Peoples Bancorp, Inc.
Conversion Valuation Appraisal
Date Issued: December 17, 1997
Date of Market Prices: December 18, 1997
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Table of Contents
Peoples Bancorp, Inc.
Lawrenceville, New Jersey
INTRODUCTION 1
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1. OVERVIEW AND FINANCIAL ANALYSIS 6
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GENERAL OVERVIEW 6
HISTORY 7
STRATEGIC DIRECTION 8
BALANCE SHEET TRENDS 10
LOAN PORTFOLIO 13
SECURITIES 16
INVESTMENTS AND MORTGAGE-BACKED SECURITIES 17
ASSET QUALITY 18
FUNDING COMPOSITION 21
ASSET/LIABILITY MANAGEMENT 23
NET WORTH AND CAPITAL 24
INCOME AND EXPENSE TRENDS 25
SUBSIDIARIES 29
LEGAL PROCEEDINGS 29
2. MARKET AREA ANALYSIS 30
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MARKET AREA DEMOGRAPHICS 30
MARKET AREA DEPOSIT CHARACTERISTICS 34
3. COMPARISONS WITH PUBLICLY TRADED THRIFTS 35
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INTRODUCTION 35
SELECTION SCREENS 35
SELECTION CRITERIA 36
COMPARABLE GROUP PROFILES 38
CORPORATE DATA 43
KEY FINANCIAL DATA 44
CAPITAL DATA 45
ASSET QUALITY DATA 46
PROFITABILITY DATA 47
INCOME STATEMENT DATA 48
GROWTH DATA 49
MARKET CAPITALIZATION DATA 50
DIVIDEND DATA 51
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PRICING DATA 52
EARNINGS DATA 53
4. MARKET VALUE DETERMINATION 54
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INTRODUCTION 54
BALANCE SHEET STRENGTH 55
ASSET QUALITY 56
EARNINGS QUALITY, PREDICTABILITY AND GROWTH 57
MARKET AREA 61
MANAGEMENT 62
DIVIDENDS 63
LIQUIDITY OF THE ISSUE 64
SUBSCRIPTION INTEREST 65
RECENT REGULATORY MATTERS 66
MARKET FOR SEASONED THRIFT STOCKS 67
SECOND STEP CONVERSIONS 71
ACQUISITION MARKET 73
ADJUSTMENTS TO VALUE 78
VALUATION APPROACH 79
VALUATION CONCLUSION 84
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List of Figures
Peoples Bancorp, Inc.
Lawrenceville, New Jersey
FIGURE 1 - CURRENT BRANCH LIST 6
FIGURE 2 - ASSET AND RETAINED EARNINGS CHART 10
FIGURE 3 - AVERAGE YIELDS AND COSTS 11
FIGURE 4 - KEY BALANCE SHEET DATA 12
FIGURE 5 - KEY RATIOS 12
FIGURE 6 - LOAN MIX AS OF SEPTEMBER 30, 1997 CHART 13
FIGURE 7 - NET LOANS RECEIVABLE CHART 14
FIGURE 8 - LOAN MIX 15
FIGURE 9 - SECURITIES CHART 16
FIGURE 10 - INVESTMENT MIX 17
FIGURE 11 - INVESTMENT PORTFOLIO MATURITY 17
FIGURE 12 - NON-PERFORMING ASSETS CHART 18
FIGURE 13 - NON-PERFORMING LOANS 19
FIGURE 14 - ALLOWANCE FOR POSSIBLE LOAN AND LEASE LOSSES CHART 20
FIGURE 15 - DEPOSIT MIX 21
FIGURE 16 - DEPOSIT AND BORROWING TREND CHART 22
FIGURE 17 - NET PORTFOLIO VALUE 23
FIGURE 18 - CAPITAL ANALYSIS 24
FIGURE 19 - NET INCOME CHART 25
FIGURE 20 - SPREAD AND MARGIN CHART 26
FIGURE 21 - INCOME STATEMENT TRENDS 27
FIGURE 22 - PROFITABILITY TREND CHART 28
FIGURE 23 - MERCER COUNTY POPULATION DEMOGRAPHICS 30
FIGURE 24 - MERCER COUNTY HOUSEHOLD CHARACTERISTICS 31
FIGURE 25 - BURLINGTON AND OCEAN COUNTY POPULATION DEMOGRAPHICS 32
FIGURE 26 - BURLINGTON AND OCEAN COUNTY HOUSEHOLD CHARACTERISTICS 33
FIGURE 27 - BRANCH DEPOSITS 34
FIGURE 28 - KEY FINANCIAL INDICATORS 41
FIGURE 29 - COMPARABLE CORPORATE DATA 43
FIGURE 30 - COMPARABLE KEY FINANCIAL DATA 44
FIGURE 31 - COMPARABLE CAPITAL DATA 45
FIGURE 32 - COMPARABLE ASSET QUALITY DATA 46
FIGURE 33 - COMPARABLE PROFITABILITY DATA 47
FIGURE 34 - COMPARABLE INCOME STATEMENT DATA 48
FIGURE 35 - COMPARABLE GROWTH DATA 49
FIGURE 36 - COMPARABLE MARKET CAPITALIZATION DATA 50
FIGURE 37 - COMPARABLE DIVIDEND DATA 51
FIGURE 38 - COMPARABLE PRICING DATA 52
FIGURE 39 - COMPARABLE EARNINGS DATA 53
FIGURE 40 - ASSET QUALITY TABLE 56
FIGURE 41 - NET INCOME CHART 58
FIGURE 42 - SPREAD AND MARGIN CHART 59
FIGURE 43 - SNL THRIFT INDEX CHART 67
FIGURE 44 - HISTORICAL SNL INDEX 68
FIGURE 45 - EQUITY INDICES 69
FIGURE 46 - HISTORICAL RATES 70
FIGURE 47 - SECOND STEP CONVERSIONS SINCE JANUARY 1, 1996 71
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FIGURE 48 - HISTORICAL STOCK PERFORMANCE 72
FIGURE 49 - DEALS FOR LAST ELEVEN QUARTERS 73
FIGURE 50 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO BOOK 74
FIGURE 51 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO TANGIBLE BOOK 75
FIGURE 52 - THRIFT ACQUISITION MULTIPLES, PRICE TO EARNINGS 75
FIGURE 53 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO ASSETS 76
FIGURE 54 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO DEPOSITS 76
FIGURE 55 - DEAL MULTIPLES 77
FIGURE 56 - ACQUISITION TABLE 77
FIGURE 57 - VALUE RANGE OFFERING DATA 80
FIGURE 58 - VALUE RANGE OFFERING DATA 81
FIGURE 59 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA MIDPOINT 82
FIGURE 60 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA
SUPERMAXIMUM 82
FIGURE 61 - RECENT SECOND STEP CONVERSION TRADING MULTIPLES TO THE BANK'S
PROFORMA MIDPOINT 82
FIGURE 62 - RECENT SECOND STEP CONVERSION TRADING MULTIPLES TO THE BANK'S
PROFORMA SUPERMAXIMUM 82
FIGURE 63 - COMPARISON TO HARBOR FEDERAL 83
FIGURE 64 - COMPARISON TO HARBOR FEDERAL 83
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List of Exhibits
Peoples Bancorp, Inc.
Lawrenceville, New Jersey
Exhibit
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1 Consolidated Statements of Financial Condition
2 Consolidated Statements of Income
3 Consolidated Statements of Changes in Net Worth
4 Consolidated Statements of Cash Flows
5 Selected Data on All Public Thrifts
6 Industry Multiples
7 Second Step Conversions 1996 to Date - Selected Market Data
8 Ownership Profile
9 Appraisal Proforma September 30, 1997 - 12 Months Data
10 Offering Circular Proforma December 31, 1996 - 12 Months Data
11 Offering Circular Proforma September 30, 1997 - 9 Months Data
12 Profile of FinPro, Inc.
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Conversion Valuation Appraisal Report Page: 1 - 1
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Introduction
This report represents FinPro, Inc.'s ("FinPro") independent appraisal of the
estimated pro-forma market value of the common stock ( the "Common Stock") of
Peoples Bancorp, Inc. and Trenton Savings Bank, FSB (the "Bank" or "Peoples") in
connection with the Second Step Conversion ("Conversion") of the Bank. The Bank
is headquartered in Lawrenceville, New Jersey and at September 30, 1997 had
$638.9 million in assets, $493.3 million in deposits and $108.2 million in
stockholders' equity. The Bank is a Federally Chartered Stock Savings Bank whose
principal regulator is the Office of Thrift Supervision ("OTS"). All of the
Bank's deposit accounts, up to the regulatory limits, are insured by the Bank
Insurance Fund ("BIF") of the Federal Deposit Insurance Corporation ("FDIC"). As
of September 30, 1997, the Bank maintained fourteen offices located in Mercer,
Burlington and Ocean Counties, all of which are located in New Jersey.
Pursuant to the Plan adopted by the Bank and Mutual Holding Company, the Bank
will become a subsidiary of the Company upon consummation of the transactions
described herein (collectively, with the Offerings, the "Conversion and
Reorganization"). As a result of the Conversion and Reorganization, each share
of common stock, par value $.01 per share, of the Bank ("Bank Common Stock")
held by the Mutual Holding Company, which currently holds 5,796,000 shares, or
64.1% of the outstanding Bank Common Stock, will be canceled and each share of
Bank Common Stock held by the Bank's public stockholders (the "Public Bank
Shares"), which amounted to 3,250,444 shares, or 35.9% of the outstanding Bank
Common Stock at September 30, 1997, will be converted into shares of the
Company's Common Stock ("Exchange Shares") pursuant to a ratio (the "Exchange
Ratio") that will result in the holders of such shares (the "Public
Stockholders") owning in the aggregate approximately the same percentage of the
Company as they owned of the Bank, before giving effect to (a) the payment of
cash in lieu of fractional Exchange Shares, (b) any shares of Common Stock
purchased by such stockholders in the Offerings described herein or the Bank's
ESOP thereafter (the "Exchange").
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In addition to the Exchange, non-transferable subscription rights to subscribe
for up to 17,601,341 shares (which may be increased to 23,277,802 shares under
certain circumstances described below) of Common Stock (the "Conversion Stock")
have been granted, in order of priority, to each of the Bank's Eligible Account
Holders, to the ESOP, to the Bank's Supplemental Eligible Account Holders, and
to certain Other Members (each as defined herein) in a subscription rights will
be subject to the forfeiture of such rights and possible further sanctions and
penalties imposed by the Office of Thrift Supervision ("OTS"). Concurrently, and
subject to the prior rights of holders of subscription rights, the Company is
offering the shares of Conversion Stock not subscribed for in the Subscription
Offering for sale in a community offering to certain members of the general
public, with a preference given to holders of the Public Bank Shares and a
second preference to natural persons residing in New Jersey in the counties of
Burlington and Mercer (the "Community Offering") (the Subscription Offering and
Community Offering are referred to collectively as the "Subscription and
Community Offerings"). Shares not subscribed for in the Subscription and
Community Offerings will be offered to members of the general public in a
syndicated community offering (the "Syndicated Community Offering") (the
Subscription and Community Offerings and the Syndicated Community Offering are
referred to collectively as the "Offerings").
Except for the ESOP, no Eligible Account Holder, Supplemental Eligible Account
Holder or Other Member may, in their respective capacities as such, purchase in
the Subscription Offering more than 60,000 of the total number of shares of
Conversion Stock offered for sale in the Conversion; no person, together with
associates of and persons acting in concert with such person, may purchase in
the Community Offering and the Syndicated Community Offering more than 60,000 of
the total number of shares offered for sale in the Conversion; and no person,
together with associates of and persons acting in concert with such person, may
purchase in the aggregate more than the number of shares of Conversion Stock
that when combined with Exchange Shares received by such person would exceed the
overall maximum purchase limitation of 5.0% of the total number of shares of
Conversion Stock offered for sale in the Conversion; provided, however, that
such purchase limitations and the amount that may be subscribed for may be
increased or decreased in the sole discretion of the Company, the Mutual Holding
Company and the Bank (the "Primary Parties") without further approval of the
Mutual Holding Company's members or the Public Stockholders. The minimum
purchase is 25 shares.
The Company has received conditional approval to have its Common Stock traded on
the Nasdaq National Market under the Company's previous symbol "TSBS" upon
completion of the Conversion.
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The Company was organized in November 1997 by the Bank for the purpose of owning
all of the capital stock of the Bank upon completion of the conversion.
Immediately following the Conversion, the only significant assets of the Company
will be the capital stock of the Bank and that percentage of the Offering
proceeds retained by the Company.
The Mutual Holding Company is a federal mutual holding company that was
organized on August 3, 1995 in connection with the mutual holding company
reorganization of the Bank's mutual savings bank predecessor. The Mutual Holding
Company has no material assets other than the Mid-Tier Common Stock.
Accordingly, all financial and other information contained in this Prospectus
relates to the business, financial condition, and results of operations of the
Mid-Tier Holding Company and/or its wholly-owned subsidiary, the Bank, Upon
consummation of the Conversion, the Mutual Holding Company will convert from
mutual to stock form and simultaneously merge with and into Mid-Tier Holding
Company.
The Mid-Tier Holding Company was formed to become the stock holding company of
the Bank in the two-tier reorganization (the "Two-Tier Reorganization") of the
Bank and the Mutual Holding Company, which was completed in July1997. In the
Two-Tier Reorganization, all of the outstanding shares of the Bank's common
stock ("Bank Common Stock"), including shares held by the Mutual Holding Company
and Minority Stockholders, were converted into shares of Mid-Tier Common Stock,
and the Bank became the wholly-owned subsidiary of the Mid-Tier Holding Company.
As of September 30, 1997, the Mid-Tier Holding Company's only material asset
consisted of 100% of the outstanding shares of common stock of the Bank.
The Bank conducts its business from a corporate center located in Lawrenceville,
New Jersey and 14 branch offices located in Mercer, Burlington and Ocean
Counties, New Jersey. On January 1, 1995, the Bank completed a charter change
from a New Jersey chartered mutual savings bank to a federally chartered mutual
savings bank, permitting expansion of branch offices into adjacent market areas
in Pennsylvania. On August 3, 1995, the Bank's mutual predecessor reorganized
from a federally chartered mutual savings bank into the Mutual holding Company
and concurrently formed the Bank, which succeeded to the name and operations of
the Bank's mutual predecessor (the "Reorganization"). At the time of the
Reorganization, the Bank conducted a stock offering (the "Minority Stock
Offering") in which it raised approximately $30.0 million of net proceeds.
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The following table provides a synopsis of the aforementioned elements for all
points in the EVR.
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Appraised Value
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Conclusion Minimum Midpoint Maximum SuperMaximum*
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Total Shares 23,290,000 27,400,000 31,510,000 36,236,500
Price per Share $10 $10 $10 $10
Full Conversion Value $232,900,000 $274,000,000 $315,100,000 $362,365,000
Exchange Shares 7,989,592 9,399,309 10,809,352 12,430,673
Exchange Percent 34.30% 34.30% 34.30% 34.30%
Conversion Shares 15,300,408 18,000,691 20,700,648 23,805,827
Conversion Percent 65.70% 65.70% 65.70% 65.70%
Gross Proceeds $153,004,080 $180,006,910 $207,006,480 $232,058,270
Exchange Value $79,895,920 $93,993,090 $108,093,520 $124,306,730
Exchange Ratio 2.4580 2.8917 3.3255 3.8243
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* SuperMaximum is an overallotment option that is 15% above the maximum amount.
This appraisal has been prepared in accordance with Regulation 563b.7 and with
the "Guidelines for Appraisal Reports for the Valuation of Savings and Loan
Associations Converting from Mutual to Stock Form of Organization" of the Office
of Thrift Supervision ("OTS") which have been adopted in practice by the Federal
Deposit Insurance Corporation ("FDIC"), including the most recent revisions as
of October 21, 1994, and applicable regulatory interpretations thereof.
In the course of preparing our report, we reviewed the unaudited nine month
period ended September 30, 1997, audited financial statements of the Bank's
operations for the twelve month period ended December 31, 1996 and the Bank's
operations and financial condition for the prior two year period. We have
conducted due diligence analysis of the Bank and the Company (hereinafter,
collectively referred to as "the Bank") and held due diligence related
discussions with the Bank's management and board, KPMG Peat Marwick (the Bank's
independent audit firm), Luse Lehman Gorman Pomerenk & Schick (the Bank's
special counsel), and Friedman, Billings, Ramsey & Co., Inc. (the Bank's
financial and marketing advisor). The valuation parameters set forth in the
appraisal were predicated on these discussions but all conclusions related to
the valuation were reached and made independent of such discussions.
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Where appropriate, we considered information based upon other publicly available
sources, which we believe to be reliable; however, we cannot guarantee the
accuracy or completeness of such information. We visited the Bank's primary
market area and reviewed the market area economic condition. We also reviewed
the competitive environment in which the Bank operates and its relative
strengths and weaknesses. We compared the Bank's performance with selected
publicly traded thrift institutions. We reviewed conditions in the securities
markets in general and in the market for savings institutions in particular. Our
analysis included a review of the estimated effects of the Reorganization on the
Bank, operation and expected financial performance as they related to the Bank's
estimated pro-forma value.
In preparing our valuation, we relied upon and assumed the accuracy and
completeness of financial and other information provided to us by the Bank and
its independent accountants. We did not independently verify the financial
statements and other information provided by the Bank and its independent
accountants, nor did we independently value any of the Bank's assets or
liabilities. This estimated valuation considers the Bank only as a going concern
and should not be considered as an indication of its liquidation value.
Our valuation is not intended, and must not be construed, to be a recommendation
of any kind as the advisability of purchasing shares of Common Stock in the
Conversion and Reorganization. Moreover, because such valuation is necessarily
based upon estimates and projections of a number of matters, all of which are
subject to change from time to time, no assurance can be given that persons who
purchase shares of Common Stock in the Conversion and Reorganization will
thereafter be able to sell such shares at prices related to the foregoing
valuation of the pro-forma market value thereof. FinPro is not a seller of
securities within the meaning of any federal or state securities laws and any
report prepared by FinPro shall not be used as an offer or solicitation with
respect to the purchase or sale of any securities.
The estimated valuation herein will be updated as appropriate. These updates
will consider, among other factors, any developments or changes in the Bank's
financial condition, operating performance, management policies and procedures,
and current conditions in the securities market for thrift institution common
stock. Should any such developments or changes, in our opinion, be material to
the estimated pro-forma market value of the Bank, appropriate adjustments to the
estimated pro-forma market value will be made. The reasons for any such
adjustments will be explained at that time.
Conversion Valuation Appraisal Report Page: 1 - 6
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1. Overview and Financial Analysis
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GENERAL OVERVIEW
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The Bank after the Second Step Conversion, will be a federally chartered stock
savings bank. As of September 30, 1997, the Bank had $638.9 million in total
assets, $493.3 million in deposits, $397.9 million in net loans and $108.2
million in equity.
The following table shows the Bank's branch network as of September 30, 1997.
FIGURE 1 - CURRENT BRANCH LIST
Branch Office Town
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Mercer County
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33 West State Street Trenton
1980 North Olden Road Trenton
2465 South Broad Street Trenton
2371 Route 33 Robbinsville
Route 1 and Texas Avenue Lawrenceville
2583 Pennington Road Pennington
1750 Whitehorse-Mercerville Road Mercerville
1349 Princeton-Hightstown Road West Winsor
Burlington County
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332 High Street Burlington
1660 Beverly Road Burlington
Burlington Avenue & Coopertown Road Delanco
501 High Street Mt. Holly
Ocean County
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1 Dumbarton Drive Lakewood
3-C Buckingham Drive Lakehurst
Conversion Valuation Appraisal Report Page: 1 - 7
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HISTORY
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1844 The Bank opened as a state chartered mutual savings bank.
1983 The Bank acquired Burlington County Savings Bank.
1986 The Bank acquired the deposits of two branches and one branch site
from The Provident Bank.
1995 With nine branches, the Bank changed to a federally chartered
mutual savings bank.
1995 The Bank purchased $34 million of RTC deposits from Carteret,
consolidating facilities.
1995 The Bank converted to a Mutual Holding Company ("MHC").
1996 Burlington County Bank was acquired with its two branches.
1996 TSBusiness Finance Corp., an asset based lending subsidiary, was
founded.
1996 The Bank opened its West Windsor and Leisure Village East branches.
1997 A leverage strategy was implemented.
1997 The Bank opened Leisure Village West branch.
1997 The Bank converted to the two tier structure.
1997 Manchester Trust Bank was acquired.
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STRATEGIC DIRECTION
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It is anticipated, for planning purposes that the second step offering will
raise gross proceeds of $176.0 million, based upon preliminary appraisal data
for the midpoint of the value range. Conversion costs are estimated to be
approximately $1.9 million at the midpoint.
The Board of Directors of the Bank believes that the second step is in the best
interests of all parties associated with the bank. The resultant entity will:
o be financially stronger, primarily as a result of additional capital;
o be better positioned to compete in the markets the Bank serves;
o facilitate possible acquisition opportunities and possible
diversification;
o provide access to capital markets;
o allow for a wider array of products and services; and
o provide financial capacity to buy or build critical mass in new
geographic markets or in the markets it currently serves.
The second step also provides the Bank and its Holding Company the corporate
flexibility to raise additional capital and further diversify into bank related
activities when such opportunities or needs arise. The Bank can utilize the
Holding Company structure to:
o form new subsidiaries;
o purchase branches, acquire or merge with other banks, thrifts or
financial services related company; and
o repurchase its own stock without adverse tax consequences.
Although there are no current arrangements, understandings or agreements
regarding any such opportunities, the Holding Company will be in a position
after the conversion (subject to regulatory limitations and the Holding
Company's financial condition) to take advantage of any such opportunity that
may arise.
Conversion Valuation Appraisal Report Page: 1 - 9
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This Bank projects aggressive, but controlled balance sheet growth with the Bank
originating a broad array of lending products, including one to four family
residential, home equity and consumer, multi family residential and commercial
loans. Additionally, the Bank intends to acquire several institutions, either
thrift or commercial. On the liability side, the Bank will grow deposits
emphasizing core deposits and an increase in transaction accounts.
The Bank anticipates that its interest rate spread and margin will slightly
decrease due to competition but total interest income will increase through
controlled loan growth. In addition, the Bank will maintain earnings by
emphasizing asset quality and controlling expenses.
The Bank plans the following major thrusts over the five-year planning horizon:
1. Completed the conversion to a stock institution to raise capital to
fund growth opportunities and strengthen the capital position of the
Bank;
2. Open de-novo branches;
3. Add ATMs in 1998 to the existing branch network;
4. Implement a name change;
5. Complete a renovation of the administrative headquarters in 1998;
6. Acquire institutions;
7. Implement leverage strategies;
8. Acquire fee generating business(es) and
9. Grow the TSBusiness and Manchester Trust subsidiaries.
Conversion Valuation Appraisal Report Page: 1 - 10
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BALANCE SHEET TRENDS
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Since December 31, 1992, the Bank's balance sheet has grown from $409.2 million
to $638.9 million. This represents growth of 56.13% since December 31, 1992.
Retained earnings has increased $67.6 million from $40.6 million at December 31,
1992 to $108.2 million at September 30, 1997. Of the $67.6 million,
approximately $30 million was the result of the minority issuance associated
with the conversion to MHC form in 1995.
FIGURE 2 - ASSET AND RETAINED EARNINGS CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
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Interest rate spread increased for the nine months ending September 30, 1997,
when compared to the same period ending September 30, 1996, while the margin
decreased for the same period.
FIGURE 3 - AVERAGE YIELDS AND COSTS
At September 30, For the Nine Months Ended September 30,
----------------- ------------------------------------------------------
1997 1997 1996
----------------- -------------------------- --------------------------
Weighted Average Average
Actual Average Average Yield/ Average Yield/
Balance Rate Balance Interest Cost Balance Interest Cost
------- -------- ------- -------- ------- ------- -------- -------
(Dollars in Thousands)
Assets:
Interest-earning assets:
Mortgage loans $282,679 7.43% $268,505 $14,810 7.35% $263,421 $14,503 7.34%
Consumer loans 62,245 8.10% 56,946 3,335 7.81% 45,012 2,669 7.91%
Commercial business loans 56,109 8.54% 62,867 4,248 9.01% 13,497 913 9.02%
Securities available for sale:
Debt securities 127,641 6.55% 117,810 5,764 6.51% 72,540 3,462 6.36%
Equity securities 10 0.00% 485 61 16.77% 1,478 132 11.91%
Investments held to maturity:
Debt securities and FHLB stock 34,544 6.06% 39,562 1,787 6.02% 40,924 1,967 6.41%
Mortgage backed securities 39,603 5.72% 44,085 2,205 6.67% 48,942 2,497 6.80%
Federal funds sold 2,300 6.25% 9,181 406 5.90% 13,035 519 5.31%
-------- ------ -------- ------- ------ -------- ------- ------
Total interest-earning assets 605,131 7.14% 599,441 32,616 7.25% 498,849 26,662 7.12%
Non-interest earning assets 33,811 29,750 19,293
-------- -------- --------
Total assets $638,942 $629,191 $518,142
======== ======== ========
Liabilities and Retained Earnings:
Interest-bearing liabilities:
Deposits:
Certificates of deposits 290,229 5.40% 289,656 11,614 5.35% 262,765 10,304 5.23%
Transaction and savings deposits 203,105 2.16% 196,854 3,123 2.12% 149,635 2,561 2.28%
Borrowed funds 30,000 6.03% 31,950 1,486 6.20% -- -- 0.0%
-------- ------ -------- ------- ------ -------- ------- ------
Total interest-bearing liabilities 523,334 4.18% 518,460 16,223 4.19% 412,400 12,865 4.16%
Non-interest bearing liabilities 7,369 6,809 5,924
-------- -------- --------
Total liabilities 530,703 525,269 418,324
======== ======== ========
Stockholders' equity 108,239 103,922 99,818
-------- -------- --------
Total liabilities and retained earnings $638,942 $629,191 $518,142
======== ======== ========
Net interest income $16,393 $13,797
======= =======
Interest rate spread 2.96% 3.06% 2.96%
====== ====== ======
Net interest margin as a percent of
interest earning assets 3.61% 3.65% 3.69%
====== ====== ======
Interest earning assets to interest
bearing liabilities 115.63% 115.62% 120.96%
====== ====== ======
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 12
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The following tables set forth certain information concerning the financial
position of the Bank along with selected ratios at the dates indicated.
FIGURE 4 - KEY BALANCE SHEET DATA
At September 30, At December 31,
---------------- ----------------------------------------------------
1997 1996 1995 1994 1993 1992
---------------- -------- -------- -------- -------- --------
Selected Consolidated Financial Data: (unaudited) (In thousands)
---------------- ----------------------------------------------------
Total assets $638,942 $601,016 $514,218 $441,019 $435,746 $409,227
Cash and cash equivalents 13,209 20,938 16,253 12,665 15,763 11,983
Securities available for sale 127,651 87,648 83,776 64,961 -- --
Securities held to maturity:
Investment securities 31,158 37,935 36,945 27,017 121,814 161,923
Mortage backed securities 39,603 48,618 54,316 35,087 33,169 23,800
FHLB stock 3,386 3,089 2,864 2,495 -- --
Loans, net 397,866 380,288 306,093 289,504 255,656 201,889
Deposits 493,334 491,246 410,770 377,559 383,840 366,069
Stockholders' equity 108,239 103,352 97,542 58,769 49,123 40,624
Intangibles 10,834 9,164 2,325 -- -- --
Borrowings 30,000 -- -- -- -- --
Source: Offering Prospectus
FIGURE 5 - KEY RATIOS
For the Nine Months
Ended September 30, For the Fiscal Year Ended December 31,
------------------- ----------------------------------------------
1997 1996 1996 1995 1994 1993 1992
---- ---- ---- ---- ---- ---- ----
Selected Financial Ratios and Other Data:
Performance Ratios:
Return on average assets 1.25% 1.66% 1.56% 1.73% 1.72% 2.00% 1.64%
Return on average equity 7.57% 8.61% 8.34% 11.33% 13.45% 18.75% 17.52%
Interest rate spread 3.06% 2.96% 2.98% 2.96% 3.49% 3.94% 3.62%
Net interest margin 3.65% 3.69% 3.66% 3.47% 3.87% 4.26% 3.97%
Net interest income after provision for loan
losses to total operating expenses 151.41% 214.44% 196.11% 209.93% 219.89% 254.30% 245.27%
Operating expenses to average total assets 2.09% 1.66% 1.80% 1.56% 1.67% 1.54% 1.51%
Efficiency Ratio 55.81% 43.77% 46.53% 43.84% 42.95% 45.15% 43.07%
Asset Quality Ratios:
Non-performing loans as a percent to net
loans at the end of the period 1.43% 0.47% 1.03% 0.71% 0.87% 0.71% 0.82%
Non-performing assets as a percent to total
assets at the end of the period 0.91% 0.33% 0.69% 0.43% 0.59% 0.42% 0.40%
Allowance for loan losses to non-performing loans 56.25% 109.15% 74.19% 80.91% 65.24% 80.65% 38.35%
Average interest-earning assets to average
interest-liabilities 116.06% 120.96% 119.80% 114.32% 112.72% 109.92% 108.36%
Capital and Equity Ratios
Average equity to average assets 16.52% 19.26% 18.67% 15.27% 12.78% 10.67% 9.38%
Equity to assets at end of period 16.94% 19.38% 17.20% 18.97% 13.33% 11.27% 9.93%
Per Share Data
Book value per share $11.97 $11.24 $11.44 $10.94 N/A N/A N/A
Earnings per share $ 0.65 $ 0.72 $ 0.94 N/A N/A N/A N/A
Other Data:
Branch offices 14 11 14 10 9 9 9
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 13
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- ------------------------------
LOAN PORTFOLIO
- ------------------------------
The Bank has a relatively diverse loan mix when compared to a typical thrift.
FIGURE 6 - LOAN MIX AS OF SEPTEMBER 30, 1997 CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 14
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The Bank increased its lending portfolio by $196.0 million, from $201.9 million
at December 31, 1992, to $397.9 million at September 30, 1997. The Bank's net
loan to asset ratio was 62.27% at September 30, 1997.
FIGURE 7 - NET LOANS RECEIVABLE CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 15
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Since December 31, 1992, the Bank's loan mix has shifted away from 1-4 family
mortgage loans and toward commercial and consumer loans.
FIGURE 8 - LOAN MIX
At September 30, At December 3l,
---------------- -----------------------------------------------------------------------------------
1997 1996 1995 1994 1993 1992
--------------- -------------- --------------- --------------- --------------- ---------------
Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ ------- ------ ------- ------ ------- ------ -------
(Dollars in Thousands)
Mortgage loans:
- ---------------
Conventional 1-4 family loans $242,374 60.4% $239,470 62.5% $227,717 74.0% $228,133 78.3% $206,585 80.2% $163,322 80.3%
Commercial real estate and
multi-family 40,305 10.1% 53,415 14.0% 27,827 9.0% 23,833 8.2% 18,972 7.4% 12,732 6.3%
-------- ----- -------- ----- -------- ----- -------- ----- -------- ----- -------- -----
Total mortgage loans 282,679 70.5% 292,885 76.5% 255,544 83.0% 251,986 86.5% 225,557 87.6% 176,054 86.6%
Non-mortgage loans:
- -------------------
Home equity loans 33,914 8.5% 28,138 7.3% 21,833 7.1% 22,043 7.6% 19,117 7.4% 16,673 8.2%
Commercial 62,245 15.5% 34,488 9.0% 11,573 3.8% 8,998 3.1% 7,300 2.9% 8,023 4.0%
Other consumer loans 22,195 5.5% 27,478 7.2% 18,783 6.1% 8,258 2.8% 5,513 2.1% 2,488 1.2%
-------- ----- -------- ----- -------- ----- -------- ----- -------- ----- -------- -----
Total other loans 118,354 29.5% 90,102 23.5% 52,189 17.0% 39,297 13.5% 31,930 12.4% 27,184 13.4%
Total loans receivable 401,033 100.0% 382,987 100.0% 307,733 100.0% 291,263 100.0% 257,487 100.0% 203,238 100.0%
----- ----- ----- ----- ----- -----
Less:
Premiums (discounts) 17 (24) 23 -- -- --
Deffered cost (fees) (18) (226) (104) 117 360 715
Allowance for loan losses 3,202 2,901 1,767 1,642 1,471 634
-------- -------- -------- -------- -------- --------
Loans receivable, net $397,866 $380,288 $308,093 $289,504 $255,656 $201,889
======== ======== ======== ======== ======== ========
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 16
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- ------------------------------
SECURITIES
- ------------------------------
The Bank's security portfolio has grown from $124.9 million at December 31,
1994, to $201.2 million at September 30, 1997, with the majority of the growth
coming in the form of agency securities.
FIGURE 9 - SECURITIES CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Note: The chart above refers to investment portfolio's amortized cost.
Conversion Valuation Appraisal Report Page: 1 - 17
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- ------------------------------
INVESTMENTS AND MORTGAGE-
BACKED SECURITIES
- ------------------------------
The majority of the Bank's investment portfolio is classified as
available-for-sale. This portfolio has shifted toward U.S. governments and
agencies.
FIGURE 10 - INVESTMENT MIX
At September 30, At December 31,
----------------- ---------------------------------------------------------
1997 1996 1995 1994
----------------- ----------------- ----------------- -----------------
Carrying Market Carrying Market Carrying Market Carrying Market
Value Value Value Value Value Value Value Value
-------- ------ -------- ------ -------- ------ -------- ------
(Dollars in Thousands)
Investments and MBS held to maturity:
United States Government Agency Securities $ 14,350 $ 14,321 $ 17,042 $ 16,907 $ 24,934 $ 24,928 $ 5,826 $ 5,666
Obligations of State and political subdivisions 2,293 2,412 3,400 3,497 1,055 1,156 1,055 1,081
Federal Home Loan Bank Stock 3,386 3,386 3,089 3,089 2,864 2,864 2,495 2,495
Mortgage-backed securities 39,603 39,650 48,618 48,587 54,316 55,032 35,087 34,096
Other corporate bonds 14,515 14,539 17,493 17,521 10,955 11,041 20,136 19,991
-------- -------- -------- -------- -------- -------- -------- --------
Total investments held to maturity
(including FHLB stock) 74,147 74,308 89,642 89,601 94,124 95,021 64,599 63,329
Securities available for sale:
United States Treasury securities 51,320 51,444 65,336 65,507 -- -- -- --
United States Government and Agency obligations 46,067 46,386 9,924 9,767 75,955 76,653 51,958 50,866
Equity securities 10 10 894 3,201 2,536 7,123 8,375 14,095
Mortgage-backed securities 15,072 15,221 -- -- -- -- -- --
Other bonds 14,547 14,590 9,151 9,172 -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
Total securities available for sale 127,016 127,651 85,305 87,647 78,491 83,776 60,333 64,961
-------- -------- -------- -------- -------- -------- -------- --------
$201,163 $201,959 $174,947 $177,248 $172,615 $178,797 $124,932 $128,290
======== ======== ======== ======== ======== ======== ======== ========
Source: Offering Prospectus
FIGURE 11 - INVESTMENT PORTFOLIO MATURITY
At September 30, 1997
-----------------------------------------------------------------------------------------
Due in
-----------------------------------------------------------------------------------------
Between One Between Five More than
One Year or Less and Five Years and Ten Years Ten Years Total
----------------- ---------------- ---------------- ---------------- ----------------
Weighted Weighted Weighted Weighted Weighted
Amort. Average Amort. Average Amort. Average Amort. Average Amort. Average
Mortgage-backed Security Maturities Cost Yield Cost Yield Cost Yield Cost Yield Cost Yield
- ----------------------------------- ------- --------- ------- -------- ------- -------- ------- -------- ------- --------
(in Thousands)
Investments and MBS held to maturity:
Mortgage-backed securities $ 5,540 5.6% $21,884 6.7% $ -- 0.0% $12,179 7.4% $ 39,603 6.7%
Federal Home Loan Bank Stock -- 0.0% -- 0.0% -- 0.0% 3,386 0.0% 3,386 0.0%
United States Government Agency
Securities 350 4.7% 14,000 6.0% -- 0.0% -- 0.0% 14,350 6.0%
Obligations of State and political
subdivisions 909 6.2% 418 6.7% 200 6.9% 766 10.5% 2,292 7.8%
Other corporate bonds 10,009 5.9% 3,156 6.3% 1,348 7.5% -- 0.0% 14,514 6.1%
------- --- ------- --- ------- --- ------- ---- -------- ---
Total investments held to maturity 16,808 39,458 1,548 16,331 74,145
(including FHLB stock)
Securities available for sale:
Mortgage-backed securities -- 0.0% -- 0.0% -- 0.0% 15,071 7.4% 15,071 7.4%
United States Treasury securities 26,186 5.8% 25,134 6.0% -- 0.0% -- 0.0% 51,320 5.9%
United States Government and Agency
obligation 30O 5.1% 299 7.4% 45,468 7.2% -- 0.0% 46,067 7.1%
Equity securities -- 0.0% -- 0.0% -- 0.0% 10 0.0% 10 0.0%
Other bonds 6,011 6.1% 7,659 6.3% 877 6.6% -- 0.0% 14,547 6.2%
------- --- ------- --- ------- --- ------- ---- -------- ---
Total securities available for sale $32,497 $33,092 $46,345 $15,081 $127,015
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 18
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- ------------------------------
ASSET QUALITY
- ------------------------------
Non-performing loans have increased from $2.5 million at December 31, 1994, to
$5.7 million at September 30, 1997. As a percentage of assets, total
non-performing assets have increased from 0.59% at December 31, 1994, to 0.91%
at September 30, 1997.
FIGURE 12 - NON-PERFORMING ASSETS CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 19
================================================================================
FIGURE 13 - NON-PERFORMING LOANS
- --------------------------------------------------------------------------------
At September 30, 1997
($ in thousands)
- --------------------------------------------------------------------------------
Non-performing loans $5,692
- --------------------------------------------------------------------------------
Real estate owned, net $ 142
- --------------------------------------------------------------------------------
Total non-performing assets $5,834
- --------------------------------------------------------------------------------
Non-performing loans as a percentage of net loans 1.43%
- --------------------------------------------------------------------------------
Non-performing assets as a percent of total assets 0.91%
- --------------------------------------------------------------------------------
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 20
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The Bank has grown its allowance for loan and lease losses from $1.6 million at
December 31, 1994 to $3.2 million at September 30, 1997. ALLL to non-performing
assets was 54.89% as of September 30, 1997.
FIGURE 14 - ALLOWANCE FOR POSSIBLE LOAN AND LEASE LOSSES CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 21
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- ------------------------------
FUNDING COMPOSITION
- ------------------------------
The Bank's deposit mix as of September 30, 1997, is presented below. Time
deposits composed 58.8% of the deposit mix at September 30, 1997. The Bank has
grown its noninterest checking and money market accounts.
FIGURE 15 - DEPOSIT MIX
Year Ended Decomeber 3l,
Year Ended ------------------------------------------------------------------------
September 30, 1997 1996 1995 1994
-------------------------- -------------------------- -------------------------- ----------------
Amount Percent $ Change Amount Percent $ Change Amount Percent $ Change Amount Percent
------ ------- -------- ------ ------- -------- ------ ------- -------- ------ -------
Certificates of deposit:
Maturing within 12 months $218,046 44.2% $ 29,302 $188,744 38.4% $ 5,086 $183,658 44.7% $57,884 $125,774 33.3%
Maturing within 13-24 months 47,621 9.6% 7,818 39,803 8.2% 11,883 27,920 6.7% (8.517) 36,437 9.7%
Maturing within 25-36 months 20,474 4.2% 176 20,298 4.1% (7,455) 27,753 6.8% (2,341) 30,094 8.0%
Maturing beyond 36 months 4,088 0.8% (43,613) 47,701 9.7% 25,235 22,466 5.5% (9,747) 32,213 8.5%
-------- ----- -------- -------- ----- ------- -------- ----- ------- -------- -----
Total certificates of
deposits 290,229 58.8% (6,317) 296,546 60.4% 34,749 261,797 63.7% 37,279 224,518 59.5%
Transaction Accounts:
NOW 14,955 3.0% (1,476) 16,431 3.3% 6,876 9.555 2.3% 38 9,517 2.5%
Noninterest-bearing demand 27,982 5.7% 2,616 25,366 5.2% 14,566 10,800 2.6% 1,405 9,395 2.5%
Passbook 95,132 19.3% (9,078) 104,210 21.2% 11,464 92,746 22.6% (6,694) 99,440 26.3%
Club account 1,069 0.2% 800 269 0.1% 50 219 0.1% 7 212 0.1%
Money Market demand deposit 58,394 11.8% 13,600 44,794 9.1% 11,899 32,895 8.0% 1,349 31,546 8.3%
Other 5,573 1.1% 1,943 3,630 0.7% 872 2,758 0.7% (173) 2,931 0.8%
-------- ----- -------- -------- ----- ------- -------- ----- ------- -------- -----
Total Transaction Accounts 203,105 41.2% 8,405 194,700 39.6% 45,727 148,973 36.3% (4,068) 153,041 40.5%
Total Deposits $493,334 100.0% $ 2,088 $491,246 100.0% $80,476 $410,770 100.0% $33,211 $377,559 100.0%
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 22
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Deposits have grown $109.5 million from $366.1 at December 31, 1992 to $493.3
million at September 30, 1997, or 28.53%. The Bank had $30 million in borrowings
as of September 30, 1997.
FIGURE 16 - DEPOSIT AND BORROWING TREND CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 23
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- ------------------------------
ASSET/LIABILITY MANAGEMENT
- ------------------------------
The Bank manages its interest rate risk through normal balance sheet activities
and does not utilize any hedging techniques. The following chart illustrates the
Bank's net portfolio value at September 30, 1997, as calculated by the Federal
Home Loan Bank of Atlanta.
FIGURE 17 - NET PORTFOLIO VALUE
[GRAPHIC OMITTED]
Source: Federal Home Loan Bank of Atlanta
Conversion Valuation Appraisal Report Page: 1 - 24
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- ------------------------------
NET WORTH AND CAPITAL
- ------------------------------
At September 30, 1997, the Bank had capital in excess of the minimum
requirements for all three measures.
FIGURE 18 - CAPITAL ANALYSIS
Historical At Percent of
Regulatory Capital Position September 30, 1997 Adj. Assets
- --------------------------- ------------------ -----------
($ in thousands)
GAAP Capital: $108,329 16.90%
======== =====
Tangible Capital:
Capital Level $ 97,200 15.48%
Required $ 9,418 1.50%
-------- -----
Excess: $ 87,782 13.98%
======== =====
Core Capital:
Capital Level $ 97,200 15.48%
Required $ 18,835 3.00%
-------- -----
Excess: $ 78,365 12.48%
======== =====
Total Capital:
Capital Level $100,401 26.48%
Required $ 30,324 8.00%
-------- -----
Excess: $ 70,077 18.48%
======== =====
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 25
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- ------------------------------
INCOME AND EXPENSE TRENDS
- ------------------------------
The Bank's net income, for the September 30, 1997 period annualized, of $7.9
million was lower than the two previous year ends. This is partially the result
in the posting of $1.5 million in provision for loan and lease losses.
FIGURE 19 - NET INCOME CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Note: The September 30, 1997 income figure is nine month data annualized.
Conversion Valuation Appraisal Report Page: 1 - 26
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The following chart illustrates the Bank's spread and margin since December 31,
1992. Both spread and margin have rebounded since the low of December 31, 1995.
FIGURE 20 - SPREAD AND MARGIN CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 27
================================================================================
A summary of the Bank's income statement is presented below. The Bank's net
income, for the September 30, 1997 nine month period, of $5.9 million was lower
than that for the same nine month period ending September 30, 1996. This is
primarily the result in the posting of a $1.5 million in provision for loan and
lease losses.
FIGURE 21 - INCOME STATEMENT TRENDS
For the Nine Months For the Year
Ended September 30, Ended December 31,
------------------- ---------------------------
1997 1996 1996 1995 1994
---- ---- ---- ---- ----
($ In Thousands)
Total interest Income $32,616 $26,662 $36,903 $33,518 $29,468
Total interest Expense 16,223 12,865 17,941 17,010 12,851
------- ------- ------- ------- -------
Net interest income 16,393 13,797 18,962 16,508 16,617
Provision for loan losses 1,488 -- -- 150 180
------- ------- ------- ------- -------
Net interest income after
provision for loan losses 14,905 13,797 18,962 16,358 16,437
------- ------- ------- ------- -------
Total non-interest income 4,169 2,711 3,818 4,946 3,150
Total non-interest expense 9,844 6,434 9,669 7,792 7,475
------- ------- ------- ------- -------
Income before taxes 9,230 10,074 13,111 13,512 12,112
------- ------- ------- ------- -------
Income tax provision 3,332 3,626 4,720 4,864 4,437
Net income $ 5,898 $ 6,448 $ 8,391 $ 8,648 $ 7,675
======= ======= ======= ======= =======
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 28
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The ROA and ROE have declined since December 31, 1993.
FIGURE 22 - PROFITABILITY TREND CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Conversion Valuation Appraisal Report Page: 1 - 29
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- ------------------------------
SUBSIDIARIES
- ------------------------------
The Bank completed the acquisition of Manchester Trust Bank ("MTB") on September
9, 1997, a trust services company with $125 million of assets under management.
MTB will be operated as a wholly owned subsidiary of the Bank.
TSBusiness Finance Corporation, headquartered in Lawrenceville, was forced in
October 1996 to provide structured, secured commercial financing throughout New
Jersey and the Delaware Valley. This subsidiary will finance businesses
requiring lines of credit between $500,000 and $5 million, who may not qualify
for traditional unsecured accommodations.
- ------------------------------
LEGAL PROCEEDINGS
- ------------------------------
There are various claims and lawsuits in which the Bank is periodically involved
incident to the Bank's business. In the opinion of management, no material loss
is expected from any such pending claims or law suits.
Conversion Valuation Appraisal Report Page: 1 - 30
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2. Market Area Analysis
- ------------------------------
MARKET AREA DEMOGRAPHICS
- ------------------------------
The following tables summarize the demographics for the Bank's markets in Mercer
County.
FIGURE 23 - MERCER COUNTY POPULATION DEMOGRAPHICS
MERCERVILLE HAMILTON EWING LAWRENCEVILLE PENNINGTON ROBBINSVILLE TRENTON W. WINDSOR
----------- -------- ----- ------------- ---------- ------------ ------- ----------
POPULATI0N CHARACTERISTICS
LAND AREA (miles) 7.02 7.02 7.02 7.02 7.01 7.02 5.13 7.02
POPULATION
1980 CENSUS 17,939 23,867 29,784 15,089 2,970 5,807 63,546 4,043
1990 CENSUS 20,980 22,471 28,288 15,261 3,293 7,041 61,076 5,691
1997 ESTIMATE 20,897 21,611 27,200 15,815 3,427 7,764 56,546 6,758
2002 PROJECTION 20,789 21,061 26,533 16,100 3,496 8,128 53,937 7,305
GROWTH 1980 TO 1990 16.95% -5.85% -5.02% 1.14% 10.87% 21.26% -3.89% 40.77%
PROJECTED GROWTH 1990 TO 2002 -0.91% -6.27% -6.20% 5.50% 6.16% 15.43% -11.69% 28.37%
POPULATION DENSITY 1997(persons/sq mile) 2,989.7 3,202.1 4,031.5 2,174.8 469.4 1,003.4 11,914.7 811.0
POPULATION BY URBAN VS. RURAL 20,862 22,505 28,294 14,616 1,450 6,003 61,095 (5,672)
URBAN 100.02% 100.00% 100.00% 102.21% 163.51% 108.28% 100.00% 0.00%
RURAL -0.02% 0.00% 0.00% -2.21% -63.51% -8.28% 0.00% 100.00%
POPULATION BY SEX - 1997 EST 20,897 21,611 27,200 15,815 3,427 7,764 56,546 6,758
MALE 46.76% 46.75% 46.85% 47.55% 49.02% 48.54% 49.26% 49.56%
FEMALE 53.24% 53.25% 53.15% 52.45% 50.98% 51.46% 50.74% 50.44%
MARITAL STATUS 17,565 18,856 22,799 12,849 2,652 5,602 46,700 4,370
SINGLE 25.44% 26.92% 35.02% 33.40% 27.72% 22.87% 42.80% 25.52%
MARRIED 54.74% 52.60% 44.80% 50.70% 60.95% 64.50% 31.45% 63.40%
SEPERATED/DIVORCED 9.94% 9.87% 11.48% 7.72% 5.71% 6.08% 16.17% 7.52%
WIDOWED 9.87% 10.61% 8.69% 8.18% 5.63% 6.55% 9.59% 3.55%
POPULATION BY RACE - 1997 EST 20,897 21,611 27,200 15,815 3,427 7,764 56,546 6,758
WHITE 89.03% 82.80% 46.34% 77.82% 88.00% 92.14% 18.69% 73.46%
BLACK 4.51% 11.64% 47.97% 12.95% 6.99% 1.92% 59.21% 6.07%
INDIAN 0.12% 0.19% 0.16% 0.16% 0.04% 0.13% 0.18% 0.08%
ASIAN 3.35% 1.41% 1.31% 3.89% 2.60% 3.91% 0.33% 15.07%
OTHER 0.09% 0.05% 0.12% 0.14% 0.06% 0.10% 0.26% 0.10%
HISPANIC 2.89% 3.91% 4.10% 5.04% 2.32% 1.79% 21.33% 5.22%
POPULATION BY AGE - 1997 EST 20,897 21,611 27,200 15,815 3,427 7,764 56,546 6,758
UNDER 5 YEARS 5.71% 5.57% 6.70% 5.40% 5.79% 6.39% 8.69% 7.56%
5 TO 14 YEARS 11.44% 11.31% 13.15% 11.22% 13.09% 13.76% 15.91% 16.04%
16 TO 24 YEARS 9.86% 10.02% 13.66% 17.04% 14.99% 11.25% 14.14% 11.99%
25 TO 34 YEARS 16.13% 14.37% 14.24% 12.31% 10.32% 13.56% 16.72% 13.53%
35 TO 44 YEARS 17.12% 16.71% 15.90% 15.60% 16.51% 17.95% 15.53% 20.18%
45 TO 54 YEARS 13.38% 12.56% 12.53% 12.43% 15.97% 14,90% 9.80% 16.34%
55 TO 64 YEARS 9.03% 9.94% 8.94% 9.28% 9.70% 9.95% 7.18% 7.86%
65 + YEARS 17.33% 19.52% 14.87% 16.71% 13.64% 12.25% 12.02% 6.50%
MEDIAN AGE 39.2 40.4 38.1 37.1 40.5 36.9 31.6 36.0
MEDIAN AGE OF HOUSEHOLDER 48.0 51.8 50.1 51.0 51.7 45.4 46.8 45.7
POPULATION 25+ BY EDUCATION LEVEL 14,975 16,178 18,502 9,934 2,155 4,711 37,229 3,672
ELEMENTARY 8.21% 10.45% 8.39% 8.79% 2.79% 6.53% 17.50% 3.03%
SOME HIGH SCHOOL 12.87% 18.35% 17.20% 11.97% 6.08% 10.41% 27.83% 3.30%
HIGH SCHOOL GRADUATE 32.52% 35.88% 30.05% 30.06% 19.96% 29.05% 29.12% 17.65%
SOME COLLEGE 17.96% 15.85% 18.13% 15.32% 13.80% 17.99% 13.73% 15.84%
ASSOCIATES DEGREE ONLY 6.80% 5.93% 4.63% 5.84% 4.91% 7.37% 3.15% 6.17%
BACHELORS DEGREE ONLY 15.39% 9.85% 13.13% 17.69% 28.51% 19.31% 5.62% 30.00%
GRADUATE DEGREE 6.26% 3.70% 8.47% 10.35% 23.96% 9.32% 3.05% 24.02%
POPULATION ENROLLED IN SCHOOL 4,307 4,631 7,235 4,548 986 1,781 15,320 1,592
PRE-PRIMARY - PUBLIC 5.32% 4.50% 3.81% 2.59% 4.97% 3.10% 4.79% 4.20%
PRE-PRIMARY - PRIVATE 5.89% 4.11% 4.33% 3.57% 7.12% 5.50% 2.64% 7.52%
ELEM/HIGH - PUBLIC 47.47% 48.49% 47.79% 37.04% 43.93% 51.06% 61.74% 57.34%
ELEM/HIGH - PRIVATE 8.05% 13.06% 9.83% 6.54% 7.25% 12.53% 11.25% 7.70%
COLLEGE - PUBLIC 24.98% 22.76% 27.98% 26.97% 24.91% 19.44% 14.97% 16.57%
COLLEGE - PRIVATE 8.28% 7.09% 6.26% 23.29% 11.82% 8.37% 4.61% 6.67%
Source: Claritas
Conversion Valuation Appraisal Report Page: 1 - 31
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FIGURE 24 - MERCER COUNTY HOUSEHOLD CHARACTERISTICS
MERCERVILLE HAMILTON EWING LAWRENCEVILLE PENNINGTON ROBBINSVILLE TRENTON W. WINDSOR
----------- -------- ----- ------------- ---------- ------------ ------- ----------
HOUSEHOLD CHARACTERISTICS
HOUSEHOLDS
1980 CENSUS 6,732 9,201 10.147 4,884 969 1,751 22,355 1,391
1990 CENSUS 8,606 9,138 10,216 5,389 1,112 2,356 20,479 2,006
1997 ESTIMATE 8,502 8,727 9,790 5,579 1,151 2,615 18,641 2,308
2002 PROJECTION 8,452 8,507 9,569 5,686 1,175 2,755 17,667 2,470
GROWTH 1980 TO 1990 27.85% -0.69% 0.68% 10.34% 14.73% 34.54% -8.39% 44.18%
PROJECTED GROWTH 1990 TO 2002 -1.79% -6.90% -6.34% 5.51% 5.67% 16.96% -13.73% 23.16%
HOUSEHOLD SIZE
AVG PERSONS PER HH 1980 2.66 2.59 2.94 3.09 3.07 3.32 2.84 2.91
AVG PERSONS PER HH 1990 2.44 2.46 2.77 2.83 2.96 2.99 2.98 2.84
AVG PERSONS PER HH 1997 EST 2.46 2.48 2.78 2.83 2.98 2.97 3.03 2.93
AVG PERSONS PER HH 2002 PROJ 2.46 2.48 2.77 2.83 2.98 2.95 3.05 2.96
CHANGE 1980 TO 1997 -0.21 -0.12 -0.16 -0.25 -0.09 -0.35 0.19 0.02
POPULATION BY HOUSEHOLD TYPE 8,502 8,727 9,790 5,579 1,151 2,615 18,641 2,308
FAMILY HOUSEHOLDS 65.49% 66.22% 68.50% 70.20% 78.44% 81.25% 63.68% 76.46%
NON-FAMILY HOUSEHOLDS 30.55% 33.22% 21.88% 4.25% 3.53% 15.88% 18.74% 22.88%
GROUP QUARTERS 3.96% 0.56% 9.62% 25.55% 18.02% 2.87% 17.58% 0.66%
HOUSEHOLDS BY TYPE 8,606 9,138 10,216 5,389 1,112 2,356 20,479 2,006
SINGLE MALE 9.67% 9.71% 9.12% 8.50% 6.13% 5.13% 11.87% 9.26%
SINGLE FEMALE 18.00% 18.03% 16.15% 15.83% 10.59% 8.58% 17.81% 10.18%
MARRIED COUPLE 53.62% 51.81% 46.86% 57.58% 70.30% 74.14% 30.58% 66.82%
OTHER FAMILY - MALE HEAD 2.99% 3.49% 3.95% 3.22% 2.42% 2.68% 6.14% 2.31%
OTHER FAMILY - FEMALE HEAD 9.97% 12.10% 18.91% 10.60% 6.86% 6.80% 27.78% 6.65%
NON FAMILY - MALE HEAD 3.26% 2.65% 2.75% 2.27% 2.17% 1.56% 3.57% 2.81%
NON FAMILY - FEMALE HEAD 2.49% 2.21% 2.27% 2.00% 1.53% 1.10% 2.26% 1.97%
HOUSEHOLDS WITH CHILDREN 8,580 9,119 10,234 5,360 1,104 2,319 20,416 2,015
MARRIED COUPLE FAMILY 54.60% 54.14% 47.31% 57.90% 71.94% 73.50% 32.06% 67.53%
OTHER FAMILY - MALE HEAD 2.97% 2.62% 4.50% 3.01% 2.05% 3.12% 6.82% 2.98%
OTHER FAMILY - FEMALE HEAD 9.08% 11.00% 18.64% 11.10% 5.12% 7.05% 27.26% 6.23%
NON FAMILY 33.35% 32.24% 29.55% 27.99% 20.89% 16.33% 33.87% 23.27%
HOUSEHOLDS BY INCOME - 1991 EST 8,502 8,727 9,790 5,579 1,151 2,615 18,641 2,308
UNDER $5,000 1.52% 1.95% 3.09% 1.05% 0.88% 1.04% 6.78% 0.72%
$5,000 TO $10,000 3.88% 5.95% 5.28% 4.09% 2.22% 1.78% 12.49% 1.56%
$10,000 TO $15,000 4.65% 6.00% 5.45% 5.26% 2.24% 1.85% 10.26% 1.78%
$15,000 TO $25,000 9.90% 11.98% 13.17% 9.85% 4.63% 5.87% 17.63% 5.04%
$25,000 TO $35,000 11.37% 14.17% 12.16% 11.82% 6.72% 7.39% 14.12% 7.49%
$35,000 TO $50,000 19.00% 16.63% 17.96% 14.85% 12.15% 13.47% 15.34% 12.07%
$50,000 TO $75,000 27.83% 24.89% 20.70% 21.95% 20.73% 23.99% 14.37% 19.46%
$75,000 TO $100,000 12.89% 11.41% 11.85% 13.27% 17.66% 21.87% 5.53% 16.70%
$100,000 OR MORE 8.96% 7.02% 10.34% 17.87% 32.77% 22.74% 3.48% 35.18%
MEDIAN HOUSEHOLD INCOME - 1997 EST $50,870 $43,947 $48,159 $58,247 $78,481 $62,569 $27,124 $ 94,116
MEDIAN FAMILY INCOME - 1997 EST $60,067 $56,788 $57,953 $69,688 $87,008 $71,598 $34,200 $100,629
PER CAPITA INCOME - 1997 EST $23,238 $21,093 $21,632 $25,431 $36,940 $27,479 $12,606 $ 34,340
PUBLIC ASSISTANCE INCOME 8,580 9,119 10,234 5,360 1,104 2,319 20,416 2,015
WITH PUBLIC ASSISTANCE INCOME 3.13% 3.81% 7.01% 3.07% 1.50% 2.16% 14.99% 1.38%
NO PUBLIC ASSISTANCE INCOME 96.87% 96.19% 92.99% 96.93% 98.50% 97.84% 85.01% 98.62%
RETIREMENT INCOME 8,580 9,119 10,234 5,360 1,104 2,319 20,416 2,015
WITH RETIREMENT INCOME 19.39% 25.96% 20.56% 22.67% 19.27% 16.46% 16.23% 7.72%
NO RETIREMENT INCOME 83.84% 78.01% 86.98% 80.50% 82.25% 85.75% 101.40% 93.68%
HOUSEHOLDS BY NUMBER OF VEHICLES 8,631 9,146 10,212 5,391 1,112 2,328 20,484 2,000
NO VEHICLES 6.64% 11.37% 15.16% 6.52% 2.51% 2.69% 36.80% 1.78%
1 VEHICLE 36.79% 37.75% 37.46% 34.73% 23.81% 21.27% 38.24% 29.38%
2 VEHICLES 42.49% 38.24% 34.18% 41.88% 50.52% 51.18% 19.30% 51.07%
3+ VEHICLES 14.08% 12.64% 13.20% 16.87% 23.15% 24.86% 5.67% 17.77%
ESTIMATED TOTAL VEHICLES 14,657 14,344 15.351 9,501 2,262 4.903 19,565 3,838
Source: Claritas
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The following tables summarize the demographics for the Bank's markets in
Burlington and Ocean Counties.
FIGURE 25 - BURLINGTON AND OCEAN COUNTY POPULATION DEMOGRAPHICS
BURLINGTON MT. HOLLY BEVERLY RD DELANCO LV EAST LV WEST
---------- --------- ---------- ------- ------- -------
POPULATI0N CHARACTERISTICS
LAND AREA (miles) 5.31 7.02 5.55 4.43 1.53 0.85
POPULATION
1980 CENSUS 11,991 12,079 14,861 12,343 5,744 824
1990 CENSUS 11,821 12,743 14,200 11,463 6,290 1,265
1997 ESTIMATE 12,184 14,149 14,944 11,495 6,587 1,400
2002 PROJECTION 12,379 14.911 15,344 11,485 6,888 1,501
GROWTH 1980 TO 1990 -1.42% 5.50% -4.44% -7.13% 9.51% 53.47%
PROJECTED GROWTH 1990 TO 2002 4.72% 17.02% 8.05% 0.19% 9.51% 18.67%
POPULATION DENSITY 1997(persons/sq mile) 2,224.6 1,815.9 2,556.7 2,587.6 4,115.1 1,489.5
POPULATION BY URBAN VS. RURAL 11,611 11,614 14,054 11,481 6,290 921
URBAN 100.91% 104.91% 100.43% 100.00% 100.00% 118.67%
RURAL -0.91% -4.91% -0.43% 0.00% 0.00% -18.67%
POPULATION BY SEX - 1997 EST 12,184 14,149 14,944 11,495 6,587 1,400
MALE 47.22% 48.18% 47.81% 48.35% 48.72% 44.65%
FEMALE 52.78% 51.82% 52.19% 51.65% 51.28% 55.35%
MARITAL STATUS 9,568 9,762 11,400 8,996 5,106 1,069
SINGLE 28.43% 27.57% 28.26% 27.94% 23.93% 13.25%
MARRIED 48.35% 53.23% 54.14% 53.63% 62.73% 65.12%
SEPERATED/DIVORCED 12.56% 11.58% 10.53% 11.45% 5.88% 5.00%
WIDOWED 10.66% 7.62% 7.07% 6.97% 7.46% 16.63%
POPULATON BY RACE - 1997 EST 12,184 14,149 14,944 11,495 6,587 1,400
WHITE 68.27% 68.85% 65.76% 71.66% 93.56% 91.30%
BLACK 26.69% 20.60% 25.94% 21.84% 0.05% 4.59%
INDIAN 0.25% 0.55% 0.30% 0.31% 0.11% 0.06%
ASIAN 1.30% 2.14% 2.76% 1.89% 1.65% 0.87%
OTHER 0.04% 0.25% 0.06% 0.19% 0.11% 0.02%
HISPANIC 3.44% 7.61% 5.17% 4.12% 4.52% 3.16%
POPULATION BY AGE - 1997 EST 12,184 14,149 14,944 11,495 6,587 1,400
UNDER 5 YEARS 6.91% 8.66% 6.86% 7.30% 5.68% 5.04%
5 TO 14 YEARS 12.92% 15.33% 13.36% 14.16% 12.90% 10.25%
15 TO 24 YEARS 11.30% 13.08% 13.02% 13.60% 13.31% 7.93%
25 TO 34 YEARS 14.66% 14.67% 14.74% 15.53% 12.39% 8.71%
35 TO 44 YEARS 15.50% 16.47% 16.03% 16.10% 15.04% 11.13%
45 TO 54 YEARS 11.23% 11.32% 12.88% 12.51% 15.21% 9.19%
55 TO 64 YEARS 8.97% 7.96% 9.49% 8.87% 7.92% 5.56%
65 + YEARS 18.51% 12.50% 13.61% 11.93% 17.53% 42.19%
MEDIAN AGE 38.1 34.6 36.3 35.1 39.1 51.9
MEDIAN AGE OF HOUSEHOLDER 49.7 46.0 48.1 46.8 50.5 68.8
POPULATION 25+ BY EDUCATION LEVEL 8,108 7,962 9,283 7,375 4,215 993
ELEMENTARY 11.13% 8.48% 6.31% 5.67% 7.00% 9.06%
SOME HIGH SCHOOL 18.60% 15.87% 13.48% 14.27% 15.42% 17.17%
HIGH SCHOOL GRADUATE 38.96% 33.52% 38.57% 36.31% 42.28% 39.82%
SOME COLLEGE 15.04% 17.12% 19.57% 19.41% 16.20% 16.72%
ASSOCIATES DEGREE ONLY 4.59% 4.98% 6.22% 6.59% 3.84% 4.56%
BACHELORS DEGREE ONLY 8.38% 13.26% 12.28% 12.32% 10.58% 8.50%
GRADUATE DEGREE 3.30% 6.76% 3.56% 5.43% 4.67% 4.17%
POPULATION ENROLLED IN SCHOOL 2,457 3,213 3,354 2,748 1,479 218
PRE-PRIMARY - PUBLIC 7.27% 5.92% 6.31% 5.23% 2.84% 4.83%
PRE-PRIMARY - PRIVATE 2.80% 2.29% 3.13% 4.10% 2.43% 4.06%
ELEM/HIGH - PUBLIC 57.05% 62.18% 52.53% 53.22% 65.86% 65.46%
ELEM/HIGH - PRIVATE 11.85% 8.66% 14.83% 13.49% 10.01% 6.31%
COLLEGE - PUBLIC 17.20% 16.38% 19.51% 20.44% 11.43% 13.66%
COLLEGE - PRIVATE 3.83% 4.57% 3.70% 3.52% 7.44% 5.67%
Source: Claritas
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FIGURE 26 - BURLINGTON AND OCEAN COUNTY HOUSEHOLD CHARACTERISTICS
BURLINGTON MT. HOLLY BEVERLY RD DELANCO LV EAST LV WEST
---------- --------- ---------- ------- ------- -------
HOUSEHOLD CHARACTERISTICS
HOUSEHOLDS
1980 CENSUS 4,385 4,109 4,977 4,332 1,800 369
1990 CENSUS 4,579 4,398 5,110 4,140 2,206 570
1997 ESTIMATE 4,772 4,963 5,425 4,155 2,309 631
2002 PROJECTION 4,881 5,273 5,610 4,163 2,420 679
GROWTH 1980 TO 1990 4.43% 7.04% 2.69% -4.44% 22.56% 54.35%
PROJECTED GROWTH 1990 TO 2002 6.60% 19.89% 9.77% 0.56% 9.70% 19.19%
HOUSEHOLD SIZE
AVG PERSONS PER HH 1980 2.73 2.94 2.99 2.85 3.19 2.23
AVG PERSONS PER HH 1990 2.58 2.90 2.78 2.77 2.85 2.22
AVG PERSONS PER HH 1997 EST 2.55 2.85 2.75 2.77 2.85 2.22
AVG PERSONS PER HH 2002 PROJ 2.54 2.83 2.74 2.76 2.85 2.21
CHANGE 1980 TO 1997 -0.18 -0.09 -0.23 -0.08 -0.34 -0.01
POPULATION BY HOUSEHOLD TYPE 4,772 4,963 5,425 4,155 2,309 631
FAMILY HOUSEHOLDS 67.92% 75.19% 74.41% 73.93% 80.47% 65.55%
NON-FAMILY HOUSEHOLDS 29.77% 19.80% 24.86% 26.04% 19.53% 32.29%
GROUP QUARTERS 2.31% 5.01% 0.73% 0.03% 0.00% 2.16%
HOUSEHOLDS BY TYPE 4,579 4,398 5,110 4,140 2,206 570
SINGLE MALE 9.96% 7.14% 8.13% 8.60% 5.58% 5.94%
SINGLE FEMALE 17.68% 12.50% 12.64% 12.34% 10.29% 25.79%
MARRIED COUPLE 47.48% 55.74% 57.64% 56.08% 70.58% 59.77%
OTHER FAMILY - MALE HEAD 4.38% 3.88% 3.81% 3.96% 3.04% 1.46%
OTHER FAMILY - FEMALE HEAD 16.14% 16.35% 13.61% 14.19% 7.98% 5.35%
NON FAMILY - MALE HEAD 2.54% 2.37% 2,65% 3.06% 1.59% 0.95%
NON FAMILY - FEMALE HEAD 1.83% 2.02% 1.51% 1.76% 0.95% 0.74%
HOUSEHOLDS MTH CHILDREN 4,604 4,456 5,091 4,117 2,252 579
MARRIED COUPLE FAMILY 48.44% 54.75% 59.86% 57.82% 71.58% 60.27%
OTHER FAMILY - MALE HEAD 4.64% 4.25% 3.32% 4.50% 2.75% 1.47%
OTHER FAMILY - FEMALE HEAD 16.02% 17.14% 13.69% 11.82% 8.53% 5.31%
NON FAMILY 30.89% 23.85% 23.13% 25.86% 17.14% 32.95%
HOUSEHOLDS BY INCOME - 1997 EST 4,772 4,963 5,425 4,155 2,309 631
UNDER $5,000 2.09% 2.89% 1.23% 0.74% 1.43% 1.91%
$5,000 TO 10,000 8.15% 6.17% 4.06% 5.66% 2.77% 6.17%
$10,000 TO $15,000 7.82% 5.83% 4.59% 5.54% 3.29% 7.76%
$15,000 TO $25,000 12.79% 13.21% 11.56% 10.60% 13.43% 16.18%
$25,000 TO $35,000 14.70% 9,72% 11.48% 11.19% 13.90% 17.66%
$35,000 TO $50,000 19.60% 17.22% 17.64% 19.32% 19.92% 17.64%
$56,000 TO $75,000 22.46% 25.02% 28,27% 25.15% 21.96% 20.88%
$75,000 TO $100,000 8.53% 12.12% 13.64% 13.28% 14.29% 7.53%
$100,000 OR MORE 3.84% 7.82% 7.53% 8.51% 9.01% 4.29%
MEDIAN HOUSEHOLD INCOME - 1997 EST $40,679 $54,644 $49,344 $48,747 $45,678 $35,246
MEDIAN FAMILY INCOME - 1997 EST $48.958 $60,453 $56,537 $55,221 $53,710 $45,193
PER CAPITA INCOME - 1997 EST $18,918 $23,058 $19,789 $20,568 $19,595 $19,881
PUBLIC ASSISTANCE INCOME 4,604 4,456 5,091 4,117 2,252 579
WITH PUBLIC ASSISTANCE INCOME 7.04% 8.77% 6.26% 5.14% 2.44% 2.73%
NO PUBLIC ASSISTANCE INCOME 92.96% 91.23% 93.74% 94.86% 97.56% 97.27%
RETIREMENT INCOME 4,604 4,456 5,091 4,117 2,252 579
WITH RETIREMENT INCOME 23.22% 25.77% 22.07% 18.20% 23.26% 40.32%
NO RETIREMENT INCOME 84.36% 83.84% 84.61% 87.22% 79.24% 62.49%
HOUSEHOLDS BY NUMBER OF VEHICLES 4,578 4,407 5,070 4,141 2,206 565
NO VEHICLES 13.89% 11.79% 8.50% 5.91% 4.81% 10.45%
1 VEHICLE 41.28% 34.19% 33.28% 34.96% 30.87% 55.03%
2 VEHICLES 32.90% 40.55% 39.38% 38.41% 40.93% 26.19%
3+ VEHICLES 11.93% 13.47% 18.85% 20.72% 23.39% 8.33%
ESTIMATED TOTAL VEHICLES 6,728 7,037 8,880 7,470 4,251 767
Source: Claritas
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- ------------------------------
MARKET AREA DEPOSIT
CHARACTERISTICS
- ------------------------------
The following table summarizes the Bank's deposits in each branch and compares
them to the deposits of the market, as defined by a one-and-one half mile radius
surrounding each branch.
FIGURE 27 - BRANCH DEPOSITS
June 30, 1992 June 30, 1996
------------------------------- ------------------------------- Change
Market Bank Market Market Bank Market in Mkt Sh
Branch Deposits Deposits Share Deposits Deposits Share 92-96
- ------ -------- -------- ----- -------- -------- ----- -----
Beverly Road $ 38,407 $ 38,407 100.00% $ 59,147 $ 54,970 92.94% -7.06%
Burlington 320,530 44,831 13.99% 341,026 45,418 13.32% -0.67%
Delanco 98,721 7,128 7.22% 98,843 16,042 16.23% 9.01%
Ewing 446,509 55,986 12.54% 443,451 49,494 11.16% -1.38%
Leisure Village West 252,417 0 0.00% 250,037 0 0.00% 0.00%
Leisure Village East 218,366 0 0.00% 189,691 1,752 0.92% 0.92%
Lawrenceville 170,248 25,652 15.07% 162,811 33,040 20.29% 5.23%
Mt Holly 204,181 14,835 7.27% 216,305 26,068 12.05% 4.79%
Pennington 142,988 26,075 18.24% 120,768 37,529 31.08% 12.84%
Robbinsville 138,522 36,838 26.59% 171,883 36,906 21.47% -5.12%
Trenton 1,403,501 68,625 4.89% 1,633,778 53,561 3.28% -1.61%
Mercerville 582,388 7,890 1.35% 590,762 40,360 6.83% 5.48%
Hamilton 256,820 77,280 30.09% 299,703 75,212 25.10% -5.00%
W Windsor 0 0 0.00% 0 0 0.00% 0.00%
---------- -------- ------ ---------- -------- ----- -----
$4,274,331 $403,547 9.44% $4,579,532 $471,034 10.29% 0.84%
========== ======== ====== ========== ======== ===== =====
Springside was closed and consolidated into several other branches.
Note: The Leisure Village West branch was opened after June 30, 1996.
Source: FDIC data, FinPro calculations.
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3. Comparisons With Publicly Traded Thrifts
- ------------------------------
INTRODUCTION
- ------------------------------
This chapter presents an analysis of the Bank's operations against a Comparable
Group of publicly traded savings institutions. The Comparable Group ("Comparable
Group") was selected from a universe of 399 public thrifts as of December 8,
1997. The Comparable Group was selected based upon similarity of characteristics
to the Bank. The Comparable Group multiples provide the basis for the fair
market valuation of the Bank. Factors that influence the Bank's value such as
balance sheet structure and size, profitability, income and expense trends,
capital levels, credit risk, interest rate risk and recent operating results can
be measured against the Comparable Group. The Comparable Group current market
pricing, coupled with the appropriate adjustments for differences between the
Bank and the Comparable Group, will then be utilized as the basis for the
pro-forma valuation of the Bank to-be-issued common stock.
- ------------------------------
SELECTION SCREENS
- ------------------------------
When selecting the Comparables, it was determined that the balance sheet size of
the institution was of greater importance than geography due to economies of
scale.
The selection screens utilized to identify possible Comparables from the list of
399 public thrifts at December 8, 1997 included:
1. The IPO date had to be on or before June 30, 1996, eliminating any new
conversions.
2. The conversion type had to be a full standard conversion.
3. The total asset size had to be less than or equal to $2.0 billion, but
greater than or equal to $600 million.
4. The efficiency ratio had to be less than or equal to 70.00%
5. The loan to asset ratio had to be less than or equal to 65.00%
6. The current price to earnings trading multiple had to be less or equal
to 23.00X to eliminate weak earners.
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7. The price to book trading multiple had to be less than or equal to
200% to eliminate those institutions with speculation included in
their price.
This resulted in 12 institutions.
NUMBER
OF
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE
- -------------------------------------- -------------------------------------------------
FESX First Essex Bancorp Inc. NASDAQ Andover MA 15 08/04/87
FFES First Federal of East Hartford NASDAQ East Hartford CT 12 06/23/87
FFIC Flushing Financial Corp. NASDAQ Flushing NY 7 11/21/95
GAF GA Financial Inc. AMSE Pittsburgh PA 13 03/26/96
JSB JSB Financial Inc. NYSE Lynbrook NY 13 06/27/90
MASB MASSBANK Corp. NASDAQ Reading MA 15 05/28/86
MDBK Medford Bancorp Inc. NASDAQ Medford MA 16 03/18/86
PWBC PennFirst Bancorp Inc. NASDAQ Ellwood City PA 11 06/13/90
SFIN Statewide Financial Corp. NASDAQ Jersey City NJ 16 10/02/95
SISB SIS Bancorp Inc. NASDAQ Springfield MA 25 02/08/95
STFR St. Francis Capital Corp. NASDAQ Milwaukee WI 23 06/21/93
THRD TF Financial Corp. NASDAQ Newtown PA 14 07/13/94
- ------------------------------
SELECTION CRITERIA
- ------------------------------
Excluded from the Comparable Group were institutions that were pending mergers
or acquisitions along with companies whose prices appear to be distorted by
speculative factors or unusual operating conditions. Also, institutions that
completed their conversions within the last year were also excluded as the
earnings of newly converted institutions do not reflect a full years benefit
from the reinvestment of proceeds, and thus the price/earnings multiples and
return on equity measures for these institutions tend to be skewed upward and
downward respectively.
In an ideal world, all of the Comparable Group would contain the exact
characteristics of the Bank. The goal of the selection criteria process is to
find those institutions that most closely match those of the Bank. None of the
Comparables selected will be exact clones of the Bank.
Conversion Valuation Appraisal Report Page: 1 - 37
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The members of the Comparable Group were selected based upon the following
criteria:
1. Asset size
2. Profitability
3. Capital level
4. Asset mix
5. Operating strategy
6. Date of conversion
1. Asset size The Comparable Group should have a similar asset size to the
Bank. Large institutions are not appropriate for the peer group due to a more
extensive branch network, greater financial strength, more access to diverse
markets and more capacity in terms of infrastructure. The Comparable Group
ranged in size from $625.3 million to $1.7 billion in total assets with an
average of $1.1 billion. The Bank's asset size was $638.9 million as of
September 30, 1997 and will be $798.8 million on a proforma basis at the
midpoint of the valuation range.
2. Profitability The Comparable Group should have similar financial
conditions and recent earnings that are comparable to the Bank. They should show
a comparable return on equity and return on assets measures. As such, the
Comparable Group have ROAAs averaging 0.97% and ROAEs averaging 9.05% for the
most recent quarter available. The Comparable Group profitability measures had a
dispersion about the mean for the ROAA measure ranging from a low of 0.46% to a
high of 2.23% while the ROAE measure ranged from a low of 5.80% to a high of
12.46%. The Bank had an ROAA of 1.25% and ROAE of 7.57% for the nine month
period ending September 30, 1997.
3. Capital level The Comparable Group should have a capital level similar to
the Bank's. Capital is important in that it is a determinant of asset size and
regulatory rating. Institutions with capital in a similar range as the Bank were
selected. The average equity to assets ratio for the Comparable Group was 10.86%
with a high of 23.21% and a low of 6.63%. At September 30, 1997, the Bank had an
equity to assets ratio of 16.94%. On a proforma basis, at the midpoint the Bank
would have an equity to assets ratio of 33.58%.
4. Asset Mix The asset mix is very important in the selection criteria for
Comparables. At September 30, 1997, the Bank had a total net loan to asset ratio
of 62.27%, but this ratio will be substantially lower after the offering. The
average loan to asset ratio for the Comparables was 45.17%, ranging from a low
of 19.07% to a high of 61.03%.
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5. Operating strategy An institution's operating characteristics are
important because they determine future performance. They also affect expected
rates of return and investor's general perception of the quality, risk and
attractiveness of a given company. Specific operating characteristics include
profitability, balance sheet growth, asset quality, capitalization, and
non-financial factors such as management strategies and lines of business.
6. Date of conversion Recent conversions, those completed after June 30,
1996, were excluded since the earnings of a newly converted institution do not
reflect a full year's benefits of reinvestment of conversion proceeds.
Additionally, new issues tend to trade at a discount to the market averages.
- ------------------------------
COMPARABLE GROUP PROFILES
- ------------------------------
o First Essex Bancorp Inc. FESX is a BIF insured thrift that operates 15
branches in Andover, Massachusetts and has $1.2 billion in assets.
FESX had the second highest loan to asset ratio, 60.22%, the second
highest interest income ratio, 7.52%, and the second highest ROAE
ratio, 12.02%, in the Comparable Group. FESX was select based on asset
size, dependence on net interest income, moderate level of NPLs,
modest efficiency ratio, number of offices and solid profitability.
o First Federal of East Hartford. FFES is a SAIF insured institution
that operates 12 branches in Connecticut and is $987 million in
assets. FFES had the second highest level of borrowings in the
Comparable Group, 34.97%. First Federal also has the lowest level of
loans to assets, 19.07%, the lowest equity to assets ratio 6.63%, the
second lowest ROAA, 0.54%, the second lowest margin, 2.17%, and the
second lowest interest income, 6.76%. FFES was selected to the Group
based on asset size, low level of noninterest income, moderate
efficiency ratio, number of branches, and dependence on net interest
income.
o Flushing Financial Corp. FFIC is a BIF insured institution with $960
million in assets. FFIC had 7 branches, the fewest in the Comparable
Group. FFIC had the second lowest ROAE, 6.53%, despite having the
second highest margin, 3.81%. Flushing had the lowest current dividend
yield, 1.02%. FFIC was selected to the Group based on asset size, low
level of noninterest income, moderate efficiency ratio, loan to asset
ratio, capital level, and dependence on net interest income.
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o GA Financial Inc. GAF is a SAIF insured institution that operates 13
branches and is located in Pittsburgh, Pennsylvania. GAF had the
second lowest deposit to asset ratio of the Comparable Group, 56.94%,
the second highest level of equity, 14.63% and the second highest ROA,
1.16%. It was selected as a comparable based on its asset size,
dependence on net interest income, low level of non-interest income,
moderate efficiency ratio, number of branches, asset quality and
moderate loan to asset ratio.
o JSB Financial Inc. JSB has 13 branches and is a BIF insured
institution located in Lynbrook, New York. JSB has the highest loan to
asset ratio in the Comparable Group, 61.03%, and has the highest level
of non-performing assets as a percentage of assets, 1.02%. JSB
Financial is the only Comparable without borrowings. JSB has the
highest net interest margin, 4.66%, the lowest cost of funds, 2.63%,
the best efficiency ratio, 39.09%, and the highest ROAA, 2.23%. JSB
was included in the Comparable Group based on its asset size, number
of branches, solid efficiency ratio, strong profitability, and loans
to assets ratio.
o MASSBANK Corp. MASB is a BIF insured institution with 15 branches
located in Reading, Massachusetts. MASSBANK had the second lowest
loans to assets ratio, 28.79%, the highest deposits to assets ratio,
88.01%, and the second lowest level of borrowings 0.10% of assets.
MASB had lowest NPAs/assets to 0.16%. MASSBANK was included with the
Comparable Group based on its size, loan to asset ratio, deposit to
assets ratio, asset quality, profitability and number of branches.
o Medford Bancorp Inc. MDBK is a BIF insured institution that operates
16 offices in Medford, Massachusetts. MDBK has $1.1 billion in assets
and is listed on NASDAQ. Medford has the second highest reserve to
NPLs ratio, 235.75%. MDBK was included in the Comparable Group based
on its asset size, modest interest income, level of loans, number of
branches, capital levels, ROAA and ROAE ratios, and efficiency ratio.
o PennFirst Bancorp Inc. PWBC is a SAIF insured Pennsylvania institution
that operates 11 branches. PennFirst had total assets of $822 million.
Home Building had the lowest deposit to asset ratio, 47.93%, and the
highest borrowing to asset ratio, 42.64%. PWBC had the lowest net
interest margin, 2.17%, primarily due to the highest cost of funds,
4.86%. PWBC was included in the Comparable Group based on its asset
size, number of branches, dependence on net interest income, low level
of non-interest income, and a moderate level of non-performing assets.
Conversion Valuation Appraisal Report Page: 1 - 40
================================================================================
o Statewide Financial Corp. SFIN is a SAIF insured institution that
operates 16 branches and is based in Jersey City, New Jersey.
Statewide had $703 in assets and is the second smallest of the
Comparable Group. SFIN had the second highest efficiency ratio,
63.67%, primarily due to the second highest level of noninterest
expense, 2.44%, in the Comparable Group. It was included in the
Comparable Group based on its asset size, capital levels, moderate
profitability, number of branches, and modest noninterest income.
o SIS Bancorp Inc. SISB is located in Springfield, Massachusetts and
operates 25 branches. SIS had the highest efficiency 65.55% ratio
primarily due to a high level of noninterest expense, 2.87%. SISB is
one of three Comparables without intangibles. SIS Bancorp had the
highest level of reserves to NPLs, 405.76%. It was included due to its
branch network, balance sheet size, asset quality, solid
profitability, and capital levels.
o St. Francis Capital Corp. STFR is located in Milwaukee, Wisconsin and
operates 23 branches. STFR had the lowest ROAA and ROAE 0.46% and
5.80%, respectively. St. Francis had the second highest level of
interest expense, 4.58% and the lowest level of NPLs as a percentage
of loans, 0.40%. STFR was included due to its branch network, balance
sheet size, asset quality, loans to assets ratio, and capital levels.
o TF Financial Corp. THRD is a SAIF insured institution that operates
14 branches and is based in Newton, Pennsylvannia. THRD had $625 in
assets and is the smallest of the Comparable Group. TF Financial also
is the smallest Comparable in terms of market capitalization, $90.8
million. THRD had the second highest level of intangibles, 11.69%, and
the second lowest NPLs to loans ratio, 0.50%, in the Comparable Group.
It was included in the Comparable Group based on its asset size,
capital levels, moderate profitability, number of branches, and modest
noninterest income.
All data presented in figures 28 through 39 is from SNL Securities utilizing the
most recent quarter for balance sheet and income statement related items. All
data for the Bank is from the prospectus or the audited financials. The market
pricing data for the Comparables is as of December 8, 1997.
Conversion Valuation Appraisal Report Page: 1 - 41
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FIGURE 28 - KEY FINANCIAL INDICATORS
The Bank and the Comparable Group
- --------------------------------------------------------------------------------
The Bank at Comparable Group
September 30, 1997 Quarter Average
(Most Recent
Quarter)
- --------------------------------------------------------------------------------
Balance Sheet Data
- --------------------------------------------------------------------------------
Gross Loans to Deposits 81.94% 69.13%
- --------------------------------------------------------------------------------
Total Net Loans to Assets 62.27% 45.17%
- --------------------------------------------------------------------------------
Deposits to Assets 77.21% 66.37%
- --------------------------------------------------------------------------------
Borrowed Funds to Assets 4.70% 21.05%
- --------------------------------------------------------------------------------
Balance Sheet Growth
- --------------------------------------------------------------------------------
Asset Growth Rate 8.41% 9.08%
- --------------------------------------------------------------------------------
Loan Growth Rate 6.16% 12.48%
- --------------------------------------------------------------------------------
Deposit Growth Rate 0.57% 3.34%
- --------------------------------------------------------------------------------
Capital
- --------------------------------------------------------------------------------
Equity to Assets 16.94% 10.86%
- --------------------------------------------------------------------------------
Tangible Equity to Assets 15.48% 10.44%
- --------------------------------------------------------------------------------
Intangible Assets to Equity 10.01% 4.98%
- --------------------------------------------------------------------------------
Regulatory Core Capital to Assets 15.48% 8.79%
- --------------------------------------------------------------------------------
Equity + Reserves to Assets 17.44% 11.37%
- --------------------------------------------------------------------------------
Total Capital to Risk Adjusted Assets 26.48% 20.37%
- --------------------------------------------------------------------------------
Conversion Valuation Appraisal Report Page: 1 - 42
================================================================================
- --------------------------------------------------------------------------------
The Bank Comparable Group
- --------------------------------------------------------------------------------
Asset Quality
- --------------------------------------------------------------------------------
Non-Performing Loans to Loans 1.43% 0.79%
- --------------------------------------------------------------------------------
Reserves to Non-Performing Loans 56.25% 167.67%
- --------------------------------------------------------------------------------
Non-Performing Assets to Assets 0.91% 0.39%
- --------------------------------------------------------------------------------
Non-Performing Assets to Equity 5.39% 3.82%
- --------------------------------------------------------------------------------
Reserves to Loans 0.80% 1.13%
- --------------------------------------------------------------------------------
Reserves to Non-Performing Assets + 90 Days Del. 56.25% 143.55%
- --------------------------------------------------------------------------------
Profitability
- --------------------------------------------------------------------------------
Return on Average Assets 1.25% 0.97%
- --------------------------------------------------------------------------------
Return on Average Equity 7.57% 9.05%
- --------------------------------------------------------------------------------
Income Statement
- --------------------------------------------------------------------------------
Net Interest Margin 3.65% 3.25%
- --------------------------------------------------------------------------------
Interest Income to Average Assets 7.01% 7.11%
- --------------------------------------------------------------------------------
Interest Expense to Average Assets 3.49% 4.00%
- --------------------------------------------------------------------------------
Net Interest Income to Average Assets 3.52% 3.12%
- --------------------------------------------------------------------------------
Noninterest Income to Average Assets 0.90% 0.31%
- --------------------------------------------------------------------------------
Noninterest Expense to Average Assets 2.11% 1.91%
- --------------------------------------------------------------------------------
Efficiency Ratio 47.87% 54.22%
- --------------------------------------------------------------------------------
Overhead Ratio 34.62% 49.88%
- --------------------------------------------------------------------------------
Source: The Bank Offering Prospectus, FinPro calculations and SNL Securities
Note: All of the Bank data is for the nine months ended September 30, 1997 and
annualized where appropriate.
Note: All of the Comparable data is as of the most recent quarter.
Conversion Valuation Appraisal Report Page: 1 - 43
================================================================================
- ------------------------------
CORPORATE DATA
- ------------------------------
FIGURE 29 - COMPARABLE CORPORATE DATA
DEPOSIT
NUMBER INSURANCE
OF AGENCY CONVERSION
TICKER SHORT NAME EXCHANGE CITY STATE OFFICES IPO DATE (BIF/SAIF) TYPE
- -------------------------------------- -------------------------------------------------------------------------
FESX First Essex Bancorp Inc. NASDAQ Andover MA 15 08/04/87 BIF Regular
FFES First Federal of East Hartford NASDAQ East Hartford CT 12 06/23/87 SAIF Regular
FFIC Flushing Financial Corp. NASDAQ Flushing NY 7 11/21/95 BIF Regular
GAF GA Financial Inc. AMSE Pittsburgh PA 13 03/26/96 SAIF Regular
JSB JSB Financial Inc. NYSE Lynbrook NY 13 06/27/90 BIF Regular
MASB MASSBANK Corp. NASDAQ Reading MA 15 05/28/86 BIF Regular
MDBK Medford Bancorp Inc. NASDAQ Medford MA 16 03/18/86 BIF Regular
PWBC PennFirst Bancorp Inc. NASDAQ Ellwood City PA 11 06/13/90 SAIF Regular
SFIN Statewide Financial Corp. NASDAQ Jersey City NJ 16 10/02/95 SAIF Regular
SISB SIS Bancorp Inc. NASDAQ Springfield MA 25 02/08/95 BIF Regular
STFR St. Francis Capital Corp. NASDAQ Milwaukee WI 23 06/21/93 SAIF Regular
THRD TF Financial Corp. NASDAQ Newtown PA 14 07/13/94 SAIF Regular
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 44
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- ------------------------------
KEY FINANCIAL DATA
- ------------------------------
Selected balance sheet ratios for the Comparable Group are shown in the
following table:
FIGURE 30 - COMPARABLE KEY FINANCIAL DATA
KEY FINANCIAL DATA AS OF THE MOST RECENT QUARTER
---------------------------------------------------
TOTAL LOANS/ LOANS/ DEPOSITS/ BORROWINGS/
ASSETS DEPOSITS ASSETS ASSETS ASSETS
TICKER SHORT NAME ($000) (%) (%) (%) (%)
- -------------------------------------- ---------------------------------------------------
FESX First Essex Bancorp Inc. 1,209,698 98.35 60.22 61.23 29.32
FFES First Federal of East Hartford 987,416 32.97 19.07 57.83 34.97
FFIC Flushing Financial Corp. 960,130 89.51 59.99 67.02 17.19
GAF GA Financial Inc. 802,304 66.62 37.94 56.94 24.98
JSB JSB Financial Inc. 1,531,068 83.22 61.03 73.33 0.00
MASB MASSBANK Corp. 932,757 32.71 28.79 88.01 0.10
MDBK Medford Bancorp Inc. 1,106,345 71.20 53.04 74.50 15.99
PWBC PennFirst Bancorp Inc. 822,350 85.15 40.81 47.93 42.64
SFIN Statewide Financial Corp. 703,112 75.00 47.20 62.93 26.75
SISB SIS Bancorp Inc. 1,453,017 67.39 47.38 70.31 19.67
STFR St. Francis Capital Corp. 1,660,649 68.41 44.78 65.46 25.31
THRD TF Financial Corp. 625,338 58.98 41.84 70.94 15.73
---------------------------------------------------
Average 1,066,182 69.13 45.17 66.37 21.05
Median 973,773 69.81 45.99 66.24 22.33
Maximum 1,660,649 98.35 61.03 88.01 42.64
Minimum 625,338 32.71 19.07 47.93 0.00
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 45
================================================================================
- ------------------------------
CAPITAL DATA
- ------------------------------
FIGURE 31 - COMPARABLE CAPITAL DATA
CAPITAL AS OF THE MOST RECENT QUARTER
-----------------------------------------------------------------------
TANGIBLE INTANGIBLE REGULATORY EQUITY + TOTAL CAPITAL/
EQUITY/ EQUITY/ ASSETS/ CORE CAP/ RESERVES/ RISK ADJUSTED
ASSETS TANG ASSETS EQUITY ASSETS ASSETS ASSETS
TICKER SHORT NAME (%) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------------------------
FESX First Essex Bancorp Inc. 7.40 6.54 12.52 6.42 8.26 11.76
FFES First Federal of East Hartford 6.63 6.63 0.00 6.75 6.90 22.45
FFIC Flushing Financial Corp. 14.21 13.71 4.00 10.17 14.88 21.05
GAF GA Financial Inc. 14.63 14.51 0.97 12.07 14.78 33.50
JSB JSB Financial Inc. 23.21 23.21 0.00 15.07 23.59 20.78
MASB MASSBANK Corp. 10.78 10.64 1.50 9.81 11.02 34.04
MDBK Medford Bancorp Inc. 9.02 8.50 6.29 8.53 9.61 15.90
PWBC PennFirst Bancorp Inc. 8.37 7.51 11.07 7.13 8.96 20.13
SFIN Statewide Financial Corp. 9.36 9.35 0.17 8.37 9.76 22.15
SISB SIS Bancorp Inc. 7.36 7.36 0.00 7.13 8.63 13.07
STFR St. Francis Capital Corp. 7.74 6.91 11.53 7.14 8.11 12.21
THRD TF Financial Corp. 11.63 10.41 11.69 6.90 11.97 17.43
-----------------------------------------------------------------------
Average 10.86 10.44 4.98 8.79 11.37 20.37
Median 9.19 8.93 2.75 7.76 9.69 20.46
Maximum 23.21 23.21 12.52 15.07 23.59 34.04
Minimum 6.63 6.54 0.00 6.42 6.90 11.76
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 46
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- ------------------------------
ASSET QUALITY DATA
- ------------------------------
FIGURE 32 - COMPARABLE ASSET QUALITY DATA
ASSET QUALITY AS OF THE MOST RECENT QUARTER
------------------------------------------------------
NPLs/ RESERVES/ NPAs/ NPAs/ RESERVES/ RESERVES/
LOANS NPLs ASSETS EQUITY LOANS NPAs + 90
TICKER SHORT NAME (%) (%) (%) (%) (%) (%)
- -------------------------------------- ------------------------------------------------------
FESX First Essex Bancorp Inc. 0.81 175.40 0.58 7.78 1.43 149.29
FFES First Federal of East Hartford 1.31 109.43 0.25 3.78 1.44 87.85
FFIC Flushing Financial Corp. 0.59 189.94 0.39 2.74 1.12 172.94
GAF GA Financial Inc. 0.64 63.36 0.24 1.66 0.41 63.36
JSB JSB Financial Inc. 1.56 39.27 1.02 4.39 0.61 35.16
MASB MASSBANK Corp. 0.43 193.81 0.16 1.44 0.84 113.84
MDBK Medford Bancorp Inc. 0.48 235.75 0.27 3.02 1.12 219.01
PWBC PennFirst Bancorp Inc. 1.50 96.88 0.68 8.07 1.45 87.79
SFIN Statewide Financial Corp. 0.64 132.09 0.33 3.56 0.84 104.03
SISB SIS Bancorp Inc. 0.66 405.76 0.33 4.42 2.67 379.00
STFR St. Francis Capital Corp. 0.40 207.08 0.21 2.65 0.83 181.82
THRD TF Financial Corp. 0.50 163.39 0.27 2.29 0.82 128.49
------------------------------------------------------
Average 0.79 167.67 0.39 3.82 1.13 143.55
Median 0.64 169.40 0.30 3.29 0.98 121.17
Maximum 1.56 405.76 1.02 8.07 2.67 379.00
Minimum 0.40 39.27 0.16 1.44 0.41 35.16
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 47
================================================================================
- ------------------------------
PROFITABILITY DATA
- ------------------------------
FIGURE 33 - COMPARABLE PROFITABILITY DATA
PROFITABILITY AS OF THE MOST RECENT QUARTER
-------------------------------------------
RETURN ON RETURN ON
AVG ASSETS AVG EQUITY
TICKER SHORT NAME (%) (%)
- -------------------------------------- -------------------------------------------
FESX First Essex Bancorp Inc. 0.86 12.02
FFES First Federal of East Hartford 0.54 8.22
FFIC Flushing Financial Corp. 0.97 6.53
GAF GA Financial Inc. 1.16 7.59
JSB JSB Financial Inc. 2.23 9.73
MASB MASSBANK Corp. 1.12 10.53
MDBK Medford Bancorp Inc. 0.99 11.07
PWBC PennFirst Bancorp Inc. 0.70 8.50
SFIN Statewide Financial Corp. 0.81 8.62
SISB SIS Bancorp Inc. 0.88 12.46
STFR St. Francis Capital Corp. 0.46 5.80
THRD TF Financial Corp. 0.87 7.57
-------------------------------------------
Average 0.97 9.05
Median 0.88 8.56
Maximum 2.23 12.46
Minimum 0.46 5.80
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 48
================================================================================
- ------------------------------
INCOME STATEMENT DATA
- ------------------------------
FIGURE 34 - COMPARABLE INCOME STATEMENT DATA
INCOME STATEMENT AS OF THE MOST RECENT QUARTER
-------------------------------------------------------------------------------------------
NET INTEREST INTEREST NET INTEREST NONINTEREST NONINTEREST
INTEREST INCOME/ EXPENSE/ INCOME/ INCOME/ EXPENSE/ EFFICIENCY OVERHEAD
MARGIN AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS AVG ASSETS RATIO RATIO
TICKER SHORT NAME (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- -------------------------------------------------------------------------------------------
FESX First Essex Bancorp Inc. 3.18 7.52 4.49 3.02 0.23 1.79 53.06 49.51
FFES First Federal of East Hartford 2.28 6.76 4.54 2.22 0.16 1.39 58.33 55.25
FFIC Flushing Financial Corp. 3.81 7.67 4.04 3.64 0.36 2.22 54.55 50.07
GAF GA Financial Inc. 3.54 7.34 3.90 3.45 0.32 1.95 51.11 46.59
JSB JSB Financial Inc. 4.66 6.99 2.63 4.36 0.36 1.78 39.09 34.10
MASB MASSBANK Corp. 2.86 6.66 3.85 2.81 0.20 1.37 44.23 40.27
MDBK Medford Bancorp Inc. 3.25 6.99 3.87 3.12 0.24 1.75 48.58 44.69
PWBC PennFirst Bancorp Inc. 2.17 6.97 4.86 2.11 0.15 1.24 51.40 47.90
SFIN Statewide Financial Corp. 3.69 7.36 3.79 3.59 0.23 2.44 63.67 61.29
SISB SIS Bancorp Inc. 3.68 7.11 3.62 3.49 0.88 2.87 65.55 56.85
STFR St. Francis Capital Corp. 2.66 7.03 4.58 2.45 0.38 1.78 59.45 53.17
THRD TF Financial Corp. 3.25 6.94 3.80 3.14 0.23 2.28 61.65 58.87
-------------------------------------------------------------------------------------------
Average 3.25 7.11 4.00 3.12 0.31 1.91 54.22 49.88
Median 3.25 7.01 3.89 3.13 0.24 1.79 53.81 49.79
Maximum 4.66 7.67 4.86 4.36 0.88 2.87 65.55 61.29
Minimum 2.17 6.66 2.63 2.11 0.15 1.24 39.09 34.10
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 49
================================================================================
- ------------------------------
GROWTH DATA
- ------------------------------
FIGURE 35 - COMPARABLE GROWTH DATA
ASSET LOAN DEPOSIT
GROWTH GROWTH GROWTH
RATE RATE RATE
TICKER SHORT NAME (%) (%) (%)
- -------------------------------------- -------------------------
FESX First Essex Bancorp Inc. (11.47) 4.91 6.43
FFES First Federal of East Hartford 2.55 15.63 (5.73)
FFIC Flushing Financial Corp. 46.56 84.34 35.89
GAF GA Financial Inc. 28.04 33.72 (1.62)
JSB JSB Financial Inc. (0.01) 14.77 (3.47)
MASB MASSBANK Corp. 12.08 19.91 11.24
MDBK Medford Bancorp Inc. 12.60 10.12 (0.21)
PWBC PennFirst Bancorp Inc. 2.64 6.65 3.13
SFIN Statewide Financial Corp. 17.76 1.49 (5.36)
SISB SIS Bancorp Inc. 5.15 15.81 2.45
STFR St. Francis Capital Corp. 3.67 13.10 12.34
THRD TF Financial Corp. (9.62) (70.73) (14.98)
-------------------------
Average 9.08 12.48 3.34
Median 4.41 13.94 1.12
Maximum 46.56 84.34 35.89
Minimum (11.47) (70.73) (14.98)
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 50
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- ------------------------------
MARKET CAPITALIZATION DATA
- ------------------------------
FIGURE 36 - COMPARABLE MARKET CAPITALIZATION DATA
MARKET DATA AS OF THE MOST RECENT QUARTER
--------------------------------------------------------------
MRQ MRQ MRQ MRQ MRQ PUBLICLY MRQ TANGIBLE
MARKET PRICE PRICE PRICE REPORTED PUBLICLY REP
VALUE PER SHARE HIGH LOW BOOK VALUE BOOK VALUE
TICKER SHORT NAME ($) ($) ($) ($) ($) ($)
- -------------------------------------- --------------------------------------------------------------
FESX First Essex Bancorp Inc. 158.06 20.375 20.500 16.500 11.90 10.41
FFES First Federal of East Hartford 98.74 36.500 36.750 29.000 24.40 24.40
FFIC Flushing Financial Corp. 188.61 24.000 24.000 20.000 17.08 16.40
GAF GA Financial Inc. 155.96 18.625 19.000 16.500 14.72 14.58
JSB JSB Financial Inc. 482.91 48.938 49.375 41.000 35.91 35.91
MASB MASSBANK Corp. 166.08 47.500 47.500 35.625 28.25 27.83
MDBK Medford Bancorp Inc. 171.43 36.000 36.500 29.250 21.96 20.58
PWBC PennFirst Bancorp Inc. 97.58 17.625 19.500 14.318 12.96 11.52
SFIN Statewide Financial Corp. 105.40 21.500 21.625 18.000 14.34 14.32
SISB SIS Bancorp Inc. 211.37 34.750 34.750 27.625 18.94 18.94
STFR St. Francis Capital Corp. 209.52 37.375 38.000 33.875 24.54 21.71
THRD TF Financial Corp. 90.84 25.375 25.438 19.125 19.21 16.96
--------------------------------------------------------------
Average 178.04 30.71 31.08 25.07 20.35 19.46
Median 162.07 30.06 30.09 23.81 19.08 17.95
Maximum 482.91 48.94 49.38 41.00 35.91 35.91
Minimum 90.84 17.63 19.00 14.32 11.90 10.41
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 51
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- ------------------------------
DIVIDEND DATA
- ------------------------------
FIGURE 37 - COMPARABLE DIVIDEND DATA
DIVIDENDS
-------------------------
CURRENT LTM DIVIDEND
DIVIDEND PAYOUT
YIELD RATIO
TICKER SHORT NAME ($) (%)
- -------------------------------------- -------------------------
FESX First Essex Bancorp Inc. 2.286 34.78
FFES First Federal of East Hartford 1.630 32.09
FFIC Flushing Financial Corp. 1.016 18.87
GAF GA Financial Inc. 2.423 39.58
JSB JSB Financial Inc. 2.875 47.37
MASB MASSBANK Corp. 2.065 30.56
MDBK Medford Bancorp Inc. 1.907 35.98
PWBC PennFirst Bancorp Inc. 1.959 32.25
SFIN Statewide Financial Corp. 1.882 32.28
SISB SIS Bancorp Inc. 1.479 18.54
STFR St. Francis Capital Corp. 1.400 21.82
THRD TF Financial Corp. 1.404 31.15
-------------------------
Average 1.86 31.27
Median 1.89 32.17
Maximum 2.88 47.37
Minimum 1.02 18.54
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 52
================================================================================
- ------------------------------
PRICING DATA
- ------------------------------
FIGURE 38 - COMPARABLE PRICING DATA
CURRENT PRICING DATA AS OF 12/08/97
---------------------------------------------------------------
PRICE/ PRICE/ PRICE/TANG
LTM PRICE/ PRICE/ PRICE/ PUBLICLY REP PUBLICLY REP
CORE EPS ASSETS EARNINGS LTM EPS BOOK VALUE BOOK VALUE
TICKER SHORT NAME (x) (%) (x) (x) (%) (%)
- -------------------------------------- ---------------------------------------------------------------
FESX First Essex Bancorp Inc. 17.95 13.07 15.44 15.22 176.47 201.73
FFES First Federal of East Hartford 17.36 10.00 19.58 19.69 150.87 150.87
FFIC Flushing Financial Corp. 22.08 19.64 19.69 22.29 138.32 144.05
GAF GA Financial Inc. 21.08 19.69 17.08 20.64 134.60 135.89
JSB JSB Financial Inc. 19.17 31.48 14.84 17.08 135.58 135.58
MASB MASSBANK Corp. 18.31 17.75 16.61 17.22 164.60 167.09
MDBK Medford Bancorp Inc. 17.00 15.49 16.56 15.79 171.90 183.43
PWBC PennFirst Bancorp Inc. 17.67 11.87 17.01 17.67 141.78 159.51
SFIN Statewide Financial Corp. 18.41 15.26 17.71 18.41 163.01 163.23
SISB SIS Bancorp Inc. 18.66 14.55 16.61 18.48 199.97 199.97
STFR St. Francis Capital Corp. 18.35 12.62 16.95 18.18 163.00 184.25
THRD TF Financial Corp. 26.64 18.63 21.59 23.36 148.36 168.04
---------------------------------------------------------------
Average 19.39 16.67 17.47 18.67 157.37 166.14
Median 18.38 15.38 16.99 18.30 156.94 165.16
Maximum 26.64 31.48 21.59 23.36 199.97 201.73
Minimum 17.00 10.00 14.84 15.22 134.60 135.58
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 53
================================================================================
- ------------------------------
EARNINGS DATA
- ------------------------------
FIGURE 39 - COMPARABLE EARNINGS DATA
INCOME
--------------------------------------------------------------
NET INCOME CORE INCOME CORE EPS PRICE/
TICKER SHORT NAME MOST RECENT QTR MOST RECENT QTR MOST RECENT QTR CORE EPS
- -------------------------------------- --------------------------------------------------------------
FESX First Essex Bancorp Inc. 2,650 2,298 0.29 18.10
FFES First Federal of East Hartford 1,324 1,455 0.52 17.70
FFIC Flushing Financial Corp. 2,193 2,216 0.30 19.69
GAF GA Financial Inc. 2,166 2,086 0.28 17.69
JSB JSB Financial Inc. 8,554 6,677 0.64 19.02
MASB MASSBANK Corp. 2,589 2,324 0.63 18.45
MDBK Medford Bancorp Inc. 2,710 2,633 0.55 17.16
PWBC PennFirst Bancorp Inc. 1,432 1,405 0.26 17.67
SFIN Statewide Financial Corp. 1,382 1,382 0.33 17.71
SISB SIS Bancorp Inc. 3,169 3,074 0.55 17.22
STFR St. Francis Capital Corp. 1,899 3,395 1.05 9.52
THRD TF Financial Corp. 1,367 933 0.23 30.98
--------------------------------------------------------------
Average 2,620 2,490 0.47 18.41
Median 2,180 2,257 0.43 17.71
Maximum 8,554 6,677 1.05 30.98
Minimum 1,324 933 0.23 9.52
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 54
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4. Market Value Determination
- ------------------------------
INTRODUCTION
- ------------------------------
The estimated pro-forma market value of the Bank, along with certain adjustments
to its value relative to market values for the Comparable Group are delineated
in this section. The adjustments delineated in this section are made from
potential investors' viewpoints. A potential investor includes depositors
holding subscription rights and unrelated parties who may purchase stock in the
community offering and who are assumed to be aware of all relevant and necessary
facts as they pertain to the value of the Bank relative to other publicly traded
thrift institutions and relative to alternative investment opportunities.
There are numerous criteria on which the market value adjustments are based, but
the major ones utilized for purposes of this report include:
o Balance Sheet
o Asset Quality
o Earnings Quality, Predictability and Growth
o Market Area
o Management
o Dividends
o Liquidity of the Issue
o Subscription Interest
o Recent Regulatory Matters
o Market for Seasoned Thrift Stocks
o Acquisition Market
After identifying the adjustments that should be made to market value, the
pro-forma market value for the Bank is computed and adjusted. The estimated
pro-forma market value for the Bank is then compared with the market valuation
ratios of the Comparable Group, recently converted public thrifts and the
aggregate ratios for all public thrifts.
Conversion Valuation Appraisal Report Page: 1 - 55
================================================================================
- ------------------------------
BALANCE SHEET STRENGTH
- ------------------------------
The balance sheet strength of an institution is an important market value
determinant, as the investment community considers such factors as bank
liquidity, capitalization, asset composition, funding mix, intangible levels and
interest rate risk in assessing the attractiveness of investing in the common
stock of a thrift. Following is a synopsis of the key financial elements of the
Bank measured against the Comparable Group. The numbers utilized for the Bank in
this comparison were on a pro-forma basis.
Liquidity - The liquidity of the Bank and the Comparable Group appear
similar and were sufficient to meet all regulatory guidelines.
Capitalization - The Comparable Group's average equity to assets ratio of
10.86% is lower than the Bank's ratio of 16.94%, and will be well below the
Bank's pro forma equity to assets ratio of 32.22% at the midpoint of the
valuation range.
Asset Composition - The Bank's net loan to asset ratio of 62.27% is well
above the average for the Comparable Group of 45.17%. However, the Bank's
loan to asset ratio after the conversion will be significantly lower.
Funding Mix - The Bank is funded through deposits and retained earnings.
The Comparable Group had 21.05% of its funding base from borrowings while
the Bank's ratio is 4.70%. The Bank's lower level of borrowings leaves room
for an additional funding source in the future.
Intangible Levels - One of the most important factors influencing market
values is the level of intangibles that an institution carries on its
books. The Comparable Group has a limited level of intangibles averaging
4.98% of equity. Thrifts trade more on tangible book than on book. The Bank
had an intangible assets to equity ratio of 10.01% at September 30, 1997.
However, the tangible equity to asset ratio for the Bank is 15.48%,
compared to only 10.09% for the Comparable Group.
Interest Rate Risk - The Bank has a minimal level of interest rate risk,
evidenced by a cumulative one year gap of -2.7% and a net portfolio value
above tangible equity at all but the +200 and +300 rate shocks.
Based on these factors, the Bank's market value should not be adjusted in
comparison to the Comparable Group for these measures.
Conversion Valuation Appraisal Report Page: 1 - 56
================================================================================
- ------------------------------
ASSET QUALITY
- ------------------------------
The asset quality of an institution is an important determinant of market value.
The investment community considers levels of nonperforming loans, REO and levels
of ALLL in assessing the attractiveness of investing in the common stock of an
institution.
FIGURE 40 - ASSET QUALITY TABLE
- --------------------------------------------------------------------------------
As of September 30, 1997
- --------------------------------------------------------------------------------
Dollars in Thousands
Nonperforming Loans $5,692
REO $ 142
ALLL $3,202
ALLL to Loans 0.80%
ALLL to Nonperforming Loans 56.25%
- --------------------------------------------------------------------------------
The Bank has a higher level of non-performing loans to total loans at 1.43% when
compared to the Comparable Group at 0.79%, as well as a higher level of
non-performing assets to assets of 0.91% as compared to the Comparable Group at
0.39%. These levels are still low relative to historic levels, however, and are
in part a reflection of the Bank's diversified asset mix. The ALLL to loans
ratio is 0.80%, which is below the Comparable Group's 1.13%. Based on these
factors a slight downward adjustment is warranted for this element.
Conversion Valuation Appraisal Report Page: 1 - 57
================================================================================
- ------------------------------
EARNINGS QUALITY,
PREDICTABILITY AND GROWTH
- ------------------------------
The earnings quality, predictability and growth are critical components in the
establishment of market values for thrifts. Thrift earnings are primarily a
function of:
o net interest income
o loan loss provision
o non-interest income
o non-interest expense
The quality and predictability of earnings is dependent on both internal and
external factors. Some internal factors include the mix of the balance sheet,
the interest rate sensitivity of the balance sheet, the asset quality, and the
infrastructure in place to deliver the assets and liabilities to the public.
External factors include the competitive market for both assets and liabilities,
the global interest rate scenario, local economic factors and regulatory issues.
Each of these factors can influence the earnings of an institution, and each of
these factors is volatile. Investors prefer stability and consistency. As such,
solid, consistent earnings are preferred to high but risky earnings. Investors
also prefer earnings to be diversified and not entirely dependent on interest
income.
Conversion Valuation Appraisal Report Page: 1 - 58
================================================================================
The Bank's earnings trend indicates fluctuations on an actual basis, but a
declining in the return on assets for the four annual periods ending December
31, 1996 and the nine month period ending September 30, 1997. The September 30,
1997 nine month net income includes one time charges with respect to loan
provisions and accelerated MRP amortization. The twelve month period ending
December 31, 1996 includes a small one-time SAIF assessment for the Bank's OAKAR
deposits.
FIGURE 41 - NET INCOME CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
Note: The September 1997 net income is for the nine month period.
Conversion Valuation Appraisal Report Page: 1 - 59
================================================================================
The Bank has reversed the declining trend of its net interest spread and margin
by diversifying its lending portfolio and concentrating on low cost core
deposits.
FIGURE 42 - SPREAD AND MARGIN CHART
[GRAPHIC OMITTED]
Source: Offering Prospectus
The Bank has generated more non-interest income than the Comparable Group. For
the nine months ended September 30, 1997 annualized, the Bank had 0.90% of
average assets in non-interest income, compared to the Comparable average of
0.31%.
For the nine months ended September 30, 1997, the Bank had a non-interest
expense to average assets ratio of 2.11% which was greater than the 1.91%
average of the Comparable Group. However, the Bank is more profitable than the
Comparable Group with respect to net interest income and non-interest income as
a percentage of average assets, resulting in an efficiency ratio of 47.87%,
which is lower than the average of the Comparable Group at 54.22%.
Currently, investors are focusing on earnings sustainability as the interest
rate volatility has caused wide variation in income levels. With the intense
competition for both assets and deposits, banks can not easily replace lost
spread and margin with balance sheet growth.
Conversion Valuation Appraisal Report Page: 1 - 60
================================================================================
The Bank has grown its balance sheet through acquisition and internal growth, it
has reversed the decline in its spread and margin, and it has generated
additional fee income through two new subsidiaries. Therefore, a slight upward
adjustment is warranted to the market value for earnings.
Conversion Valuation Appraisal Report Page: 1 - 61
================================================================================
- ------------------------------
MARKET AREA
- ------------------------------
The market area that an institution serves has a significant impact on value, as
future success is interrelated with the economic, demographic and competitive
aspects of the market. Specifics on the Bank's market were delineated in Section
2 - Market Area Analysis.
Demographically, the Bank's markets are disparate. Of the eight Mercer County
markets, four are projected to have declining population and housing bases.
Though all four of the Burlington County markets and both of the Ocean County
markets are projected to increase, the population and household base is
substantially less per market than Mercer County.
Deposits within the Bank's markets have grown $0.3 billion, or 7.21%, from $4.3
billion at June 30, 1992 to $4.6 billion at June 30, 1996 and the Bank has grown
its deposits by $67 million, or 16.72%, over the same time period.
Based on these factors no adjustment is warranted for this factor.
Conversion Valuation Appraisal Report Page: 1 - 62
================================================================================
- ------------------------------
MANAGEMENT
- ------------------------------
The Bank has developed a good management team with considerable banking
experience and length of service with the bank. In its efforts to migrate
towards a commercial bank structure, the Bank's organizational chart has been
constructed for growth and diversification. The Board is active and oversees and
advises on all key strategic and policy decisions and holds the management to
high performance standards.
As such, no adjustment appears to be warranted for this factor.
Conversion Valuation Appraisal Report Page: 1 - 63
================================================================================
- ------------------------------
DIVIDENDS
- ------------------------------
Historically, banks have not established dividend policies immediately at or
after conversion to stock ownership. Rather, newly converted institutions, in
general, have preferred to establish an earnings track record, fully invest the
conversion proceeds, and allow for seasoning of the stock before establishing a
dividend policy. In the late 1980's and early 1990's however, there has been a
tendency toward initiating dividend policies concurrent with the conversion as a
means of increasing the attractiveness of the issue and to utilize the proceeds.
The last few years have seen yet another shift away from dividend policies
concurrent with conversion. Recent issues have been fully or over subscribing
without the need for the additional enticement of dividends. After the
conversion is another issue, however. Recent pressures on ROE and on internal
rate of returns to investors has prompted the industry toward cash dividends.
This trend is exacerbated by the lack of growth potential. Typically, when
institutions are in a growth mode, they issue stock dividends or do not declare
a dividend. When growth is stunted, these institutions shift toward reducing
equity levels and thus utilize cash dividends as a tool in this regard.
All of the twelve comparable institutions had declared dividends. The average
dividend payout ratio for the Comparable Group was 31.27%, ranging from a high
of 47.37% to a low of 18.54%.
The Bank will have the capital levels to afford to pay dividends. As such, no
adjustment is indicated for this factor.
Conversion Valuation Appraisal Report Page: 1 - 64
================================================================================
- ------------------------------
LIQUIDITY OF THE ISSUE
- ------------------------------
The Comparable Group is by definition composed only of companies that trade in
the public markets with all of the Comparables trading on NASDAQ or AMEX.
Typically, the number of shares outstanding and the market capitalization
provides an indication of how much liquidity there will be in a given stock. The
actual liquidity can be measured by volume traded over a given period of time.
The market capitalization values of the Comparable Group range from a low of
$90.8 million to a high of $482.91 million with an average market capitalization
of $178.0 million. The Bank expects to have $268.3 million of market capital at
the midpoint on a pro forma basis.
Based on the comparison with the Comparable Group and the above data, no
adjustment appears warranted.
Conversion Valuation Appraisal Report Page: 1 - 65
================================================================================
- ------------------------------
SUBSCRIPTION INTEREST
- ------------------------------
The outcome of subscription offerings has been, historically, difficult to
predict. Since 1992, however, the conversions have experienced robust
subscription interest with the exception of late 1994 when the pricing multiples
were high. During late 1994, many subscriptions had the need to resolicit due to
lack of professional investor demand. During 1995, the investor demand returned
and the subscription interest increased, primarily the result of lower market
multiples. There were some offerings in July and June 1996 that went off at or
below the midpoint, indicating a possible shift away from interest in thrift
public offerings at that time. The vast majority of recent conversions have
oversubscribed and gone off at the maximum or super-maximum.
Of more importance is the general strength of the aftermarket. Thrift stock
prices have soared upwards in recent months (see Figure 43) and is showing
strength across the board. Additionally, as shown in Exhibit 7, the most recent
second step conversions (since January 1, 1996) have demonstrated a strong price
appreciation.
Recently, on a national level there were two deals which significantly over
subscribed, resulting in re-solicitations.
As such, an upward adjustment for subscription interest is warranted at this
time.
Conversion Valuation Appraisal Report Page: 1 - 66
================================================================================
- ------------------------------
RECENT REGULATORY MATTERS
- ------------------------------
As a result of large after-market price increases of conversions during 1993 and
early 1994, the regulatory agencies have issued guidelines on appraisals for
conversions. The regulators publicly indicated that only modest immediate
after-market price increases are appropriate for converting institutions. The
guidelines issued November 22, 1994, indicate that the reasonableness and
adequacy of an appraisal will be partially judged by the immediate price
movement of the conversion stock in the after-market, using a very short time
frame of the second day of trading following closing. The guidelines further
discuss that the average price appreciation for all IPOs has been between 10%
and 15%, which was deemed to be too high.
At around the same time period, IPO pricing was elevated on a book basis and
IPOs in late 1994 did not experience much appreciation. In fact, numerous IPOs
actually depreciated. 1995 brought back lower premiums to book but they have
been rising throughout 1996 to approximately the same levels as late 1994. 1997
has continued the trend with IPOs popping over 40% on average, for the first day
of trading.
The recent interest in thrift IPOs has caused large oversubscriptions, which in
turn have caused large price appreciations in the aftermarket. Recently,
regulators have been indicating the need for increased pricing of new issues in
the attempt lessen the aftermarket appreciation. Also, regulators have been
concerned with capital redistributions from thrifts which have converted within
the past three years. Regulatory agencies are publicly indicating that they will
enforce the limits of stock buy backs to: 0% in the first year, 5% in the second
year and 5% in the third year.
This threat to newly converted institutions, of not being able to use all of the
capital markets tools available, will hurt the stocks attractiveness, as it will
put them at a significant competitive disadvantage to the rest of the industry.
As such, a downward adjustment for this measure is warranted based on the
uncertainty surrounding the regulatory environment.
Conversion Valuation Appraisal Report Page: 1 - 67
================================================================================
- ------------------------------
MARKET FOR SEASONED
THRIFT STOCKS
- ------------------------------
Data for all public thrifts as of December 8, 1997 is provided in Exhibit 5. A
common measure utilized as a proxy for the performance of the thrift industry is
the SNL thrift index graphically shown below and tabularly shown on the
following page:
FIGURE 43 - SNL THRIFT INDEX CHART
[GRAPHIC OMITTED]
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 68
================================================================================
FIGURE 44 - HISTORICAL SNL INDEX
------------------------------------
SNL THRIFT INDEX MONTHLY PERFORMANCE
January 2, 1992 to December 8, 1997
------------------------------------
SNL % Change % Change % Change % Change % Change % Change
Thrift Since Since Since Since Since Since
Date Index 1/2/92 1/4/93 1/3/94 12/30/94 12/29/95 12/31/96
- --------- ------ -------- -------- -------- -------- -------- --------
Jan-92 143.9 -- -- -- -- -- --
Jul-92 175.1 21.7% -- -- -- -- --
Jan-93 201.1 39.7% -- -- -- -- --
Jul-93 220.5 53.2% 9.6% -- -- -- --
Jan-94 252.5 75.5% 25.6% -- -- -- --
Jul-94 273.8 90.3% 36.2% 8.4% -- -- --
Jan-95 256.1 78.0% 27.3% 1.4% -- -- --
Jul-95 328.2 128.1% 63.2% 30.0% 28.2% -- --
Jan-96 370.7 157.6% 84.3% 46.8% 44.7% -- --
Jul-96 389.9 171.0% 93.9% 54.4% 52.2% 5.2% --
Jan-97 520.1 261.4% 158.6% 106.0% 103.1% 40.3% --
Jul-97 684.5 375.7% 240.4% 171.1% 167.3% 84.7% 31.6%
08-Dec-97 799.6 455.7% 297.6% 216.7% 212.2% 115.7% 53.7%
Source: SNL Securities
Conversion Valuation Appraisal Report Page: 1 - 69
================================================================================
FIGURE 45 - EQUITY INDICES
[GRAPHIC OMITTED]
INDEX COMPARISONS
-----------------------------------------
SNL S&P DJIA
-----------------------------------------
6/30/94 269.6 444.3 3,625.0
12/30/94 244.7 459.3 3,834.4
6/30/95 313.5 544.8 4,556.1
12/29/95 376.5 615.9 5,117.1
6/28/96 387.2 670.6 5,654.6
12/31/96 483.6 740.7 6,448.3
6/30/97 624.5 885.2 7,672.8
11/14/97 738.5 928.4 7,572.5
------------------------------------------
As the Figures 43 and 44 illustrate, the performance of the SNL index has been
robust through 1992, 1993, 1994 and 1995. The dip in the index, occurring in
late 1994, was the product of the interest rate rise during that period along
with the overall uneasiness in the stock market in general. The rate scenario
covering the same period as the SNL index can be seen in the following chart.
Conversion Valuation Appraisal Report Page: 1 - 70
================================================================================
FIGURE 46 - HISTORICAL RATES
[GRAPHIC OMITTED]
Source: Prudential Bache Securities
As the graph demonstrates, the rate rise in late 1994 correlates closely to the
fall in thrift prices. The drop in rates in 1995 was one of the primary drivers
of the rapid rise in the SNL index. During 1996, rates increased slightly and
then remained stable, fueling the rise in the conversion prices. 1997 has seen a
continuation of this trend, with the average IPO pricing at 70.9%, 69.7%, 70.9%,
and 73.6% of book value for the first, second, third, and fourth quarters of
1997, respectively.
Thrift pricing in general was robust in 1995 due to the falling interest rates,
the industry consolidation and renewed earnings. Contrasting this view, in late
1994 investors faced shrinking spreads and margins due to rising rates and
consolidation that was tailing off and slowing down. The blockbuster level of
consolidations have led many investors to think that all institutions are fair
game for acquisitions and prices have risen accordingly.
As Figure 45 and 46 show, in 1997, the SNL index has continued to increase as a
result of the flat interest rate environment. In addition, the market continues
to demonstrate evidence of acquisition speculation.
As such, no adjustment for this measure is warranted, as MHC institutions are
already valued on an earnings basis.
Conversion Valuation Appraisal Report Page: 1 - 71
================================================================================
- ------------------------------
SECOND STEP CONVERSIONS
- ------------------------------
As the Bank is undergoing a second step conversion, it should be compared to
institutions that have recently completed second step conversions.
FIGURE 47 - SECOND STEP CONVERSIONS SINCE JANUARY 1, 1996
MARKET DATA AS OF 12/08/97
-------------------------------------------------------------------------
CURRENT PRICE TO
CURRENT -------------------------------------------------------------------------
STOCK PRICE BOOK VALUE TANG. BOOK LTM EARNINGS EARNINGS CORE EPS LTM EPS ASSETS
TICKER SHORT NAME IPO DATE 12/8/97 (%) (%) (X) (X) (X) (X) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
FSNJ Bayonne Bancshares Inc. 08/22/97 12.125 114.600 114.600 NA NA NA NA 17.900
MONT Montgomery Financial Corp. 07/01/97 12.438 105.320 105.320 NA NA NA NA 20.160
WFSG Wilshire Financial Services 12/19/96 28.000 293.190 293.190 NA 8.970 12.960 NA 15.470
BNKU Bank United Corp. 08/09/96 44.125 232.970 238.380 18.230 17.510 18.700 23.470 11.650
CMSB Commonwealth Bancorp Inc. 06/17/96 21.125 162.250 208.130 20.920 21.130 29.340 27.080 15.060
WWFC Westwood Financial Corp. 06/07/96 27.625 173.200 193.590 23.020 36.350 36.350 21.580 16.140
JXVL Jacksonville Bancorp Inc. 04/01/96 19.125 141.140 141.140 24.840 11.660 11.660 8.390 21.060
FFFD North Central Bancshares Inc. 03/21/96 18.500 122.270 122.270 16.090 14.920 14.920 16.090 28.020
FFOH Fidelity Financial of Ohio 03/04/96 15.000 121.560 137.110 19.230 17.050 17.050 16.850 15.830
FFBA First Colorado Bancorp Inc. 01/02/96 26.125 217.710 220.650 23.540 20.410 20.410 23.540 28.470
-----------------------------------------------------------------------------------------------------------------------------
Average 22.4 168.4 177.4 20.8 18.5 20.2 19.6 19.0
Median 20.1 151.7 167.4 20.9 17.3 17.9 21.6 17.0
-----------------------------------------------------------------------------------------------------------------------------
The Bank's stock has recently risen dramatically as the market is reflecting the
effect of a second step conversion in the Bank's price.
Conversion Valuation Appraisal Report Page: 1 - 72
================================================================================
FIGURE 48 - HISTORICAL STOCK PERFORMANCE
[GRAPHIC OMITTED]
As the Bank will be priced fully on an earnings multiple basis, as compared to
the recent second step institutions, no adjustment is required for this factor.
Conversion Valuation Appraisal Report Page: 1 - 73
================================================================================
- ------------------------------
ACQUISITION MARKET
- ------------------------------
The level of bank and thrift deals is cyclical, peaking in the third quarter of
each year for banks and in the second quarter for thrifts.
FIGURE 49 - DEALS FOR LAST ELEVEN QUARTERS
[GRAPHIC OMITTED]
Source: SNL Securities
Note: Figures for the fourth quarter of 1997 are through December 8, 1997.
Conversion Valuation Appraisal Report Page: 1 - 74
================================================================================
From 1994 through December 8, 1997, thrift deal prices remained high. As
illustrated by the following graphs and tables, thrift deal prices as a multiple
of book value and earnings continue to climb through December 8, 1997, for all
thrifts, thrifts in the Mid-Atlantic region, and thrifts of a similar size.
FIGURE 50 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO BOOK
[GRAPHIC OMITTED]
Conversion Valuation Appraisal Report Page: 1 - 75
================================================================================
FIGURE 51 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO TANGIBLE BOOK
[GRAPHIC OMITTED]
FIGURE 52 - THRIFT ACQUISITION MULTIPLES, PRICE TO EARNINGS
[GRAPHIC OMITTED]
Conversion Valuation Appraisal Report Page: 1 - 76
================================================================================
FIGURE 53 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO ASSETS
[GRAPHIC OMITTED]
FIGURE 54 - CURRENT THRIFT ACQUISITION MULTIPLES, PRICE TO DEPOSITS
[GRAPHIC OMITTED]
Conversion Valuation Appraisal Report Page: 1 - 77
================================================================================
FIGURE 55 - DEAL MULTIPLES
- --------------------------------------------------------------------------------
MEDIAN PRICE TO LTM EARNINGS 1994 1995 1996 1997 YTD
Thrifts - Nationwide 13.8 18.6 17.7 25.3
Thrifts - Mid-Atlantic 13.3 17.9 17.0 21.7
Thrifts - Deal Value 100-500 Million 14.3 17.4 15.2 23.2
AVERAGE PRICE TO BOOK
Thrifts - Nationwide 154.5 144.7 149.5 180.3
Thrifts - Mid-Atlantic 153.9 156.5 156.9 198.4
Thrifts - Deal Value 100-500 Million 168.0 149.4 148.6 192.7
AVERAGE PRICE TO TANGIBLE BOOK
Thrifts - Nationwide 158.9 149.1 153.6 185.2
Thrifts - Mid-Atlantic 160.4 157.6 159.4 204.1
Thrifts - Deal Value 100-500 Million 180.4 155.8 162.4 204.3
AVERAGE PRICE TO ASSETS
Thrifts - Nationwide 13.9 14.8 15.0 18.2
Thrifts - Mid-Atlantic 13.2 15.3 17.7 16.5
Thrifts - Deal Value 100-500 Million 13.9 15.5 14.1 19.2
AVERAGE PRICE TO DEPOSITS
Thrifts - Nationwide 17.1 19.2 19.9 24.4
Thrifts - Mid-Atlantic 16.2 20.3 24.5 25.2
Thrifts - Deal Value 100-500 Million 17.4 20.8 20.2 26.9
- --------------------------------------------------------------------------------
Currently, there is one thrift acquisition pending in New Jersey. Westwood
Financial Corporation, a Bergen County thrift is being acquired by Lakeview
Financial Corporation for a price to book of 186% and a price to LTM earnings of
37.5. The acquisition multiples associated with all deals are shown below.
FIGURE 56 - ACQUISITION TABLE
At Announcement Offer Divided By
--------------------------------
Book Value LTM EPS
---------- -------
Pending Merger Median 192% 25.9x
Completed Merger Median 201% 23.6x
Source: SNL Securities
No adjustment is warranted for this factor at time of conversion as the Bank's
midpoint pro forma price to earnings is 23.26x.
Conversion Valuation Appraisal Report Page: 1 - 78
================================================================================
- ------------------------------
ADJUSTMENTS TO VALUE
- ------------------------------
Overall, FinPro believes that the Bank pro-forma market value should be
discounted relative to the Comparable Group, reflecting the following
adjustments.
Key Valuation Parameters Valuation Adjustment
----------------------------------------------------------------------
Balance Sheet Strength No Adjustment
Asset Quality Slight Downward
Earnings Quality Slight Upward
Market Area No Adjustment
Management No Adjustment
Dividends No Adjustment
Liquidity of the Issue No Adjustment
Subscription Interest Upward
Recent Regulatory Matters Downward
Market for Seasoned Thrift Stocks No Adjustment
Second Step Conversions No Adjustment
Acquisition Market No Adjustment
As a result of all the factors discussed, a full offering premium of
approximately 28% on an earnings multiple basis and a 37% discount on a price to
book basis appears to be reasonable.
Conversion Valuation Appraisal Report Page: 1 - 79
================================================================================
- ------------------------------
VALUATION APPROACH
- ------------------------------
In applying the accepted valuation methodology promulgated by the regulators,
i.e., the pro-forma market value approach, four key pricing multiples were
considered. The four multiples include:
Price to earnings ("P/E")
Price to tangible book value ("P/TB")
Price to book value ("P/B")
Price to assets ("P/A")
All of the approaches were calculated on a pro-forma basis including the effects
of the conversion proceeds. All of the assumptions utilized are presented in
Exhibit 8, 9,10 and 11.
To ascertain the pro-forma estimated market value of the Bank, the market
multiples for the Comparable Group, all publicly traded thrifts and the recent
(1996 to date) second step conversion group were assessed.
Since thrift earnings in general have had a high degree of volatility over the
past decade, the P/B approach had gained in importance and is utilized
frequently as the benchmark for market value. It is interesting to note that the
P/B approach is more of a benchmark than a reliable valuation technique. A
better approach is the P/TB approach. In general, investors tend to price
financial institutions on a tangible book basis, because it incorporates the P/B
approach adjusted for intangibles. Most recently, the P/E approach has regained
favor among investors.
The evidence of the movement towards the P/E Multiple can be seen in the
acquisition, trading and IPO markets. The P/LTM EPS multiple for the completed
mergers is 23.6x, for all public thrifts the trading P/LTM is 23.23x and for
recent IPO's it is 22.3x.
As such, in estimating the market value for the Bank, the most emphasis was
placed on the P/E approach. The P/B and P/TB were given much less weight and the
P/A ratio was not given much weight at all.
In terms of the market multiples, most weight was given to the Comparable Group.
Less weight was ascribed to all public thrifts and all New Jersey thrifts. The
multiples for the Comparable Group, all publicly traded thrifts, and New Jersey
publicly traded thrifts are shown in Exhibit 6.
Conversion Valuation Appraisal Report Page: 1 - 80
================================================================================
Based upon the premiums and discounts defined in the section above, the Bank
pricing at the midpoint is estimated to be $270,000,000. Based upon a range
below and above the midpoint value, the relative values are $229,500,000 at the
minimum and $310,500,000 at the maximum respectively. At the supermaximum of the
range the offering value would be $357,075,000.
This equates to exchange ratios of 2.4578, 2.8915, 3.3252, and 3.8240 at the
minimum, midpoint, maximum and supermaximum, respectively. As such, the Bank
would raise gross proceeds of $79,889,420, $93,986,590, $108,083,770 and
$124,296,980 respectively at the minimum, midpoint, maximum and supermaximum of
the EVR.
At the various levels of the estimated value range, the offering would result in
the following offering data:
FIGURE 57 - VALUE RANGE OFFERING DATA
-------------------------------------------------------
Appraised Value
-------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum*
- ---------- -------------------------------------------------------
Total Shares 23,290,000 27,400,000 31,510,000 36,236,500
Price per Share $10 $10 $10 $10
Full Conversion Value $232,900,000 $274,000,000 $315,100,000 $362,365,000
Exchange Shares 7,989,592 9,399,309 10,809,352 12,430,673
Exchange Percent 34.30% 34.30% 34.30% 34.30%
Conversion Shares 15,300,408 18,000,691 20,700,648 23,805,827
Conversion Percent 65.70% 65.70% 65.70% 65.70%
Gross Proceeds $153,004,080 $180,006,910 $207,006,480 $232,058,270
Exchange Value $79,895,920 $93,993,090 $108,093,520 $124,306,730
Exchange Ratio 2.4580 2.8917 3.3255 3.8243
-------------------------------------------------------
Source: FinPro Inc. Proforma Model
Conversion Valuation Appraisal Report Page: 1 - 81
================================================================================
FIGURE 58 - VALUE RANGE OFFERING DATA
----------------------------------------
Minimum Midpoint Maximum Supermaximum
----------------------------------------
Price-Earnings Ratio
- --------------------------------------------------------------------------------
Comparable Mean 18.23
Median 18.16
- --------------------------------------------------------------------------------
State Mean 23.00
Median 20.33
- --------------------------------------------------------------------------------
National Mean 23.23
Median 19.44
- --------------------------------------------------------------------------------
Recent Second Step Conversions Mean 19.60
Median 21.60
- --------------------------------------------------------------------------------
Bank Mean 21.28 23.26 25.64 27.03
- --------------------------------------------------------------------------------
Price-Book Ratio
- --------------------------------------------------------------------------------
Comparable Mean 159.97%
Median 163.01%
- --------------------------------------------------------------------------------
State Mean 182.27%
Median 167.91%
- --------------------------------------------------------------------------------
National Mean 171.50%
Median 156.91%
- --------------------------------------------------------------------------------
Recent Second Step Conversions Mean 168.40%
Median 151.70%
- --------------------------------------------------------------------------------
Bank Mean 94.16% 100.70% 106.04% 111.23%
- --------------------------------------------------------------------------------
Price-Tangible Book Ratio
- --------------------------------------------------------------------------------
Comparable Mean 172.50%
Median 165.16%
- --------------------------------------------------------------------------------
State Mean 191.80%
Median 179.22%
- --------------------------------------------------------------------------------
National Mean 178.20%
Median 160.41%
- --------------------------------------------------------------------------------
Recent Second Step Conversions Mean 177.40%
Median 167.40%
- --------------------------------------------------------------------------------
Bank Mean 98.52% 104.93% 110.01% 115.07%
- --------------------------------------------------------------------------------
Price-Assets Ratio
- --------------------------------------------------------------------------------
Comparable Mean 16.35%
Median 15.05%
- --------------------------------------------------------------------------------
State Mean 20.47%
Median 17.15%
- --------------------------------------------------------------------------------
National Mean 19.69%
Median 17.70%
- --------------------------------------------------------------------------------
Recent Second Step Conversions Mean 19.00%
Median 17.00%
- --------------------------------------------------------------------------------
Bank Mean 29.95% 34.14% 38.09% 42.34%
- --------------------------------------------------------------------------------
Conversion Valuation Appraisal Report Page: 1 - 82
================================================================================
This equates to the following multiples:
FIGURE 59 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA MIDPOINT
------------------------------------------------
Price Relative to
------------------------------------------------
Earnings Book Tangible Book Assets
- --------------------------------------------------------------------------------
The Bank (at midpoint) 23.26 100.70% 104.93% 34.14%
- --------------------------------------------------------------------------------
Comparable Group Median 18.16 163.01% 165.16% 15.05%
- --------------------------------------------------------------------------------
(Discount) Premium 28.08% -38.22% -36.47% 126.84%
- --------------------------------------------------------------------------------
Source: FinPro Calculations
FIGURE 60 - COMPARABLE PRICING MULTIPLES TO THE BANK'S PROFORMA SUPERMAXIMUM
------------------------------------------------
Price Relative to
------------------------------------------------
Earnings Book Tangible Book Assets
- --------------------------------------------------------------------------------
The Bank (at the supermax) 27.03 111.23% 115.07% 42.34%
- --------------------------------------------------------------------------------
Comparable Group Median 18.16 163.01% 165.16% 15.05%
- --------------------------------------------------------------------------------
(Discount) Premium 48.84% -31.76% -30.33% 181.33%
- --------------------------------------------------------------------------------
Source: FinPro Calculations
As the figure 59 demonstrates, the Bank is priced at a premium of 28.08% on an
earnings basis. A discount of 38.22% is applied to the Bank relative to the
Comparable Group on a price to book basis. When comparing the Bank's EVR at the
supermaximum to the Comparable Group, the Bank is priced at a 48.84% premium on
an earnings basis and at a 31.76% discount on a book basis
As figure 62 illustrates, the Bank (at the supermaximum of the EVR) is priced at
a 25.14% premium on an earnings basis and at a 26.67% discount on a book basis
when compared to recent second step conversions.
FIGURE 61 - RECENT SECOND STEP CONVERSION TRADING MULTIPLES TO THE BANK'S
PROFORMA MIDPOINT
------------------------------------------------
Price Relative to
------------------------------------------------
Earnings Book Tangible Book Assets
- --------------------------------------------------------------------------------
The Bank (at midpoint) 23.26 100.70% 104.93% 34.14%
- --------------------------------------------------------------------------------
Recent Second Step Conversions 21.60 151.70% 167.40% 17.00%
- --------------------------------------------------------------------------------
(Discount) Premium 7.69% -33.62% -37.32% 100.82%
- --------------------------------------------------------------------------------
Source: FinPro Calculations
FIGURE 62 - RECENT SECOND STEP CONVERSION TRADING MULTIPLES TO THE BANK'S
PROFORMA SUPERMAXIMUM
------------------------------------------------
Price Relative to
------------------------------------------------
Earnings Book Tangible Book Assets
- --------------------------------------------------------------------------------
The Bank (at the supermax) 27.03 111.23% 115.07% 42.34%
- --------------------------------------------------------------------------------
Recent Second Step Conversions 21.60 151.70% 167.40% 17.00%
- --------------------------------------------------------------------------------
(Discount) Premium 25.14% -26.67% -31.26% 149.06%
- --------------------------------------------------------------------------------
Source: FinPro Calculations
Conversion Valuation Appraisal Report Page: 1 - 83
================================================================================
The following tables compare the Bank's pricing Harbor Federal, a current second
step conversion which is pending. As illustrated below the Bank is priced at a
premium to earnings and at a discount on a book basis.
FIGURE 63 - COMPARISON TO HARBOR FEDERAL
- --------------------------------------------------------------------------------
PRICE TO EARNINGS
Minimum Midpoint Maximum Supermaximum
------- -------- ------- ------------
Harbor Federal 16.39 18.52 20.41 22.73
Peoples Bancorp 21.28 23.26 25.64 27.03
- --------------------------------------------------------------------------------
Source: FinPro Calculations
FIGURE 64 - COMPARISON TO HARBOR FEDERAL
- --------------------------------------------------------------------------------
PRICE TO BOOK VALUE
Minimum Midpoint Maximum Supermaximum
------- -------- ------- ------------
Harbor Federal 107.99% 116.69% 124.07% 131.23%
Peoples Bancorp 94.16% 100.70% 106.04% 111.23%
- --------------------------------------------------------------------------------
Source: FinPro Calculations
Conversion Valuation Appraisal Report Page: 1 - 84
================================================================================
- ------------------------------
VALUATION CONCLUSION
- ------------------------------
It is, therefore, our opinion that as of December 16, 1997, the estimated
pro-forma market value of the Bank in a full offering was $274,000,000 at the
midpoint of a range with a minimum of $232,900,000 to a maximum of $315,100,000
at 15% below and 15% above the midpoint of the range respectively. Assuming an
adjusted maximum value of 15% above the maximum value, the adjusted maximum
value or supermaximum value in a full offering is $362,365,000. The stock will
be issued at $10.00 per share. At the midpoint of the EVR, 9,399,309 shares will
be exchanged and 18,000,691 conversion shares will be issued based on an
exchange ratio of 2.8917.
Pro-forma comparisons of the Bank's value range with the Comparable Group, all
public thrifts, New Jersey public thrifts and the recent second step conversion
group is shown in Exhibits 9, 10 and 11.
Exhibit 1
- --------------------------------------------------------------------------------
Assets At September 30, At December 31,
------ ---------------- ---------------
1997 1996 1995
---- ---- ----
(unaudited)
Assets:
- -------
Cash and due from banks $ 10,909 $ 12,938 $ 6,253
Federal funds sold 2,300 8,000 10,000
-------- -------- --------
Total cash and cash equivalents 13,209 20,938 16,253
Securities available for sale 127,651 87,648 83,776
Securities held to maturity 70,761 86,553 91,260
FHLB stock at cost 3,386 3,089 2,864
Loans, net 397,866 380,288 306,093
Bank premises and equipment, net 6,800 6,982 5,868
Accrued interest receivable 4,823 3,602 3,765
Prepaid expenses 1,822 1,471 767
Intangible assets 10,834 9,164 2,325
Other assets 1,790 1,281 1,247
-------- -------- --------
Total assets $638,942 $601,016 $514,218
Liabilities and Net Worth
-------------------------
Liabilities:
- ------------
Savings deposits 493,334 491,246 410,770
Borrowed money 30,000 0 0
Accrued expenses and other liabilities 7,369 6,418 5,906
-------- -------- --------
Total liabilities 530,703 497,664 416,676
Stockholders' equity:
- ---------------------
Common stock 904 904 891
Additional paid-in capital 30,495 30,357 28,687
Retained earnings, substantially restricted 77,592 72,545 65,267
Unearned management recognition plan shares -954 -1,543 0
Net unrealized gain on securities, net of taxes 202 1,089 2,697
-------- -------- --------
Total retained earnings 108,239 103,352 97,542
-------- -------- --------
Total liabilities and retained earnings $638,942 $601,016 $514,218
- --------------------------------------------------------------------------------
Source: Audited Financial Statements
Exhibit 2
Consolidated Statements of Income
$ in 000's
- ------------------------------------------------------------------------------------------------------
For the Nine Months For the Years Ended
Ended September 30, December 31,
------------------- ---------------------------
1997 1996 1996 1995 1994
---- ---- ---- ---- ----
(unaudited)
Interest and dividend income:
Interest and fees on loans $22,393 $18,085 $25,503 $22,346 $20,569
Interest on securities available for sale 5,825 3,594 4,762 4,484 5,058
Interest and dividends on investment securities
held to maturity on mortgage-backed securities 3,992 4,464 5,861 5,183 3,485
Interest on federal funds sold 406 519 777 1,505 355
------- ------- ------- ------- -------
Total interest income 32,616 26,662 36,903 33,518 29,467
Interest expense on deposits 14,734 12,865 17,941 17,010 12,851
Interest expense on borrowings 1,489 0 0 0 0
------- ------- ------- ------- -------
Total interest expense 16,223 12,865 17,941 17,010 12,851
Net interest income before provision for loan losses 16,393 13,797 18,962 16,508 16,616
Provision for loan losses 1,488 0 0 150 180
------- ------- ------- ------- -------
Net interest income after provision for loan losses 14,905 13,797 18,962 16,358 16,436
Other income:
Service fees on deposits accounts 651 259 485 361 347
Fees and other income 595 240 471 390 395
Gain on sale of other real estate 0 23 23 2 3
Gain on sale of securities 2,923 2,189 2,839 4,193 2,406
------- ------- ------- ------- -------
Total other income 4,169 2,711 3,818 4,946 3,151
Operating Expense:
Compensation and employee benefits 5,357 3,361 5,104 3,959 3,626
Net occupancy expense 1,171 903 1,306 1,131 1,033
Equipment expense 84 53 88 58 71
Data processing service 392 302 416 346 334
Amortization of intangibles assets 577 204 389 226 20
FDIC insurance premium 39 232 233 492 873
FDIC special assessment 0 177 0 0 0
Other 2,224 1,202 2,133 1,580 1,518
------- ------- ------- ------- -------
Total operating expense 9,844 6,434 9,669 7,792 7,475
Income before taxes 9,230 10,074 13,111 13,512 12,112
Income taxes 3,332 3,626 4,720 4,864 4,437
Net income 5,898 6,448 8,391 8,648 7,675
======= ======= ======= ======= =======
Earnings per share $ 0.65 $ 0.72 $ 0.94
Weighted average common shares outstanding 9,129 8,966 8,966
- ------------------------------------------------------------------------------------------------------
Source: Audited Financial Statements
Exhibit 3
Consolidated Statements of Changes in Net Worth
- ------------------------------------------------------------------------------------------------------------------------------------
Net Unrealized
Additional Unearned Gain on
Number of Common Paid-in Retained Management Securities
Shares Stock Capital Earnings Shares AFS, net Total
--------- ------ ---------- -------- ---------- -------------- -----
Balance at December 31, 1993 -- $ -- $ -- $49,123 $ -- $ 49,123
Cumulative effect of accounting change-net
unrealized gain in securities AFS, net -- 0 -- 0 -- 5,371 5,371
Net income 0 -- 0 7,675 0 -- $ 7,675
Net change in net unrealized gain in securities AFS -- -- -- -- -- (3,401) (3,401)
--------- ---- ------- ------- ------ ------- --------
Balance at December 31, 1994 -- -- -- 56,798 -- 1,970 58,768
Proceeds of stock offering 8,912,500 891 28,687 29,578
Net income -- -- -- 8,648 -- -- 8,648
Dividends declared (179) -179
Net change in net unrealized gain in securities AFS -- -- -- -- -- 727 727
--------- ---- ------- ------- ------ ------- --------
Balance at December 31, 1995 8,912,500 891 28,687 65,267 -- 2,697 97,542
Net income -- -- -- 8,391 -- -- 8,391
Dividends declared (1,113) -1,113
Establishment of management recongtion plan 124,660 12 1,670 (1,683)
Amortization on unearned management recognition
plan shares 140 140
Net change in net unrealized gain in securities AFS -- -- -- -- -- (1,608) (1,608)
--------- ---- ------- ------- ------ ------- --------
Balance at December 31, 1996 9,037,160 903 30,357 72,545 (1,543) 1,089 103,352
Net income for nine month period (unaudited) -- -- -- 5,898 -- -- 5,898
Dividends declared (851) -851
Proceeds from excersising stock options 8,635 13 13
Amortization on unearned management recognition
plan shares 125 589 714
Net change in net unrealized gain in securities AFS -- -- -- -- -- (887) (887)
--------- ---- ------- ------- ------ ------- --------
Balance at September 30, 1997 (unaudited) 9,045,795 $903 $30,495 $77,592 $ (954) $ 202 $108,239
- ------------------------------------------------------------------------------------------------------------------------------------
Source: Audited Financial Statements
Exhibit 4
Consolidated Statements of Cash Flows
- ----------------------------------------------------------------------------------------------------------------------------
For the Nine Months For the Years Ended
Ended September 30, December 31,
------------------- ---------------------------
1997 1996 1996 1995 1994
---- ---- ---- ---- ----
(unaudited)
Cash flows from operating activities:
Net income $ 5,898 $ 6,448 $ 8,391 $ 8,648 $ 7,675
Adjustments to reconcile net income to net cash provided by
operating activities:
Provision for loan losses 1,488 -- -- 150 180
Depreciation and amortization expense 579 203 648 432 389
Amortization of intangible assets 577 204 389 226 21
Net accretion of premiums and discounts on securities (64) (126) (586) (204) (81)
(Increase) Decresa in accrued interest payable and other liabilities (3,626) 361 602 (4,997) 124
Increse (decrease) in accrued interest payable and other liabilities 826 (565) 863 855 750
Net gain on sale of securities (2,923) (2,189) (2,839) (4,193) (2,408)
Net gain on sale of other real estate -- (23) (22,664) (2) (3)
------- ------- ------- ------- -------
Net cash provided by (used in) operating activities 2,755 4,313 (15,196) 915 6,647
Cash flows from investing activities:
Proceeds from maturities of securities AFS and HTM 39,940 44,055 51,756 44,850 56,960
Purchases of securities HTM -- (11,522) (11,759) (34,016) (6,491)
Purchases of securities AFS (73,046) (16,997) (40,281) (44,949) (29,127)
Proceeds from sales of securities AFS 3,816 3,583 9,368 10,056 12,661
Purchase of FHLB stock (297) (225)
Maturities and repayments of mortage backed securities 9,337 11,042 12,177 6,700 6,576
Purchases of mortage backed securities HTD -- -- (6,065) (25,495) (9,540)
Net increase in loans (17,578) (29,715) (26,266) (16,776) (34,106)
Net additions to bank premises, furnitures and equipment (398) (478) (742) (387) (402)
Proceeds from sale of bank premises, furniture and equipment 312 -- -- -- --
Proceeds from sales of other real estate owned -- 105 106 79 3
Payment of purchase of Burlington Co. bank, net of cash acquired -- -- 3,363 -- --
Payment of purchase of Manchester Trust bank, net of cash acquired (3,807) -- -- -- --
------- ------- ------- ------- -------
Net cash used in investing activities (41,721) (152) (8,343) (59,938) (3,466)
Cash flows from financing activities:
Net proceeds received from stock offerings -- -- -- 29,778 --
Dividends paid (851) (828) (1,113) (179) --
Capitalization of mutual holding company -- -- -- (200) --
Net cash received from assumption of deposit liabilities -- -- -- 31,468 --
Net increase in demand deposits 16,475 3,688 4,856 1,405 929
Net increase (decrease) in savings and time deposits (14,387) 2,671 2,443 338 (7,209)
Repayment of subordinated note -- -- (600) -- --
Net increase in borrowings 30,000 -- -- -- --
------- ------- ------- ------- -------
Net cash provided by financing activities 31,237 5,531 5,586 62,610 (6,280)
Increase (decrease) in cash and cash equivalents (7,729) 9,692 4,685 3,587 (3,098)
Cash and cash equivalents, beginning of year 20,938 16,253 16,253 12,665 15,763
------- ------- ------- ------- -------
Cash and cash equivalents, end of year $13,209 $25,945 $20,938 $16,252 $12,665
======= ======= ======= ======= =======
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest on deposits and borrowed funds $13,578 $10,829 $15,577 $16,394 $12,673
Income taxes 3,351 3,975 4,875 5,805 4,320
Noncash investing activities - transfer of loans to foreclosed real estate -- -- -- -- 93,872
Transfer of securities available for sale to securities held to maturity 37,112
Assets acquired in settlement of loans 374 110 723 34 77
- ----------------------------------------------------------------------------------------------------------------------------
Source: Audited Financial Statements
Exhibit 5
Selected Data on all Public Thrifts
Corporate
--------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- -------------------------------------- --------------------------------------------------------------------------
%CAL California Federal Bank, a FSB Private San Francisco CA 227 NA SAIF Not Avail.
%CCMD Chevy Chase Bank, FSB Private Chevy Chase MD 107 NA SAIF Not Avail.
AABC Access Anytime Bancorp Inc. NASDAQ Clovis NM 3 08/08/86 SAIF Regular
AADV Advantage Bancorp Inc. NASDAQ Kenosha WI 15 03/23/92 SAIF Regular
ABBK Abington Bancorp Inc. NASDAQ Abington MA 8 06/10/86 BIF Regular
ABCL Alliance Bancorp Inc. NASDAQ Hinsdale IL 14 07/07/92 SAIF Regular
ABCW Anchor BanCorp Wisconsin NASDAQ Madison WI 35 07/16/92 SAIF Regular
AFBC Advance Financial Bancorp NASDAQ Wellsburg WV 2 01/02/97 SAIF Regular
AFCB Affiliated Community Bancorp NASDAQ Waltham MA 12 10/19/95 SAIF Not Avail.
AFED AFSALA Bancorp Inc. NASDAQ Amsterdam NY 5 10/01/96 SAIF Regular
AFFFZ America First Financial Fund NASDAQ San Francisco CA 36 NA SAIF Not Avail.
AHCI Ambanc Holding Co. NASDAQ Amsterdam NY 12 12/27/95 BIF Regular
AHM H.F. Ahmanson & Co. NYSE Irwindale CA 371 10/25/72 SAIF Regular
ALBC Albion Banc Corp. NASDAQ Albion NY 2 07/26/93 SAIF Regular
ALBK ALBANK Financial Corp. NASDAQ Albany NY 108 04/01/92 SAIF Regular
AMFC AMB Financial Corp. NASDAQ Munster IN 4 04/01/96 SAIF Regular
ANA Acadiana Bancshares Inc. AMSE Lafayette LA 5 07/16/96 SAIF Regular
ANDB Andover Bancorp Inc. NASDAQ Andover MA 12 05/08/86 BIF Regular
ANE Alliance Bncorp of New England AMSE Tolland CT 7 12/19/86 BIF Regular
ASBI Ameriana Bancorp NASDAQ New Castle IN 8 03/02/87 SAIF Regular
ASBP ASB Financial Corp. NASDAQ Portsmouth OH 1 05/11/95 SAIF Regular
ASFC Astoria Financial Corp. NASDAQ Lake Success NY 61 11/18/93 SAIF Regular
ATSB AmTrust Capital Corp. NASDAQ Peru IN 2 03/28/95 SAIF Regular
AVND Avondale Financial Corp. NASDAQ Chicago IL 5 04/07/95 SAIF Regular
BANC BankAtlantic Bancorp Inc. NASDAQ Fort Lauderdale FL 60 11/29/83 SAIF Regular
BDJI First Federal Bancorporation NASDAQ Bemidji MN 5 04/04/95 SAIF Regular
BFD BostonFed Bancorp Inc. AMSE Burlington MA 10 10/24/95 SAIF Regular
BFFC Big Foot Financial Corp. NASDAQ Long Grove IL 3 12/20/96 SAIF Regular
BFSB Bedford Bancshares Inc. NASDAQ Bedford VA 3 08/22/94 SAIF Regular
BKC American Bank of Connecticut AMSE Waterbury CT 14 12/01/81 BIF Regular
BKCT Bancorp Connecticut Inc. NASDAQ Southington CT 3 07/03/86 BIF Regular
BKUNA BankUnited Financial Corp. NASDAQ Coral Gables FL 16 12/11/85 SAIF Regular
BNKU Bank United Corp. NASDAQ Houston TX 71 08/09/96 SAIF Not Avail.
BPLS Bank Plus Corp. NASDAQ Los Angeles CA 37 NA SAIF Not Avail.
BSBC Branford Savings Bank NASDAQ Branford CT 5 11/04/86 BIF Regular
BTHL Bethel Bancorp NASDAQ Portland ME 8 08/19/87 BIF Regular
BVCC Bay View Capital Corp. NASDAQ San Mateo CA 37 05/09/86 SAIF Regular
BWFC Bank West Financial Corp. NASDAQ Grand Rapids MI 3 03/30/95 SAIF Regular
BYFC Broadway Financial Corp. NASDAQ Los Angeles CA 3 01/09/96 SAIF Regular
CAFI Camco Financial Corp. NASDAQ Cambridge OH 11 NA SAIF Not Avail.
CAPS Capital Savings Bancorp Inc. NASDAQ Jefferson City MO 8 12/29/93 SAIF Regular
CASB Cascade Financial Corp. NASDAQ Everett WA 11 09/16/92 SAIF Regular
CASH First Midwest Financial Inc. NASDAQ Storm Lake IA 12 09/20/93 SAIF Regular
CATB Catskill Financial Corp. NASDAQ Catskill NY 4 04/18/96 BIF Regular
CBCI Calumet Bancorp Inc. NASDAQ Dolton IL 5 02/20/92 SAIF Regular
CBES CBES Bancorp Inc. NASDAQ Excelsior Springs MO 2 09/30/96 SAIF Regular
CBK Citizens First Financial Corp. AMSE Bloomington IL 7 05/01/96 SAIF Regular
CBSA Coastal Bancorp Inc. NASDAQ Houston TX 37 NA SAIF Not Avail.
CBSB Charter Financial Inc. NASDAQ Sparta IL 8 12/29/95 SAIF Not Avail.
CCFH CCF Holding Company NASDAQ Jonesboro GA 5 07/12/95 SAIF Regular
CEBK Central Co-operative Bank NASDAQ Somerville MA 8 10/24/86 BIF Regular
CENB Century Bancorp Inc. NASDAQ Thomasville NC 1 12/23/96 SAIF Regular
CENF CENFED Financial Corp. NASDAQ Pasadena CA 18 10/25/91 SAIF Regular
CFB Commercial Federal Corp. NYSE Omaha NE 108 12/31/84 SAIF Regular
CFBC Community First Banking Co. NASDAQ Carrollton GA 12 07/01/97 SAIF Regular
CFCP Coastal Financial Corp. NASDAQ Myrtle Beach SC 9 09/26/90 SAIF Regular
CFFC Community Financial Corp. NASDAQ Staunton VA 4 03/30/88 SAIF Regular
CFNC Carolina Fincorp Inc. NASDAQ Rockingham NC 4 11/25/96 SAIF Regular
CFSB CFSB Bancorp Inc. NASDAQ Lansing MI 17 06/22/90 SAIF Regular
CFTP Community Federal Bancorp NASDAQ Tupelo MS 2 03/26/96 SAIF Regular
CFX CFX Corp. AMSE Keene NH 43 02/12/87 BIF Regular
CIBI Community Investors Bancorp NASDAQ Bucyrus OH 3 02/07/95 SAIF Regular
CKFB CKF Bancorp Inc. NASDAQ Danville KY 1 01/04/95 SAIF Regular
CLAS Classic Bancshares Inc. NASDAQ Ashland KY 3 12/29/95 SAIF Regular
1
Corporate
--------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- -------------------------------------- --------------------------------------------------------------------------
CMRN Cameron Financial Corp NASDAQ Cameron MO 3 04/03/95 SAIF Regular
CMSB Commonwealth Bancorp Inc. NASDAQ Norristown PA 56 06/17/96 SAIF Not Avail.
CMSV Community Savings Bnkshrs(MHC) NASDAQ North Palm Beach FL 20 1 0/24/94 SAIF Mutual HC
CNIT CENIT Bancorp Inc. NASDAQ Norfolk VA 19 08/06/92 SAIF Regular
CNSB CNS Bancorp Inc. NASDAQ Jefferson City MO 5 06/12/96 SAIF Regular
CNY Carver Bancorp Inc. AMSE New York NY 7 10/25/94 SAIF Regular
COFI Charter One Financial NASDAQ Cleveland OH 221 01/22/88 SAIF Regular
CONE Conestoga Bancorp, Inc. NASDAQ Roslyn NY 8 03/30/94 SAIF Regular
COOP Cooperative Bankshares Inc. NASDAQ Wilmington NC 16 08/21/91 SAIF Regular
CRZY Crazy Woman Creek Bancorp NASDAQ Buffalo WY 1 03/29/96 SAIF Regular
CSA Coast Savings Financial NYSE Los Angeles CA 91 12/23/85 SAIF Regular
CSBF CSB Financial Group Inc. NASDAQ Centralia IL 2 10/09/95 SAIF Regular
CTZN CitFed Bancorp Inc. NASDAQ Dayton OH 35 01/23/92 SAIF Regular
CVAL Chester Valley Bancorp Inc. NASDAQ Downingtown PA 7 03/27/87 SAIF Regular
DCBI Delphos Citizens Bancorp Inc. NASDAQ Delphos OH 1 11/21/96 SAIF Regular
DIBK Dime Financial Corp. NASDAQ Wallingford CT 11 07/09/86 BIF Regular
DIME Dime Community Bancorp Inc. NASDAQ Brooklyn NY 15 06/26/96 BIF Regular
DME Dime Bancorp Inc. NYSE New York NY 91 08/19/86 BIF Regular
DNFC D & N Financial Corp. NASDAQ Hancock MI 37 02/13/85 SAIF Regular
DSL Downey Financial Corp. NYSE Newport Beach CA 85 01/01/71 SAIF Not Avail.
EBSI Eagle Bancshares NASDAQ Tucker GA 14 04/01/86 SAIF Regular
EFBC Empire Federal Bancorp Inc. NASDAQ Livingston MT 3 01/27/97 SAIF Regular
EFBI Enterprise Federal Bancorp NASDAQ West Chester OH 5 10/17/94 SAIF Regular
EGFC Eagle Financial Corp. NASDAQ Bristol CT 30 02/03/87 SAIF Regular
EGLB Eagle BancGroup Inc. NASDAQ Bloomington IL 3 07/01/96 SAIF Regular
EIRE Emerald Isle Bancorp Inc. NASDAQ Quincy MA 9 09/08/86 BIF Regular
EMLD Emerald Financial Corp. NASDAQ Strongsville OH 14 NA SAIF Regular
EQSB Equitable Federal Savings Bank NASDAQ Wheaton MD 4 09/10/93 SAIF Supervisory
ESBK Elmira Savings Bank (The) NASDAQ Elmira NY 6 03/01/85 BIF Regular
ESX Essex Bancorp Inc. AMSE Norfolk VA 4 07/18/90 SAIF Not Avail.
ETFS East Texas Financial Services NASDAQ Tyler TX 2 01/10/95 SAIF Regular
FAB FirstFed America Bancorp Inc. AMSE Swansea MA 13 01/15/97 SAIF Regular
FBBC First Bell Bancorp Inc. NASDAQ Pittsburgh PA 7 06/29/95 SAIF Regular
FBCI Fidelity Bancorp Inc. NASDAQ Chicago IL 5 12/15/93 SAIF Regular
FBCV 1ST Bancorp NASDAQ Vincennes IN 2 04/07/87 SAIF Regular
FBER 1st Bergen Bancorp NASDAQ Wood-Ridge NJ 4 04/01/96 SAIF Regular
FBHC Fort Bend Holding Corp. NASDAQ Rosenberg TX 6 06/30/93 SAIF Regular
FBNW FirstBank Corp. NASDAQ Lewiston ID 5 07/02/97 SAIF Regular
FBSI First Bancshares Inc. NASDAQ Mountain Grove MO 6 12/22/93 SAIF Regular
FCB Falmouth Bancorp Inc. AMSE Falmouth MA 3 03/28/96 BIF Regular
FCBF FCB Financial Corp. NASDAQ Oshkosh WI 13 09/24/93 SAIF Regular
FCME First Coastal Corp. NASDAQ Westbrook ME 7 NA BIF Not Avail.
FDEF First Defiance Financial NASDAQ Defiance OH 10 10/02/95 SAIF Not Avail.
FED FirstFed Financial Corp. NYSE Santa Monica CA 24 12/16/83 SAIF Regular
FESX First Essex Bancorp Inc. NASDAQ Andover MA 15 08/04/87 BIF Regular
FFBA First Colorado Bancorp Inc. NASDAQ Lakewood CO 27 01/02/96 SAIF Not Avail.
FFBH First Federal Bancshares of AR NASDAQ Harrison AR 13 05/03/96 SAIF Regular
FFBI First Financial Bancorp Inc. NASDAQ Belvidere IL 2 10/04/93 SAIF Regular
FFBS FFBS BanCorp Inc. NASDAQ Columbus MS 3 07/01/93 SAIF Regular
FFBZ First Federal Bancorp Inc. NASDAQ Zanesville OH 6 07/13/92 SAIF Regular
FFCH First Financial Holdings Inc. NASDAQ Charleston SC 34 11/10/83 SAIF Regular
FFDB FirstFed Bancorp Inc. NASDAQ Bessemer AL 8 11/19/91 SAIF Regular
FFDF FFD Financial Corp. NASDAQ Dover OH 1 04/03/96 SAIF Regular
FFED Fidelity Federal Bancorp NASDAQ Evansville IN 4 08/31/87 SAIF Regular
FFES First Federal of East Hartford NASDAQ East Hartford CT 12 06/23/87 SAIF Regular
FFFC FFVA Financial Corp. NASDAQ Lynchburg VA 12 10/12/94 SAIF Regular
FFFD North Central Bancshares Inc. NASDAQ Fort Dodge IA 4 03/21/96 SAIF Not Avail.
FFFL Fidelity Bankshares Inc. (MHC) NASDAQ West Palm Beach FL 20 01/07/94 SAIF Mutual HC
FFHH FSF Financial Corp. NASDAQ Hutchinson MN 11 10/07/94 SAIF Regular
FFHS First Franklin Corp. NASDAQ Cincinnati OH 7 01/26/88 SAIF Regular
FFIC Flushing Financial Corp. NASDAQ Flushing NY 7 11/21/95 BIF Regular
FFKY First Federal Financial Corp. NASDAQ Elizabethtown KY 8 07/15/87 SAIF Regular
FFLC FFLC Bancorp Inc. NASDAQ Leesburg FL 9 01/04/94 SAIF Regular
FFOH Fidelity Financial of Ohio NASDAQ Cincinnati OH 12 03/04/96 SAIF Not Avail.
2
Corporate
--------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- -------------------------------------- --------------------------------------------------------------------------
FFPB First Palm Beach Bancorp Inc. NASDAQ West Palm Beach FL 47 09/29/93 SAIF Regular
FFSL First Independence Corp. NASDAQ Independence KS 2 10/08/93 SAIF Regular
FFSX First Fed SB of Siouxland(MHC) NASDAQ Sioux City IA 13 07/13/92 SAIF Mutual HC
FFWC FFW Corp. NASDAQ Wabash IN 4 04/05/93 SAIF Regular
FFWD Wood Bancorp Inc. NASDAQ Bowling Green OH 7 08/31/93 SAIF Regular
FFYF FFY Financial Corp. NASDAQ Youngstown OH 10 06/28/93 SAIF Regular
FGHC First Georgia Holding Inc. NASDAQ Brunswick GA 7 02/11/87 SAIF Regular
FIBC Financial Bancorp Inc. NASDAQ Long Island City NY 5 08/17/94 SAIF Regular
FISB First Indiana Corporation NASDAQ Indianapolis IN 26 08/02/83 SAIF Regular
FKFS First Keystone Financial NASDAQ Media PA 5 01/26/95 SAIF Regular
FKKYD Frankfort First Bancorp Inc. NASDAQ Frankfort KY 3 07/10/95 SAIF Regular
FLAG FLAG Financial Corp. NASDAQ LaGrange GA 4 12/11/86 SAIF Regular
FLFC First Liberty Financial Corp. NASDAQ Macon GA 31 12/06/83 SAIF Regular
FLGS Flagstar Bancorp Inc. NASDAQ Bloomfield Hills MI 19 NA SAIF Not Avail.
FLKY First Lancaster Bancshares NASDAQ Lancaster KY 1 07/01/96 SAIF Regular
FMBD First Mutual Bancorp Inc. NASDAQ Decatur IL 14 07/05/95 SAIF Regular
FMCO FMS Financial Corp. NASDAQ Burlington NJ 20 12/14/88 SAIF Regular
FMSB First Mutual Savings Bank NASDAQ Bellevue WA 8 12/17/85 BIF Regular
FNGB First Northern Capital Corp. NASDAQ Green Bay WI 19 12/29/83 SAIF Regular
FOBC Fed One Bancorp NASDAQ Wheeling WV 11 01/19/95 SAIF Not Avail.
FPRY First Financial Bancorp NASDAQ Tallahassee FL 6 03/29/88 SAIF Regular
FSBI Fidelity Bancorp Inc. NASDAQ Pittsburgh PA 8 06/24/88 SAIF Regular
FSFC First Southeast Financial Corp NASDAQ Anderson SC 13 10/08/93 SAIF Regular
FSFF First SecurityFed Financial NASDAQ Chicago IL 5 10/31/97 SAIF Regular
FSLA First Savings Bank (MHC) NASDAQ Woodbridge NJ 17 07/10/92 SAIF Mutual HC
FSNJ Bayonne Bancshares Inc. NASDAQ Bayonne NJ 4 08/22/97 SAIF Not Avail.
FSPG First Home Bancorp Inc. NASDAQ Pennsville NJ 10 04/20/87 SAIF Regular
FSPT FirstSpartan Financial Corp. NASDAQ Spartanburg SC 7 07/09/97 SAIF Regular
FSSB First FS&LA of San Bernardino NASDAQ San Bernardino CA 4 02/02/93 SAIF Regular
FSTC First Citizens Corp. NASDAQ Newnan GA 9 03/01/86 SAIF Regular
FTF Texarkana First Financial Corp AMSE Texarkana AR 5 07/07/95 SAIF Regular
FTFC First Federal Capital Corp. NASDAQ La Crosse WI 49 11/02/89 SAIF Regular
FTNB Fulton Bancorp Inc. NASDAQ Fulton MO 2 10/18/96 SAIF Regular
FTSB Fort Thomas Financial Corp. NASDAQ Fort Thomas KY 2 06/28/95 SAIF Regular
FWWB First SB of Washington Bancorp NASDAQ Walla Walla WA 20 11/01/95 SAIF Regular
GAF GA Financial Inc. AMSE Pittsburgh PA 13 03/26/96 SAIF Regular
GBCI Glacier Bancorp Inc. NASDAQ Kalispell MT 18 03/30/84 SAIF Regular
GDVS Greater Delaware Valley (MHC) NASDAQ Broomall PA 7 03/03/95 SAIF Mutual HC
GDW Golden West Financial NYSE Oakland CA 249 05/29/59 SAIF Not Avail.
GFCO Glenway Financial Corp. NASDAQ Cincinnati OH 5 11/30/90 SAIF Regular
GFED Guaranty Federal SB (MHC) NASDAQ Springfield MO 4 04/10/95 SAIF Mutual HC
GFSB GFS Bancorp Inc. NASDAQ Grinnell IA 1 01/06/94 SAIF Regular
GLMR Gilmer Financial Svcs, Inc. NASDAQ Gilmer TX 1 02/09/95 SAIF Regular
GOSB GSB Financial Corp. NASDAQ Goshen NY 2 07/09/97 BIF Regular
GPT GreenPoint Financial Corp. NYSE New York NY 74 01/28/94 BIF Regular
GSB Golden State Bancorp Inc. NYSE Glendale CA 178 10/01/83 SAIF Regular
GSBC Great Southern Bancorp Inc. NASDAQ Springfield MO 25 12/14/89 SAIF Regular
GSFC Green Street Financial Corp. NASDAQ Fayetteville NC 3 04/04/96 SAIF Regular
GSLA GS Financial Corp. NASDAQ Metairie LA 3 04/01/97 SAIF Regular
GTFN Great Financial Corp. NASDAQ Louisville KY 43 03/31/94 SAIF Regular
GTPS Great American Bancorp NASDAQ Champaign IL 3 06/30/95 SAIF Regular
GUPB GFSB Bancorp Inc. NASDAQ Gallup NM 1 06/30/95 SAIF Regular
GWBC Gateway Bancorp Inc. NASDAQ Catlettsburg KY 2 01/18/95 SAIF Regular
HALL Hallmark Capital Corp. NASDAQ West Allis WI 3 01/03/94 SAIF Regular
HARB Harbor Florida Bancorp (MHC) NASDAQ Fort Pierce FL 23 01/06/94 SAIF Mutual HC
HARL Harleysville Savings Bank NASDAQ Harleysville PA 4 08/04/87 SAIF Regular
HARS Harris Financial Inc. (MHC) NASDAQ Harrisburg PA 33 01/25/94 SAIF Mutual HC
HAVN Haven Bancorp Inc. NASDAQ Woodhaven NY 33 09/23/93 SAIF Regular
HBBI Home Building Bancorp NASDAQ Washington IN 2 02/08/95 SAIF Regular
HBEI Home Bancorp of Elgin Inc. NASDAQ Elgin IL 4 09/27/96 SAIF Regular
HBFW Home Bancorp NASDAQ Fort Wayne IN 9 03/30/95 SAIF Regular
HBNK Highland Federal Bank FSB NASDAQ Burbank CA 7 NA SAIF Not Avail.
HBS Haywood Bancshares Inc. AMSE Waynesville NC 4 12/18/87 BIF Not Avail.
HCBB HCB Bancshares Inc. NASDAQ Camden AR 7 05/07/97 SAIF Regular
3
Corporate
--------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- -------------------------------------- --------------------------------------------------------------------------
HCFC Home City Financial Corp. NASDAQ Springfield OH 1 12/30/96 SAIF Regular
HEMT HF Bancorp Inc. NASDAQ Hemet CA 19 06/30/95 SAIF Regular
HFFB Harrodsburg First Fin Bancorp NASDAQ Harrodsburg KY 2 10/04/95 SAIF Regular
HFFC HF Financial Corp. NASDAQ Sioux Falls SD 19 04/08/92 SAIF Regular
HFGI Harrington Financial Group NASDAQ Richmond IN 4 NA SAIF Not Avail.
HFNC HFNC Financial Corp. NASDAQ Charlotte NC 10 12/29/95 SAIF Regular
HFSA Hardin Bancorp Inc. NASDAQ Hardin MO 3 09/29/95 SAIF Regular
HHFC Harvest Home Financial Corp. NASDAQ Cheviot OH 3 10/10/94 SAIF Regular
HIFS Hingham Instit. for Savings NASDAQ Hingham MA 5 12/20/88 BIF Regular
HMCI HomeCorp Inc. NASDAQ Rockford IL 9 06/22/90 SAIF Regular
HMLK Hemlock Federal Financial Corp NASDAQ Oak Forest IL 3 04/02/97 SAIF Regular
HMNF HMN Financial Inc. NASDAQ Spring Valley MN 7 06/30/94 SAIF Regular
HOMF Home Federal Bancorp NASDAQ Seymour IN 16 01/23/88 SAIF Regular
HPBC Home Port Bancorp Inc. NASDAQ Nantucket MA 2 08/25/88 BIF Regular
HRBF Harbor Federal Bancorp Inc. NASDAQ Baltimore MD 9 08/12/94 SAIF Regular
HRZB Horizon Financial Corp. NASDAQ Bellingham WA 12 08/01/86 BIF Regular
HTHR Hawthorne Financial Corp. NASDAQ El Segundo CA 6 NA SAIF Not Avail.
HWEN Home Financial Bancorp NASDAQ Spencer IN 1 07/02/96 SAIF Regular
HZFS Horizon Financial Svcs Corp. NASDAQ Oskaloosa IA 3 06/30/94 SAIF Regular
IBSF IBS Financial Corp. NASDAQ Cherry Hill NJ 10 10/13/94 SAIF Regular
IFSB Independence Federal Svgs Bank NASDAQ Washington DC 2 06/06/85 SAIF Regular
INBI Industrial Bancorp Inc. NASDAQ Bellevue OH 10 08/01/95 SAIF Regular
INCB Indiana Community Bank SB NASDAQ Lebanon IN 4 12/15/94 SAIF Regular
IPSW Ipswich Savings Bank NASDAQ Ipswich MA 6 05/26/93 BIF Regular
ISBF ISB Financial Corp. NASDAQ New Iberia LA 28 04/07/95 SAIF Regular
ITLA ITLA Capital Corp. NASDAQ La Jolla CA 6 10/24/95 BIF Not Avail.
IWBK InterWest Bancorp Inc. NASDAQ Oak Harbor WA 39 NA SAIF Not Avail.
JOAC Joachim Bancorp Inc. NASDAQ De Soto MO 1 12/28/95 SAIF Regular
JSB JSB Financial Inc. NYSE Lynbrook NY 13 06/27/90 BIF Regular
JSBA Jefferson Savings Bancorp NASDAQ Ballwin MO 32 04/08/93 SAIF Regular
JXSB Jacksonville Savings Bk (MHC) NASDAQ Jacksonville IL 4 04/21/95 SAIF Mutual HC
JXVL Jacksonville Bancorp Inc. NASDAQ Jacksonville TX 6 04/01/96 SAIF Not Avail.
KFBI Klamath First Bancorp NASDAQ Klamath Falls OR 33 10/05/95 SAIF Regular
KNK Kankakee Bancorp Inc. AMSE Kankakee IL 9 01/06/93 SAIF Regular
KSAV KS Bancorp Inc. NASDAQ Kenly NC 4 12/30/93 SAIF Regular
KSBK KSB Bancorp Inc. NASDAQ Kingfield ME 8 06/24/93 BIF Regular
KYF Kentucky First Bancorp Inc. AMSE Cynthiana KY 2 08/29/95 SAIF Regular
LARK Landmark Bancshares Inc. NASDAQ Dodge City KS 5 03/28/94 SAIF Regular
LARL Laurel Capital Group Inc. NASDAQ Allison Park PA 6 02/20/87 SAIF Regular
LFBI Little Falls Bancorp Inc. NASDAQ Little Falls NJ 6 01/05/96 SAIF Regular
LFCO Life Financial Corp. NASDAQ Riverside CA 5 NA SAIF Not Avail.
LFED Leeds Federal Savings Bk (MHC) NASDAQ Baltimore MD 1 05/02/94 SAIF Mutual HC
LIFB Life Bancorp Inc. NASDAQ Norfolk VA 21 10/11/94 SAIF Regular
LISB Long Island Bancorp Inc. NASDAQ Melville NY 35 04/18/94 SAIF Regular
LOGN Logansport Financial Corp. NASDAQ Logansport IN 1 06/14/95 SAIF Regular
LONF London Financial Corporation NASDAQ London OH 1 04/01/96 SAIF Regular
LSBI LSB Financial Corp. NASDAQ Lafayette IN 4 02/03/95 BIF Regular
LSBX Lawrence Savings Bank NASDAQ North Andover MA 5 05/02/86 BIF Regular
LVSB Lakeview Financial NASDAQ Paterson NJ 8 12/22/93 SAIF Regular
LXMO Lexington B&L Financial Corp. NASDAQ Lexington MO 1 06/06/96 SAIF Regular
MAFB MAF Bancorp Inc. NASDAQ Clarendon Hills IL 21 01/12/90 SAIF Regular
MARN Marion Capital Holdings NASDAQ Marion IN 2 03/18/93 SAIF Regular
MASB MASSBANK Corp. NASDAQ Reading MA 15 05/28/86 BIF Regular
MBB MSB Bancorp Inc. AMSE Goshen NY 16 09/03/92 BIF Regular
MBBC Monterey Bay Bancorp Inc. NASDAQ Watsonville CA 7 02/15/95 SAIF Regular
MBLF MBLA Financial Corp. NASDAQ Macon MO 2 06/24/93 SAIF Regular
MBSP Mitchell Bancorp Inc. NASDAQ Spruce Pine NC 1 07/12/96 SAIF Regular
MCBN Mid-Coast Bancorp Inc. NASDAQ Waldoboro ME 2 11/02/89 SAIF Regular
MCBS Mid Continent Bancshares Inc. NASDAQ El Dorado KS 10 06/27/94 SAIF Regular
MDBK Medford Bancorp Inc. NASDAQ Medford MA 16 03/18/86 BIF Regular
MECH Mechanics Savings Bank NASDAQ Hartford CT 14 06/26/96 BIF Regular
MERI Meritrust Federal SB NASDAQ Thibodaux LA 8 NA SAIF Not Avail.
METF Metropolitan Financial Corp. NASDAQ Mayfield Heights OH 15 NA SAIF Not Avail.
MFBC MFB Corp. NASDAQ Mishawaka IN 5 03/25/94 SAIF Regular
4
Corporate
--------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- -------------------------------------- --------------------------------------------------------------------------
MFCX Marshalltown Financial Corp. NASDAQ Marshalltown IA 3 03/31/94 SAIF Regular
MFFC Milton Federal Financial Corp. NASDAQ West Milton OH 3 10/07/94 SAIF Regular
MFLR Mayflower Co-operative Bank NASDAQ Middleboro MA 4 12/23/87 BIF Regular
MFSL Maryland Federal Bancorp NASDAQ Hyattsville MD 27 06/02/87 SAIF Regular
MIFC Mid-Iowa Financial Corp. NASDAQ Newton IA 7 10/14/92 SAIF Regular
MIVI Mississippi View Holding Co. NASDAQ Little Falls MN 1 03/24/95 SAIF Regular
MLBC ML Bancorp Inc. NASDAQ Villanova PA 29 08/11/94 SAIF Regular
MONT Montgomery Financial Corp. NASDAQ Crawfordsville IN 4 07/01/97 SAIF Not Avail.
MRKF Market Financial Corp. NASDAQ Mount Healthy OH 2 03/27/97 SAIF Regular
MSBF MSB Financial Inc. NASDAQ Marshall MI 2 02/06/95 SAIF Regular
MSBK Mutual Savings Bank FSB NASDAQ Bay City MI 22 07/17/92 SAIF Regular
MWBI Midwest Bancshares Inc. NASDAQ Burlington IA 4 11/12/92 SAIF Regular
MWBX MetroWest Bank NASDAQ Framingham MA 12 10/10/86 BIF Regular
MWFD Midwest Federal Financial NASDAQ Baraboo WI 9 07/08/92 SAIF Regular
NASB North American Savings Bank NASDAQ Grandview MO 7 09/27/85 SAIF Not Avail.
NBN Northeast Bancorp AMSE Auburn ME 11 08/19/87 BIF Regular
NBSI North Bancshares Inc. NASDAQ Chicago IL 2 12/21/93 SAIF Regular
NEIB Northeast Indiana Bancorp NASDAQ Huntington IN 3 06/28/95 SAIF Regular
NHTB New Hampshire Thrift Bncshrs NASDAQ Newport NH 10 05/22/86 SAIF Regular
NMSB NewMil Bancorp Inc. NASDAQ New Milford CT 15 02/01/86 BIF Regular
NSLB NS&L Bancorp Inc. NASDAQ Neosho MO 2 06/08/95 SAIF Regular
NSSB Norwich Financial Corp. NASDAQ Norwich CT 17 11/14/86 BIF Regular
NSSY NSS Bancorp Inc. NASDAQ Norwalk CT 8 06/16/94 BIF Regular
NTMG Nutmeg Federal S&LA NASDAQ Danbury CT 3 NA SAIF Not Avail.
NWEQ Northwest Equity Corp. NASDAQ Amery WI 3 10/11/94 SAIF Regular
NWSB Northwest Savings Bank (MHC) NASDAQ Warren PA 58 11/07/94 SAIF Mutual HC
NYB New York Bancorp Inc. NYSE Douglaston NY 31 01/28/88 SAIF Regular
OCFC Ocean Financial Corp. NASDAQ Toms River NJ 10 07/03/96 SAIF Regular
OCN Ocwen Financial Corp. NYSE West Palm Beach FL 1 NA SAIF Not Avail.
OFCP Ottawa Financial Corp. NASDAQ Holland MI 26 08/19/94 SAIF Regular
OHSL OHSL Financial Corp. NASDAQ Cincinnati OH 5 02/10/93 SAIF Regular
OSFS Ohio State Financial Services NASDAQ Bridgeport OH 2 09/29/97 SAIF Regular
OTFC Oregon Trail Financial Corp. NASDAQ Baker City OR 7 10/06/97 SAIF Regular
PALM Palfed Inc. NASDAQ Aiken SC 22 12/15/85 SAIF Regular
PBCI Pamrapo Bancorp Inc. NASDAQ Bayonne NJ 10 11/14/89 SAIF Regular
PBCT People's Bank (MHC) NASDAQ Bridgeport CT 111 07/06/88 BIF Mutual HC
PBHC Oswego City Savings Bk (MHC) NASDAQ Oswego NY 5 11/16/95 BIF Mutual HC
PBKB People's Bancshares Inc. NASDAQ New Bedford MA 14 10/30/86 BIF Regular
PCBC Perry County Financial Corp. NASDAQ Perryville MO 1 02/13/95 SAIF Regular
PDB Piedmont Bancorp Inc. AMSE Hillsborough NC 1 12/08/95 SAIF Regular
PEEK Peekskill Financial Corp. NASDAQ Peekskill NY 3 12/29/95 SAIF Regular
PERM Permanent Bancorp Inc. NASDAQ Evansville IN 11 04/04/94 SAIF Regular
PERT Perpetual Bank (MHC) NASDAQ Anderson SC 6 10/26/93 SAIF Mutual HC
PFDC Peoples Bancorp NASDAQ Auburn IN 7 07/07/87 SAIF Regular
PFED Park Bancorp Inc. NASDAQ Chicago IL 3 08/12/96 SAIF Regular
PFFB PFF Bancorp Inc. NASDAQ Pomona CA 23 03/29/96 SAIF Regular
PFFC Peoples Financial Corp. NASDAQ Massillon OH 2 09/13/96 SAIF Regular
PFNC Progress Financial Corp. NASDAQ Blue Bell PA 10 07/18/83 SAIF Regular
PFSB PennFed Financial Services Inc NASDAQ West Orange NJ 18 07/15/94 SAIF Regular
PFSL Pocahontas FS&LA (MHC) NASDAQ Pocahontas AR 6 04/05/94 SAIF Mutual HC
PHBK Peoples Heritage Finl Group NASDAQ Portland ME 135 12/04/86 BIF Regular
PHFC Pittsburgh Home Financial Corp NASDAQ Pittsburgh PA 9 04/01/96 SAIF Regular
PHSB Peoples Home Savings Bk (MHC) NASDAQ Beaver Falls PA 9 07/10/97 SAIF Mutual HC
PKPS Poughkeepsie Financial Corp. NASDAQ Poughkeepsie NY 15 11/19/85 SAIF Regular
PLSK Pulaski Savings Bank (MHC) NASDAQ Springfield NJ 6 04/03/97 SAIF Mutual HC
PMFI Perpetual Midwest Financial NASDAQ Cedar Rapids IA 5 03/31/94 SAIF Regular
PRBC Prestige Bancorp Inc. NASDAQ Pleasant Hills PA 4 06/27/96 SAIF Regular
PROV Provident Financial Holdings NASDAQ Riverside CA 10 06/28/96 SAIF Regular
PSBK Progressive Bank Inc. NASDAQ Fishkill NY 17 08/01/84 BIF Regular
PSFC Peoples-Sidney Financial Corp. NASDAQ Sidney OH 1 04/28/97 SAIF Regular
PSFI PS Financial Inc. NASDAQ Chicago IL 1 11/27/96 SAIF Regular
PTRS Potters Financial Corp. NASDAQ East Liverpool OH 4 12/31/93 SAIF Regular
PULB Pulaski Bank, Svgs Bank (MHC) NASDAQ St. Louis MO 5 05/11/94 SAIF Mutual HC
PULS Pulse Bancorp NASDAQ South River NJ 4 09/18/86 SAIF Regular
5
Corporate
--------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- -------------------------------------- --------------------------------------------------------------------------
PVFC PVF Capital Corp. NASDAQ Bedford Heights OH 9 12/30/92 SAIF Supervisory
PVSA Parkvale Financial Corporation NASDAQ Monroeville PA 29 07/16/87 SAIF Regular
PWBC PennFirst Bancorp Inc. NASDAQ Ellwood City PA 11 06/13/90 SAIF Regular
PWBK Pennwood Bancorp Inc. NASDAQ Pittsburgh PA 3 07/15/96 SAIF Regular
QCBC Quaker City Bancorp Inc. NASDAQ Whittier CA 8 12/30/93 SAIF Regular
QCFB QCF Bancorp Inc. NASDAQ Virginia MN 2 04/03/95 SAIF Regular
QCSB Queens County Bancorp Inc. NASDAQ Flushing NY 11 11/23/93 BIF Regular
RARB Raritan Bancorp Inc. NASDAQ Raritan NJ 6 03/01/87 BIF Regular
REDF RedFed Bancorp Inc. NASDAQ Redlands CA 14 04/08/94 SAIF Regular
RELI Reliance Bancshares Inc. NASDAQ Milwaukee WI 1 04/19/96 SAIF Regular
RELY Reliance Bancorp Inc. NASDAQ Garden City NY 30 03/31/94 SAIF Regular
RIVR River Valley Bancorp NASDAQ Madison IN 6 12/20/96 SAIF Regular
ROSE TR Financial Corp. NASDAQ Garden City NY 15 06/29/93 BIF Regular
RSLN Roslyn Bancorp Inc. NASDAQ Roslyn NY 8 01/13/97 BIF Regular
RVSB Riverview Bancorp Inc. NASDAQ Camas WA 9 10/01/97 SAIF Regular
SBFL SB of the Finger Lakes (MHC) NASDAQ Geneva NY 5 11/11/94 SAIF Mutual HC
SBOS Boston Bancorp (The) NASDAQ South Boston MA 7 11/09/83 BIF Regular
SCBS Southern Community Bancshares NASDAQ Cullman AL 1 12/23/96 SAIF Regular
SCCB S. Carolina Community Bancshrs NASDAQ Winnsboro SC 3 07/07/94 SAIF Regular
SFED SFS Bancorp Inc. NASDAQ Schenectady NY 4 06/30/95 SAIF Regular
SFFC StateFed Financial Corp. NASDAQ Des Moines IA 2 01/05/94 SAIF Regular
SFIN Statewide Financial Corp. NASDAQ Jersey City NJ 16 10/02/95 SAIF Regular
SFSB SuburbFed Financial Corp. NASDAQ Flossmoor IL 12 03/04/92 SAIF Regular
SFSL Security First Corp. NASDAQ Mayfield Heights OH 14 01/22/88 SAIF Regular
SGVB SGV Bancorp Inc. NASDAQ West Covina CA 8 06/29/95 SAIF Regular
SHEN First Shenango Bancorp Inc. NASDAQ New Castle PA 4 04/06/93 SAIF Regular
SHSB SHS Bancorp Inc. NASDAQ Pittsburgh PA 3 10/01/97 SAIF Regular
SISB SIS Bancorp Inc. NASDAQ Springfield MA 25 02/08/95 BIF Regular
SKAN Skaneateles Bancorp Inc. NASDAQ Skaneateles NY 9 06/02/86 BIF Regular
SKBO First Carnegie Deposit (MHC) NASDAQ Carnegie PA 3 04/04/97 SAIF Mutual HC
SMBC Southern Missouri Bancorp Inc. NASDAQ Poplar Bluff MO 8 04/13/94 SAIF Regular
SMFC Sho-Me Financial Corp. NASDAQ Mt. Vernon MO 8 07/01/94 SAIF Regular
SOBI Sobieski Bancorp Inc. NASDAQ South Bend IN 3 03/31/95 SAIF Regular
SOPN First Savings Bancorp Inc. NASDAQ Southern Pines NC 5 01/06/94 SAIF Regular
SOSA Somerset Savings Bank NASDAQ Somerville MA 5 07/09/86 BIF Regular
SPBC St. Paul Bancorp Inc. NASDAQ Chicago IL 52 05/18/87 SAIF Regular
SRN Southern Banc Co. AMSE Gadsden AL 4 10/05/95 SAIF Regular
SSB Scotland Bancorp Inc. AMSE Laurinburg NC 2 04/01/96 SAIF Regular
SSFC South Street Financial Corp. NASDAQ Albemarle NC 2 10/03/96 SAIF Regular
SSM Stone Street Bancorp Inc. AMSE Mocksville NC 2 04/01/96 SAIF Regular
STFR St. Francis Capital Corp. NASDAQ Milwaukee WI 23 06/21/93 SAIF Regular
STSA Sterling Financial Corp. NASDAQ Spokane WA 41 NA SAIF Not Avail.
SVRN Sovereign Bancorp Inc. NASDAQ Wyomissing PA 150 08/12/86 SAIF Regular
SWBI Southwest Bancshares NASDAQ Hometown IL 6 06/24/92 SAIF Regular
SWCB Sandwich Bancorp Inc. NASDAQ Sandwich MA 11 07/25/86 BIF Regular
SZB SouthFirst Bancshares Inc. AMSE Sylacauga AL 2 02/14/95 SAIF Regular
THR Three Rivers Financial Corp. AMSE Three Rivers MI 4 08/24/95 SAIF Regular
THRD TF Financial Corp. NASDAQ Newtown PA 14 07/13/94 SAIF Regular
TPNZ Tappan Zee Financial Inc. NASDAQ Tarrytown NY 1 10/05/95 SAIF Regular
TRIC Tri-County Bancorp Inc. NASDAQ Torrington WY 2 09/30/93 SAIF Regular
TSBS Trenton SB (MHC) NASDAQ Lawrenceville NJ 14 08/03/95 BIF Mutual HC
TSH Teche Holding Co. AMSE Franklin LA 9 04/19/95 SAIF Regular
TWIN Twin City Bancorp NASDAQ Bristol TN 3 01/04/95 SAIF Regular
UBMT United Financial Corp. NASDAQ Great Falls MT 4 09/23/86 SAIF Regular
UFRM United Federal Savings Bank NASDAQ Rocky Mount NC 13 07/01/80 SAIF Regular
USAB USABancshares, Inc. NASDAQ Philadelphia PA 1 NA BIF Not Avail.
VABF Virginia Beach Fed. Financial NASDAQ Virginia Beach VA 14 11/01/80 SAIF Not Avail.
WAMU Washington Mutual Inc. NASDAQ Seattle WA 914 03/11/83 BIF Regular
WAYN Wayne Savings Bancshares (MHC) NASDAQ Wooster OH 6 06/25/93 SAIF Mutual HC
WBST Webster Financial Corp. NASDAQ Waterbury CT 84 12/12/86 SAIF Regular
WCBI Westco Bancorp NASDAQ Westchester IL 1 06/26/92 SAIF Regular
WCFB Webster City Federal SB (MHC) NASDAQ Webster City IA 1 08/15/94 SAIF Mutual HC
WEFC Wells Financial Corp. NASDAQ Wells MN 8 04/11/95 SAIF Regular
WEHO Westwood Homestead Fin. Corp. NASDAQ Cincinnati OH 2 09/30/96 SAIF Regular
6
Corporate
--------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- -------------------------------------- --------------------------------------------------------------------------
WES Westcorp NYSE Irvine CA 26 05/01/86 SAIF Not Avail.
WFI Winton Financial Corp. AMSE Cincinnati OH 5 08/04/88 SAIF Regular
WFSG Wilshire Financial Services NASDAQ Portland OR 2 12/19/96 SAIF Not Avail.
WFSL Washington Federal Inc. NASDAQ Seattle WA 104 11/17/82 SAIF Regular
WHGB WHG Bancshares Corp. NASDAQ Lutherville MD 5 04/01/96 SAIF Regular
WOFC Western Ohio Financial Corp. NASDAQ Springfield OH 10 07/29/94 SAIF Regular
WRNB Warren Bancorp Inc. NASDAQ Peabody MA 6 07/09/86 BIF Regular
WSB Washington Savings Bank, FSB AMSE Waldorf MD 5 NA SAIF Not Avail.
WSFS WSFS Financial Corp. NASDAQ Wilmington DE 16 11/26/86 BIF Regular
WSTR WesterFed Financial Corp. NASDAQ Missoula MT 36 01/10/94 SAIF Regular
WVFC WVS Financial Corp. NASDAQ Pittsburgh PA 5 11/29/93 SAIF Regular
WWFC Westwood Financial Corp. NASDAQ Westwood NJ 2 06/07/96 SAIF Not Avail.
WYNE Wayne Bancorp Inc. NASDAQ Wayne NJ 5 06/27/96 SAIF Regular
YFCB Yonkers Financial Corporation NASDAQ Yonkers NY 4 04/18/96 SAIF Regular
YFED York Financial Corp. NASDAQ York PA 22 02/01/84 SAIF Regular
-------------------------------------------------------------------------
Average
7
Corporate
--------------------------------------------------------------------------
Deposit
Number Insurance
of Agency Conversion
Ticker Short Name Exchange City State Offices IPO Date (BIF/SAIF) Type
- -------------------------------------- --------------------------------------------------------------------------
Comparable Thrift Data
FESX First Essex Bancorp Inc. NASDAQ Andover MA 15 08/04/87 BIF Regular
FFES First Federal of East Hartford NASDAQ East Hartford CT 12 06/23/87 SAIF Regular
FFIC Flushing Financial Corp. NASDAQ Flushing NY 7 11/21/95 BIF Regular
GAF GA Financial Inc. AMSE Pittsburgh PA 13 03/26/96 SAIF Regular
JSB JSB Financial Inc. NYSE Lynbrook NY 13 06/27/90 BIF Regular
MASB MASSBANK Corp. NASDAQ Reading MA 15 05/28/86 BIF Regular
MDBK Medford Bancorp Inc. NASDAQ Medford MA 16 03/18/86 BIF Regular
PWBC PennFirst Bancorp Inc. NASDAQ Ellwood City PA 11 06/13/90 SAIF Regular
SFIN Statewide Financial Corp. NASDAQ Jersey City NJ 16 10/02/95 SAIF Regular
SISB SIS Bancorp Inc. NASDAQ Springfield MA 25 02/08/95 BIF Regular
STFR St. Francis Capital Corp. NASDAQ Milwaukee WI 23 06/21/93 SAIF Regular
THRD TF Financial Corp. NASDAQ Newtown PA 14 07/13/94 SAIF Regular
-------------------------------------------------------------------------
Average
Median
Maximum
Minimum
8
Key Financial Data as of The Most Recent Quarter
-----------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------
%CAL California Federal Bank, a FSB 30,876,530 124.06 66.94 53.96 34.85
%CCMD Chevy Chase Bank, FSB 6,167,982 72.67 56.98 78.42 11.47
AABC Access Anytime Bancorp Inc. 105,639 57.86 52.34 90.46 0.00
AADV Advantage Bancorp Inc. 1,037,462 85.13 55.04 64.66 23.95
ABBK Abington Bancorp Inc. 501,622 98.39 61.89 62.91 28.88
ABCL Alliance Bancorp Inc. 1,371,184 100.42 73.10 72.79 16.34
ABCW Anchor BanCorp Wisconsin 1,954,749 114.73 78.89 68.76 22.93
AFBC Advance Financial Bancorp 105,717 113.20 86.57 76.48 7.32
AFCB Affiliated Community Bancorp 1,128,579 100.84 62.81 62.29 27.34
AFED AFSALA Bancorp Inc. 159,181 55.4 47.07 84.96 0.95
AFFFZ America First Financial Fund 2,250,517 77.99 68.13 87.36 3.45
AHCI Ambanc Holding Co. 529,309 84.84 53.00 62.47 19.64
AHM H.F. Ahmanson & Co. 46,799,157 95.74 66.38 69.33 22.60
ALBC Albion Banc Corp. 70,810 92.67 71.80 77.48 13.07
ALBK ALBANK Financial Corp. 3,716,954 91.51 73.09 79.87 6.42
AMFC AMB Financial Corp. 103,388 102.43 73.06 71.33 13.06
ANA Acadiana Bancshares Inc. 274,018 110.19 76.00 68.97 13.37
ANDB Andover Bancorp Inc. 1,280,601 101.82 73.43 72.12 19.02
ANE Alliance Bncorp of New England 241,918 69.22 62.45 90.22 1.98
ASBI Ameriana Bancorp 393,028 92.69 75.86 81.84 4.87
ASBP ASB Financial Corp. 112,449 86.15 68.38 79.37 3.00
ASFC Astoria Financial Corp. 7,904,363 73.81 42.58 57.69 33.36
ATSB AmTrust Capital Corp. 69,685 102.96 71.52 69.47 18.78
AVND Avondale Financial Corp. 596,918 87.83 58.34 66.42 23.66
BANC BankAtlantic Bancorp Inc. 2,844,996 112.94 70.00 61.98 26.55
BDJI First Federal Bancorporation 111,492 65.08 48.45 74.45 12.76
BFD BostonFed Bancorp Inc. 960,704 137.81 81.79 59.35 31.22
BFFC Big Foot Financial Corp. 215,162 79.91 45.31 56.70 23.98
BFSB Bedford Bancshares Inc. 139,179 112.70 83.90 74.45 10.78
BKC American Bank of Connecticut 609,923 78.72 58.18 73.91 16.64
BKCT Bancorp Connecticut Inc. 423,800 84.57 62.07 73.40 15.12
BKUNA BankUnited Financial Corp. 2,145,406 147.96 82.47 55.74 38.10
BNKU Bank United Corp. 11,967,072 172.16 75.49 43.85 46.14
BPLS Bank Plus Corp. 3,920,257 103.17 73.74 71.48 23.25
BSBC Branford Savings Bank 182,868 75.19 66.15 87.98 1.09
BTHL Bethel Bancorp 218,187 114.79 77.14 67.20 22.23
BVCC Bay View Capital Corp. 3,162,207 149.10 76.58 51.36 41.71
BWFC Bank West Financial Corp. 164,854 112.88 72.01 63.80 21.23
BYFC Broadway Financial Corp. 124,740 97.58 83.95 86.04 2.00
CAFI Camco Financial Corp. 502,186 115.83 86.30 74.51 14.36
CAPS Capital Savings Bancorp Inc. 242,259 113.43 80.07 70.58 18.58
CASB Cascade Financial Corp. 426,451 118.27 84.10 71.11 19.76
CASH First Midwest Financial Inc. 404,589 104.43 63.53 60.83 27.71
CATB Catskill Financial Corp. 289,619 62.83 43.58 69.37 3.93
CBCI Calumet Bancorp Inc. 488,346 111.75 79.08 70.76 10.89
CBES CBES Bancorp Inc. 106,635 126.14 90.59 71.82 9.14
CBK Citizens First Financial Corp. 277,962 119.28 83.77 70.23 15.16
CBSA Coastal Bancorp Inc. 2,929,560 93.80 44.58 47.52 46.99
CBSB Charter Financial Inc. 393,268 106.54 74.28 69.72 14.83
CCFH CCF Holding Company 109,342 103.98 82.17 79.03 9.15
CEBK Central Co-operative Bank 358,424 89.07 69.37 77.88 11.44
CENB Century Bancorp Inc. 100,937 93.44 64.56 69.09 0.00
CENF CENFED Financial Corp. 2,304,678 101.07 69.17 68.44 25.10
CFB Commercial Federal Corp. 7,207,143 125.38 74.09 59.09 33.07
CFBC Community First Banking Co. 394,570 94.04 75.08 79.84 1.72
CFCP Coastal Financial Corp. 494,003 120.08 84.38 70.27 21.73
CFFC Community Financial Corp. 183,278 126.26 88.35 69.97 15.82
CFNC Carolina Fincorp Inc. 114,069 93.98 71.26 75.82 0.00
CFSB CFSB Bancorp Inc. 859,962 136.97 88.52 64.63 25.98
CFTP Community Federal Bancorp 215,953 95.52 59.24 62.02 8.47
CFX CFX Corp. 2,821,182 100.34 68.85 68.61 21.74
CIBI Community Investors Bancorp 94,328 107.50 84.42 78.53 9.05
CKFB CKF Bancorp Inc. 59,868 129.49 92.32 71.29 3.71
CLAS Classic Bancshares Inc. 132,186 89.59 67.32 75.14 8.95
9
Key Financial Data as of The Most Recent Quarter
-----------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------
CMRN Cameron Financial Corp 212,504 138.55 83.96 60.60 16.59
CMSB Commonwealth Bancorp Inc. 2,278,099 84.24 56.52 67.10 20.97
CMSV Community Savings Bnkshrs(MHC) 709,220 77.42 59.42 76.75 9.46
CNIT CENIT Bancorp Inc. 701,708 96.17 69.83 72.61 19.87
CNSB CNS Bancorp Inc. 97,411 93.03 69.68 74.91 0.00
CNY Carver Bancorp Inc. 415,561 89.48 58.10 64.93 25.92
COFI Charter One Financial 15,196,993 124.08 64.83 52.25 39.09
CONE Conestoga Bancorp, Inc. 494,348 28.70 23.21 80.86 2.02
COOP Cooperative Bankshares Inc. 359,535 99.85 80.28 80.40 11.19
CRZY Crazy Woman Creek Bancorp 59,952 98.07 48.27 49.22 26.19
CSA Coast Savings Financial 9,040,413 95.45 68.05 71.30 22.00
CSBF CSB Financial Group Inc. 48,844 74.99 55.73 74.31 0.00
CTZN CitFed Bancorp Inc. 3,294,554 115.93 63.61 54.87 37.67
CVAL Chester Valley Bancorp Inc. 322,321 101.43 82.46 81.30 9.10
DCBI Delphos Citizens Bancorp Inc. 107,796 109.07 78.29 71.78 0.93
DIBK Dime Financial Corp. 921,510 47.95 41.24 86.00 4.83
DIME Dime Community Bancorp Inc. 1,385,356 80.26 57.80 72.02 12.67
DME Dime Bancorp Inc. 19,413,597 94.41 65.13 68.98 23.69
DNFC D & N Financial Corp. 1,754,069 127.30 74.96 58.88 32.94
DSL Downey Financial Corp. 5,853,968 111.12 90.79 81.70 10.23
EBSI Eagle Bancshares 872,706 107.63 73.40 68.19 20.05
EFBC Empire Federal Bancorp Inc. 110,540 65.37 40.30 61.65 0.64
EFBI Enterprise Federal Bancorp 274,888 131.01 69.73 53.22 34.56
EGFC Eagle Financial Corp. 2,097,179 84.24 54.36 64.53 24.86
EGLB Eagle BancGroup Inc. 172,160 94.94 72.65 76.52 10.89
EIRE Emerald Isle Bancorp Inc. 443,503 86.14 70.84 82.24 10.30
EMLD Emerald Financial Corp. 603,493 90.10 78.03 86.61 4.67
EQSB Equitable Federal Savings Bank 308,197 87.64 69.79 79.63 14.44
ESBK Elmira Savings Bank (The) 228,268 84.47 76.74 90.85 1.97
ESX Essex Bancorp Inc. 191,886 108.86 85.65 78.67 12.39
ETFS East Texas Financial Services 115,949 64.80 49.49 76.37 3.62
FAB FirstFed America Bancorp Inc. 1,036,062 127.05 86.78 68.31 17.52
FBBC First Bell Bancorp Inc. 681,215 111.83 83.14 74.35 12.62
FBCI Fidelity Bancorp Inc. 497,862 120.18 78.08 64.97 22.78
FBCV 1ST Bancorp 260,935 133.34 68.92 51.68 38.42
FBER 1st Bergen Bancorp 284,739 57.55 43.56 75.69 9.60
FBHC Fort Bend Holding Corp. 319,414 55.74 46.96 84.24 5.05
FBNW FirstBank Corp. 177,870 123.60 75.39 61.00 19.76
FBSI First Bancshares Inc. 162,755 114.35 84.39 73.80 11.89
FCB Falmouth Bancorp Inc. 96,391 NA NA 74.89 0.77
FCBF FCB Financial Corp. 522,991 128.34 77.68 60.53 21.90
FCME First Coastal Corp. 148,571 91.39 71.56 78.30 11.76
FDEF First Defiance Financial 574,364 113.58 75.94 66.86 12.63
FED FirstFed Financial Corp. 4,104,647 164.52 78.63 47.79 45.71
FESX First Essex Bancorp Inc. 1,209,698 98.35 60.22 61.23 29.32
FFBA First Colorado Bancorp Inc. 1,512,605 98.08 74.50 75.95 8.92
FFBH First Federal Bancshares of AR 547,119 94.30 77.74 82.44 1.83
FFBI First Financial Bancorp Inc. 84,242 83.44 67.21 80.54 9.73
FFBS FFBS BanCorp Inc. 134,952 90.62 71.00 78.35 3.41
FFBZ First Federal Bancorp Inc. 203,703 138.86 86.32 62.17 29.36
FFCH First Financial Holdings Inc. 1,712,931 132.53 82.73 62.42 29.09
FFDB FirstFed Bancorp Inc. 176,464 78.49 70.03 89.21 0.57
FFDF FFD Financial Corp. 88,220 103.14 66.97 64.93 9.39
FFED Fidelity Federal Bancorp 235,336 110.50 84.36 76.35 16.04
FFES First Federal of East Hartford 987,416 32.97 19.07 57.83 34.97
FFFC FFVA Financial Corp. 567,266 79.70 58.15 72.96 13.05
FFFD North Central Bancshares Inc. 215,133 131.59 85.18 64.73 11.88
FFFL Fidelity Bankshares Inc. (MHC) 1,045,692 97.51 73.78 75.66 13.70
FFHH FSF Financial Corp. 388,135 125.55 67.36 53.65 34.48
FFHS First Franklin Corp. 231,189 75.46 66.30 87.86 2.64
FFIC Flushing Financial Corp. 960,130 89.51 59.99 67.02 17.19
FFKY First Federal Financial Corp. 382,585 117.81 87.74 74.48 10.84
FFLC FFLC Bancorp Inc. 383,382 96.21 77.13 80.17 5.22
FFOH Fidelity Financial of Ohio 528,704 104.81 83.82 79.97 6.26
10
Key Financial Data as of The Most Recent Quarter
-----------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------
FFPB First Palm Beach Bancorp Inc. 1,808,420 93.56 63.60 67.98 23.71
FFSL First Independence Corp. 112,523 98.69 66.85 67.75 21.06
FFSX First Fed SB of Siouxland(MHC) 456,850 107.08 76.03 71.01 18.93
FFWC FFW Corp. 181,468 104.83 66.40 63.34 25.79
FFWD Wood Bancorp Inc. 166,520 110.66 82.06 74.15 12.63
FFYF FFY Financial Corp. 610,974 103.79 76.28 73.50 10.83
FGHC First Georgia Holding Inc. 156,383 105.35 85.03 80.71 8.85
FIBC Financial Bancorp Inc. 296,956 72.49 52.09 71.86 17.85
FISB First Indiana Corporation 1,547,121 119.42 84.48 70.74 18.34
FKFS First Keystone Financial 373,430 85.34 52.08 61.03 26.78
FKKYD Frankfort First Bancorp Inc. 133,255 145.28 92.71 63.82 17.89
FLAG FLAG Financial Corp. 238,463 92.76 69.10 74.49 14.27
FLFC First Liberty Financial Corp. 1,288,919 93.15 68.83 73.89 17.43
FLGS Flagstar Bancorp Inc. 2,033,260 178.76 88.94 49.75 35.36
FLKY First Lancaster Bancshares 47,184 190.54 90.69 47.59 21.02
FMBD First Mutual Bancorp Inc. 402,389 95.81 76.87 80.24 5.34
FMCO FMS Financial Corp. 581,660 64.86 53.29 82.17 10.31
FMSB First Mutual Savings Bank 451,120 96.72 79.01 81.69 9.94
FNGB First Northern Capital Corp. 656,745 123.51 89.96 72.84 13.86
FOBC Fed One Bancorp 357,721 65.70 46.55 70.85 17.47
FPRY First Financial Bancorp 240,379 88.86 77.63 87.36 5.41
FSBI Fidelity Bancorp Inc. 380,951 75.68 48.51 64.10 28.39
FSFC First Southeast Financial Corp 350,038 97.15 79.06 81.38 7.14
FSFF First SecurityFed Financial 267,332 81.39 67.52 82.95 4.49
FSLA First Savings Bank (MHC) 1,044,513 70.81 54.88 77.50 11.92
FSNJ Bayonne Bancshares Inc. 609,053 54.40 38.60 70.95 12.39
FSPG First Home Bancorp Inc. 525,092 87.30 53.80 61.63 31.09
FSPT FirstSpartan Financial Corp. 482,314 110.82 79.38 71.62 0.00
FSSB First FS&LA of San Bernardino 103,674 75.29 71.56 95.05 0.00
FSTC First Citizens Corp. 337,197 94.36 78.03 82.69 6.03
FTF Texarkana First Financial Corp 178,710 103.68 83.08 80.13 2.79
FTFC First Federal Capital Corp. 1,559,672 108.40 79.35 73.20 18.80
FTNB Fulton Bancorp Inc. 103,713 133.46 87.17 65.31 8.19
FTSB Fort Thomas Financial Corp. 97,843 124.42 91.37 73.44 9.04
FWWB First SB of Washington Bancorp 1,098,615 130.11 67.33 51.75 32.85
GAF GA Financial Inc. 802,304 66.62 37.94 56.94 24.98
GBCI Glacier Bancorp Inc. 573,968 119.73 72.40 60.47 27.16
GDVS Greater Delaware Valley (MHC) 248,792 78.64 60.93 77.48 10.51
GDW Golden West Financial 39,228,359 135.94 83.98 61.78 29.67
GFCO Glenway Financial Corp. 293,245 108.40 85.03 78.44 10.76
GFED Guaranty Federal SB (MHC) 210,139 115.61 80.92 69.99 15.30
GFSB GFS Bancorp Inc. 94,496 130.67 85.38 65.34 21.64
GLMR Gilmer Financial Svcs, Inc. 42,171 81.48 56.24 69.02 20.27
GOSB GSB Financial Corp. 154,649 NA NA 62.41 0.00
GPT GreenPoint Financial Corp. 13,093,985 77.96 65.70 84.28 2.22
GSB Golden State Bancorp Inc. 16,432,304 131.08 74.49 56.83 35.00
GSBC Great Southern Bancorp Inc. 727,533 128.87 85.30 66.19 24.11
GSFC Green Street Financial Corp. 177,962 114.47 72.46 63.30 0.00
GSLA GS Financial Corp. 131,071 85.99 36.77 42.76 13.00
GTFN Great Financial Corp. 2,893,505 103.64 68.74 66.33 21.96
GTPS Great American Bancorp 139,568 100.56 78.95 78.51 0.00
GUPB GFSB Bancorp Inc. 109,964 97.89 53.72 54.88 31.24
GWBC Gateway Bancorp Inc. 62,609 47.93 34.34 71.65 0.00
HALL Hallmark Capital Corp. 418,467 100.96 67.84 67.20 23.56
HARB Harbor Florida Bancorp (MHC) 1,131,024 92.82 74.81 80.60 8.88
HARL Harleysville Savings Bank 345,239 90.01 71.38 79.30 13.43
HARS Harris Financial Inc. (MHC) 2,110,299 79.99 42.76 53.46 37.26
HAVN Haven Bancorp Inc. 1,833,284 81.37 58.16 71.48 21.31
HBBI Home Building Bancorp 41,746 90.93 68.65 75.50 9.58
HBEI Home Bancorp of Elgin Inc. 342,518 119.21 85.28 71.53 0.00
HBFW Home Bancorp 334,862 95.19 81.78 85.92 0.00
HBNK Highland Federal Bank FSB 515,990 120.29 80.59 66.99 23.84
HBS Haywood Bancshares Inc. 152,796 97.44 75.44 77.42 6.87
HCBB HCB Bancshares Inc. 199,946 69.89 51.89 74.25 5.00
11
Key Financial Data as of The Most Recent Quarter
-----------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------
HCFC Home City Financial Corp. 70,110 116.70 85.94 73.64 6.15
HEMT HF Bancorp Inc. 1,050,377 61.99 50.58 81.59 9.04
HFFB Harrodsburg First Fin Bancorp 108,949 102.71 73.91 71.96 0.00
HFFC HF Financial Corp. 574,889 103.03 77.89 75.59 11.78
HFGI Harrington Financial Group 521,043 71.85 19.16 26.66 67.60
HFNC HFNC Financial Corp. 866,859 157.03 80.13 51.02 28.47
HFSA Hardin Bancorp Inc. 117,364 76.50 49.43 64.61 22.58
HHFC Harvest Home Financial Corp. 87,596 79.16 51.58 65.15 22.43
HIFS Hingham Instit. for Savings 216,240 104.75 77.07 73.58 15.82
HMCI HomeCorp Inc. 326,877 88.83 81.29 91.52 0.73
HMLK Hemlock Federal Financial Corp 161,905 47.25 37.61 79.60 0.00
HMNF HMN Financial Inc. 568,847 97.51 62.86 64.46 19.69
HOMF Home Federal Bancorp 694,109 113.07 85.58 75.69 14.82
HPBC Home Port Bancorp Inc. 201,014 118.88 84.50 71.08 17.35
HRBF Harbor Federal Bancorp Inc. 217,202 87.29 69.02 79.06 6.78
HRZB Horizon Financial Corp. 531,028 95.84 79.05 82.48 0.00
HTHR Hawthorne Financial Corp. 891,163 100.52 87.57 87.11 5.90
HWEN Home Financial Bancorp 41,309 136.66 85.56 62.61 19.37
HZFS Horizon Financial Svcs Corp. 87,784 97.51 62.52 64.12 25.16
IBSF IBS Financial Corp. 734,751 37.20 28.73 77.22 4.67
IFSB Independence Federal Svgs Bank 251,561 75.18 60.02 79.84 12.00
INBI Industrial Bancorp Inc. 354,116 116.04 88.34 76.12 5.93
INCB Indiana Community Bank SB 96,089 87.84 76.66 87.28 0.00
IPSW Ipswich Savings Bank 202,509 93.07 75.75 81.38 11.44
ISBF ISB Financial Corp. 956,048 82.57 67.64 81.92 4.92
ITLA ITLA Capital Corp. 901,555 103.22 84.31 81.68 6.82
IWBK InterWest Bancorp Inc. 2,046,705 95.90 54.89 57.24 35.72
JOAC Joachim Bancorp Inc. 35,073 100.35 70.44 70.19 0.00
JSB JSB Financial Inc. 1,531,068 83.22 61.03 73.33 0.00
JSBA Jefferson Savings Bancorp 1,257,753 89.04 75.72 85.04 4.08
JXSB Jacksonville Savings Bk (MHC) 164,235 90.76 79.43 87.51 0.16
JXVL Jacksonville Bancorp Inc. 226,182 91.84 75.36 82.06 0.88
KFBI Klamath First Bancorp 980,078 82.01 56.40 68.77 14.90
KNK Kankakee Bancorp Inc. 339,937 86.29 70.11 81.25 6.98
KSAV KS Bancorp Inc. 109,937 107.50 84.55 78.65 7.28
KSBK KSB Bancorp Inc. 149,657 107.81 77.38 71.77 19.43
KYF Kentucky First Bancorp Inc. 88,089 90.77 56.42 62.15 20.17
LARK Landmark Bancshares Inc. 227,736 NA NA 63.55 20.29
LARL Laurel Capital Group Inc. 209,980 85.38 70.26 82.29 5.26
LFBI Little Falls Bancorp Inc. 324,425 64.60 45.05 69.74 18.03
LFCO Life Financial Corp. 294,102 141.11 76.69 54.35 24.32
LFED Leeds Federal Savings Bk (MHC) 285,425 76.69 62.79 81.88 0.22
LIFB Life Bancorp Inc. 1,486,357 88.26 43.99 49.84 38.55
LISB Long Island Bancorp Inc. 5,930,784 98.53 61.97 62.90 25.32
LOGN Logansport Financial Corp. 85,801 99.17 71.36 71.96 6.41
LONF London Financial Corporation 38,210 99.00 77.60 78.39 0.79
LSBI LSB Financial Corp. 200,266 130.80 88.50 67.66 23.32
LSBX Lawrence Savings Bank 352,980 62.22 44.27 71.15 18.13
LVSB Lakeview Financial 505,882 61.48 45.06 73.30 12.57
LXMO Lexington B&L Financial Corp. 59,236 107.94 76.69 71.05 0.00
MAFB MAF Bancorp Inc. 3,370,587 115.74 78.85 68.12 22.38
MARN Marion Capital Holdings 179,822 127.59 85.56 67.05 8.06
MASB MASSBANK Corp. 932,757 32.71 28.79 88.01 0.10
MBB MSB Bancorp Inc. 773,991 NA NA 88.38 0.04
MBBC Monterey Bay Bancorp Inc. 409,663 83.42 64.53 77.36 10.58
MBLF MBLA Financial Corp. 224,013 124.51 57.97 46.56 40.09
MBSP Mitchell Bancorp Inc. 34,591 151.12 83.76 55.42 0.00
MCBN Mid-Coast Bancorp Inc. 61,473 112.62 81.53 72.40 18.61
MCBS Mid Continent Bancshares Inc. 405,262 104.80 61.11 58.32 30.05
MDBK Medford Bancorp Inc. 1,106,345 71.20 53.04 74.50 15.99
MECH Mechanics Savings Bank 830,741 86.35 67.67 78.36 10.35
MERI Meritrust Federal SB 233,311 58.22 52.50 90.19 0.00
METF Metropolitan Financial Corp. 865,572 94.13 74.69 79.35 15.19
MFBC MFB Corp. 255,921 117.11 78.66 67.16 18.71
12
Key Financial Data as of The Most Recent Quarter
-----------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------
MFCX Marshalltown Financial Corp. 125,491 63.93 52.84 82.64 0.00
MFFC Milton Federal Financial Corp. 209,958 89.59 60.94 68.03 18.85
MFLR Mayflower Co-operative Bank 129,033 71.93 56.52 78.57 10.85
MFSL Maryland Federal Bancorp 1,175,006 123.18 86.29 70.06 19.10
MIFC Mid-Iowa Financial Corp. 128,017 74.65 52.12 69.82 19.53
MIVI Mississippi View Holding Co. 68,546 NA NA 80.51 0.00
MLBC ML Bancorp Inc. 2,315,784 103.95 44.90 43.20 46.94
MONT Montgomery Financial Corp. 101,986 125.36 89.00 71.00 8.26
MRKF Market Financial Corp. 56,121 75.22 47.32 62.91 0.00
MSBF MSB Financial Inc. 77,014 169.02 92.01 54.44 27.61
MSBK Mutual Savings Bank FSB 654,127 76.84 47.13 61.34 30.57
MWBI Midwest Bancshares Inc. 149,850 86.57 61.14 70.62 21.69
MWBX MetroWest Bank 585,760 92.94 76.36 82.17 9.29
MWFD Midwest Federal Financial 211,689 101.01 76.07 75.31 14.46
NASB North American Savings Bank 736,585 125.19 86.56 69.14 22.12
NBN Northeast Bancorp 265,442 135.67 78.84 58.12 33.39
NBSI North Bancshares Inc. 122,081 104.73 62.73 59.90 23.84
NEIB Northeast Indiana Bancorp 190,319 175.42 89.38 50.95 34.15
NHTB New Hampshire Thrift Bncshrs 319,338 96.15 81.03 84.28 7.06
NMSB NewMil Bancorp Inc. 317,407 61.12 53.59 87.69 1.26
NSLB NS&L Bancorp Inc. 59,711 75.61 55.74 73.72 5.02
NSSB Norwich Financial Corp. 700,860 82.33 69.88 84.88 2.23
NSSY NSS Bancorp Inc. 670,749 104.06 66.01 63.43 27.12
NTMG Nutmeg Federal S&LA 105,151 111.58 88.08 78.94 9.99
NWEQ Northwest Equity Corp. 96,954 127.25 82.18 64.58 23.09
NWSB Northwest Savings Bank (MHC) 2,100,744 94.37 75.87 80.40 8.75
NYB New York Bancorp Inc. 3,244,200 121.06 62.85 51.92 38.65
OCFC Ocean Financial Corp. 1,489,220 78.83 51.12 64.85 19.31
OCN Ocwen Financial Corp. 2,956,300 105.37 70.25 66.67 12.56
OFCP Ottawa Financial Corp. 866,966 115.78 85.74 74.05 16.03
OHSL OHSL Financial Corp. 234,600 93.54 72.30 77.29 10.98
OSFS Ohio State Financial Services 38,559 89.49 63.95 71.46 0.00
OTFC Oregon Trail Financial Corp. 341,988 77.22 42.33 54.82 1.86
PALM Palfed Inc. 668,504 97.19 83.37 85.78 4.86
PBCI Pamrapo Bancorp Inc. 371,958 69.58 56.42 81.10 4.16
PBCT People's Bank (MHC) 7,731,200 91.68 66.58 72.62 16.48
PBHC Oswego City Savings Bk (MHC) 193,005 73.80 59.68 80.87 6.40
PBKB People's Bancshares Inc. 717,451 112.33 54.60 48.60 42.99
PCBC Perry County Financial Corp. 81,105 21.97 16.44 74.83 5.55
PDB Piedmont Bancorp Inc. 126,544 123.82 83.07 67.08 15.45
PEEK Peekskill Financial Corp. 181,242 35.78 26.03 72.75 0.00
PERM Permanent Bancorp Inc. 433,568 78.11 50.25 64.33 25.23
PERT Perpetual Bank (MHC) 256,211 90.61 68.28 75.36 10.93
PFDC Peoples Bancorp 290,601 97.66 81.26 83.20 1.09
PFED Park Bancorp Inc. 174,515 54.05 39.73 73.50 1.72
PFFB PFF Bancorp Inc. 2,615,466 110.35 72.31 65.53 22.97
PFFC Peoples Financial Corp. 86,486 84.64 60.45 71.43 0.00
PFNC Progress Financial Corp. 436,746 93.16 69.39 74.48 14.56
PFSB PennFed Financial Services Inc 1,363,950 99.59 71.19 71.48 20.29
PFSL Pocahontas FS&LA (MHC) 383,417 112.60 42.10 37.39 55.11
PHBK Peoples Heritage Finl Group 6,056,083 95.41 67.25 70.48 19.35
PHFC Pittsburgh Home Financial Corp 273,304 131.74 66.87 50.76 37.21
PHSB Peoples Home Savings Bk (MHC) 206,426 58.33 49.11 84.19 1.51
PKPS Poughkeepsie Financial Corp. 883,981 107.39 74.32 69.20 20.92
PLSK Pulaski Savings Bank (MHC) 178,987 67.24 56.62 84.21 3.17
PMFI Perpetual Midwest Financial 401,665 107.69 83.15 77.21 12.75
PRBC Prestige Bancorp Inc. 137,834 103.90 67.89 65.34 22.62
PROV Provident Financial Holdings 640,634 110.09 89.88 81.64 2.94
PSBK Progressive Bank Inc. 884,617 72.86 65.94 90.51 0.00
PSFC Peoples-Sidney Financial Corp. 102,835 120.18 89.29 74.29 0.00
PSFI PS Financial Inc. 85,698 86.24 41.58 48.21 9.92
PTRS Potters Financial Corp. 122,716 78.90 64.84 82.19 8.03
PULB Pulaski Bank, Svgs Bank (MHC) 180,232 95.56 79.58 83.28 1.22
PULS Pulse Bancorp 526,016 31.55 24.65 78.14 12.87
13
Key Financial Data as of The Most Recent Quarter
-----------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------
PVFC PVF Capital Corp. 383,278 113.83 93.49 82.13 8.58
PVSA Parkvale Financial Corporation 1,005,440 83.81 74.64 89.06 2.17
PWBC PennFirst Bancorp Inc. 822,350 85.15 40.81 47.93 42.64
PWBK Pennwood Bancorp Inc. 47,645 79.26 60.79 76.69 3.06
QCBC Quaker City Bancorp Inc. 847,024 118.76 78.89 66.43 22.27
QCFB QCF Bancorp Inc. 158,192 62.15 41.07 66.09 13.43
QCSB Queens County Bancorp Inc. 1,541,049 129.11 88.10 68.23 17.99
RARB Raritan Bancorp Inc. 407,262 77.95 64.29 82.48 8.62
REDF RedFed Bancorp Inc. 967,309 101.81 87.95 86.39 3.56
RELI Reliance Bancshares Inc. 46,987 153.59 57.86 37.67 12.86
RELY Reliance Bancorp Inc. 2,034,753 62.83 44.88 71.43 18.47
RIVR River Valley Bancorp 138,461 98.31 82.13 83.54 2.17
ROSE TR Financial Corp. 3,691,564 84.73 53.28 62.88 28.41
RSLN Roslyn Bancorp Inc. 3,474,150 49.04 26.48 54.00 26.44
RVSB Riverview Bancorp Inc. 282,247 83.91 56.04 66.79 11.53
SBFL SB of the Finger Lakes (MHC) 227,970 57.88 46.64 80.59 9.08
SBOS Boston Bancorp (The) 1,715,070 24.42 19.25 78.85 7.61
SCBS Southern Community Bancshares 70,370 75.43 58.98 78.19 0.00
SCCB S. Carolina Community Bancshrs 45,619 109.53 79.44 72.53 0.00
SFED SFS Bancorp Inc. 174,093 86.44 74.40 86.08 0.00
SFFC StateFed Financial Corp. 87,542 130.17 77.82 59.78 21.70
SFIN Statewide Financial Corp. 703,112 75.00 47.20 62.93 26.75
SFSB SuburbFed Financial Corp. 432,559 90.79 66.08 72.78 19.27
SFSL Security First Corp. 680,827 126.75 89.36 70.50 19.25
SGVB SGV Bancorp Inc. 408,975 106.09 76.00 71.63 20.00
SHEN First Shenango Bancorp Inc. 401,437 95.80 65.27 68.13 19.46
SHSB SHS Bancorp Inc. 88,460 89.35 65.63 73.46 12.05
SISB SIS Bancorp Inc. 1,453,017 67.39 47.38 70.31 19.67
SKAN Skaneateles Bancorp Inc. 247,643 102.29 85.98 84.05 7.42
SKBO First Carnegie Deposit (MHC) 147,102 80.98 42.39 52.35 29.42
SMBC Southern Missouri Bancorp Inc. 163,297 96.07 69.00 71.83 10.74
SMFC Sho-Me Financial Corp. 344,849 150.04 87.47 58.30 31.63
SOBI Sobieski Bancorp Inc. 84,279 110.72 76.81 69.37 15.44
SOPN First Savings Bancorp Inc. 295,315 95.38 66.67 69.90 6.10
SOSA Somerset Savings Bank 520,339 86.71 76.29 87.98 4.53
SPBC St. Paul Bancorp Inc. 4,548,436 94.00 67.96 72.29 17.57
SRN Southern Banc Co. 106,164 43.79 35.93 82.04 0.00
SSB Scotland Bancorp Inc. 64,399 108.28 72.54 66.99 8.54
SSFC South Street Financial Corp. 240,524 79.41 46.74 58.86 14.55
SSM Stone Street Bancorp Inc. 104,773 135.09 86.03 63.68 4.82
STFR St. Francis Capital Corp. 1,660,649 68.41 44.78 65.46 25.31
STSA Sterling Financial Corp. 1,870,513 104.75 55.97 53.43 39.60
SVRN Sovereign Bancorp Inc. 14,601,008 133.15 70.68 53.08 40.58
SWBI Southwest Bancshares 375,004 99.46 73.03 73.43 13.56
SWCB Sandwich Bancorp Inc. 511,765 88.81 71.73 80.76 10.17
SZB SouthFirst Bancshares Inc. 97,283 114.80 73.80 64.29 19.01
THR Three Rivers Financial Corp. 94,216 105.19 67.97 64.62 19.89
THRD TF Financial Corp. 625,338 58.98 41.84 70.94 15.73
TPNZ Tappan Zee Financial Inc. 124,603 57.25 46.56 81.33 0.00
TRIC Tri-County Bancorp Inc. 88,173 83.25 44.68 53.66 29.89
TSBS Trenton SB (MHC) 638,942 81.30 62.77 77.21 4.70
TSH Teche Holding Co. 404,097 124.95 86.67 69.37 16.18
TWIN Twin City Bancorp 106,931 84.74 71.02 83.81 0.94
UBMT United Financial Corp. 103,082 47.48 33.21 69.95 4.85
UFRM United Federal Savings Bank 285,744 96.04 85.32 88.84 0.00
USAB USABancshares, Inc. 64,269 73.78 53.03 71.88 18.99
VABF Virginia Beach Fed. Financial 605,486 120.74 77.29 64.01 28.11
WAMU Washington Mutual Inc. 95,607,369 134.09 71.94 53.65 38.46
WAYN Wayne Savings Bancshares (MHC) 250,241 98.96 83.34 84.21 5.59
WBST Webster Financial Corp. 6,811,014 89.84 56.25 62.62 31.00
WCBI Westco Bancorp 309,070 93.21 76.83 82.43 0.00
WCFB Webster City Federal SB (MHC) 94,481 76.90 57.76 75.11 0.27
WEFC Wells Financial Corp. 204,761 130.15 91.85 70.57 14.16
WEHO Westwood Homestead Fin. Corp. 142,878 129.96 78.26 60.22 11.74
14
Key Financial Data as of The Most Recent Quarter
-----------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------
WES Westcorp 3,757,362 100.05 51.60 51.57 23.40
WFI Winton Financial Corp. 324,532 117.08 86.70 74.05 17.69
WFSG Wilshire Financial Services 1,369,761 215.90 64.27 29.77 61.49
WFSL Washington Federal Inc. 5,719,589 145.09 73.70 50.80 34.57
WHGB WHG Bancshares Corp. 100,235 108.52 79.50 73.26 3.99
WOFC Western Ohio Financial Corp. 397,425 126.01 76.82 60.96 24.66
WRNB Warren Bancorp Inc. 364,130 74.24 64.44 86.80 1.05
WSB Washington Savings Bank, FSB 267,870 52.42 45.70 87.19 3.73
WSFS WSFS Financial Corp. 1,495,609 129.91 64.09 49.33 43.25
WSTR WesterFed Financial Corp. 999,203 104.72 66.09 63.11 23.81
WVFC WVS Financial Corp. 282,235 98.18 57.56 58.62 27.85
WWFC Westwood Financial Corp. 110,425 44.84 36.50 81.39 9.06
WYNE Wayne Bancorp Inc. 267,285 93.56 66.75 71.34 15.61
YFCB Yonkers Financial Corporation 312,956 67.43 44.80 66.44 19.20
YFED York Financial Corp. 1,155,725 102.06 87.20 85.44 4.01
-----------------------------------------------------
Average 1,513,822 97.64 67.61 70.70 15.12
15
Key Financial Data as of The Most Recent Quarter
-----------------------------------------------------
Total Loans/ Loans/ Deposits/ Borrowings/
Assets Deposits Assets Assets Assets
Ticker Short Name ($000) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------
Comparable Thrift Data
FESX First Essex Bancorp Inc. 1,209,698 98.35 60.22 61.23 29.32
FFES First Federal of East Hartford 987,416 32.97 19.07 57.83 34.97
FFIC Flushing Financial Corp. 960,130 89.51 59.99 67.02 17.19
GAF GA Financial Inc. 802,304 66.62 37.94 56.94 24.98
JSB JSB Financial Inc. 1,531,068 83.22 61.03 73.33 0.00
MASB MASSBANK Corp. 932,757 32.71 28.79 88.01 0.10
MDBK Medford Bancorp Inc. 1,106,345 71.20 53.04 74.50 15.99
PWBC PennFirst Bancorp Inc. 822,350 85.15 40.81 47.93 42.64
SFIN Statewide Financial Corp. 703,112 75.00 47.20 62.93 26.75
SISB SIS Bancorp Inc. 1,453,017 67.39 47.38 70.31 19.67
STFR St. Francis Capital Corp. 1,660,649 68.41 44.78 65.46 25.31
THRD TF Financial Corp. 625,338 58.98 41.84 70.94 15.73
-----------------------------------------------------
Average 1,066,182 69.13 45.17 66.37 21.05
Median 973,773 69.81 45.99 66.24 22.33
Maximum 1,660,649 98.35 61.03 88.01 42.64
Minimum 625,338 32.71 19.07 47.93 0.00
16
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------------------------
%CAL California Federal Bank, a FSB 7.44 5.33 29.97 5.73 8.77 11.83
%CCMD Chevy Chase Bank, FSB 5.60 5.02 10.86 6.48 7.19 13.21
AABC Access Anytime Bancorp Inc. 8.65 8.65 0.00 7.35 9.14 16.79
AADV Advantage Bancorp Inc. 9.54 8.94 6.97 6.43 10.10 14.81
ABBK Abington Bancorp Inc. 7.13 6.50 9.37 6.30 7.56 13.58
ABCL Alliance Bancorp Inc. 9.41 9.31 1.20 8.24 9.81 15.93
ABCW Anchor BanCorp Wisconsin 6.40 6.30 1.74 5.69 7.54 10.54
AFBC Advance Financial Bancorp 15.40 15.40 0.00 15.50 15.68 24.60
AFCB Affiliated Community Bancorp 9.76 9.71 0.54 9.87 10.50 18.92
AFED AFSALA Bancorp Inc. 13.47 13.47 0.00 13.48 14.15 32.75
AFFFZ America First Financial Fund 8.37 8.28 1.05 7.27 8.69 16.53
AHCI Ambanc Holding Co. 11.37 11.37 0.00 9.30 12.16 21.90
AHM H.F. Ahmanson & Co. 5.10 4.51 12.00 5.89 5.91 11.81
ALBC Albion Banc Corp. 8.56 8.56 0.00 NA 8.95 NA
ALBK ALBANK Financial Corp. 9.24 8.23 11.91 6.40 9.95 11.70
AMFC AMB Financial Corp. 13.94 13.94 0.00 9.15 14.31 18.10
ANA Acadiana Bancshares Inc. 16.95 16.95 0.00 13.74 17.95 26.66
ANDB Andover Bancorp Inc. 8.12 8.12 0.00 8.30 9.10 14.80
ANE Alliance Bncorp of New England 7.36 7.20 2.38 7.2 8.61 13.3
ASBI Ameriana Bancorp 11.21 11.20 0.06 10.46 11.49 19.12
ASBP ASB Financial Corp. 15.57 15.57 0.00 12.33 16.30 27.81
ASFC Astoria Financial Corp. 7.71 6.60 15.40 5.82 7.90 15.62
ATSB AmTrust Capital Corp. 10.93 10.83 0.98 10.50 11.66 17.60
AVND Avondale Financial Corp. 7.72 7.72 0.00 7.55 8.68 13.18
BANC BankAtlantic Bancorp Inc. 5.50 4.60 17.26 6.65 6.50 11.31
BDJI First Federal Bancorporation 10.71 10.71 0.00 9.70 11.09 19.21
BFD BostonFed Bancorp Inc. 8.52 8.22 3.73 NA 9.14 NA
BFFC Big Foot Financial Corp. 17.48 17.48 0.00 12.26 17.62 33.92
BFSB Bedford Bancshares Inc. 14.10 14.10 0.00 12.40 14.58 22.83
BKC American Bank of Connecticut 8.81 8.52 3.64 7.85 9.67 14.65
BKCT Bancorp Connecticut Inc. 10.75 10.75 0.00 10.41 11.99 17.32
BKUNA BankUnited Financial Corp. 4.64 4.01 14.33 8.07 4.82 11.27
BNKU Bank United Corp. 5.00 4.89 2.27 7.77 5.33 13.18
BPLS Bank Plus Corp. 4.52 4.51 0.18 5.76 6.01 11.63
BSBC Branford Savings Bank 9.63 9.63 0.00 9.64 11.68 17.97
BTHL Bethel Bancorp 8.48 7.36 14.28 7.38 9.63 13.39
BVCC Bay View Capital Corp. 5.82 4.91 16.48 5.86 7.06 10.24
BWFC Bank West Financial Corp. 14.15 14.15 0.00 11.72 14.30 21.91
BYFC Broadway Financial Corp. 10.57 10.57 0.00 8.61 11.43 14.69
CAFI Camco Financial Corp. 9.59 8.94 7.45 9.25 9.84 16.51
CAPS Capital Savings Bancorp Inc. 9.14 9.14 0.00 8.21 9.45 17.03
CASB Cascade Financial Corp. 6.64 6.64 0.00 6.62 7.58 11.85
CASH First Midwest Financial Inc. 10.75 9.66 11.19 8.19 11.33 14.06
CATB Catskill Financial Corp. 24.78 24.78 0.00 20.63 25.44 61.28
CBCI Calumet Bancorp Inc. 16.22 16.22 0.00 9.91 17.44 16.24
CBES CBES Bancorp Inc. 16.92 16.92 0.00 12.09 17.40 15.10
CBK Citizens First Financial Corp. 13.75 13.75 0.00 10.49 13.99 18.28
CBSA Coastal Bancorp Inc. 3.47 2.93 15.93 5.38 3.71 11.88
CBSB Charter Financial Inc. 14.47 13.02 11.52 11.65 15.06 21.47
CCFH CCF Holding Company 10.66 10.66 0.00 9.53 11.23 15.08
CEBK Central Co-operative Bank 9.90 9.00 9.95 NA 10.69 NA
CENB Century Bancorp Inc. 30.29 30.29 0.00 19.16 30.84 44.50
CENF CENFED Financial Corp. 5.56 5.55 0.16 5.69 6.30 11.43
CFB Commercial Federal Corp. 6.16 5.55 10.50 6.59 6.83 13.92
CFBC Community First Banking Co. 17.80 17.61 1.32 12.00 18.36 17.42
CFCP Coastal Financial Corp. 6.56 6.56 0.00 6.31 7.55 11.05
CFFC Community Financial Corp. 13.21 13.21 0.00 11.34 13.80 17.23
CFNC Carolina Fincorp Inc. 22.59 22.59 0.00 NA 22.94 NA
CFSB CFSB Bancorp Inc. 7.71 7.71 0.00 7.46 8.25 13.46
CFTP Community Federal Bancorp 26.72 26.72 0.00 24.09 26.99 57.37
CFX CFX Corp. 8.71 8.42 3.60 8.38 9.47 14.98
CIBI Community Investors Bancorp 11.75 11.75 0.00 11.20 12.25 21.3
CKFB CKF Bancorp Inc. 23.67 23.67 0.00 20.15 23.87 34.56
CLAS Classic Bancshares Inc. 14.88 12.92 15.08 11.60 15.51 23.20
17
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------------------------
CMRN Cameron Financial Corp 21.02 21.02 0.00 16.80 21.78 25.80
CMSB Commonwealth Bancorp Inc. 9.28 7.39 22.06 6.30 9.68 13.00
CMSV Community Savings Bnkshrs(MHC) 11.34 11.34 0.00 11.40 11.71 23.10
CNIT CENIT Bancorp Inc. 6.95 6.40 8.41 NA 7.49 NA
CNSB CNS Bancorp Inc. 24.33 24.33 0.00 19.92 24.73 40.19
CNY Carver Bancorp Inc. 8.40 8.10 3.86 7.41 9.02 14.78
COFI Charter One Financial 7.05 6.52 8.16 5.64 7.49 10.78
CONE Conestoga Bancorp, Inc. 16.18 16.18 0.00 12.17 16.22 27.71
COOP Cooperative Bankshares Inc. 7.69 7.69 0.00 7.70 7.92 14.60
CRZY Crazy Woman Creek Bancorp 23.70 23.70 0.00 18.22 24.21 45.57
CSA Coast Savings Financial 5.20 5.14 1.16 5.58 6.13 11.37
CSBF CSB Financial Group Inc. 25.04 23.99 5.53 25.34 25.36 54.92
CTZN CitFed Bancorp Inc. 6.27 5.73 9.13 5.78 6.82 12.77
CVAL Chester Valley Bancorp Inc. 8.66 8.66 0.00 8.59 9.58 14.77
DCBI Delphos Citizens Bancorp Inc. 26.64 26.64 0.00 13.89 26.74 28.64
DIBK Dime Financial Corp. 8.14 7.93 2.87 8.14 9.46 21.22
DIME Dime Community Bancorp Inc. 13.49 11.85 13.82 9.62 14.30 19.44
DME Dime Bancorp Inc. 5.42 5.18 4.78 6.03 5.95 12.10
DNFC D & N Financial Corp. 5.25 5.20 1.00 6.42 5.87 11.63
DSL Downey Financial Corp. 7.13 7.05 1.31 6.40 7.66 12.30
EBSI Eagle Bancshares 8.17 8.17 0.00 5.97 8.86 9.13
EFBC Empire Federal Bancorp Inc. 36.37 36.37 0.00 23.83 36.55 65.78
EFBI Enterprise Federal Bancorp 11.43 11.43 0.06 10.46 11.64 19.04
EGFC Eagle Financial Corp. 6.90 5.57 20.44 7.58 7.37 17.84
EGLB Eagle BancGroup Inc. 11.85 11.85 0.00 9.89 12.38 17.31
EIRE Emerald Isle Bancorp Inc. 6.99 6.99 0.00 6.99 7.67 10.75
EMLD Emerald Financial Corp. 7.80 7.70 1.47 7.52 8.08 12.65
EQSB Equitable Federal Savings Bank 5.04 5.04 0.00 5.04 5.22 11.24
ESBK Elmira Savings Bank (The) 6.35 6.20 2.62 6.19 7.01 10.23
ESX Essex Bancorp Inc. 7.83 7.75 1.16 8.07 8.92 14.47
ETFS East Texas Financial Services 18.01 18.01 0.00 15.20 18.24 40.22
FAB FirstFed America Bancorp Inc. 12.20 12.20 0.00 10.23 13.21 19.58
FBBC First Bell Bancorp Inc. 10.53 10.53 0.00 10.23 10.64 22.98
FBCI Fidelity Bancorp Inc. 10.48 10.46 0.21 NA 10.57 NA
FBCV 1ST Bancorp 8.65 8.50 1.90 8.76 9.10 15.96
FBER 1st Bergen Bancorp 13.65 13.65 0.00 10.60 14.73 29.30
FBHC Fort Bend Holding Corp. 6.16 5.77 6.62 6.70 6.67 14.80
FBNW FirstBank Corp. 16.43 16.43 0.00 16.40 17.00 16.96
FBSI First Bancshares Inc. 13.92 13.92 0.00 11.21 14.23 16.98
FCB Falmouth Bancorp Inc. 23.66 23.66 0.00 NA NA NA
FCBF FCB Financial Corp. 13.89 13.89 0.00 11.78 14.55 20.43
FCME First Coastal Corp. 9.75 9.75 0.00 9.02 11.53 15.95
FDEF First Defiance Financial 19.66 19.66 0.00 13.7 20.10 21.80
FED FirstFed Financial Corp. 5.16 5.11 0.98 6.16 7.18 12.06
FESX First Essex Bancorp Inc. 7.40 6.54 12.52 6.42 8.26 11.76
FFBA First Colorado Bancorp Inc. 13.08 12.93 1.30 11.97 13.37 22.67
FFBH First Federal Bancshares of AR 14.89 14.89 0.00 11.81 15.11 22.48
FFBI First Financial Bancorp Inc. 8.92 8.92 0.00 8.44 9.50 15.17
FFBS FFBS BanCorp Inc. 16.71 16.71 0.00 14.04 17.13 26.11
FFBZ First Federal Bancorp Inc. 7.67 7.66 0.11 6.82 8.56 11.31
FFCH First Financial Holdings Inc. 6.12 6.12 0.00 6.47 6.80 10.66
FFDB FirstFed Bancorp Inc. 9.63 8.89 8.49 9.69 10.08 17.08
FFDF FFD Financial Corp. 24.34 24.34 0.00 NA 24.65 NA
FFED Fidelity Federal Bancorp 6.11 6.11 0.00 7.36 6.92 11.80
FFES First Federal of East Hartford 6.63 6.63 0.00 6.75 6.90 22.45
FFFC FFVA Financial Corp. 13.31 13.08 2.01 10.35 13.88 20.94
FFFD North Central Bancshares Inc. 22.92 22.92 0.00 17.43 23.91 32.67
FFFL Fidelity Bankshares Inc. (MHC) 8.20 8.16 0.62 7.90 8.41 15.80
FFHH FSF Financial Corp. 11.17 11.17 0.00 10.10 11.39 19.20
FFHS First Franklin Corp. 9.02 8.97 0.56 6.56 9.44 14.12
FFIC Flushing Financial Corp. 14.21 13.71 4.00 10.17 14.88 21.05
FFKY First Federal Financial Corp. 13.70 13.03 5.65 12.51 14.16 20.21
FFLC FFLC Bancorp Inc. 13.73 13.73 0.00 11.30 14.14 22.60
FFOH Fidelity Financial of Ohio 13.03 11.72 11.32 10.07 13.34 18.74
18
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------------------------
FFPB First Palm Beach Bancorp Inc. 6.25 6.11 2.33 7.07 6.58 14.76
FFSL First Independence Corp. 10.25 10.25 0.00 8.42 10.84 19.53
FFSX First Fed SB of Siouxland(MHC) 8.73 8.67 0.80 8.62 9.13 17.10
FFWC FFW Corp. 9.70 8.89 9.23 6.81 10.10 12.72
FFWD Wood Bancorp Inc. 12.44 12.44 0.00 9.01 12.79 15.28
FFYF FFY Financial Corp. 13.69 13.69 0.00 9.67 14.17 17.27
FGHC First Georgia Holding Inc. 8.22 7.59 8.23 8.21 8.85 10.29
FIBC Financial Bancorp Inc. 9.04 9.00 0.47 7.22 9.52 18.75
FISB First Indiana Corporation 9.64 9.54 1.19 8.63 11.08 12.46
FKFS First Keystone Financial 6.63 6.63 0.00 8.12 7.06 19.91
FKKYD Frankfort First Bancorp Inc. 16.83 16.83 0.00 18.38 16.90 35.95
FLAG FLAG Financial Corp. 9.11 9.11 0.00 8.65 11.06 14.54
FLFC First Liberty Financial Corp. 7.37 6.69 9.87 6.50 8.26 11.48
FLGS Flagstar Bancorp Inc. 5.98 5.75 3.98 5.71 6.22 10.83
FLKY First Lancaster Bancshares 29.47 29.47 0.00 26.90 29.79 43.10
FMBD First Mutual Bancorp Inc. 13.40 10.55 23.78 18.97 13.76 19.64
FMCO FMS Financial Corp. 6.49 6.40 1.46 7.51 6.99 16.23
FMSB First Mutual Savings Bank 6.79 6.79 0.00 6.89 7.82 11.74
FNGB First Northern Capital Corp. 11.09 11.09 0.00 10.24 11.56 16.77
FOBC Fed One Bancorp 11.18 10.73 4.43 9.94 11.59 24.28
FPRY First Financial Bancorp 6.35 6.35 0.00 6.20 7.00 10.80
FSBI Fidelity Bancorp Inc. 6.79 6.79 0.00 8.76 7.30 18.52
FSFC First Southeast Financial Corp 10.28 10.28 0 9.80 10.68 20.31
FSFF First SecurityFed Financial 11.76 11.66 0.97 11.60 12.43 24.60
FSLA First Savings Bank (MHC) 9.50 8.71 9.09 8.68 10.07 22.38
FSNJ Bayonne Bancshares Inc. 15.62 15.62 0.00 15.86 16.16 47.40
FSPG First Home Bancorp Inc. 6.86 6.77 1.51 6.57 7.60 17.05
FSPT FirstSpartan Financial Corp. 26.79 26.79 0.00 17.70 27.18 31.50
FSSB First FS&LA of San Bernardino 4.33 4.18 3.63 4.29 5.38 8.52
FSTC First Citizens Corp. 10.12 8.15 21.19 8.17 11.23 12.05
FTF Texarkana First Financial Corp 15.32 15.32 0.00 15.29 15.95 25.82
FTFC First Federal Capital Corp. 6.73 6.37 5.76 6.11 7.24 11.93
FTNB Fulton Bancorp Inc. 24.67 24.67 0.00 16.40 25.59 29.10
FTSB Fort Thomas Financial Corp. 16.13 16.13 0.00 15.08 16.62 24.30
FWWB First SB of Washington Bancorp 13.68 12.77 7.62 12.61 14.33 23.31
GAF GA Financial Inc. 14.63 14.51 0.97 12.07 14.78 33.50
GBCI Glacier Bancorp Inc. 9.99 9.77 2.45 9.59 10.60 16.93
GDVS Greater Delaware Valley (MHC) 11.64 11.64 0.00 11.73 12.25 27.04
GDW Golden West Financial 6.56 6.56 0.00 6.34 7.13 13.83
GFCO Glenway Financial Corp. 9.46 9.36 1.20 8.50 9.78 13.80
GFED Guaranty Federal SB (MHC) 13.02 13.02 0.00 12.20 14.06 21.30
GFSB GFS Bancorp Inc. 11.51 11.51 0.00 9.92 12.18 18.51
GLMR Gilmer Financial Svcs, Inc. 9.02 9.02 0.00 8.80 9.75 19.20
GOSB GSB Financial Corp. 8.11 8.11 0.00 NA NA NA
GPT GreenPoint Financial Corp. 9.69 5.44 46.40 6.95 10.51 15.76
GSB Golden State Bancorp Inc. 6.35 5.79 9.34 5.71 7.32 11.41
GSBC Great Southern Bancorp Inc. 8.65 8.65 0.00 7.65 10.85 11.41
GSFC Green Street Financial Corp. 35.37 35.37 0.00 35.37 35.51 83.14
GSLA GS Financial Corp. 43.13 43.13 0.00 32.84 43.42 95.29
GTFN Great Financial Corp. 10.07 9.70 4.01 8.59 10.58 18.81
GTPS Great American Bancorp 20.43 20.43 0.00 13.78 20.76 23.54
GUPB GFSB Bancorp Inc. 12.82 12.82 0.00 NA 13.16 NA
GWBC Gateway Bancorp Inc. 27.74 27.74 0.00 25.60 27.87 81.70
HALL Hallmark Capital Corp. 7.30 7.30 0.00 6.59 7.75 12.64
HARB Harbor Florida Bancorp (MHC) 8.56 8.31 3.15 7.29 9.59 15.15
HARL Harleysville Savings Bank 6.62 6.62 0.00 6.64 7.18 14.01
HARS Harris Financial Inc. (MHC) 8.20 7.32 11.56 6.95 8.61 14.34
HAVN Haven Bancorp Inc. 6.00 5.98 0.32 6.67 6.65 14.46
HBBI Home Building Bancorp 14.12 14.12 0.00 10.69 14.31 21.42
HBEI Home Bancorp of Elgin Inc. 27.56 27.56 0.00 21.10 27.86 38.39
HBFW Home Bancorp 13.29 13.29 0.00 10.18 13.70 22.30
HBNK Highland Federal Bank FSB 7.67 7.67 0.00 7.69 9.28 11.77
HBS Haywood Bancshares Inc. 14.18 13.77 3.42 13.78 14.66 27.54
HCBB HCB Bancshares Inc. 19.09 18.52 3.63 NA 19.84 NA
19
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------------------------
HCFC Home City Financial Corp. 19.61 19.61 0.00 15.19 20.24 26.57
HEMT HF Bancorp Inc. 7.93 6.70 16.67 6.07 8.34 15.48
HFFB Harrodsburg First Fin Bancorp 26.92 26.92 0.00 21.10 27.21 43.05
HFFC HF Financial Corp. 9.43 9.42 0.01 7.47 10.26 12.62
HFGI Harrington Financial Group 4.84 4.84 0.00 6.09 4.88 31.27
HFNC HFNC Financial Corp. 18.81 18.81 0.00 16.70 19.66 31.41
HFSA Hardin Bancorp Inc. 11.53 11.53 0.00 10.00 11.71 26.82
HHFC Harvest Home Financial Corp. 11.81 11.81 0.00 NA 11.95 NA
HIFS Hingham Instit. for Savings 9.71 9.71 0.00 9.77 10.41 15.97
HMCI HomeCorp Inc. 6.83 6.83 0.00 5.46 7.32 9.09
HMLK Hemlock Federal Financial Corp 19.31 19.31 0.00 13.16 19.77 38.90
HMNF HMN Financial Inc. 14.88 14.88 0.00 10.68 15.32 24.62
HOMF Home Federal Bancorp 8.66 8.42 2.95 8.16 9.20 12.06
HPBC Home Port Bancorp Inc. 10.67 10.67 0.00 10.66 11.97 18.55
HRBF Harbor Federal Bancorp Inc. 13.06 13.06 0.00 9.92 13.25 21.76
HRZB Horizon Financial Corp. 15.64 15.64 0.00 15.59 16.31 29.30
HTHR Hawthorne Financial Corp. 6.16 6.16 0.00 7.41 7.64 11.99
HWEN Home Financial Bancorp 17.55 17.55 0.00 14.95 18.18 25.47
HZFS Horizon Financial Svcs Corp. 9.95 9.95 0.00 7.52 10.37 14.19
IBSF IBS Financial Corp. 17.42 17.42 0.00 17.24 17.57 61.60
IFSB Independence Federal Svgs Bank 7.25 6.50 10.99 6.43 7.46 16.01
INBI Industrial Bancorp Inc. 17.18 17.18 0.00 15.72 17.66 30.02
INCB Indiana Community Bank SB 11.88 11.88 0.00 NA 12.59 NA
IPSW Ipswich Savings Bank 5.61 5.61 0.00 5.54 6.44 11.28
ISBF ISB Financial Corp. 12.06 10.50 14.43 10.29 12.60 19.30
ITLA ITLA Capital Corp. 10.72 10.68 0.37 10.39 11.94 13.02
IWBK InterWest Bancorp Inc. 6.34 6.24 1.78 6.62 6.77 NA
JOAC Joachim Bancorp Inc. 28.14 28.14 0.00 23.30 28.37 46.50
JSB JSB Financial Inc. 23.21 23.21 0.00 15.07 23.59 20.78
JSBA Jefferson Savings Bancorp 9.03 7.22 21.56 7.44 9.70 13.91
JXSB Jacksonville Savings Bk (MHC) 10.55 10.55 0.00 10.30 11.00 15.10
JXVL Jacksonville Bancorp Inc. 14.92 14.92 0.00 13.77 15.45 27.90
KFBI Klamath First Bancorp 14.74 13.59 9.06 11.06 14.87 23.12
KNK Kankakee Bancorp Inc. 11.43 10.85 5.71 9.02 12.06 16.32
KSAV KS Bancorp Inc. 13.24 13.23 0.03 NA 13.53 12.99
KSBK KSB Bancorp Inc. 7.36 7.02 4.93 6.79 8.19 11.02
KYF Kentucky First Bancorp Inc. 16.70 16.70 0.00 15.14 17.13 28.44
LARK Landmark Bancshares Inc. 14.08 14.08 0.00 NA NA NA
LARL Laurel Capital Group Inc. 10.47 10.47 0.00 10.19 11.35 21.37
LFBI Little Falls Bancorp Inc. 11.68 10.87 7.77 8.04 12.03 22.13
LFCO Life Financial Corp. 16.82 16.82 0.00 6.06 17.46 13.31
LFED Leeds Federal Savings Bk (MHC) 16.64 16.64 0.00 16.27 16.83 35.34
LIFB Life Bancorp Inc. 10.72 10.45 2.76 8.98 11.30 22.46
LISB Long Island Bancorp Inc. 9.21 9.13 0.93 7.75 9.78 16.22
LOGN Logansport Financial Corp. 18.89 18.89 0.00 18.90 19.17 35.56
LONF London Financial Corporation 19.90 19.90 0.00 NA 20.39 NA
LSBI LSB Financial Corp. 8.63 8.63 0.00 8.07 9.37 11.48
LSBX Lawrence Savings Bank 9.52 9.52 0.00 9.45 10.56 18.54
LVSB Lakeview Financial 12.22 10.65 14.33 7.60 12.89 16.99
LXMO Lexington B&L Financial Corp. 28.32 28.32 0.00 23.30 28.69 44.10
MAFB MAF Bancorp Inc. 7.79 6.91 12.15 7.04 8.34 14.81
MARN Marion Capital Holdings 21.95 21.95 0.00 20.30 23.08 31.40
MASB MASSBANK Corp. 10.78 10.64 1.50 9.81 11.02 34.04
MBB MSB Bancorp Inc. 9.84 6.23 39.05 6.23 NA NA
MBBC Monterey Bay Bancorp Inc. 11.51 10.76 7.30 9.11 11.90 17.52
MBLF MBLA Financial Corp. 12.65 12.65 0.00 12.01 12.94 32.63
MBSP Mitchell Bancorp Inc. 41.35 41.35 0.00 33.60 41.88 57.00
MCBN Mid-Coast Bancorp Inc. 8.58 8.58 0.00 8.33 9.11 14.96
MCBS Mid Continent Bancshares Inc. 9.87 9.87 0.00 8.90 9.98 22.60
MDBK Medford Bancorp Inc. 9.02 8.50 6.29 8.53 9.61 15.90
MECH Mechanics Savings Bank 10.41 10.41 0.00 9.82 12.12 18.71
MERI Meritrust Federal SB 8.26 8.26 0.00 8.10 8.53 18.06
METF Metropolitan Financial Corp. 4.03 3.69 8.74 5.46 4.66 8.63
MFBC MFB Corp. 13.10 13.10 0.00 12.43 13.24 25.40
20
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------------------------
MFCX Marshalltown Financial Corp. 16.16 16.16 0.00 12.47 16.26 32.99
MFFC Milton Federal Financial Corp. 12.57 12.57 0.00 10.34 12.83 22.83
MFLR Mayflower Co-operative Bank 9.64 9.50 1.60 9.64 10.52 17.10
MFSL Maryland Federal Bancorp 8.48 8.40 1.14 7.90 8.89 15.61
MIFC Mid-Iowa Financial Corp. 9.42 9.41 0.11 NA 9.66 NA
MIVI Mississippi View Holding Co. 17.61 17.61 0.00 16.32 NA 33.17
MLBC ML Bancorp Inc. 6.92 6.49 6.70 5.45 7.69 12.44
MONT Montgomery Financial Corp. 19.14 19.14 0.00 14.62 19.32 22.49
MRKF Market Financial Corp. 35.45 35.45 0.00 23.40 35.54 68.20
MSBF MSB Financial Inc. 16.54 16.54 0.00 12.89 16.95 21.63
MSBK Mutual Savings Bank FSB 6.37 6.37 0.00 6.47 6.67 15.89
MWBI Midwest Bancshares Inc. 6.92 6.92 0.00 6.09 7.40 14.23
MWBX MetroWest Bank 7.47 7.47 0.00 7.58 8.65 11.32
MWFD Midwest Federal Financial 9.00 8.73 3.32 7.27 9.77 10.01
NASB North American Savings Bank 7.68 7.44 3.36 7.70 8.52 13.00
NBN Northeast Bancorp 7.71 6.96 10.49 6.99 8.67 12.21
NBSI North Bancshares Inc. 13.43 13.43 0.00 11.81 13.60 32.16
NEIB Northeast Indiana Bancorp 14.37 14.37 0.00 12.09 14.97 20.03
NHTB New Hampshire Thrift Bncshrs 7.82 6.79 14.10 6.43 8.74 11.92
NMSB NewMil Bancorp Inc. 10.17 10.17 0 10.35 11.92 20.26
NSLB NS&L Bancorp Inc. 19.56 19.56 0.00 15.00 19.63 35.10
NSSB Norwich Financial Corp. 11.67 10.71 9.22 10.37 13.56 14.80
NSSY NSS Bancorp Inc. 8.14 7.92 2.94 7.80 9.10 15.87
NTMG Nutmeg Federal S&LA 8.25 8.25 0.00 8.15 8.73 13.42
NWEQ Northwest Equity Corp. 11.69 11.69 0.00 8.81 12.17 13.88
NWSB Northwest Savings Bank (MHC) 9.64 9.15 5.59 8.97 10.29 18.32
NYB New York Bancorp Inc. 5.21 5.21 0.00 5.11 5.79 11.83
OCFC Ocean Financial Corp. 15.17 15.17 0.00 11.89 15.61 30.15
OCN Ocwen Financial Corp. 14.14 13.82 2.60 10.48 14.92 13.99
OFCP Ottawa Financial Corp. 8.74 7.18 19.21 NA 9.11 NA
OHSL OHSL Financial Corp. 10.92 10.92 0.00 9.17 11.15 17.42
OSFS Ohio State Financial Services 27.08 27.08 0.00 27.08 27.45 58.85
OTFC Oregon Trail Financial Corp. 19.06 19.06 0.00 12.28 19.28 18.50
PALM Palfed Inc. 8.52 8.52 0.00 6.90 9.60 10.50
PBCI Pamrapo Bancorp Inc. 12.91 12.83 0.70 12.82 13.59 27.59
PBCT People's Bank (MHC) 9.02 9.01 0.11 8.40 10.13 13.90
PBHC Oswego City Savings Bk (MHC) 11.94 10.23 15.99 9.84 12.34 16.90
PBKB People's Bancshares Inc. 4.10 3.94 4.11 5.97 4.69 11.47
PCBC Perry County Financial Corp. 19.20 19.20 0.00 16.2 19.23 72.6
PDB Piedmont Bancorp Inc. 16.43 16.43 0.00 15.37 17.10 28.59
PEEK Peekskill Financial Corp. 26.10 26.10 0.00 25.20 26.45 97.40
PERM Permanent Bancorp Inc. 9.46 9.35 1.31 8.44 9.97 21.01
PERT Perpetual Bank (MHC) 11.83 11.83 0.00 10.90 12.42 19.00
PFDC Peoples Bancorp 15.24 15.24 0.00 12.00 15.55 24.67
PFED Park Bancorp Inc. 23.14 23.14 0.00 15.90 23.42 43.60
PFFB PFF Bancorp Inc. 10.06 9.96 1.05 8.51 11.10 16.47
PFFC Peoples Financial Corp. 27.21 27.21 0.00 20.00 27.44 45.30
PFNC Progress Financial Corp. 5.33 4.78 10.81 6.70 6.11 10.58
PFSB PennFed Financial Services Inc 7.33 6.27 15.31 5.71 7.52 12.33
PFSL Pocahontas FS&LA (MHC) 6.32 6.32 0.00 6.32 6.77 16.22
PHBK Peoples Heritage Finl Group 7.45 6.43 14.64 8.62 8.49 14.26
PHFC Pittsburgh Home Financial Corp 10.54 10.44 1.05 22.59 11.06 10.26
PHSB Peoples Home Savings Bk (MHC) 13.67 13.67 0.00 13.20 14.34 28.00
PKPS Poughkeepsie Financial Corp. 8.42 8.42 0.00 7.06 9.42 12.10
PLSK Pulaski Savings Bank (MHC) 11.98 11.98 0.00 11.98 12.52 29.17
PMFI Perpetual Midwest Financial 8.51 8.51 0.00 7.95 9.22 12.24
PRBC Prestige Bancorp Inc. 11.21 11.21 0.00 11.24 11.48 23.95
PROV Provident Financial Holdings 13.33 13.33 0.00 9.59 14.21 15.08
PSBK Progressive Bank Inc. 8.73 7.93 9.93 7.75 9.82 15.34
PSFC Peoples-Sidney Financial Corp. 25.30 25.30 0.00 16.90 25.70 27.70
PSFI PS Financial Inc. 37.32 37.32 0.00 37.33 37.54 110.85
PTRS Potters Financial Corp. 8.81 8.81 0.00 7.98 10.53 17.63
PULB Pulaski Bank, Svgs Bank (MHC) 13.04 13.04 0.00 13.00 13.31 30.20
PULS Pulse Bancorp 8.21 8.21 0.00 7.63 8.66 27.74
21
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------------------------
PVFC PVF Capital Corp. 7.18 7.18 0.00 7.38 7.86 10.55
PVSA Parkvale Financial Corporation 7.72 7.67 0.65 7.09 9.15 14.52
PWBC PennFirst Bancorp Inc. 8.37 7.51 11.07 7.13 8.96 20.13
PWBK Pennwood Bancorp Inc. 18.34 18.34 0.00 18.05 18.97 34.17
QCBC Quaker City Bancorp Inc. 8.46 8.46 0.00 7.14 9.36 13.06
QCFB QCF Bancorp Inc. 16.45 16.45 0 NA 17.27 NA
QCSB Queens County Bancorp Inc. 11.22 11.22 0.00 10.32 11.83 16.85
RARB Raritan Bancorp Inc. 7.37 7.26 1.53 7.42 8.18 13.43
REDF RedFed Bancorp Inc. 8.32 8.29 0.38 7.81 9.13 11.85
RELI Reliance Bancshares Inc. 48.31 48.31 0.00 46.44 48.63 70.47
RELY Reliance Bancorp Inc. 8.26 6.20 26.55 5.42 8.54 14.72
RIVR River Valley Bancorp 12.72 12.56 1.43 NA 13.59 NA
ROSE TR Financial Corp. 6.24 6.24 0.00 6.27 6.64 18.56
RSLN Roslyn Bancorp Inc. 17.64 17.57 0.48 12.52 18.33 28.53
RVSB Riverview Bancorp Inc. 20.75 20.13 3.70 12.90 21.07 26.30
SBFL SB of the Finger Lakes (MHC) 9.34 9.34 0.00 9.22 9.85 23.73
SBOS Boston Bancorp (The) 12.34 12.34 0.00 10.06 12.45 26.75
SCBS Southern Community Bancshares 21.32 21.32 0.00 NA 22.47 NA
SCCB S. Carolina Community Bancshrs 26.58 26.58 0.00 23.70 27.22 49.80
SFED SFS Bancorp Inc. 12.47 12.47 0.00 12.45 12.91 24.20
SFFC StateFed Financial Corp. 17.53 17.53 0.00 10.42 17.79 18.56
SFIN Statewide Financial Corp. 9.36 9.35 0.17 8.37 9.76 22.15
SFSB SuburbFed Financial Corp. 6.63 6.61 0.33 NA 6.83 NA
SFSL Security First Corp. 9.26 9.13 1.55 7.91 10.01 11.21
SGVB SGV Bancorp Inc. 7.44 7.33 1.53 6.45 7.74 14.23
SHEN First Shenango Bancorp Inc. 11.62 11.62 0.00 9.43 12.39 19.10
SHSB SHS Bancorp Inc. 13.34 13.34 0 10.68 13.82 23.70
SISB SIS Bancorp Inc. 7.36 7.36 0.00 7.13 8.63 13.07
SKAN Skaneateles Bancorp Inc. 7.00 6.81 2.88 6.79 7.84 11.29
SKBO First Carnegie Deposit (MHC) 16.59 16.59 0.00 NA 16.94 NA
SMBC Southern Missouri Bancorp Inc. 16.15 16.15 0.00 13.33 16.60 25.36
SMFC Sho-Me Financial Corp. 9.03 9.03 0.00 7.95 9.58 14.77
SOBI Sobieski Bancorp Inc. 14.78 14.78 0.00 11.20 15.01 26.80
SOPN First Savings Bancorp Inc. 23.01 23.01 0.00 22.92 23.21 50.87
SOSA Somerset Savings Bank 6.60 6.60 0.00 6.62 8.03 10.70
SPBC St. Paul Bancorp Inc. 8.99 8.97 0.28 8.6 9.74 16.65
SRN Southern Banc Co. 17.08 16.95 0.90 NA 17.15 NA
SSB Scotland Bancorp Inc. 22.61 22.61 0.00 NA 23.00 NA
SSFC South Street Financial Corp. 25.66 25.66 0.00 25.65 25.84 75.38
SSM Stone Street Bancorp Inc. 29.57 29.57 0.00 25.00 30.10 45.54
STFR St. Francis Capital Corp. 7.74 6.91 11.53 7.14 8.11 12.21
STSA Sterling Financial Corp. 5.25 4.83 8.47 7.46 5.71 13.71
SVRN Sovereign Bancorp Inc. 5.08 4.31 15.92 5.31 5.73 12.14
SWBI Southwest Bancshares 11.34 11.34 0.00 7.77 11.55 13.81
SWCB Sandwich Bancorp Inc. 7.93 7.65 3.89 7.74 8.70 14.57
SZB SouthFirst Bancshares Inc. 14.00 14.00 0.00 14.00 14.29 23.27
THR Three Rivers Financial Corp. 13.77 13.73 0.35 11.71 14.29 22.64
THRD TF Financial Corp. 11.63 10.41 11.69 6.90 11.97 17.43
TPNZ Tappan Zee Financial Inc. 17.15 17.15 0.00 13.60 17.70 38.80
TRIC Tri-County Bancorp Inc. 15.31 15.31 0.00 13.24 15.78 35.78
TSBS Trenton SB (MHC) 16.94 15.51 10.01 15.48 17.44 26.48
TSH Teche Holding Co. 13.45 13.45 0.00 11.95 14.28 22.46
TWIN Twin City Bancorp 12.94 12.94 0.00 12.14 13.08 22.32
UBMT United Financial Corp. 24.02 24.02 0.00 16.10 24.09 42.70
UFRM United Federal Savings Bank 7.33 7.33 0.00 7.32 8.12 10.47
USAB USABancshares, Inc. 8.43 8.32 1.51 11 8.83 11.2
VABF Virginia Beach Fed. Financial 7.15 7.15 0.00 6.92 7.89 12.68
WAMU Washington Mutual Inc. 5.58 5.21 6.98 NA 6.29 NA
WAYN Wayne Savings Bancshares (MHC) 9.54 9.54 0.00 9.53 9.92 17.69
WBST Webster Financial Corp. 5.34 4.63 13.90 5.74 6.14 13.69
WCBI Westco Bancorp 15.54 15.54 0.00 13.40 15.83 28.80
WCFB Webster City Federal SB (MHC) 23.38 23.38 0.00 23.38 23.79 53.48
WEFC Wells Financial Corp. 14.22 14.22 0.00 10.96 14.58 19.27
WEHO Westwood Homestead Fin. Corp. 27.66 27.66 0.00 22.56 27.83 36.90
22
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------------------------
WES Westcorp 9.09 9.07 0.25 9.39 10.01 12.47
WFI Winton Financial Corp. 7.17 7.04 1.99 6.88 7.43 10.75
WFSG Wilshire Financial Services 7.28 7.28 0.00 NA 13.81 NA
WFSL Washington Federal Inc. 12.55 11.64 8.19 10.74 12.98 19.67
WHGB WHG Bancshares Corp. 20.66 20.66 0.00 15.11 20.89 32.25
WOFC Western Ohio Financial Corp. 13.87 13.06 6.65 12.1 14.38 22.6
WRNB Warren Bancorp Inc. 10.65 10.65 0.00 9.75 11.76 13.96
WSB Washington Savings Bank, FSB 8.38 8.38 0.00 7.78 8.84 21.24
WSFS WSFS Financial Corp. 5.54 5.51 0.72 6.76 7.26 10.73
WSTR WesterFed Financial Corp. 10.62 8.75 19.33 8.41 11.10 14.19
WVFC WVS Financial Corp. 12.00 12.00 0.00 11.70 12.70 26.10
WWFC Westwood Financial Corp. 9.32 8.42 10.54 7.18 9.53 19.80
WYNE Wayne Bancorp Inc. 12.43 12.43 0.00 10.18 13.22 23.21
YFCB Yonkers Financial Corporation 14.02 14.02 0.00 12.05 14.37 32.08
YFED York Financial Corp. 8.85 8.85 0.00 7.69 9.45 12.29
-----------------------------------------------------------------------
Average 12.52 12.28 2.91 10.85 13.10 22.15
23
Capital as of The Most Recent Quarter
-----------------------------------------------------------------------
Tangible Intangible Regulatory Equity + Total Capital/
Equity/ Equity/ Assets/ Core Cap/ Reserves/ Risk Adjusted
Assets Tang Assets Equity Assets Assets Assets
Ticker Short Name (%) (%) (%) (%) (%)
- -------------------------------------- -----------------------------------------------------------------------
Comparable Thrift Data
FESX First Essex Bancorp Inc. 7.40 6.54 12.52 6.42 8.26 11.76
FFES First Federal of East Hartford 6.63 6.63 0.00 6.75 6.90 22.45
FFIC Flushing Financial Corp. 14.21 13.71 4.00 10.17 14.88 21.05
GAF GA Financial Inc. 14.63 14.51 0.97 12.07 14.78 33.50
JSB JSB Financial Inc. 23.21 23.21 0.00 15.07 23.59 20.78
MASB MASSBANK Corp. 10.78 10.64 1.50 9.81 11.02 34.04
MDBK Medford Bancorp Inc. 9.02 8.50 6.29 8.53 9.61 15.90
PWBC PennFirst Bancorp Inc. 8.37 7.51 11.07 7.13 8.96 20.13
SFIN Statewide Financial Corp. 9.36 9.35 0.17 8.37 9.76 22.15
SISB SIS Bancorp Inc. 7.36 7.36 0.00 7.13 8.63 13.07
STFR St. Francis Capital Corp. 7.74 6.91 11.53 7.14 8.11 12.21
THRD TF Financial Corp. 11.63 10.41 11.69 6.90 11.97 17.43
-----------------------------------------------------------------------
Average 10.86 10.44 4.98 8.79 11.37 20.37
Median 9.19 8.93 2.75 7.76 9.69 20.46
Maximum 23.21 23.21 12.52 15.07 23.59 34.04
Minimum 6.63 6.54 0.00 6.42 6.90 11.76
24
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------ -----------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- ------------------------------------------------------ -----------------------
%CAL California Federal Bank, a FSB 1.24 160.38 1.11 14.92 1.99 119.83 1.14 15.22
%CCMD Chevy Chase Bank, FSB 0.73 378.42 2.11 37.76 2.78 74.92 0.18 3.30
AABC Access Anytime Bancorp Inc. 2.90 32.57 1.58 18.26 0.95 31.35 5.02 62.33
AADV Advantage Bancorp Inc. 0.55 183.39 0.48 5.00 1.02 117.02 1.13 12.28
ABBK Abington Bancorp Inc. 0.20 355.43 0.15 2.17 0.71 269.74 0.89 12.82
ABCL Alliance Bancorp Inc. 0.23 240.81 0.21 2.28 0.54 184.61 0.95 10.57
ABCW Anchor BanCorp Wisconsin 0.62 230.31 0.98 15.37 1.44 115.36 1.03 15.92
AFBC Advance Financial Bancorp 0.36 90.58 0.31 2.02 0.33 38.01 0.78 5.06
AFCB Affiliated Community Bancorp 0.54 218.71 0.34 3.48 1.18 218.65 1.07 10.92
AFED AFSALA Bancorp Inc. 0.95 150.77 0.45 3.32 1.43 150.77 0.79 5.83
AFFFZ America First Financial Fund 0.38 126.79 0.35 4.14 0.48 94.92 0.95 11.24
AHCI Ambanc Holding Co. 1.09 135.52 0.62 5.46 1.48 107.99 0.58 4.79
AHM H.F. Ahmanson & Co. 2.19 55.92 1.86 36.38 1.22 43.81 0.81 15.85
ALBC Albion Banc Corp. 0.17 321.43 0.12 1.39 0.53 321.43 0.53 6.17
ALBK ALBANK Financial Corp. 0.88 111.13 0.73 7.85 0.97 75.89 1.03 11.14
AMFC AMB Financial Corp. 0.27 192.08 0.32 2.28 0.51 118.29 1.17 8.14
ANA Acadiana Bancshares Inc. 0.59 223.09 0.50 2.94 1.32 201.03 1.03 5.96
ANDB Andover Bancorp Inc. 1.13 118.00 0.91 11.24 1.33 107.23 1.06 13.31
ANE Alliance Bncorp of New England 2.71 73.68 1.92 26.08 2.00 62.8 0.88 12.18
ASBI Ameriana Bancorp 0.56 65.63 0.49 4.40 0.37 53.03 1.01 9.07
ASBP ASB Financial Corp. 1.31 81.19 0.90 5.77 1.07 75.72 0.87 5.59
ASFC Astoria Financial Corp. 0.64 67.43 0.40 5.18 0.43 39.39 0.87 11.18
ATSB AmTrust Capital Corp. 2.70 38.11 2.20 20.12 1.03 33.49 0.34 3.24
AVND Avondale Financial Corp. 1.76 93.35 1.11 14.33 1.65 86.78 (6.08) (65.30)
BANC BankAtlantic Bancorp Inc. 0.82 173.48 0.90 16.39 1.42 108.06 0.93 16.78
BDJI First Federal Bancorporation 0.00 NM 0.24 2.20 0.79 120.28 0.71 6.50
BFD BostonFed Bancorp Inc. 0.38 200.74 0.34 3.98 0.76 184.11 0.71 7.91
BFFC Big Foot Financial Corp. 0.00 NM 0.00 0.00 0.31 150.75 0.43 2.47
BFSB Bedford Bancshares Inc. 0.00 NM 0.15 1.08 0.58 92.88 1.20 8.48
BKC American Bank of Connecticut 2.73 54.15 1.77 20.09 1.48 48.58 1.34 15.88
BKCT Bancorp Connecticut Inc. 1.25 160.30 0.95 8.82 2.00 118.74 1.42 13.67
BKUNA BankUnited Financial Corp. 0.72 28.96 0.62 13.41 0.21 27.63 0.45 8.66
BNKU Bank United Corp. 0.60 72.61 0.62 12.33 0.43 53.09 0.69 13.47
BPLS Bank Plus Corp. 2.36 85.58 2.21 48.94 2.02 67.35 0.36 7.69
BSBC Branford Savings Bank 2.26 136.75 1.56 16.15 3.09 131.46 0.92 9.65
BTHL Bethel Bancorp NA NA NA NA 1.48 NA 0.56 6.48
BVCC Bay View Capital Corp. 0.48 335.73 0.63 10.86 1.62 195.87 0.39 6.28
BWFC Bank West Financial Corp. 0.28 74.16 0.21 1.5 0.21 69.91 1.46 10.30
BYFC Broadway Financial Corp. 0.93 109.40 1.62 15.37 1.02 52.84 0.33 3.10
CAFI Camco Financial Corp. 0.16 180.6 0.30 3.09 0.29 41.84 1.38 14.45
CAPS Capital Savings Bancorp Inc. 0.20 197.92 0.17 1.87 0.39 84.67 0.99 11.00
CASB Cascade Financial Corp. 0.19 597.76 0.28 4.25 1.12 332.14 0.65 9.35
CASH First Midwest Financial Inc. 1.12 82.75 0.75 6.97 0.93 78.49 0.95 8.60
CATB Catskill Financial Corp. 0.73 206.00 0.40 1.62 1.50 162.15 1.34 5.35
CBCI Calumet Bancorp Inc. 0.92 168.50 1.27 7.81 1.55 96.64 1.36 8.66
CBES CBES Bancorp Inc. 0.37 141.16 0.59 3.49 0.53 81.11 1.17 6.81
CBK Citizens First Financial Corp. 0.29 97.19 0.46 3.36 0.28 38.86 0.52 3.76
CBSA Coastal Bancorp Inc. 1.05 51.73 0.59 16.90 0.54 38.71 0.37 10.87
CBSB Charter Financial Inc. 0.58 135.95 0.56 3.89 0.79 104.84 1.93 13.68
CCFH CCF Holding Company 0.24 288.02 0.20 1.86 0.70 288.02 (0.02) (0.23)
CEBK Central Co-operative Bank 0.76 151.19 0.53 5.33 1.15 151.19 0.85 8.56
CENB Century Bancorp Inc. 0.32 269.42 0.25 0.83 0.85 219.37 1.57 5.20
CENF CENFED Financial Corp. 0.90 118.49 0.97 17.36 1.07 76.38 0.74 14.21
CFB Commercial Federal Corp. 0.91 99.22 0.88 14.29 0.90 75.53 0.96 15.83
CFBC Community First Banking Co. 0.74 101.37 2.19 12.28 0.75 25.76 0.92 5.32
CFCP Coastal Financial Corp. 0.06 NM 0.10 1.57 1.18 966.86 1.30 20.45
CFFC Community Financial Corp. 0.51 129.84 0.56 4.22 0.67 105.58 0.73 5.45
CFNC Carolina Fincorp Inc. 0.22 226.67 0.16 0.70 0.50 226.67 1.26 5.55
CFSB CFSB Bancorp Inc. 0.18 335.26 0.19 2.41 0.61 283.10 1.32 17.07
CFTP Community Federal Bancorp 0.75 61.14 0.50 1.88 0.46 54.53 1.16 4.28
CFX CFX Corp. 0.61 179.69 0.55 6.32 1.10 137.87 (0.02) (0.27)
CIBI Community Investors Bancorp 0.57 103.28 0.53 4.48 0.59 94.97 1.01 8.53
CKFB CKF Bancorp Inc. 0.76 28.47 0.70 2.95 0.22 16.62 1.49 6.26
CLAS Classic Bancshares Inc. 0.32 294.70 0.43 2.88 0.94 93.71 0.83 5.61
25
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------ -----------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- ------------------------------------------------------ -----------------------
CMRN Cameron Financial Corp 0.21 436.56 0.18 0.83 0.91 139.04 1.22 5.73
CMSB Commonwealth Bancorp Inc. 0.77 92.49 0.47 5.06 0.71 85.46 0.70 7.35
CMSV Community Savings Bnkshrs(MHC) 0.55 113.79 0.41 3.61 0.62 90.57 0.88 7.78
CNIT CENIT Bancorp Inc. 0.28 273.59 0.45 6.49 0.77 103.38 0.98 13.65
CNSB CNS Bancorp Inc. 0.72 80.20 0.50 2.07 0.58 80.20 0.78 3.19
CNY Carver Bancorp Inc. 1.68 63.83 0.99 11.83 1.07 47.60 0.32 3.79
COFI Charter One Financial 0.25 275.27 0.20 2.83 0.68 159.82 1.30 18.97
CONE Conestoga Bancorp, Inc. 0.23 80.00 0.16 0.99 0.18 26.87 0.60 3.72
COOP Cooperative Bankshares Inc. 0.00 NM 0.10 1.24 0.29 109.36 0.59 7.70
CRZY Crazy Woman Creek Bancorp 0.78 134.22 0.38 1.58 1.04 134.22 1.29 5.33
CSA Coast Savings Financial 1.05 129.78 1.23 23.75 1.37 75.26 0.89 17.69
CSBF CSB Financial Group Inc. 1.00 57.14 0.56 2.23 0.57 57.14 0.43 1.71
CTZN CitFed Bancorp Inc. 0.41 210.75 0.40 6.43 0.86 136.26 0.88 13.85
CVAL Chester Valley Bancorp Inc. 0.65 173.12 0.53 6.16 1.12 173.12 1.06 12.41
DCBI Delphos Citizens Bancorp Inc. 0.58 21.81 0.45 1.69 0.13 21.81 1.74 6.32
DIBK Dime Financial Corp. 0.75 429.54 0.36 4.46 3.21 353.73 1.97 24.63
DIME Dime Community Bancorp Inc. 0.9 155.47 0.6 4.42 1.39 135.05 0.84 6.07
DME Dime Bancorp Inc. 1.43 56.53 1.02 18.78 0.81 51.61 0.78 15.14
DNFC D & N Financial Corp. 0.33 247.89 0.35 6.61 0.83 178.16 0.90 16.49
DSL Downey Financial Corp. 0.79 73.34 0.95 13.34 0.58 55.50 0.71 10.28
EBSI Eagle Bancshares 1.32 70.86 1.26 15.37 0.94 54.76 0.81 9.68
EFBC Empire Federal Bancorp Inc. 0.00 NM 0.00 0.00 0.45 357.14 1.49 4.04
EFBI Enterprise Federal Bancorp 0.10 297.93 0.07 0.61 0.30 297.93 0.79 6.74
EGFC Eagle Financial Corp. 0.65 132.05 0.53 7.70 0.86 87.59 0.84 12.19
EGLB Eagle BancGroup Inc. 1.52 47.89 1.48 12.51 0.73 35.66 0.24 2.04
EIRE Emerald Isle Bancorp Inc. 0.23 416.26 0.17 2.36 0.97 416.26 0.85 12.09
EMLD Emerald Financial Corp. 0.22 164.42 0.17 2.18 0.36 115.15 1.04 13.69
EQSB Equitable Federal Savings Bank 0.01 NM 0.15 2.99 0.26 36.72 0.70 13.94
ESBK Elmira Savings Bank (The) 0.64 133.3 0.63 9.89 0.86 103.23 0.58 9.14
ESX Essex Bancorp Inc. 1.06 119.50 1.92 24.53 1.27 51.58 (1.03) (12.86)
ETFS East Texas Financial Services 0.54 88.06 0.27 1.48 0.48 88.06 0.72 4.00
FAB FirstFed America Bancorp Inc. 0.37 312.47 0.39 3.18 1.16 259.57 0.69 5.69
FBBC First Bell Bancorp Inc. 0.10 132.41 0.09 0.86 0.13 116.26 1.04 10.35
FBCI Fidelity Bancorp Inc. 0.47 25.44 0.41 3.88 0.12 22.74 0.88 8.40
FBCV 1ST Bancorp 1.40 46.55 1.12 12.98 0.65 34.59 0.68 8.11
FBER 1st Bergen Bancorp 1.77 139.83 0.84 6.18 2.47 127.66 0.69 4.94
FBHC Fort Bend Holding Corp. 1.18 91.73 0.56 9.15 1.08 89.94 0.64 10.31
FBNW FirstBank Corp. 2.02 37.79 1.67 10.18 0.76 33.83 1.21 9.91
FBSI First Bancshares Inc. 0.04 875.44 0.13 0.94 0.36 45.57 1.27 9.48
FCB Falmouth Bancorp Inc. NA NA NA NA NA NA 0.89 3.75
FCBF FCB Financial Corp. 0.27 319.33 0.24 1.71 0.85 277.72 1.29 9.06
FCME First Coastal Corp. 2.06 121.23 1.59 16.33 2.49 108.25 0.89 9.35
FDEF First Defiance Financial 0.51 115.07 0.45 2.29 0.59 99.07 0.97 4.80
FED FirstFed Financial Corp. 1.22 211.08 1.20 23.17 2.57 168.73 0.58 11.53
FESX First Essex Bancorp Inc. 0.81 175.40 0.58 7.78 1.43 149.29 0.86 12.02
FFBA First Colorado Bancorp Inc. 0.16 237.9 0.20 1.56 0.39 141.52 1.37 10.55
FFBH First Federal Bancshares of AR 1.18 24.28 0.96 6.42 0.29 23.38 0.97 6.49
FFBI First Financial Bancorp Inc. 0.48 180.81 0.32 3.61 0.87 178.83 0.56 6.40
FFBS FFBS BanCorp Inc. 0.04 NM 0.03 0.17 0.59 72.88 1.36 7.57
FFBZ First Federal Bancorp Inc. 0.54 192.58 0.46 6.03 1.03 172.30 1.01 13.11
FFCH First Financial Holdings Inc. 0.94 86.85 1.46 23.90 0.82 45.68 0.85 13.96
FFDB FirstFed Bancorp Inc. 0.64 98.49 0.98 10.16 0.63 33.87 0.95 9.99
FFDF FFD Financial Corp. NA NA NA NA 0.46 NA 1.02 4.17
FFED Fidelity Federal Bancorp 0.07 NM 0.09 1.53 0.96 626.40 0.85 14.75
FFES First Federal of East Hartford 1.31 109.43 0.25 3.78 1.44 87.85 0.54 8.22
FFFC FFVA Financial Corp. 0.26 373.99 0.16 1.19 0.99 361.92 1.48 11.20
FFFD North Central Bancshares Inc. 0.13 870.90 0.22 0.97 1.16 446.43 1.82 7.96
FFFL Fidelity Bankshares Inc. (MHC) 0.47 58.82 0.40 4.82 0.28 51.95 0.79 9.48
FFHH FSF Financial Corp. 0.19 170.40 0.15 1.32 0.33 148.95 0.89 7.92
FFHS First Franklin Corp. 0.5 127.79 0.33 3.69 0.64 90.77 0.71 7.91
FFIC Flushing Financial Corp. 0.59 189.84 0.39 2.74 1.12 172.94 0.97 6.53
FFKY First Federal Financial Corp. 0.00 NM 0.08 0.57 0.53 94.29 1.69 12.33
FFLC FFLC Bancorp Inc. 0.15 352.85 0.18 1.30 0.52 226.46 0.96 7.06
FFOH Fidelity Financial of Ohio 0.35 106.32 0.29 2.23 0.37 106.32 0.92 7.10
26
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------ -----------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- ------------------------------------------------------ -----------------------
FFPB First Palm Beach Bancorp Inc. 0.68 76.91 0.56 8.96 0.53 58.39 0.56 8.76
FFSL First Independence Corp. 1.46 60.78 0.99 9.64 0.89 47.61 0.72 7.02
FFSX First Fed SB of Siouxland(MHC) 0.20 260.79 0.16 1.85 0.53 185.09 0.73 8.51
FFWC FFW Corp. 0.24 250.34 0.18 1.90 0.60 217.37 1.04 10.77
FFWD Wood Bancorp Inc. 0.02 NM 0.03 0.26 0.44 101.19 1.48 11.98
FFYF FFY Financial Corp. 0.87 72.24 0.66 4.84 0.63 72.24 1.25 9.24
FGHC First Georgia Holding Inc. 1.48 50.53 1.41 17.21 0.75 20.52 1.00 11.97
FIBC Financial Bancorp Inc. 1.40 64.93 1.59 17.62 0.91 27.02 0.94 10.07
FISB First Indiana Corporation 1.34 127.05 1.39 14.43 1.70 103.20 1.25 12.75
FKFS First Keystone Financial 1.27 66.15 1.11 16.70 0.84 39.39 0.83 11.60
FKKYD Frankfort First Bancorp Inc. 0.00 NM 0.00 0.00 0.08 80.00 1.13 6.72
FLAG FLAG Financial Corp. 5.47 51.58 3.92 43.07 2.82 49.66 0.86 9.60
FLFC First Liberty Financial Corp. 0.75 172.78 0.81 10.97 1.29 110.00 1.11 14.89
FLGS Flagstar Bancorp Inc. 2.44 11.23 3.04 50.79 0.27 8.02 1.41 21.01
FLKY First Lancaster Bancshares 2.52 13.93 2.28 7.74 0.35 13.93 0.99 3.17
FMBD First Mutual Bancorp Inc. 0.07 715.69 0.06 0.44 0.47 138.78 0.27 2.01
FMCO FMS Financial Corp. 1.63 57.50 1.15 17.73 0.94 43.53 1.00 15.05
FMSB First Mutual Savings Bank 0.00 NM 0.00 0.00 1.31 NM 1.06 15.53
FNGB First Northern Capital Corp. 0.09 600.39 0.08 0.74 0.53 574.86 0.98 8.77
FOBC Fed One Bancorp 0.37 236.45 0.19 1.70 0.88 91.97 0.90 8.14
FPRY First Financial Bancorp NA NA NA NA 0.84 NA 0.43 6.80
FSBI Fidelity Bancorp Inc. 0.60 173.03 0.29 4.31 1.04 171.64 0.86 12.73
FSFC First Southeast Financial Corp 0.3 165.95 0.24 2.34 0.50 164.77 1.06 10.50
FSFF First SecurityFed Financial 0.00 NM NA NA 0.98 NA 1.29 10.95
FSLA First Savings Bank (MHC) 0.67 154.73 0.50 5.31 1.04 105.63 0.69 7.31
FSNJ Bayonne Bancshares Inc. 1.93 71.59 0.81 5.18 1.38 47.67 0.64 5.32
FSPG First Home Bancorp Inc. 1.11 122.39 0.77 11.17 1.36 95.63 0.89 13.20
FSPT FirstSpartan Financial Corp. 0.39 123.16 0.32 1.20 0.49 56.19 1.64 6.87
FSSB First FS&LA of San Bernardino 1.43 102.26 2.31 53.29 1.47 45.41 (0.12) (2.83)
FSTC First Citizens Corp. 1.4 102.39 NA NA 1.43 NA 1.55 15.61
FTF Texarkana First Financial Corp 0.00 NM 0.07 0.46 0.76 276.17 1.72 11.10
FTFC First Federal Capital Corp. 0.12 538.65 0.13 1.90 0.64 395.30 1.20 18.27
FTNB Fulton Bancorp Inc. 0.79 133.75 0.86 3.50 1.06 57.19 1.33 5.33
FTSB Fort Thomas Financial Corp. 2.09 25.43 1.91 11.86 0.53 24.60 1.33 8.25
FWWB First SB of Washington Bancorp 0.16 613.23 0.25 1.85 0.97 241.66 1.21 8.67
GAF GA Financial Inc. 0.64 63.36 0.24 1.66 0.41 63.36 1.16 7.59
GBCI Glacier Bancorp Inc. 0.14 584.06 0.12 1.25 0.84 243.94 1.62 16.97
GDVS Greater Delaware Valley (MHC) 0.29 351.50 1.55 13.29 1.00 33.64 0.89 7.68
GDW Golden West Financial 1.20 56.00 1.18 17.98 0.67 47.94 0.92 14.23
GFCO Glenway Financial Corp. 0.28 131.05 0.25 2.69 0.37 123.32 0.85 8.92
GFED Guaranty Federal SB (MHC) 0.67 192.44 0.64 4.93 1.29 162.46 1.03 6.88
GFSB GFS Bancorp Inc. 0.89 87.87 0.98 8.54 0.78 67.81 1.28 11.13
GLMR Gilmer Financial Svcs, Inc. 2.51 51.93 1.65 18.25 1.30 44.52 (0.52) (5.64)
GOSB GSB Financial Corp. NA NA NA NA NA NA 0.40 4.05
GPT GreenPoint Financial Corp. 4.08 30.73 2.88 29.68 1.26 28.68 1.08 11.39
GSB Golden State Bancorp Inc. 1.33 97.20 1.36 21.42 1.30 70.96 0.70 11.06
GSBC Great Southern Bancorp Inc. 1.64 157.04 1.91 22.05 2.58 115.21 2.18 25.30
GSFC Green Street Financial Corp. 0.13 147.40 0.10 0.27 0.20 147.40 1.64 4.58
GSLA GS Financial Corp. 0.00 NM 0.01 0.02 0.81 211.96 1.67 3.81
GTFN Great Financial Corp. 0.47 157.96 0.38 3.76 0.74 16.32 1.12 11.41
GTPS Great American Bancorp 0.02 NM 0.01 0.07 0.42 126.83 0.66 3.15
GUPB GFSB Bancorp Inc. 0.55 115.79 0.29 2.29 0.63 115.79 0.70 5.11
GWBC Gateway Bancorp Inc. 2.01 18.71 0.76 2.75 0.38 14.39 0.53 1.94
HALL Hallmark Capital Corp. 0.09 741.02 0.12 1.65 0.67 355.91 0.62 8.57
HARB Harbor Florida Bancorp (MHC) 0.30 453.14 0.43 5.06 1.38 238.88 1.24 14.77
HARL Harleysville Savings Bank 0.00 NM 0.00 0.00 0.78 NM 1.02 15.38
HARS Harris Financial Inc. (MHC) 0.66 145.38 0.64 7.82 0.96 60.65 1.01 12.65
HAVN Haven Bancorp Inc. 1.18 95.03 0.76 12.67 1.12 85.85 0.54 9.01
HBBI Home Building Bancorp 0.64 44.51 0.44 3.09 0.28 44.51 0.73 5.35
HBEI Home Bancorp of Elgin Inc. 0.32 110.11 0.35 1.28 0.35 85.96 0.70 2.65
HBFW Home Bancorp 0.00 NM 0.00 0.00 0.51 835.54 0.89 6.61
HBNK Highland Federal Bank FSB 2.54 78.84 2.52 32.89 2.00 63.92 1.34 18.04
HBS Haywood Bancshares Inc. 0.71 90.28 0.67 4.76 0.64 71.19 2.18 15.52
HCBB HCB Bancshares Inc. NA NA NA NA 1.44 NA 0.58 3.08
27
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------ -----------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- ------------------------------------------------------ -----------------------
HCFC Home City Financial Corp. 0.95 77.27 0.82 4.16 0.73 77.27 1.39 6.94
HEMT HF Bancorp Inc. 1.94 41.66 1.65 20.74 0.81 24.89 0.20 2.44
HFFB Harrodsburg First Fin Bancorp 0.00 NM 0.00 0.00 0.38 59.81 1.39 5.23
HFFC HF Financial Corp. 0.55 196.34 0.48 5.12 1.08 173.70 1.15 12.55
HFGI Harrington Financial Group 0.35 60.57 0.20 4.17 0.21 20.13 0.26 5.07
HFNC HFNC Financial Corp. 0.99 107.36 0.92 4.90 1.06 92.55 1.85 10.06
HFSA Hardin Bancorp Inc. 0.17 211.11 0.09 0.79 0.36 195.33 0.65 5.31
HHFC Harvest Home Financial Corp. 0.22 117.00 0.11 0.97 0.26 117.00 0.80 6.60
HIFS Hingham Instit. for Savings 1.16 78.90 0.89 9.19 0.91 78.90 1.26 13.12
HMCI HomeCorp Inc. 0.66 91.94 2.16 31.58 0.61 22.97 0.58 8.75
HMLK Hemlock Federal Financial Corp 0.00 NM 0.00 0.00 1.22 NM 1.03 5.41
HMNF HMN Financial Inc. 0.08 922.02 0.07 0.44 0.71 465.21 1.07 7.35
HOMF Home Federal Bancorp 0.49 129.66 0.48 5.56 0.63 112.57 1.42 16.70
HPBC Home Port Bancorp Inc. 0.00 NM 0.00 0.00 1.54 NM 1.65 15.56
HRBF Harbor Federal Bancorp Inc. 0.15 189.19 0.10 0.78 0.28 189.19 0.77 5.88
HRZB Horizon Financial Corp. 0.00 NM 0.00 0.00 0.85 NM 1.56 10.00
HTHR Hawthorne Financial Corp. 7.35 23.12 8.07 131.10 1.70 18.43 1.46 24.27
HWEN Home Financial Bancorp 1.90 38.19 1.70 9.71 0.73 36.51 0.76 4.43
HZFS Horizon Financial Svcs Corp. 0.90 74.24 0.71 7.10 0.67 44.31 1.14 11.52
IBSF IBS Financial Corp. 0.39 130.07 0.13 0.75 0.50 110.72 0.70 3.99
IFSB Independence Federal Svgs Bank NA NA NA NA 0.36 NA 0.33 4.69
INBI Industrial Bancorp Inc. 0.15 363.60 0.14 0.79 0.54 193.84 1.40 8.06
INCB Indiana Community Bank SB NA NA NA NA 0.93 NA 0.59 4.91
IPSW Ipswich Savings Bank 0.42 257.34 0.84 15.05 1.09 97.31 1.17 20.59
ISBF ISB Financial Corp. 0.31 256.07 0.27 2.28 0.80 196.73 0.55 4.53
ITLA ITLA Capital Corp. 1.14 127.34 1.54 14.34 1.45 79.64 1.44 13.42
IWBK InterWest Bancorp Inc. 0.43 178.44 0.58 9.09 0.77 73.44 1.08 16.65
JOAC Joachim Bancorp Inc. 0.28 115.94 0.20 0.70 0.32 95.24 0.75 2.68
JSB JSB Financial Inc. 1.56 39.27 1.02 4.39 0.61 35.16 2.23 9.73
JSBA Jefferson Savings Bancorp 0.49 183.25 0.67 7.38 0.89 101.16 0.74 8.43
JXSB Jacksonville Savings Bk (MHC) 0.91 61.70 0.79 7.51 0.56 56.34 0.74 7.16
JXVL Jacksonville Bancorp Inc. 0.76 91.63 0.78 5.23 0.70 67.63 1.75 11.48
KFBI Klamath First Bancorp 0.05 510.24 0.03 0.18 0.23 510.24 0.99 5.90
KNK Kankakee Bancorp Inc. 0.55 162.42 0.80 6.97 0.90 60.22 0.86 7.66
KSAV KS Bancorp Inc. 0.56 62.21 0.53 3.98 0.35 55.44 1.10 8.19
KSBK KSB Bancorp Inc. 1.73 61.53 1.39 18.89 1.07 52.04 1.21 16.68
KYF Kentucky First Bancorp Inc. 0.07 NM 0.04 0.23 0.76 457.83 1.21 7.26
LARK Landmark Bancshares Inc. NA NA NA NA NA NA 1.04 7.46
LARL Laurel Capital Group Inc. 0.55 225.74 0.43 4.15 1.25 201.97 1.48 14.41
LFBI Little Falls Bancorp Inc. 1.68 45.47 0.90 7.67 0.77 38.49 0.57 4.75
LFCO Life Financial Corp. 1.42 58.16 1.42 8.44 0.83 44.57 6.43 34.47
LFED Leeds Federal Savings Bk (MHC) 0.09 315.29 0.06 0.36 0.30 315.29 1.21 7.36
LIFB Life Bancorp Inc. 0.75 176.99 0.41 3.83 1.32 141.46 0.93 8.71
LISB Long Island Bancorp Inc. 1.28 71.97 0.91 9.83 0.92 63.07 0.88 9.58
LOGN Logansport Financial Corp. 0.52 74.21 0.49 2.62 0.39 55.66 1.41 7.39
LONF London Financial Corporation NA NA NA NA 0.63 NA 1.34 6.77
LSBI LSB Financial Corp. 1.18 69.89 1.05 12.14 0.83 69.89 0.83 9.62
LSBX Lawrence Savings Bank 1.06 221.30 0.66 6.98 2.35 156.71 1.76 19.33
LVSB Lakeview Financial 1.67 89.5 1.13 9.29 1.50 59.43 1.54 14.17
LXMO Lexington B&L Financial Corp. 0.62 78.37 0.48 1.68 0.49 78.37 1.52 5.43
MAFB MAF Bancorp Inc. 0.41 168.83 0.38 4.82 0.69 128.75 1.10 14.00
MARN Marion Capital Holdings 1.23 108.01 1.08 4.94 1.32 104.36 1.50 6.72
MASB MASSBANK Corp. 0.43 193.81 0.16 1.44 0.84 113.84 1.12 10.53
MBB MSB Bancorp Inc. NA NA NA NA NA NA 0.62 6.62
MBBC Monterey Bay Bancorp Inc. 1.05 57.32 0.76 6.58 0.60 51.39 0.50 4.44
MBLF MBLA Financial Corp. 0.99 50.27 0.57 4.53 0.50 50.27 0.89 7.13
MBSP Mitchell Bancorp Inc. 2.37 26.45 2.25 5.45 0.63 23.36 1.44 3.50
MCBN Mid-Coast Bancorp Inc. 0.67 95.27 0.55 6.41 0.64 82.14 0.82 9.90
MCBS Mid Continent Bancshares Inc. 0.38 49.89 0.24 2.43 0.19 47.79 0.97 9.93
MDBK Medford Bancorp Inc. 0.48 235.75 0.27 3.02 1.12 219.01 0.99 11.07
MECH Mechanics Savings Bank 1.06 237.55 0.91 8.72 2.53 188.34 0.93 8.95
MERI Meritrust Federal SB 0.42 125.29 0.25 3.00 0.52 70.30 1.14 13.75
METF Metropolitan Financial Corp. 0.41 203.68 0.54 13.35 0.84 107.95 0.71 17.67
MFBC MFB Corp. 0.00 NM 0.00 0.00 0.18 141.76 0.79 6.00
28
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------ -----------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- ------------------------------------------------------ -----------------------
MFCX Marshalltown Financial Corp. 0.00 NM 0.00 0.00 0.19 NM 0.57 3.58
MFFC Milton Federal Financial Corp. 0.25 176.18 0.15 1.21 0.44 91.98 0.68 5.29
MFLR Mayflower Co-operative Bank 1.01 155.53 0.57 5.89 1.56 154.47 1.04 10.73
MFSL Maryland Federal Bancorp 0.40 115.79 0.45 5.31 0.46 85.54 0.83 9.80
MIFC Mid-Iowa Financial Corp. NA NA NA NA 0.45 NA 1.09 11.66
MIVI Mississippi View Holding Co. NA NA NA NA NA NA 1.07 5.86
MLBC ML Bancorp Inc. 0.80 213.57 0.43 6.19 1.71 178.98 0.74 10.77
MONT Montgomery Financial Corp. 0.71 28.59 0.73 3.84 0.20 24.43 0.89 4.65
MRKF Market Financial Corp. 0.00 NM 0.00 0.00 0.20 27.23 1.27 3.61
MSBF MSB Financial Inc. 0.02 NM 0.02 0.13 0.45 40.20 1.54 9.16
MSBK Mutual Savings Bank FSB 0.05 NM 0.05 0.73 0.64 650.66 0.12 1.86
MWBI Midwest Bancshares Inc. 0.81 96.78 0.81 11.76 0.79 59.23 1.13 16.37
MWBX MetroWest Bank 0.71 218.22 0.69 9.20 1.55 131.24 1.36 18.19
MWFD Midwest Federal Financial NA NA NA NA 1.02 NA 1.48 16.67
NASB North American Savings Bank 2.97 32.94 3.11 40.56 0.98 27.16 1.57 20.06
NBN Northeast Bancorp 1.09 112.63 1.03 13.34 1.22 93.77 0.84 10.96
NBSI North Bancshares Inc. 0.00 NM 0.00 0.00 0.27 NM 0.37 2.69
NEIB Northeast Indiana Bancorp 0.19 353.23 0.17 1.20 0.67 350.00 1.28 8.66
NHTB New Hampshire Thrift Bncshrs 0.52 219.29 0.61 7.80 1.14 151.10 0.95 12.64
NMSB NewMil Bancorp Inc. 1.75 186.1 1.05 10.34 3.26 128.18 0.88 8.67
NSLB NS&L Bancorp Inc. 0.03 466.67 0.02 0.08 0.13 210 0.94 4.78
NSSB Norwich Financial Corp. 1.33 203.29 1.20 10.27 2.71 158.13 1.19 10.36
NSSY NSS Bancorp Inc. 1.69 86.23 1.14 14.03 1.46 73.30 1.01 12.61
NTMG Nutmeg Federal S&LA NA NA NA NA 0.55 NA 0.81 9.74
NWEQ Northwest Equity Corp. 1.67 35.23 1.42 12.14 0.59 33.84 1.06 9.23
NWSB Northwest Savings Bank (MHC) 0.72 120.38 0.77 7.95 0.87 85.90 0.92 9.68
NYB New York Bancorp Inc. 1.11 82.89 0.74 14.15 0.92 65.33 1.70 32.90
OCFC Ocean Financial Corp. 0.89 96.09 0.52 3.44 0.86 83.85 0.98 6.37
OCN Ocwen Financial Corp. 1.05 105.69 5.79 40.95 1.11 13.48 2.78 26.47
OFCP Ottawa Financial Corp. 0.28 154.47 0.27 3.11 0.43 106.15 0.80 9.22
OHSL OHSL Financial Corp. 0.04 777.94 0.03 0.27 0.31 121.89 0.86 7.84
OSFS Ohio State Financial Services 0.68 83.93 0.44 1.61 0.57 83.93 0.88 4.16
OTFC Oregon Trail Financial Corp. 0.17 312.00 0.07 0.39 0.54 307.09 0.84 4.43
PALM Palfed Inc. 1.38 94.27 2.04 23.92 1.30 53.36 0.56 6.75
PBCI Pamrapo Bancorp Inc. 2.71 44.5 1.92 14.87 1.21 28.48 1.36 10.63
PBCT People's Bank (MHC) 1.07 154.97 0.76 8.40 1.66 146.25 1.16 13.67
PBHC Oswego City Savings Bk (MHC) 1.03 64.65 0.91 7.58 0.67 43.96 1.01 8.49
PBKB People's Bancshares Inc. 0.95 114.27 0.53 13.02 1.08 110.55 0.78 16.53
PCBC Perry County Financial Corp. 0.18 104.17 0.03 0.15 0.19 104.17 1.14 6.10
PDB Piedmont Bancorp Inc. 0.76 106.35 0.63 3.86 0.81 75.98 1.34 7.97
PEEK Peekskill Financial Corp. 2.09 64.74 0.66 2.55 1.35 28.37 1.09 4.20
PERM Permanent Bancorp Inc. 2.08 48.17 1.07 11.32 1.00 47.01 0.60 6.39
PERT Perpetual Bank (MHC) 0.15 570.30 0.12 1.00 0.87 502.32 1.06 8.77
PFDC Peoples Bancorp 0.32 115.65 0.26 1.73 0.38 106.74 1.56 10.25
PFED Park Bancorp Inc. 0.52 138.5 0.24 1.04 0.72 118.76 1.03 4.49
PFFB PFF Bancorp Inc. 1.78 80.73 1.61 15.96 1.44 64.39 0.50 4.97
PFFC Peoples Financial Corp. 0.00 NM 0.00 0.00 0.39 NM 0.92 3.39
PFNC Progress Financial Corp. 0.69 160.46 1.37 25.69 1.11 37.27 0.84 15.98
PFSB PennFed Financial Services Inc 0.71 39.41 0.61 8.39 0.28 32.20 0.80 10.98
PFSL Pocahontas FS&LA (MHC) 0.28 380.57 0.12 1.94 1.07 274.52 0.55 8.74
PHBK Peoples Heritage Finl Group 0.95 162.28 0.75 10.13 1.55 121.04 1.31 16.91
PHFC Pittsburgh Home Financial Corp 2.03 38.30 1.69 16.01 0.78 30.77 0.86 8.03
PHSB Peoples Home Savings Bk (MHC) 0.80 172.12 0.40 2.91 1.37 148.08 0.91 6.80
PKPS Poughkeepsie Financial Corp. 3.96 33.92 3.58 42.47 1.34 23.86 0.48 5.71
PLSK Pulaski Savings Bank (MHC) 1.14 83.38 0.65 5.39 0.95 83.38 0.73 6.12
PMFI Perpetual Midwest Financial 0.33 259.53 0.29 3.42 0.86 240.42 0.55 6.51
PRBC Prestige Bancorp Inc. 0.47 84.2 0.33 2.93 0.40 82.34 0.59 5.27
PROV Provident Financial Holdings 1.28 76.52 1.56 11.70 0.98 55.80 0.93 6.90
PSBK Progressive Bank Inc. 1.31 125.50 0.92 10.56 1.65 115.80 0.99 11.52
PSFC Peoples-Sidney Financial Corp. 0.87 51.50 0.78 3.08 0.45 40.10 1.31 5.18
PSFI PS Financial Inc. 1.64 31.79 0.68 1.83 0.52 31.79 1.98 5.25
PTRS Potters Financial Corp. 0.68 389.09 0.44 5.00 2.65 389.09 0.91 10.07
PULB Pulaski Bank, Svgs Bank (MHC) 0.22 150.32 0.20 1.56 0.33 41.41 1.19 9.16
PULS Pulse Bancorp 2.18 83.43 0.56 6.85 1.82 59.52 1.10 13.55
29
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------ -----------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- ------------------------------------------------------ -----------------------
PVFC PVF Capital Corp. 0.83 86.55 1.13 15.79 0.72 57.57 1.33 18.75
PVSA Parkvale Financial Corporation 0.35 551.02 0.26 3.38 1.91 547.66 1.08 14.80
PWBC PennFirst Bancorp Inc. 1.50 96.88 0.68 8.07 1.45 87.79 0.70 8.50
PWBK Pennwood Bancorp Inc. 1.42 73.41 0.94 5.12 1.04 42.39 1.06 5.88
QCBC Quaker City Bancorp Inc. 1.28 89.96 1.35 15.92 1.15 67.38 0.74 8.62
QCFB QCF Bancorp Inc. 0.52 383.78 0.24 1.45 2 345.09 1.63 9.58
QCSB Queens County Bancorp Inc. 0.50 138.71 0.53 4.74 0.69 89.32 1.46 12.78
RARB Raritan Bancorp Inc. 0.57 223.05 0.39 5.29 1.26 208.57 1.01 12.81
REDF RedFed Bancorp Inc. 1.44 63.73 1.80 21.67 0.92 44.74 1.19 14.21
RELI Reliance Bancshares Inc. 0.00 NM 0.00 0.00 0.56 NM 1.36 2.72
RELY Reliance Bancorp Inc. 1.24 49.94 0.65 7.85 0.62 41.66 0.95 11.59
RIVR River Valley Bancorp 0.79 133.67 0.71 5.56 1.05 122.47 0.90 7.20
ROSE TR Financial Corp. 0.89 85.30 0.50 7.99 0.76 74.97 1.00 16.11
RSLN Roslyn Bancorp Inc. 0.94 276.76 0.27 1.52 2.60 257.00 1.35 7.10
RVSB Riverview Bancorp Inc. 0.25 226.93 0.14 0.68 0.58 226.93 1.31 11.39
SBFL SB of the Finger Lakes (MHC) 0.90 121.93 0.50 5.33 1.10 103.35 0.35 3.67
SBOS Boston Bancorp (The) 1.41 42.86 0.65 5.23 0.61 18.09 3.18 28.19
SCBS Southern Community Bancshares 3.67 52.99 2.16 10.15 1.94 46.17 1.20 5.55
SCCB S. Carolina Community Bancshrs 0.82 98.65 0.87 3.28 0.81 73.62 1.03 3.95
SFED SFS Bancorp Inc. 0.87 66.37 0.71 5.73 0.58 57.32 0.68 5.59
SFFC StateFed Financial Corp. 2.28 14.63 2.19 12.51 0.33 10.16 1.03 5.86
SFIN Statewide Financial Corp. 0.64 132.09 0.33 3.56 0.84 104.03 0.81 8.62
SFSB SuburbFed Financial Corp. NA NA NA NA 0.30 NA 0.68 10.34
SFSL Security First Corp. 0.37 226.56 0.33 3.57 0.84 226.25 1.39 14.85
SGVB SGV Bancorp Inc. 1.08 37.81 1.06 14.21 0.41 29.26 0.32 4.39
SHEN First Shenango Bancorp Inc. 0.46 254.17 0.51 4.41 1.17 149.56 1.17 10.32
SHSB SHS Bancorp Inc. 2.13 34.68 1.42 10.67 0.74 33.94 0.66 4.98
SISB SIS Bancorp Inc. 0.66 405.76 0.33 4.42 2.67 379.00 0.88 12.46
SKAN Skaneateles Bancorp Inc. 1.62 60.52 1.78 25.49 0.98 41.25 0.69 10.03
SKBO First Carnegie Deposit (MHC) NA NA NA NA 0.83 NA 0.87 5.27
SMBC Southern Missouri Bancorp Inc. 1.21 54.42 0.88 5.44 0.66 51.46 0.88 5.41
SMFC Sho-Me Financial Corp. 0.15 425.56 0.29 3.21 0.63 190.55 1.35 14.79
SOBI Sobieski Bancorp Inc. 0.16 188.68 0.13 0.85 0.31 188.68 0.60 4.00
SOPN First Savings Bancorp Inc. 0.44 70.15 0.29 1.27 0.31 70.15 1.73 7.55
SOSA Somerset Savings Bank 5.93 31.60 5.91 89.61 1.87 24.16 1.36 21.14
SPBC St. Paul Bancorp Inc. 0.26 424.17 0.23 2.51 1.10 210.72 1.08 12.26
SRN Southern Banc Co. 0.00 NM 0.00 0.00 0.20 NM 0.54 3.19
SSB Scotland Bancorp Inc. NA NA NA NA 0.53 NA 2.38 7.92
SSFC South Street Financial Corp. 0.65 59.09 0.31 1.21 0.38 57.66 1.20 4.70
SSM Stone Street Bancorp Inc. 0.00 NM 0.00 0.00 0.62 229.34 1.49 4.98
STFR St. Francis Capital Corp. 0.40 207.08 0.21 2.65 0.83 181.82 0.46 5.80
STSA Sterling Financial Corp. 0.45 183.74 0.47 9.02 0.82 96.7 0.61 10.69
SVRN Sovereign Bancorp Inc. 0.73 125.97 0.60 11.77 0.92 99.50 0.07 1.36
SWBI Southwest Bancshares 0.28 101.05 0.20 1.79 0.28 101.05 1.12 10.12
SWCB Sandwich Bancorp Inc. 1.05 101.03 0.82 10.31 1.06 93.38 0.98 12.66
SZB SouthFirst Bancshares Inc. 0.50 78.95 0.53 3.81 0.40 39.15 0.52 3.73
THR Three Rivers Financial Corp. 1.23 62.42 0.87 6.30 0.77 59.98 0.95 6.98
THRD TF Financial Corp. 0.50 163.39 0.27 2.29 0.82 128.49 0.87 7.57
TPNZ Tappan Zee Financial Inc. 2.48 47.26 1.16 6.74 1.17 32.52 0.78 4.6
TRIC Tri-County Bancorp Inc. 0.00 NM 0.00 0.00 1.05 NM 0.96 6.34
TSBS Trenton SB (MHC) 1.16 68.57 0.75 4.43 0.80 55.06 1.05 6.20
TSH Teche Holding Co. 0.32 300.63 0.28 2.11 0.96 291.99 0.93 6.91
TWIN Twin City Bancorp 0.00 NM 0.08 0.60 0.20 88.17 1.08 8.38
UBMT United Financial Corp. 0.00 NM 0.35 1.44 0.22 15.21 1.53 6.52
UFRM United Federal Savings Bank 0.69 132.70 0.62 8.39 0.92 101.45 0.71 9.60
USAB USABancshares, Inc. 1.07 70.22 0.57 6.75 0.75 70.22 0.91 9.65
VABF Virginia Beach Fed. Financial 0.14 677.24 0.50 6.98 0.95 59.4 0.72 10.36
WAMU Washington Mutual Inc. NA NA NA NA 0.98 NA (0.54) (9.52)
WAYN Wayne Savings Bancshares (MHC) 0.26 174.36 0.58 6.05 0.46 65.29 0.79 8.31
WBST Webster Financial Corp. 1.00 143.53 0.72 13.55 1.43 111.52 0.59 10.99
WCBI Westco Bancorp 0.27 139.06 0.21 1.32 0.37 139.06 1.63 10.60
WCFB Webster City Federal SB (MHC) 0.02 NM 0.07 0.32 0.72 560.00 1.38 5.94
WEFC Wells Financial Corp. 0.22 174.11 0.23 1.59 0.39 114.71 1.09 7.68
WEHO Westwood Homestead Fin. Corp. 0.00 NM 0.00 0.00 0.22 77.88 0.56 1.97
30
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------ -----------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- ------------------------------------------------------ -----------------------
WES Westcorp 1.12 159.17 0.76 8.31 1.78 121.61 0.96 10.59
WFI Winton Financial Corp. 0.14 210.69 0.28 3.89 0.29 84.06 1.10 15.34
WFSG Wilshire Financial Services NA NA NA NA 10.15 NA 2.20 33.52
WFSL Washington Federal Inc. 0.58 100.17 0.69 5.52 0.58 62.10 1.93 15.60
WHGB WHG Bancshares Corp. 0.18 160.96 0.15 0.71 0.29 160.96 0.93 4.37
WOFC Western Ohio Financial Corp. 0.56 118.98 0.44 3.19 0.66 115.19 0.06 0.44
WRNB Warren Bancorp Inc. 1.07 162.25 1.15 10.81 1.73 97.04 1.90 17.92
WSB Washington Savings Bank, FSB 2.72 37.27 1.53 18.21 1.01 30.34 0.82 9.86
WSFS WSFS Financial Corp. 1.55 173.18 1.21 21.88 2.68 134.95 1.15 20.84
WSTR WesterFed Financial Corp. 0.35 203.21 0.24 2.26 0.72 116.74 0.73 6.84
WVFC WVS Financial Corp. 0.34 361.83 0.19 1.61 1.21 361.83 1.29 11.09
WWFC Westwood Financial Corp. 0.00 NM 0.00 0.00 0.58 158.78 0.43 0.47
WYNE Wayne Bancorp Inc. 1.34 88.41 0.89 7.20 1.18 88.41 0.76 5.57
YFCB Yonkers Financial Corporation 0.81 96.05 0.48 3.46 0.78 72.05 1.00 6.94
YFED York Financial Corp. 0.16 437.40 1.30 14.72 0.69 23.98 0.83 9.65
------------------------------------------------------ -----------------------
Average 0.83 165.01 0.71 7.87 0.92 124.79 0.99 9.20
31
Profitability as of
Asset Quality as of The Most Recent Quarter The Most Recent Quarter
------------------------------------------------------ -----------------------
NPLs/ Reserves/ NPAs/ NPAs/ Reserves/ Reserves/ Return on Return on
Loans NPLs Assets Equity Loans NPAs + 90 Avg Assets Avg Equity
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- ------------------------------------------------------ -----------------------
Comparable Thrift Data
FESX First Essex Bancorp Inc. 0.81 175.40 0.58 7.78 1.43 149.29 0.86 12.02
FFES First Federal of East Hartford 1.31 109.43 0.25 3.78 1.44 87.85 0.54 8.22
FFIC Flushing Financial Corp. 0.59 189.84 0.39 2.74 1.12 172.94 0.97 6.53
GAF GA Financial Inc. 0.64 63.36 0.24 1.66 0.41 63.36 1.16 7.59
JSB JSB Financial Inc. 1.56 39.27 1.02 4.39 0.61 35.16 2.23 9.73
MASB MASSBANK Corp. 0.43 193.81 0.16 1.44 0.84 113.84 1.12 10.53
MDBK Medford Bancorp Inc. 0.48 235.75 0.27 3.02 1.12 219.01 0.99 11.07
PWBC PennFirst Bancorp Inc. 1.50 96.88 0.68 8.07 1.45 87.79 0.70 8.50
SFIN Statewide Financial Corp. 0.64 132.09 0.33 3.56 0.84 104.03 0.81 8.62
SISB SIS Bancorp Inc. 0.66 405.76 0.33 4.42 2.67 379.00 0.88 12.46
STFR St. Francis Capital Corp. 0.40 207.08 0.21 2.65 0.83 181.82 0.46 5.80
THRD TF Financial Corp. 0.50 163.39 0.27 2.29 0.82 128.49 0.87 7.57
------------------------------------------------------ -----------------------
Average 0.79 167.67 0.39 3.82 1.13 143.55 0.97 9.05
Median 0.64 169.40 0.30 3.29 0.98 121.17 0.88 8.56
Maximum 1.56 405.76 1.02 8.07 2.67 379.00 2.23 12.46
Minimum 0.40 39.27 0.16 1.44 0.41 35.16 0.46 5.80
32
Income Statement as of The Most Recent Quarter
--------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- --------------------------------------------------------------------------------------------
%CAL California Federal Bank, a FSB 2.69 6.88 4.42 2.46 0.97 2.08 56.58 39.42
%CCMD Chevy Chase Bank, FSB 4.55 7.73 3.92 3.81 4.65 7.16 80.49 56.67
AABC Access Anytime Bancorp Inc. 3.10 6.94 3.94 3.00 0.68 3.42 92.86 91.24
AADV Advantage Bancorp Inc. 3.22 7.60 4.51 3.09 0.71 2.19 54.83 44.47
ABBK Abington Bancorp Inc. 3.40 7.26 4.02 3.23 0.84 2.63 62.17 52.37
ABCL Alliance Bancorp Inc. 3.27 7.57 4.43 3.14 1.29 2.67 59.35 42.60
ABCW Anchor BanCorp Wisconsin 3.16 7.74 4.71 3.03 0.40 1.89 54.87 48.86
AFBC Advance Financial Bancorp 3.82 7.70 3.98 3.72 0.29 2.70 67.46 64.96
AFCB Affiliated Community Bancorp 3.32 7.51 4.28 3.23 0.15 1.64 48.61 46.24
AFED AFSALA Bancorp Inc. 3.55 6.97 3.59 3.38 0.22 2.24 62.20 59.76
AFFFZ America First Financial Fund 2.92 7.17 4.38 2.80 0.42 2.11 64.10 58.72
AHCI Ambanc Holding Co. 3.15 6.96 3.90 3.06 0.20 2.40 72.57 70.81
AHM H.F. Ahmanson & Co. 2.66 7.16 4.60 2.56 0.53 1.72 49.73 39.24
ALBC Albion Banc Corp. 3.50 7.67 4.30 3.37 0.52 2.94 75.66 71.89
ALBK ALBANK Financial Corp. 4.01 7.44 3.64 3.81 0.35 2.32 52.23 47.83
AMFC AMB Financial Corp. 3.47 7.49 4.09 3.40 0.60 2.82 70.52 65.32
ANA Acadiana Bancshares Inc. 3.55 7.56 4.09 3.47 0.38 2.32 60.42 56.10
ANDB Andover Bancorp Inc. 3.22 7.21 4.15 3.06 0.45 1.82 49.83 42.43
ANE Alliance Bncorp of New England 3.51 7.10 3.76 3.35 0.49 2.68 66.55 61.67
ASBI Ameriana Bancorp 3.16 7.42 4.39 3.02 0.64 2.20 59.96 51.52
ASBP ASB Financial Corp. 3.30 7.70 4.44 3.25 0.23 2.18 62.45 59.78
ASFC Astoria Financial Corp. 2.69 7.08 4.49 2.59 0.18 1.36 44.91 41.01
ATSB AmTrust Capital Corp. 2.75 6.92 4.29 2.63 0.59 2.85 88.42 85.84
AVND Avondale Financial Corp. 4.43 8.82 4.67 4.15 1.30 3.83 72.51 63.93
BANC BankAtlantic Bancorp Inc. 3.72 7.73 4.29 3.44 0.77 3.02 68.62 61.64
BDJI First Federal Bancorporation 3.29 7.30 4.16 3.14 0.51 2.42 66.73 61.34
BFD BostonFed Bancorp Inc. 3.43 7.32 4.01 3.32 0.40 2.35 63.61 59.20
BFFC Big Foot Financial Corp. 3.06 6.63 3.66 2.98 0.13 2.44 78.07 77.14
BFSB Bedford Bancshares Inc. 4.08 7.82 3.93 3.89 0.46 2.38 54.68 49.33
BKC American Bank of Connecticut 3.31 7.26 4.08 3.17 0.53 1.68 42.34 32.68
BKCT Bancorp Connecticut Inc. 3.85 7.59 3.83 3.76 0.24 2.06 51.78 48.75
BKUNA BankUnited Financial Corp. 1.92 7.28 5.42 1.86 0.15 1.30 62.60 59.51
BNKU Bank United Corp. 2.42 7.29 5.01 2.27 0.52 1.53 53.93 43.43
BPLS Bank Plus Corp. 2.24 6.98 4.80 2.18 0.33 1.91 71.52 67.23
BSBC Branford Savings Bank 4.35 7.70 3.42 4.28 0.30 3.51 76.34 74.67
BTHL Bethel Bancorp 4.39 8.43 4.25 4.18 0.73 3.83 75.36 71.06
BVCC Bay View Capital Corp. 2.92 7.81 4.98 2.83 0.44 2.23 64.19 58.62
BWFC Bank West Financial Corp. 3.00 7.34 4.51 2.83 0.62 2.59 75.09 69.63
BYFC Broadway Financial Corp. 4.28 7.39 3.27 4.12 0.48 4.15 87.17 85.69
CAFI Camco Financial Corp. 3.56 7.73 4.36 3.38 0.61 2.21 54.91 46.74
CAPS Capital Savings Bancorp Inc. 3.41 7.67 4.38 3.29 0.64 2.33 59.22 51.30
CASB Cascade Financial Corp. 3.33 8.45 5.23 3.21 0.42 2.34 64.04 59.30
CASH First Midwest Financial Inc. 3.23 7.68 4.56 3.13 0.37 1.95 52.89 47.29
CATB Catskill Financial Corp. 4.15 7.33 3.28 4.06 0.14 1.91 45.86 43.93
CBCI Calumet Bancorp Inc. 3.89 7.91 4.32 3.59 0.22 1.63 47.88 44.75
CBES CBES Bancorp Inc. 4.58 8.35 3.92 4.43 0.44 2.87 56.72 52.43
CBK Citizens First Financial Corp. 3.24 7.44 4.33 3.11 0.48 2.69 74.63 70.68
CBSA Coastal Bancorp Inc. 1.98 6.92 5.01 1.92 0.20 1.44 64.11 60.31
CBSB Charter Financial Inc. 3.87 7.66 4.04 3.62 0.61 2.17 47.05 38.18
CCFH CCF Holding Company 4.06 7.62 3.93 3.69 0.69 4.43 101.29 101.53
CEBK Central Co-operative Bank 3.31 7.07 3.83 3.24 0.21 2.44 68.34 66.32
CENB Century Bancorp Inc. 3.74 7.25 3.56 3.69 0.02 1.31 35.47 35.12
CENF CENFED Financial Corp. 2.36 7.33 5.04 2.29 0.35 1.38 49.02 41.18
CFB Commercial Federal Corp. 2.50 7.45 5.03 2.42 0.88 1.73 49.58 31.16
CFBC Community First Banking Co. 4.90 8.35 3.79 4.56 1.08 3.97 70.01 62.92
CFCP Coastal Financial Corp. 4.03 8.05 4.23 3.82 0.71 2.71 59.21 51.60
CFFC Community Financial Corp. 3.82 7.83 4.18 3.65 0.39 2.05 50.66 45.35
CFNC Carolina Fincorp Inc. 4.18 7.53 3.57 3.96 0.50 2.45 54.88 49.15
CFSB CFSB Bancorp Inc. 3.11 7.47 4.43 3.04 0.64 1.83 49.45 38.9
CFTP Community Federal Bancorp 3.40 6.87 3.65 3.22 0.18 1.75 51.64 48.94
CFX CFX Corp. 3.85 7.49 3.91 3.58 0.63 2.67 62.17 55.52
CIBI Community Investors Bancorp 3.59 7.80 4.32 3.49 0.18 2.09 56.07 53.75
CKFB CKF Bancorp Inc. 3.81 7.68 3.93 3.75 0.11 1.56 40.55 38.87
CLAS Classic Bancshares Inc. 3.78 7.26 3.71 3.55 0.33 3.49 83.15 81.58
33
Income Statement as of The Most Recent Quarter
--------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- --------------------------------------------------------------------------------------------
CMRN Cameron Financial Corp 3.86 8.04 4.33 3.71 0.11 1.95 50.77 49.26
CMSB Commonwealth Bancorp Inc. 3.32 6.95 3.85 3.10 0.71 3.00 72.02 65.59
CMSV Community Savings Bnkshrs(MHC) 3.53 7.33 4.00 3.33 0.52 2.83 73.86 69.80
CNIT CENIT Bancorp Inc. 3.27 7.34 4.26 3.08 0.69 2.27 59.31 50.25
CNSB CNS Bancorp Inc. 3.62 7.22 3.77 3.45 0.18 2.26 62.43 60.47
CNY Carver Bancorp Inc. 3.42 6.89 3.69 3.20 0.34 2.80 77.42 75.02
COFI Charter One Financial 2.71 7.36 4.72 2.64 0.53 1.28 39.52 27.45
CONE Conestoga Bancorp, Inc. 2.84 6.42 3.68 2.73 0.16 2.05 70.85 69.16
COOP Cooperative Bankshares Inc. 3.00 7.42 4.52 2.90 0.18 2.07 66.84 64.79
CRZY Crazy Woman Creek Bancorp 3.38 7.26 3.94 3.32 0.14 1.57 45.36 43.12
CSA Coast Savings Financial 2.60 7.09 4.61 2.48 0.55 1.66 52.64 42.03
CSBF CSB Financial Group Inc. 3.40 6.68 3.40 3.28 0.19 2.58 70.71 69.02
CTZN CitFed Bancorp Inc. 2.29 6.94 4.76 2.18 1.06 1.91 56.14 34.78
CVAL Chester Valley Bancorp Inc. 3.83 7.80 4.05 3.75 0.43 2.64 63.09 58.87
DCBI Delphos Citizens Bancorp Inc. 3.87 7.35 3.52 3.83 0.29 1.50 36.37 31.55
DIBK Dime Financial Corp. 3.26 7.30 4.10 3.20 0.24 1.50 43.16 38.92
DIME Dime Community Bancorp Inc. 3.76 7.36 3.78 3.58 0.28 2.00 46.57 42.36
DME Dime Bancorp Inc. 2.47 6.94 4.56 2.38 0.44 1.46 50.94 41.88
DNFC D & N Financial Corp. 3.10 7.78 4.75 3.03 0.41 2.14 61.65 56.42
DSL Downey Financial Corp. 2.62 7.30 4.79 2.51 0.25 1.52 60.36 56.50
EBSI Eagle Bancshares 4.15 8.25 4.51 3.74 1.53 3.86 76.11 66.31
EFBC Empire Federal Bancorp Inc. 4.40 7.15 2.84 4.30 0.80 2.68 52.47 43.60
EFBI Enterprise Federal Bancorp 2.40 7.29 4.93 2.36 0.07 1.41 57.67 56.42
EGFC Eagle Financial Corp. 3.23 7.04 3.96 3.08 0.36 2.01 52.37 46.79
EGLB Eagle BancGroup Inc. 2.49 7.23 4.81 2.42 0.24 2.27 85.85 84.46
EIRE Emerald Isle Bancorp Inc. 3.48 7.69 4.30 3.39 0.23 2.21 60.64 57.94
EMLD Emerald Financial Corp. 2.84 7.59 4.81 2.78 0.32 1.52 48.30 42.33
EQSB Equitable Federal Savings Bank 2.38 7.22 4.91 2.31 0.52 1.75 60.61 51.69
ESBK Elmira Savings Bank (The) 3.72 7.58 4.07 3.51 0.70 3.32 75.95 71.18
ESX Essex Bancorp Inc. 2.99 7.84 5.00 2.83 1.09 4.89 112.65 117.52
ETFS East Texas Financial Services 3.02 7.01 4.05 2.96 0.20 2.20 70.24 68.20
FAB FirstFed America Bancorp Inc. 3.06 7.24 4.33 2.91 0.46 2.01 59.55 53.16
FBBC First Bell Bancorp Inc. 2.34 7.13 4.82 2.31 0.07 0.72 29.94 27.67
FBCI Fidelity Bancorp Inc. 2.96 7.36 4.46 2.90 0.23 1.79 56.71 53.22
FBCV 1ST Bancorp 2.49 7.49 5.12 2.38 0.44 1.85 63.00 56.08
FBER 1st Bergen Bancorp 3.33 7.16 3.95 3.21 0.11 2.09 61.81 60.48
FBHC Fort Bend Holding Corp. 3.33 7.01 3.94 3.08 1.74 4.02 83.07 73.48
FBNW FirstBank Corp. 4.91 8.75 4.18 4.56 0.80 3.85 71.73 66.80
FBSI First Bancshares Inc. 3.48 7.68 4.36 3.32 0.29 1.79 51.58 47.37
FCB Falmouth Bancorp Inc. 4.17 7.07 3.01 4.06 0.13 3.05 72.89 72.05
FCBF FCB Financial Corp. 3.24 7.53 4.34 3.19 0.40 1.78 49.61 43.31
FCME First Coastal Corp. 4.24 7.96 4.03 3.93 0.46 3.32 74.02 70.97
FDEF First Defiance Financial 4.18 7.90 3.91 3.99 0.23 2.44 56.72 54.21
FED FirstFed Financial Corp. 2.38 7.34 5.04 2.30 0.23 1.04 40.54 34.48
FESX First Essex Bancorp Inc. 3.18 7.52 4.49 3.02 0.23 1.79 53.06 49.51
FFBA First Colorado Bancorp Inc. 3.32 7.21 4.02 3.19 0.37 1.71 48.76 42.89
FFBH First Federal Bancshares of AR 3.06 7.56 4.55 3.01 0.27 1.75 53.55 49.45
FFBI First Financial Bancorp Inc. 3.15 7.16 4.14 3.02 0.64 3.03 82.99 79.40
FFBS FFBS BanCorp Inc. 3.62 7.61 4.05 3.56 0.51 1.87 46.01 38.29
FFBZ First Federal Bancorp Inc. 3.84 7.78 4.31 3.47 0.34 2.25 52.38 47.76
FFCH First Financial Holdings Inc. 3.05 7.47 4.54 2.93 0.73 2.18 58.98 48.74
FFDB FirstFed Bancorp Inc. 3.68 7.64 4.10 3.54 0.48 2.45 59.44 53.97
FFDF FFD Financial Corp. 3.46 7.10 3.69 3.41 0.05 1.93 55.63 54.92
FFED Fidelity Federal Bancorp 2.88 8.17 5.49 2.68 1.31 2.76 69.05 53.87
FFES First Federal of East Hartford 2.28 6.76 4.54 2.22 0.16 1.39 58.33 55.25
FFFC FFVA Financial Corp. 3.80 7.86 4.17 3.69 0.26 1.75 43.84 39.83
FFFD North Central Bancshares Inc. 4.01 7.68 3.79 3.88 1.11 2.08 41.66 24.98
FFFL Fidelity Bankshares Inc. (MHC) 3.23 7.31 4.24 3.06 0.39 2.38 69.59 65.73
FFHH FSF Financial Corp. 2.93 7.40 4.54 2.87 0.42 1.78 54.03 47.29
FFHS First Franklin Corp. 2.61 7.27 4.73 2.54 0.20 1.74 63.03 60.14
FFIC Flushing Financial Corp. 3.81 7.67 4.04 3.64 0.36 2.22 54.55 50.07
FFKY First Federal Financial Corp. 4.15 7.92 4.03 3.89 0.66 2.01 42.86 33.23
FFLC FFLC Bancorp Inc. 3.46 7.56 4.21 3.34 0.24 1.99 55.71 52.57
FFOH Fidelity Financial of Ohio 3.07 7.33 4.38 2.95 0.22 1.78 51.83 48.19
34
Income Statement as of The Most Recent Quarter
--------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- --------------------------------------------------------------------------------------------
FFPB First Palm Beach Bancorp Inc. 2.62 7.33 4.81 2.52 0.41 1.95 70.04 65.17
FFSL First Independence Corp. 2.75 7.36 4.66 2.70 0.26 1.75 63.89 60.45
FFSX First Fed SB of Siouxland(MHC) 3.05 7.39 4.49 2.90 0.54 2.29 66.44 60.16
FFWC FFW Corp. 3.30 7.74 4.55 3.19 0.48 2.01 52.29 45.08
FFWD Wood Bancorp Inc. 4.33 8.20 4.02 4.18 0.27 2.32 52.04 48.90
FFYF FFY Financial Corp. 3.70 7.83 4.24 3.59 0.18 1.81 47.91 45.25
FGHC First Georgia Holding Inc. 4.31 8.37 4.45 3.92 0.79 3.11 64.51 57.32
FIBC Financial Bancorp Inc. 3.80 7.39 3.80 3.59 0.25 1.91 49.62 46.05
FISB First Indiana Corporation 4.49 8.60 4.30 4.31 0.78 2.75 54.56 46.37
FKFS First Keystone Financial 3.41 7.42 4.12 3.29 0.31 2.26 62.98 59.49
FKKYD Frankfort First Bancorp Inc. 3.04 7.26 4.30 2.97 0.04 1.28 42.77 42.07
FLAG FLAG Financial Corp. 3.69 7.43 4.06 3.37 1.32 3.40 72.20 61.34
FLFC First Liberty Financial Corp. 3.92 7.88 4.31 3.58 0.81 2.67 58.06 48.52
FLGS Flagstar Bancorp Inc. 2.43 6.98 4.78 2.21 3.83 3.50 50.87 (34.40)
FLKY First Lancaster Bancshares 4.69 8.37 3.73 4.63 0.00 2.89 62.38 62.38
FMBD First Mutual Bancorp Inc. 3.08 7.09 4.25 2.84 0.38 2.76 80.41 77.80
FMCO FMS Financial Corp. 3.82 7.34 3.71 3.64 0.45 2.49 57.71 52.47
FMSB First Mutual Savings Bank 3.68 8.45 4.81 3.64 0.35 2.17 54.48 50.06
FNGB First Northern Capital Corp. 3.24 7.33 4.20 3.12 0.44 2.02 56.71 50.62
FOBC Fed One Bancorp 3.35 7.30 4.06 3.24 0.16 2.01 57.03 54.89
FPRY First Financial Bancorp 3.15 7.62 4.63 2.98 0.52 2.92 82.09 78.98
FSBI Fidelity Bancorp Inc. 2.89 7.22 4.41 2.81 0.23 1.85 60.79 57.59
FSFC First Southeast Financial Corp 3.25 7.58 4.44 3.14 0.33 1.71 50.03 44.86
FSFF First SecurityFed Financial 3.71 7.51 3.87 3.64 0.24 1.72 44.33 40.65
FSLA First Savings Bank (MHC) 3.23 7.10 4.02 3.09 0.21 1.80 52.47 49.20
FSNJ Bayonne Bancshares Inc. 2.60 6.80 4.25 2.55 0.19 1.69 61.74 58.88
FSPG First Home Bancorp Inc. 2.99 7.56 4.65 2.92 0.18 1.72 54.09 51.25
FSPT FirstSpartan Financial Corp. 4.27 7.59 3.47 4.13 0.36 1.78 39.76 34.47
FSSB First FS&LA of San Bernardino 3.67 7.74 4.33 3.41 0.89 4.27 100.81 101.02
FSTC First Citizens Corp. 4.64 8.11 3.69 4.42 0.68 2.99 57.62 51.06
FTF Texarkana First Financial Corp 3.83 7.94 4.22 3.73 0.46 1.48 35.46 27.52
FTFC First Federal Capital Corp. 3.07 7.51 4.61 2.90 1.19 2.59 62.76 47.46
FTNB Fulton Bancorp Inc. 3.89 7.61 3.79 3.82 0.47 2.39 54.11 48.51
FTSB Fort Thomas Financial Corp. 4.26 8.53 4.46 4.07 0.28 2.20 50.57 47.21
FWWB First SB of Washington Bancorp 3.67 7.85 4.33 3.52 0.31 1.90 47.52 42.89
GAF GA Financial Inc. 3.54 7.34 3.90 3.45 0.32 1.95 51.11 46.59
GBCI Glacier Bancorp Inc. 4.74 7.85 3.54 4.32 1.49 3.11 53.15 37.03
GDVS Greater Delaware Valley (MHC) 3.53 7.21 3.80 3.41 0.23 2.25 62.98 60.50
GDW Golden West Financial 2.33 7.32 5.05 2.26 0.19 0.85 34.58 29.12
GFCO Glenway Financial Corp. 3.21 7.53 4.44 3.09 0.33 1.98 56.59 52.01
GFED Guaranty Federal SB (MHC) 3.66 7.88 4.38 3.51 0.35 2.24 53.45 48.86
GFSB GFS Bancorp Inc. 3.52 8.16 4.67 3.49 0.21 1.67 45.19 41.89
GLMR Gilmer Financial Svcs, Inc. 2.39 7.78 5.43 2.35 0.34 2.41 89.32 87.80
GOSB GSB Financial Corp. 2.89 5.52 2.72 2.81 0.20 2.31 76.75 75.06
GPT GreenPoint Financial Corp. 3.78 7.44 3.91 3.53 0.35 2.00 42.55 36.86
GSB Golden State Bancorp Inc. 2.74 7.11 4.52 2.59 0.61 1.79 54.13 43.36
GSBC Great Southern Bancorp Inc. 4.25 8.43 4.35 4.07 1.30 2.77 52.53 37.43
GSFC Green Street Financial Corp. 4.39 7.51 3.13 4.37 0.05 1.70 38.49 37.73
GSLA GS Financial Corp. 4.85 7.21 2.53 4.69 0.02 1.98 42.04 41.85
GTFN Great Financial Corp. 3.03 7.42 4.58 2.84 0.88 2.40 63.75 52.53
GTPS Great American Bancorp 4.37 7.47 3.36 4.10 0.51 3.39 73.61 70.33
GUPB GFSB Bancorp Inc. 2.95 7.51 4.59 2.92 0.06 1.74 58.23 57.39
GWBC Gateway Bancorp Inc. 3.39 6.85 3.50 3.35 0.01 2.59 77.02 76.94
HALL Hallmark Capital Corp. 2.55 7.72 5.24 2.48 0.21 1.52 56.69 53.04
HARB Harbor Florida Bancorp (MHC) 3.72 7.79 4.17 3.62 0.40 1.88 47.35 41.47
HARL Harleysville Savings Bank 2.74 7.40 4.72 2.68 0.13 1.26 45.09 42.45
HARS Harris Financial Inc. (MHC) 2.48 7.16 4.76 2.40 0.55 1.69 54.77 44.44
HAVN Haven Bancorp Inc. 3.06 7.17 4.26 2.91 0.71 2.61 71.35 64.38
HBBI Home Building Bancorp 3.53 7.58 4.16 3.43 0.26 2.42 65.74 63.11
HBEI Home Bancorp of Elgin Inc. 4.19 7.13 3.08 4.05 0.30 3.17 72.86 70.88
HBFW Home Bancorp 2.95 7.44 4.56 2.89 0.08 1.41 47.51 46.08
HBNK Highland Federal Bank FSB 4.10 8.75 4.93 3.82 0.30 1.97 43.12 38.63
HBS Haywood Bancshares Inc. 3.18 7.29 4.25 3.04 0.29 0.10 60.82 57.12
HCBB HCB Bancshares Inc. 3.42 7.35 4.06 3.29 0.28 2.62 71.75 69.38
35
Income Statement as of The Most Recent Quarter
--------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- --------------------------------------------------------------------------------------------
HCFC Home City Financial Corp. 4.34 8.64 4.40 4.23 0.10 2.19 50.59 49.39
HEMT HF Bancorp Inc. 2.50 7.17 4.76 2.41 0.24 2.30 71.67 68.86
HFFB Harrodsburg First Fin Bancorp 3.65 7.13 3.54 3.59 0.10 1.53 41.46 39.84
HFFC HF Financial Corp. 3.85 8.22 4.56 3.66 1.58 3.27 60.48 43.41
HFGI Harrington Financial Group 1.32 6.59 5.30 1.28 0.06 1.02 76.04 75.02
HFNC HFNC Financial Corp. 3.26 7.69 4.49 3.19 0.12 1.82 55.05 53.30
HFSA Hardin Bancorp Inc. 2.78 7.49 4.72 2.77 0.22 1.97 65.81 63.10
HHFC Harvest Home Financial Corp. 2.82 7.24 4.47 2.77 0.07 1.63 57.52 56.51
HIFS Hingham Instit. for Savings 4.05 7.83 3.90 3.92 0.27 2.05 48.89 45.41
HMCI HomeCorp Inc. 3.23 7.38 4.44 2.95 0.61 2.69 88.94 86.66
HMLK Hemlock Federal Financial Corp 3.65 7.05 3.44 3.60 0.22 2.22 57.98 55.37
HMNF HMN Financial Inc. 2.77 7.24 4.54 2.70 0.19 1.56 54.04 50.78
HOMF Home Federal Bancorp 3.70 7.96 4.44 3.52 0.89 2.07 46.83 33.34
HPBC Home Port Bancorp Inc. 4.72 8.07 3.55 4.52 0.52 2.27 45.02 38.66
HRBF Harbor Federal Bancorp Inc. 3.07 7.50 4.46 3.04 0.18 1.95 60.53 58.21
HRZB Horizon Financial Corp. 3.56 7.69 4.26 3.43 0.27 1.50 40.66 35.96
HTHR Hawthorne Financial Corp. 3.81 8.81 5.13 3.69 0.61 2.14 55.06 47.63
HWEN Home Financial Bancorp 4.34 8.51 4.30 4.21 0.25 3.25 72.81 71.20
HZFS Horizon Financial Svcs Corp. 3.25 7.53 4.47 3.06 0.61 2.30 61.65 53.98
IBSF IBS Financial Corp. 3.11 7.03 4.00 3.03 0.09 2.02 64.65 63.57
IFSB Independence Federal Svgs Bank 2.46 7.24 4.88 2.36 1.04 3.07 86.55 80.60
INBI Industrial Bancorp Inc. 3.97 8.05 4.16 3.90 0.14 1.85 45.95 44.06
INCB Indiana Community Bank SB 4.22 7.81 3.69 4.11 1.14 3.97 75.62 68.85
IPSW Ipswich Savings Bank 3.45 7.14 3.85 3.29 0.54 2.34 63.29 57.26
ISBF ISB Financial Corp. 3.65 7.28 3.88 3.40 0.75 3.09 70.43 63.87
ITLA ITLA Capital Corp. 4.91 10.02 5.16 4.86 0.10 2.05 40.92 39.67
IWBK InterWest Bancorp Inc. 3.20 7.63 4.61 3.01 0.59 2.30 62.02 54.62
JOAC Joachim Bancorp Inc. 4.25 7.23 3.13 4.10 0.15 3.03 71.24 70.19
JSB JSB Financial Inc. 4.66 6.99 2.63 4.36 0.36 1.78 39.09 34.10
JSBA Jefferson Savings Bancorp 3.06 7.65 4.69 2.96 0.19 1.94 56.77 53.99
JXSB Jacksonville Savings Bk (MHC) 3.69 7.78 4.38 3.40 0.48 2.76 71.08 67.00
JXVL Jacksonville Bancorp Inc. 4.37 8.28 4.02 4.26 0.58 2.02 46.59 39.26
KFBI Klamath First Bancorp 3.44 7.53 4.14 3.39 0.23 2.00 51.04 47.70
KNK Kankakee Bancorp Inc. 3.21 7.25 4.19 3.07 0.46 2.34 64.47 59.10
KSAV KS Bancorp Inc. 3.99 8.26 4.47 3.80 0.15 2.02 50.98 49.03
KSBK KSB Bancorp Inc. 4.50 8.46 4.10 4.37 0.73 3.04 58.24 51.27
KYF Kentucky First Bancorp Inc. 3.42 7.28 3.94 3.34 0.20 1.79 50.45 47.50
LARK Landmark Bancshares Inc. 3.17 7.63 4.52 3.11 0.24 1.59 47.48 43.39
LARL Laurel Capital Group Inc. 3.67 7.46 3.85 3.61 0.35 1.68 42.45 36.87
LFBI Little Falls Bancorp Inc. 2.63 6.71 4.17 2.54 0.05 1.66 58.39 57.55
LFCO Life Financial Corp. 4.50 9.31 5.03 4.28 14.22 6.83 36.70 (173.79)
LFED Leeds Federal Savings Bk (MHC) 2.91 7.06 4.19 2.86 0.10 1.04 35.21 32.93
LIFB Life Bancorp Inc. 2.58 7.29 4.81 2.48 0.20 1.22 44.10 39.54
LISB Long Island Bancorp Inc. 2.77 7.03 4.37 2.66 0.50 1.90 57.74 49.72
LOGN Logansport Financial Corp. 3.90 7.54 3.81 3.73 0.18 1.54 39.30 36.29
LONF London Financial Corporation 3.48 7.52 4.08 3.44 0.23 2.01 54.70 51.67
LSBI LSB Financial Corp. 3.54 7.89 4.56 3.34 0.37 2.40 64.84 60.96
LSBX Lawrence Savings Bank 3.08 7.15 4.16 2.99 0.52 2.11 60.36 53.43
LVSB Lakeview Financial 3.37 6.83 3.60 3.23 0.58 2.32 52.19 43.56
LXMO Lexington B&L Financial Corp. 3.99 7.77 3.85 3.91 0.13 1.69 41.86 39.86
MAFB MAF Bancorp Inc. 2.91 7.21 4.44 2.77 0.45 1.42 49.44 41.24
MARN Marion Capital Holdings 4.19 7.78 3.87 3.90 0.32 2.25 48.39 44.11
MASB MASSBANK Corp. 2.86 6.66 3.85 2.81 0.20 1.37 44.23 40.27
MBB MSB Bancorp Inc. 3.34 6.61 3.53 3.08 0.61 2.56 56.53 47.91
MBBC Monterey Bay Bancorp Inc. 2.78 7.11 4.45 2.66 0.33 2.22 67.42 63.40
MBLF MBLA Financial Corp. 2.13 7.05 4.94 2.11 0.01 0.60 28.49 28.25
MBSP Mitchell Bancorp Inc. 5.16 7.63 2.70 4.92 0.01 2.47 50.12 50.00
MCBN Mid-Coast Bancorp Inc. 3.96 7.97 4.26 3.71 0.40 2.90 70.36 67.14
MCBS Mid Continent Bancshares Inc. 2.70 7.07 4.54 2.52 2.06 2.39 52.04 12.91
MDBK Medford Bancorp Inc. 3.25 6.99 3.87 3.12 0.24 1.75 48.58 44.69
MECH Mechanics Savings Bank 3.82 7.06 3.50 3.56 0.88 2.64 60.42 50.69
MERI Meritrust Federal SB 3.49 7.29 3.95 3.35 0.70 2.20 55.11 45.73
METF Metropolitan Financial Corp. 3.51 8.33 5.01 3.32 0.47 2.45 63.90 58.77
MFBC MFB Corp. 3.29 7.62 4.42 3.21 0.19 2.07 61.05 58.77
36
Income Statement as of The Most Recent Quarter
--------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- --------------------------------------------------------------------------------------------
MFCX Marshalltown Financial Corp. 2.74 7.07 4.39 2.68 0.08 1.90 69.38 68.48
MFFC Milton Federal Financial Corp. 2.89 7.34 4.54 2.80 0.15 1.98 67.94 66.27
MFLR Mayflower Co-operative Bank 3.95 7.47 3.76 3.71 0.35 2.43 59.04 55.16
MFSL Maryland Federal Bancorp 2.69 7.24 4.61 2.64 0.24 1.59 54.73 50.67
MIFC Mid-Iowa Financial Corp. 2.98 7.35 4.43 2.91 0.99 2.17 55.66 40.63
MIVI Mississippi View Holding Co. 3.93 7.49 3.61 3.88 0.31 2.48 59.34 56.12
MLBC ML Bancorp Inc. 3.20 7.22 4.23 2.99 0.50 2.39 66.47 60.81
MONT Montgomery Financial Corp. 3.65 7.84 4.34 3.50 0.03 1.93 55.87 55.47
MRKF Market Financial Corp. 3.88 6.73 2.90 3.83 0.01 1.92 49.82 49.63
MSBF MSB Financial Inc. 4.77 8.38 3.77 4.60 0.46 2.79 56.15 51.72
MSBK Mutual Savings Bank FSB 1.76 6.47 4.76 1.72 0.47 2.13 97.82 97.23
MWBI Midwest Bancshares Inc. 2.85 7.42 4.67 2.75 0.22 1.67 55.83 52.26
MWBX MetroWest Bank 4.08 7.73 3.84 3.89 0.33 2.61 59.94 56.49
MWFD Midwest Federal Financial 3.99 8.09 4.24 3.85 0.87 2.98 62.36 53.90
NASB North American Savings Bank 3.51 8.29 4.85 3.44 0.79 2.08 49.48 37.85
NBN Northeast Bancorp 3.90 8.19 4.41 3.78 0.65 3.06 66.44 60.63
NBSI North Bancshares Inc. 3.06 7.25 4.25 3.00 0.19 2.64 82.61 81.52
NEIB Northeast Indiana Bancorp 3.63 8.08 4.50 3.58 0.33 1.68 42.99 37.74
NHTB New Hampshire Thrift Bncshrs 3.85 7.91 4.31 3.60 0.74 3.10 69.28 63.00
NMSB NewMil Bancorp Inc. 3.97 7.40 3.55 3.85 0.47 2.73 66.66 62.62
NSLB NS&L Bancorp Inc. 3.23 6.62 3.48 3.14 0.24 1.96 58.03 54.76
NSSB Norwich Financial Corp. 4.48 7.62 3.39 4.23 0.52 2.95 59.44 54.44
NSSY NSS Bancorp Inc. 3.14 7.20 4.17 3.03 0.67 2.35 63.32 55.21
NTMG Nutmeg Federal S&LA 4.29 7.25 3.19 4.06 1.20 3.91 71.45 63.00
NWEQ Northwest Equity Corp. 3.78 8.01 4.43 3.58 0.51 2.42 56.49 50.23
NWSB Northwest Savings Bank (MHC) 3.74 7.83 4.24 3.59 0.34 2.18 54.37 50.05
NYB New York Bancorp Inc. 3.67 7.65 4.08 3.58 0.37 1.57 39.84 33.69
OCFC Ocean Financial Corp. 3.09 7.04 4.04 3.01 0.16 1.58 49.88 47.28
OCN Ocwen Financial Corp. 6.17 10.67 5.52 5.15 1.15 3.80 70.25 63.61
OFCP Ottawa Financial Corp. 3.37 7.55 4.41 3.13 0.42 2.17 57.51 51.84
OHSL OHSL Financial Corp. 3.14 7.74 4.67 3.07 0.14 1.92 59.86 58.09
OSFS Ohio State Financial Services 3.63 6.81 3.24 3.57 0.09 2.33 63.66 62.77
OTFC Oregon Trail Financial Corp. 2.82 5.33 2.56 2.77 0.29 1.64 53.59 48.65
PALM Palfed Inc. 4.02 8.24 4.40 3.84 0.65 3.05 62.36 55.98
PBCI Pamrapo Bancorp Inc. 4.74 7.70 3.26 4.43 0.40 2.59 51.13 46.69
PBCT People's Bank (MHC) 3.57 6.81 3.51 3.30 2.44 4.13 70.91 49.39
PBHC Oswego City Savings Bk (MHC) 4.20 7.54 3.65 3.88 0.48 2.94 63.62 59.10
PBKB People's Bancshares Inc. 3.06 7.30 4.33 2.96 0.28 2.72 79.83 77.95
PCBC Perry County Financial Corp. 2.99 6.90 3.96 2.94 0.04 1.08 36.33 35.47
PDB Piedmont Bancorp Inc. 3.95 7.92 4.06 3.86 0.32 2.17 51.89 47.95
PEEK Peekskill Financial Corp. 3.66 6.80 3.18 3.62 0.13 1.81 48.42 46.63
PERM Permanent Bancorp Inc. 2.67 7.18 4.62 2.57 0.43 1.95 64.49 58.50
PERT Perpetual Bank (MHC) 3.84 7.73 4.02 3.72 1.07 3.03 63.44 52.90
PFDC Peoples Bancorp 3.68 7.78 4.12 3.66 0.29 1.42 34.09 28.88
PFED Park Bancorp Inc. 3.60 7.13 3.66 3.46 0.09 2.03 66.22 65.35
PFFB PFF Bancorp Inc. 2.82 7.23 4.50 2.73 0.49 1.99 61.67 54.82
PFFC Peoples Financial Corp. 3.71 7.00 3.38 3.62 0.02 2.26 61.97 61.73
PFNC Progress Financial Corp. 4.65 8.31 3.98 4.33 1.39 4.11 70.83 61.46
PFSB PennFed Financial Services Inc 2.54 7.14 4.69 2.44 0.16 1.28 41.50 37.75
PFSL Pocahontas FS&LA (MHC) 1.97 7.00 5.07 1.92 0.40 1.46 62.68 54.91
PHBK Peoples Heritage Finl Group 4.72 7.77 3.41 4.37 1.00 3.33 59.15 49.80
PHFC Pittsburgh Home Financial Corp 2.89 7.59 4.76 2.84 0.21 1.81 59.29 56.25
PHSB Peoples Home Savings Bk (MHC) 3.67 7.26 3.70 3.56 0.46 2.89 71.80 68.16
PKPS Poughkeepsie Financial Corp. 3.34 7.76 4.56 3.20 0.57 2.76 65.91 59.89
PLSK Pulaski Savings Bank (MHC) 3.20 7.29 4.21 3.08 0.07 1.99 63.24 62.35
PMFI Perpetual Midwest Financial 3.03 7.71 4.82 2.89 0.35 2.22 68.26 64.38
PRBC Prestige Bancorp Inc. 3.19 7.16 4.07 3.09 0.25 2.31 68.95 66.42
PROV Provident Financial Holdings 3.22 7.24 4.10 3.14 0.79 2.81 72.96 66.16
PSBK Progressive Bank Inc. 4.03 7.77 3.94 3.83 0.37 2.37 53.16 48.59
PSFC Peoples-Sidney Financial Corp. 4.01 7.74 3.80 3.94 0.06 1.87 46.65 45.81
PSFI PS Financial Inc. 4.99 7.50 2.63 4.87 0.08 1.38 27.85 26.65
PTRS Potters Financial Corp. 3.42 7.27 3.96 3.31 0.29 2.40 66.57 63.66
PULB Pulaski Bank, Svgs Bank (MHC) 3.77 7.59 3.91 3.68 0.26 2.31 58.54 55.64
PULS Pulse Bancorp 2.62 6.97 4.41 2.57 0.10 0.94 34.98 32.43
37
Income Statement as of The Most Recent Quarter
--------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- --------------------------------------------------------------------------------------------
PVFC PVF Capital Corp. 3.74 8.67 4.95 3.72 0.37 2.12 51.93 47.14
PVSA Parkvale Financial Corporation 3.04 7.29 4.34 2.95 0.23 1.43 44.49 40.17
PWBC PennFirst Bancorp Inc. 2.17 6.97 4.86 2.11 0.15 1.24 51.40 47.90
PWBK Pennwood Bancorp Inc. 4.42 8.02 3.86 4.16 0.26 2.83 65.1 62.95
QCBC Quaker City Bancorp Inc. 2.96 7.57 4.66 2.92 0.32 1.80 52.81 47.66
QCFB QCF Bancorp Inc. 4.14 7.19 3.12 4.06 0.36 1.72 39.00 33.63
QCSB Queens County Bancorp Inc. 4.34 8.21 4.00 4.22 0.09 1.83 42.55 41.31
RARB Raritan Bancorp Inc. 3.50 7.15 3.82 3.32 0.31 1.93 52.13 47.61
REDF RedFed Bancorp Inc. 3.30 7.19 4.05 3.13 0.74 2.55 62.37 53.46
RELI Reliance Bancshares Inc. 4.71 7.14 2.63 4.51 (0.02) 2.11 46.94 47.13
RELY Reliance Bancorp Inc. 3.39 7.25 4.04 3.21 0.18 1.83 47.57 44.62
RIVR River Valley Bancorp 4.10 7.62 3.62 4.00 0.56 3.05 66.58 61.91
ROSE TR Financial Corp. 2.59 7.21 4.68 2.54 0.20 1.27 46.21 41.97
RSLN Roslyn Bancorp Inc. 3.10 7.25 4.20 3.06 0.19 1.38 41.99 38.32
RVSB Riverview Bancorp Inc. 4.51 8.43 4.20 4.24 0.94 3.17 58.41 49.14
SBFL SB of the Finger Lakes (MHC) 3.07 7.17 4.20 2.97 0.19 2.64 81.18 79.95
SBOS Boston Bancorp (The) 2.95 6.88 4.00 2.87 0.15 1.27 42.96 39.99
SCBS Southern Community Bancshares 4.24 7.11 2.90 4.20 0.43 2.76 59.46 55.28
SCCB S. Carolina Community Bancshrs 4.17 7.69 3.60 4.09 0.26 2.61 59.96 57.42
SFED SFS Bancorp Inc. 3.46 7.31 3.94 3.37 0.26 2.45 68.05 65.59
SFFC StateFed Financial Corp. 3.12 7.54 4.61 2.93 0.08 1.41 51.53 50.24
SFIN Statewide Financial Corp. 3.69 7.36 3.78 3.59 0.23 2.44 63.67 61.29
SFSB SuburbFed Financial Corp. 2.87 7.18 4.39 2.79 0.70 2.61 74.61 68.25
SFSL Security First Corp. 4.00 8.32 4.45 3.88 0.28 1.94 46.41 42.54
SGVB SGV Bancorp Inc. 2.54 7.17 4.72 2.45 0.29 2.14 77.41 74.75
SHEN First Shenango Bancorp Inc. 3.25 7.52 4.32 3.19 0.18 1.47 42.69 39.37
SHSB SHS Bancorp Inc. 2.79 7.41 4.67 2.74 0.12 1.78 62.09 60.40
SISB SIS Bancorp Inc. 3.68 7.11 3.62 3.49 0.88 2.87 65.55 56.85
SKAN Skaneateles Bancorp Inc. 4.19 7.79 3.82 3.97 0.73 3.33 69.38 63.71
SKBO First Carnegie Deposit (MHC) 2.72 6.89 4.24 2.65 0.05 1.53 56.80 55.95
SMBC Southern Missouri Bancorp Inc. 3.18 7.11 3.97 3.14 0.35 2.15 60.88 56.50
SMFC Sho-Me Financial Corp. 3.35 8.02 4.73 3.29 0.44 1.57 42.13 34.31
SOBI Sobieski Bancorp Inc. 3.33 7.21 4.01 3.20 0.23 2.37 69.20 67.02
SOPN First Savings Bancorp Inc. 3.92 7.60 3.79 3.81 0.16 1.23 31.01 28.03
SOSA Somerset Savings Bank 4.07 8.17 4.30 3.87 0.22 2.87 61.62 59.48
SPBC St. Paul Bancorp Inc. 3.04 7.08 4.17 2.91 0.90 2.19 58.83 46.13
SRN Southern Banc Co. 2.75 7.07 4.36 2.71 0.08 1.94 67.98 67.04
SSB Scotland Bancorp Inc. 4.91 7.91 3.08 4.83 0.14 2.41 48.62 47.15
SSFC South Street Financial Corp. 2.95 7.30 4.40 2.90 0.07 1.29 43.23 41.83
SSM Stone Street Bancorp Inc. 4.75 8.10 3.43 4.66 0.14 2.33 48.51 46.98
STFR St. Francis Capital Corp. 2.66 7.03 4.58 2.45 0.38 1.78 59.45 53.17
STSA Sterling Financial Corp. 2.68 8.40 5.61 2.79 0.49 2.27 65.54 59.52
SVRN Sovereign Bancorp Inc. 2.59 7.19 4.69 2.50 0.24 1.34 45.73 40.51
SWBI Southwest Bancshares 3.38 7.47 4.30 3.17 0.19 1.72 54.63 51.90
SWCB Sandwich Bancorp Inc. 3.73 7.28 3.72 3.56 0.50 2.36 56.31 50.18
SZB SouthFirst Bancshares Inc. 3.85 7.52 3.94 3.58 1.51 4.13 81.08 73.11
THR Three Rivers Financial Corp. 3.66 7.63 4.08 3.54 0.52 2.72 68.78 64.24
THRD TF Financial Corp. 3.25 6.94 3.80 3.14 0.23 2.28 61.65 58.87
TPNZ Tappan Zee Financial Inc. 3.79 7.48 3.79 3.69 0.12 2.46 64.47 63.33
TRIC Tri-County Bancorp Inc. 3.13 7.39 4.34 3.05 0.17 1.77 55.01 52.53
TSBS Trenton SB (MHC) 3.59 6.94 3.51 3.43 0.33 2.36 57.51 53.37
TSH Teche Holding Co. 3.38 7.62 4.31 3.31 0.77 2.62 65.90 57.96
TWIN Twin City Bancorp 3.98 7.86 4.02 3.84 0.37 2.54 60.58 56.75
UBMT United Financial Corp. 3.78 7.03 3.40 3.63 0.73 1.91 43.84 32.53
UFRM United Federal Savings Bank 4.05 8.38 4.59 3.79 0.99 3.66 76.46 70.33
USAB USABancshares, Inc. 4.54 8.71 4.30 4.41 1.01 3.41 60.81 51.85
VABF Virginia Beach Fed. Financial 3.22 8.03 4.91 3.11 0.44 2.62 72.78 68.98
WAMU Washington Mutual Inc. 2.94 7.37 4.58 2.80 0.86 1.96 51.06 36.03
WAYN Wayne Savings Bancshares (MHC) 3.41 7.67 4.40 3.28 0.26 2.42 68.55 66.07
WBST Webster Financial Corp. 3.17 7.08 4.05 3.02 0.51 1.99 52.11 44.09
WCBI Westco Bancorp 3.63 7.60 4.08 3.52 0.29 1.51 40.40 35.57
WCFB Webster City Federal SB (MHC) 3.57 7.12 3.63 3.49 0.16 1.40 38.48 35.59
WEFC Wells Financial Corp. 3.36 7.59 4.27 3.32 0.55 1.95 50.43 42.27
WEHO Westwood Homestead Fin. Corp. 3.52 7.80 4.33 3.47 0.11 1.92 53.47 52.00
38
Income Statement as of The Most Recent Quarter
--------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- --------------------------------------------------------------------------------------------
WES Westcorp 3.70 7.67 4.54 3.13 3.46 6.62 101.28 102.70
WFI Winton Financial Corp. 3.11 8.04 4.99 3.05 0.15 1.99 61.46 59.58
WFSG Wilshire Financial Services 1.94 9.34 7.59 1.75 7.40 5.53 66.72 (74.35)
WFSL Washington Federal Inc. 3.68 8.22 4.64 3.58 0.09 0.70 18.41 16.37
WHGB WHG Bancshares Corp. 3.93 7.25 3.48 3.77 0.12 2.32 59.46 58.16
WOFC Western Ohio Financial Corp. 2.95 7.51 4.63 2.88 0.11 2.09 68.45 67.19
WRNB Warren Bancorp Inc. 4.94 7.93 3.20 4.74 0.24 2.53 50.49 47.99
WSB Washington Savings Bank, FSB 2.58 8.13 5.66 2.47 0.24 1.68 70.03 67.14
WSFS WSFS Financial Corp. 3.49 8.20 4.78 3.42 0.68 2.34 55.91 47.07
WSTR WesterFed Financial Corp. 3.48 7.37 4.15 3.21 0.70 2.67 64.87 57.22
WVFC WVS Financial Corp. 3.61 7.67 4.10 3.57 0.12 1.56 42.16 40.14
WWFC Westwood Financial Corp. 2.83 6.86 4.10 2.76 0.23 2.10 67.31 64.57
WYNE Wayne Bancorp Inc. 3.59 7.63 4.10 3.53 0.23 2.35 64.55 62.25
YFCB Yonkers Financial Corporation 3.85 7.45 3.69 3.76 0.29 2.17 53.32 49.70
YFED York Financial Corp. 3.32 7.60 4.47 3.13 0.44 2.14 57.20 51.23
--------------------------------------------------------------------------------------------
Average 3.46 7.51 4.19 3.32 0.50 2.26 58.59 52.59
39
Income Statement as of The Most Recent Quarter
--------------------------------------------------------------------------------------------
Net Interest Interest Net Interest Noninterest Noninterest
Interest Income/ Expense/ Income/ Income/ Expense/ Efficiency Overhead
Margin Avg Assets Avg Assets Avg Assets Avg Assets Avg Assets Ratio Ratio
Ticker Short Name (%) (%) (%) (%) (%) (%) (%) (%)
- -------------------------------------- --------------------------------------------------------------------------------------------
Comparable Thrift Data
FESX First Essex Bancorp Inc. 3.18 7.52 4.49 3.02 0.23 1.79 53.06 49.51
FFES First Federal of East Hartford 2.28 6.76 4.54 2.22 0.16 1.39 58.33 55.25
FFIC Flushing Financial Corp. 3.81 7.67 4.04 3.64 0.36 2.22 54.55 50.07
GAF GA Financial Inc. 3.54 7.34 3.90 3.45 0.32 1.95 51.11 46.59
JSB JSB Financial Inc. 4.66 6.99 2.63 4.36 0.36 1.78 39.09 34.10
MASB MASSBANK Corp. 2.86 6.66 3.85 2.81 0.20 1.37 44.23 40.27
MDBK Medford Bancorp Inc. 3.25 6.99 3.87 3.12 0.24 1.75 48.58 44.69
PWBC PennFirst Bancorp Inc. 2.17 6.97 4.86 2.11 0.15 1.24 51.40 47.90
SFIN Statewide Financial Corp. 3.69 7.36 3.78 3.59 0.23 2.44 63.67 61.29
SISB SIS Bancorp Inc. 3.68 7.11 3.62 3.49 0.88 2.87 65.55 56.85
STFR St. Francis Capital Corp. 2.66 7.03 4.58 2.45 0.38 1.78 59.45 53.17
THRD TF Financial Corp. 3.25 6.94 3.80 3.14 0.23 2.28 61.65 58.87
--------------------------------------------------------------------------------------------
Average 3.25 7.11 4.00 3.12 0.31 1.91 54.22 49.88
Median 3.25 7.01 3.89 3.13 0.24 1.79 53.81 49.79
Maximum 4.66 7.67 4.86 4.36 0.88 2.87 65.55 61.29
Minimum 2.17 6.66 2.63 2.11 0.15 1.24 39.09 34.10
40
Balance Sheet Growth as of
The Most Recent Quarter Market Data as of The Most Recent Quarter
-------------------------- ----------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker Short Name (%) (%) (%) ($) ($) ($) ($) ($) ($)
- -------------------------------------- -------------------------- ----------------------------------------------------------------
%CAL California Federal Bank, a FSB 0.00 (1.29) 0.07 NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB 0.13 (14.05) 41.61 NA NA NA NA NA NA
AABC Access Anytime Bancorp Inc. 3.77 13.54 (0.89) 12.83 7.598 8.088 5.822 7.51 7.51
AADV Advantage Bancorp Inc. 7.04 (1.89) 9.06 220.85 57.000 57.000 38.000 30.60 28.47
ABBK Abington Bancorp Inc. 0.29 10.58 6.37 67.52 32.000 33.000 25.500 19.43 17.61
ABCL Alliance Bancorp Inc. (9.42) (8.14) (8.96) 222.59 24.250 24.250 20.000 16.10 15.91
ABCW Anchor BanCorp Wisconsin 6.00 6.09 5.34 318.14 29.125 30.000 24.125 13.82 13.58
AFBC Advance Financial Bancorp 4.41 23.52 3.89 18.71 16.250 16.250 14.875 15.01 15.01
AFCB Affiliated Community Bancorp 13.99 13.60 15.70 206.32 28.000 30.125 23.500 17.28 17.19
AFED AFSALA Bancorp Inc. 18.20 8.16 21.47 26.03 14.625 14.813 12.563 15.92 15.92
AFFFZ America First Financial Fund 10.93 12.83 16.30 303.53 41.500 41.938 39.000 29.41 29.10
AHCI Ambanc Holding Co. 36.56 13.26 5.54 83.98 16.125 16.375 15.125 13.98 13.98
AHM H.F. Ahmanson & Co. (6.17) (0.68) (3.60) 5,959.71 56.813 57.563 44.938 20.17 17.14
ALBC Albion Banc Corp. 12.72 14.47 19.43 7.00 25.750 25.750 22.000 24.25 24.25
ALBK ALBANK Financial Corp. 12.74 15.89 (2.40) 582.72 42.250 45.875 37.125 26.69 23.51
AMFC AMB Financial Corp. 39.11 23.96 50.47 15.42 15.625 15.625 14.000 14.95 14.95
ANA Acadiana Bancshares Inc. 10.51 21.51 (1.04) 63.10 22.250 22.250 19.750 17.21 17.21
ANDB Andover Bancorp Inc. 9.48 22.14 1.46 201.60 36.750 36.750 29.625 20.20 20.20
ANE Alliance Bncorp of New England 6.20 10.73 8.76 27.86 16.750 18.000 13.172 10.95 10.69
ASBI Ameriana Bancorp (4.73) 7.04 (6.28) 65.44 20.250 22.000 16.250 13.63 13.62
ASBP ASB Financial Corp. (0.07) 10.35 (2.22) 22.32 13.375 13.375 11.750 10.30 10.30
ASFC Astoria Financial Corp. 12.52 36.31 1.27 1,175.37 50.313 50.313 45.375 29.51 24.96
ATSB AmTrust Capital Corp. (14.17) (10.99) (38.23) 7.37 13.875 13.875 12.500 14.46 14.32
AVND Avondale Financial Corp. (6.82) 0.33 15.00 59.41 17.500 17.563 13.625 13.18 13.18
BANC BankAtlantic Bancorp Inc. 16.78 6.20 (1.07) 319.38 15.750 16.625 12.500 7.03 5.82
BDJI First Federal Bancorporation 3.27 5.49 3.19 18.83 22.000 22.000 19.750 17.75 17.75
BFD BostonFed Bancorp Inc. (6.24) 3.25 (7.97) 115.12 21.063 22.063 18.000 15.43 14.86
BFFC Big Foot Financial Corp. NA NA NA 47.11 17.375 17.875 16.000 14.97 14.97
BFSB Bedford Bancshares Inc. 11.00 1.93 14.25 33.13 24.500 25.250 23.500 18.04 18.04
BKC American Bank of Connecticut 2.68 (9.25) 2.85 113.35 40.250 40.250 35.750 23.22 22.38
BKCT Bancorp Connecticut Inc. (4.26) 5.08 (0.99) 117.66 17.750 18.000 12.250 8.96 8.96
BKUNA BankUnited Financial Corp. 74.86 75.18 34.51 132.27 13.125 13.313 9.625 7.94 6.25
BNKU Bank United Corp. 18.46 34.84 (0.17) 1,394.16 44.250 44.250 35.875 18.94 18.51
BPLS Bank Plus Corp. 43.72 6.17 14.88 249.61 12.875 13.250 10.750 9.16 9.14
BSBC Branford Savings Bank (7.91) (4.81) (6.11) 39.77 5.500 5.500 4.500 2.69 2.69
BTHL Bethel Bancorp 3.68 (5.87) (7.28) 15.15 13.250 13.250 11.000 13.71 11.51
BVCC Bay View Capital Corp. 8.53 15.82 11.62 439.40 27.375 28.125 24.875 14.81 12.37
BWFC Bank West Financial Corp. 23.59 16.60 8.98 45.90 12.667 12.667 9.000 8.87 8.87
BYFC Broadway Financial Corp. 8.16 23.71 (0.85) 11.01 11.500 11.500 10.500 14.77 14.77
CAFI Camco Financial Corp. 10.09 18.48 3.40 77.14 22.750 22.750 17.381 14.98 13.86
CAPS Capital Savings Bancorp Inc. (0.43) 6.34 (0.10) 45.64 17.500 17.500 15.500 11.70 11.70
CASB Cascade Financial Corp. 63.38 64.71 95.53 43.18 15.125 15.125 12.000 8.36 8.36
CASH First Midwest Financial Inc. 31.76 (3.67) 10.11 57.35 19.875 20.250 16.250 16.11 14.31
CATB Catskill Financial Corp. 7.57 2.59 3.32 83.83 16.875 17.250 15.250 15.41 15.41
CBCI Calumet Bancorp Inc. (6.62) 8.43 (9.66) 103.30 30.833 31.583 24.833 25.01 25.01
CBES CBES Bancorp Inc. 22.00 22.51 33.32 22.55 20.500 20.500 17.125 17.60 17.60
CBK Citizens First Financial Corp. 9.41 6.67 (5.73) 46.51 18.375 18.563 15.375 16.30 16.30
CBSA Coastal Bancorp Inc. (4.66) (11.30) 8.05 149.77 32.250 33.250 29.000 20.13 16.92
CBSB Charter Financial Inc. (1.57) 0.43 (0.83) 98.05 17.750 18.000 16.750 13.71 12.13
CCFH CCF Holding Company 33.89 36.10 42.89 16.40 16.750 17.125 16.500 14.21 14.21
CEBK Central Co-operative Bank 16.26 23.83 19.08 51.83 22.500 22.750 18.250 18.05 16.25
CENB Century Bancorp Inc. 1.18 14.49 0.21 33.81 77.500 80.250 69.750 75.05 75.05
CENF CENFED Financial Corp. 1.60 5.29 8.57 243.43 35.938 36.875 32.500 21.51 21.48
CFB Commercial Federal Corp. 6.23 2.45 (10.96) 1,138.96 47.125 48.188 37.625 20.59 18.43
CFBC Community First Banking Co. (49.78) 15.27 (51.52) 95.34 37.750 37.750 31.875 31.49 31.07
CFCP Coastal Financial Corp. (6.97) 17.50 18.22 104.55 22.875 27.750 22.875 6.97 6.97
CFFC Community Financial Corp. 17.93 15.83 37.49 34.48 21.500 23.250 21.500 18.99 18.99
CFNC Carolina Fincorp Inc. 9.21 11.16 13.04 33.79 17.500 17.875 15.000 13.92 13.92
CFSB CFSB Bancorp Inc. 6.87 6.21 -3.27 179.07 28.875 31 23.25 13.03 13.03
CFTP Community Federal Bancorp 13.24 5.50 3.00 97.20 17.750 18.500 17.250 13.40 13.40
CFX CFX Corp. 207.02 197.28 215.28 684.04 21.438 21.438 18.813 10.25 9.88
CIBI Community Investors Bancorp 8.77 14.08 6.39 14.66 15.250 16.000 12.750 12.09 12.09
CKFB CKF Bancorp Inc. (6.21) (1.00) 4.43 16.71 19.000 20.000 19.000 16.91 16.91
CLAS Classic Bancshares Inc. 5.09 9.41 0.89 21.94 15.750 16.250 13.875 15.13 12.85
41
Balance Sheet Growth as of
The Most Recent Quarter Market Data as of The Most Recent Quarter
-------------------------- ----------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker Short Name (%) (%) (%) ($) ($) ($) ($) ($) ($)
- -------------------------------------- -------------------------- ----------------------------------------------------------------
CMRN Cameron Financial Corp 8.46 4.47 12.67 53.16 19.250 19.250 17.125 17.43 17.43
CMSB Commonwealth Bancorp Inc. (1.90) 16.65 2.53 343.17 18.000 19.500 15.750 13.02 10.15
CMSV Community Savings Bnkshrs(MHC) 5.39 8.63 2.78 178.32 36.250 36.875 22.000 16.22 16.22
CNIT CENIT Bancorp Inc. (4.42) 2.01 (0.89) 112.50 61.750 61.750 48.500 31.01 28.40
CNSB CNS Bancorp Inc. (3.82) 15.74 (1.68) 35.13 17.750 18.500 16.000 14.34 14.34
CNY Carver Bancorp Inc. 1.72 7.24 0.44 38.62 12.625 13.375 11.625 15.08 14.50
COFI Charter One Financial 17.50 33.96 8.39 4,017.38 56.310 57.262 49.524 21.63 19.87
CONE Conestoga Bancorp, Inc. 4.86 (4.86) 5.85 NA 20.625 20.780 20.125 17.58 17.58
COOP Cooperative Bankshares Inc. 8.05 9.32 8.59 54.45 17.000 17.000 10.625 9.27 9.27
CRZY Crazy Woman Creek Bancorp 41.84 14.35 11.84 14.77 15.063 15.125 13.250 14.88 14.88
CSA Coast Savings Financial (2.74) (0.03) 2.06 1,178.43 52.438 52.750 44.438 25.21 24.92
CSBF CSB Financial Group Inc. 7.07 (4.82) 6.29 12.36 12.000 12.500 11.000 12.99 12.27
CTZN CitFed Bancorp Inc. 25.44 41.87 18.96 470.68 33.750 33.833 25.083 15.92 14.47
CVAL Chester Valley Bancorp Inc. (1.67) 8.91 1.99 59.66 23.000 23.000 19.286 12.89 12.89
DCBI Delphos Citizens Bancorp Inc. 2.35 24.22 7.60 34.29 17.250 17.500 14.750 14.65 14.65
DIBK Dime Financial Corp. 21.80 (9.75) 19.41 158.74 31.250 31.750 25.375 14.54 14.12
DIME Dime Community Bancorp Inc. 21.39 26.73 14.25 314.04 20.375 20.375 18.563 14.81 12.76
DME Dime Bancorp Inc. (13.41) 27.77 1.71 2,607.13 21.063 21.750 17.000 10.38 9.88
DNFC D & N Financial Corp. 36.11 44.09 4.91 220.02 21.125 21.500 18.625 11.18 11.07
DSL Downey Financial Corp. (2.15) (7.52) 13.10 775.87 24.375 24.375 21.500 15.61 15.41
EBSI Eagle Bancshares 11.42 22.77 11.05 111.12 19.375 20.938 16.125 12.59 12.59
EFBC Empire Federal Bancorp Inc. 7.27 6.67 14.85 42.77 17.625 17.750 14.375 15.51 15.51
EFBI Enterprise Federal Bancorp 16.08 15.68 1.15 55.60 23.750 25.125 18.000 15.82 15.81
EGFC Eagle Financial Corp. 16.65 (0.06) (9.28) 333.17 40.000 40.250 30.750 22.91 18.23
EGLB Eagle BancGroup Inc. (4.93) 13.00 1.09 23.80 17.625 17.625 15.500 17.03 17.03
EIRE Emerald Isle Bancorp Inc. 17.40 31.60 2.77 71.99 24.750 25.875 19.000 13.78 13.78
EMLD Emerald Financial Corp. 0.27 13.89 0.41 98.90 16.250 16.250 13.375 9.28 9.14
EQSB Equitable Federal Savings Bank 16.48 19.84 9.65 28.60 37.000 38.500 33.250 25.80 25.80
ESBK Elmira Savings Bank (The) 0.77 6.64 0.01 21.72 29.750 29.750 19.500 21.07 20.52
ESX Essex Bancorp Inc. 3.79 14.01 13.59 5.16 4.750 7.938 1.000 0.03 (0.16)
ETFS East Texas Financial Services 11.54 18.42 (3.36) 20.53 20.500 20.500 18.000 20.34 20.34
FAB FirstFed America Bancorp Inc. 5.95 6.07 (10.19) 182.85 21.875 22.125 17.625 15.63 15.63
FBBC First Bell Bancorp Inc. (18.56) (1.96) (2.95) 117.19 17.375 17.375 15.625 11.02 11.02
FBCI Fidelity Bancorp Inc. 6.55 7.48 (14.20) 67.08 25.375 25.375 18.563 18.66 18.62
FBCV 1ST Bancorp (14.13) 9.25 (26.20) 28.01 24.000 27.333 19.333 21.75 21.34
FBER 1st Bergen Bancorp (0.04) 2.65 2.30 54.07 18.375 19.500 15.250 13.57 13.57
FBHC Fort Bend Holding Corp. 0.94 (29.79) 0.75 33.28 20.000 20.125 14.625 11.88 11.09
FBNW FirstBank Corp. 61.57 24.32 (13.11) 36.70 17.000 19.000 15.500 15.99 15.99
FBSI First Bancshares Inc. (2.97) 8.23 8.27 27.61 23.000 25.250 20.000 20.74 20.74
FCB Falmouth Bancorp Inc. 10.55 NA 11.77 30.00 20.875 21.250 16.375 15.68 15.68
FCBF FCB Financial Corp. (2.44) (0.56) (1.36) 107.65 27.000 28.000 25.500 18.72 18.72
FCME First Coastal Corp. (10.01) 8.29 (3.78) 19.71 13.125 13.188 9.250 10.66 10.66
FDEF First Defiance Financial 16.04 3.77 0.63 142.19 15.750 15.938 14.500 12.61 12.61
FED FirstFed Financial Corp. -8.45 4.52 0.28 413.58 34.125 34.875 30.75 20.01 19.81
FESX First Essex Bancorp Inc. (11.47) 4.91 6.43 158.06 20.375 20.500 16.500 11.90 10.41
FFBA First Colorado Bancorp Inc. 0.73 6.75 1.15 438.65 21.500 21.500 17.375 12.00 11.84
FFBH First Federal Bancshares of AR 8.91 8.74 6.20 110.16 21.313 21.625 20.375 16.64 16.64
FFBI First Financial Bancorp Inc. (1.37) 14.75 (3.95) 8.72 19.500 19.500 18.125 18.10 18.10
FFBS FFBS BanCorp Inc. 12.82 10.63 7.48 35.38 21.250 26.000 21.000 15.07 15.07
FFBZ First Federal Bancorp Inc. 4.85 6.62 (7.56) 30.91 18.750 20.250 17.000 9.06 9.05
FFCH First Financial Holdings Inc. 10.98 8.21 0.01 302.49 37.875 39.250 30.000 16.45 16.45
FFDB FirstFed Bancorp Inc. (0.15) (6.25) 3.36 24.49 17.750 18.281 16.531 14.77 13.52
FFDF FFD Financial Corp. 1.00 23.71 1.33 26.91 16.500 16.500 14.125 14.86 14.86
FFED Fidelity Federal Bancorp (7.77) (12.53) (4.66) 28.26 9.000 9.750 8.375 5.15 5.15
FFES First Federal of East Hartford 1.55 15.63 (5.73) 98.74 36.500 36.750 29.000 24.40 24.40
FFFC FFVA Financial Corp. 6.00 (1.87) 4.07 150.98 31.625 33.000 26.250 17.84 17.48
FFFD North Central Bancshares Inc. 4.25 20.02 8.80 60.43 18.000 18.000 15.750 15.13 15.13
FFFL Fidelity Bankshares Inc. (MHC) 18.57 18.27 5.96 194.22 28.500 28.500 19.750 12.65 12.57
FFHH FSF Financial Corp. 10.47 23.12 2.42 59.44 19.625 21.000 17.375 16.24 16.24
FFHS First Franklin Corp. 7.48 (4.65) 7.35 33.97 23.500 23.750 19.750 17.49 17.39
FFIC Flushing Financial Corp. 46.56 84.34 35.89 188.61 24.000 24.000 20.000 17.08 16.40
FFKY First Federal Financial Corp. 5.52 7.52 5.13 92.77 21.875 23.000 20.750 12.60 11.89
FFLC FFLC Bancorp Inc. (3.84) 32.25 7.29 88.20 18.450 19.350 16.350 13.73 13.73
FFOH Fidelity Financial of Ohio 3.02 8.18 (7.12) 83.70 16.000 16.375 14.625 12.34 10.94
42
Balance Sheet Growth as of
The Most Recent Quarter Market Data as of The Most Recent Quarter
-------------------------- ----------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker Short Name (%) (%) (%) ($) ($) ($) ($) ($) ($)
- -------------------------------------- -------------------------- ----------------------------------------------------------------
FFPB First Palm Beach Bancorp Inc. 34.09 8.46 0.65 195.60 34.813 35.000 30.250 22.39 21.87
FFSL First Independence Corp. 5.94 11.18 10.52 14.67 14.750 14.750 11.500 11.78 11.78
FFSX First Fed SB of Siouxland(MHC) (10.00) 5.03 (2.86) 90.30 29.500 30.750 22.000 14.08 13.97
FFWC FFW Corp. 3.14 20.08 (4.06) 29.98 30.500 31.750 26.125 24.64 22.36
FFWD Wood Bancorp Inc. 6.35 14.40 9.73 39.22 17.000 18.000 11.709 9.77 9.77
FFYF FFY Financial Corp. 7.83 2.04 (1.05) 131.66 27.875 28.250 25.500 20.30 20.30
FGHC First Georgia Holding Inc. 25.26 18.60 19.25 25.18 7.750 8.250 7.000 4.21 3.86
FIBC Financial Bancorp Inc. 20.49 0.25 7.67 41.89 22.500 23.938 18.125 15.71 15.64
FISB First Indiana Corporation 6.93 8.27 0.23 308.92 23.750 26.000 20.500 14.12 13.95
FKFS First Keystone Financial 65.63 13.91 (1.45) 45.45 32.250 33.250 23.125 20.15 20.15
FKKYD Frankfort First Bancorp Inc. 3.69 8.44 (4.28) 30.34 20.250 22.250 17.000 13.68 13.68
FLAG FLAG Financial Corp. 29.81 24.63 (6.10) 36.92 16.125 16.500 14.000 10.66 10.66
FLFC First Liberty Financial Corp. 13.10 6.61 32.78 260.90 21.500 22.500 21.000 12.30 11.09
FLGS Flagstar Bancorp Inc. 109.50 108.28 47.45 263.15 20.750 21.500 16.000 8.89 8.54
FLKY First Lancaster Bancshares 40.89 45.61 5.95 14.98 16.000 16.000 15.250 14.62 14.62
FMBD First Mutual Bancorp Inc. (14.66) 2.61 (8.12) 71.89 18.500 18.500 15.000 16.77 12.78
FMCO FMS Financial Corp. 19.27 (1.03) 2.40 78.20 27.250 31.500 23.500 15.80 15.57
FMSB First Mutual Savings Bank 17.67 7.59 27.70 75.75 17.833 18.250 11.500 7.53 7.53
FNGB First Northern Capital Corp. 11.93 13.01 0.38 121.63 13.625 14.000 11.000 8.24 8.24
FOBC Fed One Bancorp 1.12 22.05 (4.03) 61.42 25.500 26.750 20.000 17.45 16.68
FPRY First Financial Bancorp 15.07 16.41 12.26 NA 20.750 21.125 20.250 17.07 17.07
FSBI Fidelity Bancorp Inc. 19.43 15.92 9.31 42.76 22.250 23.250 20.000 16.65 16.65
FSFC First Southeast Financial Corp 1.73 4.33 0.10 66.37 16.063 16.063 13.438 8.2 8.2
FSFF First SecurityFed Financial NA NA NA 104.53 NA NA NA NA NA
FSLA First Savings Bank (MHC) 4.53 15.41 (2.81) 352.79 32.273 32.273 24.773 12.39 11.26
FSNJ Bayonne Bancshares Inc. 4.55 (1.77) (9.63) 109.73 12.500 13.063 9.206 10.58 10.58
FSPG First Home Bancorp Inc. 2.06 12.24 18.86 62.29 22.000 22.375 18.875 13.31 13.11
FSPT FirstSpartan Financial Corp. (110.08) 18.24 (8.78) 169.46 38.750 39.000 35.000 29.17 29.17
FSSB First FS&LA of San Bernardino 12.49 (10.05) 13.89 3.16 9.750 10.500 9.000 13.68 13.18
FSTC First Citizens Corp. (1.96) 5.44 (2.48) 79.57 23.333 23.417 17.500 12.44 9.80
FTF Texarkana First Financial Corp 17.16 9.07 8.78 46.02 23.750 24.875 19.625 15.32 15.32
FTFC First Federal Capital Corp. (3.13) 9.61 22.87 279.53 29.000 29.000 23.000 11.46 10.80
FTNB Fulton Bancorp Inc. 12.55 5.88 1.37 37.82 24.000 26.500 19.750 14.88 14.88
FTSB Fort Thomas Financial Corp. 3.73 9.65 8.41 22.43 13.125 13.125 10.375 10.56 10.56
FWWB First SB of Washington Bancorp 9.10 13.79 12.25 265.13 24.750 24.875 21.625 15.83 14.62
GAF GA Financial Inc. 28.04 33.72 (1.62) 155.96 18.625 19.000 16.500 14.72 14.58
GBCI Glacier Bancorp Inc. 4.48 6.6 20.71 150.00 18.875 19.5 17.75 8.41 8.2
GDVS Greater Delaware Valley (MHC) 7.21 (0.77) 9.97 104.72 25.250 25.250 15.125 8.85 8.85
GDW Golden West Financial 1.36 11.32 3.30 5,321.84 89.750 90.938 71.813 45.36 45.36
GFCO Glenway Financial Corp. 8.58 14.75 5.56 42.21 15.000 15.250 11.500 12.17 12.02
GFED Guaranty Federal SB (MHC) 21.41 24.26 (11.02) 81.25 22.500 24.250 16.750 8.76 8.76
GFSB GFS Bancorp Inc. 10.57 7.90 14.74 16.86 15.000 15.500 13.375 11.01 11.01
GLMR Gilmer Financial Svcs, Inc. 7.45 2.51 20.03 2.70 11.000 12.000 11.000 19.88 19.88
GOSB GSB Financial Corp. 246.95 NA 67.93 37.94 NA NA NA NA NA
GPT GreenPoint Financial Corp. (6.20) 17.05 (5.05) 2,944.29 63.375 66.000 58.688 33.65 18.04
GSB Golden State Bancorp Inc. 5.28 5.71 (0.77) 1,728.11 29.875 31.500 26.750 16.16 14.46
GSBC Great Southern Bancorp Inc. 11.13 14.23 19.41 205.91 19.000 19.500 16.000 7.79 7.79
GSFC Green Street Financial Corp. 7.69 5.34 15.54 79.52 20.750 20.750 17.125 14.64 14.64
GSLA GS Financial Corp. 25.40 17.07 (11.45) 61.03 16.375 16.375 14.875 16.44 16.44
GTFN Great Financial Corp. (20.05) (7.29) 5.44 702.41 42.625 42.875 32.875 21.08 20.23
GTPS Great American Bancorp 7.57 37.38 12.08 32.24 19.250 19.250 16.500 18.44 18.44
GUPB GFSB Bancorp Inc. 68.96 51.28 17.12 16.21 21.250 22.000 18.500 17.60 17.60
GWBC Gateway Bancorp Inc. (7.64) 7.89 (12.59) 21.23 18.000 18.250 17.500 16.15 16.15
HALL Hallmark Capital Corp. 8.44 12.46 (0.44) 42.21 12.875 13 10.5 10.59 10.59
HARB Harbor Florida Bancorp (MHC) 5.12 7.62 2.95 331.98 56.000 58.219 43.250 19.46 18.85
HARL Harleysville Savings Bank 10.19 2.25 1.30 47.36 26.500 27.750 21.750 13.76 13.76
HARS Harris Financial Inc. (MHC) 12.91 6.28 (11.82) 660.82 15.750 16.000 7.083 5.12 4.53
HAVN Haven Bancorp Inc. 11.62 33.69 24.01 191.89 21.375 21.500 17.813 12.54 12.50
HBBI Home Building Bancorp (29.45) 4.92 (41.96) 6.62 22 23 20.5 20.43 20.43
HBEI Home Bancorp of Elgin Inc. (11.41) 15.97 (6.53) 127.69 17.875 19.313 16.750 13.77 13.77
HBFW Home Bancorp 8.63 17.84 12.85 69.43 20.875 20.875 20.125 17.62 17.62
HBNK Highland Federal Bank FSB 9.21 13.94 (23.83) 73.60 31.000 31.000 25.000 17.20 17.20
HBS Haywood Bancshares Inc. 6.33 10.40 5.12 25.94 21.625 21.750 17.375 17.33 16.74
HCBB HCB Bancshares Inc. (0.84) 14.44 (7.28) 36.70 13.750 14.125 12.875 14.43 13.91
43
Balance Sheet Growth as of
The Most Recent Quarter Market Data as of The Most Recent Quarter
-------------------------- ----------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker Short Name (%) (%) (%) ($) ($) ($) ($) ($) ($)
- -------------------------------------- -------------------------- ----------------------------------------------------------------
HCFC Home City Financial Corp. 0.83 26.72 11.21 15.72 15.000 16.250 13.750 15.20 15.20
HEMT HF Bancorp Inc. 26.66 34.21 8.28 109.93 16.500 17.000 13.875 13.26 11.05
HFFB Harrodsburg First Fin Bancorp 2.82 2.03 0.46 36.19 14.875 16.000 14.875 15.68 15.68
HFFC HF Financial Corp. 9.09 (0.24) 15.68 77.85 25.750 27.000 21.250 18.22 18.22
HFGI Harrington Financial Group 66.47 23.95 8.07 40.30 13.000 13.500 11.000 7.74 7.74
HFNC HFNC Financial Corp. (11.67) 17.20 (1.38) 255.74 16.125 17.125 14.875 9.48 9.48
HFSA Hardin Bancorp Inc. 34.61 15.02 8.96 15.25 17.750 18.250 15.000 15.75 15.75
HHFC Harvest Home Financial Corp. 21.63 10.50 (3.41) 13.49 10.875 11.500 10.250 11.31 11.31
HIFS Hingham Instit. for Savings (2.47) 3.07 2.49 36.34 27.375 28.625 21.000 16.10 16.10
HMCI HomeCorp Inc. -5.71 -4.03 -7.25 46.74 17.25 18 14 13.07 13.07
HMLK Hemlock Federal Financial Corp (6.42) 26.52 (1.80) 35.56 15.375 15.625 13.875 15.06 15.06
HMNF HMN Financial Inc. 1.40 9.59 1.42 108.25 24.750 25.750 22.375 20.09 20.09
HOMF Home Federal Bancorp 6.63 6.91 (1.85) 137.91 21.500 22.833 18.833 11.77 11.42
HPBC Home Port Bancorp Inc. 4.56 13.84 35.84 42.13 23.625 23.750 19.250 11.65 11.65
HRBF Harbor Federal Bancorp Inc. 1.54 5.28 2.69 38.31 22.750 22.750 18.750 16.74 16.74
HRZB Horizon Financial Corp. 9.54 11.16 8.86 132.05 16.063 16.500 14.875 11.17 11.17
HTHR Hawthorne Financial Corp. 13.01 21.92 11.61 70.25 18.000 18.000 12.250 14.01 14.01
HWEN Home Financial Bancorp (11.28) 11.59 (4.50) 7.66 16.688 17.250 14.875 15.61 15.61
HZFS Horizon Financial Svcs Corp. 8.44 17.85 (9.41) 9.79 10.000 10.000 9.375 10.27 10.27
IBSF IBS Financial Corp. 0.77 14.24 1.71 191.61 17.063 18.750 15.625 11.69 11.69
IFSB Independence Federal Svgs Bank (10.68) (17.96) 4.06 17.94 14.125 14.75 8.75 14.23 12.67
INBI Industrial Bancorp Inc. 8.68 13.44 7.21 93.11 18.000 18.000 13.625 11.76 11.76
INCB Indiana Community Bank SB 10.19 (2.42) 11.05 18.90 16.000 17.000 15.000 12.38 12.38
IPSW Ipswich Savings Bank 27.73 39.93 31.45 32.76 13.250 14.125 7.875 4.78 4.78
ISBF ISB Financial Corp. 3.78 16.55 3.42 194.95 27.500 27.500 24.000 17.75 15.19
ITLA ITLA Capital Corp. 24.16 31.33 27.50 143.99 20.250 20.250 15.750 12.32 12.27
IWBK InterWest Bancorp Inc. 46.74 4.55 (0.87) 322.01 40.250 43.250 37.000 16.13 15.84
JOAC Joachim Bancorp Inc. 1.55 6.42 0.18 10.84 15.250 15.250 14.250 13.66 13.66
JSB JSB Financial Inc. (0.01) 14.77 (3.47) 482.91 48.938 49.375 41.000 35.91 35.91
JSBA Jefferson Savings Bancorp (10.61) (10.99) (2.39) 212.14 40.375 40.375 28.250 24.57 19.27
JXSB Jacksonville Savings Bk (MHC) 3.66 3.37 3.24 33.39 21.000 22.500 16.625 13.62 13.62
JXVL Jacksonville Bancorp Inc. 14.35 18.34 15.21 46.73 15.063 15.125 13.250 13.55 13.55
KFBI Klamath First Bancorp 138.58 15.06 247.74 222.91 22.125 22.500 18.625 15.64 14.22
KNK Kankakee Bancorp Inc. (2.04) 6.42 (2.48) 49.89 31.500 31.875 29.000 27.25 25.69
KSAV KS Bancorp Inc. 14.38 10.66 12.52 19.92 18.000 19.125 18.000 16.44 16.43
KSBK KSB Bancorp Inc. 10.33 23.46 10.24 22.29 13.250 16.000 12.500 8.90 8.46
KYF Kentucky First Bancorp Inc. (3.45) 3.31 (4.99) 18.82 14.125 14.250 10.625 11.29 11.29
LARK Landmark Bancshares Inc. (0.64) NA 3.69 39.26 25.250 27.250 20.000 18.99 18.99
LARL Laurel Capital Group Inc. (3.79) (2.43) (5.07) 40.15 24.875 24.875 21.000 15.20 15.20
LFBI Little Falls Bancorp Inc. 32.58 52.55 1.57 52.16 18.500 18.500 15.250 14.53 13.40
LFCO Life Financial Corp. 202.39 270.15 68.33 102.21 18.375 19.250 13.625 7.56 7.56
LFED Leeds Federal Savings Bk (MHC) (2.19) 8.68 1.92 117.89 20.167 21.500 12.833 9.19 9.19
LIFB Life Bancorp Inc. (0.51) (2.94) 1.31 350.82 26.375 26.625 23.625 16.17 15.72
LISB Long Island Bancorp Inc. 1.49 3.41 2.62 1,147.09 47.000 47.500 35.188 22.74 22.53
LOGN Logansport Financial Corp. 12.74 10.13 8.88 19.22 15.250 16.000 13.250 12.86 12.86
LONF London Financial Corporation (0.31) (0.07) 4.92 8.11 15.375 15.625 14.750 14.76 14.76
LSBI LSB Financial Corp. 12.67 11.84 14.38 25.43 26.000 26.500 20.250 20.24 20.24
LSBX Lawrence Savings Bank (14.56) (8.44) 2.56 63.73 12.625 12.875 10.938 7.84 7.84
LVSB Lakeview Financial 20.13 33.26 (2.92) 111.04 16.500 16.938 13.625 13.71 11.75
LXMO Lexington B&L Financial Corp. (3.43) 5.15 (2.59) 19.64 16.625 16.625 14.125 14.73 14.73
MAFB MAF Bancorp Inc. 5.92 15.05 (0.96) 517.23 32.375 34.750 27.417 17.22 15.13
MARN Marion Capital Holdings 15.04 10.10 (3.91) 49.33 28.000 28.000 22.000 22.22 22.22
MASB MASSBANK Corp. 12.08 19.91 11.24 166.08 47.5 47.5 35.625 28.25 27.83
MBB MSB Bancorp Inc. (19.61) NA (20.38) 87.10 28.875 28.875 19.875 22.40 11.94
MBBC Monterey Bay Bancorp Inc. (3.05) 14.43 (2.01) 62.17 20.500 20.500 16.000 15.60 14.46
MBLF MBLA Financial Corp. (18.41) 8.79 9.20 34.22 26.250 27.000 23.250 22.35 22.35
MBSP Mitchell Bancorp Inc. 18.54 8.37 33.95 16.06 17.250 17.375 16.375 15.36 15.36
MCBN Mid-Coast Bancorp Inc. 11.61 1.55 19.95 6.70 27.000 27.000 19.500 22.65 22.65
MCBS Mid Continent Bancshares Inc. (3.26) 33.05 (17.29) 85.34 38.250 38.375 29.250 20.20 20.20
MDBK Medford Bancorp Inc. 12.60 10.12 (0.21) 171.43 36.000 36.500 29.250 21.96 20.58
MECH Mechanics Savings Bank 3.48 9.81 (5.24) 148.21 26.250 26.250 18.875 16.33 16.33
MERI Meritrust Federal SB 8.45 3.41 7.97 53.42 47.000 47.000 39.000 24.89 24.89
METF Metropolitan Financial Corp. 21.57 (27.58) 13.39 102.24 19.000 20.000 15.500 9.90 9.03
MFBC MFB Corp. 12.38 30.60 10.43 38.79 23.250 23.500 19.000 20.31 20.31
44
Balance Sheet Growth as of
The Most Recent Quarter Market Data as of The Most Recent Quarter
-------------------------- ----------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker Short Name (%) (%) (%) ($) ($) ($) ($) ($) ($)
- -------------------------------------- -------------------------- ----------------------------------------------------------------
MFCX Marshalltown Financial Corp. (6.39) 17.50 (10.13) 24.35 17.250 17.250 15.500 14.37 14.37
MFFC Milton Federal Financial Corp. 19.42 23.26 11.97 35.44 15.250 15.250 13.625 12.31 12.31
MFLR Mayflower Co-operative Bank 10.70 (2.85) 3.45 22.04 23.000 24.500 16.750 13.97 13.75
MFSL Maryland Federal Bancorp 6.07 0.85 7.84 171.39 21.500 25.250 19.250 15.42 15.24
MIFC Mid-Iowa Financial Corp. 7.89 2.61 38.27 19.72 9.750 10.000 8.500 7.19 7.18
MIVI Mississippi View Holding Co. (7.05) NA (1.21) 12.95 17.000 17.250 14.625 16.30 16.30
MLBC ML Bancorp Inc. 47.45 59.55 42.82 350.03 27.375 27.375 18.750 14.41 13.44
MONT Montgomery Financial Corp. (5.47) 16.92 6.41 20.56 12.000 12.375 11.000 11.81 11.81
MRKF Market Financial Corp. (3.23) 9.91 (6.85) 20.62 15.000 15.250 13.250 14.89 14.89
MSBF MSB Financial Inc. 12.40 9.64 2.09 24.06 17.250 18.000 11.875 10.33 10.33
MSBK Mutual Savings Bank FSB (11.45) 24.54 (3.43) 55.63 14.625 14.625 9.750 9.73 9.73
MWBI Midwest Bancshares Inc. 9.03 16.77 (3.60) 18.07 13.583 13.583 10.417 10.18 10.18
MWBX MetroWest Bank 13.59 7.64 10.14 129.97 7.688 7.688 5.625 3.13 3.13
MWFD Midwest Federal Financial 8.96 17.68 (0.66) 44.15 23.500 23.500 19.000 11.70 11.31
NASB North American Savings Bank 27.47 19.39 10.55 120.76 47.750 47.750 38.000 25.37 24.52
NBN Northeast Bancorp 5.56 5.21 (0.38) 41.30 19.000 19.875 14.438 14.27 12.61
NBSI North Bancshares Inc. 8.35 (5.51) 8.33 25.09 24.000 24.500 19.250 17.04 17.04
NEIB Northeast Indiana Bancorp 31.79 33.84 42.16 35.25 19.500 20.250 14.750 15.51 15.51
NHTB New Hampshire Thrift Bncshrs 5.15 (3.32) 8.01 44.61 20.750 20.750 15.500 12.04 10.34
NMSB NewMil Bancorp Inc. (7.00) (3.47) 4.26 51.77 14.250 14.250 10.875 8.42 8.42
NSLB NS&L Bancorp Inc. 11.17 15.69 12.96 13.09 17.250 17.250 16.250 16.51 16.51
NSSB Norwich Financial Corp. (6.64) (0.53) (7.40) 171.12 29.000 29.250 20.750 15.05 13.66
NSSY NSS Bancorp Inc. 4.27 (6.46) (4.29) 97.94 36.000 37.000 28.375 22.49 21.83
NTMG Nutmeg Federal S&LA 10.59 10.36 (8.78) 9.44 11.250 11.250 8.500 7.84 7.84
NWEQ Northwest Equity Corp. 0.26 5.83 (3.80) 15.94 16.125 16.750 14.625 14.53 14.53
NWSB Northwest Savings Bank (MHC) 1.79 11.28 11.74 712.99 12.813 13.125 7.813 4.33 4.09
NYB New York Bancorp Inc. (4.81) 2.96 (1.56) 794.12 29.938 32.000 26.344 7.93 7.93
OCFC Ocean Financial Corp. 11.35 15.85 2.05 300.56 35.500 35.750 33.063 27.63 27.63
OCN Ocwen Financial Corp. 24.32 47.30 (41.42) 1,580.70 21.063 22.375 16.063 6.91 6.73
OFCP Ottawa Financial Corp. 2.62 4.54 3.64 155.94 27.125 27.125 20.455 14.15 11.43
OHSL OHSL Financial Corp. 7.94 6.03 15.70 34.26 26.000 26.000 23.250 21.42 21.42
OSFS Ohio State Financial Services 50.14 (2.31) (19.37) 9.59 15.500 15.500 15.500 16.47 16.47
OTFC Oregon Trail Financial Corp. NA NA NA 74.83 NA NA NA NA NA
PALM Palfed Inc. 2.19 6.42 7.95 152.69 24.625 24.625 15.5 10.74 10.74
PBCI Pamrapo Bancorp Inc. 1.05 5.45 (0.93) 71.07 23.750 24.000 19.750 16.89 16.77
PBCT People's Bank (MHC) (7.05) (15.89) 1.65 2,177.61 32.063 32.250 25.750 11.41 11.40
PBHC Oswego City Savings Bk (MHC) 4.41 9.84 (5.90) 54.62 22.125 22.125 12.875 12.02 10.10
PBKB People's Bancshares Inc. 90.00 165.42 15.66 68.94 20.000 20.000 15.250 8.96 8.59
PCBC Perry County Financial Corp. 6.98 29.54 (9.68) 19.25 20.000 20.000 18.750 18.81 18.81
PDB Piedmont Bancorp Inc. 12.33 16.42 0.15 30.26 10.875 11.125 10.000 7.56 7.56
PEEK Peekskill Financial Corp. (2.89) 9.12 (1.68) 55.88 16.750 17.250 15.250 14.81 14.81
PERM Permanent Bancorp Inc. 0.30 2.45 (6.79) 55.21 24.000 26.500 22.750 20.25 19.98
PERT Perpetual Bank (MHC) 17.16 23.38 17.24 79.93 29.500 29.750 24.125 20.14 20.14
PFDC Peoples Bancorp 4.22 11.01 3.38 84.80 19.500 20.667 14.833 13.06 13.06
PFED Park Bancorp Inc. (2.40) 4.97 3.30 43.77 17.750 17.750 15.875 16.61 16.61
PFFB PFF Bancorp Inc. (2.42) (0.55) (2.29) 345.77 19.375 20.000 18.063 14.69 14.54
PFFC Peoples Financial Corp. (14.28) 33.49 (17.68) 20.34 15.625 15.625 15.000 15.78 15.78
PFNC Progress Financial Corp. 17.28 13.08 30.99 61.67 14.688 15.125 9.762 5.85 5.22
PFSB PennFed Financial Services Inc 12.77 15.82 24.76 167.58 31.500 31.500 27.125 22.43 18.99
PFSL Pocahontas FS&LA (MHC) 4.98 17.59 6.50 56.93 33.000 35.000 20.750 14.85 14.85
PHBK Peoples Heritage Finl Group 33.26 18.55 5.18 1,204.89 42.313 43.125 36.250 16.42 14.02
PHFC Pittsburgh Home Financial Corp 26.60 22.48 (0.11) 36.43 19.125 19.500 15.000 14.63 14.48
PHSB Peoples Home Savings Bk (MHC) (15.52) 3.22 (15.61) 52.44 17.000 17.250 13.625 10.22 10.22
PKPS Poughkeepsie Financial Corp. 1.72 1.47 7.90 132.25 9.250 9.375 7.250 5.91 5.91
PLSK Pulaski Savings Bank (MHC) 3.70 0.90 3.40 41.14 18.250 18.250 13.250 10.36 10.36
PMFI Perpetual Midwest Financial 4.47 24.95 6.52 53.38 22.250 23.000 18.750 18.24 18.24
PRBC Prestige Bancorp Inc. 6.23 10.50 5.26 17.61 18.875 18.875 15.625 16.88 16.88
PROV Provident Financial Holdings 16.33 24.50 11.23 103.98 19.750 20.125 16.750 17.66 17.66
PSBK Progressive Bank Inc. 2.64 (9.00) 1.39 135.92 34.250 38.000 27.500 20.18 18.18
PSFC Peoples-Sidney Financial Corp. (1.19) 11.18 (3.35) 30.80 16.500 17.000 13.625 15.72 15.72
PSFI PS Financial Inc. 14.69 (10.61) (6.76) 37.85 17.125 18.000 14.000 14.76 14.76
PTRS Potters Financial Corp. 5.04 18.46 5.79 17.36 14.125 14.125 10.500 11.21 11.21
PULB Pulaski Bank, Svgs Bank (MHC) 5.41 13.00 1.08 62.82 18.375 19.625 17.375 11.23 11.23
PULS Pulse Bancorp 4.47 24.93 (1.92) 80.09 24.000 25.250 20.000 14.03 14.03
45
Balance Sheet Growth as of
The Most Recent Quarter Market Data as of The Most Recent Quarter
-------------------------- ----------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker Short Name (%) (%) (%) ($) ($) ($) ($) ($) ($)
- -------------------------------------- -------------------------- ----------------------------------------------------------------
PVFC PVF Capital Corp. 10.93 15.71 36.78 52.13 20.250 21.750 16.705 10.63 10.63
PVSA Parkvale Financial Corporation 5.73 13.97 6.43 149.35 26.100 26.500 21.400 15.20 15.10
PWBC PennFirst Bancorp Inc. 2.64 6.65 3.13 97.58 17.625 19.500 14.318 12.96 11.52
PWBK Pennwood Bancorp Inc. -18.7 24.94 8.04 10.89 17.75 17.75 14.75 15.34 15.34
QCBC Quaker City Bancorp Inc. 22.77 9.09 6.86 105.14 22.750 22.750 17.563 15.33 15.33
QCFB QCF Bancorp Inc. 3.74 15.73 3.35 39.44 25 26.25 21.25 18.83 18.83
QCSB Queens County Bancorp Inc. 20.22 23.98 7.91 547.68 34.542 36.167 29.792 13.26 13.26
RARB Raritan Bancorp Inc. 29.34 12.59 2.50 66.42 25.000 25.500 19.500 12.64 12.45
REDF RedFed Bancorp Inc. 24.15 29.78 15.53 143.13 17.375 18.000 15.750 11.21 11.17
RELI Reliance Bancshares Inc. (0.19) (8.09) 2.41 22.56 8.500 9.000 8.000 9.18 9.18
RELY Reliance Bancorp Inc. 11.73 (0.53) 4.86 301.67 33.000 33.000 27.688 19.29 14.17
RIVR River Valley Bancorp (5.64) (1.09) (1.19) 22.17 17 17.25 15.5 14.8 14.59
ROSE TR Financial Corp. 15.74 19.80 (12.66) 598.13 31.875 31.875 23.000 13.94 13.94
RSLN Roslyn Bancorp Inc. 39.86 135.39 23.66 1,020.14 22.250 24.313 21.438 14.04 13.97
RVSB Riverview Bancorp Inc. 91.61 7.67 47.16 94.60 12.816 12.816 8.281 9.56 9.21
SBFL SB of the Finger Lakes (MHC) 18.98 26.70 21.31 53.55 24.000 25.500 17.250 11.92 11.92
SBOS Boston Bancorp (The) (36.27) (23.33) 3.59 NA 41.750 42.250 36.250 40.29 40.29
SCBS Southern Community Bancshares 1.51 17.18 4.60 21.61 14.625 14.625 13.500 13.19 13.19
SCCB S. Carolina Community Bancshrs (8.40) (0.10) (11.03) 16.07 23.375 25.250 18.500 17.35 17.35
SFED SFS Bancorp Inc. 2.88 14.87 5.01 28.93 22.250 23.000 16.875 17.64 17.64
SFFC StateFed Financial Corp. 8.70 (1.62) 15.79 21.80 12.875 13.375 9.500 9.86 9.86
SFIN Statewide Financial Corp. 17.76 1.49 (5.36) 105.40 21.500 21.625 18.000 14.34 14.32
SFSB SuburbFed Financial Corp. 5.49 21.59 (3.95) 43.80 31.750 32.000 25.750 22.73 22.65
SFSL Security First Corp. 16.90 13.30 12.89 161.00 19.000 19.250 14.667 8.31 8.18
SGVB SGV Bancorp Inc. (0.36) 34.54 6.40 42.17 17.875 17.875 13.750 12.98 12.78
SHEN First Shenango Bancorp Inc. (9.70) 0.86 7.83 68.79 31.500 31.750 25.500 22.55 22.55
SHSB SHS Bancorp Inc. 26.41 5.49 (2.01) 13.22 NA NA NA NA NA
SISB SIS Bancorp Inc. 5.15 15.81 2.45 211.37 34.750 34.750 27.625 18.94 18.94
SKAN Skaneateles Bancorp Inc. (0.09) 3.19 (0.40) 27.26 19.000 19.167 13.833 12.10 11.75
SKBO First Carnegie Deposit (MHC) (0.05) (0.17) (4.66) 43.99 19.125 19.250 13.250 10.61 10.61
SMBC Southern Missouri Bancorp Inc. 7.24 15.46 (4.75) 31.44 17.625 18.000 17.000 16.36 16.36
SMFC Sho-Me Financial Corp. 19.52 16.90 2.54 76.08 42.500 43.125 36.750 22.63 22.63
SOBI Sobieski Bancorp Inc. 12.46 22.17 (6.21) 15.20 17.000 17.750 14.750 17.26 17.26
SOPN First Savings Bancorp Inc. 1.49 8.40 4.15 89.19 23.875 23.875 20.000 18.43 18.43
SOSA Somerset Savings Bank 4.54 2.98 5.13 80.14 5.250 5.250 2.563 2.06 2.06
SPBC St. Paul Bancorp Inc. (5.46) (8.09) (0.86) 867.00 25.000 25.000 22.000 11.98 11.95
SRN Southern Banc Co. 2.77 20.85 1.58 21.84 16.125 16.375 15.250 14.74 14.61
SSB Scotland Bancorp Inc. (29.25) (12.07) 6.48 19.61 12.500 19.250 12.500 7.61 7.61
SSFC South Street Financial Corp. (2.02) 5.43 (1.92) 86.00 19.500 19.500 16.375 14.84 14.84
SSM Stone Street Bancorp Inc. (5.06) 16.60 (0.32) 42.71 21.250 22.000 20.750 16.32 16.32
STFR St. Francis Capital Corp. 3.67 13.10 12.34 209.52 37.375 38.000 33.875 24.54 21.71
STSA Sterling Financial Corp. 43.67 20.05 14.78 161.75 19.063 20.375 17.625 12.98 11.88
SVRN Sovereign Bancorp Inc. 33.73 92.44 12.63 1,735.34 17.500 17.500 14.688 7.33 5.99
SWBI Southwest Bancshares (3.51) 0.17 (4.30) 65.80 20.750 21.750 20.188 16.01 16.01
SWCB Sandwich Bancorp Inc. 7.87 17.80 11.48 86.36 37.000 39.000 30.250 21.16 20.34
SZB SouthFirst Bancshares Inc. 18.83 27.83 (7.99) 17.16 16.000 16.000 13.875 16.06 16.06
THR Three Rivers Financial Corp. (3.84) 11.18 3.54 16.68 16.625 16.813 15.625 15.75 15.69
THRD TF Financial Corp. (9.62) (70.73) (14.98) 90.84 25.375 25.438 19.125 19.21 16.96
TPNZ Tappan Zee Financial Inc. 1.46 8.65 1.89 29.39 18.625 18.625 16.5 14.36 14.36
TRIC Tri-County Bancorp Inc. (5.74) 22.43 4.05 16.05 23.125 24.250 21.250 23.13 23.13
TSBS Trenton SB (MHC) 5.03 14.88 4.49 346.00 33.125 33.125 19.375 11.97 10.77
TSH Teche Holding Co. (2.12) 5.94 2.52 70.90 20.625 20.625 17.500 15.81 15.81
TWIN Twin City Bancorp (1.54) (4.84) (3.38) 18.29 13.500 13.875 12.833 10.87 10.87
UBMT United Financial Corp. (9.54) (2.03) (10.52) 31.81 23.750 24.250 22.000 20.24 20.24
UFRM United Federal Savings Bank 14.83 42.04 14.83 36.12 12.500 12.500 11.500 6.82 6.82
USAB USABancshares, Inc. 132.22 250.03 79.14 7.23 8.500 9.750 7.406 6.73 6.63
VABF Virginia Beach Fed. Financial (7.98) (7.04) 0.85 83.71 16.250 16.750 13.250 8.70 8.70
WAMU Washington Mutual Inc. 13.28 20.27 (3.64) 18,323.79 69.750 70.250 58.875 20.28 18.79
WAYN Wayne Savings Bancshares (MHC) (6.28) (1.88) (3.90) 69.91 24.750 24.750 17.000 10.58 10.58
WBST Webster Financial Corp. 58.36 26.26 25.79 869.16 58.750 59.063 44.000 26.83 23.10
WCBI Westco Bancorp (3.26) 5.98 (2.15) 65.56 27.000 27.000 25.500 19.42 19.42
WCFB Webster City Federal SB (MHC) (0.92) (1.53) (2.43) 44.63 19.000 19.000 15.625 10.52 10.52
WEFC Wells Financial Corp. 5.40 7.01 2.21 34.29 16.500 17.000 15.000 14.86 14.86
WEHO Westwood Homestead Fin. Corp. 24.43 34.60 16.99 49.39 18.000 18.000 14.125 14.20 14.20
46
Balance Sheet Growth as of
The Most Recent Quarter Market Data as of The Most Recent Quarter
-------------------------- ----------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker Short Name (%) (%) (%) ($) ($) ($) ($) ($) ($)
- -------------------------------------- -------------------------- ----------------------------------------------------------------
WES Westcorp 8.61 13.16 (11.86) 436.50 22.875 22.875 17.938 13.00 12.97
WFI Winton Financial Corp. 9.00 9.96 10.55 38.98 17.375 17.500 12.500 11.72 11.49
WFSG Wilshire Financial Services 58.08 10.59 (33.74) 211.96 26.125 26.125 16.250 9.55 9.55
WFSL Washington Federal Inc. (2.83) 2.01 4.95 1,549.97 29.625 29.750 25.563 15.11 13.87
WHGB WHG Bancshares Corp. 7.22 4.57 12.00 23.76 15.250 15.250 13.750 14.16 14.16
WOFC Western Ohio Financial Corp. 0.94 (2.41) 3.66 63.02 27.125 27.125 21.250 23.40 21.84
WRNB Warren Bancorp Inc. 6.83 13.02 2.22 77.97 19.500 19.625 17.250 10.20 10.20
WSB Washington Savings Bank, FSB 14.77 (25.56) 14.79 30.98 6.250 7.000 4.875 5.16 5.16
WSFS WSFS Financial Corp. (3.43) 9.78 (9.36) 250.40 18.375 18.750 13.500 6.66 6.61
WSTR WesterFed Financial Corp. 18.23 16.04 (0.15) 134.20 26.000 26.375 20.125 19.03 15.35
WVFC WVS Financial Corp. (16.91) 5.74 (12.69) 54.63 29.125 29.25 25.75 19.38 19.38
WWFC Westwood Financial Corp. (3.48) (10.49) (4.30) 17.83 27.625 27.625 18.250 15.95 14.27
WYNE Wayne Bancorp Inc. 9.59 14.27 12.40 43.80 24.500 24.875 19.000 16.49 16.49
YFCB Yonkers Financial Corporation 34.53 134.68 7.40 56.26 19.875 20.000 15.250 14.53 14.53
YFED York Financial Corp. (2.29) (0.52) (2.27) 222.36 20.600 21.400 15.600 11.62 11.62
---------------------------------------------------------------------------------------------
Average 10.37 14.20 6.05 246.35 23.08 23.68 19.13 15.34 14.84
47
Balance Sheet Growth as of
The Most Recent Quarter Market Data as of The Most Recent Quarter
-------------------------- ----------------------------------------------------------------
Asset Loan Deposit MRQ MRQ MRQ MRQ MRQ Publicly MRQ Tangible
Growth Growth Growth Market Price Price Price Reported Publicly Rep
Rate Rate Rate Value Per Share High Low Book Value Book Value
Ticker Short Name (%) (%) (%) ($) ($) ($) ($) ($) ($)
- -------------------------------------- -------------------------- ----------------------------------------------------------------
Comparable Thrift Data
FESX First Essex Bancorp Inc. (11.47) 4.91 6.43 158.06 20.375 20.500 16.500 11.90 10.41
FFES First Federal of East Hartford 1.55 15.63 (5.73) 98.74 36.500 36.750 29.000 24.40 24.40
FFIC Flushing Financial Corp. 46.56 84.34 35.89 188.61 24.000 24.000 20.000 17.08 16.40
GAF GA Financial Inc. 28.04 33.72 (1.62) 155.96 18.625 19.000 16.500 14.72 14.58
JSB JSB Financial Inc. (0.01) 14.77 (3.47) 482.91 48.938 49.375 41.000 35.91 35.91
MASB MASSBANK Corp. 12.08 19.91 11.24 166.08 47.500 47.500 35.625 28.25 27.83
MDBK Medford Bancorp Inc. 12.60 10.12 (0.21) 171.43 36.000 36.500 29.250 21.96 20.58
PWBC PennFirst Bancorp Inc. 2.64 6.65 3.13 97.58 17.625 19.500 14.318 12.96 11.52
SFIN Statewide Financial Corp. 17.76 1.49 (5.36) 105.40 21.500 21.625 18.000 14.34 14.32
SISB SIS Bancorp Inc. 5.15 15.81 2.45 211.37 34.750 34.750 27.625 18.94 18.94
STFR St. Francis Capital Corp. 3.67 13.10 12.34 209.52 37.375 38.000 33.875 24.54 21.71
THRD TF Financial Corp. (9.62) (70.73) (14.98) 90.84 25.375 25.438 19.125 19.21 16.96
---------------------------------------------------------------------------------------------
Average 9.08 12.48 3.34 178.04 30.71 31.08 25.07 20.35 19.46
Median 4.41 13.94 1.12 162.07 30.06 30.09 23.81 19.08 17.95
Maximum 46.56 84.34 35.89 482.91 48.94 49.38 41.00 35.91 35.91
Minimum (11.47) (70.73) (14.98) 90.84 17.63 19.00 14.32 11.90 10.41
48
Dividends Current Pricing Data as of 12/08/97
---------------------- ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------- ---------------------- ---------------------------------------------------------------
%CAL California Federal Bank, a FSB NA NA NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB NA NA NA NA NA NA NA NA
AABC Access Anytime Bancorp Inc. 0.000 0.00 9.6 12.38 2.49 8.6 143.14 143.14
AADV Advantage Bancorp Inc. 0.586 12.30 24.55 21.29 20.07 22.09 223.04 239.73
ABBK Abington Bancorp Inc. 1.081 18.96 19.58 13.57 16.23 17.54 190.43 210.11
ABCL Alliance Bancorp Inc. 1.586 24.57 21.51 16.23 17.79 23.92 172.36 174.42
ABCW Anchor BanCorp Wisconsin 0.914 13.89 18.92 16.21 17.16 17.68 253.26 257.73
AFBC Advance Financial Bancorp 1.855 NA NA 17.70 21.56 NA 114.92 114.92
AFCB Affiliated Community Bancorp 1.890 27.59 18.25 18.26 18.46 18.25 183.74 184.70
AFED AFSALA Bancorp Inc. 1.280 NA NA 17.14 20.38 NA 117.78 117.78
AFFFZ America First Financial Fund 3.168 26.27 8.24 13.49 16.40 8.29 171.71 173.54
AHCI Ambanc Holding Co. 1.026 NM NM 15.87 25.66 NM 139.48 139.48
AHM H.F. Ahmanson & Co. 1.394 25.43 21.25 12.73 18.79 18.24 312.96 368.29
ALBC Albion Banc Corp. 1.143 35.34 21.37 9.89 18.92 21.05 115.46 115.46
ALBK ALBANK Financial Corp. 1.591 23.68 17.08 15.67 16.88 17.01 169.54 192.47
AMFC AMB Financial Corp. 1.750 24.00 22.86 14.92 12.50 16.00 107.02 107.02
ANA Acadiana Bancshares Inc. 1.516 33.64 22.84 23.38 20.47 22.2 138.00 138.00
ANDB Andover Bancorp Inc. 1.942 25.7 16.1 15.73 15.53 15.71 193.69 193.69
ANE Alliance Bncorp of New England 1.168 12.83 15.86 11.52 13.81 14.89 156.39 160.20
ASBI Ameriana Bancorp 3.160 54.46 19.85 16.65 16.33 18.08 148.57 148.68
ASBP ASB Financial Corp. 2.991 794.12 20.90 20.22 20.90 19.67 129.85 129.85
ASFC Astoria Financial Corp. 1.055 17.99 20.83 14.87 17.55 19.68 192.73 227.86
ATSB AmTrust Capital Corp. 1.429 26.79 41.18 10.58 29.17 25.00 96.82 97.77
AVND Avondale Financial Corp. 0.000 0.00 NM 9.95 NM NM 128.98 128.98
BANC BankAtlantic Bancorp Inc. 0.910 866.11 28.43 11.35 15.76 15.26 206.26 249.14
BDJI First Federal Bancorporation 0.000 0.00 23.73 16.89 20.59 23.14 157.75 157.75
BFD BostonFed Bancorp Inc. 1.374 21.24 19.78 11.98 16.98 18.03 132.05 137.11
BFFC Big Foot Financial Corp. 0.000 NA NA 21.90 46.88 NA 125.25 125.25
BFSB Bedford Bancshares Inc. 1.931 36.05 19.86 23.80 19.08 19.73 160.75 160.75
BKC American Bank of Connecticut 2.939 48.90 18.22 18.59 14.58 15.36 211.02 218.95
BKCT Bancorp Connecticut Inc. 2.162 42.07 24.60 27.75 21.41 22.24 258.09 258.09
BKUNA BankUnited Financial Corp. 0.000 0.00 28.91 6.17 23.13 25.69 174.75 222.00
BNKU Bank United Corp. 1.450 23.14 23.47 11.65 17.51 18.23 232.97 238.38
BPLS Bank Plus Corp. 0.000 0.00 22.64 6.37 17.93 18.98 140.90 141.20
BSBC Branford Savings Bank 1.319 27.59 20.91 21.75 25.26 20.91 225.39 225.39
BTHL Bethel Bancorp 2.560 20.83 16.89 6.89 16.45 13.02 91.17 108.60
BVCC Bay View Capital Corp. 0.905 24.24 24.40 13.90 38.45 26.80 238.86 285.97
BWFC Bank West Financial Corp. 1.218 30.13 50.00 27.92 19.02 28.23 197.29 197.29
BYFC Broadway Financial Corp. 1.509 51.28 30.81 8.83 30.11 33.97 89.71 89.71
CAFI Camco Financial Corp. 2.250 28.16 16.33 15.36 11.32 13.87 160.21 173.16
CAPS Capital Savings Bancorp Inc. 0.995 20.17 20.80 18.84 19.46 20.27 206.20 206.20
CASB Cascade Financial Corp. 0.000 0.00 18.21 10.13 18.75 17.96 152.51 152.51
CASH First Midwest Financial Inc. 2.259 28.35 17.56 14.18 16.10 16.73 131.91 148.50
CATB Catskill Financial Corp. 1.778 25.61 22.50 28.94 20.45 21.95 116.81 116.81
CBCI Calumet Bancorp Inc. 0.000 0.00 16.48 21.15 16.65 16.15 130.45 130.45
CBES CBES Bancorp Inc. 1.818 23.44 18.97 21.15 17.19 17.19 125.00 125.00
CBK Citizens First Financial Corp. 0.000 0.00 34.62 16.73 34.62 31.03 110.43 110.43
CBSA Coastal Bancorp Inc. 1.600 18.72 13.27 5.11 14.42 12.77 149.03 177.30
CBSB Charter Financial Inc. 1.354 26.92 22.29 24.93 13.13 22.72 172.32 194.77
CCFH CCF Holding Company 2.750 516.67 NM 15.00 NM 133.33 140.75 140.75
CEBK Central Co-operative Bank 1.213 21.33 18.71 14.46 17.35 17.58 146.12 162.31
CENB Century Bancorp Inc. 2.410 NA NA 33.49 19.76 NA 110.59 110.59
CENF CENFED Financial Corp. 0.886 13.86 18.64 10.50 14.11 16.79 188.87 189.13
CFB Commercial Federal Corp. 0.626 9.40 17.64 15.80 16.91 17.70 256.19 286.22
CFBC Community First Banking Co. 1.519 NA NA 24.16 NA NA 125.44 127.13
CFCP Coastal Financial Corp. 1.600 28.99 21.84 21.16 17.05 18.91 322.81 322.81
CFFC Community Financial Corp. 2.074 36.67 18.00 18.79 25.96 18.00 142.18 142.18
CFNC Carolina Fincorp Inc. 1.315 NA NA 29.62 22.81 NA 131.11 131.11
CFSB CFSB Bancorp Inc. 1.929 30.24 20.14 20.85 16.63 18.85 270.53 270.53
CFTP Community Federal Bancorp 1.429 400.00 30.00 45.02 37.50 30.00 156.72 156.72
CFX CFX Corp. 3.088 81.48 21.92 24.22 NM 26.39 278.05 288.46
CIBI Community Investors Bancorp 1.969 26.68 15.48 15.79 14.51 15.48 134.41 134.41
CKFB CKF Bancorp Inc. 2.703 117.60 19.68 27.91 17.79 14.80 109.40 109.40
CLAS Classic Bancshares Inc. 1.659 24.14 24.82 16.59 19.18 19.40 111.53 131.32
49
Dividends Current Pricing Data as of 12/08/97
---------------------- ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------- ---------------------- ---------------------------------------------------------------
CMRN Cameron Financial Corp 1.349 28.87 21.39 25.02 19.95 21.39 119.05 119.05
CMSB Commonwealth Bancorp Inc. 1.325 26.73 27.08 15.06 21.13 20.92 162.25 208.13
CMSV Community Savings Bnkshrs(MHC) 2.571 81.02 35.35 25.14 28.23 32.41 215.78 215.78
CNIT CENIT Bancorp Inc. 1.471 30.30 21.12 16.03 16.67 20.61 219.28 239.44
CNSB CNS Bancorp Inc. 1.129 41.18 40.87 36.06 40.87 41.67 148.19 148.19
CNY Carver Bancorp Inc. 0.000 NM 50.57 9.29 27.81 NM 110.66 115.09
COFI Charter One Financial 1.587 25.32 17.85 20.55 16.58 17.45 291.26 317.06
CONE Conestoga Bancorp, Inc. NA 28.17 NA NA NA NA NA NA
COOP Cooperative Bankshares Inc. 0.000 0 26.45 15.14 28.52 26.45 196.87 196.87
CRZY Crazy Woman Creek Bancorp 2.586 54.79 20.9 24.64 18.42 21.19 103.96 103.96
CSA Coast Savings Financial 0.000 0.00 21.08 13.04 15.35 22.51 250.89 253.81
CSBF CSB Financial Group Inc. 0.000 0.00 48.61 25.31 54.69 77.21 101.04 106.97
CTZN CitFed Bancorp Inc. 0.662 11.51 18.98 14.29 17.43 18.98 227.7 250.52
CVAL Chester Valley Bancorp Inc. 1.615 27.74 21.12 18.51 17.47 20.04 211.40 211.40
DCBI Delphos Citizens Bancorp Inc. 0.000 NA NA 31.81 18.23 NA 119.45 119.45
DIBK Dime Financial Corp. 1.431 12.54 10.68 17.22 9.49 10.42 211.49 217.78
DIME Dime Community Bancorp Inc. 0.965 4.21 24.63 22.67 27.04 23.25 167.96 194.95
DME Dime Bancorp Inc. 0.623 6.45 21.06 13.43 16.90 20.72 247.48 260.00
DNFC D & N Financial Corp. 0.749 3.09 17.79 12.54 15.52 16.47 238.71 241.08
DSL Downey Financial Corp. 1.103 21.11 20.57 13.25 18.59 19.59 185.78 188.19
EBSI Eagle Bancshares 3.077 69.77 18.4 12.66 16.81 22.67 154.88 154.88
EFBC Empire Federal Bancorp Inc. 1.818 NA NA 38.70 24.26 NA 106.38 106.38
EFBI Enterprise Federal Bancorp 3.571 142.28 27.18 20.23 25.00 22.76 176.99 177.10
EGFC Eagle Financial Corp. 1.896 87.04 36.38 15.89 20.29 48.84 230.25 289.36
EGLB Eagle BancGroup Inc. 0.000 0.00 58.82 13.92 55.56 44.44 117.44 117.44
EIRE Emerald Isle Bancorp Inc. 0.875 17.83 19.28 16.23 20.00 20.38 232.22 232.22
EMLD Emerald Financial Corp. 1.231 20.17 17.57 16.39 16.25 16.39 210.13 213.35
EQSB Equitable Federal Savings Bank 0.000 0 14.39 9.28 14.31 23.06 184.11 184.11
ESBK Elmira Savings Bank (The) 2.081 47.06 27.95 9.52 16.02 22.61 145.94 149.85
ESX Essex Bancorp Inc. 0.000 0.00 NM 2.69 NM NM NM NM
ETFS East Texas Financial Services 1.000 25.64 27.4 17.70 23.81 25.64 98.33 98.33
FAB FirstFed America Bancorp Inc. 0.000 NA NA 17.65 23.86 NA 134.36 134.36
FBBC First Bell Bancorp Inc. 2.222 293.10 15.93 17.20 15.00 15.52 163.34 163.34
FBCI Fidelity Bancorp Inc. 1.333 21.74 17.39 13.47 15.79 17.39 128.62 128.89
FBCV 1ST Bancorp 1.037 14.56 29.35 10.74 15.70 14.92 124.14 126.52
FBER 1st Bergen Bancorp 1.060 19.18 25.86 18.99 26.22 25.86 139.09 139.09
FBHC Fort Bend Holding Corp. 2.000 16.32 27.40 10.37 20.83 21.05 168.35 180.34
FBNW FirstBank Corp. 1.514 NA NA 20.63 NA NA 115.70 115.70
FBSI First Bancshares Inc. 0.792 11.76 16.40 16.95 12.88 14.85 121.75 121.75
FCB Falmouth Bancorp Inc. 0.970 36.36 41.25 31.13 28.65 37.50 131.54 131.54
FCBF FCB Financial Corp. 2.883 59.20 21.68 20.58 15.77 22.20 148.24 148.24
FCME First Coastal Corp. 0.000 0 3.35 13.27 15.10 3.22 136.02 136.02
FDEF First Defiance Financial 2.016 53.33 26.91 24.75 26.46 26.46 125.89 125.89
FED FirstFed Financial Corp. 0.000 0 18.17 10.07 17.76 18.17 195.22 197.19
FESX First Essex Bancorp Inc. 2.286 34.78 17.95 13.07 15.44 15.22 176.47 201.73
FFBA First Colorado Bancorp Inc. 1.837 37.84 23.54 28.47 20.41 23.54 217.71 220.65
FFBH First Federal Bancshares of AR 1.067 13.22 19.57 20.13 19.40 18.60 135.22 135.22
FFBI First Financial Bancorp Inc. 0.000 0.00 23.08 10.35 18.10 NM 116.02 116.02
FFBS FFBS BanCorp Inc. 2.222 208.33 18.75 26.21 18.75 18.75 149.30 149.30
FFBZ First Federal Bancorp Inc. 1.427 21.05 18.00 15.17 16.92 17.21 216.61 216.85
FFCH First Financial Holdings Inc. 1.768 32.29 21.89 17.66 20.83 21.30 288.75 288.75
FFDB FirstFed Bancorp Inc. 2.350 37.41 14.88 13.88 15.20 14.48 144.08 157.40
FFDF FFD Financial Corp. 1.611 20.00 30.04 30.50 27.39 14.90 125.34 125.34
FFED Fidelity Federal Bancorp 3.951 71.43 14.89 12.01 13.32 14.46 196.60 196.60
FFES First Federal of East Hartford 1.630 32.09 17.36 10.00 19.58 19.69 150.87 150.87
FFFC FFVA Financial Corp. 1.438 28.22 21.26 26.60 18.96 20.48 187.08 190.93
FFFD North Central Bancshares Inc. 1.351 21.74 16.09 28.02 14.92 16.09 122.27 122.27
FFFL Fidelity Bankshares Inc. (MHC) 3.144 87.77 35.78 18.57 23.85 30.45 226.28 227.72
FFHH FSF Financial Corp. 2.532 47.17 18.81 15.31 16.46 18.63 121.61 121.61
FFHS First Franklin Corp. 1.404 33.33 23.55 14.69 21.59 27.94 162.95 163.89
FFIC Flushing Financial Corp. 1.016 18.87 22.08 19.64 19.69 22.29 138.32 144.05
FFKY First Federal Financial Corp. 2.503 35.62 15.54 24.32 14.72 15.33 177.58 188.18
FFLC FFLC Bancorp Inc. 1.252 30.67 27.06 23.00 23.96 25.56 167.52 167.52
FFOH Fidelity Financial of Ohio 1.867 33.33 16.85 15.83 17.05 19.23 121.56 137.11
50
Dividends Current Pricing Data as of 12/08/97
---------------------- ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------- ---------------------- ---------------------------------------------------------------
FFPB First Palm Beach Bancorp Inc. 1.548 32.43 25.00 10.82 20.18 20.95 173.07 177.18
FFSL First Independence Corp. 1.667 34.93 22.06 13.04 18.75 22.06 127.33 127.33
FFSX First Fed SB of Siouxland(MHC) 1.506 40.34 27.48 19.77 26.56 26.79 226.38 228.17
FFWC FFW Corp. 1.725 26.83 17.32 16.45 15.81 16.97 169.44 186.72
FFWD Wood Bancorp Inc. 2.162 29.05 19.89 23.54 16.52 18.32 189.36 189.36
FFYF FFY Financial Corp. 2.500 37.84 17.58 21.59 16.33 17.30 157.64 157.64
FGHC First Georgia Holding Inc. 0.646 17.77 22.30 16.10 17.19 27.50 195.96 213.73
FIBC Financial Bancorp Inc. 1.633 25.00 15.41 14.11 15.31 16.33 155.95 156.65
FISB First Indiana Corporation 1.641 29.87 22.33 19.97 17.01 18.51 207.15 209.68
FKFS First Keystone Financial 0.541 8.81 17.79 12.17 15.16 16.3 183.62 183.62
FKKYD Frankfort First Bancorp Inc. 3.892 NM 35.58 22.77 19.27 NM 135.23 135.23
FLAG FLAG Financial Corp. 1.876 34.00 22.66 15.48 18.13 18.13 170.03 170.03
FLFC First Liberty Financial Corp. 1.304 29.52 22.06 20.23 18.75 25.76 274.39 304.33
FLGS Flagstar Bancorp Inc. 0.000 NA NA 12.94 10.69 42.78 216.54 225.41
FLKY First Lancaster Bancshares 3.175 45.45 28.64 31.75 32.81 28.64 107.73 107.73
FMBD First Mutual Bancorp Inc. 1.561 94.12 66.13 17.86 64.06 60.29 122.24 160.41
FMCO FMS Financial Corp. 0.855 9.65 14.43 13.44 14.36 14.36 207.28 210.34
FMSB First Mutual Savings Bank 1.074 12.47 18.63 16.79 17.25 18.26 247.34 247.34
FNGB First Northern Capital Corp. 2.327 49.22 22.18 18.51 20.22 21.48 166.87 166.87
FOBC Fed One Bancorp 2.396 44.03 19.45 17.17 19.60 19.31 148.28 155.13
FPRY First Financial Bancorp NA 39.66 NA NA NA NA NA NA
FSBI Fidelity Bancorp Inc. 1.309 19.56 16.37 11.22 13.75 16.08 165.17 165.17
FSFC First Southeast Financial Corp 1.587 27.16 18.67 18.96 18.01 18.67 184.45 184.45
FSFF First SecurityFed Financial 0.000 NA NA NA NA NA NA NA
FSLA First Savings Bank (MHC) 1.091 34.97 37.61 33.73 50.00 39.29 355.13 390.76
FSNJ Bayonne Bancshares Inc. 1.402 NA NA 17.90 NA NA 114.60 114.60
FSPG First Home Bancorp Inc. 1.739 23.26 13.69 11.86 13.69 13.37 172.80 175.44
FSPT FirstSpartan Financial Corp. 1.569 NA NA 35.13 NA NA 131.13 131.13
FSSB First FS&LA of San Bernardino 0.000 0.00 NM 3.05 NM NM 70.36 73.03
FSTC First Citizens Corp. 1.011 14.16 15.68 23.58 16.48 14.01 233.12 295.92
FTF Texarkana First Financial Corp 2.175 30.79 15.80 25.75 14.63 15.70 168.08 168.08
FTFC First Federal Capital Corp. 1.574 27.31 22.10 17.92 15.89 18.37 266.14 282.41
FTNB Fulton Bancorp Inc. 0.909 NA NA 36.47 26.19 NA 147.85 147.85
FTSB Fort Thomas Financial Corp. 1.667 37.97 18.99 22.92 16.30 18.99 142.05 142.05
FWWB First SB of Washington Bancorp 1.082 20 21.04 24.13 19.03 19.9 163.46 176.98
GAF GA Financial Inc. 2.423 39.58 21.08 19.69 17.08 20.64 134.60 135.89
GBCI Glacier Bancorp Inc. 2.182 37.16 17.6 26.13 16.18 18.03 261.59 268.29
GDVS Greater Delaware Valley (MHC) 1.125 52.94 47.06 42.09 47.06 47.06 361.58 361.58
GDW Golden West Financial 0.534 7.47 16.15 13.56 14.82 15.91 206.54 206.54
GFCO Glenway Financial Corp. 2.162 35.86 19.27 14.38 17.13 18.69 152.01 153.91
GFED Guaranty Federal SB (MHC) 1.692 96.77 43.33 38.67 38.24 41.94 296.80 296.80
GFSB GFS Bancorp Inc. 1.524 20.54 15.23 17.84 14.71 15.23 154.98 154.98
GLMR Gilmer Financial Svcs, Inc. 0.000 0 20.77 6.41 NM 117.71 71.05 71.05
GOSB GSB Financial Corp. 0.000 NA NA NA NA NA NA NA
GPT GreenPoint Financial Corp. 1.455 26.69 20.04 22.49 18.09 19.31 204.31 381.10
GSB Golden State Bancorp Inc. 0.000 0.00 20.76 10.52 21.41 25.00 211.94 236.86
GSBC Great Southern Bancorp Inc. 1.725 26.14 17.59 28.32 13.56 16.67 327.34 327.34
GSFC Green Street Financial Corp. 2.378 85.07 27.61 44.69 27.21 27.61 126.37 126.37
GSLA GS Financial Corp. 1.577 NA NA 46.56 26.10 NA 107.97 107.97
GTFN Great Financial Corp. 1.181 24.77 31.56 24.28 21.53 23.31 241.05 251.18
GTPS Great American Bancorp 2.105 102.56 44.19 23.10 36.54 48.72 103.04 103.04
GUPB GFSB Bancorp Inc. 1.975 41.67 21.09 14.75 22.01 21.09 115.06 115.06
GWBC Gateway Bancorp Inc. 2.038 67.80 33.26 33.72 61.33 33.26 121.52 121.52
HALL Hallmark Capital Corp. 0.000 0 16.43 10.09 16.62 16.07 138.1 138.1
HARB Harbor Florida Bancorp (MHC) 2.097 50.75 25.28 29.35 23.84 25.09 343.01 354.11
HARL Harleysville Savings Bank 1.544 19.30 14.18 13.72 14.25 14.18 207.12 207.12
HARS Harris Financial Inc. (MHC) 1.125 37.15 45.50 31.32 32.61 37.62 382.09 431.85
HAVN Haven Bancorp Inc. 1.371 23.62 17.09 10.47 20.25 17.22 174.44 175.00
HBBI Home Building Bancorp 1.412 26.09 18.81 15.86 19.68 18.48 104.01 104.01
HBEI Home Bancorp of Elgin Inc. 2.148 43.48 42.33 37.28 46.56 40.49 135.26 135.26
HBFW Home Bancorp 0.727 26.32 23.50 20.73 22.18 36.18 156.07 156.07
HBNK Highland Federal Bank FSB 0.000 0.00 17.68 14.26 10.96 13.56 186.05 186.05
HBS Haywood Bancshares Inc. 2.699 35.90 13.3 16.98 7.86 13.30 119.73 123.95
HCBB HCB Bancshares Inc. 0.000 NA NA 18.36 31.53 NA 96.15 99.75
51
Dividends Current Pricing Data as of 12/08/97
---------------------- ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------- ---------------------- ---------------------------------------------------------------
HCFC Home City Financial Corp. 2.072 NA NA 22.42 14.98 NA 114.31 114.31
HEMT HF Bancorp Inc. 0.000 0.00 58.33 10.47 54.69 NM 131.98 158.37
HFFB Harrodsburg First Fin Bancorp 2.238 93.22 23.83 33.22 22.34 30.30 114.00 114.00
HFFC HF Financial Corp. 1.585 20.05 15.41 12.92 12.05 14.17 145.44 145.44
HFGI Harrington Financial Group 0.970 8.82 22.50 7.73 30.94 18.20 159.88 159.88
HFNC HFNC Financial Corp. 1.882 788.06 25.65 29.50 14.30 22.2 156.91 156.91
HFSA Hardin Bancorp Inc. 2.704 45.83 19.51 13.00 20.17 18.49 112.70 112.70
HHFC Harvest Home Financial Corp. 2.983 NM 27.83 15.40 19.41 56.73 130.42 130.42
HIFS Hingham Instit. for Savings 1.722 26.77 14.08 16.80 13.40 14.08 173.14 173.14
HMCI HomeCorp Inc. 0.000 0 36.99 14.3 26.32 29.76 209.45 209.45
HMLK Hemlock Federal Financial Corp 1.401 NA NA 21.96 19.46 NA 113.71 113.71
HMNF HMN Financial Inc. 0.000 0.00 21.56 19.16 17.02 18.35 128.80 128.80
HOMF Home Federal Bancorp 1.296 17.86 17.53 19.85 14.67 16.07 229.40 236.43
HPBC Home Port Bancorp Inc. 3.497 45.45 13.07 20.96 12.71 13.00 196.35 196.35
HRBF Harbor Federal Bancorp Inc. 2.122 44.68 24.07 17.64 22.63 24.07 135.16 135.16
HRZB Horizon Financial Corp. 2.479 62.01 16.28 24.85 15.85 15.99 158.91 158.91
HTHR Hawthorne Financial Corp. 0.000 0.00 18.20 7.88 12.10 17.23 162.38 162.38
HWEN Home Financial Bancorp 1.212 26.67 25.38 18.55 21.71 22.00 105.70 105.70
HZFS Horizon Financial Svcs Corp. 1.565 20.51 18.25 11.15 9.91 14.74 111.98 111.98
IBSF IBS Financial Corp. 2.286 99.37 32.41 26.08 36.46 32.41 149.70 149.70
IFSB Independence Federal Svgs Bank 1.571 20.18 30.43 7.13 21.88 12.84 98.38 110.5
INBI Industrial Bancorp Inc. 3.111 33.66 18.75 26.29 18.00 17.82 153.06 153.06
INCB Indiana Community Bank SB 1.756 69.23 39.42 19.67 34.17 39.42 165.59 165.59
IPSW Ipswich Savings Bank 0.873 13.10 20.22 16.14 14.95 16.37 287.66 287.66
ISBF ISB Financial Corp. 1.770 39.05 27.43 20.39 35.31 26.90 159.15 185.98
ITLA ITLA Capital Corp. 0.000 0.00 12.31 15.97 11.47 12.31 148.90 149.50
IWBK InterWest Bancorp Inc. 1.600 23.79 18.35 15.73 15.63 16.13 247.99 252.53
JOAC Joachim Bancorp Inc. 3.333 131.58 39.47 30.90 41.67 39.47 109.81 109.81
JSB JSB Financial Inc. 2.875 47.37 19.17 31.48 14.84 17.08 135.58 135.58
JSBA Jefferson Savings Bancorp 1.322 17.67 20.28 16.87 21.62 19.71 172.47 219.90
JXSB Jacksonville Savings Bk (MHC) 1.524 50.63 39.77 20.33 27.34 33.23 192.73 192.73
JXVL Jacksonville Bancorp Inc. 2.614 64.94 8.39 21.06 11.66 24.84 141.14 141.14
KFBI Klamath First Bancorp 1.438 34.09 25.28 22.74 25.28 25.28 142.26 156.47
KNK Kankakee Bancorp Inc. 1.371 22.55 17.41 14.68 17.86 17.16 128.44 136.24
KSAV KS Bancorp Inc. 2.667 71.02 17.18 18.12 18.15 17.05 136.86 136.94
KSBK KSB Bancorp Inc. 0.444 5.68 13.85 14.89 11.84 13.95 202.25 212.77
KYF Kentucky First Bancorp Inc. 3.448 437.50 18.35 21.44 16.48 18.13 128.43 128.43
LARK Landmark Bancshares Inc. 1.720 29.41 19.38 17.24 17.10 17.10 122.43 122.43
LARL Laurel Capital Group Inc. 1.874 23.47 14.68 19.11 13.60 14.16 182.57 182.57
LFBI Little Falls Bancorp Inc. 1.000 19.40 33.33 16.08 27.78 29.85 137.65 149.25
LFCO Life Financial Corp. 0.000 0.00 7.23 34.75 6.51 7.23 206.68 206.68
LFED Leeds Federal Savings Bk (MHC) 2.228 75.91 35.00 41.30 33.46 35.00 247.55 247.55
LIFB Life Bancorp Inc. 1.347 33.33 27.62 23.60 25.45 25.82 220.32 226.62
LISB Long Island Bancorp Inc. 1.257 28.85 26.98 19.34 21.70 22.96 209.98 211.94
LOGN Logansport Financial Corp. 2.623 44.44 16.22 22.41 16.58 16.94 118.58 118.58
LONF London Financial Corporation 1.524 29.63 20.72 21.24 14.58 19.44 106.71 106.71
LSBI LSB Financial Corp. 1.225 19.07 18.88 12.70 15.08 16.62 137.10 137.10
LSBX Lawrence Savings Bank 0.000 0.00 10.86 18.05 10.63 10.86 189.73 189.73
LVSB Lakeview Financial 0.508 10.19 28.30 21.95 16.20 20.52 179.61 209.57
LXMO Lexington B&L Financial Corp. 1.739 26.32 22.70 33.15 19.60 30.26 117.11 117.11
MAFB MAF Bancorp Inc. 0.818 11.11 14.70 15.49 14.76 14.64 198.90 226.37
MARN Marion Capital Holdings 3.171 52.83 17.68 27.40 19.27 17.45 124.89 124.89
MASB MASSBANK Corp. 2.065 30.56 18.31 17.75 16.61 17.22 164.60 167.09
MBB MSB Bancorp Inc. 1.959 53.57 27.34 11.25 23.20 27.34 136.72 256.49
MBBC Monterey Bay Bancorp Inc. 0.623 18.64 35.00 15.18 30.08 32.63 123.40 133.13
MBLF MBLA Financial Corp. 1.481 29.85 19.71 15.29 17.76 20.15 120.81 120.81
MBSP Mitchell Bancorp Inc. 2.319 64.52 27.82 46.42 28.75 27.82 112.30 112.30
MCBN Mid-Coast Bancorp Inc. 1.809 26.8 15.63 10.90 13.31 14.82 126.93 126.93
MCBS Mid Continent Bancshares Inc. 0.920 18.60 18.67 21.06 21.75 20.23 215.35 215.35
MDBK Medford Bancorp Inc. 1.907 35.98 17.00 15.49 16.56 15.79 171.90 183.43
MECH Mechanics Savings Bank 0.000 0.00 10.45 17.84 19.44 10.45 171.46 171.46
MERI Meritrust Federal SB 1.014 21.54 21.23 22.90 21.56 21.23 277.22 277.22
METF Metropolitan Financial Corp. 0.000 0.00 21.01 11.81 17.26 19.73 292.93 321.15
MFBC MFB Corp. 1.362 28.07 20.61 15.16 20.26 20.61 115.71 115.71
52
Dividends Current Pricing Data as of 12/08/97
---------------------- ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------- ---------------------- ---------------------------------------------------------------
MFCX Marshalltown Financial Corp. 0.000 0.00 31.94 19.40 35.94 30.26 120.04 120.04
MFFC Milton Federal Financial Corp. 3.902 490.48 27.46 16.88 24.02 24.40 124.90 124.90
MFLR Mayflower Co-operative Bank 2.747 40.41 19.04 17.08 16.72 16.95 177.17 180.00
MFSL Maryland Federal Bancorp 1.585 33.70 16.26 14.59 18.40 23.04 171.85 173.88
MIFC Mid-Iowa Financial Corp. 0.681 8.89 14.33 15.40 14.69 13.06 163.42 163.65
MIVI Mississippi View Holding Co. 0.914 16.67 18.42 18.90 18.23 18.23 107.36 107.36
MLBC ML Bancorp Inc. 1.356 30.95 32.78 15.12 21.07 23.41 204.72 219.49
MONT Montgomery Financial Corp. 1.769 NA NA 20.16 NA NA 105.32 105.32
MRKF Market Financial Corp. 1.814 NA NA 36.74 25.73 NA 103.68 103.68
MSBF MSB Financial Inc. 1.436 29.78 22.67 31.23 20.31 21.91 188.77 188.77
MSBK Mutual Savings Bank FSB 0.000 0 NM 8.50 81.25 86.67 133.61 133.61
MWBI Midwest Bancshares Inc. 1.352 18.02 18.30 12.06 11.68 15.99 174.36 174.36
MWBX MetroWest Bank 1.289 31.13 17.57 22.19 16.63 17.57 297.54 297.54
MWFD Midwest Federal Financial 1.253 19.53 20.87 20.86 15.07 16.05 231.84 239.83
NASB North American Savings Bank 1.481 17.60 14.14 16.34 10.89 13.33 212.85 220.23
NBN Northeast Bancorp 1.148 26.89 29.65 13.58 20.50 23.42 195.34 221.05
NBSI North Bancshares Inc. 1.829 61.33 39.18 20.68 54.69 35.00 154.05 154.05
NEIB Northeast Indiana Bancorp 1.700 26.45 16.53 18.52 15.15 16.53 128.95 128.95
NHTB New Hampshire Thrift Bncshrs 2.326 50.51 26.88 13.97 16.29 21.72 178.57 207.93
NMSB NewMil Bancorp Inc. 2.370 37.50 22.50 16.31 19.85 21.09 160.33 160.33
NSLB NS&L Bancorp Inc. 2.703 113.64 30.83 21.92 24.34 42.05 112.05 112.05
NSSB Norwich Financial Corp. 1.778 43.36 24.05 24.41 21.28 22.03 209.30 230.60
NSSY NSS Bancorp Inc. 1.003 12.20 54.62 14.43 14.45 16.21 177.30 182.66
NTMG Nutmeg Federal S&LA 1.569 6.94 34.46 8.97 26.56 23.61 162.63 162.63
NWEQ Northwest Equity Corp. 2.947 37.10 15.83 16.44 14.39 15.32 130.76 130.76
NWSB Northwest Savings Bank (MHC) 1.049 37.21 36.31 33.94 34.66 35.47 352.19 372.86
NYB New York Bancorp Inc. 1.611 23.33 18.26 24.48 15.02 16.56 469.74 469.74
OCFC Ocean Financial Corp. 2.133 24.39 22.87 20.59 20.83 22.87 135.72 135.72
OCN Ocwen Financial Corp. 0.000 0.00 30.74 53.47 18.66 17.53 378.08 388.19
OFCP Ottawa Financial Corp. 1.368 28.08 24.38 18.06 24.38 23.78 206.71 255.91
OHSL OHSL Financial Corp. 3.171 51.83 17.45 14.60 16.92 16.92 129.55 129.55
OSFS Ohio State Financial Services 0.000 NA NA 24.87 NA NA 91.80 91.80
OTFC Oregon Trail Financial Corp. 0.000 NA NA NA NA NA NA NA
PALM Palfed Inc. 0.416 22.92 34.71 22.84 40.02 60.03 268.28 268.28
PBCI Pamrapo Bancorp Inc. 4.000 59.45 15.43 19.11 14.20 15.24 148.02 149.08
PBCT People's Bank (MHC) 2.133 44.06 38.31 28.17 23.44 24.91 312.23 312.50
PBHC Oswego City Savings Bk (MHC) 0.982 22.43 29.69 28.30 27.40 26.64 237.10 282.18
PBKB People's Bancshares Inc. 2.095 28.89 28.38 9.61 14.58 15.56 234.37 244.47
PCBC Perry County Financial Corp. 1.720 41.67 17.22 23.73 19.38 24.22 123.60 123.60
PDB Piedmont Bancorp Inc. 3.636 NM 42.31 23.91 18.33 NM 145.50 145.50
PEEK Peekskill Financial Corp. 2.057 53.73 26.12 30.83 25.74 26.12 118.16 118.16
PERM Permanent Bancorp Inc. 1.524 35.12 21.88 12.73 21.88 21.69 129.63 131.38
PERT Perpetual Bank (MHC) 2.635 105.93 33 31.20 30.18 45.02 263.78 263.78
PFDC Peoples Bancorp 1.707 33.34 20.49 29.18 18.94 20.49 191.42 191.42
PFED Park Bancorp Inc. 0.000 0.00 22.78 25.08 22.50 21.95 108.37 108.37
PFFB PFF Bancorp Inc. 0.000 0.00 28.83 13.22 25.41 29.26 131.47 132.83
PFFC Peoples Financial Corp. 3.604 NA NA 23.92 24.78 NA 87.93 87.93
PFNC Progress Financial Corp. 0.774 9.95 22.79 14.23 19.38 18.02 264.96 296.93
PFSB PennFed Financial Services Inc 0.806 12.90 16.01 12.29 15.51 16.01 154.93 182.99
PFSL Pocahontas FS&LA (MHC) 2.581 60.62 24.05 14.85 26.42 23.89 234.85 234.85
PHBK Peoples Heritage Finl Group 1.917 28.24 17.18 19.88 16.11 17.18 266.83 312.50
PHFC Pittsburgh Home Financial Corp 1.297 27.88 19.89 13.33 15.42 17.79 126.45 127.76
PHSB Peoples Home Savings Bk (MHC) 0.000 NA NA 25.40 NA NA 185.91 185.91
PKPS Poughkeepsie Financial Corp. 1.905 28.57 30.00 14.96 32.81 30 177.66 177.66
PLSK Pulaski Savings Bank (MHC) 1.509 NA NA 22.98 31.05 NA 191.84 191.84
PMFI Perpetual Midwest Financial 1.053 36.59 43.18 13.29 24.57 34.76 156.25 156.25
PRBC Prestige Bancorp Inc. 0.623 9.89 21.15 12.78 20.05 21.15 114.04 114.04
PROV Provident Financial Holdings 0.000 0.00 46.74 16.23 16.80 22.40 121.74 121.74
PSBK Progressive Bank Inc. 1.915 29.24 16.44 15.36 15.57 16.14 175.92 195.27
PSFC Peoples-Sidney Financial Corp. 1.623 NA NA 29.95 21.56 NA 109.73 109.73
PSFI PS Financial Inc. 2.630 NA NA 46.14 24.01 NA 123.64 123.64
PTRS Potters Financial Corp. 1.111 13.68 15.65 14.15 16.07 15.38 160.57 160.57
PULB Pulaski Bank, Svgs Bank (MHC) 3.667 172.41 38.46 34.86 28.85 51.72 267.14 267.14
PULS Pulse Bancorp 2.692 38.89 14.44 15.23 14.44 14.44 185.32 185.32
53
Dividends Current Pricing Data as of 12/08/97
---------------------- ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------- ---------------------- ---------------------------------------------------------------
PVFC PVF Capital Corp. 0.000 0.00 11.70 13.60 10.94 11.18 189.32 189.32
PVSA Parkvale Financial Corporation 1.778 22.10 14.63 14.85 14.34 14.63 192.43 193.71
PWBC PennFirst Bancorp Inc. 1.959 32.25 17.67 11.87 17.01 17.67 141.78 159.51
PWBK Pennwood Bancorp Inc. 1.673 34.88 20.56 22.87 19.92 22.24 124.67 124.67
QCBC Quaker City Bancorp Inc. 0.000 0.00 19.4 12.41 17.05 18.75 146.77 146.77
QCFB QCF Bancorp Inc. 0.000 0 14.54 24.89 13.7 14.54 151.35 151.35
QCSB Queens County Bancorp Inc. 2.207 36.77 25.89 35.54 23.85 25.53 273.38 273.38
RARB Raritan Bancorp Inc. 1.714 29.44 18.42 16.31 18.42 18.18 221.52 224.90
REDF RedFed Bancorp Inc. 0.000 0 15.95 14.80 13.12 15.82 177.86 178.50
RELI Reliance Bancshares Inc. 0.000 NM 36.5 48.00 32.59 35.1 99.40 99.40
RELY Reliance Bancorp Inc. 1.848 32.46 19.24 14.83 16.33 18.13 179.50 244.35
RIVR River Valley Bancorp 0.859 NA NA 16.01 16.06 NA 125.84 127.66
ROSE TR Financial Corp. 1.882 26.2 20.24 16.20 16.67 18.18 243.90 243.90
RSLN Roslyn Bancorp Inc. 1.198 NA NA 29.37 20.87 NA 166.49 167.32
RVSB Riverview Bancorp Inc. 0.000 NM NA 33.52 NM NM 161.49 167.62
SBFL SB of the Finger Lakes (MHC) 1.333 90.91 103.45 23.49 68.18 68.18 251.68 251.68
SBOS Boston Bancorp (The) NA 10.89 NA NA NA NA NA NA
SCBS Southern Community Bancshares 1.579 NA NA 30.71 22.62 NA 144.05 144.05
SCCB S. Carolina Community Bancshrs 2.609 76.92 29.49 35.23 31.94 29.49 132.56 132.56
SFED SFS Bancorp Inc. 1.191 26.26 23.74 16.62 23.50 23.74 133.22 133.22
SFFC StateFed Financial Corp. 1.429 27.78 19.44 24.91 23.33 19.44 141.99 141.99
SFIN Statewide Financial Corp. 1.882 32.28 18.41 15.26 17.71 18.41 163.01 163.23
SFSB SuburbFed Financial Corp. 0.923 15.69 20.77 10.12 16.06 17.00 152.61 153.15
SFSL Security First Corp. 1.506 29.48 20.43 23.69 19.68 20.43 255.72 259.78
SGVB SGV Bancorp Inc. 0.000 0.00 33.33 10.31 30.00 26.47 138.67 140.85
SHEN First Shenango Bancorp Inc. 1.805 24.22 14.98 17.14 14.58 14.91 147.45 147.45
SHSB SHS Bancorp Inc. 0.000 NA NA NA NA NA NA NA
SISB SIS Bancorp Inc. 1.479 18.54 18.66 14.55 16.61 18.48 199.97 199.97
SKAN Skaneateles Bancorp Inc. 1.404 22.61 16.52 10.99 15.83 16.1 157.02 161.70
SKBO First Carnegie Deposit (MHC) 1.569 NA NA 29.90 34.15 NA 180.25 180.25
SMBC Southern Missouri Bancorp Inc. 2.564 53.19 21.2 19.25 22.16 20.74 119.19 119.19
SMFC Sho-Me Financial Corp. 0.000 0.00 19.90 22.06 16.92 18.94 224.26 224.26
SOBI Sobieski Bancorp Inc. 1.641 33.33 31.97 18.04 27.08 29.55 112.98 112.98
SOPN First Savings Bancorp Inc. 3.648 64.23 19.61 30.11 18.85 19.61 130.90 130.90
SOSA Somerset Savings Bank 0 0.00 16.04 15.4 12.03 15.53 233.64 233.64
SPBC St. Paul Bancorp Inc. 1.576 24 18.66 19.04 18.13 18.8 211.81 212.34
SRN Southern Banc Co. 1.972 83.33 42.26 20.57 34.13 42.26 120.42 121.49
SSB Scotland Bancorp Inc. 2.927 851.35 13.85 30.46 10.68 13.85 134.69 134.69
SSFC South Street Financial Corp. 2.092 NA NA 35.75 28.13 NA 128.87 128.87
SSM Stone Street Bancorp Inc. 2.000 512.08 25.28 40.76 28.13 25.28 137.87 137.87
STFR St. Francis Capital Corp. 1.400 21.82 18.35 12.62 16.95 18.18 163.00 184.25
STSA Sterling Financial Corp. 0.000 0.00 19.26 8.65 16.19 17.52 164.68 179.92
SVRN Sovereign Bancorp Inc. 0.412 11.84 20.04 11.89 242.98 28.59 265.18 324.51
SWBI Southwest Bancshares 3.232 52.78 17.68 17.54 16.28 17.19 154.59 154.59
SWCB Sandwich Bancorp Inc. 3.111 50.85 19.40 16.87 18.15 19.07 212.67 221.24
SZB SouthFirst Bancshares Inc. 2.469 NM 106.58 17.64 33.75 NM 126.09 126.09
THR Three Rivers Financial Corp. 1.975 34.91 20.05 17.70 17.46 19.10 128.57 129.06
THRD TF Financial Corp. 1.404 31.15 26.64 18.63 21.59 23.36 148.36 168.04
TPNZ Tappan Zee Financial Inc. 1.418 30.56 27.82 23.58 29.04 27.43 137.53 137.53
TRIC Tri-County Bancorp Inc. 2.909 29.80 17.86 18.21 19.10 18.21 118.89 118.89
TSBS Trenton SB (MHC) 0.915 40.23 62.70 54.16 53.13 43.97 319.55 355.15
TSH Teche Holding Co. 2.424 42.02 18.09 17.55 18.42 17.33 130.46 130.46
TWIN Twin City Bancorp 2.783 59.28 23.96 17.10 15.63 19.97 132.24 132.24
UBMT United Financial Corp. 3.846 77.24 21.31 30.86 19.70 21.14 128.46 128.46
UFRM United Federal Savings Bank 2.043 34.92 23.50 12.64 18.36 18.65 172.29 172.29
USAB USABancshares, Inc. 0.000 0.00 37.98 11.25 15.43 34.05 146.73 148.94
VABF Virginia Beach Fed. Financial 1.190 25.33 27.56 13.83 19.11 22.42 193.25 193.25
WAMU Washington Mutual Inc. 1.572 192.45 30.45 19.17 NM 134.43 351.33 379.19
WAYN Wayne Savings Bancshares (MHC) 2.000 76.12 40.79 27.94 35.23 38.27 293.01 293.01
WBST Webster Financial Corp. 1.248 35.68 19.49 12.76 23.23 30.11 239.00 277.60
WCBI Westco Bancorp 2.264 35.29 16.56 21.21 14.10 15.59 136.46 136.46
WCFB Webster City Federal SB (MHC) 3.765 123.08 32.69 47.23 33.20 32.69 202.00 202.00
WEFC Wells Financial Corp. 2.743 10.91 16.06 16.75 15.09 15.91 117.77 117.77
WEHO Westwood Homestead Fin. Corp. 1.577 42.00 32.27 34.57 55.47 35.50 125.00 125.00
54
Dividends Current Pricing Data as of 12/08/97
---------------------- ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------- ---------------------- ---------------------------------------------------------------
WES Westcorp 2.406 30.30 NM 11.62 12.22 12.59 127.88 128.18
WFI Winton Financial Corp. 2.344 27.78 14.65 12.01 11.15 12.11 167.45 170.80
WFSG Wilshire Financial Services 0.000 NA NA 15.47 8.97 NA 293.19 293.19
WFSL Washington Federal Inc. 2.820 40.64 14.83 27.10 14.31 14.76 215.92 235.22
WHGB WHG Bancshares Corp. 1.969 42.86 28.02 23.70 23.90 46.43 114.76 114.76
WOFC Western Ohio Financial Corp. 3.738 149.25 33.44 15.86 222.92 39.93 114.32 122.48
WRNB Warren Bancorp Inc. 2.537 43.59 12.97 21.39 12.20 10.51 200.98 200.98
WSB Washington Savings Bank, FSB 1.404 41.67 20.96 11.56 14.84 29.69 138.08 138.08
WSFS WSFS Financial Corp. 0.000 0.00 15.97 16.74 14.80 15.85 302.18 304.46
WSTR WesterFed Financial Corp. 1.912 36.19 19.89 13.43 18.80 19.10 126.45 156.76
WVFC WVS Financial Corp. 3.840 149.76 15.17 19.35 14.74 15.10 161.25 161.25
WWFC Westwood Financial Corp. 0.724 20.83 21.58 16.14 36.35 23.02 173.20 193.59
WYNE Wayne Bancorp Inc. 0.920 13.89 20.14 16.39 21.75 20.14 131.90 131.90
YFCB Yonkers Financial Corporation 1.289 20.59 18.08 17.98 17.25 18.26 128.18 128.18
YFED York Financial Corp. 1.901 39.34 24.28 19.24 24.28 20.70 217.30 217.30
---------------------------------------------------------------------------------------
Average 1.516 48.52 23.69 19.69 22.32 23.23 171.50 178.20
55
Dividends Current Pricing Data as of 12/08/97
---------------------- ---------------------------------------------------------------
Current LTM Dividend Price/ Price/ Price/Tang
Dividend Payout LTM Price/ Price/ Price/ Publicly Rep Publicly Rep
Yield Ratio Core EPS Assets Earnings LTM EPS Book Value Book Value
Ticker Short Name ($) (%) (x) (%) (x) (x) (%) (%)
- -------------------------------------- ---------------------- ---------------------------------------------------------------
Comparable Thrift Data
FESX First Essex Bancorp Inc. 2.286 34.78 17.95 13.07 15.44 15.22 176.47 201.73
FFES First Federal of East Hartford 1.630 32.09 17.36 10.00 19.58 19.69 150.87 150.87
FFIC Flushing Financial Corp. 1.016 18.87 22.08 19.64 19.69 22.29 138.32 144.05
GAF GA Financial Inc. 2.423 39.58 21.08 19.69 17.08 20.64 134.60 135.89
JSB JSB Financial Inc. 2.875 47.37 19.17 31.48 14.84 17.08 135.58 135.58
MASB MASSBANK Corp. 2.065 30.56 18.31 17.75 16.61 17.22 164.60 167.09
MDBK Medford Bancorp Inc. 1.907 35.98 17.00 15.49 16.56 15.79 171.90 183.43
PWBC PennFirst Bancorp Inc. 1.959 32.25 17.67 11.87 17.01 17.67 141.78 159.51
SFIN Statewide Financial Corp. 1.882 32.28 18.41 15.26 17.71 18.41 163.01 163.23
SISB SIS Bancorp Inc. 1.479 18.54 18.66 14.55 16.61 18.48 199.97 199.97
STFR St. Francis Capital Corp. 1.400 21.82 18.35 12.62 16.95 18.18 163.00 184.25
THRD TF Financial Corp. 1.404 31.15 26.64 18.63 21.59 23.36 148.36 168.04
---------------------------------------------------------------------------------------
Average 1.86 31.27 19.39 16.67 17.47 18.67 157.37 166.14
Median 1.89 32.17 18.38 15.38 16.98 18.30 156.94 165.16
Maximum 2.88 47.37 26.64 31.48 21.59 23.36 199.97 201.73
Minimum 1.02 18.54 17.00 10.00 14.84 15.22 134.60 135.58
56
Productivity Income
--------------- -----------------------------------------------------------
Full Time
Equivalent
Employees Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- -------------------------------------- --------------- -----------------------------------------------------------
%CAL California Federal Bank, a FSB NA 87,873 74,987 NA NA
%CCMD Chevy Chase Bank, FSB 4,142 2,796 (11,488) NA NA
AABC Access Anytime Bancorp Inc. NA 1,319 1,288 1.05 2.56
AADV Advantage Bancorp Inc. 290 2,917 2,588 0.75 22.75
ABBK Abington Bancorp Inc. 165 1,127 1,025 0.52 17.79
ABCL Alliance Bancorp Inc. 443 3,340 3,815 0.45 15.42
ABCW Anchor BanCorp Wisconsin 547 4,975 4,560 0.47 18.62
AFBC Advance Financial Bancorp NA 205 192 0.19 22.70
AFCB Affiliated Community Bancorp 205 2,949 2,850 0.42 18.90
AFED AFSALA Bancorp Inc. 44 310 310 0.23 20.38
AFFFZ America First Financial Fund 380 5,244 5,453 0.80 15.78
AHCI Ambanc Holding Co. NA 736 523 0.14 34.82
AHM H.F. Ahmanson & Co. 7,812 95,539 94,968 0.83 19.01
ALBC Albion Banc Corp. NA 93 93 0.37 18.92
ALBK ALBANK Financial Corp. 1,223 9,378 9,355 0.67 16.88
AMFC AMB Financial Corp. NA 290 161 0.18 22.22
ANA Acadiana Bancshares Inc. 84 694 648 0.27 21.99
ANDB Andover Bancorp Inc. 279 3,348 3,297 0.62 15.78
ANE Alliance Bncorp of New England 87 523 260 0.15 28.54
ASBI Ameriana Bancorp 145 994 913 0.28 18.08
ASBP ASB Financial Corp. 22 246 246 0.16 20.90
ASFC Astoria Financial Corp. 933 16,892 14,826 0.71 20.03
ATSB AmTrust Capital Corp. NA 61 29 0.06 58.33
AVND Avondale Financial Corp. 205 (9,318) (2,414) (0.69) NM
BANC BankAtlantic Bancorp Inc. 1,065 6,429 2,547 0.09 40.28
BDJI First Federal Bancorporation 41 194 200 0.35 20.00
BFD BostonFed Bancorp Inc. 259 1,701 1,479 0.26 19.59
BFFC Big Foot Financial Corp. NA 232 232 0.10 46.88
BFSB Bedford Bancshares Inc. 37 413 404 0.37 19.59
BKC American Bank of Connecticut 135 2,016 1,742 0.73 16.78
BKCT Bancorp Connecticut Inc. 110 1,507 1,305 0.23 25.14
BKUNA BankUnited Financial Corp. 246 2,166 1,641 0.10 34.69
BNKU Bank United Corp. 1,541 19,925 18,523 0.59 18.70
BPLS Bank Plus Corp. 539 3,408 3,171 0.17 18.98
BSBC Branford Savings Bank 71 422 422 0.06 25.26
BTHL Bethel Bancorp NA 302 263 0.16 19.53
BVCC Bay View Capital Corp. 627 3,064 4,961 0.37 23.90
BWFC Bank West Financial Corp. 58 592 223 0.09 48.61
BYFC Broadway Financial Corp. 51 102 29 0.02 165.63
CAFI Camco Financial Corp. 194 1,706 1,442 0.45 13.33
CAPS Capital Savings Bancorp Inc. 81 602 568 0.29 20.80
CASB Cascade Financial Corp. 130 646 746 0.20 15.94
CASH First Midwest Financial Inc. 101 927 846 0.30 17.71
CATB Catskill Financial Corp. 65 949 946 0.22 20.45
CBCI Calumet Bancorp Inc. 135 1,676 1,679 0.49 16.65
CBES CBES Bancorp Inc. 54 305 268 0.28 19.64
CBK Citizens First Financial Corp. 105 359 323 0.12 37.50
CBSA Coastal Bancorp Inc. 442 2,717 2,646 0.51 14.71
CBSB Charter Financial Inc. 104 1,909 1,071 0.25 23.63
CCFH CCF Holding Company 67 (6) (29) (0.05) NM
CEBK Central Co-operative Bank NA 745 521 0.27 24.42
CENB Century Bancorp Inc. 11 396 396 1.05 19.76
CENF CENFED Financial Corp. 339 4,300 4,099 0.69 14.72
CFB Commercial Federal Corp. 1,530 17,108 16,726 0.76 17.35
CFBC Community First Banking Co. 176 916 916 NA NA
CFCP Coastal Financial Corp. 172 1,621 1,288 0.26 21.63
CFFC Community Financial Corp. 52 329 330 0.26 25.96
CFNC Carolina Fincorp Inc. 41 355 347 0.20 22.81
CFSB CFSB Bancorp Inc. NA 2,801 2,611 0.49 17.98
CFTP Community Federal Bancorp 33 615 586 0.13 40.38
CFX CFX Corp. 1,004 (173) 5,832 0.34 20.96
CIBI Community Investors Bancorp 26 236 236 0.28 14.51
CKFB CKF Bancorp Inc. 9 225 224 0.26 17.79
CLAS Classic Bancshares Inc. NA 274 72 0.06 70.31
57
Productivity Income
--------------- -----------------------------------------------------------
Full Time
Equivalent
Employees Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- -------------------------------------- --------------- -----------------------------------------------------------
CMRN Cameron Financial Corp 55 643 637 0.26 19.95
CMSB Commonwealth Bancorp Inc. 724 4,001 2,918 0.18 29.34
CMSV Community Savings Bnkshrs(MHC) 273 1,549 1,151 0.23 38.04
CNIT CENIT Bancorp Inc. NA 1,709 1,596 0.95 17.89
CNSB CNS Bancorp Inc. 27 192 192 0.13 40.87
CNY Carver Bancorp Inc. 110 329 329 0.15 27.81
COFI Charter One Financial 2,702 47,809 46,260 0.92 17.12
CONE Conestoga Bancorp, Inc. 105 742 334 0.07 NA
COOP Cooperative Bankshares Inc. 115 526 526 0.16 28.52
CRZY Crazy Woman Creek Bancorp 10 189 192 0.21 18.42
CSA Coast Savings Financial 1,512 20,228 23,965 1.22 12.96
CSBF CSB Financial Group Inc. 15 52 51 0.06 54.69
CTZN CitFed Bancorp Inc. 753 7,003 7,000 0.52 17.43
CVAL Chester Valley Bancorp Inc. 109 853 796 0.36 18.92
DCBI Delphos Citizens Bancorp Inc. 21 467 467 0.24 18.23
DIBK Dime Financial Corp. 148 4,395 4,301 0.79 9.73
DIME Dime Community Bancorp Inc. 246 2,838 2,827 0.23 27.04
DME Dime Bancorp Inc. 3,162 39,527 37,678 0.36 17.84
DNFC D & N Financial Corp. 507 3,722 3,305 0.38 17.56
DSL Downey Financial Corp. 1,161 10,557 9,544 0.35 20.71
EBSI Eagle Bancshares 539 1,723 1,756 0.30 16.25
EFBC Empire Federal Bancorp Inc. NA 408 408 0.17 24.26
EFBI Enterprise Federal Bancorp 38 531 426 0.22 31.82
EGFC Eagle Financial Corp. 410 4,262 4,201 0.64 20.61
EGLB Eagle BancGroup Inc. 52 104 73 0.06 83.33
EIRE Emerald Isle Bancorp Inc. 112 923 982 0.43 18.60
EMLD Emerald Financial Corp. 121 1,577 1,503 0.29 16.81
EQSB Equitable Federal Savings Bank 71 532 528 0.82 14.48
ESBK Elmira Savings Bank (The) 111 331 174 0.25 30.75
ESX Essex Bancorp Inc. 95 (491) (491) (0.85) NM
ETFS East Texas Financial Services 29 207 188 0.19 26.32
FAB FirstFed America Bancorp Inc. NA 1,782 1,527 0.19 27.63
FBBC First Bell Bancorp Inc. 59 1,846 1,851 0.30 15.00
FBCI Fidelity Bancorp Inc. NA 1,082 1,082 0.38 15.79
FBCV 1ST Bancorp 85 455 411 0.39 17.31
FBER 1st Bergen Bancorp 55 490 490 0.18 26.22
FBHC Fort Bend Holding Corp. 142 503 402 0.19 26.32
FBNW FirstBank Corp. 90 481 336 NA NA
FBSI First Bancshares Inc. 63 521 464 0.44 14.35
FCB Falmouth Bancorp Inc. NA 212 170 0.14 36.83
FCBF FCB Financial Corp. NA 1,690 1,563 0.41 16.92
FCME First Coastal Corp. 68 334 263 0.19 19.08
FDEF First Defiance Financial 150 1,383 1,308 0.14 28.35
FED FirstFed Financial Corp. 433 5,971 5,942 0.55 17.76
FESX First Essex Bancorp Inc. 307 2,650 2,298 0.29 18.10
FFBA First Colorado Bancorp Inc. 292 5,180 5,129 0.32 20.41
FFBH First Federal Bancshares of AR 156 1,311 1,311 0.29 19.40
FFBI First Financial Bancorp Inc. 37 119 91 0.22 23.86
FFBS FFBS BanCorp Inc. 32 451 451 0.30 18.75
FFBZ First Federal Bancorp Inc. 70 505 486 0.28 17.52
FFCH First Financial Holdings Inc. 543 3,607 3,497 0.55 21.59
FFDB FirstFed Bancorp Inc. NA 420 420 0.35 15.20
FFDF FFD Financial Corp. NA 224 224 0.17 27.39
FFED Fidelity Federal Bancorp 105 509 467 0.17 14.89
FFES First Federal of East Hartford 182 1,324 1,455 0.52 17.70
FFFC FFVA Financial Corp. 135 2,082 1,966 0.42 19.87
FFFD North Central Bancshares Inc. NA 973 973 0.31 14.92
FFFL Fidelity Bankshares Inc. (MHC) NA 2,010 1,493 0.22 32.53
FFHH FSF Financial Corp. 90 854 844 0.30 16.46
FFHS First Franklin Corp. 50 409 373 0.30 23.75
FFIC Flushing Financial Corp. 180 2,193 2,216 0.30 19.69
FFKY First Federal Financial Corp. 99 1,604 1,528 0.36 15.54
FFLC FFLC Bancorp Inc. 126 926 723 0.19 30.26
FFOH Fidelity Financial of Ohio 103 1,216 1,195 0.22 17.05
58
Productivity Income
--------------- -----------------------------------------------------------
Full Time
Equivalent
Employees Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- -------------------------------------- --------------- -----------------------------------------------------------
FFPB First Palm Beach Bancorp Inc. 427 2,455 2,018 0.39 24.84
FFSL First Independence Corp. 24 203 203 0.20 18.75
FFSX First Fed SB of Siouxland(MHC) 160 841 809 0.29 27.48
FFWC FFW Corp. 52 470 460 0.65 16.06
FFWD Wood Bancorp Inc. 47 612 541 0.25 18.50
FFYF FFY Financial Corp. 175 1,903 1,872 0.48 16.67
FGHC First Georgia Holding Inc. 82 381 381 0.12 17.19
FIBC Financial Bancorp Inc. 56 670 670 0.40 15.31
FISB First Indiana Corporation 592 4,706 3,699 0.34 21.51
FKFS First Keystone Financial 74 696 639 0.56 16.52
FKKYD Frankfort First Bancorp Inc. 25 376 376 0.24 19.27
FLAG FLAG Financial Corp. 108 502 405 0.20 22.66
FLFC First Liberty Financial Corp. 543 3,496 3,195 0.41 20.58
FLGS Flagstar Bancorp Inc. 1,088 6,194 6,194 0.45 10.69
FLKY First Lancaster Bancshares NA 111 111 0.12 32.81
FMBD First Mutual Bancorp Inc. 168 271 222 0.07 73.21
FMCO FMS Financial Corp. 281 1,394 1,389 0.57 14.36
FMSB First Mutual Savings Bank 118 1,167 1,177 0.27 17.25
FNGB First Northern Capital Corp. 215 1,586 1,494 0.16 21.48
FOBC Fed One Bancorp 129 803 784 0.32 20.21
FPRY First Financial Bancorp NA 257 141 0.15 NA
FSBI Fidelity Bancorp Inc. NA 802 777 0.48 14.32
FSFC First Southeast Financial Corp 116 926 926 0.21 18.01
FSFF First SecurityFed Financial NA 861 849 NA NA
FSLA First Savings Bank (MHC) 209 1,805 2,294 0.28 39.29
FSNJ Bayonne Bancshares Inc. 71 969 972 NA NA
FSPG First Home Bancorp Inc. 119 1,152 1,123 0.41 14.02
FSPT FirstSpartan Financial Corp. 114 2,035 2,035 NA NA
FSSB First FS&LA of San Bernardino 51 (32) (32) (0.10) NM
FSTC First Citizens Corp. NA 1,309 1,139 0.38 19.08
FTF Texarkana First Financial Corp 35 756 748 0.44 14.63
FTFC First Federal Capital Corp. 670 4,691 3,515 0.36 21.18
FTNB Fulton Bancorp Inc. NA 339 280 0.17 32.35
FTSB Fort Thomas Financial Corp. 19 323 323 0.23 16.30
FWWB First SB of Washington Bancorp NA 3,297 3,101 0.32 20.21
GAF GA Financial Inc. 204 2,166 2,086 0.28 17.69
GBCI Glacier Bancorp Inc. 247 2,318 2,305 0.34 16.18
GDVS Greater Delaware Valley (MHC) 69 549 549 0.17 47.06
GDW Golden West Financial 4,088 90,007 88,782 1.56 15.01
GFCO Glenway Financial Corp. 68 613 613 0.27 17.13
GFED Guaranty Federal SB (MHC) NA 517 492 0.16 40.63
GFSB GFS Bancorp Inc. 16 298 300 0.29 14.71
GLMR Gilmer Financial Svcs, Inc. 12 (54) (57) (0.32) NM
GOSB GSB Financial Corp. NA 125 124 NA NA
GPT GreenPoint Financial Corp. 1,962 36,093 35,596 0.94 18.28
GSB Golden State Bancorp Inc. 3,083 28,517 31,460 0.45 19.03
GSBC Great Southern Bancorp Inc. 423 3,860 3,433 0.42 15.18
GSFC Green Street Financial Corp. 31 723 723 0.17 27.21
GSLA GS Financial Corp. 33 529 529 0.17 26.10
GTFN Great Financial Corp. 846 8,148 5,667 0.41 30.98
GTPS Great American Bancorp NA 228 228 0.13 36.54
GUPB GFSB Bancorp Inc. NA 179 177 0.23 22.01
GWBC Gateway Bancorp Inc. 9 84 83 0.08 61.33
HALL Hallmark Capital Corp. 73 645 656 0.22 16.62
HARB Harbor Florida Bancorp (MHC) 327 3,510 3,476 0.69 24.18
HARL Harleysville Savings Bank 53 861 861 0.50 14.25
HARS Harris Financial Inc. (MHC) 495 5,258 4,315 0.12 40.76
HAVN Haven Bancorp Inc. 630 2,451 2,553 0.28 19.53
HBBI Home Building Bancorp 15 78 78 0.27 19.68
HBEI Home Bancorp of Elgin Inc. 121 623 623 0.10 46.56
HBFW Home Bancorp 81 738 738 0.31 22.18
HBNK Highland Federal Bank FSB 116 1,739 1,145 0.48 16.67
HBS Haywood Bancshares Inc. 34 827 827 0.66 7.86
HCBB HCB Bancshares Inc. NA 292 282 0.11 31.53
59
Productivity Income
--------------- -----------------------------------------------------------
Full Time
Equivalent
Employees Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- -------------------------------------- --------------- -----------------------------------------------------------
HCFC Home City Financial Corp. 15 243 243 0.29 14.98
HEMT HF Bancorp Inc. NA 502 448 0.07 62.50
HFFB Harrodsburg First Fin Bancorp 15 378 378 0.20 22.34
HFFC HF Financial Corp. 262 1,684 1,540 0.50 13.25
HFGI Harrington Financial Group 59 317 236 0.07 44.20
HFNC HFNC Financial Corp. 123 4,074 1,902 0.12 30.99
HFSA Hardin Bancorp Inc. 19 178 166 0.21 21.13
HHFC Harvest Home Financial Corp. 17 171 170 0.19 19.41
HIFS Hingham Instit. for Savings 63 681 681 0.52 13.40
HMCI HomeCorp Inc. 177 481 391 0.21 32.59
HMLK Hemlock Federal Financial Corp 53 420 420 0.22 19.46
HMNF HMN Financial Inc. NA 1,524 1,131 0.28 23.10
HOMF Home Federal Bancorp 249 2,461 2,229 0.42 16.07
HPBC Home Port Bancorp Inc. 49 822 814 0.45 12.71
HRBF Harbor Federal Bancorp Inc. 47 411 411 0.25 22.63
HRZB Horizon Financial Corp. 121 2,048 1,810 0.25 17.75
HTHR Hawthorne Financial Corp. 196 3,214 3,212 0.47 12.10
HWEN Home Financial Bancorp 18 80 59 0.14 29.46
HZFS Horizon Financial Svcs Corp. 28 247 177 0.21 13.69
IBSF IBS Financial Corp. 130 1,278 1,278 0.12 36.46
IFSB Independence Federal Svgs Bank NA 211 91 0.07 50.00
INBI Industrial Bancorp Inc. 83 1,230 1,230 0.25 18.00
INCB Indiana Community Bank SB NA 140 140 0.15 34.17
IPSW Ipswich Savings Bank 63 573 448 0.18 19.10
ISBF ISB Financial Corp. 388 1,302 1,234 0.19 37.17
ITLA ITLA Capital Corp. 149 3,188 3,188 0.40 11.47
IWBK InterWest Bancorp Inc. 621 5,241 3,994 0.49 20.41
JOAC Joachim Bancorp Inc. 14 66 66 0.09 41.67
JSB JSB Financial Inc. 354 8,554 6,677 0.64 19.02
JSBA Jefferson Savings Bancorp NA 2,359 2,217 0.46 23.03
JXSB Jacksonville Savings Bk (MHC) 81 305 250 0.20 32.81
JXVL Jacksonville Bancorp Inc. 71 974 974 0.41 11.66
KFBI Klamath First Bancorp 222 2,114 2,114 0.22 25.28
KNK Kankakee Bancorp Inc. 114 736 719 0.48 18.23
KSAV KS Bancorp Inc. 31 296 296 0.31 18.15
KSBK KSB Bancorp Inc. NA 448 425 0.36 12.50
KYF Kentucky First Bancorp Inc. 21 267 260 0.21 17.26
LARK Landmark Bancshares Inc. NA 592 528 0.30 19.38
LARL Laurel Capital Group Inc. 50 777 750 0.49 14.16
LFBI Little Falls Bancorp Inc. 41 457 457 0.18 27.78
LFCO Life Financial Corp. NA 3,931 3,931 0.60 6.51
LFED Leeds Federal Savings Bk (MHC) 27 865 865 0.17 33.46
LIFB Life Bancorp Inc. 219 3,430 3,243 0.33 26.99
LISB Long Island Bancorp Inc. 1,446 12,943 10,513 0.45 26.53
LOGN Logansport Financial Corp. 13 297 309 0.24 15.89
LONF London Financial Corporation NA 128 102 0.22 17.90
LSBI LSB Financial Corp. 63 414 373 0.41 16.92
LSBX Lawrence Savings Bank 99 1,570 1,558 0.35 10.63
LVSB Lakeview Financial 87 1,907 847 0.17 36.21
LXMO Lexington B&L Financial Corp. 9 226 226 0.22 19.60
MAFB MAF Bancorp Inc. 850 9,196 9,055 0.57 15.02
MARN Marion Capital Holdings NA 660 660 0.36 19.27
MASB MASSBANK Corp. 185 2,589 2,324 0.63 18.45
MBB MSB Bancorp Inc. NA 1,230 1,183 0.31 24.70
MBBC Monterey Bay Bancorp Inc. 98 511 401 0.13 37.02
MBLF MBLA Financial Corp. 13 505 505 0.38 17.76
MBSP Mitchell Bancorp Inc. 6 125 125 0.15 28.75
MCBN Mid-Coast Bancorp Inc. 25 126 116 0.50 14.38
MCBS Mid Continent Bancshares Inc. 166 977 1,325 0.68 15.99
MDBK Medford Bancorp Inc. 255 2,710 2,633 0.55 17.16
MECH Mechanics Savings Bank 230 1,910 1,898 0.36 19.44
MERI Meritrust Federal SB 95 657 657 0.80 21.56
METF Metropolitan Financial Corp. 277 1,489 1,406 0.40 18.13
MFBC MFB Corp. 69 496 496 0.29 20.26
60
Productivity Income
--------------- -----------------------------------------------------------
Full Time
Equivalent
Employees Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- -------------------------------------- --------------- -----------------------------------------------------------
MFCX Marshalltown Financial Corp. 32 181 181 0.12 35.94
MFFC Milton Federal Financial Corp. 58 345 321 0.15 25.63
MFLR Mayflower Co-operative Bank 48 330 305 0.34 18.20
MFSL Maryland Federal Bancorp 259 2,429 2,251 0.33 20.08
MIFC Mid-Iowa Financial Corp. NA 347 347 0.20 14.69
MIVI Mississippi View Holding Co. NA 185 179 0.23 19.02
MLBC ML Bancorp Inc. 471 4,068 2,970 0.26 28.37
MONT Montgomery Financial Corp. 32 226 226 NA NA
MRKF Market Financial Corp. 9 179 179 0.15 25.73
MSBF MSB Financial Inc. 19 291 263 0.22 22.16
MSBK Mutual Savings Bank FSB 237 192 82 0.02 162.50
MWBI Midwest Bancshares Inc. 39 417 299 0.27 16.44
MWBX MetroWest Bank 174 1,952 1,949 0.14 16.63
MWFD Midwest Federal Financial NA 777 544 0.32 21.19
NASB North American Savings Bank 245 2,796 2,216 0.98 13.78
NBN Northeast Bancorp NA 553 482 0.29 24.03
NBSI North Bancshares Inc. 34 112 113 0.12 54.69
NEIB Northeast Indiana Bancorp 40 586 586 0.33 15.15
NHTB New Hampshire Thrift Bncshrs 113 701 428 0.20 26.88
NMSB NewMil Bancorp Inc. 124 701 674 0.16 21.09
NSLB NS&L Bancorp Inc. 19 139 139 0.19 24.34
NSSB Norwich Financial Corp. 239 2,088 1,719 0.30 26.25
NSSY NSS Bancorp Inc. NA 1,677 1,422 0.59 16.90
NTMG Nutmeg Federal S&LA NA 210 174 0.10 31.88
NWEQ Northwest Equity Corp. 35 256 248 0.32 14.84
NWSB Northwest Savings Bank (MHC) 796 4,837 4,954 0.11 34.66
NYB New York Bancorp Inc. 516 13,870 12,613 0.56 16.63
OCFC Ocean Financial Corp. 235 3,540 3,539 0.45 20.83
OCN Ocwen Financial Corp. 944 20,165 12,172 0.21 31.10
OFCP Ottawa Financial Corp. 251 1,730 1,720 0.30 24.38
OHSL OHSL Financial Corp. 61 501 491 0.40 17.34
OSFS Ohio State Financial Services NA 80 80 NA NA
OTFC Oregon Trail Financial Corp. NA 722 722 NA NA
PALM Palfed Inc. NA 941 1,516 0.29 24.84
PBCI Pamrapo Bancorp Inc. 98 1,265 1,265 0.44 14.20
PBCT People's Bank (MHC) 3,103 23,300 10,495 0.17 52.39
PBHC Oswego City Savings Bk (MHC) 75 483 434 0.23 30.98
PBKB People's Bancshares Inc. 224 1,219 508 0.15 35.00
PCBC Perry County Financial Corp. 9 230 233 0.30 19.38
PDB Piedmont Bancorp Inc. 30 414 389 0.14 19.64
PEEK Peekskill Financial Corp. 25 495 495 0.17 25.74
PERM Permanent Bancorp Inc. 126 645 624 0.29 22.63
PERT Perpetual Bank (MHC) 113 661 662 0.44 30.18
PFDC Peoples Bancorp 78 1,131 1,131 0.33 18.94
PFED Park Bancorp Inc. 40 449 443 0.20 22.50
PFFB PFF Bancorp Inc. 508 3,286 3,235 0.19 25.41
PFFC Peoples Financial Corp. 19 202 197 0.14 24.78
PFNC Progress Financial Corp. 190 902 911 0.20 19.38
PFSB PennFed Financial Services Inc 197 2,686 2,686 0.56 15.51
PFSL Pocahontas FS&LA (MHC) 60 528 521 0.33 26.42
PHBK Peoples Heritage Finl Group 2,381 18,606 18,575 0.68 16.11
PHFC Pittsburgh Home Financial Corp NA 570 467 0.25 18.50
PHSB Peoples Home Savings Bk (MHC) 75 471 467 NA NA
PKPS Poughkeepsie Financial Corp. 280 1,054 1,095 0.08 32.81
PLSK Pulaski Savings Bank (MHC) 42 326 326 0.16 31.05
PMFI Perpetual Midwest Financial 108 554 484 0.25 28.50
PRBC Prestige Bancorp Inc. 35 202 204 0.24 20.05
PROV Provident Financial Holdings NA 1,467 778 0.17 31.62
PSBK Progressive Bank Inc. 264 2,195 2,148 0.56 15.85
PSFC Peoples-Sidney Financial Corp. 17 338 338 0.20 21.56
PSFI PS Financial Inc. 15 418 417 0.19 24.01
PTRS Potters Financial Corp. 45 274 242 0.25 18.00
PULB Pulaski Bank, Svgs Bank (MHC) 85 534 460 0.22 34.09
PULS Pulse Bancorp 57 1,434 1,434 0.45 14.44
61
Productivity Income
--------------- -----------------------------------------------------------
Full Time
Equivalent
Employees Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- -------------------------------------- --------------- -----------------------------------------------------------
PVFC PVF Capital Corp. 124 1,261 1,212 0.44 11.43
PVSA Parkvale Financial Corporation 245 2,696 2,696 0.51 14.34
PWBC PennFirst Bancorp Inc. 133 1,432 1,405 0.26 17.67
PWBK Pennwood Bancorp Inc. 11 128 128 0.24 19.92
QCBC Quaker City Bancorp Inc. 141 1,530 1,511 0.33 17.05
QCFB QCF Bancorp Inc. NA 640 640 0.52 13.70
QCSB Queens County Bancorp Inc. 279 5,395 5,395 0.38 23.85
RARB Raritan Bancorp Inc. 85 967 962 0.38 18.42
REDF RedFed Bancorp Inc. 273 2,802 2,803 0.38 13.12
RELI Reliance Bancshares Inc. NA 163 163 0.07 32.59
RELY Reliance Bancorp Inc. 389 4,741 3,856 0.43 20.13
RIVR River Valley Bancorp NA 315 282 0.26 17.91
ROSE TR Financial Corp. 437 9,032 7,859 0.44 19.32
RSLN Roslyn Bancorp Inc. 401 11,034 10,049 0.26 22.48
RVSB Riverview Bancorp Inc. 93 756 724 NA NA
SBFL SB of the Finger Lakes (MHC) 74 193 157 0.09 83.33
SBOS Boston Bancorp (The) NA 14,315 5,073 0.95 NA
SCBS Southern Community Bancshares 18 211 211 0.21 22.62
SCCB S. Carolina Community Bancshrs NA 119 119 0.18 31.94
SFED SFS Bancorp Inc. 60 296 296 0.25 23.50
SFFC StateFed Financial Corp. NA 224 224 0.15 23.33
SFIN Statewide Financial Corp. NA 1,382 1,382 0.33 17.71
SFSB SuburbFed Financial Corp. NA 730 571 0.42 20.65
SFSL Security First Corp. 152 2,305 2,338 0.27 19.68
SGVB SGV Bancorp Inc. 94 331 310 0.14 32.14
SHEN First Shenango Bancorp Inc. 101 1,178 1,166 0.56 14.84
SHSB SHS Bancorp Inc. NA 147 147 NA NA
SISB SIS Bancorp Inc. 494 3,169 3,074 0.55 17.22
SKAN Skaneateles Bancorp Inc. 110 430 425 0.30 15.83
SKBO First Carnegie Deposit (MHC) NA 320 245 0.11 43.47
SMBC Southern Missouri Bancorp Inc. 56 357 336 0.21 23.21
SMFC Sho-Me Financial Corp. 78 1,124 1,119 0.75 16.92
SOBI Sobieski Bancorp Inc. 24 124 124 0.18 27.08
SOPN First Savings Bancorp Inc. 43 1,276 1,276 0.32 18.85
SOSA Somerset Savings Bank 150 1,749 1,637 0.09 13.37
SPBC St. Paul Bancorp Inc. 1,083 12,374 12,282 0.35 18.13
SRN Southern Banc Co. NA 144 144 0.13 34.13
SSB Scotland Bancorp Inc. NA 399 399 0.24 10.68
SSFC South Street Financial Corp. 38 723 634 0.15 31.88
SSM Stone Street Bancorp Inc. 18 386 386 0.20 28.13
STFR St. Francis Capital Corp. 355 1,899 3,395 1.05 9.52
STSA Sterling Financial Corp. 502 2,531 2,153 0.28 19.08
SVRN Sovereign Bancorp Inc. 1,963 2,540 15,730 0.29 16.76
SWBI Southwest Bancshares 91 1,059 1,006 0.36 17.19
SWCB Sandwich Bancorp Inc. 155 1,238 1,220 0.61 18.44
SZB SouthFirst Bancshares Inc. 45 124 125 0.15 33.75
THR Three Rivers Financial Corp. NA 225 211 0.27 18.75
THRD TF Financial Corp. 152 1,367 933 0.23 30.98
TPNZ Tappan Zee Financial Inc. 14 244 237 0.17 29.04
TRIC Tri-County Bancorp Inc. 19 211 244 0.42 16.37
TSBS Trenton SB (MHC) 144 1,668 579 0.06 159.38
TSH Teche Holding Co. 163 930 927 0.28 18.42
TWIN Twin City Bancorp 53 290 241 0.19 18.91
UBMT United Financial Corp. NA 402 402 0.33 19.70
UFRM United Federal Savings Bank 144 501 461 0.15 19.58
USAB USABancshares, Inc. NA 128 122 0.15 16.46
VABF Virginia Beach Fed. Financial 192 1,099 838 0.17 24.73
WAMU Washington Mutual Inc. 20,302 (126,954) 170,152 0.65 27.40
WAYN Wayne Savings Bancshares (MHC) 91 496 452 0.20 38.75
WBST Webster Financial Corp. 1,225 9,690 13,452 0.96 16.70
WCBI Westco Bancorp 57 1,272 1,133 0.42 15.77
WCFB Webster City Federal SB (MHC) 21 328 328 0.16 33.20
WEFC Wells Financial Corp. NA 555 539 0.28 15.63
WEHO Westwood Homestead Fin. Corp. 20 194 358 0.15 29.58
62
Productivity Income
--------------- -----------------------------------------------------------
Full Time
Equivalent
Employees Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- -------------------------------------- --------------- -----------------------------------------------------------
WES Westcorp 2,717 8,928 (3,187) (0.12) NM
WFI Winton Financial Corp. NA 879 639 0.32 15.33
WFSG Wilshire Financial Services NA 7,068 5,084 0.54 12.96
WFSL Washington Federal Inc. 656 27,528 27,139 0.56 14.56
WHGB WHG Bancshares Corp. 28 231 231 0.17 23.90
WOFC Western Ohio Financial Corp. 103 60 397 0.20 33.44
WRNB Warren Bancorp Inc. 137 1,704 1,350 0.33 15.53
WSB Washington Savings Bank, FSB 76 541 397 0.09 19.79
WSFS WSFS Financial Corp. 300 4,280 4,219 0.34 14.80
WSTR WesterFed Financial Corp. 369 1,809 1,795 0.32 18.80
WVFC WVS Financial Corp. 58 935 935 0.53 14.74
WWFC Westwood Financial Corp. 15 120 120 0.19 36.35
WYNE Wayne Bancorp Inc. 56 483 483 0.25 21.75
YFCB Yonkers Financial Corporation 61 744 741 0.27 17.25
YFED York Financial Corp. 390 2,433 2,027 0.22 28.69
--------------- -----------------------------------------------------------
Average 369 2,608 3,128 0.31 24.18
63
Productivity Income
--------------- -----------------------------------------------------------
Full Time
Equivalent
Employees Net Income Core Income Core EPS Price/
Ticker Short Name Most Recent Qtr Most Recent Qtr Most Recent Qtr Most Recent Qtr Core EPS
- -------------------------------------- --------------- -----------------------------------------------------------
Comparable Thrift Data
FESX First Essex Bancorp Inc. 307 2,650 2,298 0.29 18.10
FFES First Federal of East Hartford 182 1,324 1,455 0.52 17.70
FFIC Flushing Financial Corp. 180 2,193 2,216 0.30 19.69
GAF GA Financial Inc. 204 2,166 2,086 0.28 17.69
JSB JSB Financial Inc. 354 8,554 6,677 0.64 19.02
MASB MASSBANK Corp. 185 2,589 2,324 0.63 18.45
MDBK Medford Bancorp Inc. 255 2,710 2,633 0.55 17.16
PWBC PennFirst Bancorp Inc. 133 1,432 1,405 0.26 17.67
SFIN Statewide Financial Corp. NA 1,382 1,382 0.33 17.71
SISB SIS Bancorp Inc. 494 3,169 3,074 0.55 17.22
STFR St. Francis Capital Corp. 355 1,899 3,395 1.05 9.52
THRD TF Financial Corp. 152 1,367 933 0.23 30.98
--------------- -----------------------------------------------------------
Average 254.64 2,620 2,490 0.47 18.41
Median 204.00 2,180 2,257 0.43 17.71
Maximum 494.00 8,554 6,677 1.05 30.98
Minimum 133.00 1,324 933 0.23 9.52
64
Exhibit 6
Industry Multiples
Pricing Data as of December 8, 1997
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
%CAL California Federal Bank, a FSB NA NA NA NA NA NA NA NA NA NA
%CCMD Chevy Chase Bank, FSB NA NA NA NA NA NA NA NA NA NA
AABC Access Anytime Bancorp Inc. 10.75 12.83 2.49 8.60 9.60 2.56 143.14 143.14 12.38 0.00
AADV Advantage Bancorp Inc. 68.25 220.85 20.07 22.09 24.55 22.75 223.04 239.73 21.29 0.59
ABBK Abington Bancorp Inc. 37.00 67.52 16.23 17.54 19.58 17.79 190.43 210.11 13.57 1.08
ABCL Alliance Bancorp Inc. 27.75 222.59 17.79 23.92 21.51 15.42 172.36 174.42 16.23 1.59
ABCW Anchor BanCorp Wisconsin 35.00 318.14 17.16 17.68 18.92 18.62 253.26 257.73 16.21 0.91
AFBC Advance Financial Bancorp 17.25 18.71 21.56 NA NA 22.70 114.92 114.92 17.70 1.86
AFCB Affiliated Community Bancorp 31.75 206.32 18.46 18.25 18.25 18.90 183.74 184.70 18.26 1.89
AFED AFSALA Bancorp Inc. 18.75 26.03 20.38 NA NA 20.38 117.78 117.78 17.14 1.28
AFFFZ America First Financial Fund 50.50 303.53 16.40 8.29 8.24 15.78 171.71 173.54 13.49 3.17
AHCI Ambanc Holding Co. 19.50 83.98 25.66 NM NM 34.82 139.48 139.48 15.87 1.03
AHM H.F. Ahmanson & Co. 63.13 5,959.71 18.79 18.24 21.25 19.01 312.96 368.29 12.73 1.39
ALBC Albion Banc Corp. 28.00 7.00 18.92 21.05 21.37 18.92 115.46 115.46 9.89 1.14
ALBK ALBANK Financial Corp. 45.25 582.72 16.88 17.01 17.08 16.88 169.54 192.47 15.67 1.59
AMFC AMB Financial Corp. 16.00 15.42 12.50 16.00 22.86 22.22 107.02 107.02 14.92 1.75
ANA Acadiana Bancshares Inc. 23.75 63.10 20.47 22.20 22.84 21.99 138.00 138.00 23.38 1.52
ANDB Andover Bancorp Inc. 39.13 201.60 15.53 15.71 16.10 15.78 193.69 193.69 15.73 1.94
ANE Alliance Bncorp of New England 17.13 27.86 13.81 14.89 15.86 28.54 156.39 160.20 11.52 1.17
ASBI Ameriana Bancorp 20.25 65.44 16.33 18.08 19.85 18.08 148.57 148.68 16.65 3.16
ASBP ASB Financial Corp. 13.38 22.32 20.90 19.67 20.90 20.90 129.85 129.85 20.22 2.99
ASFC Astoria Financial Corp. 56.88 1,175.37 17.55 19.68 20.83 20.03 192.73 227.86 14.87 1.06
ATSB AmTrust Capital Corp. 14.00 7.37 29.17 25.00 41.18 58.33 96.82 97.77 10.58 1.43
AVND Avondale Financial Corp. 17.00 59.41 NM NM NM NM 128.98 128.98 9.95 0.00
BANC BankAtlantic Bancorp Inc. 14.50 319.38 15.76 15.26 28.43 40.28 206.26 249.14 11.35 0.91
BDJI First Federal Bancorporation 28.00 18.83 20.59 23.14 23.73 20.00 157.75 157.75 16.89 0.00
BFD BostonFed Bancorp Inc. 20.38 115.12 16.98 18.03 19.78 19.59 132.05 137.11 11.98 1.37
BFFC Big Foot Financial Corp. 18.75 47.11 46.88 NA NA 46.88 125.25 125.25 21.90 0.00
BFSB Bedford Bancshares Inc. 29.00 33.13 19.08 19.73 19.86 19.59 160.75 160.75 23.80 1.93
BKC American Bank of Connecticut 49.00 113.35 14.58 15.36 18.22 16.78 211.02 218.95 18.59 2.94
BKCT Bancorp Connecticut Inc. 23.13 117.66 21.41 22.24 24.60 25.14 258.09 258.09 27.75 2.16
BKUNA BankUnited Financial Corp. 13.88 132.27 23.13 25.69 28.91 34.69 174.75 222.00 6.17 0.00
BNKU Bank United Corp. 44.13 1,394.16 17.51 18.23 23.47 18.70 232.97 238.38 11.65 1.45
BPLS Bank Plus Corp. 12.91 249.61 17.93 18.98 22.64 18.98 140.90 141.20 6.37 0.00
BSBC Branford Savings Bank 6.06 39.77 25.26 20.91 20.91 25.26 225.39 225.39 21.75 1.32
BTHL Bethel Bancorp 12.50 15.15 16.45 13.02 16.89 19.53 91.17 108.60 6.89 2.56
BVCC Bay View Capital Corp. 35.38 439.40 38.45 26.80 24.40 23.90 238.86 285.97 13.90 0.91
BWFC Bank West Financial Corp. 17.50 45.90 19.02 28.23 50.00 48.61 197.29 197.29 27.92 1.22
BYFC Broadway Financial Corp. 13.25 11.01 30.11 33.97 30.81 165.63 89.71 89.71 8.83 1.51
CAFI Camco Financial Corp. 24.00 77.14 11.32 13.87 16.33 13.33 160.21 173.16 15.36 2.25
CAPS Capital Savings Bancorp Inc. 24.13 45.64 19.46 20.27 20.80 20.80 206.20 206.20 18.84 1.00
CASB Cascade Financial Corp. 12.75 43.18 18.75 17.96 18.21 15.94 152.51 152.51 10.13 0.00
CASH First Midwest Financial Inc. 21.25 57.35 16.10 16.73 17.56 17.71 131.91 148.50 14.18 2.26
CATB Catskill Financial Corp. 18.00 83.83 20.45 21.95 22.50 20.45 116.81 116.81 28.94 1.78
CBCI Calumet Bancorp Inc. 32.63 103.30 16.65 16.15 16.48 16.65 130.45 130.45 21.15 0.00
CBES CBES Bancorp Inc. 22.00 22.55 17.19 17.19 18.97 19.64 125.00 125.00 21.15 1.82
CBK Citizens First Financial Corp. 18.00 46.51 34.62 31.03 34.62 37.50 110.43 110.43 16.73 0.00
CBSA Coastal Bancorp Inc. 30.00 149.77 14.42 12.77 13.27 14.71 149.03 177.30 5.11 1.60
CBSB Charter Financial Inc. 23.63 98.05 13.13 22.72 22.29 23.63 172.32 194.77 24.93 1.35
CCFH CCF Holding Company 20.00 16.40 NM 133.33 NM NM 140.75 140.75 15.00 2.75
CEBK Central Co-operative Bank 26.38 51.83 17.35 17.58 18.71 24.42 146.12 162.31 14.46 1.21
CENB Century Bancorp Inc. 83.00 33.81 19.76 NA NA 19.76 110.59 110.59 33.49 2.41
CENF CENFED Financial Corp. 40.63 243.43 14.11 16.79 18.64 14.72 188.87 189.13 10.50 0.89
CFB Commercial Federal Corp. 52.75 1,138.96 16.91 17.70 17.64 17.35 256.19 286.22 15.80 0.63
CFBC Community First Banking Co. 39.50 95.34 NA NA NA NA 125.44 127.13 24.16 1.52
CFCP Coastal Financial Corp. 22.50 104.55 17.05 18.91 21.84 21.63 322.81 322.81 21.16 1.60
Page 1 of 10
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
CFFC Community Financial Corp. 27.00 34.48 25.96 18.00 18.00 25.96 142.18 142.18 18.79 2.07
CFNC Carolina Fincorp Inc. 18.25 33.79 22.81 NA NA 22.81 131.11 131.11 29.62 1.32
CFSB CFSB Bancorp Inc. 35.25 179.07 16.63 18.85 20.14 17.98 270.53 270.53 20.85 1.93
CFTP Community Federal Bancorp 21.00 97.20 37.50 30.00 30.00 40.38 156.72 156.72 45.02 1.43
CFX CFX Corp. 28.50 684.04 NM 26.39 21.92 20.96 278.05 288.46 24.22 3.09
CIBI Community Investors Bancorp 16.25 14.66 14.51 15.48 15.48 14.51 134.41 134.41 15.79 1.97
CKFB CKF Bancorp Inc. 18.50 16.71 17.79 14.80 19.68 17.79 109.40 109.40 27.91 2.70
CLAS Classic Bancshares Inc. 16.88 21.94 19.18 19.40 24.82 70.31 111.53 131.32 16.59 1.66
CMRN Cameron Financial Corp 20.75 53.16 19.95 21.39 21.39 19.95 119.05 119.05 25.02 1.35
CMSB Commonwealth Bancorp Inc. 21.13 343.17 21.13 20.92 27.08 29.34 162.25 208.13 15.06 1.33
CMSV Community Savings Bnkshrs(MHC) 35.00 178.32 28.23 32.41 35.35 38.04 215.78 215.78 25.14 2.57
CNIT CENIT Bancorp Inc. 68.00 112.50 16.67 20.61 21.12 17.89 219.28 239.44 16.03 1.47
CNSB CNS Bancorp Inc. 21.25 35.13 40.87 41.67 40.87 40.87 148.19 148.19 36.06 1.13
CNY Carver Bancorp Inc. 16.69 38.62 27.81 NM 50.57 27.81 110.66 115.09 9.29 0.00
COFI Charter One Financial 63.00 4,017.38 16.58 17.45 17.85 17.12 291.26 317.06 20.55 1.59
CONE Conestoga Bancorp, Inc. NA NA NA NA NA NA NA NA NA NA
COOP Cooperative Bankshares Inc. 18.25 54.45 28.52 26.45 26.45 28.52 196.87 196.87 15.14 0.00
CRZY Crazy Woman Creek Bancorp 15.47 14.77 18.42 21.19 20.90 18.42 103.96 103.96 24.64 2.59
CSA Coast Savings Financial 63.25 1,178.43 15.35 22.51 21.08 12.96 250.89 253.81 13.04 0.00
CSBF CSB Financial Group Inc. 13.13 12.36 54.69 77.21 48.61 54.69 101.04 106.97 25.31 0.00
CTZN CitFed Bancorp Inc. 36.25 470.68 17.43 18.98 18.98 17.43 227.70 250.52 14.29 0.66
CVAL Chester Valley Bancorp Inc. 27.25 59.66 17.47 20.04 21.12 18.92 211.40 211.40 18.51 1.62
DCBI Delphos Citizens Bancorp Inc. 17.50 34.29 18.23 NA NA 18.23 119.45 119.45 31.81 0.00
DIBK Dime Financial Corp. 30.75 158.74 9.49 10.42 10.68 9.73 211.49 217.78 17.22 1.43
DIME Dime Community Bancorp Inc. 24.88 314.04 27.04 23.25 24.63 27.04 167.96 194.95 22.67 0.97
DME Dime Bancorp Inc. 25.69 2,607.13 16.90 20.72 21.06 17.84 247.48 260.00 13.43 0.62
DNFC D & N Financial Corp. 26.69 220.02 15.52 16.47 17.79 17.56 238.71 241.08 12.54 0.75
DSL Downey Financial Corp. 29.00 775.87 18.59 19.59 20.57 20.71 185.78 188.19 13.25 1.10
EBSI Eagle Bancshares 19.50 111.12 16.81 22.67 18.40 16.25 154.88 154.88 12.66 3.08
EFBC Empire Federal Bancorp Inc. 16.50 42.77 24.26 NA NA 24.26 106.38 106.38 38.70 1.82
EFBI Enterprise Federal Bancorp 28.00 55.60 25.00 22.76 27.18 31.82 176.99 177.10 20.23 3.57
EGFC Eagle Financial Corp. 52.75 333.17 20.29 48.84 36.38 20.61 230.25 289.36 15.89 1.90
EGLB Eagle BancGroup Inc. 20.00 23.80 55.56 44.44 58.82 83.33 117.44 117.44 13.92 0.00
EIRE Emerald Isle Bancorp Inc. 32.00 71.99 20.00 20.38 19.28 18.60 232.22 232.22 16.23 0.88
EMLD Emerald Financial Corp. 19.50 98.90 16.25 16.39 17.57 16.81 210.13 213.35 16.39 1.23
EQSB Equitable Federal Savings Bank 47.50 28.60 14.31 23.06 14.39 14.48 184.11 184.11 9.28 0.00
ESBK Elmira Savings Bank (The) 30.75 21.72 16.02 22.61 27.95 30.75 145.94 149.85 9.52 2.08
ESX Essex Bancorp Inc. 4.88 5.16 NM NM NM NM NM NM 2.69 0.00
ETFS East Texas Financial Services 20.00 20.53 23.81 25.64 27.40 26.32 98.33 98.33 17.70 1.00
FAB FirstFed America Bancorp Inc. 21.00 182.85 23.86 NA NA 27.63 134.36 134.36 17.65 0.00
FBBC First Bell Bancorp Inc. 18.00 117.19 15.00 15.52 15.93 15.00 163.34 163.34 17.20 2.22
FBCI Fidelity Bancorp Inc. 24.00 67.08 15.79 17.39 17.39 15.79 128.62 128.89 13.47 1.33
FBCV 1ST Bancorp 27.00 28.01 15.70 14.92 29.35 17.31 124.14 126.52 10.74 1.04
FBER 1st Bergen Bancorp 18.88 54.07 26.22 25.86 25.86 26.22 139.09 139.09 18.99 1.06
FBHC Fort Bend Holding Corp. 20.00 33.28 20.83 21.05 27.40 26.32 168.35 180.34 10.37 2.00
FBNW FirstBank Corp. 18.50 36.70 NA NA NA NA 115.70 115.70 20.63 1.51
FBSI First Bancshares Inc. 25.25 27.61 12.88 14.85 16.40 14.35 121.75 121.75 16.95 0.79
FCB Falmouth Bancorp Inc. 20.63 30.00 28.65 37.50 41.25 36.83 131.54 131.54 31.13 0.97
FCBF FCB Financial Corp. 27.75 107.65 15.77 22.20 21.68 16.92 148.24 148.24 20.58 2.88
FCME First Coastal Corp. 14.50 19.71 15.10 3.22 3.35 19.08 136.02 136.02 13.27 0.00
FDEF First Defiance Financial 15.88 142.19 26.46 26.46 26.91 28.35 125.89 125.89 24.75 2.02
FED FirstFed Financial Corp. 39.06 413.58 17.76 18.17 18.17 17.76 195.22 197.19 10.07 0.00
FESX First Essex Bancorp Inc. 21.00 158.06 15.44 15.22 17.95 18.10 176.47 201.73 13.07 2.29
FFBA First Colorado Bancorp Inc. 26.13 438.65 20.41 23.54 23.54 20.41 217.71 220.65 28.47 1.84
FFBH First Federal Bancshares of AR 22.50 110.16 19.40 18.60 19.57 19.40 135.22 135.22 20.13 1.07
FFBI First Financial Bancorp Inc. 21.00 8.72 18.10 NM 23.08 23.86 116.02 116.02 10.35 0.00
Page 2 of 10
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
FFBS FFBS BanCorp Inc. 22.50 35.38 18.75 18.75 18.75 18.75 149.30 149.30 26.21 2.22
FFBZ First Federal Bancorp Inc. 19.63 30.91 16.92 17.21 18.00 17.52 216.61 216.85 15.17 1.43
FFCH First Financial Holdings Inc. 47.50 302.49 20.83 21.30 21.89 21.59 288.75 288.75 17.66 1.77
FFDB FirstFed Bancorp Inc. 21.28 24.49 15.20 14.48 14.88 15.20 144.08 157.40 13.88 2.35
FFDF FFD Financial Corp. 18.63 26.91 27.39 14.90 30.04 27.39 125.34 125.34 30.50 1.61
FFED Fidelity Federal Bancorp 10.13 28.26 13.32 14.46 14.89 14.89 196.60 196.60 12.01 3.95
FFES First Federal of East Hartford 36.81 98.74 19.58 19.69 17.36 17.70 150.87 150.87 10.00 1.63
FFFC FFVA Financial Corp. 33.38 150.98 18.96 20.48 21.26 19.87 187.08 190.93 26.60 1.44
FFFD North Central Bancshares Inc. 18.50 60.43 14.92 16.09 16.09 14.92 122.27 122.27 28.02 1.35
FFFL Fidelity Bankshares Inc. (MHC) 28.63 194.22 23.85 30.45 35.78 32.53 226.28 227.72 18.57 3.14
FFHH FSF Financial Corp. 19.75 59.44 16.46 18.63 18.81 16.46 121.61 121.61 15.31 2.53
FFHS First Franklin Corp. 28.50 33.97 21.59 27.94 23.55 23.75 162.95 163.89 14.69 1.40
FFIC Flushing Financial Corp. 23.63 188.61 19.69 22.29 22.08 19.69 138.32 144.05 19.64 1.02
FFKY First Federal Financial Corp. 22.38 92.77 14.72 15.33 15.54 15.54 177.58 188.18 24.32 2.50
FFLC FFLC Bancorp Inc. 23.00 88.20 23.96 25.56 27.06 30.26 167.52 167.52 23.00 1.25
FFOH Fidelity Financial of Ohio 15.00 83.70 17.05 19.23 16.85 17.05 121.56 137.11 15.83 1.87
FFPB First Palm Beach Bancorp Inc. 38.75 195.60 20.18 20.95 25.00 24.84 173.07 177.18 10.82 1.55
FFSL First Independence Corp. 15.00 14.67 18.75 22.06 22.06 18.75 127.33 127.33 13.04 1.67
FFSX First Fed SB of Siouxland(MHC) 31.88 90.30 26.56 26.79 27.48 27.48 226.38 228.17 19.77 1.51
FFWC FFW Corp. 41.75 29.98 15.81 16.97 17.32 16.06 169.44 186.72 16.45 1.73
FFWD Wood Bancorp Inc. 18.50 39.22 16.52 18.32 19.89 18.50 189.36 189.36 23.54 2.16
FFYF FFY Financial Corp. 32.00 131.66 16.33 17.30 17.58 16.67 157.64 157.64 21.59 2.50
FGHC First Georgia Holding Inc. 8.25 25.18 17.19 27.50 22.30 17.19 195.96 213.73 16.10 0.65
FIBC Financial Bancorp Inc. 24.50 41.89 15.31 16.33 15.41 15.31 155.95 156.65 14.11 1.63
FISB First Indiana Corporation 29.25 308.92 17.01 18.51 22.33 21.51 207.15 209.68 19.97 1.64
FKFS First Keystone Financial 37.00 45.45 15.16 16.30 17.79 16.52 183.62 183.62 12.17 0.54
FKKYD Frankfort First Bancorp Inc. 18.50 30.34 19.27 NM 35.58 19.27 135.23 135.23 22.77 3.89
FLAG FLAG Financial Corp. 18.13 36.92 18.13 18.13 22.66 22.66 170.03 170.03 15.48 1.88
FLFC First Liberty Financial Corp. 33.75 260.90 18.75 25.76 22.06 20.58 274.39 304.33 20.23 1.30
FLGS Flagstar Bancorp Inc. 19.25 263.15 10.69 42.78 NA 10.69 216.54 225.41 12.94 0.00
FLKY First Lancaster Bancshares 15.75 14.98 32.81 28.64 28.64 32.81 107.73 107.73 31.75 3.18
FMBD First Mutual Bancorp Inc. 20.50 71.89 64.06 60.29 66.13 73.21 122.24 160.41 17.86 1.56
FMCO FMS Financial Corp. 32.75 78.20 14.36 14.36 14.43 14.36 207.28 210.34 13.44 0.86
FMSB First Mutual Savings Bank 18.63 75.75 17.25 18.26 18.63 17.25 247.34 247.34 16.79 1.07
FNGB First Northern Capital Corp. 13.75 121.63 20.22 21.48 22.18 21.48 166.87 166.87 18.51 2.33
FOBC Fed One Bancorp 25.88 61.42 19.60 19.31 19.45 20.21 148.28 155.13 17.17 2.40
FPRY First Financial Bancorp NA NA NA NA NA NA NA NA NA NA
FSBI Fidelity Bancorp Inc. 27.50 42.76 13.75 16.08 16.37 14.32 165.17 165.17 11.22 1.31
FSFC First Southeast Financial Corp 15.13 66.37 18.01 18.67 18.67 18.01 184.45 184.45 18.96 1.59
FSFF First SecurityFed Financial 16.31 104.53 NA NA NA NA NA NA NA 0.00
FSLA First Savings Bank (MHC) 44.00 352.79 50.00 39.29 37.61 39.29 355.13 390.76 33.73 1.09
FSNJ Bayonne Bancshares Inc. 12.13 109.73 NA NA NA NA 114.60 114.60 17.90 1.40
FSPG First Home Bancorp Inc. 23.00 62.29 13.69 13.37 13.69 14.02 172.80 175.44 11.86 1.74
FSPT FirstSpartan Financial Corp. 38.25 169.46 NA NA NA NA 131.13 131.13 35.13 1.57
FSSB First FS&LA of San Bernardino 9.63 3.16 NM NM NM NM 70.36 73.03 3.05 0.00
FSTC First Citizens Corp. 29.00 79.57 16.48 14.01 15.68 19.08 233.12 295.92 23.58 1.01
FTF Texarkana First Financial Corp 25.75 46.02 14.63 15.70 15.80 14.63 168.08 168.08 25.75 2.18
FTFC First Federal Capital Corp. 30.50 279.53 15.89 18.37 22.10 21.18 266.14 282.41 17.92 1.57
FTNB Fulton Bancorp Inc. 22.00 37.82 26.19 NA NA 32.35 147.85 147.85 36.47 0.91
FTSB Fort Thomas Financial Corp. 15.00 22.43 16.30 18.99 18.99 16.30 142.05 142.05 22.92 1.67
FWWB First SB of Washington Bancorp 25.88 265.13 19.03 19.90 21.04 20.21 163.46 176.98 24.13 1.08
GAF GA Financial Inc. 19.81 155.96 17.08 20.64 21.08 17.69 134.60 135.89 19.69 2.42
GBCI Glacier Bancorp Inc. 22.00 150.00 16.18 18.03 17.60 16.18 261.59 268.29 26.13 2.18
GDVS Greater Delaware Valley (MHC) 32.00 104.72 47.06 47.06 47.06 47.06 361.58 361.58 42.09 1.13
GDW Golden West Financial 93.69 5,321.84 14.82 15.91 16.15 15.01 206.54 206.54 13.56 0.53
GFCO Glenway Financial Corp. 18.50 42.21 17.13 18.69 19.27 17.13 152.01 153.91 14.38 2.16
Page 3 of 10
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
GFED Guaranty Federal SB (MHC) 26.00 81.25 38.24 41.94 43.33 40.63 296.80 296.80 38.67 1.69
GFSB GFS Bancorp Inc. 17.06 16.86 14.71 15.23 15.23 14.71 154.98 154.98 17.84 1.52
GLMR Gilmer Financial Svcs, Inc. 14.13 2.70 NM 117.71 20.77 NM 71.05 71.05 6.41 0.00
GOSB GSB Financial Corp. 16.88 37.94 NA NA NA NA NA NA NA 0.00
GPT GreenPoint Financial Corp. 68.75 2,944.29 18.09 19.31 20.04 18.28 204.31 381.10 22.49 1.46
GSB Golden State Bancorp Inc. 34.25 1,728.11 21.41 25.00 20.76 19.03 211.94 236.86 10.52 0.00
GSBC Great Southern Bancorp Inc. 25.50 205.91 13.56 16.67 17.59 15.18 327.34 327.34 28.32 1.73
GSFC Green Street Financial Corp. 18.50 79.52 27.21 27.61 27.61 27.21 126.37 126.37 44.69 2.38
GSLA GS Financial Corp. 17.75 61.03 26.10 NA NA 26.10 107.97 107.97 46.56 1.58
GTFN Great Financial Corp. 50.81 702.41 21.53 23.31 31.56 30.98 241.05 251.18 24.28 1.18
GTPS Great American Bancorp 19.00 32.24 36.54 48.72 44.19 36.54 103.04 103.04 23.10 2.11
GUPB GFSB Bancorp Inc. 20.25 16.21 22.01 21.09 21.09 22.01 115.06 115.06 14.75 1.98
GWBC Gateway Bancorp Inc. 19.63 21.23 61.33 33.26 33.26 61.33 121.52 121.52 33.72 2.04
HALL Hallmark Capital Corp. 14.63 42.21 16.62 16.07 16.43 16.62 138.10 138.10 10.09 0.00
HARB Harbor Florida Bancorp (MHC) 66.75 331.98 23.84 25.09 25.28 24.18 343.01 354.11 29.35 2.10
HARL Harleysville Savings Bank 28.50 47.36 14.25 14.18 14.18 14.25 207.12 207.12 13.72 1.54
HARS Harris Financial Inc. (MHC) 19.56 660.82 32.61 37.62 45.50 40.76 382.09 431.85 31.32 1.13
HAVN Haven Bancorp Inc. 21.88 191.89 20.25 17.22 17.09 19.53 174.44 175.00 10.47 1.37
HBBI Home Building Bancorp 21.25 6.62 19.68 18.48 18.81 19.68 104.01 104.01 15.86 1.41
HBEI Home Bancorp of Elgin Inc. 18.63 127.69 46.56 40.49 42.33 46.56 135.26 135.26 37.28 2.15
HBFW Home Bancorp 27.50 69.43 22.18 36.18 23.50 22.18 156.07 156.07 20.73 0.73
HBNK Highland Federal Bank FSB 32.00 73.60 10.96 13.56 17.68 16.67 186.05 186.05 14.26 0.00
HBS Haywood Bancshares Inc. 20.75 25.94 7.86 13.30 13.30 7.86 119.73 123.95 16.98 2.70
HCBB HCB Bancshares Inc. 13.88 36.70 31.53 NA NA 31.53 96.15 99.75 18.36 0.00
HCFC Home City Financial Corp. 17.38 15.72 14.98 NA NA 14.98 114.31 114.31 22.42 2.07
HEMT HF Bancorp Inc. 17.50 109.93 54.69 NM 58.33 62.50 131.98 158.37 10.47 0.00
HFFB Harrodsburg First Fin Bancorp 17.88 36.19 22.34 30.30 23.83 22.34 114.00 114.00 33.22 2.24
HFFC HF Financial Corp. 26.50 77.85 12.05 14.17 15.41 13.25 145.44 145.44 12.92 1.59
HFGI Harrington Financial Group 12.38 40.30 30.94 18.20 22.50 44.20 159.88 159.88 7.73 0.97
HFNC HFNC Financial Corp. 14.88 255.74 14.30 22.20 25.65 30.99 156.91 156.91 29.50 1.88
HFSA Hardin Bancorp Inc. 17.75 15.25 20.17 18.49 19.51 21.13 112.70 112.70 13.00 2.70
HHFC Harvest Home Financial Corp. 14.75 13.49 19.41 56.73 27.83 19.41 130.42 130.42 15.40 2.98
HIFS Hingham Instit. for Savings 27.88 36.34 13.40 14.08 14.08 13.40 173.14 173.14 16.80 1.72
HMCI HomeCorp Inc. 27.38 46.74 26.32 29.76 36.99 32.59 209.45 209.45 14.30 0.00
HMLK Hemlock Federal Financial Corp 17.13 35.56 19.46 NA NA 19.46 113.71 113.71 21.96 1.40
HMNF HMN Financial Inc. 25.88 108.25 17.02 18.35 21.56 23.10 128.80 128.80 19.16 0.00
HOMF Home Federal Bancorp 27.00 137.91 14.67 16.07 17.53 16.07 229.40 236.43 19.85 1.30
HPBC Home Port Bancorp Inc. 22.88 42.13 12.71 13.00 13.07 12.71 196.35 196.35 20.96 3.50
HRBF Harbor Federal Bancorp Inc. 22.63 38.31 22.63 24.07 24.07 22.63 135.16 135.16 17.64 2.12
HRZB Horizon Financial Corp. 17.75 132.05 15.85 15.99 16.28 17.75 158.91 158.91 24.85 2.48
HTHR Hawthorne Financial Corp. 22.75 70.25 12.10 17.23 18.20 12.10 162.38 162.38 7.88 0.00
HWEN Home Financial Bancorp 16.50 7.66 21.71 22.00 25.38 29.46 105.70 105.70 18.55 1.21
HZFS Horizon Financial Svcs Corp. 11.50 9.79 9.91 14.74 18.25 13.69 111.98 111.98 11.15 1.57
IBSF IBS Financial Corp. 17.50 191.61 36.46 32.41 32.41 36.46 149.70 149.70 26.08 2.29
IFSB Independence Federal Svgs Bank 14.00 17.94 21.88 12.84 30.43 50.00 98.38 110.50 7.13 1.57
INBI Industrial Bancorp Inc. 18.00 93.11 18.00 17.82 18.75 18.00 153.06 153.06 26.29 3.11
INCB Indiana Community Bank SB 20.50 18.90 34.17 39.42 39.42 34.17 165.59 165.59 19.67 1.76
IPSW Ipswich Savings Bank 13.75 32.76 14.95 16.37 20.22 19.10 287.66 287.66 16.14 0.87
ISBF ISB Financial Corp. 28.25 194.95 35.31 26.90 27.43 37.17 159.15 185.98 20.39 1.77
ITLA ITLA Capital Corp. 18.34 143.99 11.47 12.31 12.31 11.47 148.90 149.50 15.97 0.00
IWBK InterWest Bancorp Inc. 40.00 322.01 15.63 16.13 18.35 20.41 247.99 252.53 15.73 1.60
JOAC Joachim Bancorp Inc. 15.00 10.84 41.67 39.47 39.47 41.67 109.81 109.81 30.90 3.33
JSB JSB Financial Inc. 48.69 482.91 14.84 17.08 19.17 19.02 135.58 135.58 31.48 2.88
JSBA Jefferson Savings Bancorp 42.38 212.14 21.62 19.71 20.28 23.03 172.47 219.90 16.87 1.32
JXSB Jacksonville Savings Bk (MHC) 26.25 33.39 27.34 33.23 39.77 32.81 192.73 192.73 20.33 1.52
Page 4 of 10
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
JXVL Jacksonville Bancorp Inc. 19.13 46.73 11.66 24.84 8.39 11.66 141.14 141.14 21.06 2.61
KFBI Klamath First Bancorp 22.25 222.91 25.28 25.28 25.28 25.28 142.26 156.47 22.74 1.44
KNK Kankakee Bancorp Inc. 35.00 49.89 17.86 17.16 17.41 18.23 128.44 136.24 14.68 1.37
KSAV KS Bancorp Inc. 22.50 19.92 18.15 17.05 17.18 18.15 136.86 136.94 18.12 2.67
KSBK KSB Bancorp Inc. 18.00 22.29 11.84 13.95 13.85 12.50 202.25 212.77 14.89 0.44
KYF Kentucky First Bancorp Inc. 14.50 18.82 16.48 18.13 18.35 17.26 128.43 128.43 21.44 3.45
LARK Landmark Bancshares Inc. 23.25 39.26 17.10 17.10 19.38 19.38 122.43 122.43 17.24 1.72
LARL Laurel Capital Group Inc. 27.75 40.15 13.60 14.16 14.68 14.16 182.57 182.57 19.11 1.87
LFBI Little Falls Bancorp Inc. 20.00 52.16 27.78 29.85 33.33 27.78 137.65 149.25 16.08 1.00
LFCO Life Financial Corp. 15.63 102.21 6.51 7.23 7.23 6.51 206.68 206.68 34.75 0.00
LFED Leeds Federal Savings Bk (MHC) 22.75 117.89 33.46 35.00 35.00 33.46 247.55 247.55 41.30 2.23
LIFB Life Bancorp Inc. 35.63 350.82 25.45 25.82 27.62 26.99 220.32 226.62 23.60 1.35
LISB Long Island Bancorp Inc. 47.75 1,147.09 21.70 22.96 26.98 26.53 209.98 211.94 19.34 1.26
LOGN Logansport Financial Corp. 15.25 19.22 16.58 16.94 16.22 15.89 118.58 118.58 22.41 2.62
LONF London Financial Corporation 15.75 8.11 14.58 19.44 20.72 17.90 106.71 106.71 21.24 1.52
LSBI LSB Financial Corp. 27.75 25.43 15.08 16.62 18.88 16.92 137.10 137.10 12.70 1.23
LSBX Lawrence Savings Bank 14.88 63.73 10.63 10.86 10.86 10.63 189.73 189.73 18.05 0.00
LVSB Lakeview Financial 24.63 111.04 16.20 20.52 28.30 36.21 179.61 209.57 21.95 0.51
LXMO Lexington B&L Financial Corp. 17.25 19.64 19.60 30.26 22.70 19.60 117.11 117.11 33.15 1.74
MAFB MAF Bancorp Inc. 34.25 517.23 14.76 14.64 14.70 15.02 198.90 226.37 15.49 0.82
MARN Marion Capital Holdings 27.75 49.33 19.27 17.45 17.68 19.27 124.89 124.89 27.40 3.17
MASB MASSBANK Corp. 46.50 166.08 16.61 17.22 18.31 18.45 164.60 167.09 17.75 2.07
MBB MSB Bancorp Inc. 30.63 87.10 23.20 27.34 27.34 24.70 136.72 256.49 11.25 1.96
MBBC Monterey Bay Bancorp Inc. 19.25 62.17 30.08 32.63 35.00 37.02 123.40 133.13 15.18 0.62
MBLF MBLA Financial Corp. 27.00 34.22 17.76 20.15 19.71 17.76 120.81 120.81 15.29 1.48
MBSP Mitchell Bancorp Inc. 17.25 16.06 28.75 27.82 27.82 28.75 112.30 112.30 46.42 2.32
MCBN Mid-Coast Bancorp Inc. 28.75 6.70 13.31 14.82 15.63 14.38 126.93 126.93 10.90 1.81
MCBS Mid Continent Bancshares Inc. 43.50 85.34 21.75 20.23 18.67 15.99 215.35 215.35 21.06 0.92
MDBK Medford Bancorp Inc. 37.75 171.43 16.56 15.79 17.00 17.16 171.90 183.43 15.49 1.91
MECH Mechanics Savings Bank 28.00 148.21 19.44 10.45 10.45 19.44 171.46 171.46 17.84 0.00
MERI Meritrust Federal SB 69.00 53.42 21.56 21.23 21.23 21.56 277.22 277.22 22.90 1.01
METF Metropolitan Financial Corp. 29.00 102.24 17.26 19.73 21.01 18.13 292.93 321.15 11.81 0.00
MFBC MFB Corp. 23.50 38.79 20.26 20.61 20.61 20.26 115.71 115.71 15.16 1.36
MFCX Marshalltown Financial Corp. 17.25 24.35 35.94 30.26 31.94 35.94 120.04 120.04 19.40 0.00
MFFC Milton Federal Financial Corp. 15.38 35.44 24.02 24.40 27.46 25.63 124.90 124.90 16.88 3.90
MFLR Mayflower Co-operative Bank 24.75 22.04 16.72 16.95 19.04 18.20 177.17 180.00 17.08 2.75
MFSL Maryland Federal Bancorp 26.50 171.39 18.40 23.04 16.26 20.08 171.85 173.88 14.59 1.59
MIFC Mid-Iowa Financial Corp. 11.75 19.72 14.69 13.06 14.33 14.69 163.42 163.65 15.40 0.68
MIVI Mississippi View Holding Co. 17.50 12.95 18.23 18.23 18.42 19.02 107.36 107.36 18.90 0.91
MLBC ML Bancorp Inc. 29.50 350.03 21.07 23.41 32.78 28.37 204.72 219.49 15.12 1.36
MONT Montgomery Financial Corp. 12.44 20.56 NA NA NA NA 105.32 105.32 20.16 1.77
MRKF Market Financial Corp. 15.44 20.62 25.73 NA NA 25.73 103.68 103.68 36.74 1.81
MSBF MSB Financial Inc. 19.50 24.06 20.31 21.91 22.67 22.16 188.77 188.77 31.23 1.44
MSBK Mutual Savings Bank FSB 13.00 55.63 81.25 86.67 NM 162.50 133.61 133.61 8.50 0.00
MWBI Midwest Bancshares Inc. 17.75 18.07 11.68 15.99 18.30 16.44 174.36 174.36 12.06 1.35
MWBX MetroWest Bank 9.31 129.97 16.63 17.57 17.57 16.63 297.54 297.54 22.19 1.29
MWFD Midwest Federal Financial 27.13 44.15 15.07 16.05 20.87 21.19 231.84 239.83 20.86 1.25
NASB North American Savings Bank 54.00 120.76 10.89 13.33 14.14 13.78 212.85 220.23 16.34 1.48
NBN Northeast Bancorp 27.88 41.30 20.50 23.42 29.65 24.03 195.34 221.05 13.58 1.15
NBSI North Bancshares Inc. 26.25 25.09 54.69 35.00 39.18 54.69 154.05 154.05 20.68 1.83
NEIB Northeast Indiana Bancorp 20.00 35.25 15.15 16.53 16.53 15.15 128.95 128.95 18.52 1.70
NHTB New Hampshire Thrift Bncshrs 21.50 44.61 16.29 21.72 26.88 26.88 178.57 207.93 13.97 2.33
NMSB NewMil Bancorp Inc. 13.50 51.77 19.85 21.09 22.50 21.09 160.33 160.33 16.31 2.37
NSLB NS&L Bancorp Inc. 18.50 13.09 24.34 42.05 30.83 24.34 112.05 112.05 21.92 2.70
NSSB Norwich Financial Corp. 31.50 171.12 21.28 22.03 24.05 26.25 209.30 230.60 24.41 1.78
NSSY NSS Bancorp Inc. 39.88 97.94 14.45 16.21 54.62 16.90 177.30 182.66 14.43 1.00
Page 5 of 10
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
NTMG Nutmeg Federal S&LA 12.75 9.44 26.56 23.61 34.46 31.88 162.63 162.63 8.97 1.57
NWEQ Northwest Equity Corp. 19.00 15.94 14.39 15.32 15.83 14.84 130.76 130.76 16.44 2.95
NWSB Northwest Savings Bank (MHC) 15.25 712.99 34.66 35.47 36.31 34.66 352.19 372.86 33.94 1.05
NYB New York Bancorp Inc. 37.25 794.12 15.02 16.56 18.26 16.63 469.74 469.74 24.48 1.61
OCFC Ocean Financial Corp. 37.50 300.56 20.83 22.87 22.87 20.83 135.72 135.72 20.59 2.13
OCN Ocwen Financial Corp. 26.13 1,580.70 18.66 17.53 30.74 31.10 378.08 388.19 53.47 0.00
OFCP Ottawa Financial Corp. 29.25 155.94 24.38 23.78 24.38 24.38 206.71 255.91 18.06 1.37
OHSL OHSL Financial Corp. 27.75 34.26 16.92 16.92 17.45 17.34 129.55 129.55 14.60 3.17
OSFS Ohio State Financial Services 15.12 9.59 NA NA NA NA 91.80 91.80 24.87 0.00
OTFC Oregon Trail Financial Corp. 15.94 74.83 NA NA NA NA NA NA NA 0.00
PALM Palfed Inc. 28.81 152.69 40.02 60.03 34.71 24.84 268.28 268.28 22.84 0.42
PBCI Pamrapo Bancorp Inc. 25.00 71.07 14.20 15.24 15.43 14.20 148.02 149.08 19.11 4.00
PBCT People's Bank (MHC) 35.63 2,177.61 23.44 24.91 38.31 52.39 312.23 312.50 28.17 2.13
PBHC Oswego City Savings Bk (MHC) 28.50 54.62 27.40 26.64 29.69 30.98 237.10 282.18 28.30 0.98
PBKB People's Bancshares Inc. 21.00 68.94 14.58 15.56 28.38 35.00 234.37 244.47 9.61 2.10
PCBC Perry County Financial Corp. 23.25 19.25 19.38 24.22 17.22 19.38 123.60 123.60 23.73 1.72
PDB Piedmont Bancorp Inc. 11.00 30.26 18.33 NM 42.31 19.64 145.50 145.50 23.91 3.64
PEEK Peekskill Financial Corp. 17.50 55.88 25.74 26.12 26.12 25.74 118.16 118.16 30.83 2.06
PERM Permanent Bancorp Inc. 26.25 55.21 21.88 21.69 21.88 22.63 129.63 131.38 12.73 1.52
PERT Perpetual Bank (MHC) 53.13 79.93 30.18 45.02 33.00 30.18 263.78 263.78 31.20 2.64
PFDC Peoples Bancorp 25.00 84.80 18.94 20.49 20.49 18.94 191.42 191.42 29.18 1.71
PFED Park Bancorp Inc. 18.00 43.77 22.50 21.95 22.78 22.50 108.37 108.37 25.08 0.00
PFFB PFF Bancorp Inc. 19.31 345.77 25.41 29.26 28.83 25.41 131.47 132.83 13.22 0.00
PFFC Peoples Financial Corp. 13.88 20.34 24.78 NA NA 24.78 87.93 87.93 23.92 3.60
PFNC Progress Financial Corp. 15.50 61.67 19.38 18.02 22.79 19.38 264.96 296.93 14.23 0.77
PFSB PennFed Financial Services Inc 34.75 167.58 15.51 16.01 16.01 15.51 154.93 182.99 12.29 0.81
PFSL Pocahontas FS&LA (MHC) 34.88 56.93 26.42 23.89 24.05 26.42 234.85 234.85 14.85 2.58
PHBK Peoples Heritage Finl Group 43.81 1,204.89 16.11 17.18 17.18 16.11 266.83 312.50 19.88 1.92
PHFC Pittsburgh Home Financial Corp 18.50 36.43 15.42 17.79 19.89 18.50 126.45 127.76 13.33 1.30
PHSB Peoples Home Savings Bk (MHC) 19.00 52.44 NA NA NA NA 185.91 185.91 25.40 0.00
PKPS Poughkeepsie Financial Corp. 10.50 132.25 32.81 30.00 30.00 32.81 177.66 177.66 14.96 1.91
PLSK Pulaski Savings Bank (MHC) 19.88 41.14 31.05 NA NA 31.05 191.84 191.84 22.98 1.51
PMFI Perpetual Midwest Financial 28.50 53.38 24.57 34.76 43.18 28.50 156.25 156.25 13.29 1.05
PRBC Prestige Bancorp Inc. 19.25 17.61 20.05 21.15 21.15 20.05 114.04 114.04 12.78 0.62
PROV Provident Financial Holdings 21.50 103.98 16.80 22.40 46.74 31.62 121.74 121.74 16.23 0.00
PSBK Progressive Bank Inc. 35.50 135.92 15.57 16.14 16.44 15.85 175.92 195.27 15.36 1.92
PSFC Peoples-Sidney Financial Corp. 17.25 30.80 21.56 NA NA 21.56 109.73 109.73 29.95 1.62
PSFI PS Financial Inc. 18.25 37.85 24.01 NA NA 24.01 123.64 123.64 46.14 2.63
PTRS Potters Financial Corp. 18.00 17.36 16.07 15.38 15.65 18.00 160.57 160.57 14.15 1.11
PULB Pulaski Bank, Svgs Bank (MHC) 30.00 62.82 28.85 51.72 38.46 34.09 267.14 267.14 34.86 3.67
PULS Pulse Bancorp 26.00 80.09 14.44 14.44 14.44 14.44 185.32 185.32 15.23 2.69
PVFC PVF Capital Corp. 20.13 52.13 10.94 11.18 11.70 11.43 189.32 189.32 13.60 0.00
PVSA Parkvale Financial Corporation 29.25 149.35 14.34 14.63 14.63 14.34 192.43 193.71 14.85 1.78
PWBC PennFirst Bancorp Inc. 18.38 97.58 17.01 17.67 17.67 17.67 141.78 159.51 11.87 1.96
PWBK Pennwood Bancorp Inc. 19.13 10.89 19.92 22.24 20.56 19.92 124.67 124.67 22.87 1.67
QCBC Quaker City Bancorp Inc. 22.50 105.14 17.05 18.75 19.40 17.05 146.77 146.77 12.41 0.00
QCFB QCF Bancorp Inc. 28.50 39.44 13.70 14.54 14.54 13.70 151.35 151.35 24.89 0.00
QCSB Queens County Bancorp Inc. 36.25 547.68 23.85 25.53 25.89 23.85 273.38 273.38 35.54 2.21
RARB Raritan Bancorp Inc. 28.00 66.42 18.42 18.18 18.42 18.42 221.52 224.90 16.31 1.71
REDF RedFed Bancorp Inc. 19.94 143.13 13.12 15.82 15.95 13.12 177.86 178.50 14.80 0.00
RELI Reliance Bancshares Inc. 9.13 22.56 32.59 35.10 36.50 32.59 99.40 99.40 48.00 0.00
RELY Reliance Bancorp Inc. 34.63 301.67 16.33 18.13 19.24 20.13 179.50 244.35 14.83 1.85
RIVR River Valley Bancorp 18.63 22.17 16.06 NA NA 17.91 125.84 127.66 16.01 0.86
ROSE TR Financial Corp. 34.00 598.13 16.67 18.18 20.24 19.32 243.90 243.90 16.20 1.88
RSLN Roslyn Bancorp Inc. 23.38 1,020.14 20.87 NA NA 22.48 166.49 167.32 29.37 1.20
RVSB Riverview Bancorp Inc. 15.44 94.60 NM NM NA NA 161.49 167.62 33.52 0.00
Page 6 of 10
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
SBFL SB of the Finger Lakes (MHC) 30.00 53.55 68.18 68.18 103.45 83.33 251.68 251.68 23.49 1.33
SBOS Boston Bancorp (The) NA NA NA NA NA NA NA NA NA NA
SCBS Southern Community Bancshares 19.00 21.61 22.62 NA NA 22.62 144.05 144.05 30.71 1.58
SCCB S. Carolina Community Bancshrs 23.00 16.07 31.94 29.49 29.49 31.94 132.56 132.56 35.23 2.61
SFED SFS Bancorp Inc. 23.50 28.93 23.50 23.74 23.74 23.50 133.22 133.22 16.62 1.19
SFFC StateFed Financial Corp. 14.00 21.80 23.33 19.44 19.44 23.33 141.99 141.99 24.91 1.43
SFIN Statewide Financial Corp. 23.38 105.40 17.71 18.41 18.41 17.71 163.01 163.23 15.26 1.88
SFSB SuburbFed Financial Corp. 34.69 43.80 16.06 17.00 20.77 20.65 152.61 153.15 10.12 0.92
SFSL Security First Corp. 21.25 161.00 19.68 20.43 20.43 19.68 255.72 259.78 23.69 1.51
SGVB SGV Bancorp Inc. 18.00 42.17 30.00 26.47 33.33 32.14 138.67 140.85 10.31 0.00
SHEN First Shenango Bancorp Inc. 33.25 68.79 14.58 14.91 14.98 14.84 147.45 147.45 17.14 1.81
SHSB SHS Bancorp Inc. 16.12 13.22 NA NA NA NA NA NA NA 0.00
SISB SIS Bancorp Inc. 37.88 211.37 16.61 18.48 18.66 17.22 199.97 199.97 14.55 1.48
SKAN Skaneateles Bancorp Inc. 19.00 27.26 15.83 16.10 16.52 15.83 157.02 161.70 10.99 1.40
SKBO First Carnegie Deposit (MHC) 19.13 43.99 34.15 NA NA 43.47 180.25 180.25 29.90 1.57
SMBC Southern Missouri Bancorp Inc. 19.50 31.44 22.16 20.74 21.20 23.21 119.19 119.19 19.25 2.56
SMFC Sho-Me Financial Corp. 50.75 76.08 16.92 18.94 19.90 16.92 224.26 224.26 22.06 0.00
SOBI Sobieski Bancorp Inc. 19.50 15.20 27.08 29.55 31.97 27.08 112.98 112.98 18.04 1.64
SOPN First Savings Bancorp Inc. 24.13 89.19 18.85 19.61 19.61 18.85 130.90 130.90 30.11 3.65
SOSA Somerset Savings Bank 4.81 80.14 12.03 15.53 16.04 13.37 233.64 233.64 15.40 0.00
SPBC St. Paul Bancorp Inc. 25.38 867.00 18.13 18.80 18.66 18.13 211.81 212.34 19.04 1.58
SRN Southern Banc Co. 17.75 21.84 34.13 42.26 42.26 34.13 120.42 121.49 20.57 1.97
SSB Scotland Bancorp Inc. 10.25 19.61 10.68 13.85 13.85 10.68 134.69 134.69 30.46 2.93
SSFC South Street Financial Corp. 19.13 86.00 28.13 NA NA 31.88 128.87 128.87 35.75 2.09
SSM Stone Street Bancorp Inc. 22.50 42.71 28.13 25.28 25.28 28.13 137.87 137.87 40.76 2.00
STFR St. Francis Capital Corp. 40.00 209.52 16.95 18.18 18.35 9.52 163.00 184.25 12.62 1.40
STSA Sterling Financial Corp. 21.38 161.75 16.19 17.52 19.26 19.08 164.68 179.92 8.65 0.00
SVRN Sovereign Bancorp Inc. 19.44 1,735.34 242.98 28.59 20.04 16.76 265.18 324.51 11.89 0.41
SWBI Southwest Bancshares 24.75 65.80 16.28 17.19 17.68 17.19 154.59 154.59 17.54 3.23
SWCB Sandwich Bancorp Inc. 45.00 86.36 18.15 19.07 19.40 18.44 212.67 221.24 16.87 3.11
SZB SouthFirst Bancshares Inc. 20.25 17.16 33.75 NM 106.58 33.75 126.09 126.09 17.64 2.47
THR Three Rivers Financial Corp. 20.25 16.68 17.46 19.10 20.05 18.75 128.57 129.06 17.70 1.98
THRD TF Financial Corp. 28.50 90.84 21.59 23.36 26.64 30.98 148.36 168.04 18.63 1.40
TPNZ Tappan Zee Financial Inc. 19.75 29.39 29.04 27.43 27.82 29.04 137.53 137.53 23.58 1.42
TRIC Tri-County Bancorp Inc. 27.50 16.05 19.10 18.21 17.86 16.37 118.89 118.89 18.21 2.91
TSBS Trenton SB (MHC) 38.25 346.00 53.13 43.97 62.70 159.38 319.55 355.15 54.16 0.92
TSH Teche Holding Co. 20.63 70.90 18.42 17.33 18.09 18.42 130.46 130.46 17.55 2.42
TWIN Twin City Bancorp 14.38 18.29 15.63 19.97 23.96 18.91 132.24 132.24 17.10 2.78
UBMT United Financial Corp. 26.00 31.81 19.70 21.14 21.31 19.70 128.46 128.46 30.86 3.85
UFRM United Federal Savings Bank 11.75 36.12 18.36 18.65 23.50 19.58 172.29 172.29 12.64 2.04
USAB USABancshares, Inc. 9.88 7.23 15.43 34.05 37.98 16.46 146.73 148.94 11.25 0.00
VABF Virginia Beach Fed. Financial 16.81 83.71 19.11 22.42 27.56 24.73 193.25 193.25 13.83 1.19
WAMU Washington Mutual Inc. 71.25 18,323.79 NM 134.43 30.45 27.40 351.33 379.19 19.17 1.57
WAYN Wayne Savings Bancshares (MHC) 31.00 69.91 35.23 38.27 40.79 38.75 293.01 293.01 27.94 2.00
WBST Webster Financial Corp. 64.13 869.16 23.23 30.11 19.49 16.70 239.00 277.60 12.76 1.25
WCBI Westco Bancorp 26.50 65.56 14.10 15.59 16.56 15.77 136.46 136.46 21.21 2.26
WCFB Webster City Federal SB (MHC) 21.25 44.63 33.20 32.69 32.69 33.20 202.00 202.00 47.23 3.77
WEFC Wells Financial Corp. 17.50 34.29 15.09 15.91 16.06 15.63 117.77 117.77 16.75 2.74
WEHO Westwood Homestead Fin. Corp. 17.75 49.39 55.47 35.50 32.27 29.58 125.00 125.00 34.57 1.58
WES Westcorp 16.63 436.50 12.22 12.59 NM NM 127.88 128.18 11.62 2.41
WFI Winton Financial Corp. 19.63 38.98 11.15 12.11 14.65 15.33 167.45 170.80 12.01 2.34
WFSG Wilshire Financial Services 28.00 211.96 8.97 NA NA 12.96 293.19 293.19 15.47 0.00
WFSL Washington Federal Inc. 32.63 1,549.97 14.31 14.76 14.83 14.56 215.92 235.22 27.10 2.82
WHGB WHG Bancshares Corp. 16.25 23.76 23.90 46.43 28.02 23.90 114.76 114.76 23.70 1.97
WOFC Western Ohio Financial Corp. 26.75 63.02 222.92 39.93 33.44 33.44 114.32 122.48 15.86 3.74
WRNB Warren Bancorp Inc. 20.50 77.97 12.20 10.51 12.97 15.53 200.98 200.98 21.39 2.54
Page 7 of 10
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
WSB Washington Savings Bank, FSB 7.13 30.98 14.84 29.69 20.96 19.79 138.08 138.08 11.56 1.40
WSFS WSFS Financial Corp. 20.13 250.40 14.80 15.85 15.97 14.80 302.18 304.46 16.74 0.00
WSTR WesterFed Financial Corp. 24.06 134.20 18.80 19.10 19.89 18.80 126.45 156.76 13.43 1.91
WVFC WVS Financial Corp. 31.25 54.63 14.74 15.10 15.17 14.74 161.25 161.25 19.35 3.84
WWFC Westwood Financial Corp. 27.63 17.83 36.35 23.02 21.58 36.35 173.20 193.59 16.14 0.72
WYNE Wayne Bancorp Inc. 21.75 43.80 21.75 20.14 20.14 21.75 131.90 131.90 16.39 0.92
YFCB Yonkers Financial Corporation 18.63 56.26 17.25 18.26 18.08 17.25 128.18 128.18 17.98 1.29
YFED York Financial Corp. 25.25 222.36 24.28 20.70 24.28 28.69 217.30 217.30 19.24 1.90
Page 8 of 10
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
New Jersey
FBER 1st Bergen Bancorp 18.88 54.07 26.22 25.86 25.86 26.22 139.09 139.09 18.99 1.06
FMCO FMS Financial Corp. 32.75 78.20 14.36 14.36 14.43 14.36 207.28 210.34 13.44 0.86
FSLA First Savings Bank (MHC) 44.00 352.79 50.00 39.29 37.61 39.29 355.13 390.76 33.73 1.09
FSNJ Bayonne Bancshares Inc. 12.13 109.73 NA NA NA NA 114.60 114.60 17.90 1.40
FSPG First Home Bancorp Inc. 23.00 62.29 13.69 13.37 13.69 14.02 172.80 175.44 11.86 1.74
IBSF IBS Financial Corp. 17.50 191.61 36.46 32.41 32.41 36.46 149.70 149.70 26.08 2.29
LVSB Lakeview Financial 24.63 111.04 16.20 20.52 28.30 36.21 179.61 209.57 21.95 0.51
LFBI Little Falls Bancorp Inc. 20.00 52.16 27.78 29.85 33.33 27.78 137.65 149.25 16.08 1.00
OCFC Ocean Financial Corp. 37.50 300.56 20.83 22.87 22.87 20.83 135.72 135.72 20.59 2.13
PBCI Pamrapo Bancorp Inc. 25.00 71.07 14.20 15.24 15.43 14.20 148.02 149.08 19.11 4.00
PFSB PennFed Financial Services Inc 34.75 167.58 15.51 16.01 16.01 15.51 154.93 182.99 12.29 0.81
TSBS Trenton SB (MHC) 38.25 346.00 53.13 43.97 62.70 159.38 319.55 355.15 54.16 0.92
PLSK Pulaski Savings Bank (MHC) 19.88 41.14 31.05 NA NA 31.05 191.84 191.84 22.98 1.51
PULS Pulse Bancorp 26.00 80.09 14.44 14.44 14.44 14.44 185.32 185.32 15.23 2.69
RARB Raritan Bancorp Inc. 28.00 66.42 18.42 18.18 18.42 18.42 221.52 224.90 16.31 1.71
SFIN Statewide Financial Corp. 23.38 105.40 17.71 18.41 18.41 17.71 163.01 163.23 15.26 1.88
WYNE Wayne Bancorp Inc. 21.75 43.80 21.75 20.14 20.14 21.75 131.90 131.90 16.39 0.92
WWFC Westwood Financial Corp. 27.63 17.83 36.35 23.02 21.58 36.35 173.20 193.59 16.14 0.72
Page 9 of 10
Current Price in Relation to
Current Current ------------------------------------------------------------------ Current
Stock Market Price/LTM Price/ Tangible Dividend
Price Value Earnings LTM EPS Core EPS Core Book Value Book Value Assets Yield
Ticker Short Name ($) ($M) (x) (x) (x) (x) (%) (%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Comparable Group
FESX First Essex Bancorp Inc. 21.00 158.06 15.44 15.22 17.95 18.10 176.47 201.73 13.07 2.29
FFES First Federal of East Hartford 36.81 98.74 19.58 19.69 17.36 17.70 150.87 150.87 10.00 1.63
FFIC Flushing Financial Corp. 23.63 188.61 19.69 22.29 22.08 19.69 138.32 144.05 19.64 1.02
GAF GA Financial Inc. 19.81 155.96 17.08 20.64 21.08 17.69 134.60 135.89 19.69 2.42
JSB JSB Financial Inc. 48.69 482.91 14.84 17.08 19.17 19.02 135.58 135.58 31.48 2.88
MASB MASSBANK Corp. 46.50 166.08 16.61 17.22 18.31 18.45 164.60 167.09 17.75 2.07
MDBK Medford Bancorp Inc. 37.75 171.43 16.56 15.79 17.00 17.16 171.90 183.43 15.49 1.91
PWBC PennFirst Bancorp Inc. 18.38 97.58 17.01 17.67 17.67 17.67 141.78 159.51 11.87 1.96
SFIN Statewide Financial Corp. 23.38 105.40 17.71 18.41 18.41 17.71 163.01 163.23 15.26 1.88
SISB SIS Bancorp Inc. 37.88 211.37 16.61 18.48 18.66 17.22 199.97 199.97 14.55 1.48
STFR St. Francis Capital Corp. 40.00 209.52 16.95 18.18 18.35 9.52 163.00 184.25 12.62 1.40
THRD TF Financial Corp. 28.50 90.84 21.59 23.36 26.64 30.98 148.36 168.04 18.63 1.40
Comparable Average 178.04 17.47 18.67 19.39 18.41 157.37 166.14 16.67 1.86
Comparable Median 162.07 16.98 18.30 18.38 17.71 156.94 165.16 15.38 1.89
All Public Average 246.35 22.32 23.23 23.69 24.18 171.50 178.20 19.69 1.52
All Public Median 61.23 18.59 19.44 20.79 19.66 156.91 160.41 17.70 1.52
New Jersey Average 125.10 25.18 23.00 24.73 32.00 182.27 191.80 20.47 1.51
New Jersey Median 79.15 20.83 20.33 20.86 21.75 167.91 179.22 17.15 1.25
Page 10 of 10
Exhibit 7
Second Steps - 1996 to Date
Selected Market Data
Market Data as of 12/08/97
------------------------------------------
Price to Pro-Forma
Pro-Forma ------------------------------------------
Gross Conversion Total Pro-Forma Pro-Forma Pro-Forma Adjusted
IPO Price Proceeds Assets Equity Book Value Tang. Book Earnings Assets
Ticker Short Name IPO Date ($) ($000) ($000) ($000) (%) (%) (x) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
FSNJ Bayonne Bancshares Inc. 08/22/97 10.000 NA NA NA NA NA NA NA
MONT Montgomery Financial Corp. 07/01/97 10.000 NA NA NA NA NA NA NA
WFSG Wilshire Financial Services 12/19/96 NA NA NA NA NA NA NA NA
BNKU Bank United Corp. 08/09/96 20.000 NA NA NA NA NA NA NA
CMSB Commonwealth Bancorp Inc. 06/17/96 10.000 NA NA NA 100.0 NA NA NA
WWFC Westwood Financial Corp. 06/07/96 10.000 NA NA NA 100.0 NA NA NA
JXVL Jacksonville Bancorp Inc. 04/01/96 10.000 NA NA NA 100.0 NA NA NA
FFFD North Central Bancshares Inc. 03/21/96 10.000 NA NA NA 100.0 NA NA NA
FFOH Fidelity Financial of Ohio 03/04/96 10.000 NA NA NA 100.0 NA NA NA
FFBA First Colorado Bancorp Inc. 01/02/96 10.000 NA NA NA NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
Average 100.0 0.0 0.0 0.0
Median 100.0 0.0 0.0 0.0
--------------------------------------------------------------------------------------------------------------------------
------------------------------- ------------------------------------------------------
Percent Change from IPO Current Price to
------------------------------- Current ------------------------------------------------------
After After After After Stock Book Tang. LTM Core LTM
1 Day 1 Week 1 Month 3 Months Price Value Book Earnings Earnings EPS EPS Assets
Ticker Short Name (%) (%) (%) (%) 9/8/97 (%) (%) (X) (X) (X) (X) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
FSNJ Bayonne Bancshares Inc. 17.50% 18.75% 26.88% 22.50% 12.125 114.600 114.600 NA NA NA NA 17.900
MONT Montgomery Financial Corp. 11.25% 12.50% 20.63% 22.50% 12.438 105.320 105.320 NA NA NA NA 20.160
WFSG Wilshire Financial Services NA NA NA NA 28.000 293.190 293.190 NA 8.970 12.960 NA 15.470
BNKU Bank United Corp. 14.38% 20.00% 20.63% 28.13% 44.125 232.970 238.380 18.230 17.510 18.700 23.470 11.650
CMSB Commonwealth Bancorp Inc. 5.00% 7.50% 0.00% 11.25% 21.125 162.250 208.130 20.920 21.130 29.340 27.080 15.060
WWFC Westwood Financial Corp. 7.50% 3.75% 6.25% 8.75% 27.625 173.200 193.590 23.020 36.350 36.350 21.580 16.140
JXVL Jacksonville Bancorp Inc. 11.08% -3.75% -1.25% 6.25% 19.125 141.140 141.140 24.840 11.660 11.660 8.390 21.060
FFFD North Central Bancshares Inc. 8.75% 6.90% 4.40% 11.90% 18.500 122.270 122.270 16.090 14.920 14.920 16.090 28.020
FFOH Fidelity Financial of Ohio 5.00% 0.00% 1.25% 0.00% 15.000 121.560 137.110 19.230 17.050 17.050 16.850 15.830
FFBA First Colorado Bancorp Inc. 14.38% 16.25% 20.00% 23.75% 26.125 217.710 220.650 23.540 20.410 20.410 23.540 28.470
-----------------------------------------------------------------------------------------------------------------------------
Average 10.54% 9.10% 10.98% 15.00% 22.4 168.4 177.4 20.8 18.5 20.2 19.6 19.0
Median 11.08% 7.50% 6.25% 11.90% 20.1 151.7 167.4 20.9 17.3 17.9 21.6 17.0
-----------------------------------------------------------------------------------------------------------------------------
Exhibit 8
Ownership Computation
Aggregate Waived Dividends $ 4,897,620 Use in Computation
Stockholders' Equity @ 09/30/97 $108,238,618 $20,903 Assets at
Holding Company
Current Ownership 35.93% 3,250,444 11.96476958 $0 Options included
in footnote
computation
MHC Ownership @ 09/30/97 64.07% 5,796,000
------------
Total at 09/30/97 9,046,444
------------
PCT = (Stockholders' Equity @09/30/97-Aggregate Excess Waived)*Current Ownership
--------------------------------------------------------------------------
Stockholders Equity @ 09/30/97
times Appraised Value - Other Assets at Holding Company
-------------------------------------------------
Appraised Value of Holding Company
PCT = 34.30% times 100.00%
PCT = 34.30%
Peoples Bancorp, Inc.
Pro-Forma Analysis Sheet - Twelve Months Ended
September 30, 1997
Includes SOP 93-6
----------------------------------------------------------------------------------------------
Bank Comparables State National
----------------------------------------------------------------------------------------------
Mean Median Mean Median Mean Median
---- ------ ---- ------ ---- ------
Min 21.28
Price-Earnings Ratio P/E Mid 23.26 18.23 18.16 23.00 20.33 23.23 19.44
- ------------------------ Max 25.64
Smax 27.03
Min 94.16%
Price-to-Book Ratio P/B Mid 100.70% 159.97% 163.01% 182.27% 167.91% 171.50% 156.91%
- ----------------------- Max 106.04%
Smax 111.23%
Min 98.52%
Price-to-Tangible Book Ratio P/TB Mid 104.93% 172.50% 165.16% 191.80% 179.22% 178.20% 160.41%
- --------------------------------- Max 110.01%
Smax 115.07%
Min 29.95%
Price-to-Assets Ratio P/A Mid 34.14% 16.35% 15.05% 20.47% 17.15% 19.69% 17.70%
- ------------------------- Max 38.09%
Smax 42.34%
Page 1
Valuation Parameters
- --------------------
- -------------------------------------------------------------------------------------------------------
Prior Twelve Mos. Earning Base Y
Period Ended September 30, 1997 $ 7,841 (1)
- -------------------------------------------------------------------------------------------------------
Pre-Conversion Book Value B
As of September 30, 1997 $ 108,238
- -------------------------------------------------------------------------------------------------------
Pre-Conversion Assets A
As of September 30, 1997 $ 638,817
- -------------------------------------------------------------------------------------------------------
Return on Money R 3.53%(2)
- -------------------------------------------------------------------------------------------------------
Conversion Expenses $ 1,935
X 0.71%(3)
- -------------------------------------------------------------------------------------------------------
Proceeds Not Invested $ 14,400 (4)
- -------------------------------------------------------------------------------------------------------
Estimated ESOP Borrowings $ 7,200
ESOP Purchases E 4.00%(5)
Cost of ESOP Borrowings $ 600 (5)
Cost of ESOP Borrowings S 0.00%(5)
Amort of ESOP Borrowings T 12 Years
- -------------------------------------------------------------------------------------------------------
Amort of MRP Amount N 5 Years
Estimated MRP Amount $ 7,200 (6)
MRP Purchases M 4.00%
MRP Expense $ 1,440
- -------------------------------------------------------------------------------------------------------
Foundation Amount $ - (7)
Foundation Amount F 0.00% 0.00%
Foundation Opportunity Cost $ 0
Tax Benefit Z $ 0 (8)
- -------------------------------------------------------------------------------------------------------
Tax Rate TAX 36.00%
- -------------------------------------------------------------------------------------------------------
Percentage Sold PCT 65.70%
- -------------------------------------------------------------------------------------------------------
Amount to be issued to Public $ 180,007 (9)
- -------------------------------------------------------------------------------------------------------
Earnings Multiple (1 if stub period, 0 if full twelve months) 12 0
- -------------------------------------------------------------------------------------------------------
(1) Net income for the twelve months ended September 30, 1997.
(2) Net Return assumes a reinvestment rate of 5.52 percent (the 1 year Treasury
at September 30, 1997), and a tax rate of 36%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over 12 years.
(6) Assumes MRP is amortized straight line over 5 years.
(7) Not applicable.
(8) Not Applicable.
(9) The amount to be offered to public.
Page 2
Pro Forma Calculation
Calculation of Estimated Value (V) at Midpoint Value
3. V= P/E*Y = $274,000,000
-----
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
2. V= P/B*(B+Z) = $274,000,000
--------
1-P/B*PCT*(1-X-E-M-F)
1. V= P/A*A = $274,000,000
-----
1-P/A*PCT*(1-X-E-M-F)
Total Shares Price Total
Conclusion Shares Per Share Value
- ---------- ------ --------- -----
Appraised Value - Midpoint 27,400,000 $10 $274,000,000
Range:
- Minimum 23,290,000 $10 $232,900,000
- Maximum 31,510,000 $10 $315,100,000
- Super Maximum 36,236,500 $10 $362,365,000
Pre Foundation
----------------------------------------------------------
Appraised Value
----------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum *
----------------------------------------------------------
Total Shares 23,290,000 27,400,000 31,510,000 36,236,500
Price per Share $10 $10 $10 $10
Full Conversion Value $232,900,000 $274,000,000 $315,100,000 $362,365,000
Exchange Shares 7,989,592 9,399,309 10,809,352 12,430,673
Exchange Percent 34.30% 34.30% 34.30% 34.30%
Conversion Shares 15,300,408 18,000,691 20,700,648 23,805,827
Conversion Percent 65.70% 65.70% 65.70% 65.70%
Gross Proceeds $153,004,080 $180,006,910 $207,006,480 $238,058,270
Exchange Value $79,895,920 $93,993,090 $108,093,520 $124,306,730
Exchange Ratio 2.4580 2.8917 3.3255 3.8243
----------------------------------------------------------
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Page 3
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
- ------------------------------------- ----------------------------------------------------
Conversion Proceeds Minimum Midpoint Maximum SuperMax
- ------------------------------------- ----------------------------------------------------
Total Shares Offered 23,290,000 27,400,000 31,510,000 36,236,500
Conversion Shares Offered 15,300,408 18,000,691 20,700,648 23,805,827
Price Per Share $10 $10 $10 $10
----------------------------------------------------
Gross Proceeds $153,004 $180,007 $207,006 $238,058
Plus: Value issued to Foundation (9) $0 $0 $0 $0
----------------------------------------------------
Pro Forma Market Capitalization $153,004 $180,007 $207,006 $238,058
====================================================
Gross Proceeds $153,004 $180,007 $207,006 $238,058
Less: Est. Conversion Expenses $1,935 $1,935 $1,935 $1,935
----------------------------------------------------
Net Proceeds $151,069 $178,072 $205,071 $236,123
====================================================
- -------------------------------------
Estimated Income from Proceeds
- -------------------------------------
Net Conversion Proceeds $151,069 $178,072 $205,071 $236,123
Less: ESOP Adjustment (3) $6,120 $7,200 $8,280 $9,522
Less: MRP Adjustment (3) $6,120 $7,200 $8,280 $9,522
----------------------------------------------------
Net Proceeds Reinvested $138,829 $163,672 $188,511 $217,079
Estimated Incremental Rate of Return 3.53% 3.53% 3.53% 3.53%
----------------------------------------------------
Estimated Incremental Return $4,901 $5,778 $6,654 $7,663
Less: Cost of ESOP (4) $0 $0 $0 $0
Less: Amortization of ESOP (7) $326 $384 $442 $508
Less: MRP Adjustment (7) $783 $922 $1,060 $1,219
----------------------------------------------------
Pro-forma Net Income $3,792 $4,472 $5,152 $5,936
Earnings Before Conversion $7,841 $7,841 $7,841 $7,841
----------------------------------------------------
Earnings Excluding Adjustment $11,633 $12,313 $12,993 $13,777
Earnings Adjustment (6) ($1,120) ($1,120) ($1,120) ($1,120)
----------------------------------------------------
Earnings After Conversion $10,513 $11,193 $11,873 $12,657
----------------------------------------------------
Page 4
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
----------------------------------------------------
Minimum Midpoint Maximum SuperMax
----------------------------------------------------
- ---------------------------------------
Pro-forma Net Worth
- ---------------------------------------
Net Worth at September 30, 1997 $ 108,238 $ 108,238 $ 108,238 $ 108,238
Net Conversion Proceeds 151,069 178,072 205,071 236,123
Plus: MHC Adjustment (7) 21 21 21 21
Plus: After tax Foundation Contributio - - - -
Less: ESOP Adjustment (1) ($6,120) ($7,200) ($8,280) ($9,522)
Less: MRP Adjustment (2) ($6,120) ($7,200) ($8,280) ($9,522)
----------------------------------------------------
Pro-forma Net Worth $247,088 $271,931 $296,770 $325,338
- ---------------------------------------
Pro-forma Tangible Net Worth
- ---------------------------------------
Pro-forma Net Worth $247,088 $271,931 $296,770 $325,338
Less: Intangible (5) $10,834 $10,834 $10,834 $10,834
----------------------------------------------------
Pro-forma Tangible Net Worth $236,254 $261,097 $285,936 $314,504
- ---------------------------------------
Pro-forma Assets
- ---------------------------------------
Total Assets at September 30, 1997 $ 638,817 $ 638,817 $ 638,817 $ 638,817
Net Conversion Proceeds $151,069 $178,072 $205,071 $236,123
Plus: MHC Adjustment (7) 21 21 21 21
Plus: Tax Benefit of Foundation - - - -
Less: ESOP Adjustment (1) (6,120) (7,200) (8,280) (9,522)
Less: MRP Adjustment (2) (6,120) (7,200) (8,280) (9,522)
----------------------------------------------------
Pro-forma Assets Excluding Adjustment 777,667 802,510 827,349 855,917
Plus: Adjustment (6) 0 0 0 0
----------------------------------------------------
Pro-forma Total Assets $777,667 $802,510 $827,349 $855,917
----------------------------------------------------
- ---------------------------------------
Stockholder's Equity Per Share
- ---------------------------------------
Net Worth at September 30, 1997 $4.65 $3.95 $3.44 $2.99
Estimated Net Proceeds $6.49 $6.50 $6.51 $6.52
Plus: MHC Adjustment $0.00 $0.00 $0.00 $0.00
Plus: Foundation Contribution $0.00 $0.00 $0.00 $0.00
Less: ESOP Stock ($0.26) ($0.26) ($0.26) ($0.26)
Less: MRP Stock ($0.26) ($0.26) ($0.26) ($0.26)
----- ----- ----- -----
Pro-forma Net Worth Per Share $10.62 $9.93 $9.43 $8.99
Less: Intangible $0.47 $0.40 $0.34 $0.30
----- ----- ----- -----
Pro-forma Tangible Net Worth Per Share $10.15 $9.53 $9.09 $8.69
----------------------------------------------------
Page 5
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
----------------------------------------------------
Minimum Midpoint Maximum SuperMax
----------------------------------------------------
- ---------------------------------------
Net Earnings Per Share
- ---------------------------------------
Historical Earnings Per Share (8) $0.34 $0.29 $0.25 $0.22
Incremental return Per Share (8) $0.22 $0.22 $0.22 $0.22
ESOP Adjustment Per Share (8) ($0.01) ($0.01) ($0.01) ($0.01)
MRP Adjustment Per Share (8) ($0.03) ($0.03) ($0.03) ($0.03)
Normalizing Adjustment Per Share ($0.05) ($0.04) ($0.04) ($0.03
----- ----- ----- -----)
Proforma Earnings Per Share (8) $0.47 $0.43 $0.39 $0.37
- ---------------------------------------
Shares Utilized
- ---------------------------------------
Shares Utilized 22,729 26,740 30,751 35,364
- ---------------------------------------
Pro-forma Ratios
- ---------------------------------------
Price/EPS without Adjustment 19.23 21.28 23.26 25.00
Price/EPS with Adjustment 21.28 23.26 25.64 27.03
Price/Book Value per Share 94.16% 100.70% 106.04% 111.23%
Price/Tangible Book Value 98.52% 104.93% 110.01% 115.07%
Market Value/Assets 29.95% 34.14% 38.09% 42.34%
----------------------------------------------------
(1) ESOP Borrowings are deducted from net worth and assets, and amortized over
12 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized over 5
years.
(3) Consists of ESOP and MRP amortization.
(4) The ESOP loan is from the Holding Company and therefore, there are no
costs.
(5) Excess of purchase price over fair market value.
(6) One time expenses of $1.5 million (provision) and $0.3 million (MRP) offset
by $3.6 million (gain on sale) tax impacted at 36%.
(7) ESOP and MRP are amortized over 12 and 5 years respectively, and tax
impacted at 36%.
(8) All EPS computations are done in accordance with SOP 93-6.
(9) Not applicable.
Page 6
- ---------------------------------------
Expense Calculations
- ---------------------------------------
Total Shares Offered 15,300 18,001 20,701 23,806
Price Per Share $10 $10 $10 $10
----------------------------------------------------
Gross Proceeds 153,004 180,007 207,006 238,058
Estimated Insider Purchases -1,000 -1,000 -1,000 -1,000
ESOP Purchases -6,120 -7,200 -8,280 -9,522
----------------------------------------------------
Proceeds to Base Fee On 145,884 171,807 197,726 227,536
Underwriters Percentage 0.00% 0.00% 0.00% 0.00%
----------------------------------------------------
Underwriters Fee 0 0 0 0
Advisory Fee 0 0 0 0
----------------------------------------------------
Total Underwriters Fee 0 0 0 0
All Other Expenses 1,935 1,935 1,935 1,935
----------------------------------------------------
Total Expense 1,935 1,935 1,935 1,935
- ---------------------------------------
Shares Calculations
- ---------------------------------------
Shares Outstanding 23,290 27,400 31,510 36,237
Less: New ESOP Adjustment 612 720 828 952
Less: Old ESOP Adjustment (1) 0 0 0 0
Plus: New SOP 93-6 ESOP Shares (2) 51 60 69 79
Plus: Old SOP 93-6 ESOP Shares (2) 0 0 0 0
-- -- -- --
Shares for all EPS Calculations 22,729 26,740 30,751 35,364
Dilution of Stock Options 10.25%
Dilution of MRP 4.10%
Post Foundation
------------------------------------------------------------
Appraised Value
------------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum
------------------------------------------------------------
Shares Issued and Exchanged 23,290,000 27,400,000 31,510,000 36,236,500
Price per Share $10 $10 $10 $10
Shares Issued to Foundation - - - -
Total Shares 23,290,000 27,400,000 31,510,000 36,236,500
Exchange Shares 7,989,592 9,399,309 10,809,352 12,430,673
Conversion Shares 15,300,408 18,000,691 20,700,648 23,805,827
Implied Exhange Ratio 2.4580 2.8917 3.3255 3.8243
Gross Proceeds $153,004,080 $180,006,910 $207,006,480 $238,058,270
Exchange Value $79,895,920 $93,993,090 $108,093,520 $124,306,730
------------------------------------------------------------
Page 7
- ---------------------------------
MRP Dilution
- ---------------------------------
Shares Outstanding 23,290 27,400 31,510 36,237
Less: New ESOP Adjustment 612 720 828 952
Plus: New MRP issued (1) 612 720 828 952
Plus: New SOP 93-6 ESOP Shares (2) 51 60 69 79
(2)
Shares for all EPS Calculations 23,341 27,460 31,579 36,316
EPS $ 0.46 $ 0.42 $ 0.39 $ 0.36
BV/Share $10.34 $9.67 $9.18 $8.75
- ---------------------------------
Option Dilution
- ---------------------------------
Shares Outstanding 23,290 27,400 31,510 36,237
Less: New ESOP Adjustment 612 720 828 952
Plus: Options (1) 1,530 1,800 2,070 2,381
Plus: New SOP 93-6 ESOP Shares (2) 51 60 69 79
(2)
Shares for all EPS Calculations 24,259 28,540 32,821 37,744
EPS $ 0.43 $ 0.39 $ 0.36 $ 0.34
BV/Share $10.57 $9.93 $9.45 $9.04
Aftertax expense $0 $0 $0 $0
EPS $0.47 $0.43 $0.39 $0.37
Adjusted EPS 0.46 0.42 0.39 0.36
Page 8
Exhibit 12
[GRAPHIC OMITTED]
- ------------------------------
About the Firm
- ------------------------------
FinPro, Inc. was established in 1988 as a full service management consulting
firm specializing in providing advisory services to the Financial Institutions
Industry. FinPro provides management advisory services for Banks, Thrifts,
Finance Companies and NonBank Banks. Additionally, FinPro has performed work for
the Federal Bankruptcy Court, Federal Deposit Insurance Corporation, Office of
Thrift Supervision and the Resolution Trust Corporation. FinPro is recognized as
an expert in banking and in loan analysis by the Federal Bankruptcy Court.
FinPro is independently owned, not associated or affiliated with any transaction
oriented firm. This provides FinPro with an unbiased platform from which to make
analytical recommendations. FinPro believes that a client deserves to be told
all of the alternatives, along with their associated benefits and downsides and
that a decision should be made on its merits. This uniquely positions FinPro as
an objective third party willing to suggest the unpopular strategies, unlike its
competitors who rely on a transaction to get paid.
FinPro is headquartered in Liberty Corner, New Jersey and has a branch office in
Buffalo, New York. FinPro focuses geographically on the Mid-Atlantic region, but
has performed work in all other regions across the nation.
FinPro principals are frequent speakers and presenters at financial institution
trade association functions. In addition, FinPro designed the Statistical Report
Analysis currently produced quarterly by the New Jersey Savings League for its
members. FinPro also hosts a tri-annual President's Breakfast for Presidents of
New Jersey Community Banks.
FinPro maintains a library of databases encompassing bank and thrift capital
markets data, census data, branch deposit data, national peer data, market
research data along with many other related topics. As such, FinPro can provide
quick, current and precise analytical assessments based on timely data. In
addition, FinPro's geographic mapping capabilities give it a unique capability
to thematically illustrate multiple issues and to provide targeted marketing
opportunities to its clients.
FinPro, Inc.
About the Firm Page: 2
- --------------------------------------------------------------------------------
FinPro has also designed and built PC-based software programs to utilize as
tools in its work. Examples include:
o A proprietary software program (LaRS (R)) to perform loan review
analytics.
o A duration based asset/liability model.
o A five year strategic planning, three year business planning, and one
year budgetary model that completely simulates an entire institution.
o A branch and product profitability model.
o A market performance grid and branch improvement grid model.
Using systems such as these, FinPro provides state-of-the-art end products in
all of its product and service areas.
FinPro, Inc.
About the Firm Page: 3
- --------------------------------------------------------------------------------
- ------------------------------
Key Player Biographies
- ------------------------------
Donald J. Musso - Managing Director and President
Donald founded FinPro, Inc. in 1987 as a consulting and investment banking
firm located in New Jersey that specializes in providing advisory services
to the financial institutions industry. Mr. Musso has a broad background in
capital markets, bank valuations, enhancing franchise value, corporate
finance, mergers and acquisitions, asset/liability management, strategic
planning, market feasibility and differentiation, branch acquisition,
sales, consolidation and profitability, financial modeling and analysis,
balance sheet restructuring, product and segment profitability, business
development and project management. Besides his consulting experience, he
has solid industry experience, having worked for two $10 billion plus east
coast financial institutions.
Mr. Musso has provided expert testimony on financial institutions matters
for the Federal Bankruptcy Court, the Office of Thrift Supervision and the
United States Attorney's Office.
He is a frequent speaker on Financial Institution related topics and has
assisted trade groups in various activities.
Prior to establishing FinPro, Donald had direct industry experience having
managed the Corporate Planning and Mergers and Acquisitions departments for
Meritor Financial Group, a $20 billion institution in Philadelphia. Before
that, he had responsibility for the banking, thrift and real estate
consulting practice in the State of New Jersey for Deloitte Haskins &
Sells.
Donald has a B.S. in Finance from Villanova University and a M.B.A. in
Finance from Fairleigh Dickenson University.
FinPro, Inc.
About the Firm Page: 4
- --------------------------------------------------------------------------------
Steven P. Musso - Managing Director
Steve joined FinPro in 1989 and is one of the founding members of the firm.
He has extensive experience in performing a wide array of market
feasibility studies, branch profitability analysis, CRA analysis, loan
reviews and work-outs and strategic planning engagements.
Steve manages the FinPro office in Western New York. Additionally, he is
responsible for managing many strategic planning, loan reviews, market
feasibility and CRA engagements.
Steve is responsible for the development of FinPro's CRA, market
feasibility and Loan Review products.
Steve is currently a licensed real estate agent in New Jersey. Prior to
joining FinPro he practiced real estate in Philadelphia, Pennsylvania.
Mr. Musso has a B.S. in Finance from Syracuse University.
FinPro, Inc.
About the Firm Page: 5
- --------------------------------------------------------------------------------
Kenneth G. Emerson, CPA - Director
Ken joined FinPro in October 1996 and has concentrated on bank valuations,
strategic plans, and branch profitability. His twelve years of experience
at banks and brokerage firms, with respect to accounting, reporting, and
information systems serve him well in this capacity. Ken's prior employers
include Summit Bancorp, Valley Savings Bank, Howard Savings Bank, Carteret
Mortgage Company, CIT Data Corp., and Mahler & Emerson Inc. While at those
institutions his responsibilities included asset/liability, cash, back
office, operations, objective, and LAN management, in addition to
regulatory reporting (FRB, FDIC, OTS, State of New Jersey Department of
Banking, and NASD), SEC reporting, shareholder reporting, budgeting,
acquisitions, sales, conversions, interfaces, and FASB implementation.
Mr. Emerson has a B.A. in Accounting from Franklin & Marshall College.
FinPro, Inc.
About the Firm Page: 6
- --------------------------------------------------------------------------------
Dennis E. Gibney - Senior Financial Analyst
Dennis has been concentrating on the firm's asset/liability products.
Market feasibility, competitive analysis, branch profitability and branch
sales/acquisitions are other areas of specialization.
Dennis joined the firm in June of 1996. He received a B.S. from Babson
College with a triple-major in Finance, Investments and Economics. Prior to
joining the firm, Dennis received broad based experience in the securities
industry.
Dennis worked for Merrill Lynch & Co. supporting their Mortgage-Backed
trading desk in New York as an Allocations Specialist and for Sandler
O'Neill & Partners, where he provided sales and trade support.
Peoples Bancorp, Inc.
Pro-Forma Analysis Sheet - Twelve Months Ended
December 31, 1996
Includes SOP 93-6
----------------------------------------------------------------------------------------------
Bank Comparables State National
----------------------------------------------------------------------------------------------
Mean Median Mean Median Mean Median
---- ------ ---- ------ ---- ------
Min 18.18
Price-Earnings Ratio P/E Mid 20.41 18.23 18.16 23.00 20.33 23.23 19.44
- ------------------------ Max 22.22
Smax 23.81
Min 96.06%
Price-to-Book Ratio P/B Mid 102.56% 159.97% 163.01% 182.27% 167.91% 171.50% 156.91%
- ----------------------- Max 107.87%
Smax 112.99%
Min 99.80%
Price-to-Tangible Book Ratio P/TB Mid 106.16% 172.50% 165.16% 191.80% 179.22% 178.20% 160.41%
- --------------------------------- Max 111.36%
Smax 116.28%
Min 31.48%
Price-to-Assets Ratio P/A Mid 35.83% 16.35% 15.05% 20.47% 17.15% 19.69% 17.70%
- ------------------------- Max 39.91%
Smax 44.29%
Page 1
Valuation Parameters
- --------------------
- -------------------------------------------------------------------------------------------------------
Prior Twelve Mos. Earning Base Y
Period Ended December 31, 1997 $ 8,391 (1)
- -------------------------------------------------------------------------------------------------------
Pre-Conversion Book Value B
As of December 31, 1997 $ 103,352
- -------------------------------------------------------------------------------------------------------
Pre-Conversion Assets A
As of December 31, 1997 $ 601,016
- -------------------------------------------------------------------------------------------------------
Return on Money R 3.53%(2)
- -------------------------------------------------------------------------------------------------------
Conversion Expenses $ 1,935
X 0.71%(3)
- -------------------------------------------------------------------------------------------------------
Proceeds Not Invested $ 14,400 (4)
- -------------------------------------------------------------------------------------------------------
Estimated ESOP Borrowings $ 7,200
ESOP Purchases E 4.00%(5)
Cost of ESOP Borrowings $ 600 (5)
Cost of ESOP Borrowings S 0.00%(5)
Amort of ESOP Borrowings T 12 Years
- -------------------------------------------------------------------------------------------------------
Amort of MRP Amount N 5 Years
Estimated MRP Amount $ 7,200 (6)
MRP Purchases M 4.00%
MRP Expense $ 1,440
- -------------------------------------------------------------------------------------------------------
Foundation Amount $ - (7)
Foundation Amount F 0.00% 0.00%
Foundation Opportunity Cost $ 0
Tax Benefit Z $ 0 (8)
- -------------------------------------------------------------------------------------------------------
Tax Rate TAX 36.00%
- -------------------------------------------------------------------------------------------------------
Percentage Sold PCT 65.70%
- -------------------------------------------------------------------------------------------------------
Amount to be issued to Public $ 180,007 (9)
- -------------------------------------------------------------------------------------------------------
Earnings Multiple (1 if stub period, 0 if full twelve months) 12 0
- -------------------------------------------------------------------------------------------------------
(1) Net income for the twelve months ended December 31, 1997.
(2) Net Return assumes a reinvestment rate of 5.52 percent (the 1 year Treasury
at September 30, 1997), and a tax rate of 36%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over 12 years.
(6) Assumes MRP is amortized straight line over 5 years.
(7) Not applicable.
(8) Not Applicable.
(9) The amount to be offered to public.
Page 2
Pro Forma Calculation
Calculation of Estimated Value (V) at Midpoint Value
3. V= P/E*Y = $274,000,000
-----
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
2. V= P/B*(B+Z) = $274,000,000
--------
1-P/B*PCT*(1-X-E-M-F)
1. V= P/A*A = $274,000,000
-----
1-P/A*PCT*(1-X-E-M-F)
Total Shares Price Total
Conclusion Shares Per Share Value
- ---------- ------ --------- -----
Appraised Value - Midpoint 27,400,000 $10 $274,000,000
Range:
- Minimum 23,290,000 $10 $232,900,000
- Maximum 31,510,000 $10 $315,100,000
- Super Maximum 36,236,500 $10 $362,365,000
Pre Foundation
----------------------------------------------------------
Appraised Value
----------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum *
----------------------------------------------------------
Total Shares 23,290,000 27,400,000 31,510,000 36,236,500
Price per Share $10 $10 $10 $10
Full Conversion Value $232,900,000 $274,000,000 $315,100,000 $362,365,000
Exchange Shares 7,989,592 9,399,309 10,809,352 12,430,673
Exchange Percent 34.30% 34.30% 34.30% 34.30%
Conversion Shares 15,300,408 18,000,691 20,700,648 23,805,827
Conversion Percent 65.70% 65.70% 65.70% 65.70%
Gross Proceeds $153,004,080 $180,006,910 $207,006,480 $238,058,270
Exchange Value $79,895,920 $93,993,090 $108,093,520 $124,306,730
Exchange Ratio 2.4580 2.8917 3.3255 3.8243
----------------------------------------------------------
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Page 3
Proforma Effect of Conversion Proceeds
As of December 31, 1996
(Dollars in Thousands)
- ------------------------------------- ----------------------------------------------------
Conversion Proceeds Minimum Midpoint Maximum SuperMax
- ------------------------------------- ----------------------------------------------------
Total Shares Offered 23,290,000 27,400,000 31,510,000 36,236,500
Conversion Shares Offered 15,300,408 18,000,691 20,700,648 23,805,827
Price Per Share $10 $10 $10 $10
----------------------------------------------------
Gross Proceeds $153,004 $180,007 $207,006 $238,058
Plus: Value issued to Foundation (9) $0 $0 $0 $0
----------------------------------------------------
Pro Forma Market Capitalization $153,004 $180,007 $207,006 $238,058
====================================================
Gross Proceeds $153,004 $180,007 $207,006 $238,058
Less: Est. Conversion Expenses $1,935 $1,935 $1,935 $1,935
----------------------------------------------------
Net Proceeds $151,069 $178,072 $205,071 $236,123
====================================================
- -------------------------------------
Estimated Income from Proceeds
- -------------------------------------
Net Conversion Proceeds $151,069 $178,072 $205,071 $236,123
Less: ESOP Adjustment (3) $6,120 $7,200 $8,280 $9,522
Less: MRP Adjustment (3) $6,120 $7,200 $8,280 $9,522
----------------------------------------------------
Net Proceeds Reinvested $138,829 $163,672 $188,511 $217,079
Estimated Incremental Rate of Return 3.53% 3.53% 3.53% 3.53%
----------------------------------------------------
Estimated Incremental Return $4,901 $5,778 $6,654 $7,663
Less: Cost of ESOP (4) $0 $0 $0 $0
Less: Amortization of ESOP (7) $326 $384 $442 $508
Less: MRP Adjustment (7) $783 $922 $1,060 $1,219
----------------------------------------------------
Pro-forma Net Income $3,792 $4,472 $5,152 $5,936
Earnings Before Conversion $8,391 $8,391 $8,391 $8,391
----------------------------------------------------
Earnings Excluding Adjustment $12,183 $12,863 $13,543 $14,327
Earnings Adjustment (6) $0 $0 $0 $0
----------------------------------------------------
Earnings After Conversion $12,183 $12,863 $13,543 $14,327
----------------------------------------------------
Page 4
Proforma Effect of Conversion Proceeds
As of December 31, 1996
(Dollars in Thousands)
-------------------------------------------------
Minimum Midpoint Maximum SuperMax
-------------------------------------------------
- ----------------------------------------
Pro-forma Net Worth
- ----------------------------------------
Net Worth at December 31, 1996 $ 103,352 $ 103,352 $ 103,352 $ 103,352
Net Conversion Proceeds 151,069 178,072 205,071 236,123
Plus: MHC Adjustment (7) 21 21 21 21
Plus: After tax Foundation Contribution - - - -
Less: ESOP Adjustment (1) ($6,120) ($7,200) ($8,280) ($9,522)
Less: MRP Adjustment (2) ($6,120) ($7,200) ($8,280) ($9,522)
-------------------------------------------------
Pro-forma Net Worth $242,202 $267,045 $291,884 $320,452
- ----------------------------------------
Pro-forma Tangible Net Worth
- ----------------------------------------
Pro-forma Net Worth $242,202 $267,045 $291,884 $320,452
Less: Intangible (5) $9,164 $9,164 $9,164 $9,164
-------------------------------------------------
Pro-forma Tangible Net Worth $233,038 $257,881 $282,720 $311,288
- ----------------------------------------
Pro-forma Assets
- ----------------------------------------
Total Assets at December 31, 1996 $ 601,016 $ 601,016 $ 601,016 $ 601,016
Net Conversion Proceeds $151,069 $178,072 $205,071 $236,123
Plus: MHC Adjustment (7) 21 21 21 21
Plus: Tax Benefit of Foundation - - - -
Less: ESOP Adjustment (1) (6,120) (7,200) (8,280) (9,522)
Less: MRP Adjustment (2) (6,120) (7,200) (8,280) (9,522)
-------------------------------------------------
Pro-forma Assets Excluding Adjustment 739,866 764,709 789,548 818,116
Plus: Adjustment (6) 0 0 0 0
-------------------------------------------------
Pro-forma Total Assets $739,866 $764,709 $789,548 $818,116
-------------------------------------------------
- ----------------------------------------
Stockholder's Equity Per Share
- ----------------------------------------
Net Worth at December 31, 1996 $4.44 $3.77 $3.28 $2.85
Estimated Net Proceeds $6.49 $6.50 $6.51 $6.52
Plus: MHC Adjustment $0.00 $0.00 $0.00 $0.00
Plus: Foundation Contribution $0.00 $0.00 $0.00 $0.00
Less: ESOP Stock ($0.26) ($0.26) ($0.26) ($0.26)
Less: MRP Stock ($0.26) ($0.26) ($0.26) ($0.26)
------- ------- ------- -------
Pro-forma Net Worth Per Share $10.41 $9.75 $9.27 $8.85
Less: Intangible $0.39 $0.33 $0.29 $0.25
------ ----- ----- -----
Pro-forma Tangible Net Worth Per Share $10.02 $9.42 $8.98 $8.60
-------------------------------------------------
Page 5
Proforma Effect of Conversion Proceeds
As of December 31, 1996
(Dollars in Thousands)
-------------------------------------------------
Minimum Midpoint Maximum SuperMax
-------------------------------------------------
- ----------------------------------------
Net Earnings Per Share
- ----------------------------------------
Historical Earnings Per Share (8) $0.37 $0.31 $0.27 $0.24
Incremental return Per Share (8) $0.22 $0.22 $0.22 $0.22
ESOP Adjustment Per Share (8) ($0.01) ($0.01) ($0.01) ($0.01)
MRP Adjustment Per Share (8) ($0.03) ($0.03) ($0.03) ($0.03)
Normalizing Adjustment Per Share $0.00 $0.00 $0.00 $0.00
------ ------ ------ -----
Proforma Earnings Per Share (8) $0.55 $0.49 $0.45 $0.42
- ----------------------------------------
Shares Utilized
- ----------------------------------------
Shares Utilized 22,729 26,740 30,751 35,364
- ----------------------------------------
Pro-forma Ratios
- ----------------------------------------
Price/EPS without Adjustment 18.18 20.41 22.22 23.81
Price/EPS with Adjustment 18.18 20.41 22.22 23.81
Price/Book Value per Share 96.06% 102.56% 107.87% 112.99%
Price/Tangible Book Value 99.80% 106.16% 111.36% 116.28%
Market Value/Assets 31.48% 35.83% 39.91% 44.29%
-------------------------------------------------
(1) ESOP Borrowings are deducted from net worth and assets, and amortized over
12 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized over 5
years.
(3) Consists of ESOP and MRP amortization.
(4) The ESOP loan is from the Holding Company and therefore, there are no
costs.
(5) Excess of purchase price over fair market value.
(6) Not applicable.
(7) ESOP and MRP are amortized over 12 and 5 years respectively, and tax
impacted at 36%.
(8) All EPS computations are done in accordance with SOP 93-6.
(9) Not applicable.
Page 6
- ----------------------------------------
Expense Calculations
- ----------------------------------------
Total Shares Offered 15,300 18,001 20,701 23,806
Price Per Share $10 $10 $10 $10
-------------------------------------------------
Gross Proceeds 153,004 180,007 207,006 238,058
Estimated Insider Purchases -1,000 -1,000 -1,000 -1,000
ESOP Purchases -6,120 -7,200 -8,280 -9,522
-------------------------------------------------
Proceeds to Base Fee On 145,884 171,807 197,726 227,536
Underwriters Percentage 0.00% 0.00% 0.00% 0.00%
-------------------------------------------------
Underwriters Fee 0 0 0 0
Advisory Fee 0 0 0 0
-------------------------------------------------
Total Underwriters Fee 0 0 0 0
All Other Expenses 1,935 1,935 1,935 1,935
-------------------------------------------------
Total Expense 1,935 1,935 1,935 1,935
- ----------------------------------------
Shares Calculations
- ----------------------------------------
Shares Outstanding 23,290 27,400 31,510 36,237
Less: New ESOP Adjustment 612 720 828 952
Less: Old ESOP Adjustment (1) 0 0 0 0
Plus: New SOP 93-6 ESOP Shares (2) 51 60 69 79
Plus: Old SOP 93-6 ESOP Shares (2) 0 0 0 0
-- -- -- --
Shares for all EPS Calculations 22,729 26,740 30,751 35,364
Dilution of Stock Options 10.25%
Dilution of MRP 4.10%
Post Foundation
--------------------------------------------------------
Appraised Value
--------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum
--------------------------------------------------------
Shares Issued and Exchanged 23,290,000 27,400,000 31,510,000 36,236,500
Price per Share $10 $10 $10 $10
Shares Issued to Foundation - - - -
Total Shares 23,290,000 27,400,000 31,510,000 36,236,500
Exchange Shares 7,989,592 9,399,309 10,809,352 12,430,673
Conversion Shares 15,300,408 18,000,691 20,700,648 23,805,827
Implied Exhange Ratio 2.4580 2.8917 3.3255 3.8243
Gross Proceeds $153,004,080 $180,006,910 $207,006,480 $238,058,270
Exchange Value $79,895,920 $93,993,090 $108,093,520 $124,306,730
--------------------------------------------------------
Page 7
- ----------------------------------------
MRP Dilution
- ----------------------------------------
Shares Outstanding 23,290 27,400 31,510 36,237
Less: New ESOP Adjustment 612 720 828 952
Plus: New MRP issued (1) 612 720 828 952
Plus: New SOP 93-6 ESOP Shares (2) 51 60 69 79
(2)
Shares for all EPS Calculations 23,341 27,460 31,579 36,316
EPS $ 0.53 $ 0.48 $ 0.44 $ 0.40
BV/Share $10.13 $9.50 $9.03 $8.62
- ----------------------------------------
Option Dilution
- ----------------------------------------
Shares Outstanding 23,290 27,400 31,510 36,237
Less: New ESOP Adjustment 612 720 828 952
Plus: Options (1) 1,530 1,800 2,070 2,381
Plus: New SOP 93-6 ESOP Shares (2) 51 60 69 79
(2)
Shares for all EPS Calculations 24,259 28,540 32,821 37,744
EPS $ 0.50 $ 0.45 $ 0.41 $ 0.38
BV/Share $10.37 $9.76 $9.31 $8.91
Aftertax expense $0 $0 $0 $0
EPS $0.55 $0.49 $0.45 $0.42
Adjusted EPS 0.54 0.48 0.44 0.41
Page 8
Peoples Bancorp, Inc.
Pro-Forma Analysis Sheet - Nine Months Ended
September 30, 1997
Includes SOP 93-6
----------------------------------------------------------------------------------------------
Bank Comparables State National
----------------------------------------------------------------------------------------------
Mean Median Mean Median Mean Median
---- ------ ---- ------ ---- ------
Min 19.74
Price-Earnings Ratio P/E Mid 22.06 18.23 18.16 23.00 20.33 23.23 19.44
- ------------------------ Max 24.19
Smax 25.86
Min 94.16%
Price-to-Book Ratio P/B Mid 100.70% 159.97% 163.01% 182.27% 167.91% 171.50% 156.91%
- ----------------------- Max 106.04%
Smax 111.23%
Min 98.52%
Price-to-Tangible Book Ratio P/TB Mid 104.93% 172.50% 165.16% 191.80% 179.22% 178.20% 160.41%
- --------------------------------- Max 110.01%
Smax 115.07%
Min 29.95%
Price-to-Assets Ratio P/A Mid 34.14% 16.35% 15.05% 20.47% 17.15% 19.69% 17.70%
- ------------------------- Max 38.09%
Smax 42.34%
Page 1
Valuation Parameters
- --------------------
- -------------------------------------------------------------------------------------------------------
Nine Months Ended Y
Period Ended September 30, 1997 $ 5,898 (1)
- -------------------------------------------------------------------------------------------------------
Pre-Conversion Book Value B
As of September 30, 1997 $ 108,238
- -------------------------------------------------------------------------------------------------------
Pre-Conversion Assets A
As of September 30, 1997 $ 638,817
- -------------------------------------------------------------------------------------------------------
Return on Money R 3.53%(2)
- -------------------------------------------------------------------------------------------------------
Conversion Expenses $ 1,935
X 0.71%(3)
- -------------------------------------------------------------------------------------------------------
Proceeds Not Invested $ 14,400 (4)
- -------------------------------------------------------------------------------------------------------
Estimated ESOP Borrowings $ 7,200
ESOP Purchases E 4.00%(5)
Cost of ESOP Borrowings $ 600 (5)
Cost of ESOP Borrowings S 0.00%(5)
Amort of ESOP Borrowings T 12 Years
- -------------------------------------------------------------------------------------------------------
Amort of MRP Amount N 5 Years
Estimated MRP Amount $ 7,200 (6)
MRP Purchases M 4.00%
MRP Expense $ 1,440
- -------------------------------------------------------------------------------------------------------
Foundation Amount $ - (7)
Foundation Amount F 0.00% 0.00%
Foundation Opportunity Cost $ 0
Tax Benefit Z $ 0 (8)
- -------------------------------------------------------------------------------------------------------
Tax Rate TAX 36.00%
- -------------------------------------------------------------------------------------------------------
Percentage Sold PCT 65.70%
- -------------------------------------------------------------------------------------------------------
Amount to be issued to Public $ 180,007 (9)
- -------------------------------------------------------------------------------------------------------
Earnings Multiple (1 if stub period, 0 if full twelve months) 9 1
- -------------------------------------------------------------------------------------------------------
(1) Net income for the nine months ended September 30, 1997.
(2) Net Return assumes a reinvestment rate of 5.52 percent (the 1 year Treasury
at September 30, 1997), and a tax rate of 36%.
(3) Conversion expenses reflect estimated expenses as presented in the offering
document.
(4) Includes Stock from ESOP and MRP.
(5) Assumes ESOP is amortized straight line over 12 years.
(6) Assumes MRP is amortized straight line over 5 years.
(7) Not applicable.
(8) Not Applicable.
(9) The amount to be offered to public.
Page 2
Pro Forma Calculation
Calculation of Estimated Value (V) at Midpoint Value
3. V= P/E*Y = $274,000,000
-----
1-P/E*PCT*((1-X-E-M-F)*R-(1-TAX)*E/T-(1-TAX)*M/N)
2. V= P/B*(B+Z) = $274,000,000
--------
1-P/B*PCT*(1-X-E-M-F)
1. V= P/A*A = $274,000,000
-----
1-P/A*PCT*(1-X-E-M-F)
Total Shares Price Total
Conclusion Shares Per Share Value
- ---------- ------ --------- -----
Appraised Value - Midpoint 27,400,000 $10 $274,000,000
Range:
- Minimum 23,290,000 $10 $232,900,000
- Maximum 31,510,000 $10 $315,100,000
- Super Maximum 36,236,500 $10 $362,365,000
Pre Foundation
----------------------------------------------------------
Appraised Value
----------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum *
----------------------------------------------------------
Total Shares 23,290,000 27,400,000 31,510,000 36,236,500
Price per Share $10 $10 $10 $10
Full Conversion Value $232,900,000 $274,000,000 $315,100,000 $362,365,000
Exchange Shares 7,989,592 9,399,309 10,809,352 12,430,673
Exchange Percent 34.30% 34.30% 34.30% 34.30%
Conversion Shares 15,300,408 18,000,691 20,700,648 23,805,827
Conversion Percent 65.70% 65.70% 65.70% 65.70%
Gross Proceeds $153,004,080 $180,006,910 $207,006,480 $238,058,270
Exchange Value $79,895,920 $93,993,090 $108,093,520 $124,306,730
Exchange Ratio 2.4580 2.8917 3.3255 3.8243
----------------------------------------------------------
* SuperMaximum is an overallotment option that is 15% above the maximum amount.
Page 3
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
- ------------------------------------- ----------------------------------------------------
Conversion Proceeds Minimum Midpoint Maximum SuperMax
- ------------------------------------- ----------------------------------------------------
Total Shares Offered 23,290,000 27,400,000 31,510,000 36,236,500
Conversion Shares Offered 15,300,408 18,000,691 20,700,648 23,805,827
Price Per Share $10 $10 $10 $10
----------------------------------------------------
Gross Proceeds $153,004 $180,007 $207,006 $238,058
Plus: Value issued to Foundation (9) $0 $0 $0 $0
----------------------------------------------------
Pro Forma Market Capitalization $153,004 $180,007 $207,006 $238,058
====================================================
Gross Proceeds $153,004 $180,007 $207,006 $238,058
Less: Est. Conversion Expenses $1,935 $1,935 $1,935 $1,935
----------------------------------------------------
Net Proceeds $151,069 $178,072 $205,071 $236,123
====================================================
- -------------------------------------
Estimated Income from Proceeds
- -------------------------------------
Net Conversion Proceeds $151,069 $178,072 $205,071 $236,123
Less: ESOP Adjustment (3) $6,120 $7,200 $8,280 $9,522
Less: MRP Adjustment (3) $6,120 $7,200 $8,280 $9,522
----------------------------------------------------
Net Proceeds Reinvested $138,829 $163,672 $188,511 $217,079
Estimated Incremental Rate of Return 3.53% 3.53% 3.53% 3.53%
----------------------------------------------------
Estimated Incremental Return $3,675 $4,333 $4,991 $5,747
Less: Cost of ESOP (4) $0 $0 $0 $0
Less: Amortization of ESOP (7) $245 $288 $331 $381
Less: MRP Adjustment (7) $588 $691 $795 $914
----------------------------------------------------
Pro-forma Net Income $2,842 $3,354 $3,865 $4,452
Earnings Before Conversion $5,898 $5,898 $5,898 $5,898
----------------------------------------------------
Earnings Excluding Adjustment $8,740 $9,252 $9,763 $10,350
Earnings Adjustment (6) $0 $0 $0 $0
----------------------------------------------------
Earnings After Conversion $8,740 $9,252 $9,763 $10,350
----------------------------------------------------
Page 4
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
----------------------------------------------------
Minimum Midpoint Maximum SuperMax
----------------------------------------------------
- ---------------------------------------
Pro-forma Net Worth
- ---------------------------------------
Net Worth at September 30, 1997 $ 108,238 $ 108,238 $ 108,238 $ 108,238
Net Conversion Proceeds 151,069 178,072 205,071 236,123
Plus: MHC Adjustment (7) 21 21 21 21
Plus: After tax Foundation Contributio - - - -
Less: ESOP Adjustment (1) ($6,120) ($7,200) ($8,280) ($9,522)
Less: MRP Adjustment (2) ($6,120) ($7,200) ($8,280) ($9,522)
----------------------------------------------------
Pro-forma Net Worth $247,088 $271,931 $296,770 $325,338
- ---------------------------------------
Pro-forma Tangible Net Worth
- ---------------------------------------
Pro-forma Net Worth $247,088 $271,931 $296,770 $325,338
Less: Intangible (5) $10,834 $10,834 $10,834 $10,834
----------------------------------------------------
Pro-forma Tangible Net Worth $236,254 $261,097 $285,936 $314,504
- ---------------------------------------
Pro-forma Assets
- ---------------------------------------
Total Assets at September 30, 1997 $ 638,817 $ 638,817 $ 638,817 $ 638,817
Net Conversion Proceeds $151,069 $178,072 $205,071 $236,123
Plus: MHC Adjustment (7) 21 21 21 21
Plus: Tax Benefit of Foundation - - - -
Less: ESOP Adjustment (1) (6,120) (7,200) (8,280) (9,522)
Less: MRP Adjustment (2) (6,120) (7,200) (8,280) (9,522)
----------------------------------------------------
Pro-forma Assets Excluding Adjustment 777,667 802,510 827,349 855,917
Plus: Adjustment (6) 0 0 0 0
----------------------------------------------------
Pro-forma Total Assets $777,667 $802,510 $827,349 $855,917
----------------------------------------------------
- ---------------------------------------
Stockholder's Equity Per Share
- ---------------------------------------
Net Worth at September 30, 1997 $4.65 $3.95 $3.44 $2.99
Estimated Net Proceeds $6.49 $6.50 $6.51 $6.52
Plus: MHC Adjustment $0.00 $0.00 $0.00 $0.00
Plus: Foundation Contribution $0.00 $0.00 $0.00 $0.00
Less: ESOP Stock ($0.26) ($0.26) ($0.26) ($0.26)
Less: MRP Stock ($0.26) ($0.26) ($0.26) ($0.26)
----- ----- ----- -----
Pro-forma Net Worth Per Share $10.62 $9.93 $9.43 $8.99
Less: Intangible $0.47 $0.40 $0.34 $0.30
----- ----- ----- -----
Pro-forma Tangible Net Worth Per Share $10.15 $9.53 $9.09 $8.69
----------------------------------------------------
Page 5
Proforma Effect of Conversion Proceeds
As of September 30, 1997
(Dollars in Thousands)
--------------------------------------------------
Minimum Midpoint Maximum SuperMax
--------------------------------------------------
- ---------------------------------------
Net Earnings Per Share
- ---------------------------------------
Historical Earnings Per Share (8) $0.26 $0.22 $0.19 $0.17
Incremental return Per Share (8) $0.16 $0.16 $0.16 $0.16
ESOP Adjustment Per Share (8) ($0.01) ($0.01) ($0.01) ($0.01)
MRP Adjustment Per Share (8) ($0.03) ($0.03) ($0.03) ($0.03)
Normalizing Adjustment Per Share $0.00 $0.00 $0.00 $0.00
------ ------ ------ -----
Proforma Earnings Per Share (8) $0.38 $0.34 $0.31 $0.29
- ---------------------------------------
Shares Utilized
- ---------------------------------------
Shares Utilized 22,716 26,725 30,734 35,345
- ---------------------------------------
Pro-forma Ratios
- ---------------------------------------
Price/EPS without Adjustment 19.74 22.06 24.19 25.86
Price/EPS with Adjustment 19.74 22.06 24.19 25.86
Price/Book Value per Share 94.16% 100.70% 106.04% 111.23%
Price/Tangible Book Value 98.52% 104.93% 110.01% 115.07%
Market Value/Assets 29.95% 34.14% 38.09% 42.34%
--------------------------------------------------
(1) ESOP Borrowings are deducted from net worth and assets, and amortized over
12 years.
(2) MRP Borrowings are omitted from net worth and assets, and amortized over 5
years.
(3) Consists of ESOP and MRP amortization.
(4) The ESOP loan is from the Holding Company and therefore, there are no
costs.
(5) Excess of purchase price over fair market value.
(6) Not applicable.
(7) ESOP and MRP are amortized over 12 and 5 years respectively, and tax
impacted at 36%.
(8) All EPS computations are done in accordance with SOP 93-6.
(9) Not applicable.
Page 6
- ---------------------------------------
Expense Calculations
- ---------------------------------------
Total Shares Offered 15,300 18,001 20,701 23,806
Price Per Share $10 $10 $10 $10
----------------------------------------------
Gross Proceeds 153,004 180,007 207,006 238,058
Estimated Insider Purchases -1,000 -1,000 -1,000 -1,000
ESOP Purchases -6,120 -7,200 -8,280 -9,522
----------------------------------------------
Proceeds to Base Fee On 145,884 171,807 197,726 227,536
Underwriters Percentage 0.00% 0.00% 0.00% 0.00%
----------------------------------------------
Underwriters Fee 0 0 0 0
Advisory Fee 0 0 0 0
----------------------------------------------
Total Underwriters Fee 0 0 0 0
All Other Expenses 1,935 1,935 1,935 1,935
----------------------------------------------
Total Expense 1,935 1,935 1,935 1,935
- ---------------------------------------
Shares Calculations
- ---------------------------------------
Shares Outstanding 23,290 27,400 31,510 36,237
Less: New ESOP Adjustment 612 720 828 952
Less: Old ESOP Adjustment (1) 0 0 0 0
Plus: New SOP 93-6 ESOP Shares (2) 38 45 52 60
Plus: Old SOP 93-6 ESOP Shares (2) 0 0 0 0
-- -- -- --
Shares for all EPS Calculations 22,716 26,725 30,734 35,345
Dilution of Stock Options 10.25%
Dilution of MRP 4.10%
Post Foundation
----------------------------------------------------------
Appraised Value
----------------------------------------------------------
Conclusion Minimum Midpoint Maximum SuperMaximum
----------------------------------------------------------
Shares Issued and Exchanged 23,290,000 27,400,000 31,510,000 36,236,500
Price per Share $10 $10 $10 $10
Shares Issued to Foundation - - - -
Total Shares 23,290,000 27,400,000 31,510,000 36,236,500
Exchange Shares 7,989,592 9,399,309 10,809,352 12,430,673
Conversion Shares 15,300,408 18,000,691 20,700,648 23,805,827
Implied Exhange Ratio 2.4580 2.8917 3.3255 3.8243
Gross Proceeds $153,004,080 $180,006,910 $207,006,480 $238,058,270
Exchange Value $79,895,920 $93,993,090 $108,093,520 $124,306,730
----------------------------------------------------------
Page 7
- ---------------------------------------
MRP Dilution
- ---------------------------------------
Shares Outstanding 23,290 27,400 31,510 36,237
Less: New ESOP Adjustment 612 720 828 952
Plus: New MRP issued (1) 612 720 828 952
Plus: New SOP 93-6 ESOP Shares (2) 38 45 52 60
(2)
Shares for all EPS Calculations 23,328 27,445 31,562 36,297
EPS $ 0.38 $ 0.34 $ 0.32 $ 0.29
BV/Share $10.34 $9.67 $9.18 $8.75
- ---------------------------------------
Option Dilution
- ---------------------------------------
Shares Outstanding 23,290 27,400 31,510 36,237
Less: New ESOP Adjustment 612 720 828 952
Plus: Options (1) 1,530 1,800 2,070 2,381
Plus: New SOP 93-6 ESOP Shares (2) 38 45 52 60
(2)
Shares for all EPS Calculations 24,246 28,525 32,804 37,725
EPS $ 0.36 $ 0.32 $ 0.30 $ 0.27
BV/Share $10.57 $9.93 $9.45 $9.04
Aftertax expense $0 $0 $0 $0
EPS $0.38 $0.34 $0.31 $0.29
Adjusted EPS 0.38 0.35 0.32 0.29
Page 8