-------------------------------------------------
CONVERSION APPRAISAL REPORT
ADIRONDACK FINANCIAL SERVICES BANCORP
PROPOSED HOLDING COMPANY FOR
GLOVERSVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
Gloversville, New York
Dated As Of:
December 12, 1997
-------------------------------------------------
Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
RP FINANCIAL, LC
- ---------------------------------------
Financial Services Industry Consultants
December 12, 1997
Board of Directors
Gloversville Federal Savings and Loan Association
52 North Main Street
Gloversville, New York 12078-3084
Gentlemen:
At your request, we have completed and hereby provide an independent
appraisal ("Appraisal") of the estimated pro forma market value of the common
stock which is to be issued in connection with the mutual-to-stock conversion of
Gloversville Federal Savings and Loan Association, Gloversville, New York
("Gloversville Federal" or the "Association"). The common stock issued in
connection with the Association's conversion will simultaneously be acquired by
a holding company, Adirondack Financial Services Bancorp (the "Holding
Company"). Pursuant to the Plan of Conversion, the common stock is first being
offered in the Subscription Offering with nontransferable subscription rights
being granted to Eligible Account Holders, Tax Qualified Employee Plans,
Supplemental Eligible Account Holders, Other Members and employees officers and
directors. To the extent shares remain available for purchase after filling all
orders received in the Subscription Offering, the Common Stock will be offered
in a Public Offering.
This Appraisal is furnished pursuant to the conversion regulations
promulgated by the Office of Thrift Supervision ("OTS"). This Appraisal has been
prepared in accordance with the written valuation guidelines promulgated by the
OTS, most recently updated as of October 21, 1994. Specifically, this Appraisal
has been prepared in accordance with the "Guidelines for Appraisal Reports for
the Valuation of Savings and Loan Associations Converting from Mutual to Stock
Form of Organization" of the OTS, as successor to the Federal Home Loan Bank
Board ("FHLBB"), dated as of October 21, 1994; and applicable regulatory
interpretations thereof.
Description of Reorganization
- -----------------------------
The Board of Directors of the Association has adopted a Plan of Conversion
pursuant to which the Association will convert from a federally chartered mutual
savings and loan association to a federally chartered stock savings and loan
association and issue all of its outstanding shares to the Holding Company. The
Holding Company will sell in the Subscription Offering and, if necessary, in the
Public Offering, Holding Company stock in the amount equal to the appraised
value of the Association. Immediately following the conversion, the only
significant assets of the Holding Company will be the capital stock of the
Association and the net conversion proceeds remaining after purchase of the
Association's common stock by the Holding Company. The Holding Company will use
50 percent of the net conversion proceeds to purchase the Association's common
stock. A portion of the remaining 50 percent of the net conversion proceeds will
be used to fund a loan to the ESOP with the remainder to be used as general
working capital.
RP Financial, LC.
- -----------------
RP Financial, LC. ("RP Financial") is a financial consulting firm serving
the financial services industry nationwide that, among other things, specializes
in financial valuations and analyses of business enterprises and securities,
including the pro forma valuation for savings institutions converting from
mutual-to-stock form. The
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Washington Headquarters
Rosslyn Center
1700 North Moore Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788
RP Financial, LC.
Board of Directors
December 12, 1997
Page 2
background and experience of RP Financial is detailed in Exhibit V-1. We believe
that, except for the fee we will receive for our appraisal and assisting the
Association in the preparation of its business plan, we are independent of the
Association and the other parties engaged by the Association to assist in the
stock conversion process.
Valuation Methodology
- ---------------------
In preparing our appraisal, we have reviewed Gloversville Federal's
application for Approval of Conversion, including the Proxy Statement, as filed
with the OTS, and the Holding Company's Form S-1 registration statement as filed
with the Securities Exchange Commission. We have conducted a financial analysis
of the Association that has included due diligence related discussions with the
Association's management; KPMG Peat Marwick, the Association's independent
auditor; Silver, Freedman & Taff, LLP, the Association's conversion counsel; and
Capital Resources, Inc., which has been retained by the Association as a
financial and marketing advisor in connection with the Holding Company's stock
offering. All conclusions set forth in the appraisal were reached independently
from such discussions. In addition, where appropriate, we have considered
information based on other available published sources that we believe are
reliable. While we believe the information and data gathered from all these
sources are reliable, we cannot guarantee the accuracy and completeness of such
information.
We have investigated the competitive environment within which the
Association operates and have assessed the Association's relative strengths and
weaknesses. We have kept abreast of the changing regulatory and legislative
environment and analyzed the potential impact on the Association and the
industry as a whole. We have analyzed the potential effects of conversion on the
Association's operating characteristics and financial performance as they relate
to the pro forma market value of Gloversville Federal. We have reviewed the
economy in the Association's primary market area and have compared the
Association's financial performance and condition with selected publicly-traded
thrift institutions with similar characteristics as the Association's, as well
as all publicly-traded thrifts. We have reviewed conditions in the securities
markets in general and in the market for thrift stocks in particular, including
the market for existing thrift issues and the market for initial public
offerings by thrifts.
Our appraisal is based on the Association's representation that the
information contained in the regulatory applications and additional information
furnished to us by the Association and its independent auditors are truthful,
accurate and complete. We did not independently verify the financial statements
and other information provided by the Association and its independent auditors,
nor did we independently value the assets or liabilities of the Association. The
valuation considers the Association only as a going concern and should not be
considered as an indication of the liquidation value of Gloversville Federal.
Our appraised value is predicated on a continuation of the current
operating environment for the Association and for all thrifts. Changes in the
local and national economy, the legislative and regulatory environment, the
stock market, interest rates, and other external forces (such as natural
disasters or significant world events) may occur from time to time, often with
great unpredictability and may materially impact the value of thrift stocks as a
whole or the Association's value alone. It is our understanding that
Gloversville Federal intends to remain an independent institution and there are
no current plans for selling control of the Association as a converted
institution. To the extent that such factors can be foreseen, they have been
factored into our analysis.
Pro forma market value is defined as the price at which Gloversville
Federal's stock, immediately upon completion of the conversion offering, would
change hands between a willing buyer and a willing seller, neither being under
any compulsion to buy or sell and both having reasonable knowledge of relevant
facts.
RP Financial, LC.
Board of Directors
December 12, 1997
Page 3
Valuation Conclusion
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It is our opinion that, as of December 12, 1997, the aggregate pro forma
market value of the shares to be issued was $5,000,000 at the midpoint, equal to
500,000 shares offered at a per share value of $10.00. Pursuant to the
conversion guidelines, the 15 percent offering range indicates a minimum value
of $4,250,000 and a maximum value of $5,750,000. Based on the $10.00 per share
offering price, this valuation range equates to an offering of 425,000 shares at
the minimum to 575,000 shares at the maximum. In the event that the
Association's appraised value is subject to an increase, up to 661,250 shares
may be sold at an issue price of $10.00 per share, for an aggregate market value
of $6,612,500, without a resolicitation.
Limiting Factors and Considerations
- -----------------------------------
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
common stock. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change from time to time, no assurance can be given that persons who purchase
shares of common stock in the conversion will thereafter be able to buy or sell
such shares at prices related to the foregoing valuation of the pro forma market
value thereof.
RP Financial's valuation was determined based on the financial condition
and operations of the Association as of September 30, 1997, the date of the
financial data included in the Holding Company's prospectus.
RP Financial is not a seller of securities within the meaning of any
federal and state securities laws and any report prepared by RP Financial shall
not be used as an offer or solicitation with respect to the purchase or sale of
any securities. RP Financial maintains a policy which prohibits the company, its
principals or employees from purchasing stock of its client institutions.
The valuation will be updated as provided for in the conversion regulations
and guidelines. These updates will consider, among other things, any
developments or changes in the Association's financial performance and
condition, management policies, and current conditions in the equity markets for
thrift shares. These updates may also consider changes in other external factors
which impact value including, but not limited to: various changes in the
legislative and regulatory environment, the stock market and the market for
thrift stocks, and interest rates. Should any such new developments or changes
be material, in our opinion, to the valuation of the shares, appropriate
adjustments to the estimated pro forma market value will be made. The reasons
for any such adjustments will be explained in the update at the date of the
release of the update.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ William E. Pommerening
William E. Pommerening
Chief Executive Officer
/s/ James P. Hennessey
James P. Hennessey
Senior Vice President
RP Financial, LC.
TABLE OF CONTENTS
ADIRONDACK FINANCIAL SERVICES BANCORP
GLOVERSVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
PAGE
DESCRIPTION NUMBER
- ----------- ------
CHAPTER ONE OVERVIEW AND FINANCIAL ANALYSIS
- -----------
Introduction 1.1
Strategic Discussion 1.1
Balance Sheet Trends 1.4
Income and Expense Trends 1.7
Interest Rate Risk Management 1.11
Lending Activities and Strategy 1.12
Asset Quality 1.13
Funding Composition and Strategy 1.14
Subsidiary 1.15
Legal Proceedings 1.15
CHAPTER TWO MARKET AREA
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Introduction 2.1
Market Area Demographics 2.1
Economy 2.3
Deposit Trends and Competition 2.4
CHAPTER THREE PEER GROUP ANALYSIS
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Selection of Peer Group 3.1
Financial Condition 3.5
Income and Expense Components 3.8
Loan Composition 3.11
Credit Risk 3.11
Interest Rate Risk 3.14
Summary 3.16
RP Financial, LC.
TABLE OF CONTENTS
ADIRONDACK FINANCIAL SERVICES BANCORP
GLOVERSVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
(continued)
PAGE
DESCRIPTION NUMBER
- ----------- ------
CHAPTER FOUR VALUATION ANALYSIS
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Introduction 4.1
Appraisal Guidelines 4.1
Valuation Analysis 4.2
1. Financial Condition 4.2
2. Profitability, Growth and Viability of Earnings 4.3
3. Asset Growth 4.4
4. Primary Market Area 4.4
5. Dividends 4.5
6. Liquidity of the Shares 4.7
7. Marketing of the Issue 4.7
A. The Public Market 4.8
B. The New Issue Market 4.13
C. The Acquisition Market 4.16
8. Management 4.16
9. Effect of Government Regulation and Regulatory Reform 4.17
Summary of Adjustments 4.17
Valuation Approaches 4.17
1. Price-to-Tangible Book ("P/TB") 4.19
2. Price-to-Earnings ("P/E") 4.19
3. Price-to-Assets ("P/A") 4.19
Valuation Conclusion 4.20
RP Financial, LC.
LIST OF TABLES
ADIRONDACK FINANCIAL SERVICES BANCORP
GLOVERSVILLE FEDERAL SAVINGS AND LOAN ASSOCIATION
TABLE
NUMBER DESCRIPTION PAGE
- ------ ----------- ----
1.1 Historical Balance Sheets 1.5
1.2 Historical Income Statements 1.8
2.1 Summary Demographic Data 2.2
2.2 Major Employers in Fulton County 2.3
2.3 Market Area Unemployment Trends 2.4
2.4 Deposit Summary 2.5
3.1 Peer Group of Publicly-Traded Thrifts 3.3
3.2 Balance Sheet Composition and Growth Rates 3.6
3.3 Income as a Percent of Average Assets and Yields, Costs, Spreads 3.9
3.4 Loan Portfolio Composition Comparative Analysis 3.12
3.5 Credit Risk Measures and Related Information 3.13
3.6 Interest Rate Risk Measures and Net Interest Income Volatility 3.15
4.1 Peer Group Market Area Comparative Analysis 4.6
4.2 Conversion Pricing Characteristics 4.14
4.3 Market Pricing Comparatives 4.15
4.4 Public Market Pricing 4.21
RP Financial, LC.
Page 1.1
I. OVERVIEW AND FINANCIAL ANALYSIS
Introduction
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Gloversville Federal Savings and Loan Association ("Gloversville Federal"
or the "Association") is a federally-chartered mutual savings and loan
association headquartered in Gloversville, New York. Gloversville Federal
conducts operations out of a headquarters office in Gloversville, Fulton County,
New York and a branch office in Saratoga Springs, Saratoga County, New York. The
Association's markets in east-central New York are relatively rural in character
but at the same time, are within a relatively short distance of the
Albany/Schenectady markets (particularly the Saratoga Springs office). The
Association was established in 1923 as a federally-chartered institution and has
served Fulton County since that time; the Saratoga branch office was established
in the 1960s. The Association's deposits are insured up to the regulatory
maximums by the Federal Deposit Insurance Corporation ("FDIC") under the Savings
Association Insurance Fund ("SAIF"). At September 30, 1997, Gloversville Federal
maintained $61.0ymillion in total assets, $56.1 million in deposits and retained
earnings of $3.3 million, or 5.4 percent of total assets. For the fiscal year
ended September 30, 1997, the Association recorded a net loss of $583,000, equal
to 0.94 percent of average assets.
Adirondack Financial Services Bancorp ("AFSB" or the "Holding Company"),
was recently organized to facilitate the conversion of Gloversville Federal. In
the course of the conversion, the Holding Company will acquire all of the
capital stock that the Association will issue upon its conversion from the
mutual-to-stock form of ownership. Going forward, AFSB will own 100ypercent of
the Association's stock, and the Association will be AFSB's sole subsidiary. Up
to 50ypercent of the net proceeds received from the sale of common stock will be
used to purchase all of the then to-be-issued and outstanding capital stock of
the Association, with the balance of the proceeds being retained by the Holding
Company. At this time, no other activities are contemplated for AFSB other than
the ownership of the Association, a loan to the employee stock ownership plan
("ESOP"), the possible payment of dividends and investment of the cash retained
at the Holding Company in investment securities consistent with the
Association's current investment practices and procedures. In the future, AFSB
may repurchase shares, diversify its business possibly through existing or
newly-formed subsidiaries, and expand through branching or possibly acquisition
of other financial institutions. There are currently no arrangements,
understandings or agreements regarding any such activities.
Strategic Discussion
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Gloversville Federal is a community-oriented savings institution, with a
primary strategic objective of meeting the borrowing and savings needs of its
local customer base. Throughout its history, Gloversville Federal
RP Financial, LC.
Page 1.2
has pursued a traditional thrift operating strategy and, thus, one-to-four
family permanent mortgage lending has been the focus of the Association's
lending activities. To a lesser extent, Gloversville Federal originates
commercial and multi-family mortgage loans as well as modest amounts of consumer
and commercial business loans. Investment securities have typically comprised
the balance of interest-earning assets, which served to address Gloversville
Federal's liquidity requirements and to earn a yield on excess investable funds.
Throughout the 1980s and through the mid-1990s, the Association offered a
limited array of products and services. In this regard, the Association has
primarily been a residential mortgage lender with its principal product
consisting of 15 and 30 year fixed rate loans. All loans have been originated
for portfolio. In terms of funding operations, the Association's principal
products were certificates of deposit ("CDs") and passbook accounts. The
Association experienced limited growth during the 1980s and into the early 1990s
as marketing efforts were modest and as loan demand and deposit growth were weak
(partially attributable to weak economic conditions locally).
As referenced above, a factor leading to the low growth of the Association
since the early 1990s are the economic conditions prevailing in Gloversville
Federal's market. Specifically, the Association's markets were hard hit by
recessionary economic conditions prevailing in the early 1990s, as unemployment
levels increased and market conditions, particularly in the real estate markets,
deteriorated. Weakness in the local economy has resulted in declining real
estate prices and an increased level of delinquencies for the Association. In
addition to weak conditions in the local real estate markets, new management
attributes the past increase in the level of non-performing assets ("NPAs") of
the Association to weak underwriting and collections by prior management.
Gloversville Federal's current Executive Vice President was employed by the
Association in late 1993 and the Association's current President was employed in
late 1994. New management has undertaken a number of strategies in order to
achieve the following broad objectives: (1) increase the Association's
competitiveness and ability to grow; (2) implement strategies to enhance the
Association's earnings; (3) reduce the level of NPAs through improved loan
underwriting and collections; and (4) draft and implement policies and
procedures with the objective of reducing the Association's risk exposure and
improving operating efficiency.
In particular, new management reconciled the general ledger and established
appropriate controls over the general ledger system. Additionally, management
revamped the Association's policies and procedures with the objective of
reducing Gloversville Federal's risk exposure. At the same time, management
commenced a thorough review of problem assets and employed an asset review
manager in early 1995 to facilitate its efforts in this regard.
RP Financial, LC.
Page 1.3
Management's loan portfolio review coupled with the impact of the tightened
asset classification and non-accrual policy resulted in an increase in the
Association's non-performing loans. In this regard, management discovered that
loan due dates had been advanced in contravention of the Association's policies
and procedures. Additionally, the Association did not require escrows for taxes
and insurance to be withheld on residential loans made prior to 1995, and found
that a high number of its borrowers were delinquent with respect to taxes and
insurance. Last, the Association's residential loan documents provided for a 30
day grace period (i.e., late charges were not assessed until the loan is 30 days
or more past due) on loans made prior to 1995, which skewed the Association's 30
day delinquency ratio upward significantly.
In order to protect the Association's collateral interest in loans which
were delinquent with respect to taxes and insurance, the Association modified or
restructured the underlying loans in 1996. Currently, such loans total
approximately $2.7 million and are on non-accrual status consistent with the
Association's revised policies and procedures. Since these loans have been
consistent with market terms and conditions, they will be returned to accruing
status in 1998 if they perform in accordance with the revised terms.
Importantly, total non-performing assets ("NPAs") equaled $4.1 million, equal to
6.73 percent of assets as of September 30, 1997, and continue to represent a
significant risk factor in Gloversville Federal's operations. Management has
significantly bolstered the Association's loan loss allowance, consistent with
its policies and procedures, in recognition of the risk posed by the high level
of NPAs.
Residential loan origination activity has diminished in the last several
years relative to fiscal 1994 levels, as new management sought to draft and
implement new policies and procedures and work out of asset quality problems. At
the same time, new management has actively pursued commercial and multi-family
mortgage lending locally with the objective of increasing the Association's
yields and reducing interest rate risk exposure (most commercial and
multi-family mortgage loans are adjustable rate or shorter term balloon loans).
The Association employed a commercial loan officer in 1995 who was previously
employed by another local financial institution -- the commercial and
multi-family mortgage portfolio has increased from a near zero balance under
prior management to $8.0 million or 15.5 percent of total loans as of September
30, 1997.
On the liability side of the balance sheet, Gloversville Federal funds
operations primarily with deposits and, to a much lesser extent, borrowed funds.
Deposit levels actually reflect a decrease from the levels prevailing in fiscal
1994 as the Association has directed most of management's time and resources
toward resolving asset quality problems. At the same time, new management has
revamped the Association's deposit products to introduce statement savings,
money market account with limited check writing privileges, and commercial
demand deposit accounts, which it believes are required to meet the higher
growth objectives established for the future.
RP Financial, LC.
Page 1.4
The Association's strategy for the future is to continue to focus on the
reduction of NPAs, and to resume asset growth, both in the area of residential
mortgage lending and commercial/multi-family mortgage lending. The Association
will continue to fund operations primarily through retail deposits but believes
that its higher future growth objectives may require it to utilize borrowing to
a greater degree than it has in the past. Additionally, management has indicated
that it intends to focus its future business development efforts on the Saratoga
Springs market where it maintains a branch office, based on this area's
comparatively favorable growth trends and income levels. In this regard,
management has indicated that it is currently evaluating the possibility of
moving its current branch office to a more favorable location and establishing
an additional branch office at another location in Saratoga County. A firm
decision regarding the Association's Saratoga branching strategy has not been
made and growth and cost estimates are currently being developed.
The Board of Directors of the Association has elected to convert to the
stock form of ownership to improve earnings and bolster capital. The additional
capital realized from conversion proceeds is expected to increase liquidity to
support loan growth, increase the capital cushion to absorb unanticipated loss,
enhance overall profitability and provide the capital for additional growth
through existing branches or possibly a new branch in Saratoga County. The
additional funds realized from the conversion stock offering will also serve as
an alternative funding source to facilitate the Association's ability to offer
competitive rates. The projected use of conversion proceeds are highlighted
below.
Adirondack Financial Services Bancorp. AFSB is expected to retain up to 50
percent of the net conversion proceeds. At present, the Holding Company
funds, net of the loan to the ESOP, are expected to be invested initially
into short- and intermediate-term investment securities with maturities
ranging up to two years. Over time, the Holding Company funds are
anticipated to be utilized for various corporate purposes, possibly
including acquisitions, infusing additional equity into the Association,
repurchases of common stock, and the payment of regular and/or special cash
dividends.
Gloversville Federal. At least 50 percent of the net conversion proceeds
will be infused into the Association in exchange for all of the
Association's newly issued stock. The increase in capital will be less, as
the amount to be borrowed by the ESOP to fund an 8 percent stock purchase
will be deducted from capital. Cash proceeds (i.e., net proceeds less
deposits withdrawn to fund stock purchases) infused into the Association
are anticipated to become part of general operating funds, and are expected
to initially be invested in short-term investments, used to repay
short-term borrowings and/or to fund loan growth.
Balance Sheet Trends
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From the end of fiscal 1993 to 1997, the gross amount of Gloversville
Federal's total assets exhibited limited change, and equaled $61.0 million as of
September 30, 1997 (see Table 1.1 for details). The Association's limited growth
trends were evidenced in most key balance sheet aggregates as the level of
loans, cash and investments, and deposits have remained relatively static over
the last three fiscal years. As described in
RP Financial, LC.
Page 1.5
Table 1.1
Gloversville Federal Savings and Loan Association
Historical Balance Sheets
(Amount and Percent of Assets)
As of September 30, Compounded
----------------------------------------------------------------------------------- Annual
1993 1994 1995 1996 1997 Growth Rate
--------------- --------------- --------------- --------------- --------------- -----------
Amount Pct Amount Pct Amount Pct Amount Pct Amount Pct Pct
------ --- ------ --- ------ --- ------ --- ------ --- ---
($000) (%) ($000) (%) ($000) (%) ($000) (%) ($000) (%) (%)
Total Amount of:
Assets $61,894 100.00% $69,597 100.00% $63,073 100.00% $61,006 100.00% $61,022 100.00% -0.35%
Cash and Cash Equivalents 18,184 29.38% 6,509 9.35% 3,181 5.04% 1,198 1.96% 1,922 3.15% -42.98%
Net Loans Receivable 40,896 66.07% 45,645 65.58% 48,239 76.48% 49,636 81.36% 49,526 81.16% 4.90%
Mortgage-Backed Securities (MBS)-AFS 0 0.00% 3,968 5.70% 993 1.57% 4,044 6.63% 3,562 5.84% N.M.
Investment Securities-(AFS) 581 0.94% 5,781 8.31% 4,138 6.56% 3,395 5.57% 3,455 5.66% 56.16%
Deposits 57,346 92.65% 64,703 92.97% 57,866 91.74% 55,716 91.33% 56,117 91.96% -0.54%
Borrowed Funds 0 0.00% 0 0.00% 0 0.00% 300 0.49% 1,300 2.13% N.M.
Total Equity 4,397 7.10% 4,705 6.76% 4,854 7.70% 3,790 6.21% 3,280 5.38% -7.06%
Loans/Deposits 71.31% 70.55% 83.36% 89.09% 88.25%
Average Interest-Earning Assets/
Avergage Interest-Bearing Liabilities N.A. N.A. 105.01% 105.53% 103.76%
Non-Performing Assets/Assets 4.22% 5.53% 4.38% 3.74% 6.73%
Allowances for Loan Losses as a Percent of:
Loans Receivable, net 2.14% 1.88% 1.61% 2.52% 3.26%
Non-Performing Loans 41.63% 24.34% 30.20% 56.53% 42.53%
Source: Gloversville Federal's audited and unaudited financial reports.
RP Financial, LC.
Page 1.6
the Strategic Discussion, Gloversville Federal has basically been in a no growth
mode since 1994, primarily as a result of efforts by new management to focus on
the resolution of asset quality problems and due to relatively weak economic
conditions prevailing in the Association's Fulton County market where the
largest portion of the Association's loan and deposit customers reside.
The largest component of Gloversville Federal's assets consists of loans
receivable, which equaled $49.5 million, or 81.1 percent of assets as of
September 30, 1997. The Association's loan portfolio increased between 1993 and
the beginning of fiscal 1995 under prior management. Subsequently, the loan
portfolio balance has remained relatively stable as the residential mortgage
loan balance has declined, with the reduction offset by increases to the
commercial and multi-family mortgage loan portfolio. The impact of the
Association's current emphasis on higher risk weight lending is evidenced by
data which shows commercial and multi-family mortgage loans have increased from
a zero balance as of the end of fiscal 1993 to 15.5 percent of total loans
currently. As discussed earlier, the Association's residential mortgage loan
portfolio is primarily comprised of long term fixed rate mortgage loans (i.e.,
15 and 30 year fixed rate loans) as adjustable loans were not offered until
several years ago and consumer demand for such loans has been very limited to
date.
Cash and interest-earning deposits, investment securities, and federal
funds sold have typically comprised the balance of interest-earning assets.
Under prior management, Gloversville Federal's investment policies were very
conservative being primarily focused on providing the Association with liquidity
and earning a yield on excess investable funds. Accordingly, Gloversville
Federal's investment portfolio has typically been heavily weighted toward
federal funds and interest-earning deposits. With the employment of the new
management team, a new more aggressive posture with respect to the management of
the portfolio has been implemented. Over the long term, management has indicated
that it will be seeking to limit the level of cash and investments and that, in
the interim, the investment portfolio will be managed to enhance earnings
without incurring undue credit or interest rate risk. Accordingly, investment in
short term deposits has been substantially deemphasized and the majority of the
investment portfolio has been invested in U.S. Treasury and agency securities
with laddered maturities extending out for a maximum of approximately 13 years
and mortgage-backed securities ("MBS"). New investments, with the exception of
short term deposits, have been classified as available for sale ("AFS"). As of
September 30, 1997, the portfolios of investment securities and MBS equaled $3.5
million and $3.6 million, respectively, equal to 11.5 percent of total assets in
the aggregate.
The Association's assets were funded with a combination of deposits, borrowings
and retained earnings at September 30, 1997. Retail deposits have consistently
met the substantial portion of Gloversville Federal's funding needs, although
the Association's funding requirements have been modest recently as a result of
the limited growth of loans and assets. CDs comprised the largest component of
the Association's deposit base, equaling 49.9ypercent of total deposits as of
September 30, 1997. In this regard, the Association's deposit
RP Financial, LC.
Page 1.7
mixture has changed somewhat over the last several fiscal years. Whereas CDs
equaled 58.7 percent of total deposits at the end of fiscal 1995, CDs equaled
49.9 percent of total deposits as of September 30, 1997. Management attributes
the increase in transaction and savings accounts to the introduction of several
new account types (i.e., statement savings and money market accounts) which have
proven to be popular with its customers.
The Association has not utilized borrowed funds to any significant extent
over the last five fiscal years. As of September 30, 1997, borrowed funds
outstanding totaled $1.3 million and consisted of funds from a reverse
repurchase agreement. It is management's preference to rely on deposits to fund
operations however, the Association has in the past, and expects to continue in
the future, to utilize borrowings under several circumstances as follows: (1)
when such funds are priced attractively relative to deposits; (2) to lengthen
the duration of liabilities; and (3) to generate additional liquid funds, if
required.
Positive albeit moderate earnings boosted retained earnings from $4.4
million, or 7.1 percent of assets, at September 30, 1993, to $4.9 million, or
7.7 percent of assets, at September 30, 1995. The Association's equity
diminished over the most recent two fiscal years, to equal $3.3 million, or 5.4
percent of assets as of September 30, 1997, as a result of operating losses
recorded as a result of loan loss provisions established, the special SAIF
assessment recorded in fiscal 1996, and to expenses incurred related to past due
property taxes on properties securing one-to-four family residential loans in
fiscal 1996. The Association maintains a moderate surplus relative to its
minimum capital requirements, which is expected to increase following the
infusion of the conversion proceeds.
Income and Expense Trends
- -------------------------
The ability of the Association to generate a profit has been primarily
dependent upon the level of loan loss provisions established. In this regard,
Gloversville Federal was modestly profitable during fiscal 1994 and 1995, when
loan loss provisions were comparatively low, but reported losses in fiscal 1993,
1996, and 1997 when loan loss provisions were comparatively higher. More
specifically, Gloversville Federal reported modest profitability in the range of
40 basis points on average assets in fiscal 1994 and fiscal 1995, while the
Association reported a net loss equal to $1.0 million or 1.69 percent of average
assets in fiscal 1996, and a net loss of $583,000 equal to 0.94 percent of
average assets in fiscal 1997.
Gloversville Federal's earnings have been largely derived through the net
interest margin and other non-interest operating income, although the
Association's earnings have been impacted to various degrees by non-operating
items over the past several years, which have primarily included gains on the
sale of fixed assets and investments in fiscal 1994, the special SAIF assessment
in fiscal 1996 and the expense incurred as a result of past due property taxes
on properties underlying the Association's mortgage loans. The Association's
high operating
RP Financial, LC.
Page 1.8
Table 1.2
Gloversville Federal Savings and Loan Association
Historical Income Statements
(Amount and Percent of Assets)(1)
For the Fiscal Year Ended September 30,
----------------------------------------------------------------------------------------
1993 1994 1995 1996 1997
---------------- ---------------- ---------------- ---------------- ----------------
Amount Pct Amount Pct Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%) ($000) (%) ($000) (%)
Interest Income $4,853 7.53% $4,805 7.42% $4,816 7.23% $4,733 7.72% $4,905 7.95%
Interest Expense (2,586) -4.01% (2,147) -3.32% (2,527) -3.79% (2,416) -3.94% (2,447) -3.96%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Net Interest Income $2,267 3.52% $2,657 4.11% $2,289 3.44% $2,317 3.78% $2,458 3.98%
Provision for Loan Losses (843) -1.31% (210) -0.32% (129) -0.19% (714) -1.16% (792) -1.28%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Net Interest Income after Provisions $1,424 2.21% $2,447 3.78% $2,160 3.24% $1,603 2.61% $1,666 2.70%
Other Income $30 0.05% $69 0.11% $102 0.15% $109 0.18% $155 0.25%
Operating Expense (1,754) -2.72% (2,119) -3.28% (2,198) -3.30% (2,556) -4.17% (2,319) -3.76%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Net Operating Income ($300) -0.47% $396 0.61% $64 0.10% ($845) -1.38% ($498) -0.81%
Expense of Special SAIF Assessment $0 0.00% $0 0.00% $0 0.00% ($414) -0.68% $0 0.00%
Gain on the Sale of Securities 0 0.00% 0 0.00% 204 0.31% 0 0.00% 0 0.00%
Gain on the Sale of Premises and Equipment 0 0.00% 0 0.00% 86 0.13% 0 0.00% 0 0.00%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Total Non-Operating Income/(Expense) $0 0.00% $0 0.00% $290 0.44% ($414) -0.68% $0 0.00%
Net Income Before Tax ($300) -0.47% $396 0.61% $354 0.53% ($1,259) -2.05% ($498) -0.81%
Income Taxes 62 0.10% (124) -0.19% (102) -0.15% 222 0.36% (85) -0.14%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Net Income/(Loss) ($238) -0.37% $272 0.42% $252 0.38% ($1,036) -1.69% ($583) -0.94%
Estimated Core Earnings
- -----------------------
Net Income ($238) -0.37% $272 0.42% $252 0.38% ($1,036) -1.69% ($583) -0.94%
Addback(Deduct): Non-Recurring (Inc)/Exp 0 0.00% 0 0.00% (290) -0.44% 414 0.68% 0 0.00%
Tax Effect 0 0.00% 0 0.00% 84 0.13% (73) -0.12% 0 0.00%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Estimated Core Income ($238) -0.37% $272 0.42% $45 0.07% ($695) -1.13% ($583) -0.94%
Memo:
Expense Coverage Ratio (2) 129.22% 125.38% 104.13% 90.63% 106.01%
Efficiency Ratio (3) 76.36% 77.75% 91.94% 105.37% 88.73%
Effective Tax Rate 20.53% 31.28% 28.93% 17.66% -17.08%
(1) Ratios are as a percent of average assets.
(2) Net interest income divided by operating expenses.
(3) Operating expenses as a percent of the sum of net interest income and other
income (excluding gains on sale).
Source: Gloversville Federal's audited and unaudited financial statements.
RP Financial, LC.
Page 1.9
expenses reflect the small size of Gloversville Federal (overhead costs are
typically higher as a percent of assets in smaller institutions) coupled with
the high level non-performing assets, which are expensive to resolve in terms of
management time and institution resources. Loan loss provisions have also been
subject to increases recently, primarily as a result of the high level of NPAs.
These trends are explained more fully below.
The Association's ratio of net interest income before provisions for loan
losses has fluctuated at levels ranging from $2.3 million, equal to 3.44 percent
of average assets for the fiscal year ended September 30, 1995, to $2.7 million,
or 4.11 percent of average assets for the fiscal year ended September 30, 1994.
For the fiscal year ended September 30, 1997, net interest income equaled $2.5
million, or 3.98 percent of average assets. The net interest margin before loan
loss provisions decreased from fiscal 1994 to 1995 as interest rates increased
and the yield on the Association's largely fixed rate loan portfolio increased
at a slower pace than its predominately short term deposit base. Subsequently,
net interest income as a percent of average assets has increased as: (1)
interest rates have trended lower; (2) the percentage of loans in relation to
total assets increased; (3) the Association increased the level of higher
yielding commercial and multi-family mortgage loans; and (4) the proportion of
savings and transaction accounts as a percent of total deposits has increased.
Additionally, the Association's limited growth has reduced the competitive
pressures on funding costs modestly.
The data in Exhibit I-5 reflects changes in the Association's yields and
costs since fiscal 1995. The overall yield on the Association's interest-earning
assets has increased since fiscal 1995 (from 7.47 percent to 8.21 percent),
primarily as a result of the changing composition of the mortgage loan portfolio
to include a greater level of commercial and multi-family mortgage loans. At the
same time, the Association's cost of funds has remained comparatively stable
(ranging from 4.12 percent to 4.30 percent) over the corresponding time frame.
The Association's favorable cost of funds has been facilitated by limited
growth, which has reduced the need to price deposits at highly competitive
levels. Overall, Gloversville Federal's spread increased from 3.35 percent to
3.96 percent from fiscal 1995 to fiscal 1997. Importantly, while the higher
level of higher risk weight loans has provided the Association yield and
repricing benefits, such loans typically carry greater credit risk exposure as
well.
Loan loss provisions have had a significant impact on the Association's
operating results and have been a significant factor in Gloversville Federal's
ability to generate positive earnings. As described previously, loan loss
provisions had a limited impact on the Association's operating results for the
period from fiscal 1994 through fiscal 1995. During 1996 and into 1997, the
level of loan loss provisions was increased substantially due to several factors
including the following: (1) the Association became aware that a significant
number of its residential mortgage loans were past due on the payment of
property taxes; (2) as a result of normal increases in the level of commercial
and multi-family mortgage lending; and (3) ongoing weakness of the economy
locally, particularly in Fulton County. Management has indicated that it
believes loan loss provisions will be lower in the
RP Financial, LC.
Page 1.10
future based on numerous factors including current and anticipated loan volumes,
market area trends, and the current level of allowances for loan losses and
NPAs.
The Association has consistently recorded moderate levels of non-interest
operating income, ranging between 0.05 percent and 0.25 percent of average
assets since fiscal 1993. For the fiscal year ended September 30, 1997,
non-interest operating income totaled $155,000, equal to 0.25 percent of average
assets. The level of non-operating income earned during the most recent fiscal
year reflects modest growth as a result of a revamping of the Association's
service fees and charges and to the changing composition of the deposit base to
include a modestly higher level of transaction accounts. The Association
generates non-interest operating income primarily from deposit fees, late
charges on loans, various fees charged in connection with loan originations and
other miscellaneous retail banking activities.
Notwithstanding the fact that the Association has been in a no growth mode
over the last three years, Gloversville Federal's operating expenses have been
subject to increase since fiscal 1993, both due to modest inflationary pressures
and due to the expenses related to increased staffing and the resolution of
problem assets. As a result, operating expenses have increased from $1.8
million, equal to 2.72 percent of average assets in fiscal 1993, to $2.3
million, equal to 3.76 percent of average assets in 1997. Gloversville Federal's
operating expenses were skewed upward in fiscal 1996 ($2.6 million or 4.17
percent of average assets) by a $318,000 expense related to the payment of
delinquent property taxes on properties securing the Association's residential
mortgage loan portfolio.
The Association's operating expenses are high in relation to industry
averages, particularly given Gloversville Federal's relatively undiversified
operations (i.e., limited activity in the area of high cost lending or fee
generating operations), due to a number of factors including the following: (1)
the Association maintains a relatively high proportion of savings and
transaction accounts which are typically more expensive to service than CDs; (2)
the Association's stable asset size since 1993 has tended to push up the
operating expense ratio as normal cost increases due to inflationary pressures
are spread across a static asset base; (3) costs of resolving NPAs has been
high, both in direct costs and in management time and resources; and (4) the
Association's static asset size has diminished the ability to achieve economies
of scale typically realized by growing financial institutions. At September 30,
1997, Gloversville Federal's assets/employee ratio was approximately $2.3
million as compared to the average for all publicly-traded savings institutions
of $4.2 million.
Over the long term, management has indicated that it will seek to
streamline operations and increase growth, all with the objective of lowering
the operating expense ratio. At the same time, the resumption of active
residential lending operations will tend to increase operating expenses.
Likewise, the expenses related to the stock
RP Financial, LC.
Page 1.11
benefit plans which will be implemented pursuant to the proposed conversion will
also tend to increase the Association's operating expenses.
Gloversville Federal's operating results were only minimally impacted by
non-operating income and expenses for the period during 1993 and 1994. During
1995, the Association reported non-operating gains on the sale of investments
and premises and equipment equal to $204,000 and $86,000, respectively. The only
other non-operating item reported by Gloversville Federal was a $415,000 pre-tax
expense reported in 1996 as a result of the special SAIF assessment.
The Association reported a tax benefit of $222,000 in fiscal 1996 and a tax
equal to $85,000 in fiscal 1997, notwithstanding the operating loss reported for
the year. The Association reported a tax expense in the most recent fiscal year,
notwithstanding the reported operating loss, due to an increase in the valuation
allowance on the deferred tax asset. As of September 30, 1997, Gloversville
Federal had a deferred tax asset of $152,000, net of a valuation allowance of
$652,000.
Interest Rate Risk Management
- -----------------------------
Prior to 1994, Gloversville Federal was primarily a fixed rate residential
mortgage lender -- the Association did not offer adjustable rate mortgages or
commercial/multi-family mortgage loans. Coupled with a relatively short term
deposit base, the Association's maintained a relatively significant exposure to
interest rate risk. Commencing in 1994, the Association expanded the level of
loan and deposit products with the dual objectives of increasing earnings and
reducing the level of interest rate risk exposure. In this regard, Gloversville
Federal began to offer residential ARM loans and commenced originating higher
yielding variable rate (or shorter term) commercial and multi-family mortgage
loans. In terms of deposits, the Association introduced statement savings and
money market accounts with limited check writing privileges as well as
commercial checking accounts.
While these strategies have generally served to improve the Association's
interest rate risk posture, Gloversville Federal's long term fixed rate mortgage
loans continue to comprise the largest segment of the Association's
interest-earning assets and earnings continue to remain exposed to rising
interest rates. The rate shock analysis set forth in Exhibit I-6 reflects that
the Association's net portfolio value ("NPV") would be reduced by $1.4 million
or 22.9 percent pursuant to a 200 basis point permanent and instantaneous
increase in interest rates. Pursuant to a 400 basis upward rate shock, NPV would
be reduced by $3.2 million or 53.5 percent. Overall, the data suggests a
relatively significant exposure to interest rate risk.
RP Financial, LC.
Page 1.12
Lending Activities and Strategy
- -------------------------------
The Association's lending activities have traditionally concentrated on the
origination and retention of 1-4 family permanent mortgage loans (see Exhibits
I-7 loan portfolio data). The Association is primarily a portfolio lender.
However, all single family residential mortgage loans originated for portfolio
and the Association has not purchased residential mortgage loans over the last
five years. Additionally, all of the loans which Gloversville Federal has
originated over the last five fiscal years have been secured by properties or
made to customers residing in the Association's local markets.
At September 30, 1997, the Association's loan portfolio was concentrated in
1-4 family residential loans totaling in aggregate, $36.9 million, or 71.9
percent of gross loans receivable. Residential mortgage lending activities
include permanent loans with fixed and adjustable rates of interest. The data
further reflects that the majority of the Association's residential mortgage
loan portfolio consists of fixed rate loans, which equaled approximately 86
percent of total residential mortgage loans as of September 30, 1997.
The Association has been seeking to expand the level of commercial real
estate and multi-family mortgage loans, in order to take advantage of local
lending opportunities, provide for additional interest income and to position
the Association as a more full-service financial institution. Commercial real
estate and multi-family loans totaled $8.0 million, equal to 15.5 percent of
total loans at September 30, 1997. Such loans are secured by apartments
(typically 30 units or less) or by non-residential buildings used by business
operations, such as warehouses and small office buildings. Essentially, all such
loans are secured by properties within Gloversville Federal's primary market
area and possess loan balances of less than $550,000.
The Association seeks to limit the risk of such lending by maintaining
loan-to-value ratios of 75 percent or less and debt service coverage ratios of
at least 120 percent. Additionally, Gloversville Federal has established loan
loss allowances in recognition of the risks involved in commercial and
multi-family mortgage lending. Nonetheless, the Association's track record with
respect to such lending is limited and the portfolio is relatively unseasoned.
The Association also makes construction loans from time to time, for the
purpose of constructing both residential and commercial properties. The balance
of the construction loan portfolio equaled $539,000, or 1.1 percent of total
loans as of September 30, 1997, and is expected to remain a limited portion of
the Association's lending activities in the future.
Non-mortgage loans comprise the remainder of the Association's loan
portfolio, equal to 11.5 percent of gross loans at September 30, 1997, and
consist of both commercial business and consumer loans. The majority of consumer
loans (balance of $4.5 million or 8.7 percent of loans) consist of home equity
loans with the remainder
RP Financial, LC.
Page 1.13
of the consumer loan portfolio comprised of mobile home loans, auto loans, and
other miscellaneous loan types. Commercial loans equaled $1.4 million, equal to
2.8 percent of loans at September 30, 1997.
Exhibit I-10, which shows the Association's loan originations over the past
three fiscal years, highlights Gloversville Federal's limited loan volumes
overall and growth in multi-family and commercial mortgage lending. Total loans
originated equaled $10.2 million in fiscal 1995, and reduced to $8.8 million and
$8.9 million in fiscal 1996 and 1997, respectively. Approximately $4.1 million
or 46 percent of all loans originated in fiscal 1997 were comprised of
commercial and multi-family mortgage loans while residential mortgage loan
originations (substantially all fixed rate) equaled $1.6 million or 18 percent
of total originations. All loans are originated by in-house personnel and are
retained for portfolio. In the future, management will be seeking to increase
the level of residential and commercial/multi-family mortgage lending to meet
its targeted growth objectives.
Asset Quality
- -------------
As shown in Exhibit I-11, the level of non-performing assets has been high
over the last five fiscal years and has increased in fiscal 1997. Specifically,
the ratio of NPAs/assets has ranged from a low of 3.74 percent of assets to a
high of $4.1 million, equal to 6.73 percent of assets as of September 30, 1997.
A detailed review of Exhibit I-11, reflects that all of Gloversville
Federal's non-performing loans consisted of delinquent residential mortgage
loans. As discussed earlier, the high level of delinquencies are the result of
several factors including the following: (1) weak growth and slack economic
conditions locally; (2) weak underwriting and loan administration by prior
management (i.e., 30 day grace period on payments provided in pre-1995 loans);
and (3) the delinquency of many borrowers with respect to local property taxes.
With respect to this latter factor, such loans have been modified or
restructured and have an outstanding balance of $2.7 million. If they perform in
accordance with their terms, these loans may be returned to accrual status
throughout 1998. At the same time, approximately $1.0 million of the
Association's delinquent loans are delinquent due to serious financial problems
(i.e., unemployment or bankruptcy of the borrower, etc.) and many such loans
will be placed into foreclosure.
The perceived credit risk exposure of the Association is further increased
by recent trends in the loan portfolio where we observe the portfolio of
commercial and multi-family mortgage loans to be increasing. In this regard, the
Association's track record with regard to high risk-weight lending is limited
and the portfolio lacks seasoning, all of which contribute to the perceived
increase in the Association's credit risk exposure.
At September 30, 1997, Gloversville Federal maintained valuation allowances
totaling $1.6 million, which equaled 3.14 percent of loans, 42.53 percent of
non-performing loans, and 39.28 percent of NPAs.
RP Financial, LC.
Page 1.14
Following the employment of a new President and Chief Executive Officer, new
management undertook a comprehensive review of all NPAs. As a result of the
ongoing results of this review, the current loan loss allowance figure reflects
the establishment of $714,000 of loan loss provisions in fiscal 1996 and
$792,000 of loan loss provisions in fiscal 1997. Management has indicated that
it believes loan loss provisions will be lower in the future based on numerous
factors including current and anticipated loan volumes, market area trends, and
the current level of allowances for loan losses and NPAs. At the same time, NPAs
remain high and the reserve coverage ratio is low by industry standards.
Funding Composition and Strategy
- --------------------------------
Deposits have consistently been the Association's primary source of funds
as the Association has employed borrowed funds from the Federal Home Loan Bank
of New York and reverse repurchase agreements only to a limited extent.
Gloversville Federal operates with a relatively favorable deposit base as
passbook savings and transaction accounts totaled $28.1 million, or 50.1 percent
of total deposits as of September 30, 1997. Growth in transaction and savings
accounts in recent years has been facilitated by the introduction of several new
account types including a statement savings account and a money market accounts
with limited check writing privileges.
As shown in Exhibit I-14, CDs accounted for approximately one-half of the
deposit base (49.9 percent of total deposits) and comprise the largest single
account type which the Association offers. Most of the Association's CDs are
concentrated in short-term maturities. As of September 30, 1997, approximately
83.2 percent of the CDs had maturities of one year or less. Retail deposits are
supplemented with a limited amount of jumbo certificates of deposits ("CDs"),
accounting for 4.44 percent of Gloversville Federal's deposits at September 30,
1997.
While borrowings are available as an alternative funding source, the
Association has not utilized borrowed funds extensively in the past and
borrowings totaled only $1.3 million as of September 30, 1997. Management
believes that anticipated deposit growth, the offering proceeds and internal
cash flows should adequately address most of the Association's funding needs in
the foreseeable future. If borrowings are required (other than the ESOP loan
from the Holding Company), such borrowings are expected to consist of FHLB
advances and reverse repurchase agreements utilizing securities held by the
Association as collateral.
RP Financial, LC.
Page 1.15
Subsidiary
- ----------
As of September 30, 1997, the Association did not have any subsidiaries nor
are any subsidiary activities anticipated in the future.
Legal Proceedings
- -----------------
Gloversville Federal is currently not involved in any legal proceedings
other than routine legal proceedings that occur in the ordinary course of
business, which, in aggregate, involve amounts that are believed to be
immaterial to the financial condition of the Association.
RP Financial, LC.
Page 2.1
II. MARKET AREA
Introduction
- ------------
Gloversville Federal conducts operations out of a headquarters office in
Gloversville, Fulton County, New York and a branch office in Saratoga Springs,
Saratoga County, New York. The Association's markets in east-central New York
are relatively rural in character but at the same time, are only approximately
70 miles from Albany. Fulton County has an estimated 1997 population of 54,000,
while Saratoga County has an estimated 1997 population of 196,000; the majority
of Saratoga County's population reside in close proximity to Schenectady and
Albany in the southern half of the County. The local areas surrounding the
Association's offices represent the primary market area for deposit generation
as most of the Association's depositors live in the areas surrounding the office
locations. Gloversville Federal's sources for loans primarily includes Fulton
and Saratoga Counties but the Association will occasionally originate loans in
other nearby areas.
Competition from other financial institutions operating in the
Association's market area includes a number of both large and small commercial
banks and savings institutions. The Association maintains a market share of
approximately 7 percent of overall financial institution deposits in Fulton
County where it is headquartered and a market share of only approximately 1
percent in Saratoga County. The other financial institutions are both
locally-owned community-oriented banks or subsidiaries of larger regional and
superregional institutions. The Association has been in a shrinking mode over
the last several years, and has lost market share as a result.
Future business and growth opportunities will be partially influenced by
economic and demographic characteristics of the market served, particularly the
future growth and stability of the regional economy, demographic growth trends,
and the nature and intensity of the competitive environment for financial
institutions. These factors have been briefly examined in the following pages to
help determine the growth potential that exists and the relative economic health
of the market area.
Market Area Demographics
- ------------------------
Demographic growth trends in the two county market served by the
Association have been measured by changes in population, number of households
and median household income and other data, with trends in those areas
summarized by the data presented in Table 2.1. Data for the U.S. and the State
of New York has been provided for comparative purposes.
RP Financial, LC.
Page 2.2
Table 2.1
Gloversville FS&LA
Summary Demographic Data
Year
--------------------------------- Growth Rate Growth Rate
Population (000) 1990 1997 2002 1990-97 1997-2002
- ---------------- ---- ---- ---- ------- ---------
United States 248,710 267,805 281,209 1.1% 1.0%
New York 17,990 18,191 18,332 0.2% 0.2%
Fulton County 54 54 54 -0.1% -0.1%
Saratoga County 181 196 206 1.1% 1.0%
Households (000)
- ----------------
United States 91,947 99,020 104,001 1.1% 1.0%
New York 6,693 6,700 6,744 0.0% 0.1%
Fulton County 21 21 21 -0.1% -0.1%
Saratoga County 66 72 76 1.2% 1.1%
Median Household Income ($)
- ---------------------------
United States $29,199 $36,961 $42,042 3.4% 2.6%
New York 31,044 36,341 38,815 2.3% 1.3%
Fulton County 24,479 25,330 26,477 0.5% 0.9%
Saratoga County 37,490 37,062 38,734 -0.2% 0.9%
Per Capita Income - ($)
- -----------------------
United States $13,179 $18,100 -- 4.6% N/A
New York 14,413 18,504 -- 3.6% N/A
Fulton County 11,228 12,156 -- 1.1% N/A
Saratoga County 15,526 16,087 -- 0.5% N/A
1997 Age Distribution(%) 0-14 Years 15-24 Years 25-44 Years 45-64 Years 65+ Years Median Age
- ------------------------ ---------- ----------- ----------- ----------- --------- ----------
United States 21.7 13.6 31.4 20.5 12.7 34.8
New York 20.6 13.0 32.3 20.9 13.2 35.3
Fulton County 20.5 13.8 28.1 21.5 16.1 36.6
Saratoga County 21.7 13.0 33.1 21.5 10.8 34.7
Less Than $15,000 to $25,000 to $50,000 to $100,000 to
1997 HH Income Dist. (%) $15,000 $25,000 $50,000 $100,000 $150,000 $150,000+
- ------------------------ ------- ------- ------- -------- -------- ---------
United States 17.7 14.4 33.5 26.5 5.4 2.6
New York 20.2 13.9 31.3 25.9 5.5 3.2
Fulton County 28.3 20.9 36.3 12.9 1.1 0.5
Saratoga County 15.3 14.8 37.6 27.9 3.3 1.1
Source: CACI.
RP Financial, LC.
Page 2.3
As shown in Table 2.1, Gloversville Federal operates in a two county market
area with an estimated population of 250,000 as of 1997. There exists a
dichotomy in the markets served by Gloversville Federal as the Association's
traditional market in Gloversville is smaller with limited economic and
demographic growth while Saratoga County is one of the most rapidly growing
counties in the State of New York. Specifically, population and households in
Fulton County have been shrinking (0.1 percent annually) while the population
and households in Saratoga County have been increasing at levels in excess of 1
percent annually. These growth trends are projected to continue through the year
2002, and indicate that the economic performance of Fulton County will continue
to be sluggish while Saratoga County will be relatively favorable.
Paralleling trends observed in the demographic statistics, income levels in
Fulton County are well below the State of New York average while income levels
for Saratoga County are relatively more favorable, approximately equivalent to
the state average. Such trends are attributable to the blue collar nature of the
workforce in Gloversville and the surrounding markets and to the attractiveness
of southern portions Saratoga County to white collar commuters working in Albany
and Schenectady.
Economy
- -------
The Association's deposit gathering activities and the majority of the
lending operations are conducted in the Association's two county market area
described above. Employment in the Fulton County market is primarily derived
from the manufacturing and services sector as well as government. The
traditional employers in the Association's markets have consisted of small
manufacturers. Saratoga County generally has a larger and more diversified
economic base, which is more reliant upon white collar jobs and tourism (in
Saratoga Springs). Table 2.2 below presents the major employers within Fulton
County.
Table 2.2
Gloversville Federal Savings and Loan Association
Major Employers-Fulton County
Employer Industry Employees
-------- -------- ---------
Nathan Littauer Hospital Health Care 860
Fulton County Government 700
Gloversville School District Education 680
Tryon School for Boys Government/Education 455
Johnstown School District Education 380
Citizens Telecom Telecommunications 280
Johnstown Knitting Mill Manufacturing 275
UNI Distribution Manufacturing 275
Price Chopper Retail 227
Source: Technical Assistance Center, SUNY Plattsburgh
RP Financial, LC.
Page 2.4
Table 2.3 displays unemployment data in the local market area as of
September 1996 and September 1997. The unemployment rates reflect the
comparatively lackluster performance of the Fulton County market as unemployment
rates remain well above the state and national average, although they do exhibit
a reduction from the prior year levels. Unemployment rates reflect the
comparatively more favorable growth trends and economic conditions prevailing in
Saratoga County, where unemployment equaled only 3.7 percent as of September
1997.
Table 2.3
Gloversville Federal Savings and Loan Association
Market Area Unemployment Trends
Region Sept. 1996 Sept. 1997
------ ---------- ----------
United States 5.0% 4.7%
New York 5.9 6.1
Fulton County 7.6 6.9
Saratoga County 3.9 3.7
Source: U.S. Bureau of Labor Statistics.
Deposit Trends and Competition
- ------------------------------
The market area (defined as the two county market area for deposits), is
characterized by the presence of both locally-based and locally-owned financial
institutions and larger, regional and superregional institutions. Major
competitors include local commercial banks such as The Adirondack Trust Company,
CNB Bancorp, CNB Financial Corporation and NBT Bancorporation as well as larger
regional and superregional banks such as Keycorp and Fleet.
Table 2.4 displays deposit market trends for the State of New York and the
primary market area from June 30, 1994 to June 30, 1996. Overall, financial
institution deposits showed an increase statewide, with commercial banks showing
growth while savings institutions lost deposits. This trend of moderate
increases in overall deposits, similar to the rest of the nation, reflects in
part disintermediation whereby banking customers have also placed available
funds into other types of financial intermediaries such as mutual funds,
investment firms, brokerage houses, and insurance companies. Deposit trends in
both market area counties exhibited similar trends as the state, with commercial
banks in Fulton and Saratoga Counties experiencing growth and savings
institutions realizing a declining market share.
RP Financial, LC.
Page 2.5
Table 2.4
Gloversville FS&LA
Deposit Summary
As of June 30,
----------------------------------------------------------------
1994 1996
------------------------------- ------------------------------- Deposit
Market Number of Market Number of Growth Rate
Deposits Share Branches Deposits Share Branches 1994-1996
-------- ----- -------- -------- ----- -------- ---------
(Dollars In Thousands) (%)
State of New York $350,825,532 100.0% 4,816 $358,397,019 100.0% 4,707 1.1%
- -----------------
Commercial Banks 250,024,848 71.3% 3,615 268,779,750 75.0% 3,622 3.7%
Savings Institutions 100,800,684 28.7% 1,201 89,617,269 25.0% 1,085 -5.7%
Fulton County $ 543,503 100.0% 17 $ 580,682 100.0% 17 3.4%
- -------------
Commercial Banks 390,683 71.9% 14 424,104 73.0% 13 4.2%
Savings Institutions 152,820 28.1% 3 156,578 27.0% 4 1.2%
Gloversville FS&LA (1) 44,119 28.9% 1 38,379 24.5% 1 -6.7%
Gloversville FS&LA (2) 8.1% 6.6%
Saratoga County $ 1,417,683 100.0% 51 $ 1,553,467 100.0% 56 4.7%
- ---------------
Commercial Banks 1,055,508 74.5% 41 1,293,961 83.3% 44 10.7%
Savings Institutions 362,175 25.5% 10 259,506 16.7% 12 -15.4%
Gloversville FS&LA (1) 18,852 5.2% 1 18,158 7.0% 1 -1.9%
Gloversville FS&LA (2) 1.3% 1.2%
(1) Percent of thrift deposits.
(2) Percent of total deposits.
Source: FDIC; OTS.
RP Financial, LC.
Page 2.6
Gloversville Federal reported deposit shrinkage over the time frame
indicated in Table 2.4 as management's focus was primarily on resolving internal
problems. In the future, the Association will be seeking to resume asset and
deposit growth and believes the stock conversion will facilitate its efforts in
this regard. Additionally, future marketing efforts are expected to be directed
toward the Saratoga County market where management will be seeking to take
advantage of more favorable growth and economic trends.
RP Financial, LC.
Page 3.1
III. PEER GROUP ANALYSIS
This chapter presents an analysis of Gloversville Federal's operations
versus a group of comparable public companies (the "Peer Group") selected from
the universe of all publicly-traded savings institutions. The primary basis of
the pro forma market valuation of the Association is provided by these public
companies. Factors affecting Gloversville Federal's pro forma market value such
as financial condition, credit risk, interest rate risk, and recent operating
results can be readily assessed in relation to the Peer Group. Current market
pricing of the Peer Group, subject to appropriate adjustments to account for
differences between the Gloversville Federal and the Peer Group, will then be
used as a basis for the valuation of the Association's to-be-issued common
stock.
Selection of Peer Group
- -----------------------
We consider the appropriate Peer Group to be comprised of only those
publicly-traded savings institutions whose common stock is either listed on a
national exchange or is NASDAQ listed, since the market for companies trading in
this fashion is regular and reported. We believe non-listed institutions are
inappropriate since the trading activity for thinly-traded stocks is typically
highly irregular in terms of frequency and price and may not be a reliable
indicator of market value. We have excluded from the Peer Group all
publicly-traded subsidiary institutions of mutual holding companies, because
their pricing ratios are distorted by the minority issuance of their shares. We
have also excluded from the Peer Group those companies under acquisition and/or
companies whose market prices appear to be distorted by speculative factors or
unusual operating conditions. The universe of all publicly-traded institutions
is included as Exhibit III-1. Pricing characteristics of all thrift institutions
are included as Exhibit IV-1 (institutions excluded from the calculation of
averages are denoted with a footnote (8)).
Under ideal circumstances, the Peer Group would be comprised of a minimum
of ten publicly-traded New York thrifts with capital, earnings, asset sizes,
balance sheet composition, risk profiles, operating strategies and market areas
comparable to the Association. Since 10 such institutions do not exist, it was
necessary to expand the search beyond state boundaries and with search criteria
for similarly sized, well capitalized institutions located in other Mid-Atlantic
states. Accordingly, our Peer Group search focused on publicly traded savings
institutions in the Mid-Atlantic region with total assets of less than $250
million, and a total of twelve (12) institutions were included in the Peer
Group.
Given the relatively high level of NPAs at Gloversville Federal and the
importance of asset quality in investors' evaluation of thrift stocks, our
preference was to seek Peer Group companies which had a comparable
RP Financial, LC.
Page 3.2
level of non-performing assets and reserve coverage as Gloversville Federal.
However, only a handful of publicly-traded companies maintain comparable asset
quality ratios, and they vary widely in terms of size, operating strategy and
markets. Accordingly, the focus of the Peer Group selection criteria was on
similarity of operations, markets, etc., and the dissimilar credit risk exposure
relative to the Peer Group will require an adjustment in the valuation section
to follow. Likewise, the Association has reported operating losses for the last
two fiscal years during a time period when many institutions are reporting
strong if not record earnings. As a result, the Peer Group companies are
reporting positive albeit moderate earnings on average; a characteristic which
will require the application of a valuation adjustment given the limited number
of companies with core and reported earnings levels approximating the
Association's levels.
Table 3.1 lists key characteristics of the Peer Group companies. In
general, the Peer Group is comprised of relatively seasoned publicly-traded
institutions operating in New York or other Mid-Atlantic U.S. states with small
asset sizes. While the Peer Group is not exactly comparable to the Association,
particularly in the areas of asset quality and profitability as referenced
above, we believe that it provides the "best fit" Peer Group of publicly-traded
thrifts with operations comparable to those of the Association and thus forms a
sound basis for valuation. A summary description of the key characteristics of
each of the Peer Group companies selected is detailed below.
o Skaneateles Bancorp of NY. Skaneateles Bancorp, the largest member of the
Peer Group with nearly $250 million of assets was selected due to its
meeting the selection criteria described above, including operations in
upstate New York. Skaneateles Bancorp maintains a relatively high
percentage of assets in loans receivable and maintains a comparatively
modest equity ratio. Moreover, the loan portfolio composition of
Skaneateles Bancorp is highly comparable to the Association's and NPAs are
well above industry averages.
o The Elmira Savings Bank of NY. Elmira SB is a $228 million asset
institution with operations in upstate New York. Elmira SB warrants
inclusion in the Peer Group based on its low earnings levels (lowest in the
Peer Group), similar asset structure and loan portfolio composition.
Furthermore, Elmira SB's operating expenses are most nearly similar to the
levels reported by the Association.
o Harbor Federal Bancorp of MD. Harbor Federal, a $217 million thrift,
operates through a 9 branch office network in the Baltimore area. Harbor
Federal, in addition to satisfying the selection criteria, lending
operations are broadly similar to the Association's and its capital ratio
is similar to Gloversville Federal's anticipated capital ratio following
the conversion.
o Peekskill Financial Corp. of NY. Peekskill Financial operates in the
mid-Hudson valley of New York through a total of three offices. Maintaining
an asset base of $181 million, Peekskill Financial maintained a large
investment in investment securities and MBS, which is somewhat different
from the Association's operating strategy. Additionally, Peekskill
Financial reports stronger operating returns than the Association,
primarily based on its better asset quality and lower expense ratio.
RP Financial, LC.
Page 3.3
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.1
Peer Group of Publicly-Traded Thrifts
January 5, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ------ ------
($) ($Mil)
SKAN Skaneateles Bancorp Inc of NY (3) OTC Northwest NY Thrift 248 9 12-31 06/86 18.87 27
ESBK The Elmira SB FSB of Elmira NY (3) OTC NY,PA Thrift 228 6 12-31 03/85 30.00 22
HRBF Harbor Federal Bancorp of MD OTC Baltimore MD Thrift 217 9 03-31 08/94 23.75 40
PEEK Peekskill Fin. Corp. of NY OTC Southeast NY Thrift 181 3 06-30 12/95 17.50 56
SFED SFS Bancorp of Schenectady NY OTC Eastern NY Thrift 174 3 12-31 06/95 24.50 30
AFED AFSALA Bancorp, Inc. of NY OTC Central NY Thrift 159 J 5 12-31 10/96 18.75 27
PRBC Prestige Bancorp of PA OTC Thrift 138 0 12-31 06/96 19.25 18
TPNZ Tappan Zee Fin., Inc. of NY OTC Southeast NY Thrift 124 J 1 03-31 10/95 20.00 30
AFBC Advance Fin. Bancorp of WV OTC Northern Neck WV Thrift 106 2 06-30 01/97 17.75 19
WHGB WHG Bancshares of MD OTC Baltimore MD Thrift 100 J 5 09-30 04/96 15.87 23
ALBC Albion Banc Corp. of Albion NY OTC Western NY Thrift 71 2 09-30 07/93 28.00 7
PWBK Pennwood SB of PA (3) OTC Pittsburgh PA Thrift 48 3 12-31 07/96 18.50 11
NOTES: (1) Or most recent date available (M=March, S=September, D=December,
J=June, E=Estimated, and P=Pro Forma)
(2) Operating strategies are: Thrift=Traditional Thrift, M.B.=Mortgage
Banker, R.E.=Real Estate Developer, Div.=Diversified, and
Ret.=Retail Banking.
(3) FDIC savings bank institution.
Source: Corporate offering circulars, data derived from information published
in SNL Securities Quarterly Thrift Report, and financial reports of
publicly-traded thrifts.
Date of Last Update: 01/05/98
RP Financial, LC.
Page 3.4
o SFS Bancorp of NY. SFS Bancorp operates with total assets of $174 million
and its primary market is relatively proximate to the Association's in the
Capital District. The asset base is primarily comprised of residential
mortgage loans and MBS and asset quality appears to be stronger in
comparison to Gloversville Federal. Operating returns are moderate owing to
operating costs which are above industry averages.
o AFSALA Bancorp, Inc. of NY AFSALA Bancorp is headquartered in Amsterdam,
New York, and is thus relatively proximate to the Association's market.
AFSALA maintains total assets of $159 million. AFSALA maintains a
relatively significant investment in cash and investments and a commercial
business lending orientation in its loan portfolio, which supports its
moderate to strong earnings levels.
o Prestige Bancorp of PA. Prestige Bancorp operates with total assets of $138
million. Prestige Bancorp is primarily a residential mortgage lender which
funds operations with deposits and, to a lesser extent, borrowed funds.
Asset quality is strong and loan chargeoffs have been low. Overall
profitability is moderate with an ROA of 63 basis points reported for the
most recent twelve month period.
o Tappan Zee Financial, Inc. of NY. Tappan Zee Financial operates with total
assets of $124 million in the lower Hudson valley area within the New York
City metropolitan area. Tappan Zee Financial maintains a comparatively
large investment in MBS and overall, focuses lending operations on
residential mortgages. Tappan Zee Financial generates moderate earnings
levels as a result of its operating expenses which are above industry
averages. The equity ratio is modestly above the Association's on a pro
forma basis.
o Advance Financial Bancorp of WV. Advance Financial operates through a total
of 2 offices and maintains $106 million in northern West Virginia and is
the most recently converted company in the Peer Group (January 1997).
Advance Financial's asset base is primarily comprised of loans, although it
has undertaken a greater level of diversification than the Association.
Income levels are strong and are supported by a wide net interest margin
and good asset quality.
o WHG Bancshares of MD. WHG Bancshares has $100 million of total assets and
operates through a total of 5 branch offices in the Baltimore metropolitan
area. The majority of assets are invested in loans and the portfolio
exhibits limited diversification outside of residential loans. Asset
quality is good and earnings are moderate which is partially attributable
to its relatively high operating expense ratio.
o Albion Banc. Corp of NY. Albion Banc Corp. is perhaps the most comparable
company to Gloversville Federal in the Peer Group. Albion Banc Corp.
operates two offices in a relatively rural area in western New York
(between Rochester and Buffalo). Lending operations are primarily centered
around residential mortgage loans with moderate diversification into other
loan types exhibited. Operations are primarily funded with retail deposits
and earnings are modest due in part, to a high operating expense ratio
(3.02 percent of average assets). An important difference between Albion
Banc Corp. and the Association however, is its more favorable asset quality
and reserve coverage ratios.
o Pennwood Savings Bank of PA. Pennwood SB is the smallest Peer Group
company, maintaining $48 million in assets and operating three offices in
the Pittsburgh metropolitan area. Pennwood SB is the only company included
in the Peer Group which is smaller than the Association in terms of total
assets. Pennwood SB is a residential lender but maintains a larger cash and
investment portfolio than the Association. Operating returns are strong
(0.99 percent of average assets) as a result of a strong net interest
margin and favorable asset quality.
In aggregate, the Peer Group companies have an average capital ratio that
is higher than the industry average (14.14 percent of assets versus 13.00
percent for the all SAIF average), and lower core profitability (0.72
RP Financial, LC.
Page 3.5
percent versus 0.87 percent for all SAIF-insured publicly-traded institutions).
The Peer Group's higher capital ratio combined with lower earnings results in a
lower core ROE of 5.47 percent versus 7.81 percent for the all SAIF average. In
terms of pricing, the Peer Group on average trades at a lower price/book ("P/B")
multiple and a higher price/earnings ("P/E") multiple relative to the industry
(see the following table).
As of December 12, 1997
-----------------------
Peer All SAIF
Group Insured
----- --------
Equity-to-Assets 14.14% 13.00%
Return on Assets ("ROA")-Core 0.72% 0.87%
Return on Equity ("ROE")-Core 5.47% 7.81%
Market Capitalization ($Mil) $21.06 $181.59
Price-to-Tangible Book Ratio ("P/TB") 130.46% 162.79%
Price-to-Earnings Multiple ("P/E")-Core 23.35x 20.43x
Price-to-Assets Ratio ("P/A") 17.88% 19.33%
Source: Chapter IV tables.
The following sections present a comparison of the Association's financial
condition, income and expense trends, loan composition, interest rate risk and
credit risk versus the Peer Group. The conclusions drawn from the comparative
analysis are then factored into the valuation analysis discussed in the final
chapter.
Financial Condition
- -------------------
Table 3.2 shows comparative balance sheet measures for the Association and
the Peer Group, reflecting the expected similarities and some differences given
the selection procedures outlined above. Information for Gloversville Federal is
as of September 30, 1997, and as of the latest available (September 30 or June
30) for the Peer Group. The Association's pre-conversion net worth of 5.4
percent was substantially below the Peer Group's average net worth ratio of 14.1
percent, although the Association's capital level can be expected to increase to
levels more closely approximating the Peer Group average on a pro forma basis.
Neither the Association or the Peer Group had a balance of goodwill. The
Association and all of the Peer Group companies were in compliance with all
fully phased-in regulatory capital requirements and were considered to be
well-capitalized by FDICIA standards.
The asset composition analysis reveals that Gloversville Federal maintains
a higher proportion of its assets in loans receivable than the Peer Group while
the Peer Group maintains a greater proportion of interest-earning asset deployed
into cash, investments and MBS. Specifically, loans equaled 81.2 percent of
assets for the
RP Financial, LC.
Page 3.6
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.2
Balance Sheet Composition and Growth Rates
Comparable Institution Analysis
As of September 30, 1997
Balance Sheet as a Percent of Assets
----------------------------------------------------------------------------------------
Cash and Borrowed Subd. Net Goodwill Tng Net MEMO:
Investments Loans MBS Deposits Funds Debt Worth & Intang Worth Pref.Stock
----------- ----- --- -------- -------- ----- ----- -------- ------- ----------
Gloversville FS&LA
- ------------------
September 30, 1997 8.8 81.2 5.8 92.0 2.1 0.0 5.4 0.0 5.4 0.0
SAIF-Insured Thrifts 17.6 68.1 11.1 70.1 15.2 0.2 12.9 0.2 12.6 0.0
All Public Companies 18.5 67.2 11.1 70.6 14.8 0.2 12.9 0.3 12.6 0.0
State of NY 22.8 56.3 17.5 73.1 12.8 0.0 11.4 0.6 10.8 0.0
Comparable Group Average 20.5 65.5 11.0 79.0 5.6 0.0 14.1 0.0 14.1 0.0
Mid-Atlantic Companies 20.5 65.5 11.0 79.0 5.6 0.0 14.1 0.0 14.1 0.0
Comparable Group
- ----------------
Mid-Atlantic Companies
- ----------------------
AFED AFSALA Bancorp, Inc. of NY(1) 44.1 46.4 7.4 85.0 1.0 0.0 13.5 0.0 13.5 0.0
AFBC Advance Fin. Bancorp of WV 10.5 86.3 0.3 76.5 7.3 0.0 15.4 0.0 15.4 0.0
ALBC Albion Banc Corp. of Albion NY 11.3 71.4 13.1 77.5 13.1 0.0 8.6 0.0 8.6 0.0
HRBF Harbor Federal Bancorp of MD 22.8 68.8 5.8 79.1 6.8 0.0 13.1 0.0 13.1 0.0
PEEK Peekskill Fin. Corp. of NY 18.9 25.7 54.2 72.8 0.0 0.0 26.1 0.0 26.1 0.0
PWBK Pennwood SB of PA 32.2 60.2 3.9 76.7 3.1 0.0 18.3 0.0 18.3 0.0
PRBC Prestige Bancorp of PA 20.9 67.6 8.5 65.3 22.6 0.0 11.2 0.0 11.2 0.0
SFED SFS Bancorp of Schenectady NY 13.2 74.0 10.3 86.1 0.0 0.0 12.5 0.0 12.5 0.0
SKAN Skaneateles Bancorp Inc of NY(3) 9.5 85.1 1.3 84.1 7.4 0.0 7.0 0.2 6.8 0.0
TPNZ Tappan Zee Fin., Inc. of NY(1) 28.5 45.2 23.7 81.2 0.0 0.0 17.0 0.0 17.0 0.0
ESBK The Elmira SB FSB of Elmira NY 20.3 76.1 0.0 90.9 2.0 0.0 6.4 0.2 6.2 0.0
WHGB WHG Bancshares of MD(1) 13.5 79.3 2.9 73.3 4.0 0.0 20.7 0.0 20.7 0.0
RP Financial, LC.
Page 3.6 (continued)
Table 3.2 (Continued)
Balance Sheet Annual Growth Rates Regulatory Capital
-------------------------------------------------------------- ------------------------
Cash and Loans Borrows. Net Tng Net
Assets Investments & MBS Deposits &Subdebt Worth Worth Tangible Core Reg.Cap.
------ ----------- ----- -------- -------- ----- ------- -------- ---- --------
Gloversville FS&LA
- ------------------
September 30, 1997 0.02 17.07 -1.10 0.72 NM -13.46 -13.46 5.41 5.41 10.01
SAIF-Insured Thrifts 11.67 5.08 13.14 8.10 14.45 3.29 2.57 11.01 11.05 22.66
All Public Companies 11.83 4.94 13.11 8.07 15.82 3.98 3.31 11.12 11.09 22.61
State of NY 10.84 -5.49 13.28 7.28 13.27 2.16 2.04 10.04 9.71 23.47
Comparable Group Average 8.31 9.41 7.71 5.99 -16.64 -0.75 -0.66 13.63 13.41 31.95
Mid-Atlantic Companies 8.31 9.41 7.71 5.99 -16.64 -0.75 -0.66 13.63 13.41 31.95
Comparable Group
- ----------------
Mid-Atlantic Companies
- ----------------------
AFED AFSALA Bancorp, Inc. of NY(1) 15.92 99.01 1.85 7.91 -22.41 NM NM 13.48 13.48 32.75
AFBC Advance Fin. Bancorp of WV 13.46 29.04 12.67 2.32 5.04 NM NM 15.50 15.50 24.60
ALBC Albion Banc Corp. of Albion NY 18.29 27.93 17.71 16.47 47.36 5.15 5.15 NM NM NM
HRBF Harbor Federal Bancorp of MD 1.59 -7.28 7.03 6.10 -31.25 3.18 3.18 9.92 9.92 21.76
PEEK Peekskill Fin. Corp. of NY -2.82 -8.21 -1.58 2.37 NM -13.93 -13.93 25.20 25.20 97.40
PWBK Pennwood SB of PA 3.07 -25.87 29.54 2.63 NM -5.60 -5.60 NM 18.05 34.17
PRBC Prestige Bancorp of PA 32.05 NM 20.82 9.86 NM 1.71 1.71 11.24 11.24 23.95
SFED SFS Bancorp of Schenectady NY 4.86 -3.98 6.05 5.63 NM 2.56 2.56 12.45 12.45 24.20
SKAN Skaneateles Bancorp Inc of NY(3) 3.01 -2.15 3.53 3.19 1.44 9.09 8.13 NM 6.79 11.29
TPNZ Tappan Zee Fin., Inc. of NY(1) 4.18 NM -15.69 12.24 -100.00 -1.73 -1.73 13.60 13.60 38.80
ESBK The Elmira SB FSB of Elmira NY 3.43 -0.65 4.52 1.46 NM 3.05 4.93 6.19 6.19 10.23
WHGB WHG Bancshares of MD(1) 2.73 -13.72 6.01 1.71 NM -11.00 -11.00 15.11 15.11 32.25
(1) Financial information is for the quarter ending June 30, 1997.
(3) Growth rates have been annualized from available financial information.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.7
Association versus 65.5 percent for the Peer Group on average. Conversely,
investments and MBS equaled 8.8 percent and 5.8 percent, respectively, for the
Association versus an average of 20.5 percent and 11.0 percent, respectively for
the Peer Group. Following the conversion, the Association's level of cash and
investments is expected to initially increase, pending the Association's
deployment of the proceeds into loans or alternatively, the repayment of
borrowings. Overall, the Association's IEA totaled 95.8 percent of assets which
was below the Peer Group's ratio of 97.0 percent.
While the Association utilized deposits as the primary source to fund
operations, the Peer Group relied on both deposits and borrowings as funding
sources, as reflected in the current deposits to assets ratios of 92.0 percent
and 79.0 percent, respectively, and borrowings to assets ratios of 2.1 percent
and 5.6 percent, respectively. Total interest-bearing liabilities ("IBL")
maintained by the Association and the Peer Group equaled 94.1 percent and 84.6
percent, respectively, with the Peer Group's lower ratio attributable to its
higher capital ratio. On a pro forma basis, the Association's IBL ratio is
expected to decline as a result of the Association's enhanced capital base and
potential deposit withdrawals to fund stock purchases.
Taken together, the comparative IEA/IBL ratios demonstrate a key component
of earning power. In this regard, the Association's ratio of 101.8ypercent was
lower than the Peer Group's ratio of 114.7 percent. On a post-offering basis,
the Association's ratio should improve but will nonetheless remain below the
Peer Group average.
The growth rate section of Table 3.2 shows growth rates for key balance
sheet items. The growth rates for the Association are for the year ended
September 30, 1997 while growth rates for the Peer Group are for the latest
trailing twelve months available. The slow growth nature of Gloversville
Federal's primary market area in upstate New York coupled with the restructuring
of management and operations contributed to Gloversville Federal's stable asset
base (i.e., nominal growth of 0.02 percent). In contrast, the Peer Group on
average posted relatively strong asset growth of 8.31 percent. The growth rate
differential is attributable to the Peer Group's stronger deposit growth. One
factor impacting the asset growth rate differentials is shrinkage in the
Association's loan portfolio as the Association's product offerings over much of
the period were limited and new management effectively scaled back residential
lending operations in 1994 in order to develop and implement appropriate lending
policies and procedures and to focus on improving asset quality. The
Association's net worth reflects shrinkage over the most recent fiscal year
equal to 13.46 percent while net worth balances were relatively flat for the
Peer Group. The Association's net worth growth was inhibited by the loss
reported during the twelve months ended 1997, while capital growth of the Peer
Group companies was restrained by various capital management strategies employed
by Peer Group members (such as stock repurchases and dividends).
RP Financial, LC.
Page 3.8
Income and Expense Components
- -----------------------------
For the twelve months ended September 30, 1997, Gloversville Federal
reported a net loss equal to 0.94 percent of average assets, which was lower
than the 0.73 percent positive ROA posted by the Peer Group companies (see Table
3.3). Gloversville Federal's earnings were supported by a comparatively strong
net interest margin, which was more than offset by lower levels of non-interest
operating income and operating expenses. The primary factor leading to the
Association's lower earnings however was weaker asset quality which led to
relatively higher loan loss provisions. The comparative income statement
analysis reveals some unique differences in the components of profitability, as
explained below.
Net interest income was the primary component of the Association's and the
Peer Group's earnings. Gloversville Federal's net interest income was more
favorable than that recorded by the Peer Group (3.98 percent and 3.57 percent of
average assets, respectively), notwithstanding the Association's lower capital
level. The primary factor leading to the differential is the Association's
favorable interest income ratio (7.95 percent of average assets versus 7.36
percent of average assets for the Peer Group) as the level of interest expense
to average assets did not result in a favorable comparison (3.96 percent for the
Association versus 3.79 percent for the Peer Group). As shown in the yield-cost
section of Table 3.3, Gloversville Federal's yield on assets equaled 8.21
percent versus an average of 7.58 percent for the Peer Group. We attribute
Gloversville Federal's favorable asset yields to its relatively high
concentration of loans, including higher yielding fixed rate residential and
commercial/multi-family mortgage loans. Additionally, the Association's cost of
funds has been minimized by slack growth which has minimized the need to price
deposits aggressively in relation to the prevailing market average (the
Association's cost of funds equaled 4.25 percent versus an average of 4.48
percent for the Peer Group). The reinvestment of the net conversion proceeds may
serve to initially dilute the Association's asset yields due to current market
rates on short- to intermediate-term investment securities but the net interest
margin should increase with an increase in the IEA/IBL ratio.
Non-interest income made a slightly smaller contribution to the
Association's earnings relative to the Peer Group's (0.25 percent of average
assets versus 0.30 percent for the Peer Group), reflecting the Association's
smaller, less diversified operations. Non-interest income for the Association
and the Peer Group is primarily comprised of deposit fee income, service
charges, late charges on loans, and other miscellaneous retail banking fee
revenues. No significant changes in non-interest income are anticipated on a
post-offering basis.
Gloversville Federal's operating expense ratio was higher than the Peer
Group ratio (3.74 percent of average assets versus 2.65 percent for the Peer
Group). The reasons for the higher operating expenses are related, in part, to
the relatively high number of employees in comparison to total assets ($2.2
million of assets per employee for the Association versus an average of $4.1
million for the Peer Group). Additionally, the
RP Financial, LC.
Page 3.9
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.3
Income as a Percent of Average Assets and Yields, Costs, Spreads
Comparable Institution Analysis
For the Twelve Months Ended September 30, 1997
Net Interest Income Other Income G&A/Other Exp.
------------------------------ ------------------- -----------------
Loss NII Total
Net Provis. After Loan R.E. Other Other G&A Goodwill
Income Income Expense NII on IEA Provis. Fees Oper. Income Income Expense Amort.
------ ------ ------- --- ------- ------- ---- ----- ------ ------ ------- --------
Gloversville FS&LA
- ------------------
September 30, 1997 -0.94 7.95 3.96 3.98 1.28 2.69 0.00 0.00 0.25 0.25 3.76 0.00
SAIF-Insured Thrifts 0.90 7.41 4.13 3.29 0.13 3.16 0.12 0.01 0.30 0.43 2.20 0.02
All Public Companies 0.94 7.42 4.07 3.35 0.13 3.22 0.11 0.01 0.30 0.42 2.21 0.03
State of NY 0.84 7.20 3.76 3.44 0.18 3.26 0.06 -0.03 0.26 0.29 2.17 0.06
Comparable Group Average 0.73 7.36 3.79 3.57 0.09 3.48 0.03 -0.01 0.28 0.30 2.65 0.00
Mid-Atlantic Companies 0.73 7.36 3.79 3.57 0.09 3.48 0.03 -0.01 0.28 0.30 2.65 0.00
Comparable Group
- ----------------
Mid-Atlantic Companies
- ----------------------
AFED AFSALA Bancorp, Inc. of NY(1)(3) 0.82 7.23 3.72 3.50 0.16 3.34 0.00 0.00 0.23 0.23 2.32 0.00
AFBC Advance Fin. Bancorp of WV 0.89 7.67 4.01 3.66 0.06 3.60 0.00 0.02 0.33 0.35 2.60 0.00
ALBC Albion Banc Corp. of Albion NY 0.50 7.56 4.16 3.40 0.11 3.29 0.01 0.05 0.45 0.52 3.02 0.00
HRBF Harbor Federal Bancorp of MD 0.71 7.37 4.44 2.93 0.02 2.91 0.05 0.00 0.06 0.11 1.86 0.00
PEEK Peekskill Fin. Corp. of NY 1.14 6.71 3.02 3.69 0.03 3.66 0.04 0.00 0.09 0.13 1.80 0.00
PWBK Pennwood SB of PA 0.99 7.90 3.64 4.26 0.08 4.18 0.00 -0.09 0.23 0.14 2.74 0.00
PRBC Prestige Bancorp of PA 0.63 7.06 3.86 3.20 0.07 3.12 0.00 0.00 0.27 0.27 2.39 0.00
SFED SFS Bancorp of Schenectady NY 0.69 7.18 3.80 3.37 0.07 3.30 0.07 0.01 0.16 0.24 2.54 0.00
SKAN Skaneateles Bancorp Inc of NY 0.70 7.65 3.86 3.79 0.19 3.60 0.04 -0.02 0.63 0.65 3.26 0.03
TPNZ Tappan Zee Fin., Inc. of NY(1) 0.72 7.29 3.52 3.77 0.06 3.71 0.00 -0.05 0.13 0.08 2.81 0.00
ESBK The Elmira SB FSB of Elmira NY 0.42 7.57 4.03 3.54 0.16 3.38 0.09 -0.03 0.68 0.74 3.44 0.02
WHGB WHG Bancshares of MD(1) 0.51 7.16 3.38 3.78 0.06 3.72 0.03 0.00 0.10 0.13 2.97 0.00
RP Financial, LC.
Page 3.9 (continued)
Table 3.3 (Continued)
Non-Op. Items Yields, Costs, and Spreads
-------------- -----------------------------
MEMO: MEMO:
Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
----- ------- --------- -------- -------- -------- ---------
Gloversville FS&LA
- ------------------
September 30, 1997 0.00 0.00 8.21 4.25 3.96 2,260 17.08
SAIF-Insured Thrifts 0.03 0.00 7.68 4.84 2.85 4,267 37.00
All Public Companies 0.04 0.00 7.69 4.77 2.92 4,245 36.78
State of NY 0.02 0.00 7.44 4.36 3.08 4,802 39.72
Comparable Group Average 0.01 0.00 7.58 4.48 3.10 4,081 36.46
Mid-Atlantic Companies 0.01 0.00 7.58 4.48 3.10 4,081 36.46
Comparable Group
- ----------------
Mid-Atlantic Companies
- ----------------------
AFED AFSALA Bancorp, Inc. of NY(1)(3) 0.00 0.00 7.13 4.20 2.93 3,618 NM
AFBC Advance Fin. Bancorp of WV 0.04 0.00 7.91 4.69 3.22 2,937 36.48
ALBC Albion Banc Corp. of Albion NY 0.01 0.00 7.92 4.63 3.29 2,623 37.76
HRBF Harbor Federal Bancorp of MD 0.00 0.00 7.61 5.19 2.43 4,621 38.61
PEEK Peekskill Fin. Corp. of NY 0.00 0.00 6.78 4.23 2.55 7,250 42.65
PWBK Pennwood SB of PA -0.14 0.00 8.23 4.60 3.63 4,331 31.45
PRBC Prestige Bancorp of PA 0.00 0.00 7.27 4.45 2.81 3,938 37.41
SFED SFS Bancorp of Schenectady NY 0.00 0.00 7.36 4.44 2.92 2,902 31.65
SKAN Skaneateles Bancorp Inc of NY 0.03 0.00 7.96 4.21 3.75 2,251 29.74
TPNZ Tappan Zee Fin., Inc. of NY(1) 0.02 0.00 7.50 4.37 3.13 8,868 27.71
ESBK The Elmira SB FSB of Elmira NY 0.12 0.00 7.85 4.33 3.52 2,056 46.43
WHGB WHG Bancshares of MD(1) 0.00 0.00 7.49 4.47 3.01 3,580 41.15
(1) Financial information is for the quarter ending June 30, 1997.
(3) Income and expense information has been annualized from available financial
information.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.10
Association's deposit structure, which moderates the cost of funds, is somewhat
more costly to service (i.e., transaction and passbook savings accounts are more
costly to process and service than are higher costing CDs and borrowings). The
Association's asset quality problems have increased operating costs relative to
the Peer Group (i.e., cost related to implementing new policies and procedures
and working out of problem assets) in addition to resulting in higher loan loss
provisions which have burdened Gloversville Federal's earnings. Last,
Gloversville Federal's static asset base has diminished its ability to achieve
economies of scale realized by the Peer Group.
When viewed together, net interest income before provisions, non-interest
income (excluding non-operating items) and operating expenses provide an insight
into an institution's earnings strength. In this regard, as measured by their
efficiency ratios, Gloversville Federal's ratio of 88.8ypercent is far less
favorable than the Peer Group's ratio of 68.5ypercent. The Association's less
favorable efficiency ratio is attributable to its relatively high operating
expenses and low level of fee income. We anticipate that the Association's
efficiency ratio will initially improve following the holding company
reorganization and stock offering as the net proceeds are invested in
interest-earning assets. At the same time, resumption of active residential
lending operations and the impact of the stock benefit plans will tend to
diminish the beneficial impact of the conversion offering on the efficiency
ratio and core operating returns. Additionally, the Association may likely seek
to relocate its current office in Saratoga Springs and/or open a new office in
Saratoga County, either of which would tend to initially increase the
Association's expense ratio.
Loan loss provisions had a more significant impact on the Association's
earnings, as would be expected given the higher level of NPAs relative to the
Peer Group. The management of Gloversville Federal has indicated that it
anticipates that loan loss provisions will be lower in the future. However, the
projection of lower loan loss provisions will be contingent upon management
meeting its projection for improvement in the Association's asset quality
ratios.
Net non-operating income and expense was nominal for both the Association
and the Peer Group which is reflective of their traditional thrift operating
strategies.
The Association reported an effective tax rate of negative 17.08 percent as
compared to an effective tax rate of 36.46 percent on average for the Peer
Group. Most of the Peer Group companies appear to be in a fully taxable
position. The Association's negative effective tax rate for fiscal 1997 is
attributable to the increase in the valuation allowance on the Association's
deferred tax asset. As of September 30, 1997, Gloversville Federal had a
deferred tax asset of $152,000, net of a valuation allowance of $652,000. Given
the fully taxable status of the Peer Group and their record of profitable
operations, we do not believe the Peer Group has comparable deferred tax assets.
RP Financial, LC.
Page 3.11
Loan Composition
- ----------------
Table 3.4 presents data related to the loan composition of Gloversville
Federal and the Peer Group. Residential mortgages and MBS accounted for the
largest portion of the Association's and the Peer Group's loan portfolios,
measured at 73.7 percent and 79.5 percent of total loan and MBS, respectively.
Both the Association and the Peer Group are primarily portfolio lenders,
although some Peer Group members engage in mortgage banking activity and
reported modest balances of loans serviced for others. The Association's higher
concentration of residential loans was more than offset by a lower ratio of MBS
relative to the Peer Group. On balance, Gloversville Federal's loan portfolio
was modestly more diversified than the Peer Group's loan portfolio.
The patterns of lending diversification for Gloversville Federal and the
Peer Group showed some key differences as well. Multi-family and commercial
mortgage lending was the primary area of loan portfolio diversification for the
Association (14.5 percent of loans and MBS) which is attributable to efforts by
new management to diversify the portfolio into higher yielding more interest
sensitive loans. In contrast, the Peer Group's multi-family/commercial mortgage
portfolio averaged 6.8 percent of loans and MBS while the Peer Group
participated in non-mortgage lending (11.9 percent loans and MBS) and
construction and land loans (3.1 percent of loans and MBS) to a greater extent.
The Association reported a higher risk-weighted assets ratio than the Peer
Group at 62.0 and 49.9 percent, respectively. The higher risk weighted asset
ratio is the result of the higher ratio of loans for the Association including
non-performing loans.
Credit Risk
- -----------
Overall, Gloversville Federal's credit risk exposure appears to be
significantly greater than the Peer Group's, as indicated by the Association's
higher level of NPAs and lower reserve coverage. As shown in Table 3.5,
Gloversville Federal's ratio of non-performing assets and accruing loans that
are more than 90 days past due equaled 6.73 percent of assets, versus a
comparative ratio of 0.81 percent for the Peer Group. Similarly, Gloversville
Federal's non-performing loans to loans ratio was higher than the Peer Group's
ratio (7.66 percent versus 0.95 percent for the Peer Group). Loss reserve ratios
as a percent of problem assets also indicated a potentially higher degree of
credit risk exposure for the Association, with the Association and the Peer
Group maintaining loss reserves as a percent of non-performing assets and
accruing loans that are more than 90 days past due of 42.53 percent and 120.23
percent, respectively, while loan chargeoffs were also higher for the
Association.
RP Financial, LC.
Page 3.12
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.4
Loan Portfolio Composition and Related Information
Comparable Institution Analysis
As of September 30, 1997
Portfolio Composition as a Percent of MBS and Loans
---------------------------------------------------
1-4 Constr. 5+Unit Commerc. RWA/ Serviced Servicing
Institution MBS Family & Land Comm RE Business Consumer Assets For Others Assets
- ----------- --- ------ ------- ------- -------- -------- ------ ---------- ---------
(%) (%) (%) (%) (%) (%) (%) ($000) ($000)
Gloversville FS&LA 6.49 67.25 0.98 14.49 2.59 8.19 62.01 0 0
SAIF-Insured Thrifts 14.95 62.12 5.31 11.80 6.30 1.67 52.63 401,148 3,376
All Public Companies 14.81 61.19 4.90 12.96 5.97 2.01 53.11 397,170 3,375
State of NY 25.36 49.77 1.32 16.49 5.67 1.80 47.55 621,685 6,068
Comparable Group Average 14.79 64.75 3.09 6.79 9.28 2.57 49.92 6,753 0
Comparable Group
- ----------------
AFED AFSALA Bancorp, Inc. of NY(1) 14.67 51.43 1.31 3.63 27.48 1.87 42.78 0 0
AFBC Advance Fin. Bancorp of WV 0.72 68.35 3.88 12.64 12.86 4.05 60.58 0 0
ALBC Albion Banc Corp. of Albion NY 7.90 74.76 3.20 4.41 10.38 0.50 NA 10,947 0
HRBF Harbor Federal Bancorp of MD 10.75 73.83 10.77 5.81 0.82 2.14 46.07 332 0
PEEK Peekskill Fin. Corp. of NY 70.63 28.19 0.49 0.45 0.47 0.00 25.89 0 0
PWBK Pennwood SB of PA 8.26 71.53 6.33 11.34 4.37 0.00 54.56 148 0
PRBC Prestige Bancorp of PA 16.08 77.01 0.85 0.61 5.05 0.88 48.08 0 0
SFED SFS Bancorp of Schenectady NY 15.34 80.21 0.25 3.65 0.42 0.00 53.20 3,771 0
SKAN Skaneateles Bancorp Inc of NY 1.90 69.67 0.87 14.60 3.76 9.23 67.46 22,945 0
TPNZ Tappan Zee Fin., Inc. of NY(1) 27.51 56.38 3.11 8.69 1.98 3.92 36.28 0 0
ESBK The Elmira SB FSB of Elmira NY 0.00 40.61 0.98 11.58 38.84 8.24 66.72 33,853 0
WHGB WHG Bancshares of MD(1) 3.72 85.03 5.09 4.11 4.97 0.00 47.46 9,045 0
(1) Financial information is for the quarter ending June 30, 1997.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.13
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.5
Credit Risk Measures and Related Information
Comparable Institution Analysis
As of September 30, 1997 or Most Recent Date Available
NPAs & Rsrves/
REO/ 90+Del/ NPLs/ Rsrves/ Rsrves/ NPAs & Net Loan NLCs/
Institution Assets Assets Loans Loans NPLs 90+Del Chargoffs Loans
- ----------- ------ ------- ----- ------- ------- ------- --------- -----
(%) (%) (%) (%) (%) (%) ($000) (%)
Gloversville FS&LA 0.51 6.73 7.66 3.14 42.53 39.28 430 0.87
SAIF-Insured Thrifts 0.26 0.77 0.85 0.78 160.37 123.06 309 0.09
All Public Companies 0.25 0.78 0.88 0.88 163.53 125.84 323 0.10
State of NY 0.16 0.90 1.21 1.04 109.44 90.71 613 0.12
Comparable Group Average 0.07 0.81 0.95 0.77 120.23 103.98 23 0.05
Comparable Group
- ----------------
AFED AFSALA Bancorp, Inc. of NY(1) 0.00 0.45 0.95 1.43 150.77 150.77 0 0.00
AFBC Advance Fin. Bancorp of WV 0.00 0.74 0.36 0.33 90.58 38.01 86 0.39
ALBC Albion Banc Corp. of Albion NY 0.00 0.12 0.17 0.53 321.43 321.43 5 0.04
HRBF Harbor Federal Bancorp of MD 0.03 0.10 0.15 0.28 189.19 189.19 0 0.00
PEEK Peekskill Fin. Corp. of NY 0.12 1.24 2.09 1.35 64.74 28.37 0 0.00
PWBK Pennwood SB of PA 0.08 1.49 1.42 1.04 73.41 42.39 37 -0.06
PRBC Prestige Bancorp of PA 0.01 0.33 0.47 0.40 84.20 82.34 7 0.03
SFED SFS Bancorp of Schenectady NY 0.06 0.75 0.87 0.58 66.37 57.32 34 -0.01
SKAN Skaneateles Bancorp Inc of NY 0.39 2.04 1.62 0.98 60.52 41.25 86 0.16
TPNZ Tappan Zee Fin., Inc. of NY(1) 0.00 1.68 2.48 1.17 47.26 32.52 0 0.00
ESBK The Elmira SB FSB of Elmira NY 0.12 0.64 0.64 0.86 133.30 103.23 16 0.04
WHGB WHG Bancshares of MD(1) 0.00 0.15 0.18 0.29 160.96 160.96 0 0.00
(1) Financial information is for the quarter ending June 30, 1997.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.14
As described in Section One, new management of Gloversville Federal
attributes the high level of NPAs to several factors as follows: (1) weak growth
and slack economic conditions locally; (2) weak underwriting and loan
administration by prior management (i.e., 30 day grace period on payments
provided in pre-1994 loans); and (3) the delinquency of many borrowers with
respect to local property taxes. With respect to this latter factor, such loans
have been modified or restructured and have an outstanding balance of $2.7
million - if they perform in accordance with their terms, the may be returned to
accrual status throughout 1998. At the same time, approximately $1.0 million of
the Association's delinquent loans are delinquent due to serious financial
problems (i.e., unemployment or bankruptcy of the borrower, etc.) and many such
loans are expected to be placed into foreclosure.
Interest Rate Risk
- ------------------
Table 3.6 reflects the relative interest rate risk exposure of Gloversville
Federal and the Peer Group. The Association's lower capital level was the key
factor contributing to its lower IEA/IBL ratio relative to the Peer Group (101.8
percent versus 115.2 percent, respectively). The Association's lower capital and
IEA/IBL ratios increases its funding costs relative to the Peer Group. However,
the Association's capital ratio and IEA/IBL ratio will increase on a
post-conversion basis. The Association's relative interest rate risk exposure
was exacerbated by the higher level of non-interest earning assets, including
non-accruing loans related to the Association's asset quality problems.
In the absence of available or comparable gap and rate shock analyses for
the Peer Group, the change in the quarterly net interest income ratio to average
assets for the Association and the Peer Group has been examined in relation to
the change in market interest rates. As shown in Table 3.6, the Association's
net interest margin has recently shown greater sensitivity to changing market
interest rates in comparison to the Peer Group's average net interest margin. We
attribute this sensitivity to Gloversville Federal's fixed rate lending emphasis
in which substantially all loans are originated for portfolio. On a pro forma
basis, the Association's improved capital position and reinvestment of proceeds
in short- to intermediate-term securities can be expected to lower exposure to
changes in interest rates modestly. At the same time, Gloversville Federal will
continue to possess significant interest rate risk in relation to the Peer Group
based on its higher level of non-earning and non-performing assets, and
significant investment in long-term fixed rate loans.
RP Financial, LC.
Page 3.15
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.6
Interest Rate Risk Measures and Net Interest Income Volatility
Comparable Institution Analysis
As of September 30, 1997 or Most Recent Date Available
Balance Sheet Measures
------------------------
Non-Earn. Quarterly Change in Net Interest Income
Equity/ IEA/ Assets/ ----------------------------------------------------------
Institution Assets IBL Assets 09/30/97 06/30/97 03/31/97 12/31/96 09/30/96 06/30/96
- ----------- ------ ----- --------- -------- -------- -------- -------- -------- --------
(%) (%) (%) (change in net interest income is annualized in basis points)
Gloversville FS&LA 5.4 101.8 4.2 -16 -2 -14 9 12 0
SAIF-Insured Thrifts 12.6 113.9 3.2 -3 1 0 0 -1 11
All Public Companies 12.6 114.0 3.2 -4 1 1 1 -1 11
State of NY 10.8 113.4 3.4 -6 -4 2 4 1 13
Comparable Group Average 14.1 115.2 3.0 -2 0 2 -2 13 10
Market Interest Rates
- ---------------------
1 Year Treasury Bill -- -- -- 5 -84 -74 127 45 105
30 Year Treasury Bond -- -- -- -12 -80 -45 6 21 52
Comparable Group
- ----------------
AFED AFSALA Bancorp, Inc. of NY(1) 13.5 114.0 2.1 NA -6 NA 0 NA 20
AFBC Advance Fin. Bancorp of WV 15.4 115.9 2.9 -10 10 44 -7 NA NA
ALBC Albion Banc Corp. of Albion NY 8.6 105.8 4.2 -2 2 -8 -18 7 19
HRBF Harbor Federal Bancorp of MD 13.1 113.5 2.5 2 7 10 -2 -3 11
PEEK Peekskill Fin. Corp. of NY 26.1 135.8 1.2 -5 4 -17 14 -21 12
PWBK Pennwood SB of PA 18.3 120.7 3.8 -9 -0 -26 17 65 -9
PRBC Prestige Bancorp of PA 11.2 110.4 2.9 -5 -9 6 -9 36 23
SFED SFS Bancorp of Schenectady NY 12.5 113.3 2.5 -1 -3 3 -9 3 -1
SKAN Skaneateles Bancorp Inc of NY 6.8 105.0 4.0 10 18 9 NA NA NA
TPNZ Tappan Zee Fin., Inc. of NY(1) 17.0 119.9 2.6 NA -12 -2 2 10 16
ESBK The Elmira SB FSB of Elmira NY 6.2 103.9 3.6 -1 0 -4 0 7 -4
WHGB WHG Bancshares of MD(1) 20.7 123.9 4.3 NA -9 13 -4 14 NA
(1) Financial information is for the quarter ending June 30, 1997.
NA = Change is greater than 100 basis points during the quarter.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.16
Summary
- -------
Based on the above analysis and the criteria employed by in the Peer Group
selection process, the Peer Group appears to form a reasonable basis for
determining the pro forma market value of the Association, subject to the
adjustments noted in the following section.
RP Financial, LC.
Page 4.1
IV. VALUATION ANALYSIS
Introduction
- ------------
This chapter presents the valuation analysis, prepared pursuant to the
approved valuation methodology promulgated by the OTS, and valuation factors
used to determine the estimated pro forma market value of the common stock of
the Holding Company. The common stock will be issued in conjunction with the
conversion of Gloversville Federal from the mutual-to-stock form of ownership.
The valuation has been prepared utilizing the pro forma valuation methodology
promulgated by the OTS, most recently set forth in their 1994 valuation
guidelines.
Appraisal Guidelines
- --------------------
The OTS appraisal guidelines, originally released in October 1983, specify
the methodology for estimating the pro forma market value of an institution. The
methodology included: (1) selection of a peer group of comparable seasoned
publicly-traded institutions whose pricing is not distorted due to a variety of
factors; (2) a fundamental analysis of the subject company to the peer group;
and (3) a pro forma valuation analysis of the subject company based on the
market pricing of the peer group as of the date of valuation. The amended
valuation guidelines also limit the amount of a new issue discount which may be
incorporated into the valuation and thereby curtail the potential price
appreciation in the after-market.
RP Financial's valuation analysis complies with the October 1983 OTS
appraisal guidelines as revised on October 21, 1994, incorporating a
"fundamental analysis" relative to the Peer Group and a "technical analysis" of
final conversion pricing and trading levels of recently completed conversions.
It should be noted that such analysis cannot possibly fully account for all the
market forces which impact after-market trading activity and pricing
characteristics of a stock on a given day.
The pro forma market value determined herein is a preliminary value for the
Holding Company's to-be-issued stock. Throughout the conversion process, RP
Financial will: (1) review changes in the Association's operations and financial
condition; (2) monitor the Association's operations and financial condition
relative to the Peer Group to identify any fundamental changes; (3) monitor the
external factors affecting value including, but not limited to, local and
national economic conditions, interest rates, and the stock market environment,
including the market for thrift stocks; and (4) monitor pending initial and
second step conversion offerings (including those in the offering phase) both
regionally and nationally. If material changes should occur during the
conversion process, RP Financial will prepare updated valuation reports
reflecting such changes and their related impact on
RP Financial, LC.
Page 4.2
value, if any, over the course of the conversion process. RP Financial will also
prepare a final valuation update at the closing of the conversion offering to
determine if the preliminary range of value continues to be appropriate.
The appraised value determined herein is based on the current market and
operating environment for the Association and for all thrifts. Subsequent
changes in the local and national economy, the legislative and regulatory
environment, the stock market, interest rates, and other external forces (such
as natural disasters or major world events), which may occur from time to time
(often with great unpredictability), may materially impact the market value of
all savings institution stocks, including Gloversville Federal, or Gloversville
Federal's value alone. To the extent a change in factors impacting the
Association's value can be reasonably anticipated and/or quantified, RP
Financial has incorporated the estimated impact into its analysis.
Valuation Analysis
- -------------------
A fundamental analysis discussing similarities and differences relative to
the Peer Group was presented in Chapter III. The following sections summarize
such differences between the Association and the Peer Group and how those
differences affect the pro forma valuation. Emphasis is placed on the specific
strengths and weaknesses of the Association relative to the Peer Group in such
key areas as financial condition, profitability, growth and viability of
earnings, asset growth, primary market area, dividends, liquidity of the issue,
marketing of the issue, management, and the effect of government regulations
and/or regulatory reform. We have also considered the market for savings
institution stocks, and in particular new issues, to assess the impact on value
of Gloversville Federal coming to market at this time.
1. Financial Condition
-------------------
The financial strength of an institution is an important determinant in pro
forma market value, because investors typically look to such factors as
liquidity, capital, asset composition and quality, and funding sources in
assessing investment attractiveness. The similarities and differences in the
Association's financial strength can be summarized as follows:
o Overall Asset/Liability. ("A/L") Composition. One-to-four family
permanent mortgage loans comprised the largest segment of the loan
portfolios of both Gloversville Federal and the Peer Group. The
primary difference with respect to the asset composition is the
Association's modestly higher level of loans, which is offset by the
Peer Group's modestly higher ratio of MBS. Additionally, in terms of
the loan portfolio composition, the Peer Group's portfolio reflects a
slightly greater level of diversification into commercial and
multi-family mortgage loans consistent with new management's targets
to build the portfolio up to 25 percent of total loans. Both have
funded their balance sheets primarily with retail deposits, although
the Peer Group has utilized borrowed funds to a greater extent. The
Association's pro forma IEA/IBL
RP Financial, LC.
Page 4.3
ratio will be improved on a post-conversion basis although it is
expected remain below the Peer Group average.
o Credit Risk. The Association has a greater level of credit risk
exposure in comparison to the Peer Group based primarily on its higher
level of NPAs and lower reserve coverage ratio. Additionally, the
Association's markets were hard hit by recessionary economic
conditions prevailing in the early 1990s, particularly the real estate
markets, and have yet to fully recover. At the same time, new
management has been revamping the Association's policies and
procedures with the objective of reducing the level of NPAs, although
the long-term success of such efforts is uncertain. We also believe
the relatively unseasoned nature of the loan portfolio also increases
the Association's credit risk exposure in comparison to the Peer
Group. Accordingly, over the near term, the level of NPAs is expected
to remain in excess of the Peer Group average while the coverage ratio
will be less favorable.
o Balance Sheet Liquidity. The Association operates with a lower level
of balance sheet liquidity based on its lower level of cash,
investments and MBS. While the Association has a lower level of
borrowed funds, which would normally indicate greater borrowing
potential, credit quality problems diminish the ability to utilize
whole loans as borrowing collateral. The Association's liquidity will
be improved somewhat on a post-conversion basis based on the initial
use of proceeds.
o Capitalization. The Association operates with a lower pre-conversion
capital level than the Peer Group. Although Gloversville Federal's
capital level will be improved following the conversion, it will
nonetheless remain below the Peer Group average.
On balance, the most distinguishing characteristic between the financial
condition of the Association and the Peer Group was credit quality and risk
profile. Gloversville Federal's less favorable credit quality measures, coupled
with its lower level of balance sheet liquidity and lower pro forma capital
ratio warrant the application of a significant downward adjustment for financial
strength.
2. Profitability, Growth and Viability of Earnings
-----------------------------------------------
Earnings are a key factor in determining pro forma market value, as the
level and risk characteristics of an institution's earnings stream and the
prospects and ability to generate future earnings heavily influence the multiple
the investment community will pay for earnings. The major factors considered in
the valuation are described below.
o Reported Earnings. The Association posted losses on operations for the
last two fiscal years versus moderate to strong profitability reported
by the Peer Group companies for the most recent twelve month period.
Reported earnings were well below the Peer Group average owing to its
comparatively higher operating expenses, loan loss provisions and
lower non-interest income levels. The foregoing items which led to the
Association's inferior earnings levels were offset to an extent, by
Gloversville Federal's comparatively higher level of net interest
income in comparison to the Peer Group average.
o Core Profitability. As noted previously, the Association's core
profitability is much lower than the Peer Group on a pro forma basis,
owing to its less favorable efficiency ratio. Additionally,
RP Financial, LC.
Page 4.4
management has indicated that while future expenses may be reduced as
asset quality improves, the resumption of more aggressive marketing of
residential mortgage loans coupled with the relocation of an existing
office and/or opening of a new office in Saratoga County may tend to
increase the Association's operating costs initially. Management
expects loan loss provisions to be lower in the future which will
improve core profitability although the Association's ability to
sustain lower loan loss provisions may be contingent upon its ability
to improve credit quality.
o Interest Rate Risk. The Association appears to have greater interest
rate risk exposure, primarily as a result of its practice of placing
15 and 30 year fixed rate residential mortgage loans into portfolio.
The reinvestment of the proceeds pursuant to Gloversville Federal's
stock offering could be expected to moderate the Association's
interest rate risk exposure somewhat.
o Credit Quality. Gloversville Federal reported loan loss provisions
well above the Peer Group average in an effort by new management to
establish an adequate level of allowances for loan losses in
conjunction with the Association's revised policies and procedures.
Nonetheless, we believe the Association continues to maintain
comparatively greater credit risk exposure relative to the Peer Group
based primarily on its higher level of NPAs and lower reserve coverage
ratio and due to the unseasoned nature of the commercial and
multi-family mortgage loan portfolio.
o Earnings Growth Potential. Earnings growth at the Association will be
constrained by a number of factors, including slow growth in its
Fulton County market, intense competition, and the costs which may be
incurred in undertaking further expansion in the more favorable
Saratoga County market. The Peer Group companies, on average, operate
in better market areas than the Association, which leads to greater
opportunities. Additionally, the Peer Group on average is larger than
the Association, which provides more flexibility in diversifying
operations. Based on the foregoing, the Association's earnings growth
potential appears to be less favorable than that of the Peer Group.
Overall, RP Financial concluded that Gloversville Federal's disadvantage in
core profitability, greater credit risk exposure, and lower earnings growth
potential warrant a significant downward adjustment for profitability, growth
and viability of earnings.
3. Asset Growth
------------
Recent growth trends and expectations are less favorable than for the Peer
Group companies, on average. The Association has been in a no growth mode as a
result of limited growth trends for the Fulton County market and as new
management focused on resolving asset quality problems and revamping policies
and procedures. While the Association has been effective in increasing the
commercial/multi-family mortgage loan portfolio, the ability to increase
residential mortgage lending operations is uncertain. Overall, we applied a
moderate downward adjustment to the valuation for this factor.
4. Primary Market Area
-------------------
The general condition of a financial institution's primary market area has
a significant impact on value, as future success is in part dependent upon
opportunities for profitable activities in the local market. Gloversville
RP Financial, LC.
Page 4.5
Federal's primary market area in Fulton County is a blue collar market that has
been relatively slow to recover from the economic recession of the 1980s. While
a large proportion of the manufacturing jobs that were lost have been replaced,
many of these are in services, which is typically a lower wage employment sector
than manufacturing. Conversely, the Association's market in Saratoga County is
more upscale and white collar market which has exhibited stronger growth trends.
As shown in Table 4.1, historical and projected population growth for the
Association's Fulton County market, where the majority of the depositors and
loan customers reside, exhibits comparable population growth trends in
comparison to the Peer Group and income levels which are well below the Peer
Group average. Demographic growth trends and income levels are more favorable
relative to the Peer Group in Saratoga County, although the Association
maintains a relatively small presence there. Overall, we believe no adjustment
is warranted for this factor as the negative characteristics of the Fulton
County market are offset by the greater potential of Saratoga County in
comparison to the markets served by the Peer Group.
5. Dividends
---------
The Holding Company has indicated that it will not initially pay a
dividend. The ability to pay a dividend will be based on numerous factors
including growth objectives, financial condition, the amount of net proceeds
retained by the Holding Company in the conversion, investment opportunities
available to the Holding Company and the Association, profitability, tax
considerations, minimum capital requirements, regulatory limitations, stock
market characteristics and general economic conditions.
Historically, savings institutions typically have not established dividend
policies at the time of their conversion to stock ownership. Newly converted
institutions, in general, have preferred to gain market seasoning, establish an
earnings track record and more fully invest the conversion proceeds before
establishing a dividend policy. However, during the late 1980s and early 1990s,
with negative publicity surrounding savings institutions, there was a tendency
for more institutions to initiate moderate dividend policies concurrent with
their conversion as a means of increasing the attractiveness of the stock
offering. Today, fewer institutions are compelled to initially establish
dividend policies at the time of their conversion offering to increase the
attractiveness of the stock issue as: (1) industry profitability has improved,
(2) the number of problem thrift institutions has declined, and (3) the stock
market cycle for thrift stocks is generally more favorable than in the early
1990s. At the same time, with ROE ratios under pressure, due to high equity
levels, well-capitalized institutions are subject to increased competitive
pressures to offer dividends and a number of institutions have instituted
special dividends.
RP Financial, LC.
Page 4.6
Table 4.1
Peer Group Market Area Comparative Analysis
Per Capita Income
Population Proj. ----------------- Deposit
------------ Pop. 1990-97 1997-2002 % State Market
Institution County 1990 1997 2002 % Change % Change Median Age Amount Average Share(1)
- ----------- ------ ---- ---- ----- -------- --------- ---------- ------ ------- --------
(000) (000)
Skaneateles Bancorp of NY Onondaga 469 464 462 -1.0% -0.6% 34.3 15,641 84.5% 3.7%
The Elmira SB, FSB of NY Chemung 95 93 91 -2.6% -1.8% 35.5 13,104 70.8% 22.1%
Harbor Federal Bancorp of MD Baltimore City 736 663 642 -9.9% -3.1% 34.5 14,868 70.0% 1.0%
Peekskill Financial Corp of NY Westchester 875 896 910 2.4% 1.6% 37.3 27,713 149.8% 0.7%
SFS Bancorp of NY Schenectady 149 147 145 -1.7% -1.2% 37.0 16,937 91.5% 6.6%
AFSALA Bancorp of NY Montgomery 52 52 52 -0.4% -0.2% 37.3 12,121 65.5% 15.2%
Prestige Bancorp of PA Allegheny 1,336 1,286 1,252 -3.8% -2.6% 38.8 18,708 103.9% 0.3%
Tappan Zee Financial of NY Westchester 875 896 910 2.4% 1.6% 37.3 27,713 149.8% 0.5%
Advance Financial Bancorp of WV Brooke 27 26 26 -1.9% -1.3% 39.9 14,365 110.0% 43.1%
WHG Bancshares of MD Baltimore 692 721 741 4.2% 2.8% 37.0 21,680 102.1% 0.6%
Albion Bancorp of NY Orleans 42 45 47 8.0% 5.1% 34.8 11,705 63.3% 12.1%
Pennwood SB of PA Allegheny 1,336 1,286 1,252 -3.8% -2.6% 38.8 18,708 103.9% 0.1%
----- ----- ----- ---- ---- ---- ------ ----- ----
Averages: 557 548 544 -0.7% -0.2% 36.9 17,772 97.1% 8.8%
Medians: 580.6 563.7 551.9 -1.3% -0.9% 37.2 16,289 96.8% 2.4%
Gloversville FS&LA of NY Fulton 54 54 54 -0.7% -0.5% 36.6 12,156 65.7% 6.7%
Saratoga 181 196 206 8.2% 5.2% 34.7 16,087 86.9% 1.2%
(1) Total institution deposits in headquarters county as percent of total
county deposits.
Sources: CACI, SNL Securities, Bureau of Labor Statistics
RP Financial, LC.
Page 4.7
As publicly-traded savings institution's capital levels and profitability
have improved and as weakened institutions have been resolved, the proportion of
institutions with cash dividend policies has increased. All twelve institutions
in the Peer Group presently pay regular cash dividends, with implied dividend
yields ranging from 0.62 percent to 2.06 percent. The average dividend yield on
the stocks of the Peer Group institutions was 1.56 percent as of December 12,
1997, representing an average earnings payout ratio of 37.42 percent. As of
December 12, 1997, more than 80 percent of all publicly-traded savings
institutions had adopted cash dividend policies (see Exhibit IV-1), exhibiting
an average yield of 1.83 percent and an average payout ratio of 35.04 percent.
The dividend paying institutions generally maintain higher than average
profitability ratios, facilitating their ability to pay cash dividends, which
supports a market pricing premium on average relative to non-dividend paying
institutions.
The Holding Company's ability following the completion of the conversion to
pay a dividend will be lower based on the following considerations: (1)
management is committed to maintaining the Association's capital position at a
minimum of 10 percent of assets for the near term following the conversion which
may limit the amount of cash proceeds retained by the Holding Company; and (2)
the Holding Company's consolidated capital and core earnings will be below the
Peer Group average. Based on the foregoing, we have applied a moderate downward
adjustment for this factor.
6. Liquidity of the Shares
-----------------------
The Peer Group is by definition composed of companies that are traded in
the public markets, all of which trade on the NASDAQ system. Typically, the
number of shares outstanding and market capitalization provides an indication of
how much liquidity there will be in a particular stock. The market
capitalization of the Peer Group companies ranged from $7.0 million to $55.9
million as of December 12, 1997, with an average market value of $25.9 million.
The shares outstanding of the Peer Group members ranged from 0.3 million to 3.1
million, with average shares outstanding of approximately 1.3 million.
The Association's stock is anticipated to be traded in the over-the-counter
market ("OTC"), which typically provides a lower level of liquidity than listing
on NASDAQ or trading on an exchange. Furthermore, the Association's pro forma
market capitalization and number of shares outstanding will be well below the
Peer Group averages. Based on the foregoing, we have applied a moderate downward
adjustment for this factor.
7. Marketing of the Issue
----------------------
We believe that three separate markets exists for savings institution
stocks coming to market such as Gloversville Federal: (A) the after-market for
public companies, in which trading activity is regular and
RP Financial, LC.
Page 4.8
investment decisions are made based upon financial condition, earnings, capital,
ROE and dividends; (B) the new issue market in which converting thrifts are
evaluated on the basis of the same factors but on a pro forma basis without the
benefit of a stock trading history and reporting quarterly operating results as
a publicly-held company; and (C) the acquisition market for savings institution
franchises in New York. All of these markets were considered in the valuation of
the Association's conversion.
A. Public Market
-------------
The value of publicly-traded thrift stocks is easily measurable, and is
tracked by most investment houses and related organizations. Exhibit IV-1
provides pricing and financial data on all publicly-traded thrifts. In general,
thrift stock values react to market stimuli such as interest rates, inflation,
perceived industry health, projected rates of economic growth, regulatory issues
and stock market conditions in general. Exhibit IV-2 displays historical stock
market trends for various indices and includes historical stock price index
values for thrifts and commercial banks. Exhibit IV-3 displays historical stock
price indices for thrifts only.
In terms of assessing general stock market conditions, the stock market has
generally trended higher over the past year. Following the rapid rise in the
stock market during November 1996, which was supported by the "status quo"
election results, stocks retreated during the first half of December. Profit
taking, concern about speculative excesses in the stock market and higher
interest rates all contributed to the decline in the stock market.
The stock market resumed an upward trend during the end of 1996 and the
first three weeks of 1997, with the DJIA establishing several new highs in the
process. Factors contributing to the rally in the stock market included the
Federal Reserve's decision to leave rates unchanged at its December meeting,
economic data which reflected moderate growth and low inflation, and favorable
fourth quarter earnings particularly in the technology sector. However, a
disappointing fourth quarter earnings report by IBM ignited a sell-off in the
stock market in late-January. Higher interest rates extended the downturn, as
the 30-year bond approached 7.0 percent at the end of January. A high degree of
market volatility was evident throughout most of February 1997, reflecting
concern over speculative excesses in the stock market; particularly, as the DJIA
closed above the 7000 mark in mid-February. Profit taking, growing expectations
of a correction and comments by the Federal Reserve Chairman pulled the market
lower in late-February.
Following a downturn in late-February 1997, the market recovered in
early-March. Despite increasing expectations of an interest rate hike by the
Federal Reserve, the Dow Jones Industrial Average ("DJIA") closed to a new
record high of 7085.16 on March 11, 1997. However, an upward revision to the
January retail sales figure triggered a one day sell-off in stocks and bonds on
March 13, 1997, as the stronger than
RP Financial, LC.
Page 4.9
expected growth heightened expectations of an interest rate increase by the
Federal Reserve. Unease over higher interest rates, profitability concerns in
the technology sector and litigation concerns for tobacco stocks pulled the
stock market lower in mid-March. As expected, the Federal Reserve increased the
rate on short-term funds by 0.25 percent at its late-March meeting. Following
the rate increase, the sell-off in the stock market became more severe amid
further signs of an accelerating economy. Stocks bottomed-out on news of a
stronger than expected rise in core producer prices for March, with the DJIA
closing at 6391.69 on April 11, 1997, or 9.8 percent below the all-time high
recorded a month ago.
Some favorable first quarter earnings reports and news of a possible
settlement by tobacco companies to resolve the threat of liability lawsuits
provided for a modest recovery in the stock market in mid-April 1997. In
late-April, the release of economic data which indicated mild inflationary
pressures furthered the rally in bond and stock prices. News of a budget
agreement and a favorable ruling for tobacco companies sent the stock market
soaring to record highs in early-May. Mixed economic data and the Federal
Reserve's decision to leave its target for the federal funds rate unchanged at
its May meeting sustained a positive trend in the stock market through the end
of May. Profit worries caused a sell-off in technology stocks in early-June,
while declining interest rates served to stabilize the broader market.
Technology stocks rallied the stock market to new highs in mid-July, as a number
of technology companies posted favorable second quarter earnings. Favorable
inflation data, including second quarter GDP growth slowing to an annual rate of
2.2 percent, versus 4.9 percent in the first quarter, and comments by the
Federal Reserve Chairman which indicated that an increase in interest rates was
not imminent, spurred bond and stock prices strongly higher during the second
half of July.
A decline in the July 1997 unemployment rate reversed the positive bond and
stock market trends in early-August, as inflation concerns became more
prominent. A declining dollar against the yen and mark sharpened the decline in
bond prices, with the 30-year U.S. Treasury bond increasing from 6.32 percent at
the end of July to 6.66 percent as of August 8, 1997. The sell-off in bonds
pulled stock prices lower as well. While bond prices firmed in mid-August,
notable volatility was evident in the stock market. The DJIA moved at least 100
points for five consecutive days from August 18, 1997 through August 21, 1997,
which set a record for volatility. Profit worries among some of the large blue
chip companies and mixed inflation readings were factors contributing to the
roller-coaster performance of the stock market. Despite strengthening bond
prices, stocks traded lower through the end of August. Bond prices moved higher
on inflation data which showed that prices stayed low during the second quarter,
even though second quarter GDP growth was revised upward to annual rate of 3.6
percent compared to an original estimate of 2.2 percent.
Volatility returned to the stock market in early-September, with the DJIA
posting a record breaking point increase of 257.36 on September 2, 1997. The
rally was sparked by economic data that indicated manufacturing growth slowed in
August, thereby easing investors' inflation worries. However, the rally was not
RP Financial, LC.
Page 4.10
sustained, as the DJIA pulled back following the one day rally. The pull back
was largely attributed to profit worries, which more than offset favorable
inflation news indicated by a slight increase in the national unemployment rate
for August (4.9 percent in August versus 4.8 percent in July). Stocks fluctuated
in a narrow trading range in mid-September, in anticipation of third quarter
earnings and August economic data. The low inflation reading indicated by the
August consumer price index sent stock and bond prices sharply higher on
September 16, 1997, with the DJIA posting a 175 point increase and the yield on
the 30-year U.S. Treasury bond posting its second largest decline in the 1990s.
Uncertainty over third quarter earnings provided for a mixed stock market
performance towards the end of September, while generally favorable inflation
readings pushed interest rates to their lowest level in two years. The release
of September employment data on October 3, 1997 caused bond and stock prices to
soar in early trading activity, as the September unemployment rate was unchanged
at 4.9 percent and fewer jobs than expected were added to the economy during
September. However, most of the initial gains were erased by news of rising
tensions between Iraq and Iran.
Congressional testimony by the Federal Reserve Chairman, in which he
indicated that it would be difficult to maintain the current balance between
tight labor markets and low inflation, caused stock and bond prices to skid in
mid-October 1997. Disappointing third quarter earnings in the technology sector
sharpened the sell-off in the stock market, with the Dow Jones Industrial
Average ("DJIA") posting consecutive losses of more than 1.0 percent on October
16 and 17.
Stocks bounced back in early-week trading the following week, reflecting
positive third quarter earnings surprises posted by some of the blue chip
stocks. However, the recovery was abbreviated by global selling pressure led by
the decline in the Hong Kong stock market, as the DJIA posted a two-day loss
approximating 320 points on October 23 and 24, 1997. The sell-off in the world
financial markets turned into a rout on the following Monday, with a 5.8 percent
decline in the Hong Kong stock market fueling the largest ever point decline in
the DJIA. On October 24, the DJIA declined 554 points or 7.2 percent. While the
selling was broad based, technology stocks sensitive to Asian demand experienced
some of the sharpest declines. The turmoil in the stock market provided for a
sharp rally in U.S. Treasury bonds, reflecting a flight to quality by skittish
investors. The stock market recovered strongly the day after the record breaking
point decline, as the DJIA surged a record breaking 337 points on October 28.
Comparatively, bond prices declined sharply on October 28, as investors pulled
out of the Treasury market to reinvest into the stock market.
Market conditions remained uneven through the week ended October 31, 1997,
which was followed by a soaring stock market on November 3, 1997. The DJIA
posted a 232 point increase on November 3, which was supported by a resurgence
in the Hong Kong market. Following the one day rally, volatility returned to the
stock market through mid-November. The market's uneven performance was largely
attributable to the ongoing influence of the international markets, particularly
the Asian and Latin American markets. In mid-
RP Financial, LC.
Page 4.11
November, the yield on the 30-year bellwether Treasury issue approached 6.0
percent, its lowest level since February 1996. Advances in the bond market
provided for a generally positive stock market environment in the second half of
November, with bank and technology issues being among the strongest performers.
Renewed confidence that the Asian governments would control the region's
financial problems furthered the stock market rally in early-December. Despite a
sell off in the bond market caused by the November unemployment rate dropping to
its lowest level since October 1973, the Dow Jones Industrial showed surprising
strength and closed almost 99 points higher on December 5, 1997. Stocks declined
the following week, as earnings concerns, particularly in the technology sector,
overshadowed a rally in the bond market. Positive inflation news and world
market turmoil caused investors to dump stocks in favor of bonds, which served
to push the yield on the bellwether 30-year Treasury bond below 6.0 percent in
mid-December. On December 12, 1997, the DJIA closed at 7838.30, an increase of
24.3 percent from year a year ago.
Similar to the overall stock market, the market for thrift stocks has
generally been favorable during the past twelve months. Similar to the overall
stock market, thrift prices traded lower in early-December 1996. Profit taking
and expectations of higher interest rates were factors contributing to the pull
back in thrift issues. However, bullish sentiment for thrift stocks heightened
at the beginning of 1997, as investors reacted positively to favorable inflation
data and generally strong fourth quarter earnings. The rally in thrift issues
was driven by the large California institutions, reflecting expectations that
there would be further consolidation among the large California thrifts. The
acquisition speculation for the large California thrifts became a reality in
mid-February, as H.F. Ahmanson's unsolicited offer to acquire Great Western
Financial sent the SNL Index soaring in mid-February.
Stable interest rates and acquisition activity supported higher thrift
prices in early-March 1997; however, like the stock market in general, the peak
in thrift prices was followed by a sharp sell-off in mid-March. In fact,
interest-rate sensitive issues were among the sectors hardest hit by the revised
January retail sales report, as the 30-year bond approached 7.0 percent.
Interest-rate sensitive issues continued to experience selling pressure in
late-March and early-April, as signs of a strengthening economy pushed interest
rates higher. The sell-off in thrift stocks culminated on April 11, 1997, as
interest rates increased sharply on news of the higher than expected rise in
core producer prices for March. Thrift prices edged modestly higher in
mid-April, reflecting generally favorable first quarter earnings and a slight
decline in interest rates following the release of economic data which showed
that inflation was low. Favorable inflation data and the budget agreement
provided for a more substantial rally in thrift stocks in late-April and
early-May, as interest-rate sensitive issues were bolstered by declining
interest rates.
Thrift stocks continued to trend higher through June and early-July 1997,
based on the improved interest rate outlook and an overall positive outlook for
the economy. Generally favorable second quarter
RP Financial, LC.
Page 4.12
earnings and the 30-year U.S. Treasury bond yield declining below 6.50 percent
served to further boost thrift prices in mid-July, with the declining interest
rate environment serving to sustain the rally in thrift prices through the end
of July. Thrift prices generally declined during the first half of August, due
to higher interest rates and profit taking. From July 31, 1997 to August 15,
1997, the SNL Index declined by 3.7 percent. Thrift prices recovered modestly
during the second half of August, as the Federal Reserve left short-term
interest rates unchanged at its August meeting. Thrift stocks participated in
the one day stock market rally on September 2, 1997, as evidenced by a 1.95
percent increase in the SNL Index. News of NationsBank's proposed acquisition of
Barnett Banks for more than four times its book value appears to have further
contributed to the one day run-up in thrift prices. In contrast to the overall
stock market, thrift prices continued to move higher following the one day rally
in the DJIA. Stable interest rates and acquisition news sustained the positive
market for thrift issues. The decline in interest rates following the release of
the August consumer price index in mid-September served to further the rally in
thrift prices. During late-September and early-October, interest-rate sensitive
issues in general benefited from the declining interest rate environment and
expectations of strong third quarter earnings.
The upward trend in thrift prices stalled in mid-October 1997, as interest
rates moved higher following warnings by the Federal Reserve Chairman of
inflation creeping back into the economy due to the tight labor markets. Thrift
stocks gyrated in conjunction with the overall market in late-October, with the
SNL index declining by 5.2 percent on October 27 and increasing by 2.4 percent
on October 28. Thrift prices further recovered on October 29, which was
supported by a rally in the bond market. Aided by the favorable interest rate
climate, thrift stocks posted further gains in early-November and then retreated
modestly in mid-November. Thrift and bank issues declined on concerns that a
slowing U.S. economy could lead to weaker loan demand and higher delinquency
rates. However, led by the strengthening bond market, thrift and bank issues
moved higher during late-November and early-December. Acquisition news also
contributed to the upturn in bank and thrift prices, as two major bank
acquisitions were announced for relatively high price-to-book multiples. First
Union Corp.'s proposed acquisition of CoreStates Financial ($47 billion in
assets) was for 539 percent of book value, while First American Corporation's
proposed acquisition for Deposit Guaranty Corporation ($6.8 billion in assets)
was for 419 percent of book value. Those deals, along with speculation of
possible other major thrift and bank acquisitions, filtered into the prices of
bank and thrift issues in general. Concern of relatively high valuations and
speculation of weaker economic growth leading to an increase in commercial loan
problems somewhat offset the declining interest rate environment, as thrift
issues traded in a narrow range in mid-December. The SNL Index for all
publicly-traded thrifts closed at 783.3 on December 12, 1997, an increase of
66.2 percent from one year ago.
RP Financial, LC.
Page 4.13
B. The New Issue Market
--------------------
In addition to thrift stock market conditions in general, the new issue
market for converting thrifts is also an important consideration in determining
the Association's pro forma market value. Over the past year, the market for
converting thrift issues has generally been favorable. Fewer offerings, more
attractive pricing, lower interest rates, and the general positive trend in
thrift prices facilitated a healthy market for converting thrift issues during
the fourth quarter of 1996. In general, the market environment for converting
thrift issues has been highly receptive throughout 1997, with the most recently
completed conversions experiencing very strong market interest. Since
mid-September 1997, conversion issues that have been completed and began trading
exhibited an average price increase of 40.7 percent on the first day of trading.
As shown in Table 4.2, the average one week change in price for publicly-traded
conversion offerings completed during the latest three month period ending
December 12, 1997 equaled positive 45.3 percent. The average pro forma
price/tangible book and price/earnings ratios of the recent conversions was 80.5
percent and 18.1 times, generally reflecting closings at the top of the super
range.
In examining the current pricing characteristics of institutions completing
their conversions during the last three months (see Tabley4.3), we note there
exists a considerable difference in pricing ratios compared to the universe of
all publicly-traded thrifts. Specifically, the current average P/B ratio of the
conversions completed in the most recent three month period of 135.02 percent
reflects a discount of 15.3 percent from the average P/B ratio of all
publicly-traded SAIF-insured thrifts (equal to 159.37 percent), and the core P/E
ratio of the recent conversions was at a notable premium to the all SAIF-insured
public average core P/E ratio of 20.43 times. Only three out of the five
recently converted companies were trading at a core P/E multiple of less than 30
times. The pricing ratios of the better capitalized but lower earning (based on
return on equity measures) recently converted thrifts suggest that the
investment community has determined to discount their stocks on a book basis
until the earnings improve through redeployment and leveraging of the proceeds
over the longer term.
In determining our valuation adjustment for marketing of the issue, we
considered trends in both the overall thrift market and the new issue market.
The overall market for thrift stocks is considered to be healthy, as thrift
stocks are currently exhibiting pricing ratios that are approaching historically
high levels. Investor interest in the new issue market has been favorable, as
most of the recently completed offerings have been oversubscribed and have
recorded healthy price increases in initial post-conversion trading activity.
RP Financial, LC.
Page 4.14
RP Financial, LC.
December 15, 1997
----------------------------------------------------------
Table 4.2
Recent Conversions (Last Three Months)
Conversion Pricing Characteristics: Sorted Chronologically
----------------------------------------------------------
Pre-Conversion Data Insider Purchases
------------------------------ Offering ---------------------
Institutional Information Financial Info. Asset Quality Information Benefit Plans
- --------------------------------------------------------- --------------- ------------- ------------------ -------------
Conversion Equity/ NPAs/ Res. Gross % of Exp./ Recog. Mgmt.
Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc. ESOP Plans & Dirs.
- ----------- ----- ---------- ------ ------ ------- ------ ---- ----- ---- ----- ---- ------ -------
($Mil) (%) (%)(2) (%) ($Mil) (%) (%) (%) (%) (%)(3)
Community Natl Corp(8,9) TN 12/12/97 CNLK 27 14.83% 0.69% 103% 4.5 132% 7.2% 0.0% 4.0% 17.6%
High County Bancorp CO 12/10/97 HCBC 76 7.81% 0.23% 286% 12.6 132% 4.4% 8.0% 4.0% 11.0%
Equality Bancorp, Inc. (8) MO * 12/02/97 EBI 239 5.82% 0.29% 41% 13.2 115% 3.9% 9.0% 5.0% 10.6%
Landmark Financial Corp. NY 12/01/97 P.Sheet 14 6.66% 1.38% 55% 1.5 132% 9.9% 8.0% 4.0% 8.2%
First Security Fed Fin., Inc IL 10/31/97 FSFF 260 11.52% 0.87% 74% 64.1 132% 1.7% 8.0% 4.0% 4.4%
Oregon Trail Financial Corp. OR 10/06/97 OTFC 220 10.08% 0.12% 280% 46.9 132% 2.3% 8.0% 4.0% 3.9%
Riverview Bancorp, Inc. (8) WA * 10/01/97 RVSB 230 11.24% 0.14% 245% 35.7 132% 2.8% 8.0% 4.0% 2.9%
SHS Bancorp, Inc. PA 10/01/97 SHSB 83 5.52% 1.41% 36% 8.2 132% 5.7% 8.0% 4.0% 5.2%
Ohio State Financial Serv OH * 09/29/97 P. Sheet 34 14.45% 0.47% 86% 6.3 94% 5.7% 8.0% 4.0% 8.3%
Citizens Bancorp IN 09/19/97 P. Sheet 46 12.28% 0.45% 84% 10.6 132% 4.6% 8.0% 4.0% 16.1%
Averages: $123 10.02% 0.61% 129% 20.4 128% 4.8% 7.3% 4.1% 8.8%
Medians: 80 10.66% 0.46% 85% 11.6 132% 4.5% 8.0% 4.0% 8.3%
Averages, Excluding 2nd Steps $105 9.76% 0.70% 150% $21.5 127% 4.9% 8.0% 4.0% 8.2%
Medians, Excluding 2nd Steps $76 10.08% 0.47% 84% $10.6 132% 4.6% 8.0% 4.0% 8.2%
Table 4.2 (Continued)
Pro Forma Data
Institutional Information ------------------------------------------
- --------------------------------------------------------- Pricing Ratios(4) Fin. Characteristics
Conversion --------------------- --------------------
Institution State Date Ticker P/TB P/E(5) P/A ROA TE/A ROE
- ----------- ----- ---------- ------ ---- ------ --- --- ---- ---
(%) (x) (%) (%) (%) (%)
Community Natl Corp(8,9) TN 12/12/97 CNLK 85.9% 17.1 22.9% 1.3% 26.7% 5.0%
High County Bancorp CO 12/10/97 HCBC 77.8% 26.1 15.1% 0.6% 19.5% 3.0%
Equality Bancorp, Inc. (8) MO * 12/02/97 EBI 100.5% 18.8 10.0% 0.5% 9.9% 5.4%
Landmark Financial Corp. NY 12/01/97 P.Sheet 70.9% NM 9.8% 0.7% 13.8% -6.8%
First Security Fed Fin., Inc IL 10/31/97 FSFF 78.1% 16.5 21.1% 1.3% 27.0% 4.7%
Oregon Trail Financial Corp. OR 10/06/97 OTFC 75.3% 13.6 18.1% 1.0% 20.7% 5.1%
Riverview Bancorp, Inc. (8) WA * 10/01/97 RVSB 109.0% 17.7 23.6% 1.3% 21.6% 6.2%
SHS Bancorp, Inc. PA 10/01/97 SHSB 72.3% 24.5 9.1% 0.4% 12.6% 3.0%
Ohio State Financial Serv OH * 09/29/97 P. Sheet 62.3% 13.4 16.0% 1.2% 25.7% 4.6%
Citizens Bancorp IN 09/19/97 P. Sheet 72.9% 14.8 14.8% 1.1% 46.3% 2.4%
Averages: 80.5% 18.1 16.1% 0.9% 22.4% 3.3%
Medians: 76.5% 17.1 15.6% 1.1% 21.2% 4.7%
Averages, Excluding 2nd Steps 72.8% 18.1 14.9% 0.9% 23.7% 2.3%
Medians, Excluding 2nd Steps 72.9% 15.6 15.1% 1.0% 20.7% 3.0%
RP Financial, LC.
Page 4.14 (continued)
Table 4.2 (Continued)
Post-IPO Pricing Trends
-------------------------------------------------------
Closing Price:
Institutional Information -----------------------------------------------
- --------------------------------------------------------- First After After
Conversion IPO Trading % First % First %
Institution State Date Ticker Price Day Chg. Week(6) Chg. Month(7) Chg.
- ----------- ----- ---------- ------ ----- ------- ---- ------- ---- -------- ----
($) ($) (%) ($) (%) ($) (%)
Community Natl Corp(8,9) TN 12/12/97 CNLK 10.00 $11.56 15.6% $11.88 18.8% NA NA
High County Bancorp CO 12/10/97 HCBC 10.00 14.44 44.4% 14.81 48.1% NA NA
Equality Bancorp, Inc. (8) MO * 12/02/97 EBI 10.00 13.50 35.0% 15.38 53.8% 14.88 48.8%
Landmark Financial Corp. NY 12/01/97 P.Sheet 10.00 11.88 18.8% 12.00 20.0% 12.06 20.6%
First Security Fed Fin., Inc IL 10/31/97 FSFF 10.00 15.06 50.6% 15.13 51.3% 16.06 60.6%
Oregon Trail Financial Corp. OR 10/06/97 OTFC 10.00 16.75 67.5% 16.75 67.5% 15.88 58.8%
Riverview Bancorp, Inc. (8) WA * 10/01/97 RVSB 10.00 13.25 32.5% 13.63 36.3% 13.25 32.5%
SHS Bancorp, Inc. PA 10/01/97 SHSB 10.00 14.75 47.5% 16.25 62.5% 16.00 60.0%
Ohio State Financial Serv OH * 09/29/97 P. Sheet 10.00 15.50 55.0% 15.50 55.0% 14.88 48.8%
Citizens Bancorp IN 09/19/97 P. Sheet 10.00 14.00 40.0% 14.00 40.0% 15.38 53.8%
Averages: $10.00 $14.07 40.7% $14.53 45.3% $14.80 48.0%
Medians: $10.00 $14.22 42.2% $14.97 49.7% $15.13 51.3%
Averages, Excluding 2nd Steps $10.00 $14.63 46.3% $14.92 49.2% $15.04 50.4%
Medians, Excluding 2nd Steps $10.00 $14.75 47.5% $15.13 51.3% $15.63 56.3%
Note: * - Appraisal performed by RP Financial; "NT" - Not Traded;
"NA" - Not Applicable, Not Available.
(1) Non-OTS regulated thrifts.
(2) As reported in summary pages of prospectus.
(3) As reported in prospectus.
(4) Does not take into account the adoption of SOP 93-6.
(5) Excludes impact of special SAIF assessment on earnings.
(6) Latest price if offering less than one week old.
(7) Latest price if offering more than one week but less than one month old.
(8) Second-step conversions.
(9) Simultaneously converted to commercial bank charter.
RP Financial, LC.
Page 4.15
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.3
Market Pricing Comparatives
Prices As of December 12, 1997
Market Per Share Data
Capitalization -------------- Dividends(4)
---------------- Core Book Pricing Ratios(3) ------------------------
Price/ Market 12-Mth Value/ ------------------------------------ Amount/ Payout
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5)
- --------------------- -------- ------ ------ ------ ----- ------ ----- ------ ------ ------- ----- --------
($) ($Mil) ($) ($) (x) (%) (%) (%) (x) ($) (%) (%)
SAIF-Insured Thrifts 23.89 181.59 1.12 15.13 19.50 159.37 19.33 162.79 20.43 0.37 1.58 30.13
All Public Companies 24.46 191.17 1.18 15.18 19.25 164.21 19.62 168.34 20.07 0.38 1.58 30.15
Special Selection Grouping(8) 15.80 63.96 0.52 11.89 27.14 135.02 25.11 136.24 27.14 0.00 0.00 0.00
State of NY 29.69 437.60 1.30 17.31 20.77 169.56 19.51 181.39 20.72 0.44 1.41 29.51
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
EBI Equality Bancorp of St Louis 14.87 36.97 0.53 9.95 28.06 149.45 14.82 149.45 28.06 0.00 0.00 0.00
FSFF First SecurityFed Fin of IL 15.94 102.14 0.61 12.80 26.13 124.53 33.66 124.53 26.13 0.00 0.00 0.00
OTFC Oregon Trail Fin. Corp of OR 16.06 75.40 0.59 13.29 27.22 120.84 29.02 120.84 27.22 0.00 0.00 0.00
RVSB Riverview Bancorp of WA 14.87 91.12 0.45 9.56 NM 155.54 32.28 161.63 NM 0.00 0.00 0.00
SHSB SHS Bancorp, Inc. of PA 17.25 14.15 0.41 13.83 NM 124.73 15.76 124.73 NM 0.00 0.00 0.00
Table 4.3 (Continued)
Financial Characteristics(6)
----------------------------------------------
Reported Core
Total Equity/ NPAs/ ---------- ----------
Financial Institution Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------ ------- ------ ---- ---- ---- ----
($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 1,195 13.00 0.77 0.89 8.05 0.87 7.81
All Public Companies 1,222 12.94 0.78 0.94 8.63 0.91 8.33
Special Selection Grouping(8) 237 18.87 0.48 0.90 5.33 0.89 5.25
State of NY 2,419 11.98 0.90 0.85 8.10 0.84 7.98
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
EBI Equality Bancorp of St Louis 249 9.92 0.29 0.53 5.33 0.53 5.33
FSFF First SecurityFed Fin of IL 303 27.03 NA 1.29 4.77 1.29 4.77
OTFC Oregon Trail Fin. Corp of OR 260 24.02 0.07 1.07 4.44 1.07 4.44
RVSB Riverview Bancorp of WA 282 20.76 0.14 1.22 9.14 1.17 8.75
SHSB SHS Bancorp, Inc. of PA 90 12.64 1.43 0.37 2.96 0.37 2.96
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB =
Price to tangible book value; and P/CORE = Price to estimated core
earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month earnings and average equity and assets
balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Converted Last 3 Mths (no MHC).
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 4.16
C. Acquisition Market
------------------
Also considered in the valuation was the potential impact on Gloversville
Federal's stock price of recently completed and pending acquisitions of other
thrifts operating in Gloversville Federal's market area. As shown in Exhibit
IV-4, there were 10 completed deals, and 2 pending transactions involving
publicly-traded savings institutions, although most of the acquisition activity
was in the New York metropolitan area, which is relatively distant from the
Association's market. The recent acquisition activity involving New York savings
institutions may imply a certain degree of acquisition speculation for the
Association's stock. To the extent that acquisition speculation may impact the
Association's offering, we have largely taken this into account in selecting
primarily New York or Mid-Atlantic U.S. savings institutions that also
experience a degree of acquisition speculation.
Taking these factors and trends into account, RP Financial concluded that a
slight upward adjustment was appropriate in the valuation analysis for purposes
of marketing of the issue.
8. Management
----------
By virtue of its asset size, Gloversville Federal's management team is
constrained by the resources available relative to other larger institutions.
However, Gloversville Federal under the leadership of new management (since
1994) appears to have the experience and expertise in all of the key areas of
the Association's operations. In this regard, the Association's CEO has decades
of banking industry experience and management has recently been bolstered by the
employment of a commercial lending officer and an asset review officer. The
financial results of the Peer Group companies indicate that they have been
effectively managed, as all of the Peer Group companies maintained adequate
levels of capital and recorded positive earnings, favorable interest rate risk
and favorable credit quality.
There are two principal areas where the Association's management fall short
of the Peer Group companies. First, management depth is necessarily limited in
view of the Association's smaller asset size. Additionally, management has a
more limited track record with the Association, particularly since much of
management's time since 1994 has been devoted to resolving asset quality
problems and developing and implementing new policies and procedures.
Accordingly, we have applied a moderate downward adjustment for this factor.
RP Financial, LC.
Page 4.17
9. Effect of Government Regulation and Regulatory Reform
-----------------------------------------------------
The 1996 recapitalization of the SAIF insurance fund has removed the
difference in deposit insurance costs between BIF and SAIF-insured institutions.
As a fully-converted SAIF-insured institution, Gloversville Federal will operate
in substantially the same regulatory environment as the Peer Group members --
all of whom are adequately capitalized institutions and are operating with no
apparent restrictions. Exhibit IV-6 reflects the Association's pro forma
regulatory capital ratios. On balance, RP Financial concluded that no adjustment
to the Association's value was warranted for this factor.
Summary of Adjustments
- ----------------------
Overall, we believe the Association's pro forma market value should take
into account the valuation adjustments relative to the Peer Group:
Key Valuation Parameters: Valuation Adjustment
------------------------- --------------------
Financial Condition Significant Downward
Profitability, Growth and Viability of Earnings Significant Downward
Asset Growth Moderate Downward
Primary Market Area No Adjustment
Dividends Moderate Downward
Liquidity of the Shares Moderate Downward
Marketing of the Issue Slight Upward
Management Moderate Downward
Effect of Government Regulations and Regulatory Reform No Adjustment
Valuation Approaches
- --------------------
In applying the accepted valuation methodology promulgated by the OTS and
adopted by the FDIC, i.e., the pro forma market value approach, we considered
the three key pricing ratios in valuing Gloversville Federal's to-be-issued
stock -- the price/earnings ("P/E"), price/book ("P/B"), and price/assets
("P/A") approaches -- all performed on a pro forma basis including the effects
of the conversion proceeds. In computing the pro forma impact of the conversion
and the related pricing ratios, we have incorporated the valuation parameters
disclosed in Gloversville Federal's prospectus for offering expenses, and the
effective tax rate and stock benefit plan assumptions (summarized in Exhibits
IV-7 and IV-8). We have utilized the reinvestment rate set forth in the
prospectus, the one year T-Bill rate as of September 30, 1997 of 5.44 percent,
which is consistent with the near term anticipated use of proceeds. With regard
to the employee stock ownership plan and stock reward plans, we have performed
the valuation assuming the ESOP purchases an amount equal to 8.0 percent of the
offering (10
RP Financial, LC.
Page 4.18
year amortization) and the MRP acquires 4.0 percent of the offering. In our
estimate of value, we assessed the relationship of the pro forma pricing ratios
relative to the Peer Group and the recent conversions.
RP Financial's valuation placed emphasis on the following:
o P/E Approach. The P/E approach is generally the best indicator of
long-term value for a stock. However, the usefulness of the P/E
approach in Gloversville Federal's valuation is diminished by a number
of factors including the following: (1) Gloversville Federal has
reported operating losses over the last two fiscal years; and (2) the
high level of NPAs and the low reserve coverage ratio introduce a
significant element of volatility into future earnings. At the same
time, management is projecting positive, albeit moderate, earnings in
the future based on the targeted improvement in asset quality.
However, such projections are based on numerous assumptions and
projections, all of which are subject to change. Accordingly, we have
deemphasized the earnings approach in the derivation of value relative
to its importance in the valuation of most entities with more
consistent earnings streams.
o P/B Approach. P/B ratios have generally served as a useful benchmark
in the valuation of thrift stock, with the greater determinant of long
term value being earnings. RP Financial considered the P/B approach to
be a reliable indicator of value given current market conditions,
particularly the market for new conversions (witness that a number
recent conversions reported not meaningful P/E ratios). For this
reason, coupled with the Association's current low earnings levels led
us to place relatively greater weight on pro forma book value (fully
converted basis), with the emphasis on tangible book value (fully
converted basis), in the determination of Gloversville Federal's
value.
o P/A Approach. P/A ratios are generally a less reliable indicator of
market value, as investors do not place exclusive weight simply on the
size of total assets as a determinant of market value. Furthermore,
this approach does not take into account the amount of stock purchases
funded by deposit withdrawals, thus understating the pro forma P/A
ratio. Investors place significantly greater weight on book value and
earnings.
The Association intends to adopt Statement of Position ("SOP" 93-6), which
will cause earnings per share computations to be based on shares issued and
outstanding excluding shares owned by an ESOP where there is not a commitment to
release such shares. For the purpose of preparing the pro forma pricing tables
and exhibits, we have reflected all shares issued in the offering including
shares purchased by the ESOP as outstanding to capture the full dilutive impact
of such stock to the Association's shareholders. However, we have considered the
impact of adoption of SOP 93-6 on the Association in the determination of the
Association's pro forma value.
Based on the application of the three valuation approaches, taking into
consideration the valuation adjustments discussed above, and placing the
greatest weight on the P/TB and P/E approaches, followed by the P/A approach, RP
Financial concluded that the pro forma market value of the Association's
conversion stock is $5,000,000 at the midpoint at this time.
RP Financial, LC.
Page 4.19
1. Price-to-Tangible Book ("P/TB"). The application of the P/TB valuation
method requires calculating the Association's pro forma market value by applying
a valuation P/TB ratio to Gloversville Federal's pro forma tangible book value.
Based on the $5,000,000 midpoint valuation, Gloversville Federal's pro forma
P/TB ratio was 69.72 percent. In comparison to the average P/TB ratio for the
Peer Group of 130.46 percent, Gloversville Federal's valuation reflected a
discount of 46.55 percent. RP Financial considered a discount under the P/TB
approach to be reasonable in light of the valuation adjustments discussed
previously. Given the historically high P/TB pricing for thrifts in today's
market, a valuation discount under the P/TB approach could only be expected and
is consistent with the aftermarket trading of new conversion issues.
Given the emphasis on limiting near term aftermarket trading in the revised
appraisal guidelines, RP Financial also considered the pro forma P/TB ratios of
recent conversions in its valuation analysis. It is these companies that provide
a proxy for aftermarket trading for new thrift issues. At the midpoint value of
$5,000,000, Gloversville Federal's pro forma P/TB ratio of 69.72 percent
represented a discount of 46.1 percent from the 131.15 percent average P/TB
ratio of the recently converted thrifts (see Table 4.3). At the super maximum of
the valuation range, Gloversville Federal's pro forma P/B ratio of 76.97 percent
is discounted by approximately 43.5 percent from the new conversions.
2. Price-to-Earnings ("P/E"). The application of the P/E valuation method
requires calculating the Association's pro forma market value by applying a
valuation P/E multiple (fully converted basis) to the pro forma earnings base.
Ideally, the pro forma earnings base is composed principally of the
Association's recurring earnings base, that is, earnings adjusted to exclude any
one-time non-operating items, plus the estimated after-tax earnings benefit of
the reinvestment of net conversion proceeds. In the case of Gloversville Federal
however, the earnings approach is rendered less meaningful by a number of
factors including: (1) the operating losses reported by the Association's for
the last two fiscal years; and (2) the high level of NPAs, and low reserve
coverage (management has indicated however that loan loss provisions are
expected to be lower in the future).
Based on Gloversville Federal's trailing twelve month earnings, and
incorporating the impact of the pro forma assumptions discussed previously, the
Association's pro forma P/E multiple (fully converted basis) at the $5,000,000
midpoint value is not meaningful (i.e., the Association's earnings multiple is
negative). Incorporating pre-conversion earnings projected in the business plan
of $92,000 (six months annualized results), the pro forma P/E multiple is equal
to 54.3 times.
3. Price-to-Assets ("P/A"). The P/A valuation methodology determines market
value by applying a valuation P/A ratio to the Association's pro forma asset
base, conservatively assuming no deposit withdrawals are made to fund stock
purchases. In all likelihood there will be deposit withdrawals, which results in
RP Financial, LC.
Page 4.20
understating the pro forma P/A ratio which is computed herein. At the midpoint
of the valuation range, Gloversville Federal's value equaled 7.70 percent of pro
forma assets. Comparatively, the Peer Group companies exhibited an average P/A
ratio of 17.88 percent, which implies a 56.9 percent discount being applied to
the Association's pro forma P/A ratio.
Valuation Conclusion
- --------------------
Based on the foregoing, it is our opinion that, as of December 12, 1997,
the aggregate pro forma market value of the Association was $5,000,000 at the
midpoint, equal to 500,000 shares offered at $10.00 per share. Pursuant to the
conversion guidelines, the 15 percent offering range includes a minimum of
$4,250,000 and a maximum of $5,750,000. Based on the $10.00 per share offering
price, this valuation range equates to an offering of 425,000 shares at the
minimum to 575,000 shares at the maximum. The Holding Company's offering also
includes a provision for a super maximum, which would result in an offering size
of $6,612,500, equal to 661,250 shares at the $10.00 per share offering price.
The comparative pro forma valuation ratios relative to the Peer Group are shown
in Tabley4.4, and the key valuation assumptions are detailed in Exhibit IV-7.
The pro forma calculations for the range are detailed in Exhibit IV-8.
RP Financial, LC.
Page 4.21
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.4
Public Market Pricing
Gloversville FS&LA and the Comparables
As of December 12, 1997
Market Per Share Data
Capitalization -------------- Dividends(4)
---------------- Core Book Pricing Ratios(3) ------------------------
Price/ Market 12-Mth Value/ ------------------------------------ Amount/ Payout
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5)
-------- ------ ------ ------ ----- ------ ----- ------ ------ ------- ----- --------
($) ($Mil) ($) ($) (x) (%) (%) (%) (x) ($) (%) (%)
Gloversville FS&LA
- ------------------
Superrange 10.00 6.61 -0.72 12.99 -13.98 76.97 9.97 76.97 -13.98 0.00 0.00 0.00
Range Maximum 10.00 5.75 -0.85 13.62 -11.74 73.42 8.77 73.42 -11.74 0.00 0.00 0.00
Range Midpoint 10.00 5.00 -1.01 14.34 -9.92 69.72 7.70 69.72 -9.92 0.00 0.00 0.00
Range Minimum 10.00 4.25 -1.22 15.32 -8.20 65.27 6.61 65.27 -8.20 0.00 0.00 0.00
SAIF-Insured Thrifts(7)
- -----------------------
Averages 23.89 181.59 1.12 15.13 19.50 159.37 19.33 162.79 20.43 0.37 1.58 30.13
Medians -- -- -- -- 19.18 150.78 17.84 154.00 20.03 -- -- --
All Non-MHC State of NY(7)
- --------------------------
Averages 29.67 466.26 1.34 17.68 20.44 163.77 19.02 174.50 20.72 0.45 1.43 30.09
Medians -- -- -- -- 19.94 155.95 17.14 157.65 20.40 -- -- --
Comparable Group Averages
- -------------------------
Averages 21.06 25.85 0.86 16.29 22.86 129.72 17.88 130.46 23.35 0.33 1.56 37.42
Medians -- -- -- -- 22.76 123.94 17.76 123.94 22.76 -- -- --
State of NY
- -----------
AFED AFSALA Bancorp, Inc. of NY 18.75 27.28 0.82 14.74 22.87 127.20 17.14 127.20 22.87 0.24 1.28 29.27
ALBK ALBANK Fin. Corp. of Albany NY 46.00 592.11 2.87 26.69 15.92 172.35 15.93 195.66 16.03 0.72 1.57 25.09
ALBC Albion Banc Corp. of Albion NY 28.00 7.00 1.29 24.26 21.37 115.42 9.89 115.42 21.71 0.32 1.14 24.81
AHCI Ambanc Holding Co., Inc. of NY 18.00 77.51 -0.68 14.57 NM 123.54 15.98 123.54 NM 0.20 1.11 NM
ASFC Astoria Financial Corp. of NY 57.37 1185.61 2.80 29.51 19.38 194.41 15.00 229.85 20.49 0.60 1.05 21.43
CNY Carver Bancorp, Inc. of NY 16.87 39.04 0.02 15.09 NM 111.80 9.39 116.34 NM 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY 17.37 80.89 0.85 15.41 20.68 112.72 27.93 112.72 20.44 0.32 1.84 37.65
DME Dime Bancorp, Inc. of NY 26.00 2638.79 1.28 10.38 20.00 250.48 13.59 263.16 20.31 0.16 0.62 12.50
DIME Dime Community Bancorp of NY 23.37 295.05 1.07 14.81 21.25 157.80 21.30 183.15 21.84 0.24 1.03 22.43
FIBC Financial Bancorp, Inc. of NY 24.50 41.90 1.56 15.71 16.78 155.95 14.11 156.75 15.71 0.40 1.63 25.64
FFIC Flushing Fin. Corp. of NY 23.00 183.61 1.04 17.08 23.23 134.66 19.12 140.24 22.12 0.24 1.04 23.08
GOSB GSB Financial Corp. of NY 17.12 38.49 0.44 13.78 NM 124.24 33.62 124.24 NM 0.00 0.00 0.00
GPT GreenPoint Fin. Corp. of NY 67.19 2877.48 3.30 29.63 19.88 226.76 21.98 NM 20.36 1.00 1.49 30.30
HAVN Haven Bancorp of Woodhaven NY 21.75 190.79 1.32 12.53 16.60 173.58 10.41 174.14 16.48 0.30 1.38 22.73
JSB JSB Financial, Inc. of NY 48.50 480.05 2.64 35.91 16.33 135.06 31.36 135.06 18.37 1.40 2.89 53.03
LISB Long Island Bancorp, Inc of NY 46.25 1111.06 1.74 22.74 22.45 203.39 18.73 205.28 26.58 0.6 1.30 34.48
MBB MSB Bancorp of Middletown NY 30.50 86.74 0.52 21.15 NM 144.21 10.66 293.83 NM 0.60 1.97 NM
NYB New York Bancorp, Inc. of NY 38.31 816.73 2.46 7.93 15.96 NM 25.18 NM 15.57 0.60 1.57 24.39
PEEK Peekskill Fin. Corp. of NY 17.50 55.88 0.66 14.81 26.52 118.16 30.83 118.16 26.52 0.36 2.06 54.55
PKPS Poughkeepsie Fin. Corp. of NY(7)10.37 130.61 0.37 5.91 28.03 175.47 14.77 175.47 28.03 0.20 1.93 54.05
PSBK Progressive Bank, Inc. of NY 36.00 137.81 2.16 20.18 16.36 178.39 15.58 198.13 16.67 0.68 1.89 31.48
QCSB Queens County Bancorp of NY 36.50 551.44 1.45 11.44 25.35 319.06 35.78 319.06 25.17 0.80 2.19 55.17
RELY Reliance Bancorp, Inc. of NY 34.00 296.21 2.07 19.29 17.35 176.26 14.56 239.94 16.43 0.64 1.88 30.92
RSLN Roslyn Bancorp, Inc. of NY 21.88 954.89 0.93 14.04 29.97 155.84 27.48 156.62 23.53 0.28 1.28 30.11
RP Financial, LC.
Page 4.21 (continued)
Table 4.4 (Continued)
Financial Characteristics(6)
-------------------------------------------------
Reported Core
Total Equity/ NPAs/ ----------- -----------
Assets Assets Assets ROA ROE ROA ROE
------ ------- ------ ---- ---- ---- ----
($Mil) (%) (%) (%) (%) (%) (%)
Gloversville FS&LA
- ------------------
Superrange 66 12.95 6.19 -0.71 -5.51 -0.71 -5.51
Range Maximum 66 11.94 6.26 -0.75 -6.25 -0.75 -6.25
Range Midpoint 65 11.05 6.33 -0.78 -7.03 -0.78 -7.03
Range Minimum 64 10.13 6.39 -0.81 -7.96 -0.81 -7.96
SAIF-Insured Thrifts(7)
- -----------------------
Averages 1,195 13.00 0.77 0.89 8.05 0.87 7.81
Medians -- -- -- -- -- -- --
All Non-MHC State of NY(7)
- --------------------------
Averages 2,571 12.07 0.91 0.86 8.21 0.85 8.10
Medians -- -- -- -- -- -- --
Comparable Group Averages
- -------------------------
Averages 149 14.14 0.81 0.72 5.59 0.72 5.47
Medians -- -- -- -- -- -- --
State of NY
- -----------
AFED AFSALA Bancorp, Inc. of NY 159 13.47 0.45 0.79 6.46 0.79 6.46
ALBK ALBANK Fin. Corp. of Albany NY 3,717 9.24 0.94 1.04 11.41 1.04 11.33
ALBC Albion Banc Corp. of Albion NY 71 8.57 0.12 0.50 5.53 0.49 5.45
AHCI Ambanc Holding Co., Inc. of NY 485 12.94 0.73 -0.59 -4.24 -0.61 -4.43
ASFC Astoria Financial Corp. of NY 7,904 7.72 0.46 0.81 10.37 0.77 9.81
CNY Carver Bancorp, Inc. of NY 416 8.40 1.31 -0.15 -1.74 0.01 0.13
CATB Catskill Fin. Corp. of NY 290 24.78 0.40 1.39 5.20 1.41 5.26
DME Dime Bancorp, Inc. of NY 19,413 5.43 1.02 0.68 12.66 0.67 12.46
DIME Dime Community Bancorp of NY 1,385 13.50 0.60 1.09 6.91 1.06 6.72
FIBC Financial Bancorp, Inc. of NY 297 9.05 1.75 0.91 9.52 0.97 10.18
FFIC Flushing Fin. Corp. of NY 960 14.20 0.39 0.95 5.92 0.99 6.22
GOSB GSB Financial Corp. of NY 114 27.06 NA 1.02 3.77 0.86 3.19
GPT GreenPoint Fin. Corp. of NY 13,094 9.69 2.88 1.09 10.41 1.06 10.17
HAVN Haven Bancorp of Woodhaven NY 1,833 6.00 0.76 0.68 11.28 0.68 11.37
JSB JSB Financial, Inc. of NY 1,531 23.22 1.07 1.93 8.61 1.71 7.65
LISB Long Island Bancorp, Inc of NY 5,931 9.21 0.91 0.86 9.35 0.73 7.90
MBB MSB Bancorp of Middletown NY 814 7.39 NA 0.27 3.87 0.18 2.55
NYB New York Bancorp, Inc. of NY 3,244 5.21 0.88 1.62 31.66 1.66 32.45
PEEK Peekskill Fin. Corp. of NY 181 26.09 1.24 1.14 4.30 1.14 4.30
PKPS Poughkeepsie Fin. Corp. of NY(7) 884 8.42 4.19 0.54 6.43 0.54 6.43
PSBK Progressive Bank, Inc. of NY 885 8.73 0.94 0.96 11.35 0.94 11.15
QCSB Queens County Bancorp of NY 1,541 11.22 0.69 1.54 11.21 1.55 11.28
RELY Reliance Bancorp, Inc. of NY 2,035 8.26 0.67 0.89 10.80 0.93 11.40
RSLN Roslyn Bancorp, Inc. of NY 3,474 17.64 0.27 0.96 5.10 1.22 6.50
RP Financial, LC.
Page 4.22
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.4 (Continued)
Public Market Pricing
Gloversville FS&LA and the Comparables
As of December 12, 1997
Market Per Share Data
Capitalization -------------- Dividends(4)
---------------- Core Book Pricing Ratios(3) ------------------------
Price/ Market 12-Mth Value/ ------------------------------------ Amount/ Payout
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5)
-------- ------ ------ ------ ----- ------ ----- ------ ------ ------- ----- --------
($) ($Mil) ($) ($) (x) (%) (%) (%) (x) ($) (%) (%)
State of NY (Continued)
- -----------------------
SFED SFS Bancorp of Schenectady NY 24.50 30.16 0.94 17.64 26.06 138.89 17.32 138.89 26.06 0.28 1.14 29.79
SKAN Skaneateles Bancorp Inc of NY 18.87 27.04 1.16 12.10 15.73 155.95 10.92 160.60 16.27 0.27 1.43 23.28
ROSE T R Financial Corp. of NY 33.50 589.33 1.69 13.09 17.82 255.92 15.96 255.92 19.82 0.64 1.91 37.87
TPNZ Tappan Zee Fin., Inc. of NY 20.00 29.76 0.57 14.20 NM 140.85 23.97 140.85 NM 0.28 1.40 49.12
ESBK The Elmira SB FSB of Elmira NY 30.00 22.26 1.03 19.55 23.62 153.45 9.75 157.65 29.13 0.61 2.03 59.22
YFCB Yonkers Fin. Corp. of NY 18.75 56.64 0.99 14.52 19.13 129.13 18.10 129.13 18.94 0.24 1.28 24.24
Comparable Group
- ----------------
AFED AFSALA Bancorp, Inc. of NY 18.75 27.28 0.82 14.74 22.87 127.20 17.14 127.20 22.87 0.24 1.28 29.27
AFBC Advance Fin. Bancorp of WV 17.75 19.24 0.81 15.02 21.39 118.18 18.20 118.18 21.91 0.32 1.80 39.51
ALBC Albion Banc Corp. of Albion NY 28.00 7.00 1.29 24.26 21.37 115.42 9.89 115.42 21.71 0.32 1.14 24.81
HRBF Harbor Federal Bancorp of MD 23.75 40.21 0.91 16.75 26.10 141.79 18.51 141.79 26.10 0.48 2.02 52.75
PEEK Peekskill Fin. Corp. of NY 17.50 55.88 0.66 14.81 26.52 118.16 30.83 118.16 26.52 0.36 2.06 54.55
PWBK Pennwood SB of PA 18.50 10.55 0.91 15.33 22.29 120.68 22.13 120.68 20.33 0.32 1.73 35.16
PRBC Prestige Bancorp of PA 19.25 17.61 0.85 16.88 22.65 114.04 12.78 114.04 22.65 0.12 0.62 14.12
SFED SFS Bancorp of Schenectady NY 24.50 30.16 0.94 17.64 26.06 138.89 17.32 138.89 26.06 0.28 1.14 29.79
SKAN Skaneateles Bancorp Inc of NY 18.87 27.04 1.16 12.10 15.73 155.95 10.92 160.60 16.27 0.27 1.43 23.28
TPNZ Tappan Zee Fin., Inc. of NY 20.00 29.76 0.57 14.20 NM 140.85 23.97 140.85 NM 0.28 1.40 49.12
ESBK The Elmira SB FSB of Elmira NY 30.00 22.26 1.03 19.55 23.62 153.45 9.75 157.65 29.13 0.61 2.03 59.22
WHGB WHG Bancshares of MD 15.87 23.20 0.34 14.16 NM 112.08 23.15 112.08 NM 0.32 2.02 NM
RP Financial, LC.
Page 4.22 (continued)
Table 4.4 (Continued)
Financial Characteristics(6)
-------------------------------------------------
Reported Core
Total Equity/ NPAs/ ----------- -----------
Assets Assets Assets ROA ROE ROA ROE
------ ------- ------ ---- ---- ---- ----
($Mil) (%) (%) (%) (%) (%) (%)
State of NY (Continued)
- -----------------------
SFED SFS Bancorp of Schenectady NY 174 12.47 0.75 0.68 5.36 0.68 5.36
SKAN Skaneateles Bancorp Inc of NY 248 7.00 2.04 0.70 10.25 0.68 9.91
ROSE T R Financial Corp. of NY 3,692 6.24 0.54 0.97 15.55 0.87 13.98
TPNZ Tappan Zee Fin., Inc. of NY 124 17.02 1.68 0.72 4.05 0.70 3.98
ESBK The Elmira SB FSB of Elmira NY 228 6.35 0.64 0.42 6.63 0.34 5.38
YFCB Yonkers Fin. Corp. of NY 313 14.02 0.48 1.05 6.64 1.06 6.71
Comparable Group
- ----------------
AFED AFSALA Bancorp, Inc. of NY 159 13.47 0.45 0.79 6.46 0.79 6.46
AFBC Advance Fin. Bancorp of WV 106 15.40 0.74 0.89 6.41 0.87 6.25
ALBC Albion Banc Corp. of Albion NY 71 8.57 0.12 0.50 5.53 0.49 5.45
HRBF Harbor Federal Bancorp of MD 217 13.06 0.10 0.71 5.50 0.71 5.50
PEEK Peekskill Fin. Corp. of NY 181 26.09 1.24 1.14 4.30 1.14 4.30
PWBK Pennwood SB of PA 48 18.34 1.49 0.99 5.21 1.09 5.71
PRBC Prestige Bancorp of PA 138 11.21 0.33 0.63 5.12 0.63 5.12
SFED SFS Bancorp of Schenectady NY 174 12.47 0.75 0.68 5.36 0.68 5.36
SKAN Skaneateles Bancorp Inc of NY 248 7.00 2.04 0.70 10.25 0.68 9.91
TPNZ Tappan Zee Fin., Inc. of NY 124 17.02 1.68 0.72 4.05 0.70 3.98
ESBK The Elmira SB FSB of Elmira NY 228 6.35 0.64 0.42 6.63 0.34 5.38
WHGB WHG Bancshares of MD 100 20.65 0.15 0.51 2.23 0.51 2.23
(1) Average of high/low or bid/ask price per share.
(2) EPS (core basis) is based on actual trailing twelve month data, adjusted to
omit the impact of non-operating items (including the SAIF assessment) on a
tax effected basis, and is shown on a pro forma basis where appropriate.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB =
Price to Tangible Book; and P/CORE = Price to Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and total assets balances.
(7) Excludes from averages and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBITS
RP Financial, LC.
LIST OF EXHIBITS
Exhibit
Number Description
- ------- -----------
I-1 Map of Office Locations
I-2 Gloversville Federal's Audited Financial Statements
I-3 Key Operating Ratios
I-4 Investment Portfolio Composition
I-5 Yields and Costs
I-6 NPV Analysis
I-7 Loan Portfolio Composition
I-8 Fixed and Adjustable Rate Loans
I-9 Contractual Maturity by Loan Type
I-10 Loan Originations
I-11 Non-Performing Assets
I-12 Classified Assets
I-13 Loan Loss Allowances
I-14 Deposit Composition
I-15 Borrowings Composition
II-1 List of Branch Offices
II-2 Historical Interest Rates
II-3 Demographic/Economic Reports
II-4 Sources of Personal Income/Employment Sectors
III-1 General Characteristics of Publicly-Traded Institutions
III-2 Mid-Atlantic Savings Institutions
RP Financial, LC.
LIST OF EXHIBITS (continued)
Exhibit
Number Description
- ------- -----------
IV-1 Stock Prices: December 12, 1997
IV-2 Historical Stock Price Indices
IV-3 Historical Thrift Stock Indices
IV-4 Market Area Acquisition Activity
IV-5 Directors and Management Summary Resumes
IV-6 Pro Forma Regulatory Capital Ratios
IV-7 Pro Forma Analysis Sheet
IV-8 Pro Forma Effect of Conversion Proceeds
IV-9 Peer Group Core Earnings Analysis
V-1 Firm Qualifications Statement
EXHIBIT I-1
Gloversville Federal Savings and Loan Association
Map of Office Locations
[GRAPHIC OMITTED]
EXHIBIT I-2
Gloversville Federal Savings and Loan Association
Audited Financial Statements
[Incorporated by Reference]
EXHIBIT I-3
Gloversville Federal Savings and Loan Association
Key Operating Ratios
Selected Financial Ratios and Other Data
September 30,
--------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
Performance ratios:
- -------------------
Return (Loss) on average assets................. (0.94)% (1.69)% 0.38% 0.42% (0.37)%
Return (Loss) on average equity................. (16.30) (22.22) 5.30 5.97 (5.11)
Interest rate spread information:
- ---------------------------------
Average during period........................... 3.96 3.68 3.35 4.43 3.87
End of period................................... 4.19 4.21 3.61 4.05 4.18
Net interest margin........................... 4.11 3.91 3.55 4.42 3.82
Other Operating ratios:
- -----------------------
Ratio of operating expenses to average total
assets(1)...................................... 3.63 3.61 3.11 3.17 2.63
Efficiency ratio(2)............................. 85.94 91.10 86.67 75.85 74.46
Ratio of average interest-earning assets to
average interest-bearing liabilities........... 103.76 105.53 105.01 99.70 98.73
Asset Quality ratios:
- ---------------------
Non-performing assets to total assets
at end of period................................ 6.73 3.74 4.38 5.53 4.22
Allowance for loan loss to non-performing loans
at end of period................................ 42.53 56.53 30.20 24.34 41.63
Allowance for loan losses to gross loans
receivable at end of period..................... 3.14 2.45 1.58 1.83 2.08
Capital ratios:
- ---------------
Equity to total assets at end of period......... 5.38 6.21 7.70 6.76 7.10
Average equity to average assets................ 5.78 7.62 7.11 6.99 7.17
Other data:
- -----------
Number of full service offices.................... 2 2 2 2 2
(1) Operating expenses exclude OREO expenses of $73,000, $27,000, $127,000,
$52,000 and $44,000 for years ended September 30, 1997, 1996, 1995, 1994
and 1993, respectively. In addition, operating expenses for the year ended
September 30, 1996 exclude expenses incurred by the Association for
delinquent property taxes on collateral secured by certain nonperforming
one- to four-family residential loans paid on behalf of borrowers of
$318,000 and the special one-time SAIF assessment of $415,000.
(2) The efficiency ratio represents operating expenses (as defined in footnote
1 above) divided by the sum of net interest income and other operating
income (excluding a gain on sale of building of $86,000 and net gains from
security transactions of $204,000 for the year ended September 30, 1995).
EXHIBIT I-4
Gloversville Federal Savings and Loan Association
Investment Portfolio Composition
September 30,
-------------------------------------------------------------
1997 1996 1995
------------------- ------------------- -------------------
Amortized % of Amortized % of Amortized % of
Cost Total Cost Total Cost Total
---- ----- ---- ----- ---- -----
(Dollars in Thousands)
Securities held to maturity:
U.S. Government agency obligations... $ -- --% $ -- --% $4,500 100.00%
------ ------ ------ ------ ------ ------
Total securities held to maturity... -- -- -- -- 4,500 100.00
------ ------ ------ ------ ------ ------
Securities available for sale:
US Government agency obligations...... 2,998 42.50 2,998 39.43 3,696 72.00
------ ------ ------ ------ ------ ------
Mortgage-backed securities
FNMA................................ 753 10.66 766 10.07 -- --
FHLMC............................... 2,843 40.30 3,379 44.44 993 19.35
------ ------ ------ ------ ------ ------
Total mortgage-backed securities
available for sale.............. 3,596 50.96 4,145 54.51 993 19.35
------ ------ ------ ------ ------ ------
FHLB Stock...................... 461 6.54 461 6.06 444 8.65
------ ------ ------ ------ ------ ------
Total securities available for sale..... $7,054 100.00% $7,604 100.00% $5,133 100.00%
====== ====== ====== ====== ====== ======
Average remaining contractual life
of securities: 10.88 years 12.03 years 1.95 years
=========== =========== ==========
Other interest-earning assets:
Term deposit with FHLB................ $ -- -- $ -- -- $1,000 37.04
Federal funds sold.................... -- -- 100 100.00 1,700 62.96
------ ------ ------ ------ ------ ------
Total............................... $ -- --% $ 100 100.00% $2,700 100.00%
====== ====== ====== ====== ====== ======
EXHIBIT I-5
Gloversville Federal Savings and Loan Association
Yields and Costs
Year Ended September 30,
-----------------------------------------------------------------------------------
1997 1996 1995
-------------------------- --------------------------- ----------------------------
Average Interest Average Interest Average Interest
Outstanding Earned/ Outstanding Earned/ Outstanding Earned/
Balance Paid Yield/Rate Balance Paid Yield/Rate Balance Paid Yield/Rate
------- ---- ---------- ------- ---- ---------- ------- ---- ----------
(Dollars in Thousands)
Interest-earning assets:
Loans receivable, net of deferred loan fees.. $51,303 $4,409 8.59% $49,222 $4,132 8.39% $48,708 $3,928 8.06%
Securities at amortized cost ................ 7,337 459 6.26 7,764 467 6.01 12,616 701 5.56
Interest-earning deposits.................... 1,113 37 3.32 2,298 134 5.83 3,130 187 5.97
------- ------ ------- ------ ------- ------
Total earning assets....................... 59,753 4,905 8.21 59,284 4,733 7.98 64,454 4,816 7.47
------ ------ ------
Non-interest earning assets.................. 1,954 1,866 2,158
------- ------- --------
Total assets............................... $61,707 $61,150 $66,612
======= ======= =======
Interest-earning liabilities:
Savings deposits............................. $12,503 401 3.21 $13,724 433 3.16 $13,655 413 3.02
Demand and NOW............................... 5,316 65 1.22 4,805 69 1.44 4,520 85 1.88
MMDA......................................... 10,676 437 4.09 7,287 247 3.39 7,353 232 3.16
Time deposits................................ 28,704 1,522 5.30 30,358 1,667 5.49 35,848 1,797 5.01
Borrowings................................... 391 22 5.63 6 -- 5.56 -- -- --
------- ------ ------- ------ ------- ------
Total interest-bearing liabilities......... 57,590 2,447 4.25% 56,180 2,416 4.30% 61,376 2,527 4.12%
------ ------ ------
Non-interest-bearing liabilities............. 541 306 499
------- ------- -------
Total liabilities.......................... 58,131 56,486 61,875
Total equity............................... 3,576 4,664 4,737
------- ------- -------
Total liabilities and equity............... $61,707 $61,150 $66,612
======= ======= =======
Net interest/spread............................ $2,458 3.96% $2,317 3.68% $2,289 3.35%
====== ==== ====== ==== ====== ====
Margin......................................... 4.11% 3.91% 3.55%
==== ==== ====
Assets to liabilities.......................... 103.76% 105.53% 105.01%
====== ====== ======
EXHIBIT I-6
Gloversville Federal Savings and Loan Association
NPV Analysis
NPV
Estimated to
Assumed Change NPV PV of Change % Change
in Interest Rates Amount Total Assets in NPV in NPV
--------------------------------------------------------------------------
(Basis Points)
(In Thousands)
+400 $2,762 4.62% $(3,176) (53.49)%
+300 3,676 6.04% (2,262) (38.09)%
+200 4,578 7.39% (1,360) (22.90)%
+100 5,378 8.55% (560) (9.43)%
-- 5,938 9.33% -- --
-100 6,179 9.65% 241 4.06%
-200 6,441 9.99% 503 8.47%
-300 6,802 10.46% 864 14.55%
-400 7,388 11.23% 1,450 24.42%
EXHIBIT I-7
Gloversville Federal Savings and Loan Association
Loan Portfolio Composition
September 30,
----------------------------------------------------------------------------------------
1997 1996 1995 1994 1993
---------------- ---------------- ---------------- ---------------- ----------------
Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ ------- ------ ------- ------ -------
(Dollars in Thousands)
Real Estate Loans:
One- to four-family................ $36,891 71.92% $40,262 78.80% $42,578 86.41% $42,973 91.89% $40,633 96.64%
Multi-family and commercial........ 7,950 15.50 4,635 9.07 1,712 3.47 878 1.88 -- --
One- to four-family construction... 539 1.05 938 1.84 742 1.51 701 1.50 139 0.33
------- ------ ------- ------ ------- ------ ------- ------ ------- ------
Total real estate loans......... 45,380 88.47 45,835 89.71 45,032 91.39 44,552 95.27 40,772 96.97
------- ------ ------- ------ ------- ------ ------- ------ ------- ------
Other loans:
Commercial business................ 1,422 2.77 1,230 2.41 1,052 2.14 -- -- -- --
Home equity........................ 3,379 6.59 2,869 5.62 2,265 4.60 1,352 2.89 -- --
Other consumer..................... 1,111 2.17 1,154 2.26 920 1.87 861 1.84 1,276 3.03
------- ------ ------- ------ ------- ------ ------- ------ ------- ------
Total loans..................... 5,912 11.53 5,253 10.29 4,237 8.61 2,213 4.73 1,276 3.03
------- ------ ------- ------ ------- ------ ------- ------ ------- ------
Gross loans 51,292 100.00% 51,088 100.00% 49,269 100.00% 46,765 100.00% 42,048 100.00%
====== ====== ====== ====== ======
Less:
Net deferred loan fees............. (153) (201) (251) (264) (277)
Allowance for loan losses.......... (1,613) (1,251) (779) (856) (875)
------- ------- ------- ------- -------
Total loans receivable, net...... $49,526 $49,636 $48,239 $45,645 $40,896
======= ======= ======= ======= =======
EXHIBIT I-8
Gloversville Federal Savings and Loan Association
Fixed and Adjustable Rate Loans
September 30,
----------------------------------------------------------------------------------------
1997 1996 1995 1994 1993
---------------- ---------------- ---------------- ---------------- ----------------
Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ ------- ------ ------- ------ -------
(Dollars in Thousands)
Fixed-Rate Loans:
Real estate:
One- to four-family................ $31,732 61.86% $34,929 68.37% $37,356 75.82% $39,632 84.75% $40,633 96.64%
Multi-family and commercial........ 1,206 2.35 924 1.81 1,527 3.10 878 1.88 -- --
One- to four-family construction... 392 0.76 423 0.83 293 0.59 485 1.04 139 0.33
------- ------ ------- ------ ------- ------ ------- ------ ------- ------
Total real estate loans.......... 33,330 64.97 36,276 71.01 39,176 79.51 40,995 87.67 40,772 96.97
Commercial business.................. 283 0.55 23 0.05 -- -- -- -- -- --
Home equity.......................... 1,244 2.43 645 1.26 14 0.03 -- -- -- --
Other consumer....................... 1,056 2.06 1,058 2.07 916 1.86 861 1.84 1,276 3.03
------- ------ ------- ------ ------- ------ ------- ------ ------- ------
Total fixed-rate loans........... 35,913 70.01 38,002 74.39 40,106 81.40 41,856 89.51 42,048 100.00%
Adjustable-Rate Loans
Real estate:
One-to four-family................. 5,159 10.06 5,333 10.44 5,222 10.60 3,341 7.14 -- --
Multi-family and commercial........ 6,744 13.15 3,711 7.26 1,052 2.14 -- -- -- --
One- to four-family construction... 147 0.29 515 1.01 449 0.91 216 0.46 -- --
------- ------ ------- ------ ------- ------ ------- ------ ------- ------
Total real estate loans........ 12,050 23.50 9,559 18.71 6,723 13.65 3,557 7.60 -- --
Commercial business.................. 1,139 2.22 1,207 2.36 185 0.38 -- -- -- --
Home equity.......................... 2,135 4.16 2,224 4.35 2,251 4.56 1,352 2.89 -- --
Other consumer....................... 55 0.11 96 0.19 4 0.01 -- -- -- --
------- ------ ------- ------ ------- ------ ------- ------ ------- ------
Total adjustable rate loans...... 15,379 29.99 13,086 25.61 9,163 18.60 4,909 10.49 -- --
Gross loans...................... 51,292 100.00% 51,088 100.00% 49,269 100.00% 46,765 100.00% 42,048 100.00%
====== ====== ====== ====== ======
Less:
Net deferred loan fees............. (153) (201) (251) (264) (277)
Allowance for loan losses.......... (1,613) (1,251) (779) (856) (875)
------- ------- ------- ------- -------
Total loans receivable, net..... $49,526 $49,636 $48,239 $45,645 $40,896
======= ======= ======= ======= =======
EXHIBIT I-9
Gloversville Federal Savings and Loan Association
Contractual Maturity by Loan Type
Real Estate
---------------------------------------------------------------
Multi-family One- to four-family Home Equity and
One- to four-family and Commercial Construction Commercial Business Other Consumer
------------------- ------------------ ------------------- ------------------- ------------------
Due During Weighted Weighted Weighted Weighted Weighted
Years Ending Average Average Average Average Average
September 30, Amount Rate Amount Rate Amount Rate Amount Rate Amount Rate
------------- ------ ---- ------ ---- ------ ---- ------ ---- ------ ----
(Dollars in Thousands)
1998................. $ 710 8.59% $ -- --% $539 8.34% $ 173 9.15% $ 184 7.88%
1999................. 732 7.18 -- -- -- -- 367 9.76 127 10.26
2000................. 237 9.45 -- -- -- -- 56 10.00 192 10.46
2001 to 2002......... 1,072 8.79 11 8.50 -- -- 81 10.50 427 8.94
2003 to 2007......... 3,959 8.81 2,278 9.87 -- -- 656 9.86 420 8.77
2008 to 2022......... 22,158 8.51 5,661 9.42 -- -- 14 10.50 3,119 9.11
2023 and following... 8,023 8.09 -- -- -- -- 75 10.16 21 7.23
------- ------ ---- ------ ------
Total............. $36,891 $7,950 $539 $1,422 $4,490
======= ====== ==== ====== ======
EXHIBIT I-10
Gloversville Federal Savings and Loan Association
Loan Originations
Year Ended September 30,
------------------------
1997 1996 1995
---- ---- ----
(In Thousands)
Originations by type:
Fixed rate:
Real estate: One- to four-family............... $1,577 $2,140 $1,900
Multi-family and commercial....... 978 955 923
One- to four-family construction.. 683 428 447
Non-real estate: Commercial business............... 436 76 218
Home equity....................... 215 865 14
Other consumer.................... 348 449 257
------ ------ ------
Total fixed rate.................. 4,237 4,913 3,759
------ ------ ------
Adjustable rate:
Real estate: One- to four-family............... 24 243 2,409
Multi-family and commercial....... 3,115 1,795 112
One- to four-family construction.. 40 125 527
Non-real estate: Commercial business............... 456 1,078 1,493
Home equity....................... 773 530 1,906
Other consumer.................... 206 97 4
------ ------ ------
Total adjustable rate............. 4,614 3,868 6,451
------ ------ ------
Total loans originated............ 8,851 8,781 10,210
Principal repayments................................. (7,670) (6,173) (7,315)
Decrease in other terms, net......................... (977) (552) (391)
------ ------ ------
Net increase...................... $ 204 $2,056 $2,504
====== ====== ======
EXHIBIT I-11
Gloversville Federal Savings and Loan Association
Non-Performing Assets
September 30,
--------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
Non-accruing loans:
One- to four-family.................. $3,730(1) $2,212 $2,576 $3,438 $2,034
Home equity.......................... 63 -- -- -- --
Other consumer....................... -- -- 5 80 69
------ ------ ------ ------ ------
Total non-performing loans(2)... 3,793 2,212 2,581 3,518 2,103
Foreclosed assets:
One- to four-family................. 313 70 182 334 507
------ ------ ------ ------ ------
Total non-performing assets............ $4,106 $2,282 $2,763 $3,852 $2,610
====== ====== ====== ====== ======
Total non-performing assets as a
percentage of total assets........... 6.73% 3.74% 4.38% 5.53% 4.22%
==== ==== ==== ==== ====
(1) Includes $2.7 million of restructured or rewritten loans as to which real
estate taxes were previously delinquent but which were not otherwise
delinquent.
(2) There are no loans past due greater than 90 days and accruing interest or
restructured loans accruing interest.
EXHIBIT I-12
Gloversville Federal Savings and Loan Association
Classified Assets
Classified Assets
September 30, 1997
(Dollars in Thousands)
Special Mention ......................... $1,148
Substandard ............................. 2,645
Doubtful ................................ --
Loss .................................... --
------
Total ................................. $3,793
======
General loss allowance .................. $1,613
======
EXHIBIT I-13
Gloversville Federal Savings and Loan Association
Loan Loss Allowances
Years Ended September 30,
----------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
(Dollars in Thousands)
Balance at beginning of period....................... $1,251 $ 779 $ 856 $ 875 $ 258
Charge-offs:
One- to four-family................................ (417) (218) (160) (115) (199)
Commercial business................................ (7) (4) -- -- --
Home equity........................................ (10) -- -- -- --
Other consumer..................................... (32) (32) (50) (142) (70)
------ ------ ----- ----- -----
Total charge-offs................................ (466) (254) (210) (257) (269)
------ ------ ----- ----- -----
Recoveries:
One- to four-family................................ 21 3 1 13 34
Other consumer..................................... 15 9 3 14 9
------ ------ ----- ----- -----
Total recoveries................................ 36 12 4 27 43
------ ------ ----- ----- -----
Net charge-offs...................................... (430) (242) (206) (230) (226)
Provisions charged to operations..................... 792 714 129 211 843
------ ------ ----- ----- -----
Balance at end of period............................. $1,613 $1,251 $ 779 $ 856 $ 875
====== ====== ===== ===== =====
Ratio of net charge-offs during the period to
average gross loans outstanding during the period.. 0.84% 0.49% 0.42% 0.53% 0.52%
===== ===== ===== ===== =====
Ratio of net charge-offs during the period to
average non-performing assets...................... 13.46% 9.64% 6.23% 7.11% 7.16%
===== ===== ===== ===== =====
Ratio of allowance to gross loans outstanding at
end of period...................................... 3.14% 2.45% 1.58% 1.83% 2.08%
===== ===== ===== ===== =====
Allowance as a percentage of non-performing loans
(end of period).................................... 42.53% 56.53% 30.20% 24.34% 41.63%
===== ===== ===== ===== =====
EXHIBIT I-14
Gloversville Federal Savings and Loan Association
Deposit Composition
At September 30,
-------------------------------------------------------
1997 1996 1995
----------------- ----------------- -----------------
Percent Percent Percent
Amount of Total Amount of Total Amount of Total
------ -------- ------ -------- ------ --------
(Dollars in Thousands)
Transaction and savings accounts
- --------------------------------
Passbook and statement savings ........... $12,004 21.40% $13,140 23.58% $13,833 23.90%
Demand and NOW accounts .................. 5,148 9.17 5,174 9.29 4,374 7.56
Money market accounts .................... 10,950 19.51 10,392 18.65 5,709 9.87
------- ------ ------- ------ ------- ------
Total transaction and savings accounts ... 28,102 50.08 28,706 51.52 23,916 41.33
------- ------ ------- ------ ------- ------
Time Deposits
- -------------
Under 4.00% .............................. 3 0.01 -- -- 48 0.08
4.00 - 4.99% ............................. 3,994 7.12 11,357 20.38 4,685 8.10
5.00 - 5.99% ............................. 21,942 39.10 11,101 19.92 18,923 32.70
6.00 - 6.99% ............................. 2,046 3.64 4,525 8.12 10,219 17.66
7.00 - 7.99% ............................. -- -- -- -- 50 0.09
8.00 - and over .......................... 30 0.05 27 0.05 25 0.04
------- ------ ------- ------ ------- ------
Total time deposits ...................... 28,015 49.92 27,010 48.48 33,950 58.67
------- ------ ------- ------ ------- ------
Total deposits ........................... $56,117 100.00% $55,716 100.00% $57,866 100.00%
======= ====== ======= ====== ======= ======
EXHIBIT I-15
Gloversville Federal Savings and Loan Association
Borrowings Composition
Year Ended September 30,
---------------------------------
1997 1996 1995
---- ---- ----
(In Thousands)
Maximum Balance:
FHLB borrowings........................ $ 850 $300 $ --
Securities sold under agreements
to purchase.......................... 1,300 -- --
Average Balance:
FHLB borrowings........................ $ 273 $ 6 $ --
Securities sold under agreements
to repurchase....................... 118 -- --
September 30,
---------------------------------
1997 1996 1995
---- ---- ----
(Dollars in Thousands)
FHLB borrowings.......................... $ -- $300 $ --
Securities sold under agreements
to repurchase............................ 1,300 -- --
------ ---- ----
Total borrowings...................... $1,300 $300 $ --
====== ==== ====
Weighted average interest rate of
FHLB borrowings........................ -- 5.88% --
Weighted average interest rate of
securities sold under agreements
to repurchase......................... 5.80% -- --
EXHIBIT II-1
Gloversville Federal Savings and Loan Association
List of Office Locations
Year Owned or Net Book Value at
Location Acquired Leased September 30, 1997
- --------------------------------------------------------------------------------
(In Thousands)
Main Office:
52 North Main Street 1962 own 593,000
Gloversville, New York 12078
Full Service Branch:
295 Broadway 1983 own 246,000
Saratoga Springs, New York 12866
EXHIBIT II-2
Gloversville Federal Savings and Loan Association
Historical Interest Rates
Exhibit II-2
Historical Interest Rates(1)
Prime 90 Day One Year 30 Year
Year/Qtr. Ended Rate T-Bill T-Bill T-Bond
- --------------- ----- ------ -------- -------
1991: Quarter 1 8.75% 5.92% 6.24% 8.26%
Quarter 2 8.50% 5.72% 6.35% 8.43%
Quarter 3 8.00% 5.22% 5.38% 7.80%
Quarter 4 6.50% 3.95% 4.10% 7.47%
1992: Quarter 1 6.50% 4.15% 4.53% 7.97%
Quarter 2 6.50% 3.65% 4.06% 7.79%
Quarter 3 6.00% 2.75% 3.06% 7.38%
Quarter 4 6.00% 3.15% 3.59% 7.40%
1993: Quarter 1 6.00% 2.95% 3.18% 6.93%
Quarter 2 6.00% 3.09% 3.45% 6.67%
Quarter 3 6.00% 2.97% 3.36% 6.03%
Quarter 4 6.00% 3.06% 3.59% 6.34%
1994: Quarter 1 6.25% 3.56% 4.44% 7.09%
Quarter 2 7.25% 4.22% 5.49% 7.61%
Quarter 3 7.75% 4.79% 5.94% 7.82%
Quarter 4 8.50% 5.71% 7.21% 7.88%
1995: Quarter 1 9.00% 5.86% 6.47% 7.43%
Quarter 2 9.00% 5.57% 5.63% 6.63%
Quarter 3 8.75% 5.42% 5.68% 6.51%
Quarter 4 8.50% 5.09% 5.14% 5.96%
1996: Quarter 1 8.25% 5.14% 5.38% 6.67%
Quarter 2 8.25% 5.16% 5.68% 6.87%
Quarter 3 8.25% 5.03% 5.69% 6.92%
Quarter 4 8.25% 5.18% 5.49% 6.64%
1997: Quarter 1 8.50% 5.32% 6.00% 7.10%
Quarter 2 8.50% 5.17% 5.66% 6.78%
Quarter 3 8.50% 5.10% 5.44% 6.40%
December 12, 1997 8.50% 5.17% 5.39% 5.92%
(1) End of period data.
Source: SNL Securities.
EXHIBIT II-3
Gloversville Federal Savings and Loan Association
Demographic/Economic Reports
-------------------------
COUNTY DEMOGRAPHIC REPORT
-------------------------
State/County 36035
County Name FULTON NY
Population 1997 Age Distribution
---------- ---------------------
1980 55,153 0-4 6.7
1990 54,191 5-9 6.7
1997 53,833 10-14 7.1
2002 53,588 15-19 7.4
20-24 6.4
Population Growth Rate -0.1 25-44 28.1
45-64 21.5
Households 65-84 14.2
---------- 85+ 1.9
1990 20,995 18+ 74.9
1997 20,856
2002 20,777 Median Age
----------
Household Growth Rate -0.1 1990 35.2
Average Household Size 2.53 1997 36.6
Families Male/Female Ratio 93.4
--------
1990 14,602 Per Capita Income $12,156
1997 14,448
1997 Household Income*
Family Growth Rate -0.1 ----------------------
Base 20,856
Race 1990 1997 % less than $15K 28.3
---- ---- ---- % $15K-25K 20.9
% White 98 97.6 % $25K-50K 36.3
% Black 1.2 1.4 % $50K-100K 12.9
% Asian % $100K-150K 1.1
/Pacific Isl. 0.4 0.6 % greater than $150K 0.5
% Hispanic* 0.8 1
Median Household Income
-----------------------
1997 $25,330
2002 $26,477
FULTON NY (County Demographic Report Continued)
1997 Average Disposable Income
----------------------------------
Total $22,672
Householder less than 35 $19,573
Householder 35-44 $25,954
Householder 45-54 $31,749
Householder 55-64 $27,028
Householder 65+ $14,316
Spending Potential Index*
------------------------
Auto Loan 96
Home Loan 81
Investments 87
Retirement Plans 84
Home Repair 95
Lawn & Garden 91
Remodeling 102
Appliances 97
Electronics 91
Furniture 89
Restaurants 87
Sporting Goods 94
Theater/Concerts 89
Toys & Hobbies 97
Travel 90
Video Rental 96
Apparel 86
Auto Aftermarket 90
Health Insurance 100
Pets & Supplies 97
- --------------------------------------------------------------------------------
* Persons of Hispanic Origin may be of any race.
* Income represents the annual income for the preceding year in current dollars,
including an adjustment for inflation or cost-of-living increase.
* The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the ratio
of the average amount spent locally to the average U.S. spending for a product
or service, multiplied by 100.
- --------------------------------------------------------------------------------
Copyright 1997 CACI (800) 292-CACI FAX: (703) 243-6272 12/23/97
-------------------------
COUNTY DEMOGRAPHIC REPORT
-------------------------
State/County 36091
County Name SARATOGA NY
Population 1997 Age Distribution
---------- ---------------------
1980 153,759 0-4 7.1
1990 181,276 5-9 7.4
1997 196,186 10-14 7.2
2002 206,468 15-19 6.9
20-24 6.1
Population Growth Rate 1.1 25-44 33.1
45-64 21.5
Households 65-84 9.7
---------- 85+ 1.1
1990 66,425 18+ 74.3
1997 72,027
2002 75,893 Median Age
----------
Household Growth Rate 1.1 1990 32.8
Average Household Size 2.67 1997 34.7
Families Male/Female Ratio 97.5
--------
1990 48,363 Per Capita Income $16,087
1997 52,655
1997 Household Income*
Family Growth Rate 1.2 ----------------------
Base 72,025
Race 1990 1997 % less than $15K 15.3
---- ---- ---- % $15K-25K 14.8
% White 97.6 96.9 % $25K-50K 37.6
% Black 1.3 1.5 % $50K-100K 27.9
% Asian % $100K-150K 3.3
/Pacific Isl. 0.8 1.2 % greater than $150K 1.1
% Hispanic* 1.1 1.5
Median Household Income
-----------------------
1997 $37,062
2002 $38,734
SARATOGA NY (County Demographic Report Continued)
1997 Average Disposable Income
----------------------------------
Total $31,059
Householder less than 35 $28,613
Householder 35-44 $34,497
Householder 45-54 $41,024
Householder 55-64 $32,519
Householder 65+ $17,245
Spending Potential Index*
------------------------
Auto Loan 102
Home Loan 100
Investments 95
Retirement Plans 100
Home Repair 95
Lawn & Garden 96
Remodeling 99
Appliances 101
Electronics 102
Furniture 103
Restaurants 104
Sporting Goods 104
Theater/Concerts 100
Toys & Hobbies 104
Travel 97
Video Rental 100
Apparel 102
Auto Aftermarket 100
Health Insurance 100
Pets & Supplies 103
- --------------------------------------------------------------------------------
* Persons of Hispanic Origin may be of any race.
* Income represents the annual income for the preceding year in current dollars,
including an adjustment for inflation or cost-of-living increase.
* The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the ratio
of the average amount spent locally to the average U.S. spending for a product
or service, multiplied by 100.
- --------------------------------------------------------------------------------
Copyright 1997 CACI (800) 292-CACI FAX: (703) 243-6272 12/23/97
EXHIBIT II-4
Gloversville Federal Savings and Loan Association
Sources of Personal Income/Employment Sectors
REGIONAL ECONOMIC PROFILE
for States and counties
New York [36.000]
- ------------------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- ------------------------------------------------------------------------------------------------------------------
Place of residence profile
Personal income (thousands of dollars) 426,449,104 449,864,254 457,203,969 476,488,152 501,555,050
Nonfarm personal income 425,831,123 449,193,087 456,503,357 475,959,923 501,054,661
Farm income 617,981 671,167 700,612 528,229 500,389
Derivation of personal income
Net earnings 1/ 271,251,641 288,944,503 293,390,203 301,263,987 315,214,465
Transfer payments 72,096,558 81,236,170 83,481,538 90,859,367 98,118,658
Income maintenance 2/ 7,423,158 8,638,524 9,532,421 10,383,993 lO,999,344
Unemployment insurance 2,654,137 4,716,712 3,424,635 2,250,673 2,085,462
Retirement and other 62,019,263 67,880,934 70,524,482 78,224,701 85,033,852
Dividends, interest, and rent 83,100,905 79,683,581 80,332,228 84,364,798 88,221,927
Population (number of persons) 3/ 18,036,973 18,099,081 18,170,321 18,196,829 18,190,562
Per capita incomes (dollars) 4/
Per capita personal income 23,643 24,856 25,162 26,185 27,572
Per capita net earnings 15,039 15,965 16,147 16,556 17,328
Per capita transfer payments 3,997 4,488 4,594 4,993 5,394
Per capita income maintenance 412 477 525 571 605
Per capita unemployment insurance 147 261 188 124 115
Per capita retirement & other 3,438 3,751 3,881 4,299 4,675
Per capita dividends, interest, & rent 4,607 4,403 4,421 4,636 4,850
Place of work profile
Total earnings (place of work, $000) 305,441,339 326,475,141 331,289,663 340,128,647 356,642,266
Wages and salary disbursements 247,723,582 261,957,013 266,625,813 272,565,079 285,813,769
Other labor income 26,017,929 28,145,814 29,950,705 31,069,418 32,280,796
Proprietors' income 31,699,828 36,372,314 34,713,145 36,494,150 38,547,701
Nonfarm proprietors' income 31,413,087 36,023,647 34,366,752 36,315,083 38,438,534
Farm proprietors, income 286,741 348,667 346,393 179,067 109,167
Total full- and part- time employment 9,619,382 9,587,629 9,600,441 9,692,949 9,740,793
Wage and salary jobs 8,332,467 8,179,896 8,196,939 8,250,134 8,283,479
Number of proprietors 1,286,915 1,407,733 1,403,502 1,442,815 1,457,314
Number of nonfarm proprietors /5 1,247,624 1,368,316 1,364,876 1,406,145 1,420,640
Number of farm proprietors 39,291 39,417 30,626 36,670 36,674
Average earnings per job (dollars) 31,753 34,052 34,508 35,090 36,613
Wage & salary earnings per job 29,730 32,024 32,527 33,038 34,504
Average earnings per nonfarm proprietor 25,178 26,327 25,179 25,826 21,057
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 August 1997 BUREAU OF ECONOMIC ANALYSIS
REGIONAL ECONOMIC PROFILE
for States and counties
Fulton, New York [36.035]
- --------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- --------------------------------------------------------------------------------------------------------
Place of residence profile
Personal income (thousands of dollars) 866,970 910,630 936,935 986,016 1,014,810
Nonfarm personal income 865,663 908,686 934,886 984,544 1,013,295
Farm income 1,307 1,944 2,049 1,472 1,515
Derivation of personal income
Net earnings 1/ 512,041 543,677 565,129 594,893 598,380
Transfer payments 195,503 218,809 219,826 233,317 250,750
Income maintenance 2/ 16,029 18,592 20,408 21,078 22,194
Unemployment insurance 11,212 16,000 10,119 7,556 8,082
Retirement and other 168,262 184,217 189,299 204,683 220,474
Dividends, interest, and rent 159,426 148,144 151,980 157,806 165,680
Population (number of persons) 3/ 54,472 54,345 54,445 54,344 54,099
Per capita incomes (dollars) 4/
Per capita personal income 15,916 16,756 17,209 18,144 18,758
Per capita net earnings 9,400 10,004 10,380 10,947 11,061
Per capita transfer payments 3,589 4,026 4,038 4,293 4,635
Per capita income maintenance 294 342 375 388 410
Per capita unemployment insurance 206 294 186 139 149
Per capita retirement & other 3,089 3,390 3,477 3,766 4,075
Per capita dividends, interest, & rent 2,927 2,726 2,791 2,904 3,063
Place of work profile
Total earnings (place of work, $000) 422,498 455,443 478,086 515,803 514,094
Wages and salary disbursements 336,689 359,404 379,738 401,200 396,085
Other labor income 37,135 40,230 44,100 46,735 47,090
Proprietors' income 48,674 55,809 54,248 67,868 70,919
Nonfarm proprietors' income 48,165 54,635 53,044 67,231 70,338
Farm proprietors, income 509 1,174 1,204 637 581
Total full- and part- time employment 21,223 21,980 22,386 22,765 22,817
Wage and salary jobs 17,334 17,502 17,953 18,470 18,445
Number of proprietors 3,889 4,478 4,433 4,295 4,372
Number of nonfarm proprietors /5 3,668 4,254 4,213 4,087 4,164
Number of farm proprietors 221 224 220 208 208
Average earnings per job (dollars) 19,908 20,721 21,356 22,658 22,531
Wage & salary earnings per job 19,424 20,535 21,152 21,722 21,474
Average earnings per nonfarm proprietor 13,131 12,843 12,591 16,450 16,892
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 August 1997 BUREAU OF ECONOMIC ANALYSIS
REGIONAL ECONOMIC PROFILE
for States and counties
Saratoga, New York [36.091]
- --------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- --------------------------------------------------------------------------------------------------------
Place of residence profile
Personal income (thousands of dollars) 3,684,58l 3,897,839 4,063,464 4,269,548 4,419,922
Nonfarm personal income 3,680,678 3,893,361 4,O59,111 4,266,489 4,417,150
Farm income 3,903 4,478 4,353 3,059 2,372
Derivation of personal income
Net earnings 1/ 2,651,566 2,816,179 2,920,899 3,043,857 3,114,240
Transfer payments 484,013 560,739 578,552 620,058 670,333
Income maintenance 2/ 20,208 25,482 27,717 29,338 30,637
Unemployment insurance 21,362 35,355 24,192 18,035 17,717
Retirement and other 442,443 499,902 526,643 572,685 621,979
Dividends, interest, and rent 549,002 520,921 564,013 605,633 635,349
Population (number of persons) 3/ 184,831 187,884 190,083 192,842 194,201
Per capita incomes (dollars) 4/
Per capita personal income 19,935 20,746 21,377 22,140 22,760
Per capita net earnings 14,346 14,989 15,366 15,784 16,036
Per capita transfer payments 2,619 2,984 3,044 3,215 3,452
Per capita income maintenance 109 136 146 152 158
Per capita unemployment insurance 116 188 127 94 91
Per capita retirement & other 2,394 2,661 2,771 2,970 3,203
Per capita dividends, interest, & rent 2,970 2,773 2,967 3,141 3,272
Place of work profile
Total earnings (place of work, $000) 1,564,144 1,689,603 1,744,603 1,815,162 1,875,036
Wages and salary disbursements 1,251,433 1,335,888 1,361,285 1,431,523 1,478,237
Other labor income 132,679 146,815 159,087 164,686 169,665
Proprietors' income 180,032 206,900 198,231 218,953 227,134
Nonfarm proprietors' income 179,017 205,118 196,838 218,814 228,032
Farm proprietors, income 1,015 1,782 1,393 139 -898
Total full- and part- time employment 72,519 74,623 75,538 77,583 78,180
Wage and salary jobs 56,294 56,676 57,900 59,295 59,634
Number of proprietors 16,225 17,947 17,638 18,288 l8,546
Number of nonfarm proprietors /5 15,607 17,408 17,110 17,787 18,045
Number of farm proprietors 538 539 528 501 501
Average earnings per job (dollars) 21,569 22,642 21,096 23,396 23,984
Wage & salary earnings per job 22,230 23,571 21,960 24,142 24,788
Average earnings per nonfarm proprietor 11,412 11,783 11,504 12,302 12,637
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 August 1997 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CA30, Regional Economic Profiles
1/ Total earnings less personal contributions for social insurance adjusted to
place of residence.
2/ Consists largely of supplemental security income payments, payments to
families with dependent children (AFDC), general assistance payments, food
stamp payments, and other assistance payments, including emergency
assistance.
3/ Census Bureau midyear population estimates. Estimates for 1990-95 reflect
county population estimates available as of March 1997. The population
estimates for the United States, Utah, and Cache, UT, 1991-94, have been
adjusted by BEA for consistency with a special, upward adjustment made by
the Census Bureau to its 1995 estimate for Cache County. Additionally, as a
result of special and test censuses conducted in 1995, the Census Bureau
reduced substantially the 1995 population estimates for Yuma, AZ; DeSoto,
LA; Dorchester, SC and Montgomery, TN, but made no adjustments to the
estimates for the other years. For these counties, BEA was unable to make
adjustments to the population estimates in time for this release, and the
estimates of per capita personal income are discontinuous between 1994 and
1995. BEA's further adjustments to the population estimates for 1991-94
will be reflected in the release of State per capita personal income on
September 19, 1997 and in the release of local area per capita personal
income in the Spring of 1998.
4/ Type of income divided by population yields a per capita for that type of
income.
5/ Excludes limited partners.
6/ Cibola, NM was separated from Valencia in June 1981, but in these estimates
Valencia includes Cibola through the end of 1981.
7/ La Paz county, AZ was separated from Yuma county on January 1, 1983. The
Yuma, AZ MSA includes La Paz, AZ through 1982.
8/ Estimates for 1979 forward reflect Alaska Census Areas as defined in the
1980 Decennial Census; those for prior years reflect Alaska Census
Divisions as defined in the 1970 Decennial Census. Estimates from 1988
forward separate Aleutian Islands Census Area into Aleutians East Borough
and Aleutians West Census Area. Estimates for 1991 forward separate Denali
Borough from Yukon-Koyukuk Census Area and Lake and Peninsula Borough from
Dillingham Census Area. Estimates from 1993 forward separate
Skagway-Yakutat-Angoon Census Area into Skagway-Hoonah-Angoon Census Area
and Yakutat Borough.
9/ Shawano, WI and Menominee, WT are combined as Shawano (incl. Menominee), WI
for the years prior to 1989.
(L) Less than $50,000 or less than 10 jobs, as appropriate. Estimates are
included in totals.
(N) Data not available for this year.
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY l/
for States and counties
(number of jobs)
New York [36.000]
- --------------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- --------------------------------------------------------------------------------------------------------------
Employment by place of work
Total full- and part-time employment 9,619,382 9,587,629 9,600,441 9,692,949 9,740,793
By type
Wage and salary employment 8,332,467 8,179,896 8,196,939 8,250,134 8,283,479
Proprietors' employment 1,286,915 1,407,733 1,403,502 1,442,815 1,457,314
Farm proprietors' employment 39,291 39,417 38,626 36,670 36,674
Nonfarm proprietors' employment 2/ 1,247,624 1,368,316 1,364,876 1,406,145 1,420,640
By industry
Farm employment 65,040 64,787 63,878 62,579 60,966
Nonfarm employment 9,554,342 9,522,842 9,536,563 9,630,370 9,679,827
Private employment 8,054,500 8,047,730 8,063,842 8,172,340 8,260,522
Ag. serv., forestry, fishing, and other 3/ 56,253 57,490 62,005 64,437 67,572
Mining 10,964 10,698 10,790 10,897 10,748
Construction 381,720 364,084 358,140 368,762 373,361
Manufacturing 1,091,374 1,049,796 1,017,410 995,564 982,532
Transportation and public utilities 475,571 460,298 466,961 472,117 476,424
Wholesale trade 469,070 466,328 455,794 455,376 463,204
Retail trade 1,337,963 1,342,957 1,343,627 1,373,590 1,403,944
Finance, insurance, and real estate 1,083,164 1,058,557 1,052,103 1 068,536 1,049,318
Services 3,148,421 3,237,522 3,297,012 3,363,061 3,433,419
Government and government enterprises 1,499,842 1,475,112 1,472,721 1,458,030 1,419,305
Federal, civilian 156,791 154,683 149,185 146,900 145,670
Military 87,585 84,377 81,039 73,994 65,142
State and local 1,255,460 1,236,052 1,242,497 1,237,136 1,208,493
State 265,674 264,629 266,643 267,737 259,036
Local 989,786 971,423 975,854 969,399 949,457
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 August 1997 BUREAU OF ECONOMIC ANALYSIS
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY l/
for States and counties
(number of jobs)
Fulton, New York [36.035]
- -----------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- -----------------------------------------------------------------------------------------------
Employment by place of work
Total full- and part-time employment 21,223 21,980 22,386 22,765 22,817
By type
Wage and salary employment 17,334 l7,502 17,953 18,470 18,445
Proprietors' employment 3,889 4,478 4,433 4,295 4,372
Farm proprietors' employment 221 224 220 208 208
Nonfarm proprietors' employment 2/ 3,668 4,254 4,213 4,087 4,164
By industry
Farm employment 292 294 290 279 275
Nonfarm employment 20,931 21,686 22,096 22,486 22,542
Private employment 17,183 17,897 18,220 l8,396 18,420
Ag. serv., forestry, fishing, and other 3/ 108 (D) (D) (D) (D)
Mining 41 (D) (D) (D) (D)
Construction 962 1,080 1,084 1,085 1,114
Manufacturing 4,563 4,594 4,670 4,605 4,385
Transportation and public utilities 898 919 923 882 913
Wholesale trade 818 821 750 780 804
Retail trade 3,558 3,801 4,114 4,046 4,131
Finance, insurance, and real estate 938 953 870 911 898
Services 5,297 5,561 5,637 5,893 5,965
Government and government enterprises 3,748 3,789 3,876 4,090 4,122
Federal, civilian 115 118 113 117 117
Military 168 160 151 135 123
State and local 3,465 3,511 3,612 3,838 3,882
State 719 752 744 740 753
Local 2,746 2,759 2,868 3,098 3,129
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 August 1997 BUREAU OF ECONOMIC ANALYSIS
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY l/
for States and counties
(number of jobs)
Saratoga, New York [36.091]
- -----------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- -----------------------------------------------------------------------------------------------
Employment by place of work
Total full- and part-time employment 72,519 74,623 75,538 77,583 78,180
By type
Wage and salary employment 56,294 56,676 57,900 59,295 59,634
Proprietors' employment 16,225 17,947 17,638 l8,288 18,546
Farm proprietors' employment 538 539 528 501 501
Nonfarm proprietors' employment 2/ 15,687 17,408 17,110 17,787 18,045
By industry
Farm employment 778 775 763 742 727
Nonfarm employment 71,741 73,848 74,775 76,841 77,453
Private employment 58,927 61,029 61,867 63,746 64,489
Ag. serv., forestry, fishing, and other 3/ 813 893 (D) (D) (D)
Mining 73 72 (D) (D) (D)
Construction 4,640 4,677 4,547 4,576 4,488
Manufacturing 8,096 8,236 8,133 7,678 7,575
Transportation and public utilities 1,641 1,850 1,995 2,036 1,998
Wholesale trade 2,456 2,600 2,751 2,846 3,118
Retail trade 16,137 16,032 16,651 18,102 17,974
Finance, insurance, and real estate 4,933 5,691 5,658 5,735 5,581
Services 20,138 20,978 21,129 21,711 22,638
Government and government enterprises 12,814 12,819 12,908 13,095 12,964
Federal, civilian 338 380 380 389 397
Military 1,889 1,827 1,868 1,812 1,710
State and local 10,587 10,612 10,660 10,894 10,857
State 2,962 2,964 2,851 2,915 2,932
Local 7,625 7,648 7,809 7,979 7,925
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 August 1997 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CA25
Total Full- and Part-time Employment by Major Industry
1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-95 based on 1987
SIC.
2/ Excludes limited partners.
3/ "Other" consists of the number of jobs held by U.S. residents employed by
international organizations and foreign embassies and consulates in the
United States.
4/ Cibola, NM was separated from Valencia in June 1981, but in these estimates
Valencia includes Cibola through the end of 1981.
5/ La Paz county, AZ was separated from Yuma county on January 1, 1983. The
Yuma, AZ MSA includes La Paz, AZ through 1982.
6/ Estimates for 1979 forward reflect Alaska Census Areas as defined in the
1980 Decennial Census; those for prior years reflect Alaska Census
Divisions as defined in the 1970 Decennial Census Estimates from 1988
forward separate Aleutian Islands Census Area into Aleutians East Borough
and Aleutians West Census Area. Estimates for 1991 forward separate Denali
Borough from Yukon-Koyukuk Census Area and Lake and Peninsula Borough from
Dillingham Census Area. Estimates from 1993 forward separate
Skagway-Yakutat-Angoon Census Area into Skagway-Hoonah-Angoon Census Area
and Yakutat Borough.
7/ Shawano, W1 and Menominee, WI are combined as Shawano (incl. Menominee), WI
for the years prior to 1989.
E Estimate shown constitutes the major portion of the true estimate.
(D) Not shown to avoid disclosure of confidential information. Estimates are
included in totals.
(L) Less than 10 jobs. Estimates are included in totals.
(N) Data not available for this year.
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY l/
for States and counties
(thousands of dollars)
New York [36.000]
- -----------------------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- -----------------------------------------------------------------------------------------------------------------------
Income by place of residence
Personal income (thousands of dollars) 426,449,104 449,864,254 457,203,969 476,488,152 501,555,050
Nonfarm personal income 425,831,123 449,193,087 456,503,357 475,959,923 501,054,661
Farm income 2/ 617,981 671,167 700,612 528,229 500,389
Population (number of persons) 3/ 18,036,973 18,099,041 18,170,321 18,196,829 18,190,562
Per capita personal income (dollars) 23,643 24,856 25,162 26,185 27,572
Derivation of personal income
Earnings by place of work 305,441,339 326,475,141 331,289,663 340,128,647 356,642,266
Less: Personal cont. for social insurance 4/ 20,157,669 21,277,343 21,723,056 22,809,811 23,969,575
Plus: Adjustment for residence 5/ -14,032,029 -16,253,295 -16,176,404 -16,054,849 -17,458,226
Equals: Net earnings by place of residence 271,25l,641 288,944,503 293,390,203 301,263,987 315,214,465
Plus: Dividends, interest, and rent 6/ 83,100,905 79,683,581 80,332,228 84,364,798 88,221,927
Plus: Transfer payments 72,096,558 81,236,170 83,481,538 90,859,367 98,118,658
Earnings by place of work
Components of earnings
Wage and salary disbursements 247,723,582 261,957,013 266,625,813 272,565,079 285,013,769
Other labor income 26,017,929 28,145,814 29,950,705 31,069,418 32,280,796
Proprietors' income 7/ 31,699,828 36,372,314 34,713,145 36,494,150 38,547,701
Farm proprietors' income 286,741 348,667 346,393 179,067 109,167
Nonfarm proprietors' income 31,413,087 36,023,647 34,366,752 36,315,083 30,438,534
Earnings by industry
Farm earnings 617,981 671,167 700,612 528,229 500,389
Nonfarm earnings 304,023,358 325,803,974 330,589,051 339,600,418 356,141,877
Private earnings 256,703,602 276,348,868 279,258,676 286,634,354 302,158,622
Ag. serv., forestry, fishing, and other 8/ 1,066,872 1,102,025 1,139,347 1,174,292 1,239,111
Mining 276,048 273,802 281,155 298,633 293,435
Construction 12,677,634 11,765,608 11,856,560 12,667,535 12,766,179
Manufacturing 44,745,691 45,876,270 45,362,772 45,494,376 46,445,386
Durable goods 25,060,221 25,047,552 24,575,906 24,293,517 24,738,903
Nondurable goods 19,677,470 20,828,718 20,786,866 21,200,859 21,706,483
Transportation and public utilities 19,450,794 20,065,314 20,486,738 21,318,786 22,111,552
Wholesale trade 19,119,719 19,824,455 19,800,313 20,338,035 21,278,758
Retail trade 21,686,107 22,345,983 22,588,182 23,592,343 24,447,935
Finance, insurance, and real estate 44,488,557 54,163,800 53,874,820 52,813,729 58,166,600
Services 93,172,180 100,931,611 103,868,789 108,936,625 115,409,666
Government and government enterprises 48,119,756 49,455,106 51,330,375 52,966,064 53,983,255
Federal, civilian 6,006,187 6,332,570 6,418,896 6,543,912 6,584,486
Military 1,138,593 1,185,018 1,155,578 1,083,014 979,334
State and local 40,974,976 41,937,518 43,755,901 45,339,138 46,419,435
State 9,418,527 9,580,671 10,046,333 10,577,353 10,448,545
Local 31,556,449 32,356,847 33,709,568 34,761,785 35,970,890
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05.1 August 1997 BUREAU OF ECONOMIC ANALYSIS
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY l/
for States and counties
(thousands of dollars)
Fulton, New York [36.035]
- -------------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- -------------------------------------------------------------------------------------------------------------
Income by place of residence
Personal income (thousands of dollars) 866,970 910,630 936,935 986,016 1,014,810
Nonfarm personal income 865,663 900,686 934,886 984,544 1,013,295
Farm income 2/ 1,307 1,944 2,049 l,472 1,515
Population (number of persons) 3/ 54,472 54,345 54,445 54,344 54,099
Per capita personal income (dollars) 15,916 16,756 17,209 18,144 18,758
Derivation of personal income
Earnings by place of work 422,498 455,443 478,O86 515,803 514,094
Less: Personal cont. for social insurance 4/ 28,297 30,075 31,698 34,729 34,999
Plus: Adjustment for residence 5/ 117,840 118,309 118,741 113,819 119,285
Equals: Net earnings by place of residence 512,041 543,677 565,129 594,893 598,380
Plus: Dividends, interest, and rent 6/ 159,426 148,144 151,980 157,806 165,680
Plus: Transfer payments 195,503 218,809 219,826 233,317 250,750
Earnings by place of work
Components of earnings
Wage and salary disbursements 336,689 359,404 379,738 401,200 396,085
Other labor income 37,135 40,230 44,100 46,735 47,090
Proprietors' income 7/ 48,674 55,809 54,248 67,868 70,919
Farm proprietors' income 509 1,174 1,204 637 581
Nonfarm proprietors' income 48,l65 54,635 53,044 67,231 70,338
Earnings by industry
Farm earnings 1,307 1,944 2,049 1,472 1,515
Nonfarm earnings 421,191 453,499 476,037 514,331 512,579
Private earnings 326,877 352,299 366,547 394,901 393,645
Ag. serv., forestry, fishing, and other 8/ 1,249 (D) (D) (D) (D)
Mining 619 (D) (D) (D) (D)
Construction 18,143 19,372 21,533 23,517 23,986
Manufacturing 108,036 112,147 119,585 120,027 114,330
Durable goods 31,731 32,899 34,134 33,746 35,526
Nondurable goods 76,305 79,248 85,451 86,281 78,804
Transportation and public utilities 33,553 37,025 35,540 34,980 35,941
Wholesale trade 16,876 17,235 15,727 16,579 17,275
Retail trade 43,748 47,425 52,214 53,001 54,569
Finance, insurance, and real estate 11,615 11,672 11,688 12,362 12,570
Services 93,038 105,305 108,329 132,208 132,524
Government and government enterprises 94,314 101,200 109,490 119,430 118,934
Federal, civilian 4,128 4,522 4,570 4,698 4,858
Military 1,059 1,107 1,067 1,073 998
State and local 89,127 95,571 103,853 113,659 113,078
State 23,776 24,919 25,976 27,126 28,064
Local 65,351 70,652 77,877 86,533 85,014
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05.1 August 1997 BUREAU OF ECONOMIC ANALYSIS
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY l/
for States and counties
(thousands of dollars)
Saratoga, New York [36.091]
- -------------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- -------------------------------------------------------------------------------------------------------------
Income by place of residence
Personal income (thousands of dollars) 3,684,581 3,897,839 4,063,464 4,269,548 4,419,922
Nonfarm personal income 3,680,678 3,893,361 4,059,111 4,266,489 4,417,550
Farm income 2/ 3,903 4,478 4,353 3,059 2,372
Population (number of persons) 3/ 184,831 181,884 190,083 192,842 194,201
Per capita personal income (dollars) 19,935 20,746 21,377 22,140 22,760
Derivation of personal income
Earnings by place of work 1,564,144 1,689,603 1,744,603 1,815,162 1,875,036
Less: Personal cont. for social insurance 4/ 101,203 107,897 112,469 120,111 124,652
Plus: Adjustment for residence 5/ 1,188,625 1,234,473 1,288,765 1,348,806 1,363,856
Equals: Net earnings by place of residence 2,651,566 2,816,179 400,899 3,043,857 3,114,240
Plus: Dividends, interest, and rent 6/ 549,002 520,921 564,013 605,633 635,349
Plus: Transfer payments 484,013 560,739 578,552 620,058 670,333
Earnings by place of work
Components of earnings
Wage and salary disbursements 1,251,433 1,335,888 1,387,285 1,431,523 1,478,237
Other labor income 132,679 146,815 159,087 164,686 169,665
Proprietors' income 7/ 180,032 206,900 198,231 218,953 227,134
Farm proprietors' income 1,015 1,782 1,393 139 -898
Nonfarm proprietors' income 179,017 205,118 196,838 218,814 228,032
Earnings by industry
Farm earnings 3,903 4,478 4,353 3,059 2,372
Nonfarm earnings 1,560,241 1,685,125 1,740,250 1,812,103 1,872,664
Private earnings 1,215,865 1,319,878 1,357,877 1,417,616 1,465,648
Ag. serv., forestry, fishing, and other 8/ 11,301 12,109 (D) (D) (D)
Mining 1,359 1,481 (D) (D) (D)
Construction 125,768 122,688 123,433 126,449 120,329
Manufacturing 309,395 335,061 333,233 325,006 325,462
Durable goods 92,727 101,209 103,921 84,960 78,473
Nondurable goods 216,668 233,852 229,312 240,046 246,989
Transportation and public utilities 50,442 65,168 73,658 75,158 74,761
Wholesale trade 68,874 72,961 79,989 87,748 99,633
Retail trade 217,480 224,373 232,709 254,646 250,752
Finance, insurance, and real estate 64,300 88,367 95,264 97,513 96,422
Services 366,946 397,670 406,018 437,530 476,285
Government and government enterprises 344,376 365,247 382,373 394,487 407,016
Federal, civilian 12,113 14,730 15,175 16,157 16,664
Military 35,673 36,813 38,710 39,437 40,227
State and local 296,590 313,704 328,488 338,893 350,125
State 88,019 89,410 92,852 98,987 101,772
Local 208,571 224,294 235,636 239,906 248,353
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05.1 August 1997 BUREAU OF ECONOMIC ANALYSIS
Footnotes for table CA05
Personal Income by major source and Earnings by Major Industry
1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-95 based on 1987
SIC.
2/ Farm income consists of proprietors' net income; the cash wages,
pay-in-kind, and other labor income of hired farm workers; and the salaries
of officers of corporate farms.
3/ Census Bureau midyear population estimates. Estimates for 1990-95 reflect
county population estimates available as of March 1997, The population
estimates for the United States, Utah, and Cache, UT, 1991-94, have been
adjusted by BEA for consistency with a special, upward adjustment made by
the Census Bureau to its 1995 estimate for Cache County. Additionally, as a
result of special and test censuses conducted in 1995, the Census Bureau
reduced substantially the 1995 population estimates for Yuma, AZ; DeSoto,
LA; Dorchester, SC and Montgomery, TN, but made no adjustments to the
estimates for the other years. For these counties, BEA was unable to make
adjustments to the population estimates in time for this release, and the
estimates of per capita personal income are discontinuous between 1994 and
1995. BEA's further adjustments to the population estimates for 1991-94
will be reflected in the release of State per capita personal income on
September 19, 1997 and in the release of local area per capita personal
income in the Spring of 1998.
4/ Personal contributions for social insurance are included in earnings by
type and industry but excluded from personal income.
5/ The adjustment for residence is the net inflow of the earnings of interarea
commuters. For the United States, it consists of adjustments for border
workers: Earnings of U.S. residents commuting outside U.S. borders to work
less earnings of foreign residents commuting inside U.S. borders to work
and of certain Caribbean seasonal workers.
6/ Includes the capital consumption adjustment for rental income of persons.
7/ Includes the inventory valuation and capital consumption adjustments.
8/ "Other" consists of wage and salary disbursements of U.S. residents
employed by international organizations and foreign embassies and
consulates in the United States.
13/ Estimates for 1979 forward reflect Alaska Census Areas as defined in the
1980 Decennial Census; those for prior years reflect Alaska Census
Divisions as defined in the 1970 Decennial Census. Estimates from 1988
forward separate Aleutian Islands Census Area into Aleutians East Borough
and Aleutians West Census Area. Estimates for 1991 forward separate Denali
Borough from Yukon-Koyukuk Census Area and Lake and Peninsula Borough from
Dillingham Census Area. Estimates from 1993 forward separate
Skagway-Yakutat-Angoon Census Area into Skagway-Hoonah-Angoon Census Area
and Yakutat Borough.
14/ Cibola, NM was separated from Valencia in June 1981, but in these
estimates, Valencia includes Cibola through the end of 1981.
15/ La Paz county, AZ was separated from Yuma county on January 1, 1983. The
Yuma, AZ MSA contains La Paz, AZ through 1982.
16/ Shawano, WI and Menominee, WI are combined as Shawano (incl. Menominee), WI
for the years prior to 1989.
E The estimate shown here constitutes the major portion of the true estimate.
(D) Not shown to avoid disclosure of confidential information. Estimates are
included in totals.
(L) Less than $50,000. Estimates are included in totals.
(N) Data not available for this year.
EXHIBIT III-1
Gloversville Federal Savings and Loan Association
General Characteristics of Publicly-Traded Institutions
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
California Companies
- --------------------
AHM Ahmanson and Co. H.F. of CA NYSE Nationwide M.B. 46,800 368 12-31 10/72 61.69 5,824
GDW Golden West Fin. Corp. of CA NYSE Nationwide M.B. 39,229 246 12-31 05/59 91.31 5,184
GSB Glendale Fed. Bk, FSB of CA NYSE CA Div. 16,433 154 06-30 10/83 34.25 1,728
CSA Coast Savings Financial of CA NYSE California R.E. 9,040 92 12-31 12/85 62.50 1,165
DSL Downey Financial Corp. of CA NYSE Southern CA Thrift 5,854 85 12-31 01/71 28.13 753
FED FirstFed Fin. Corp. of CA NYSE Los Angeles CA R.E. 4,105 25 12-31 12/83 38.37 406
BPLS Bank Plus Corp. of CA OTC Los Angeles CA R.E. 3,920 37 12-31 / 12.50 242
WES Westcorp Inc. of Orange CA NYSE California Div. 3,757 26 12-31 05/86 17.19 451
BVCC Bay View Capital Corp. of CA OTC San Francisco CA M.B. 3,162 41 12-31 05/86 34.87 433
PFFB PFF Bancorp of Pomona CA OTC Southern CA Thrift 2,615 23 03-31 03/96 19.12 342
CENF CENFED Financial Corp. of CA OTC Los Angeles CA Thrift 2,305 18 12-31 10/91 41.62 248
AFFFZ America First Fin. Fund of CA OTC San Francisco CA Div. 2,251 36 12-31 / 49.50 298
HEMT HF Bancorp of Hemet CA OTC Southern CA Thrift 1,050 19 06-30 06/95 17.12 108
REDF RedFed Bancorp of Redlands CA OTC Southern CA Thrift 967 14 12-31 04/94 19.87 143
ITLA Imperial Thrift & Loan of CA (3) OTC Los Angeles CA R.E. 902 9 12-31 / 17.75 139
HTHR Hawthorne Fin. Corp. of CA OTC Southern CA Thrift 891 6 12-31 / 19.87 61
QCBC Quaker City Bancorp of CA OTC Los Angeles CA R.E. 847 8 06-30 12/93 21.37 100
PROV Provident Fin. Holdings of CA OTC Southern CA M.B. 641 9 06-30 06/96 21.50 104
HBNK Highland Federal Bank of CA OTC Los Angeles CA R.E. 516 8 12-31 / 32.87 76
MBBC Monterey Bay Bancorp of CA OTC West Central CA Thrift 410 7 12-31 02/95 19.00 61
SGVB SGV Bancorp of W. Covina CA OTC Los Angeles CA Thrift 409 8 06-30 06/95 17.25 40
BYFC Broadway Fin. Corp. of CA OTC Los Angeles CA Thrift 125 3 12-31 01/96 13.25 11
Florida Companies
- -----------------
OCN Ocwen Financial Corp. of FL OTC Southeast FL Div. 2,956 1 12-31 / 24.37 1,475
BANC BankAtlantic Bancorp of FL OTC Southeastern FL M.B. 2,845 60 12-31 11/83 15.50 345
BKUNA BankUnited SA of FL OTC Miami FL Thrift 2,145 14 09-30 12/85 13.50 129
FFPB First Palm Beach Bancorp of FL OTC Southeast FL Thrift 1,808 40 09-30 09/93 38.75 196
HARB Harbor FSB, MHC of FL (46.6) OTC Eastern FL Thrift 1,131 23 09-30 01/94 67.00 333
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Florida Companies (continued)
- -----------------------------
FFFL Fidelity FSB, MHC of FL (47.7) OTC Southeast FL Thrift 1,046 20 12-31 01/94 29.00 197
CMSV Commty. Svgs, MHC of FL (48.5) OTC Southeast FL Thrift 709 20 12-31 10/94 34.87 178
FFLC FFLC Bancorp of Leesburg FL OTC Central FL Thrift 383 9 12-31 01/94 22.25 85
Mid-Atlantic Companies
- ----------------------
DME Dime Bancorp, Inc. of NY (3) NYSE NY,NJ,FL M.B. 19,413 91 12-31 08/86 26.00 2,639
SVRN Sovereign Bancorp of PA OTC PA,NJ,DE M.B. 14,601 120 12-31 08/86 21.62 1,930
GPT GreenPoint Fin. Corp. of NY (3) NYSE New York City NY Thrift 13,094 74 12-31 01/94 67.19 2,877
ASFC Astoria Financial Corp. of NY OTC NY Thrift 7,904 45 12-31 11/93 57.37 1,186
LISB Long Island Bancorp, Inc of NY OTC Long Island NY M.B. 5,931 36 09-30 04/94 46.25 1,111
ALBK ALBANK Fin. Corp. of Albany NY OTC Upstate NY,MA,VT Thrift 3,717 72 12-30 04/92 46.00 592
ROSE T R Financial Corp. of NY (3) OTC New York City NY Thrift 3,692 15 12-31 06/93 33.50 589
RSLN Roslyn Bancorp, Inc. of NY (3) OTC Long Island NY M.B. 3,474 6 12-31 01/97 21.88 955
NYB New York Bancorp, Inc. of NY NYSE Southeastern NY Thrift 3,244 29 09-30 01/88 38.31 817
MLBC ML Bancorp of Villanova PA OTC Philadelphia PA M.B. 2,316 18 03-31 08/94 30.75 365
CMSB Cmnwealth Bancorp of PA OTC Philadelphia PA M.B. 2,278 56 06-30 06/96 21.50 349
HARS Harris SB, MHC of PA (24.3) OTC Southeast PA Thrift 2,110 31 12-31 01/94 19.25 650
NWSB Northwest SB, MHC of PA (30.7) OTC Pennsylvania Thrift 2,101 53 06-30 11/94 14.75 690
RELY Reliance Bancorp, Inc. of NY OTC New York City NY Thrift 2,035 28 06-30 03/94 34.00 296
HAVN Haven Bancorp of Woodhaven NY OTC New York City NY Thrift 1,833 20 12-31 09/93 21.75 191
QCSB Queens County Bancorp of NY (3) OTC New York City NY Thrift 1,541 13 12-31 11/93 36.50 551
JSB JSB Financial, Inc. of NY NYSE New York City NY Thrift 1,531 13 12-31 06/90 48.50 480
WSFS WSFS Financial Corp. of DE (3) OTC DE Div. 1,496 16 12-31 11/86 20.75 258
OCFC Ocean Fin. Corp. of NJ OTC Eastern NJ Thrift 1,489 10 12-31 07/96 37.25 305
DIME Dime Community Bancorp of NY OTC New York City NY Thrift 1,385 15 06-30 06/96 23.37 295
PFSB PennFed Fin. Services of NJ OTC Northern NJ Thrift 1,364 17 06-30 07/94 33.50 162
MFSL Maryland Fed. Bancorp of MD OTC MD Thrift 1,157 J 25 02-28 06/87 27.00 175
YFED York Financial Corp. of PA OTC PA,MD Thrift 1,156 22 06-30 02/84 24.87 219
FSLA First SB SLA MHC of NJ (47.5) OTC Eastern NJ Thrift 1,045 16 12-31 07/92 41.62 333
PVSA Parkvale Financial Corp of PA OTC Southwestern PA Thrift 1,005 28 06-30 07/87 28.75 147
FFIC Flushing Fin. Corp. of NY (3) OTC New York City NY Thrift 960 7 12-31 11/95 23.00 184
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Mid-Atlantic Companies (continued)
- ----------------------------------
PSBK Progressive Bank, Inc. of NY (3) OTC Southeast NY Thrift 885 17 12-31 08/84 36.00 138
PKPS Poughkeepsie Fin. Corp. of NY OTC Southeast NY Thrift 884 13 12-31 11/85 10.37 131
PWBC PennFirst Bancorp of PA OTC Western PA Thrift 822 9 12-31 06/90 18.62 99
MBB MSB Bancorp of Middletown NY (3) AMEX Southeastern NY Thrift 814 J 16 12-31 09/92 30.50 87
GAF GA Financial Corp. of PA AMEX Pittsburgh PA Thrift 802 13 12-31 03/96 18.62 148
IBSF IBS Financial Corp. of NJ OTC Southwest NJ Thrift 735 10 09-30 10/94 17.37 190
SFIN Statewide Fin. Corp. of NJ OTC Northern NJ Thrift 703 16 12-31 10/95 22.50 103
FBBC First Bell Bancorp of PA OTC Pittsburgh PA Thrift 681 7 12-31 06/95 18.62 121
TSBS Peoples Bcrp, MHC of NJ (35.9) OTC Central NJ Thrift 639 14 12-31 08/95 39.25 355
THRD TF Financial Corp. of PA OTC Philadelphia PA Thrift 625 14 06-30 07/94 29.75 122
FSNJ Bayonne Banchsares of NJ OTC Northern NJ Thrift 609 4 03-31 08/97 12.25 110
FMCO FMS Financial Corp. of NJ OTC Southern NJ Thrift 582 18 12-31 12/88 32.75 78
PULS Pulse Bancorp of S. River NJ OTC Central NJ Thrift 526 4 09-30 09/86 26.75 82
FSPG First Home Bancorp of NJ OTC NJ,DE Thrift 525 10 12-31 04/87 28.75 78
LVSB Lakeview SB of Paterson NJ OTC Northern NJ Thrift 506 J 8 07-31 12/93 24.87 112
AHCI Ambanc Holding Co., Inc. of NY (3) OTC East-Central NY Thrift 485 J 12 12-31 12/95 18.00 78
PFNC Progress Financial Corp. of PA OTC Southeastern PA M.B. 437 9 12-31 07/83 15.50 62
CNY Carver Bancorp, Inc. of NY AMEX New York, NY Thrift 416 7 03-31 10/94 16.87 39
RARB Raritan Bancorp. of Raritan NJ (3) OTC Central NJ Thrift 407 6 12-31 03/87 27.50 65
SHEN First Shenango Bancorp of PA OTC Western PA Thrift 401 4 12-31 04/93 34.00 70
FSBI Fidelity Bancorp, Inc. of PA OTC Southwestern PA Thrift 381 8 09-30 06/88 27.50 43
FKFS First Keystone Fin. Corp of PA OTC Philadelphia PA Thrift 373 5 09-30 01/95 37.37 46
PBCI Pamrapo Bancorp, Inc. of NJ OTC Northern NJ Thrift 372 8 12-31 11/89 24.87 71
FOBC Fed One Bancorp of Wheeling WV OTC Northern WV,OH Thrift 358 9 12-31 01/95 26.62 63
HARL Harleysville SA of PA OTC Southeastern PA Thrift 345 4 09-30 08/87 29.37 49
LFBI Little Falls Bancorp of NJ OTC New Jersey Thrift 324 6 12-31 01/96 20.25 53
CVAL Chester Valley Bancorp of PA OTC Southeastern PA Thrift 322 7 06-30 03/87 26.25 57
YFCB Yonkers Fin. Corp. of NY OTC Yonkers NY Thrift 313 4 09-30 04/96 18.75 57
EQSB Equitable FSB of Wheaton MD OTC Central MD Thrift 308 J 4 09-30 09/93 48.50 29
FIBC Financial Bancorp, Inc. of NY OTC New York, NY Thrift 297 5 09-30 08/94 24.50 42
CATB Catskill Fin. Corp. of NY (3) OTC Albany NY Thrift 290 4 09-30 04/96 17.37 81
LFED Leeds FSB, MHC of MD (36.3) OTC Baltimore MD Thrift 285 1 06-30 05/94 23.50 122
FBER First Bergen Bancorp of NJ OTC Northern NJ Thrift 285 4 09-30 04/96 19.50 56
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Mid-Atlantic Companies (continued)
- ----------------------------------
WVFC WVS Financial Corp. of PA (3) OTC Pittsburgh PA Thrift 282 5 06-30 11/93 32.00 56
PHFC Pittsburgh Home Fin. of PA OTC Pittsburgh PA Thrift 273 6 09-30 04/96 17.75 35
WSB Washington SB, FSB of MD AMEX Southeastern MD Thrift 268 J 4 07-31 / 7.12 31
WYNE Wayne Bancorp of NJ OTC Northern NJ Thrift 267 0 12-31 06/96 22.75 46
IFSB Independence FSB of DC OTC Washington DC Ret. 258 J 2 12-31 06/85 14.00 18
GDVS Greater DV SB,MHC of PA (19.9) (3) OTC Southeast PA Thrift 249 7 12-31 03/95 29.00 95
SKAN Skaneateles Bancorp Inc of NY (3) OTC Northwest NY Thrift 248 9 12-31 06/86 18.87 27
ESBK The Elmira SB FSB of Elmira NY (3) OTC NY,PA Thrift 228 6 12-31 03/85 30.00 22
SBFL SB Fngr Lakes MHC of NY (33.1) OTC Western NY Thrift 228 4 04-30 11/94 30.00 54
HRBF Harbor Federal Bancorp of MD OTC Baltimore MD Thrift 217 9 03-31 08/94 23.75 40
LARL Laurel Capital Group of PA OTC Southwestern PA Thrift 210 6 06-30 02/87 28.13 41
PHSB Ppls Home SB, MHC of PA (45.0) OTC Western PA Thrift 206 9 12-31 07/97 18.75 52
PBHC OswegoCity SB, MHC of NY (46.) (3) OTC NY Thrift 193 5 12-31 11/95 30.00 58
PEEK Peekskill Fin. Corp. of NY OTC Southeast NY Thrift 181 3 06-30 12/95 17.50 56
PLSK Pulaski SB, MHC of NJ (46.0) OTC New Jersey Thrift 179 6 12-31 04/97 20.00 41
SFED SFS Bancorp of Schenectady NY OTC Eastern NY Thrift 174 3 12-31 06/95 24.50 30
AFED AFSALA Bancorp, Inc. of NY OTC Central NY Thrift 159 J 5 12-31 10/96 18.75 27
SKBO First Carnegie,MHC of PA(45.0) OTC Western PA Thrift 147 J 3 03-31 04/97 18.87 43
PRBC Prestige Bancorp of PA OTC Thrift 138 0 12-31 06/96 19.25 18
TPNZ Tappan Zee Fin., Inc. of NY OTC Southeast NY Thrift 124 J 1 03-31 10/95 20.00 30
GOSB GSB Financial Corp. of NY OTC Southeast NY Thrift 114 P 2 09-30 07/97 17.12 38
WWFC Westwood Fin. Corp. of NJ OTC Northern NJ Thrift 110 2 03-31 06/96 27.62 18
AFBC Advance Fin. Bancorp of WV OTC Northern Neck WV Thrift 106 2 06-30 01/97 17.75 19
WHGB WHG Bancshares of MD OTC Baltimore MD Thrift 100 J 5 09-30 04/96 15.87 23
SHSB SHS Bancorp, Inc. of PA OTC Pittsburgh Thrift 90 P 4 12/31 10/97 17.25 14
ALBC Albion Banc Corp. of Albion NY OTC Western NY Thrift 71 2 09-30 07/93 28.00 7
PWBK Pennwood SB of PA (3) OTC Pittsburgh PA Thrift 48 3 12-31 07/96 18.50 11
Mid-West Companies
- ------------------
COFI Charter One Financial of OH OTC OH,MI Div. 15,197 221 12-31 01/88 62.00 3,073
CFB Commercial Federal Corp. of NE NYSE NE,CO,KS,OK,IA M.B. 7,207 107 06-30 12/84 52.87 1,141
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
- ------------------------------
SPBC St. Paul Bancorp, Inc. of IL OTC Chicago IL Div. 4,549 52 12-31 05/87 25.25 862
MAFB MAF Bancorp of IL OTC Chicago IL Thrift 3,371 20 12-31 01/90 34.06 519
CTZN CitFed Bancorp of Dayton OH OTC Dayton OH M.B. 3,295 35 03-31 01/92 38.62 501
GTFN Great Financial Corp. of KY OTC Kentucky M.B. 2,894 45 12-31 03/94 50.25 695
FLGS Flagstar Bancorp, Inc of MI OTC MI Thrift 2,033 15 12/31 / 19.12 261
ABCW Anchor Bancorp Wisconsin of WI OTC Wisconsin M.B. 1,955 35 03-31 07/92 35.00 317
DNFC D&N Financial Corp. of MI OTC MI Ret. 1,754 37 12-31 02/85 27.75 229
STFR St. Francis Cap. Corp. of WI OTC Milwaukee WI Thrift 1,661 23 09-30 06/93 41.50 217
FTFC First Fed. Capital Corp. of WI OTC Southern WI M.B. 1,560 44 12-31 11/89 30.25 277
FISB First Indiana Corp. of IN OTC Central IN M.B. 1,547 28 12-31 08/83 31.00 327
ABCL Allied Bancorp of IL OTC Chicago IL M.B. 1,371 14 09-30 07/92 26.50 213
JSBA Jefferson Svgs Bancorp of MO OTC St. Louis MO,TX Thrift 1,292 J 32 12-31 04/93 43.00 215
AADV Advantage Bancorp of WI OTC WI,IL Thrift 1,037 15 09-30 03/92 66.50 215
OFCP Ottawa Financial Corp. of MI OTC Western MI Thrift 867 26 12-31 08/94 28.37 152
CFSB CFSB Bancorp of Lansing MI OTC Central MI Thrift 860 17 12-31 06/90 34.87 177
NASB North American SB of MO OTC KS,MO M.B. 737 J 7 09-30 09/85 54.00 120
GSBC Great Southern Bancorp of MO OTC Southwest MO Thrift 728 25 06-30 12/89 24.75 200
HOMF Home Fed Bancorp of Seymour IN OTC Southern IN Thrift 694 16 06-30 01/88 26.00 133
SFSL Security First Corp. of OH OTC Northeastern OH R.E. 681 13 03-31 01/88 20.50 156
FNGB First Northern Cap. Corp of WI OTC Northeast WI Thrift 657 20 12-31 12/83 14.00 124
MSBK Mutual SB, FSB of Bay City MI OTC Michigan M.B. 654 22 12-31 07/92 12.75 55
FFYF FFY Financial Corp. of OH OTC Youngstown OH Thrift 611 10 06-30 06/93 32.25 133
EMLD Emerald Financial Corp of OH OTC Cleveland OH Thrift 604 13 12-31 / 18.50 94
AVND Avondale Fin. Corp. of IL OTC Chicago IL Ret. 597 5 12-31 04/95 16.37 57
HFFC HF Financial Corp. of SD OTC South Dakota Thrift 575 19 06-30 04/92 26.25 74
FDEF First Defiance Fin.Corp. of OH OTC Northwest OH Thrift 574 9 06-30 10/95 14.75 132
HMNF HMN Financial, Inc. of MN OTC Southeast MN Thrift 569 7 12-31 06/94 26.25 111
FFBH First Fed. Bancshares of AR OTC Northern AR Thrift 547 12 12-31 05/96 23.75 116
FFOH Fidelity Financial of OH OTC Cincinnati OH Thrift 529 4 12-31 03/96 14.75 82
FCBF FCB Fin. Corp. of Neenah WI OTC Eastern WI Thrift 523 J 6 03-31 09/93 28.25 110
HFGI Harrington Fin. Group of IN OTC Eastern IN Thrift 521 3 06-30 / 12.62 41
CAFI Camco Fin. Corp. of OH OTC Eastern OH M.B. 502 11 12-31 / 25.00 80
FBCI Fidelity Bancorp of Chicago IL OTC Chicago IL Thrift 498 5 09-30 12/93 23.00 64
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
- ------------------------------
CBCI Calumet Bancorp of Chicago IL OTC Chicago IL Thrift 488 5 06-30 02/92 32.00 101
FFSX First FS&LA. MHC of IA (46.1) OTC Western IA Thrift 457 13 06-30 07/92 32.37 92
PERM Permanent Bancorp of IN OTC Southwest IN Thrift 434 12 03-31 04/94 26.06 55
SFSB SuburbFed Fin. Corp. of IL OTC IL,IN Thrift 427 J 12 12-31 03/92 36.00 45
HALL Hallmark Capital Corp. of WI OTC Milwaukee WI Thrift 418 3 06-30 01/94 15.25 44
MCBS Mid Continent Bancshares of KS OTC Central KS M.B. 405 9 09-30 06/94 44.75 88
CASH First Midwest Fin. Corp. of IA OTC IA,SD R.E. 405 12 09-30 09/93 21.37 58
FMBD First Mutual Bancorp of IL OTC Central IL Thrift 402 12 12-31 07/95 20.25 71
PMFI Perpetual Midwest Fin. of IA OTC EastCentral IA Thrift 402 5 12-31 03/94 27.75 52
WOFC Western Ohio Fin. Corp. of OH OTC Western OH Thrift 397 6 12-31 07/94 26.62 63
CBSB Charter Financial Inc. of IL OTC Southern IL Thrift 393 J 8 09-30 12/95 23.75 99
ASBI Ameriana Bancorp of IN OTC Eastern IN,OH Thrift 393 8 12-31 03/87 20.25 65
FFHH FSF Financial Corp. of MN OTC Southern MN Thrift 388 11 09-30 10/94 19.12 58
PFSL Pocahnts Fed, MHC of AR (47.0) OTC Northeast AR Thrift 383 6 09-30 04/94 36.50 60
PVFC PVF Capital Corp. of OH OTC Cleveland OH R.E. 383 9 06-30 12/92 20.75 54
FFKY First Fed. Fin. Corp. of KY OTC Central KY Thrift 383 8 06-30 07/87 22.00 91
SWBI Southwest Bancshares of IL OTC Chicago IL Thrift 375 6 12-31 06/92 25.50 68
INBI Industrial Bancorp of OH OTC Northern OH Thrift 354 10 12-31 08/95 18.12 94
SMFC Sho-Me Fin. Corp. of MO OTC Southwest MO Thrift 345 8 12-31 07/94 49.31 74
HBEI Home Bancorp of Elgin IL OTC Northern IL Thrift 343 5 12-31 09/96 18.25 125
KNK Kankakee Bancorp of IL AMEX Illinois Thrift 340 9 12-31 01/93 34.38 49
HBFW Home Bancorp of Fort Wayne IN OTC Northeast IN Thrift 335 J 9 09-30 03/95 27.12 68
HMCI Homecorp, Inc. of Rockford IL OTC Northern IL Thrift 327 9 12-31 06/90 27.19 46
WFI Winton Financial Corp. of OH OTC Cincinnati OH R.E. 317 J 5 09-30 08/88 19.75 39
WCBI WestCo Bancorp of IL OTC Chicago IL Thrift 309 1 12-31 06/92 26.50 66
FSFF First SecurityFed Fin of IL OTC Chicago Thrift 303 P 5 12-31 10/97 15.94 102
GFCO Glenway Financial Corp. of OH OTC Cincinnati OH Thrift 293 6 06-30 11/90 18.50 42
PFDC Peoples Bancorp of Auburn IN OTC Northeastern IN Thrift 291 6 09-30 07/87 24.00 81
CBK Citizens First Fin.Corp. of IL AMEX Central IL Thrift 278 7 12-31 05/96 18.00 47
EFBI Enterprise Fed. Bancorp of OH OTC Cincinnati OH Thrift 275 5 09-30 10/94 28.25 56
FBCV 1st Bancorp of Vincennes IN OTC Southwestern IN M.B. 261 1 06-30 04/87 26.00 27
MFBC MFB Corp. of Mishawaka IN OTC Northern IN Thrift 256 4 09-30 03/94 23.50 39
WAYN Wayne S&L Co. MHC of OH (47.8) OTC Central OH Thrift 250 6 03-31 06/93 30.25 68
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
- ------------------------------
EBI Equality Bancorp of St Louis NYSE St Louis Thrift 249 P 3 03-31 12/97 14.87 37
CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 242 8 06-30 12/93 23.25 44
FFED Fidelity Fed. Bancorp of IN OTC Southwestern IN Thrift 235 4 06-30 08/87 10.37 29
OHSL OHSL Financial Corp. of OH OTC Cincinnati, OH Thrift 235 4 12-31 02/93 26.50 33
FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 231 7 12-31 01/88 27.37 33
LARK Landmark Bancshares of KS OTC Central KS Thrift 228 J 5 09-30 03/94 23.25 39
MBLF MBLA Financial Corp. of MO OTC Northeast MO Thrift 224 2 06-30 06/93 27.25 35
BFFC Big Foot Fin. Corp. of IL OTC Chicago IL Thrift 215 3 07-31 12/96 18.75 47
FFFD North Central Bancshares of IA OTC Central IA Thrift 215 4 12-31 03/96 19.12 62
CMRN Cameron Fin. Corp. of MO OTC Northwest MO Thrift 212 3 09-30 04/95 20.12 52
GFED Guarnty FS&LA,MHC of MO (31.0) OTC Southwest MO Thrift 210 4 06-30 04/95 26.00 81
MFFC Milton Fed. Fin. Corp. of OH OTC Southwest OH Thrift 210 2 09-30 10/94 15.12 35
MWFD Midwest Fed. Fin. Corp of WI OTC Central WI Thrift 207 J 9 12-31 07/92 27.75 45
WEFC Wells Fin. Corp. of Wells MN OTC Southcentral MN Thrift 205 7 12-31 04/95 18.50 36
FFBZ First Federal Bancorp of OH OTC Eastern OH Thrift 204 6 09-30 06/92 21.00 33
HCBB HCB Bancshares of AR OTC Southern AR Thrift 200 J 6 06-30 05/97 13.62 36
LSBI LSB Fin. Corp. of Lafayette IN OTC Central IN Thrift 200 4 12-31 02/95 27.75 25
NEIB Northeast Indiana Bncrp of IN OTC Northeast IN Thrift 190 3 12-31 06/95 20.50 36
FFWC FFW Corporation of Wabash IN OTC Central IN Thrift 181 3 06-30 04/93 41.75 30
PULB Pulaski SB, MHC of MO (29.8) OTC St. Louis MO Thrift 180 J 5 09-30 05/94 30.00 63
MARN Marion Capital Holdings of IN OTC Central IN Thrift 180 2 06-30 03/93 27.50 49
PFED Park Bancorp of Chicago IL OTC Chicago IL Thrift 175 3 12-31 08/96 17.75 43
EGLB Eagle BancGroup of IL OTC Central IL Thrift 172 3 12-31 07/96 19.25 23
FFWD Wood Bancorp of OH OTC Northern OH Thrift 167 6 06-30 08/93 18.50 39
BWFC Bank West Fin. Corp. of MI OTC Southeast MI Thrift 165 3 06-30 03/95 16.00 42
JXSB Jcksnville SB,MHC of IL (45.6) OTC Central IL Thrift 164 4 12-31 04/95 28.50 36
SMBC Southern Missouri Bncrp of MO OTC Southeast MO Thrift 163 8 06-30 04/94 19.75 32
FBSI First Bancshares of MO OTC Southcentral MO Thrift 163 6 06-30 12/93 26.00 28
HMLK Hemlock Fed. Fin. Corp. of IL OTC Chicago IL Thrift 162 3 12-31 04/97 17.37 36
QCFB QCF Bancorp of Virginia MN OTC Northeast MN Thrift 157 J 2 06-30 04/95 28.50 39
MWBI Midwest Bancshares, Inc. of IA OTC Southeast IA Thrift 150 4 12-31 11/92 17.75 18
WEHO Westwood Hmstd Fin Corp of OH OTC Cincinnati OH Thrift 143 2 12-31 09/96 14.25 40
RIVR River Valley Bancorp of IN OTC Southeast IN Thrift 140 J 3 12-31 12/96 18.12 22
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
- ------------------------------
GTPS Great American Bancorp of IL OTC East Central IL Thrift 140 3 12-31 06/95 18.50 31
FKKYD Frankfort First Bancorp of KY OTC Frankfort KY Thrift 133 3 06-30 07/95 18.62 31
CLAS Classic Bancshares of KY OTC Eastern KY Thrift 130 J 3 03-31 12/95 16.25 21
MIFC Mid Iowa Financial Corp. of IA OTC Central IA Thrift 126 J 6 09-30 10/92 11.25 19
PTRS Potters Financial Corp of OH OTC Northeast OH Thrift 123 4 12-31 12/93 18.50 18
NBSI North Bancshares of Chicago IL OTC Chicago IL Thrift 122 2 12-31 12/93 25.87 25
HFSA Hardin Bancorp of Hardin MO OTC Western MO Thrift 117 3 03-31 09/95 17.75 15
FFSL First Independence Corp. of KS OTC Southeast KS Thrift 113 2 09-30 10/93 14.87 15
ASBP ASB Financial Corp. of OH OTC Southern OH Thrift 112 1 06-30 04/95 13.50 23
BDJI First Fed. Bancorp. of MN OTC Northern MN Thrift 111 5 09-30 04/95 28.00 19
HFFB Harrodsburg 1st Fin Bcrp of KY OTC Central KY Thrift 109 J 2 09-30 10/95 17.25 35
DCBI Delphos Citizens Bancorp of OH OTC Northwest OH Thrift 108 1 09-30 11/96 17.25 34
CBES CBES Bancorp of MO OTC Western MO Thrift 107 2 06-30 09/96 21.88 22
FTNB Fulton Bancorp of MO OTC Central MO Thrift 104 2 06-30 10/96 21.37 37
AMFC AMB Financial Corp. of IN OTC Northwest IN Thrift 103 4 12-31 04/96 16.50 16
PSFC Peoples Sidney Fin. Corp of OH OTC WestCentral OH Thrift 103 2 06-30 04/97 17.25 31
MONT Montgomery Fin. Corp. of IN OTC Westcentral IN Thrift 102 4 06-30 07/97 12.50 21
FTSB Fort Thomas Fin. Corp. of KY OTC Northern KY Thrift 98 2 09-30 06/95 15.50 23
CNSB CNS Bancorp of MO OTC Central MO Thrift 97 5 12-31 06/96 21.50 36
NWEQ Northwest Equity Corp. of WI OTC Northwest WI Thrift 97 3 03-31 10/94 19.25 16
INCB Indiana Comm. Bank, SB of IN OTC Central IN Ret. 96 3 06-30 12/94 20.50 19
THR Three Rivers Fin. Corp. of MI AMEX Southwest MI Thrift 95 J 4 06-30 08/95 20.25 17
GFSB GFS Bancorp of Grinnell IA OTC Central IA Thrift 94 1 06-30 01/94 17.06 17
WCFB Wbstr Cty FSB MHC of IA (45.2) OTC Central IA Thrift 94 1 12-31 08/94 21.25 45
CIBI Community Inv. Bancorp of OH OTC NorthCentral OH Thrift 94 3 06-30 02/95 15.75 14
FFDF FFD Financial Corp. of OH OTC Northeast OH Thrift 88 1 06-30 04/96 18.62 27
KYF Kentucky First Bancorp of KY AMEX Central KY Thrift 88 2 06-30 08/95 14.69 19
HZFS Horizon Fin'l. Services of IA OTC Central IA Thrift 88 3 06-30 06/94 11.75 10
SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 88 2 06-30 01/94 13.37 21
PFFC Peoples Fin. Corp. of OH OTC Northeast OH Thrift 86 J 2 09-30 09/96 13.75 21
LOGN Logansport Fin. Corp. of IN OTC Northern IN Thrift 86 1 12-31 06/95 15.25 19
PSFI PS Financial of Chicago IL OTC Chicago IL Thrift 86 1 12-31 11/96 18.50 40
SOBI Sobieski Bancorp of S. Bend IN OTC Northern IN Thrift 84 3 06-30 03/95 19.37 15
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
- ------------------------------
FFBI First Financial Bancorp of IL OTC Northern IL M.B. 84 2 12-31 10/93 21.00 9
HHFC Harvest Home Fin. Corp. of OH OTC Southwest OH Thrift 83 M 3 09-30 10/94 14.75 13
PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 81 J 1 09-30 02/95 23.25 19
MSBF MSB Financial Corp. of MI OTC Southcentral MI Thrift 77 2 06-30 02/95 19.50 24
HCFC Home City Fin. Corp. of OH OTC Southwest OH Thrift 70 1 06-30 12/96 17.25 16
MIVI Miss. View Hold. Co. of MN OTC Central MN Thrift 70 J 1 09-30 03/95 17.50 13
ATSB AmTrust Capital Corp. of IN OTC Northcentral IN Thrift 70 2 06-30 03/95 13.75 7
GWBC Gateway Bancorp of KY OTC Eastern KY Thrift 63 2 12-31 01/95 18.75 20
CKFB CKF Bancorp of Danville KY OTC Central KY Thrift 60 1 12-31 01/95 18.50 17
NSLB NS&L Bancorp of Neosho MO OTC Southwest MO Thrift 60 J 2 09-30 06/95 18.50 13
LXMO Lexington B&L Fin. Corp. of MO OTC West Central MO Thrift 59 J 1 09-30 06/96 17.12 19
MRKF Market Fin. Corp. of OH OTC Cincinnati OH Thrift 56 2 09-30 03/97 15.44 21
CSBF CSB Financial Group Inc of IL (3) OTC Centralia IL Thrift 49 J 2 09-30 10/95 13.25 12
FLKY First Lancaster Bncshrs of KY OTC Central KY Thrift 47 1 06-30 07/96 15.75 15
RELI Reliance Bancshares Inc of WI (3) OTC Milwaukee WI Thrift 47 1 06-30 04/96 8.87 22
HBBI Home Building Bancorp of IN OTC Southwest IN Thrift 42 2 09-30 02/95 21.25 7
HWEN Home Financial Bancorp of IN OTC Central IN Thrift 41 1 06-30 07/96 17.62 8
LONF London Financial Corp. of OH OTC Central OH Thrift 38 1 09-30 04/96 15.25 8
JOAC Joachim Bancorp of MO OTC Eastern MO Thrift 35 1 03-31 12/95 15.00 11
New England Companies
- ---------------------
PBCT Peoples Bank, MHC of CT (40.1) (3) OTC Southwestern CT Div. 7,731 97 12-31 07/88 35.00 2,139
WBST Webster Financial Corp. of CT OTC Central CT Thrift 6,811 77 12-31 12/86 63.50 861
PHBK Peoples Heritage Fin Grp of ME (3) OTC ME,NH,MA Div. 6,056 132 12-31 12/86 43.44 1,194
CFX CFX Corp of NH (3) AMEX NH,MA M.B. 2,821 43 12-31 02/87 28.37 680
EGFC Eagle Financial Corp. of CT OTC Western CT Thrift 2,097 19 09-30 02/87 52.25 330
SISB SIS Bancorp Inc of MA (3) OTC Central MA Div. 1,453 24 12-31 02/95 37.37 209
ANDB Andover Bancorp, Inc. of MA (3) OTC MA,NH M.B. 1,281 12 12-31 05/86 37.25 192
FESX First Essex Bancorp of MA (3) OTC MA,NH Div. 1,210 15 12-31 08/87 20.75 156
AFCB Affiliated Comm BC, Inc of MA OTC MA Thrift 1,129 12 12-31 10/95 32.62 212
MDBK Medford Bank of Medford, MA (3) OTC Eastern MA Thrift 1,106 16 12-31 03/86 37.75 171
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
New England Companies (continued)
- ---------------------------------
FAB FirstFed America Bancorp of MA AMEX MA,RI M.B. 1,036 12 03-31 01/97 20.37 177
FFES First FS&LA of E. Hartford CT OTC Central CT Thrift 987 12 12-31 06/87 37.12 100
BFD BostonFed Bancorp of MA AMEX Boston MA M.B. 961 10 12-31 10/95 19.87 112
MASB MassBank Corp. of Reading MA (3) OTC Eastern MA Thrift 933 14 12-31 05/86 46.62 166
DIBK Dime Financial Corp. of CT (3) OTC Central CT Thrift 922 11 12-31 07/86 30.50 157
MECH Mechanics SB of Hartford CT (3) OTC Hartford CT Thrift 831 14 12-31 06/96 27.37 145
PBKB People's SB of Brockton MA (3) OTC Southeastern MA Thrift 717 14 12-31 10/86 23.00 76
NSSB Norwich Financial Corp. of CT (3) OTC Southeastern CT Thrift 701 19 12-31 11/86 30.31 165
NSSY Norwalk Savings Society of CT (3) OTC Southwest CT Thrift 617 M 7 12-31 06/94 38.00 92
BKC American Bank of Waterbury CT (3) AMEX Western CT Thrift 610 15 12-31 12/81 49.00 113
MWBX MetroWest Bank of MA (3) OTC Eastern MA Thrift 586 11 12-31 10/86 8.75 122
SOSA Somerset Savings Bank of MA (3) OTC Eastern MA R.E. 520 5 12-31 07/86 5.03 84
SWCB Sandwich Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 512 11 12-31 07/86 43.00 83
ABBK Abington Savings Bank of MA (3) OTC Southeastern MA M.B. 502 8 12-31 06/86 38.00 70
EIRE Emerald Island Bancorp, MA (3) OTC Eastern MA R.E. 443 9 02-31 09/86 32.00 72
BKCT Bancorp Connecticut of CT (3) OTC Central CT Thrift 424 3 12-31 07/86 24.75 126
WRNB Warren Bancorp of Peabody MA (3) OTC Eastern MA R.E. 364 6 12-31 07/86 21.62 82
LSBX Lawrence Savings Bank of MA (3) OTC Northeastern MA Thrift 353 5 12-31 05/86 15.75 67
CEBK Central Co-Op. Bank of MA (3) OTC Eastern MA Thrift 344 J 8 03-31 10/86 26.81 53
NHTB NH Thrift Bancshares of NH OTC Central NH Thrift 319 10 12-31 05/86 21.25 44
NMSB Newmil Bancorp. of CT (3) OTC Eastern CT Thrift 317 13 06-30 02/86 13.50 52
NBN Northeast Bancorp of ME (3) OTC Eastern ME Thrift 265 8 06-30 08/87 27.62 36
ANE Alliance Bancorp of New Englan (3) AMEX Northern CT Thrift 242 7 12-31 12/86 16.87 27
HIFS Hingham Inst. for Sav. of MA (3) OTC Eastern MA Thrift 216 5 12-31 12/88 27.87 36
IPSW Ipswich SB of Ipswich MA (3) OTC Northwest MA Thrift 203 5 12-31 05/93 12.75 30
HPBC Home Port Bancorp, Inc. of MA (3) OTC Southeastern MA Thrift 201 2 12-31 08/88 22.87 42
BSBC Branford SB of CT (3) OTC New Haven CT R.E. 183 5 12-31 11/86 6.25 41
FCME First Coastal Corp. of ME (3) OTC Southern ME Thrift 149 7 12-31 / 15.00 20
KSBK KSB Bancorp of Kingfield ME (3) OTC Western ME M.B. 146 J 8 12-31 06/93 21.00 26
MFLR Mayflower Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 129 4 04-30 12/87 23.75 21
NTMG Nutmeg FS&LA of CT OTC CT M.B. 105 3 12-31 / 10.75 11
FCB Falmouth Co-Op Bank of MA (3) AMEX Southeast MA Thrift 94 J 2 09-30 03/96 20.00 29
MCBN Mid-Coast Bancorp of ME OTC Eastern ME Thrift 61 2 03-31 11/89 28.75 7
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
North-West Companies
- --------------------
WAMU Washington Mutual Inc. of WA (3) OTC WA,OR,ID,UT,MT Div. 95,608 290 12-31 03/83 68.62 17,647
WFSL Washington FS&LA of Seattle WA OTC Western US Thrift 5,720 89 09-30 11/82 31.87 1,514
IWBK Interwest SB of Oak Harbor WA OTC Western WA Div. 2,047 31 12-31 / 39.25 316
STSA Sterling Financial Corp. of WA OTC WA,OR M.B. 1,870 41 06-30 / 21.25 161
FWWB First Savings Bancorp of WA (3) OTC Central WA Thrift 1,074 J 16 03-31 11/95 26.25 269
KFBI Klamath First Bancorp of OR OTC Southern OR Thrift 980 7 09-30 10/95 21.50 215
HRZB Horizon Financial Corp. of WA (3) OTC Northwest WA Thrift 531 12 03-31 08/86 17.12 127
FMSB First Mutual SB of Bellevue WA (3) OTC Western WA M.B. 451 6 12-31 12/85 17.00 69
CASB Cascade SB of Everett WA OTC Seattle WA Thrift 426 11 06-30 08/92 12.75 43
RVSB Riverview Bancorp of WA OTC Southwest WA Thrift 282 9 03-31 10/97 14.87 91
OTFC Oregon Trail Fin. Corp of OR OTC Baker City Thrift 260 P 2 06-30 10/97 16.06 75
FBNW FirstBank Corp of Clarkston WA OTC West. WA/East ID Thrift 178 5 03-31 07/97 17.75 35
EFBC Empire Federal Bancorp of MT OTC Southern MT Thrift 110 P 3 12-31 01/97 16.50 43
South-East Companies
- --------------------
FFCH First Fin. Holdings Inc. of SC OTC CHARLESTON SC Div. 1,713 32 09-30 11/83 48.00 306
LIFB Life Bancorp of Norfolk VA OTC Southeast VA Thrift 1,486 20 12-31 10/94 36.00 355
FLFC First Liberty Fin. Corp. of GA OTC Georgia M.B. 1,289 J 31 9-30 12/83 30.50 236
ISBF ISB Financial Corp. of LA OTC SouthCentral LA Thrift 956 27 12-31 04/95 27.87 192
EBSI Eagle Bancshares of Tucker GA OTC Atlanta GA Thrift 873 14 03-31 04/86 19.00 108
HFNC HFNC Financial Corp. of NC OTC Charlotte NC Thrift 867 8 06-30 12/95 14.75 254
CNIT Cenit Bancorp of Norfolk VA OTC Southeastern VA Thrift 702 19 12-31 08/92 64.75 107
PALM Palfed, Inc. of Aiken SC OTC Southwest SC Thrift 669 19 12-31 12/85 28.62 152
VABF Va. Beach Fed. Fin. Corp of VA OTC Southeast VA M.B. 605 12 12-31 11/80 16.62 83
FFFC FFVA Financial Corp. of VA OTC Southern VA Thrift 567 11 12-31 10/94 33.75 153
CFCP Coastal Fin. Corp. of SC OTC SC Thrift 494 9 09-30 09/90 21.00 98
FSPT FirstSpartan Fin. Corp. of SC OTC Northwestern SC Thrift 482 5 06-30 07/97 37.00 164
TSH Teche Holding Company of LA AMEX Southern LA Thrift 404 9 09-30 04/95 21.00 72
CFBC Community First Bnkg Co. of GA OTC Westcentral GA Thrift 395 12 12-31 07/97 39.50 95
COOP Cooperative Bk.for Svgs. of NC OTC Eastern NC Thrift 360 16 03-31 08/91 18.75 56
FSTC First Citizens Corp of GA OTC Western GA M.B. 337 9 03-31 03/86 26.75 73
SOPN First SB, SSB, Moore Co. of NC OTC Central NC Thrift 295 5 06-30 01/94 22.75 84
UFRM United FS&LA of Rocky Mount NC OTC Eastern NC M.B. 286 9 12-31 07/80 10.62 33
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
South-East Companies (continued)
- --------------------------------
ANA Acadiana Bancshares of LA (3) AMEX Southern LA Thrift 274 4 12-31 07/96 23.62 64
PERT Perpetual of SC, MHC (46.8) OTC Northwest SC Thrift 256 J 6 09-30 10/93 60.62 91
SSFC South Street Fin. Corp. of NC (3) OTC South Central NC Thrift 241 2 09-30 10/96 18.87 85
FLAG Flag Financial Corp of GA OTC Western GA M.B. 238 4 12-31 12/86 19.37 39
MERI Meritrust FSB of Thibodaux LA OTC Southeast LA Thrift 233 8 12-31 / 69.00 53
CFTP Community Fed. Bancorp of MS OTC Northeast MS Thrift 216 2 09-30 03/96 20.00 93
ESX Essex Bancorp of VA AMEX VA,NC M.B. 192 4 12-31 07/90 4.50 5
CFFC Community Fin. Corp. of VA OTC Central VA Thrift 183 4 03-31 03/88 26.50 34
FTF Texarkana Fst. Fin. Corp of AR AMEX Southwest AR Thrift 179 5 09-30 07/95 25.75 46
GSFC Green Street Fin. Corp. of NC OTC Southern NC Thrift 178 3 09-30 04/96 18.00 77
FGHC First Georgia Hold. Corp of GA OTC Southeastern GA Thrift 156 J 9 09-30 02/87 8.25 25
BFSB Bedford Bancshares of VA OTC Southern VA Thrift 139 3 09-30 08/94 28.25 32
FFBS FFBS Bancorp of Columbus MS OTC Columbus MS Thrift 135 3 06-30 07/93 22.25 35
GSLA GS Financial Corp. of LA OTC New Orleans LA Thrift 131 3 12-31 04/97 18.00 62
PDB Piedmont Bancorp of NC AMEX Central NC Thrift 127 2 06-30 12/95 10.37 29
CFNC Carolina Fincorp of NC (3) OTC Southcentral NC Thrift 114 4 06-30 11/96 17.62 33
KSAV KS Bancorp of Kenly NC OTC Central NC Thrift 110 3 12-31 12/93 22.50 20
CCFH CCF Holding Company of GA OTC Atlanta GA Thrift 109 5 12-31 07/95 19.75 16
TWIN Twin City Bancorp of TN OTC Northeast TN Thrift 107 3 12-31 01/95 14.12 18
SRN Southern Banc Company of AL AMEX Northeast AL Thrift 105 J 4 06-30 10/95 17.75 22
SSM Stone Street Bancorp of NC AMEX Central NC Thrift 105 2 12-31 04/96 22.12 42
CENB Century Bancshares of NC (3) OTC Charlotte NC Thrift 101 1 06-30 12/96 83.00 34
SZB SouthFirst Bancshares of AL AMEX Central AL Thrift 97 J 2 09-30 02/95 20.62 17
SCBS Southern Commun. Bncshrs of AL OTC NorthCentral AL Thrift 70 J 1 09-30 12/96 19.00 22
SSB Scotland Bancorp of NC AMEX S. Central NC Thrift 64 2 09-30 04/96 10.25 20
SCCB S. Carolina Comm. Bnshrs of SC OTC Central SC Thrift 46 1 06-30 07/94 22.50 16
MBSP Mitchell Bancorp of NC (3) OTC Western NC Thrift 35 1 12-31 07/96 17.25 16
South-West Companies
- --------------------
CBSA Coastal Bancorp of Houston TX OTC Houston TX M.B. 2,930 37 12-31 / 29.00 145
FBHC Fort Bend Holding Corp. of TX OTC Eastcentral TX M.B. 319 5 03-31 06/93 20.25 34
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1 (Continued)
Characteristics of Publicly-Traded Thrifts
December 22, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------ ---------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
South-West Companies (continued)
- --------------------------------
JXVL Jacksonville Bancorp of TX OTC East Central TX Thrift 226 J 6 09-30 04/96 18.87 47
FFDB FirstFed Bancorp of AL OTC Central AL Thrift 176 7 03-31 11/91 21.28 24
ETFS East Texas Fin. Serv. of TX OTC Northeast TX Thrift 116 2 09-30 01/95 20.62 21
GUPB GFSB Bancorp of Gallup NM OTC Northwest NM Thrift 110 1 06-30 06/95 20.25 16
AABC Access Anytime Bancorp of NM OTC Eastern NM Thrift 106 3 12-31 08/86 10.75 13
Western Companies (Excl CA)
- ---------------------------
FFBA First Colorado Bancorp of Co OTC Denver CO Thrift 1,513 26 12-31 01/96 24.00 396
WSTR WesterFed Fin. Corp. of MT OTC MT Thrift 999 35 06-30 01/94 25.25 141
GBCI Glacier Bancorp of MT OTC Western MT Div. 574 16 12-31 03/84 22.25 152
UBMT United Fin. Corp. of MT OTC Central MT Thrift 103 4 12-31 09/86 25.25 31
TRIC Tri-County Bancorp of WY OTC Southeastern WY Thrift 88 2 12-31 09/93 14.75 17
CRZY Crazy Woman Creek Bncorp of WY OTC Northeast WY Thrift 60 1 09-30 03/96 15.37 15
Other Areas
- -----------
NOTES: (1) Or most recent date available (M=March, S=September, D=December,
J=June, E=Estimated, and P=Pro Forma)
(2) Operating strategies are: Thrift=Traditional Thrift, M.B.=Mortgage
Banker, R.E.=Real Estate Developer, Div.=Diversified, and Ret.=Retail
Banking.
(3) FDIC savings bank.
Source: Corporate offering circulars, SNL Securities Quarterly Thrift Report,
and financial reports of publicly Traded Thrifts.
Date of Last Update: 12/22/97
EXHIBIT III-2
Gloversville Federal Savings and Loan Association
Mid-Atlantic Savings Institutions
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-2
Market Pricing Comparatives
Prices As of December 12, 1997
Market Per Share Data
Capitalization -------------- Dividends(4)
---------------- Core Book Pricing Ratios(3) ------------------------
Price/ Market 12-Mth Value/ ------------------------------------ Amount/ Payout
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5)
- ---------------------------------- -------- ------ ------ ------ ----- ------ ----- ------ ------ ------- ----- --------
($) ($Mil) ($) ($) (x) (%) (%) (%) (x) ($) (%) (%)
SAIF-Insured Thrifts 23.89 181.59 1.12 15.13 19.50 159.37 19.33 162.79 20.43 0.37 1.58 30.13
Special Selection Grouping(8) 19.05 27.64 0.64 14.25 24.20 135.80 22.93 135.80 23.96 0.24 1.25 29.01
State of NY 29.69 437.60 1.30 17.31 20.77 169.56 19.51 181.39 20.72 0.44 1.41 29.51
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
AFED AFSALA Bancorp, Inc. of NY 18.75 27.28 0.82 14.74 22.87 127.20 17.14 127.20 22.87 0.24 1.28 29.27
AFBC Advance Fin. Bancorp of WV 17.75 19.24 0.81 15.02 21.39 118.18 18.20 118.18 21.91 0.32 1.80 39.51
SKBO First Carnegie,MHC of PA(45.0) 18.87 19.53 0.33 10.52 NM 179.37 29.50 179.37 NM 0.30 1.59 NM
GOSB GSB Financial Corp. of NY 17.12 38.49 0.44 13.78 NM 124.24 33.62 124.24 NM 0.00 0.00 0.00
HRBF Harbor Federal Bancorp of MD 23.75 40.21 0.91 16.75 26.10 141.79 18.51 141.79 26.10 0.48 2.02 52.75
PEEK Peekskill Fin. Corp. of NY 17.50 55.88 0.66 14.81 26.52 118.16 30.83 118.16 26.52 0.36 2.06 54.55
PWBK Pennwood SB of PA 18.50 10.55 0.91 15.33 22.29 120.68 22.13 120.68 20.33 0.32 1.73 35.16
PHSB Ppls Home SB, MHC of PA (45.0) 18.75 23.29 0.54 10.22 NM 183.46 25.07 183.46 NM 0.00 0.00 0.00
SFED SFS Bancorp of Schenectady NY 24.50 30.16 0.94 17.64 26.06 138.89 17.32 138.89 26.06 0.28 1.14 29.79
SHSB SHS Bancorp, Inc. of PA 17.25 14.15 0.41 13.83 NM 124.73 15.76 124.73 NM 0.00 0.00 0.00
TPNZ Tappan Zee Fin., Inc. of NY 20.00 29.76 0.57 14.20 NM 140.85 23.97 140.85 NM 0.28 1.40 49.12
WHGB WHG Bancshares of MD 15.87 23.20 0.34 14.16 NM 112.08 23.15 112.08 NM 0.32 2.02 NM
Table III-2 (Continued)
Financial Characteristics(6)
----------------------------------------------
Reported Core
Total Equity/ NPAs/ ---------- ----------
Financial Institution Assets Assets Assets ROA ROE ROA ROE
- ------------------------------------ ------ ------- ------ ---- ---- ---- ----
($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 1,195 13.00 0.77 0.89 8.05 0.87 7.81
Special Selection Grouping(8) 139 17.19 0.85 0.76 4.88 0.75 4.84
State of NY 2,419 11.98 0.90 0.85 8.10 0.84 7.98
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
AFED AFSALA Bancorp, Inc. of NY 159 13.47 0.45 0.79 6.46 0.79 6.46
AFBC Advance Fin. Bancorp of WV 106 15.40 0.74 0.89 6.41 0.87 6.25
SKBO First Carnegie,MHC of PA(45.0) 147 16.45 NA 0.52 5.53 0.52 5.53
GOSB GSB Financial Corp. of NY 114 27.06 NA 1.02 3.77 0.86 3.19
HRBF Harbor Federal Bancorp of MD 217 13.06 0.10 0.71 5.50 0.71 5.50
PEEK Peekskill Fin. Corp. of NY 181 26.09 1.24 1.14 4.30 1.14 4.30
PWBK Pennwood SB of PA 48 18.34 1.49 0.99 5.21 1.09 5.71
PHSB Ppls Home SB, MHC of PA (45.0) 206 13.66 0.45 0.73 6.80 0.71 6.55
SFED SFS Bancorp of Schenectady NY 174 12.47 0.75 0.68 5.36 0.68 5.36
SHSB SHS Bancorp, Inc. of PA 90 12.64 1.43 0.37 2.96 0.37 2.96
TPNZ Tappan Zee Fin., Inc. of NY 124 17.02 1.68 0.72 4.05 0.70 3.98
WHGB WHG Bancshares of MD 100 20.65 0.15 0.51 2.23 0.51 2.23
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB =
Price to tangible book value; and P/CORE = Price to estimated core
earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month earnings and average equity and assets
balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Equity/Assets greater than 12%; Mid-Atlantic Companies; Assets
less than $250 Million;
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBIT IV-1
Gloversville Federal Savings and Loan Association
Stock Prices:
As of December 12, 1997
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
SAIF-Insured Thrifts(297) 23.83 5,850 187.9 25.16 15.47 23.80 0.27 255.94 48.53
NYSE Traded Companies(11) 44.36 30,833 1,635.1 46.19 26.88 44.50 0.02 355.51 51.63
AMEX Traded Companies(16) 18.15 3,147 56.1 19.97 12.91 18.21 -0.24 294.44 33.49
NASDAQ Listed OTC Companies(270) 23.27 4,917 132.3 24.55 15.13 23.22 0.31 242.22 49.28
California Companies(21) 31.18 18,713 874.0 33.00 18.91 31.53 -0.97 169.04 53.64
Florida Companies(5) 22.87 20,239 445.9 24.67 13.65 22.91 1.10 210.61 53.95
Mid-Atlantic Companies(59) 25.72 6,729 191.2 26.73 15.75 25.46 1.15 237.22 60.25
Mid-West Companies(144) 22.13 3,601 104.2 23.23 14.67 22.02 0.37 288.85 44.70
New England Companies(9) 29.28 5,048 190.4 30.43 17.29 29.31 0.55 451.80 67.18
North-West Companies(8) 23.45 11,774 337.1 25.33 17.45 23.91 -1.60 181.57 35.25
South-East Companies(38) 23.30 3,451 80.3 25.55 16.12 23.58 -0.91 231.78 39.40
South-West Companies(7) 20.15 1,905 42.9 22.04 13.72 19.91 1.60 59.26 48.28
Western Companies (Excl CA)(6) 21.15 5,371 125.1 22.22 14.70 21.24 0.23 376.14 39.82
Thrift Strategy(240) 22.62 3,708 95.4 23.89 15.04 22.59 0.16 229.81 46.26
Mortgage Banker Strategy(35) 29.29 14,739 629.5 30.76 17.47 29.22 0.93 332.49 62.04
Real Estate Strategy(9) 27.78 7,823 255.0 28.94 16.22 27.62 0.35 246.38 57.05
Diversified Strategy(9) 34.07 30,268 1,045.3 36.95 20.59 34.47 -0.75 224.49 49.45
Retail Banking Strategy(4) 19.37 4,340 101.3 20.58 11.83 18.54 4.40 408.57 45.43
Companies Issuing Dividends(252) 24.17 5,562 187.3 25.55 15.73 24.14 0.28 269.99 47.35
Companies Without Dividends(45) 21.87 7,508 191.2 22.96 14.01 21.82 0.23 168.42 56.43
Equity/Assets less than 6%(23) 30.20 19,226 696.3 31.56 17.43 29.94 1.42 222.79 64.03
Equity/Assets 6-12%(141) 26.21 5,722 206.5 27.46 15.93 26.15 0.39 272.81 57.39
Equity/Assets greater than 12%(133) 20.51 3,725 84.8 21.92 14.72 20.54 -0.04 208.54 36.26
Converted Last 3 Mths (no MHC)(4) 16.03 3,602 57.2 16.50 14.35 16.03 -0.03 0.00 21.39
Actively Traded Companies(39) 35.13 18,235 802.8 36.63 20.99 35.33 -0.36 293.98 62.88
Market Value Below $20 Million(50) 17.54 892 14.8 18.63 12.21 17.38 1.07 289.36 42.55
Holding Company Structure(264) 23.96 5,614 185.9 25.32 15.68 23.93 0.23 243.70 47.00
Assets Over $1 Billion(60) 34.59 19,090 736.3 36.14 20.85 34.58 0.35 291.42 56.74
Assets $500 Million-$1 Billion(48) 24.41 5,454 119.3 25.85 15.07 24.36 0.29 303.38 55.60
Assets $250-$500 Million(64) 23.38 2,779 61.1 24.74 15.32 23.46 -0.45 227.78 52.59
Assets less than $250 Million(125) 18.91 1,481 27.0 20.08 13.25 18.81 0.59 160.26 39.51
Goodwill Companies(120) 27.85 10,091 335.3 29.25 17.15 27.82 0.21 284.72 55.05
Non-Goodwill Companies(177) 21.18 3,057 90.8 22.47 14.37 21.15 0.31 215.36 44.00
Acquirors of FSLIC Cases(10) 44.10 35,626 1,932.5 45.80 26.79 44.51 -0.23 373.19 55.78
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized.
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(61) 27.24 7,883 240.4 28.39 16.74 26.99 -0.33 265.65 59.51
NYSE Traded Companies(2) 46.60 72,159 2,758.1 47.88 30.12 47.00 -0.60 158.45 58.86
AMEX Traded Companies(6) 28.00 2,187 64.1 28.97 15.93 28.02 -0.41 166.34 65.84
NASDAQ Listed OTC Companies(53) 26.36 5,798 153.8 27.51 16.27 26.04 -0.31 281.23 58.87
California Companies(1) 17.75 7,847 139.3 21.25 14.00 18.00 -1.39 0.00 18.33
Mid-Atlantic Companies(16) 28.60 16,474 538.6 29.89 17.51 27.71 -1.31 192.45 59.80
Mid-West Companies(2) 11.06 1,707 17.2 11.31 8.25 11.06 -0.41 0.00 31.17
New England Companies(33) 27.87 4,521 133.3 28.91 16.20 27.78 0.64 297.07 68.32
North-West Companies(4) 20.12 7,249 155.1 21.56 13.30 20.58 -2.69 139.68 49.65
South-East Companies(5) 32.07 2,076 46.2 33.00 23.34 32.25 -0.94 0.00 34.83
Thrift Strategy(44) 27.20 4,834 165.0 28.30 16.76 26.82 -0.24 259.26 58.96
Mortgage Banker Strategy(7) 28.03 31,238 784.9 29.80 16.85 28.57 -2.55 277.11 69.19
Real Estate Strategy(5) 19.69 5,823 110.7 21.44 14.38 19.25 2.04 541.54 31.23
Diversified Strategy(5) 30.58 13,256 454.1 31.08 17.56 30.67 0.32 205.26 70.08
Companies Issuing Dividends(53) 28.74 8,311 261.6 29.93 17.71 28.53 -0.77 265.19 58.90
Companies Without Dividends(8) 16.96 4,948 94.9 17.82 10.13 16.43 2.72 272.03 63.62
Equity/Assets less than 6%(5) 20.63 29,899 750.7 20.97 10.20 19.91 3.22 210.62 102.24
Equity/Assets 6-12%(40) 29.70 6,232 233.2 30.95 17.47 29.21 -0.02 280.30 64.33
Equity/Assets greater than 12%(16) 23.54 5,990 128.4 24.64 16.80 23.90 -1.88 49.91 36.88
Actively Traded Companies(18) 30.24 11,760 343.8 31.21 18.26 30.00 1.51 306.04 61.30
Market Value Below $20 Million(3) 16.33 814 13.0 16.87 12.12 16.66 -1.60 0.00 28.84
Holding Company Structure(41) 26.29 6,428 177.3 27.36 16.42 25.80 -0.18 249.59 57.43
Assets Over $1 Billion(14) 34.05 24,469 838.4 35.22 20.72 34.32 -0.60 243.34 63.19
Assets $500 Million-$1 Billion(16) 30.59 5,008 124.2 31.74 18.07 30.35 0.92 250.39 61.96
Assets $250-$500 Million(13) 22.13 3,342 69.0 23.25 13.31 22.14 -0.02 305.22 63.11
Assets less than $250 Million(18) 22.83 1,544 29.3 23.97 15.09 21.97 -1.52 262.70 52.00
Goodwill Companies(31) 30.51 11,068 366.2 31.60 18.21 29.83 0.20 264.73 63.11
Non-Goodwill Companies(30) 23.85 4,580 109.9 25.05 15.22 24.04 -0.87 267.48 55.92
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized.
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 25.10 8,362 57.3 27.07 13.05 25.05 0.30 385.31 103.34
BIF-Insured Thrifts(3) 31.33 22,105 300.4 33.29 12.38 31.71 -0.92 344.73 160.43
NASDAQ Listed OTC Companies(23) 26.20 10,787 100.2 28.17 12.93 26.23 0.09 365.02 115.58
Florida Companies(3) 31.94 5,939 89.8 36.13 17.63 32.31 -1.28 0.00 66.74
Mid-Atlantic Companies(11) 22.68 11,091 59.8 24.14 10.12 22.50 0.67 0.00 162.50
Mid-West Companies(7) 28.47 2,111 26.0 30.40 15.09 28.47 0.36 385.31 85.56
New England Companies(1) 35.00 61,126 855.9 37.37 18.00 36.37 -3.77 344.73 81.82
Thrift Strategy(22) 25.65 7,641 53.0 27.59 12.61 25.59 0.33 385.31 118.17
Diversified Strategy(1) 35.00 61,126 855.9 37.37 18.00 36.37 -3.77 344.73 81.82
Companies Issuing Dividends(22) 26.66 11,289 105.0 28.69 12.89 26.68 0.18 365.02 115.58
Companies Without Dividends(1) 18.75 2,760 23.3 19.75 13.62 19.00 -1.32 0.00 0.00
Equity/Assets 6-12%(16) 27.75 14,078 131.5 30.10 13.14 27.84 -0.09 365.02 121.49
Equity/Assets greater than 12%(7) 22.47 2,887 25.2 23.52 12.42 22.35 0.52 0.00 93.90
Holding Company Structure(2) 30.00 1,917 26.5 30.00 9.38 28.75 4.35 0.00 219.83
Assets Over $1 Billion(6) 24.50 37,110 329.6 26.75 11.94 25.25 -2.81 344.73 120.57
Assets $500 Million-$1 Billion(2) 34.87 5,095 86.1 39.75 18.00 34.75 0.35 0.00 70.10
Assets $250-$500 Million(5) 28.71 3,423 39.6 30.50 15.36 29.21 -1.16 385.31 90.50
Assets less than $250 Million(10) 25.15 2,174 20.0 26.74 12.00 24.72 1.76 0.00 132.37
Goodwill Companies(9) 26.73 25,532 231.2 28.67 12.98 26.94 -0.89 365.02 128.02
Non-Goodwill Companies(14) 25.91 2,744 28.8 27.90 12.90 25.84 0.62 0.00 106.24
MHC Institutions(23) 26.20 10,787 100.2 28.17 12.93 26.23 0.09 365.02 115.58
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized.
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 61.69 94,411 5,824.2 64.25 31.50 62.94 -1.99 229.01 89.82
CSA Coast Savings Financial of CA 62.50 18,644 1,165.3 64.00 35.00 62.75 -0.40 440.66 70.67
CFB Commercial Federal Corp. of NE 52.87 21,582 1,141.0 53.69 29.75 50.37 4.96 ***.** 65.22
DME Dime Bancorp, Inc. of NY* 26.00 101,492 2,638.8 26.00 14.62 26.00 0.00 158.45 76.27
DSL Downey Financial Corp. of CA 28.13 26,754 752.6 29.00 17.98 28.75 -2.16 159.02 50.51
EBI Equality Bancorp of St Louis 14.87 2,486 37.0 15.37 12.00 15.37 -3.25 N.A. 21.39
FED FirstFed Fin. Corp. of CA 38.37 10,585 406.1 39.50 21.50 37.75 1.64 137.59 74.41
GSB Glendale Fed. Bk, FSB of CA 34.25 50,456 1,728.1 36.12 22.00 34.31 -0.17 110.77 47.31
GDW Golden West Fin. Corp. of CA 91.31 56,770 5,183.7 94.75 59.87 94.75 -3.63 248.64 44.66
GPT GreenPoint Fin. Corp. of NY* 67.19 42,826 2,877.5 69.75 45.62 68.00 -1.19 N.A. 41.45
JSB JSB Financial, Inc. of NY 48.50 9,898 480.1 49.56 36.00 48.69 -0.39 321.74 27.63
NYB New York Bancorp, Inc. of NY 38.31 21,319 816.7 38.31 16.87 36.94 3.71 440.34 97.78
WES Westcorp Inc. of Orange CA 17.19 26,256 451.3 23.50 13.25 16.87 1.90 134.52 -21.44
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 23.62 2,697 63.7 24.75 14.19 23.75 -0.55 N.A. 58.84
ANE Alliance Bancorp of New Englan* 16.87 1,627 27.4 18.00 8.72 17.12 -1.46 132.69 87.44
BKC American Bank of Waterbury CT* 49.00 2,313 113.3 49.50 27.37 48.62 0.78 161.33 75.00
BFD BostonFed Bancorp of MA 19.87 5,650 112.3 22.31 14.37 20.37 -2.45 N.A. 34.71
CFX CFX Corp of NH(8)* 28.37 23,977 680.2 28.75 15.12 28.75 -1.32 138.40 83.03
CNY Carver Bancorp, Inc. of NY 16.87 2,314 39.0 17.06 7.75 16.25 3.82 169.92 104.48
CBK Citizens First Fin.Corp. of IL 18.00 2,584 46.5 19.50 13.75 18.00 0.00 N.A. 25.26
ESX Essex Bancorp of VA(8) 4.50 1,058 4.8 7.94 1.00 5.00 -10.00 -73.13 105.48
FCB Falmouth Co-Op Bank of MA* 20.00 1,455 29.1 22.00 13.00 20.25 -1.23 N.A. 52.44
FAB FirstFed America Bancorp of MA 20.37 8,707 177.4 22.12 13.62 21.00 -3.00 N.A. N.A.
GAF GA Financial Corp. of PA 18.62 7,973 148.5 19.81 14.50 19.56 -4.81 N.A. 23.15
KNK Kankakee Bancorp of IL 34.38 1,426 49.0 35.00 23.37 34.38 0.00 243.80 38.91
KYF Kentucky First Bancorp of KY 14.69 1,303 19.1 14.69 10.56 14.37 2.23 N.A. 35.14
MBB MSB Bancorp of Middletown NY* 30.50 2,844 86.7 30.62 16.37 30.37 0.43 205.00 55.45
PDB Piedmont Bancorp of NC 10.37 2,751 28.5 11.62 9.25 10.75 -3.53 N.A. -1.24
SSB Scotland Bancorp of NC 10.25 1,914 19.6 19.25 10.12 10.37 -1.16 N.A. -27.41
SZB SouthFirst Bancshares of AL 20.62 848 17.5 20.87 12.50 20.00 3.10 N.A. 55.62
SRN Southern Banc Company of AL 17.75 1,230 21.8 17.75 13.12 17.69 0.34 N.A. 35.29
SSM Stone Street Bancorp of NC 22.12 1,898 42.0 27.25 19.25 22.50 -1.69 N.A. 7.90
TSH Teche Holding Company of LA 21.00 3,438 72.2 23.50 13.00 20.50 2.44 N.A. 46.14
FTF Texarkana Fst. Fin. Corp of AR 25.75 1,787 46.0 27.00 14.37 25.50 0.98 N.A. 64.75
THR Three Rivers Fin. Corp. of MI 20.25 824 16.7 20.50 13.62 20.37 -0.59 N.A. 44.64
WSB Washington SB, FSB of MD 7.12 4,348 31.0 8.25 4.81 7.00 1.71 469.60 46.20
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 26.00 1,038 27.0 27.50 18.09 27.50 -5.45 N.A. 36.84
AFED AFSALA Bancorp, Inc. of NY 18.75 1,455 27.3 19.50 11.37 19.12 -1.94 N.A. 56.25
ALBK ALBANK Fin. Corp. of Albany NY 46.00 12,872 592.1 47.75 30.50 44.69 2.93 97.85 46.64
AMFC AMB Financial Corp. of IN 16.50 964 15.9 17.75 12.75 16.00 3.13 N.A. 24.53
ASBP ASB Financial Corp. of OH 13.50 1,700 23.0 17.50 11.50 13.37 0.97 N.A. 3.85
ABBK Abington Savings Bank of MA* 38.00 1,840 69.9 38.00 19.00 36.37 4.48 474.02 94.87
AABC Access Anytime Bancorp of NM 10.75 1,217 13.1 10.75 5.15 10.12 6.23 59.26 99.44
AFBC Advance Fin. Bancorp of WV 17.75 1,084 19.2 17.87 12.75 17.25 2.90 N.A. N.A.
AADV Advantage Bancorp of WI(8) 66.50 3,236 215.2 68.50 31.75 66.50 0.00 622.83 106.20
AFCB Affiliated Comm BC, Inc of MA 32.62 6,493 211.8 33.00 17.10 31.50 3.56 N.A. 90.76
ALBC Albion Banc Corp. of Albion NY 28.00 250 7.0 30.50 16.50 28.00 0.00 115.38 67.16
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ABCL Allied Bancorp of IL 26.50 8,020 212.5 28.37 16.08 27.37 -3.18 297.30 58.97
ATSB AmTrust Capital Corp. of IN 13.75 526 7.2 14.50 10.00 14.00 -1.79 N.A. 37.50
AHCI Ambanc Holding Co., Inc. of NY* 18.00 4,306 77.5 19.50 11.00 19.37 -7.07 N.A. 60.00
ASBI Ameriana Bancorp of IN 20.25 3,231 65.4 22.00 15.25 20.37 -0.59 119.39 26.56
AFFFZ America First Fin. Fund of CA(8) 49.50 6,011 297.5 50.56 28.75 50.50 -1.98 164.00 63.64
ABCW Anchor Bancorp Wisconsin of WI 35.00 9,054 316.9 35.75 17.37 33.37 4.88 138.26 95.86
ANDB Andover Bancorp, Inc. of MA* 37.25 5,149 191.8 40.50 25.00 39.00 -4.49 246.51 45.39
ASFC Astoria Financial Corp. of NY 57.37 20,666 1,185.6 57.37 34.75 57.00 0.65 118.55 55.60
AVND Avondale Fin. Corp. of IL 16.37 3,495 57.2 18.87 12.75 16.00 2.31 N.A. -4.38
BKCT Bancorp Connecticut of CT* 24.75 5,086 125.9 25.00 10.75 24.25 2.06 328.20 120.00
BPLS Bank Plus Corp. of CA 12.50 19,341 241.8 13.75 9.62 13.12 -4.73 N.A. 8.70
BWFC Bank West Fin. Corp. of MI 16.00 2,630 42.1 17.50 7.00 17.25 -7.25 N.A. 125.99
BANC BankAtlantic Bancorp of FL 15.50 22,276 345.3 17.12 12.12 14.25 8.77 272.60 15.93
BKUNA BankUnited SA of FL 13.50 9,533 128.7 13.87 8.50 12.81 5.39 148.62 35.00
BVCC Bay View Capital Corp. of CA 34.87 12,421 433.1 36.12 19.94 36.12 -3.46 76.56 64.56
FSNJ Bayonne Banchsares of NJ 12.25 8,993 110.2 13.06 5.88 12.37 -0.97 N.A. 56.25
BFSB Bedford Bancshares of VA 28.25 1,142 32.3 29.00 17.50 29.00 -2.59 169.05 60.33
BFFC Big Foot Fin. Corp. of IL 18.75 2,513 47.1 19.62 12.31 18.87 -0.64 N.A. 44.23
BSBC Branford SB of CT(8)* 6.25 6,559 41.0 6.31 3.62 6.00 4.17 194.81 61.50
BYFC Broadway Fin. Corp. of CA 13.25 831 11.0 13.25 9.12 13.25 0.00 N.A. 43.24
CBES CBES Bancorp of MO 21.88 1,025 22.4 22.50 13.62 21.37 2.39 N.A. 53.54
CCFH CCF Holding Company of GA 19.75 820 16.2 21.00 14.75 20.00 -1.25 N.A. 33.90
CENF CENFED Financial Corp. of CA 41.62 5,959 248.0 42.25 25.45 39.75 4.70 165.43 56.53
CFSB CFSB Bancorp of Lansing MI 34.87 5,087 177.4 35.87 17.27 34.87 0.00 287.44 96.67
CKFB CKF Bancorp of Danville KY 18.50 903 16.7 20.50 17.50 18.50 0.00 N.A. -8.64
CNSB CNS Bancorp of MO 21.50 1,653 35.5 21.50 15.00 21.00 2.38 N.A. 42.20
CSBF CSB Financial Group Inc of IL* 13.25 942 12.5 13.50 10.00 13.00 1.92 N.A. 30.93
CBCI Calumet Bancorp of Chicago IL 32.00 3,166 101.3 34.00 21.67 32.50 -1.54 139.34 44.34
CAFI Camco Fin. Corp. of OH 25.00 3,214 80.3 25.50 14.05 24.00 4.17 N.A. 65.34
CMRN Cameron Fin. Corp. of MO 20.12 2,562 51.5 21.00 15.50 20.75 -3.04 N.A. 25.75
CAPS Capital Savings Bancorp of MO(8) 23.25 1,892 44.0 24.75 12.75 24.25 -4.12 75.47 78.85
CFNC Carolina Fincorp of NC* 17.62 1,851 32.6 18.25 13.00 17.62 0.00 N.A. 31.79
CASB Cascade SB of Everett WA(8) 12.75 3,387 43.2 16.80 10.40 12.75 0.00 -0.39 -1.16
CATB Catskill Fin. Corp. of NY* 17.37 4,657 80.9 19.12 13.75 18.25 -4.82 N.A. 24.07
CNIT Cenit Bancorp of Norfolk VA 64.75 1,654 107.1 71.00 39.25 68.00 -4.78 307.75 56.02
CEBK Central Co-Op. Bank of MA* 26.81 1,965 52.7 27.00 15.87 26.25 2.13 410.67 53.20
CENB Century Bancshares of NC* 83.00 407 33.8 84.00 62.00 83.00 0.00 N.A. 27.69
CBSB Charter Financial Inc. of IL(8) 23.75 4,150 98.6 24.25 12.50 23.12 2.72 N.A. 90.00
COFI Charter One Financial of OH 62.00 49,563 3,072.9 64.00 36.91 64.00 -3.13 254.29 55.00
CVAL Chester Valley Bancorp of PA 26.25 2,189 57.5 27.50 14.10 27.25 -3.67 131.69 86.17
CTZN CitFed Bancorp of Dayton OH 38.62 12,984 501.4 39.00 19.83 36.00 7.28 543.67 75.55
CLAS Classic Bancshares of KY 16.25 1,300 21.1 17.25 11.50 16.37 -0.73 N.A. 39.85
CMSB Cmnwealth Bancorp of PA 21.50 16,243 349.2 21.50 13.50 21.06 2.09 N.A. 43.33
CBSA Coastal Bancorp of Houston TX 29.00 4,992 144.8 33.25 22.37 29.00 0.00 N.A. 26.80
CFCP Coastal Fin. Corp. of SC 21.00 4,647 97.6 27.75 14.44 22.75 -7.69 110.00 33.33
CMSV Commty. Svgs, MHC of FL (48.5) 34.87 5,095 86.1 39.75 18.00 34.75 0.35 N.A. 70.10
CFTP Community Fed. Bancorp of MS 20.00 4,629 92.6 21.00 16.37 20.25 -1.23 N.A. 17.65
CFFC Community Fin. Corp. of VA 26.50 1,275 33.8 27.50 20.75 26.50 0.00 278.57 27.71
CFBC Community First Bnkg Co. of GA 39.50 2,414 95.4 40.00 31.87 39.50 0.00 N.A. N.A.
CIBI Community Inv. Bancorp of OH 15.75 916 14.4 17.00 10.33 16.25 -3.08 N.A. 39.01
COOP Cooperative Bk.for Svgs. of NC 18.75 2,983 55.9 18.75 10.00 18.25 2.74 275.00 85.28
CRZY Crazy Woman Creek Bncorp of WY 15.37 955 14.7 15.50 11.50 15.37 0.00 N.A. 28.08
DNFC D&N Financial Corp. of MI 27.75 8,244 228.8 27.75 15.37 26.37 5.23 217.14 65.67
DCBI Delphos Citizens Bancorp of OH 17.25 1,960 33.8 18.25 11.75 17.50 -1.43 N.A. 43.75
DIME Dime Community Bancorp of NY 23.37 12,625 295.0 25.50 14.31 25.50 -8.35 N.A. 58.44
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
DIBK Dime Financial Corp. of CT* 30.50 5,162 157.4 32.00 16.50 30.00 1.67 190.48 76.81
EGLB Eagle BancGroup of IL 19.25 1,198 23.1 20.00 13.25 20.00 -3.75 N.A. 29.46
EBSI Eagle Bancshares of Tucker GA 19.00 5,666 107.7 20.94 13.62 19.00 0.00 162.07 22.58
EGFC Eagle Financial Corp. of CT(8) 52.25 6,316 330.0 52.75 26.75 51.81 0.85 497.14 71.31
ETFS East Texas Fin. Serv. of TX 20.62 1,026 21.2 21.50 16.25 20.00 3.10 N.A. 25.96
EMLD Emerald Financial Corp of OH 18.50 5,072 93.8 19.62 10.62 19.25 -3.90 N.A. 64.44
EIRE Emerald Island Bancorp, MA(8)* 32.00 2,250 72.0 32.62 14.20 32.00 0.00 319.95 100.00
EFBC Empire Federal Bancorp of MT 16.50 2,592 42.8 18.25 12.50 16.31 1.16 N.A. N.A.
EFBI Enterprise Fed. Bancorp of OH 28.25 1,986 56.1 29.00 14.12 27.50 2.73 N.A. 94.83
EQSB Equitable FSB of Wheaton MD 48.50 602 29.2 48.50 26.75 45.78 5.94 N.A. 71.68
FCBF FCB Fin. Corp. of Neenah WI 28.25 3,879 109.6 28.37 18.50 28.00 0.89 N.A. 52.70
FFBS FFBS Bancorp of Columbus MS 22.25 1,572 35.0 26.00 18.00 22.50 -1.11 N.A. -3.26
FFDF FFD Financial Corp. of OH 18.62 1,445 26.9 19.50 13.00 18.00 3.44 N.A. 40.53
FFLC FFLC Bancorp of Leesburg FL 22.25 3,835 85.3 23.50 12.00 23.12 -3.76 N.A. 72.48
FFFC FFVA Financial Corp. of VA 33.75 4,522 152.6 35.12 20.00 33.75 0.00 N.A. 64.63
FFWC FFW Corporation of Wabash IN 41.75 715 29.9 41.75 21.50 40.50 3.09 N.A. 90.81
FFYF FFY Financial Corp. of OH 32.25 4,122 132.9 32.25 25.00 30.12 7.07 N.A. 27.42
FMCO FMS Financial Corp. of NJ 32.75 2,388 78.2 32.75 17.37 32.75 0.00 263.89 79.45
FFHH FSF Financial Corp. of MN 19.12 3,010 57.6 21.00 14.50 19.75 -3.19 N.A. 26.46
FOBC Fed One Bancorp of Wheeling WV 26.62 2,373 63.2 27.00 15.75 25.87 2.90 166.20 69.02
FBCI Fidelity Bancorp of Chicago IL 23.00 2,795 64.3 25.75 16.87 23.25 -1.08 N.A. 35.29
FSBI Fidelity Bancorp, Inc. of PA 27.50 1,555 42.8 28.00 16.82 27.50 0.00 255.76 51.27
FFFL Fidelity FSB, MHC of FL (47.7) 29.00 6,783 93.5 32.50 17.25 29.87 -2.91 N.A. 63.38
FFED Fidelity Fed. Bancorp of IN 10.37 2,791 28.9 10.50 7.50 10.00 3.70 47.09 6.36
FFOH Fidelity Financial of OH 14.75 5,580 82.3 16.37 11.25 15.37 -4.03 N.A. 28.26
FIBC Financial Bancorp, Inc. of NY 24.50 1,710 41.9 25.75 14.25 24.75 -1.01 N.A. 63.33
FBSI First Bancshares of MO 26.00 1,093 28.4 28.00 16.50 25.37 2.48 103.92 56.44
FBBC First Bell Bancorp of PA 18.62 6,511 121.2 18.62 13.12 18.12 2.76 N.A. 40.53
FBER First Bergen Bancorp of NJ 19.50 2,865 55.9 19.50 11.37 18.87 3.34 N.A. 69.57
SKBO First Carnegie,MHC of PA(45.0) 18.87 2,300 19.5 19.87 11.62 18.75 0.64 N.A. N.A.
FSTC First Citizens Corp of GA 26.75 2,742 73.3 29.25 14.17 29.25 -8.55 224.24 58.94
FCME First Coastal Corp. of ME* 15.00 1,359 20.4 15.75 7.25 14.62 2.60 N.A. 93.55
FFBA First Colorado Bancorp of Co 24.00 16,485 395.6 26.12 16.00 25.50 -5.88 627.27 41.18
FDEF First Defiance Fin.Corp. of OH 14.75 8,957 132.1 16.25 11.75 16.25 -9.23 N.A. 19.24
FESX First Essex Bancorp of MA* 20.75 7,527 156.2 21.12 13.12 20.62 0.63 245.83 58.16
FFES First FS&LA of E. Hartford CT 37.12 2,682 99.6 37.50 22.75 37.50 -1.01 471.08 61.39
FFSX First FS&LA. MHC of IA (46.1) 32.37 2,833 42.2 35.00 20.75 31.87 1.57 385.31 66.00
BDJI First Fed. Bancorp. of MN 28.00 673 18.8 28.00 17.50 27.00 3.70 N.A. 51.35
FFBH First Fed. Bancshares of AR 23.75 4,896 116.3 24.25 15.75 22.00 7.95 N.A. 49.65
FTFC First Fed. Capital Corp. of WI 30.25 9,165 277.2 31.25 15.50 30.75 -1.63 303.33 93.04
FFKY First Fed. Fin. Corp. of KY 22.00 4,159 91.5 23.50 17.75 22.37 -1.65 39.68 8.64
FFBZ First Federal Bancorp of OH 21.00 1,575 33.1 21.00 15.00 19.62 7.03 110.00 31.25
FFCH First Fin. Holdings Inc. of SC 48.00 6,368 305.7 49.00 22.25 48.00 0.00 291.84 113.33
FFBI First Financial Bancorp of IL 21.00 415 8.7 21.00 15.50 20.25 3.70 N.A. 32.33
FFHS First Franklin Corp. of OH 27.37 1,192 32.6 28.50 16.00 26.50 3.28 108.61 65.88
FGHC First Georgia Hold. Corp of GA 8.25 3,052 25.2 9.50 5.33 8.25 0.00 115.40 45.50
FSPG First Home Bancorp of NJ 28.75 2,708 77.9 30.50 13.87 23.75 21.05 379.17 107.28
FFSL First Independence Corp. of KS 14.87 978 14.5 15.00 9.81 15.00 -0.87 N.A. 43.39
FISB First Indiana Corp. of IN 31.00 10,561 327.4 31.00 17.37 27.50 12.73 129.63 44.86
FKFS First Keystone Fin. Corp of PA 37.37 1,228 45.9 37.37 19.00 35.87 4.18 N.A. 94.13
FLKY First Lancaster Bncshrs of KY 15.75 951 15.0 16.37 14.50 15.75 0.00 N.A. 7.73
FLFC First Liberty Fin. Corp. of GA 30.50 7,725 235.6 33.75 18.25 30.75 -0.81 500.39 66.03
CASH First Midwest Fin. Corp. of IA 21.37 2,699 57.7 22.00 15.00 21.25 0.56 N.A. 39.40
FMBD First Mutual Bancorp of IL 20.25 3,507 71.0 21.50 13.75 20.25 0.00 N.A. 35.00
FMSB First Mutual SB of Bellevue WA* 17.00 4,067 69.1 20.17 10.61 18.25 -6.85 229.46 60.23
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FNGB First Northern Cap. Corp of WI 14.00 8,840 123.8 14.00 8.00 14.00 0.00 92.84 72.20
FFPB First Palm Beach Bancorp of FL 38.75 5,048 195.6 40.56 23.00 38.75 0.00 N.A. 64.06
FSLA First SB SLA MHC of NJ (47.5)(8) 41.62 8,007 141.7 47.50 16.36 43.00 -3.21 316.20 147.44
SOPN First SB, SSB, Moore Co. of NC 22.75 3,687 83.9 25.00 17.87 23.25 -2.15 N.A. 21.33
FWWB First Savings Bancorp of WA* 26.25 10,247 269.0 26.50 18.00 26.00 0.96 N.A. 42.90
FSFF First SecurityFed Fin of IL 15.94 6,408 102.1 16.62 15.00 16.50 -3.39 N.A. N.A.
SHEN First Shenango Bancorp of PA 34.00 2,069 70.3 35.00 21.75 33.00 3.03 N.A. 51.11
FBNW FirstBank Corp of Clarkston WA 17.75 1,984 35.2 19.00 15.50 18.12 -2.04 N.A. N.A.
FFDB FirstFed Bancorp of AL 21.28 1,151 24.5 22.75 12.50 21.28 0.00 N.A. 70.24
FSPT FirstSpartan Fin. Corp. of SC 37.00 4,430 163.9 39.00 35.00 37.87 -2.30 N.A. N.A.
FLAG Flag Financial Corp of GA 19.37 2,037 39.5 19.87 10.25 18.50 4.70 97.65 80.19
FLGS Flagstar Bancorp, Inc of MI 19.12 13,670 261.4 21.75 13.00 19.12 0.00 N.A. N.A.
FFIC Flushing Fin. Corp. of NY* 23.00 7,983 183.6 24.00 17.37 23.25 -1.08 N.A. 26.93
FBHC Fort Bend Holding Corp. of TX 20.25 1,656 33.5 24.00 11.00 19.62 3.21 N.A. 58.82
FTSB Fort Thomas Fin. Corp. of KY 15.50 1,495 23.2 15.50 9.25 14.75 5.08 N.A. 6.02
FKKYD Frankfort First Bancorp of KY 18.62 1,640 30.5 24.50 16.00 18.50 0.65 N.A. -18.15
FTNB Fulton Bancorp of MO 21.37 1,719 36.7 26.50 14.75 20.62 3.64 N.A. 39.04
GFSB GFS Bancorp of Grinnell IA 17.06 988 16.9 17.62 10.12 16.87 1.13 N.A. 60.64
GUPB GFSB Bancorp of Gallup NM 20.25 801 16.2 22.25 15.50 20.25 0.00 N.A. 27.60
GSLA GS Financial Corp. of LA 18.00 3,438 61.9 18.75 13.37 17.75 1.41 N.A. N.A.
GOSB GSB Financial Corp. of NY 17.12 2,248 38.5 17.12 14.25 16.12 6.20 N.A. N.A.
GWBC Gateway Bancorp of KY(8) 18.75 1,076 20.2 19.69 14.12 19.62 -4.43 N.A. 31.58
GBCI Glacier Bancorp of MT 22.25 6,816 151.7 22.97 15.33 22.06 0.86 360.66 36.25
GFCO Glenway Financial Corp. of OH 18.50 2,280 42.2 19.00 9.50 18.50 0.00 N.A. 80.49
GTPS Great American Bancorp of IL 18.50 1,697 31.4 19.50 14.50 19.00 -2.63 N.A. 24.92
GTFN Great Financial Corp. of KY(8) 50.25 13,823 694.6 50.81 29.12 50.56 -0.61 N.A. 72.56
GSBC Great Southern Bancorp of MO 24.75 8,080 200.0 25.50 16.00 23.75 4.21 747.60 38.97
GDVS Greater DV SB,MHC of PA (19.9)* 29.00 3,272 18.9 32.50 9.75 30.00 -3.33 N.A. 179.65
GSFC Green Street Fin. Corp. of NC 18.00 4,298 77.4 20.75 15.12 18.25 -1.37 N.A. 16.13
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 26.00 3,125 25.2 27.87 11.25 25.37 2.48 N.A. 115.59
HCBB HCB Bancshares of AR 13.62 2,645 36.0 14.25 12.62 13.62 0.00 N.A. N.A.
HEMT HF Bancorp of Hemet CA 17.12 6,282 107.5 17.50 10.75 17.00 0.71 N.A. 53.96
HFFC HF Financial Corp. of SD 26.25 2,803 73.6 27.00 16.50 26.50 -0.94 425.00 51.65
HFNC HFNC Financial Corp. of NC 14.75 17,192 253.6 22.06 13.94 14.75 0.00 N.A. -17.46
HMNF HMN Financial, Inc. of MN 26.25 4,212 110.6 26.50 17.87 26.50 -0.94 N.A. 44.87
HALL Hallmark Capital Corp. of WI 15.25 2,886 44.0 15.37 8.50 15.00 1.67 N.A. 71.93
HARB Harbor FSB, MHC of FL (46.6)(8) 67.00 4,973 155.2 69.75 32.00 65.50 2.29 N.A. 87.41
HRBF Harbor Federal Bancorp of MD 23.75 1,693 40.2 25.00 15.12 25.00 -5.00 137.50 50.79
HFSA Hardin Bancorp of Hardin MO 17.75 859 15.2 18.62 12.00 17.87 -0.67 N.A. 42.00
HARL Harleysville SA of PA 29.37 1,662 48.8 30.25 15.00 28.50 3.05 65.46 85.89
HFGI Harrington Fin. Group of IN 12.62 3,257 41.1 13.75 9.75 12.12 4.13 N.A. 17.40
HARS Harris SB, MHC of PA (24.3) 19.25 33,779 157.3 20.75 6.00 19.50 -1.28 N.A. 216.61
HFFB Harrodsburg 1st Fin Bcrp of KY 17.25 2,025 34.9 18.87 14.75 17.87 -3.47 N.A. -8.59
HHFC Harvest Home Fin. Corp. of OH 14.75 915 13.5 14.75 9.25 14.75 0.00 N.A. 51.28
HAVN Haven Bancorp of Woodhaven NY 21.75 8,772 190.8 22.69 13.94 22.25 -2.25 N.A. 51.99
HTHR Hawthorne Fin. Corp. of CA 19.87 3,088 61.4 24.00 7.44 23.12 -14.06 -27.75 144.40
HMLK Hemlock Fed. Fin. Corp. of IL 17.37 2,076 36.1 17.50 12.50 17.12 1.46 N.A. N.A.
HBNK Highland Federal Bank of CA 32.87 2,300 75.6 33.12 17.00 32.00 2.72 N.A. 93.35
HIFS Hingham Inst. for Sav. of MA* 27.87 1,303 36.3 29.00 17.50 27.87 0.00 511.18 48.64
HBEI Home Bancorp of Elgin IL 18.25 6,856 125.1 19.31 12.81 18.50 -1.35 N.A. 35.19
HBFW Home Bancorp of Fort Wayne IN 27.12 2,525 68.5 27.75 18.50 27.12 0.00 N.A. 42.74
HBBI Home Building Bancorp of IN 21.25 312 6.6 23.75 18.00 21.25 0.00 N.A. 7.59
HCFC Home City Fin. Corp. of OH 17.25 905 15.6 18.00 12.00 17.37 -0.69 N.A. 30.19
HOMF Home Fed Bancorp of Seymour IN 26.00 5,102 132.7 28.25 15.33 26.50 -1.89 292.16 51.43
HWEN Home Financial Bancorp of IN 17.62 465 8.2 17.62 12.75 16.44 7.18 N.A. 38.20
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HPBC Home Port Bancorp, Inc. of MA* 22.87 1,842 42.1 25.00 16.12 23.62 -3.18 185.88 38.61
HMCI Homecorp, Inc. of Rockford IL(8) 27.19 1,708 46.4 27.37 11.83 27.37 -0.66 171.90 113.25
HZFS Horizon Fin'l. Services of IA 11.75 851 10.0 13.00 7.25 11.50 2.17 N.A. 55.42
HRZB Horizon Financial Corp. of WA* 17.12 7,434 127.3 18.00 11.30 17.50 -2.17 49.91 45.83
IBSF IBS Financial Corp. of NJ 17.37 10,949 190.2 18.75 12.94 16.87 2.96 N.A. 27.81
ISBF ISB Financial Corp. of LA 27.87 6,901 192.3 29.00 17.50 27.62 0.91 N.A. 54.83
ITLA Imperial Thrift & Loan of CA* 17.75 7,847 139.3 21.25 14.00 18.00 -1.39 N.A. 18.33
IFSB Independence FSB of DC 14.00 1,281 17.9 15.12 7.37 13.25 5.66 600.00 75.00
INCB Indiana Comm. Bank, SB of IN(8) 20.50 922 18.9 20.50 15.00 20.50 0.00 N.A. 26.15
INBI Industrial Bancorp of OH 18.12 5,173 93.7 18.25 12.00 18.25 -0.71 N.A. 42.12
IWBK Interwest SB of Oak Harbor WA 39.25 8,050 316.0 43.25 27.62 39.87 -1.56 292.50 21.71
IPSW Ipswich SB of Ipswich MA* 12.75 2,378 30.3 14.12 5.81 13.25 -3.77 N.A. 112.50
JXVL Jacksonville Bancorp of TX 18.87 2,490 47.0 19.75 13.25 19.12 -1.31 N.A. 29.07
JXSB Jcksnville SB,MHC of IL (45.6) 28.50 1,272 16.5 29.50 12.50 26.25 8.57 N.A. 115.09
JSBA Jefferson Svgs Bancorp of MO 43.00 5,006 215.3 44.00 22.87 41.75 2.99 N.A. 65.38
JOAC Joachim Bancorp of MO 15.00 722 10.8 15.63 14.00 15.00 0.00 N.A. 3.45
KSAV KS Bancorp of Kenly NC 22.50 885 19.9 25.50 14.81 22.50 0.00 N.A. 50.91
KSBK KSB Bancorp of Kingfield ME(8)* 21.00 1,238 26.0 21.00 7.67 16.50 27.27 N.A. 173.79
KFBI Klamath First Bancorp of OR 21.50 10,019 215.4 24.25 14.87 22.31 -3.63 N.A. 36.51
LSBI LSB Fin. Corp. of Lafayette IN 27.75 916 25.4 27.75 17.86 27.75 0.00 N.A. 49.43
LVSB Lakeview SB of Paterson NJ 24.87 4,509 112.1 26.00 11.75 25.00 -0.52 N.A. 99.92
LARK Landmark Bancshares of KS 23.25 1,689 39.3 27.25 17.00 23.25 0.00 N.A. 29.17
LARL Laurel Capital Group of PA 28.13 1,446 40.7 29.25 15.87 27.75 1.37 119.77 70.48
LSBX Lawrence Savings Bank of MA* 15.75 4,284 67.5 16.37 7.94 14.50 8.62 357.85 93.73
LFED Leeds FSB, MHC of MD (36.3) 23.50 5,182 44.3 23.50 10.00 22.75 3.30 N.A. 120.24
LXMO Lexington B&L Fin. Corp. of MO 17.12 1,138 19.5 17.25 12.75 17.25 -0.75 N.A. 26.81
LIFB Life Bancorp of Norfolk VA(8) 36.00 9,848 354.5 36.37 16.75 35.12 2.51 N.A. 100.00
LFBI Little Falls Bancorp of NJ 20.25 2,608 52.8 20.50 12.19 20.37 -0.59 N.A. 58.82
LOGN Logansport Fin. Corp. of IN 15.25 1,261 19.2 16.00 11.12 15.25 0.00 N.A. 35.56
LONF London Financial Corp. of OH 15.25 515 7.9 21.00 13.50 15.75 -3.17 N.A. 8.00
LISB Long Island Bancorp, Inc of NY 46.25 24,023 1,111.1 48.75 30.62 48.50 -4.64 N.A. 32.14
MAFB MAF Bancorp of IL 34.06 15,249 519.4 34.75 22.25 34.00 0.18 300.71 47.00
MBLF MBLA Financial Corp. of MO 27.25 1,268 34.6 27.25 19.00 27.00 0.93 N.A. 43.42
MFBC MFB Corp. of Mishawaka IN 23.50 1,651 38.8 23.75 16.50 23.25 1.08 N.A. 41.40
MLBC ML Bancorp of Villanova PA(8) 30.75 11,866 364.9 30.75 13.75 29.75 3.36 N.A. 117.78
MSBF MSB Financial Corp. of MI 19.50 1,234 24.1 19.50 9.50 19.00 2.63 N.A. 105.26
MARN Marion Capital Holdings of IN 27.50 1,776 48.8 28.13 19.25 27.00 1.85 N.A. 42.86
MRKF Market Fin. Corp. of OH 15.44 1,336 20.6 15.75 12.25 15.44 0.00 N.A. N.A.
MFSL Maryland Fed. Bancorp of MD 27.00 6,467 174.6 27.25 16.87 26.50 1.89 414.29 55.44
MASB MassBank Corp. of Reading MA* 46.62 3,561 166.0 47.75 27.75 45.50 2.46 372.82 63.06
MFLR Mayflower Co-Op. Bank of MA* 23.75 890 21.1 26.25 14.75 24.75 -4.04 375.00 39.71
MECH Mechanics SB of Hartford CT* 27.37 5,293 144.9 28.00 15.37 25.75 6.29 N.A. 73.78
MDBK Medford Bank of Medford, MA* 37.75 4,541 171.4 38.50 24.50 36.75 2.72 439.29 46.60
MERI Meritrust FSB of Thibodaux LA(8) 69.00 774 53.4 69.00 31.50 69.00 0.00 N.A. 118.22
MWBX MetroWest Bank of MA* 8.75 13,956 122.1 9.31 4.62 9.00 -2.78 112.38 62.94
MCBS Mid Continent Bancshares of KS(8) 44.75 1,962 87.8 46.37 23.37 42.25 5.92 N.A. 91.48
MIFC Mid Iowa Financial Corp. of IA 11.25 1,678 18.9 11.75 6.25 11.75 -4.26 125.00 76.61
MCBN Mid-Coast Bancorp of ME 28.75 233 6.7 29.00 18.50 28.75 0.00 403.50 51.32
MWBI Midwest Bancshares, Inc. of IA 17.75 1,018 18.1 19.50 8.83 17.75 0.00 433.03 101.02
MWFD Midwest Fed. Fin. Corp of WI(8) 27.75 1,628 45.2 27.75 16.75 27.25 1.83 455.00 50.00
MFFC Milton Fed. Fin. Corp. of OH 15.12 2,305 34.9 15.94 13.25 15.37 -1.63 N.A. 4.28
MIVI Miss. View Hold. Co. of MN 17.50 740 13.0 19.75 11.75 17.50 0.00 N.A. 45.83
MBSP Mitchell Bancorp of NC* 17.25 931 16.1 18.00 13.75 17.87 -3.47 N.A. 21.05
MBBC Monterey Bay Bancorp of CA 19.00 3,230 61.4 20.50 14.62 18.75 1.33 N.A. 28.81
MONT Montgomery Fin. Corp. of IN 12.50 1,653 20.7 14.00 11.00 12.37 1.05 N.A. -3.85
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
MSBK Mutual SB, FSB of Bay City MI 12.75 4,279 54.6 14.62 5.37 12.75 0.00 45.71 131.82
NHTB NH Thrift Bancshares of NH 21.25 2,075 44.1 22.75 11.62 21.50 -1.16 359.96 68.38
NSLB NS&L Bancorp of Neosho MO 18.50 707 13.1 19.50 13.62 18.50 0.00 N.A. 35.83
NMSB Newmil Bancorp. of CT* 13.50 3,835 51.8 14.50 8.75 13.37 0.97 111.93 38.46
NASB North American SB of MO 54.00 2,229 120.4 55.62 33.25 54.00 0.00 ***.** 57.66
NBSI North Bancshares of Chicago IL 25.87 962 24.9 27.12 15.75 26.25 -1.45 N.A. 56.79
FFFD North Central Bancshares of IA 19.12 3,258 62.3 19.25 13.37 18.50 3.35 N.A. 41.00
NBN Northeast Bancorp of ME* 27.62 1,294 35.7 27.94 13.25 27.94 -1.15 135.06 97.29
NEIB Northeast Indiana Bncrp of IN 20.50 1,763 36.1 21.12 13.25 20.00 2.50 N.A. 50.51
NWEQ Northwest Equity Corp. of WI 19.25 839 16.2 19.75 11.25 19.00 1.32 N.A. 58.83
NWSB Northwest SB, MHC of PA (30.7) 14.75 46,753 211.7 16.37 6.50 15.25 -3.28 N.A. 120.48
NSSY Norwalk Savings Society of CT* 38.00 2,427 92.2 40.12 22.94 39.25 -3.18 N.A. 62.60
NSSB Norwich Financial Corp. of CT* 30.31 5,432 164.6 31.62 18.00 31.25 -3.01 333.00 54.49
NTMG Nutmeg FS&LA of CT 10.75 986 10.6 10.75 5.25 9.84 9.25 N.A. 90.94
OHSL OHSL Financial Corp. of OH 26.50 1,235 32.7 28.25 20.75 27.75 -4.50 N.A. 24.01
OCFC Ocean Fin. Corp. of NJ 37.25 8,176 304.6 38.37 25.12 37.37 -0.32 N.A. 46.08
OCN Ocwen Financial Corp. of FL 24.37 60,505 1,474.5 28.28 12.62 25.62 -4.88 N.A. 82.27
OTFC Oregon Trail Fin. Corp of OR 16.06 4,695 75.4 16.75 15.63 16.00 0.37 N.A. N.A.
PBHC OswegoCity SB, MHC of NY (46.)* 30.00 1,917 26.5 30.00 9.38 28.75 4.35 N.A. 219.83
OFCP Ottawa Financial Corp. of MI 28.37 5,353 151.9 29.25 14.89 29.12 -2.58 N.A. 85.55
PFFB PFF Bancorp of Pomona CA 19.12 17,903 342.3 21.50 13.37 19.25 -0.68 N.A. 28.58
PSFI PS Financial of Chicago IL 18.50 2,167 40.1 18.50 11.75 17.87 3.53 N.A. 57.45
PVFC PVF Capital Corp. of OH 20.75 2,590 53.7 21.75 13.18 20.06 3.44 371.59 44.90
PALM Palfed, Inc. of Aiken SC(8) 28.62 5,299 151.7 28.81 13.75 28.62 0.00 86.21 104.43
PBCI Pamrapo Bancorp, Inc. of NJ 24.87 2,843 70.7 26.75 18.50 24.50 1.51 341.74 24.35
PFED Park Bancorp of Chicago IL 17.75 2,431 43.2 18.12 12.19 18.00 -1.39 N.A. 36.54
PVSA Parkvale Financial Corp of PA 28.75 5,106 146.8 29.75 19.60 29.00 -0.86 247.22 38.22
PEEK Peekskill Fin. Corp. of NY 17.50 3,193 55.9 18.25 13.37 17.75 -1.41 N.A. 22.81
PFSB PennFed Fin. Services of NJ 33.50 4,823 161.6 34.75 19.87 34.00 -1.47 N.A. 65.43
PWBC PennFirst Bancorp of PA 18.62 5,310 98.9 19.50 12.27 18.75 -0.69 133.33 50.28
PWBK Pennwood SB of PA* 18.50 570 10.5 19.12 12.62 19.12 -3.24 N.A. 34.55
PBKB People's SB of Brockton MA* 23.00 3,283 75.5 23.00 10.50 20.37 12.91 287.21 116.57
PFDC Peoples Bancorp of Auburn IN 24.00 3,392 81.4 25.00 13.00 25.00 -4.00 128.35 77.78
PBCT Peoples Bank, MHC of CT (40.1)* 35.00 61,126 855.9 37.37 18.00 36.37 -3.77 344.73 81.82
TSBS Peoples Bcrp, MHC of NJ (35.9)(8) 39.25 9,046 127.4 39.25 15.75 37.50 4.67 N.A. 145.31
PFFC Peoples Fin. Corp. of OH 13.75 1,491 20.5 19.00 12.75 14.25 -3.51 N.A. 1.85
PHBK Peoples Heritage Fin Grp of ME* 43.44 27,475 1,193.5 43.94 24.87 43.94 -1.14 183.74 55.14
PSFC Peoples Sidney Fin. Corp of OH 17.25 1,785 30.8 18.50 12.56 17.25 0.00 N.A. N.A.
PERM Permanent Bancorp of IN 26.06 2,103 54.8 27.37 20.25 26.12 -0.23 N.A. 28.69
PMFI Perpetual Midwest Fin. of IA 27.75 1,873 52.0 30.50 18.75 30.50 -9.02 N.A. 44.16
PERT Perpetual of SC, MHC (46.8)(8) 60.62 1,505 42.7 60.62 22.00 54.75 10.72 N.A. 149.98
PCBC Perry Co. Fin. Corp. of MO 23.25 828 19.3 25.00 17.00 23.25 0.00 N.A. 36.76
PHFC Pittsburgh Home Fin. of PA 17.75 1,969 34.9 20.81 12.87 19.00 -6.58 N.A. 32.76
PFSL Pocahnts Fed, MHC of AR (47.0)(8) 36.50 1,632 28.1 37.12 16.25 34.87 4.67 N.A. 108.57
PTRS Potters Financial Corp of OH 18.50 965 17.9 18.50 9.38 17.62 4.99 N.A. 85.00
PKPS Poughkeepsie Fin. Corp. of NY(8) 10.37 12,595 130.6 10.62 5.12 10.50 -1.24 33.81 97.52
PHSB Ppls Home SB, MHC of PA (45.0) 18.75 2,760 23.3 19.75 13.62 19.00 -1.32 N.A. N.A.
PRBC Prestige Bancorp of PA 19.25 915 17.6 20.00 13.00 19.25 0.00 N.A. 42.59
PFNC Progress Financial Corp. of PA 15.50 4,010 62.2 16.37 7.68 15.50 0.00 40.78 94.24
PSBK Progressive Bank, Inc. of NY* 36.00 3,828 137.8 38.00 22.75 35.00 2.86 169.26 58.24
PROV Provident Fin. Holdings of CA 21.50 4,836 104.0 21.75 13.62 20.87 3.02 N.A. 53.57
PULB Pulaski SB, MHC of MO (29.8) 30.00 2,094 18.7 32.50 14.12 30.00 0.00 N.A. 106.90
PLSK Pulaski SB, MHC of NJ (46.0) 20.00 2,070 19.0 24.50 11.50 19.00 5.26 N.A. N.A.
PULS Pulse Bancorp of S. River NJ 26.75 3,081 82.4 29.75 15.75 26.12 2.41 116.25 69.84
QCFB QCF Bancorp of Virginia MN 28.50 1,382 39.4 28.50 17.25 28.50 0.00 N.A. 56.16
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
QCBC Quaker City Bancorp of CA 21.37 4,673 99.9 24.56 13.00 21.25 0.56 184.93 40.59
QCSB Queens County Bancorp of NY* 36.50 15,108 551.4 37.75 20.22 36.19 0.86 N.A. 73.40
RARB Raritan Bancorp. of Raritan NJ* 27.50 2,372 65.2 29.00 15.33 27.25 0.92 327.02 77.42
REDF RedFed Bancorp of Redlands CA 19.87 7,179 142.6 21.12 12.37 20.00 -0.65 N.A. 47.19
RELY Reliance Bancorp, Inc. of NY 34.00 8,712 296.2 35.50 18.50 35.50 -4.23 N.A. 74.36
RELI Reliance Bancshares Inc of WI* 8.87 2,472 21.9 9.12 6.50 9.12 -2.74 N.A. 31.41
RIVR River Valley Bancorp of IN 18.12 1,190 21.6 18.87 13.25 18.62 -2.69 N.A. 31.78
RVSB Riverview Bancorp of WA 14.87 6,128 91.1 15.50 6.00 15.50 -4.06 N.A. 137.16
RSLN Roslyn Bancorp, Inc. of NY* 21.88 43,642 954.9 24.31 15.00 23.25 -5.89 N.A. N.A.
SCCB S. Carolina Comm. Bnshrs of SC 22.50 699 15.7 25.25 15.00 22.87 -1.62 N.A. 50.00
SBFL SB Fngr Lakes MHC of NY (33.1) 30.00 1,785 17.7 30.00 12.75 29.50 1.69 N.A. 118.18
SFED SFS Bancorp of Schenectady NY 24.50 1,231 30.2 24.50 14.75 22.62 8.31 N.A. 66.10
SGVB SGV Bancorp of W. Covina CA 17.25 2,342 40.4 19.37 10.75 18.00 -4.17 N.A. 53.33
SHSB SHS Bancorp, Inc. of PA 17.25 820 14.1 17.25 14.75 16.25 6.15 N.A. N.A.
SISB SIS Bancorp Inc of MA* 37.37 5,581 208.6 38.50 22.37 38.12 -1.97 N.A. 63.40
SWCB Sandwich Co-Op. Bank of MA* 43.00 1,919 82.5 45.00 27.25 45.00 -4.44 398.84 44.54
SFSL Security First Corp. of OH 20.50 7,591 155.6 21.25 10.17 20.37 0.64 97.12 69.70
SMFC Sho-Me Fin. Corp. of MO(8) 49.31 1,499 73.9 50.75 21.62 47.75 3.27 N.A. 126.71
SKAN Skaneateles Bancorp Inc of NY* 18.87 1,433 27.0 21.33 10.67 0.00 -1.00 N.A. 74.24
SOBI Sobieski Bancorp of S. Bend IN 19.37 779 15.1 19.75 13.75 19.50 -0.67 N.A. 33.59
SOSA Somerset Savings Bank of MA(8)* 5.03 16,652 83.8 5.94 1.97 4.75 5.89 -1.76 155.33
SSFC South Street Fin. Corp. of NC* 18.87 4,496 84.8 20.00 13.75 19.00 -0.68 N.A. 34.79
SCBS Southern Commun. Bncshrs of AL 19.00 1,137 21.6 19.00 13.00 18.00 5.56 N.A. 43.40
SMBC Southern Missouri Bncrp of MO 19.75 1,612 31.8 20.12 14.00 19.12 3.29 N.A. 31.67
SWBI Southwest Bancshares of IL 25.50 2,657 67.8 26.00 18.00 25.62 -0.47 155.00 39.73
SVRN Sovereign Bancorp of PA 21.62 89,275 1,930.1 21.62 10.62 19.31 11.96 383.67 97.62
STFR St. Francis Cap. Corp. of WI 41.50 5,238 217.4 41.50 26.00 40.63 2.14 N.A. 59.62
SPBC St. Paul Bancorp, Inc. of IL 25.25 34,133 861.9 28.50 14.73 25.00 1.00 126.86 61.14
SFFC StateFed Financial Corp. of IA 13.37 1,557 20.8 14.12 8.25 13.50 -0.96 N.A. 62.06
SFIN Statewide Fin. Corp. of NJ 22.50 4,591 103.3 23.37 13.87 23.12 -2.68 N.A. 56.58
STSA Sterling Financial Corp. of WA 21.25 7,567 160.8 22.50 13.62 21.62 -1.71 133.77 50.50
SFSB SuburbFed Fin. Corp. of IL 36.00 1,263 45.5 36.00 19.00 34.69 3.78 439.73 89.47
ROSE T R Financial Corp. of NY* 33.50 17,592 589.3 35.00 15.50 34.00 -1.47 N.A. 88.73
THRD TF Financial Corp. of PA 29.75 4,088 121.6 29.75 15.87 28.00 6.25 N.A. 83.08
TPNZ Tappan Zee Fin., Inc. of NY 20.00 1,488 29.8 22.62 13.62 19.75 1.27 N.A. 46.84
ESBK The Elmira SB FSB of Elmira NY* 30.00 742 22.3 30.00 15.95 31.25 -4.00 108.77 72.61
TRIC Tri-County Bancorp of WY 14.75 1,167 17.2 14.75 9.00 13.75 7.27 N.A. 63.89
TWIN Twin City Bancorp of TN 14.12 1,272 18.0 14.50 11.50 14.00 0.86 N.A. 22.78
UFRM United FS&LA of Rocky Mount NC 10.62 3,074 32.6 12.75 7.75 11.50 -7.65 226.77 24.94
UBMT United Fin. Corp. of MT 25.25 1,223 30.9 27.00 18.75 26.00 -2.88 140.48 31.17
VABF Va. Beach Fed. Fin. Corp of VA 16.62 4,979 82.8 17.62 9.25 17.25 -3.65 254.37 76.06
WHGB WHG Bancshares of MD 15.87 1,462 23.2 16.50 12.62 15.87 0.00 N.A. 20.96
WSFS WSFS Financial Corp. of DE* 20.75 12,442 258.2 20.75 9.87 20.00 3.75 186.21 103.63
WVFC WVS Financial Corp. of PA* 32.00 1,748 55.9 34.00 23.50 32.00 0.00 N.A. 29.98
WRNB Warren Bancorp of Peabody MA* 21.62 3,798 82.1 21.62 14.75 20.50 5.46 541.54 44.13
WFSL Washington FS&LA of Seattle WA 31.87 47,509 1,514.1 33.31 22.39 33.12 -3.77 118.44 32.30
WAMU Washington Mutual Inc. of WA(8)* 68.62 257,176 17,647.4 72.37 41.25 71.37 -3.85 269.72 58.44
WYNE Wayne Bancorp of NJ 22.75 2,014 45.8 24.87 14.12 22.62 0.57 N.A. 49.18
WAYN Wayne S&L Co. MHC of OH (47.8) 30.25 2,255 32.5 33.00 15.33 33.00 -8.33 N.A. 85.24
WCFB Wbstr Cty FSB MHC of IA (45.2) 21.25 2,100 20.2 22.00 12.75 21.25 0.00 N.A. 54.55
WBST Webster Financial Corp. of CT 63.50 13,554 860.7 66.00 35.12 64.00 -0.78 572.67 72.79
WEFC Wells Fin. Corp. of Wells MN 18.50 1,959 36.2 19.00 12.62 17.50 5.71 N.A. 41.01
WCBI WestCo Bancorp of IL 26.50 2,474 65.6 29.25 20.00 26.50 0.00 165.00 23.26
WSTR WesterFed Fin. Corp. of MT 25.25 5,577 140.8 27.00 17.62 24.75 2.02 N.A. 38.36
WOFC Western Ohio Fin. Corp. of OH 26.62 2,356 62.7 29.25 20.62 26.87 -0.93 N.A. 22.39
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Market Capitalization Price Change Data
---------------------------- --------------------------------------------
52 Week (1) % Change From
Shares Market ------------ -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ----- ----- ----- ----- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
WWFC Westwood Fin. Corp. of NJ(8) 27.62 645 17.8 28.00 15.50 27.62 0.00 N.A. 67.39
WEHO Westwood Hmstd Fin Corp of OH 14.25 2,782 39.6 18.12 11.50 14.25 0.00 N.A. 17.57
WFI Winton Financial Corp. of OH 19.75 1,986 39.2 20.50 11.50 20.00 -1.25 N.A. 71.74
FFWD Wood Bancorp of OH 18.50 2,119 39.2 19.50 10.50 19.50 -5.13 N.A. 63.28
YFCB Yonkers Fin. Corp. of NY 18.75 3,021 56.6 22.00 12.75 19.00 -1.32 N.A. 45.69
YFED York Financial Corp. of PA 24.87 8,806 219.0 27.25 12.80 25.50 -2.47 163.17 91.31
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
SAIF-Insured Thrifts(297) 1.16 1.14 15.35 14.93 147.63
NYSE Traded Companies(11) 2.59 2.45 21.10 20.39 317.10
AMEX Traded Companies(16) 0.60 0.71 14.05 13.85 107.51
NASDAQ Listed OTC Companies(270) 1.13 1.11 15.18 14.75 142.60
California Companies(21) 1.73 1.61 17.45 16.86 265.86
Florida Companies(5) 1.17 0.85 11.42 10.73 171.97
Mid-Atlantic Companies(59) 1.31 1.31 16.00 15.39 164.56
Mid-West Companies(144) 1.05 1.04 15.12 14.82 126.75
New England Companies(9) 1.28 1.45 17.22 16.46 232.24
North-West Companies(8) 1.13 1.07 14.49 13.93 129.56
South-East Companies(38) 0.99 0.96 14.52 14.22 112.14
South-West Companies(7) 1.30 1.30 15.15 14.39 194.42
Western Companies (Excl CA)(6) 1.04 1.03 14.36 13.68 96.29
Thrift Strategy(240) 1.07 1.08 15.49 15.14 132.41
Mortgage Banker Strategy(35) 1.60 1.47 15.06 14.14 219.04
Real Estate Strategy(9) 1.66 1.60 14.81 14.52 225.37
Diversified Strategy(9) 1.93 1.73 14.11 13.56 195.62
Retail Banking Strategy(4) -0.35 -0.45 12.75 12.17 195.11
Companies Issuing Dividends(252) 1.20 1.18 15.49 15.03 144.34
Companies Without Dividends(45) 0.90 0.91 14.59 14.36 166.56
Equity/Assets less than 6%(23) 1.66 1.68 14.11 13.15 285.90
Equity/Assets 6-12%(141) 1.38 1.34 15.35 14.74 181.81
Equity/Assets greater than 12%(133) 0.86 0.86 15.57 15.41 92.05
Converted Last 3 Mths (no MHC)(4) 0.53 0.53 12.47 12.47 78.11
Actively Traded Companies(39) 1.95 1.95 17.26 16.62 228.67
Market Value Below $20 Million(50) 0.79 0.80 14.31 14.27 111.17
Holding Company Structure(264) 1.14 1.12 15.63 15.21 145.10
Assets Over $1 Billion(60) 1.83 1.78 17.18 15.98 243.29
Assets $500 Million-$1 Billion(48) 1.25 1.17 14.44 13.93 154.37
Assets $250-$500 Million(64) 1.16 1.16 15.75 15.37 151.21
Assets less than $250 Million(125) 0.81 0.83 14.68 14.61 99.43
Goodwill Companies(120) 1.44 1.41 15.78 14.70 193.04
Non-Goodwill Companies(177) 0.97 0.97 15.07 15.07 117.72
Acquirors of FSLIC Cases(10) 2.56 2.52 20.88 19.72 332.65
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(61) 1.58 1.51 15.76 14.91 153.16
NYSE Traded Companies(2) 2.34 2.29 20.01 12.88 248.52
AMEX Traded Companies(6) 1.34 1.15 17.59 15.21 172.94
NASDAQ Listed OTC Companies(53) 1.57 1.52 15.40 14.96 147.13
California Companies(1) 1.52 1.52 12.32 12.27 114.89
Mid-Atlantic Companies(16) 1.33 1.29 15.79 13.98 169.89
Mid-West Companies(2) 0.21 0.26 11.08 10.73 35.43
New England Companies(33) 1.91 1.80 14.67 14.10 168.95
North-West Companies(4) 1.05 1.02 11.21 10.83 95.73
South-East Companies(5) 1.42 1.41 27.07 27.07 100.38
Thrift Strategy(44) 1.55 1.48 16.33 15.41 148.82
Mortgage Banker Strategy(7) 1.58 1.55 14.32 13.84 180.63
Real Estate Strategy(5) 1.78 1.67 11.27 11.24 105.38
Diversified Strategy(5) 1.80 1.75 13.54 12.55 190.42
Companies Issuing Dividends(53) 1.57 1.49 16.48 15.52 161.86
Companies Without Dividends(8) 1.69 1.67 10.85 10.74 93.52
Equity/Assets less than 6%(5) 1.23 1.01 7.70 7.47 153.80
Equity/Assets 6-12%(40) 1.92 1.83 15.47 14.23 182.15
Equity/Assets greater than 12%(16) 0.93 0.95 18.43 18.26 89.58
Actively Traded Companies(18) 1.97 1.86 15.73 14.92 183.84
Market Value Below $20 Million(3) 0.53 0.59 14.56 14.32 57.53
Holding Company Structure(41) 1.51 1.45 15.91 15.20 137.18
Assets Over $1 Billion(14) 1.83 1.78 15.82 14.09 187.28
Assets $500 Million-$1 Billion(16) 1.93 1.81 16.83 15.48 191.21
Assets $250-$500 Million(13) 1.17 1.11 12.82 12.51 120.44
Assets less than $250 Million(18) 1.38 1.34 16.93 16.80 116.44
Goodwill Companies(31) 1.73 1.63 16.49 14.81 192.94
Non-Goodwill Companies(30) 1.43 1.39 15.01 15.01 111.90
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 0.68 0.67 10.72 10.65 95.80
BIF-Insured Thrifts(3) 1.06 0.85 10.76 10.12 101.07
NASDAQ Listed OTC Companies(23) 0.75 0.70 10.73 10.55 96.73
Florida Companies(3) 1.00 0.89 14.22 14.18 146.68
Mid-Atlantic Companies(11) 0.57 0.56 9.17 8.86 76.90
Mid-West Companies(7) 0.82 0.85 12.01 11.98 106.48
New England Companies(1) 1.44 0.93 11.41 11.40 126.48
Thrift Strategy(22) 0.71 0.69 10.69 10.50 94.87
Diversified Strategy(1) 1.44 0.93 11.41 11.40 126.48
Companies Issuing Dividends(22) 0.76 0.71 10.76 10.58 98.10
Companies Without Dividends(1) 0.56 0.54 10.22 10.22 74.79
Equity/Assets 6-12%(16) 0.82 0.74 10.90 10.65 109.96
Equity/Assets greater than 12%(7) 0.57 0.61 10.33 10.33 64.98
Holding Company Structure(2) 1.05 0.94 12.02 10.10 100.68
Assets Over $1 Billion(6) 0.83 0.64 8.38 8.15 97.01
Assets $500 Million-$1 Billion(2) 1.07 0.98 15.79 15.79 139.20
Assets $250-$500 Million(5) 0.88 0.85 11.27 11.23 109.10
Assets less than $250 Million(10) 0.64 0.65 11.03 10.82 87.76
Goodwill Companies(9) 0.92 0.78 9.94 9.44 108.33
Non-Goodwill Companies(14) 0.65 0.67 11.16 11.16 90.40
MHC Institutions(23) 0.75 0.70 10.73 10.55 96.73
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 3.94 3.37 20.17 17.13 495.70
CSA Coast Savings Financial of CA 2.94 3.14 25.21 24.92 484.90
CFB Commercial Federal Corp. of NE 3.02 3.02 20.59 18.42 333.94
DME Dime Bancorp, Inc. of NY* 1.30 1.28 10.38 9.88 191.28
DSL Downey Financial Corp. of CA 1.49 1.43 15.61 15.41 218.81
EBI Equality Bancorp of St Louis 0.53 0.53 9.95 9.95 100.33
FED FirstFed Fin. Corp. of CA 2.19 2.18 20.01 19.82 387.78
GSB Glendale Fed. Bk, FSB of CA 1.76 2.11 18.39 16.46 325.68
GDW Golden West Fin. Corp. of CA 5.93 5.83 45.36 45.36 691.01
GPT GreenPoint Fin. Corp. of NY* 3.38 3.30 29.63 15.88 305.75
JSB JSB Financial, Inc. of NY 2.97 2.64 35.91 35.91 154.68
NYB New York Bancorp, Inc. of NY 2.40 2.46 7.93 7.93 152.17
WES Westcorp Inc. of Orange CA 1.31 0.28 13.00 12.97 143.10
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 0.97 0.94 17.22 17.22 101.60
ANE Alliance Bancorp of New Englan* 1.15 1.06 10.95 10.68 148.69
BKC American Bank of Waterbury CT* 3.27 2.76 23.23 22.38 263.69
BFD BostonFed Bancorp of MA 1.16 1.05 14.48 13.94 170.04
CFX CFX Corp of NH(8)* 0.58 0.78 10.25 9.88 117.66
CNY Carver Bancorp, Inc. of NY -0.26 0.02 15.09 14.50 179.59
CBK Citizens First Fin.Corp. of IL 0.63 0.56 14.79 14.79 107.57
ESX Essex Bancorp of VA(8) 0.20 0.18 0.03 -0.14 181.37
FCB Falmouth Co-Op Bank of MA* 0.52 0.49 15.40 15.40 64.55
FAB FirstFed America Bancorp of MA 0.06 0.54 14.52 14.52 118.99
GAF GA Financial Corp. of PA 0.94 0.91 14.72 14.58 100.63
KNK Kankakee Bancorp of IL 2.15 2.11 27.25 25.69 238.38
KYF Kentucky First Bancorp of KY 0.78 0.77 11.29 11.29 67.60
MBB MSB Bancorp of Middletown NY* 0.79 0.52 21.15 10.38 286.18
PDB Piedmont Bancorp of NC -0.11 0.25 7.56 7.56 46.00
SSB Scotland Bancorp of NC 0.66 0.65 7.61 7.61 33.65
SZB SouthFirst Bancshares of AL -0.03 0.25 16.06 16.06 114.72
SRN Southern Banc Company of AL 0.12 0.43 14.58 14.43 85.72
SSM Stone Street Bancorp of NC 0.86 0.86 16.32 16.32 55.20
TSH Teche Holding Company of LA 1.12 1.07 15.81 15.81 117.54
FTF Texarkana Fst. Fin. Corp of AR 1.61 1.61 15.32 15.32 100.01
THR Three Rivers Fin. Corp. of MI 0.62 0.90 15.54 15.48 115.45
WSB Washington SB, FSB of MD 0.25 0.35 5.16 5.16 61.61
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 1.84 0.91 21.75 21.33 251.38
AFED AFSALA Bancorp, Inc. of NY 0.82 0.82 14.74 14.74 109.40
ALBK ALBANK Fin. Corp. of Albany NY 2.89 2.87 26.69 23.51 288.76
AMFC AMB Financial Corp. of IN 0.98 0.69 14.95 14.95 107.25
ASBP ASB Financial Corp. of OH 0.64 0.60 10.30 10.30 66.15
ABBK Abington Savings Bank of MA* 2.29 2.04 19.43 17.61 272.62
AABC Access Anytime Bancorp of NM 1.26 1.17 7.51 7.51 86.80
AFBC Advance Fin. Bancorp of WV 0.83 0.81 15.02 15.02 97.52
AADV Advantage Bancorp of WI(8) 3.30 2.96 30.59 28.46 320.60
AFCB Affiliated Comm BC, Inc of MA 1.78 1.76 16.97 16.87 173.81
ALBC Albion Banc Corp. of Albion NY 1.31 1.29 24.26 24.26 283.24
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ABCL Allied Bancorp of IL 1.06 1.18 16.10 15.90 170.97
ATSB AmTrust Capital Corp. of IN 0.54 0.31 14.48 14.33 132.48
AHCI Ambanc Holding Co., Inc. of NY* -0.65 -0.68 14.57 14.57 112.63
ASBI Ameriana Bancorp of IN 1.13 1.03 13.63 13.63 121.64
AFFFZ America First Fin. Fund of CA(8) 7.31 7.39 31.32 30.99 374.40
ABCW Anchor Bancorp Wisconsin of WI 2.09 1.95 13.82 13.58 215.90
ANDB Andover Bancorp, Inc. of MA* 2.51 2.45 20.20 20.20 248.71
ASFC Astoria Financial Corp. of NY 2.96 2.80 29.51 24.96 382.48
AVND Avondale Fin. Corp. of IL -3.37 -3.43 13.18 13.18 170.79
BKCT Bancorp Connecticut of CT* 1.12 1.02 8.96 8.96 83.33
BPLS Bank Plus Corp. of CA 0.65 0.54 9.16 9.15 202.69
BWFC Bank West Fin. Corp. of MI 0.59 0.32 8.87 8.87 62.68
BANC BankAtlantic Bancorp of FL 1.22 0.64 7.03 5.81 127.72
BKUNA BankUnited SA of FL 0.49 0.44 7.03 5.53 225.05
BVCC Bay View Capital Corp. of CA 1.42 1.59 14.81 12.37 254.59
FSNJ Bayonne Banchsares of NJ 0.25 0.35 10.58 10.58 67.73
BFSB Bedford Bancshares of VA 1.39 1.38 17.18 17.18 121.87
BFFC Big Foot Fin. Corp. of IL 0.42 0.42 14.97 14.97 85.62
BSBC Branford SB of CT(8)* 0.31 0.31 2.69 2.69 27.88
BYFC Broadway Fin. Corp. of CA 0.38 0.48 14.77 14.77 150.11
CBES CBES Bancorp of MO 1.18 1.07 17.60 17.60 104.03
CCFH CCF Holding Company of GA 0.16 -0.18 14.21 14.21 133.34
CENF CENFED Financial Corp. of CA 2.41 2.17 21.51 21.48 386.76
CFSB CFSB Bancorp of Lansing MI 1.98 1.86 13.03 13.03 169.05
CKFB CKF Bancorp of Danville KY 1.22 0.91 15.69 15.69 66.30
CNSB CNS Bancorp of MO 0.47 0.47 14.34 14.34 58.93
CSBF CSB Financial Group Inc of IL* 0.16 0.26 12.98 12.27 51.85
CBCI Calumet Bancorp of Chicago IL 2.27 2.23 25.01 25.01 154.25
CAFI Camco Fin. Corp. of OH 1.73 1.46 14.98 13.87 156.25
CMRN Cameron Fin. Corp. of MO 0.98 0.98 17.43 17.43 82.94
CAPS Capital Savings Bancorp of MO(8) 1.20 1.18 11.70 11.70 128.04
CFNC Carolina Fincorp of NC* 0.70 0.68 13.92 13.92 61.63
CASB Cascade SB of Everett WA(8) 0.65 0.65 8.36 8.36 125.91
CATB Catskill Fin. Corp. of NY* 0.84 0.85 15.41 15.41 62.19
CNIT Cenit Bancorp of Norfolk VA 3.39 3.15 29.47 26.99 424.25
CEBK Central Co-Op. Bank of MA* 1.45 1.47 17.40 15.57 175.28
CENB Century Bancshares of NC* 4.19 4.20 75.12 75.12 248.00
CBSB Charter Financial Inc. of IL(8) 1.05 1.47 13.71 12.13 94.76
COFI Charter One Financial of OH 3.64 3.56 21.63 19.86 306.62
CVAL Chester Valley Bancorp of PA 1.36 1.30 12.75 12.75 147.25
CTZN CitFed Bancorp of Dayton OH 1.98 1.98 15.92 14.47 253.74
CLAS Classic Bancshares of KY 0.51 0.69 14.93 12.63 100.19
CMSB Cmnwealth Bancorp of PA 1.02 0.86 13.02 10.15 140.25
CBSA Coastal Bancorp of Houston TX 2.40 2.47 20.36 17.12 586.85
CFCP Coastal Fin. Corp. of SC 1.25 1.08 6.97 6.97 106.31
CMSV Commty. Svgs, MHC of FL (48.5) 1.07 0.98 15.79 15.79 139.20
CFTP Community Fed. Bancorp of MS 0.66 0.65 12.47 12.47 46.65
CFFC Community Fin. Corp. of VA 1.50 1.51 18.99 18.99 143.75
CFBC Community First Bnkg Co. of GA 1.29 1.29 29.10 28.71 163.45
CIBI Community Inv. Bancorp of OH 1.01 1.01 12.10 12.10 102.98
COOP Cooperative Bk.for Svgs. of NC 0.73 0.73 9.27 9.27 120.53
CRZY Crazy Woman Creek Bncorp of WY 0.72 0.73 14.88 14.88 62.78
DNFC D&N Financial Corp. of MI 1.68 1.55 11.18 11.06 212.77
DCBI Delphos Citizens Bancorp of OH 0.82 0.82 14.65 14.65 55.00
DIME Dime Community Bancorp of NY 1.10 1.07 14.81 12.76 109.73
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
DIBK Dime Financial Corp. of CT* 3.05 3.04 14.54 14.12 178.52
EGLB Eagle BancGroup of IL 0.46 0.36 17.03 17.03 143.71
EBSI Eagle Bancshares of Tucker GA 0.88 0.89 12.59 12.59 154.03
EGFC Eagle Financial Corp. of CT(8) 0.90 1.30 22.91 18.23 332.04
ETFS East Texas Fin. Serv. of TX 0.75 0.70 20.35 20.35 113.01
EMLD Emerald Financial Corp of OH 1.20 1.11 9.28 9.15 118.99
EIRE Emerald Island Bancorp, MA(8)* 1.60 1.70 13.77 13.77 197.11
EFBC Empire Federal Bancorp of MT 0.35 0.46 14.76 14.76 42.30
EFBI Enterprise Fed. Bancorp of OH 1.19 0.99 15.82 15.81 138.41
EQSB Equitable FSB of Wheaton MD 2.20 3.51 25.80 25.80 511.96
FCBF FCB Fin. Corp. of Neenah WI 0.61 0.47 19.74 19.74 134.88
FFBS FFBS Bancorp of Columbus MS 1.16 1.16 14.34 14.34 85.85
FFDF FFD Financial Corp. of OH 1.16 0.57 14.86 14.86 61.05
FFLC FFLC Bancorp of Leesburg FL 0.94 0.89 13.73 13.73 99.97
FFFC FFVA Financial Corp. of VA 1.70 1.63 16.70 16.36 125.45
FFWC FFW Corporation of Wabash IN 2.43 2.38 24.63 22.36 253.80
FFYF FFY Financial Corp. of OH 1.87 1.84 20.30 20.30 148.22
FMCO FMS Financial Corp. of NJ 2.34 2.32 15.80 15.57 243.58
FFHH FSF Financial Corp. of MN 1.04 1.03 14.41 14.41 128.95
FOBC Fed One Bancorp of Wheeling WV 1.38 1.38 16.85 16.10 150.75
FBCI Fidelity Bancorp of Chicago IL 0.33 1.04 18.66 18.63 178.13
FSBI Fidelity Bancorp, Inc. of PA 1.75 1.71 16.64 16.64 244.98
FFFL Fidelity FSB, MHC of FL (47.7) 0.93 0.79 12.65 12.57 154.16
FFED Fidelity Fed. Bancorp of IN 0.67 0.65 5.15 5.15 84.32
FFOH Fidelity Financial of OH 0.76 0.85 12.34 10.95 94.75
FIBC Financial Bancorp, Inc. of NY 1.46 1.56 15.71 15.63 173.66
FBSI First Bancshares of MO 1.74 1.57 20.73 20.73 148.91
FBBC First Bell Bancorp of PA 1.18 1.15 11.02 11.02 104.63
FBER First Bergen Bancorp of NJ 0.71 0.71 13.57 13.57 99.39
SKBO First Carnegie,MHC of PA(45.0) 0.33 0.33 10.52 10.52 63.97
FSTC First Citizens Corp of GA 2.17 1.94 12.44 9.81 122.97
FCME First Coastal Corp. of ME* 4.52 4.34 10.66 10.66 109.32
FFBA First Colorado Bancorp of Co 1.11 1.10 12.00 11.85 91.76
FDEF First Defiance Fin.Corp. of OH 0.63 0.61 12.61 12.61 64.12
FESX First Essex Bancorp of MA* 1.33 1.14 11.90 10.41 160.71
FFES First FS&LA of E. Hartford CT 1.92 2.18 24.40 24.40 368.16
FFSX First FS&LA. MHC of IA (46.1) 1.18 1.15 14.08 13.96 161.26
BDJI First Fed. Bancorp. of MN 1.05 1.03 17.74 17.74 165.66
FFBH First Fed. Bancshares of AR 1.13 1.08 16.64 16.64 111.75
FTFC First Fed. Capital Corp. of WI 1.80 1.49 11.46 10.80 170.18
FFKY First Fed. Fin. Corp. of KY 1.46 1.45 12.60 11.89 91.99
FFBZ First Federal Bancorp of OH 1.25 1.26 9.92 9.91 129.34
FFCH First Fin. Holdings Inc. of SC 2.22 2.16 16.45 16.45 268.99
FFBI First Financial Bancorp of IL -0.15 0.94 18.10 18.10 202.99
FFHS First Franklin Corp. of OH 1.05 1.24 17.49 17.39 193.95
FGHC First Georgia Hold. Corp of GA 0.32 0.25 4.21 3.86 51.24
FSPG First Home Bancorp of NJ 1.74 1.70 13.31 13.11 193.90
FFSL First Independence Corp. of KS 0.73 0.73 11.79 11.79 115.05
FISB First Indiana Corp. of IN 1.62 1.33 14.13 13.96 146.49
FKFS First Keystone Fin. Corp of PA 2.15 1.97 20.16 20.16 304.10
FLKY First Lancaster Bncshrs of KY 0.53 0.53 14.62 14.62 49.62
FLFC First Liberty Fin. Corp. of GA 1.32 1.08 12.30 11.09 166.85
CASH First Midwest Fin. Corp. of IA 1.35 1.29 16.11 14.31 149.90
FMBD First Mutual Bancorp of IL 0.35 0.32 15.37 11.72 114.74
FMSB First Mutual SB of Bellevue WA* 1.07 1.05 7.53 7.53 110.92
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FNGB First Northern Cap. Corp of WI 0.66 0.63 8.24 8.24 74.29
FFPB First Palm Beach Bancorp of FL 1.85 1.55 22.39 21.87 358.24
FSLA First SB SLA MHC of NJ (47.5)(8) 1.14 1.19 12.39 11.26 130.45
SOPN First SB, SSB, Moore Co. of NC 1.32 1.32 18.43 18.43 80.10
FWWB First Savings Bancorp of WA* 0.99 0.94 14.92 13.78 104.83
FSFF First SecurityFed Fin of IL 0.61 0.61 12.80 12.80 47.35
SHEN First Shenango Bancorp of PA 2.26 2.25 22.55 22.55 194.02
FBNW FirstBank Corp of Clarkston WA 0.33 0.15 14.73 14.73 89.65
FFDB FirstFed Bancorp of AL 1.59 1.55 14.77 13.51 153.31
FSPT FirstSpartan Fin. Corp. of SC 1.25 1.25 29.17 29.17 108.87
FLAG Flag Financial Corp of GA 1.01 0.84 10.66 10.66 117.07
FLGS Flagstar Bancorp, Inc of MI 1.66 0.83 8.89 8.54 148.74
FFIC Flushing Fin. Corp. of NY* 0.99 1.04 17.08 16.40 120.27
FBHC Fort Bend Holding Corp. of TX 1.23 1.03 11.88 11.09 192.88
FTSB Fort Thomas Fin. Corp. of KY 0.76 0.76 10.56 10.56 65.45
FKKYD Frankfort First Bancorp of KY 0.07 0.51 13.67 13.67 81.25
FTNB Fulton Bancorp of MO 0.73 0.63 14.88 14.88 60.33
GFSB GFS Bancorp of Grinnell IA 1.15 1.15 11.01 11.01 95.64
GUPB GFSB Bancorp of Gallup NM 0.97 0.97 17.60 17.60 137.28
GSLA GS Financial Corp. of LA 0.41 0.41 16.44 16.44 38.12
GOSB GSB Financial Corp. of NY 0.52 0.44 13.78 13.78 50.92
GWBC Gateway Bancorp of KY(8) 0.59 0.59 16.14 16.14 58.19
GBCI Glacier Bancorp of MT 1.22 1.25 8.41 8.21 84.21
GFCO Glenway Financial Corp. of OH 0.99 0.96 12.17 12.03 128.62
GTPS Great American Bancorp of IL 0.42 0.47 16.80 16.80 82.24
GTFN Great Financial Corp. of KY(8) 2.20 1.62 21.08 20.23 209.33
GSBC Great Southern Bancorp of MO 1.57 1.48 7.79 7.79 90.04
GDVS Greater DV SB,MHC of PA (19.9)* 0.68 0.68 8.85 8.85 76.04
GSFC Green Street Fin. Corp. of NC 0.65 0.65 14.65 14.65 41.41
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 0.62 0.60 8.76 8.76 67.24
HCBB HCB Bancshares of AR 0.09 0.10 14.27 13.73 75.75
HEMT HF Bancorp of Hemet CA 0.05 0.28 13.26 11.05 167.20
HFFC HF Financial Corp. of SD 2.05 1.88 19.33 19.33 205.10
HFNC HFNC Financial Corp. of NC 0.62 0.53 9.48 9.48 50.42
HMNF HMN Financial, Inc. of MN 1.34 1.13 20.09 20.09 135.05
HALL Hallmark Capital Corp. of WI 0.91 0.89 10.59 10.59 145.00
HARB Harbor FSB, MHC of FL (46.6)(8) 2.68 2.66 19.47 18.85 227.43
HRBF Harbor Federal Bancorp of MD 0.91 0.91 16.75 16.75 128.29
HFSA Hardin Bancorp of Hardin MO 0.94 0.89 15.76 15.76 136.63
HARL Harleysville SA of PA 2.05 2.06 13.76 13.76 207.73
HFGI Harrington Fin. Group of IN 0.67 0.56 7.74 7.74 159.98
HARS Harris SB, MHC of PA (24.3) 0.52 0.43 5.12 4.53 62.47
HFFB Harrodsburg 1st Fin Bcrp of KY 0.55 0.73 14.49 14.49 53.80
HHFC Harvest Home Fin. Corp. of OH 0.23 0.50 11.35 11.35 90.82
HAVN Haven Bancorp of Woodhaven NY 1.31 1.32 12.53 12.49 208.99
HTHR Hawthorne Fin. Corp. of CA 2.37 2.28 14.01 14.01 288.59
HMLK Hemlock Fed. Fin. Corp. of IL 0.28 0.61 15.06 15.06 77.99
HBNK Highland Federal Bank of CA 2.41 1.83 17.20 17.20 224.34
HIFS Hingham Inst. for Sav. of MA* 1.98 1.98 16.11 16.11 165.96
HBEI Home Bancorp of Elgin IL 0.43 0.43 13.77 13.77 49.96
HBFW Home Bancorp of Fort Wayne IN 0.72 1.15 17.62 17.62 132.62
HBBI Home Building Bancorp of IN 1.05 1.03 18.89 18.89 133.80
HCFC Home City Fin. Corp. of OH 0.92 0.93 15.19 15.19 77.47
HOMF Home Fed Bancorp of Seymour IN 1.74 1.58 11.78 11.43 136.05
HWEN Home Financial Bancorp of IN 0.74 0.64 15.59 15.59 88.84
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HPBC Home Port Bancorp, Inc. of MA* 1.75 1.74 11.65 11.65 109.13
HMCI Homecorp, Inc. of Rockford IL(8) 0.99 0.80 13.07 13.07 191.38
HZFS Horizon Fin'l. Services of IA 0.77 0.62 10.27 10.27 103.15
HRZB Horizon Financial Corp. of WA* 1.09 1.07 11.17 11.17 71.43
IBSF IBS Financial Corp. of NJ 0.53 0.53 11.69 11.69 67.11
ISBF ISB Financial Corp. of LA 0.97 0.96 16.70 14.29 138.54
ITLA Imperial Thrift & Loan of CA* 1.52 1.52 12.32 12.27 114.89
IFSB Independence FSB of DC 0.65 0.54 13.89 12.28 201.76
INCB Indiana Comm. Bank, SB of IN(8) 0.53 0.53 12.38 12.38 104.22
INBI Industrial Bancorp of OH 0.98 1.03 11.76 11.76 68.45
IWBK Interwest SB of Oak Harbor WA 2.52 2.32 16.13 15.84 254.25
IPSW Ipswich SB of Ipswich MA* 0.88 0.70 4.78 4.78 85.16
JXVL Jacksonville Bancorp of TX 0.90 1.18 13.55 13.55 90.84
JXSB Jcksnville SB,MHC of IL (45.6) 0.80 0.80 13.63 13.63 129.12
JSBA Jefferson Svgs Bancorp of MO 0.90 1.85 22.03 17.09 258.09
JOAC Joachim Bancorp of MO 0.39 0.39 13.67 13.67 48.58
KSAV KS Bancorp of Kenly NC 1.40 1.39 16.45 16.44 124.22
KSBK KSB Bancorp of Kingfield ME(8)* 1.08 1.10 8.46 8.00 117.84
KFBI Klamath First Bancorp of OR 0.85 0.85 14.42 13.11 97.82
LSBI LSB Fin. Corp. of Lafayette IN 1.61 1.42 18.88 18.88 218.63
LVSB Lakeview SB of Paterson NJ 1.34 0.97 13.71 11.74 112.19
LARK Landmark Bancshares of KS 1.14 1.35 18.62 18.62 135.05
LARL Laurel Capital Group of PA 2.09 2.02 15.20 15.20 145.21
LSBX Lawrence Savings Bank of MA* 1.42 1.41 7.84 7.84 82.39
LFED Leeds FSB, MHC of MD (36.3) 0.64 0.64 9.16 9.16 55.08
LXMO Lexington B&L Fin. Corp. of MO 0.55 0.71 14.74 14.74 52.05
LIFB Life Bancorp of Norfolk VA(8) 1.35 1.25 16.17 15.73 150.93
LFBI Little Falls Bancorp of NJ 0.66 0.60 14.53 13.40 124.40
LOGN Logansport Fin. Corp. of IN 0.91 0.95 12.86 12.86 68.04
LONF London Financial Corp. of OH 0.75 0.70 14.77 14.77 74.19
LISB Long Island Bancorp, Inc of NY 2.06 1.74 22.74 22.53 246.88
MAFB MAF Bancorp of IL 2.48 2.46 17.22 15.13 221.04
MBLF MBLA Financial Corp. of MO 1.45 1.48 22.36 22.36 176.67
MFBC MFB Corp. of Mishawaka IN 1.21 1.21 20.30 20.30 155.01
MLBC ML Bancorp of Villanova PA(8) 1.20 0.86 13.51 12.61 195.16
MSBF MSB Financial Corp. of MI 0.86 0.83 10.32 10.32 62.41
MARN Marion Capital Holdings of IN 1.67 1.65 22.22 22.22 101.25
MRKF Market Fin. Corp. of OH 0.38 0.38 14.89 14.89 42.01
MFSL Maryland Fed. Bancorp of MD 1.08 1.56 15.00 14.81 178.98
MASB MassBank Corp. of Reading MA* 2.78 2.61 28.24 27.82 261.94
MFLR Mayflower Co-Op. Bank of MA* 1.46 1.38 13.98 13.75 144.98
MECH Mechanics SB of Hartford CT* 2.64 2.63 16.33 16.33 156.95
MDBK Medford Bank of Medford, MA* 2.49 2.32 21.96 20.58 243.63
MERI Meritrust FSB of Thibodaux LA(8) 3.42 3.42 24.90 24.90 301.44
MWBX MetroWest Bank of MA* 0.54 0.54 3.13 3.13 41.97
MCBS Mid Continent Bancshares of KS(8) 2.13 2.21 20.38 20.38 206.56
MIFC Mid Iowa Financial Corp. of IA 0.71 1.00 7.00 6.99 74.82
MCBN Mid-Coast Bancorp of ME 1.92 1.82 22.65 22.65 263.83
MWBI Midwest Bancshares, Inc. of IA 1.21 1.07 10.18 10.18 147.20
MWFD Midwest Fed. Fin. Corp of WI(8) 1.39 1.37 11.21 10.81 127.18
MFFC Milton Fed. Fin. Corp. of OH 0.60 0.53 11.45 11.45 91.09
MIVI Miss. View Hold. Co. of MN 0.66 0.97 17.80 17.80 94.29
MBSP Mitchell Bancorp of NC* 0.59 0.59 15.36 15.36 37.15
MBBC Monterey Bay Bancorp of CA 0.58 0.53 14.59 13.53 126.83
MONT Montgomery Fin. Corp. of IN 0.42 0.42 11.81 11.81 61.70
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
MSBK Mutual SB, FSB of Bay City MI 0.15 0.08 9.73 9.73 152.87
NHTB NH Thrift Bancshares of NH 0.99 0.80 12.04 10.34 153.90
NSLB NS&L Bancorp of Neosho MO 0.41 0.64 16.52 16.52 84.46
NMSB Newmil Bancorp. of CT* 0.70 0.67 8.42 8.42 82.77
NASB North American SB of MO 4.10 3.86 25.37 24.52 330.46
NBSI North Bancshares of Chicago IL 0.79 0.69 17.04 17.04 126.90
FFFD North Central Bancshares of IA 1.16 1.16 15.13 15.13 66.03
NBN Northeast Bancorp of ME* 1.37 1.13 14.27 12.61 205.13
NEIB Northeast Indiana Bncrp of IN 1.18 1.18 15.51 15.51 107.95
NWEQ Northwest Equity Corp. of WI 1.17 1.13 13.51 13.51 115.56
NWSB Northwest SB, MHC of PA (30.7) 0.41 0.41 4.33 4.09 44.93
NSSY Norwalk Savings Society of CT* 2.40 2.74 20.49 19.76 254.37
NSSB Norwich Financial Corp. of CT* 1.47 1.36 15.05 13.67 129.02
NTMG Nutmeg FS&LA of CT 0.60 0.43 5.88 5.88 106.64
OHSL OHSL Financial Corp. of OH 1.65 1.60 20.74 20.74 189.96
OCFC Ocean Fin. Corp. of NJ 1.68 1.66 27.63 27.63 182.15
OCN Ocwen Financial Corp. of FL 1.34 0.75 6.91 6.73 48.86
OTFC Oregon Trail Fin. Corp of OR 0.59 0.59 13.29 13.29 55.34
PBHC OswegoCity SB, MHC of NY (46.)* 1.05 0.94 12.02 10.10 100.68
OFCP Ottawa Financial Corp. of MI 1.29 1.26 14.15 11.43 161.96
PFFB PFF Bancorp of Pomona CA 0.65 0.66 14.69 14.53 146.09
PSFI PS Financial of Chicago IL 0.72 0.73 14.76 14.76 39.55
PVFC PVF Capital Corp. of OH 1.90 1.82 10.63 10.63 147.98
PALM Palfed, Inc. of Aiken SC(8) 0.49 0.84 10.74 10.74 126.16
PBCI Pamrapo Bancorp, Inc. of NJ 1.73 1.71 16.89 16.77 130.83
PFED Park Bancorp of Chicago IL 0.80 0.83 16.61 16.61 71.79
PVSA Parkvale Financial Corp of PA 2.05 2.05 15.20 15.10 196.91
PEEK Peekskill Fin. Corp. of NY 0.66 0.66 14.81 14.81 56.76
PFSB PennFed Fin. Services of NJ 2.14 2.14 20.72 17.54 282.80
PWBC PennFirst Bancorp of PA 0.95 0.95 12.96 11.53 154.87
PWBK Pennwood SB of PA* 0.83 0.91 15.33 15.33 83.59
PBKB People's SB of Brockton MA* 1.44 0.75 8.96 8.59 218.54
PFDC Peoples Bancorp of Auburn IN 1.24 1.24 13.06 13.06 85.67
PBCT Peoples Bank, MHC of CT (40.1)* 1.44 0.93 11.41 11.40 126.48
TSBS Peoples Bcrp, MHC of NJ (35.9)(8) 0.87 0.61 11.97 10.77 70.63
PFFC Peoples Fin. Corp. of OH 0.53 0.53 15.78 15.78 58.01
PHBK Peoples Heritage Fin Grp of ME* 2.51 2.51 16.42 14.01 220.42
PSFC Peoples Sidney Fin. Corp of OH 0.56 0.56 14.57 14.57 57.61
PERM Permanent Bancorp of IN 1.26 1.25 19.51 19.25 206.17
PMFI Perpetual Midwest Fin. of IA 0.84 0.68 18.24 18.24 214.45
PERT Perpetual of SC, MHC (46.8)(8) 1.17 1.58 20.13 20.13 170.24
PCBC Perry Co. Fin. Corp. of MO 0.90 1.04 18.80 18.80 97.95
PHFC Pittsburgh Home Fin. of PA 1.01 0.90 14.63 14.48 138.80
PFSL Pocahnts Fed, MHC of AR (47.0)(8) 1.46 1.44 14.86 14.86 234.94
PTRS Potters Financial Corp of OH 1.20 1.18 11.20 11.20 127.17
PKPS Poughkeepsie Fin. Corp. of NY(8) 0.37 0.37 5.91 5.91 70.19
PHSB Ppls Home SB, MHC of PA (45.0) 0.56 0.54 10.22 10.22 74.79
PRBC Prestige Bancorp of PA 0.85 0.85 16.88 16.88 150.64
PFNC Progress Financial Corp. of PA 0.90 0.71 5.81 5.18 108.91
PSBK Progressive Bank, Inc. of NY* 2.20 2.16 20.18 18.17 231.09
PROV Provident Fin. Holdings of CA 0.94 0.44 17.66 17.66 132.47
PULB Pulaski SB, MHC of MO (29.8) 0.68 0.90 11.23 11.23 86.07
PLSK Pulaski SB, MHC of NJ (46.0) 0.54 0.54 10.36 10.36 86.47
PULS Pulse Bancorp of S. River NJ 1.84 1.86 14.02 14.02 170.73
QCFB QCF Bancorp of Virginia MN 1.46 1.46 19.84 19.84 113.41
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
QCBC Quaker City Bancorp of CA 1.20 1.15 15.33 15.33 181.26
QCSB Queens County Bancorp of NY* 1.44 1.45 11.44 11.44 102.00
RARB Raritan Bancorp. of Raritan NJ* 1.63 1.61 12.65 12.45 171.70
REDF RedFed Bancorp of Redlands CA 1.28 1.28 11.21 11.17 134.74
RELY Reliance Bancorp, Inc. of NY 1.96 2.07 19.29 14.17 233.56
RELI Reliance Bancshares Inc of WI* 0.25 0.26 9.18 9.18 19.01
RIVR River Valley Bancorp of IN 0.46 0.62 14.63 14.41 118.02
RVSB Riverview Bancorp of WA 0.47 0.45 9.56 9.20 46.06
RSLN Roslyn Bancorp, Inc. of NY* 0.73 0.93 14.04 13.97 79.61
SCCB S. Carolina Comm. Bnshrs of SC 0.75 0.75 17.35 17.35 65.26
SBFL SB Fngr Lakes MHC of NY (33.1) 0.44 0.51 11.92 11.92 127.71
SFED SFS Bancorp of Schenectady NY 0.94 0.94 17.64 17.64 141.42
SGVB SGV Bancorp of W. Covina CA 0.65 0.71 12.99 12.79 174.63
SHSB SHS Bancorp, Inc. of PA 0.41 0.41 13.83 13.83 109.44
SISB SIS Bancorp Inc of MA* 2.05 2.03 19.16 19.16 260.35
SWCB Sandwich Co-Op. Bank of MA* 2.44 2.39 21.16 20.34 266.68
SFSL Security First Corp. of OH 1.14 1.15 8.31 8.18 89.69
SMFC Sho-Me Fin. Corp. of MO(8) 2.71 2.57 20.77 20.77 230.05
SKAN Skaneateles Bancorp Inc of NY* 1.20 1.16 12.10 11.75 172.81
SOBI Sobieski Bancorp of S. Bend IN 0.64 0.59 15.99 15.99 108.19
SOSA Somerset Savings Bank of MA(8)* 0.32 0.31 2.06 2.06 31.25
SSFC South Street Fin. Corp. of NC* 0.63 0.65 13.73 13.73 53.50
SCBS Southern Commun. Bncshrs of AL 0.33 0.54 13.20 13.20 61.89
SMBC Southern Missouri Bncrp of MO 0.94 0.90 16.36 16.36 101.30
SWBI Southwest Bancshares of IL 1.50 1.45 16.01 16.01 141.14
SVRN Sovereign Bancorp of PA 0.51 0.74 7.24 5.91 163.55
STFR St. Francis Cap. Corp. of WI 2.24 2.21 24.54 21.71 317.04
SPBC St. Paul Bancorp, Inc. of IL 1.39 1.39 11.98 11.95 133.26
SFFC StateFed Financial Corp. of IA 0.69 0.69 9.86 9.86 56.22
SFIN Statewide Fin. Corp. of NJ 1.19 1.19 14.34 14.31 153.15
STSA Sterling Financial Corp. of WA 1.04 0.94 12.98 11.88 247.19
SFSB SuburbFed Fin. Corp. of IL 1.23 1.79 21.90 21.82 337.85
ROSE T R Financial Corp. of NY* 1.88 1.69 13.09 13.09 209.84
THRD TF Financial Corp. of PA 1.22 1.05 17.79 15.71 152.97
TPNZ Tappan Zee Fin., Inc. of NY 0.58 0.57 14.20 14.20 83.43
ESBK The Elmira SB FSB of Elmira NY* 1.27 1.03 19.55 19.03 307.64
TRIC Tri-County Bancorp of WY 0.78 0.79 11.57 11.57 75.56
TWIN Twin City Bancorp of TN 0.71 0.60 10.88 10.88 84.07
UFRM United FS&LA of Rocky Mount NC 0.63 0.50 6.82 6.82 92.96
UBMT United Fin. Corp. of MT 1.22 1.21 20.24 20.24 84.29
VABF Va. Beach Fed. Fin. Corp of VA 0.75 0.61 8.70 8.70 121.61
WHGB WHG Bancshares of MD 0.34 0.34 14.16 14.16 68.56
WSFS WSFS Financial Corp. of DE* 1.31 1.30 6.66 6.62 120.21
WVFC WVS Financial Corp. of PA* 2.08 2.09 19.38 19.38 161.46
WRNB Warren Bancorp of Peabody MA* 2.04 1.81 10.21 10.21 95.87
WFSL Washington FS&LA of Seattle WA 2.21 2.20 15.11 13.87 120.39
WAMU Washington Mutual Inc. of WA(8)* 0.01 1.51 19.65 18.20 371.76
WYNE Wayne Bancorp of NJ 1.07 1.07 16.49 16.49 132.71
WAYN Wayne S&L Co. MHC of OH (47.8) 0.81 0.76 10.58 10.58 110.97
WCFB Wbstr Cty FSB MHC of IA (45.2) 0.64 0.64 10.52 10.52 44.99
WBST Webster Financial Corp. of CT 1.79 2.99 26.82 23.10 502.51
WEFC Wells Fin. Corp. of Wells MN 1.09 1.06 14.86 14.86 104.52
WCBI WestCo Bancorp of IL 1.88 1.78 19.41 19.41 124.93
WSTR WesterFed Fin. Corp. of MT 1.16 1.11 19.03 15.35 179.16
WOFC Western Ohio Fin. Corp. of OH 0.61 0.71 23.39 21.83 168.69
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 12, 1997
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------ ------ -------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
WWFC Westwood Fin. Corp. of NJ(8) 1.20 1.28 15.95 14.27 171.20
WEHO Westwood Hmstd Fin Corp of OH 0.47 0.54 14.20 14.20 51.36
WFI Winton Financial Corp. of OH 1.14 1.33 11.36 11.12 159.81
FFWD Wood Bancorp of OH 1.07 0.98 9.77 9.77 78.58
YFCB Yonkers Fin. Corp. of NY 0.98 0.99 14.52 14.52 103.59
YFED York Financial Corp. of PA 1.26 1.06 11.62 11.62 131.24
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(297) 13.04 12.81 0.90 8.09 4.66 0.88 7.85 0.78 122.10 0.78
NYSE Traded Companies(11) 7.94 7.75 0.92 13.60 5.73 0.83 12.78 1.06 72.81 1.11
AMEX Traded Companies(16) 14.70 14.59 0.64 3.84 3.09 0.78 4.91 0.66 141.41 0.71
NASDAQ Listed OTC Companies(270) 13.17 12.93 0.91 8.11 4.71 0.88 7.81 0.78 123.34 0.77
California Companies(21) 7.41 7.17 0.64 9.66 5.27 0.57 8.90 1.72 69.82 1.26
Florida Companies(5) 8.55 8.12 1.20 14.66 5.20 0.80 9.61 1.62 86.80 0.76
Mid-Atlantic Companies(59) 11.12 10.79 0.86 8.74 4.85 0.85 8.75 0.80 92.52 0.91
Mid-West Companies(144) 14.23 14.06 0.92 7.41 4.53 0.91 7.27 0.62 136.73 0.65
New England Companies(9) 8.05 7.77 0.62 8.22 4.56 0.66 8.90 0.48 156.42 1.04
North-West Companies(8) 16.32 15.90 0.98 8.53 4.27 0.97 8.03 0.51 205.79 0.59
South-East Companies(38) 15.99 15.80 0.97 7.28 4.08 0.96 6.98 0.86 138.63 0.81
South-West Companies(7) 10.52 10.27 0.87 10.21 6.68 0.88 10.00 0.77 66.48 0.72
Western Companies (Excl CA)(6) 16.12 15.71 1.21 8.16 4.92 1.21 8.18 0.34 130.33 0.71
Thrift Strategy(240) 14.29 14.08 0.91 7.33 4.60 0.91 7.30 0.72 122.56 0.72
Mortgage Banker Strategy(35) 7.47 7.03 0.77 11.19 5.15 0.69 10.10 0.99 126.54 1.01
Real Estate Strategy(9) 7.26 7.08 0.87 12.03 6.15 0.84 11.61 1.23 98.78 1.32
Diversified Strategy(9) 8.42 8.18 1.31 16.29 5.77 1.04 13.52 1.36 117.46 1.05
Retail Banking Strategy(4) 6.62 6.33 -0.24 -0.25 -3.30 -0.29 -1.06 0.73 132.47 0.95
Companies Issuing Dividends(252) 13.33 13.08 0.93 8.21 4.81 0.92 8.00 0.70 122.79 0.75
Companies Without Dividends(45) 11.42 11.30 0.69 7.42 3.81 0.64 6.94 1.29 118.07 0.96
Equity/Assets less than 6%(23) 5.05 4.72 0.68 13.54 5.77 0.64 12.81 1.40 77.64 1.07
Equity/Assets 6-12%(141) 8.77 8.47 0.81 9.63 5.09 0.78 9.25 0.79 131.02 0.86
Equity/Assets greater than 12%(133) 18.43 18.28 1.01 5.73 4.07 1.01 5.68 0.67 121.01 0.66
Converted Last 3 Mths (no MHC)(4) 18.40 18.40 0.81 4.37 3.36 0.81 4.37 0.60 127.39 0.63
Actively Traded Companies(39) 8.95 8.71 1.00 12.43 5.52 0.99 12.41 0.98 123.47 0.95
Market Value Below $20 Million(50) 14.68 14.66 0.84 6.04 4.61 0.85 6.08 0.70 109.38 0.63
Holding Company Structure(264) 13.51 13.29 0.89 7.76 4.56 0.88 7.56 0.78 119.97 0.77
Assets Over $1 Billion(60) 7.90 7.40 0.89 12.03 5.23 0.83 11.33 0.94 108.45 0.98
Assets $500 Million-$1 Billion(48) 10.42 10.08 0.90 9.22 4.78 0.84 8.62 0.86 146.87 0.91
Assets $250-$500 Million(64) 11.78 11.52 0.87 8.04 4.89 0.86 7.92 0.67 136.29 0.73
Assets less than $250 Million(125) 17.05 17.00 0.92 5.88 4.25 0.93 5.92 0.73 110.86 0.67
Goodwill Companies(120) 9.15 8.56 0.85 10.02 5.07 0.81 9.55 0.87 108.14 0.86
Non-Goodwill Companies(177) 15.61 15.61 0.93 6.82 4.40 0.92 6.72 0.73 131.52 0.73
Acquirors of FSLIC Cases(10) 7.27 6.84 0.84 12.30 5.65 0.83 12.07 1.08 60.52 0.82
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by c
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(61) 12.56 12.18 1.15 11.57 5.90 1.12 11.01 0.84 139.24 1.42
NYSE Traded Companies(2) 7.56 5.18 0.89 11.54 5.02 0.87 11.31 1.95 40.15 1.04
AMEX Traded Companies(6) 12.87 12.02 0.84 8.02 4.56 0.75 7.01 1.42 104.14 1.60
NASDAQ Listed OTC Companies(53) 12.74 12.49 1.19 11.94 6.07 1.16 11.41 0.75 146.14 1.43
California Companies(1) 10.72 10.68 1.45 13.02 8.56 1.45 13.02 1.54 79.64 1.45
Mid-Atlantic Companies(16) 10.93 10.27 0.86 8.98 4.44 0.87 8.78 0.93 130.18 1.33
Mid-West Companies(2) 36.66 35.98 0.82 1.90 2.01 0.95 2.33 0.56 57.14 0.56
New England Companies(33) 9.23 8.94 1.29 14.94 7.30 1.21 13.95 0.85 144.76 1.70
North-West Companies(4) 12.22 11.86 1.22 10.73 5.48 1.19 10.46 0.17 241.66 1.04
South-East Companies(5) 27.37 27.37 1.33 5.08 3.98 1.33 5.05 0.69 145.62 0.74
Thrift Strategy(44) 13.56 13.15 1.16 10.98 5.79 1.12 10.39 0.86 132.73 1.36
Mortgage Banker Strategy(7) 9.02 8.82 0.91 11.72 5.48 0.94 11.57 0.48 171.40 1.35
Real Estate Strategy(5) 10.69 10.66 1.80 17.32 9.00 1.68 16.10 1.35 88.34 1.59
Diversified Strategy(5) 6.94 6.42 1.04 15.06 6.00 1.00 14.56 0.76 196.07 2.08
Companies Issuing Dividends(53) 11.91 11.50 1.07 10.68 5.35 1.03 10.06 0.80 141.81 1.36
Companies Without Dividends(8) 17.04 16.83 1.71 17.66 9.67 1.72 17.46 1.10 120.84 1.80
Equity/Assets less than 6%(5) 5.17 5.05 0.96 17.25 6.12 0.80 14.29 0.92 98.61 1.42
Equity/Assets 6-12%(40) 8.75 8.25 1.22 14.00 6.95 1.17 13.39 0.92 134.29 1.59
Equity/Assets greater than 12%(16) 22.74 22.54 1.05 4.83 3.53 1.08 4.96 0.60 163.94 1.04
Actively Traded Companies(18) 9.01 8.59 1.22 13.94 6.67 1.15 13.00 0.73 138.50 1.49
Market Value Below $20 Million(3) 28.24 27.78 0.97 3.40 3.04 1.07 3.82 1.43 40.96 0.75
Holding Company Structure(41) 14.26 13.90 1.21 11.16 5.84 1.18 10.74 0.77 148.17 1.47
Assets Over $1 Billion(14) 9.11 8.40 1.05 12.26 5.33 1.04 11.92 0.82 154.48 1.49
Assets $500 Million-$1 Billion(16) 9.41 8.85 1.16 12.86 6.37 1.11 12.02 0.85 146.86 1.55
Assets $250-$500 Million(13) 11.57 11.40 1.07 10.63 5.22 1.02 10.09 0.67 162.47 1.65
Assets less than $250 Million(18) 18.84 18.71 1.28 10.56 6.39 1.25 10.06 0.98 97.91 1.06
Goodwill Companies(31) 9.42 8.67 0.96 11.26 5.59 0.92 10.59 0.90 135.75 1.44
Non-Goodwill Companies(30) 15.82 15.82 1.35 11.90 6.21 1.32 11.43 0.76 143.53 1.41
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by c
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 12.19 12.08 0.79 7.22 2.70 0.79 7.07 0.48 142.10 0.71
BIF-Insured Thrifts(3) 10.87 10.23 1.05 10.29 3.32 0.87 8.36 1.16 74.62 1.11
NASDAQ Listed OTC Companies(23) 11.96 11.75 0.84 7.76 2.81 0.80 7.30 0.61 129.45 0.78
Florida Companies(3) 9.77 9.75 0.74 7.34 3.14 0.65 6.47 0.41 71.26 0.45
Mid-Atlantic Companies(11) 12.16 11.79 0.81 7.62 2.55 0.79 7.33 0.73 109.28 0.89
Mid-West Companies(7) 13.05 13.04 0.87 7.00 2.88 0.91 7.26 0.46 181.63 0.52
New England Companies(1) 9.02 9.01 1.16 13.69 4.11 0.75 8.84 0.76 146.25 1.66
Thrift Strategy(22) 12.14 11.92 0.82 7.39 2.73 0.81 7.20 0.60 128.33 0.72
Diversified Strategy(1) 9.02 9.01 1.16 13.69 4.11 0.75 8.84 0.76 146.25 1.66
Companies Issuing Dividends(22) 11.85 11.63 0.85 7.82 2.80 0.81 7.35 0.62 128.20 0.74
Companies Without Dividends(1) 13.66 13.66 0.73 6.80 2.99 0.71 6.55 0.45 148.08 1.37
Equity/Assets 6-12%(16) 10.01 9.72 0.80 8.34 2.92 0.73 7.54 0.71 83.86 0.81
Equity/Assets greater than 12%(7) 16.63 16.63 0.93 6.38 2.55 0.98 6.73 0.31 266.20 0.71
Holding Company Structure(2) 11.94 10.03 1.06 9.22 3.50 0.95 8.25 0.91 43.96 0.67
Assets Over $1 Billion(6) 8.77 8.38 0.93 10.57 3.20 0.76 8.59 0.65 86.19 0.94
Assets $500 Million-$1 Billion(2) 11.34 11.34 0.80 7.04 3.07 0.73 6.45 0.41 90.57 0.62
Assets $250-$500 Million(5) 11.63 11.61 0.88 7.97 3.02 0.86 7.73 0.29 188.56 0.43
Assets less than $250 Million(10) 13.55 13.34 0.79 6.52 2.54 0.81 6.68 0.73 133.77 0.84
Goodwill Companies(9) 9.29 8.70 0.91 10.05 3.32 0.78 8.53 0.62 95.63 0.83
Non-Goodwill Companies(14) 13.41 13.41 0.80 6.51 2.53 0.81 6.63 0.60 149.74 0.75
MHC Institutions(23) 11.96 11.75 0.84 7.76 2.81 0.80 7.30 0.61 129.45 0.78
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by c
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 4.07 3.46 0.76 19.09 6.39 0.65 16.33 1.86 43.81 1.22
CSA Coast Savings Financial of CA 5.20 5.14 0.62 12.51 4.70 0.66 13.36 1.23 75.26 1.37
CFB Commercial Federal Corp. of NE 6.17 5.52 0.94 16.03 5.71 0.94 16.03 0.88 75.53 0.90
DME Dime Bancorp, Inc. of NY* 5.43 5.17 0.68 12.66 5.00 0.67 12.46 1.02 51.61 0.81
DSL Downey Financial Corp. of CA 7.13 7.04 0.73 9.96 5.30 0.70 9.56 0.95 55.50 0.58
EBI Equality Bancorp of St Louis 9.92 9.92 0.53 5.33 3.56 0.53 5.33 0.29 41.13 0.26
FED FirstFed Fin. Corp. of CA 5.16 5.11 0.56 11.73 5.71 0.56 11.68 1.20 168.73 2.57
GSB Glendale Fed. Bk, FSB of CA 5.65 5.05 0.57 10.24 5.14 0.68 12.27 1.36 70.96 1.30
GDW Golden West Fin. Corp. of CA 6.56 6.56 0.88 13.91 6.49 0.86 13.68 1.18 47.94 0.67
GPT GreenPoint Fin. Corp. of NY* 9.69 5.19 1.09 10.41 5.03 1.06 10.17 2.88 28.68 1.26
JSB JSB Financial, Inc. of NY 23.22 23.22 1.93 8.61 6.12 1.71 7.65 1.07 35.16 0.61
NYB New York Bancorp, Inc. of NY 5.21 5.21 1.62 31.66 6.26 1.66 32.45 0.88 65.33 0.92
WES Westcorp Inc. of Orange CA 9.08 9.06 0.99 10.57 7.62 0.21 2.26 0.76 121.61 1.78
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 16.95 16.95 0.98 5.64 4.11 0.95 5.46 0.50 201.03 1.32
ANE Alliance Bancorp of New Englan* 7.36 7.18 0.79 11.65 6.82 0.73 10.74 1.99 62.80 2.00
BKC American Bank of Waterbury CT* 8.81 8.49 1.30 15.51 6.67 1.10 13.09 1.77 48.58 1.48
BFD BostonFed Bancorp of MA 8.52 8.20 0.73 7.68 5.84 0.66 6.95 0.34 184.11 0.76
CFX CFX Corp of NH(8)* 8.71 8.40 0.73 8.91 2.04 0.99 11.98 0.55 137.87 1.10
CNY Carver Bancorp, Inc. of NY 8.40 8.07 -0.15 -1.74 -1.54 0.01 0.13 1.31 47.60 1.07
CBK Citizens First Fin.Corp. of IL 13.75 13.75 0.60 4.13 3.50 0.54 3.67 0.61 38.86 0.28
ESX Essex Bancorp of VA(8) 0.02 -0.08 0.12 NM 4.44 0.10 NM 2.11 51.58 1.27
FCB Falmouth Co-Op Bank of MA* 23.86 23.86 0.84 3.43 2.60 0.79 3.23 NA NA NA
FAB FirstFed America Bancorp of MA 12.20 12.20 0.05 0.56 0.29 0.48 5.03 0.39 259.57 1.16
GAF GA Financial Corp. of PA 14.63 14.49 1.09 6.28 5.05 1.05 6.08 0.24 63.36 0.41
KNK Kankakee Bancorp of IL 11.43 10.78 0.89 8.28 6.25 0.87 8.12 1.05 60.22 0.90
KYF Kentucky First Bancorp of KY 16.70 16.70 1.16 6.52 5.31 1.14 6.43 0.09 457.83 0.76
MBB MSB Bancorp of Middletown NY* 7.39 3.63 0.27 3.87 2.59 0.18 2.55 NA NA NA
PDB Piedmont Bancorp of NC 16.43 16.43 -0.24 -1.28 -1.06 0.55 2.91 0.89 75.98 0.81
SSB Scotland Bancorp of NC 22.62 22.62 1.86 5.47 6.44 1.83 5.39 NA NA 0.53
SZB SouthFirst Bancshares of AL 14.00 14.00 -0.03 -0.19 -0.15 0.23 1.62 0.75 39.15 0.40
SRN Southern Banc Company of AL 17.01 16.83 0.14 0.79 0.68 0.50 2.84 NA NA 0.20
SSM Stone Street Bancorp of NC 29.57 29.57 1.54 4.69 3.89 1.54 4.69 0.23 229.34 0.62
TSH Teche Holding Company of LA 13.45 13.45 0.98 7.29 5.33 0.93 6.97 0.28 291.99 0.96
FTF Texarkana Fst. Fin. Corp of AR 15.32 15.32 1.70 10.74 6.25 1.70 10.74 0.23 276.17 0.76
THR Three Rivers Fin. Corp. of MI 13.46 13.41 0.57 4.02 3.06 0.82 5.83 0.87 59.98 0.77
WSB Washington SB, FSB of MD 8.38 8.38 0.42 5.04 3.51 0.59 7.06 1.53 30.34 1.01
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 8.65 8.49 0.72 8.75 7.08 0.36 4.33 1.30 34.59 0.65
AFED AFSALA Bancorp, Inc. of NY 13.47 13.47 0.79 6.46 4.37 0.79 6.46 0.45 150.77 1.43
ALBK ALBANK Fin. Corp. of Albany NY 9.24 8.14 1.04 11.41 6.28 1.04 11.33 0.94 75.89 0.97
AMFC AMB Financial Corp. of IN 13.94 13.94 1.02 6.29 5.94 0.72 4.43 0.32 118.29 0.51
ASBP ASB Financial Corp. of OH 15.57 15.57 0.97 5.70 4.74 0.91 5.35 0.96 75.72 1.07
ABBK Abington Savings Bank of MA* 7.13 6.46 0.85 12.38 6.03 0.76 11.03 0.16 269.74 0.71
AABC Access Anytime Bancorp of NM 8.65 8.65 1.44 22.38 11.72 1.34 20.78 1.58 31.35 0.95
AFBC Advance Fin. Bancorp of WV 15.40 15.40 0.89 6.41 4.68 0.87 6.25 0.74 38.01 0.33
AADV Advantage Bancorp of WI(8) 9.54 8.88 1.04 11.55 4.96 0.93 10.36 0.48 117.02 1.02
AFCB Affiliated Comm BC, Inc of MA 9.76 9.71 1.09 11.13 5.46 1.08 11.00 0.34 218.65 1.18
ALBC Albion Banc Corp. of Albion NY 8.57 8.57 0.50 5.53 4.68 0.49 5.45 0.12 321.43 0.53
ABCL Allied Bancorp of IL 9.42 9.30 0.79 8.70 4.00 0.88 9.69 0.21 184.61 0.54
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ATSB AmTrust Capital Corp. of IN 10.93 10.82 0.40 3.86 3.93 0.23 2.21 2.20 33.49 1.03
AHCI Ambanc Holding Co., Inc. of NY* 12.94 12.94 -0.59 -4.24 -3.61 -0.61 -4.43 0.73 107.99 1.48
ASBI Ameriana Bancorp of IN 11.21 11.21 0.92 8.35 5.58 0.84 7.61 0.52 53.03 0.37
AFFFZ America First Fin. Fund of CA(8) 8.37 8.28 1.99 24.83 14.77 2.01 25.10 0.35 94.92 0.48
ABCW Anchor Bancorp Wisconsin of WI 6.40 6.29 0.99 16.08 5.97 0.93 15.00 0.98 115.36 1.44
ANDB Andover Bancorp, Inc. of MA* 8.12 8.12 1.05 13.16 6.74 1.03 12.85 0.91 107.23 1.33
ASFC Astoria Financial Corp. of NY 7.72 6.53 0.81 10.37 5.16 0.77 9.81 0.46 39.39 0.43
AVND Avondale Fin. Corp. of IL 7.72 7.72 -1.93 -21.53 -20.59 -1.97 -21.92 1.11 86.78 1.65
BKCT Bancorp Connecticut of CT* 10.75 10.75 1.36 13.01 4.53 1.24 11.85 1.04 118.74 2.00
BPLS Bank Plus Corp. of CA 4.52 4.51 0.36 7.51 5.20 0.30 6.24 2.21 67.35 2.02
BWFC Bank West Fin. Corp. of MI 14.15 14.15 1.03 6.73 3.69 0.56 3.65 0.21 69.91 0.21
BANC BankAtlantic Bancorp of FL 5.50 4.55 1.04 18.10 7.87 0.54 9.50 0.92 108.06 1.42
BKUNA BankUnited SA of FL 3.12 2.46 0.31 7.68 3.63 0.28 6.90 0.62 27.63 0.21
BVCC Bay View Capital Corp. of CA 5.82 4.86 0.55 9.13 4.07 0.62 10.22 0.63 195.87 1.62
FSNJ Bayonne Banchsares of NJ 15.62 15.62 0.37 3.86 2.04 0.52 5.41 1.12 47.67 1.38
BFSB Bedford Bancshares of VA 14.10 14.10 1.20 8.41 4.92 1.19 8.35 0.52 92.88 0.58
BFFC Big Foot Fin. Corp. of IL 17.48 17.48 0.50 3.28 2.24 0.50 3.28 0.09 150.75 0.31
BSBC Branford SB of CT(8)* 9.65 9.65 1.12 12.06 4.96 1.12 12.06 1.56 131.46 3.09
BYFC Broadway Fin. Corp. of CA 9.84 9.84 0.26 2.49 2.87 0.33 3.14 1.62 52.84 1.02
CBES CBES Bancorp of MO 16.92 16.92 1.23 6.90 5.39 1.12 6.26 0.59 81.11 0.53
CCFH CCF Holding Company of GA 10.66 10.66 0.14 1.03 0.81 -0.16 -1.16 0.20 288.02 0.70
CENF CENFED Financial Corp. of CA 5.56 5.55 0.64 12.26 5.79 0.58 11.04 0.97 76.38 1.07
CFSB CFSB Bancorp of Lansing MI 7.71 7.71 1.20 15.75 5.68 1.13 14.80 0.19 283.10 0.61
CKFB CKF Bancorp of Danville KY 23.67 23.67 1.83 7.53 6.59 1.37 5.61 1.20 16.62 0.22
CNSB CNS Bancorp of MO 24.33 24.33 0.79 3.21 2.19 0.79 3.21 0.50 80.20 0.58
CSBF CSB Financial Group Inc of IL* 25.03 23.66 0.32 1.22 1.21 0.52 1.98 0.56 57.14 0.57
CBCI Calumet Bancorp of Chicago IL 16.21 16.21 1.45 9.07 7.09 1.42 8.91 1.27 96.64 1.55
CAFI Camco Fin. Corp. of OH 9.59 8.88 1.20 12.96 6.92 1.01 10.94 0.60 41.84 0.29
CMRN Cameron Fin. Corp. of MO 21.02 21.02 1.26 5.47 4.87 1.26 5.47 0.55 139.04 0.91
CAPS Capital Savings Bancorp of MO(8) 9.14 9.14 0.95 10.96 5.16 0.94 10.78 0.37 84.67 0.39
CFNC Carolina Fincorp of NC* 22.59 22.59 1.17 5.03 3.97 1.14 4.89 0.16 226.67 0.50
CASB Cascade SB of Everett WA(8) 6.64 6.64 0.60 9.62 5.10 0.60 9.62 0.28 332.14 1.12
CATB Catskill Fin. Corp. of NY* 24.78 24.78 1.39 5.20 4.84 1.41 5.26 0.40 162.15 1.50
CNIT Cenit Bancorp of Norfolk VA 6.95 6.36 0.80 11.30 5.24 0.74 10.50 0.52 103.38 0.77
CEBK Central Co-Op. Bank of MA* 9.93 8.88 0.87 8.67 5.41 0.88 8.79 0.53 151.19 1.15
CENB Century Bancshares of NC* 30.29 30.29 1.69 5.60 5.05 1.70 5.62 0.25 219.37 0.85
CBSB Charter Financial Inc. of IL(8) 14.47 12.80 1.13 7.49 4.42 1.59 10.49 0.56 104.84 0.79
COFI Charter One Financial of OH 7.05 6.48 1.26 18.64 5.87 1.23 18.23 0.27 159.82 0.68
CVAL Chester Valley Bancorp of PA 8.66 8.66 0.98 11.29 5.18 0.93 10.79 0.53 173.12 1.12
CTZN CitFed Bancorp of Dayton OH 6.27 5.70 0.86 13.53 5.13 0.86 13.53 0.40 136.26 0.86
CLAS Classic Bancshares of KY 14.90 12.61 0.56 3.44 3.14 0.75 4.66 0.67 93.71 0.94
CMSB Cmnwealth Bancorp of PA 9.28 7.24 0.75 7.49 4.74 0.63 6.32 0.47 85.46 0.71
CBSA Coastal Bancorp of Houston TX 3.47 2.92 0.41 12.41 8.28 0.43 12.77 0.62 38.71 0.54
CFCP Coastal Fin. Corp. of SC 6.56 6.56 1.21 19.41 5.95 1.05 16.77 0.10 966.86 1.18
CMSV Commty. Svgs, MHC of FL (48.5) 11.34 11.34 0.80 7.04 3.07 0.73 6.45 0.41 90.57 0.62
CFTP Community Fed. Bancorp of MS 26.73 26.73 1.47 4.77 3.30 1.45 4.70 0.50 54.53 0.46
CFFC Community Fin. Corp. of VA 13.21 13.21 1.12 8.18 5.66 1.13 8.23 0.56 105.58 0.67
CFBC Community First Bnkg Co. of GA 17.80 17.57 0.74 4.46 3.27 0.74 4.46 2.19 25.76 0.75
CIBI Community Inv. Bancorp of OH 11.75 11.75 0.97 8.31 6.41 0.97 8.31 0.53 94.97 0.59
COOP Cooperative Bk.for Svgs. of NC 7.69 7.69 0.63 8.30 3.89 0.63 8.30 0.21 109.36 0.29
CRZY Crazy Woman Creek Bncorp of WY 23.70 23.70 1.27 4.66 4.68 1.29 4.72 0.38 134.22 1.04
DNFC D&N Financial Corp. of MI 5.25 5.20 0.89 15.92 6.05 0.82 14.69 0.35 178.16 0.83
DCBI Delphos Citizens Bancorp of OH 26.64 26.64 1.54 6.13 4.75 1.54 6.13 0.45 21.81 0.13
DIME Dime Community Bancorp of NY 13.50 11.63 1.09 6.91 4.71 1.06 6.72 0.60 135.05 1.39
DIBK Dime Financial Corp. of CT* 8.14 7.91 1.94 23.83 10.00 1.94 23.75 0.37 353.73 3.21
EGLB Eagle BancGroup of IL 11.85 11.85 0.32 2.61 2.39 0.25 2.04 1.48 35.66 0.73
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
EBSI Eagle Bancshares of Tucker GA 8.17 8.17 0.65 7.67 4.63 0.65 7.75 1.26 54.76 0.94
EGFC Eagle Financial Corp. of CT(8) 6.90 5.49 0.34 4.79 1.72 0.48 6.91 0.53 87.59 0.86
ETFS East Texas Fin. Serv. of TX 18.01 18.01 0.68 3.68 3.64 0.63 3.43 0.27 88.06 0.48
EMLD Emerald Financial Corp of OH 7.80 7.69 1.05 13.70 6.49 0.97 12.67 0.24 115.15 0.36
EIRE Emerald Island Bancorp, MA(8)* 6.99 6.99 0.86 12.46 5.00 0.92 13.24 0.17 416.26 0.97
EFBC Empire Federal Bancorp of MT 34.89 34.89 0.83 2.37 2.12 1.09 3.12 0.05 357.14 0.45
EFBI Enterprise Fed. Bancorp of OH 11.43 11.42 0.92 7.43 4.21 0.77 6.18 0.07 297.93 0.30
EQSB Equitable FSB of Wheaton MD 5.04 5.04 0.46 9.09 4.54 0.74 14.50 0.49 36.72 0.26
FCBF FCB Fin. Corp. of Neenah WI 14.64 14.64 0.74 4.48 2.16 0.57 3.45 0.24 277.72 0.85
FFBS FFBS Bancorp of Columbus MS 16.70 16.70 1.41 7.48 5.21 1.41 7.48 0.58 72.88 0.59
FFDF FFD Financial Corp. of OH 24.34 24.34 1.94 7.84 6.23 0.95 3.85 NA NA 0.46
FFLC FFLC Bancorp of Leesburg FL 13.73 13.73 1.00 6.81 4.22 0.94 6.44 0.18 226.46 0.52
FFFC FFVA Financial Corp. of VA 13.31 13.04 1.40 10.28 5.04 1.35 9.86 0.16 361.92 0.99
FFWC FFW Corporation of Wabash IN 9.70 8.81 1.04 10.57 5.82 1.02 10.35 0.18 217.37 0.60
FFYF FFY Financial Corp. of OH 13.70 13.70 1.29 8.85 5.80 1.27 8.70 0.66 72.24 0.63
FMCO FMS Financial Corp. of NJ 6.49 6.39 1.02 15.82 7.15 1.01 15.69 1.15 43.53 0.94
FFHH FSF Financial Corp. of MN 11.17 11.17 0.85 7.05 5.44 0.84 6.98 0.15 148.95 0.33
FOBC Fed One Bancorp of Wheeling WV 11.18 10.68 0.94 8.21 5.18 0.94 8.21 0.45 91.97 0.88
FBCI Fidelity Bancorp of Chicago IL 10.48 10.46 0.19 1.84 1.43 0.60 5.80 0.41 22.74 0.12
FSBI Fidelity Bancorp, Inc. of PA 6.79 6.79 0.80 11.51 6.36 0.78 11.25 0.30 171.64 1.04
FFFL Fidelity FSB, MHC of FL (47.7) 8.21 8.15 0.67 7.64 3.21 0.57 6.49 0.40 51.95 0.28
FFED Fidelity Fed. Bancorp of IN 6.11 6.11 0.75 14.32 6.46 0.73 13.89 0.13 626.40 0.96
FFOH Fidelity Financial of OH 13.02 11.56 0.91 6.59 5.15 1.02 7.37 0.29 106.32 0.37
FIBC Financial Bancorp, Inc. of NY 9.05 9.00 0.91 9.52 5.96 0.97 10.18 1.75 27.02 0.91
FBSI First Bancshares of MO 13.92 13.92 1.19 8.36 6.69 1.08 7.54 0.67 45.57 0.36
FBBC First Bell Bancorp of PA 10.53 10.53 1.15 9.44 6.34 1.12 9.20 0.09 116.26 0.13
FBER First Bergen Bancorp of NJ 13.65 13.65 0.77 4.97 3.64 0.77 4.97 0.84 127.66 2.47
SKBO First Carnegie,MHC of PA(45.0) 16.45 16.45 0.52 5.53 1.75 0.52 5.53 NA NA 0.83
FSTC First Citizens Corp of GA 10.12 7.98 1.96 20.65 8.11 1.75 18.46 NA NA 1.43
FCME First Coastal Corp. of ME* 9.75 9.75 4.17 48.29 30.13 4.01 46.37 1.65 108.25 2.49
FFBA First Colorado Bancorp of Co 13.08 12.91 1.21 8.92 4.63 1.20 8.84 0.20 141.52 0.39
FDEF First Defiance Fin.Corp. of OH 19.67 19.67 1.03 4.82 4.27 1.00 4.67 0.45 99.07 0.59
FESX First Essex Bancorp of MA* 7.40 6.48 0.90 12.27 6.41 0.77 10.52 0.58 149.29 1.43
FFES First FS&LA of E. Hartford CT 6.63 6.63 0.53 8.37 5.17 0.60 9.51 0.31 87.85 1.44
FFSX First FS&LA. MHC of IA (46.1) 8.73 8.66 0.73 8.79 3.65 0.71 8.56 0.22 185.09 0.53
BDJI First Fed. Bancorp. of MN 10.71 10.71 0.65 5.81 3.75 0.63 5.70 0.32 120.28 0.79
FFBH First Fed. Bancshares of AR 14.89 14.89 1.06 6.78 4.76 1.01 6.48 0.96 23.38 0.29
FTFC First Fed. Capital Corp. of WI 6.73 6.35 1.08 16.76 5.95 0.89 13.87 0.13 395.30 0.64
FFKY First Fed. Fin. Corp. of KY 13.70 12.93 1.64 11.95 6.64 1.62 11.87 0.49 94.29 0.53
FFBZ First Federal Bancorp of OH 7.67 7.66 1.01 13.33 5.95 1.02 13.43 0.52 172.30 1.03
FFCH First Fin. Holdings Inc. of SC 6.12 6.12 0.87 14.24 4.63 0.85 13.86 1.49 45.68 0.82
FFBI First Financial Bancorp of IL 8.92 8.92 -0.07 -0.84 -0.71 0.43 5.28 0.33 178.83 0.87
FFHS First Franklin Corp. of OH 9.02 8.97 0.56 6.21 3.84 0.66 7.33 0.47 90.77 0.64
FGHC First Georgia Hold. Corp of GA 8.22 7.53 0.66 7.98 3.88 0.51 6.23 3.10 20.52 0.75
FSPG First Home Bancorp of NJ 6.86 6.76 0.93 13.99 6.05 0.91 13.67 0.77 95.63 1.36
FFSL First Independence Corp. of KS 10.25 10.25 0.65 5.99 4.91 0.65 5.99 1.25 47.61 0.89
FISB First Indiana Corp. of IN 9.65 9.53 1.14 12.04 5.23 0.93 9.89 1.39 103.20 1.70
FKFS First Keystone Fin. Corp of PA 6.63 6.63 0.82 11.30 5.75 0.75 10.35 1.11 39.39 0.84
FLKY First Lancaster Bncshrs of KY 29.46 29.46 1.23 3.65 3.37 1.23 3.65 2.28 13.93 0.35
FLFC First Liberty Fin. Corp. of GA 7.37 6.65 0.88 12.11 4.33 0.72 9.91 0.81 110.00 1.29
CASH First Midwest Fin. Corp. of IA 10.75 9.55 0.96 8.44 6.32 0.91 8.06 0.75 78.49 0.93
FMBD First Mutual Bancorp of IL 13.40 10.21 0.32 2.12 1.73 0.30 1.94 0.26 138.78 0.47
FMSB First Mutual SB of Bellevue WA* 6.79 6.79 1.02 15.29 6.29 1.00 15.00 0.06 NA 1.31
FNGB First Northern Cap. Corp of WI 11.09 11.09 0.93 8.21 4.71 0.89 7.84 0.08 574.86 0.53
FFPB First Palm Beach Bancorp of FL 6.25 6.10 0.58 8.65 4.77 0.49 7.25 0.57 58.39 0.53
FSLA First SB SLA MHC of NJ (47.5)(8) 9.50 8.63 0.90 9.64 2.74 0.94 10.06 0.54 105.63 1.04
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
SOPN First SB, SSB, Moore Co. of NC 23.01 23.01 1.75 7.26 5.80 1.75 7.26 0.29 70.15 0.31
FWWB First Savings Bancorp of WA* 14.23 13.15 1.06 6.79 3.77 1.01 6.44 0.27 241.66 0.97
FSFF First SecurityFed Fin of IL 27.03 27.03 1.29 4.77 3.83 1.29 4.77 NA NA 0.98
SHEN First Shenango Bancorp of PA 11.62 11.62 1.17 10.45 6.65 1.16 10.40 0.51 149.56 1.17
FBNW FirstBank Corp of Clarkston WA 16.43 16.43 0.39 3.23 1.86 0.18 1.47 1.70 33.83 0.76
FFDB FirstFed Bancorp of AL 9.63 8.81 1.03 10.63 7.47 1.01 10.36 1.31 33.87 0.63
FSPT FirstSpartan Fin. Corp. of SC 26.79 26.79 0.96 6.28 3.38 0.96 6.28 0.69 56.19 0.49
FLAG Flag Financial Corp of GA 9.11 9.11 0.91 9.84 5.21 0.75 8.19 3.92 49.66 2.82
FLGS Flagstar Bancorp, Inc of MI 5.98 5.74 1.41 22.77 8.68 0.70 11.39 3.04 8.02 0.27
FFIC Flushing Fin. Corp. of NY* 14.20 13.64 0.95 5.92 4.30 0.99 6.22 0.39 172.94 1.12
FBHC Fort Bend Holding Corp. of TX 6.16 5.75 0.64 10.48 6.07 0.53 8.77 0.56 89.94 1.08
FTSB Fort Thomas Fin. Corp. of KY 16.13 16.13 1.21 7.27 4.90 1.21 7.27 1.98 24.60 0.53
FKKYD Frankfort First Bancorp of KY 16.82 16.82 0.09 0.39 0.38 0.64 2.86 0.09 80.00 0.08
FTNB Fulton Bancorp of MO 24.66 24.66 1.25 5.02 3.42 1.08 4.34 1.62 57.19 1.06
GFSB GFS Bancorp of Grinnell IA 11.51 11.51 1.27 11.03 6.74 1.27 11.03 0.98 67.81 0.78
GUPB GFSB Bancorp of Gallup NM 12.82 12.82 0.86 5.43 4.79 0.86 5.43 0.29 115.79 0.63
GSLA GS Financial Corp. of LA 43.13 43.13 1.25 3.81 2.28 1.25 3.81 0.14 211.96 0.81
GOSB GSB Financial Corp. of NY 27.06 27.06 1.02 3.77 3.04 0.86 3.19 NA NA NA
GWBC Gateway Bancorp of KY(8) 27.74 27.74 0.97 3.68 3.15 0.97 3.68 0.90 14.39 0.38
GBCI Glacier Bancorp of MT 9.99 9.75 1.50 15.56 5.48 1.53 15.94 0.25 243.94 0.84
GFCO Glenway Financial Corp. of OH 9.46 9.35 0.79 8.36 5.35 0.77 8.11 0.25 123.32 0.37
GTPS Great American Bancorp of IL 20.43 20.43 0.53 2.39 2.27 0.59 2.67 0.26 126.83 0.42
GTFN Great Financial Corp. of KY(8) 10.07 9.66 1.04 10.82 4.38 0.76 7.96 3.11 16.32 0.74
GSBC Great Southern Bancorp of MO 8.65 8.65 1.84 20.39 6.34 1.74 19.22 1.91 115.21 2.58
GDVS Greater DV SB,MHC of PA (19.9)* 11.64 11.64 0.93 7.97 2.34 0.93 7.97 1.82 33.64 1.00
GSFC Green Street Fin. Corp. of NC 35.38 35.38 1.59 4.45 3.61 1.59 4.45 0.10 147.40 0.20
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 13.03 13.03 0.99 7.17 2.38 0.96 6.94 0.64 162.46 1.29
HCBB HCB Bancshares of AR 18.84 18.13 0.13 0.92 0.66 0.14 1.02 NA NA 1.44
HEMT HF Bancorp of Hemet CA 7.93 6.61 0.03 0.39 0.29 0.17 2.17 1.65 24.89 0.81
HFFC HF Financial Corp. of SD 9.42 9.42 1.02 11.06 7.81 0.94 10.15 0.48 173.70 1.08
HFNC HFNC Financial Corp. of NC 18.80 18.80 1.23 5.43 4.20 1.05 4.64 0.92 92.55 1.06
HMNF HMN Financial, Inc. of MN 14.88 14.88 1.00 6.87 5.10 0.85 5.79 0.10 465.21 0.71
HALL Hallmark Capital Corp. of WI 7.30 7.30 0.65 9.11 5.97 0.64 8.91 0.13 355.91 0.67
HARB Harbor FSB, MHC of FL (46.6)(8) 8.56 8.29 1.22 14.68 4.00 1.21 14.58 0.43 238.88 1.38
HRBF Harbor Federal Bancorp of MD 13.06 13.06 0.71 5.50 3.83 0.71 5.50 0.10 189.19 0.28
HFSA Hardin Bancorp of Hardin MO 11.53 11.53 0.79 5.83 5.30 0.74 5.52 0.09 195.33 0.36
HARL Harleysville SA of PA 6.62 6.62 1.03 16.07 6.98 1.03 16.14 0.02 NA 0.78
HFGI Harrington Fin. Group of IN 4.84 4.84 0.43 8.95 5.31 0.36 7.48 0.20 20.13 0.21
HARS Harris SB, MHC of PA (24.3) 8.20 7.25 0.92 11.11 2.70 0.76 9.19 0.68 60.65 0.96
HFFB Harrodsburg 1st Fin Bcrp of KY 26.93 26.93 1.03 3.77 3.19 1.36 5.01 0.47 59.81 0.38
HHFC Harvest Home Fin. Corp. of OH 12.50 12.50 0.27 1.87 1.56 0.58 4.07 0.11 117.00 0.26
HAVN Haven Bancorp of Woodhaven NY 6.00 5.98 0.68 11.28 6.02 0.68 11.37 0.76 85.85 1.12
HTHR Hawthorne Fin. Corp. of CA 4.85 4.85 0.86 19.13 11.93 0.82 18.40 8.07 18.43 1.70
HMLK Hemlock Fed. Fin. Corp. of IL 19.31 19.31 0.37 2.51 1.61 0.81 5.47 NA NA 1.22
HBNK Highland Federal Bank of CA 7.67 7.67 1.13 15.28 7.33 0.86 11.60 2.52 63.92 2.00
HIFS Hingham Inst. for Sav. of MA* 9.71 9.71 1.25 13.03 7.10 1.25 13.03 0.89 78.90 0.91
HBEI Home Bancorp of Elgin IL 27.56 27.56 0.83 3.02 2.36 0.83 3.02 0.35 85.96 0.35
HBFW Home Bancorp of Fort Wayne IN 13.29 13.29 0.56 3.93 2.65 0.89 6.27 0.05 835.54 0.51
HBBI Home Building Bancorp of IN 14.12 14.12 0.74 5.77 4.94 0.73 5.66 0.44 44.51 0.28
HCFC Home City Fin. Corp. of OH 19.61 19.61 1.24 6.77 5.33 1.26 6.84 0.82 77.27 0.73
HOMF Home Fed Bancorp of Seymour IN 8.66 8.40 1.34 15.88 6.69 1.21 14.42 0.48 112.57 0.63
HWEN Home Financial Bancorp of IN 17.55 17.55 0.86 4.60 4.20 0.74 3.98 1.70 36.51 0.73
HPBC Home Port Bancorp, Inc. of MA* 10.68 10.68 1.67 15.71 7.65 1.66 15.62 0.13 NA 1.54
HMCI Homecorp, Inc. of Rockford IL(8) 6.83 6.83 0.51 7.94 3.64 0.41 6.42 2.16 22.97 0.61
HZFS Horizon Fin'l. Services of IA 9.96 9.96 0.81 7.86 6.55 0.65 6.33 0.94 44.31 0.67
HRZB Horizon Financial Corp. of WA* 15.64 15.64 1.58 10.12 6.37 1.55 9.94 NA NA 0.85
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
IBSF IBS Financial Corp. of NJ 17.42 17.42 0.78 4.41 3.05 0.78 4.41 0.13 110.72 0.50
ISBF ISB Financial Corp. of LA 12.05 10.31 0.75 5.87 3.48 0.74 5.81 0.27 196.73 0.80
ITLA Imperial Thrift & Loan of CA* 10.72 10.68 1.45 13.02 8.56 1.45 13.02 1.54 79.64 1.45
IFSB Independence FSB of DC 6.88 6.09 0.32 4.85 4.64 0.27 4.03 NA NA 0.36
INCB Indiana Comm. Bank, SB of IN(8) 11.88 11.88 0.53 4.32 2.59 0.53 4.32 NA NA 0.93
INBI Industrial Bancorp of OH 17.18 17.18 1.51 8.26 5.41 1.58 8.68 0.25 193.84 0.54
IWBK Interwest SB of Oak Harbor WA 6.34 6.23 1.12 16.91 6.42 1.03 15.57 0.58 73.44 0.77
IPSW Ipswich SB of Ipswich MA* 5.61 5.61 1.20 20.28 6.90 0.95 16.13 0.84 97.31 1.09
JXVL Jacksonville Bancorp of TX 14.92 14.92 1.02 6.45 4.77 1.34 8.46 0.78 67.63 0.70
JXSB Jcksnville SB,MHC of IL (45.6) 10.56 10.56 0.65 6.02 2.81 0.65 6.02 0.79 56.34 0.56
JSBA Jefferson Svgs Bancorp of MO 8.54 6.62 0.38 4.79 2.09 0.77 9.84 0.67 101.16 0.89
JOAC Joachim Bancorp of MO 28.14 28.14 0.80 2.74 2.60 0.80 2.74 0.24 95.24 0.32
KSAV KS Bancorp of Kenly NC 13.24 13.23 1.21 8.81 6.22 1.20 8.74 0.53 55.44 0.35
KSBK KSB Bancorp of Kingfield ME(8)* 7.18 6.79 0.97 13.74 5.14 0.99 13.99 1.59 52.04 1.07
KFBI Klamath First Bancorp of OR 14.74 13.40 1.14 5.81 3.95 1.14 5.81 0.03 510.24 0.23
LSBI LSB Fin. Corp. of Lafayette IN 8.64 8.64 0.78 8.67 5.80 0.69 7.65 1.05 69.89 0.83
LVSB Lakeview SB of Paterson NJ 12.22 10.46 1.26 12.10 5.39 0.92 8.76 1.13 59.43 1.50
LARK Landmark Bancshares of KS 13.79 13.79 0.88 5.93 4.90 1.05 7.02 NA NA NA
LARL Laurel Capital Group of PA 10.47 10.47 1.46 14.04 7.43 1.41 13.57 0.43 201.97 1.25
LSBX Lawrence Savings Bank of MA* 9.52 9.52 1.76 20.06 9.02 1.75 19.92 0.66 156.71 2.35
LFED Leeds FSB, MHC of MD (36.3) 16.63 16.63 1.18 7.24 2.72 1.18 7.24 0.06 315.29 0.30
LXMO Lexington B&L Fin. Corp. of MO 28.32 28.32 1.03 3.49 3.21 1.33 4.50 0.48 78.37 0.49
LIFB Life Bancorp of Norfolk VA(8) 10.71 10.42 0.92 8.70 3.75 0.85 8.05 0.41 141.46 1.32
LFBI Little Falls Bancorp of NJ 11.68 10.77 0.57 4.32 3.26 0.52 3.93 0.90 38.49 0.77
LOGN Logansport Fin. Corp. of IN 18.90 18.90 1.41 7.25 5.97 1.48 7.57 0.49 55.66 0.39
LONF London Financial Corp. of OH 19.91 19.91 1.02 5.01 4.92 0.96 4.68 NA NA 0.63
LISB Long Island Bancorp, Inc of NY 9.21 9.13 0.86 9.35 4.45 0.73 7.90 0.91 63.07 0.92
MAFB MAF Bancorp of IL 7.79 6.84 1.16 14.90 7.28 1.15 14.78 0.42 128.75 0.69
MBLF MBLA Financial Corp. of MO 12.66 12.66 0.83 6.49 5.32 0.85 6.62 0.57 50.27 0.50
MFBC MFB Corp. of Mishawaka IN 13.10 13.10 0.84 5.76 5.15 0.84 5.76 0.10 141.76 0.18
MLBC ML Bancorp of Villanova PA(8) 6.92 6.46 0.70 9.91 3.90 0.50 7.10 0.43 178.98 1.71
MSBF MSB Financial Corp. of MI 16.54 16.54 1.49 8.38 4.41 1.44 8.09 1.02 40.20 0.45
MARN Marion Capital Holdings of IN 21.95 21.95 1.69 7.48 6.07 1.67 7.39 1.08 104.36 1.32
MRKF Market Fin. Corp. of OH 35.44 35.44 0.98 3.41 2.46 0.98 3.41 0.34 27.23 0.20
MFSL Maryland Fed. Bancorp of MD 8.38 8.27 0.62 7.43 4.00 0.89 10.73 0.47 85.54 0.46
MASB MassBank Corp. of Reading MA* 10.78 10.62 1.10 10.61 5.96 1.03 9.96 0.21 113.84 0.84
MFLR Mayflower Co-Op. Bank of MA* 9.64 9.48 1.05 10.93 6.15 1.00 10.33 0.57 154.47 1.56
MECH Mechanics SB of Hartford CT* 10.40 10.40 1.79 17.75 9.65 1.78 17.69 0.91 188.34 2.53
MDBK Medford Bank of Medford, MA* 9.01 8.45 1.07 11.98 6.60 1.00 11.16 0.27 219.01 1.12
MERI Meritrust FSB of Thibodaux LA(8) 8.26 8.26 1.15 14.65 4.96 1.15 14.65 0.39 70.30 0.52
MWBX MetroWest Bank of MA* 7.46 7.46 1.38 18.49 6.17 1.38 18.49 0.90 131.24 1.55
MCBS Mid Continent Bancshares of KS(8) 9.87 9.87 1.11 10.98 4.76 1.15 11.39 0.24 47.79 0.19
MIFC Mid Iowa Financial Corp. of IA 9.36 9.34 1.00 10.77 6.31 1.40 15.17 NA NA 0.45
MCBN Mid-Coast Bancorp of ME 8.59 8.59 0.76 8.81 6.68 0.72 8.35 0.64 82.14 0.64
MWBI Midwest Bancshares, Inc. of IA 6.92 6.92 0.87 12.62 6.82 0.77 11.16 0.81 59.23 0.79
MWFD Midwest Fed. Fin. Corp of WI(8) 8.81 8.50 1.15 13.20 5.01 1.13 13.01 NA NA 1.02
MFFC Milton Fed. Fin. Corp. of OH 12.57 12.57 0.73 4.95 3.97 0.65 4.38 0.29 91.98 0.44
MIVI Miss. View Hold. Co. of MN 18.88 18.88 0.70 3.78 3.77 1.03 5.55 NA NA NA
MBSP Mitchell Bancorp of NC* 41.35 41.35 1.61 3.77 3.42 1.61 3.77 2.25 23.36 0.63
MBBC Monterey Bay Bancorp of CA 11.50 10.67 0.47 4.06 3.05 0.43 3.71 0.76 51.39 0.60
MONT Montgomery Fin. Corp. of IN 19.14 19.14 0.68 3.57 3.36 0.68 3.57 0.73 24.43 0.20
MSBK Mutual SB, FSB of Bay City MI 6.36 6.36 0.10 1.59 1.18 0.05 0.85 0.05 650.66 0.64
NHTB NH Thrift Bancshares of NH 7.82 6.72 0.70 9.26 4.66 0.56 7.48 0.61 151.10 1.14
NSLB NS&L Bancorp of Neosho MO 19.56 19.56 0.49 2.37 2.22 0.77 3.71 0.03 210.00 0.13
NMSB Newmil Bancorp. of CT* 10.17 10.17 0.85 8.36 5.19 0.82 8.00 1.36 128.18 3.26
NASB North American SB of MO 7.68 7.42 1.26 17.18 7.59 1.19 16.18 3.11 27.16 0.98
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
NBSI North Bancshares of Chicago IL 13.43 13.43 0.64 4.40 3.05 0.56 3.85 NA NA 0.27
FFFD North Central Bancshares of IA 22.91 22.91 1.83 7.47 6.07 1.83 7.47 0.22 446.43 1.16
NBN Northeast Bancorp of ME* 6.96 6.15 0.71 10.01 4.96 0.59 8.26 1.03 93.77 1.22
NEIB Northeast Indiana Bncrp of IN 14.37 14.37 1.20 7.72 5.76 1.20 7.72 0.17 350.00 0.67
NWEQ Northwest Equity Corp. of WI 11.69 11.69 1.02 8.65 6.08 0.99 8.36 1.43 33.84 0.59
NWSB Northwest SB, MHC of PA (30.7) 9.64 9.10 0.96 9.86 2.78 0.96 9.86 0.77 85.90 0.87
NSSY Norwalk Savings Society of CT* 8.06 7.77 0.97 12.43 6.32 1.10 14.19 1.31 73.30 1.46
NSSB Norwich Financial Corp. of CT* 11.66 10.60 1.14 10.24 4.85 1.06 9.48 1.20 158.13 2.71
NTMG Nutmeg FS&LA of CT 5.51 5.51 0.61 10.93 5.58 0.43 7.83 NA NA 0.55
OHSL OHSL Financial Corp. of OH 10.92 10.92 0.90 8.04 6.23 0.88 7.80 0.18 121.89 0.31
OCFC Ocean Fin. Corp. of NJ 15.17 15.17 1.01 5.69 4.51 1.00 5.62 0.52 83.85 0.86
OCN Ocwen Financial Corp. of FL 14.14 13.77 3.10 32.06 5.50 1.73 17.94 5.79 13.48 1.11
OTFC Oregon Trail Fin. Corp of OR 24.02 24.02 1.07 4.44 3.67 1.07 4.44 0.07 307.09 0.54
PBHC OswegoCity SB, MHC of NY (46.)* 11.94 10.03 1.06 9.22 3.50 0.95 8.25 0.91 43.96 0.67
OFCP Ottawa Financial Corp. of MI 8.74 7.06 0.81 9.10 4.55 0.79 8.89 0.35 106.15 0.43
PFFB PFF Bancorp of Pomona CA 10.06 9.95 0.45 4.25 3.40 0.46 4.32 1.62 64.39 1.44
PSFI PS Financial of Chicago IL 37.32 37.32 1.96 4.86 3.89 1.99 4.92 0.68 31.79 0.52
PVFC PVF Capital Corp. of OH 7.18 7.18 1.36 19.67 9.16 1.31 18.84 1.17 57.57 0.72
PALM Palfed, Inc. of Aiken SC(8) 8.51 8.51 0.39 4.82 1.71 0.67 8.26 2.04 53.36 1.30
PBCI Pamrapo Bancorp, Inc. of NJ 12.91 12.82 1.34 9.82 6.96 1.32 9.70 2.39 28.48 1.21
PFED Park Bancorp of Chicago IL 23.14 23.14 1.10 4.80 4.51 1.14 4.98 0.24 118.76 0.72
PVSA Parkvale Financial Corp of PA 7.72 7.67 1.08 14.34 7.13 1.08 14.34 0.26 547.66 1.91
PEEK Peekskill Fin. Corp. of NY 26.09 26.09 1.14 4.30 3.77 1.14 4.30 1.24 28.37 1.35
PFSB PennFed Fin. Services of NJ 7.33 6.20 0.82 10.90 6.39 0.82 10.90 0.61 32.20 0.28
PWBC PennFirst Bancorp of PA 8.37 7.44 0.67 8.85 5.10 0.67 8.85 0.68 87.79 1.45
PWBK Pennwood SB of PA* 18.34 18.34 0.99 5.21 4.49 1.09 5.71 1.49 42.39 1.04
PBKB People's SB of Brockton MA* 4.10 3.93 0.83 15.38 6.26 0.43 8.01 0.53 110.55 1.08
PFDC Peoples Bancorp of Auburn IN 15.24 15.24 1.48 9.70 5.17 1.48 9.70 0.29 106.74 0.38
PBCT Peoples Bank, MHC of CT (40.1)* 9.02 9.01 1.16 13.69 4.11 0.75 8.84 0.76 146.25 1.66
TSBS Peoples Bcrp, MHC of NJ (35.9)(8) 16.95 15.25 1.30 7.51 2.22 0.91 5.27 0.91 55.06 0.80
PFFC Peoples Fin. Corp. of OH 27.20 27.20 0.90 3.32 3.85 0.90 3.32 NA NA 0.39
PHBK Peoples Heritage Fin Grp of ME* 7.45 6.36 1.28 16.08 5.78 1.28 16.08 0.86 121.04 1.55
PSFC Peoples Sidney Fin. Corp of OH 25.29 25.29 1.04 6.27 3.25 1.04 6.27 1.00 40.10 0.45
PERM Permanent Bancorp of IN 9.46 9.34 0.62 6.63 4.83 0.62 6.58 1.07 47.01 1.00
PMFI Perpetual Midwest Fin. of IA 8.51 8.51 0.40 4.65 3.03 0.32 3.76 0.30 240.42 0.86
PERT Perpetual of SC, MHC (46.8)(8) 11.82 11.82 0.78 6.37 1.93 1.05 8.60 0.12 502.32 0.87
PCBC Perry Co. Fin. Corp. of MO 19.19 19.19 0.93 4.93 3.87 1.07 5.70 0.03 104.17 0.19
PHFC Pittsburgh Home Fin. of PA 10.54 10.43 0.84 6.97 5.69 0.75 6.21 1.69 30.77 0.78
PFSL Pocahnts Fed, MHC of AR (47.0)(8) 6.33 6.33 0.63 10.08 4.00 0.62 9.94 0.16 274.52 1.07
PTRS Potters Financial Corp of OH 8.81 8.81 0.96 10.97 6.49 0.95 10.79 0.44 389.09 2.65
PKPS Poughkeepsie Fin. Corp. of NY(8) 8.42 8.42 0.54 6.43 3.57 0.54 6.43 4.19 23.86 1.34
PHSB Ppls Home SB, MHC of PA (45.0) 13.66 13.66 0.73 6.80 2.99 0.71 6.55 0.45 148.08 1.37
PRBC Prestige Bancorp of PA 11.21 11.21 0.63 5.12 4.42 0.63 5.12 0.33 82.34 0.40
PFNC Progress Financial Corp. of PA 5.33 4.76 0.90 17.21 5.81 0.71 13.58 2.07 37.27 1.11
PSBK Progressive Bank, Inc. of NY* 8.73 7.86 0.96 11.35 6.11 0.94 11.15 0.94 115.80 1.65
PROV Provident Fin. Holdings of CA 13.33 13.33 0.75 5.30 4.37 0.35 2.48 1.58 55.80 0.98
PULB Pulaski SB, MHC of MO (29.8) 13.05 13.05 0.80 6.20 2.27 1.06 8.20 0.64 41.41 0.33
PLSK Pulaski SB, MHC of NJ (46.0) 11.98 11.98 0.64 6.99 2.70 0.64 6.99 0.65 83.38 0.95
PULS Pulse Bancorp of S. River NJ 8.21 8.21 1.10 13.94 6.88 1.11 14.09 0.75 59.52 1.82
QCFB QCF Bancorp of Virginia MN 17.49 17.49 1.34 7.36 5.12 1.34 7.36 0.24 345.09 2.00
QCBC Quaker City Bancorp of CA 8.46 8.46 0.71 8.11 5.62 0.68 7.77 1.35 67.38 1.15
QCSB Queens County Bancorp of NY* 11.22 11.22 1.54 11.21 3.95 1.55 11.28 0.69 89.32 0.69
RARB Raritan Bancorp. of Raritan NJ* 7.37 7.25 1.02 13.34 5.93 1.01 13.18 0.39 208.57 1.26
REDF RedFed Bancorp of Redlands CA 8.32 8.29 1.01 12.28 6.44 1.01 12.28 1.80 44.74 0.92
RELY Reliance Bancorp, Inc. of NY 8.26 6.07 0.89 10.80 5.76 0.93 11.40 0.67 41.66 0.62
RELI Reliance Bancshares Inc of WI* 48.29 48.29 1.32 2.58 2.82 1.38 2.68 NA NA 0.56
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Key Financial Ratios Asset Quality Ratios
-------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ ------ ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
RIVR River Valley Bancorp of IN 12.40 12.21 0.46 4.24 2.54 0.62 5.72 0.71 122.47 1.05
RVSB Riverview Bancorp of WA 20.76 19.97 1.22 9.14 3.16 1.17 8.75 0.14 226.93 0.58
RSLN Roslyn Bancorp, Inc. of NY* 17.64 17.55 0.96 5.10 3.34 1.22 6.50 0.27 257.00 2.60
SCCB S. Carolina Comm. Bnshrs of SC 26.59 26.59 1.15 4.34 3.33 1.15 4.34 0.87 73.62 0.81
SBFL SB Fngr Lakes MHC of NY (33.1) 9.33 9.33 0.37 3.83 1.47 0.43 4.44 0.50 103.35 1.10
SFED SFS Bancorp of Schenectady NY 12.47 12.47 0.68 5.36 3.84 0.68 5.36 0.75 57.32 0.58
SGVB SGV Bancorp of W. Covina CA 7.44 7.32 0.39 5.02 3.77 0.43 5.48 1.06 29.26 0.41
SHSB SHS Bancorp, Inc. of PA 12.64 12.64 0.37 2.96 2.38 0.37 2.96 1.43 33.94 0.74
SISB SIS Bancorp Inc of MA* 7.36 7.36 0.83 11.20 5.49 0.82 11.09 0.33 379.00 2.67
SWCB Sandwich Co-Op. Bank of MA* 7.93 7.63 0.97 11.95 5.67 0.95 11.70 0.82 93.38 1.06
SFSL Security First Corp. of OH 9.27 9.12 1.36 14.56 5.56 1.37 14.69 0.33 226.25 0.84
SMFC Sho-Me Fin. Corp. of MO(8) 9.03 9.03 1.30 13.56 5.50 1.23 12.86 0.29 190.55 0.63
SKAN Skaneateles Bancorp Inc of NY* 7.00 6.80 0.70 10.25 6.36 0.68 9.91 2.04 41.25 0.98
SOBI Sobieski Bancorp of S. Bend IN 14.78 14.78 0.62 3.85 3.30 0.57 3.55 0.13 188.68 0.31
SOSA Somerset Savings Bank of MA(8)* 6.59 6.59 1.03 17.02 6.36 1.00 16.49 5.91 24.16 1.87
SSFC South Street Fin. Corp. of NC* 25.66 25.66 1.21 5.34 3.34 1.25 5.51 0.31 57.66 0.38
SCBS Southern Commun. Bncshrs of AL 21.33 21.33 0.55 3.24 1.74 0.90 5.30 2.48 46.17 1.94
SMBC Southern Missouri Bncrp of MO 16.15 16.15 0.94 5.84 4.76 0.90 5.59 0.88 51.46 0.66
SWBI Southwest Bancshares of IL 11.34 11.34 1.06 9.81 5.88 1.02 9.48 0.20 101.05 0.28
SVRN Sovereign Bancorp of PA 4.43 3.61 0.42 10.16 2.36 0.61 14.74 0.65 99.50 0.92
STFR St. Francis Cap. Corp. of WI 7.74 6.85 0.76 9.21 5.40 0.75 9.08 0.21 181.82 0.83
SPBC St. Paul Bancorp, Inc. of IL 8.99 8.97 1.06 12.12 5.50 1.06 12.12 0.36 210.72 1.10
SFFC StateFed Financial Corp. of IA 17.54 17.54 1.27 7.17 5.16 1.27 7.17 2.55 10.16 0.33
SFIN Statewide Fin. Corp. of NJ 9.36 9.34 0.81 8.36 5.29 0.81 8.36 0.38 104.03 0.84
STSA Sterling Financial Corp. of WA 5.25 4.81 0.48 11.12 4.89 0.43 10.05 0.47 96.70 0.82
SFSB SuburbFed Fin. Corp. of IL 6.48 6.46 0.39 5.88 3.42 0.56 8.56 NA NA 0.30
ROSE T R Financial Corp. of NY* 6.24 6.24 0.97 15.55 5.61 0.87 13.98 0.54 74.97 0.76
THRD TF Financial Corp. of PA 11.63 10.27 0.77 6.96 4.10 0.67 5.99 0.27 128.49 0.82
TPNZ Tappan Zee Fin., Inc. of NY 17.02 17.02 0.72 4.05 2.90 0.70 3.98 1.68 32.52 1.17
ESBK The Elmira SB FSB of Elmira NY* 6.35 6.19 0.42 6.63 4.23 0.34 5.38 0.64 103.23 0.86
TRIC Tri-County Bancorp of WY 15.31 15.31 1.06 6.88 5.29 1.07 6.97 NA NA 1.05
TWIN Twin City Bancorp of TN 12.94 12.94 0.85 6.65 5.03 0.72 5.62 0.16 88.17 0.20
UFRM United FS&LA of Rocky Mount NC 7.34 7.34 0.71 9.49 5.93 0.57 7.53 0.77 101.45 0.92
UBMT United Fin. Corp. of MT 24.01 24.01 1.41 6.09 4.83 1.40 6.04 0.48 15.21 0.22
VABF Va. Beach Fed. Fin. Corp of VA 7.15 7.15 0.61 8.99 4.51 0.50 7.31 1.24 59.40 0.95
WHGB WHG Bancshares of MD 20.65 20.65 0.51 2.23 2.14 0.51 2.23 0.15 160.96 0.29
WSFS WSFS Financial Corp. of DE* 5.54 5.51 1.14 20.70 6.31 1.13 20.54 1.27 134.95 2.68
WVFC WVS Financial Corp. of PA* 12.00 12.00 1.30 10.59 6.50 1.31 10.64 0.19 361.83 1.21
WRNB Warren Bancorp of Peabody MA* 10.65 10.65 2.16 21.61 9.44 1.91 19.17 1.15 97.04 1.73
WFSL Washington FS&LA of Seattle WA 12.55 11.52 1.86 15.80 6.93 1.85 15.73 0.69 62.10 0.58
WAMU Washington Mutual Inc. of WA(8)* 5.29 4.90 0.00 0.09 0.01 0.70 13.63 NA NA 0.98
WYNE Wayne Bancorp of NJ 12.43 12.43 0.86 6.10 4.70 0.86 6.10 0.89 88.41 1.18
WAYN Wayne S&L Co. MHC of OH (47.8) 9.53 9.53 0.73 7.89 2.68 0.68 7.40 0.58 65.29 0.46
WCFB Wbstr Cty FSB MHC of IA (45.2) 23.38 23.38 1.43 6.14 3.01 1.43 6.14 0.07 560.00 0.72
WBST Webster Financial Corp. of CT 5.34 4.60 0.46 9.03 2.82 0.77 15.08 0.72 111.52 1.43
WEFC Wells Fin. Corp. of Wells MN 14.22 14.22 1.06 7.49 5.89 1.03 7.29 0.31 114.71 0.39
WCBI WestCo Bancorp of IL 15.54 15.54 1.50 9.72 7.09 1.42 9.20 0.21 139.06 0.37
WSTR WesterFed Fin. Corp. of MT 10.62 8.57 0.81 6.87 4.59 0.77 6.58 0.41 116.74 0.72
WOFC Western Ohio Fin. Corp. of OH 13.87 12.94 0.37 2.65 2.29 0.43 3.09 0.44 115.19 0.66
WWFC Westwood Fin. Corp. of NJ(8) 9.32 8.34 0.73 7.79 4.34 0.78 8.31 0.13 158.78 0.58
WEHO Westwood Hmstd Fin Corp of OH 27.65 27.65 1.01 3.29 3.30 1.16 3.78 0.22 77.88 0.22
WFI Winton Financial Corp. of OH 7.11 6.96 0.76 10.50 5.77 0.89 12.25 0.30 84.06 0.29
FFWD Wood Bancorp of OH 12.43 12.43 1.41 11.10 5.78 1.29 10.17 0.35 101.19 0.44
YFCB Yonkers Fin. Corp. of NY 14.02 14.02 1.05 6.64 5.23 1.06 6.71 0.48 72.05 0.78
YFED York Financial Corp. of PA 8.85 8.85 0.96 11.41 5.07 0.81 9.60 2.50 23.98 0.69
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(297) 19.46 155.82 18.85 160.01 20.40 0.36 1.56 29.79
NYSE Traded Companies(11) 18.10 198.68 15.55 193.38 18.69 0.40 0.96 15.08
AMEX Traded Companies(16) 20.98 130.16 19.22 131.53 19.86 0.32 1.85 37.14
NASDAQ Listed OTC Companies(270) 19.47 155.64 18.98 160.52 20.50 0.36 1.57 30.14
California Companies(21) 18.62 169.71 11.79 168.66 19.58 0.16 0.48 9.96
Florida Companies(5) 20.61 186.91 20.22 212.54 24.74 0.20 0.74 14.79
Mid-Atlantic Companies(59) 19.41 159.98 17.04 164.46 19.97 0.37 1.45 29.11
Mid-West Companies(144) 19.22 148.88 19.58 152.32 20.25 0.35 1.65 31.10
New England Companies(9) 18.19 168.11 13.13 177.31 20.44 0.43 1.46 29.55
North-West Companies(8) 20.59 160.03 22.90 167.65 21.31 0.35 1.34 20.93
South-East Companies(38) 21.32 164.28 23.73 168.93 22.52 0.45 2.02 41.25
South-West Companies(7) 17.11 136.54 13.64 144.04 17.23 0.35 1.65 29.63
Western Companies (Excl CA)(6) 20.43 158.80 23.44 165.59 20.49 0.54 2.54 45.82
Thrift Strategy(240) 19.91 146.72 19.76 150.78 20.45 0.37 1.67 32.38
Mortgage Banker Strategy(35) 18.00 196.58 14.09 203.81 21.33 0.31 1.08 20.14
Real Estate Strategy(9) 16.83 183.89 13.21 187.14 17.54 0.14 0.68 11.55
Diversified Strategy(9) 17.68 230.80 21.41 239.24 18.13 0.47 1.38 23.67
Retail Banking Strategy(4) 19.03 157.74 9.86 163.04 21.91 0.14 0.76 22.88
Companies Issuing Dividends(252) 19.35 157.33 19.31 161.66 20.43 0.42 1.83 35.18
Companies Without Dividends(45) 20.21 146.91 16.25 150.44 20.16 0.00 0.00 0.00
Equity/Assets less than 6%(23) 17.64 206.22 11.09 211.72 19.53 0.21 0.65 12.39
Equity/Assets 6-12%(141) 18.36 172.30 14.77 179.65 19.26 0.37 1.44 26.80
Equity/Assets greater than 12%(133) 21.21 131.95 24.03 133.73 21.93 0.37 1.82 36.59
Converted Last 3 Mths (no MHC)(4) 27.14 129.89 23.32 129.89 27.14 0.00 0.00 0.00
Actively Traded Companies(39) 17.94 204.55 17.35 206.53 18.69 0.50 1.50 26.31
Market Value Below $20 Million(50) 19.53 125.06 17.89 125.38 20.94 0.32 1.86 34.52
Holding Company Structure(264) 19.67 153.78 19.30 157.35 20.64 0.37 1.61 30.93
Assets Over $1 Billion(60) 18.60 200.09 15.87 211.87 20.00 0.41 1.13 21.88
Assets $500 Million-$1 Billion(48) 18.59 171.40 17.25 177.64 19.67 0.36 1.45 28.27
Assets $250-$500 Million(64) 19.42 153.42 17.26 158.16 19.90 0.36 1.54 28.29
Assets less than $250 Million(125) 20.43 131.43 21.64 132.09 21.22 0.34 1.80 35.61
Goodwill Companies(120) 18.69 177.28 15.68 188.39 19.88 0.38 1.38 26.18
Non-Goodwill Companies(177) 20.03 141.73 20.95 141.73 20.77 0.34 1.67 32.39
Acquirors of FSLIC Cases(10) 18.00 204.29 14.20 202.76 18.59 0.42 1.26 21.70
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by c
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(61) 17.90 182.55 20.16 189.87 18.49 0.48 1.60 29.85
NYSE Traded Companies(2) 19.94 238.62 17.78 263.16 20.34 0.58 1.05 20.95
AMEX Traded Companies(6) 18.00 155.25 18.96 187.55 19.60 0.56 1.72 34.25
NASDAQ Listed OTC Companies(53) 17.80 183.06 20.38 188.59 18.33 0.46 1.61 29.85
California Companies(1) 11.68 144.07 15.45 144.66 11.68 0.00 0.00 0.00
Mid-Atlantic Companies(16) 20.22 189.11 18.75 200.11 20.18 0.49 1.63 32.81
Mid-West Companies(2) 0.00 99.35 36.11 102.31 0.00 0.00 0.00 0.00
New England Companies(33) 15.32 196.18 17.49 203.88 16.26 0.50 1.69 28.03
North-West Companies(4) 19.37 184.99 21.44 189.84 20.04 0.31 1.60 29.11
South-East Companies(5) 25.70 124.80 33.40 124.80 25.81 0.68 1.95 50.08
Thrift Strategy(44) 18.17 175.61 20.94 182.16 18.91 0.50 1.66 31.82
Mortgage Banker Strategy(7) 19.46 202.41 17.06 209.15 18.77 0.36 1.23 23.42
Real Estate Strategy(5) 11.14 177.91 19.00 178.21 11.81 0.26 1.20 12.75
Diversified Strategy(5) 16.74 236.38 16.06 254.47 17.47 0.49 1.53 25.72
Companies Issuing Dividends(53) 18.73 184.94 19.87 193.22 19.39 0.55 1.83 34.39
Companies Without Dividends(8) 10.46 166.22 22.17 167.42 10.53 0.00 0.00 0.00
Equity/Assets less than 6%(5) 16.58 271.37 14.09 277.77 18.16 0.18 0.87 14.12
Equity/Assets 6-12%(40) 16.07 196.02 17.16 206.49 16.96 0.53 1.70 28.55
Equity/Assets greater than 12%(16) 23.52 130.89 28.23 132.57 22.89 0.43 1.57 36.96
Actively Traded Companies(18) 15.64 197.08 17.19 208.38 16.24 0.58 1.84 29.07
Market Value Below $20 Million(3) 25.76 111.69 31.37 113.66 24.78 0.24 1.35 35.45
Holding Company Structure(41) 18.52 175.88 21.93 185.51 18.97 0.48 1.67 31.59
Assets Over $1 Billion(14) 19.71 223.82 19.55 233.72 19.87 0.55 1.55 30.02
Assets $500 Million-$1 Billion(16) 15.85 188.66 17.04 205.92 16.27 0.54 1.63 26.49
Assets $250-$500 Million(13) 17.72 181.54 19.56 185.47 18.58 0.40 1.69 31.12
Assets less than $250 Million(18) 18.59 146.64 24.00 147.98 19.36 0.42 1.54 31.78
Goodwill Companies(31) 17.91 187.90 16.62 202.74 18.68 0.51 1.54 27.06
Non-Goodwill Companies(30) 17.89 177.00 23.83 177.00 18.29 0.44 1.66 32.74
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by c
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 27.43 234.53 28.78 225.97 28.15 0.51 1.93 38.97
BIF-Insured Thrifts(3) 26.44 294.67 31.87 310.58 0.00 0.47 1.45 44.13
NASDAQ Listed OTC Companies(23) 26.77 245.81 29.32 242.89 28.15 0.50 1.85 40.69
Florida Companies(3) 0.00 225.04 21.93 225.77 0.00 0.90 2.84 0.00
Mid-Atlantic Companies(11) 28.57 247.75 30.60 241.26 0.00 0.28 1.22 36.08
Mid-West Companies(7) 27.43 238.81 30.30 239.21 28.15 0.69 2.51 48.46
New England Companies(1) 24.31 306.75 27.67 307.02 0.00 0.76 2.17 52.78
Thrift Strategy(22) 28.00 241.74 29.42 238.31 28.15 0.49 1.83 39.18
Diversified Strategy(1) 24.31 306.75 27.67 307.02 0.00 0.76 2.17 52.78
Companies Issuing Dividends(22) 26.77 249.96 29.59 247.14 28.15 0.53 1.96 45.78
Companies Without Dividends(1) 0.00 183.46 25.07 183.46 0.00 0.00 0.00 0.00
Equity/Assets 6-12%(16) 26.77 258.58 26.59 255.49 28.15 0.49 1.68 45.78
Equity/Assets greater than 12%(7) 0.00 217.70 35.86 217.70 0.00 0.54 2.24 0.00
Holding Company Structure(2) 28.57 249.58 29.80 297.03 0.00 0.28 0.93 26.67
Assets Over $1 Billion(6) 24.31 292.21 27.53 268.86 0.00 0.51 1.88 44.70
Assets $500 Million-$1 Billion(2) 0.00 220.84 25.05 220.84 0.00 0.90 2.58 0.00
Assets $250-$500 Million(5) 27.43 257.46 30.00 258.11 28.15 0.54 1.90 40.68
Assets less than $250 Million(10) 28.57 229.23 30.36 234.50 0.00 0.44 1.73 38.28
Goodwill Companies(9) 26.77 271.23 26.67 266.66 28.15 0.47 1.65 40.29
Non-Goodwill Companies(14) 0.00 234.25 30.77 234.25 0.00 0.52 1.95 41.19
MHC Institutions(23) 26.77 245.81 29.32 242.89 28.15 0.50 1.85 40.69
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by c
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 15.66 305.85 12.45 NM 18.31 0.88 1.43 22.34
CSA Coast Savings Financial of CA 21.26 247.92 12.89 250.80 19.90 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 17.51 256.78 15.83 287.02 17.51 0.33 0.62 10.93
DME Dime Bancorp, Inc. of NY* 20.00 250.48 13.59 263.16 20.31 0.16 0.62 12.31
DSL Downey Financial Corp. of CA 18.88 180.20 12.86 182.54 19.67 0.32 1.14 21.48
EBI Equality Bancorp of St Louis 28.06 149.45 14.82 149.45 28.06 0.00 0.00 0.00
FED FirstFed Fin. Corp. of CA 17.52 191.75 9.89 193.59 17.60 0.00 0.00 0.00
GSB Glendale Fed. Bk, FSB of CA 19.46 186.24 10.52 208.08 16.23 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 15.40 201.30 13.21 201.30 15.66 0.50 0.55 8.43
GPT GreenPoint Fin. Corp. of NY* 19.88 226.76 21.98 NM 20.36 1.00 1.49 29.59
JSB JSB Financial, Inc. of NY 16.33 135.06 31.36 135.06 18.37 1.40 2.89 47.14
NYB New York Bancorp, Inc. of NY 15.96 NM 25.18 NM 15.57 0.60 1.57 25.00
WES Westcorp Inc. of Orange CA 13.12 132.23 12.01 132.54 NM 0.40 2.33 30.53
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 24.35 137.17 23.25 137.17 25.13 0.36 1.52 37.11
ANE Alliance Bancorp of New Englan* 14.67 154.06 11.35 157.96 15.92 0.20 1.19 17.39
BKC American Bank of Waterbury CT* 14.98 210.93 18.58 218.95 17.75 1.44 2.94 44.04
BFD BostonFed Bancorp of MA 17.13 137.22 11.69 142.54 18.92 0.28 1.41 24.14
CFX CFX Corp of NH(8)* NM 276.78 24.11 287.15 NM 0.88 3.10 NM
CNY Carver Bancorp, Inc. of NY NM 111.80 9.39 116.34 NM 0.00 0.00 NM
CBK Citizens First Fin.Corp. of IL 28.57 121.70 16.73 121.70 NM 0.00 0.00 0.00
ESX Essex Bancorp of VA(8) 22.50 NM 2.48 NM 25.00 0.00 0.00 0.00
FCB Falmouth Co-Op Bank of MA* NM 129.87 30.98 129.87 NM 0.20 1.00 38.46
FAB FirstFed America Bancorp of MA NM 140.29 17.12 140.29 NM 0.00 0.00 0.00
GAF GA Financial Corp. of PA 19.81 126.49 18.50 127.71 20.46 0.48 2.58 51.06
KNK Kankakee Bancorp of IL 15.99 126.17 14.42 133.83 16.29 0.48 1.40 22.33
KYF Kentucky First Bancorp of KY 18.83 130.12 21.73 130.12 19.08 0.50 3.40 64.10
MBB MSB Bancorp of Middletown NY* NM 144.21 10.66 293.83 NM 0.60 1.97 NM
PDB Piedmont Bancorp of NC NM 137.17 22.54 137.17 NM 0.40 3.86 NM
SSB Scotland Bancorp of NC 15.53 134.69 30.46 134.69 15.77 0.30 2.93 45.45
SZB SouthFirst Bancshares of AL NM 128.39 17.97 128.39 NM 0.50 2.42 NM
SRN Southern Banc Company of AL NM 121.74 20.71 123.01 NM 0.35 1.97 NM
SSM Stone Street Bancorp of NC 25.72 135.54 40.07 135.54 25.72 0.45 2.03 52.33
TSH Teche Holding Company of LA 18.75 132.83 17.87 132.83 19.63 0.50 2.38 44.64
FTF Texarkana Fst. Fin. Corp of AR 15.99 168.08 25.75 168.08 15.99 0.56 2.17 34.78
THR Three Rivers Fin. Corp. of MI NM 130.31 17.54 130.81 22.50 0.40 1.98 64.52
WSB Washington SB, FSB of MD 28.48 137.98 11.56 137.98 20.34 0.10 1.40 40.00
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 14.13 119.54 10.34 121.89 28.57 0.28 1.08 15.22
AFED AFSALA Bancorp, Inc. of NY 22.87 127.20 17.14 127.20 22.87 0.24 1.28 29.27
ALBK ALBANK Fin. Corp. of Albany NY 15.92 172.35 15.93 195.66 16.03 0.72 1.57 24.91
AMFC AMB Financial Corp. of IN 16.84 110.37 15.38 110.37 23.91 0.28 1.70 28.57
ASBP ASB Financial Corp. of OH 21.09 131.07 20.41 131.07 22.50 0.40 2.96 62.50
ABBK Abington Savings Bank of MA* 16.59 195.57 13.94 215.79 18.63 0.40 1.05 17.47
AABC Access Anytime Bancorp of NM 8.53 143.14 12.38 143.14 9.19 0.00 0.00 0.00
AFBC Advance Fin. Bancorp of WV 21.39 118.18 18.20 118.18 21.91 0.32 1.80 38.55
AADV Advantage Bancorp of WI(8) 20.15 217.39 20.74 233.66 22.47 0.40 0.60 12.12
AFCB Affiliated Comm BC, Inc of MA 18.33 192.22 18.77 193.36 18.53 0.60 1.84 33.71
ALBC Albion Banc Corp. of Albion NY 21.37 115.42 9.89 115.42 21.71 0.32 1.14 24.43
ABCL Allied Bancorp of IL 25.00 164.60 15.50 166.67 22.46 0.44 1.66 41.51
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ATSB AmTrust Capital Corp. of IN 25.46 94.96 10.38 95.95 NM 0.20 1.45 37.04
AHCI Ambanc Holding Co., Inc. of NY* NM 123.54 15.98 123.54 NM 0.20 1.11 NM
ASBI Ameriana Bancorp of IN 17.92 148.57 16.65 148.57 19.66 0.64 3.16 56.64
AFFFZ America First Fin. Fund of CA(8) 6.77 158.05 13.22 159.73 6.70 1.60 3.23 21.89
ABCW Anchor Bancorp Wisconsin of WI 16.75 253.26 16.21 257.73 17.95 0.32 0.91 15.31
ANDB Andover Bancorp, Inc. of MA* 14.84 184.41 14.98 184.41 15.20 0.76 2.04 30.28
ASFC Astoria Financial Corp. of NY 19.38 194.41 15.00 229.85 20.49 0.60 1.05 20.27
AVND Avondale Fin. Corp. of IL NM 124.20 9.58 124.20 NM 0.00 0.00 NM
BKCT Bancorp Connecticut of CT* 22.10 276.23 29.70 276.23 24.26 0.50 2.02 44.64
BPLS Bank Plus Corp. of CA 19.23 136.46 6.17 136.61 23.15 0.00 0.00 0.00
BWFC Bank West Fin. Corp. of MI 27.12 180.38 25.53 180.38 NM 0.21 1.31 35.59
BANC BankAtlantic Bancorp of FL 12.70 220.48 12.14 266.78 24.22 0.13 0.84 10.66
BKUNA BankUnited SA of FL 27.55 192.03 6.00 244.12 NM 0.00 0.00 0.00
BVCC Bay View Capital Corp. of CA 24.56 235.45 13.70 281.89 21.93 0.40 1.15 28.17
FSNJ Bayonne Banchsares of NJ NM 115.78 18.09 115.78 NM 0.17 1.39 68.00
BFSB Bedford Bancshares of VA 20.32 164.44 23.18 164.44 20.47 0.56 1.98 40.29
BFFC Big Foot Fin. Corp. of IL NM 125.25 21.90 125.25 NM 0.00 0.00 0.00
BSBC Branford SB of CT(8)* 20.16 232.34 22.42 232.34 20.16 0.08 1.28 25.81
BYFC Broadway Fin. Corp. of CA NM 89.71 8.83 89.71 27.60 0.20 1.51 52.63
CBES CBES Bancorp of MO 18.54 124.32 21.03 124.32 20.45 0.40 1.83 33.90
CCFH CCF Holding Company of GA NM 138.99 14.81 138.99 NM 0.55 2.78 NM
CENF CENFED Financial Corp. of CA 17.27 193.49 10.76 193.76 19.18 0.36 0.86 14.94
CFSB CFSB Bancorp of Lansing MI 17.61 267.61 20.63 267.61 18.75 0.68 1.95 34.34
CKFB CKF Bancorp of Danville KY 15.16 117.91 27.90 117.91 20.33 0.50 2.70 40.98
CNSB CNS Bancorp of MO NM 149.93 36.48 149.93 NM 0.24 1.12 51.06
CSBF CSB Financial Group Inc of IL* NM 102.08 25.55 107.99 NM 0.00 0.00 0.00
CBCI Calumet Bancorp of Chicago IL 14.10 127.95 20.75 127.95 14.35 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 14.45 166.89 16.00 180.25 17.12 0.54 2.16 31.21
CMRN Cameron Fin. Corp. of MO 20.53 115.43 24.26 115.43 20.53 0.28 1.39 28.57
CAPS Capital Savings Bancorp of MO(8) 19.38 198.72 18.16 198.72 19.70 0.24 1.03 20.00
CFNC Carolina Fincorp of NC* 25.17 126.58 28.59 126.58 25.91 0.24 1.36 34.29
CASB Cascade SB of Everett WA(8) 19.62 152.51 10.13 152.51 19.62 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 20.68 112.72 27.93 112.72 20.44 0.32 1.84 38.10
CNIT Cenit Bancorp of Norfolk VA 19.10 219.71 15.26 239.90 20.56 1.00 1.54 29.50
CEBK Central Co-Op. Bank of MA* 18.49 154.08 15.30 172.19 18.24 0.32 1.19 22.07
CENB Century Bancshares of NC* 19.81 110.49 33.47 110.49 19.76 2.00 2.41 47.73
CBSB Charter Financial Inc. of IL(8) 22.62 173.23 25.06 195.80 16.16 0.32 1.35 30.48
COFI Charter One Financial of OH 17.03 286.64 20.22 312.19 17.42 1.00 1.61 27.47
CVAL Chester Valley Bancorp of PA 19.30 205.88 17.83 205.88 20.19 0.44 1.68 32.35
CTZN CitFed Bancorp of Dayton OH 19.51 242.59 15.22 266.90 19.51 0.24 0.62 12.12
CLAS Classic Bancshares of KY NM 108.84 16.22 128.66 23.55 0.28 1.72 54.90
CMSB Cmnwealth Bancorp of PA 21.08 165.13 15.33 211.82 25.00 0.28 1.30 27.45
CBSA Coastal Bancorp of Houston TX 12.08 142.44 4.94 169.39 11.74 0.48 1.66 20.00
CFCP Coastal Fin. Corp. of SC 16.80 301.29 19.75 301.29 19.44 0.36 1.71 28.80
CMSV Commty. Svgs, MHC of FL (48.5) NM 220.84 25.05 220.84 NM 0.90 2.58 NM
CFTP Community Fed. Bancorp of MS NM 160.38 42.87 160.38 NM 0.30 1.50 45.45
CFFC Community Fin. Corp. of VA 17.67 139.55 18.43 139.55 17.55 0.56 2.11 37.33
CFBC Community First Bnkg Co. of GA NM 135.74 24.17 137.58 NM 0.60 1.52 46.51
CIBI Community Inv. Bancorp of OH 15.59 130.17 15.29 130.17 15.59 0.32 2.03 31.68
COOP Cooperative Bk.for Svgs. of NC 25.68 202.27 15.56 202.27 25.68 0.00 0.00 0.00
CRZY Crazy Woman Creek Bncorp of WY 21.35 103.29 24.48 103.29 21.05 0.40 2.60 55.56
DNFC D&N Financial Corp. of MI 16.52 248.21 13.04 250.90 17.90 0.20 0.72 11.90
DCBI Delphos Citizens Bancorp of OH 21.04 117.75 31.36 117.75 21.04 0.00 0.00 0.00
DIME Dime Community Bancorp of NY 21.25 157.80 21.30 183.15 21.84 0.24 1.03 21.82
DIBK Dime Financial Corp. of CT* 10.00 209.77 17.08 216.01 10.03 0.44 1.44 14.43
EGLB Eagle BancGroup of IL NM 113.04 13.40 113.04 NM 0.00 0.00 0.00
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
EBSI Eagle Bancshares of Tucker GA 21.59 150.91 12.34 150.91 21.35 0.60 3.16 68.18
EGFC Eagle Financial Corp. of CT(8) NM 228.07 15.74 286.62 NM 1.00 1.91 NM
ETFS East Texas Fin. Serv. of TX 27.49 101.33 18.25 101.33 29.46 0.20 0.97 26.67
EMLD Emerald Financial Corp of OH 15.42 199.35 15.55 202.19 16.67 0.24 1.30 20.00
EIRE Emerald Island Bancorp, MA(8)* 20.00 232.39 16.23 232.39 18.82 0.28 0.88 17.50
EFBC Empire Federal Bancorp of MT NM 111.79 39.01 111.79 NM 0.30 1.82 NM
EFBI Enterprise Fed. Bancorp of OH 23.74 178.57 20.41 178.68 28.54 1.00 3.54 NM
EQSB Equitable FSB of Wheaton MD 22.05 187.98 9.47 187.98 13.82 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI NM 143.11 20.94 143.11 NM 0.80 2.83 NM
FFBS FFBS Bancorp of Columbus MS 19.18 155.16 25.92 155.16 19.18 0.50 2.25 43.10
FFDF FFD Financial Corp. of OH 16.05 125.30 30.50 125.30 NM 0.30 1.61 25.86
FFLC FFLC Bancorp of Leesburg FL 23.67 162.05 22.26 162.05 25.00 0.29 1.30 30.85
FFFC FFVA Financial Corp. of VA 19.85 202.10 26.90 206.30 20.71 0.48 1.42 28.24
FFWC FFW Corporation of Wabash IN 17.18 169.51 16.45 186.72 17.54 0.72 1.72 29.63
FFYF FFY Financial Corp. of OH 17.25 158.87 21.76 158.87 17.53 0.80 2.48 42.78
FMCO FMS Financial Corp. of NJ 14.00 207.28 13.45 210.34 14.12 0.28 0.85 11.97
FFHH FSF Financial Corp. of MN 18.38 132.69 14.83 132.69 18.56 0.50 2.62 48.08
FOBC Fed One Bancorp of Wheeling WV 19.29 157.98 17.66 165.34 19.29 0.62 2.33 44.93
FBCI Fidelity Bancorp of Chicago IL NM 123.26 12.91 123.46 22.12 0.32 1.39 NM
FSBI Fidelity Bancorp, Inc. of PA 15.71 165.26 11.23 165.26 16.08 0.36 1.31 20.57
FFFL Fidelity FSB, MHC of FL (47.7) NM 229.25 18.81 230.71 NM 0.90 3.10 NM
FFED Fidelity Fed. Bancorp of IN 15.48 201.36 12.30 201.36 15.95 0.40 3.86 59.70
FFOH Fidelity Financial of OH 19.41 119.53 15.57 134.70 17.35 0.28 1.90 36.84
FIBC Financial Bancorp, Inc. of NY 16.78 155.95 14.11 156.75 15.71 0.40 1.63 27.40
FBSI First Bancshares of MO 14.94 125.42 17.46 125.42 16.56 0.20 0.77 11.49
FBBC First Bell Bancorp of PA 15.78 168.97 17.80 168.97 16.19 0.40 2.15 33.90
FBER First Bergen Bancorp of NJ 27.46 143.70 19.62 143.70 27.46 0.20 1.03 28.17
SKBO First Carnegie,MHC of PA(45.0) NM 179.37 29.50 179.37 NM 0.30 1.59 NM
FSTC First Citizens Corp of GA 12.33 215.03 21.75 272.68 13.79 0.29 1.08 13.36
FCME First Coastal Corp. of ME* 3.32 140.71 13.72 140.71 3.46 0.00 0.00 0.00
FFBA First Colorado Bancorp of Co 21.62 200.00 26.16 202.53 21.82 0.48 2.00 43.24
FDEF First Defiance Fin.Corp. of OH 23.41 116.97 23.00 116.97 24.18 0.32 2.17 50.79
FESX First Essex Bancorp of MA* 15.60 174.37 12.91 199.33 18.20 0.56 2.70 42.11
FFES First FS&LA of E. Hartford CT 19.33 152.13 10.08 152.13 17.03 0.60 1.62 31.25
FFSX First FS&LA. MHC of IA (46.1) 27.43 229.90 20.07 231.88 28.15 0.48 1.48 40.68
BDJI First Fed. Bancorp. of MN 26.67 157.84 16.90 157.84 27.18 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 21.02 142.73 21.25 142.73 21.99 0.24 1.01 21.24
FTFC First Fed. Capital Corp. of WI 16.81 263.96 17.78 280.09 20.30 0.48 1.59 26.67
FFKY First Fed. Fin. Corp. of KY 15.07 174.60 23.92 185.03 15.17 0.56 2.55 38.36
FFBZ First Federal Bancorp of OH 16.80 211.69 16.24 211.91 16.67 0.28 1.33 22.40
FFCH First Fin. Holdings Inc. of SC 21.62 291.79 17.84 291.79 22.22 0.84 1.75 37.84
FFBI First Financial Bancorp of IL NM 116.02 10.35 116.02 22.34 0.00 0.00 NM
FFHS First Franklin Corp. of OH 26.07 156.49 14.11 157.39 22.07 0.40 1.46 38.10
FGHC First Georgia Hold. Corp of GA 25.78 195.96 16.10 213.73 NM 0.05 0.61 15.63
FSPG First Home Bancorp of NJ 16.52 216.00 14.83 219.30 16.91 0.40 1.39 22.99
FFSL First Independence Corp. of KS 20.37 126.12 12.92 126.12 20.37 0.25 1.68 34.25
FISB First Indiana Corp. of IN 19.14 219.39 21.16 222.06 23.31 0.48 1.55 29.63
FKFS First Keystone Fin. Corp of PA 17.38 185.37 12.29 185.37 18.97 0.20 0.54 9.30
FLKY First Lancaster Bncshrs of KY 29.72 107.73 31.74 107.73 29.72 0.50 3.17 NM
FLFC First Liberty Fin. Corp. of GA 23.11 247.97 18.28 275.02 28.24 0.44 1.44 33.33
CASH First Midwest Fin. Corp. of IA 15.83 132.65 14.26 149.34 16.57 0.48 2.25 35.56
FMBD First Mutual Bancorp of IL NM 131.75 17.65 172.78 NM 0.32 1.58 NM
FMSB First Mutual SB of Bellevue WA* 15.89 225.76 15.33 225.76 16.19 0.20 1.18 18.69
FNGB First Northern Cap. Corp of WI 21.21 169.90 18.85 169.90 22.22 0.32 2.29 48.48
FFPB First Palm Beach Bancorp of FL 20.95 173.07 10.82 177.18 25.00 0.60 1.55 32.43
FSLA First SB SLA MHC of NJ (47.5)(8) NM 335.92 31.90 NM NM 0.48 1.15 42.11
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
SOPN First SB, SSB, Moore Co. of NC 17.23 123.44 28.40 123.44 17.23 0.88 3.87 66.67
FWWB First Savings Bancorp of WA* 26.52 175.94 25.04 190.49 27.93 0.28 1.07 28.28
FSFF First SecurityFed Fin of IL 26.13 124.53 33.66 124.53 26.13 0.00 0.00 0.00
SHEN First Shenango Bancorp of PA 15.04 150.78 17.52 150.78 15.11 0.60 1.76 26.55
FBNW FirstBank Corp of Clarkston WA NM 120.50 19.80 120.50 NM 0.28 1.58 NM
FFDB FirstFed Bancorp of AL 13.38 144.08 13.88 157.51 13.73 0.50 2.35 31.45
FSPT FirstSpartan Fin. Corp. of SC 29.60 126.84 33.99 126.84 29.60 0.60 1.62 48.00
FLAG Flag Financial Corp of GA 19.18 181.71 16.55 181.71 23.06 0.34 1.76 33.66
FLGS Flagstar Bancorp, Inc of MI 11.52 215.07 12.85 223.89 23.04 0.00 0.00 0.00
FFIC Flushing Fin. Corp. of NY* 23.23 134.66 19.12 140.24 22.12 0.24 1.04 24.24
FBHC Fort Bend Holding Corp. of TX 16.46 170.45 10.50 182.60 19.66 0.40 1.98 32.52
FTSB Fort Thomas Fin. Corp. of KY 20.39 146.78 23.68 146.78 20.39 0.25 1.61 32.89
FKKYD Frankfort First Bancorp of KY NM 136.21 22.92 136.21 NM 0.80 4.30 NM
FTNB Fulton Bancorp of MO 29.27 143.62 35.42 143.62 NM 0.20 0.94 27.40
GFSB GFS Bancorp of Grinnell IA 14.83 154.95 17.84 154.95 14.83 0.26 1.52 22.61
GUPB GFSB Bancorp of Gallup NM 20.88 115.06 14.75 115.06 20.88 0.40 1.98 41.24
GSLA GS Financial Corp. of LA NM 109.49 47.22 109.49 NM 0.28 1.56 68.29
GOSB GSB Financial Corp. of NY NM 124.24 33.62 124.24 NM 0.00 0.00 0.00
GWBC Gateway Bancorp of KY(8) NM 116.17 32.22 116.17 NM 0.40 2.13 67.80
GBCI Glacier Bancorp of MT 18.24 264.57 26.42 271.01 17.80 0.48 2.16 39.34
GFCO Glenway Financial Corp. of OH 18.69 152.01 14.38 153.78 19.27 0.40 2.16 40.40
GTPS Great American Bancorp of IL NM 110.12 22.50 110.12 NM 0.40 2.16 NM
GTFN Great Financial Corp. of KY(8) 22.84 238.38 24.01 248.39 NM 0.60 1.19 27.27
GSBC Great Southern Bancorp of MO 15.76 317.72 27.49 317.72 16.72 0.44 1.78 28.03
GDVS Greater DV SB,MHC of PA (19.9)* NM 327.68 38.14 327.68 NM 0.36 1.24 52.94
GSFC Green Street Fin. Corp. of NC 27.69 122.87 43.47 122.87 27.69 0.44 2.44 67.69
GFED Guarnty FS&LA,MHC of MO (31.0)(8) NM 296.80 38.67 296.80 NM 0.44 1.69 70.97
HCBB HCB Bancshares of AR NM 95.44 17.98 99.20 NM 0.00 0.00 0.00
HEMT HF Bancorp of Hemet CA NM 129.11 10.24 154.93 NM 0.00 0.00 0.00
HFFC HF Financial Corp. of SD 12.80 135.80 12.80 135.80 13.96 0.42 1.60 20.49
HFNC HFNC Financial Corp. of NC 23.79 155.59 29.25 155.59 27.83 0.28 1.90 45.16
HMNF HMN Financial, Inc. of MN 19.59 130.66 19.44 130.66 23.23 0.00 0.00 0.00
HALL Hallmark Capital Corp. of WI 16.76 144.00 10.52 144.00 17.13 0.00 0.00 0.00
HARB Harbor FSB, MHC of FL (46.6)(8) 25.00 344.12 29.46 NM 25.19 1.40 2.09 52.24
HRBF Harbor Federal Bancorp of MD 26.10 141.79 18.51 141.79 26.10 0.48 2.02 52.75
HFSA Hardin Bancorp of Hardin MO 18.88 112.63 12.99 112.63 19.94 0.48 2.70 51.06
HARL Harleysville SA of PA 14.33 213.44 14.14 213.44 14.26 0.44 1.50 21.46
HFGI Harrington Fin. Group of IN 18.84 163.05 7.89 163.05 22.54 0.12 0.95 17.91
HARS Harris SB, MHC of PA (24.3) NM NM 30.81 NM NM 0.22 1.14 42.31
HFFB Harrodsburg 1st Fin Bcrp of KY NM 119.05 32.06 119.05 23.63 0.40 2.32 72.73
HHFC Harvest Home Fin. Corp. of OH NM 129.96 16.24 129.96 29.50 0.44 2.98 NM
HAVN Haven Bancorp of Woodhaven NY 16.60 173.58 10.41 174.14 16.48 0.30 1.38 22.90
HTHR Hawthorne Fin. Corp. of CA 8.38 141.83 6.89 141.83 8.71 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL NM 115.34 22.27 115.34 28.48 0.24 1.38 NM
HBNK Highland Federal Bank of CA 13.64 191.10 14.65 191.10 17.96 0.00 0.00 0.00
HIFS Hingham Inst. for Sav. of MA* 14.08 173.00 16.79 173.00 14.08 0.48 1.72 24.24
HBEI Home Bancorp of Elgin IL NM 132.53 36.53 132.53 NM 0.40 2.19 NM
HBFW Home Bancorp of Fort Wayne IN NM 153.92 20.45 153.92 23.58 0.20 0.74 27.78
HBBI Home Building Bancorp of IN 20.24 112.49 15.88 112.49 20.63 0.30 1.41 28.57
HCFC Home City Fin. Corp. of OH 18.75 113.56 22.27 113.56 18.55 0.36 2.09 39.13
HOMF Home Fed Bancorp of Seymour IN 14.94 220.71 19.11 227.47 16.46 0.35 1.35 20.11
HWEN Home Financial Bancorp of IN 23.81 113.02 19.83 113.02 27.53 0.20 1.14 27.03
HPBC Home Port Bancorp, Inc. of MA* 13.07 196.31 20.96 196.31 13.14 0.80 3.50 45.71
HMCI Homecorp, Inc. of Rockford IL(8) 27.46 208.03 14.21 208.03 NM 0.00 0.00 0.00
HZFS Horizon Fin'l. Services of IA 15.26 114.41 11.39 114.41 18.95 0.18 1.53 23.38
HRZB Horizon Financial Corp. of WA* 15.71 153.27 23.97 153.27 16.00 0.44 2.57 40.37
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
IBSF IBS Financial Corp. of NJ NM 148.59 25.88 148.59 NM 0.40 2.30 NM
ISBF ISB Financial Corp. of LA 28.73 166.89 20.12 195.03 29.03 0.50 1.79 51.55
ITLA Imperial Thrift & Loan of CA* 11.68 144.07 15.45 144.66 11.68 0.00 0.00 0.00
IFSB Independence FSB of DC 21.54 100.79 6.94 114.01 25.93 0.22 1.57 33.85
INCB Indiana Comm. Bank, SB of IN(8) NM 165.59 19.67 165.59 NM 0.36 1.76 67.92
INBI Industrial Bancorp of OH 18.49 154.08 26.47 154.08 17.59 0.56 3.09 57.14
IWBK Interwest SB of Oak Harbor WA 15.58 243.34 15.44 247.79 16.92 0.64 1.63 25.40
IPSW Ipswich SB of Ipswich MA* 14.49 266.74 14.97 266.74 18.21 0.12 0.94 13.64
JXVL Jacksonville Bancorp of TX 20.97 139.26 20.77 139.26 15.99 0.50 2.65 55.56
JXSB Jcksnville SB,MHC of IL (45.6) NM 209.10 22.07 209.10 NM 0.45 1.58 56.25
JSBA Jefferson Svgs Bancorp of MO NM 195.19 16.66 251.61 23.24 0.56 1.30 62.22
JOAC Joachim Bancorp of MO NM 109.73 30.88 109.73 NM 0.50 3.33 NM
KSAV KS Bancorp of Kenly NC 16.07 136.78 18.11 136.86 16.19 0.60 2.67 42.86
KSBK KSB Bancorp of Kingfield ME(8)* 19.44 248.23 17.82 262.50 19.09 0.08 0.38 7.41
KFBI Klamath First Bancorp of OR 25.29 149.10 21.98 164.00 25.29 0.32 1.49 37.65
LSBI LSB Fin. Corp. of Lafayette IN 17.24 146.98 12.69 146.98 19.54 0.34 1.23 21.12
LVSB Lakeview SB of Paterson NJ 18.56 181.40 22.17 211.84 25.64 0.13 0.52 9.70
LARK Landmark Bancshares of KS 20.39 124.87 17.22 124.87 17.22 0.40 1.72 35.09
LARL Laurel Capital Group of PA 13.46 185.07 19.37 185.07 13.93 0.52 1.85 24.88
LSBX Lawrence Savings Bank of MA* 11.09 200.89 19.12 200.89 11.17 0.00 0.00 0.00
LFED Leeds FSB, MHC of MD (36.3) NM 256.55 42.67 256.55 NM 0.51 2.17 NM
LXMO Lexington B&L Fin. Corp. of MO NM 116.15 32.89 116.15 24.11 0.30 1.75 54.55
LIFB Life Bancorp of Norfolk VA(8) 26.67 222.63 23.85 228.86 28.80 0.48 1.33 35.56
LFBI Little Falls Bancorp of NJ NM 139.37 16.28 151.12 NM 0.20 0.99 30.30
LOGN Logansport Fin. Corp. of IN 16.76 118.58 22.41 118.58 16.05 0.40 2.62 43.96
LONF London Financial Corp. of OH 20.33 103.25 20.56 103.25 21.79 0.24 1.57 32.00
LISB Long Island Bancorp, Inc of NY 22.45 203.39 18.73 205.28 26.58 0.60 1.30 29.13
MAFB MAF Bancorp of IL 13.73 197.79 15.41 225.12 13.85 0.28 0.82 11.29
MBLF MBLA Financial Corp. of MO 18.79 121.87 15.42 121.87 18.41 0.40 1.47 27.59
MFBC MFB Corp. of Mishawaka IN 19.42 115.76 15.16 115.76 19.42 0.32 1.36 26.45
MLBC ML Bancorp of Villanova PA(8) 25.63 227.61 15.76 243.85 NM 0.40 1.30 33.33
MSBF MSB Financial Corp. of MI 22.67 188.95 31.24 188.95 23.49 0.28 1.44 32.56
MARN Marion Capital Holdings of IN 16.47 123.76 27.16 123.76 16.67 0.88 3.20 52.69
MRKF Market Fin. Corp. of OH NM 103.69 36.75 103.69 NM 0.28 1.81 73.68
MFSL Maryland Fed. Bancorp of MD 25.00 180.00 15.09 182.31 17.31 0.42 1.56 38.89
MASB MassBank Corp. of Reading MA* 16.77 165.08 17.80 167.58 17.86 0.96 2.06 34.53
MFLR Mayflower Co-Op. Bank of MA* 16.27 169.89 16.38 172.73 17.21 0.68 2.86 46.58
MECH Mechanics SB of Hartford CT* 10.37 167.61 17.44 167.61 10.41 0.00 0.00 0.00
MDBK Medford Bank of Medford, MA* 15.16 171.90 15.49 183.43 16.27 0.72 1.91 28.92
MERI Meritrust FSB of Thibodaux LA(8) 20.18 277.11 22.89 277.11 20.18 0.70 1.01 20.47
MWBX MetroWest Bank of MA* 16.20 279.55 20.85 279.55 16.20 0.12 1.37 22.22
MCBS Mid Continent Bancshares of KS(8) 21.01 219.58 21.66 219.58 20.25 0.40 0.89 18.78
MIFC Mid Iowa Financial Corp. of IA 15.85 160.71 15.04 160.94 11.25 0.08 0.71 11.27
MCBN Mid-Coast Bancorp of ME 14.97 126.93 10.90 126.93 15.80 0.52 1.81 27.08
MWBI Midwest Bancshares, Inc. of IA 14.67 174.36 12.06 174.36 16.59 0.24 1.35 19.83
MWFD Midwest Fed. Fin. Corp of WI(8) 19.96 247.55 21.82 256.71 20.26 0.34 1.23 24.46
MFFC Milton Fed. Fin. Corp. of OH 25.20 132.05 16.60 132.05 28.53 0.60 3.97 NM
MIVI Miss. View Hold. Co. of MN 26.52 98.31 18.56 98.31 18.04 0.16 0.91 24.24
MBSP Mitchell Bancorp of NC* 29.24 112.30 46.43 112.30 29.24 0.40 2.32 67.80
MBBC Monterey Bay Bancorp of CA NM 130.23 14.98 140.43 NM 0.12 0.63 20.69
MONT Montgomery Fin. Corp. of IN 29.76 105.84 20.26 105.84 29.76 0.22 1.76 52.38
MSBK Mutual SB, FSB of Bay City MI NM 131.04 8.34 131.04 NM 0.00 0.00 0.00
NHTB NH Thrift Bancshares of NH 21.46 176.50 13.81 205.51 26.56 0.50 2.35 50.51
NSLB NS&L Bancorp of Neosho MO NM 111.99 21.90 111.99 28.91 0.50 2.70 NM
NMSB Newmil Bancorp. of CT* 19.29 160.33 16.31 160.33 20.15 0.32 2.37 45.71
NASB North American SB of MO 13.17 212.85 16.34 220.23 13.99 0.80 1.48 19.51
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
NBSI North Bancshares of Chicago IL NM 151.82 20.39 151.82 NM 0.48 1.86 60.76
FFFD North Central Bancshares of IA 16.48 126.37 28.96 126.37 16.48 0.25 1.31 21.55
NBN Northeast Bancorp of ME* 20.16 193.55 13.46 219.03 24.44 0.32 1.16 23.36
NEIB Northeast Indiana Bncrp of IN 17.37 132.17 18.99 132.17 17.37 0.34 1.66 28.81
NWEQ Northwest Equity Corp. of WI 16.45 142.49 16.66 142.49 17.04 0.56 2.91 47.86
NWSB Northwest SB, MHC of PA (30.7) NM 340.65 32.83 NM NM 0.16 1.08 39.02
NSSY Norwalk Savings Society of CT* 15.83 185.46 14.94 192.31 13.87 0.40 1.05 16.67
NSSB Norwich Financial Corp. of CT* 20.62 201.40 23.49 221.73 22.29 0.56 1.85 38.10
NTMG Nutmeg FS&LA of CT 17.92 182.82 10.08 182.82 25.00 0.15 1.40 25.00
OHSL OHSL Financial Corp. of OH 16.06 127.77 13.95 127.77 16.56 0.88 3.32 53.33
OCFC Ocean Fin. Corp. of NJ 22.17 134.82 20.45 134.82 22.44 0.80 2.15 47.62
OCN Ocwen Financial Corp. of FL 18.19 NM 49.88 NM NM 0.00 0.00 0.00
OTFC Oregon Trail Fin. Corp of OR 27.22 120.84 29.02 120.84 27.22 0.00 0.00 0.00
PBHC OswegoCity SB, MHC of NY (46.)* 28.57 249.58 29.80 297.03 NM 0.28 0.93 26.67
OFCP Ottawa Financial Corp. of MI 21.99 200.49 17.52 248.21 22.52 0.40 1.41 31.01
PFFB PFF Bancorp of Pomona CA 29.42 130.16 13.09 131.59 28.97 0.00 0.00 0.00
PSFI PS Financial of Chicago IL 25.69 125.34 46.78 125.34 25.34 0.48 2.59 66.67
PVFC PVF Capital Corp. of OH 10.92 195.20 14.02 195.20 11.40 0.00 0.00 0.00
PALM Palfed, Inc. of Aiken SC(8) NM 266.48 22.69 266.48 NM 0.12 0.42 24.49
PBCI Pamrapo Bancorp, Inc. of NJ 14.38 147.25 19.01 148.30 14.54 1.00 4.02 57.80
PFED Park Bancorp of Chicago IL 22.19 106.86 24.72 106.86 21.39 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 14.02 189.14 14.60 190.40 14.02 0.52 1.81 25.37
PEEK Peekskill Fin. Corp. of NY 26.52 118.16 30.83 118.16 26.52 0.36 2.06 54.55
PFSB PennFed Fin. Services of NJ 15.65 161.68 11.85 190.99 15.65 0.28 0.84 13.08
PWBC PennFirst Bancorp of PA 19.60 143.67 12.02 161.49 19.60 0.36 1.93 37.89
PWBK Pennwood SB of PA* 22.29 120.68 22.13 120.68 20.33 0.32 1.73 38.55
PBKB People's SB of Brockton MA* 15.97 256.70 10.52 267.75 NM 0.44 1.91 30.56
PFDC Peoples Bancorp of Auburn IN 19.35 183.77 28.01 183.77 19.35 0.43 1.79 34.68
PBCT Peoples Bank, MHC of CT (40.1)* 24.31 306.75 27.67 307.02 NM 0.76 2.17 52.78
TSBS Peoples Bcrp, MHC of NJ (35.9)(8) NM 327.90 55.57 NM NM 0.35 0.89 40.23
PFFC Peoples Fin. Corp. of OH 25.94 87.14 23.70 87.14 25.94 0.50 3.64 NM
PHBK Peoples Heritage Fin Grp of ME* 17.31 264.56 19.71 310.06 17.31 0.84 1.93 33.47
PSFC Peoples Sidney Fin. Corp of OH NM 118.39 29.94 118.39 NM 0.28 1.62 50.00
PERM Permanent Bancorp of IN 20.68 133.57 12.64 135.38 20.85 0.40 1.53 31.75
PMFI Perpetual Midwest Fin. of IA NM 152.14 12.94 152.14 NM 0.30 1.08 35.71
PERT Perpetual of SC, MHC (46.8)(8) NM 301.14 35.61 301.14 NM 1.40 2.31 NM
PCBC Perry Co. Fin. Corp. of MO 25.83 123.67 23.74 123.67 22.36 0.40 1.72 44.44
PHFC Pittsburgh Home Fin. of PA 17.57 121.33 12.79 122.58 19.72 0.24 1.35 23.76
PFSL Pocahnts Fed, MHC of AR (47.0)(8) 25.00 245.63 15.54 245.63 25.35 0.90 2.47 61.64
PTRS Potters Financial Corp of OH 15.42 165.18 14.55 165.18 15.68 0.20 1.08 16.67
PKPS Poughkeepsie Fin. Corp. of NY(8) 28.03 175.47 14.77 175.47 28.03 0.20 1.93 54.05
PHSB Ppls Home SB, MHC of PA (45.0) NM 183.46 25.07 183.46 NM 0.00 0.00 0.00
PRBC Prestige Bancorp of PA 22.65 114.04 12.78 114.04 22.65 0.12 0.62 14.12
PFNC Progress Financial Corp. of PA 17.22 266.78 14.23 299.23 21.83 0.12 0.77 13.33
PSBK Progressive Bank, Inc. of NY* 16.36 178.39 15.58 198.13 16.67 0.68 1.89 30.91
PROV Provident Fin. Holdings of CA 22.87 121.74 16.23 121.74 NM 0.00 0.00 0.00
PULB Pulaski SB, MHC of MO (29.8) NM 267.14 34.86 267.14 NM 1.10 3.67 NM
PLSK Pulaski SB, MHC of NJ (46.0) NM 193.05 23.13 193.05 NM 0.30 1.50 55.56
PULS Pulse Bancorp of S. River NJ 14.54 190.80 15.67 190.80 14.38 0.70 2.62 38.04
QCFB QCF Bancorp of Virginia MN 19.52 143.65 25.13 143.65 19.52 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 17.81 139.40 11.79 139.40 18.58 0.00 0.00 0.00
QCSB Queens County Bancorp of NY* 25.35 319.06 35.78 319.06 25.17 0.80 2.19 55.56
RARB Raritan Bancorp. of Raritan NJ* 16.87 217.39 16.02 220.88 17.08 0.48 1.75 29.45
REDF RedFed Bancorp of Redlands CA 15.52 177.25 14.75 177.89 15.52 0.00 0.00 0.00
RELY Reliance Bancorp, Inc. of NY 17.35 176.26 14.56 239.94 16.43 0.64 1.88 32.65
RELI Reliance Bancshares Inc of WI* NM 96.62 46.66 96.62 NM 0.00 0.00 0.00
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 12, 1997
Pricing Ratios Dividend Data(6)
----------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ----- ----- --------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
RIVR River Valley Bancorp of IN NM 123.86 15.35 125.75 29.23 0.16 0.88 34.78
RVSB Riverview Bancorp of WA NM 155.54 32.28 161.63 NM 0.00 0.00 0.00
RSLN Roslyn Bancorp, Inc. of NY* 29.97 155.84 27.48 156.62 23.53 0.28 1.28 38.36
SCCB S. Carolina Comm. Bnshrs of SC 30.00 129.68 34.48 129.68 30.00 0.60 2.67 NM
SBFL SB Fngr Lakes MHC of NY (33.1) NM 251.68 23.49 251.68 NM 0.40 1.33 NM
SFED SFS Bancorp of Schenectady NY 26.06 138.89 17.32 138.89 26.06 0.28 1.14 29.79
SGVB SGV Bancorp of W. Covina CA 26.54 132.79 9.88 134.87 24.30 0.00 0.00 0.00
SHSB SHS Bancorp, Inc. of PA NM 124.73 15.76 124.73 NM 0.00 0.00 0.00
SISB SIS Bancorp Inc of MA* 18.23 195.04 14.35 195.04 18.41 0.56 1.50 27.32
SWCB Sandwich Co-Op. Bank of MA* 17.62 203.21 16.12 211.41 17.99 1.40 3.26 57.38
SFSL Security First Corp. of OH 17.98 246.69 22.86 250.61 17.83 0.32 1.56 28.07
SMFC Sho-Me Fin. Corp. of MO(8) 18.20 237.41 21.43 237.41 19.19 0.00 0.00 0.00
SKAN Skaneateles Bancorp Inc of NY* 15.73 155.95 10.92 160.60 16.27 0.27 1.43 22.50
SOBI Sobieski Bancorp of S. Bend IN NM 121.14 17.90 121.14 NM 0.32 1.65 50.00
SOSA Somerset Savings Bank of MA(8)* 15.72 244.17 16.10 244.17 16.23 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* 29.95 137.44 35.27 137.44 29.03 0.40 2.12 63.49
SCBS Southern Commun. Bncshrs of AL NM 143.94 30.70 143.94 NM 0.30 1.58 NM
SMBC Southern Missouri Bncrp of MO 21.01 120.72 19.50 120.72 21.94 0.50 2.53 53.19
SWBI Southwest Bancshares of IL 17.00 159.28 18.07 159.28 17.59 0.80 3.14 53.33
SVRN Sovereign Bancorp of PA NM 298.62 13.22 NM 29.22 0.08 0.37 15.69
STFR St. Francis Cap. Corp. of WI 18.53 169.11 13.09 191.16 18.78 0.56 1.35 25.00
SPBC St. Paul Bancorp, Inc. of IL 18.17 210.77 18.95 211.30 18.17 0.40 1.58 28.78
SFFC StateFed Financial Corp. of IA 19.38 135.60 23.78 135.60 19.38 0.20 1.50 28.99
SFIN Statewide Fin. Corp. of NJ 18.91 156.90 14.69 157.23 18.91 0.44 1.96 36.97
STSA Sterling Financial Corp. of WA 20.43 163.71 8.60 178.87 22.61 0.00 0.00 0.00
SFSB SuburbFed Fin. Corp. of IL 29.27 164.38 10.66 164.99 20.11 0.32 0.89 26.02
ROSE T R Financial Corp. of NY* 17.82 255.92 15.96 255.92 19.82 0.64 1.91 34.04
THRD TF Financial Corp. of PA 24.39 167.23 19.45 189.37 28.33 0.40 1.34 32.79
TPNZ Tappan Zee Fin., Inc. of NY NM 140.85 23.97 140.85 NM 0.28 1.40 48.28
ESBK The Elmira SB FSB of Elmira NY* 23.62 153.45 9.75 157.65 29.13 0.61 2.03 48.03
TRIC Tri-County Bancorp of WY 18.91 127.48 19.52 127.48 18.67 0.40 2.71 51.28
TWIN Twin City Bancorp of TN 19.89 129.78 16.80 129.78 23.53 0.40 2.83 56.34
UFRM United FS&LA of Rocky Mount NC 16.86 155.72 11.42 155.72 21.24 0.24 2.26 38.10
UBMT United Fin. Corp. of MT 20.70 124.75 29.96 124.75 20.87 1.00 3.96 NM
VABF Va. Beach Fed. Fin. Corp of VA 22.16 191.03 13.67 191.03 27.25 0.20 1.20 26.67
WHGB WHG Bancshares of MD NM 112.08 23.15 112.08 NM 0.32 2.02 NM
WSFS WSFS Financial Corp. of DE* 15.84 311.56 17.26 313.44 15.96 0.00 0.00 0.00
WVFC WVS Financial Corp. of PA* 15.38 165.12 19.82 165.12 15.31 1.20 3.75 57.69
WRNB Warren Bancorp of Peabody MA* 10.60 211.75 22.55 211.75 11.94 0.52 2.41 25.49
WFSL Washington FS&LA of Seattle WA 14.42 210.92 26.47 229.78 14.49 0.92 2.89 41.63
WAMU Washington Mutual Inc. of WA(8)* NM 349.21 18.46 NM NM 1.12 1.63 NM
WYNE Wayne Bancorp of NJ 21.26 137.96 17.14 137.96 21.26 0.20 0.88 18.69
WAYN Wayne S&L Co. MHC of OH (47.8) NM 285.92 27.26 285.92 NM 0.62 2.05 NM
WCFB Wbstr Cty FSB MHC of IA (45.2) NM 202.00 47.23 202.00 NM 0.80 3.76 NM
WBST Webster Financial Corp. of CT NM 236.76 12.64 274.89 21.24 0.80 1.26 44.69
WEFC Wells Fin. Corp. of Wells MN 16.97 124.50 17.70 124.50 17.45 0.48 2.59 44.04
WCBI WestCo Bancorp of IL 14.10 136.53 21.21 136.53 14.89 0.68 2.57 36.17
WSTR WesterFed Fin. Corp. of MT 21.77 132.69 14.09 164.50 22.75 0.46 1.82 39.66
WOFC Western Ohio Fin. Corp. of OH NM 113.81 15.78 121.94 NM 1.00 3.76 NM
WWFC Westwood Fin. Corp. of NJ(8) 23.02 173.17 16.13 193.55 21.58 0.20 0.72 16.67
WEHO Westwood Hmstd Fin Corp of OH NM 100.35 27.75 100.35 26.39 0.28 1.96 59.57
WFI Winton Financial Corp. of OH 17.32 173.86 12.36 177.61 14.85 0.46 2.33 40.35
FFWD Wood Bancorp of OH 17.29 189.36 23.54 189.36 18.88 0.40 2.16 37.38
YFCB Yonkers Fin. Corp. of NY 19.13 129.13 18.10 129.13 18.94 0.24 1.28 24.49
YFED York Financial Corp. of PA 19.74 214.03 18.95 214.03 23.46 0.48 1.93 38.10
EXHIBIT IV-2
Gloversville Federal Savings and Loan Association
Historical Stock Price Indices
Exhibit IV-2
Historical Stock Price Indices(1)
SNL SNL
NASDAQ Thrift Bank
Year/Qtr. Ended DJIA S&P 500 Composite Index Index
- --------------- ---- ------- --------- ------ -----
1991: Quarter 1 2881.1 375.2 482.3 125.5 66.0
Quarter 2 2957.7 371.2 475.9 130.5 82.0
Quarter 3 3018.2 387.9 526.9 141.8 90.7
Quarter 4 3168.0 417.1 586.3 144.7 103.1
1992: Quarter 1 3235.5 403.7 603.8 157.0 113.3
Quarter 2 3318.5 408.1 563.6 173.3 119.7
Quarter 3 3271.7 417.8 583.3 167.0 117.1
Quarter 4 3301.1 435.7 677.0 201.1 136.7
1993: Quarter 1 3435.1 451.7 690.1 228.2 151.4
Quarter 2 3516.1 450.5 704.0 219.8 147.0
Quarter 3 3555.1 458.9 762.8 258.4 154.3
Quarter 4 3754.1 466.5 776.8 252.5 146.2
1994: Quarter 1 3625.1 445.8 743.5 241.6 143.1
Quarter 2 3625.0 444.3 706.0 269.6 152.6
Quarter 3 3843.2 462.6 764.3 279.7 149.2
Quarter 4 3834.4 459.3 752.0 244.7 137.6
1995: Quarter 1 4157.7 500.7 817.2 278.4 152.1
Quarter 2 4556.1 544.8 933.5 313.5 171.7
Quarter 3 4789.1 584.4 1,043.5 362.3 195.3
Quarter 4 5117.1 615.9 1,052.1 376.5 207.6
1996: Quarter 1 5587.1 645.5 1,104.4 382.1 225.1
Quarter 2 5654.6 670.6 1,185.0 387.2 224.7
Quarter 3 5882.2 687.3 1,226.9 429.3 249.2
Quarter 4 6442.5 737.0 1,280.7 483.6 280.1
1997: Quarter 1 6583.5 757.1 1,221.7 527.7 292.5
Quarter 2 7672.8 885.1 1,442.1 624.5 333.3
Quarter 3 7945.3 947.3 1,685.7 737.5 381.7
December 12, 1997 7838.3 953.4 1,536.6 787.3 417.7
(1) End of period data.
Sources: SNL Securities; Wall Street Journal.
EXHIBIT IV-3
Gloversville Federal Savings and Loan Association
Historical Thrift Stock Indices
Index Values
Index Values Percent Change Since
---------------------------------- --------------------
11/28/97 1 Month YTD LTM 1 Month YTD LTM
- --------------------------------------------------------------------------------
All Pub. Traded Thrifts 767.4 752.4 483.6 485.8 1.98 58.67 57.95
MHC Index 1,065.9 1,065.7 538.0 520.4 0.02 98.12 104.82
Insurance Indices
- --------------------------------------------------------------------------------
SAIF Thrifts 703.7 689.6 439.2 441.9 2.06 60.22 59.25
BIF Thrifts 967.3 949.6 616.8 617.6 1.86 56.82 56.63
Stock Exchange Indices
- --------------------------------------------------------------------------------
AMEX Thrifts 238.4 225.8 156.2 156.5 5.58 52.63 52.32
NYSE Thrifts 466.9 464.0 277.3 285.1 0.62 68.40 63.80
OTC Thrifts 876.2 855.8 569.7 564.9 2.38 53.78 55.09
Geographic Indices
- --------------------------------------------------------------------------------
Mid-Atlantic Thrifts 1,575.5 1,533.7 970.7 967.8 2.72 62.31 62.80
Midwestern Thrifts 1,690.7 1,645.0 1,159.3 1,149.0 2.78 45.84 47.15
New England Thrifts 712.4 684.3 428.9 424.9 4.11 66.11 67.66
Southeastern Thrifts 704.5 718.1 447.2 454.5 -1.90 57.53 54.98
Southwestern Thrifts 468.2 455.4 315.9 318.9 2.81 48.22 46.82
Western Thrifts 770.7 759.8 474.7 484.6 1.43 62.35 59.02
Asset Size Indices
- --------------------------------------------------------------------------------
Less than $250M 815.4 795.7 586.6 586.6 2.46 39.00 39.00
$250M to $500M 1,215.8 1,188.6 789.8 778.0 2.29 53.94 56.28
$500M to $1B 778.8 763.2 521.8 517.5 2.05 49.27 50.50
$1B to $5B 877.9 867.3 546.0 541.9 1.22 60.78 62.00
Over $5B 491.5 480.8 305.8 310.8 2.21 60.71 58.13
Comparative Indices
- --------------------------------------------------------------------------------
Dow Jones Industrials 7,823.1 7,442.1 6,448.3 6,499.3 5.12 21.32 20.37
S&P 500 955.4 914.6 740.7 755.0 4.46 28.98 26.54
All SNL indices are market-vaiue weighted; i.e.. an institution's effect on an
index is proportionate to that institution's market capitalization. All SNL
thrift indices, except for the SNL MHC Index, began at 100 on March 30, 1984.
The SNL MHC Index began at 201.082 on Dec. 31, 1992, the level of the SNL Thrift
Index on that date. On March 30, 1984, the S&P 500 closed at 159.2 and the Dow
Jones Industrials stood at 1164.9.
Mid-Atlantic: DE, DC, MD, NJ, NY, PA, PR;
Midwest: IA, IL, IN, KS, KY, MI, MN, MO, ND, NE, OH, SD, WI;
New England: CT, MA, ME, NH, RI, VT;
Southeast: AL, AR, FL, GA, MS, NC, SC, TN, VA, WV;
Southwest: CO, LA, NM, OK, TX, UT;
West: AZ, AK, CA, HI, ID, MT NV, 0R, WA, WY
Source: SNL Securities DECEMBER 1997
EXHIBIT IV-4
Gloversville Federal Savings and Loan Association
Market Area Acquisition Activity
RP Financial, LC.
New York Thrift Merger and Acquisition Activity 1996-Present
Seller Financials at Completion(1)
--------------------------------------------
Total TgEq/ YTD YTD NPAs/ Rsrvs/
Ann'd Comp Assets Assts ROAA ROAE Assets NPLs
Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) (%)
- --------------------------------------------------------------------------------------------------------------------
10/23/97 Pending HUBCO, Inc NJ Poughkeepsie Finl NY 880,196 8.37 0.54 6.43 3.82 35.46
10/07/97 Pending North Fork Bancorp NY New York Bancorp NY 3,283,653 5.08 1.61 30.99 1.09 58.08
05/21/97 10/03/97 Charter One Fin'l OH RCSB Financial NY 4,032,365 7.66 0.96 12.26 0.66 132.02
04/25/97 09/10/97 Flushing Financial NY New York FSB NY 82,249 9.28 1.32 3.59 1.14 117.28
03/31/97 10/01/97 Astoria Financial Cp NY Greater New York SB NY 2,541,888 8.25 0.72 9.20 7.84 9.20
12/03/96 04/30/97 Dime Bancorp NY BFS Bankorp, Inc. NY 643,180 7.81 1.58 20.12 1.04 94.15
08/22/96 03/01/97 HSBC Holdings Plc FO First FSLA-Rochester NY 7,348,042 5.35 0.75 13.91 0.72 105.64
07/15/96 01/02/97 North Fork Bancorp NY North Side SB NY 1,580,435 7.67 1.29 17.19 0.51 121.82
11/03/95 06/26/96 Dime SB Williamsbrgh NY Conestoga Bancorp NY 485,132 15.93 0.64 3.84 0.19 19.25
09/24/95 02/29/96 Republic New York NY Brooklyn Bancorp NY 4,139,215 8.79 1.00 11.83 13.63 18.75
07/31/95 01/11/96 Reliance Bancorp Inc NY Sunrise Bancorp Inc NY 611,933 10.90 1.11 10.07 0.50 65.45
05/16/95 01/05/96 Independence Cmty NY Bay Ridge Bancorp NY 587,904 17.42 1.60 9.42 3.87 64.35
Average 2,184,683 9.38 1.10 12.40 2.92 70.12
Median 1,230,316 8.31 NM 10.95 1.07 64.90
New York Thrift Merger and Acquisition Activity 1996-Present (Continued)
Deal Terms and Pricing at Completion(1)
--------------------------------------------------------------
Deal Deal Deal Deal Pr/ Deal Pr/ Deal Pr/ TgBkPr/
Ann'd Comp Value Pr/Shr Consid Pr/Bk Tg Bk 4-Qtr Assets CoreDp
Date Date Buyer ST Seller ST ($M) ($) Type ($) (%) EPS (x) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
10/23/97 Pending HUBCO, Inc NJ Poughkeepsie Finl NY 143.5 10.61 Stock 181.42 181.42 48.24 16.30 13.37
10/07/97 Pending North Fork Bancorp NY New York Bancorp NY 831.6 37.11 Stock 480.13 480.13 19.95 25.33 43.83
05/21/97 10/03/97 Charter One Fin'l OH RCSB Financial NY 872.5 56.76 Stock 264.99 271.58 21.83 21.26 26.93
04/25/97 09/10/97 Flushing Financial NY New York FSB NY 13.0 272.50 Cash 169.09 169.71 12.99 15.47 9.86
03/31/97 10/01/97 Astoria Financial Cp NY Greater New York SB NY 414.9 25.16 Mixture 214.28 214.28 29.95 16.09 12.63
12/03/96 04/30/97 Dime Bancorp NY BFS Bankorp, Inc. NY 91.8 52.00 Cash 165.13 165.13 10.24 14.11 9.91
08/22/96 03/01/97 HSBC Holdings Plc FO First FSLA-Rochester NY 652.0 Cash 163.00 166.03 8.15 9.09 6.02
07/15/96 01/02/97 North Fork Bancorp NY North Side SB NY 282.4 55.43 Stock 211.01 212.79 14.40 17.23 13.33
11/03/95 06/26/96 Dime SB Williamsbrgh NY Conestoga Bancorp NY 105.4 21.31 Cash 121.22 121.22 30.01 21.32 6.83
09/24/95 02/29/96 Republic New York NY Brooklyn Bancorp NY 529.6 41.50 Cash 132.76 132.76 25.94 12.84 4.18
07/31/95 01/11/96 Reliance Bancorp Inc NY Sunrise Bancorp Inc NY 112.8 32.00 Cash 155.64 155.64 15.24 18.22 9.91
05/16/95 01/05/96 Independence Cmty NY Bay Ridge Bancorp NY 127.8 22.06 Cash 125.20 125.20 13.70 22.20 5.58
Average 348.1 56.95 198.66 199.66 20.89 17.46 13.53
Median 213.0 37.11 167.11 167.87 17.60 16.77 9.91
(1) Pending deals reflect financials, terms and pricing as of announcement date.
Source: SNL Securities, LC.
EXHIBIT IV-5
Gloversville Federal Savings and Loan Association
Directors and Management Summary Resumes
Exhibit IV-5
Gloversville FS&LA
Directors and Management Summary Resumes
Dr. Priscilla J. Bell. Dr. Bell has served as the President of Fulton
Montgomery Community College since 1995. From 1978 to 1995, Dr. Bell worked at
the Tacoma Community College, Tacoma, Washington, where she was Dean of Student
Services.
Timothy E. Delaney. Mr. Delaney is the President and Chief Financial
Officer of Delaney Construction Corporation, a company specializing in heavy
highway construction, which he founded in 1982.
Lewis E. Kolar. Mr. Kolar is the President and Chief Executive Officer of
the Association, a position he has held since October 1994. He previously served
as a Senior Vice President of Residential Mortgages at the National Bank & Trust
Company, Norwich, New York, where he worked from 1989 to 1994.
Donald I. Lee. Mr. Lee is the President of Lee & Lee Associates and a
partner in Lee's Deer Run Bed & Breakfast. Mr. Lee was also appointed as
appraiser for the Association in 1971.
Richard D. Ruby. Mr. Ruby has been the owner and President of Ruby &
Quiri, Inc., a home furnishings center, since 1969.
Dr. Robert J. Sofarelli. Dr. Sofarelli has been a veterinarian since 1971,
and is the owner of Saratoga Veterinary Hospital, Planned Pets, a Saratoga
veterinary hospital and Paws & Claws, a distributor of pet foods.
Menzo D. Case. Mr. Case is a certified public accountant and has served
as the Association's Treasurer and Secretary since December 1993. Mr. Case was
promoted to Executive Vice President and Chief Operating Officer in July 1994.
Previously, Mr. Case was an accountant with KPMG Peat Marwick from 1989 to 1993.
Michael J. Pepe. Mr. Pepe currently serves as the Association's Vice
President of Lending, a position he has held since 1995. Mr. Pepe was an
Assistant Vice President and Commercial Loan Officer for Amsterdam Savings Bank,
FSB from 1987 until he joined the Association.
EXHIBIT IV-6
Gloversville Federal Savings and Loan Association
Pro Forma Regulatory Capital Ratios
Pro Forma at September 30, 1997
Actual, As of ----------------------------------------------------------------------------
September 30, 1997 Minimum Midpoint Maximum Maximum As Adjusted
------------------ ----------------- ----------------- ----------------- -------------------
Percent Percent Percent Percent Percent
Amount of Assets Amount of Assets Amount of Assets Amount of Assets Amount of Assets
------ --------- ------ --------- ------ --------- ------ --------- ------ ---------
(Dollars in Thousands)
Capital and Retained
Earnings Under
Generally Accepted
Accounting Principles .... $3,301 5.41% $5,923 9.23% $6,480 10.00% $6,490 10.00% $6,502 10.00%
====== ===== ====== ===== ====== ===== ====== ===== ====== =====
Tangible Capital ........... $3,301 5.41% $5,923 9.23% $6,480 10.00% $6,490 10.00% $6,502 10.00%
Requirement .............. 915 1.50% 962 1.50% 972 1.50% 974 1.50% 975 1.50%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Excess ................... $2,386 3.91% $4,961 7.73% $5,508 8.50% $5,517 8.50% $5,526 8.50%
====== ===== ====== ===== ====== ===== ====== ===== ====== =====
Core Capital Capital ....... $3,301 5.41% $5,923 9.23% $6,480 10.00% $6,490 10.00% $6,502 10.00%
Requirement .............. 1,831 3.00% 1,925 3.00% 1,944 3.00% 1,947 3.00% 1,950 3.00%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Excess ................... $1,471 2.41% $3,999 6.23% $4,536 7.00% $4,543 7.00% $4,551 7.00%
====== ===== ====== ===== ====== ===== ====== ===== ====== =====
Risk-Based Capital ......... $3,788 10.01% $6,410 16.66% $6,966 18.05% $6,976 18.07% $6,988 18.09%
Requirement .............. 3,027 8.00% 3,077 8.00% 3,088 8.00% 3,089 8.00% 3,091 8.00%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Excess ................... $761 2.01% $3,332 8.66% $3,879 10.05% $3,887 10.07% $3,897 10.09%
====== ===== ====== ===== ====== ===== ====== ===== ====== =====
EXHIBIT IV-7
Gloversville Federal Savings and Loan Association
Pro Forma Analysis Sheet
RP Financial, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-7
PRO FORMA ANALYSIS SHEET -- PAGE 1
Gloversville FS&LA
Prices as of December 12, 1997
Comparable All NY All SAIF
Companies Companies Companies
---------------- ---------------- ----------------
Price Multiple: Symbol Subject(1) Mean Median Mean Median Mean Median
- -------------- ------ ---------- ---- ------ ---- ------ ---- ------
Price-earnings ratio = P/E -9.92x 22.86x 22.76x 20.44x 19.94x 19.50x 19.18x
Price-core earnings = P/CORE -9.92x 23.35x 22.76x 20.72x 20.40x 20.43x 20.03x
Price-book ratio = P/B 69.72% 129.72% 123.94% 163.77% 155.95% 159.37% 150.78%
Price-tng book ratio = P/TB 69.72% 130.46% 123.94% 174.50% 157.65% 162.79% 154.00%
Price-assets ratio = P/A 7.70% 17.88% 17.76% 19.02% 17.14% 19.33% 17.84%
Valuation Parameters
- --------------------
Pre-Conv Earnings (Y) $ -583,000 Est ESOP Borrowings (E) $400,000
Pre-Conv Book Value (B) $ 3,280,000 Cost of ESOP Borrowings (S) 0.00%(4)
Pre-Conv Assets (A) $61,022,000 Amort of ESOP Borrowings (T) 10 Years
Reinvestment Rate(2) (R) 3.26% Recognition Plans Amount (M) $200,000
Est Conversion Exp(3) (X) 508,200 Recognition Plans Expense (N) $ 40,000
Proceeds Not Reinvested (Z) $ 600,000
Calculation of Pro Forma Value After Conversion
- -----------------------------------------------
1. V = P/E (Y-R(X+Z)-ES-(1-TAX)E/T-(1-TAX)N)) V = $4,999,546
-----------------------------------------
1-(P/E)R
2. V = P/B (B-X-E-M) V = $5,000,591
-----------------------
1-P/B
3. V = P/A (A-X-M-E) V = $4,998,226
-----------------------
1-P/A
Total Price Total
Conclusion Shares Per Share Value
- ---------- ------ --------- -----
Appraised Value 500,000 $10.00 $5,000,000
RANGE:
- ------
- - Minimum 425,000 $10.00 $4,250,000
- - Maximum 575,000 $10.00 $5,750,000
- - Superrange 661,250 $10.00 $6,612,500
(1) Pricing ratios shown reflect the midpoint appraised value.
(2) Net return assumes a reinvestment rate of 5.44 percent, and a tax rate of
40.00 percent.
(3) Conversion expenses reflect estimated expenses as presented in offering
document.
(4) Assumes a borrowings cost of 0.00 percent and a tax rate of 40.00 percent.
RP Financial, Inc.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-7
PRO FORMA ANALYSIS SHEET -- PAGE 2
Gloversville FS&LA
Prices as of December 12, 1997
Mean Pricing Median Pricing
------------------ ------------------
Valuation Approach Subject Peers (Disc) Peers (Disc)
- ------------------ ------- ----- ------ ----- ------
P/E Price-earnings -9.92x 22.86x NM% 22.76x NM%
P/CORE Price-core earnings -9.92x 23.35x NM% 22.76x NM%
P/B Price-book 69.72% 129.72% -46.26% 123.94% -43.75%
P/TB Price-tang. book 69.72% 130.46% -46.56% 123.94% -43.75%
P/A Price-assets 7.70% 17.88% NM% 17.76% NM%
Average Premium (Discount) -46.41% -43.75%
EXHIBIT IV-8
Gloversville Federal Savings and Loan Association
Pro Forma Effect of Conversion Proceeds
RP Financial, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Gloversville FS&LA
At the Minimum of the Range
1. Conversion Proceeds
Pro-forma market value .............................. $4,250,000
Less: Estimated offering expenses ............... 508,200
----------
Net Conversion Proceeds ............................. $3,741,800
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ............................. $3,741,800
Less: Held in Non-Earning Assets(5)(1) .......... 510,000
----------
Net Proceeds Reinvested ............................. $3,231,800
Estimated net incremental rate of return ............ 3.26%
----------
Earnings Increase ................................... $ 105,486
Less: Estimated cost of ESOP borrowings(1) ...... 0
Less: Amortization of ESOP borrowings(2) ........ 20,400
Less: Recognition Plans Expense(4) .............. 20,400
----------
Net Earnings Increase ............................... $ 64,686
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended September 30, 1997 $ -583,000 $ -518,314
12 Months ended September 30, 1997 (Core) $ -583,000 $ -518,314
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
September 30, 1997 $ 3,280,000 $3,231,800 (3)(4) $ 6,511,800
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
September 30, 1997 $61,022,000 $3,231,800 $64,253,800
NOTE: Shares for calculating per share amounts: 425,000
(1) Estimated ESOP borrowings of $340,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 40.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $340,000 are omitted from net worth.
(4) $170,000 purchased by the Recognition Plans with an estimated pre-tax
expense of $34,000 and a tax rate of 40.00 percent.
(5) Stock purchased by Recognition Plans does not generate reinvestment
income.
RP Financial, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Gloversville FS&LA
At the Midpoint of the Range
1. Conversion Proceeds
Pro-forma market value .............................. $5,000,000
Less: Estimated offering expenses ............... 508,200
----------
Net Conversion Proceeds ............................. $4,491,800
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ............................. $4,491,800
Less: Held in Non-Earning Assets(5)(1) .......... 600,000
----------
Net Proceeds Reinvested ............................. $3,891,800
Estimated net incremental rate of return ............ 3.26%
----------
Earnings Increase ................................... $ 127,028
Less: Estimated cost of ESOP borrowings(1) ...... 0
Less: Amortization of ESOP borrowings(2) ........ 24,000
Less: Recognition Plans Expense(4) .............. 24,000
----------
Net Earnings Increase ............................... $ 79,028
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended September 30, 1997 $ -583,000 $ -503,972
12 Months ended September 30, 1997 (Core) $ -583,000 $ -503,972
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
September 30, 1997 $ 3,280,000 $3,891,800 (3)(4) $ 7,171,800
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
September 30, 1997 $61,022,000 $3,891,800 $64,913,800
NOTE: Shares for calculating per share amounts: 500,000
(1) Estimated ESOP borrowings of $400,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 40.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $400,000 are omitted from net worth.
(4) $200,000 purchased by the Recognition Plans with an estimated pre-tax
expense of $40,000 and a tax rate of 40.00 percent.
(5) Stock purchased by Recognition Plans does not generate reinvestment
income.
RP Financial, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Gloversville FS&LA
At the Maximum of the Range
1. Conversion Proceeds
Pro-forma market value .............................. $5,750,000
Less: Estimated offering expenses ............... 508,200
----------
Net Conversion Proceeds ............................. $5,241,800
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ............................. $5,241,800
Less: Held in Non-Earning Assets(5)(1) .......... 690,000
----------
Net Proceeds Reinvested ............................. $4,551,800
Estimated net incremental rate of return ............ 3.26%
----------
Earnings Increase ................................... $ 148,571
Less: Estimated cost of ESOP borrowings(1) ...... 0
Less: Amortization of ESOP borrowings(2) ........ 27,600
Less: Recognition Plans Expense(4) .............. 27,600
----------
Net Earnings Increase ............................... $ 93,371
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended September 30, 1997 $ -583,000 $ -489,629
12 Months ended September 30, 1997 (Core) $ -583,000 $ -489,629
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
September 30, 1997 $ 3,280,000 $4,551,800 (3)(4) $ 7,831,800
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
September 30, 1997 $61,022,000 $4,551,800 $65,573,800
NOTE: Shares for calculating per share amounts: 575,000
(1) Estimated ESOP borrowings of $460,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 40.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $460,000 are omitted from net worth.
(4) $230,000 purchased by the Recognition Plans with an estimated pre-tax
expense of $46,000 and a tax rate of 40.00 percent.
(5) Stock purchased by Recognition Plans does not generate reinvestment
income.
RP Financial, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Gloversville FS&LA
At the Superrange Maximum
1. Conversion Proceeds
Pro-forma market value .............................. $6,612,500
Less: Estimated offering expenses ............... 508,200
----------
Net Conversion Proceeds ............................. $6,104,300
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ............................. $6,104,300
Less: Held in Non-Earning Assets(5)(1) .......... 793,500
----------
Net Proceeds Reinvested ............................. $5,310,800
Estimated net incremental rate of return ............ 3.26%
----------
Earnings Increase ................................... $ 173,345
Less: Estimated cost of ESOP borrowings(1) ...... 0
Less: Amortization of ESOP borrowings(2) ........ 31,740
Less: Recognition Plans Expense(4) .............. 31,740
----------
Net Earnings Increase ............................... $ 109,865
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- ----------------
12 Months ended September 30, 1997 $ -583,000 $ -473,135
12 Months ended September 30, 1997 (Core) $ -583,000 $ -473,135
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
September 30, 1997 $ 3,280,000 $5,310,800 (3)(4) $ 8,590,800
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
September 30, 1997 $61,022,000 $5,310,800 $66,332,800
NOTE: Shares for calculating per share amounts: 661,250
(1) Estimated ESOP borrowings of $529,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 40.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $529,000 are omitted from net worth.
(4) $264,500 purchased by the Recognition Plans with an estimated pre-tax
expense of $52,900 and a tax rate of 40.00 percent.
(5) Stock purchased by Recognition Plans does not generate reinvestment
income.
EXHIBIT IV-9
Gloversville Federal Savings and Loan Association
Peer Group Core Earnings Analysis
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Core Earnings Analysis
Comparable Institution Analysis
For the Twelve Months Ended September 30, 1997
Estimated
Net Income Less: Net Tax Effect Less: Extd Core Income Estimated
to Common Gains(Loss) @ 34% Items to Common Shares Core EPS
---------- ----------- ---------- ---------- ----------- ------ ---------
($000) ($000) ($000) ($000) ($000) ($000) ($)
Comparable Group
- ----------------
AFED AFSALA Bancorp, Inc. of NY(1)(4) 593 0 0 0 593 1,455 0.82
AFBC Advance Fin. Bancorp of WV 902 -44 15 0 873 1,084 0.81
ALBC Albion Banc Corp. of Albion NY 328 -7 2 0 323 250 1.29
HRBF Harbor Federal Bancorp of MD 1,541 0 0 0 1,541 1,693 0.91
PEEK Peekskill Fin. Corp. of NY 2,098 0 0 0 2,098 3,193 0.66
PWBK Pennwood SB of PA 473 65 -22 0 516 570 0.91
PRBC Prestige Bancorp of PA 778 3 -1 0 780 915 0.85
SFED SFS Bancorp of Schenectady NY 1,162 0 0 0 1,162 1,231 0.94
SKAN Skaneateles Bancorp Inc of NY 1,715 -84 29 0 1,660 1,433 1.16
TPNZ Tappan Zee Fin., Inc. of NY(1) 866 -23 8 0 851 1,488 0.57
ESBK The Elmira SB FSB of Elmira NY 946 -278 95 0 763 742 1.03
WHGB WHG Bancshares of MD(1) 502 0 0 0 502 1,462 0.34
(1) Financial information is for the quarter ending June 30, 1997.
(4) Figures are for two quarters of financial data, EPS figures are annualized.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBIT V-1
RP Financial, LC.
Firm Qualifications Statement
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants FIRM QUALIFICATION STATEMENT
RP Financial provides financial and management consulting and valuation services
to the financial services industry nationwide, particularly federally-insured
financial institutions. RP Financial establishes long-term client relationships
through its wide array of services, emphasis on quality and timeliness, hands-on
involvement by our principals and senior consulting staff, and careful
structuring of strategic plans and transactions. RP Financial's staff draws from
backgrounds in consulting, regulatory agencies and investment banking, thereby
providing our clients with considerable resources.
STRATEGIC AND CAPITAL PLANNING
RP Financial's strategic and capital planning services are designed to provide
effective workable plans with quantifiable results. Through a program known as
SAFE (Strategic Alternatives Financial Evaluations), RP Financial analyzes
strategic options to enhance shareholder value or other established objectives.
Our planning services involve conducting situation analyses; establishing
mission statements, strategic goals and objectives; and identifying strategies
for enhancement of franchise value, capital management and planning, earnings
improvement and operational issues. Strategy development typically includes the
following areas: capital formation and management, asset/liability targets,
profitability, return on equity and market value of stock. Our proprietary
financial simulation model provides the basis for evaluating the financial
impact of alternative strategies and assessing the feasibility/compatibility of
such strategies with regulations and/or other guidelines.
MERGER AND ACQUISITION SERVICES
RP Financial's merger and acquisition (M&A) services include targeting
candidates and potential acquirors, assessing acquisition merit, conducting
detailed due diligence, negotiating and structuring transactions, preparing
merger business plans and financial simulations, rendering fairness opinions and
assisting in implementing post-acquisition strategies. Through our financial
simulations, comprehensive in-house data bases, valuation expertise and
regulatory knowledge, RP Financial's M&A consulting focuses on structuring
transactions to enhance shareholder returns.
VALUATION SERVICES
RP Financial's extensive valuation practice includes valuations for a variety of
purposes including mergers and acquisitions, mutual-to-stock conversions, ESOPs,
subsidiary companies, mark-to-market transactions, loan and servicing
portfolios, non-traded securities, core deposits, FAS 107 (fair market value
disclosure), FAS 122 (loan servicing rights) and FAS 123 (stock options). Our
principals and staff are highly experienced in performing valuation appraisals
which conform with regulatory guidelines and appraisal industry standards. RP
Financial is the nation's leading valuation firm for mutual-to-stock conversions
of thrift institutions.
OTHER CONSULTING SERVICES AND DATA BASES
RP Financial offers a variety of other services including branching strategies,
feasibility studies and special research studies, which are complemented by our
quantitative and computer skills. RP Financial's consulting services are aided
by its in-house data base resources for commercial banks and savings
institutions and proprietary valuation and financial simulation models.
YEAR 2000 SERVICES
RP Financial, through a relationship with a computer research and development
company with a proprietary methodology, offers Year 2000 advisory and conversion
services to financial institutions which are more cost effective and less
disruptive than most other providers of such service.
RP Financial's Key Personnel (Years of Relevant Experience)
Ronald S. Riggins, Managing Director (17)
William E. Pommerening, Managing Director (13)
Gregory E. Dunn, Senior Vice President (15)
James P. Hennessey, Senior Vice President (12)
James J. Oren, Vice President (10)
- --------------------------------------------------------------------------------
Washington Headquarters
Rosslyn Center
1700 North Monroe Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788