.42 15.10 2.13 92,304 12.04 12.04 0.99 0.94
CKFB 21.11 111.96 111.96 28.91 2.63 60,812 23.96 23.96 0.90 1.33
CLAS 21.23 104.24 123.31 15.50 1.81 130,525 14.87 12.87 0.73 0.72
CMRN 18.13 105.50 105.50 22.88 1.55 208,105 21.69 21.69 1.00 1.32
CMSB 22.28 133.45 171.18 12.39 1.61 2,278,099 9.28 7.39 0.78 0.58
CNIT 20.02 196.82 214.31 14.24 1.63 709,550 7.24 6.69 3.06 0.75
COFI 16.64 271.61 295.67 19.16 1.70 15,196,993 7.05 6.52 3.53 1.24
CRZY 21.07 100.48 100.48 25.95 2.71 54,275 25.82 25.82 0.70 1.30
CTZN 18.82 216.82 240.76 13.80 0.73 3,097,515 6.37 5.77 2.63 0.82
CVAL 20.63 207.67 207.67 17.37 1.61 323,673 8.36 8.36 1.26 0.93
DIBK 10.76 213.20 219.55 17.37 1.29 921,510 8.14 7.93 2.88 1.90
DIME 21.17 142.32 165.21 20.66 1.16 1,315,026 14.52 12.76 0.98 1.04
DME 19.72 231.82 243.55 12.58 0.67 19,413,597 5.42 5.18 1.22 0.66
DNFC 15.92 215.87 218.04 11.22 0.84 1,754,069 5.25 5.20 1.50 0.83
8
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
DSL 17.33 156.55 158.59 11.17 1.31 5,853,968 7.13 7.05 1.41 0.70
EBSI 17.54 145.08 145.08 12.05 3.32 848,490 8.30 8.30 1.03 0.76
EFBI 25.74 163.25 163.35 18.91 3.81 275,620 11.58 11.57 1.02 0.78
EGFC 32.04 219.69 281.41 15.09 2.07 2,013,359 6.87 5.44 1.51 0.43
EIRE 18.98 228.59 228.59 15.98 0.89 443,503 6.99 6.99 1.66 0.92
EMLD 15.85 191.27 194.20 14.92 1.35 603,493 7.80 7.70 1.12 0.97
EQSB 13.30 170.06 170.06 8.57 -- 308,197 5.04 5.04 3.30 0.73
ESBK 25.34 135.74 141.55 8.72 2.28 227,828 6.30 6.05 1.11 0.35
ETFS 27.32 95.77 95.77 17.40 1.05 112,697 18.16 18.16 0.70 0.63
FBBC 15.15 155.40 155.40 16.37 2.34 681,215 10.53 10.53 1.13 1.09
FBCI 17.03 125.94 126.21 13.19 1.36 497,862 10.48 10.46 1.38 0.81
FBCV 27.90 117.99 120.27 10.21 1.04 260,935 8.65 8.50 1.38 0.36
FBER 26.45 135.49 135.49 19.23 1.10 284,765 14.19 14.19 0.69 0.77
FBHC 25.67 165.66 177.91 9.99 1.04 318,668 6.03 5.64 0.75 0.51
FBSI 15.99 118.73 118.73 16.53 0.81 162,755 13.92 13.92 1.54 1.08
FCBF 22.69 143.62 143.62 20.90 2.96 526,203 14.55 14.55 1.19 1.06
FCME 3.13 132.85 132.85 12.26 -- 152,386 9.23 9.23 4.39 4.08
FDEF 26.25 124.90 124.90 24.56 2.03 574,364 19.66 19.66 0.60 1.01
FED 16.60 178.35 180.15 9.20 -- 4,104,647 5.16 5.11 2.15 0.56
FESX 16.67 163.87 187.32 12.13 2.46 1,209,698 7.40 6.54 1.17 0.77
FFBA 17.91 165.63 167.86 21.66 2.42 1,512,605 13.08 12.93 1.11 1.20
FFBH 17.98 125.31 125.31 18.75 1.17 535,204 14.97 14.97 1.14 1.06
FFBI 21.63 109.25 109.25 9.46 -- 84,531 8.65 8.65 0.89 0.41
FFBS 17.94 130.01 130.01 26.28 2.27 130,762 19.23 19.23 1.23 1.47
FFBZ 18.51 222.76 223.01 15.33 1.22 201,262 7.55 7.54 1.06 0.96
FFCH 17.19 223.02 223.02 13.63 2.35 1,667,178 6.11 6.11 2.08 0.84
FFDB 17.23 157.11 172.35 14.79 2.20 176,528 9.42 8.65 1.32 0.94
FFDF 30.33 125.25 125.25 30.58 1.62 88,000 24.41 24.41 0.61 0.93
FFED 34.26 177.88 177.88 9.59 4.32 240,001 5.39 5.39 0.27 0.30
FFES 16.51 143.44 143.44 9.51 1.71 987,416 6.63 6.63 2.12 0.60
FFFC 21.08 181.65 185.59 25.58 1.52 558,886 13.18 12.94 1.50 1.34
FFFD 15.33 116.49 116.49 26.69 1.42 215,133 22.92 22.92 1.15 1.83
FFFL 33.75 218.45 220.05 18.29 3.33 999,289 8.37 8.32 0.80 0.59
FFHH 18.21 117.76 117.76 14.83 2.61 388,135 11.17 11.17 1.05 0.84
FFHS 19.01 131.50 132.26 11.86 1.74 231,189 9.02 8.97 1.21 0.65
FFIC 19.74 123.68 128.81 17.56 1.14 960,130 14.21 13.71 1.07 0.97
FFKY 15.28 174.60 185.03 23.92 2.55 382,585 13.70 13.03 1.44 1.62
FFLC 24.65 152.97 152.97 21.00 1.37 383,382 13.73 13.73 1.42 0.94
FFOH 17.42 125.61 141.68 16.36 1.81 528,704 13.03 11.72 0.89 0.94
FFPB 24.68 170.84 174.90 10.68 1.57 1,808,419 6.25 6.11 1.55 0.48
FFSL 20.60 126.08 126.08 13.15 1.71 110,876 10.43 10.43 0.71 0.69
FFSX 27.59 227.27 229.06 19.84 1.50 456,850 8.73 8.67 1.16 0.71
FFWC 13.08 129.61 143.81 12.34 2.30 180,056 9.52 8.66 2.39 1.06
FFWD 19.89 183.82 183.82 22.62 2.29 163,918 12.30 12.30 0.88 1.26
FFYF 15.66 140.39 140.39 19.23 2.46 610,974 13.69 13.69 1.82 1.26
FGHC 21.96 192.99 210.49 15.86 0.66 156,383 8.22 7.59 0.37 0.78
FIBC 14.15 143.22 143.86 12.95 1.78 296,956 9.04 9.00 1.59 0.94
FISB 18.61 172.63 174.73 16.64 1.97 1,547,121 9.64 9.54 1.31 0.95
FKFS 14.34 153.22 153.22 11.20 0.68 320,797 7.31 7.31 2.04 0.78
FLFC 15.20 189.02 209.65 13.93 1.72 1,288,919 7.37 6.69 1.53 0.94
FMCO 12.84 187.01 190.38 12.26 0.98 554,925 6.56 6.45 2.22 1.02
FMSB 18.46 243.36 243.36 16.53 0.73 451,120 6.79 6.79 1.49 1.00
FNGB 21.77 163.83 163.83 18.17 2.37 656,745 11.09 11.09 0.62 0.89
FOBC 18.05 137.54 143.88 15.92 2.58 357,721 11.18 10.73 1.33 0.94
9
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
FSBI 14.37 151.61 151.61 10.24 1.50 363,302 6.75 6.75 1.67 0.83
FSPG 12.71 175.10 178.01 11.67 1.78 522,396 6.66 6.56 1.77 0.97
FSTC 13.57 211.23 271.62 20.56 1.16 338,857 9.73 7.73 2.80 1.90
FTF 14.90 165.50 165.50 25.99 2.25 171,358 15.70 15.70 1.67 1.73
FTFC 19.75 237.78 252.31 16.01 1.76 1,559,672 6.73 6.37 1.38 0.90
FTSB 26.75 128.61 128.61 20.63 1.87 96,940 16.04 16.04 0.50 0.81
FWWB 20.98 153.86 166.61 23.62 1.16 1,074,166 14.23 13.29 1.15 1.16
GAF 19.81 126.53 127.74 18.51 2.58 802,304 14.63 14.51 0.94 1.07
GBCI 16.26 246.31 252.84 24.00 2.40 567,610 9.74 9.51 1.23 1.54
GDW 14.80 189.18 189.18 12.42 0.51 39,228,359 6.56 6.56 5.80 0.86
GFCO 17.30 128.19 129.93 12.16 2.61 287,088 9.49 9.37 1.77 0.71
GFSB 15.29 155.54 155.54 17.91 1.52 94,496 11.51 11.51 1.12 1.27
GPT 18.15 184.99 345.07 20.36 1.61 13,093,985 9.69 5.44 3.43 1.05
GSB 20.38 208.08 232.54 10.32 -- 16,432,304 6.35 5.79 1.65 0.74
GSBC 16.10 270.13 270.13 23.04 2.19 707,841 8.53 8.53 1.25 1.54
GSFC 25.00 122.20 122.20 44.31 2.44 174,605 36.25 36.25 0.72 1.66
GUPB 22.14 122.06 122.06 18.14 1.88 93,793 14.87 14.87 0.96 0.95
HALL 16.00 134.55 134.55 9.82 -- 418,467 7.30 7.30 1.78 0.63
HARB 23.67 321.17 331.56 27.48 2.24 1,131,024 8.56 8.31 2.64 1.20
HARL 15.00 219.76 219.76 14.36 1.50 336,666 6.53 6.53 1.95 1.02
HAVN 16.72 168.03 168.57 10.08 1.42 1,833,284 6.00 5.98 2.52 0.68
HBBI 26.70 107.27 107.27 14.96 1.39 45,064 12.81 12.81 0.81 0.52
HBFW 20.78 137.99 137.99 18.33 0.82 334,862 13.29 13.29 1.17 0.89
HBNK 17.68 186.05 186.05 14.26 -- 515,990 7.67 7.67 1.81 0.86
HBS 16.90 126.04 130.72 17.56 2.65 150,416 13.93 13.50 1.25 1.15
HFFB 21.33 102.04 102.04 29.73 2.50 108,949 26.92 26.92 0.75 1.35
HFFC 14.83 139.96 139.96 13.23 1.65 574,889 9.43 9.42 1.72 0.94
HFGI 22.95 163.11 163.11 7.89 0.95 521,043 4.84 4.84 0.55 0.36
HFNC 23.61 158.75 158.75 28.64 1.88 892,920 18.04 18.04 0.63 1.18
HFSA 19.37 111.90 111.90 12.91 2.72 117,364 11.53 11.53 0.91 0.75
HHFC 27.83 130.42 130.42 15.40 2.98 87,596 11.81 11.81 0.53 0.57
HIFS 14.39 177.02 177.02 17.18 1.68 216,240 9.71 9.71 1.98 1.25
HMCI 27.36 154.93 154.93 10.58 -- 326,877 6.83 6.83 0.74 0.41
HMNF 20.21 120.71 120.71 17.95 -- 568,847 14.88 14.88 1.20 0.85
HOMF 15.35 205.28 211.86 17.41 1.43 682,796 8.48 8.24 2.28 1.22
HPBC 13.29 199.57 199.57 21.30 3.44 201,014 10.67 10.67 1.75 1.67
HRBF 22.31 125.91 125.91 16.24 2.31 216,370 12.89 12.89 0.93 0.70
HRZB 15.54 149.52 149.52 23.33 2.70 518,661 15.60 15.60 1.05 1.54
HTHR 26.12 133.89 133.89 6.15 -- 863,096 5.94 5.94 0.67 0.72
HZFS 17.72 109.60 109.60 10.91 1.60 87,784 9.95 9.95 1.27 0.66
IBSF 27.12 138.05 138.05 24.02 2.50 733,344 17.40 17.40 0.59 0.85
IFSB 25.11 99.45 112.48 6.85 1.59 258,460 6.88 6.14 0.55 0.27
INBI 17.97 146.68 146.68 25.20 3.25 354,116 17.18 17.18 0.96 1.44
INCB 28.85 121.26 121.26 14.76 2.40 93,702 12.17 12.17 0.52 0.53
IPSW 19.12 271.97 271.97 15.26 0.92 202,509 5.61 5.61 0.68 0.97
ISBF 21.65 137.71 161.88 17.67 2.06 947,107 12.04 10.43 1.12 0.85
ITLA 13.42 162.34 NA 17.41 -- 901,555 10.72 NA 1.49 1.46
IWBK 16.18 241.75 247.03 16.39 1.71 1,832,582 6.78 6.64 2.31 1.10
JSB 18.50 130.88 130.88 30.39 2.98 1,531,068 23.21 23.21 2.54 1.72
JSBA 18.69 166.94 215.17 15.50 1.00 1,292,021 8.54 6.75 2.14 0.77
JXVL 8.11 136.53 136.53 20.37 2.70 226,182 14.92 14.92 2.28 1.33
KFBI 26.62 145.31 145.31 31.14 1.41 727,903 19.55 19.55 0.85 1.19
KNK 16.07 118.47 126.05 13.14 1.52 341,678 11.09 10.49 1.96 0.82
KSAV 16.41 130.78 130.86 17.31 2.79 109,937 13.24 13.23 1.31 1.20
10
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
KSBK 11.02 165.48 175.00 11.88 0.57 145,888 7.18 6.81 1.27 1.08
KYF 17.31 120.97 120.97 20.04 3.70 88,856 16.57 16.57 0.78 1.12
LARK 18.75 130.51 130.51 18.00 1.67 228,100 13.79 13.79 1.28 1.04
LARL 13.77 174.69 174.69 17.53 2.02 211,987 10.03 10.03 1.87 1.43
LFBI 33.02 120.61 130.60 16.01 1.14 299,989 13.28 12.39 0.53 0.47
LFED 33.16 232.82 232.82 37.92 2.41 286,999 16.29 16.29 0.95 1.17
LIFB 17.90 148.21 152.62 15.63 2.03 1,488,257 10.55 10.28 1.32 0.86
LISB 24.72 192.39 194.19 17.72 1.37 5,930,784 9.21 9.13 1.77 0.73
LOGN 15.96 116.64 116.64 22.04 2.67 85,801 18.89 18.89 0.94 1.47
LONF 26.46 139.55 139.55 27.45 1.18 38,240 19.66 19.66 0.77 0.99
LSBI 17.96 128.79 128.79 12.24 1.33 194,117 8.85 8.85 1.42 0.68
LSBX 9.76 170.60 170.60 16.23 -- 352,980 9.52 9.52 1.37 1.73
LVSB 27.04 241.60 302.30 23.01 0.52 481,646 9.52 7.76 0.89 0.95
LXMO 21.55 111.17 111.17 31.47 1.83 59,236 28.32 28.32 0.76 1.32
MAFB 13.09 177.12 201.59 13.80 0.92 3,370,587 7.79 6.91 2.33 1.15
MARN 17.42 122.23 122.23 27.55 3.26 173,304 22.54 22.54 1.55 1.67
MASB 17.13 153.98 156.31 16.60 2.21 932,757 10.78 10.64 2.54 1.04
MBB 25.35 129.43 263.73 9.57 2.19 813,902 8.92 5.36 1.08 0.51
MBB 25.35 129.43 263.73 9.57 2.19 813,902 8.92 5.36 1.08 0.51
MBBC 32.59 118.05 128.07 14.33 0.66 412,810 11.33 10.54 0.56 0.46
MBLF 19.36 117.15 117.15 14.24 1.55 234,823 12.15 12.15 1.33 0.85
MCBN 15.23 123.76 123.76 10.62 1.86 61,473 8.58 8.58 1.84 0.72
MDBK 15.77 159.38 170.07 14.37 2.06 1,106,345 9.02 8.50 2.22 1.00
MECH 9.28 152.33 152.33 15.85 -- 830,741 10.41 10.41 2.68 1.79
MERI 14.69 191.84 191.84 15.84 1.47 233,311 8.26 8.26 3.25 1.15
METF 16.74 219.63 242.81 8.69 -- 821,280 3.96 3.59 1.21 0.54
MFBC 19.96 112.01 112.01 14.67 1.41 255,921 13.10 13.10 1.14 0.83
MFFC 27.23 124.39 124.39 17.59 3.93 200,238 13.12 13.12 0.56 0.69
MFLR 18.95 171.91 174.85 16.65 2.89 125,671 9.68 9.54 1.24 0.92
MFSL 13.83 147.58 NA 12.52 1.85 1,175,006 8.48 NA 3.29 0.92
MIVI 20.69 111.87 111.87 21.12 0.89 69,775 18.88 18.88 0.87 1.03
MSBF 21.23 173.30 173.30 29.46 1.59 74,698 16.99 16.99 0.83 1.46
MWBI 17.35 166.94 166.94 11.55 1.41 149,850 6.92 6.92 2.94 0.77
MWBX 15.57 263.58 263.58 19.66 1.46 585,760 7.47 7.47 0.53 1.37
MWFD 19.35 214.09 222.02 18.87 1.42 207,050 8.81 8.52 1.24 1.09
NASB 13.02 196.10 202.90 15.05 1.61 736,585 7.68 7.44 3.82 1.20
NBN 26.40 167.38 191.06 11.44 1.36 261,800 7.60 6.81 0.89 0.58
NEIB 14.94 118.47 118.47 17.02 1.74 190,319 14.37 14.37 1.23 1.20
NHTB 26.51 186.76 219.34 14.29 2.27 315,280 7.65 6.59 0.83 0.61
NMSB 20.42 145.49 145.49 14.80 2.61 317,407 10.17 10.17 0.60 0.82
NSLB 30.42 110.54 110.54 21.62 2.74 59,711 19.56 19.56 0.60 0.77
NTMG 33.82 148.96 148.96 8.29 1.74 102,438 8.37 8.37 0.34 0.40
NWEQ 16.36 122.98 122.98 15.15 2.97 96,891 11.45 11.45 1.07 0.98
OCN 33.87 409.28 420.23 55.75 -- 3,069,300 13.62 13.31 1.67 1.74
OFCP 22.19 188.16 232.94 16.44 1.37 866,966 8.74 7.18 1.20 0.79
OHSL 16.67 123.72 123.72 13.51 3.32 234,600 10.92 10.92 1.59 0.88
PBCI 13.97 133.96 134.91 17.29 4.42 371,958 12.91 12.83 1.62 1.33
PBHC 28.65 228.79 272.28 27.31 1.02 193,005 11.94 10.23 0.96 0.95
PBKB 23.28 200.05 207.87 11.43 2.36 585,678 5.71 5.51 0.80 0.53
PCBC 15.19 108.98 108.98 20.92 1.95 81,105 19.20 19.20 1.35 1.07
PCCI 14.25 171.59 171.59 11.67 -- 409,198 6.80 6.80 1.14 1.04
PEEK 22.64 113.87 113.87 29.30 2.15 182,560 25.73 25.73 0.74 1.29
PERM 21.19 126.65 128.53 11.60 1.60 433,239 9.16 9.04 1.18 0.62
PERT 31.68 253.23 253.23 29.95 2.75 256,211 11.83 11.83 1.61 1.11
11
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
PFDC 16.94 163.81 163.81 24.91 2.03 287,564 15.20 15.20 1.86 1.46
PFFB 28.54 130.19 NA 13.09 -- 2,615,466 10.06 NA 0.67 0.46
PFNC 20.11 237.18 NA 12.74 0.87 436,746 5.33 NA 0.69 0.71
PFSB 13.74 132.92 156.99 10.54 0.94 1,363,950 7.33 6.27 2.17 0.82
PFSL 22.28 235.43 235.43 14.98 2.59 378,700 6.36 6.36 1.56 0.69
PHBK 15.39 239.04 279.96 17.81 1.94 6,056,083 7.45 6.43 2.55 1.30
PHFC 20.38 131.95 133.45 14.41 1.28 256,265 10.92 10.81 0.92 0.80
PRBC 20.05 108.12 108.12 12.11 0.66 137,834 11.21 11.21 0.91 0.62
PSBK 15.18 172.85 193.62 14.78 2.00 878,823 8.55 7.70 2.24 0.97
PTRS 13.44 122.33 122.33 10.80 1.49 121,189 8.83 8.83 2.00 0.84
PULS 14.51 186.21 186.21 15.30 2.68 526,016 8.21 8.21 1.80 1.10
PVFC 11.76 194.55 194.55 13.70 -- 373,081 7.04 7.04 1.70 1.33
PVSA 14.38 189.14 190.40 14.60 1.81 1,005,440 7.72 7.67 2.00 1.08
PWBC 17.52 143.69 153.70 11.61 2.01 816,954 8.08 7.59 1.02 0.66
QCBC 17.24 130.46 130.46 11.03 -- 847,024 8.46 8.46 1.16 0.69
QCFB 14.84 148.21 148.21 25.94 -- 156,727 17.50 17.50 1.92 1.60
QCSB 25.54 269.61 269.61 35.05 2.24 1,541,049 11.22 11.22 1.40 1.54
RARB 18.38 222.36 225.98 17.64 1.73 379,428 7.93 7.81 1.51 1.03
REDF 25.34 174.42 175.07 14.75 -- 912,237 8.46 8.42 0.74 0.64
RELI 31.25 96.37 96.37 47.07 -- 47,009 48.85 48.85 0.28 1.47
RELY 16.94 158.11 215.24 13.06 2.10 2,034,753 8.26 6.20 1.80 0.84
ROSE 18.08 217.90 217.90 14.48 2.11 3,691,564 6.24 6.24 1.68 0.87
SCCB 26.88 125.73 125.73 32.29 2.79 46,598 25.67 25.67 0.80 1.20
SFED 19.55 123.28 123.28 15.37 1.30 172,849 12.47 12.47 1.10 0.79
SFFC 18.62 138.89 138.89 24.70 1.48 85,679 17.78 17.78 1.45 1.37
SFIN 14.23 140.29 140.59 13.64 2.26 673,214 9.73 9.71 1.37 0.90
SFSB 20.21 148.48 149.01 9.85 0.95 432,559 6.63 6.61 1.67 0.54
SFSL 17.19 220.14 223.72 20.73 1.79 653,226 9.42 9.28 1.04 1.34
SGVB 31.58 140.96 143.31 10.30 -- 409,340 7.31 7.19 0.57 0.35
SHEN 15.43 151.88 151.88 17.65 1.75 401,437 11.62 11.62 2.22 1.17
SISB 16.69 178.85 178.85 13.01 1.65 1,453,017 7.36 7.36 2.03 0.82
SKAN 17.59 166.67 171.58 11.67 1.32 247,643 7.00 6.81 1.72 0.68
SMBC 18.49 109.84 109.84 18.08 2.82 160,393 16.46 16.46 0.96 0.95
SOBI 29.44 105.86 105.86 16.96 1.75 81,733 15.12 15.12 0.62 0.60
SOPN 20.09 128.70 128.70 29.39 3.75 294,217 22.84 22.84 1.17 1.69
SOSA 17.08 248.79 248.79 16.40 -- 520,339 6.60 6.60 0.30 0.99
SPBC 17.79 201.90 202.41 18.15 1.65 4,548,436 8.99 8.97 1.36 1.07
SSB 15.18 79.00 79.00 29.26 2.82 69,479 37.03 37.03 0.70 1.71
SSM 20.05 125.54 125.54 36.22 2.22 106,115 28.85 28.85 1.01 1.71
STFR 19.95 159.22 180.16 12.42 1.25 1,645,539 7.88 7.03 1.93 0.71
STSA 18.92 161.79 176.77 8.50 -- 1,870,513 5.25 4.83 1.11 0.53
SVRN 18.11 239.60 293.21 13.57 0.46 14,601,008 5.08 4.31 0.97 0.61
SWBI 18.39 160.84 160.84 18.25 2.95 375,004 11.34 11.34 1.40 1.02
SWCB 15.45 172.83 180.54 13.74 3.33 501,894 7.95 7.63 2.33 0.98
THR 18.95 115.76 116.20 15.58 2.22 95,130 13.46 13.41 0.95 0.84
THRD 22.43 124.93 141.51 15.69 1.67 625,338 11.63 10.41 1.07 0.67
TPNZ 24.70 145.29 145.29 24.72 1.37 124,150 17.02 17.02 0.83 1.00
TRIC 18.02 119.97 119.97 18.37 2.16 88,173 15.31 15.31 1.54 1.07
TSH 17.39 128.78 128.78 16.92 2.50 406,253 13.14 13.14 1.15 0.96
TWIN 22.92 126.49 126.49 16.36 2.91 106,931 12.94 12.94 0.60 0.72
UBMT 19.83 119.40 119.40 27.80 4.08 105,600 23.29 23.29 1.21 1.39
UFRM 34.47 169.78 169.78 12.69 2.11 275,529 7.47 7.47 0.33 0.38
VABF 26.54 177.94 177.94 12.18 1.32 617,818 6.85 6.85 0.57 0.46
WAMU 29.11 335.92 362.56 18.32 1.64 95,607,369 5.58 5.21 2.34 0.68
12
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
WAYN 34.46 244.02 244.02 22.57 2.43 254,230 9.25 9.25 0.74 0.66
WBST 18.22 223.40 259.47 11.93 1.34 6,811,014 5.34 4.63 3.29 0.73
WCBI 16.56 136.46 136.46 21.21 2.26 309,070 15.54 15.54 1.60 1.41
WEFC 15.60 114.40 114.40 16.27 2.82 204,761 14.22 14.22 1.09 1.04
WFI 14.55 166.38 169.71 11.93 2.36 324,532 7.17 7.04 1.34 0.86
WFSL 14.15 205.99 224.41 25.85 2.96 5,719,589 12.55 11.64 2.20 1.85
WHGB 26.08 106.81 106.81 22.06 1.32 100,235 20.66 20.66 0.58 0.85
WOFC 31.82 104.79 112.39 14.45 4.08 396,492 13.79 12.98 0.77 0.45
WRNB 12.82 198.53 198.53 21.12 2.57 364,130 10.65 10.65 1.58 1.76
WSB 18.60 150.99 150.99 12.54 1.31 258,330 8.30 8.30 0.41 0.73
WSFS 13.89 262.76 264.75 14.56 -- 1,495,609 5.54 5.51 1.26 1.13
WSTR 20.97 130.06 161.24 13.81 1.86 999,203 10.62 8.75 1.18 0.75
WVFC 14.76 164.72 164.72 18.38 2.58 294,693 11.16 11.16 2.10 1.32
WYNE 20.83 136.45 136.45 16.95 0.89 267,285 12.43 12.43 1.08 0.85
YFCB 18.20 132.60 132.60 19.76 1.28 288,089 14.90 14.90 1.03 1.15
YFED 20.73 182.95 182.95 15.75 2.30 1,162,393 8.61 8.61 1.26 0.77
Maximum 34.72 409.28 420.23 55.75 4.42 95,607,369 48.85 48.85 5.80 4.08
Minimum 3.13 79.00 79.00 5.01 -- 38,240 3.47 2.93 0.27 0.27
Average 19.83 162.31 170.17 17.23 1.70 1,670,568 11.41 11.16 1.40 0.97
Median 18.61 152.11 156.33 15.85 1.66 381,007 9.70 9.47 1.23 0.93
13
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
AADV 9.89 N 10/28/97 0.44 19.10 0.72 0.98 10.77
ABBK 10.71 N 10/28/97 0.17 16.25 0.50 0.81 11.68
ABCL 9.33 N 10/28/97 0.21 13.82 0.45 1.10 12.01
ABCW 14.53 N 10/28/97 NA 15.03 0.47 0.94 14.59
AFCB 11.05 N 10/28/97 0.34 16.96 0.42 1.03 10.56
AHM 14.58 N 10/28/97 1.86 18.35 0.83 0.80 15.76
ALBC 4.03 N 10/28/97 0.72 40.28 0.18 0.27 3.03
ALBK 11.33 N 10/28/97 0.73 17.23 0.66 1.03 11.06
AMFC 4.54 N 10/28/97 0.81 24.63 0.17 0.67 4.28
ANDB 12.93 N 10/28/97 0.91 14.31 0.62 1.04 13.10
ANE 11.78 N 10/28/97 2.13 13.85 0.30 0.83 11.73
ASBI 7.64 N 10/28/97 0.40 18.75 0.25 0.83 7.60
ASBP 4.52 N 10/28/97 0.88 17.60 0.19 1.06 6.74
ASFC 9.80 N 10/28/97 0.41 17.89 0.71 0.76 9.81
ATSB 3.01 N 10/28/97 3.63 38.19 0.09 0.25 2.45
BANC 9.56 N 10/28/97 NA 37.50 0.09 0.37 6.65
BDJI 5.48 N 10/28/97 0.23 18.66 0.33 0.69 6.37
BFD 6.87 N 10/28/97 NA 19.83 0.26 0.62 6.88
BFSB 8.90 N 10/28/97 -- 15.13 0.38 1.22 8.52
BKC 13.05 N 10/28/97 1.77 15.24 0.73 1.16 13.72
BKCT 12.04 N 10/28/97 1.04 19.14 0.48 1.24 11.78
BKUNA 8.04 N 10/28/97 0.66 22.99 0.14 0.48 8.00
BVCC 10.07 N 10/28/97 0.63 20.19 0.37 0.63 10.14
BYFC 2.60 N 10/28/97 2.06 19.73 0.16 0.48 4.33
CAFI 9.59 N 10/28/97 0.34 14.80 0.38 1.02 10.59
CAPS 10.16 N 10/28/97 0.16 14.38 0.30 0.96 10.97
CASB 8.50 N 10/28/97 0.41 16.45 0.19 0.61 9.92
CASH 8.12 N 10/28/97 0.85 15.83 0.31 0.92 7.98
CATB 5.10 N 10/28/97 0.47 20.83 0.21 1.35 5.24
CBCI 8.96 N 10/28/97 1.27 17.06 0.74 1.36 8.67
CBK 3.82 N 10/28/97 0.39 33.48 0.14 0.58 4.06
CBSA 11.94 N 10/28/97 0.59 14.40 0.51 0.36 10.59
CBSB 7.78 N 10/28/97 0.56 21.00 0.25 1.08 7.67
CEBK 8.75 N 10/28/97 0.85 18.15 0.31 0.73 7.16
CFB 15.97 N 10/28/97 0.88 15.81 0.76 0.94 15.48
CFCP 16.66 N 10/28/97 0.21 21.88 0.28 1.11 18.07
CFFC 9.23 N 10/28/97 0.39 13.94 0.39 1.16 8.41
CFSB 14.86 N 10/28/97 0.16 15.63 0.49 1.23 15.92
CFTP 4.97 N 10/28/97 0.30 27.29 0.15 1.27 4.30
CFX 11.09 N 10/28/97 NA 18.29 0.34 0.82 9.20
CIBI 7.98 N 10/28/97 0.63 14.42 0.26 0.96 8.28
CKFB 5.37 N 10/28/97 0.63 19.00 0.25 1.47 6.16
CLAS 4.64 N 10/28/97 0.66 19.38 0.20 0.72 4.89
CMRN 5.51 N 10/28/97 0.24 18.13 0.25 1.26 5.63
CMSB 5.76 N 10/28/97 0.47 24.13 0.18 0.51 5.36
CNIT 10.46 N 10/28/97 0.42 18.45 0.83 0.81 11.22
COFI 18.34 N 10/28/97 0.20 15.96 0.92 1.26 18.35
CRZY 4.54 N 10/28/97 0.39 18.44 0.20 1.34 5.07
CTZN 12.75 N 10/28/97 0.41 16.50 0.75 0.89 13.89
CVAL 10.48 N 10/28/97 0.23 20.31 0.32 0.89 10.56
DIBK 23.53 N 10/28/97 0.36 9.81 0.79 1.92 24.10
DIME 6.20 N 10/28/97 0.73 30.51 0.17 0.70 4.73
DME 12.47 N 10/28/97 1.02 16.71 0.36 0.74 14.43
DNFC 14.74 N 10/28/97 0.35 15.71 0.38 0.80 14.64
14
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
DSL 9.57 N 10/28/97 0.95 17.46 0.35 0.65 9.25
EBSI 8.78 N 10/28/97 1.07 16.73 0.27 0.76 8.92
EFBI 6.10 N 10/28/97 NA 29.83 0.22 0.63 5.37
EGFC 5.98 N 10/28/97 0.52 NM (0.27) (0.36) (5.07)
EIRE 13.23 N 10/28/97 0.17 18.31 0.43 0.90 12.87
EMLD 12.70 N 10/28/97 NA 14.79 0.30 1.00 13.04
EQSB 14.49 N 10/28/97 0.15 13.38 0.82 0.70 13.83
ESBK 5.53 N 10/28/97 0.66 20.09 0.35 0.43 6.85
ETFS 3.38 N 10/28/97 0.17 25.16 0.19 0.65 3.51
FBBC 9.27 N 10/28/97 0.09 14.27 0.30 1.05 10.37
FBCI 7.81 N 10/28/97 0.41 15.46 0.38 0.88 8.40
FBCV 4.40 N 10/28/97 1.12 16.31 0.59 0.62 7.32
FBER 4.69 N 10/28/97 0.83 21.73 0.21 0.85 5.57
FBHC 8.10 N 10/28/97 0.37 21.88 0.22 0.60 9.70
FBSI 7.68 N 10/28/97 0.13 13.99 0.44 1.13 8.45
FCBF 6.32 N 10/28/97 0.15 21.77 0.31 1.08 6.92
FCME 53.13 N 10/28/97 1.95 17.19 0.20 0.73 7.90
FDEF 4.70 N 10/28/97 0.45 26.25 0.15 0.95 4.65
FED 11.68 N 10/28/97 1.20 16.22 0.55 0.58 11.48
FESX 10.65 N 10/28/97 NA 16.81 0.29 0.75 10.42
FFBA 8.96 N 10/28/97 0.20 15.53 0.32 1.36 10.45
FFBH 6.61 N 10/28/97 0.19 22.28 0.23 0.81 5.24
FFBI 5.11 N 10/28/97 0.41 22.92 0.21 0.38 4.64
FFBS 7.51 N 10/28/97 0.03 22.06 0.25 1.17 6.06
FFBZ 12.66 N 10/28/97 0.47 15.33 0.32 1.11 14.72
FFCH 13.67 N 10/28/97 1.61 16.55 0.54 0.84 13.68
FFDB 9.54 N 10/28/97 0.72 16.73 0.34 0.98 10.05
FFDF 3.77 N 10/28/97 0.07 38.54 0.12 0.76 3.08
FFED 5.58 N 10/28/97 0.13 17.79 0.13 0.55 10.45
FFES 9.47 N 10/28/97 0.25 16.83 0.52 0.59 9.03
FFFC 9.56 N 10/28/97 0.18 19.28 0.41 1.35 10.37
FFFD 7.57 N 10/28/97 0.22 14.21 0.31 1.82 7.97
FFFL 6.47 N 10/28/97 0.34 30.68 0.22 0.61 7.05
FFHH 6.96 N 10/28/97 0.15 15.94 0.30 0.88 7.82
FFHS 7.31 N 10/28/97 0.33 19.17 0.30 0.64 7.21
FFIC 6.05 N 10/28/97 NA 17.60 0.30 0.98 6.60
FFKY 11.85 N 10/28/97 0.08 15.28 0.36 1.61 11.74
FFLC 6.42 N 10/28/97 0.18 28.23 0.31 0.75 5.52
FFOH 7.08 N 10/28/97 0.29 17.61 0.22 0.91 6.99
FFPB 7.19 N 10/28/97 NA 24.52 0.39 0.46 7.25
FFSL 6.20 N 10/28/97 0.37 20.31 0.18 0.64 6.17
FFSX 8.61 N 10/28/97 NA 27.59 0.29 0.70 8.19
FFWC 10.49 N 10/28/97 0.16 14.47 0.54 0.93 9.35
FFWD 9.76 N 10/28/97 0.02 18.23 0.24 1.29 10.36
FFYF 8.58 N 10/28/97 0.66 14.84 0.48 1.23 9.08
FGHC 9.53 N 10/28/97 1.41 16.93 0.12 1.00 11.97
FIBC 10.10 N 10/28/97 NA 14.06 0.40 0.93 10.07
FISB 9.90 N 10/28/97 NA 17.92 0.34 0.98 10.02
FKFS 10.49 N 10/28/97 1.60 13.30 0.55 0.78 10.93
FLFC 12.81 N 10/28/97 0.81 14.18 0.41 1.02 13.61
FMCO 15.76 N 10/28/97 1.06 11.88 0.60 1.05 16.36
FMSB 15.00 N 10/28/97 NA 17.19 0.40 1.07 15.66
FNGB 7.88 N 10/28/97 0.08 21.09 0.16 0.92 8.26
FOBC 8.26 N 10/28/97 0.19 18.75 0.32 0.88 7.95
15
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
FSBI 11.94 N 10/28/97 0.30 15.00 0.40 0.75 10.90
FSPG 14.79 N 10/28/97 0.64 14.06 0.40 0.86 12.91
FSTC 19.95 N 10/28/97 1.10 6.13 1.55 3.68 38.97
FTF 10.43 N 10/28/97 0.12 13.23 0.47 1.86 11.74
FTFC 13.94 N 10/28/97 NA 18.92 0.36 0.90 13.69
FTSB 4.47 N 10/28/97 1.42 14.54 0.23 1.38 8.60
FWWB 7.58 N 10/28/97 0.29 18.85 0.32 1.21 8.28
GAF 6.10 N 10/28/97 0.24 16.63 0.28 1.11 7.31
GBCI 16.25 N 10/28/97 0.12 14.71 0.34 1.64 17.10
GDW 13.67 N 10/28/97 NA 13.75 1.56 0.91 14.02
GFCO 7.49 N 10/28/97 0.31 14.72 0.52 0.83 8.67
GFSB 11.03 N 10/28/97 NA 14.76 0.29 1.29 11.21
GPT 9.92 N 10/28/97 2.88 16.56 0.94 1.08 10.79
GSB 11.69 N 10/28/97 1.36 18.68 0.45 0.77 12.20
GSBC 17.00 N 10/28/97 1.91 13.98 0.36 1.66 19.65
GSFC 4.72 N 10/28/97 0.16 26.47 0.17 1.66 4.85
GUPB 5.44 N 10/28/97 0.15 15.18 0.35 1.26 8.11
HALL 8.94 N 10/28/97 NA 15.82 0.45 0.63 8.72
HARB 14.58 N 10/28/97 0.43 22.64 0.69 1.23 14.62
HARL 16.03 N 10/28/97 -- 13.80 0.53 1.09 16.89
HAVN 11.35 N 10/28/97 NA 19.87 0.53 0.54 9.02
HBBI 4.07 N 10/28/97 0.38 19.31 0.28 0.72 5.67
HBFW 6.29 N 10/28/97 -- 19.61 0.31 0.89 6.61
HBNK 11.72 N 10/28/97 2.52 16.67 0.48 0.88 11.88
HBS 7.72 N 10/28/97 1.97 16.00 0.33 1.12 7.99
HFFB 4.99 N 10/28/97 -- 20.00 0.20 1.39 5.23
HFFC 10.13 N 10/28/97 0.48 12.75 0.50 1.05 11.48
HFGI 7.49 N 10/28/97 0.20 45.09 0.07 0.19 3.78
HFNC 4.72 N 10/28/97 0.88 28.61 0.13 0.94 5.09
HFSA 5.54 N 10/28/97 NA 20.98 0.21 0.59 4.92
HHFC 4.44 N 10/28/97 0.11 19.41 0.19 0.80 6.56
HIFS 12.98 N 10/28/97 NA 13.70 0.52 1.26 13.18
HMCI 6.43 N 10/28/97 NA 24.11 0.21 0.48 7.11
HMNF 5.81 N 10/28/97 0.10 21.65 0.28 0.79 5.46
HOMF 14.67 N 10/28/97 0.45 16.20 0.54 1.13 13.40
HPBC 15.62 N 10/28/97 -- 12.92 0.45 1.63 15.35
HRBF 5.41 N 10/28/97 0.05 20.75 0.25 0.74 5.80
HRZB 9.82 N 10/28/97 -- 14.57 0.28 1.57 10.19
HTHR 13.28 N 10/28/97 7.17 7.95 0.55 1.59 28.95
HZFS 6.37 N 10/28/97 NA 13.39 0.42 0.81 8.26
IBSF 4.54 N 10/28/97 0.08 26.67 0.15 0.88 5.09
IFSB 4.09 N 10/28/97 2.02 115.11 0.03 0.06 0.85
INBI 7.92 N 10/28/97 0.14 17.25 0.25 1.40 8.06
INCB 4.24 N 10/28/97 0.13 53.57 0.07 0.32 2.57
IPSW 16.37 N 10/28/97 0.84 18.06 0.18 0.91 16.10
ISBF 6.26 N 10/28/97 NA 21.65 0.28 0.76 6.27
ITLA 13.05 N 10/28/97 NA 12.50 0.40 1.46 13.42
IWBK 16.39 N 10/28/97 0.64 15.32 0.61 1.10 16.36
JSB 7.68 N 10/28/97 NA 18.36 0.64 1.74 7.61
JSBA 9.84 N 10/28/97 0.46 18.18 0.55 0.81 9.67
JXVL 8.42 N 10/28/97 0.78 11.28 0.41 1.75 11.48
KFBI 5.37 N 10/28/97 0.08 25.71 0.22 1.16 5.77
KNK 7.89 N 10/28/97 0.61 15.75 0.50 0.88 8.12
KSAV 8.77 N 10/28/97 NA 17.34 0.31 1.10 8.19
16
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
KSBK 15.21 N 10/28/97 1.75 11.67 0.30 0.98 13.70
KYF 6.68 N 10/28/97 -- 16.88 0.20 1.17 7.19
LARK 7.02 N 10/28/97 0.04 19.35 0.31 0.97 6.90
LARL 13.65 N 10/28/97 0.43 13.41 0.48 1.39 13.70
LFBI 3.43 N 10/28/97 0.98 29.17 0.15 0.52 3.93
LFED 7.25 N 10/28/97 0.03 30.29 0.26 1.24 7.66
LIFB 8.08 N 10/28/97 0.39 17.90 0.33 0.88 8.42
LISB 7.93 N 10/28/97 NA 24.31 0.45 0.71 7.78
LOGN 7.54 N 10/28/97 0.49 15.63 0.24 1.46 7.68
LONF 4.77 N 10/28/97 0.80 29.96 0.17 0.85 4.30
LSBI 7.38 N 10/28/97 1.17 16.78 0.38 0.70 7.88
LSBX 20.04 N 10/28/97 NA 9.55 0.35 1.73 19.05
LVSB 9.52 N 10/28/97 0.98 22.28 0.27 1.14 11.56
LXMO 4.46 N 10/28/97 0.48 18.61 0.22 1.52 5.43
MAFB 14.72 N 10/28/97 NA 13.38 0.57 1.08 13.79
MARN 7.28 N 10/28/97 0.81 16.88 0.40 1.72 7.53
MASB 9.90 N 10/28/97 0.16 17.26 0.63 1.01 9.45
MBB 5.98 N 10/28/97 0.71 22.08 0.31 0.57 6.49
MBB 5.98 N 10/28/97 0.71 22.08 0.31 0.57 6.49
MBBC 3.90 N 10/28/97 0.33 38.02 0.12 0.36 3.32
MBLF 6.52 N 10/28/97 0.25 20.12 0.32 0.79 6.21
MCBN 8.25 N 10/28/97 0.55 14.02 0.50 0.76 9.11
MDBK 11.18 N 10/28/97 0.27 15.91 0.55 0.97 10.74
MECH 17.84 N 10/28/97 0.91 17.27 0.36 0.92 8.89
MERI 14.61 N 10/28/97 0.25 14.92 0.80 1.14 13.75
METF 13.86 N 10/28/97 0.49 14.89 0.34 0.59 15.15
MFBC 5.62 N 10/28/97 NA 19.61 0.29 0.79 5.89
MFFC 4.30 N 10/28/97 0.15 25.42 0.15 0.70 5.11
MFLR 9.53 N 10/28/97 0.81 17.80 0.33 0.94 9.83
MFSL 11.03 N 10/28/97 0.45 16.98 0.67 0.77 9.15
MIVI 5.77 N 10/28/97 0.28 17.31 0.26 1.18 6.82
MSBF 7.85 N 10/28/97 0.06 19.16 0.23 1.43 8.39
MWBI 11.05 N 10/28/97 0.81 15.55 0.82 0.81 11.74
MWBX 18.02 N 10/28/97 0.69 14.73 0.14 1.35 18.14
MWFD 12.59 N 10/28/97 0.12 18.18 0.33 1.11 12.75
NASB 16.21 N 10/28/97 3.11 12.69 0.98 1.24 15.90
NBN 7.40 N 10/28/97 1.11 53.41 0.11 0.30 3.85
NEIB 7.78 N 10/28/97 NA 13.13 0.35 1.28 8.66
NHTB 8.22 N 10/28/97 0.70 18.33 0.30 0.87 11.73
NMSB 7.93 N 10/28/97 NA 19.14 0.16 0.85 8.34
NSLB 3.72 N 10/28/97 0.02 24.01 0.19 0.94 4.78
NTMG 6.36 N 10/28/97 0.77 28.75 0.10 0.54 7.36
NWEQ 8.16 N 10/28/97 1.25 13.67 0.32 1.02 8.96
OCN 19.54 N 10/28/97 NA 33.67 0.42 1.67 15.97
OFCP 8.88 N 10/28/97 0.27 22.19 0.30 0.79 9.17
OHSL 7.86 N 10/28/97 NA 16.56 0.40 0.85 7.70
PBCI 9.61 N 10/28/97 NA 12.86 0.44 1.36 10.62
PBHC 8.27 N 10/28/97 NA 29.89 0.23 0.91 7.64
PBKB 9.27 N 10/28/97 0.82 24.51 0.19 0.50 8.86
PCBC 5.72 N 10/28/97 0.03 17.08 0.30 1.16 6.18
PCCI 13.77 N 10/28/97 1.06 13.10 0.31 1.01 14.31
PEEK 4.71 N 10/28/97 0.71 24.63 0.17 1.13 4.38
PERM 6.52 N 10/28/97 1.09 21.55 0.29 0.58 6.32
PERT 9.03 N 10/28/97 0.12 28.98 0.44 1.06 8.78
17
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
PFDC 9.55 N 10/28/97 0.34 16.41 0.48 1.53 10.08
PFFB 4.33 N 10/28/97 NA 25.16 0.19 0.49 4.89
PFNC 13.61 N 10/28/97 NA 16.52 0.21 0.85 16.08
PFSB 10.97 N 10/28/97 NA 13.31 0.56 0.80 10.98
PFSL 11.23 N 10/28/97 0.10 22.86 0.38 0.66 10.39
PHBK 16.37 N 10/28/97 NA 14.43 0.68 1.31 16.89
PHFC 6.03 N 10/28/97 1.60 18.75 0.25 0.73 6.50
PRBC 5.11 N 10/28/97 0.33 19.01 0.24 0.60 5.32
PSBK 11.84 N 10/28/97 0.84 15.18 0.56 0.97 11.59
PTRS 9.48 N 10/28/97 0.69 10.34 0.65 1.06 11.83
PULS 13.90 N 10/28/97 NA 14.51 0.45 1.10 13.49
PVFC 19.39 N 10/28/97 1.11 11.36 0.44 1.35 19.25
PVSA 14.93 N 10/28/97 0.26 14.09 0.51 1.08 14.80
PWBC 8.86 N 10/28/97 0.65 16.55 0.27 0.71 9.02
QCBC 7.79 N 10/28/97 1.35 15.15 0.33 0.73 8.51
QCFB 8.60 N 10/28/97 0.17 14.54 0.49 1.62 9.09
QCSB 11.48 N 10/28/97 NA 23.52 0.38 1.43 12.45
RARB 13.25 N 10/28/97 0.29 18.75 0.37 0.99 12.53
REDF 8.06 N 10/28/97 2.19 14.20 0.33 1.06 12.65
RELI 2.66 N 10/28/97 NA 218.75 0.01 0.12 0.25
RELY 10.22 N 10/28/97 NA 17.73 0.43 0.77 9.43
ROSE 14.14 N 10/28/97 NA 17.26 0.44 0.87 14.02
SCCB 4.49 N 10/28/97 1.06 24.43 0.22 1.31 5.06
SFED 6.18 N 10/28/97 0.68 23.37 0.23 0.63 5.07
SFFC 7.36 N 10/28/97 1.34 15.70 0.43 1.55 8.78
SFIN 9.33 N 10/28/97 0.38 14.77 0.33 0.82 8.78
SFSB 8.28 N 10/28/97 NA 20.09 0.42 0.53 8.09
SFSL 14.39 N 10/28/97 0.28 17.19 0.26 1.35 14.52
SGVB 4.25 N 10/28/97 0.88 37.50 0.12 0.27 3.72
SHEN 10.46 N 10/28/97 NA 15.29 0.56 1.16 10.21
SISB 11.33 N 10/28/97 NA 15.40 0.55 0.86 12.08
SKAN 9.99 N 10/28/97 1.78 17.19 0.44 0.68 9.91
SMBC 5.92 N 10/28/97 0.89 23.36 0.19 0.75 4.66
SOBI 3.53 N 10/28/97 0.17 32.59 0.14 0.57 3.72
SOPN 6.96 N 10/28/97 0.08 18.36 0.32 1.80 7.60
SOSA 16.47 N 10/28/97 5.91 14.24 0.09 1.27 19.78
SPBC 12.11 N 10/28/97 NA 17.28 0.35 1.08 12.17
SSB 4.69 N 10/28/97 -- 17.71 0.15 1.47 4.00
SSM 4.84 N 10/28/97 -- 36.16 0.14 0.98 2.77
STFR 8.11 N 10/28/97 0.16 16.89 0.57 0.79 9.57
STSA 9.47 N 10/28/97 0.47 18.75 0.28 0.48 8.98
SVRN 11.89 N 10/28/97 NA 15.14 0.29 0.46 8.43
SWBI 9.55 N 10/28/97 0.20 17.88 0.36 1.07 9.61
SWCB 12.17 N 10/28/97 0.81 15.79 0.57 0.91 11.42
THR 6.61 N 10/28/97 1.14 16.67 0.27 0.91 6.72
THRD 6.02 N 10/28/97 0.27 26.09 0.23 0.59 5.17
TPNZ 5.63 N 10/28/97 1.28 28.47 0.18 0.84 4.85
TRIC 7.21 N 10/28/97 -- 16.52 0.42 1.10 7.17
TSH 6.97 N 10/28/97 0.27 17.86 0.28 0.93 6.88
TWIN 5.59 N 10/28/97 0.08 18.09 0.19 0.90 6.97
UBMT 5.99 N 10/28/97 NA 19.35 0.31 1.41 6.14
UFRM 5.02 N 10/28/97 0.54 71.09 0.04 0.16 2.20
VABF 6.78 N 10/28/97 0.68 22.24 0.17 0.54 7.98
WAMU 11.92 N 10/28/97 NA 26.20 0.65 0.73 12.76
18
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit II -- Selected Publicly Traded Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
WAYN 7.18 N 10/28/97 0.72 31.88 0.20 0.73 7.98
WBST 13.84 N 10/28/97 0.72 15.61 0.96 0.82 15.26
WCBI 9.19 N 10/28/97 0.21 15.77 0.42 1.45 9.44
WEFC 7.37 N 10/28/97 NA 15.18 0.28 1.06 7.46
WFI 12.06 N 10/28/97 0.28 15.23 0.32 0.80 11.15
WFSL 15.62 N 10/28/97 0.69 13.90 0.56 1.91 15.38
WHGB 3.72 N 10/28/97 0.15 22.24 0.17 0.93 4.37
WOFC 3.17 N 10/28/97 0.34 30.63 0.20 0.44 3.26
WRNB 17.58 N 10/28/97 NA 15.34 0.33 1.50 14.23
WSB 8.66 N 10/28/97 NA 19.06 0.10 0.72 8.67
WSFS 20.39 N 10/28/97 1.21 12.87 0.34 1.13 20.54
WSTR 6.48 N 10/28/97 NA 21.34 0.29 0.68 6.33
WVFC 10.71 N 10/28/97 0.09 15.82 0.49 1.20 10.79
WYNE 6.04 N 10/28/97 NA 22.50 0.25 0.73 5.68
YFCB 6.81 N 10/28/97 0.57 17.36 0.27 1.13 7.48
YFED 9.46 N 10/28/97 1.24 19.21 0.34 0.84 9.96
Maximum 53.13 7.17 218.75 1.56 3.68 38.97
Minimum 2.60 -- 6.13 (0.27) (0.36) (5.07)
Average 9.40 0.66 20.41 0.36 0.96 9.47
Median 8.61 0.43 17.60 0.32 0.91 8.78
19
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit III -- Mid-Atlantic Selected Thrifts
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
ALBC Albion Banc Corp. Albion NY MA SAIF NASDAQ 07/26/93 29.000 7.25
ALBK ALBANK Financial Corp. Albany NY MA SAIF NASDAQ 04/01/92 45.500 585.68
ASFC Astoria Financial Corp. Lake Success NY MA SAIF NASDAQ 11/18/93 50.813 1,050.10
CATB Catskill Financial Corp. Catskill NY MA BIF NASDAQ 04/18/96 17.500 85.72
CMSB Commonwealth Bancorp Inc. Norristown PA MA SAIF NASDAQ 06/17/96 17.375 282.22
CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87 26.000 56.22
DIME Dime Community Bancorp Inc. Brooklyn NY MA BIF NASDAQ 06/26/96 20.750 271.67
DME Dime Bancorp Inc. New York NY MA BIF NYSE 08/19/86 24.063 2,442.20
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 43.875 26.42
ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85 28.125 19.87
FBBC First Bell Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95 17.125 111.49
FBER 1st Bergen Bancorp Wood-Ridge NJ MA SAIF NASDAQ 04/01/96 18.250 54.76
FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95 21.125 168.65
FIBC Financial Bancorp Inc. Long Island City NY MA SAIF NASDAQ 08/17/94 22.500 38.47
FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95 29.250 35.92
FMCO FMS Financial Corp. Burlington NJ MA SAIF NASDAQ 12/14/88 28.500 68.04
FSBI Fidelity Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88 24.000 37.20
FSPG First Home Bancorp Inc. Pennsville NJ MA SAIF NASDAQ 04/20/87 22.500 60.94
GAF GA Financial Inc. Pittsburgh PA MA SAIF AMSE 03/26/96 18.625 148.50
GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94 62.250 2,665.92
HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87 29.250 48.60
HAVN Haven Bancorp Inc. Woodhaven NY MA SAIF NASDAQ 09/23/93 42.125 184.76
HRBF Harbor Federal Bancorp Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 20.750 35.14
IBSF IBS Financial Corp. Cherry Hill NJ MA SAIF NASDAQ 10/13/94 16.000 176.23
IFSB Independence Federal Svgs Bank Washington DC MA SAIF NASDAQ 06/06/85 13.813 17.70
JSB JSB Financial Inc. Lynbrook NY MA BIF NYSE 06/27/90 47.000 465.21
LARL Laurel Capital Group Inc. Allison Park PA MA SAIF NASDAQ 02/20/87 25.750 37.15
LFBI Little Falls Bancorp Inc. Little Falls NJ MA SAIF NASDAQ 01/05/96 17.500 45.64
LFED Leeds Federal Savings Bk (MHC) Baltimore MD MA SAIF NASDAQ 05/02/94 31.500 108.82
LISB Long Island Bancorp Inc. Melville NY MA SAIF NASDAQ 04/18/94 43.750 1,051.00
LVSB Lakeview Financial Paterson NJ MA SAIF NASDAQ 12/22/93 24.063 108.50
MBB MSB Bancorp Inc. Goshen NY MA BIF AMSE 09/03/92 27.375 77.86
MBB MSB Bancorp, Inc. Goshen NY MA BIF AMSE NA 27.375 77.86
MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 45.500 147.13
PBCI Pamrapo Bancorp Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89 22.625 64.32
PBHC Oswego City Savings Bk (MHC) Oswego NY MA BIF NASDAQ 11/16/95 27.500 52.71
PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95 16.750 53.48
PFNC Progress Financial Corp. Blue Bell PA MA SAIF NASDAQ 07/18/83 13.875 55.64
PFSB PennFed Financial Services Inc West Orange NJ MA SAIF NASDAQ 07/15/94 29.813 143.78
PHFC Pittsburgh Home Financial Corp Pittsburgh PA MA SAIF NASDAQ 04/01/96 18.750 36.93
PRBC Prestige Bancorp Inc. Pleasant Hills PA MA SAIF NASDAQ 06/27/96 18.250 16.70
PSBK Progressive Bank Inc. Fishkill NY MA BIF NASDAQ 08/01/84 34.000 130.15
PULS Pulse Bancorp South River NJ MA SAIF NASDAQ 09/18/86 26.125 80.48
PVSA Parkvale Financial Corporation Monroeville PA MA SAIF NASDAQ 07/16/87 28.750 146.79
PWBC PennFirst Bancorp Inc. Ellwood City PA MA SAIF NASDAQ 06/13/90 17.875 94.92
QCSB Queens County Bancorp Inc. Flushing NY MA BIF NASDAQ 11/23/93 35.750 540.12
RARB Raritan Bancorp Inc. Raritan NJ MA BIF NASDAQ 03/01/87 27.750 65.83
RELY Reliance Bancorp Inc. Garden City NY MA SAIF NASDAQ 03/31/94 30.500 265.73
ROSE TR Financial Corp. Garden City NY MA BIF NASDAQ 06/29/93 30.375 534.36
SFED SFS Bancorp Inc. Schenectady NY MA SAIF NASDAQ 06/30/95 21.500 26.47
SFIN Statewide Financial Corp. Jersey City NJ MA SAIF NASDAQ 10/02/95 19.500 91.85
SHEN First Shenango Bancorp Inc. New Castle PA MA SAIF NASDAQ 04/06/93 34.250 70.86
SKAN Skaneateles Bancorp Inc. Skaneateles NY MA BIF NASDAQ 06/02/86 30.250 28.89
SVRN Sovereign Bancorp Inc. Wyomissing PA MA SAIF NASDAQ 08/12/86 17.563 1,981.78
20
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit III -- Mid-Atlantic Selected Thrifts (Continued)
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
THRD TF Financial Corporation Newtown PA MA SAIF NASDAQ 07/13/94 24.000 98.12
TPNZ Tappan Zee Financial Inc. Tarrytown NY MA SAIF NASDAQ 10/05/95 20.500 30.69
WHGB WHG Bancshares Corp. Lutherville MD MA SAIF NASDAQ 04/01/96 15.125 22.11
WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 7.625 32.39
WSFS WSFS Financial Corp. Wilmington DE MA BIF NASDAQ 11/26/86 17.500 217.74
WVFC WVS Financial Corp. Pittsburgh PA MA SAIF NASDAQ 11/29/93 31.000 54.19
WYNE Wayne Bancorp Inc. Wayne NJ MA SAIF NASDAQ 06/27/96 22.500 45.31
YFCB Yonkers Financial Corporation Yonkers NY MA SAIF NASDAQ 04/18/96 18.750 56.64
YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84 26.125 183.09
Maximum 62.250 2,665.92
Minimum 7.625 7.25
Average 26.409 254.30
Median 24.063 77.86
21
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit III -- Mid-Atlantic Selected Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
ALBC 29.90 121.04 121.04 10.57 1.10 68,628 8.73 8.73 0.97 0.37
ALBK 17.23 170.48 193.53 15.76 1.58 3,716,954 9.24 8.23 2.64 1.04
ASFC 18.61 172.19 203.58 13.29 1.18 7,904,363 7.71 6.60 2.73 0.77
CATB 21.60 116.05 116.05 29.06 1.60 284,238 25.04 25.04 0.81 1.41
CMSB 22.28 133.45 171.18 12.39 1.61 2,278,099 9.28 7.39 0.78 0.58
CVAL 20.63 207.67 207.67 17.37 1.61 323,673 8.36 8.36 1.26 0.93
DIME 21.17 142.32 165.21 20.66 1.16 1,315,026 14.52 12.76 0.98 1.04
DME 19.72 231.82 243.55 12.58 0.67 19,413,597 5.42 5.18 1.22 0.66
EQSB 13.30 170.06 170.06 8.57 -- 308,197 5.04 5.04 3.30 0.73
ESBK 25.34 135.74 141.55 8.72 2.28 227,828 6.30 6.05 1.11 0.35
FBBC 15.15 155.40 155.40 16.37 2.34 681,215 10.53 10.53 1.13 1.09
FBER 26.45 135.49 135.49 19.23 1.10 284,765 14.19 14.19 0.69 0.77
FFIC 19.74 123.68 128.81 17.56 1.14 960,130 14.21 13.71 1.07 0.97
FIBC 14.15 143.22 143.86 12.95 1.78 296,956 9.04 9.00 1.59 0.94
FKFS 14.34 153.22 153.22 11.20 0.68 320,797 7.31 7.31 2.04 0.78
FMCO 12.84 187.01 190.38 12.26 0.98 554,925 6.56 6.45 2.22 1.02
FSBI 14.37 151.61 151.61 10.24 1.50 363,302 6.75 6.75 1.67 0.83
FSPG 12.71 175.10 178.01 11.67 1.78 522,396 6.66 6.56 1.77 0.97
GAF 19.81 126.53 127.74 18.51 2.58 802,304 14.63 14.51 0.94 1.07
GPT 18.15 184.99 345.07 20.36 1.61 13,093,985 9.69 5.44 3.43 1.05
HARL 15.00 219.76 219.76 14.36 1.50 336,666 6.53 6.53 1.95 1.02
HAVN 16.72 168.03 168.57 10.08 1.42 1,833,284 6.00 5.98 2.52 0.68
HRBF 22.31 125.91 125.91 16.24 2.31 216,370 12.89 12.89 0.93 0.70
IBSF 27.12 138.05 138.05 24.02 2.50 733,344 17.40 17.40 0.59 0.85
IFSB 25.11 99.45 112.48 6.85 1.59 258,460 6.88 6.14 0.55 0.27
JSB 18.50 130.88 130.88 30.39 2.98 1,531,068 23.21 23.21 2.54 1.72
LARL 13.77 174.69 174.69 17.53 2.02 211,987 10.03 10.03 1.87 1.43
LFBI 33.02 120.61 130.60 16.01 1.14 299,989 13.28 12.39 0.53 0.47
LFED 33.16 232.82 232.82 37.92 2.41 286,999 16.29 16.29 0.95 1.17
LISB 24.72 192.39 194.19 17.72 1.37 5,930,784 9.21 9.13 1.77 0.73
LVSB 27.04 241.60 302.30 23.01 0.52 481,646 9.52 7.76 0.89 0.95
MBB 25.35 129.43 263.73 9.57 2.19 813,902 8.92 5.36 1.08 0.51
MBB 25.35 129.43 263.73 9.57 2.19 813,902 8.92 5.36 1.08 0.51
MFSL 13.83 147.58 NA 12.52 1.85 1,175,006 8.48 NA 3.29 0.92
PBCI 13.97 133.96 134.91 17.29 4.42 371,958 12.91 12.83 1.62 1.33
PBHC 28.65 228.79 272.28 27.31 1.02 193,005 11.94 10.23 0.96 0.95
PEEK 22.64 113.87 113.87 29.30 2.15 182,560 25.73 25.73 0.74 1.29
PFNC 20.11 237.18 NA 12.74 0.87 436,746 5.33 NA 0.69 0.71
PFSB 13.74 132.92 156.99 10.54 0.94 1,363,950 7.33 6.27 2.17 0.82
PHFC 20.38 131.95 133.45 14.41 1.28 256,265 10.92 10.81 0.92 0.80
PRBC 20.05 108.12 108.12 12.11 0.66 137,834 11.21 11.21 0.91 0.62
PSBK 15.18 172.85 193.62 14.78 2.00 878,823 8.55 7.70 2.24 0.97
PULS 14.51 186.21 186.21 15.30 2.68 526,016 8.21 8.21 1.80 1.10
PVSA 14.38 189.14 190.40 14.60 1.81 1,005,440 7.72 7.67 2.00 1.08
PWBC 17.52 143.69 153.70 11.61 2.01 816,954 8.08 7.59 1.02 0.66
QCSB 25.54 269.61 269.61 35.05 2.24 1,541,049 11.22 11.22 1.40 1.54
RARB 18.38 222.36 225.98 17.64 1.73 379,428 7.93 7.81 1.51 1.03
RELY 16.94 158.11 215.24 13.06 2.10 2,034,753 8.26 6.20 1.80 0.84
ROSE 18.08 217.90 217.90 14.48 2.11 3,691,564 6.24 6.24 1.68 0.87
SFED 19.55 123.28 123.28 15.37 1.30 172,849 12.47 12.47 1.10 0.79
SFIN 14.23 140.29 140.59 13.64 2.26 673,214 9.73 9.71 1.37 0.90
SHEN 15.43 151.88 151.88 17.65 1.75 401,437 11.62 11.62 2.22 1.17
SKAN 17.59 166.67 171.58 11.67 1.32 247,643 7.00 6.81 1.72 0.68
SVRN 18.11 239.60 293.21 13.57 0.46 14,601,008 5.08 4.31 0.97 0.61
22
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit III -- Mid-Atlantic Selected Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
THRD 22.43 124.93 141.51 15.69 1.67 625,338 11.63 10.41 1.07 0.67
TPNZ 24.70 145.29 145.29 24.72 1.37 124,150 17.02 17.02 0.83 1.00
WHGB 26.08 106.81 106.81 22.06 1.32 100,235 20.66 20.66 0.58 0.85
WSB 18.60 150.99 150.99 12.54 1.31 258,330 8.30 8.30 0.41 0.73
WSFS 13.89 262.76 264.75 14.56 -- 1,495,609 5.54 5.51 1.26 1.13
WVFC 14.76 164.72 164.72 18.38 2.58 294,693 11.16 11.16 2.10 1.32
WYNE 20.83 136.45 136.45 16.95 0.89 267,285 12.43 12.43 1.08 0.85
YFCB 18.20 132.60 132.60 19.76 1.28 288,089 14.90 14.90 1.03 1.15
YFED 20.73 182.95 182.95 15.75 2.30 1,162,393 8.61 8.61 1.26 0.77
Maximum 33.16 269.61 345.07 37.92 4.42 19,413,597 25.73 25.73 3.43 1.72
Minimum 12.71 99.45 106.81 6.85 -- 68,628 5.04 4.31 0.41 0.27
Average 19.74 162.91 176.71 16.47 1.62 1,637,673 10.55 10.16 1.45 0.90
Median 18.61 151.61 164.72 15.30 1.60 481,646 9.21 8.61 1.22 0.87
23
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit III -- Mid-Atlantic Selected Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
ALBC 4.03 N 10/28/97 0.72 40.28 0.18 0.27 3.03
ALBK 11.33 N 10/28/97 0.73 17.23 0.66 1.03 11.06
ASFC 9.80 N 10/28/97 0.41 17.89 0.71 0.76 9.81
CATB 5.10 N 10/28/97 0.47 20.83 0.21 1.35 5.24
CMSB 5.76 N 10/28/97 0.47 24.13 0.18 0.51 5.36
CVAL 10.48 N 10/28/97 0.23 20.31 0.32 0.89 10.56
DIME 6.20 N 10/28/97 0.73 30.51 0.17 0.70 4.73
DME 12.47 N 10/28/97 1.02 16.71 0.36 0.74 14.43
EQSB 14.49 N 10/28/97 0.15 13.38 0.82 0.70 13.83
ESBK 5.53 N 10/28/97 0.66 20.09 0.35 0.43 6.85
FBBC 9.27 N 10/28/97 0.09 14.27 0.30 1.05 10.37
FBER 4.69 N 10/28/97 0.83 21.73 0.21 0.85 5.57
FFIC 6.05 N 10/28/97 NA 17.60 0.30 0.98 6.60
FIBC 10.10 N 10/28/97 NA 14.06 0.40 0.93 10.07
FKFS 10.49 N 10/28/97 1.60 13.30 0.55 0.78 10.93
FMCO 15.76 N 10/28/97 1.06 11.88 0.60 1.05 16.36
FSBI 11.94 N 10/28/97 0.30 15.00 0.40 0.75 10.90
FSPG 14.79 N 10/28/97 0.64 14.06 0.40 0.86 12.91
GAF 6.10 N 10/28/97 0.24 16.63 0.28 1.11 7.31
GPT 9.92 N 10/28/97 2.88 16.56 0.94 1.08 10.79
HARL 16.03 N 10/28/97 -- 13.80 0.53 1.09 16.89
HAVN 11.35 N 10/28/97 NA 19.87 0.53 0.54 9.02
HRBF 5.41 N 10/28/97 0.05 20.75 0.25 0.74 5.80
IBSF 4.54 N 10/28/97 0.08 26.67 0.15 0.88 5.09
IFSB 4.09 N 10/28/97 2.02 115.11 0.03 0.06 0.85
JSB 7.68 N 10/28/97 NA 18.36 0.64 1.74 7.61
LARL 13.65 N 10/28/97 0.43 13.41 0.48 1.39 13.70
LFBI 3.43 N 10/28/97 0.98 29.17 0.15 0.52 3.93
LFED 7.25 N 10/28/97 0.03 30.29 0.26 1.24 7.66
LISB 7.93 N 10/28/97 NA 24.31 0.45 0.71 7.78
LVSB 9.52 N 10/28/97 0.98 22.28 0.27 1.14 11.56
MBB 5.98 N 10/28/97 0.71 22.08 0.31 0.57 6.49
MBB 5.98 N 10/28/97 0.71 22.08 0.31 0.57 6.49
MFSL 11.03 N 10/28/97 0.45 16.98 0.67 0.77 9.15
PBCI 9.61 N 10/28/97 NA 12.86 0.44 1.36 10.62
PBHC 8.27 N 10/28/97 NA 29.89 0.23 0.91 7.64
PEEK 4.71 N 10/28/97 0.71 24.63 0.17 1.13 4.38
PFNC 13.61 N 10/28/97 NA 16.52 0.21 0.85 16.08
PFSB 10.97 N 10/28/97 NA 13.31 0.56 0.80 10.98
PHFC 6.03 N 10/28/97 1.60 18.75 0.25 0.73 6.50
PRBC 5.11 N 10/28/97 0.33 19.01 0.24 0.60 5.32
PSBK 11.84 N 10/28/97 0.84 15.18 0.56 0.97 11.59
PULS 13.90 N 10/28/97 NA 14.51 0.45 1.10 13.49
PVSA 14.93 N 10/28/97 0.26 14.09 0.51 1.08 14.80
PWBC 8.86 N 10/28/97 0.65 16.55 0.27 0.71 9.02
QCSB 11.48 N 10/28/97 NA 23.52 0.38 1.43 12.45
RARB 13.25 N 10/28/97 0.29 18.75 0.37 0.99 12.53
RELY 10.22 N 10/28/97 NA 17.73 0.43 0.77 9.43
ROSE 14.14 N 10/28/97 NA 17.26 0.44 0.87 14.02
SFED 6.18 N 10/28/97 0.68 23.37 0.23 0.63 5.07
SFIN 9.33 N 10/28/97 0.38 14.77 0.33 0.82 8.78
SHEN 10.46 N 10/28/97 NA 15.29 0.56 1.16 10.21
SKAN 9.99 N 10/28/97 1.78 17.19 0.44 0.68 9.91
SVRN 11.89 N 10/28/97 NA 15.14 0.29 0.46 8.43
24
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit III -- Mid-Atlantic Selected Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
THRD 6.02 N 10/28/97 0.27 26.09 0.23 0.59 5.17
TPNZ 5.63 N 10/28/97 1.28 28.47 0.18 0.84 4.85
WHGB 3.72 N 10/28/97 0.15 22.24 0.17 0.93 4.37
WSB 8.66 N 10/28/97 NA 19.06 0.10 0.72 8.67
WSFS 20.39 N 10/28/97 1.21 12.87 0.34 1.13 20.54
WVFC 10.71 N 10/28/97 0.09 15.82 0.49 1.20 10.79
WYNE 6.04 N 10/28/97 NA 22.50 0.25 0.73 5.68
YFCB 6.81 N 10/28/97 0.57 17.36 0.27 1.13 7.48
YFED 9.46 N 10/28/97 1.24 19.21 0.34 0.84 9.96
Maximum 20.39 2.88 115.11 0.94 1.74 20.54
Minimum 3.43 -- 11.88 0.03 0.06 0.85
Average 9.21 0.70 20.85 0.37 0.87 9.17
Median 9.46 0.65 17.89 0.33 0.85 9.02
25
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit IV -- Select Maryland Thrifts
Deposit Current Current
Insurance Stock Market
Agency Price Value
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date ($) ($M)
- ------ ---------- ---- ----- ------ ---------- -------- -------- ------- ---------
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93 43.875 26.42
HRBF Harbor Federal Bancorp Inc. Baltimore MD MA SAIF NASDAQ 08/12/94 20.750 35.14
LFED Leeds Federal Savings Bk (MHC) Baltimore MD MA SAIF NASDAQ 05/02/94 31.500 108.82
MFSL Maryland Federal Bancorp Hyattsville MD MA SAIF NASDAQ 06/02/87 45.500 147.13
WHGB WHG Bancshares Corp. Lutherville MD MA SAIF NASDAQ 04/01/96 15.125 22.11
WSB Washington Savings Bank, FSB Waldorf MD MA SAIF AMSE NA 7.625 32.39
Maximum 45.500 147.13
Minimum 7.625 22.11
Average 27.396 62.00
Median 26.125 33.77
26
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit IV -- Select Maryland Thrifts (Continued)
Tangible Core
Price/ Current Current Current Total Equity/ Equity/ Core Income/
LTM Price/ Price/Tang Price/ Dividend Assets Assets Tang Assets EPS Avg Assets
Core EPS Book Value Book Value Assets Yield ($000) (%) (%) ($) (%)
Ticker (x) (%) (%) (%) (%) Mst RctQ Mst RctQ Mst RctQ LTM LTM
- ------ -------- ---------- ---------- ------ -------- --------- -------- ----------- ---- ----------
EQSB 13.30 170.06 170.06 8.57 -- 308,197 5.04 5.04 3.30 0.73
HRBF 22.31 125.91 125.91 16.24 2.31 216,370 12.89 12.89 0.93 0.70
LFED 33.16 232.82 232.82 37.92 2.41 286,999 16.29 16.29 0.95 1.17
MFSL 13.83 147.58 NA 12.52 1.85 1,175,006 8.48 NA 3.29 0.92
WHGB 26.08 106.81 106.81 22.06 1.32 100,235 20.66 20.66 0.58 0.85
WSB 18.60 150.99 150.99 12.54 1.31 258,330 8.30 8.30 0.41 0.73
Maximum 33.16 232.82 232.82 37.92 2.41 1,175,006 20.66 20.66 3.30 1.17
Minimum 13.30 106.81 106.81 8.57 -- 100,235 5.04 5.04 0.41 0.70
Average 21.21 155.70 157.32 18.31 1.53 390,856 11.94 12.64 1.58 0.85
Median 20.46 149.29 150.99 14.39 1.58 272,665 10.69 12.89 0.94 0.79
27
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit IV -- Select Maryland Thrifts (Continued)
Core Core Core
Income/ NPAs/ Price/ Core Income/ Income/
Avg Equity Merger Current Assets Core EPS Avg Assets Avg Equity
(%) Target? Pricing (%) EPS ($) (%) (%)
Ticker LTM (Y/N) Date Mst RctQ (x) Mst RctQ Mst RctQ Mst RctQ
- ------ ---------- ------- -------- -------- ------ -------- ---------- ----------
EQSB 14.49 N 10/28/97 0.15 13.38 0.82 0.70 13.83
HRBF 5.41 N 10/28/97 0.05 20.75 0.25 0.74 5.80
LFED 7.25 N 10/28/97 0.03 30.29 0.26 1.24 7.66
MFSL 11.03 N 10/28/97 0.45 16.98 0.67 0.77 9.15
WHGB 3.72 N 10/28/97 0.15 22.24 0.17 0.93 4.37
WSB 8.66 N 10/28/97 NA 19.06 0.10 0.72 8.67
Maximum 14.49 0.45 30.29 0.82 1.24 13.83
Minimum 3.72 0.03 13.38 0.10 0.70 4.37
Average 8.43 0.17 20.45 0.38 0.85 8.25
Median 7.96 0.15 19.91 0.26 0.76 8.17
28
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit V -- Comparative Price Changes
% %
Total Current Current 22-Aug-97 22-Aug-97 Change Change
Number Assets Stock Market Stock Market Stock Market
of ($000) Price Value Price Value Price Value
Ticker Short Name City State Offices Mst RctQ IPO Date ($) ($M) ($) ($M) (%) (%)
- ------ ---------- ---- ----- ------- -------- -------- ------- ------- --------- --------- ------ ------
ALBC Albion Banc Corp. Albion NY 2 68,628 07/26/93 29.000 7.25 23.250 6.12 24.73 18.46
CLAS Classic Bancshares Inc. Ashland KY 3 130,525 12/29/95 15.500 20.23 14.000 18.27 10.71 10.73
FFSL First Independence Corp. Independence KS 2 110,876 10/08/93 14.625 14.51 12.875 12.77 13.59 13.63
GUPB GFSB Bancorp Inc. Gallup NM 1 93,793 06/30/95 21.250 15.98 18.750 15.08 13.33 5.97
HHFC Harvest Home Financial Corp. Cheviot OH 3 87,596 10/10/94 14.750 13.49 11.750 10.75 25.53 25.49
INCB Indiana Community Bank SB Lebanon IN 4 93,702 12/15/94 15.000 13.83 15.250 14.06 (1.64) (1.64)
MWBI Midwest Bancshares Inc. Burlington IA 4 149,850 11/12/92 51.000 17.30 33.875 11.53 50.55 50.04
NSLB NS&L Bancorp Inc. Neosho MO 2 59,711 06/08/95 18.250 12.91 18.625 13.18 (2.01) (2.05)
PRBC Prestige Bancorp Inc. Pleasant Hills PA 4 137,834 06/27/96 18.250 16.70 17.500 16.01 4.29 4.31
RIVR River Valley Bancorp Madison IN 6 140,442 12/20/96 16.250 19.34 16.875 20.09 (3.70) (3.73)
SOBI Sobieski Bancorp Inc. South Bend IN 3 81,733 03/31/95 18.250 13.86 16.250 12.34 12.31 12.32
TPNZ Tappan Zee Financial Inc. Tarrytown NY 1 124,150 10/05/95 20.500 30.69 17.438 26.10 17.56 17.59
Maximum 6 149,850 51.000 30.69 33.875 26.10 50.55 50.04
Minimum 1 59,711 14.625 7.25 11.750 6.12 (3.70) (3.73)
-------
Average 3 106,570 21.052 16.34 18.037 14.69 13.77 12.59
Median 3 102,335 18.250 15.25 17.157 13.62 12.82 11.52
-------
29
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit VI -- Pro Forma Comparison
Converting Institution to Comparative Group
As of October 28, 1997
Price Mk Value PE P/Book P/TBook P/Assets Div Yld Assets Eq/A TEq/A EPS ROAA ROAE
Ticker Name ($) ($Mil) (X) (%) (%) (%) (%) ($000) (%) (%) ($) (%) (%)
- ------ ---- ----- -------- --- ------ ------- -------- ------- ------ ---- ----- --- ---- ----
Wyman Park
----------
Before Conversion N/A N/A N/A N/A N/A N/A N/A 63,391 7.50 7.50 N/A 0.78 10.92
Pro Forma Supermax 10.000 10,117 14.68 76.69 76.69 14.45 3.00 70,019 18.37 18.37 0.68 0.97 5.28
Pro Forma Maximum 10.000 8,798 13.25 73.00 73.00 12.77 3.00 68,878 17.05 17.05 0.75 0.95 5.57
Pro Forma Midpoint 10.000 7,650 11.92 69.16 69.16 11.27 3.00 67,888 15.87 15.87 0.84 0.93 5.87
Pro Forma Minimum 10.000 6,503 10.50 64.62 64.62 9.72 3.00 66,888 14.65 14.65 0.95 0.91 6.24
Comparative Group
-----------------
Averages 21.052 16.34 25.50 122.75 124.48 15.69 1.73 106,570 12.93 12.75 0.90 0.67 5.11
Medians 18.250 15.25 26.27 121.15 121.66 15.08 1.73 102,335 12.28 12.20 0.72 0.66 4.54
Maryland Public Thrifts
-----------------------
Averages 27.396 62.00 21.21 155.70 157.32 18.31 1.53 390,856 11.94 12.64 1.58 0.85 8.43
Medians 26.125 33.77 20.46 149.29 150.99 14.39 1.58 272,665 10.69 12.89 0.94 0.79 7.96
Mid-Atlantic Region Thrifts
---------------------------
Averages 26.409 254.30 19.74 162.91 176.71 16.47 1.62 1,637,673 10.55 10.16 1.45 0.90 9.21
Medians 24.063 77.86 18.61 151.61 164.72 15.30 1.60 481,646 9.21 8.61 1.22 0.87 9.46
All Public Thrifts
------------------
Averages 25.442 261.60 19.83 162.31 170.17 17.23 1.70 1,670,568 11.41 11.16 1.40 0.97 9.40
Medians 23.000 61.16 18.61 152.11 156.33 15.85 1.66 381,007 9.70 9.47 1.23 0.93 8.61
Comparative Group
-----------------
ALBC AlbionBancCorp-NY 29.000 7.3 29.9 121.0 121.0 10.6 1.1 68,628 8.73 8.73 0.97 0.37 4.03
CLAS ClassicBcshs-KY 15.500 20.2 21.2 104.2 123.3 15.5 1.8 130,525 14.87 12.87 0.73 0.72 4.64
FFSL FirstIndcCorp-KS 14.625 14.5 20.6 126.1 126.1 13.2 1.7 110,876 10.43 10.43 0.71 0.69 6.20
GUPB GFSBBancorp-NM 21.250 16.0 22.1 122.1 122.1 18.1 1.9 93,793 14.87 14.87 0.96 0.95 5.44
HHFC HarvestHome-OH 14.750 13.5 27.8 130.4 130.4 15.4 3.0 87,596 11.81 11.81 0.53 0.57 4.44
INCB IndianaCommBkSB-IN 15.000 13.8 28.9 121.3 121.3 14.8 2.4 93,702 12.17 12.17 0.52 0.53 4.24
MWBI MidwestBncshrs-IA 51.000 17.3 17.4 166.9 166.9 11.6 1.4 149,850 6.92 6.92 2.94 0.77 11.05
NSLB NS&LBancorp-MO 18.250 12.9 30.4 110.5 110.5 21.6 2.7 59,711 19.56 19.56 0.60 0.77 3.72
PRBC PrestigeBancorp-PA 18.250 16.7 20.1 108.1 108.1 12.1 0.7 137,834 11.21 11.21 0.91 0.62 5.11
RIVR RiverValleyBncp-IN 16.250 19.3 33.4 111.2 112.9 13.8 1.0 140,442 12.39 12.23 0.52 0.39 3.26
SOBI SobieskiBancorp-IN 18.250 13.9 29.4 105.9 105.9 17.0 1.8 81,733 15.12 15.12 0.62 0.60 3.53
TPNZ TappanZeeFin-NY 20.500 30.7 24.7 145.3 145.3 24.7 1.4 124,150 17.02 17.02 0.83 1.00 5.63
Note: Stock prices are closing prices or last trade. Pro forma calculations for
Wyman Park's are based on sales at $10 per share with a midpoint of $7,650,000
minimum of $6,502,500, and maximum of $8,797,500.
30
Source: SNL Securities and F&C calculations.
FERGUSON & COMPANY
Exhibit VII -- Comparison of Pricing Ratios
Wyman Park Group Percent Premium
Savings and Compared to (Discount) Versus
Loan ----------------- -----------------
Association Average Median Average Median
----------- ------- ------ ------- ------
Comparison of PE ratio at midpoint to:
- ------------------------------------------
Comparative group 11.92 25.50 26.27 (53.3) (54.6)
Maryland Thrifts 11.92 21.21 20.46 (43.8) (41.7)
Mid Atlantic Region Thrifts 11.92 19.74 18.61 (39.6) (35.9)
All public thrifts 11.92 19.83 18.61 (39.9) (35.9)
Recent conversions 11.92 24.60 23.30 (51.5) (48.8)
Comparison of PE ratio at maximum to:
- ------------------------------------------
Comparative group 12.30 25.50 26.27 (51.8) (53.2)
Maryland Thrifts 12.30 21.21 20.46 (42.0) (39.9)
Mid Atlantic Region Thrifts 12.30 19.74 18.61 (37.7) (33.9)
All public thrifts 12.30 19.83 18.61 (38.0) (33.9)
Recent conversions 12.30 24.60 23.30 (50.0) (47.2)
Comparison of PE ratio at supermaximum to:
- ------------------------------------------
Comparative group 13.62 25.50 26.27 (46.6) (48.2)
Maryland Thrifts 13.62 21.21 20.46 (35.8) (33.4)
Mid Atlantic Region Thrifts 13.62 19.74 18.61 (31.0) (26.8)
All public thrifts 13.62 19.83 18.61 (31.3) (26.8)
Recent conversions 13.62 24.60 23.30 (44.6) (41.5)
Comparison of PB ratio at midpoint to:
- ------------------------------------------
Comparative group 69.16 122.75 121.15 (43.7) (42.9)
Maryland Thrifts 69.16 155.70 149.29 (55.6) (53.7)
Mid Atlantic Region Thrifts 69.16 162.91 151.60 (57.5) (54.4)
All public thrifts 69.16 162.30 152.11 (57.4) (54.5)
Recent conversions 69.16 70.93 71.90 (2.5) (3.8)
Comparison of PB ratio at maximum to:
- ------------------------------------------
Comparative group 73.00 122.75 121.15 (40.5) (39.7)
Maryland Thrifts 73.00 155.70 149.29 (53.1) (51.1)
Mid Atlantic Region Thrifts 73.00 162.91 151.60 (55.2) (51.8)
All public thrifts 73.00 162.30 152.11 (55.0) (52.0)
Recent conversions 73.00 70.93 71.90 2.9 1.5
Comparison of PB ratio at supermaximum to:
- ------------------------------------------
Comparative group 76.69 122.75 121.15 (37.5) (36.7)
Maryland Thrifts 76.69 155.70 149.29 (50.7) (48.6)
Mid Atlantic Region Thrifts 76.69 162.91 151.60 (52.9) (49.4)
All public thrifts 76.69 162.30 152.11 (52.7) (49.6)
Recent conversions 76.69 70.93 71.90 8.1 6.7
31
Source: SNL Securities and F&C calculations.
FERGUSON & CO., LLP
Exhibit VIII -- Pro Forma Assumptions
1. Net proceeds from the conversion were invested at the beginning of the
period at 5.46%, which was the approximate rate on the one-year treasury
bill on September 30, 1997. This rate was selected because it is considered
more representative of the rate the Association is likely to earn.
2. Wyman Park's ESOP will acquire 8% of the conversion stock with loan
proceeds obtained from the Holding Company; therefore, there will be no
interest expense. We assumed that the ESOP expense is 10% annually of the
initial ESOP expense.
3. Wyman Park's RP will acquire 4% of the stock through open market purchases
at $10 per share and the expense is recognized ratably over five years as
the shares vest.
4. All pro forma income and expense items are adjusted for income taxes at a
combined state and federal rate of 38%.
5. In calculating the pro forma adjustments to net worth, the ESOP and RP are
deducted in accordance with generally accepted accounting principles.
6. Earnings per share calculations have ignored AICPA OP 93-6. Calculating
earnings per share under SOP 93-6 and assuming 10% of the ESOP shares are
committed to be released and allocated to individual accounts at the
beginning of the period would yield earnings per share of $1.03, $0.90,
$0.81 and $0.73 and a price to earnings ratio of 9.75, 11.06, 12.30and
13.62, at the minimum, midpoint, maximum and super maximum, respectively.
32
Exhibit VIII
Pro Forma Effect of Conversion Proceeds
At the Minimum of the Conversion Valuation Range
30-Sep-97
WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
- ---------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Value (Minimum) $6,502,500
Less: Estimated Expenses (415,000)
----------
Net Conversion Proceeds $6,087,500
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $6,087,500
Less: ESOP Contributions (520,200)
MRP Contributions (260,100)
----------
Net Conversion Proceeds after ESOP & MRP $5,307,200
Estimated Incremental Rate of Return(1) 3.39%
----------
Estimated Additional Income $ 179,659
Less: ESOP Expense (32,252)
MRP Expense (32,252)
----------
$ 115,155
----------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
------ -----------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
30-Sep-97 $ 504,000 $ 115,155 $ 619,155
b. Pro Forma Net Worth
30-Sep-97 $ 4,755,000 $5,307,200 $10,062,200
c. Pro Forma Net Assets
30-Sep-97 $61,581,000 $5,307,200 $66,888,200
(1) Investment rate of 5.46%, subject to an effective tax rate of 38%.
33
Exhibit VIII
Pro Forma Effect of Conversion Proceeds
At the Midpoint of the Conversion Valuation Range
30-Sep-97
WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
- ---------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation (Midpoint) $7,650,000
Less: Estimated Expenses (425,000)
----------
Net Conversion Proceeds $7,225,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $7,225,000
Less: ESOP Contributions (612,000)
MRP Contributions (306,000)
----------
Net Conversion Proceeds after ESOP & MRP $6,307,000
Estimated Incremental Rate of Return(1) 3.39%
----------
Estimated Additional Income $ 213,505
Less: ESOP Expense (37,944)
MRP Expense (37,944)
----------
$ 137,617
----------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
------ -----------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
30-Sep-97 $ 504,000 $ 137,617 $ 641,617
b. Pro Forma Net Worth
30-Sep-97 $ 4,755,000 $6,307,000 $11,062,000
c. Pro Forma Net Assets
30-Sep-97 $61,581,000 $6,307,000 $67,888,000
(1) Investment rate of 5.46%, subject to an effective tax rate of 38%.
34
Exhibit VIII
Pro Forma Effect of Conversion Proceeds
At the Maximum of the Conversion Valuation Range
30-Sep-97
WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
- ---------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation (Maximum) $8,797,500
Less: Estimated Expenses (445,000)
----------
Net Conversion Proceeds $8,352,500
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $8,352,500
Less: ESOP Contributions (703,800)
MRP Contributions (351,900)
----------
Net Conversion Proceeds after ESOP & MRP $7,296,800
Estimated Incremental Rate of Return(1) 3.39%
----------
Estimated Additional Income $ 247,011
Less: ESOP Expense (43,636)
MRP Expense (43,636)
----------
$ 159,740
----------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
------ -----------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
30-Sep-97 $ 504,000 $ 159,740 $ 663,740
b. Pro Forma Net Worth
30-Sep-97 $ 4,755,000 $7,296,800 $12,051,800
c. Pro Forma Net Assets
30-Sep-97 $61,581,000 $7,296,800 $68,877,800
(1) Investment rate of 5.46%, subject to an effective tax rate of 38%.
35
Exhibit VIII
Pro Forma Effect of Conversion Proceeds
At the SuperMax of the Conversion Valuation Range
30-Sep-97
WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
- ---------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation (Final) $10,117,125
Less: Estimated Expenses $ (465,000)
-----------
Net Conversion Proceeds $ 9,652,125
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 9,652,125
Less: ESOP Contributions $ (809,370)
MRP Contributions $ (404,685)
-----------
Net Conversion Proceeds after ESOP & MRP $ 8,438,070
Estimated Incremental Rate of Return(1) 3.39%
-----------
Estimated Additional Income $ 285,646
Less: ESOP Expense $ (50,181)
MRP Expense $ (50,181)
-----------
$ 185,284
-----------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
------ -----------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
30-Sep-97 $ 504,000 $ 185,284 $ 689,284
b. Pro Forma Net Worth
30-Sep-97 $ 4,755,000 $8,438,070 $13,193,070
c. Pro Forma Net Assets
30-Sep-97 $61,581,000 $8,438,070 $70,019,070
(1) Investment rate of 5.46%, subject to an effective tax rate of 38%.
36
Exhibit VIII
Pro Forma Analysis Sheet
Name of Association: WYMAN PARK SAVINGS AND LOAN ASSN., LUTHERSVILLE, MD
Date of Letter to Assn.: 30-Oct-97
Date of Market Prices: 30-Sep-97
Mid-Atlantic Publicly All Publicly
Comparatives Held Thrifts Held Thrifts
-------------- -------------- --------------
Symbols Value Mean Median Mean Median Mean Median
--------------- ---- ------ ---- ------ ---- ------
Price-Earnings Ratio P/E
Last Twelve Months N/A
At Minimum of Range 10.50
At Midpoint of Range 11.92 25.50 26.27 19.74 18.61 19.83 18.61
At Maximum of Range 13.25
At SuperMax of Range 14.68
Price-Book Ratio P/B
Last Twelve Months N/A
At Minimum of Range 64.62%
At Midpoint of Range 69.16% 122.75 121.15 162.91 151.61 170.17 156.33
At Maximum of Range 73.00%
At SuperMax of Range 76.69%
Price-Asset Ratio P/A
Last Twelve Months N/A
At Minimum of Range 9.72%
At Midpoint of Range 11.27% 15.69 15.08 16.47 15.30 17.23 15.85
At Maximum of Range 12.77%
At SuperMax of Range 14.45%
Twelve Mo. Earnings Base Y $ 504,000
Period Ended 30-Sep-97
Book Value B $ 4,755,000
As of 30-Sep-97
Total Assets A $61,581,000
As of 30-Sep-97
Return on Money (1) R 3.3852%
Conversion Expense X $ 425,000
Underwriting Commission C 0
Percentage Underwritten S 0
Estimate Dividend
Dollar Amount DA $ 0
Yield DY
ESOP Contributions P $ 612,000
MRP Contributions I $ 306,000
ESOP Annual Expense E $ 37,944
MRP Annual Contributions M $ 37,944
Cost of ESOP Borrowings F $ 0
(1) Investment rate of 5.46%, subject to an effective tax rate of 38%.
37
Exhibit VIII
Pro Forma Analysis Sheet
Calculation of Estimated Value (V) at Midpoint Value
1. V= P/A(A-X-P-I) $ 7,650,000
------------------------
1-P/A(1-(CxS))
2. V= P/B(B-X-P-I) $ 7,650,000
------------------------
1-P/B(1-(CxX))
3. V= P/E(Y-R(X+P+I)-(E+M+ST)) $ 7,650,000
------------------------
1-P/E(R(1-(CxX))
Value
Estimated Value Per Share Total Shares Date
- --------------- --------- ------------ ---------
$7,650,000 $10.00 765,000 30-Sep-97
Range of Value
$7.65 million x 1.15 = $8.7975 million or 8,797,500 shares at $10.00 per share.
$7.65 million x .085 = $6.5025 million or 650,250 shares at $10.00 per share.
Calculation of Estimated Value (V) Supermax
1. V= P/A(A-X-P-I) $10,117,125
------------------------
1-P/A(1-(CxS))
2. V= P/B(B-X-P-I) $10,117,125
------------------------
1-P/B(1-(CxX))
3. V= P/E(Y-R(X+P+I)-(E+M)) $10,117,125
------------------------
1-P/E(R(1-(CxX))
Value
Final Value Per Share Total Shares Date
- --------------- --------- ------------ ---------
$10,117,125 $10.00 1,011,713 30-Sep-97
38
FERGUSON & COMPANY
Exhibit IX -- Recent Operating Results
At At
September 30 June 30
1997 1997
------------ -------
(In Thousands)
Selected Financial Condition Data:
Total Assets $63,391 $61,570
Loans receivable- net 57,787 55,189
Mortgage-backed securities 334 356
Investment securities 2,000 2,993
Deposits 55,898 56,095
Total Borrowings 2,000 --
Retained earnings--substantially restricted 4,755 4,750
Three Months Ended
September 30
----------------------
1997 1996
------ ------
(In Thousands)
Selected Operations Data:
Total interest income $1,200 $1,169
Total interest expense 695 734
------ ------
Net interest income 505 435
Provision for loan losses 3 4
------ ------
Net interest income after prov. for loan losses 502 431
------ ------
Fees and service charges 14 13
Gain on sale of loans -- 2
Other non-interest income 6 6
------ ------
Total non-interest income 20 21
------ ------
Total non-interest expense 520 662
------ ------
Income (loss) before income taxes 2 (210)
Income tax provision (benefit) 1 (82)
------ ------
Net income (loss) 1 (128)
====== ======
39
Source: Unaudited financial statements.
FERGUSON & COMPANY
Exhibit IX -- Recent Operating Results
Three Months Ended
September 30
----------------------
1997 1996
------ ------
Selected Financial Ratios & Other Data:
Performance Ratios:
- -------------------
Return on assets (ratio of net income (loss) to
average total assets) 0.01% -0.82%
Return on retained earnings (ratio of net
income (loss) to average equity) 0.07% -11.13%
Interest rate spread information:
- ---------------------------------
Average during the period 2.90% 2.46%
End of period 2.65% 2.35%
Net interest margin 3.28% 2.84%
Ratio of operating expenses to average
total assets 3.33% 4.26%
Ratio of average interest-earning assets to
average interest-bearning liabilities 108.27% 107.78%
Loans as a percentage of total assets 91.16% 89.64%
Quality Ratios:
- ---------------
Non-performing assets to total assets at the
end of the period 0.24% 0.04%
Allowance for loan losses to non-performing
loans 183.40% 549.52%
Allowance for loan losses to average assets 0.47% 0.24%
Capital Ratios:
- ---------------
Retained earnings to total assets at the
end of the period 7.50% 7.30%
Average retained earnings to average assets 7.70% 7.41%
Other Data:
- -----------
Number of full-service offices 2 2
40
Source: Unaudited financial statements.
FERGUSON & COMPANY
Exhibit X -- Appraisal Earnings for Year Ended
September 30, 1997
Earnings for 12 months ending June 30, 1997 $134,000
Add back operating loss for 3 months ending
September 30, 1996 128,000
Add earnings for 3 months ending
September 30, 1997 1,000
------------------------
Sub Total 263,000
Adjustments:
Excessive Loan Loss Provision 120,000
Security Gains (4,000)
Retirement Benefits expensed in 3 months
ending September 30, 1997 272,000
--------
Adjustments Total 388,000
Tax effect at 38% 147,000
------------------------
Net Adjustment 241,000
Appraisal Earnings for 12 months ending
September 30, 1997 $504,000
========
41
Source: Audited and unaudited statements and F&C calculations.