EXHIBIT 99.4
APPRAISAL REPORT OF KELLER & COMPANY, INC.
CONVERSION VALUATION APPRAISAL REPORT
Prepared for
Pioneer Bank,
A Federal Savings Bank
and
Oregon Trail Financial Corp.
Baker City, Oregon
As Of:
June 4, 1997
Prepared By:
Keller & Company, Inc.
555 Metro Place North
Dublin, Ohio 43017
(614) 766-1426
KELLER & COMPANY
CONVERSION VALUATION APPRAISAL REPORT
Prepared for
Pioneer Bank,
A Federal Savings Bank
and
Oregon Trail Financial Corp.
Baker City, Oregon
As Of:
June 4, 1997
Prepared By:
Michael R. Keller
President
TABLE OF CONTENTS
PAGE
INTRODUCTION 1
I. Description of Pioneer Bank, a Federal Savings Bank
General 4
Performance Overview 8
Income and Expense 10
Yields and Costs 16
Interest Rate Sensitivity 17
Lending Activities 19
Non-Performing Assets 23
Investments 25
Deposit Activities 25
Borrowings 26
Subsidiaries 27
Office Properties 27
Management 27
II. Description of Primary Market Area 29
III. Comparable Group Selection
Introduction 35
General Parameters
Merger/Acquisition 36
Mutual Holding Companies 36
Trading Exchange 37
IPO Date 38
Geographic Location 38
Asset Size 39
Balance Sheet Parameters
Introduction 40
Cash and Investments to Assets 40
Mortgage-Backed Securities to Assets 41
One- to Four-Family Loans to Assets 42
Total Net Loans to Assets 42
Total Net Loans and Mortgage-Backed Securities to Assets 43
Borrowed Funds to Assets 43
Equity to Assets 44
Performance Parameters
Introduction 44
TABLE OF CONTENTS (cont.)
PAGE
III. Comparable Group Selection (cont.)
Performance Parameters (cont.)
Return on Average Assets 45
Return on Average Equity 45
Net Interest Margin 46
Operating Expenses to Assets 46
Noninterest Income to Assets 46
Asset Quality Parameters
Introduction 47
Nonperforming Assets to Asset Ratio 47
Repossessed Assets to Assets 48
Loans Loss Reserves to Assets 48
The Comparable Group 49
Summary of Comparable Group Institutions 50
IV. Analysis of Financial Performance 53
V. Market Value Adjustments
Earnings Performance 56
Market Area 60
Financial Condition 61
Dividend Payments 62
Subscription Interest 63
Liquidity of Stock 64
Management 64
Marketing of the Issue 65
VI. Valuation Methods 66
Price to Book Value Ratio Method 67
Price to Earnings Method 68
Price to Net Assets Method 69
Valuation Conclusion 71
LIST OF EXHIBITS
NUMERICAL PAGE
EXHIBITS
1 Consolidated Statement of Financial
Condition at March 31, 1997 and
at June 30, 1996 72
2 Consolidated Statement of Financial
Condition at June 30, 1992 through 1995 73
3 Consolidated Statements of Income for
the Nine Months Ended March 31, 1997
and the Year Ended June 30, 1996 74
4 Consolidated Statements of Income for
the Years Ended June 30, 1993 through 1995 75
5 Selected Consolidated Financial Condition Data 76
6 Income and Expense Trends 77
7 Normalized Earnings Trend 78
8 Performance Indicators 79
9 Volume/Rate Analysis 80
10 Yield and Cost Trends 81
11 Interest Rate Sensitivity of Net Portfolio Value 82
12 Loan Portfolio Composition 83
13 Loan Maturity Schedule 84
14 Loan Originations 85
15 Nonperforming Assets 86
16 Classified Assets 87
17 Allowance for Loan Losses 88
18 Investment Portfolio Composition 89
19 Mix of Deposits 90
20 Deposit Activity 91
21 Borrowed Funds Activity 92
22 Offices of Pioneer Bank 93
23 List of Key Officers and Directors 94
24 Key Demographic Data and Trends 95
25 Key Housing Data 96
26 Major Sources of Employment by Industry Group 97
27 Unemployment Rates 98
28 Market Share of Deposits 99
29 National Interest Rates by Quarter 100
30 Thrift Stock Prices and Pricing Ratios 101
LIST OF EXHIBITS (cont.)
NUMERICAL PAGE
EXHIBITS
31 Key Financial Data and Ratios 112
32 Recently Converted Thrift Institutions 124
33 Acquisitions and Pending Acquisitions 125
34 Thrift Stock Prices and Pricing Ratios -
Mutual Holding Companies 126
35 Key Financial Data and Ratios -
Mutual Holding Companies 127
36 Balance Sheets Parameters -
Comparable Group Selection 128
37 Operating Performance and Asset Quality Parameters -
Comparable Group Selection 131
38 Balance Sheet Ratios -
Final Comparable Group 134
39 Operation Performance and Asset Quality Ratios
Final Comparable Group 135
40 Balance Sheet Totals - Final Comparable Group 136
41 Market Area Comparison - Final Comparable Group 137
42 Balance Sheet - Asset Composition
Most Recent Quarter 138
43 Balance Sheet - Liability and Equity
Most Recent Quarter 139
44 Income and Expense Comparison
Trailing Four Quarters 140
45 Income and Expense Comparison as a Percent of
Average Assets - Trailing Four Quarters 141
46 Yields, Costs & Earnings Ratios
Trailing Four Quarters 142
47 Dividends, Reserves and Supplemental Data 143
48 Valuation Analysis and Conclusions 144
49 Market Pricings and Financial Ratios - Stock Price
Comparable Group 145
50 Pro Forma Minimum Valuation 146
51 Pro Forma Mid-Point Valuation 147
52 Pro Forma Maximum Valuation 148
53 Pro Forma Superrange Valuation 149
54 Summary of Valuation Premium or Discount 150
ALPHABETICAL EXHIBITS PAGE
A Background and Qualifications 151
B RB 20 Certification 154
C Affidavit of Independence 155
Keller & Company, Inc.
555 Metro Place North
Suite 524
Dublin, Ohio 43017
(614) 766-1426
(614) 766-1459 FAX
June 20, 1997
Board of Directors
Pioneer Bank, A Federal Savings Bank
2055 First Street
Baker City, OR 97814
Gentlemen:
We hereby submit an independent appraisal of the pro forma market value of the
to-be-issued stock of Oregon Trail Financial Corp. (the "Corporation"), which is
the newly formed holding company of Pioneer Bank, A Federal Savings Bank, Baker
City, Oregon ("Pioneer" or the "Bank"). The Corporation will hold all of the
shares of the common stock of the Bank. Such stock is to be issued in connection
with the Bank's conversion from a federally chartered mutual savings bank to a
federally chartered stock savings bank in accordance with the Bank's Plan of
Conversion. This appraisal was prepared and provided to the Bank in accordance
with the conversion requirements and regulations of the Office of Thrift
Supervision of the United States Department of the Treasury.
Keller & Company, Inc. is an independent financial institution consulting firm
that serves both banks and thrift institutions. The firm is a full-service
consulting organization, as described in more detail in Exhibit A, specializing
in market studies, business and strategic plans, stock valuations, conversion
appraisals, and fairness opinions for thrift institutions and banks. The firm
has affirmed its independence in this transaction with the preparation of its
Affidavit of Independence, a copy of which is included as Exhibit C.
Our appraisal is based on the assumption that the data provided to us by Pioneer
and the material provided by the independent auditor, Deloitte & Touche LLP,
Portland, Oregon, are both accurate and complete. We did not proceed to verify
the financial statements provided to us, nor did we conduct independent
valuations of the Bank's assets and liabilities. We have also used information
from other public sources, but we cannot assure the accuracy of such material.
Board of Directors
Pioneer Bank, A Federal Savings Bank
June 20, 1997
Page 2
In the preparation of this appraisal, we held discussions with the management of
Pioneer, with the law firm of Breyer & Aguggia, Washington, DC, the Bank's
conversion counsel, and with Deloitte & Touche LLP. Further, we viewed the
Bank's local economy and primary market area.
This valuation must not be considered as a recommendation as to the purchase of
stock in the Corporation, and we can provide no guarantee or assurance that any
person who purchases shares of the Corporation's stock in this conversion will
be able to later sell such shares at a price equivalent to the price designated
in this appraisal.
Our valuation will be updated as required and will give consideration to any new
developments in the Bank's operation that have an impact on operations or
financial condition. Further, we will give consideration to any changes in
general market conditions and to specific changes in the market for
publicly-traded thrift institutions. Based on the material impact of any such
changes on the pro forma market value of the Bank as determined by this firm, we
will make necessary adjustments to the Bank's appraised value in such appraisal
update.
It is our opinion that as of June 4, 1997, the pro forma market value or
appraised value of the Corporation was $33,100,000. Further, a range for this
valuation is from a minimum of $28,135,000 to a maximum of $38,065,000, with a
super-maximum of $43,774,750.
Very truly yours,
KELLER & COMPANY, INC.
/s/Michael R. Keller
Michael R. Keller
President
INTRODUCTION
Keller & Company, Inc., is an independent appraisal firm for financial
institutions, and prepared this Conversion Appraisal Report ("Report") to
provide the pro forma market value of the to-be-issued common stock of Oregon
Trail Financial Corp. (the "Corporation"), an Oregon corporation, formed as a
holding company to own all of the to-be-issued shares of common stock of Pioneer
Bank, a Federal Savings Bank, Baker City, Oregon, ("Pioneer" or the "Bank"). The
stock is to be issued in connection with the Bank's Application for Approval of
Conversion from a federally chartered mutual savings and loan association to a
federally chartered stock savings and loan association. The Application is being
filed with the Office of Thrift Supervision ("OTS") of the Department of the
Treasury and the Securities and Exchange Commission ("SEC"). In accordance with
the Bank's conversion, there will be a simultaneous issuance of all the Bank's
stock to the Corporation, which will be formed by the Bank. Such Application for
Conversion has been reviewed by us, including the Prospectus and related
documents, and discussed with the Bank's management and the Bank's conversion
counsel, Breyer & Aguggia, Washington, D.C.
This conversion appraisal was prepared based on the guidelines provided by
OTS entitled "Guidelines for Appraisal Reports for the Valuation of Savings
Institutions Converting from the Mutual to Stock Form of Organization", in
accordance with the OTS application requirements of Regulation ss.563b and the
OTS's Revised Guidelines for Appraisal Reports, and represents a full appraisal
report. The Report provides detailed exhibits based on the Revised Guidelines
and a discussion on each of the fourteen factors that need to be considered. Our
valuation will be updated in accordance with the Revised Guidelines and will
consider any changes in market conditions for thrift institutions.
The pro forma market value is defined as the price at which the stock of
the Corporation after conversion would change hands between a typical willing
buyer and a typical willing seller when the former is not under any compulsion
to buy and the latter is not under any compulsion to sell, and with both parties
having reasonable knowledge
1
Introduction (cont.)
of relevant facts in an arms-length transaction. The appraisal assumes the Bank
is a going concern and that the shares issued by the Corporation in the
conversion are sold in non-control blocks.
In preparing this conversion appraisal, we have reviewed the audited
financial statements for the five fiscal years ended June 30, 1993 through 1996,
and March 31, 1997, and discussed them with Pioneer's management, with Pioneer's
independent auditors, KMPG Peat Marwick, Billings, Oregon. Pioneer changed its
audit year from June 30 to March 31 subsequent to June 30, 1996. We have also
discussed and reviewed with management other financial matters. We have reviewed
the Corporation's preliminary Form S-1 and the Bank's preliminary Form AC and
discussed them with management and with the Bank's conversion counsel.
We have visited Pioneer's home office and numerous branch offices and have
traveled the surrounding area. We have studied the economic and demographic
characteristics of the primary market area and analyzed the Bank's primary
market area relative to Oregon and the United States. We have also examined the
competitive savings and loan environment within which Pioneer operates, giving
consideration to the area's key characteristics, both positive and negative.
We have given consideration to the market conditions for securities in
general and for publicly-traded thrift stocks in particular. We have examined
the performance of selected publicly-traded thrift institutions and compared the
performance of Pioneer to those selected institutions.
2
Introduction (cont.)
Our valuation is not intended to represent and must not be interpreted to
be a recommendation of any kind as to the desirability of purchasing the
to-be-outstanding shares of common stock of the Corporation. Giving
consideration to the fact that this appraisal is based on numerous factors that
can change over time, we can provide no assurance that any person who purchases
the stock of the Corporation in this mutual-to-stock conversion will
subsequently be able to sell such shares at prices similar to the pro forma
market value of the Corporation as determined in this conversion appraisal.
3
I. DESCRIPTION OF PIONEER BANK, A FEDERAL SAVINGS BANK
GENERAL
Pioneer Bank, a Federal Savings Bank, Baker City, Oregon, was chartered in
1901 as an Oregon mutual savings and loan association with the name East Oregon
Building and Loan Association. The Bank converted to a federal mutual savings
and loan association in 1934, changing its name to East Oregon Federal Savings
and Loan Association. In 1952, the Bank changed its name to Pioneer Federal
Savings and Loan Association, which subsequently changed in 1991 to its current
name, Pioneer Bank, a Federal Savings Bank.
Pioneer conducts its business from its home office in Baker City, Oregon,
and its six branch offices, one in Ontario, John Day, Burns, Enterprise and two
branches in La Grande. The Bank will be opening a new branch in Island City and
then closing one of its branches in La Grande. The Bank's primary market area
includes those regions surrounding its offices in Baker, Grant, Harney, Malheur,
Union, Wallowa and Wheeler Counties in Oregon and Payette and Washington
Counties in Idaho. Pioneer's deposits are insured up to applicable limits by the
Federal Deposit Insurance Corporation ("FDIC") in the Savings Association
Insurance Fund ("SAIF"). The Bank is also subject to certain reserve
requirements of the Board of Governors of the Federal Reserve Bank (the "FRB").
Pioneer is a member of the Federal Home Loan Bank (the "FHLB") of Seattle and is
regulated by the OTS, and by the FDIC. As of March 31, 1997, Pioneer had assets
of $204,213 deposits of $179,158 and equity of $21,026,000.
Pioneer is a community-oriented institution which has been principally
engaged in the business of serving the financial needs of the public in its
local communities and throughout its market area. Pioneer has been historically
actively involved in the origination of residential mortgage loans for the
purchase of one- to four-family dwellings, comprising 52.9 percent of its loan
originations during the fiscal year ended June 30, 1996, excluding construction
loans, and 46.4 percent of its loan originations during the fiscal year ended
June 30, 1995. The Bank has also been active in the origination of
4
General (cont.)
consumer loans, which represented 23.2 percent of total originations in fiscal
year 1996 and 27.7 percent in fiscal year 1995. For the nine months ended March
31, 1997, one-to four-family loans represented a smaller 30.7 percent of total
originations with consumer loans representing 31.4 percent and commercial
business loans representing 29.8 percent. At March 31, 1997, 72.0 percent of its
gross loans consisted of residential real estate loans on one- to four-family
dwellings, not including residential construction loans, compared to a larger
73.3 percent at June 30, 1993, with the primary source of its funds being retail
deposits from residents in its local communities. The Bank is also an originator
of multifamily loans, commercial real estate loans, construction and land loans
and also offers various consumer loans, commercial business loans and
agricultural loans. Consumer loans include automobile loans, credit card loans,
loans on savings accounts, home equity and second mortgage loans, and secured
and unsecured loans. Consumer loans represented a strong 18.0 percent share of
the Bank's total loans at March 31, 1997.
The Bank had $23.6 million, or 11.5 percent of its assets in cash and
investments including FHLB stock. The Bank had an additional $35.1 million, or
17.2 percent of its assets, in mortgage-backed securities, with the combined
total of cash and investment securities, mortgage-backed securities and
interest-bearing deposits being $58.7 million or 28.7 percent of assets.
Deposits, FHLB advances and retained earnings have been the sources of funds for
the Bank's lending and investment activities.
The management of Pioneer is aware of the emphasis being placed on
matching the maturities of assets and liabilities and monitoring the Bank's
interest rate sensitivity position and market value of portfolio equity. The
Bank understands the nature of interest rate risk and the potential earnings
impact during times of rapidly changing rates, either rising or falling. Pioneer
also recognizes the need and importance of attaining a competitive net interest
margin.
5
General (cont.)
The Bank's gross amount of stock to be sold in the conversion will be
$33,100,000 or 3,310,000 shares at $10 per share based on the midpoint of the
appraised value, with net conversion proceeds of $32,216,000 reflecting
conversion expenses of $884,000. The actual cash proceeds to the Bank of $16.1
million will represent fifty percent of the net conversion proceeds, including
the ESOP of $2,648,000, and will be invested in consumer loans, commercial
business loans and agricultural loans, and initially invested in short term
investments. The Bank may also use the proceeds to expand services, expand
operations or other financial service organizations, diversification into other
businesses, or for any other purposes authorized by law. The Holding Company
will use its proceeds to fund the ESOP and to initially invest in short- and
intermediate-term government securities.
Pioneer has seen minimal deposit growth over the past five fiscal periods
with deposits increasing only 2.0 percent from June 30, 1993, to March 31, 1997,
or an average of 0.5 percent per year. The Bank anticipates very modest growth
in the future with an actual decrease in deposits as a result of the conversion
due to depositors withdrawing savings to purchase stock. The Bank has focused on
increasing its loan portfolio during the past five fiscal periods, while
decreasing its level of investments and mortgage-backed securities, monitoring
its earnings and increasing its capital to assets ratio. Equity to assets
increased from 6.71 percent of assets at June 30, 1993, to 10.34 percent at
March 31, 1997.
Pioneer's primary lending strategy has been to originate and retain both
adjustable-rate and fixed-rate residential mortgage loans combined with a
moderate level of multifamily loans, commercial real estate loans, consumer
loans, commercial business loans and agricultural loans.
Pioneer's share of one- to four-family mortgage loans has decreased
modestly from 73.3 percent of gross loans at June 30, 1993, to 72.0 percent as
of March 31, 1997. Multifamily loans, decreased from 1.4 percent of gross loans
at June 30, 1993, to 1.3 percent at March 31, 1997. Commercial real estate loans
decreased from 3.5 percent of
6
General (cont.)
gross loans at June 30, 1993, to 3.4 percent at Mach 31, 1997. The Bank's share
of consumer loans also witnessed a decrease from 18.5 percent at June 30, 1993
to 18.0 percent at March 31, 1997. The decreases in these loans categories were
offset by the Bank's increase in commercial business loans from 1.2 percent at
June 30, 1993, to 2.9 percent at March 31, 1997. Further, the Bank introduced
agricultural loans in fiscal 1997, which represented 1.7 percent of gross loans
at March 31, 1997, compared to zero at June 30, 1993.
Management's internal strategy has also included continued emphasis on
maintaining an adequate and appropriate allowance for loan losses relative to
loans and nonperforming assets in recognition of the more stringent requirements
within the industry to establish and maintain a higher level of general
valuation allowances and the resultant higher levels of allowances currently
maintained in the industry. At June 30, 1993, Pioneer had $506,000 in its loan
loss allowance or 0.50 percent of gross loans, which increased to $725,000 and
represented a similar 0.51 percent of gross loans outstanding at March 31, 1997.
Interest income from loans and investments has been the basis of earnings
with the net interest income being the key determinant of net earnings. With a
dependence on net interest margin for earnings, current management will focus on
strengthening the Bank's net interest margin without undertaking excessive
credit risk and will not pursue any significant change in its interest rate risk
position.
7
PERFORMANCE OVERVIEW
Pioneer's financial position over the past five fiscal periods ended June
30, 1993, through March 31, 1997, is highlighted through the use of selected
financial data in Exhibit 5. Pioneer has focused on strengthening its equity
position, controlling its overhead ratio, increasing its loan levels, and
maintaining its net interest margin. Pioneer has experienced a modest rise in
assets from June 30, 1993 to March 31, 1997, a smaller rate of increase in
deposits with an average increase in equity over the past five fiscal years. Due
to the Bank's modest growth, the resultant impact has been a moderate increase
in the Bank's equity to assets ratio from June 30, 1993 to March 31, 1997.
Pioneer witnessed a total increase in assets of $10.9 million or 5.6
percent for the period of June 30, 1993, to March 31, 1997, representing an
average annual increase in assets of 1.5 percent. For the nine months ended
March 31, 1997, assets increased $756,000 or 0.4 percent. Of those fiscal
periods, the Bank experienced its largest dollar rise in assets of $8.7 million
in fiscal year 1995, which represented a 4.4 percent increase in assets funded
primarily by a rise in borrowed funds. This increase was succeeded by a $1.9
million or 0.9 percent decrease in assets in fiscal year 1996.
The Bank's net loan portfolio, including mortgage loans, consumer loans,
commercial business loans and agricultural loans increased from $97.6 million at
June 30, 1993, to $138.9 million at March 31, 1997, and represented a total
increase of $41.3 million, or 42.3 percent. The average annual increase during
that period was 11.28 percent. That increase was primarily the result of higher
levels of loan originations of one-to four-family loans, consumer loans and
commercial business loans. For the fiscal period ended March 31, 1997, loans
increased $6.5 million or 4.9 percent.
Pioneer has pursued obtaining funds through deposit growth in accordance
with the demand for loans and has also made use of FHLB advances during the past
five fiscal periods. The Bank's competitive rates for savings in its local
market in conjunction with its focus on service have been the sources of retail
deposits. Deposits increased a modest
8
Performance Overview (cont.)
0.9 percent from 1993 to 1994, followed by a 2.6 percent decrease in fiscal year
1995, a modest increase of 2.3 percent in fiscal 1996, and a 1.4 percent
increase in fiscal 1997 with an average annual rate of increase of 0.5 percent
from June 30, 1993, to March 31, 1997. The Bank's strongest fiscal year deposit
growth was in fiscal year 1996, when deposits increased $4.1 million or 2.3
percent.
Pioneer has been able to increase its equity each fiscal year from 1993
through 1997. At June 30, 1993, the Bank had equity (GAAP basis) of $13.0
million representing a 6.71 percent equity to assets ratio, increasing to $21.0
million at March 31, 1997, and representing a 10.30 percent equity to assets
ratio. The moderate rise in the equity to assets ratio is the result of the
Bank's steady earnings performance in 1993 through 1997 combined with a modest
rise in assets. Equity increased 62.2 percent from June 30, 1993, through March
31, 1997, representing an average annual increase of 16.6 percent.
9
INCOME AND EXPENSE
Exhibit 6 presents selected operating data for Pioneer, reflecting the
Bank's income and expense trends. This table provides selected audited income
and expense figures in dollars for the fiscal periods ended June 30, 1993
through 1996 and for the nine months ended March 31, 1996 and 1997.
Pioneer has witnessed an increase in its dollar level of interest income
from June 30, 1993, through March 31, 1997, ranging from a high of $16.0 million
in 1996 to a low of $14.6 million in 1994, and with a three year increase from
1993 to 1996 of 5.4 percent, or an average increase of 1.8 percent per year.
This overall trend was a combination of a modest decrease from 1993 to 1994
followed by a modest increase in 1995 and then a moderate increase in 1996 and
basically no change in the nine months ended March 31, 1997, annualized. In
fiscal year 1996, interest income increased $1.2 million to $16.0 million. In
the nine months ended March 31, 1997, interest income was $12.0 million or
similar to the $12.0 million in the nine months ended March 31, 1996, and
representing $16.0 million, annualized.
The Bank's interest expense experienced a similar trend from fiscal year
1993 to 1996. Interest expense decreased $1,115,000, or 14.6 percent, from 1993
to 1994, compared to a decrease in interest income of $571,000, or 3.8 percent,
for the same time period. Interest expense then increased $549,000 or 8.4
percent from 1994 to 1995, compared to an increase in interest income of
$186,000 or 1.3 percent. Such increase in interest income was more than offset
by the increase in interest expense, resulting in a moderate decrease in annual
net interest income to $7,724,000 for the fiscal year ended June 30, 1995, and a
decrease in net interest margin. Interest expense continued to increase in
fiscal 1996 by $974,000, or 13.8 percent, compared to a $1,205,000 increase in
interest income, resulting in a rise in net interest income. Net interest income
increased from $7,543,000 in 1993 to its highest level of $8,087,000 in 1994,
and then decreased slightly
10
Income and Expense (cont.)
to $7,955,000 in 1996. For the nine months ended March 31, 1997, net interest
income was $6,477,000 or $8,636,000, annualized, and representing an increase
from fiscal year 1996.
The Bank has made provisions for loan losses in four of the past five
fiscal periods of 1993 through 1997 with a credit recognized in 1994. The
amounts of those provisions were determined in recognition of the Bank's level
of increased lending activity, greater focus on higher risk consumer and
commercial business loans including agricultural loans, nonperforming assets,
charge-offs and repossessed assets and current industry norms. The loan loss
provisions were $175,000 in 1993, $67,000 in 1994, $115,000 in 1996 and $216,000
in 1997 with a credit of $90,000 in 1994. The impact of these loan loss
provisions has been to provide Pioneer with a general valuation allowance of
$725,000 at March 31, 1997, or 0.52 percent of gross loans.
Total other income or noninterest income indicated noticeable volatility
in fiscal periods 1993 to 1997, with an overall declining trend from 1993 to
1996. The Bank indicated higher levels of noninterest income in fiscal years
1993 and 1995. The highest level of noninterest income was in fiscal year 1995
at $1,141,000 or 0.56 percent of assets, and the lowest level at $661,000 was in
the nine months ended March 31, 1997, representing 0.32 percent of assets. The
Bank's higher levels of noninterest income are the result of gains from the sale
of securities in 1995 and higher loan origination fees recognized in 1993. The
decrease in noninterest income from 1993 to 1996 was due almost entirely to the
loan origination fees no longer being recognized in other income. The average
noninterest income level for the past five fiscal periods was $833,600 or 0.42
percent of average assets using actual noninterest income. Noninterest income
was 0.35 percent in 1996 and 0.43 percent for the nine months ended March 31,
1997, annualized. Noninterest income consists primarily of fees and service
charges.
The Bank's general and administrative expenses or noninterest expenses
increased from $4,507,000 for the fiscal year of 1993 to $5,009,000 for the
fiscal year ended June
11
Income and Expense (cont.)
30, 1996. Noninterest expenses were $5,075,000 for the nine months ended March
31, 1997, which included the $1.1 million one-time SAIF assessment recognized as
of September 30, 1996. Excluding the one-time SAIF assessment, noninterest
expenses were $3,975,000 for the nine months ended March 31, 1997, or $5,300,000
on an annualized basis. The dollar increase in noninterest expenses was $502,000
from 1993 to 1996, representing an average annual increase of $167,333 or 3.5
percent. The average annual increase in other expenses was due to the Bank's
normal rise in overhead expenses. On a percent of assets basis, operating
expenses increased from a low 2.34 percent of assets for the fiscal year ended
June 30, 1994, to a high of 2.50 percent for the nine months ended March 31,
1997, which was similar to the Bank's ratio in fiscal 1995 of 2.49 percent which
are both higher than current industry averages of approximately 2.29 percent.
When one excludes the one-time SAIF assessment, the noninterest expense to
average assets ratio decreases to 2.30 percent for the nine months ended March
31, 1997, annualized.
The net earnings position of Pioneer has indicated profitable performance
in each of the past four fiscal years ended June 30, 1993 through 1996 and for
the nine months ended March 31, 1997. The annual net income figures for the past
five fiscal periods of 1993, 1994, 1995, 1996 and 1997 have been $2,358,000,
$2,647,000, $2,259,000, $2,179,000 and $1,098,000 representing returns on
average assets of 1.24 percent, 1.35 percent, 1.12 percent, 1.06 percent and
0.78 percent, respectively. The average return on assets for the past five
fiscal periods was 1.11 percent.
Exhibit 7 provides the Bank's normalized earnings or core earnings for the
twelve months ended March 31, 1997 and for the fiscal years 1995 and 1996. The
Bank's normalized earnings eliminate any nonrecurring income and expense items.
There was no adjustment in 1996 but a downward adjustment in 1995 to eliminate a
$280,000 gain on the sale of securities. For the twelve months ended March 31,
1997, there was an upward adjustment of $1,146,000 to adjust for the one-time
SAIF assessment.
12
Income and Expense (cont.)
The key performance indicators comprised of selected operating ratios,
asset quality ratios and capital ratios are shown in Exhibit 8 to reflect the
results of performance. The Bank's return on assets increased from 1.24 percent
in fiscal year 1993 to its highest level of 1.35 percent in fiscal year 1994,
decreasing to 1.12 percent in fiscal year 1995, then down to 1.06 percent in
1996 and to its lowest level of 0.72 percent in the nine months ended March 31,
1997, due to the impact of the one-time SAIF assessment. Excluding the one-time
SAIF assessment, the Bank's return on average assets increases to 1.16 percent
for the nine months ended March 31, 1997, annualized.
The Bank's average net interest rate spread strengthened from 3.87 percent
in fiscal year 1993 to 3.95 percent in fiscal year 1994, then declined during
the next two fiscal years to 3.56 percent in 1996, its lowest level over the
past four years. For the nine months ended March 31, 1997, net interest rate
spread increased to 3.90 percent. The Bank's net interest margin indicated a
similar trend, increasing from 4.07 percent in fiscal year 1993 to 4.22 percent
in fiscal year 1994, then decreasing to 3.94 percent in fiscal 1995, but then
increasing to 3.97 percent for the fiscal year 1996. For the nine months ended
March 31, 1997, the Bank's net interest margin continued to increase to 4.40
percent. Pioneer's net interest rate spread increased 8 basis points in 1994 to
3.95 percent from 3.87 percent in 1993 and then decreased 34 basis points in
1995 to 3.61 percent as the result of a decrease in yield. Net interest rate
spread decreased another 5 basis points to 3.56 percent for fiscal year 1996 and
then increased 34 basis points to 3.90 percent for the nine months ended March
31, 1997. The Bank's net interest margin followed a basically similar trend,
increasing 15 basis points to 4.22 percent in 1994 and then decreasing 28 basis
points to 3.94 percent in 1995. Net interest margin then increased 3 basis
points to 3.97 percent in 1996 and continued to increase another 43 basis points
to 4.40 percent for the nine months ended March 31, 1997.
The Bank's return on average equity decreased from 1993 through 1996 and
continued to decrease in the nine months ended March 31, 1997. The return on
average equity decreased from 20.0 percent in 1993, to 18.57 percent in fiscal
year 1994, then
13
Income and Expense (cont.)
down to 13.59 percent in fiscal year 1995. The return on equity decreased to
11.40 percent in fiscal year 1996, and decreased further to 7.09 percent for the
nine months ended March 31, 1997.
Pioneer's ratio of interest-earning assets to interest-bearing liabilities
increased gradually from 104.88 percent at June 30, 1993, to 110.64 percent at
June 30, 1996 and then to 113.20 percent at March 31, 1997.
Another key noninterest expense ratio reflecting efficiency of operation
is the ratio of noninterest expenses to net interest income plus noninterest
income referred to as the "efficiency ratio". The industry norm is 60.0 percent.
The Bank has been characterized with a higher level of efficiency over the past
four years reflected in its lower efficiency ratio, which increased from 54.07
percent in 1993 to 58.58 percent in 1996. The efficiency ratio increased to
73.31 percent for the nine months ended March 31, 1997, due to the impact of the
one-time SAIF assessment and decreases to 55.04 percent when one excludes the
one-time SAIF assessment.
Earnings performance can be affected by an institution's asset quality
position. The ratio of nonperforming assets to total assets is a key indicator
of asset quality. Pioneer witnessed a minimal change in its nonperforming asset
ratio from June 30, 1993 to March 31, 1997. Nonperforming assets consist of
loans delinquent 90 days or more, nonaccruing loans and repossessed assets. The
ratio of nonperforming assets to total assets was 0.07 percent at June 30, 1993,
and decreased to 0.03 percent at June 30, 1994. The ratio then increased to 0.10
percent in 1996, and remained at 0.10 percent at March 31, 1997. The Bank's
allowance for loan losses was 389.23 percent of nonperforming loans at June 30,
1993, and a similar but lower 381.58 percent at March 31, 1997. As a percentage
of gross loans, Pioneer's allowance for loan losses was 0.52 percent in 1993,
0.36 percent in 1994, 0.37 percent in 1995, 0.46 percent in 1996 and 0.52
percent at March 31, 1997.
14
Income and Expense (cont.)
Exhibit 9 provides the changes in net interest income due to rate and
volume changes for the past two fiscal years of 1995 and 1996, and for the nine
months ended March 31, 1997. In fiscal year 1995, net interest income decreased
$402,000, due to an increase in interest expense of $590,000 reduced by a
$188,000 increase in interest income. The increase in interest income was due to
an increase due to a change in volume of $973,000 reduced by decreases due to
rate of $697,000, and due to both rate and volume of $88,000. The increase in
interest expense was due to an increase due to rate of $264,000 accented by
increases due to a change in volume of $70,000, and due to both rate and volume
of $256,000.
In fiscal year 1996, net interest income increased $238,000, due to a
$1,206,000 increase in interest income partially offset by an $968,000 increase
in interest expense. The increase in interest income was due to a $357,000
increase due to volume accented by a $30,000 increase due to rate and a $32,000
increase due to a combination of rate and volume. The increase in interest
expense was due to a $254,000 increase due to volume accented by a $630,000
increase due to rate and an additional $84,000 due to both rate and volume.
In the nine months ended March 31, 1997, net interest income increased
$646,000 due to an $87,000 increase in interest income accented by a $559,000
decrease in interest expense. The increase in interest income was attributable
to a $150,000 increase due to rate and a $14,000 increase due to both rate and
volume reduced by a $77,000 decrease due to volume. The decrease in interest
expense was due to a $326,000 decrease due to rate accented by a $321,000
decrease due to volume but partially offset by an $88,000 increase due to rate
and volume.
15
YIELDS AND COSTS
The overview of yield and cost trends for the years ended June 30, 1995
and 1996, for the nine months ended March 31, 1996 and 1997, and at March 31,
1997, can be seen in Exhibit 10, which offers a summary of key yields on
interest-earning assets and costs of interest-bearing liabilities.
Pioneer's weighted average yield on its loans receivable increased 49
basis points from fiscal year 1995 to 1996, from 8.16 percent to 8.65 percent,
then increased 10 basis points to 8.75 percent for the nine months ended March
31, 1997, and increased another 2 basis points to 8.77 percent at March 31,
1997. The yield on mortgage-backed securities increased 28 basis points from
fiscal year 1995 to 1996 from 7.04 percent to 7.32 percent then increased 10
basis points to 7.42 percent for the nine months ended March 31, 1997, and then
decreased 14 basis points to 7.28 percent at March 31, 1997. The yield on
investment securities increased 90 basis points from 6.09 percent in 1995 to
6.99 percent in 1996 and then decreased to 6.67 percent for the nine months
ended March 31, 1997, and decreased another 13 basis points to 6.54 percent at
March 31, 1997. FHLB stock indicated an increase in its yield of 129 basis
points from 6.10 percent in 1995 to 7.39 percent in 1996 and then increased to
7.69 percent for the nine months ended March 31, 1997. The combined weighted
average yield on all interest-earning assets increased 46 basis points to 8.02
percent from 1995 to 1996. The yield on interest-earning assets then increased
15 basis points to 8.17 percent for the nine months ended March 31, 1997, before
decreasing to 8.11 percent at March 31, 1997.
Pioneer's weighted average cost of interest-bearing liabilities increased
51 basis points to 4.46 percent from fiscal year 1995 to 1996, which was greater
than the Bank's 46 basis point increase in yield, resulting in the decline in
the Bank's interest rate spread of 5 basis points from 3.61 percent to 3.56
percent from 1995 to 1996. The Bank's average cost of interest-bearing
liabilities then decreased for the nine months ended March 31, 1997 by 19 basis
points to 4.27 percent compared to a 15 basis point increase in yield on
interest-earning assets. The result was an increase in the Bank's interest rate
spread of 34 basis points to 3.90 percent for the nine months ended March 31,
1997. The Bank's
16
Yields and Costs (cont.)
cost of funds continued to decrease to 4.25 percent at March 31, 1997, or 2
basis points which was more than offset by a 6 basis point decrease in yield to
8.11 percent resulting in a 4 basis point decrease in net interest rate spread
to 3.86 percent at March 31, 1997. The Bank's net interest margin increased 3
basis points from 3.94 percent in fiscal year 1995 to 3.97 percent in fiscal
year 1996. The net interest margin continued to increase to 4.40 percent for the
nine months ended March 31, 1997.
INTEREST RATE SENSITIVITY
Pioneer has monitored its interest rate sensitivity position with its
focus on the origination of both adjustable rate and fixed-rate mortgage loans
by maintaining a higher level of short term loans. Pioneer recognized the thrift
industry's significant interest rate risk exposure in the 1980's, which caused a
negative impact on earnings and market value of portfolio equity as a result of
significant fluctuations in interest rates, specifically rising rates. Such
exposure was due to the disparate rate of maturity and/or repricing of assets
relative liabilities commonly referred to as an institution's "gap". The larger
an institution's gap, the greater the risk (interest rate risk) of earnings loss
due to a decrease in net interest margin and a decrease in market value of
equity or portfolio loss. In response to the potential impact of interest rate
volatility and negative earnings impact, many institutions have taken steps in
the 1990's to minimize their gap position. This frequently results in a decline
in the institution's net interest margin and overall earnings performance.
The Bank measures its interest rate risk through the use of its net
portfolio value ("NPV") of the expected cash flows from interest-earning assets
and interest-bearing liabilities and any off-balance sheet contracts. The NPV
for the Bank is calculated on a quarterly basis by the FHLB of Seattle and the
OTS as well as the change in the NPV for the Bank under rising and falling
interest rates. Such change in NPV under changing rates is one indicator of the
Bank's interest rate risk exposure. The Bank also uses its sensitivity measure
as calculated by the FHLB and the OTS each quarter.
17
Interest Rate Sensitivity (cont.)
There are other factors which have a measurable influence on interest rate
sensitivity. Such key factors to consider when analyzing interest rate
sensitivity include level of liquidity, the loan payoff schedule, accelerated
principal payments, deposit maturities, interest rate caps on adjustable-rate
mortgage loans, and deposit withdrawals.
Exhibit 11 provides the Bank's NPV as of March 31, 1997, and the change in
the Bank's NPV under rising and declining interest rates. Such calculations are
provided by the FHLB, and the focus of this exposure table is a 200 basis points
change in interest rates either up or down.
The Bank's change in its NPV at March 31, 1997, based on a rise in
interest rates of 200 basis points was a 22.48 percent decrease, representing a
dollar decrease in equity value of $4,024,000. In contrast, based on a decline
in interest rates of 200 basis points, the Bank's NPV was estimated to increase
8.32 percent or $1,786,000 at March 31, 1997. The Bank's exposure at March 31,
1997, increases to a 53.34 percent decrease under a 400 basis point rise in
rates, and the NPV is estimated to increase 23.68 percent based on a 400 basis
point decrease in rates. The Bank's sensitivity measure was a negative 225 basis
points at March 31, 1997.
The Bank is aware of its moderate interest rate risk exposure under
rapidly rising rates and modestly positive exposure under falling rates. Due to
Pioneer's recognition of the need to control its interest rate exposure, the
Bank has been focusing on adjustable rate loans and the sale of its fixed-rate
mortgage loans.
18
LENDING ACTIVITIES
Pioneer has focused its lending activity on the origination of
conventional mortgage loans secured by one- to four-family dwellings. Exhibit 12
provides a summary of Pioneer's loan portfolio, by loan type, at June 30, 1993
through 1996, and at March 31, 1997.
Residential loans secured by one- to four-family dwellings excluding
residential construction loans was the primary loan type representing 72.0
percent of the Bank's gross loans as of March 31, 1997. This share has seen a
modest decrease from 73.3 percent at June 30, 1993. The second largest real
estate loan type as of March 31, 1997, was commercial real estate loans which
comprised 3.4 percent of gross loans compared to a slightly larger 3.5 percent
as of June 30, 1993. The commercial real estate loan category was also the
second largest real estate loan type in 1993. The third key real estate loan
type was multifamily loans, which represented 1.3 percent of gross loans as of
March 31, 1997, compared to a slightly larger 1.4 percent at June 30, 1993.
Multifamily loans were the fourth largest real estate loan type at June 30,
1993. These three real estate loan categories represented 76.7 percent of gross
loans at March 31, 1997, compared to a larger 78.2 percent of gross loans at
June 30, 1993. Construction loans were the fourth real estate loan category and
represented a modest 0.6 percent of gross loans at March 31, 1997, compared to a
much larger 2.0 percent at June 30, 1993, when they were the third largest real
estate loan category.
Consumer loans were the second largest overall loan type at March 31,
1997, and also at June 30, 1993, surpassing all but one- to four-family loans.
The Bank originates savings account loans, credit card loans, automobile loans,
home equity and second mortgage loans and other secured and unsecured loans.
Consumer loans represented a relatively strong 18.0 percent of gross loans
at March 31, 1997, compared to 18.5 percent at June 30, 1993. The largest
consumer loan type was
19
Lending Activities (cont.)
home equity and second mortgage loans representing 12.4 percent of gross loans
at March 31, 1997, and 69.0 percent of consumer loans compared to 9.8 percent of
gross loans at June 30, 1993, and 52.9 percent of consumer loans.
Commercial business loans and agricultural loans are two additional loan
categories representing 2.9 percent and 1.7 percent of gross loans at March 31,
1997, respectively. The Bank had a smaller 1.2 percent of gross loans in
commercial business loans and no agricultural loans at June 30, 1993.
The Bank's overall mix of loans has witnessed only modest change from June
30, 1993, to March 31, 1997, with the Bank's share of mortgage loans and
consumer loans having decreased to be offset by increases in commercial business
loans and agricultural loans.
The emphasis of Pioneer's lending activity is the origination of
conventional mortgage loans secured by one- to four-family residences. Such
residences are located in Pioneer's market area, which includes Baker, Grant,
Harney, Malheur, Union, Wallowa and Wheeler Counties in Oregon and Payette and
Washington Counties in Idaho. The Bank also originates interim construction
loans on single-family residences primarily to local builders with such loans
normally converting to permanent loans after six months. At March 31, 1997, 72.0
percent of Pioneer's gross loans consisted of loans secured by one- to
four-family residential properties, excluding construction loans. Construction
loans represented another 0.6 percent of gross loans.
The Bank originates only one type of adjustable-rate mortgage loan,
("ARMs") with an adjustment/maturity period of one year. ARMs are originated for
the Bank's portfolio. The interest rates on ARMs are indexed to the one year
Treasury constant maturity index. The Bank does offer "teaser" ARMs where the
initial rate is 1.5 percentage points to 2.0 percentage points below the
prevailing interest rate. The Bank's ARMs have a maximum
20
Lending Activities (cont.)
annual rate adjustment of 2.0 percent and a 6.0 percent maximum adjustment over
the life of the loan. The Bank's current ARMs do not provide for negative
amortization.
The majority of ARMs have amortization periods of 30 years, and fixed-rate
loans have terms of 15 to 30 years. The Bank retains its ARMs, and since January
1997, the Bank has generally sold its fixed-rate mortgage loans with maturities
of 15 years or more. Historically, the majority of Pioneer's mortgage loans and
total loans have been fixed-rate loans, which represented 52.2 percent of total
loans due after March 31, 1998.
The original loan to value ratio for conventional mortgage loans to
purchase or refinance one-to four-family dwellings is generally no more than 80
percent at Pioneer. The Bank can lend up to 95 percent of the lower of the cost
or appraised value.
Pioneer has also been an originator of commercial real estate loans, and
has been less active in multifamily loans in the past. The Bank will continue to
make multifamily and commercial real estate loans. The Bank had a total of $4.8
million in commercial real estate loans at March 31, 1997, or 3.4 percent of
gross loans, compared to $3.5 million or 3.5 percent of gross loans at June 30,
1993. Multifamily loans have increased from $1.4 million or 1.4 percent of gross
loans at June 30, 1993, to $1.8 million or a lesser 1.3 percent of gross loans
at March 31, 1997. The major portion of commercial real estate loans are secured
by small office buildings, car dealerships, farms and agricultural land, retail
stores and other commercial properties.
Pioneer has been relatively active in consumer lending. Consumer loans
originated consist primarily of automobile loans, home equity and second
mortgage loans, credit card loans, savings account loans, and other secured and
unsecured personal loans, which represented a combined total of $25.4 million or
18.0 percent of gross loans at March 31, 1997, up from $18.6 million or 18.5
percent at June 30, 1993.
Pioneer has also been an originator of commercial business loans, which
totaled $4.1 million at March 31, 1997, and in the nine months ended March 31,
1997, the Bank
21
Lending Activities (cont.)
began to actively originate agricultural loans, which totaled $2.5 million at
March 31, 1997.
Exhibit 13 provides a maturity breakdown of Pioneer's loans and a summary
of Pioneer's fixed- and adjustable-rate loans. At March 31, 1997, 52.2 percent
of the Bank's total loans due after March 31, 1998, were fixed-rate and 47.8
percent were adjustable-rate. With regard to mortgage loans, a similar 53.0
percent of one- to four-family residential mortgage loans due after March 31,
1998, are fixed rate and a higher 56.7 percent of home equity and second
mortgage loans due after March 31, 1998, are fixed rate.
As indicated in Exhibit 14, Pioneer experienced a decrease in both its
one-to four-family loan originations and total loan originations from fiscal
years 1994 to 1996. Total loan originations in fiscal year 1996 were $32.9
million compared to $44.9 million in fiscal year 1994, with fiscal year 1995
indicating $35.6 million in total loan originations. The decrease in one-to
four-family residential loan originations from 1994 to 1996 constituted 74.3
percent of the $12.0 million aggregate decrease in total loan originations from
1994 to 1996 with that overall decrease also due to decreases in construction
and consumer loans. Loan originations for the purchase of one- to four-family
residences, excluding construction loans, represented 58.6 percent of total loan
originations in fiscal year 1994, compared to a much lower 46.4 percent in
fiscal year 1995, and 52.9 percent in 1996. Overall, loan originations and
purchases exceeded loan principal repayments and loans sold in fiscal year 1995
by $12.3 million, and exceeded reductions in fiscal 1996 by $7.9 million. For
the nine months ended March 31, 1997, loan originations and purchases totaled
$29.6 million or $39.2 million on an annualized basis. One- to four-family loans
represented a lower 30.7 percent of total originations with the decrease
primarily offset by consumer loans and agricultural loans, which represented
30.4 percent and 22.0 percent, respectively, of total loan originations in the
nine months ended March 31, 1997.
22
NONPERFORMING ASSETS
Pioneer understands asset quality risk and the direct relationship of such
risk to delinquent loans and nonperforming assets including real estate owned.
The quality of assets has been a key concern to financial institutions
throughout many regions of the country. A number of financial institutions have
been confronted with rapid increases in their levels of nonperforming assets and
have been forced to recognize significant losses, and set aside major valuation
allowances. A sharp increase in nonperforming assets has often been related to
specific regions of the country and has frequently been associated with higher
risk loans, including purchased nonresidential real estate loans. Pioneer has
not been faced with such problems and has made a concerted effort to control its
nonperforming assets.
Pioneer initiates contact with a borrower if the loan becomes delinquent
16 days or more by sending the borrower a late payment notice. A second notice
is mailed 30 days thereafter, if necessary. The Bank initiates both written and
oral communication with the borrower if the loan remains delinquent. When the
loan becomes delinquent at least 90 days, the Bank will consider foreclosure
proceedings. The Bank does not normally accrue interest on loans past due 90
days or more. Any loans delinquent 90 days or more are placed on a non-accrual
status, and at that point in time, the Bank considers the possibility of
pursuing foreclosure. Pioneer had only $10,000 in repossessed assets as of March
31, 1997, and $44,000 in repossessed assets at June 30, 1996.
The Bank's level of nonperforming assets has increased from $130,000 or
0.07 percent of assets at June 30, 1993, to $200,000 or 0.10 percent of assets
at March 31, 1997. Nonperforming assets consist of loans 90 days or more past
due, nonaccruing loans, foreclosed real estate and other repossessed assets.
23
Nonperforming Assets (cont.)
Pioneer's level of nonperforming assets is much lower than its level of
classified assets. The Bank's level of classified assets was $825,000 or 0.40
percent of assets at March 31, 1997 (reference Exhibit 16). The Bank's
classified assets consisted of $796,000 in substandard assets, $22,000 in assets
classified as doubtful and $7,000 in assets classified as loss. The Bank's
classified assets were a greater $924,000 or 0.45 percent of assets at June 30,
1995.
Exhibit 17 shows Pioneer's allowance for loan losses at June 30, 1993
through 1996, and at March 31, 1997, indicating the activity and the resultant
balances. Pioneer has witnessed an increase in its balance of allowance for loan
losses from $506,000 at June 30, 1993 to $725,000 at March 31, 1997. The Bank
had provision for loan losses of $175,000 in 1993, $67,000 in 1995, $115,000 in
1996 and $216,000 in the nine months ended March 31, 1997, with a credit of
$90,000 in 1994. The Bank had net charge-offs of $51,000 in 1993, $13,000 in
1994, $15,000 in 1995, $29,000 in 1996 and $32,000 in the nine months ended
March 31, 1997. The Bank's ratio of allowance for loan losses to total loans
decreased from 0.52 percent at June 30, 1993, to 0.41 percent at June 30, 1996,
due to the Bank's strong increase in loans. This ratio then increased to 0.52
percent at March 31, 1997.
24
INVESTMENTS
The investment and securities portfolio of Pioneer has been comprised of
U.S. government and federal agency securities, mortgage-backed securities, and
other investments. Exhibit 18 provides a summary of Pioneer's investment
portfolio at June 30, 1995 and 1996 and at March 31, 1997. Investment securities
totaled $51.0 million at March 31, 1997, compared to $68.2 million at June 30,
1995. The primary component of investment securities at June 30, 1994, was
mortgage-backed securities, representing 62.0 percent of investments, followed
by U.S. government and federal agency securities, representing 28.2 percent of
investments. At March 31, 1997, the primary component of investments continued
to be mortgage-backed securities, representing 68.8 percent of total investments
followed by U.S. government and federal agency securities, representing 31.1
percent of total investments. The investment securities portfolio had a weighted
average yield of 6.54 percent, and the mortgage-backed securities had a weighted
average yield of 7.28 percent at March 31, 1997.
The Bank had mortgage-backed securities totaling $35.0 million at March
31, 1997, which decreased from $42.2 million at June 30, 1995. The Bank's
mortgage-backed securities consist of FNMA, FHLMC and GNMA securities.
DEPOSIT ACTIVITIES
The mix of deposits at March 31, 1997, is provided in Exhibit 19. NOW
accounts, passbook savings, money market accounts and non-interest bearing
accounts represented 41.5 percent of deposits at March 31, 1997, NOW accounts
comprising 36.7 percent of this group and passbook savings representing 32.3
percent. Passbook savings, NOW accounts, money market accounts and non-interest
bearing accounts totaled $74.3 million and certificates including accrued
interest totaled $104.8 million. The largest category of certificates based on
term were the certificates maturing in one year or less, which represented 43.2
percent of total deposits, followed by certificates with terms of 13 to 36
25
Deposit Activities (cont.)
months which represented 10.75 percent of deposits, followed by longer term 37
to 60 month certificates which represented 3.7 percent of deposits.
Exhibit 20 shows the Bank's deposit activity for the two years ended June
30, 1995 and 1996 and for the nine months ended March 31, 1996 and 1997.
Including interest credited, Pioneer experienced a net decrease in deposits in
fiscal year 1995 and a net increase in 1996. In fiscal year 1995, there was a
net decrease in deposits of $4.5 million or 2.6 percent of deposits, followed by
a $4.1 million net increase or 2.3 percent in 1996. In the nine months ended
March 31, 1997, there was a net increase in deposits of $2.5 million or 1.4
percent compared to a net increase of $5.3 million or 3.0 percent in the nine
months ended March 31, 1996.
BORROWINGS
Pioneer has relied on retail deposits as its primary source of funds but
has also used FHLB advances and other borrowed funds during the past five fiscal
periods ended March 31, 1997. The Bank's other borrowed funds, excluding FHLB
advances, consist of securities sold under agreements to repurchase. The Bank
had average FHLB advances totaling $861,000 at March 31, 1997, with an average
rate of 4.88 percent and a larger $4.7 million at June 30, 1995, at a cost of
5.18 percent (reference Exhibit 21). The Bank had an average amount of
securities sold under agreements to repurchase of $1.4 million at March 31,
1997, with an average cost of 3.50 percent compared to an average of $1.5
million at June 30, 1995, with an average cost of 3.28 percent.
26
SUBSIDIARIES
Pioneer has two wholly-owned subsidiaries, Pioneer Development Corporation
("PDC") and Pioneer Bank Investment Corporation ("PBIC"). The primary purpose of
PDC is to purchase land contracts, while PBIC's primary purpose is to hold the
Bank's non-conforming assets. The Bank's investment in PDC was $1.6 million and
a much lesser $70,000 in PBIC.
OFFICE PROPERTIES
Pioneer has six offices, its home office located in downtown Baker City
and branches in Ontario, John Day, Burns, Enterprise with two branches in La
Grande (reference Exhibit 22). The Bank will soon be opening a new branch in
Island City just outside of La Grande and will close one of its La Grande
branches (1601 Adams Avenue), which is under contract. The Bank has been
focusing on remodeling and improving its offices to ensure their convenience to
customers. The Bank has ATMs at four of its offices and has three additional
ATMs at retail facilities. The Bank uses an in-house data processing system to
provide better service to its customers. The Bank's investment in its office
premises and equipment totaled $4.6 million or 2.2 percent of assets at March
31, 1997.
MANAGEMENT
The president, chief executive officer, and managing officer of Pioneer is
Dan L. Webber. Mr. Webber joined the Bank in 1992 and became president and chief
executive officer in 1993. Prior to his employment with Pioneer, Mr. Webber was
regional vice president of Pacific First Bank. The senior vice president/support
services of the Bank is Jerry F. Aldape, who has been with the Bank since 1994
and served as senior vice president/support services and secretary since 1995.
Prior to working at Pioneer, Mr. Aldape was Controller/Financial Advisor with
Insight Distributing, Inc., Sandpoint, Idaho.
27
Management (cont.)
The senior vice president/customer services is Don S. Reay, who has served in
that capacity since 1995. Prior to joining the Bank, Mr. Reay was an officer
with First Interstate Bank in Eastern Oregon from 1966 to 1995 (reference
Exhibit 23).
28
II. DESCRIPTION OF PRIMARY MARKET AREA
Pioneer's market area encompasses those regions surrounding its offices in
Baker, Grant, Harney, Malheur, Union and Wallowa Counties, Oregon ("the market
area"). The Bank's home office is located in Baker City, Oregon with branches in
La Grande, Ontario, John Day, Burns and Enterprise, and a branch being moved
from La Grande to Island City. Its primary market area is comprised of the
market area counties mentioned above.
Pioneer's market area trends and economic performance have been very
dependent on the overall economic trends in its market area. The principal
industry of the market area is agriculture, with lumber, recreation and tourism
also providing substantial contributions. Unemployment rates in the market area
are considerably higher than both state and national unemployment rates and have
increased consistently over the past few years. The market area is characterized
as having average growth rates in population and household levels, while having
lower than average levels of income and housing values with the cost of living
being close to the national average but remaining significantly less than in
major metropolitan areas. Pioneer is located in close proximity to major
transportation networks such as I-84, the Union Pacific Railroad and the Amtrak
Pioneer Line.
Exhibit 25 provides a summary of key demographic data and trends for the
market area, Oregon and the United States for the periods of 1990, 1996, and
2001. Overall, the period of 1990 to 1996 was characterized by a rise in the
market area population level by 6.9 percent from 86,777 residents to 92,754
residents. Population in Oregon increased by a higher 12.4 percent, while the
national population level increased by 6.7 percent. During the period of 1996
through 2001, population is projected to continue to rise in the market area by
5.2 percent to 97,533 residents. Oregon's population is expected to rise by 8.8
percent, while the national population is expected to increase by a lower 5.1
percent.
In conformance with its increasing trend in population, the market area
witnessed increases in households (families) of 7.1 percent from 1990 to 1996,
from 33,258
29
Description of Primary Market Area (cont.)
households to 35,616 households. By the year 2001, the market area's households
are projected to increase by 5.4 percent to 37,523. Households in Oregon and in
the United States increased by 13.0 percent and 6.8 percent, respectively, from
1990 to 1996. By the year 2001, Oregon's households are expected to increase by
9.1 percent, while the United States' number of households is projected to grow
by 5.1 percent.
The market area had lower per capita income levels than Oregon and the
United States in 1990 and 1996. In 1990, the market area had a per capita income
level of $10,580, while Oregon had a per capita income level of $11,306, and the
United States had a per capita income level of $12,313. From 1990 to 1996,
Oregon had the largest increase in per capita income, followed by the national
average and then by the market area average. The market area had a per capita
income level of $12,749 in 1996, which was a 20.5 percent increase from 1990. In
1996, the market area's per capita income level was 23.7 percent lower than the
per capita income level in Oregon of $16,717, and 23.8 percent lower than the
national per capita income of $16,738.
In 1990, the median household income level in the market area was
moderately lower than Oregon's median household income, and still lower than the
United States' median household income. The market area's median household
income of $21,841 was 14.4 percent lower than Oregon's median household income
of $25,509, and 23.4 percent lower than the United States' median household
income level of $28,525. From 1990 to 1996, median household income in the
market area grew by 22.1 percent, increasing to $26,659, compared to Oregon's
median household income growth of 31.7 percent to $33,603 and the United States'
increase in median household income by 21.1 percent to $34,530. By the year
2001, the United States is projected to decline in median household income by
3.9 percent, to $33,189, as Pioneer's market area will have a modest 2.0 percent
increase to $27,195, and Oregon's median household income increases by 4.4
percent to $35,070.
30
Description of Primary Market Area (cont.)
Exhibit 26 provides a summary of key housing data for the market area,
Oregon, and the United States. Pioneer's market area had a 66.6 percent rate of
owner-occupancy in 1990, which is higher than the 63.1 percent owner-occupancy
rate for Oregon and the 64.2 percent owner-occupancy for the United States. As a
result, the market area supports a lower rate of renter-occupied housing of 33.4
percent, compared to higher rates in Oregon and the United States of 36.9 and
35.8 percent, respectively.
The market area median housing value of $44,259 is much lower than
Oregon's median housing value of $66,800 and lower still than the United States'
median housing value of $79,098. The average median rent of the market area is
$296, which is lower than the $408 median rent for Oregon, and also lower than
the United States, which has a median rent value of $374.
The major business source of employment by industry group, based on number
of employees for the market area was the services industry, which was
responsible for 32.2 percent of the jobs in 1990, which was lower than Oregon at
36.2 percent and also lower than the United States at 34.0 percent. (Reference,
Exhibit 27). The wholesale/retail industry was the second major employer in the
market area and in Oregon providing 20.1 percent and 22.8 percent of employment,
respectively. The services industry was the largest employer in the United
States with 34.0 percent followed by wholesale/retail at 27.5 percent. The
agriculture group was the third major source of employment in the market area at
18.4 percent, substantially higher than the 5.2 percent for Oregon and 1.3
percent for the United States at 19.2. The manufacturing group was also a
substantial contributor to employment at 15.0 percent, compared to 17.7 percent
for Oregon and 19.2 percent for the United States. The construction group,
finance, insurance and real estate group and the transportation/utilities group
combined to provide 14.3 percent of the jobs in the market area, 18.1 percent of
jobs in Oregon, and 18.0 percent in the United States.
31
Description of Primary Market Area (cont.)
Top Industries and Employers by Number of Employed Persons
Industry Number Employed
-------- ---------------
Boise Cascade (Union County) 800
Retail trade (Baker City) 723
Union County School Districts 680
Grande Ronde Hospital (Union County) 400
Manufacturing, durable goods (Baker City) 394
State of Oregon Offices (Union County) 365
Union Pacific Railroad (Union County) 350
Eastern Oregon State College (Union County) 320
Agriculture, forestry and fisheries (Baker City) 309
The unemployment rate is another key economic indicator. Exhibit 28 shows
the average unemployment rates in the market area, Oregon, and the United States
in 1994, 1995 and 1996. Unemployment rates in the market area have historically
been characterized as being higher than both the state and national unemployment
rates. The market area data was not available in 1994. Oregon's unemployment
rate decreased from 5.4 percent in 1994 to 4.8 percent in 1995, and the United
States' unemployment rate decreased from 6.1 percent to 5.6 percent in that same
time period. From 1995 to 1996, unemployment increased from 8.1 percent to 10.0
percent in the market area, also increasing to 5.9 percent in Oregon but
decreasing to 5.0 percent nationally.
Exhibit 29 provides deposit data for banks, thrifts and credit unions in
Baker, Grant, Harney, Malheur, Union and Wallowa Counties. Pioneer's deposit
base in the market area was $176.7 million or 66.3 percent of the $266.6 million
total thrift deposits but a much smaller 19.4 percent share of total market area
deposits which totaled $912.6 million. The market area is dominated by the
banking industry. Total bank deposits were
32
Description of Primary Market Area (cont.)
$597.1 million representing 65.4 percent of total deposits, compared to a lower
$266.6 million or 29.2 percent of deposits for thrifts, and a moderate $48.8
million or 5.3 percent of total deposits held by credit unions. It is evident
from the size of both thrift deposits and bank deposits that the market area has
a moderate deposit base with the Bank having a major share of market penetration
of all thrift deposits, but a much smaller level of market penetration of total
deposits.
Exhibit 30 provides interest rate data for each quarter for the years 1993
through 1996 and for the first quarter of 1997. The interest rates tracked are
the Prime Rate, as well as 90-Day, One-Year and Thirty-Year Treasury Bills. In
1993 rates experienced slight volatility until the last two quarters, which
indicated the beginning of a rising trend. This rising trend continued
throughout all of 1994 and into the first quarter of 1995 with prime at 9.00
percent. However, throughout 1995, interest rates saw dramatic decreases, as the
prime rate fell to its 1994 year end level of 8.50 percent. Such decrease in the
prime rate continued through the first quarter of 1996 as it fell to 8.25
percent where it remained throughout 1996. Rates on T-bills, however, witnessed
increasing volatility in 1996, with 90-Day Bills decreasing after the second
quarter, and One-Year and 30-Year rates demonstrating a seesaw trend throughout
the year. The first quarter of 1997 saw an increase in the Prime Rate to 8.50
percent, while rates on 90-Day Bills decreased to 4.95 percent. One-Year and
Thirty-Year rates both witnessed increases in the first quarter of 1997, to 5.95
percent and 7.06 percent, respectively.
SUMMARY
To summarize, the market area represents an area with growing population
and number of households during the mid 1990s. The market area displayed a lower
per capita income than Oregon and the United States in 1996, and the market
area's median household income in 1996 was well below Oregon's median household
income as well as the income level for the United States. The market area had a
median housing value and average median rent level that was lower than Oregon
and the United States. Further, the
33
Description of Primary Market Area (cont.)
market area has a competitive financial institution market dominated by banks
with a deposit base that exceeds $912.6 million for all of the market area and a
higher share of credit union deposits than most small to moderate size community
markets.
34
III. COMPARABLE GROUP SELECTION
Introduction
Integral to the valuation of Oregon Trail Financial Corp. is the selection
of an appropriate group of publicly-traded thrift institutions, hereinafter
referred to as the "comparable group". This section identifies the comparable
group and describes each parameter used in the selection of each institution in
the group, resulting in a comparable group based on such specific and detailed
parameters, current financials and recent trading prices. The various
characteristics of the selected comparable group provide the primary basis for
making the necessary adjustments to the Corporation's pro forma value relative
to the comparable group. There is also a recognition and consideration of
financial comparisons with all publicly-traded, SAIF-insured thrifts in the
United States and all publicly-traded, SAIF-insured thrifts in the Western
region and in Oregon.
Exhibits 30 and 31 present Thrift Stock Prices and Pricing Ratios and Key
Financial Data and Ratios, respectively, both individually and in aggregate, for
the universe of 330 publicly-traded, SAIF-insured thrifts in the United States
("all thrifts"), excluding mutual holding companies, used in the selection of
the comparable group and other financial comparisons. Exhibits 30 and 31 also
subclassify all thrifts by region, including the 37 publicly-traded thrifts in
the western United States ("Western thrifts") and the 2 publicly-traded thrifts
in Oregon ("Oregon thrifts"), and by trading exchange. Exhibit 32 presents
prices, pricing ratios and price trends for all SAIF-insured thrifts completing
their conversions between July 1, 1996, and June 4, 1997
The selection of the comparable group was based on the establishment of
both general and specific parameters using financial, operating and asset
quality characteristics of Pioneer as determinants for defining those
parameters. The determination of parameters was also based on the uniqueness of
each parameter as a normal indicator of a thrift institution's operating
philosophy and perspective. The parameters established and defined are
considered to be both reasonable and reflective of Pioneer's basic operation. In
as
35
Introduction (cont.)
much as the comparable group must consist of at least ten institutions, the
parameters relating to asset size and geographic location have been expanded as
necessary in order to fulfill this requirement.
GENERAL PARAMETERS
Merger/Acquisition
The comparable group will not include any institution that is in the
process of a merger or acquisition due to the price impact of such a pending
transaction. The following thrift institution was a potential comparable group
candidate but was not considered due to its involvement in a merger/acquisition
or a potential merger/acquisition:
Institution State
----------- -----
FCB Financial Corp. Wisconsin
No thrift institution in Pioneer's city, county or market area is
currently involved in merger/acquisition activity or have been recently so
involved, as indicated in Exhibit 33.
Mutual Holding Companies
The comparable group will not include any mutual holding companies. Mutual
holding companies typically demonstrate higher price to book valuation ratios
that are the result of their minority ownership structure that are inconsistent
with those of conventional, publicly-traded institutions. Exhibit 35 presents
pricing ratios and Exhibit 36 presents key financial data and ratios for all
publicly-traded, SAIF-insured mutual holding companies
36
Mutual Holding Companies (cont.)
in the United States. The following thrift institutions were potential
comparable group candidates, but were not considered due to their mutual holding
company form:
Institution State
----------- -----
Webster City Federal Savings Bank, MHC Iowa
Guaranty Federal SB, MHC Missouri
Pulaski Bank, Savings Bank, MHC Missouri
Riverview Savings Bank, MHC Washington
Trading Exchange
It is necessary that each institution in the comparable group be listed on
one of the two major stock exchanges, the New York Stock Exchange or the
American Stock Exchange, or traded over-the-counter ("OTC") and listed on the
National Association of Securities Dealers Automated Quotation System
("NASDAQ"). Such a listing indicates that an institution's stock has
demonstrated trading activity and is responsive to normal market conditions,
which are requirements for listing. Of the 351 publicly-traded, SAIF-insured
institutions, including 21 mutual holding companies, 14 are traded on the New
York Stock Exchange, 18 are traded on the American Stock Exchange and 319 are
listed on NASDAQ.
37
IPO Date
Another general parameter for the selection of the comparable group is the
initial public offering ("IPO") date, which must be at least four quarterly
periods prior to the trading date of June 4, 1997, used in this report, in order
to insure at least four consecutive quarters of reported data as a
publicly-traded institution. The resulting parameter is a required IPO date
prior to December 31, 1995.
Geographic Location
The geographic location of an institution is a key parameter due to the
impact of various economic and thrift industry conditions on the performance and
trading prices of thrift institution stocks. Although geographic location and
asset size are the two parameters that have been developed incrementally to
fulfill the comparable group requirements, the geographic location parameter has
definitely eliminated regions of the United States distant to Pioneer, including
the Mid-Atlantic states, the Southeastern states and the New England states.
The geographic location parameter consists of Oregon, its surrounding
states of Washington, Idaho, California and Nevada, as well as the states of
Colorado, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, South Dakota,
Texas and Wisconsin, for a total of sixteen states. In the case of Pioneer, the
geographic parameter was extended moderately due to the small universe of
potential comparable group candidates in Oregon and its contiguous states. We
are confident that the states surveyed for comparable group candidates
constitute demographic and economic regions and markets sufficiently similar to
Pioneer market area. The selection process will be further refined by the
definition and application of the specific parameters established in this
section.
38
Asset Size
Asset size was another key parameter used in the selection of the
comparable group. The maximum total assets for any comparable group institution
considered was $400 million, due to the typically different operating
strategies, expansion capabilities, liquidity of stock and acquisition appeal of
larger institutions when compared to Pioneer, with assets of approximately $204
million. Such an asset size parameter was necessary to obtain a comparable group
of at least ten institutions within the geographic regions designated above.
In connection with asset size, we did not consider the number of offices
or branches in selecting or eliminating candidates since this characteristic is
directly related to operating expenses, which are recognized as an operating
performance parameter.
SUMMARY
Exhibits 36 and 37 show the 40 institutions considered as comparable group
candidates after applying the general parameters, with the shaded lines denoting
the institutions ultimately selected for the comparable group using the balance
sheet, performance and asset quality parameters established in this section.
39
BALANCE SHEET PARAMETERS
Introduction
The balance sheet parameters focused on seven balance sheet ratios as
determinants for selecting a comparable group, as presented in Exhibit 36. The
balance sheet ratios consist of the following:
1. Cash and Investments/Assets
2. Mortgage-Backed Securities/Assets
3. One- to Four-Family Loans/Assets
4. Total Net Loans/Assets
5. Total Net Loans and Mortgage-Backed Securities/Assets
6. Borrowed Funds/Assets
7. Equity/Assets
The parameters enable the identification and elimination of thrift
institutions that are distinctly and functionally different from Pioneer with
regard to asset mix. The balance sheet parameters also distinguish institutions
with a significantly different capital position from Pioneer. The ratio of
deposits to assets was not used as a parameter as it is directly related to and
affected by an institution's equity and borrowed funds ratios, which are
separate parameters.
Cash and Investments to Assets
Pioneer's level of cash and investments to assets was 10.2 percent at
March 31, 1997, and reflects the Bank's level of investments lower than national
and regional averages. The Bank's cash and investments consist primarily of U.S.
government and federal agency securities and deposits in other institutions. It
should be noted that Federal Home Loan Bank stock is not included in cash and
investments, but rather is part of other assets in order to be consistent with
reporting requirements and sources of
40
Cash and Investments to Assets (cont.)
statistical and comparative analysis. At the close of its last five fiscal
periods, Pioneer's ratio of cash and investments to assets averaged 14.4
percent, from a high of 17.2 percent at June 30, 1993, to a low of 10.2 percent
at March 31, 1997.
In order to prevent the elimination of otherwise good potential comparable
group candidates, the parameter range for cash and investments is broad due to
the volatility of this parameter and recognizing that mortgage-backed
securities, often eligible for regulatory liquidity, afford additional
investment choices for many institutions. The range has been defined as 4.0
percent to 35.0 percent of total assets, with additional reference to the
mortgage-backed securities parameter.
Mortgage-Backed Securities to Assets
At March 31, 1997, Pioneer's ratio of mortgage-backed securities to assets
was 17.2 percent, moderately higher than both the regional average of 9.1
percent and the national average of 11.4 percent. The Bank's five fiscal period
average ratio is 21.7 percent of total assets, higher than its current ratio,
with its ratio of mortgage-backed securities to assets decreasing steadily since
June 30, 1993, 28.5 percent to 17.2 percent. Many institutions purchase
mortgage-backed securities as an alternative to lending relative to cyclical
loan demand and prevailing interest rates, supplementing its loan portfolio.
This parameter is, therefore, moderately broad at 40.0 percent or less of assets
and a midpoint of 20.0 percent, which similar to its five fiscal period average
and its current ratio, and provides relativity between this parameter and the
previous cash and investments parameter.
41
One- to Four-Family Loans to Assets
Pioneer's lending activity is focused on the origination of residential
mortgage loans secured by one- to four-family dwellings. One- to four-family
loans, including construction loans, represented 49.7 percent of the Bank's
assets at March 31, 1997, which is only modestly lower than industry averages.
The parameter for this characteristic requires any comparable group institution
to have from 30.0 percent to 75.0 percent of its assets in one- to four-family
loans with a midpoint of 52.5 percent.
Total Net Loans to Assets
At March 31, 1997, Pioneer had a ratio of total net loans to assets of
68.2 percent and a lower five fiscal period average of 60.4 percent, the former
being similar to the national and regional averages of 66.8 percent and 69.7
percent, respectively. It should be noted that the Bank's steady five fiscal
period increase in its dollar level of net loans receivable, as well as its
ratio of net loans to assets, generally corresponds to its five fiscal period
decrease in mortgage-backed securities, as discussed above. The parameter for
the selection of the comparable group is from 45.0 percent to 90.0 percent with
a midpoint of 67.5 percent. The wider range is simply due to the fact that, as
the referenced national and regional averages indicate, many larger
institutions, including Pioneer, purchase a greater volume of investment
securities and/or mortgage-backed securities as a cyclical alternative to
lending.
42
Total Net Loans and Mortgage-Backed Securities to Assets
As discussed previously, Pioneer's shares of mortgage-backed securities to
assets and total net loans to assets were 17.2 percent and 68.2 percent,
respectively, for a combined share of 85.4 percent. Recognizing the industry and
regional ratios of 11.4 percent and 9.1 percent, respectively, of
mortgage-backed securities to assets, as well as the Bank's lower level of
investment securities, the parameter range for the comparable group in this
category is 60.0 percent to 95.0 percent, with a midpoint of 77.5 percent.
Borrowed Funds to Assets
At March 31, 1997, Pioneer had FHLB advances of $800,000 or 0.4 percent of
total assets, as well as $1.4 million of securities sold under agreements to
repurchase (reverse repurchase agreements), for total borrowings of $2.2 million
or 1.1 percent of total assets. That total was lower than its borrowings of
balance of $4.1 million or 2.0 percent of total assets at June 30, 1996, and
also lower than its five fiscal period average of 2.0 percent. The use of
borrowed funds by some thrift institutions indicates an alternative to retail
deposits and may provide a source of term funds for lending.
The public demand for longer term funds increased in 1995 and the first
half of 1996 due to the higher cost of deposits. The result was competitive
rates on longer term Federal Home Loan Bank advances, and an increase in
borrowed funds by many institutions as an alternative to higher cost, long term
certificates. That trend has moderated somewhat in 1997, but residual balances
of longer term borrowings remain for many institutions. The ratio of borrowed
funds to assets, therefore, does not typically indicate higher risk or more
aggressive lending, but primarily an alternative to retail deposits.
The range of borrowed funds to assets is 33.0 percent or less with a
midpoint of 16.5 percent, similar to the national average of 14.5 percent.
43
Equity to Assets
Pioneer's total equity to assets ratio as of March 31, 1997, was 11.30
percent. After conversion, based on the midpoint value of $33,100,000 and net
proceeds to the Bank of approximately $16.1 million, Pioneer's equity is
projected to stabilize in the area of 16.5 percent. Based on those equity
ratios, we have defined the equity ratio parameter to be 8.0 percent to 20.0
percent with a midpoint ratio of 14.0 percent.
PERFORMANCE PARAMETERS
Introduction
Exhibit 37 presents five parameters identified as key indicators of
Pioneer's earnings performance and the basis for such performance. The primary
performance indicator is the Bank's return on average assets ("ROAA"). The
second performance indicator is the Bank's return on average equity ("ROAE"). To
measure the Bank's ability to generate net interest income, we have used net
interest margin. The supplemental source of income for the Bank is noninterest
income, and the parameter used to measure this factor is noninterest income to
assets. The final performance indicator that has been identified is the Bank's
ratio of operating expenses, also referred to as noninterest expenses, to
assets, a key factor in distinguishing different types of operations,
particularly institutions that are aggressive in secondary market activities,
which often results in much higher operating costs and overhead ratios.
44
Return on Average Assets
The key performance parameter is the ROAA. Pioneer's most recent ROAA was
0.80 percent for the twelve months ended March 31, 1997, based on net earnings
after taxes and 1.18 percent based on core earnings after taxes, as detailed in
Item I of this report and presented in Exhibit 7. The Bank's ROAA over the past
five fiscal periods, based on net earnings, has ranged from a low of 0.78
percent for the nine months ended March 31, 1997 to a high of 1.35 percent in
1994 with an average ROAA of 1.11 percent and moderate fluctuation since 1993.
For the four quarters following conversion in the third quarter of 1997,
Pioneer's ROAA is projected to average approximately 1.00 percent.
Considering the historical, current and projected earnings performance of
Pioneer, the range for the ROAA parameter based on net income has been defined
as 0.80 percent to a high of 1.50 percent with a midpoint of 1.15 percent.
Return on Average Equity
The ROAE has been used as a secondary parameter to eliminate any
institutions with an unusually high or low ROAE that is inconsistent with the
Bank's position. This parameter does not provide as much meaning for a newly
converted thrift institution as it does for established stock institutions, due
to the newness of the capital structure of the newly converted thrift and the
inability to accurately reflect a mature ROAE for the newly converted thrift
relative to other stock institutions.
The consolidated ROAE for the Bank and the Corporation on a pro forma
basis at the time of conversion will be 4.39 percent based on the midpoint
valuation. Prior to conversion, the Bank's ROAE was 8.16 percent for the twelve
months ended March 31, 1997, based on net income, and 11.91 percent based on
core income, with a five fiscal period average net ROAE of 14.26 percent. The
parameter range for the comparable group, based on net income, is from 3.0
percent to 18.0 percent with a midpoint of 10.5 percent.
45
Net Interest Margin
Pioneer had a net interest margin of 4.29 percent based on the twelve
months ended March 31, 1997, indicating an increase from 3.97 percent in fiscal
year 1996. The Bank's range of net interest margin for the past four fiscal
years has been from a low of 3.64 percent in 1995 to a high of 4.22 percent in
1994 with an average of 3.98 percent.
The parameter range for the selection of the comparable group is from a
low of 3.00 percent to a high of 4.60 percent with a midpoint of 3.80 percent.
Operating Expenses to Assets
Pioneer had an average operating expense to average assets ratio of 2.57
percent for the twelve months ended March 31, 1997, net of the one time SAIF
assessment of $1.1 million realized in the third quarter of 1996. The Bank's
operating expenses have been reasonably stable in recent years, ranging from a
low of 2.37 percent in fiscal year 1993 to a high of 2.57 percent for the nine
months ended March 31, 1997, with a five fiscal period average of 2.45 percent,
modestly higher than the current industry average of 2.33 percent.
The operating expense to assets parameter for the selection of the
comparable group is from a low of 1.60 percent to a high of 3.00 percent with a
midpoint of 2.30 percent, similar to Pioneer's five year average.
Noninterest Income to Assets
Pioneer has experienced a generally average dependence on noninterest
income as a source of additional income, with a majority of that income
consisting of service charges on deposit accounts. The Bank's noninterest income
to average assets was 0.37 percent for the twelve months ended March 31, 1997,
which is similar to the industry average of
46
Noninterest Income to Assets (cont.)
0.43 percent for that period. Pioneer's noninterest income for the past five
fiscal periods has fluctuated from a high of 0.62 percent of average assets in
fiscal year 1993 to a low of 0.35 percent in fiscal years 1994 and 1996 with an
average ratio of 0.45 percent.
The range for this parameter for the selection of the comparable group is
0.75 percent or less of average assets with a midpoint of 0.38 percent, similar
to the national average of 0.43 percent.
ASSET QUALITY PARAMETERS
Introduction
The final set of financial parameters used in the selection of the
comparable group are asset quality parameters, also shown in Exhibit 39. The
purpose of these parameters is to insure that any thrift institution in the
comparable group has an asset quality position reasonably similar to that of
Pioneer. The three defined asset quality parameters are the ratios of
nonperforming assets to total assets, repossessed assets to total assets and
loan loss reserves to total assets at the end of the most recent period.
Nonperforming Assets to Assets Ratio
Pioneer had a much lower 0.10 ratio of nonperforming assets to total
assets at March 31, 1997, compared to the national average of 0.80 percent, the
Western regional average of 0.61 percent and the Oregon average of 0.69 percent.
The Bank's most recent five fiscal period average ratio of nonperforming assets
to total assets is 0.07 percent, from 0.03 percent in fiscal years 1994 and 1995
to a high of 0.10 percent at June 30, 1996, and at March 31, 1997.
47
Non-performing Assets to Assets Ratio (cont.)
The parameter range for nonperforming assets to assets has been defined as
1.00 percent of assets or less with a midpoint of 0.50 percent.
Repossessed Assets to Assets
Pioneer had $10,000 of repossessed assets at March 31, 1997, which is less
than one tenth of one percent of total assets and, therefore, not meaningful.
The Bank had a zero balance of repossessed assets at June 30, 1994, 1995 and
1996, with a small balance of $4,000 at June 30, 1993, resulting in a five
fiscal period average also less than one tenth of one percent. National and
regional averages were 0.58 percent and 0.50 percent, respectively, at March 31,
1997.
The range for the repossessed assets to total assets parameter is 0.15
percent of assets or less with a midpoint of 0.08 percent.
Loans Loss Reserves to Assets
Pioneer had a loan loss reserve or allowance for loan losses of $725,000,
representing a loan loss allowance to total assets ratio of 0.35 percent at
March 31, 1997, which is higher than its ratio of 0.27 percent at June 30, 1995.
The loan loss allowance to assets parameter range used for the selection
of the comparable group focused on a minimum required ratio of 0.15 percent of
assets.
48
THE COMPARABLE GROUP
With the application of the parameters previously identified and applied,
the final comparable group represents ten institutions identified in Exhibits
38, 39 and 40. The comparable group institutions range in size from $69.8
million to $370.2 million with an average asset size of $184.5 million and have
an average of 5.7 offices per institution compared to Pioneer with assets of
$204.2 million and seven offices. Two of the comparable group institutions were
converted in 1993, four in 1994 and four in 1995.
Exhibit 41 presents a comparison of Pioneer's market area demographic data
with that of each of the institutions in the comparable group.
49
SUMMARY OF COMPARABLE GROUP INSTITUTIONS
First Bancshares, Inc., Mountain Grove, Missouri, is a unitary savings and
loan holding company for the First Home Savings Bank, with six full service
branches in Marshfield, Ava and Gainesville, Missouri. The Bank had assets of
$160.0 million and equity of $23.0 million at the end of its most recent quarter
and had a core ROAA of 1.12 percent and a core ROAE of 7.33 percent for its most
recent four quarters.
First Midwest Financial, Inc., Storm Lake, Iowa, is the holding company
for First Federal Savings Bank of the Midwest, which serves Buena Vista County,
Iowa, with twelve full service offices. With assets of $370.2 million and equity
of $42.9 million, the Bank reported a core ROAA of 0.97 percent and a core ROAE
of 8.40 percent for its most recent four quarters.
FSF Financial Corp., Hutchinson, Minnesota, is the holding company for
First State Federal Savings and Loan Association. The Association conducts
business from eleven offices located in McLeod, Dakota, Meeker, Sibley, Carver,
Stearns and Wright Counties, Minnesota. At the end of its most recent quarter,
the Association has assets of $367.2 million and equity of $43.2 million, and
reported a core ROAA of 0.82 percent and a core ROAE of 6.13 percent for its
trailing four quarters.
GFSB Bancorp, Inc., Gallup, New Mexico, is the holding company for Gallup
Federal Savings Bank, serving McKinley County, New Mexico, from its single
office. At the end of its most recent quarter, the Bank had assets of $86.9
million, equity of $14.2 million and reported a core ROAA of 0.93 percent and a
core ROAE of 4.89 percent for its trailing four quarters.
Hardin Bancorp, Hardin, Missouri, is the holding company for Hardin
Federal Savings Bank, which operates three full service offices in Ray and Clay
Counties, Missouri. At the end of its most recent quarter, Hardin Federal had
total assets of $103.4 million and total equity of $13.2 million, and for its
most recent four quarters, the Bank reported a core ROAA of 0.81 percent and a
core ROAE of 4.14 percent.
50
Summary of Comparable Group Institutions (cont.)
Landmark Bancshares, Inc., Dodge City, Kansas, is the holding company for
Landmark Federal Savings Bank. Landmark Federal is a community bank serving
Dodge City and southwest and central Kansas, including the counties of Barton,
Finney and Rush, from five full service offices. With assets of $223.8 million
and equity of $32.8 million, the Bank reported a core ROAA of 1.04 percent and a
core ROAE of 6.69 percent for its most recent four quarters.
Mississippi View Holding Company, Little Falls, Minnesota, is the holding
company for Community Federal Savings and Loan Association of Little Falls,
which serves Morrison, Todd, Cass and Stearns Counties, Minnesota, from its
single office. The Association had total assets of $69.8 million and equity of
$12.8 million at the end of its most recent quarter, and reported a core ROAA of
1.01 percent and a core ROAE of 5.54 percent for its most recent four quarters.
Northwest Equity Corporation, Amery, Wisconsin, is the unitary thrift
holding company for Northwest Savings Bank, a community oriented institution
with three offices serving Polk County. The Bank had assets of $96.5 million and
equity of $11.8 million at the close of its most recent quarter and reported a
core ROAA of 0.97 percent and a core ROAE of 7.47 percent for its trailing four
quarters.
Southern Missouri Bancorp, Inc., Poplar Bluff, Missouri, is the holding
company for Southern Missouri Savings Bank, which has eight full service offices
in Poplar Bluff, Van Buren, Dexter, Malden, Kennett, Doniphan and Ellington,
Missouri. At the close of its most recent quarter, the Bank had assets of $165.7
million, equity of $26.0 million and had a core ROAA of 1.01 percent and a core
ROAE of 6.29 percent for its most recent four quarters.
51
Summary of Comparable Group Institutions (cont.)
Wells Financial Corp., Wells, Minnesota, is the holding company for Wells
Federal Bank. The Bank has seven full service offices located in Blue Earth,
Faribault, Freeborn, Martin and Nicollet Counties, southwest of Minneapolis. The
Bank had assets of $91.8 million and equity of $11.7 million at the close of its
most recent quarter and reported an ROAA of 1.00 percent and an ROAE of 6.91
percent for its trailing four quarters.
52
IV. ANALYSIS OF FINANCIAL PERFORMANCE
This section reviews and compares the financial performance of Pioneer to
all thrifts, regional thrifts, Oregon thrifts and the ten institutions
constituting Pioneer's comparable group, as selected and described in the
previous section. The comparative analysis focuses on financial condition,
earning performance and pertinent ratios as presented in Exhibits 42 through 47.
As presented in Exhibits 42 and 43, at March 31, 1997, Pioneer's total
equity of 10.30 percent of assets was lower than the 14.18 percent for the
comparable group, the 12.86 percent for all thrifts, the 14.16 percent for
Western thrifts, and the 12.30 percent ratio for Oregon thrifts. The Bank had a
68.22 percent share of net loans in its asset mix, similar to the comparable
group at 67.85 percent, and also similar to all thrifts at 66.78 percent,
Western thrifts at 69.68 percent and Oregon thrifts at 71.03 percent. Pioneer's
share of net loans, similar to industry averages, is primarily the result of its
higher level mortgage-backed securities of 17.16 percent and its lower level of
cash and investments of 10.23. The comparable group had a lower 10.35 percent
share of mortgage-backed securities and a higher 19.45 percent share of cash and
investments. All thrifts had 13.37 percent of assets in mortgage-backed
securities and 17.83 percent in cash and investments. Pioneer's share of
deposits of 87.73 percent was significantly higher than the comparable group and
the three geographic categories, reflecting the Bank's lower 1.09 percent share
of borrowed funds and modestly lower than average ratio of equity to assets. The
comparable group had deposits of 68.22 percent and borrowings of 16.62 percent.
All thrifts averaged a 71.15 percent share of deposits and 14.52 percent of
borrowed funds, while Western thrifts had a 70.08 percent share of deposits and
a 14.41 percent share of borrowed funds. Oregon thrifts averaged a 70.10 percent
share of deposits and a 16.51 percent share of borrowed funds. Pioneer was
absent of goodwill and intangible assets, compared to 0.14 percent for the
comparable group, 0.24 percent for all thrifts, 0.19 percent for Western thrifts
and 0.07 percent for Oregon thrifts.
53
Analysis of Financial Performance (cont.)
Operating performance indicators are summarized in Exhibits 44 and 45 and
provide a synopsis of key sources of income and key expense items for Pioneer in
comparison to the comparable group, all thrifts, regional thrifts and Oregon
thrifts for the trailing four quarters.
As shown in Exhibit 46, for the twelve months ended March 31, 1997,
Pioneer had a yield on average interest-earning assets higher than the
comparable group and also higher than the three geographical categories. The
Bank's yield on interest-earning assets was 8.01 percent compared to the
comparable group at 7.60 percent, all thrifts and Western thrifts at 7.68
percent and Oregon thrifts at 7.89 percent.
The Bank's cost of funds for the twelve months ended March 31, 1997, was
lower than the comparable group and the three geographical categories. Pioneer
had an average cost of interest-bearing liabilities of 4.16 percent compared to
4.94 percent for the comparable group, 4.85 percent for all thrifts, 4.96
percent for Western thrifts and 4.99 for Oregon thrifts. The Bank's interest
income and interest expense ratios resulted in an interest rate spread of 3.85
percent, which was higher than the comparable group at 2.67 percent all thrifts
at 2.83 percent, Western thrifts at 2.72 percent and Oregon thrifts at 2.89
percent. Pioneer demonstrated a net interest margin of 4.29 percent for the
twelve months ended March 31, 1997, based on average interest-earning assets,
which was higher than the comparable group ratio of 3.37 percent. All thrifts
also averaged a lower 3.41 percent net interest margin for the trailing four
quarters, as did Western thrifts at 3.38 percent and Oregon thrifts at 3.45
percent.
Pioneer's major source of income is interest earnings, as is evidenced by
the operations ratios presented in Exhibit 45. The Bank made a $240,000
provision for loan losses during the twelve months ended March 31, 1997,
representing 0.12 percent of average assets and reflecting the Bank's objective
to strengthen its reserves for
54
Analysis of Financial Performance (cont.)
loan losses in accordance with general industry norms. The comparable group
indicated a provision representing 0.05 percent of assets, with all thrifts at
0.14 percent, Western thrifts at 0.10 percent and Oregon thrifts at 0.17
percent.
The Bank's non-interest income was $775,000 or 0.37 percent of average
assets for the twelve months ended March 31, 1997. Such non-interest income was
modestly higher than the comparable group at 0.32 percent, but lower than all
thrifts and Western thrifts at 0.43 percent, and Oregon thrifts at 0.46. For the
twelve months ended March 31, 1997, Pioneer's operating expense ratio was 2.56
percent, higher than the comparable group and the three geographical averages.
The comparable group's operating expense ratio was 2.02 percent, while all
thrifts averaged 2.33 percent, Western thrifts averaged 2.20 percent and Oregon
thrifts averaged 2.31 percent.
The overall impact of Pioneer's income and expense ratios is reflected in
the Bank's net income and return on assets. For the twelve months ended March
31, 1997, the Bank had an ROAA of 0.80 percent based on net income and a higher
ROAA of 1.18 percent based on core income. For its most recent four quarters,
the comparable group had a lower net ROAA of 0.72 percent, and also had a lower
ROAA of 0.97 percent based on core income. All thrifts averaged a net ROAA of
0.53 percent, while Western thrifts averaged 0.67 percent and Oregon thrifts
averaged 0.64 percent. All thrifts indicated a core ROAA of 0.78 percent, while
Western thrifts and Oregon thrifts averaged a core ROAA of 0.90 percent and 0.85
percent, respectively, compared to Pioneer's core ROAA of 1.18 percent.
55
V. MARKET VALUE ADJUSTMENTS
This is a conclusive section where adjustments are made to determine the
pro forma market value or appraised value of the Corporation based on a
comparison of Pioneer with the comparable group. These adjustments will take
into consideration such key items as earnings performance, market area,
financial condition, dividend payments, subscription interest, liquidity of the
stock to be issued, management, and market conditions or marketing of the issue.
It must be noted, however, that all of the institutions in the comparable group
have their differences, and as a result, such adjustments become necessary.
EARNINGS PERFORMANCE
In analyzing earnings performance, consideration was given to the level of
net interest income, the level and volatility of interest income and interest
expense relative to changes in market area conditions and to changes in overall
interest rates, the quality of assets as it relates to the presence of problem
assets which may result in adjustments to earnings, the level of current and
historical classified assets and real estate owned, the level of valuation
allowances to support any problem assets or nonperforming assets, the level and
volatility of non-interest income, and the level of non-interest expenses.
As discussed earlier, the Bank's historical business philosophy has
focused on maintaining its net interest income, maintaining its lower ratio of
nonperforming assets, increasing its level of interest sensitive assets relative
to interest sensitive liabilities and thereby improving its sensitivity measure
and its overall interest rate risk, maintaining an adequate level of general
valuation allowances to reduce the impact of any unforeseen losses, and closely
monitoring and improving its higher level of overhead expenses. The Bank's
current philosophy will continue to focus on maintaining its net interest spread
and net interest margin, increasing its net income, return on assets and return
on equity, generating additional non-interest income, and increasing its level
of interest sensitive assets relative to interest sensitive liabilities.
56
Earnings Performance (cont.)
Earnings are often related to an institution's ability to generate loans.
The Bank was an active originator of mortgage loans in fiscal years 1994 to 1996
and during the nine months ended March 31, 1997, annualized, with the highest
annual volume of loans originated in fiscal year 1994. During the nine months
ended March 31, 1997, annualized, originations of $38.9 million exceeded the
originations of $32.9 million in fiscal year 1996 by $6.0 million, with
significant increases in the categories of consumer loans and commercial
business loans and a small increase in land loans and decreases in all other
categories including one- to four-family residential mortgage loans.
Originations during the twelve months ended June 30, 1995 and 1994 were $35.6
million and $44.9 million, respectively. Although total originations in fiscal
year 1994 exceeded those for the nine months ended March 31, 1997, annualized,
consumer loan originations were a modest $1.2 million higher and commercial
business loan originations were a very significant $10.0 million higher in the
more recent period, offset by a considerable decrease in the origination of one-
to four-family residential mortgage loans.
Pioneer experienced a $5.0 million decrease in principal repayment levels
from fiscal year 1994 to fiscal year 1995, followed by a $2.9 million increase
from fiscal year 1995 to fiscal year 1996. In all three fiscal years, however,
originations exceeded principal repayments, resulting in net increases of $14.5
million, $12.3 million and $7.9 million in outstanding loans in fiscal years
1994, 1995 and 1996, respectively. For the nine months ended March 31, 1997,
annualized, loans receivable increased $8.8 million. The Bank's focus has
historically been on the origination of one- to four-family mortgage loans, with
that loan category constituting 58.6 percent, 46.4 percent, 52.9 percent of
total origination in fiscal years 1994, 1995 and 1996, respectively. In those
three periods, the second largest category of originations was consumer loans,
with construction loans being the third largest category. During the nine months
ended March 31, 1997, however, Pioneer's largest category of loan originations
was consumer loans at $9.2 million, followed closely by one- to four-family
residential mortgage loans at $9.0 million and commercial business
57
Earnings Performance (cont.)
loans at $8.7 million, with construction loans at a much lower $2.2 million. The
impact of these primary lending efforts, with an increased emphasis on consumer
and commercial business loans, has been to generate a yield on average
interest-earning assets of 8.01 percent for the twelve months ended March 31,
1997, compared to 7.60 percent for the comparable group and 7.68 percent for all
thrifts and for Western thrifts. The Bank's ratio of interest income to average
assets was 7.80 percent for the twelve months ended March 31, 1997, which was
higher than the comparable group at 7.41 percent, all thrifts at 7.39 percent
and Western thrifts at 7.42 percent for their most recent four quarters.
Enhancing its higher yield, Pioneer's cost of interest-bearing liabilities
of 4.16 percent for the twelve months ended March 31, 1997, was lower than the
comparable group at 4.94 percent and also lower than all thrifts at 4.85 percent
and Western thrifts at 4.96 percent. As a result, the Bank's net interest margin
of 4.29 percent, based on average interest-earning assets for the twelve months
ended March 31, 1997, was higher than the comparable group at 3.37 percent and
also higher than all thrifts at 3.41 percent. Pioneer's net interest spread of
3.85 percent for the twelve months ended March 31, 1997, was higher than the
comparable group at 2.67 percent, all thrifts at 2.83 percent and Western
thrifts at 2.72 percent.
The Bank's ratio of noninterest income to assets was 0.38 percent for the
twelve months ended March 31, 1997, slightly higher than the comparable group at
0.32 percent, but lower than all thrifts and Western thrifts, both at 0.43
percent. As previously noted, the majority of Pioneer's non-interest income
consisted of fees on deposit accounts. The Bank has indicated noninterest income
slightly higher than the comparable group, but its operating expenses have also
been higher than the comparable group, all thrifts and Western thrifts. For the
twelve months ended March 31, 1997, Pioneer had an operating expenses to assets
ratio of 2.57 percent compared to a lower 2.02 percent for the comparable group,
2.33 percent for all thrifts and 2.20 percent for Western thrifts, with those
ratios not including the one time SAIF assessment realized in the third quarter
of 1996 by all SAIF-insured thrift institutions.
58
Earnings Performance (cont.)
For the twelve months ended March 31, 1997, Pioneer generated slightly
higher noninterest income, a higher ratio of noninterest expenses, and a higher
net interest margin relative to its comparable group. As a result of that higher
net interest margin, notwithstanding its higher operating expenses, the Bank's
net income was higher than its comparable group for the twelve months ended
March 31, 1997. Based on net earnings, the Bank had a return on average assets
of 1.24 percent in fiscal year 1993, 1.35 percent in fiscal year 1994, 1.12
percent in fiscal year 1995, 1.06 percent in fiscal year 1996 and 0.79 percent
for the twelve months ended March 31, 1997. For its most recent four quarters,
the comparable group had a lower net ROAA of 0.72 percent, while all thrifts
indicated an even lower 0.53 percent. The Bank's core or normalized earnings, as
shown in Exhibit 7, were $2,368,000, indicating a higher 1.15 percent core
return on assets for the most recent twelve months ended March 31, 1997. That
core ROAA was also higher than the comparable group at 0.97 percent and all
thrifts at 0.78 percent.
Pioneer's earnings stream will continue to be dependent on the overall
trends in interest rates, with additional reliance on its non-interest income,
with net interest income for the twelve months ended March 31, 1997, only
modestly higher than in fiscal year 1996. From fiscal year 1993 to the twelve
months ended March 31, 1997, moreover, net interest income increased a modest
$1.3 million or an average annual increase of 4.6 percent. It is anticipated
that the Bank's cost of interest-bearing liabilities will indicate a modest
upward trend as deposits continue to move toward medium term instruments and
slowly reprice at higher rates. This upward pressure on savings costs is likely
to continue based on current rates, although the rate of increase may subside
somewhat during the next few years. As previously stated, has also been
recognized that although Pioneer's current net interest margin is higher than
that of its comparable group for the most recent four quarters, the Bank has
experienced a consistent downward trend in its ROAA and only a very modest
increase in its net interest margin and net interest spread since June 30, 1994.
In recognition of the foregoing earnings related factors, a minimum upward
adjustment has been made to Pioneer's pro forma market value for earnings
performance.
59
MARKET AREA
Pioneer's primary market area consists of Baker, Grant, Harney, Malheur,
Union and Wallowa Counties, Oregon, and Payette and Washington Counties, Idaho.
As discussed in Section II, this market area has evidenced modest growth in both
population and households since 1990, but has experienced considerably higher
unemployment levels compared to the comparable group markets, Oregon and the
United States. The unemployment rate in Pioneer's market area counties averaged
10.0 percent in 1996, compared to 5.9 percent in Oregon and 5.0 percent in the
United States. Per capita income and median household income in the Bank's
market area are approximately 20.0 percent lower than the comparable group and
state averages. The market area is also characterized by much lower median
housing values than the comparable group, Oregon and the United States. The
market area is generally rural and agricultural, with the services sectors
indicating the highest share of market area employment, followed by the
wholesale/retail sector, the agriculture and mining sector and the manufacturing
sector. The level of financial competition in the Bank's market area is moderate
and dominated by the banking industry. Pioneer had a net increase in deposits in
fiscal year 1994 and 1996 and a net decrease in 1995, as withdrawals exceeded
deposits and interest credited. From June 30, 1996, to March 31, 1997, deposits
increased by a modest 1.44 percent or 1.92 percent annualized. In recognition of
all these factors, we believe that a maximum downward adjustment is warranted
for the Bank's market area.
60
FINANCIAL CONDITION
The financial condition of Pioneer is discussed in Section I and shown in
Exhibits 1, 2, 5, 15, 16 and 17, and is compared to the comparable group in
Exhibits 40, 42 and 43. The Bank's total equity ratio before conversion was
10.30 percent at March 31, 1997, which was higher than the comparable group at
14.18 percent, Western thrifts at 14.16 percent and all thrifts at 12.86
percent. With a conversion at the midpoint, the Corporation's pro forma equity
to assets ratio will increase to 20.84 percent, and the Bank's pro forma equity
to assets ratio will increase to approximately 16.5 percent.
The Bank's mix of assets indicates some areas of significant variation
from its comparable group. Pioneer had a similar share of net loans at 68.22
percent of total assets at March 31, 1997, compared to the comparable group at
67.85 percent and all thrifts at 66.78 percent. The Bank's share of cash and
investments, however, was a significantly lower 10.23 percent compared to 19.45
percent for the comparable group and 17.83 percent for all thrifts. Pioneer's
ratio of mortgage-backed securities to total assets was 17.16 percent, higher
than both the comparable group at 10.35 percent and all thrifts at 11.37
percent. The Bank had a 87.73 percent share of deposits and a 1.09 percent share
of borrowed funds, compared to the comparable group's 68.22 percent of deposits
and 16.62 percent of borrowed funds.
The Bank was absent goodwill and had less than one tenth of one percent in
repossessed real estate compared to percentages of 0.14 and 0.04 of goodwill and
repossessed real estate, respectively, for the comparable group. All thrifts
indicated goodwill of 0.24 percent and repossessed real estate of 0.58 percent.
The financial condition of Pioneer is further affected by its low 0.10 percent
of nonperforming assets at March 31, 1997, compared to 0.44 percent for the
comparable group. The Bank also had 0.10 in nonperforming assets at June 30,
1996, and indicated ratios of nonperforming assets to total assets of 0.03
percent, 0.03 percent and 0.07 percent in fiscal years 1995, 1994 and 1993,
respectively, evidencing a stable trend since 1993.
61
Financial Condition (cont.)
The Bank had a lower share of high risk real estate loans at 3.35 percent
compared to 10.41 percent for the comparable group and 12.94 percent for all
thrifts. Pioneer had $725,000 in allowances for loan losses, in spite of its
very low level of nonperforming assets at the end of its two most recent fiscal
years. The comparable group had a ratio of reserves to nonperforming assets of
128.35 percent, compared to Pioneer at 362.50 percent, with all thrifts at 90.83
percent and Western thrifts at 146.48 percent. Pioneer has experienced moderate
levels of interest rate risk, as reflected by its exposure under conditions of
rising interest rates. Overall, we believe that a no adjustment is warranted for
Pioneer's current financial condition.
DIVIDEND PAYMENTS
Pioneer has not indicated its intention to pay an initial cash dividend.
The future payment of cash dividends will be dependent upon such factors as
earnings performance, capital position, growth level, and regulatory
limitations. Nine of the ten institutions in the comparable group pay cash
dividends for an average dividend yield of 2.28 percent for those nine
institutions and an average dividend yield of 2.05 percent for the ten
institutions in the comparable group.
Currently, many thrifts are not committing to initial cash dividends,
compared to such a dividend commitment in the past. In our opinion, no
adjustment to the pro forma market value is warranted at this time related to
dividend payments.
62
SUBSCRIPTION INTEREST
The general interest in thrift conversion offerings was often difficult to
gauge in 1995. Based upon new offerings, subscription and community interest
weakened significantly in early 1995, but regained some strength by the second
half of the year. In the first half of 1996, interest in new issues was mixed,
with the number of conversions decreasing from the same period in 1995. The
second half of 1996 suggests some renewed interest in thrift conversion
offerings. Overall, however, such interest appears to be directly related to the
financial performance and condition of the thrift institution converting, the
strength of the local economy, general market conditions and aftermarket price
trends.
Pioneer will direct its offering primarily to depositors and residents in
its market area. The board of directors and officers anticipate purchasing
approximately $2.2 million or 6.6 percent of the conversion stock based on the
appraised midpoint valuation. Pioneer will form an 8.0 percent ESOP, which plans
to purchase stock in the initial offering. Additionally, the Prospectus
restricts to 20,000 shares, based on the $10.00 per share purchase price, the
total number of shares in the conversion that may be purchased by a single
person, or by persons and associates acting in concert as part of either the
subscription offering or the direct community offering.
The Bank has secured the services of Charles Webb & Company, a division of
Keefe, Bruyette & Woods, Inc. ("KBW") to assist the Bank in the marketing and
sale of the conversion stock. Based on the size of the offering, current market
conditions, local market interest and the terms of the offering, we believe that
a moderate downward adjustment is warranted for the Bank's anticipated
subscription interest.
63
LIQUIDITY OF THE STOCK
Pioneer will offer its shares through concurrent subscription and
community offerings with the assistance of KBW. If necessary, KBW will conduct a
syndicated community offering upon the completion of the subscription and
community offering. Pioneer will pursue two market makers for the stock. The
size of Bank's offering is considerably below the national and state averages,
but similar in size to that of the comparable group. It is likely that the stock
of Pioneer will be somewhat less liquid than thrift stocks nationally and in its
Western market area. Nevertheless, we believe that no adjustment to the pro
forma market value is warranted at this time relative to the liquidity of the
stock.
MANAGEMENT
The president and chief executive officer of Pioneer is Dan L. Webber. Mr.
Webber has served in his current position since 1993. Prior to his employment
with the Bank, Mr. Webber was a regional senior vice president of Pacific First
Bank, Seattle, Washington, from 1983 to 1992.
The senior vice president/support services and corporate secretary of
Pioneer is Jerry F. Aldape, who has served in his current position since 1994.
Prior to that time, Mr. Aldape was controller of Insight Distributing, Inc.,
Sandpoint, Idaho.
The senior vice president/customer services and chief lending officer of
Pioneer is Donald S. Reay. Mr. Reay has held his current position since 1995,
prior to which he was vice president and manager with First Interstate Bank of
Oregon, La Grande, Oregon, where he was employed from 1966 to 1995.
None of the three senior executive officers of Pioneer is a member of the
Bank's board of directors.
The management of Pioneer have made a concerted effort to maintain the
Bank's deposits and market share, and to strengthen lending activity and asset
quality. Pioneer has been able to strengthen its equity level and increase its
equity ratio over the past few years and its asset quality has been consistently
favorable since 1993. Net interest spread and net interest margin are currently
higher than the comparable group, although they have
64
Management (cont.)
declined modestly since 1994, and net income is higher than both the comparable
group and industry averages. The Bank's non-interest expenses are currently
higher than the comparable group, and also higher than all thrifts and Western
thrifts. It is our opinion that a minimum upward adjustment to the pro forma
market value is warranted for management.
MARKETING OF THE ISSUE
The response to a newly issued thrift institution stock is more difficult
to predict, due to the volatility of new thrift stocks. Further, with each
conversion, there is a high level of uncertainty with regard to the stock market
particularly thrift institution stocks and interest rate trends. The impact of
recent increases in interest rates has made it more difficult for more thrift
institutions to strengthen their earnings and resulted in downward market
prices. Recent conflicts of opinion on interest rate trends and the recent rise
in interest rates have resulted in some significant stock volatility. Further,
the impact of the difference in a thrift's premium level on deposits compared to
BIF-insured institutions is another key concern, along with the one time
assessment of SAIF-insured thrifts to increase the capitalization of the SAIF
insurance fund.
The necessity to build a new issue discount into the stock price of a
converting thrift has prevailed in the thrift industry in recognition of higher
uncertainty among investors as a result of the thrift industry's dependence on
interest rate trends. We believe that a new issue discount applied to the price
to book valuation approach continues and is considered to be reasonable and
necessary in the pricing of the Corporation, and we have made a maximum downward
adjustment to the Corporation's pro forma market value in recognition of the new
issue discount.
65
VI. VALUATION METHODS
Under normal stock market conditions, the most frequently used method for
determining the pro forma market value of common stock for thrift institutions
by this firm is the price to book value ratio method. The focus on the price to
book value method is due to the volatility of earnings in the thrift industry.
As earnings in the thrift industry improved in late 1993, 1994, 1995 and 1996,
there has been more emphasis placed on the price to earnings method, but the
price to book value method continues to be the primary valuation method. These
two pricing methods have both been used in determining the pro forma market
value of the Corporation.
In recognition of the volatility and variance in earnings due to
fluctuations in interest rates, the continued differences in asset and liability
repricing and the frequent disparity in value between the price to book approach
and the price to earnings approach, a third valuation method has been used, the
price to net assets method. The price to net assets method is used less often
for valuing ongoing institutions; however, this method becomes more useful in
valuing converting institutions when the equity position and earnings
performance of the institutions under consideration are different.
In addition to the pro forma market value, we have defined a valuation
range with the minimum of the range being 85.0 percent of the pro forma market
value, the maximum of the range being 115.0 percent of the pro forma market
value, and a super maximum being 115.0 percent of the maximum. The pro forma
market value or appraised value will also be referred to as the "midpoint
value".
66
PRICE TO BOOK VALUE METHOD
The price to book value method focuses on a thrift institution's financial
condition, and does not give as much consideration to the institution's
performance as measured by net earnings. Therefore, this method is sometimes
considered less meaningful for institutions that do provide a consistent
earnings trend. Due to the earnings volatility of many thrift stocks, the price
to book value method is frequently used by investors who rely on an
institution's financial condition rather than earnings performance.
Consideration was given to the adjustments to the Bank's pro forma market
value discussed in Section V. Minimum upward adjustments were made for earnings
performance and management. A moderate downward adjustment was made for
subscription interest and maximum downward adjustments were made for the Bank's
market area and for the marketing of the issue. No adjustments were made for the
Bank's financial condition, dividend payments or the liquidity of the Bank's
stock.
Exhibit 48 shows the average and median price to book value ratios for the
comparable group which were 103.37 percent and 105.08 percent, respectively. The
total comparable group indicated a fairly narrow range, from a low of 95.15
percent (Hardin Bancorp, Inc.) to a high of 110.44 percent (Landmark Bancshares,
Inc.). This variance cannot be attributed to any one factor such as the
institution's equity ratio or earnings performance. Excluding the low and the
high in this group, the price to book value range narrowed minimally from a low
of 95.96 percent to a high of 110.34 percent.
Taking into consideration all of the previously mentioned items in
conjunction with the adjustments made in Section V, we have determined a pro
forma price to book value ratio of 67.18 percent at the midpoint, and ranging
from a low of 62.56 percent at the minimum to a high of 74.81 percent at the
super maximum for the Corporation.
67
Price to Book Value Method (cont.)
The Corporation's price to book value ratio of 67.18 is influenced by the
Bank's earnings performance, as well as its local and regional market and the
subscription interest in thrift stocks. The Bank's equity to assets after
conversion will be approximately 16.50 percent compared to a lower 14.18 percent
for the comparable group. Based on this price to book value ratio and the Bank's
equity of $21,026,000 at March 31, 1997, the indicated pro forma market value
for the Bank using this approach is $33,103,184 at the midpoint (reference
Exhibit 48).
PRICE TO EARNINGS METHOD
The focal point of this method is the determination of the earnings base
to be used and secondly, the determination of an appropriate price to earnings
multiple. The recent earnings position of Pioneer is displayed in Exhibit 3,
indicating after tax net earnings for the twelve months ended March 31, 1997, of
$1,625,000. Exhibit 7 indicates the derivation of the Bank's higher core or
normalized earnings of $2,368,000 for the twelve months ended March 31, 1997. To
arrive at the pro forma market value of the Bank by means of the price to
earnings method, we used the net and core earnings base of $2,368,000.
In determining the appropriate price to earnings multiple for the Bank, we
reviewed the range of price to net earnings and core earnings multiples for the
comparable group and all publicly-traded thrifts. The average price to net
earnings multiple for the comparable group was 22.34, while the median was
22.54. The average price to core earnings multiple was 16.09 and the median
multiple was 15.65. The comparable group's price to net earnings multiple was
lower than the average for all publicly-traded, SAIF-insured thrifts of 30.16,
and similar to their median of 22.64. The price to core earnings multiple for
all thrifts was also higher than the comparable group with an average at 20.01
times core earnings and a median at 16.00 times core earnings. The range in the
price to net earnings multiple for the comparable group was from a low of 12.41
(First Midwest
68
Price to Earnings Method (cont.)
Financial, Inc.) to a high of 20.83 (GFSB Bancorp, Inc.). The primary range in
the price to net earnings multiple for the comparable group, excluding the high
and low ranges, was from a low price to earnings multiple of 13.04 to a high of
18.75 times earnings for eight of the ten institutions in the group.
Consideration was given to the adjustments to the Corporation's pro forma
market value discussed in Section V. In recognition of these adjustments, we
have determined an identical price to net earnings multiple and price to core
earnings multiple of 10.86 at the midpoint, based on Pioneer's core earnings of
$2,368,000 for twelve months ended March 31, 1997. The price to earnings
multiple is from 9.57 times earnings at the minimum of the valuation range to
13.62 times earnings at the supermaximum.
Based on such the Bank's core earnings base of $2,368,000 (reference
Exhibits 48 and 49), the pro forma market value of the Corporation using the
price to earnings method is $33,098,596 at the midpoint.
PRICE TO NET ASSETS METHOD
The final valuation method is the price to net assets method. This method
is not as frequently used due to the fact that it does not focus as much on an
institution's equity position or earnings performance. Exhibit 49 indicates that
the average price to net assets ratio for the comparable group was 14.93 percent
and the median was 14.31 percent. The range in the price to net assets ratios
for the comparable group varied from a low of 12.16 percent (Hardin Bancorp,
Inc.) to a high of 17.98 percent (GFSB Bancorp, Inc.). It narrows only slightly
with the elimination of the two extremes in the group to a low of 12.22 percent
and a high of 17.61 percent.
69
Price to Assets Method (cont.)
Based on the adjustments made previously for Pioneer, it is our opinion
that an appropriate price to net assets ratio for the Corporation is 14.00
percent at the midpoint, which is modestly lower than the comparable group at
14.93 and ranges from a low of 12.15 percent at the minimum to 17.73 percent at
the super maximum.
Based on the Bank's March 31, 1997, asset base of $204,213,000, the
indicated pro forma market value of the Corporation using the price to net
assets method is $33,101,002 at the midpoint (reference Exhibit 48).
70
VALUATION CONCLUSION
Exhibit 54 provides a summary of the valuation premium or discount for
each of the valuation ranges when compared to the comparable group based on each
of the valuation approaches. At the midpoint value, the price to book value
ratio of 67.18 percent for the Corporation represents a discount of 35.01
percent relative to the comparable group and decreases to 27.63 percent at the
super maximum. The price to core earnings multiple of 10.86 for the Corporation
at the midpoint value indicates a discount of 32.49 percent, decreasing to a
discount of 15.34 percent at the super maximum. The price to assets ratio at the
midpoint represents a discount of 6.25 percent, changing to a premium of 18.69
percent at the super maximum.
It is our opinion that as of June 4, 1997, the pro forma market value of
the Corporation is $33,100,000 at the midpoint, representing 3,310,000 shares at
$10.00 per share. The valuation range for this stock is from a minimum of
$28,135,000 or 2,813,500 shares at $10.00 per share to a maximum of $38,065,000
or 3,806,500 shares at $10.00 per share, with such range being defined as 15
percent below the appraised value to 15 percent above the appraised value. The
super maximum is $43,774,750 or 4,377,475 shares at $10.00 per share (reference
Exhibits 48 to 53). The appraised value of Pioneer Bancorp, Inc. as of June 4,
1997, is $33,100,000.
71
EXHIBITS
NUMERICAL
EXHIBITS
EXHIBIT 1
PIONEER BANK, A FEDERAL SAVINGS BANK, AND SUBSIDIARIES
BAKER CITY, OREGON
Consolidated Balance Sheets
At March 31, 1997 and June 30, 1996
March 31, June 30,
1997 1996
------------- -------------
ASSETS Cash and cash equivalents:
Cash and due from banks $ 1,182,255 $ 825,106
Interest-bearing cash deposits 3,793,206 2,591,228
------------- -------------
Total cash and cash equivalents 4,975,461 3,416,334
Securities:
Trading, at fair value (amortized cost: $2,699,451
at June 30, 1996) -- 2,569,348
Available for sale, at fair value (amortized cost:
$35,850,256 and $39,477,319) 35,651,533 39,401,276
Held to maturity, at amortized cost: (fair value:
$15,391,851 and $16,782,384) 15,302,393 17,010,617
------------- -------------
Total securities 50,953,926 58,981,241
Loans held for sale 428,200 --
Loans receivable, net 138,880,914 132,347,110
Interest receivable 1,324,637 1,336,025
Stock in FHLB of Seattle, at cost 2,763,300 2,609,200
Premises and equipment, net 4,640,848 4,373,200
Other assets 245,380 393,932
------------- -------------
Total assets $ 204,212,666 $ 203,457,042
============= =============
LIABILITIES
Deposits:
Interest-bearing $ 68,049,713 $ 66,368,417
Noninterest-bearing 6,282,277 4,905,571
Time Certificates 104,825,937 105,345,218
------------- -------------
Total deposits 179,157,927 176,619,206
Securities sold under agreements to repurchase 1,430,853 1,432,078
Accrued expenses and other liabilities 1,119,465 1,311,225
Advances from Federal Home Loan Bank of Seattle 800,000 2,650,000
Advances from borrowers for taxes and insurance 678,208 1,440,289
------------- -------------
Total liabilities 183,186,453 183,452,798
EQUITY
Retained earnings 21,148,510 20,050,916
Unrealized loss on securities available for sale, net of tax (122,297) (46,672)
------------- -------------
Total equity 21,026,213 20,004,244
------------- -------------
Total liabilities and equity $ 204,212,666 $ 203,457,042
============= =============
Source: Pioneer Bank's audited financial statements
72
EXHIBIT 2
PIONEER BANK, A FEDERAL SAVINGS BANK, AND SUBSIDIARIES
BAKER CITY, OREGON
Consolidated Statement of Financial Condition
At June 30, 1993 through 1995
1995 1994 1993
------------- ------------- -------------
ASSETS
Cash and cash equivalents:
Cash $ 815,831 $ 987,760 $ 15,910,081
Interest bearing deposits 4,027,877 3,879,433 297,000
------------- ------------- -------------
Total cash and cash equivalents 4,843,708 4,867,193 16,207,081
Securities:
Investment securities 25,920,706 27,957,072 17,546,970
Mortgage-backed securities 42,245,161 45,383,744 55,829,860
------------- ------------- -------------
Total securities 68,165,867 73,340,816 73,376,830
Loans receivable, net 124,439,853 112,101,466 99,929,652
Real estate owned -- -- 4,056
Federal Home Loan Bank stock, at cost 2,424,800 2,282,700 2,056,900
Properties and equipment, net 3,815,397 2,809,188 2,834,536
Prepaid and other assets 1,710,821 1,334,152 1,457,233
------------- ------------- -------------
Total assets $ 205,400,446 $ 196,735,515 $ 195,866,288
============= ============= =============
LIABILITIES
Deposits $ 172,568,605 $ 177,106,546 $ 177,824,040
Securities sold under agreements to repurchase 1,161,485 1,896,495 --
Advances from borrowers for taxes and insurance 1,548,095 1,550,440 1,543,872
Federal Home Loan Bank borrowings 11,000,000 -- --
Other Liabilities 1,310,576 704,918 3,532,843
------------- ------------- -------------
Total liabilities 187,588,761 181,258,399 182,900,755
STOCKHOLDERS' EQUITY
Retained earnings $ 17,871,787 $ 15,612,945 $ 12,965,533
Unrealized loss on securities available for sale, net of
deferred taxes of $37,198 and $84,515 in 1995 and 1994
respectively (60,102) (135,829) --
------------- ------------- -------------
Total equity 17,811,685 15,477,116 12,965,533
------------- ------------- -------------
Total liabilities and equity $ 205,400,446 $ 196,735,515 $ 195,866,288
============= ============= =============
Source: Pioneer Bank's audited financial statements
73
EXHIBIT 3
PIONEER BANK, A FEDERAL SAVINGS BANK, AND SUBSIDIARIES
BAKER CITY, OREGON
Consolidated Statements of Income
For the nine months ended March 31, 1997, and
For the year ended June 30, 1996
For the nine months Year ended
ended March 31, June 30,
1997 1996
------------ ------------
Interest income:
Loans receivable $ 8,916,375 $ 11,154,250
Securities:
U.S. Treasury and Government agencies 901,456 1,550,094
Mortgage-backed and related 2,058,194 3,123,102
Other interest and dividends 154,212 184,659
------------ ------------
Total interest income 12,030,237 16,012,105
Interest expense:
Deposits 5,484,996 7,579,041
Securities sold under agreements to repurchase 36,329 44,795
FHLB advances 31,578 432,896
------------ ------------
Total interest expense 5,552,903 8,056,732
------------ ------------
Net interest income 6,477,334 7,955,373
Provision for loan losses 216,063 115,397
------------ ------------
Net interest income after provision for loan losses 6,261,271 7,839,976
Other income:
Service charges on deposit accounts 482,713 520,346
Loan servicing fees 49,932 64,905
Net gain (loss) on trading securities (2,151) (71,274)
Other income 130,217 196,913
------------ ------------
Total noninterest income 660,711 710,890
Other expenses 5,074,719 5,008,830
------------ ------------
Income before income taxes 1,847,263 3,542,036
Provision for income taxes 749,669 1,362,907
------------ ------------
Net income $ 1,097,594 $ 2,179,129
============ ============
Source: Pioneer Bank's audited financial statements
74
EXHIBIT 4
PIONEER BANK, A FEDERAL SAVINGS BANK, AND SUBSIDIARIES
BAKER CITY, OREGON
Consolidated Statements of Income
For the years ended June 30, 1993 through 1995
Year ended June 30,
-------------------------------------------------------
1995 1994 1993
------------ ------------ ------------
Interest income:
Loans receivable:
Mortgage loans $ 7,600,305 $ 7,088,166 $ 6,968,953
Consumer and other loans 2,079,762 1,992,319 2,083,467
Mortgage-backed securities 3,361,726 3,591,267 4,595,793
Investment securities 1,622,604 1,701,497 1,216,063
Other interest earning assets 142,166 247,437 120,771
------------ ------------ ------------
Total interest income 14,806,563 14,620,686 14,985,047
------------ ------------ ------------
Interest expense:
Deposits 6,789,749 6,466,860 7,648,637
Securities sold under agreements to repurchase 50,477 66,363 --
Other borrowed funds -- -- --
Federal Home Loan Bank borrowings 242,843 -- --
------------ ------------ ------------
Total interest expense 7,083,069 6,533,223 7,648,637
------------ ------------ ------------
Net interest income 7,723,494 8,087,463 7,336,410
Provision for loan losses 66,548 (90,138) 48,205
------------ ------------ ------------
Net interest income after provision
for loan losses 7,656,946 8,177,601 7,288,205
------------ ------------ ------------
Noninterest income:
Service charges on deposit accounts 505,613 502,310 591,237
Loan origination and commitment fees 82,978 264,297 480,499
Net unrealized gain (loss) on trading securities 279,545 (338,374) 12,459
Other income 272,262 259,644 99,443
------------ ------------ ------------
Total noninterest income 1,140,398 687,877 1,183,638
------------ ------------ ------------
Noninterest expense 5,026,778 4,602,516 4,643,425
Income before income taxes 3,770,566 4,262,962 3,828,418
Provision for income taxes 1,511,724 1,615,550 1,470,550
------------ ------------ ------------
Net income $ 2,258,842 $ 2,647,412 $ 2,357,868
============ ============ ============
Source: Pioneer Bank's audited financial statements
75
EXHIBIT 5
Selected Consolidated Financial Condition Data
At March 31, 1997, and
At June 30, 1993 through 1996
March 31, June 30,
-------- --------------------------------------------------------
1997 1996 1995 1994 1993
-------- --------------------------------------------------------
(In thousands)
Summary of Financial Condition:
Total assets $204,213 $203,457 $205,400 $196,736 $193,334
Loans receivable, net 138,881 132,347 124,440 112,101 97,562
Loans held-for-sale 428 0 0 0 0
Investment securities held-to-maturity 2,763 2,609 21,657 22,735 19,888
Investment securities available-for-sale 15,906 19,950 2,902 2,780 0
Mortgage-backed securities
held-for-trading 0 2,569 3,786 3,668 0
Mortgage-backed securities
available for sale 19,745 19,451 0 0 0
Mortgage-backed securities
held to maturity 15,302 17,011 42,245 46,441 55,827
Cash, federal funds sold and overnight
interest-bearing deposits 4,975 3,416 4,844 4,867 15,897
Deposit accounts 179,158 176,619 172,569 177,107 175,617
Borrowings 2,231 4,082 12,161 1,896 2,195
Total Equity 21,026 20,004 17,812 15,477 12,966
Source: Oregon Trail Financial Corp.'s Prospectus
76
EXHIBIT 6
Income and Expense Trends
For the Nine Months Ended March 31, 1996 and 1997 and
For the Fiscal Years Ended June 30, 1993 through 1996
Nine Months Ended
March 31, Year Ended June 30,
-------------------- ---------------------------------------------
1997 1996 1996 1995 1994 1993
-------- -------- -------- -------- -------- --------
Summary of Operating Data: (Unaudited) (In thousands)
Total interest income $ 12,030 $ 11,960 $ 16,012 $ 14,807 $ 14,621 $ 15,192
Total interest expense 5,553 6,134 8,057 7,083 6,534 7,649
-------- -------- -------- -------- -------- --------
Net interest income 6,477 5,826 7,955 7,724 8,087 7,543
Provisions for loan losses 216 91 115 67 (90) 175
-------- -------- -------- -------- -------- --------
Net interest income after provision
for loan losses 6,261 5,735 7,840 7,657 8,177 7,368
Gains (losses) from sale of securities 0 34 34 0 59 48
Other income 661 563 677 1,141 629 919
Other expenses(1) 5,075 3,647 5,009 5,027 4,602 4,507
-------- -------- -------- -------- -------- --------
Income before income taxes 1,847 2,685 3,542 3,771 4,263 3,828
Provision for income taxes 749 1,033 1,363 1,512 1,616 1,470
-------- -------- -------- -------- -------- --------
Net income $ 1,098 $ 1,652 $ 2,179 $ 2,259 $ 2,647 $ 2,358
======== ======== ======== ======== ======== ========
(1) Includes FDIC SAIF assessment of $1.1 million during the nine months ended
March 31, 1997.
Source: Oregon Trail Financial Corp.'s Prospectus
77
EXHIBIT 7
Normalized Earnings Trend
For the Twelve Months Ended March 31, 1997, and
For the Fiscal Years Ended June 30, 1995 and 1996
Twelve
months Fiscal years ended
Ended June 30,
March 31, ---------------------------
1997 1996 1995
------- ------- -------
(Dollars In Thousands)
Net income after taxes $ 1,625 $ 2,179 $ 2,259
Net income before taxes but after effect
of accounting adjustments 2,704 3,542 3,770
Income adjustments
Gain on sale of securities -- -- (280)
Expense adjustments
SAIF assessment (1,146) -- --
Normalized earnings before taxes 3,850 3,542 3,490
Taxes 1,482 1,363 1,344(1)
------- ------- -------
Normalized earnings after taxes $ 2,368 $ 2,179 $ 2,146
======= ======= =======
(1) Based on tax rate of 38.5 percent.
Source: Pioneer Bank's audited and unaudited financial statements
78
EXHIBIT 8
Performance Indicators
At or For The Nine Months Ended March 31, 1996 and 1997 and
For the Fiscal Years Ended June 30, 1993 through 1996
Nine Months Ended
March 31, Years ended June 30,
------------------- ---------------------------------------------
1997 1996 1996 1995 1994 1993
------ ------ ------ ------ ------ ------
Performance Ratios: (unaudited)
Return on average assets 0.72% 1.06% 1.06% 1.12% 1.35% 1.24%
Return on average equity 7.09% 11.67% 11.40% 13.59% 18.57% 20.00%
Interest rate spread 3.90% 3.45% 3.56% 3.61% 3.95% 3.87%
Net interest margin 4.40% 3.87% 3.97% 3.94% 4.22% 4.07%
Average interest-earning assets to average
interest-bearing liabilities 113.20% 110.33% 110.64% 109.27% 107.88% 104.88%
Noninterest expense as a percent of
average total assets 2.50% 1.76% 2.43% 2.49% 2.34% 2.37%
Efficiency ratio 73.31% 57.60% 58.58% 57.14% 51.92% 54.07%
Asset Quality Ratios:
Nonaccrual and 90 days or more past due
loans as a percent of total loans, net 0.14% 0.10% 0.12% 0.05% 0.04% 0.13%
Nonperforming assets as a percent of
total assets 0.10% 0.06% 0.10% 0.03% 0.03% 0.07%
Allowance for loan losses as a percent
of gross loans receivable 0.52% 0.41% 0.41% 0.37% 0.36% 0.52%
Allowance for loan losses as a percent
of nonperforming loans 381.58% 424.80% 331.90% 679.10% 982.93% 389.23%
Net charge-offs to average
outstanding loans 0.03% 0.02% 0.02% 0.01% 0.02% 0.01%
Capital Ratios:
Total equity-to-assets ratio 10.30% 8.68% 9.83% 8.67% 7.87% 6.71%
Average equity to average assets 10.14% 9.11% 9.26% 8.25% 7.25% 6.19%
Source: Oregon Trail Financial Corp.'s Prospectus
79
EXHIBIT 9
Volume/Rate Analysis
For the Nine Months Ended March 31, 1996 and 1997 and
For the Fiscal Years Ended June 30, 1994 through 1996
Nine Months Ended
March 31,
1997 vs. 1996
-----------------------------------------
Increase
(Decrease)
Due to
----------------------------- Total
Rate Increase
Volume Rate Volume (Decrease)
------- ------- ------- -------
(In thousands)
Interest-earning assets:
Loans receivable (1) $ 481 $ 154 $ 12 $ 647
Mortgage-backed securities (362) 52 (11) (321)
Investment securities (194) (80) 18 (256)
FHLB stock 11 8 1 20
Federal funds sold and overnight
Interest-bearing deposits (13) 16 (6) (3)
------- ------- ------- -------
Total $ (77) $ 150 $ 14 $ 87
======= ======= ======= =======
Interest-bearing liabilities:
Passbook accounts $ (30) $ 0 -- $ (30)
NOW accounts 26 (17) (2) 7
Money market accounts (20) (88) 6 (102)
Certificate accounts 21 (148) (1) (128)
Securities sold under agreements
to repurchase 5 (1) -- 4
FHLB advances (323) (72) 85 (310)
------- ------- ------- -------
Total $ (321) $ (326) $ 88 $ (559)
======= ======= ======= =======
Net change in net interest income $ 244 $ 476 $ (74) $ 646
======= ======= ======= =======
Year ended June 30,
------------------------------------------------------------------------------------
1996 vs. 1995 1995 vs. 1994
---------------------------------------- ----------------------------------------
Increase Increase
(Decrease) (Decrease)
Due to Due to
----------------------------- Total ----------------------------- Total
Rate Increase Rate Increase
Volume Rate Volume (Decrease) Volume Rate Volume (Decrease)
------- ------- ------- -------- ------- ------- ------- --------
(In thousands)
Interest-earning assets:
Loans receivable (1) $ 841 $ 582 $ 51 $ 1,474 $ 1,219 $ (544) $ (73) $ 602
Mortgage-backed securities (357) 134 (14) (237) (212) (20) 1 (231)
Investment securities (152) 73 (7) (86) 144 (46) (5) 93
FHLB stock 10 30 2 42 17 (94) (7) (84)
Federal funds sold and overnight
Interest-bearing deposits 15 (2) -- 13 (195) 7 (4) (192)
------- ------- ------- ------- ------- ------- ------- -------
Total $ 357 $ 817 $ 32 $ 1,206 $ 973 $ (697) $ (88) $ 188
======= ======= ======= ======= ======= ======= ======= =======
Interest-bearing liabilities:
Passbook accounts $ (160) $ 0 $ -- $ (160) $ (97) $ 3 $ -- $ (94)
NOW accounts 11 35 1 47 (22) 96 (5) 69
Money market accounts (67) (115) 11 (171) (98) (60) 7 (151)
Certificate accounts 361 658 50 1,069 272 218 14 504
Securities sold under agreements
to repurchase (9) 4 (1) (6) (20) 7 (2) (15)
FHLB advances 118 48 23 189 35 0 242 277
------- ------- ------- ------- ------- ------- ------- -------
Total $ 254 $ 630 $ 84 $ 968 $ 70 $ 264 $ 256 $ 590
======= ======= ======= ======= ======= ======= ======= =======
Net change in net interest income $ 103 $ 187 $ (52) $ 238 $ 903 $ (961) $ (344) $ (402)
======= ======= ======= ======= ======= ======= ======= =======
(1) Does not inclued interest on loans 90 days or more past due. Includes
loans originated for sale.
Source: Oregon Trail Financial Corp.'s Prospectus
80
EXHIBIT 10
Yield and Cost Trends
At March 31, 1997 and
For the Nine Months Ended March 31, 1996 and 1997, and
For the Fiscal Years Ended June 30, 1995 and 1996
Nine Months Ended
At March 31, Year ended June 30,
March 31, --------------------- ---------------------
1997 1997 1996 1996 1995
-------- ------- ------- ------- -------
Average Average Average Average Average
Rate Rate Rate Rate Rate
------- ------- ------- ------- -------
Weighted average interest rate earned on:
Loans receivable 8.77% 8.75% 8.59% 8.65% 8.16%
Mortgage-backed securities 7.28% 7.42% 7.26% 7.32% 7.04%
Investments securities 6.54% 6.67% 7.18% 6.99% 6.67%
FHLB stock 7.25% 7.69% 7.25% 7.39% 6.10%
Federal funds sold and overnight
interest-bearing deposits 1.22% 1.55% 1.12% 2.17% 2.22%
---- ---- ---- ---- ----
Total interest-earning assets 8.11% 8.17% 7.95% 8.02% 7.56%
Weighted average interest rate cost of:
Passbook savings accounts 2.89% 2.89% 2.89% 2.89% 2.89%
Interest bearing NOW accounts 1.56% 1.56% 1.97% 1.89% 2.26%
Money market accounts 3.53% 3.54% 3.70% 3.67% 3.42%
Certificate accounts 5.44% 5.40% 5.59% 5.55% 4.87%
Securities sold under agreements
to repurchase 3.50% 3.47% 3.58% 3.56% 3.28%
FHLB advances 5.70% 4.88% 6.08% 6.21% 5.18%
---- ---- ---- ---- ----
Total interest-bearing liabilities 4.25% 4.27% 4.50% 4.46% 3.95%
Net interest spread(1) 3.86% 3.90% 3.45% 3.56% 3.61%
==== ==== ==== ==== ====
Net interest margin(2) 4.31% 4.40% 3.87% 3.97% 3.94%
==== ==== ==== ==== ====
(1) Spread between weighted average yield on all interest-earning asset and all
interest-bearing liabilities.
(2) Net interest income (expense) as a percentage of average interest-earning
assets
Source: Oregon Trail Financial Corp.'s Prospectus
81
EXHIBIT 11
Interest Rate Sensitivity of Net Portfolio Value (NPV)
At March 31, 1997
At March 31, 1997
---------------------------------
Assumed
Change in
Interest Rates $ Change % Change
(Basis Points) in NPV in NPV
-------------------- -------------- --------------
(In Thousands)
+400 $(11,491) (53.54)%
+300 (8,013) (37.34)%
+200 (4,824) (22.48)%
+100 (2,169) (10.11)%
0 0 0.00%
-100 1,346 6.27%
-200 1,786 8.32%
-300 3,202 14.92%
-400 5,083 23.68%
Source: Oregon Trail Financial Corp.'s Prospectus
82
EXHIBIT 12
Loan Portfolio Composition
At March 31, 1997, and at June 30, 1993 through 1996
At March 31, At June 30,
---------------------- ----------------------------------------------------
1997 1996 1995
---------------------- ---------------------- ----------------------
Amount Percent Amount Percent Amount Percent
----------- --------- ----------- --------- ----------- ---------
(Dollars in thousands)
Type of Loan:
Mortgage Loans:
One-to-four family $ 101,792 71.99% $ 101,199 74.71% $ 93,436 72.95%
Multi-family 1,844 1.30% 1,927 1.42% 1,935 1.51%
Commercial 4,768 3.37% 4,724 3.49% 5,166 4.03%
Construction 853 0.60% 1,745 1.29% 1,798 1.40%
Land 222 0.16% 14 0.01% 15 0.01%
----------- ------ ----------- ------ ----------- ------
Total mortgage loans 109,480 77.42% 109,609 80.92% 102,350 79.90%
Consumer loans:
Home equity and second mortgage 17,514 12.39% 12,751 9.41% 12,120 9.46%
Credit card 844 0.60% 791 0.58% 712 0.56%
Auto loans (1) 2,064 1.46% 1,405 1.04% 1,507 1.18%
Loans secured by deposit
accounts 731 0.52% 593 0.44% 589 0.46%
Unsecured 1,611 1.14% 4,580 3.38% 4,404 3.44%
Other 2,627 1.85% 2,586 1.91% 3,585 2.80%
----------- ------ ----------- ------ ----------- ------
Total consumer loans 25,391 17.96% 22,707 16.77% 22,917 17.90%
Commercial business loans 4,066 2.88% 3,142 2.32% 2,822 2.20%
Agricultural loans 2,466 1.74% -- -- -- --
----------- ------ ----------- ------ ----------- ------
Total Loans 141,403 100.00% 135,458 100.00% 128,089 100.00%
====== ====== ======
Less:
Undisbursed portion of
loans in process $ 769 $ 1,584 $ 2,145
Net deferred loan fees 1,028 985 1,049
Allowance for loan losses 725 541 455
----------- ----------- -----------
Total loans receivable, net $ 138,881 $ 132,348 $ 124,440
=========== =========== ===========
Loan Portfolio Composition (continued)
At March 31, 1997, and at June 30, 1993 through 1996
At June 30,
------------------------------------------------
1994 1993
---------------------- ----------------------
Amount Percent Amount Percent
----------- --------- ----------- ---------
(Dollars in thousands)
Type of Loan:
Mortgage Loans:
One-to-four family $ 84,385 73.08% $ 73,578 73.26%
Multi-family 2,060 1.78% 1,441 1.43%
Commercial 3,840 3.33% 3,528 3.51%
Construction 3,114 2.70% 2,006 2.00%
Land 32 0.03% 46 0.05%
----------- ------ ----------- ------
Total mortgage loans 93,431 80.92% 80,599 80.25%
Consumer loans:
Home equity and second mortgage 10,837 9.39% 9,860 9.82%
Credit card 426 0.37% 263 0.26%
Auto loans (1) 1,382 1.20% 1,216 1.21%
Loans secured by deposit
accounts 626 0.54% 703 0.70%
Unsecured 3,720 3.22% 3,037 3.02%
Other 3,297 2.86% 3,543 3.53%
----------- ------ ----------- ------
Total consumer loans 20,288 17.58% 18,622 18.54%
Commercial business loans 1,749 1.51% 1,214 1.21%
Agricultural loans -- -- -- --
----------- ------ ----------- ------
Total Loans 115,468 100.00% 100,435 100.00%
====== ======
Less:
Undisbursed portion of
loans in process $ 2,039 $ 1,614
Net deferred loan fees 925 753
Allowance for loan losses 403 506
----------- -----------
Total loans receivable, net $ 112,101 $ 97,562
=========== ===========
(1) Includes dealer-originated automobile contracts of $389,000 at March 31,
1997.
Source: Oregon Trail Financial Corp.'s Prospectus
83
EXHIBIT 13
Loan Maturity Schedule
At March 31, 1997
One Year 3 Years 5 Years
Within Through Through Through Over Ten
One Year 3 Years 5 Years 10 Years Years Total
-------- -------- -------- -------- -------- --------
(In Thousands)
Mortgage Loans:
One-to four-family $ 11 $ 311 $ 1,315 $ 7,985 $ 92,170 $101,792
Multifamily -- 12 -- 698 $ 1,134 1,844
Commercial loans 19 123 385 1,453 2,788 4,768
Construction loans 853 -- -- -- -- 853
Land loans -- -- -- 157 66 223
-------- -------- -------- -------- -------- --------
Total Mortgage Loans $ 883 $ 446 $ 1,700 $ 10,293 $ 96,158 $109,480
Consumer Loans:
Home equity and second mortgage 78 1,474 2,494 6,505 6,963 17,514
Automobile 14 541 1,098 378 33 2,064
Credit card 159 313 170 202 -- 844
Loans secured by deposits 205 492 34 -- -- 731
Unsecured 25 259 246 1,002 79 1,611
Other 68 438 516 678 927 2,627
-------- -------- -------- -------- -------- --------
Total Consumer Loans $ 549 $ 3,517 $ 4,558 $ 8,765 $ 8,002 $ 25,391
Commercial business loans 1,578 662 1,826 -- -- 4,066
Agricultural loans 2,427 39 -- -- -- 2,466
-------- -------- -------- -------- -------- --------
Total $ 5,437 $ 4,664 $ 8,084 $ 19,058 $104,160 $141,403
======== ======== ======== ======== ======== ========
Fixed Floating or
Rates Adjustable Rates
-------- ----------------
Mortgage Loans: (In thousands)
One-to four-family $ 53,942 $ 47,841
Multifamily 491 1,353
Commercial loans 1,468 3,281
Construction loans -- --
Land loans 223 --
-------- --------
Total Mortgage Loans $ 56,124 $ 52,475
Consumer Loans:
Home equity and second mortgage 9,882 7,554
Automobile 2,024 26
Credit card -- 685
Loans secured by deposits 526 --
Unsecured 137 1,449
Other 2,268 289
-------- --------
Total Consumer Loans $ 14,837 $ 10,003
Commercial business loans -- 2,488
Agricultural loans -- 39
-------- --------
Total $ 70,961 $ 65,005
======== ========
Source: Oregon Trail Financial Corp.'s Prospectus
84
EXHIBIT 14
Loan Originations
For The Nine Months Ended March 31, 1996 and 1997, and
For the Years Ended June 30, 1995 and 1996
Nine Months Ended
March 31, Years ended June 30,
-------------------------- --------------------------
1997 1996 1996 1995
------- ------- ------- -------
(In thousands)
Loans originated:
Mortgage loans:
One-to-four family $ 8,966 $11,932 $17,416 $16,508
Multi-family loans 0 0 514 0
Commercial loans 0 325 908 123
Construction loans 2,216 2,856 3,958 6,800
Land 173 27 27 0
Consumer loans 8,769 5,548 7,642 9,854
Commercial business loans 2,346 1,367 2,484 2,316
Agricultural loans 6,352 0 0 0
------- ------- ------- -------
Total loans originated 28,822 22,055 32,949 35,601
Loans purchased:
One-to-four family mortgage 183 47 256 145
Dealer-originated automobile
contracts 389 -- -- --
------- ------- ------- -------
Total loans purchased 572 47 256 145
Loans sold:
Total whole loans sold 1,149 652 759 1,470
------- ------- ------- -------
Total loans sold 1,149 652 759 1,470
Loan principal repayments 21,711 16,712 24,539 21,937
Net increase (decrease)
in loans receivable, net $ 6,534 $ 4,738 $ 7,907 $12,339
Source: Oregon Trail Financial Corp.'s Prospectus
85
EXHIBIT 15
Nonperforming Assets
At March 31, 1997 and
At June 30, 1993 through 1996
At March 31, At June 30,
------------ ----------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
(In Thousands)
Loans accounted for on a nonaccrual basis:
Mortgage loans
One-to-four family $167 $111 $ 47 $ 15 $128
Consumer loans 23 52 20 26 2
---- ---- ---- ---- ----
Total 190 163 67 41 130
Accruing loans which are contractually
past due 90 days or more -- -- -- -- --
---- ---- ---- ---- ----
Total of nonaccrual and
90 days past due loans 190 163 67 41 130
Foreclosed real estate 0 13 0 0 0
Other repossessed assets 10 34 0 18 0
---- ---- ---- ---- ----
Total non-performing assets $200 $210 $134 $ 59 $260
==== ==== ==== ==== ====
Restructured loans $-- $-- $-- $ 18 $--
==== ==== ==== ==== ====
Nonaccrual and 90 days or more past
due loans as a percent of loans
receivable, net 0.14% 0.12% 0.05% 0.04% 0.13%
Nonaccrual and 90 days or more past
due loans as a percent of
total assets 0.09% 0.08% 0.03% 0.02% 0.07%
Nonperforming assets as a percent
of total assets 0.10% 0.10% 0.03% 0.03% 0.07%
Source: Oregon Trail Financial Corp.'s Prospectus
86
EXHIBIT 16
Classified Assets
At March 31, 1997, and at June 30, 1995 and 1996
At March 31, At June 30,
1997 1996 1995
---- ---- ----
(In thousands)
Loss assets $ 7 $ 0 $ 4
Doubtful assets 22 11 8
Substandard assets 796 905 912
Special mention 838 582 287
---- ---- ----
Total classified assets 1663 1498 1211
==== ==== ====
General loss allowances 718 541 451
Specific loss allowances 7 0 4
---- ---- ----
Total allowances $725 $541 $455
==== ==== ====
Source: Oregon Trail Financial Corp.'s Prospectus
87
EXHIBIT 17
Allowance for Loan Losses
For the Nine Months Ended March 31, 1996 and 1997, and
For the Years Ended June 30, 1993 through 1996
Nine Months Ended
March 31, Year Ended June 30,
------------------ --------------------------------------------
1997 1996 1996 1995 1994 1993
----- ----- ----- ----- ----- -----
Balance at beginning of period $ 541 $ 455 $ 455 $ 403 $ 506 $ 382
Provision for loan losses 216 91 115 67 (90) 175
Recoveries:
Multifamily loans 0 9 12 5 4 0
Credit card loans 4 1 1 0 0 0
Other 3 0 1 0 8 0
----- ----- ----- ----- ----- -----
Total recoveries 7 10 14 5 12 0
Charge-offs:
Multifamily loans 5 0 0 0 21 37
Automobile loans 0 0 0 0 0 2
Credit card loans 26 25 41 0 1 0
Unsecured loans 0 0 0 0 0 10
Other 8 0 2 20 3 2
----- ----- ----- ----- ----- -----
Total charge-offs 39 25 43 20 25 51
Net charge-offs (32) (15) (29) (15) (13) (51)
----- ----- ----- ----- ----- -----
Balance at end of period $ 725 $ 531 $ 541 $ 455 $ 403 $ 506
===== ===== ===== ===== ===== =====
Allowance for loan losses as a percent
of total loans outstanding at the
end of the period 0.52% 0.41% 0.41% 0.37% 0.36% 0.52%
Net charge-offs as a percent of average
loans outstanding during the period 0.02% 0.01% 0.02% 0.01% 0.01% 0.05%
Allowance for loan losses as a percent
of nonperforming loans at end of period 381.58% 424.80% 331.90% 679.10% 982.93% 389.23%
Source: Oregon Trail Financial Corp.'s Prospectus
88
EXHIBIT 18
Investment Portfolio Composition
At March 31, 1997, and
At June 30, 1995 and 1996
At June 30,
---------------------------------------------
At March 31, 1997 1996 1995
------------------- ------------------- -------------------
Carrying % of Carrying % of Carrying % of
Value(1) Total Value(1) Total Value(1) Total
------- ------ ------- ------ ------- ------
(Unaudited) (Dollars in thousands)
Held to maturity:
U.S. Government agency obligations $ 0 -- $ 0 -- $19,232 28.21%
Mortgage-backed and related securities 15,302 30.03% 17,011 28.84% 42,245 61.98%
------- ------ ------- ------ ------- ------
Total held to maturity securities 15,302 30.03% 17,011 28.84% 61,477 90.19%
Available for Sale:
U.S. Government agency obligations 15,857 31.12% 19,900 33.74% 2,903 4.26%
Mortgage-backed and related securities 19,745 38.75% 19,451 32.98% 0 0.00%
Other 50 0.10% 50 0.08% 0 0.00%
------- ------ ------- ------ ------- ------
Total available for sale securities 35,652 69.97% 39,401 66.80% 2,903 4.26%
Trading:
Mortgage-backed and related securities -- -- 2,569 4.36% 3,786 5.55%
------- ------ ------- ------ ------- ------
Total Portfolio $50,954 100.00% $58,981 100.00% $68,166 100.00%
======= ====== ======= ====== ======= ======
(1) The market value of the Savings Bank's investment portfolio amounts to
$51.0 million, $58.8 million and $68.6 million at March 31, 1997, and June
30, 1996 and 1995, respectively. At March 31, 1997, the market value of
the principal components of the Savings Bank's investment securities
portfolio was as follows: U.S. Government securities, $15.9 million;
mortgage-backed securities, $35.1 million.
Source: Oregon Trail Financial Corp.'s Prospectus
89
EXHIBIT 19
Mix of Deposits
At March 31, 1997, and at June 30, 1995 and 1996
March 31, June 30,
--------------------- --------------------------------------------------
1997 1996 1995
--------------------- --------------------- ---------------------
Percent Percent Percent
Amount of Total Amount of Total Amount of Total
--------------------- --------------------- ---------------------
(Dollars in thousands)
Non-interest bearing $ 6,282 3.51% $ 4,894 2.77% $ 3,904 2.26%
NOW checking 27,261 15.22% 26,526 15.02% 27,254 15.79%
Passbook savings accounts 24,005 13.40% 24,969 14.14% 26,551 15.39%
Money market deposit accounts 16,785 9.37% 14,885 8.43% 13,528 7.84%
Fixed-rate certificates which
mature in the year ending:
Within one year 77,440 43.22% 69,816 39.53% 62,169 36.03%
After 1 year but within 3 years 19,257 10.75% 25,354 14.36% 28,648 16.60%
After 3 years but within 5 years 6,652 3.71% 7,271 4.12% 6,526 3.78%
Certificates maturing thereafter 1,476 0.82% 2,904 1.63% 3,989 2.31%
-------- ------ -------- ------ -------- ------
Total deposit $179,158 100.00% $176,619 100.00% $172,569 100.00%
======== ====== ======== ========
Source: Oregon Trail Financial Corp.'s Prospectus
90
EXHIBIT 20
Deposit Activity
For the Nine Months Ended March 31, 1996 and 1997 and
For the Years Ended June 30, 1995 and 1996
Nine Months Ended
March 31, Year ended June 30,
------------------------------ ------------------------------
1997 1996 1996 1995
--------- --------- --------- ---------
(Dollars in thousands)
Beginning balance $ 176,619 $ 172,569 $ 172,569 $ 177,107
Net deposits (withdrawals)
before interest credited (2,946) (477) (3,529) (11,328)
Interest credited 5,485 5,739 7,579 6,790
--------- --------- --------- ---------
Net increase (decrease)
in deposits 2,539 5,262 4,050 (4,538)
--------- --------- --------- ---------
Ending balance $ 179,158 $ 177,831 $ 176,619 $ 172,569
========= ========= ========= =========
Source: Oregon Trail Financial Corp.'s Prospectus
91
EXHIBIT 21
Borrowed Funds Activity
At of For the Nine Months Ended March 31, 1996 and 1997 and
For The Years Ended June 30, 1995 and 1996
At or for the At or
Nine Months For the Year
Ended March 31, Ended June 30,
------------------------ -------------------------
1997 1996 1996 1995
------- ------- ------- -------
(Dollars in thousands)
Maximum amount of borrowings
outstanding at any month end:
Securities sold under agreements
to repurchase $ 1,459 $ 1,432 $ 1,432 $ 1,956
FHLB advances 2,850 9,100 9,100 11,000
Approximate average short-term
borrowings outstanding with respect to:
Securitties sold under agreements
to repurchase $ 1,396 $ 1,215 $ 1,260 $ 1,537
FHLB advances 861 7,939 6,965 4,686
Approximate weighted average
rate paid on:
Securities sold under agreements
to repurchase 3.50% 3.57% 3.56% 3.28%
FHLB advances 4.88% 6.08% 6.21% 5.18%
Source: Oregon Trail Financial Corp.'s Prospectus
92
EXHIBIT 22
OFFICES OF PIONEER BANK
BAKER CITY, OREGON
Year Square Total
Description/Address Opened Footage Deposits
- ------------------- -------- ------- --------
(In thousands)
Main Office:
2055 First Street 1980 10,700 $ 54,839
Baker City, Oregon 97814
Branch Offices:
La Grande Branch 1975 6,758 43,188
1215 Adams Avenue
La Grande, Oregon 97850
La Grande Branch 1983 3,655 9,889
1601 Adams Avenue
La Grande, Oregon 97850
Ontario Branch 1961 3,700 26,334
225 SW Fourth Avenue
Ontario, Oregon 97914
John Day Branch 1973 2,420 13,226
150 West Main Street
John Day, Oregon 97845
Burns Branch 1975 2,567 12,246
77 West Adams Street
Burns, Oregon 97720
Enterprise Branch 1976 3,360 19,396
205 West Main Street
Enterprise, Oregon 97828
Source: Oregon Trail Financial Corp.'s Prospectus
93
EXHIBIT 23
LIST OF KEY OFFICERS AND DIRECTORS
March 31, 1997
Term Director
Name Expires Age(1) Position(s) Held with the Bank Since
- ------------------------ --------------- ------------ ------------------------------------------- ----------------------
John Gentry 1998 49 Chairman of the Board 1992
John A. Lienkaemper 1998 60 Director 1980
Albert H. Durgan 1999 66 Director 1986
Edward H. Elms 1999 49 Director 1987
Stephen R. Whittemore 2000 47 Director 1984
Charles Rouse 2000 51 Director 1992
Dan L. Webber --- 56 President and CEO ---
Jerry F. Aldape --- 48 Senior VP/Support Services and ---
Corporate Secretary
Don S. Reay --- 50 Senior VP/Customer Services and ---
Chief Lending Officer
Nadine J. Johnson --- 48 Vice President and Treasurer/ ---
Controller
(1) As of March 31, 1997.
Source: Oregon Trail Financial Corp.'s Prospectus
94
EXHIBIT 24
Key Demographic Data and Trends
Market Area, Oregon and the United States
1990, 1996 and 2001
1990 1996 % Chg. 2001 % Chg.
---- ---- ------ ---- ------
Population
Market Area 86,777 92,754 6.9% 97,533 5.2%
Oregon 2,842,321 3,195,362 12.4% 3,477,756 8.8%
United States 248,709,873 265,294,885 6.7% 278,802,003 5.1%
Households
Market Area 33,258 35,616 7.1% 37,523 5.4%
Oregon 1,103,313 1,246,792 13.0% 1,359,653 9.1%
United States 91,947,410 98,239,161 6.8% 103,293,062 5.1%
Per Capita Income
Market Area $ 10,580 $ 12,749 20.5% -- --
Oregon 11,306 16,717 47.9% -- --
United States 12,313 16,738 35.9% -- --
Median Household Income
Market Area $ 21,841 $ 26,659 22.1% $ 27,195 2.0%
Oregon 25,509 33,603 31.7% 35,070 4.4%
United States 28,525 34,530 21.1% 33,189 (3.9)%
Source: Data Users Center and CACI
95
EXHIBIT 25
Key Housing Data
Market Area, Oregon and the United States
1990
Occupied Housing Units
Market Area 33,258
Oregon 1,103,313
United States 91,947,410
Occupancy Rate
Market Area
Owner-Occupied 66.6%
Renter-Occupied 33.4%
Oregon
Owner-Occupied 63.1%
Renter-Occupied 36.9%
United States
Owner-Occupied 64.2%
Renter-Occupied 35.8%
Median Housing Values
Market Area $ 44,259
Oregon 66,800
United States 79,098
Median Rent
Market Area $ 296
Oregon 408
United States 374
Source: U.S. Department of Commerce and CACI Sourcebook
96
EXHIBIT 26
Major Sources of Employment by Industry Group
Market Area, Oregon and the United States
1990
Market United
Industry Group Area Oregon States
- -------------- ------ ------ ------
Agriculture/Mining 18.4% 5.2% 1.3%
Construction 5.1% 5.6% 4.8%
Manufacturing 15.0% 17.7% 19.2%
Transportation/Utilities 5.8% 6.5% 5.9%
Wholesale/Retail 20.1% 22.8% 27.5%
Finance, Insurance, & Real Estate 3.4% 6.0% 7.3%
Services 32.2% 36.2% 34.0%
Source: Bureau of the Census, County Business Patterns
97
EXHIBIT 27
Unemployment Rates
Market Area, Oregon and the United States
1994, 1995 and 1996
Location 1994 1995 1996
- ------------- ---- ---- ----
Market Area N/A 8.1% 10.0%
Oregon 5.4% 4.8% 5.9%
United States 6.1% 5.6% 5.0%
Source: Oregon Area Labor Department
98
EXHIBIT 28
Market Share of Deposits
Baker, Grant, Harney, Malheur, Union and Wallowa Counties
June 30, 1996
Market
Area's Pioneer's Pioneer's
Deposits Share Share
($000) ($000) (%)
-------- ---------- ----------
Banks $597,138 -- --
Thrifts 266,644 $ 176,671 66.3%
Credit Unions 48,827 --
-------- ---------- ----------
$912,609 $ 176,671 19.4%
Source: Sheshunoff
99
EXHIBIT 29
National Interest Rates by Quarter
1993-1996
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1993 1993 1993 1993
---- ---- ---- ----
Prime Rate 6.00% 6.00% 6.00% 6.00%
90-Day Treasury Bills 2.93% 3.07% 2.96% 3.05%
1-Year Treasury Bills 3.27% 3.43% 3.35% 3.58%
30-Year Treasury Bills 6.92% 6.67% 6.03% 6.35%
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1994 1994 1994 1994
---- ---- ---- ----
Prime Rate 6.25% 7.25% 7.75% 8.50%
90-Day Treasury Bills 3.54% 4.23% 5.14% 5.66%
1-Year Treasury Bills 4.40% 5.49% 6.13% 7.15%
30-Year Treasury Bills 7.11% 7.43% 7.82% 7.88%
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1995 1995 1995 1995
---- ---- ---- ----
Prime Rate 9.00% 9.00% 8.75% 8.50%
90-Day Treasury Bills 5.66% 5.58% 5.40% 5.06%
1-Year Treasury Bills 6.51% 5.62% 5.45% 5.14%
30-Year Treasury Bills 7.43% 6.71% 5.69% 5.97%
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1996 1996 1996 1996
---- ---- ---- ----
Prime Rate 8.25% 8.25% 8.25% 8.25%
90-Day Treasury Bills 5.18% 5.25% 5.16% 5.07%
1-Year Treasury Bills 5.43% 5.91% 5.38% 5.57%
30-Year Treasury Bills 6.73% 7.14% 6.47% 6.67%
1st Qtr.
1997
----
Prime Rate 8.50%
90-Day Treasury Bills 4.95%
1-Year Treasury Bills 5.95%
30-Year Treasury Bills 7.06%
Source: The Wall Street Journal
100
EXHIBIT 30
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
===========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
FFDB FirstFed Bancorp Incorporated AL NASDAQ 17.750 18.500 8.500 -4.05 23.48 14.33
PLE Pinnacle Bancshares Inc. AL AMSE 22.000 22.625 4.000 0.57 -0.56 17.34
SRN Southern Banc Company Inc. AL AMSE 14.375 15.125 11.375 0.88 0.88 14.42
SCBS Southern Community Bancshares AL NASDAQ 14.000 14.250 13.000 0.00 5.66 13.54
SZB SouthFirst Bancshares Inc. AL AMSE 15.000 16.000 10.625 8.11 9.09 15.82
FFBH First Federal Bancshares of AR AR NASDAQ 19.250 20.375 10.000 1.32 0.65 16.79
HCBB HCB Bancshares Inc. AR NASDAQ 13.000 13.250 12.625 NA NA NA
FTF Texarkana First Financial Corp AR AMSE 17.625 17.625 10.000 2.17 3.68 14.70
AHM Ahmanson & Company (H.F.) CA NYSE 41.500 44.875 2.688 5.06 0.30 19.05
AFFFZ America First Financial Fund CA NASDAQ 38.000 38.000 14.500 25.62 16.48 28.43
BPLS Bank Plus Corp. CA NASDAQ 10.500 14.000 5.000 3.70 -20.75 8.88
BVCC Bay View Capital Corp. CA NASDAQ 25.063 28.625 5.625 1.26 -11.09 14.82
BYFC Broadway Financial Corp. CA NASDAQ 10.750 11.250 9.000 0.00 3.61 14.27
CFHC California Financial Holding CA NASDAQ 29.375 29.500 5.909 -0.42 0.86 19.22
CENF CENFED Financial Corp. CA NASDAQ 29.000 31.818 4.545 3.57 -5.48 20.05
CSA Coast Savings Financial CA NYSE 44.000 48.750 1.625 5.07 -5.63 23.45
DSL Downey Financial Corp. CA NYSE 20.500 22.500 1.321 6.29 -7.42 14.98
FSSB First FS&LA of San Bernardino CA NASDAQ 9.250 14.500 6.875 0.00 -2.63 13.68
FED FirstFed Financial Corp. CA NYSE 27.875 28.375 1.125 14.95 5.69 18.48
GLN Glendale Federal Bank FSB CA NYSE 26.000 589.500 5.250 4.52 -0.48 15.31
GDW Golden West Financial CA NYSE 68.250 74.250 3.875 1.30 -0.18 42.19
GWF Great Western Financial CA NYSE 48.750 48.750 3.950 14.37 10.80 17.55
HTHR Hawthorne Financial Corp. CA NASDAQ 11.375 35.500 2.250 19.74 3.41 12.37
HEMT HF Bancorp Inc. CA NASDAQ 13.500 14.500 8.188 -2.70 1.89 12.87
HBNK Highland Federal Bank FSB CA NASDAQ 21.500 24.000 11.000 2.38 -4.97 15.70
MBBC Monterey Bay Bancorp Inc. CA NASDAQ 15.875 18.250 8.750 -0.78 -10.56 15.01
PFFB PFF Bancorp Inc. CA NASDAQ 15.313 16.938 10.375 6.53 -5.41 14.09
PROV Provident Financial Holdings CA NASDAQ 16.000 17.188 10.125 3.23 0.76 17.06
QCBC Quaker City Bancorp Inc. CA NASDAQ 16.000 16.400 6.000 3.90 4.58 14.56
REDF RedFed Bancorp Inc. CA NASDAQ 14.375 15.438 7.750 5.50 2.68 10.37
SGVB SGV Bancorp Inc. CA NASDAQ 12.875 13.875 7.750 -2.83 -7.21 12.41
WES Westcorp CA NYSE 16.875 23.875 3.703 4.65 -4.93 12.29
FFBA First Colorado Bancorp Inc. CO NASDAQ 17.875 18.875 3.189 11.72 4.38 11.60
EGFC Eagle Financial Corp. CT NASDAQ 28.000 30.750 6.198 2.28 -5.08 22.91
PER SHARE PRICING RATIOS
=================== =========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
FFDB FirstFed Bancorp Incorporated AL NASDAQ 143.97 0.46 23.36 123.87 12.33 13.98
PLE Pinnacle Bancshares Inc. AL AMSE 224.32 0.74 17.46 126.87 9.81 11.70
SRN Southern Banc Company Inc. AL AMSE 85.33 0.53 62.50 99.69 16.85 26.62
SCBS Southern Community Bancshares AL NASDAQ 61.64 NA NA 103.40 22.71 NA
SZB SouthFirst Bancshares Inc. AL AMSE 113.15 0.50 NM 94.82 13.26 88.24
FFBH First Federal Bancshares of AR AR NASDAQ 106.16 NA NA 114.65 18.13 NA
HCBB HCB Bancshares Inc. AR NASDAQ NA NA NA NA NA NA
FTF Texarkana First Financial Corp AR AMSE 91.71 3.45 13.35 119.90 19.22 10.88
AHM Ahmanson & Company (H.F.) CA NYSE 484.09 0.88 32.94 217.85 8.57 16.34
AFFFZ America First Financial Fund CA NASDAQ 363.20 1.60 8.39 133.66 10.46 7.12
BPLS Bank Plus Corp. CA NASDAQ 180.58 0.00 NM 118.24 5.81 NM
BVCC Bay View Capital Corp. CA NASDAQ 234.74 0.31 27.85 169.12 10.68 16.93
BYFC Broadway Financial Corp. CA NASDAQ 133.04 0.25 NM 75.33 8.08 51.19
CFHC California Financial Holding CA NASDAQ 275.94 0.44 20.26 152.84 10.65 13.11
CENF CENFED Financial Corp. CA NASDAQ 392.92 0.32 15.93 144.64 7.38 10.90
CSA Coast Savings Financial CA NYSE 473.15 0.00 65.67 187.63 9.30 19.73
DSL Downey Financial Corp. CA NYSE 205.15 0.30 24.70 136.85 9.99 14.54
FSSB First FS&LA of San Bernardino CA NASDAQ 315.79 0.00 NM 67.62 2.93 NM
FED FirstFed Financial Corp. CA NYSE 391.06 0.00 29.97 150.84 7.13 15.07
GLN Glendale Federal Bank FSB CA NYSE 306.00 0.00 76.47 169.82 8.50 19.55
GDW Golden West Financial CA NYSE 673.38 0.41 10.60 161.77 10.14 8.75
GWF Great Western Financial CA NYSE 310.97 1.00 73.86 277.78 15.68 25.39
HTHR Hawthorne Financial Corp. CA NASDAQ 318.71 0.00 36.69 91.96 3.57 30.74
HEMT HF Bancorp Inc. CA NASDAQ 156.71 0.00 NM 104.90 8.61 50.00
HBNK Highland Federal Bank FSB CA NASDAQ 210.41 0.00 37.72 136.94 10.22 21.50
MBBC Monterey Bay Bancorp Inc. CA NASDAQ 130.17 0.10 49.61 105.76 12.20 27.37
PFFB PFF Bancorp Inc. CA NASDAQ 134.55 0.00 102.09 108.68 11.38 26.86
PROV Provident Financial Holdings CA NASDAQ 119.94 NA NA 93.79 13.34 NA
QCBC Quaker City Bancorp Inc. CA NASDAQ 163.42 0.00 32.65 109.89 9.79 17.58
REDF RedFed Bancorp Inc. CA NASDAQ 126.84 0.00 159.72 138.62 11.33 23.96
SGVB SGV Bancorp Inc. CA NASDAQ 170.69 0.00 55.98 103.75 7.54 21.82
WES Westcorp CA NYSE 130.92 0.40 14.80 137.31 12.89 67.50
FFBA First Colorado Bancorp Inc. CO NASDAQ 91.18 0.35 22.63 154.09 19.60 16.71
EGFC Eagle Financial Corp. CT NASDAQ 332.04 0.92 15.73 122.22 8.43 11.86
101
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
=========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
FFES First Federal of East Hartford CT NASDAQ 25.375 28.500 4.000 5.73 -1.46 23.00
NTMG Nutmeg Federal S&LA CT NASDAQ 7.375 8.000 4.645 -6.35 0.00 7.35
WBST Webster Financial Corporation CT NASDAQ 40.875 41.250 3.864 9.36 3.81 23.72
IFSB Independence Federal Savings DC NASDAQ 8.875 10.250 0.250 4.41 -1.39 13.39
BANC BankAtlantic Bancorp Inc. FL NASDAQ 13.875 14.125 0.178 9.90 5.11 8.23
BKUNA BankUnited Financial Corp. FL NASDAQ 9.875 12.750 2.320 11.27 -1.25 7.33
FFFG F.F.O. Financial Group Inc. FL NASDAQ 4.500 10.000 0.563 2.86 20.00 2.46
FFLC FFLC Bancorp Inc. FL NASDAQ 26.750 28.250 12.750 0.70 0.47 22.16
FFPB First Palm Beach Bancorp Inc. FL NASDAQ 29.750 30.000 14.000 7.69 1.28 21.04
OCWN Ocwen Financial Corporation FL NASDAQ 29.500 34.750 20.250 -4.84 -13.87 8.40
CCFH CCF Holding Company GA NASDAQ 16.125 16.375 10.750 -0.77 -0.77 14.38
EBSI Eagle Bancshares GA NASDAQ 16.141 19.000 1.875 1.68 -2.18 12.74
FSTC First Citizens Corporation GA NASDAQ 24.750 26.750 2.955 6.45 0.00 15.18
FGHC First Georgia Holding Inc. GA NASDAQ 7.500 8.250 0.815 -8.40 0.00 4.08
FLFC First Liberty Financial Corp. GA NASDAQ 21.250 22.500 2.667 -2.30 -3.41 11.87
FLAG FLAG Financial Corp. GA NASDAQ 12.750 15.000 3.200 2.00 0.00 10.25
SFNB Security First Network Bank GA NASDAQ 5.500 41.500 5.500 -31.25 -42.11 3.79
CASH First Midwest Financial Inc. IA NASDAQ 16.000 17.500 8.833 4.92 -5.88 15.18
GFSB GFS Bancorp Inc. IA NASDAQ 14.250 14.250 5.500 5.56 28.09 10.33
HZFS Horizon Financial Svcs Corp. IA NASDAQ 19.250 19.250 10.375 13.24 13.24 19.33
MFCX Marshalltown Financial Corp. IA NASDAQ 15.000 16.750 8.500 -4.00 2.56 14.06
MIFC Mid-Iowa Financial Corp. IA NASDAQ 9.000 9.000 2.474 22.03 5.88 6.71
MWBI Midwest Bancshares Inc. IA NASDAQ 31.500 31.500 11.750 4.13 17.76 27.68
FFFD North Central Bancshares Inc. IA NASDAQ 15.500 16.625 8.071 -1.59 0.00 14.59
PMFI Perpetual Midwest Financial IA NASDAQ 19.250 22.000 10.000 -0.97 -4.94 17.71
SFFC StateFed Financial Corporation IA NASDAQ 18.875 19.750 10.500 4.86 2.69 19.00
ABCL Alliance Bancorp Inc. IL NASDAQ 29.719 31.250 9.000 7.10 -3.74 22.93
AVND Avondale Financial Corp. IL NASDAQ 13.500 18.500 11.500 0.93 -25.00 14.88
BFFC Big Foot Financial Corp. IL NASDAQ 15.875 16.000 12.313 8.55 15.45 14.28
CBCI Calumet Bancorp Inc. IL NASDAQ 38.875 38.875 10.333 10.28 7.24 35.23
CBSB Charter Financial Inc. IL NASDAQ 17.875 18.000 6.361 0.00 12.60 13.22
CNBA Chester Bancorp Inc. IL NASDAQ 14.625 15.375 12.625 0.00 -0.85 14.50
CBK Citizens First Financial Corp. IL AMSE 16.000 16.750 9.500 8.47 3.23 15.91
COVB CoVest Bancshares Inc. IL NASDAQ 18.750 18.750 8.000 4.17 4.87 16.36
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
FFES First Federal of East Hartford CT NASDAQ 367.95 0.60 16.58 110.33 6.90 10.40
NTMG Nutmeg Federal S&LA CT NASDAQ 129.09 0.08 29.50 100.34 5.71 21.69
WBST Webster Financial Corporation CT NASDAQ 467.11 0.70 22.84 172.32 8.75 46.45
IFSB Independence Federal Savings DC NASDAQ 205.27 0.00 30.60 66.28 4.32 13.65
BANC BankAtlantic Bancorp Inc. FL NASDAQ 149.47 0.12 14.45 168.59 9.28 17.79
BKUNA BankUnited Financial Corp. FL NASDAQ 164.25 0.00 42.93 134.72 6.01 18.63
FFFG F.F.O. Financial Group Inc. FL NASDAQ 37.96 0.00 18.00 182.93 11.85 13.24
FFLC FFLC Bancorp Inc. FL NASDAQ 153.10 0.42 28.46 120.71 17.47 19.53
FFPB First Palm Beach Bancorp Inc. FL NASDAQ 311.07 0.50 NM 141.40 9.56 198.33
OCWN Ocwen Financial Corporation FL NASDAQ 98.86 NA NA 351.19 29.84 NA
CCFH CCF Holding Company GA NASDAQ 100.51 0.70 73.30 112.13 16.04 48.86
EBSI Eagle Bancshares GA NASDAQ 146.34 0.58 18.77 126.70 11.03 14.04
FSTC First Citizens Corporation GA NASDAQ 162.02 0.43 9.71 163.04 15.28 9.82
FGHC First Georgia Holding Inc. GA NASDAQ 48.19 0.05 25.86 183.82 15.56 20.83
FLFC First Liberty Financial Corp. GA NASDAQ 161.56 0.37 17.00 179.02 13.15 14.76
FLAG FLAG Financial Corp. GA NASDAQ 109.02 0.34 NM 124.39 11.70 85.00
SFNB Security First Network Bank GA NASDAQ 9.44 0.00 NM 145.12 58.26 NM
CASH First Midwest Financial Inc. IA NASDAQ 130.93 0.33 16.67 105.40 12.22 11.43
GFSB GFS Bancorp Inc. IA NASDAQ 89.24 0.20 16.96 137.95 15.97 13.70
HZFS Horizon Financial Svcs Corp. IA NASDAQ 184.16 0.32 25.00 99.59 10.45 18.16
MFCX Marshalltown Financial Corp. IA NASDAQ 90.05 0.00 51.72 106.69 16.66 27.27
MIFC Mid-Iowa Financial Corp. IA NASDAQ 73.73 0.08 14.52 134.13 12.21 NA
MWBI Midwest Bancshares Inc. IA NASDAQ 399.05 0.56 18.31 113.80 7.89 11.50
FFFD North Central Bancshares Inc. IA NASDAQ 59.34 0.25 16.67 106.24 26.12 14.49
PMFI Perpetual Midwest Financial IA NASDAQ 208.56 0.30 128.33 108.70 9.23 37.75
SFFC StateFed Financial Corporation IA NASDAQ 107.94 0.40 17.48 99.34 17.49 13.98
ABCL Alliance Bancorp Inc. IL NASDAQ 246.19 0.10 29.72 129.61 12.07 17.28
AVND Avondale Financial Corp. IL NASDAQ 180.25 0.00 NM 90.73 7.49 NM
BFFC Big Foot Financial Corp. IL NASDAQ 83.61 NA NA 111.17 18.99 NA
CBCI Calumet Bancorp Inc. IL NASDAQ 220.97 0.00 17.83 110.35 17.59 14.73
CBSB Charter Financial Inc. IL NASDAQ 93.55 0.26 22.07 135.21 19.11 17.35
CNBA Chester Bancorp Inc. IL NASDAQ 65.30 NA NA 100.86 22.40 NA
CBK Citizens First Financial Corp. IL AMSE 97.05 NA NA 100.57 16.49 NA
COVB CoVest Bancshares Inc. IL NASDAQ 183.11 0.40 62.50 114.61 10.24 25.68
102
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
==========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
CSBF CSB Financial Group Inc. IL NASDAQ 12.000 12.500 8.810 3.23 15.66 12.78
DFIN Damen Financial Corp. IL NASDAQ 14.500 15.000 11.000 3.57 0.00 14.12
EGLB Eagle BancGroup Inc. IL NASDAQ 15.250 16.250 10.500 1.24 -3.94 16.28
FBCI Fidelity Bancorp Inc. IL NASDAQ 18.750 20.875 9.500 0.00 -4.76 17.74
FFBI First Financial Bancorp Inc. IL NASDAQ 15.500 16.500 9.000 -3.13 -6.06 17.50
FMBD First Mutual Bancorp Inc. IL NASDAQ 14.750 16.000 11.125 5.36 -5.60 16.60
GTPS Great American Bancorp IL NASDAQ 15.750 16.500 11.875 0.00 -4.55 18.36
HMLK Hemlock Federal Financial Corp IL NASDAQ 13.250 13.250 12.500 1.92 NA NA
HBEI Home Bancorp of Elgin Inc. IL NASDAQ 16.063 16.125 11.813 3.63 8.90 14.39
HMCI HomeCorp Inc. IL NASDAQ 14.250 15.167 3.333 1.79 6.88 12.52
KNK Kankakee Bancorp Inc. IL AMSE 28.500 28.750 13.625 2.24 4.11 25.74
MAFB MAF Bancorp Inc. IL NASDAQ 41.375 42.313 2.727 2.16 2.16 24.46
NBSI North Bancshares Inc. IL NASDAQ 19.500 20.125 11.000 0.00 5.41 16.94
PFED Park Bancorp Inc. IL NASDAQ 14.500 16.125 10.188 -1.69 -5.69 15.87
PSFI PS Financial Inc. IL NASDAQ 13.750 14.250 11.625 1.85 0.00 14.88
SWBI Southwest Bancshares IL NASDAQ 20.500 20.500 7.833 6.49 3.12 15.19
SPBC St. Paul Bancorp Inc. IL NASDAQ 32.250 32.250 3.066 15.18 20.56 17.16
STND Standard Financial Inc. IL NASDAQ 23.875 23.938 9.125 3.24 17.18 16.74
SFSB SuburbFed Financial Corp. IL NASDAQ 24.875 25.000 6.667 6.99 9.79 21.23
WCBI Westco Bancorp IL NASDAQ 23.625 23.625 7.667 5.00 9.88 18.89
FBCV 1ST Bancorp IN NASDAQ 30.750 33.250 3.990 -6.82 1.65 31.19
AMFC AMB Financial Corp. IN NASDAQ 15.000 15.000 9.750 5.26 8.11 14.29
ASBI Ameriana Bancorp IN NASDAQ 16.000 16.375 2.750 2.40 -1.54 13.38
ATSB AmTrust Capital Corp. IN NASDAQ 12.000 12.500 7.750 4.35 4.35 13.72
CBCO CB Bancorp Inc. IN NASDAQ 33.750 34.250 7.125 3.05 3.05 17.21
FFWC FFW Corp. IN NASDAQ 26.000 26.750 12.500 -0.95 2.46 22.75
FFED Fidelity Federal Bancorp IN NASDAQ 9.000 14.773 1.534 20.00 -10.00 5.17
FISB First Indiana Corporation IN NASDAQ 20.375 24.300 1.642 5.84 -9.85 13.51
HFGI Harrington Financial Group IN NASDAQ 11.500 11.750 9.750 6.98 9.52 7.57
HBFW Home Bancorp IN NASDAQ 20.250 20.875 12.500 0.62 2.53 17.43
HBBI Home Building Bancorp IN NASDAQ 21.000 22.000 10.000 2.44 0.00 19.88
HOMF Home Federal Bancorp IN NASDAQ 26.750 28.000 2.148 4.90 -1.83 16.54
HWEN Home Financial Bancorp IN NASDAQ 15.750 15.750 9.875 1.61 5.88 15.12
INCB Indiana Community Bank SB IN NASDAQ 15.000 19.000 11.000 -6.25 -14.29 12.27
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
SBF CSB Financial Group Inc. IL NASDAQ 50.96 0.00 54.55 93.90 23.55 37.50
FIN Damen Financial Corp. IL NASDAQ 70.04 0.24 30.85 102.69 20.70 23.77
GLB Eagle BancGroup Inc. IL NASDAQ 134.52 NA NA 93.67 11.34 NA
BCI Fidelity Bancorp Inc. IL NASDAQ 174.07 0.26 21.55 105.69 10.77 15.37
FBI First Financial Bancorp Inc. IL NASDAQ 224.21 0.00 NM 88.57 6.91 15.98
MBD First Mutual Bancorp Inc. IL NASDAQ 113.48 0.31 113.46 88.86 13.00 47.58
TPS Great American Bancorp IL NASDAQ 78.35 0.40 98.44 85.78 20.10 41.45
MLK Hemlock Federal Financial Corp IL NASDAQ NA NA NA NA NA NA
BEI Home Bancorp of Elgin Inc. IL NASDAQ 51.17 NA NA 111.63 31.39 NA
MCI HomeCorp Inc. IL NASDAQ 198.71 0.00 71.25 113.82 7.17 20.07
NK Kankakee Bancorp Inc. IL AMSE 241.08 0.42 19.93 110.72 11.82 15.16
AFB MAF Bancorp Inc. IL NASDAQ 310.33 0.35 17.61 169.15 13.33 13.13
BSI North Bancshares Inc. IL NASDAQ 115.96 0.42 38.24 115.11 16.82 27.86
FED Park Bancorp Inc. IL NASDAQ 73.20 NA NA 91.37 19.81 NA
SFI PS Financial Inc. IL NASDAQ 34.42 NA NA 92.41 39.95 NA
WBI Southwest Bancshares IL NASDAQ 140.81 0.74 20.92 134.96 14.56 15.07
PBC St. Paul Bancorp Inc. IL NASDAQ 196.36 0.39 26.22 187.94 16.42 17.53
TND Standard Financial Inc. IL NASDAQ 153.59 0.34 34.11 142.62 15.54 22.11
FSB SuburbFed Financial Corp. IL NASDAQ 323.41 0.32 25.64 117.17 7.69 15.74
CBI Westco Bancorp IL NASDAQ 121.34 0.54 19.52 125.07 19.47 15.05
BCV 1ST Bancorp IN NASDAQ 391.51 0.39 33.79 98.59 7.85 205.00
MFC AMB Financial Corp. IN NASDAQ 87.69 NA NA 104.97 17.11 NA
SBI Ameriana Bancorp IN NASDAQ 123.37 0.58 22.22 119.58 12.97 15.24
TSB AmTrust Capital Corp. IN NASDAQ 134.92 0.05 27.27 87.46 8.89 44.44
BCO CB Bancorp Inc. IN NASDAQ 194.92 0.00 20.58 196.11 17.31 17.58
FWC FFW Corp. IN NASDAQ 227.32 0.60 13.33 114.29 11.44 10.88
FED Fidelity Federal Bancorp IN NASDAQ 100.51 0.70 60.00 174.08 8.95 33.33
ISB First Indiana Corporation IN NASDAQ 140.99 0.46 16.57 150.81 14.45 NA
FGI Harrington Financial Group IN NASDAQ 158.24 0.00 22.55 151.92 7.27 15.33
BFW Home Bancorp IN NASDAQ 124.96 0.20 28.52 116.18 16.21 18.08
BBI Home Building Bancorp IN NASDAQ 150.18 0.30 67.74 105.63 13.98 28.00
OMF Home Federal Bancorp IN NASDAQ 195.78 0.37 14.15 161.73 13.66 12.27
WEN Home Financial Bancorp IN NASDAQ 81.17 NA NA 104.17 19.40 NA
NCB Indiana Community Bank SB IN NASDAQ 99.05 3.36 100.00 122.25 15.14 31.25
103
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
==========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
IFSL Indiana Federal Corporation IN NASDAQ 26.500 27.250 4.000 7.07 -2.75 15.03
LOGN Logansport Financial Corp. IN NASDAQ 13.250 15.000 11.125 0.00 -1.85 12.41
MARN Marion Capital Holdings IN NASDAQ 22.500 23.250 14.250 3.45 2.27 21.99
MFBC MFB Corp. IN NASDAQ 19.375 19.750 10.500 -0.64 0.73 19.59
NEIB Northeast Indiana Bancorp IN NASDAQ 15.500 15.750 11.250 14.81 8.77 14.87
PFDC Peoples Bancorp IN NASDAQ 22.750 23.000 5.375 0.00 -1.09 18.86
PERM Permanent Bancorp Inc. IN NASDAQ 25.500 25.500 9.750 8.51 13.33 19.24
RIVR River Valley Bancorp IN NASDAQ 14.750 15.500 13.250 1.72 -3.28 14.37
SOBI Sobieski Bancorp Inc. IN NASDAQ 14.750 16.000 10.000 1.72 5.36 17.52
FFSL First Independence Corp. KS NASDAQ 11.375 12.250 5.438 4.60 -7.14 11.41
LARK Landmark Bancshares Inc. KS NASDAQ 20.000 20.000 9.750 3.90 6.67 18.11
MCBS Mid Continent Bancshares Inc. KS NASDAQ 25.813 27.000 9.750 -0.96 3.25 19.46
CKFB CKF Bancorp Inc. KY NASDAQ 19.250 20.750 11.375 1.32 2.67 16.59
CLAS Classic Bancshares Inc. KY NASDAQ 14.625 14.750 10.375 8.33 6.36 14.48
FFKY First Federal Financial Corp. KY NASDAQ 19.250 22.000 3.063 -3.75 -3.75 12.16
FLKY First Lancaster Bancshares KY NASDAQ 15.250 16.250 13.125 0.00 -4.69 14.44
FTSB Fort Thomas Financial Corp. KY NASDAQ 10.125 17.750 9.250 -7.95 -13.83 10.19
FKKY Frankfort First Bancorp Inc. KY NASDAQ 11.000 15.875 9.750 10.00 4.76 9.93
GWBC Gateway Bancorp Inc. KY NASDAQ 16.875 17.000 11.000 1.50 17.39 15.96
GTFN Great Financial Corporation KY NASDAQ 33.750 34.750 13.875 2.27 5.06 19.83
HFFB Harrodsburg First Fin Bancorp KY NASDAQ 15.000 19.000 12.375 -1.64 -4.76 15.27
KYF Kentucky First Bancorp Inc. KY AMSE 10.875 15.250 10.625 -1.14 -8.42 10.86
ANA Acadiana Bancshares Inc. LA AMSE 19.250 19.250 11.690 6.94 10.00 16.70
CZF CitiSave Financial Corp LA AMSE 20.000 20.000 12.750 1.27 45.45 12.95
GSLA GS Financial Corp. LA NASDAQ 14.250 14.250 13.375 1.79 NA NA
ISBF ISB Financial Corporation LA NASDAQ 22.500 26.125 12.938 -4.26 -10.45 17.45
MERI Meritrust Federal SB LA NASDAQ 36.250 37.500 13.500 2.84 2.11 23.34
TSH Teche Holding Co. LA AMSE 17.875 17.875 11.375 10.00 19.17 15.23
AFCB Affiliated Community Bancorp MA NASDAQ 24.500 24.625 12.848 22.50 21.89 16.23
BFD BostonFed Bancorp Inc. MA AMSE 16.750 17.125 10.000 11.67 1.52 15.02
FAB FirstFed America Bancorp Inc. MA AMSE 14.625 15.250 13.625 0.86 0.00 14.03
ANBK American National Bancorp MD NASDAQ 14.250 14.875 4.639 -1.72 9.62 13.08
EQSB Equitable Federal Savings Bank MD NASDAQ 34.000 35.500 11.250 -3.20 3.82 24.91
FCIT First Citizens Financial Corp. MD NASDAQ 27.750 28.625 0.375 6.22 26.14 14.39
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
IFSL Indiana Federal Corporation IN NASDAQ 171.10 0.72 24.31 176.31 15.49 17.21
LOGN Logansport Financial Corp. IN NASDAQ 63.12 3.40 18.93 106.77 20.99 14.72
MARN Marion Capital Holdings IN NASDAQ 95.40 0.80 18.29 102.32 23.58 15.10
MFBC MFB Corp. IN NASDAQ 135.08 0.22 28.49 98.90 14.34 19.38
NEIB Northeast Indiana Bancorp IN NASDAQ 98.07 0.31 16.85 104.24 15.81 14.35
PFDC Peoples Bancorp IN NASDAQ 124.27 0.59 16.98 120.63 18.31 12.50
PERM Permanent Bancorp Inc. IN NASDAQ 198.27 0.25 57.95 132.54 12.86 26.56
RIVR River Valley Bancorp IN NASDAQ 116.22 NA NA 102.64 12.69 NA
SOBI Sobieski Bancorp Inc. IN NASDAQ 104.10 0.07 50.86 84.19 14.17 25.88
FFSL First Independence Corp. KS NASDAQ 108.65 0.21 23.70 99.69 10.47 15.37
LARK Landmark Bancshares Inc. KS NASDAQ 123.78 0.40 20.83 110.44 16.16 16.39
MCBS Mid Continent Bancshares Inc. KS NASDAQ 189.54 0.40 14.75 132.65 13.62 12.97
CKFB CKF Bancorp Inc. KY NASDAQ 64.93 1.44 22.13 116.03 29.65 22.38
CLAS Classic Bancshares Inc. KY NASDAQ 97.06 0.13 45.70 101.00 15.07 27.59
FFKY First Federal Financial Corp. KY NASDAQ 89.38 0.49 17.99 158.31 21.54 15.04
FLKY First Lancaster Bancshares KY NASDAQ 42.19 NA NA 105.61 36.15 NA
FTSB Fort Thomas Financial Corp. KY NASDAQ 63.33 4.25 34.91 99.36 15.99 21.54
FKKY Frankfort First Bancorp Inc. KY NASDAQ 37.91 4.36 42.31 110.78 29.02 29.73
GWBC Gateway Bancorp Inc. KY NASDAQ 61.17 0.40 32.45 105.73 27.59 NA
GTFN Great Financial Corporation KY NASDAQ 213.32 0.48 23.28 170.20 15.82 23.77
HFFB Harrodsburg First Fin Bancorp KY NASDAQ 53.43 0.55 25.86 98.23 28.07 20.27
KYF Kentucky First Bancorp Inc. KY AMSE 67.41 3.50 20.14 100.14 16.13 15.76
ANA Acadiana Bancshares Inc. LA AMSE 95.81 NA NA 115.27 20.09 NA
CZF CitiSave Financial Corp LA AMSE 77.89 2.35 50.00 154.44 25.68 33.33
GSLA GS Financial Corp. LA NASDAQ NA NA NA NA NA NA
ISBF ISB Financial Corporation LA NASDAQ 134.11 0.35 27.44 128.94 16.78 20.27
MERI Meritrust Federal SB LA NASDAQ 295.27 0.65 21.32 155.31 12.28 13.23
TSH Teche Holding Co. LA AMSE 114.49 0.50 21.80 117.37 15.61 15.68
AFCB Affiliated Community Bancorp MA NASDAQ 163.40 0.43 17.01 150.96 14.99 14.85
BFD BostonFed Bancorp Inc. MA AMSE 157.82 0.20 26.17 111.52 10.61 19.25
FAB FirstFed America Bancorp Inc. MA AMSE 112.52 NA NA 104.24 13.00 NA
ANBK American National Bancorp MD NASDAQ 139.86 0.09 37.50 108.94 10.19 16.38
EQSB Equitable Federal Savings Bank MD NASDAQ 491.53 0.00 16.35 136.49 6.92 10.21
FCIT First Citizens Financial Corp. MD NASDAQ 235.68 0.00 25.46 192.84 11.77 17.02
104
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
==========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
HRBF Harbor Federal Bancorp Inc. MD NASDAQ 18.000 18.750 9.750 9.09 5.11 16.09
MFSL Maryland Federal Bancorp MD NASDAQ 39.750 40.000 4.329 12.77 6.00 29.67
WSB Washington Savings Bank, FSB MD AMSE 4.875 6.917 0.281 -1.28 -4.88 5.06
WHGB WHG Bancshares Corp. MD NASDAQ 14.250 14.750 10.875 2.70 4.59 14.00
MCBN Mid-Coast Bancorp Inc. ME NASDAQ 19.500 20.250 8.095 5.41 2.63 21.61
BWFC Bank West Financial Corp. MI NASDAQ 13.500 14.250 8.500 8.00 14.89 12.62
CFSB CFSB Bancorp Inc. MI NASDAQ 23.250 23.250 2.881 16.25 25.49 12.32
DNFC D & N Financial Corp. MI NASDAQ 18.125 18.875 2.500 4.32 0.00 10.56
FLGS Flagstar Bancorp Inc. MI NASDAQ 15.875 15.875 13.000 20.95 NA NA
MSBF MSB Financial Inc. MI NASDAQ 22.000 22.000 10.750 1.15 4.76 19.94
MSBK Mutual Savings Bank FSB MI NASDAQ 8.125 25.500 3.000 14.04 16.07 9.31
OFCP Ottawa Financial Corp. MI NASDAQ 21.000 22.750 10.250 0.60 6.33 15.07
SJSB SJS Bancorp MI NASDAQ 26.500 26.625 10.810 0.00 3.92 17.66
THR Three Rivers Financial Corp. MI AMSE 15.000 15.250 11.375 6.19 -0.83 15.23
BDJI First Federal Bancorporation MN NASDAQ 18.750 19.250 10.625 1.35 1.35 17.18
FFHH FSF Financial Corp. MN NASDAQ 16.625 18.250 7.750 0.00 -2.92 15.87
HMNF HMN Financial Inc. MN NASDAQ 21.250 23.750 9.313 6.25 -9.57 18.71
MIVI Mississippi View Holding Co. MN NASDAQ 15.000 15.625 8.500 0.00 0.84 15.55
QCFB QCF Bancorp Inc. MN NASDAQ 21.000 21.000 11.000 7.69 12.00 18.98
WEFC Wells Financial Corp. MN NASDAQ 14.500 16.000 9.000 3.57 -3.33 14.20
CMRN Cameron Financial Corp MO NASDAQ 16.750 17.000 10.688 5.51 1.52 16.92
CAPS Capital Savings Bancorp Inc. MO NASDAQ 17.500 18.250 6.125 35.92 25.00 10.89
CBES CBES Bancorp Inc. MO NASDAQ 16.500 17.500 12.625 0.00 -4.35 17.08
CNSB CNS Bancorp Inc. MO NASDAQ 15.500 17.500 11.000 -0.80 -11.43 14.73
FBSI First Bancshares Inc. MO NASDAQ 19.000 20.750 10.250 -1.30 -1.30 19.80
FTNB Fulton Bancorp Inc. MO NASDAQ 20.125 20.125 12.500 8.05 9.52 14.47
GSBC Great Southern Bancorp Inc. MO NASDAQ 16.938 18.000 1.146 -1.09 -1.81 7.35
HFSA Hardin Bancorp Inc. MO NASDAQ 14.625 15.500 11.000 0.86 1.74 15.37
JSBA Jefferson Savings Bancorp MO NASDAQ 28.875 30.750 13.250 1.76 1.76 23.22
JOAC Joachim Bancorp Inc. MO NASDAQ 14.875 15.250 11.500 1.71 6.25 13.59
LXMO Lexington B&L Financial Corp. MO NASDAQ 14.500 15.750 9.500 0.87 0.87 15.17
MBLF MBLA Financial Corp. MO NASDAQ 23.250 26.000 12.750 13.41 15.53 21.51
NASB North American Savings Bank MO NASDAQ 44.500 46.250 2.500 4.71 15.02 24.35
NSLB NS&L Bancorp Inc. MO NASDAQ 16.500 17.250 11.750 0.00 1.93 16.36
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
HRBF Harbor Federal Bancorp Inc. MD NASDAQ 125.09 0.40 33.33 111.87 14.39 21.18
MFSL Maryland Federal Bancorp MD NASDAQ 351.54 0.69 19.88 133.97 11.31 13.71
WSB Washington Savings Bank, FSB MD AMSE 60.81 0.10 16.81 96.34 8.02 11.61
WHGB WHG Bancshares Corp. MD NASDAQ 63.97 NA NA 101.79 22.28 NA
MCBN Mid-Coast Bancorp Inc. ME NASDAQ 251.28 0.51 20.97 90.24 7.76 13.00
BWFC Bank West Financial Corp. MI NASDAQ 82.43 0.28 23.28 106.97 16.38 26.47
CFSB CFSB Bancorp Inc. MI NASDAQ 161.47 0.45 21.14 188.72 14.40 16.03
DNFC D & N Financial Corp. MI NASDAQ 183.80 0.00 17.26 171.64 9.86 12.76
FLGS Flagstar Bancorp Inc. MI NASDAQ NA NA NA NA NA NA
MSBF MSB Financial Inc. MI NASDAQ 120.04 0.50 17.60 110.33 18.33 13.92
MSBK Mutual Savings Bank FSB MI NASDAQ 155.01 0.00 50.78 87.27 5.24 NM
OFCP Ottawa Financial Corp. MI NASDAQ 170.42 0.35 30.00 139.35 12.32 17.80
SJSB SJS Bancorp MI NASDAQ 167.57 0.43 80.30 150.06 15.81 31.55
THR Three Rivers Financial Corp. MI AMSE 110.70 0.33 23.81 98.49 13.55 16.13
BDJI First Federal Bancorporation MN NASDAQ 153.76 0.00 36.06 109.14 12.19 18.20
FFHH FSF Financial Corp. MN NASDAQ 118.67 0.50 22.77 104.76 14.01 18.07
HMNF HMN Financial Inc. MN NASDAQ 131.36 0.00 21.25 113.58 16.18 18.16
MIVI Mississippi View Holding Co. MN NASDAQ 85.20 0.24 25.86 96.46 17.61 17.65
QCFB QCF Bancorp Inc. MN NASDAQ 104.92 0.00 14.38 110.64 20.02 11.73
WEFC Wells Financial Corp. MN NASDAQ 99.75 0.00 22.31 102.11 14.54 14.22
CMRN Cameron Financial Corp MO NASDAQ 73.71 0.28 20.94 99.00 22.72 16.75
CAPS Capital Savings Bancorp Inc. MO NASDAQ 125.76 0.21 23.03 160.70 13.92 15.77
CBES CBES Bancorp Inc. MO NASDAQ 92.90 NA NA 96.60 17.76 NA
CNSB CNS Bancorp Inc. MO NASDAQ 59.34 NA NA 105.23 26.12 NA
FBSI First Bancshares Inc. MO NASDAQ 137.96 0.20 16.10 95.96 13.77 12.93
FTNB Fulton Bancorp Inc. MO NASDAQ 57.85 NA NA 139.08 34.79 NA
GSBC Great Southern Bancorp Inc. MO NASDAQ 81.94 0.39 16.13 230.45 20.67 14.23
HFSA Hardin Bancorp Inc. MO NASDAQ 120.27 0.40 28.68 95.15 12.16 17.62
JSBA Jefferson Savings Bancorp MO NASDAQ 260.90 0.34 36.55 124.35 11.07 14.66
JOAC Joachim Bancorp Inc. MO NASDAQ 46.89 0.50 59.50 109.46 31.72 38.14
LXMO Lexington B&L Financial Corp. MO NASDAQ 54.92 NA NA 95.58 26.40 NA
MBLF MBLA Financial Corp. MO NASDAQ 159.41 0.40 23.72 108.09 14.59 18.16
NASB North American Savings Bank MO NASDAQ 305.41 0.67 11.59 182.75 14.57 11.87
NSLB NS&L Bancorp Inc. MO NASDAQ 82.10 0.50 37.50 100.86 20.10 28.45
105
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
==========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
PCBC Perry County Financial Corp. MO NASDAQ 19.875 21.500 12.375 4.61 4.61 18.06
RFED Roosevelt Financial Group MO NASDAQ 23.750 23.750 2.167 1.33 4.40 9.91
SMFC Sho-Me Financial Corp. MO NASDAQ 34.375 34.375 9.375 9.13 16.53 20.99
SMBC Southern Missouri Bancorp Inc. MO NASDAQ 17.000 17.500 8.875 7.94 6.25 15.85
CFTP Community Federal Bancorp MS NASDAQ 17.438 20.000 12.250 -5.10 -12.81 16.13
FFBS FFBS BanCorp Inc. MS NASDAQ 23.000 24.250 12.000 4.55 4.55 17.01
MGNL Magna Bancorp Inc. MS NASDAQ 23.313 23.750 0.844 33.22 26.02 9.61
EFBC Empire Federal Bancorp Inc. MT NASDAQ 13.000 14.438 12.500 0.00 -5.45 15.35
GBCI Glacier Bancorp Inc. MT NASDAQ 17.000 17.000 0.997 6.25 4.08 7.77
UBMT United Financial Corp. MT NASDAQ 19.500 22.500 5.625 0.00 0.00 19.94
WSTR WesterFed Financial Corp. MT NASDAQ 19.938 21.750 11.375 3.57 -4.49 18.44
CFNC Carolina Fincorp Inc. NC NASDAQ 14.375 15.250 13.000 -0.86 -4.96 13.91
CENB Century Bancorp Inc. NC NASDAQ 68.500 71.000 62.000 0.74 -3.52 73.45
COOP Cooperative Bankshares Inc. NC NASDAQ 21.000 22.500 3.467 0.00 2.44 17.49
SOPN First Savings Bancorp Inc. NC NASDAQ 21.250 21.250 13.500 8.28 6.25 18.04
GSFC Green Street Financial Corp. NC NASDAQ 17.625 18.875 12.125 0.71 -1.40 14.64
HFNC HFNC Financial Corp. NC NASDAQ 17.500 22.063 13.125 -1.41 -19.08 9.23
KSAV KS Bancorp Inc. NC NASDAQ 22.000 22.000 11.625 7.32 2.33 21.00
MBSP Mitchell Bancorp Inc. NC NASDAQ 16.250 16.750 10.190 0.00 5.69 15.17
NSBC NewSouth Bancorp, Inc. NC NASDAQ 24.375 24.375 20.250 3.72 NA NA
PDB Piedmont Bancorp Inc. NC AMSE 10.125 19.125 9.250 -4.71 -4.71 7.31
SSB Scotland Bancorp Inc NC AMSE 15.875 16.750 11.625 2.42 -3.79 13.74
SSFC South Street Financial Corp. NC NASDAQ 16.250 17.000 12.125 2.36 -1.52 14.64
SSM Stone Street Bancorp Inc. NC AMSE 26.125 27.250 16.250 1.46 -3.70 20.72
UFRM United Federal Savings Bank NC NASDAQ 11.000 11.250 1.750 -2.22 33.33 6.70
CFB Commercial Federal Corporation NE NYSE 34.750 39.000 1.083 -0.36 -3.81 18.99
EBCP Eastern Bancorp NH NASDAQ 26.250 26.375 3.000 3.96 5.00 17.86
NHTB New Hampshire Thrift Bncshrs NH NASDAQ 15.000 15.125 1.750 1.69 23.71 11.46
FBER 1st Bergen Bancorp NJ NASDAQ 13.875 15.125 9.000 2.78 -4.31 13.76
COFD Collective Bancorp Inc. NJ NASDAQ 43.750 44.000 1.351 3.55 5.74 18.89
FSPG First Home Bancorp Inc. NJ NASDAQ 18.625 19.375 1.898 0.68 -1.32 12.36
FMCO FMS Financial Corporation NJ NASDAQ 19.750 20.750 1.500 -2.47 0.00 14.59
IBSF IBS Financial Corp. NJ NASDAQ 14.875 16.250 7.312 -0.83 -2.25 11.45
LVSB Lakeview Financial NJ NASDAQ 29.875 33.500 7.335 9.63 -10.15 19.91
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
PCBC Perry County Financial Corp. MO NASDAQ 98.60 0.40 24.84 110.05 20.16 15.29
RFED Roosevelt Financial Group MO NASDAQ 176.19 0.64 215.91 239.66 13.48 14.22
SMFC Sho-Me Financial Corp. MO NASDAQ 200.44 0.00 20.71 163.77 17.15 17.63
SMBC Southern Missouri Bancorp Inc. MO NASDAQ 101.16 0.50 23.61 107.26 16.81 16.67
CFTP Community Federal Bancorp MS NASDAQ 48.12 0.30 26.42 108.11 36.24 22.07
FFBS FFBS BanCorp Inc. MS NASDAQ 82.62 0.50 23.71 135.21 27.84 18.70
MGNL Magna Bancorp Inc. MS NASDAQ 100.56 0.53 17.66 242.59 23.18 14.94
EFBC Empire Federal Bancorp Inc. MT NASDAQ 41.64 NA NA 84.69 31.22 NA
GBCI Glacier Bancorp Inc. MT NASDAQ 81.25 0.43 15.60 218.79 20.92 13.93
UBMT United Financial Corp. MT NASDAQ 88.06 0.91 20.53 97.79 22.14 16.81
WSTR WesterFed Financial Corp. MT NASDAQ 167.97 0.42 24.61 108.12 11.87 17.80
CFNC Carolina Fincorp Inc. NC NASDAQ 58.70 NA NA 103.34 24.49 NA
CENB Century Bancorp Inc. NC NASDAQ 245.37 NA NA 93.26 27.92 NA
COOP Cooperative Bankshares Inc. NC NASDAQ 233.63 0.00 NM 120.07 8.99 105.00
SOPN First Savings Bancorp Inc. NC NASDAQ 73.34 0.79 22.85 117.79 28.97 18.81
GSFC Green Street Financial Corp. NC NASDAQ 40.57 NA NA 120.39 43.44 NA
HFNC HFNC Financial Corp. NC NASDAQ 49.03 5.19 32.41 189.60 35.69 24.31
KSAV KS Bancorp Inc. NC NASDAQ 151.91 1.20 17.19 104.76 14.48 12.29
MBSP Mitchell Bancorp Inc. NC NASDAQ 35.02 NA NA 107.12 46.40 NA
NSBC NewSouth Bancorp, Inc. NC NASDAQ NA NA NA NA NA NA
PDB Piedmont Bancorp Inc. NC AMSE 43.09 7.44 NM 138.51 23.50 25.96
SSB Scotland Bancorp Inc NC AMSE 37.46 NA NA 115.54 42.38 NA
SSFC South Street Financial Corp. NC NASDAQ 53.11 NA NA 111.00 30.60 NA
SSM Stone Street Bancorp Inc. NC AMSE 57.80 NA NA 126.09 45.20 NA
UFRM United Federal Savings Bank NC NASDAQ 88.11 0.20 61.11 164.18 12.48 27.50
CFB Commercial Federal Corporation NE NYSE 320.67 0.27 18.01 182.99 10.84 12.68
EBCP Eastern Bancorp NH NASDAQ 235.29 0.56 32.01 146.98 11.16 20.83
NHTB New Hampshire Thrift Bncshrs NH NASDAQ 153.35 0.50 32.61 130.89 9.78 21.13
FBER 1st Bergen Bancorp NJ NASDAQ 83.67 NA NA 100.84 16.58 NA
COFD Collective Bancorp Inc. NJ NASDAQ 269.85 1.00 17.86 231.60 16.21 14.78
FSPG First Home Bancorp Inc. NJ NASDAQ 187.65 0.37 11.50 150.69 9.93 10.46
FMCO FMS Financial Corporation NJ NASDAQ 231.97 0.20 14.52 135.37 8.51 9.59
IBSF IBS Financial Corp. NJ NASDAQ 67.20 0.46 42.50 129.91 22.14 24.79
LVSB Lakeview Financial NJ NASDAQ 209.19 0.24 11.90 150.05 14.28 17.07
106
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
==========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
LFBI Little Falls Bancorp Inc. NJ NASDAQ 13.125 14.000 9.500 -0.94 -4.55 14.29
OCFC Ocean Financial Corp. NJ NASDAQ 31.625 32.375 19.625 4.12 4.55 27.30
PBCI Pamrapo Bancorp Inc. NJ NASDAQ 20.500 26.125 2.563 7.89 1.86 16.43
PFSB PennFed Financial Services Inc NJ NASDAQ 24.438 25.250 9.063 -1.26 -2.25 21.21
PULS Pulse Bancorp NJ NASDAQ 18.250 19.125 4.000 -2.01 1.39 13.14
SFIN Statewide Financial Corp. NJ NASDAQ 16.750 17.500 11.250 6.35 -0.74 13.21
WYNE Wayne Bancorp Inc. NJ NASDAQ 17.750 18.000 10.750 5.97 3.65 16.57
WWFC Westwood Financial Corporation NJ NASDAQ 21.000 21.000 10.250 15.07 7.69 15.42
AABC Access Anytime Bancorp, Inc. NM NASDAQ 5.750 10.417 1.750 4.55 9.52 6.34
GUPB GFSB Bancorp Inc. NM NASDAQ 18.625 18.625 12.875 6.43 14.62 16.88
AFED AFSALA Bancorp Inc. NY NASDAQ 13.500 14.250 11.313 0.00 1.89 15.66
ALBK ALBANK Financial Corporation NY NASDAQ 37.500 38.875 9.167 -2.60 3.09 25.10
ALBC Albion Banc Corp. NY NASDAQ 19.500 19.875 10.500 7.59 16.42 23.62
ASFC Astoria Financial Corporation NY NASDAQ 41.500 43.125 12.688 5.40 -1.19 27.51
CNY Carver Bancorp Inc. NY AMSE 10.125 10.750 6.250 1.25 2.53 14.76
FIBC Financial Bancorp Inc. NY NASDAQ 17.250 18.500 8.500 2.99 -3.85 14.99
HAVN Haven Bancorp Inc. NY NASDAQ 33.750 36.000 10.000 -0.37 2.27 23.13
LISB Long Island Bancorp Inc. NY NASDAQ 34.750 39.250 12.090 -3.14 -6.71 21.62
NYB New York Bancorp Inc. NY NYSE 32.750 33.500 1.617 10.08 1.95 9.81
PEEK Peekskill Financial Corp. NY NASDAQ 13.875 15.250 11.125 1.83 -6.72 14.58
PKPS Poughkeepsie Financial Corp. NY NASDAQ 6.625 26.750 0.875 15.22 9.27 5.76
RELY Reliance Bancorp Inc. NY NASDAQ 24.375 26.000 8.875 1.56 11.43 17.56
SFED SFS Bancorp Inc. NY NASDAQ 16.625 18.000 11.000 -3.62 -2.92 17.26
TPNZ Tappan Zee Financial Inc. NY NASDAQ 17.375 17.375 11.250 9.45 19.83 13.84
YFCB Yonkers Financial Corporation NY NASDAQ 15.500 15.750 9.310 5.08 16.98 13.68
ASBP ASB Financial Corp. OH NASDAQ 11.750 18.250 11.375 0.00 2.17 10.62
CAFI Camco Financial Corp. OH NASDAQ 18.500 19.286 4.525 2.78 15.63 14.96
COFI Charter One Financial OH NASDAQ 47.500 49.500 3.281 2.98 1.88 20.53
CTZN CitFed Bancorp Inc. OH NASDAQ 36.750 37.250 6.167 8.89 7.30 21.59
CIBI Community Investors Bancorp OH NASDAQ 19.000 19.500 10.750 9.35 8.57 17.73
DCBI Delphos Citizens Bancorp Inc. OH NASDAQ 14.000 14.500 11.750 3.70 1.82 14.89
EMLD Emerald Financial Corp. OH NASDAQ 14.625 15.000 7.750 7.34 28.57 8.73
EFBI Enterprise Federal Bancorp OH NASDAQ 19.000 19.125 11.250 17.83 25.62 15.74
FFDF FFD Financial Corp. OH NASDAQ 13.375 14.000 10.000 -2.73 -0.93 14.51
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
LFBI Little Falls Bancorp Inc. NJ NASDAQ 110.52 0.11 46.87 91.85 11.88 24.76
OCFC Ocean Financial Corp. NJ NASDAQ 153.20 NA NA 115.84 20.64 NA
PBCI Pamrapo Bancorp Inc. NJ NASDAQ 128.32 0.93 21.13 124.77 15.98 15.30
PFSB PennFed Financial Services Inc NJ NASDAQ 259.78 0.14 17.97 115.22 9.41 11.92
PULS Pulse Bancorp NJ NASDAQ 168.55 0.70 17.22 138.89 10.83 11.27
SFIN Statewide Financial Corp. NJ NASDAQ 141.96 0.30 22.64 126.80 11.80 13.09
WYNE Wayne Bancorp Inc. NJ NASDAQ 113.82 NA NA 107.12 15.59 NA
WWFC Westwood Financial Corporation NJ NASDAQ 167.35 NA NA 136.19 12.55 NA
AABC Access Anytime Bancorp, Inc. NM NASDAQ 93.21 0.00 NM 90.69 6.17 NM
GUPB GFSB Bancorp Inc. NM NASDAQ 103.56 0.75 27.80 110.34 17.98 22.17
AFED AFSALA Bancorp Inc. NY NASDAQ 104.66 NA NA 86.21 12.90 NA
ALBK ALBANK Financial Corporation NY NASDAQ 272.76 0.54 19.04 149.40 13.75 15.24
ALBC Albion Banc Corp. NY NASDAQ 265.21 0.31 88.64 82.56 7.35 20.74
ASFC Astoria Financial Corporation NY NASDAQ 361.98 0.44 23.85 150.85 11.46 15.49
CNY Carver Bancorp Inc. NY AMSE 183.00 0.00 NM 68.60 5.53 NM
FIBC Financial Bancorp Inc. NY NASDAQ 154.03 0.33 21.56 115.08 11.20 12.78
HAVN Haven Bancorp Inc. NY NASDAQ 399.06 0.60 15.27 145.91 8.46 10.23
LISB Long Island Bancorp Inc. NY NASDAQ 239.98 0.50 24.82 160.73 14.48 20.93
NYB New York Bancorp Inc. NY NYSE 193.83 0.57 14.56 333.84 16.90 14.18
PEEK Peekskill Financial Corp. NY NASDAQ 57.01 0.36 24.34 95.16 24.34 18.75
PKPS Poughkeepsie Financial Corp. NY NASDAQ 68.37 0.10 50.96 115.02 9.69 NA
RELY Reliance Bancorp Inc. NY NASDAQ 218.39 0.57 21.57 138.81 11.16 13.93
SFED SFS Bancorp Inc. NY NASDAQ 132.84 0.18 25.98 96.32 12.52 14.98
TPNZ Tappan Zee Financial Inc. NY NASDAQ 79.42 0.20 29.45 125.54 21.88 21.19
YFCB Yonkers Financial Corporation NY NASDAQ 89.44 NA NA 113.30 17.33 NA
ASBP ASB Financial Corp. OH NASDAQ 63.56 5.40 28.66 110.64 18.49 19.92
CAFI Camco Financial Corp. OH NASDAQ 154.31 0.47 16.97 123.66 11.99 13.03
COFI Charter One Financial OH NASDAQ 302.99 0.90 16.96 231.37 15.68 13.27
CTZN CitFed Bancorp Inc. OH NASDAQ 341.02 0.26 21.62 170.22 10.78 15.00
CIBI Community Investors Bancorp OH NASDAQ 153.96 0.34 18.81 107.16 12.34 12.58
DCBI Delphos Citizens Bancorp Inc. OH NASDAQ 52.52 NA NA 94.02 26.66 NA
EMLD Emerald Financial Corp. OH NASDAQ 116.29 0.30 19.24 167.53 12.58 15.23
EFBI Enterprise Federal Bancorp OH NASDAQ 127.66 1.25 22.35 120.71 14.88 19.79
FFDF FFD Financial Corp. OH NASDAQ 58.63 NA NA 92.18 22.81 NA
107
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
==========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
FFYF FFY Financial Corp. OH NASDAQ 26.125 26.375 12.250 -0.48 3.98 19.50
FFOH Fidelity Financial of Ohio OH NASDAQ 15.000 15.000 3.112 14.29 22.45 12.03
FDEF First Defiance Financial OH NASDAQ 13.750 14.250 5.790 10.00 4.76 12.41
FFBZ First Federal Bancorp Inc. OH NASDAQ 17.500 19.000 3.125 -5.41 0.00 8.38
FFHS First Franklin Corporation OH NASDAQ 20.500 20.500 3.500 20.59 20.59 16.93
FFSW FirstFederal Financial Svcs OH NASDAQ 35.000 35.000 1.786 19.05 15.89 12.82
GFCO Glenway Financial Corp. OH NASDAQ 24.750 25.750 15.419 17.86 10.00 23.06
HHFC Harvest Home Financial Corp. OH NASDAQ 10.500 13.750 8.750 -8.70 -4.55 11.11
HVFD Haverfield Corporation OH NASDAQ 25.984 25.984 5.165 3.94 15.48 15.04
HCFC Home City Financial Corp. OH NASDAQ 13.250 14.250 12.000 1.92 -5.36 16.05
INBI Industrial Bancorp OH NASDAQ 12.750 16.000 9.875 -0.97 -0.97 11.41
LONF London Financial Corporation OH NASDAQ 15.000 17.500 9.750 -3.23 -1.64 14.63
MRKF Market Financial Corporation OH NASDAQ 12.750 12.938 12.250 3.03 NA 14.59
METF Metropolitan Financial Corp. OH NASDAQ 14.125 14.250 10.500 13.00 25.56 8.73
MFFC Milton Federal Financial Corp. OH NASDAQ 14.125 17.125 10.000 2.73 2.73 12.22
OHSL OHSL Financial Corp. OH NASDAQ 23.750 24.250 11.500 2.15 7.95 21.00
PFFC Peoples Financial Corp. OH NASDAQ 15.625 16.000 10.875 0.00 3.31 16.18
PSFC Peoples-Sidney Financial Corp. OH NASDAQ 13.000 13.625 12.563 0.00 NA NA
PTRS Potters Financial Corp. OH NASDAQ 20.250 21.000 9.000 0.00 1.25 21.39
PVFC PVF Capital Corp. OH NASDAQ 18.000 19.000 4.316 -2.70 7.46 10.77
SFSL Security First Corp. OH NASDAQ 21.750 22.000 1.625 17.57 22.54 11.88
SBCN Suburban Bancorporation Inc. OH NASDAQ 18.000 19.375 10.500 -0.69 1.41 18.02
WOFC Western Ohio Financial Corp. OH NASDAQ 21.000 24.375 14.750 -2.33 -4.55 23.21
WEHO Westwood Homestead Fin. Corp. OH NASDAQ 13.250 14.500 10.375 1.92 -4.50 14.15
WFCO Winton Financial Corp. OH NASDAQ 13.000 15.000 3.750 -10.34 0.00 11.06
FFWD Wood Bancorp Inc. OH NASDAQ 16.000 17.250 8.000 -5.19 1.59 13.91
KFBI Klamath First Bancorp OR NASDAQ 18.875 19.000 12.500 7.09 17.05 15.39
WFSG Wilshire Financial Services OR NASDAQ 14.750 18.000 13.500 4.42 -10.61 8.48
CVAL Chester Valley Bancorp Inc. PA NASDAQ 19.250 19.750 3.103 10.00 11.92 12.72
CMSB Commonwealth Bancorp Inc. PA NASDAQ 14.938 16.000 5.790 1.27 -6.64 12.50
FSBI Fidelity Bancorp Inc. PA NASDAQ 21.000 21.705 3.415 8.71 -3.25 14.82
FBBC First Bell Bancorp Inc. PA NASDAQ 14.875 17.375 11.875 -1.65 -6.30 10.63
FKFS First Keystone Financial PA NASDAQ 22.750 22.750 10.250 4.60 2.25 18.12
SHEN First Shenango Bancorp Inc. PA NASDAQ 24.250 25.750 12.750 -2.51 -2.02 20.79
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
FFYF FFY Financial Corp. OH NASDAQ 138.32 0.65 22.72 133.97 18.89 16.43
FFOH Fidelity Financial of Ohio OH NASDAQ 91.72 0.22 33.33 124.69 16.35 20.00
FDEF First Defiance Financial OH NASDAQ 57.95 0.30 31.98 110.80 23.73 24.55
FFBZ First Federal Bancorp Inc. OH NASDAQ 121.96 0.23 22.15 208.83 14.35 16.36
FFHS First Franklin Corporation OH NASDAQ 191.99 0.32 78.85 121.09 10.68 18.47
FFSW FirstFederal Financial Svcs OH NASDAQ 237.15 0.38 22.44 273.01 14.76 23.97
GFCO Glenway Financial Corp. OH NASDAQ 245.52 0.66 26.33 107.33 10.08 14.73
HHFC Harvest Home Financial Corp. OH NASDAQ 88.89 3.40 45.65 94.51 11.81 21.00
HVFD Haverfield Corporation OH NASDAQ 179.22 0.55 29.53 172.77 14.50 16.04
HCFC Home City Financial Corp. OH NASDAQ 71.66 NA NA 82.55 18.49 NA
INBI Industrial Bancorp OH NASDAQ 61.71 0.28 28.33 111.74 20.66 16.14
LONF London Financial Corporation OH NASDAQ 73.64 NA NA 102.53 20.37 NA
MRKF Market Financial Corporation OH NASDAQ 42.18 NA NA 87.39 30.23 NA
METF Metropolitan Financial Corp. OH NASDAQ 228.91 NA NA 161.80 6.17 NA
MFFC Milton Federal Financial Corp. OH NASDAQ 76.80 3.04 32.85 115.59 18.39 24.78
OHSL OHSL Financial Corp. OH NASDAQ 190.25 0.79 23.06 113.10 12.48 16.16
PFFC Peoples Financial Corp. OH NASDAQ 60.15 NA NA 96.57 25.98 NA
PSFC Peoples-Sidney Financial Corp. OH NASDAQ NA NA NA NA NA NA
PTRS Potters Financial Corp. OH NASDAQ 240.17 0.32 27.74 94.67 8.43 12.82
PVFC PVF Capital Corp. OH NASDAQ 153.34 0.00 12.50 167.13 11.74 7.26
SFSL Security First Corp. OH NASDAQ 126.87 0.44 18.59 183.08 17.14 14.80
SBCN Suburban Bancorporation Inc. OH NASDAQ 150.47 0.60 24.66 99.89 11.96 16.98
WOFC Western Ohio Financial Corp. OH NASDAQ 173.03 1.00 43.75 90.48 12.14 30.88
WEHO Westwood Homestead Fin. Corp. OH NASDAQ 45.70 NA NA 93.64 28.99 NA
WFCO Winton Financial Corp. OH NASDAQ 154.66 0.43 12.38 117.54 8.41 10.66
FFWD Wood Bancorp Inc. OH NASDAQ 109.54 0.31 16.16 115.03 14.61 12.60
KFBI Klamath First Bancorp OR NASDAQ 68.64 0.28 32.54 122.64 27.50 22.21
WFSG Wilshire Financial Services OR NASDAQ 145.06 NA NA 173.94 10.17 NA
CVAL Chester Valley Bancorp Inc. PA NASDAQ 148.56 0.34 22.38 151.34 12.96 15.16
CMSB Commonwealth Bancorp Inc. PA NASDAQ 130.68 NA NA 119.50 11.43 NA
FSBI Fidelity Bancorp Inc. PA NASDAQ 212.83 0.29 20.00 141.70 9.87 12.65
FBBC First Bell Bancorp Inc. PA NASDAQ 104.22 3.35 14.73 139.93 14.27 12.61
FKFS First Keystone Financial PA NASDAQ 256.25 0.10 17.11 125.55 8.88 11.61
SHEN First Shenango Bancorp Inc. PA NASDAQ 194.33 0.48 16.50 116.64 12.48 NA
108
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
==========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
GAF GA Financial Inc. PA AMSE 16.250 17.250 10.250 2.36 1.56 14.94
HARL Harleysville Savings Bank PA NASDAQ 22.000 23.000 2.828 7.32 3.53 12.82
LARL Laurel Capital Group Inc. PA NASDAQ 21.375 22.500 3.627 0.29 -0.58 14.51
MLBC ML Bancorp Inc. PA NASDAQ 17.750 17.750 6.219 5.19 2.16 13.03
PVSA Parkvale Financial Corporation PA NASDAQ 28.000 29.500 2.150 7.69 5.66 17.91
PBIX Patriot Bank Corp. PA NASDAQ 15.938 16.750 10.258 2.00 1.19 12.70
PWBC PennFirst Bancorp Inc. PA NASDAQ 14.000 15.915 4.019 3.70 3.70 12.77
PWBK Pennwood Bancorp Inc. PA NASDAQ 15.000 15.000 9.000 9.09 4.35 15.30
PHFC Pittsburgh Home Financial Corp PA NASDAQ 14.875 15.500 9.500 0.85 0.85 13.71
PRBC Prestige Bancorp Inc. PA NASDAQ 15.625 16.125 9.750 -3.10 4.17 16.11
PFNC Progress Financial Corporation PA NASDAQ 9.000 18.750 0.750 5.88 4.29 5.52
SVRN Sovereign Bancorp Inc. PA NASDAQ 13.500 14.000 0.837 8.00 6.40 6.60
THRD TF Financial Corporation PA NASDAQ 17.625 19.250 9.750 2.17 -6.00 18.51
WVFC WVS Financial Corporation PA NASDAQ 24.000 27.250 13.000 -9.43 -5.88 20.50
YFED York Financial Corp. PA NASDAQ 20.000 20.000 4.301 9.59 10.34 13.99
AMFB American Federal Bank FSB SC NASDAQ 31.000 31.000 0.625 4.20 7.36 10.64
CFCP Coastal Financial Corp. SC NASDAQ 21.625 21.875 1.439 22.70 13.07 6.37
FFCH First Financial Holdings Inc. SC NASDAQ 26.500 28.250 4.000 6.00 -1.85 15.57
FSFC First Southeast Financial Corp SC NASDAQ 10.875 20.250 9.125 7.41 1.16 7.80
PALM Palfed, Inc. SC NASDAQ 16.750 18.500 3.500 0.00 17.54 10.07
SCCB S. Carolina Community Bancshrs SC NASDAQ 19.000 20.500 12.625 8.57 -1.30 17.11
HFFC HF Financial Corp. SD NASDAQ 19.375 20.500 5.500 -1.27 -0.64 16.51
TWIN Twin City Bancorp TN NASDAQ 18.500 19.500 10.500 -3.90 0.00 15.82
BNKU Bank United Corp. TX NASDAQ 35.375 36.250 22.500 13.65 12.30 18.01
CBSA Coastal Bancorp Inc. TX NASDAQ 27.000 28.250 9.875 12.50 1.89 19.35
ETFS East Texas Financial Services TX NASDAQ 17.250 18.750 11.000 2.22 -5.48 19.69
FBHC Fort Bend Holding Corp. TX NASDAQ 26.500 27.500 10.375 1.92 13.98 22.41
JXVL Jacksonville Bancorp Inc. TX NASDAQ 14.750 15.750 7.141 1.72 1.72 13.27
BFSB Bedford Bancshares Inc. VA NASDAQ 19.750 20.500 10.250 0.00 2.60 17.43
CNIT CENIT Bancorp Inc. VA NASDAQ 45.000 46.000 10.875 4.65 1.12 30.58
CFFC Community Financial Corp. VA NASDAQ 22.500 23.500 4.250 -2.17 1.12 18.04
ESX Essex Bancorp Inc. VA AMSE 1.250 19.250 0.750 -16.67 -35.50 0.12
FFFC FFVA Financial Corp. VA NASDAQ 25.000 25.250 8.250 13.64 3.09 16.99
GSLC Guaranty Financial Corp. VA NASDAQ 9.625 11.000 6.313 2.67 -1.28 7.20
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
GAF GA Financial Inc. PA AMSE 79.73 0.21 20.31 108.77 20.38 18.47
HARL Harleysville Savings Bank PA NASDAQ 201.41 0.35 17.19 171.61 10.92 12.09
LARL Laurel Capital Group Inc. PA NASDAQ 139.21 0.41 14.84 147.31 15.35 11.88
MLBC ML Bancorp Inc. PA NASDAQ 188.17 0.38 14.55 136.22 9.43 16.59
PVSA Parkvale Financial Corporation PA NASDAQ 239.53 0.49 17.61 156.34 11.69 11.76
PBIX Patriot Bank Corp. PA NASDAQ 139.25 0.28 30.65 125.50 11.45 20.17
PWBC PennFirst Bancorp Inc. PA NASDAQ 180.58 0.86 18.67 109.63 7.75 12.61
PWBK Pennwood Bancorp Inc. PA NASDAQ 78.56 NA NA 98.04 19.09 NA
PHFC Pittsburgh Home Financial Corp PA NASDAQ 119.51 NA NA 108.50 12.45 NA
PRBC Prestige Bancorp Inc. PA NASDAQ 137.88 NA NA 96.99 11.33 NA
PFNC Progress Financial Corporation PA NASDAQ 104.97 0.06 21.95 163.04 8.57 16.67
SVRN Sovereign Bancorp Inc. PA NASDAQ 147.31 0.07 22.13 204.55 9.16 NA
THRD TF Financial Corporation PA NASDAQ 157.65 0.34 22.31 95.22 11.18 16.02
WVFC WVS Financial Corporation PA NASDAQ 161.11 2.30 14.72 117.07 14.90 11.94
YFED York Financial Corp. PA NASDAQ 166.02 0.57 20.83 142.96 12.05 16.53
AMFB American Federal Bank FSB SC NASDAQ 118.44 0.54 23.48 291.35 26.17 18.90
CFCP Coastal Financial Corp. SC NASDAQ 104.52 0.33 25.15 339.48 20.69 23.51
FFCH First Financial Holdings Inc. SC NASDAQ 253.23 0.68 19.78 170.20 10.46 13.18
FSFC First Southeast Financial Corp SC NASDAQ 76.28 10.26 NM 139.42 14.26 15.32
PALM Palfed, Inc. SC NASDAQ 124.23 0.09 NM 166.34 13.48 23.93
SCCB S. Carolina Community Bancshrs SC NASDAQ 65.90 0.60 35.19 111.05 28.83 27.14
HFFC HF Financial Corp. SD NASDAQ 187.23 0.35 18.11 117.35 10.35 13.27
TWIN Twin City Bancorp TN NASDAQ 122.43 0.64 26.06 116.94 15.11 18.50
BNKU Bank United Corp. TX NASDAQ 348.23 NA NA 196.42 10.16 NA
CBSA Coastal Bancorp Inc. TX NASDAQ 574.16 0.40 18.49 139.53 4.70 11.79
ETFS East Texas Financial Services TX NASDAQ 103.48 0.20 44.23 87.61 16.67 24.64
FBHC Fort Bend Holding Corp. TX NASDAQ 358.85 0.28 29.12 118.25 7.38 16.36
JXVL Jacksonville Bancorp Inc. TX NASDAQ 84.90 NA NA 111.15 17.37 NA
BFSB Bedford Bancshares Inc. VA NASDAQ 115.11 0.46 16.32 113.31 17.16 12.66
CNIT CENIT Bancorp Inc. VA NASDAQ 430.98 0.90 22.06 147.16 10.44 15.96
CFFC Community Financial Corp. VA NASDAQ 130.99 0.50 17.05 124.72 17.18 13.31
ESX Essex Bancorp Inc. VA AMSE 170.59 0.00 NM NM 0.73 NM
FFFC FFVA Financial Corp. VA NASDAQ 121.62 0.42 21.55 147.15 20.56 17.73
GSLC Guaranty Financial Corp. VA NASDAQ 82.41 0.10 22.38 133.68 11.68 18.51
109
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
==========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
LIFB Life Bancorp Inc. VA NASDAQ 22.750 23.125 8.313 19.74 15.92 15.42
VABF Virginia Beach Fed. Financial VA NASDAQ 11.000 11.375 1.625 6.02 0.00 8.29
VFFC Virginia First Financial Corp. VA NASDAQ 21.875 21.875 1.250 58.37 40.00 11.35
CASB Cascade Financial Corp. WA NASDAQ 19.875 21.000 2.662 13.57 21.37 10.59
FWWB First SB of Washington Bancorp WA NASDAQ 20.938 22.125 12.375 -0.89 6.02 15.11
IWBK InterWest Bancorp Inc. WA NASDAQ 34.750 36.250 8.478 17.80 -0.89 14.81
STSA Sterling Financial Corp. WA NASDAQ 18.500 18.500 1.878 10.45 8.82 10.98
WFSL Washington Federal Inc. WA NASDAQ 25.406 27.500 1.566 3.70 -2.28 14.10
AADV Advantage Bancorp Inc. WI NASDAQ 38.125 41.250 10.600 1.67 7.39 27.93
ABCW Anchor BanCorp Wisconsin WI NASDAQ 43.750 47.000 9.800 0.57 -6.42 25.73
FCBF FCB Financial Corp. WI NASDAQ 24.750 24.750 10.000 17.16 8.79 19.11
FTFC First Federal Capital Corp. WI NASDAQ 30.188 31.000 1.449 8.79 5.00 15.97
FFHC First Financial Corp. WI NASDAQ 28.250 28.625 1.330 5.12 7.11 11.14
FNGB First Northern Capital Corp. WI NASDAQ 20.250 20.250 3.063 6.58 6.58 16.09
HALL Hallmark Capital Corp. WI NASDAQ 19.625 19.750 9.875 10.56 2.61 19.82
MWFD Midwest Federal Financial WI NASDAQ 19.000 24.500 4.167 -1.30 5.56 10.66
NWEQ Northwest Equity Corp. WI NASDAQ 14.625 15.000 6.875 0.00 8.33 13.82
RELI Reliance Bancshares Inc. WI NASDAQ 7.875 10.125 6.500 3.28 10.53 8.89
SECP Security Capital Corporation WI NASDAQ 91.500 92.000 25.000 1.74 9.58 59.17
STFR St. Francis Capital Corp. WI NASDAQ 29.625 32.250 12.625 2.16 -2.87 23.89
AFBC Advance Financial Bancorp WV NASDAQ 14.000 14.500 12.750 3.70 -0.45 14.75
FOBC Fed One Bancorp WV NASDAQ 20.625 21.000 5.358 10.00 7.84 17.07
CRZY Crazy Woman Creek Bancorp WY NASDAQ 13.625 14.250 10.000 1.87 0.00 14.42
TRIC Tri-County Bancorp Inc. WY NASDAQ 20.500 20.500 11.375 3.80 10.81 21.63
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
LIFB Life Bancorp Inc. VA NASDAQ 142.98 0.44 22.75 147.54 15.91 17.91
VABF Virginia Beach Fed. Financial VA NASDAQ 122.16 0.17 57.89 132.69 9.00 22.00
VFFC Virginia First Financial Corp. VA NASDAQ 140.80 0.10 12.15 192.73 15.54 25.44
CASB Cascade Financial Corp. WA NASDAQ 171.50 0.00 30.11 187.68 11.59 22.59
FWWB First SB of Washington Bancorp WA NASDAQ 92.45 0.20 24.35 138.57 22.65 21.59
IWBK InterWest Bancorp Inc. WA NASDAQ 220.93 0.54 19.63 234.64 15.73 15.11
STSA Sterling Financial Corp. WA NASDAQ 280.93 0.00 132.14 168.49 6.59 22.84
WFSL Washington Federal Inc. WA NASDAQ 122.02 0.86 13.37 180.18 20.82 12.04
AADV Advantage Bancorp Inc. WI NASDAQ 316.08 0.34 37.75 136.50 12.06 15.75
ABCW Anchor BanCorp Wisconsin WI NASDAQ 411.45 0.48 15.51 170.03 10.63 11.95
FCBF FCB Financial Corp. WI NASDAQ 109.17 0.69 25.26 129.51 22.67 20.97
FTFC First Federal Capital Corp. WI NASDAQ 251.31 0.64 18.75 189.03 12.01 15.64
FFHC First Financial Corp. WI NASDAQ 159.52 0.54 20.47 253.59 17.71 14.95
FNGB First Northern Capital Corp. WI NASDAQ 139.82 0.61 25.96 125.85 14.48 17.31
HALL Hallmark Capital Corp. WI NASDAQ 283.65 0.00 16.22 99.02 6.92 12.34
MWFD Midwest Federal Financial WI NASDAQ 123.74 0.31 15.97 178.24 15.35 15.83
NWEQ Northwest Equity Corp. WI NASDAQ 103.86 0.28 18.75 105.82 14.08 15.73
RELI Reliance Bancshares Inc. WI NASDAQ 18.52 NA NA 88.58 42.52 NA
SECP Security Capital Corporation WI NASDAQ 396.28 0.83 21.03 154.64 23.09 17.60
STFR St. Francis Capital Corp. WI NASDAQ 293.15 0.44 19.49 124.01 10.11 16.55
AFBC Advance Financial Bancorp WV NASDAQ 95.51 NA NA 94.92 14.66 NA
FOBC Fed One Bancorp WV NASDAQ 141.74 0.57 22.18 120.83 14.55 15.17
CRZY Crazy Woman Creek Bancorp WY NASDAQ 51.78 0.35 26.20 94.49 26.31 20.96
TRIC Tri-County Bancorp Inc. WY NASDAQ 141.23 0.40 20.30 94.78 14.52 16.02
110
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
PER SHARE
==========================================================
Latest All Time All Time Monthly Quarterly Book
Price High Low Change Change Value
State Exchange ($) ($) ($) (%) (%) ($)
----- -------- ---- ------ ------ ------ -------- -----
ALL THRIFTS
AVERAGE 20.370 23.715 8.390 4.09 3.26 15.94
MEDIAN 18.063 19.250 9.500 2.78 2.11 15.15
HIGH 91.500 589.500 62.000 58.37 45.45 73.45
LOW 1.250 6.917 0.178 -31.25 -42.11 0.12
AVERAGE FOR STATE
OR 16.813 18.500 13.000 5.76 3.22 11.94
AVERAGE BY REGION
MIDWEST 20.088 21.362 8.800 3.99 4.15 16.37
NEW ENGLAND 21.825 22.725 6.803 5.71 5.20 17.32
MID ATLANTIC 20.396 22.020 7.330 3.45 2.49 15.80
SOUTHEAST 19.195 21.566 9.020 3.63 1.88 14.41
SOUTHWEST 20.946 22.101 11.024 5.24 9.17 16.40
WEST 22.680 40.364 6.811 5.31 0.24 16.06
AVERAGE BY EXCHANGE
NYSE 36.125 95.338 2.624 6.59 -0.37 19.21
AMEX 15.625 17.708 9.761 2.15 1.94 14.03
OTC/NASDAQ 20.161 21.728 8.491 4.14 3.47 15.96
PER SHARE PRICING RATIOS
=================== ==========================================
12 Month Price/ Price/ Price/ Price/Core
Assets Div. Earnings Bk. Value Assets Earnings
State Exchange ($) ($) (X) (%) (%) (X)
----- -------- ------ ------- ------- -------- ------ ----------
ALL THRIFTS 157.89 0.59 30.16 130.98 15.68 20.97
AVERAGE 133.58 0.37 22.64 117.54 14.28 16.55
MEDIAN 673.38 10.26 215.91 351.19 58.26 205.00
HIGH 9.44 0.00 8.39 66.28 0.73 7.12
LOW
AVERAGE FOR STATE 106.85 0.28 32.540 148.290 18.835 22.210
OR
AVERAGE BY REGION 142.93 0.59 31.33 124.52 16.45 20.27
MIDWEST 236.99 0.50 23.71 124.00 9.71 19.94
NEW ENGLAND 173.70 0.45 23.71 130.30 12.76 15.16
MID ATLANTIC 119.19 0.98 26.78 145.36 20.10 28.80
SOUTHEAST 190.40 0.58 29.20 129.19 14.65 19.35
SOUTHWEST 218.27 0.31 41.18 140.55 12.65 22.12
WEST
AVERAGE BY EXCHANGE 348.92 0.38 36.16 195.67 10.99 21.37
NYSE 111.09 1.35 26.57 110.94 17.39 23.75
AMEX 154.58 0.55 30.07 130.08 15.73 20.79
OTC/NASDAQ
111
EXHIBIT 31
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
========================================== =================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ------ ------ ------------ ---- ----- ----- -----
FFDB FirstFed Bancorp Incorporated AL 176,496 17,559 16,045 0.56 0.93 5.44 9.10
PLE Pinnacle Bancshares Inc. AL 199,602 15,433 14,932 0.59 0.87 7.43 11.08
SRN Southern Banc Company Inc. AL 104,978 17,735 17,550 0.14 0.50 0.79 2.78
SCBS Southern Community Bancshares AL 70,106 15,399 15,399 0.44 0.80 3.10 5.57
SZB SouthFirst Bancshares Inc. AL 92,910 12,988 12,988 0.04 0.16 0.29 1.13
FFBH First Federal Bancshares of AR AR 519,765 82,221 82,221 0.79 1.13 5.17 7.39
HCBB HCB Bancshares Inc. AR 180,417 13,992 12,537 NA NA NA NA
FTF Texarkana First Financial Corp AR 168,094 26,945 26,945 1.39 1.71 7.87 9.71
AHM Ahmanson & Company (H.F.) CA 48,697,126 2,398,942 2,100,055 0.37 0.65 7.06 12.37
AFFFZ America First Financial Fund CA 2,183,062 180,742 178,180 1.42 1.73 19.32 23.50
BPLS Bank Plus Corp. CA 3,294,647 161,993 161,663 -0.34 -0.04 -6.80 -0.86
BVCC Bay View Capital Corp. CA 3,044,610 192,134 182,614 0.38 0.63 6.09 10.22
BYFC Broadway Financial Corp. CA 118,763 13,652 13,652 -0.28 0.16 -2.39 1.32
CFHC California Financial Holding CA 1,315,052 91,537 91,150 0.53 0.81 7.95 12.17
CENF CENFED Financial Corp. CA 2,263,399 115,523 115,318 0.49 0.71 9.62 14.04
CSA Coast Savings Financial CA 8,797,075 435,918 429,950 0.16 0.50 3.19 9.99
DSL Downey Financial Corp. CA 5,484,473 400,503 394,616 0.45 0.76 5.75 9.62
FSSB First FS&LA of San Bernardino CA 103,674 4,492 4,329 -1.18 -1.18 -24.70 -24.76
FED FirstFed Financial Corp. CA 4,129,737 195,150 192,654 0.24 0.48 5.27 10.34
GLN Glendale Federal Bank FSB CA 15,393,708 986,434 925,338 0.30 0.62 4.66 9.72
GDW Golden West Financial CA 38,530,009 2,413,892 2,413,892 1.02 1.24 16.20 19.61
GWF Great Western Financial CA 42,877,903 2,585,070 2,308,054 0.25 0.69 4.10 11.07
HTHR Hawthorne Financial Corp. CA 837,975 44,124 44,124 0.77 0.54 14.36 10.05
HEMT HF Bancorp Inc. CA 984,455 80,837 66,136 -0.10 0.16 -1.09 1.87
HBNK Highland Federal Bank FSB CA 480,192 35,825 35,825 0.29 0.50 3.90 6.70
MBBC Monterey Bay Bancorp Inc. CA 422,380 45,372 41,598 0.28 0.52 2.19 4.02
PFFB PFF Bancorp Inc. CA 2,535,767 265,526 262,545 0.12 0.45 0.96 3.68
PROV Provident Financial Holdings CA 608,705 86,577 86,577 0.23 0.12 1.66 0.87
QCBC Quaker City Bancorp Inc. CA 780,843 69,571 69,483 0.32 0.57 3.46 6.21
REDF RedFed Bancorp Inc. CA 908,660 74,296 74,216 0.12 0.47 1.67 6.40
SGVB SGV Bancorp Inc. CA 399,776 29,059 28,536 0.15 0.37 1.67 4.26
CAPITAL ISSUES
==================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ----------
FFDB FirstFed Bancorp Incorporated AL 11/19/91 NASDAQ 1,225,922 15.32
PLE Pinnacle Bancshares Inc. AL 12/17/86 AMSE 889,823 19.24
SRN Southern Banc Company Inc. AL 10/05/95 AMSE 1,230,313 17.69
SCBS Southern Community Bancshares AL 12/23/96 NASDAQ 1,137,350 15.43
SZB SouthFirst Bancshares Inc. AL 02/14/95 AMSE 821,100 11.70
FFBH First Federal Bancshares of AR AR 05/03/96 NASDAQ 4,896,063 90.58
HCBB HCB Bancshares Inc. AR 05/07/97 NASDAQ NA NA
FTF Texarkana First Financial Corp AR 07/07/95 AMSE 1,832,805 30.24
AHM Ahmanson & Company (H.F.) CA 10/25/72 NYSE 100,595,547 3659.16
AFFFZ America First Financial Fund CA NA NASDAQ 6,010,589 187.08
BPLS Bank Plus Corp. CA NA NASDAQ 18,245,265 189.29
BVCC Bay View Capital Corp. CA 05/09/86 NASDAQ 12,970,160 330.74
BYFC Broadway Financial Corp. CA 01/09/96 NASDAQ 892,688 9.60
CFHC California Financial Holding CA 04/01/83 NASDAQ 4,765,793 138.21
CENF CENFED Financial Corp. CA 10/25/91 NASDAQ 5,760,489 174.12
CSA Coast Savings Financial CA 12/23/85 NYSE 18,592,567 736.73
DSL Downey Financial Corp. CA 01/01/71 NYSE 26,734,002 515.59
FSSB First FS&LA of San Bernardino CA 02/02/93 NASDAQ 328,296 3.20
FED FirstFed Financial Corp. CA 12/16/83 NYSE 10,560,402 248.17
GLN Glendale Federal Bank FSB CA 10/01/83 NYSE 50,305,615 1157.03
GDW Golden West Financial CA 05/29/59 NYSE 57,218,464 3590.46
GWF Great Western Financial CA NA NYSE 137,885,310 5584.36
HTHR Hawthorne Financial Corp. CA NA NASDAQ 2,629,275 26.95
HEMT HF Bancorp Inc. CA 06/30/95 NASDAQ 6,281,875 80.09
HBNK Highland Federal Bank FSB CA NA NASDAQ 2,282,137 53.06
MBBC Monterey Bay Bancorp Inc. CA 02/15/95 NASDAQ 3,244,908 53.95
PFFB PFF Bancorp Inc. CA 03/29/96 NASDAQ 18,845,625 270.91
PROV Provident Financial Holdings CA 06/28/96 NASDAQ 5,075,215 76.76
QCBC Quaker City Bancorp Inc. CA 12/30/93 NASDAQ 4,778,094 74.54
REDF RedFed Bancorp Inc. CA 04/08/94 NASDAQ 7,163,735 101.19
SGVB SGV Bancorp Inc. CA 06/29/95 NASDAQ 2,342,176 29.86
112
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== ================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- -----
WES Westcorp CA 3,405,772 319,778 318,869 0.93 0.21 9.50 2.09
FFBA First Colorado Bancorp Inc. CO 1,509,514 192,089 189,396 0.92 1.24 6.16 8.26
EGFC Eagle Financial Corp. CT 1,512,036 104,312 78,520 0.60 0.79 8.16 10.87
FFES First Federal of East Hartford CT 974,693 60,939 60,939 0.44 0.69 7.03 11.18
NTMG Nutmeg Federal S&LA CT 93,645 5,781 5,781 0.31 0.38 5.02 6.31
WBST Webster Financial Corporation CT 5,583,619 283,537 238,566 0.36 0.70 6.50 12.75
IFSB Independence Federal Savings DC 262,753 17,141 15,023 0.15 0.33 2.22 4.92
BANC BankAtlantic Bancorp Inc. FL 2,773,085 152,605 124,207 0.91 0.71 14.31 11.07
BKUNA BankUnited Financial Corp. FL 1,453,152 98,903 86,176 0.45 0.62 5.58 7.72
FFFG F.F.O. Financial Group Inc. FL 320,031 20,760 20,760 0.70 0.99 10.98 15.45
FFLC FFLC Bancorp Inc. FL 358,538 51,892 51,892 0.69 1.01 4.28 6.25
FFPB First Palm Beach Bancorp Inc. FL 1,558,235 105,404 102,676 -0.01 0.05 -0.09 0.66
OCWN Ocwen Financial Corporation FL 2,649,471 225,156 225,156 NA NA NA NA
CCFH CCF Holding Company GA 86,940 12,445 12,445 0.27 0.42 1.49 2.37
EBSI Eagle Bancshares GA 666,166 57,999 57,999 0.59 0.80 6.63 8.97
FSTC First Citizens Corporation GA 257,288 24,109 18,962 2.04 2.03 19.36 19.20
FGHC First Georgia Holding Inc. GA 147,094 12,468 11,382 0.63 0.77 7.69 9.28
FLFC First Liberty Financial Corp. GA 1,248,033 91,661 82,007 0.84 0.91 11.34 12.24
FLAG FLAG Financial Corp. GA 222,072 20,883 20,883 -0.06 0.14 -0.70 1.51
SFNB Security First Network Bank GA 79,581 33,804 33,272 -27.53 -28.20 -68.26 -69.94
CASH First Midwest Financial Inc. IA 370,177 42,911 37,971 0.75 0.97 6.51 8.40
GFSB GFS Bancorp Inc. IA 88,154 10,197 10,197 0.98 1.20 8.41 10.24
HZFS Horizon Financial Svcs Corp. IA 78,368 8,225 8,225 0.43 0.60 3.87 5.41
MFCX Marshalltown Financial Corp. IA 127,107 19,845 19,845 0.33 0.63 2.14 4.04
MIFC Mid-Iowa Financial Corp. IA 123,572 11,238 11,224 0.91 1.19 9.84 12.89
MWBI Midwest Bancshares Inc. IA 139,006 9,642 9,642 0.47 0.74 6.77 10.69
FFFD North Central Bancshares Inc. IA 203,497 50,039 50,039 1.70 1.97 6.29 7.28
PMFI Perpetual Midwest Financial IA 397,780 33,786 33,786 0.09 0.26 0.98 2.88
SFFC StateFed Financial Corporation IA 85,282 15,012 15,012 1.04 1.29 5.61 6.99
ABCL Alliance Bancorp Inc. IL 1,313,141 122,313 120,706 0.44 0.74 5.07 8.51
AVND Avondale Financial Corp. IL 635,447 52,459 52,459 -0.72 -1.34 -7.09 -13.28
CAPITAL ISSUES
==================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ------------
WES Westcorp CA 05/01/86 NYSE 26,013,956 377.20
FFBA First Colorado Bancorp Inc. CO 01/02/96 NASDAQ 16,555,197 277.30
EGFC Eagle Financial Corp. CT 02/03/87 NASDAQ 4,553,801 128.64
FFES First Federal of East Hartford CT 06/23/87 NASDAQ 2,649,011 67.55
NTMG Nutmeg Federal S&LA CT NA NASDAQ 725,421 5.08
WBST Webster Financial Corporation CT 12/12/86 NASDAQ 11,953,507 419.87
IFSB Independence Federal Savings DC 06/06/85 NASDAQ 1,280,030 9.60
BANC BankAtlantic Bancorp Inc. FL 11/29/83 NASDAQ 18,552,530 234.23
BKUNA BankUnited Financial Corp. FL 12/11/85 NASDAQ 8,847,184 92.90
FFFG F.F.O. Financial Group Inc. FL 10/13/88 NASDAQ 8,430,181 34.25
FFLC FFLC Bancorp Inc. FL 01/04/94 NASDAQ 2,341,862 58.55
FFPB First Palm Beach Bancorp Inc. FL 09/29/93 NASDAQ 5,009,337 139.01
OCWN Ocwen Financial Corporation FL NA NASDAQ 26,799,511 777.19
CCFH CCF Holding Company GA 07/12/95 NASDAQ 865,000 14.06
EBSI Eagle Bancshares GA 04/01/86 NASDAQ 4,552,200 70.56
FSTC First Citizens Corporation GA 03/01/86 NASDAQ 1,588,012 40.10
FGHC First Georgia Holding Inc. GA 02/11/87 NASDAQ 3,052,319 23.27
FLFC First Liberty Financial Corp. GA 12/06/83 NASDAQ 7,724,780 164.15
FLAG FLAG Financial Corp. GA 12/11/86 NASDAQ 2,036,990 25.46
SFNB Security First Network Bank GA NA NASDAQ 8,426,425 67.41
CASH First Midwest Financial Inc. IA 09/20/93 NASDAQ 2,827,323 49.12
GFSB GFS Bancorp Inc. IA 01/06/94 NASDAQ 987,842 11.36
HZFS Horizon Financial Svcs Corp. IA 06/30/94 NASDAQ 425,540 7.45
MFCX Marshalltown Financial Corp. IA 03/31/94 NASDAQ 1,411,475 21.35
MIFC Mid-Iowa Financial Corp. IA 10/14/92 NASDAQ 1,675,988 13.41
MWBI Midwest Bancshares Inc. IA 11/12/92 NASDAQ 348,339 9.75
FFFD North Central Bancshares Inc. IA 03/21/96 NASDAQ 3,429,455 54.44
PMFI Perpetual Midwest Financial IA 03/31/94 NASDAQ 1,907,278 37.67
SFFC StateFed Financial Corporation IA 01/05/94 NASDAQ 790,123 14.62
ABCL Alliance Bancorp Inc. IL 07/07/92 NASDAQ 5,333,830 154.68
AVND Avondale Financial Corp. IL 04/07/95 NASDAQ 3,525,325 59.93
113
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== =================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- -----
BFFC Big Foot Financial Corp. IL 210,086 35,890 35,890 NA NA NA NA
CBCI Calumet Bancorp Inc. IL 494,557 78,845 78,845 1.12 1.35 6.91 8.36
CBSB Charter Financial Inc. IL 394,815 55,807 48,966 0.96 1.21 5.95 7.51
CNBA Chester Bancorp Inc. IL 142,487 31,636 31,636 0.58 0.92 4.33 6.84
CBK Citizens First Financial Corp. IL 271,614 39,766 39,766 0.27 0.57 1.89 3.93
COVB CoVest Bancshares Inc. IL 552,558 49,379 47,065 0.16 0.43 1.81 4.83
CSBF CSB Financial Group Inc. IL 47,996 12,033 11,342 0.44 0.65 1.62 2.39
DFIN Damen Financial Corp. IL 227,400 45,840 45,840 0.71 0.89 3.08 3.85
EGLB Eagle BancGroup Inc. IL 170,531 20,636 20,636 -0.20 0.11 -1.64 0.94
FBCI Fidelity Bancorp Inc. IL 486,010 49,521 49,391 0.52 0.75 4.85 6.93
FFBI First Financial Bancorp Inc. IL 93,156 7,269 7,269 -0.02 0.45 -0.26 5.63
FMBD First Mutual Bancorp Inc. IL 424,597 56,948 43,820 0.14 0.37 0.76 1.94
GTPS Great American Bancorp IL 137,898 29,172 29,172 0.25 0.61 1.00 2.42
HMLK Hemlock Federal Financial Corp IL 164,493 30,076 30,076 NA NA NA NA
HBEI Home Bancorp of Elgin Inc. IL 358,695 100,839 100,839 0.30 0.81 1.38 3.67
HMCI HomeCorp Inc. IL 336,447 21,196 21,196 0.11 0.38 1.86 6.13
KNK Kankakee Bancorp Inc. IL 342,379 36,554 34,218 0.61 0.77 5.99 7.65
MAFB MAF Bancorp Inc. IL 3,236,449 255,110 221,484 0.78 1.08 10.30 14.28
NBSI North Bancshares Inc. IL 120,011 17,533 17,533 0.45 0.64 2.93 4.18
PFED Park Bancorp Inc. IL 177,981 38,597 38,597 0.77 1.06 4.01 5.51
PSFI PS Financial Inc. IL 75,118 32,476 32,476 NA NA NA NA
SWBI Southwest Bancshares IL 371,563 40,081 40,081 0.74 1.04 6.81 9.52
SPBC St. Paul Bancorp Inc. IL 4,484,882 391,900 390,683 0.68 1.00 7.62 11.18
STND Standard Financial Inc. IL 2,488,854 271,257 270,870 0.47 0.70 4.16 6.15
SFSB SuburbFed Financial Corp. IL 407,800 26,769 26,654 0.33 0.54 4.94 8.08
WCBI Westco Bancorp IL 309,921 48,250 48,250 1.10 1.40 7.05 9.01
FBCV 1ST Bancorp IN 273,090 21,759 21,277 0.24 0.04 2.94 0.47
AMFC AMB Financial Corp. IN 93,643 15,260 15,260 0.70 0.88 3.73 4.67
ASBI Ameriana Bancorp IN 402,163 43,630 43,589 0.60 0.87 5.41 7.83
ATSB AmTrust Capital Corp. IN 71,031 7,222 7,145 0.29 0.19 2.91 1.91
CBCO CB Bancorp Inc. IN 226,553 20,008 20,008 1.02 1.19 10.70 12.47
CAPITAL ISSUES
==================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ------------
BFFC Big Foot Financial Corp. IL 12/20/96 NASDAQ 2,512,750 34.55
CBCI Calumet Bancorp Inc. IL 02/20/92 NASDAQ 2,238,147 79.73
CBSB Charter Financial Inc. IL 12/29/95 NASDAQ 4,220,258 70.69
CNBA Chester Bancorp Inc. IL 10/08/96 NASDAQ 2,182,125 31.64
CBK Citizens First Financial Corp. IL 05/01/96 AMSE 2,798,829 42.68
COVB CoVest Bancshares Inc. IL 07/01/92 NASDAQ 3,017,606 53.56
CSBF CSB Financial Group Inc. IL 10/09/95 NASDAQ 941,850 10.71
DFIN Damen Financial Corp. IL 10/02/95 NASDAQ 3,246,717 46.67
EGLB Eagle BancGroup Inc. IL 07/01/96 NASDAQ 1,267,705 19.97
FBCI Fidelity Bancorp Inc. IL 12/15/93 NASDAQ 2,791,978 55.84
FFBI First Financial Bancorp Inc. IL 10/04/93 NASDAQ 415,488 6.86
FMBD First Mutual Bancorp Inc. IL 07/05/95 NASDAQ 3,741,670 56.59
GTPS Great American Bancorp IL 06/30/95 NASDAQ 1,759,976 29.04
HMLK Hemlock Federal Financial Corp IL 04/02/97 NASDAQ NA NA
HBEI Home Bancorp of Elgin Inc. IL 09/27/96 NASDAQ 7,009,250 105.14
HMCI HomeCorp Inc. IL 06/22/90 NASDAQ 1,693,169 23.99
KNK Kankakee Bancorp Inc. IL 01/06/93 AMSE 1,420,168 38.70
MAFB MAF Bancorp Inc. IL 01/12/90 NASDAQ 10,429,130 406.74
NBSI North Bancshares Inc. IL 12/21/93 NASDAQ 1,034,950 20.44
PFED Park Bancorp Inc. IL 08/12/96 NASDAQ 2,431,441 37.08
PSFI PS Financial Inc. IL 11/27/96 NASDAQ 2,182,125 28.64
SWBI Southwest Bancshares IL 06/24/92 NASDAQ 2,638,812 50.80
SPBC St. Paul Bancorp Inc. IL 05/18/87 NASDAQ 22,840,102 625.25
STND Standard Financial Inc. IL 08/01/94 NASDAQ 16,204,235 370.67
SFSB SuburbFed Financial Corp. IL 03/04/92 NASDAQ 1,260,957 28.37
WCBI Westco Bancorp IL 06/26/92 NASDAQ 2,554,113 56.19
FBCV 1ST Bancorp IN 04/07/87 NASDAQ 697,538 21.62
AMFC AMB Financial Corp. IN 04/01/96 NASDAQ 1,067,919 14.75
ASBI Ameriana Bancorp IN 03/02/87 NASDAQ 3,259,706 50.53
ATSB AmTrust Capital Corp. IN 03/28/95 NASDAQ 526,479 6.38
CBCO CB Bancorp Inc. IN 12/28/92 NASDAQ 1,162,279 27.60
114
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== =================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- -----
FFWC FFW Corp. IN 158,441 15,854 15,854 0.89 1.10 8.73 10.78
FFED Fidelity Federal Bancorp IN 250,285 12,865 12,865 0.16 0.29 2.98 5.39
FISB First Indiana Corporation IN 1,481,157 141,974 140,163 0.90 1.03 9.66 11.07
HFGI Harrington Financial Group IN 515,360 24,647 24,647 0.34 0.48 7.37 10.32
HBFW Home Bancorp IN 327,789 45,713 45,713 0.56 0.89 3.78 6.04
HBBI Home Building Bancorp IN 46,804 5,649 5,649 0.20 0.50 1.48 3.77
HOMF Home Federal Bancorp IN 663,658 56,079 54,256 1.03 1.18 12.42 14.20
HWEN Home Financial Bancorp IN 39,443 7,347 7,347 0.57 0.81 3.61 5.11
INCB Indiana Community Bank SB IN 91,329 11,312 11,312 0.17 0.50 1.29 3.92
IFSL Indiana Federal Corporation IN 818,924 71,920 67,573 0.67 0.95 7.45 10.52
LOGN Logansport Financial Corp. IN 79,298 15,585 15,585 1.17 1.51 5.27 6.80
MARN Marion Capital Holdings IN 174,415 40,202 40,202 1.32 1.59 5.71 6.87
MFBC MFB Corp. IN 234,290 33,987 33,987 0.56 0.85 3.38 5.10
NEIB Northeast Indiana Bancorp IN 172,874 26,213 26,213 1.04 1.22 6.00 7.06
PFDC Peoples Bancorp IN 283,242 42,999 42,999 1.10 1.45 7.15 9.42
PERM Permanent Bancorp Inc. IN 412,967 40,064 39,667 0.24 0.51 2.37 5.11
RIVR River Valley Bancorp IN 138,325 17,099 16,833 NA NA NA NA
SOBI Sobieski Bancorp Inc. IN 79,080 12,181 12,181 0.28 0.57 1.64 3.28
FFSL First Independence Corp. KS 109,230 11,474 11,474 0.50 0.76 4.28 6.54
LARK Landmark Bancshares Inc. KS 223,799 32,750 32,750 0.84 1.04 5.42 6.69
MCBS Mid Continent Bancshares Inc. KS 371,169 37,279 37,279 1.03 1.17 9.21 10.54
CKFB CKF Bancorp Inc. KY 60,197 14,254 14,254 1.30 1.29 5.08 5.05
CLAS Classic Bancshares Inc. KY 128,361 19,151 16,094 0.43 0.71 2.05 3.40
FFKY First Federal Financial Corp. KY 372,300 50,640 47,556 1.25 1.49 8.98 10.72
FLKY First Lancaster Bancshares KY 40,448 13,850 13,850 1.15 1.41 3.52 4.31
FTSB Fort Thomas Financial Corp. KY 94,681 15,236 15,236 0.50 0.77 2.48 3.83
FKKY Frankfort First Bancorp Inc. KY 128,328 33,611 33,611 0.64 0.92 2.31 3.34
GWBC Gateway Bancorp Inc. KY 65,806 17,166 17,166 0.82 1.14 3.26 4.50
GTFN Great Financial Corporation KY 3,002,142 279,107 266,946 0.74 0.71 7.42 7.13
HFFB Harrodsburg First Fin Bancorp KY 108,187 28,514 28,514 1.03 1.35 3.73 4.90
KYF Kentucky First Bancorp Inc. KY 88,923 14,326 14,326 0.80 1.07 3.95 5.23
CAPITAL ISSUES
==================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ------------
FFWC FFW Corp. IN 04/05/93 NASDAQ 697,010 18.65
FFED Fidelity Federal Bancorp IN 08/31/87 NASDAQ 2,490,110 22.41
FISB First Indiana Corporation IN 08/02/83 NASDAQ 10,505,257 193.03
HFGI Harrington Financial Group IN NA NASDAQ 3,256,738 35.82
HBFW Home Bancorp IN 03/30/95 NASDAQ 2,623,213 53.45
HBBI Home Building Bancorp IN 02/08/95 NASDAQ 311,660 6.54
HOMF Home Federal Bancorp IN 01/23/88 NASDAQ 3,389,770 92.79
HWEN Home Financial Bancorp IN 07/02/96 NASDAQ 485,926 7.29
INCB Indiana Community Bank SB IN 12/15/94 NASDAQ 922,039 15.21
IFSL Indiana Federal Corporation IN 02/04/87 NASDAQ 4,786,236 125.04
LOGN Logansport Financial Corp. IN 06/14/95 NASDAQ 1,256,375 16.65
MARN Marion Capital Holdings IN 03/18/93 NASDAQ 1,828,242 40.22
MFBC MFB Corp. IN 03/25/94 NASDAQ 1,734,517 34.26
NEIB Northeast Indiana Bancorp IN 06/28/95 NASDAQ 1,762,727 26.44
PFDC Peoples Bancorp IN 07/07/87 NASDAQ 2,279,328 51.28
PERM Permanent Bancorp Inc. IN 04/04/94 NASDAQ 2,082,858 42.18
RIVR River Valley Bancorp IN 12/20/96 NASDAQ 1,190,250 16.37
SOBI Sobieski Bancorp Inc. IN 03/31/95 NASDAQ 759,632 11.20
FFSL First Independence Corp. KS 10/08/93 NASDAQ 1,005,294 12.06
LARK Landmark Bancshares Inc. KS 03/28/94 NASDAQ 1,807,996 33.90
MCBS Mid Continent Bancshares Inc. KS 06/27/94 NASDAQ 1,958,250 49.45
CKFB CKF Bancorp Inc. KY 01/04/95 NASDAQ 927,175 16.69
CLAS Classic Bancshares Inc. KY 12/29/95 NASDAQ 1,322,500 15.37
FFKY First Federal Financial Corp. KY 07/15/87 NASDAQ 4,165,353 83.31
FLKY First Lancaster Bancshares KY 07/01/96 NASDAQ 958,812 14.86
FTSB Fort Thomas Financial Corp. KY 06/28/95 NASDAQ 1,495,086 16.82
FKKY Frankfort First Bancorp Inc. KY 07/10/95 NASDAQ 3,385,000 35.97
GWBC Gateway Bancorp Inc. KY 01/18/95 NASDAQ 1,075,754 16.41
GTFN Great Financial Corporation KY 03/31/94 NASDAQ 14,073,290 434.51
HFFB Harrodsburg First Fin Bancorp KY 10/04/95 NASDAQ 2,024,756 32.14
KYF Kentucky First Bancorp Inc. KY 08/29/95 AMSE 1,319,194 15.17
115
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== =================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- -----
ANA Acadiana Bancshares Inc. LA 261,687 45,616 45,616 0.50 0.84 3.35 5.61
CZF CitiSave Financial Corp LA 74,942 12,457 12,457 0.51 0.77 3.00 4.51
GSLA GS Financial Corp. LA 135,339 24,735 24,735 NA NA NA NA
ISBF ISB Financial Corporation LA 938,968 114,414 97,011 0.69 0.92 4.57 6.15
MERI Meritrust Federal SB LA 228,591 18,068 18,068 0.60 0.97 7.86 12.70
TSH Teche Holding Co. LA 393,556 52,365 52,365 0.73 1.00 5.08 6.93
AFCB Affiliated Community Bancorp MA 1,054,997 103,049 102,408 0.93 1.07 9.44 10.83
BFD BostonFed Bancorp Inc. MA 941,007 83,755 80,870 0.48 0.65 4.27 5.81
FAB FirstFed America Bancorp Inc. MA 979,736 122,154 122,154 -0.29 0.43 -2.88 4.38
ANBK American National Bancorp MD 505,318 45,315 45,315 0.28 0.65 2.88 6.68
EQSB Equitable Federal Savings Bank MD 296,002 15,002 15,002 0.48 0.76 9.36 14.87
FCIT First Citizens Financial Corp. MD 693,803 42,368 42,368 0.52 0.77 8.66 12.93
HRBF Harbor Federal Bancorp Inc. MD 219,462 28,224 28,224 0.43 0.68 3.22 5.10
MFSL Maryland Federal Bancorp MD 1,128,483 95,261 93,980 0.58 0.84 7.02 10.17
WSB Washington Savings Bank, FSB MD 256,632 21,349 21,349 0.51 0.74 6.15 8.91
WHGB WHG Bancshares Corp. MD 98,458 21,551 21,551 0.55 0.89 2.39 3.83
MCBN Mid-Coast Bancorp Inc. ME 57,838 4,975 4,975 0.40 0.64 4.42 7.05
BWFC Bank West Financial Corp. MI 147,019 22,508 22,508 0.75 0.62 4.24 3.53
CFSB CFSB Bancorp Inc. MI 834,252 63,639 63,639 0.75 1.00 9.48 12.72
DNFC D & N Financial Corp. MI 1,528,468 88,772 87,789 0.62 0.84 10.85 14.62
FLGS Flagstar Bancorp Inc. MI 1,519,099 82,989 NA NA NA NA NA
MSBF MSB Financial Inc. MI 75,630 12,564 12,564 1.20 1.49 6.05 7.55
MSBK Mutual Savings Bank FSB MI 662,536 39,800 39,800 0.10 0.01 1.65 0.18
OFCP Ottawa Financial Corp. MI 858,934 75,947 60,785 0.43 0.73 4.48 7.63
SJSB SJS Bancorp MI 153,767 16,201 16,201 0.20 0.51 1.87 4.67
THR Three Rivers Financial Corp. MI 91,165 12,540 12,490 0.57 0.83 3.91 5.71
BDJI First Federal Bancorporation MN 107,716 12,036 12,036 0.31 0.65 2.58 5.35
FFHH FSF Financial Corp. MN 367,312 43,225 43,225 0.64 0.82 4.76 6.13
HMNF HMN Financial Inc. MN 553,021 78,770 78,770 0.75 0.91 4.89 5.93
MIVI Mississippi View Holding Co. MN 69,755 12,735 12,735 0.68 1.01 3.74 5.54
QCFB QCF Bancorp Inc. MN 149,637 27,070 27,070 1.36 1.66 7.17 8.76
CAPITAL ISSUES
==================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ------------
ANA Acadiana Bancshares Inc. LA 07/16/96 AMSE 2,731,250 51.21
CZF CitiSave Financial Corp LA 07/14/95 AMSE 962,207 18.76
GSLA GS Financial Corp. LA 04/01/97 NASDAQ NA NA
ISBF ISB Financial Corporation LA 04/07/95 NASDAQ 7,001,260 171.53
MERI Meritrust Federal SB LA NA NASDAQ 774,176 27.48
TSH Teche Holding Co. LA 04/19/95 AMSE 3,437,530 56.29
AFCB Affiliated Community Bancorp MA 10/19/95 NASDAQ 6,456,458 122.67
BFD BostonFed Bancorp Inc. MA 10/24/95 AMSE 5,962,502 90.18
FAB FirstFed America Bancorp Inc. MA 01/15/97 AMSE 8,707,152 118.63
ANBK American National Bancorp MD 10/31/95 NASDAQ 3,613,011 51.94
EQSB Equitable Federal Savings Bank MD 09/10/93 NASDAQ 602,200 20.02
FCIT First Citizens Financial Corp. MD 12/17/86 NASDAQ 2,943,820 77.09
HRBF Harbor Federal Bancorp Inc. MD 08/12/94 NASDAQ 1,754,420 28.51
MFSL Maryland Federal Bancorp MD 06/02/87 NASDAQ 3,210,150 119.58
WSB Washington Savings Bank, FSB MD NA AMSE 4,220,206 22.16
WHGB WHG Bancshares Corp. MD 04/01/96 NASDAQ 1,539,059 21.93
MCBN Mid-Coast Bancorp Inc. ME 11/02/89 NASDAQ 230,171 4.37
BWFC Bank West Financial Corp. MI 03/30/95 NASDAQ 1,783,475 20.51
CFSB CFSB Bancorp Inc. MI 06/22/90 NASDAQ 5,166,741 99.81
DNFC D & N Financial Corp. MI 02/13/85 NASDAQ 8,315,821 150.72
FLGS Flagstar Bancorp Inc. MI NA NASDAQ NA NA
MSBF MSB Financial Inc. MI 02/06/95 NASDAQ 630,036 13.07
MSBK Mutual Savings Bank FSB MI 07/17/92 NASDAQ 4,274,154 29.38
OFCP Ottawa Financial Corp. MI 08/19/94 NASDAQ 5,040,187 105.21
SJSB SJS Bancorp MI 02/16/95 NASDAQ 917,622 23.63
THR Three Rivers Financial Corp. MI 08/24/95 AMSE 823,540 11.84
BDJI First Federal Bancorporation MN 04/04/95 NASDAQ 700,566 12.96
FFHH FSF Financial Corp. MN 10/07/94 NASDAQ 3,095,310 53.39
HMNF HMN Financial Inc. MN 06/30/94 NASDAQ 4,209,826 84.39
MIVI Mississippi View Holding Co. MN 03/24/95 NASDAQ 818,743 12.49
QCFB QCF Bancorp Inc. MN 04/03/95 NASDAQ 1,426,200 27.28
116
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== =================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- -----
WEFC Wells Financial Corp. MN 201,886 28,737 28,737 0.64 1.01 4.47 7.11
CMRN Cameron Financial Corp MO 197,693 45,381 45,381 1.12 1.38 4.47 5.52
CAPS Capital Savings Bancorp Inc. MO 237,915 20,607 20,607 0.64 0.92 7.20 10.27
CBES CBES Bancorp Inc. MO 95,219 17,510 17,510 0.77 0.96 5.14 6.41
CNSB CNS Bancorp Inc. MO 98,104 24,344 24,344 0.54 0.78 2.33 3.35
FBSI First Bancshares Inc. MO 160,048 22,971 22,938 0.91 1.12 5.96 7.33
FTNB Fulton Bancorp Inc. MO 99,464 24,875 24,875 NA NA NA NA
GSBC Great Southern Bancorp Inc. MO 679,153 60,899 60,899 1.36 1.54 14.07 15.89
HFSA Hardin Bancorp Inc. MO 103,354 13,210 13,210 0.50 0.81 3.17 5.14
JSBA Jefferson Savings Bancorp MO 1,296,929 106,299 80,965 0.30 0.70 3.97 9.29
JOAC Joachim Bancorp Inc. MO 35,656 10,334 10,334 0.51 0.78 1.74 2.68
LXMO Lexington B&L Financial Corp. MO 59,748 16,505 16,505 0.90 1.18 2.98 3.91
MBLF MBLA Financial Corp. MO 209,783 28,313 28,313 0.66 0.85 4.90 6.32
NASB North American Savings Bank MO 689,246 54,952 53,164 1.21 1.18 16.83 16.39
NSLB NS&L Bancorp Inc. MO 58,089 11,574 11,574 0.50 0.74 2.31 3.45
PCBC Perry County Financial Corp. MO 79,714 14,602 14,602 0.78 1.03 4.14 5.45
RFED Roosevelt Financial Group MO 7,508,309 469,558 NA 0.12 0.90 2.00 15.56
SMFC Sho-Me Financial Corp. MO 304,496 29,055 29,055 0.91 1.08 8.65 10.28
SMBC Southern Missouri Bancorp Inc. MO 165,688 25,958 25,958 0.71 1.01 4.44 6.29
CFTP Community Federal Bancorp MS 206,049 69,066 69,066 1.43 1.70 4.29 5.11
FFBS FFBS BanCorp Inc. MS 128,676 24,984 24,984 1.18 1.49 6.04 7.62
MGNL Magna Bancorp Inc. MS 1,383,130 132,245 127,914 1.40 1.65 14.34 16.89
EFBC Empire Federal Bancorp Inc. MT 107,938 39,778 39,778 NA NA NA NA
GBCI Glacier Bancorp Inc. MT 552,372 52,813 51,329 1.39 1.56 14.71 16.51
UBMT United Financial Corp. MT 107,723 24,398 24,398 1.09 1.34 4.68 5.74
WSTR WesterFed Financial Corp. MT 932,440 102,364 80,865 0.60 0.84 4.43 6.16
CFNC Carolina Fincorp Inc. NC 108,680 25,760 25,760 NA NA NA NA
CENB Century Bancorp Inc. NC 99,948 29,920 29,920 NA NA NA NA
COOP Cooperative Bankshares Inc. NC 348,498 26,095 26,095 -0.89 0.12 -10.54 1.38
SOPN First Savings Bancorp Inc. NC 271,121 66,710 66,710 1.39 1.68 5.46 6.59
GSFC Green Street Financial Corp. NC 174,365 62,904 62,904 1.40 1.69 4.28 5.18
CAPITAL ISSUES
==================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ------------
WEFC Wells Financial Corp. MN 04/11/95 NASDAQ 2,023,860 30.36
CMRN Cameron Financial Corp MO 04/03/95 NASDAQ 2,682,196 42.92
CAPS Capital Savings Bancorp Inc. MO 12/29/93 NASDAQ 1,891,800 26.01
CBES CBES Bancorp Inc. MO 09/30/96 NASDAQ 1,024,958 17.23
CNSB CNS Bancorp Inc. MO 06/12/96 NASDAQ 1,653,125 26.04
FBSI First Bancshares Inc. MO 12/22/93 NASDAQ 1,160,135 22.62
FTNB Fulton Bancorp Inc. MO 10/18/96 NASDAQ 1,719,250 30.73
GSBC Great Southern Bancorp Inc. MO 12/14/89 NASDAQ 8,288,147 144.01
HFSA Hardin Bancorp Inc. MO 09/29/95 NASDAQ 859,360 13.32
JSBA Jefferson Savings Bancorp MO 04/08/93 NASDAQ 4,970,949 141.67
JOAC Joachim Bancorp Inc. MO 12/28/95 NASDAQ 760,437 10.65
LXMO Lexington B&L Financial Corp. MO 06/06/96 NASDAQ 1,087,900 16.59
MBLF MBLA Financial Corp. MO 06/24/93 NASDAQ 1,316,002 27.14
NASB North American Savings Bank MO 09/27/85 NASDAQ 2,256,754 85.76
NSLB NS&L Bancorp Inc. MO 06/08/95 NASDAQ 707,582 11.59
PCBC Perry County Financial Corp. MO 02/13/95 NASDAQ 808,486 15.97
RFED Roosevelt Financial Group MO 01/23/87 NASDAQ 42,614,943 926.88
SMFC Sho-Me Financial Corp. MO 07/01/94 NASDAQ 1,519,125 44.81
SMBC Southern Missouri Bancorp Inc. MO 04/13/94 NASDAQ 1,637,913 26.62
CFTP Community Federal Bancorp MS 03/26/96 NASDAQ 4,282,339 76.55
FFBS FFBS BanCorp Inc. MS 07/01/93 NASDAQ 1,557,445 34.65
MGNL Magna Bancorp Inc. MS 03/13/91 NASDAQ 13,754,266 251.02
EFBC Empire Federal Bancorp Inc. MT 01/27/97 NASDAQ 2,592,100 33.05
GBCI Glacier Bancorp Inc. MT 03/30/84 NASDAQ 6,798,656 111.04
UBMT United Financial Corp. MT 09/23/86 NASDAQ 1,223,312 23.85
WSTR WesterFed Financial Corp. MT 01/10/94 NASDAQ 5,551,172 111.72
CFNC Carolina Fincorp Inc. NC 11/25/96 NASDAQ 1,851,500 26.85
CENB Century Bancorp Inc. NC 12/23/96 NASDAQ 407,330 28.31
COOP Cooperative Bankshares Inc. NC 08/21/91 NASDAQ 1,491,698 31.33
SOPN First Savings Bancorp Inc. NC 01/06/94 NASDAQ 3,696,944 72.55
GSFC Green Street Financial Corp. NC 04/04/96 NASDAQ 4,298,125 74.68
117
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== ================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- -----
HFNC HFNC Financial Corp. NC 842,917 158,736 158,736 1.06 1.38 3.61 4.71
KSAV KS Bancorp Inc. NC 100,754 13,930 13,921 0.92 1.21 6.46 8.44
MBSP Mitchell Bancorp Inc. NC 33,894 14,684 14,684 NA NA NA NA
NSBC NewSouth Bancorp, Inc. NC 254,863 19,155 19,155 NA NA NA NA
PDB Piedmont Bancorp Inc. NC 118,519 20,100 20,100 -0.31 0.76 -1.31 3.20
SSB Scotland Bancorp Inc NC 68,924 25,285 25,285 1.47 1.77 4.07 4.89
SSFC South Street Financial Corp. NC 238,791 60,761 60,761 0.77 1.03 4.38 5.90
SSM Stone Street Bancorp Inc. NC 105,491 37,806 37,806 1.69 1.97 4.76 5.55
UFRM United Federal Savings Bank NC 270,180 20,532 20,532 0.22 0.47 2.81 6.03
CFB Commercial Federal Corporation NE 6,901,835 408,641 363,640 0.64 0.91 10.78 15.29
EBCP Eastern Bancorp NH 865,818 65,728 62,390 0.38 0.59 4.95 7.69
NHTB New Hampshire Thrift Bncshrs NH 313,038 23,401 19,830 0.34 0.51 4.60 6.82
FBER 1st Bergen Bancorp NJ 252,294 41,485 41,485 0.42 0.75 2.51 4.45
COFD Collective Bancorp Inc. NJ 5,517,588 386,155 349,285 0.94 1.14 13.47 16.30
FSPG First Home Bancorp Inc. NJ 508,243 33,482 32,880 0.90 0.99 13.88 15.16
FMCO FMS Financial Corporation NJ 553,599 34,817 34,092 0.65 0.98 9.89 14.96
IBSF IBS Financial Corp. NJ 740,027 126,057 126,057 0.52 0.87 2.67 4.48
LVSB Lakeview Financial NJ 481,646 45,837 36,651 1.37 0.95 13.65 9.52
LFBI Little Falls Bancorp Inc. NJ 303,384 39,241 36,114 0.26 0.49 1.78 3.43
OCFC Ocean Financial Corp. NJ 1,387,836 247,297 247,297 -0.05 0.94 -0.28 5.61
PBCI Pamrapo Bancorp Inc. NJ 367,360 47,027 46,633 0.84 1.19 5.60 7.86
PFSB PennFed Financial Services Inc NJ 1,252,387 94,273 77,734 0.57 0.84 7.06 10.45
PULS Pulse Bancorp NJ 515,936 40,229 40,229 0.72 1.07 8.42 12.54
SFIN Statewide Financial Corp. NJ 677,384 63,019 62,891 0.51 0.87 5.10 8.80
WYNE Wayne Bancorp Inc. NJ 245,435 35,732 35,732 0.36 0.87 2.31 5.53
WWFC Westwood Financial Corporation NJ 107,981 9,950 8,818 0.45 0.82 4.76 8.68
AABC Access Anytime Bancorp, Inc. NM 106,492 7,246 7,246 -0.59 -0.23 -11.75 -4.64
GUPB GFSB Bancorp Inc. NM 86,911 14,166 14,166 0.74 0.93 3.86 4.89
AFED AFSALA Bancorp Inc. NY 152,254 21,087 21,035 NA NA NA NA
ALBK ALBANK Financial Corporation NY 3,496,331 321,701 279,054 0.81 1.01 8.71 10.83
ALBC Albion Banc Corp. NY 66,316 5,905 5,905 0.09 0.38 0.93 3.90
CAPITAL ISSUES
================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ----------
HFNC HFNC Financial Corp. NC 12/29/95 NASDAQ 17,192,500 313.76
KSAV KS Bancorp Inc. NC 12/30/93 NASDAQ 663,263 13.60
MBSP Mitchell Bancorp Inc. NC 07/12/96 NASDAQ 967,897 15.49
NSBC NewSouth Bancorp, Inc. NC 04/08/97 NASDAQ NA NA
PDB Piedmont Bancorp Inc. NC 12/08/95 AMSE 2,750,800 29.91
SSB Scotland Bancorp Inc NC 04/01/96 AMSE 1,840,000 28.52
SSFC South Street Financial Corp. NC 10/03/96 NASDAQ 4,496,500 72.51
SSM Stone Street Bancorp Inc. NC 04/01/96 AMSE 1,825,050 45.17
UFRM United Federal Savings Bank NC 07/01/80 NASDAQ 3,066,314 29.51
CFB Commercial Federal Corporation NE 12/31/84 NYSE 21,523,481 726.42
EBCP Eastern Bancorp NH 11/17/83 NASDAQ 3,679,834 91.08
NHTB New Hampshire Thrift Bncshrs NH 05/22/86 NASDAQ 2,041,274 25.26
FBER 1st Bergen Bancorp NJ 04/01/96 NASDAQ 3,015,300 42.21
COFD Collective Bancorp Inc. NJ 02/07/84 NASDAQ 20,446,519 789.75
FSPG First Home Bancorp Inc. NJ 04/20/87 NASDAQ 2,708,426 48.41
FMCO FMS Financial Corporation NJ 12/14/88 NASDAQ 2,386,483 46.54
IBSF IBS Financial Corp. NJ 10/13/94 NASDAQ 11,012,246 162.79
LVSB Lakeview Financial NJ 12/22/93 NASDAQ 2,302,465 63.61
LFBI Little Falls Bancorp Inc. NJ 01/05/96 NASDAQ 2,745,180 37.06
OCFC Ocean Financial Corp. NJ 07/03/96 NASDAQ 9,059,124 250.83
PBCI Pamrapo Bancorp Inc. NJ 11/14/89 NASDAQ 2,862,924 56.18
PFSB PennFed Financial Services Inc NJ 07/15/94 NASDAQ 4,821,000 113.29
PULS Pulse Bancorp NJ 09/18/86 NASDAQ 3,061,048 54.72
SFIN Statewide Financial Corp. NJ 10/02/95 NASDAQ 4,771,486 70.38
WYNE Wayne Bancorp Inc. NJ 06/27/96 NASDAQ 2,156,383 35.04
WWFC Westwood Financial Corporation NJ 06/07/96 NASDAQ 645,241 12.90
AABC Access Anytime Bancorp, Inc. NM 08/08/86 NASDAQ 1,142,549 7.00
GUPB GFSB Bancorp Inc. NM 06/30/95 NASDAQ 839,208 14.69
AFED AFSALA Bancorp Inc. NY 10/01/96 NASDAQ 1,454,750 19.64
ALBK ALBANK Financial Corporation NY 04/01/92 NASDAQ 12,818,539 466.27
ALBC Albion Banc Corp. NY 07/26/93 NASDAQ 250,051 4.63
118
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== ================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- ----
ASFC Astoria Financial Corporation NY 7,689,409 584,392 486,235 0.52 0.77 6.53 9.62
CNY Carver Bancorp Inc. NY 423,512 34,150 32,694 -0.44 -0.03 -5.05 -0.30
FIBC Financial Bancorp Inc. NY 269,197 26,192 26,058 0.52 0.89 5.15 8.79
HAVN Haven Bancorp Inc. NY 1,727,798 100,154 99,743 0.63 0.90 10.30 14.67
LISB Long Island Bancorp Inc. NY 5,814,296 523,853 518,807 0.62 0.73 6.40 7.57
NYB New York Bancorp Inc. NY 3,174,997 160,619 160,619 1.33 1.36 24.71 25.36
PEEK Peekskill Financial Corp. NY 182,594 46,706 46,706 1.07 1.38 3.71 4.78
PKPS Poughkeepsie Financial Corp. NY 861,136 72,470 72,470 0.21 0.47 2.50 5.62
RELY Reliance Bancorp Inc. NY 1,926,800 154,907 108,598 0.56 0.84 6.67 10.00
SFED SFS Bancorp Inc. NY 168,841 21,933 21,933 0.46 0.82 3.53 6.26
TPNZ Tappan Zee Financial Inc. NY 121,841 21,228 21,228 0.72 1.01 3.92 5.46
YFCB Yonkers Financial Corporation NY 284,401 43,492 43,492 0.83 1.13 4.56 6.22
ASBP ASB Financial Corp. OH 109,414 17,217 17,217 0.60 0.86 3.01 4.31
CAFI Camco Financial Corp. OH 472,430 45,789 42,125 0.73 0.86 8.15 9.55
COFI Charter One Financial OH 14,040,397 951,493 885,093 0.97 1.23 14.29 18.12
CTZN CitFed Bancorp Inc. OH 2,937,269 185,987 165,668 0.55 0.79 8.43 12.14
CIBI Community Investors Bancorp OH 97,446 11,221 11,221 0.67 0.99 5.53 8.18
DCBI Delphos Citizens Bancorp Inc. OH 107,072 30,350 30,350 NA NA NA NA
EMLD Emerald Financial Corp. OH 588,634 44,174 43,419 0.70 0.89 8.86 11.25
EFBI Enterprise Federal Bancorp OH 256,704 31,646 31,611 0.71 0.79 5.12 5.69
FFDF FFD Financial Corp. OH 85,286 21,102 21,102 0.77 1.06 3.22 4.46
FFYF FFY Financial Corp. OH 598,667 84,390 84,390 0.89 1.26 5.34 7.53
FFOH Fidelity Financial of Ohio OH 513,079 67,274 59,127 0.61 0.96 3.86 6.07
FDEF First Defiance Financial OH 546,060 116,954 116,954 0.78 1.06 3.39 4.59
FFBZ First Federal Bancorp Inc. OH 191,686 14,678 14,661 0.74 1.00 9.61 13.08
FFHS First Franklin Corporation OH 226,235 19,949 19,808 0.14 0.61 1.57 6.64
FFSW FirstFederal Financial Svcs OH 1,088,132 87,906 77,673 1.02 0.84 13.05 10.76
GFCO Glenway Financial Corp. OH 280,813 26,841 26,421 0.38 0.68 3.97 7.14
HHFC Harvest Home Financial Corp. OH 83,103 10,386 10,386 0.27 0.55 1.89 3.91
HVFD Haverfield Corporation OH 341,664 28,675 28,675 0.49 0.91 5.80 10.69
HCFC Home City Financial Corp. OH 68,235 14,061 14,061 NA NA NA NA
CAPITAL ISSUES
================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ----------
ASFC Astoria Financial Corporation NY 11/18/93 NASDAQ 21,242,610 764.73
CNY Carver Bancorp Inc. NY 10/25/94 AMSE 2,314,275 22.27
FIBC Financial Bancorp Inc. NY 08/17/94 NASDAQ 1,747,686 29.06
HAVN Haven Bancorp Inc. NY 09/23/93 NASDAQ 4,329,624 139.09
LISB Long Island Bancorp Inc. NY 04/18/94 NASDAQ 24,228,267 801.06
NYB New York Bancorp Inc. NY 01/28/88 NYSE 16,380,511 475.03
PEEK Peekskill Financial Corp. NY 12/29/95 NASDAQ 3,203,121 44.44
PKPS Poughkeepsie Financial Corp. NY 11/19/85 NASDAQ 12,594,725 75.57
RELY Reliance Bancorp Inc. NY 03/31/94 NASDAQ 8,822,769 208.44
SFED SFS Bancorp Inc. NY 06/30/95 NASDAQ 1,270,997 20.65
TPNZ Tappan Zee Financial Inc. NY 10/05/95 NASDAQ 1,534,062 21.86
YFCB Yonkers Financial Corporation NY 04/18/96 NASDAQ 3,179,750 48.49
ASBP ASB Financial Corp. OH 05/11/95 NASDAQ 1,721,412 19.80
CAFI Camco Financial Corp. OH NA NASDAQ 3,061,520 55.11
COFI Charter One Financial OH 01/22/88 NASDAQ 46,338,721 2033.11
CTZN CitFed Bancorp Inc. OH 01/23/92 NASDAQ 8,613,086 302.53
CIBI Community Investors Bancorp OH 02/07/95 NASDAQ 632,946 10.92
DCBI Delphos Citizens Bancorp Inc. OH 11/21/96 NASDAQ 2,038,719 27.01
EMLD Emerald Financial Corp. OH NA NASDAQ 5,061,600 58.21
EFBI Enterprise Federal Bancorp OH 10/17/94 NASDAQ 2,010,828 31.92
FFDF FFD Financial Corp. OH 04/03/96 NASDAQ 1,454,750 20.37
FFYF FFY Financial Corp. OH 06/28/93 NASDAQ 4,328,219 110.37
FFOH Fidelity Financial of Ohio OH 03/04/96 NASDAQ 5,593,969 72.72
FDEF First Defiance Financial OH 10/02/95 NASDAQ 9,423,354 129.57
FFBZ First Federal Bancorp Inc. OH 07/13/92 NASDAQ 1,571,716 29.08
FFHS First Franklin Corporation OH 01/26/88 NASDAQ 1,178,343 21.80
FFSW FirstFederal Financial Svcs OH 03/31/87 NASDAQ 4,588,459 132.61
GFCO Glenway Financial Corp. OH 11/30/90 NASDAQ 1,143,769 25.88
HHFC Harvest Home Financial Corp. OH 10/10/94 NASDAQ 934,857 10.75
HVFD Haverfield Corporation OH 03/19/85 NASDAQ 1,906,349 43.37
HCFC Home City Financial Corp. OH 12/30/96 NASDAQ 952,200 12.85
119
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== ================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- ----
INBI Industrial Bancorp OH 333,846 61,729 61,729 0.73 1.27 3.84 6.69
LONF London Financial Corporation OH 37,937 7,537 7,537 0.74 1.08 3.51 5.10
MRKF Market Financial Corporation OH 56,343 19,493 19,493 NA NA NA NA
METF Metropolitan Financial Corp. OH 807,054 30,780 27,596 NA NA NA NA
MFFC Milton Federal Financial Corp. OH 178,757 26,349 26,349 0.53 0.72 3.04 4.14
OHSL OHSL Financial Corp. OH 229,812 25,369 25,369 0.60 0.86 5.10 7.28
PFFC Peoples Financial Corp. OH 89,687 24,128 24,128 0.48 0.80 2.16 3.64
PSFC Peoples-Sidney Financial Corp. OH 93,734 9,516 9,516 NA NA NA NA
PTRS Potters Financial Corp. OH 116,921 10,411 10,411 0.31 0.68 3.47 7.54
PVFC PVF Capital Corp. OH 356,251 25,019 25,019 1.05 1.38 15.56 20.48
SFSL Security First Corp. OH 634,761 59,435 58,407 1.07 1.35 10.96 13.81
SBCN Suburban Bancorporation Inc. OH 221,926 25,895 25,895 0.50 0.72 4.10 5.94
WOFC Western Ohio Financial Corp. OH 400,059 53,659 50,573 0.31 0.43 2.28 3.23
WEHO Westwood Homestead Fin. Corp. OH 129,956 40,224 40,224 0.55 0.83 2.25 3.39
WFCO Winton Financial Corp. OH 307,174 21,962 21,469 0.72 0.88 9.77 12.04
FFWD Wood Bancorp Inc. OH 163,498 20,763 20,763 1.00 1.23 7.51 9.24
KFBI Klamath First Bancorp OR 683,830 139,752 139,752 0.89 1.29 3.75 5.42
WFSG Wilshire Financial Services OR 1,098,088 64,206 64,206 NA NA NA NA
CVAL Chester Valley Bancorp Inc. PA 305,187 26,131 26,131 0.63 0.92 7.01 10.26
CMSB Commonwealth Bancorp Inc. PA 2,236,008 213,930 164,274 0.57 0.71 5.44 6.77
FSBI Fidelity Bancorp Inc. PA 327,896 22,823 22,823 0.53 0.84 7.57 12.04
FBBC First Bell Bancorp Inc. PA 709,011 72,295 72,295 1.19 1.40 7.19 8.44
FKFS First Keystone Financial PA 314,637 22,251 22,251 0.52 0.77 6.79 10.01
SHEN First Shenango Bancorp Inc. PA 400,915 42,900 42,900 0.84 1.12 7.02 9.37
GAF GA Financial Inc. PA 670,342 115,723 115,723 1.08 1.19 5.13 5.64
HARL Harleysville Savings Bank PA 332,558 21,160 21,160 0.69 0.98 10.72 15.27
LARL Laurel Capital Group Inc. PA 208,577 21,736 21,736 1.12 1.43 10.56 13.48
MLBC ML Bancorp Inc. PA 1,959,847 135,704 NA 0.74 0.65 9.73 8.57
PVSA Parkvale Financial Corporation PA 972,597 72,710 72,106 0.71 1.06 9.85 14.68
PBIX Patriot Bank Corp. PA 594,055 48,042 48,042 0.45 0.63 4.21 5.80
PWBC PennFirst Bancorp Inc. PA 706,237 49,946 45,563 0.42 0.64 5.83 8.73
CAPITAL ISSUES
================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ----------
INBI Industrial Bancorp OH 08/01/95 NASDAQ 5,410,000 68.30
LONF London Financial Corporation OH 04/01/96 NASDAQ 515,160 9.02
MRKF Market Financial Corporation OH 03/27/97 NASDAQ 1,335,725 16.86
METF Metropolitan Financial Corp. OH NA NASDAQ 3,525,635 38.78
MFFC Milton Federal Financial Corp. OH 10/07/94 NASDAQ 2,327,436 31.71
OHSL OHSL Financial Corp. OH 02/10/93 NASDAQ 1,207,932 28.69
PFFC Peoples Financial Corp. OH 09/13/96 NASDAQ 1,491,012 22.74
PSFC Peoples-Sidney Financial Corp. OH 04/28/97 NASDAQ NA NA
PTRS Potters Financial Corp. OH 12/31/93 NASDAQ 486,830 9.74
PVFC PVF Capital Corp. OH 12/30/92 NASDAQ 2,323,338 38.92
SFSL Security First Corp. OH 01/22/88 NASDAQ 5,003,099 94.43
SBCN Suburban Bancorporation Inc. OH 09/30/93 NASDAQ 1,474,932 25.81
WOFC Western Ohio Financial Corp. OH 07/29/94 NASDAQ 2,312,088 49.71
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 NASDAQ 2,843,375 38.74
WFCO Winton Financial Corp. OH 08/04/88 NASDAQ 1,986,153 24.86
FFWD Wood Bancorp Inc. OH 08/31/93 NASDAQ 1,492,636 24.26
KFBI Klamath First Bancorp OR 10/05/95 NASDAQ 9,961,898 175.58
WFSG Wilshire Financial Services OR 12/19/96 NASDAQ 7,570,000 109.77
CVAL Chester Valley Bancorp Inc. PA 03/27/87 NASDAQ 2,054,310 35.44
CMSB Commonwealth Bancorp Inc. PA 06/17/96 NASDAQ 17,110,825 258.80
FSBI Fidelity Bancorp Inc. PA 06/24/88 NASDAQ 1,540,653 30.99
FBBC First Bell Bancorp Inc. PA 06/29/95 NASDAQ 6,802,750 108.84
FKFS First Keystone Financial PA 01/26/95 NASDAQ 1,227,875 26.71
SHEN First Shenango Bancorp Inc. PA 04/06/93 NASDAQ 2,063,010 45.90
GAF GA Financial Inc. PA 03/26/96 AMSE 8,407,650 125.06
HARL Harleysville Savings Bank PA 08/04/87 NASDAQ 1,651,140 33.85
LARL Laurel Capital Group Inc. PA 02/20/87 NASDAQ 1,498,302 31.46
MLBC ML Bancorp Inc. PA 08/11/94 NASDAQ 10,415,278 160.13
PVSA Parkvale Financial Corporation PA 07/16/87 NASDAQ 4,060,363 110.64
PBIX Patriot Bank Corp. PA 12/04/95 NASDAQ 4,266,146 60.79
PWBC PennFirst Bancorp Inc. PA 06/13/90 NASDAQ 3,911,030 53.78
120
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== ================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- ----
PWBK Pennwood Bancorp Inc. PA 47,929 9,334 9,334 0.61 0.96 3.52 5.53
PHFC Pittsburgh Home Financial Corp PA 236,998 27,182 26,863 0.58 0.81 4.34 6.11
PRBC Prestige Bancorp Inc. PA 126,833 14,821 14,821 0.27 0.57 2.09 4.43
PFNC Progress Financial Corporation PA 400,366 20,857 18,271 0.45 0.55 8.48 10.45
SVRN Sovereign Bancorp Inc. PA 10,286,606 512,498 401,703 0.48 0.74 9.48 14.59
THRD TF Financial Corporation PA 644,368 69,863 60,876 0.54 0.75 4.47 6.23
WVFC WVS Financial Corporation PA 279,894 35,612 35,612 1.06 1.32 8.18 10.14
YFED York Financial Corp. PA 1,157,356 97,558 97,558 0.59 0.76 7.24 9.30
AMFB American Federal Bank FSB SC 1,306,915 117,473 109,551 1.11 1.36 13.28 16.35
CFCP Coastal Financial Corp. SC 484,610 29,536 29,536 0.91 0.99 14.76 16.15
FFCH First Financial Holdings Inc. SC 1,602,018 98,518 98,518 0.55 0.83 8.83 13.37
FSFC First Southeast Financial Corp SC 334,751 34,239 34,239 0.01 0.90 0.09 7.30
PALM Palfed, Inc. SC 655,707 53,161 53,161 0.06 0.56 0.70 6.94
SCCB S. Carolina Community Bancshrs SC 46,412 12,048 12,048 0.82 1.10 3.01 4.03
HFFC HF Financial Corp. SD 561,287 51,602 51,471 0.59 0.81 6.43 8.80
TWIN Twin City Bancorp TN 104,488 13,499 13,499 0.57 0.79 4.42 6.08
BNKU Bank United Corp. TX 11,002,625 568,897 556,380 1.16 1.14 19.58 19.19
CBSA Coastal Bancorp Inc. TX 2,852,767 97,603 82,444 0.26 0.41 7.90 12.27
ETFS East Texas Financial Services TX 111,689 21,250 21,250 0.33 0.64 1.73 3.42
FBHC Fort Bend Holding Corp. TX 295,080 18,428 17,080 0.29 0.51 4.31 7.64
JXVL Jacksonville Bancorp Inc. TX 218,349 34,127 34,127 0.88 1.20 5.43 7.41
BFSB Bedford Bancshares Inc. VA 131,506 18,835 18,835 1.05 1.33 7.11 9.05
CNIT CENIT Bancorp Inc. VA 706,797 50,149 45,861 0.51 0.70 7.13 9.75
CFFC Community Financial Corp. VA 166,664 22,958 22,958 1.04 1.31 7.50 9.44
ESX Essex Bancorp Inc. VA 179,930 15,125 14,919 -3.47 -1.76 -61.15 -31.06
FFFC FFVA Financial Corp. VA 549,771 71,342 69,764 1.08 1.33 7.31 9.00
GSLC Guaranty Financial Corp. VA 123,526 10,786 10,786 0.38 0.43 6.21 7.02
LIFB Life Bancorp Inc. VA 1,407,861 151,799 147,147 0.70 0.86 6.32 7.73
VABF Virginia Beach Fed. Financial VA 607,370 41,210 41,210 0.15 0.40 2.26 5.94
VFFC Virginia First Financial Corp. VA 817,313 65,891 63,605 1.38 0.68 16.99 8.41
CASB Cascade Financial Corp. WA 352,321 21,754 21,754 0.46 0.58 7.47 9.43
CAPITAL ISSUES
================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ----------
PWBK Pennwood Bancorp Inc. PA 07/15/96 NASDAQ 610,128 8.62
PHFC Pittsburgh Home Financial Corp PA 04/01/96 NASDAQ 1,983,019 29.50
PRBC Prestige Bancorp Inc. PA 06/27/96 NASDAQ 919,873 14.72
PFNC Progress Financial Corporation PA 07/18/83 NASDAQ 3,814,180 33.37
SVRN Sovereign Bancorp Inc. PA 08/12/86 NASDAQ 69,831,757 837.98
THRD TF Financial Corporation PA 07/13/94 NASDAQ 4,087,386 72.55
WVFC WVS Financial Corporation PA 11/29/93 NASDAQ 1,737,250 44.73
YFED York Financial Corp. PA 02/01/84 NASDAQ 6,971,191 128.10
AMFB American Federal Bank FSB SC 01/19/89 NASDAQ 11,034,585 297.93
CFCP Coastal Financial Corp. SC 09/26/90 NASDAQ 4,636,696 76.51
FFCH First Financial Holdings Inc. SC 11/10/83 NASDAQ 6,326,275 154.99
FSFC First Southeast Financial Corp SC 10/08/93 NASDAQ 4,388,231 44.43
PALM Palfed, Inc. SC 12/15/85 NASDAQ 5,278,237 85.77
SCCB S. Carolina Community Bancshrs SC 07/07/94 NASDAQ 704,233 13.38
HFFC HF Financial Corp. SD 04/08/92 NASDAQ 2,997,831 58.65
TWIN Twin City Bancorp TN 01/04/95 NASDAQ 853,484 16.22
BNKU Bank United Corp. TX 08/09/96 NASDAQ 31,595,596 932.07
CBSA Coastal Bancorp Inc. TX NA NASDAQ 4,968,591 127.94
ETFS East Texas Financial Services TX 01/10/95 NASDAQ 1,079,285 19.16
FBHC Fort Bend Holding Corp. TX 06/30/93 NASDAQ 822,301 20.35
JXVL Jacksonville Bancorp Inc. TX 04/01/96 NASDAQ 2,571,968 38.26
BFSB Bedford Bancshares Inc. VA 08/22/94 NASDAQ 1,142,425 21.99
CNIT CENIT Bancorp Inc. VA 08/06/92 NASDAQ 1,639,989 71.75
CFFC Community Financial Corp. VA 03/30/88 NASDAQ 1,272,348 26.40
ESX Essex Bancorp Inc. VA 07/18/90 AMSE 1,054,736 1.71
FFFC FFVA Financial Corp. VA 10/12/94 NASDAQ 4,520,552 94.93
GSLC Guaranty Financial Corp. VA NA NASDAQ 1,499,008 16.49
LIFB Life Bancorp Inc. VA 10/11/94 NASDAQ 9,846,840 164.93
VABF Virginia Beach Fed. Financial VA 11/01/80 NASDAQ 4,972,022 51.58
VFFC Virginia First Financial Corp. VA 01/01/78 NASDAQ 5,804,661 85.62
CASB Cascade Financial Corp. WA 09/16/92 NASDAQ 2,054,352 34.92
121
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
==================================== ================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- ----
FWWB First SB of Washington Bancorp WA 977,075 147,866 135,853 1.05 1.19 5.71 6.48
IWBK InterWest Bancorp Inc. WA 1,771,523 118,792 116,053 0.82 1.11 12.21 16.43
STSA Sterling Financial Corp. WA 1,557,216 86,835 77,389 0.19 0.43 3.33 7.62
WFSL Washington Federal Inc. WA 5,788,992 668,802 602,502 1.65 1.83 14.26 15.76
AADV Advantage Bancorp Inc. WI 1,021,439 90,246 83,602 0.35 0.86 3.81 9.33
ABCW Anchor BanCorp Wisconsin WI 1,884,983 117,887 115,568 0.76 0.98 11.78 15.31
FCBF FCB Financial Corp. WI 268,528 47,008 47,008 0.91 1.09 5.09 6.09
FTFC First Federal Capital Corp. WI 1,530,237 97,258 91,151 0.74 0.86 11.29 13.11
FFHC First Financial Corp. WI 5,808,506 405,696 393,829 0.93 1.26 12.76 17.30
FNGB First Northern Capital Corp. WI 617,899 71,117 71,117 0.60 0.88 5.07 7.48
HALL Hallmark Capital Corp. WI 409,287 28,606 28,606 0.45 0.59 6.32 8.28
MWFD Midwest Federal Financial WI 201,070 17,318 16,642 1.09 1.09 12.37 12.42
NWEQ Northwest Equity Corp. WI 96,518 11,827 11,827 0.76 0.97 5.88 7.47
RELI Reliance Bancshares Inc. WI 46,836 22,474 NA 1.76 1.88 3.09 3.30
SECP Security Capital Corporation WI 3,646,981 578,156 578,156 1.16 1.38 7.17 8.56
STFR St. Francis Capital Corp. WI 1,578,969 127,852 112,495 0.60 0.70 6.44 7.59
AFBC Advance Financial Bancorp WV 103,578 15,998 15,998 0.37 0.66 3.65 6.49
FOBC Fed One Bancorp WV 346,214 40,196 38,295 0.69 0.98 5.81 8.25
CRZY Crazy Woman Creek Bancorp WY 52,042 14,490 14,490 1.00 1.25 3.36 4.20
TRIC Tri-County Bancorp Inc. WY 85,975 13,167 13,167 0.77 0.99 5.16 6.66
CAPITAL ISSUES
================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- --------- -------- -------- ----------
FWWB First SB of Washington Bancorp WA 11/01/95 NASDAQ 10,569,082 194.21
IWBK InterWest Bancorp Inc. WA NA NASDAQ 8,018,431 258.59
STSA Sterling Financial Corp. WA NA NASDAQ 5,543,007 94.92
WFSL Washington Federal Inc. WA 11/17/82 NASDAQ 47,444,480 1079.36
AADV Advantage Bancorp Inc. WI 03/23/92 NASDAQ 3,231,583 130.07
ABCW Anchor BanCorp Wisconsin WI 07/16/92 NASDAQ 4,581,347 202.72
FCBF FCB Financial Corp. WI 09/24/93 NASDAQ 2,459,614 45.50
FTFC First Federal Capital Corp. WI 11/02/89 NASDAQ 6,089,044 170.49
FFHC First Financial Corp. WI 12/24/80 NASDAQ 36,411,443 951.25
FNGB First Northern Capital Corp. WI 12/29/83 NASDAQ 4,419,335 83.97
HALL Hallmark Capital Corp. WI 01/03/94 NASDAQ 1,442,950 25.97
MWFD Midwest Federal Financial WI 07/08/92 NASDAQ 1,624,874 28.64
NWEQ Northwest Equity Corp. WI 10/11/94 NASDAQ 929,267 11.27
RELI Reliance Bancshares Inc. WI 04/19/96 NASDAQ 2,528,499 18.33
SECP Security Capital Corporation WI 01/03/94 NASDAQ 9,202,932 791.45
STFR St. Francis Capital Corp. WI 06/21/93 NASDAQ 5,386,193 158.89
AFBC Advance Financial Bancorp WV 01/02/97 NASDAQ 1,084,450 15.18
FOBC Fed One Bancorp WV 01/19/95 NASDAQ 2,442,595 43.97
CRZY Crazy Woman Creek Bancorp WY 03/29/96 NASDAQ 1,005,100 13.82
TRIC Tri-County Bancorp Inc. WY 09/30/93 NASDAQ 608,749 11.26
122
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
===================================== ===================================
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- -------- ------ ------------ ---- ----- ----- ----
ALL THRIFTS
AVERAGE 1,298,034 98,073 91,543 0.52 0.76 5.03 7.36
MEDIAN 311,480 35,779 34,926 0.60 0.85 5.02 7.05
HIGH 48,697,126 2,585,070 2,413,892 2.04 2.03 24.71 25.36
LOW 33,894 4,492 4,329 -27.53 -28.20 -68.26 -69.94
AVERAGE FOR STATE
OR 890,959 101,979 101,979 0.89 1.29 3.75 5.42
AVERAGE BY REGION
MIDWEST 830,667 75,620 71,517 0.66 0.88 5.52 7.37
NEW ENGLAND 847,794 89,830 86,974 0.62 0.76 4.70 5.72
MID ATLANTIC 489,348 53,124 51,091 0.60 0.92 4.83 7.60
SOUTHEAST 1,065,762 74,326 62,392 0.23 0.45 5.41 7.87
SOUTHWEST 1,028,424 76,809 72,227 0.48 0.72 4.74 7.07
WEST 5,091,106 306,894 287,868 0.36 0.62 3.14 6.61
AVERAGE BY EXCHANGE
NYSE 17,739,264 1,030,495 960,769 0.57 0.74 9.12 12.55
AMEX 291,697 38,109 37,728 0.34 0.74 -0.12 3.56
OTC/NASDAQ 817,082 70,990 65,813 0.53 0.77 5.26 7.45
CAPITAL ISSUES
====================================================
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ----------- ----------
ALL THRIFTS
AVERAGE 5,955,841 149.70
MEDIAN 2,501,430 42.20
HIGH 137,885,310 5,584.36
LOW 230,171 1.71
AVERAGE FOR STATE
OR 8,765,949 142.68
AVERAGE BY REGION
MIDWEST 4,711,217 114.07
NEW ENGLAND 7,769,903 121.01
MID ATLANTIC 3,597,387 71.90
SOUTHEAST 6,194,150 116.94
SOUTHWEST 4,620,073 111.43
WEST 14,667,649 495.68
AVERAGE BY EXCHANGE
NYSE 46,580,986 1,707.02
AMEX 2,767,457 39.86
OTC/NASDAQ 4,790,930 104.20
123
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
RECENTLY CONVERTED THRIFT INSTITUTIONS
PRICES AND PRICING RATIOS
IPO CLOSING RATIOS CURRENT RATIOS
-------------------------------- --------------------------------
Price/ Price/ Price/ Price/
Price/ Book Tang. Bk. Price/ Price/ Book Tang. Bk. Price/
IPO Earnings Value Value Assets Earnings Value Value Assets
Date (X) (%) (%) (%) (X) (%) (%) (%)
-------- ----- ----- ----- ----- ------ ------ ------ -----
FLKY First Lancaster Bancshares KY 07/01/96 18.50 74.70 74.67 21.30 23.83 105.61 105.61 36.15
EGLB Eagle BancGroup Inc. IL 07/01/96 100.10 58.40 58.45 7.90 38.13 93.67 93.67 11.34
HWEN Home Financial Bancorp IN 07/02/96 11.40 68.00 68.04 13.10 23.16 104.17 104.17 19.40
OCFC Ocean Financial Corp. NJ 07/03/96 13.40 71.20 71.18 13.90 18.82 115.84 115.84 20.64
MBSP Mitchell Bancorp Inc. NC 07/12/96 NA 70.00 70.04 25.80 23.90 107.12 107.12 46.40
PWBK Pennwood Bancorp Inc. PA 07/15/96 14.50 67.50 67.54 12.80 17.05 98.04 98.04 19.09 )
ANA Acadiana Bancshares Inc. LA 07/16/96 NA 71.90 71.93 12.70 15.52 115.27 115.27 20.09
BNKU Bank United Corp. TX 08/09/96 NA NA NA NA 12.63 196.42 200.88 10.16
PFED Park Bancorp Inc. IL 08/12/96 26.20 66.70 66.66 14.50 19.08 91.37 91.37 19.81
PFFC Peoples Financial Corp. OH 09/13/96 28.60 64.30 64.30 16.00 27.90 96.57 96.57 25.98
HBEI Home Bancorp of Elgin Inc. IL 09/27/96 24.90 72.60 72.64 18.70 28.68 111.63 111.63 31.39
WEHO Westwood Homestead Fin. Corp. OH 09/30/96 NA 73.80 73.83 22.70 23.66 93.64 93.64 28.99
CBES CBES Bancorp Inc. MO 09/30/96 13.20 61.10 61.06 10.60 15.28 96.60 96.60 17.76
AFED AFSALA Bancorp Inc. NY 10/01/96 13.70 71.70 71.73 9.90 16.07 86.21 86.43 12.90
SSFC South Street Financial Corp. NC 10/03/96 26.10 76.30 76.32 21.20 23.90 111.00 111.00 30.60
CNBA Chester Bancorp Inc. IL 10/08/96 18.80 72.10 72.10 13.90 20.31 100.86 100.86 22.40
FTNB Fulton Bancorp Inc. MO 10/18/96 14.60 72.50 72.53 16.70 35.94 139.08 139.08 34.79
DCBI Delphos Citizens Bancorp Inc. OH 11/21/96 14.60 72.20 72.23 18.80 12.96 94.02 94.02 26.66
CFNC Carolina Fincorp Inc. NC 11/25/96 17.20 77.00 76.98 16.40 19.97 103.34 103.34 24.49
PSFI PS Financial Inc. IL 11/27/96 17.20 71.90 71.93 29.00 17.19 92.41 92.41 39.95
WFSG Wilshire Financial Services OR 12/19/96 NA NA NA NA 9.46 173.94 173.94 10.17
RIVR River Valley Bancorp IN 12/20/96 15.20 73.00 72.96 12.10 11.90 102.64 104.24 12.69
BFFC Big Foot Financial Corp. IL 12/20/96 33.10 72.70 72.67 11.40 NA 111.17 111.17 18.99
SCBS Southern Community Bancshares AL 12/23/96 14.50 74.40 74.39 15.00 17.50 103.40 103.40 22.71
CENB Century Bancorp Inc. NC 12/23/96 18.90 72.10 72.11 20.00 14.64 93.26 93.26 27.92
HCFC Home City Financial Corp. OH 12/30/96 13.70 71.20 71.20 14.60 16.56 82.55 82.55 18.49
AFBC Advance Financial Bancorp WV 01/02/97 16.80 71.10 71.09 10.60 NA 94.92 94.92 14.66
RSLN Roslyn Bancorp Inc. NY 01/13/97 9.30 72.00 71.98 21.00 NA 123.40 124.02 26.61
FAB FirstFed America Bancorp Inc. MA 01/15/97 13.60 72.00 72.02 10.70 NA 104.24 104.24 13.00
EFBC Empire Federal Bancorp Inc. MT 01/27/97 21.50 68.10 68.09 23.00 NA 84.69 84.69 31.22
MRKF Market Financial Corporation OH 03/27/97 26.20 71.10 71.07 22.70 NA 87.39 87.39 30.23
GSLA GS Financial Corp. LA 04/01/97 38.70 63.80 63.75 28.40 NA NA NA NA
HMLK Hemlock Federal Financial Corp IL 04/02/97 37.50 71.60 71.62 12.40 NA NA NA NA
PLSK Pulaski Savings Bank, MHC NJ 04/03/97 18.20 103.20 103.15 5.70 NA NA NA NA
SKBO First Carnegie Deposit, MHC PA 04/04/97 117.30 98.80 98.80 7.10 NA NA NA NA
NSBC NewSouth Bancorp, Inc. NC 04/08/97 22.10 78.70 78.65 18.40 NA NA NA NA
PSFC Peoples-Sidney Financial Corp. OH 04/28/97 11.50 71.20 71.24 17.00 NA NA NA NA
HCBB HCB Bancshares Inc. AR 05/07/97 29.00 72.00 71.95 13.40 NA NA NA NA
RECENTLY CONVERTED THRIFT INSTITUTIONS
PRICES AND PRICING RATIOS (continued)
PRICES AND CHANGE FROM IPO DATE
--------------------------------------------------------
1 Day 1 Week 1 Mo.
IPO After After After
Price IPO % IPO % IPO %
($) ($) Change ($) Change ($) Change
----- ----- ----- ----- ----- ----- -----
FLKY First Lancaster Bancshares KY 10.00 13.50 35.00 13.38 33.75 13.75 37.50
EGLB Eagle BancGroup Inc. IL 10.00 11.25 12.50 11.25 12.50 11.13 11.25
HWEN Home Financial Bancorp IN 10.00 10.25 2.50 9.88 (1.25) 10.50 5.00
OCFC Ocean Financial Corp. NJ 20.00 21.25 6.25 20.13 0.63 21.00 5.00
MBSP Mitchell Bancorp Inc. NC 10.00 NA NA 10.63 6.25 11.00 10.00
PWBK Pennwood Bancorp Inc. PA 10.00 9.50 (5.00) 9.13 (8.75) 9.63 (3.75
ANA Acadiana Bancshares Inc. LA 12.00 12.00 0.00 11.75 (2.08) 12.38 3.13
BNKU Bank United Corp. TX NA 22.88 NA 24.00 NA 24.13 NA
PFED Park Bancorp Inc. IL 10.00 10.25 2.50 10.44 4.38 10.50 5.00
PFFC Peoples Financial Corp. OH 10.00 10.88 8.75 11.50 15.00 12.75 27.50
HBEI Home Bancorp of Elgin Inc. IL 10.00 11.81 18.13 12.50 25.00 12.63 26.25
WEHO Westwood Homestead Fin. Corp. OH 10.00 10.75 7.50 10.63 6.25 10.50 5.00
CBES CBES Bancorp Inc. MO 10.00 12.63 26.25 13.44 34.38 13.25 32.50
AFED AFSALA Bancorp Inc. NY 10.00 11.38 13.75 11.31 13.13 11.56 15.63
SSFC South Street Financial Corp. NC 10.00 NA NA 12.50 25.00 12.38 23.75
CNBA Chester Bancorp Inc. IL 10.00 12.94 29.38 12.63 26.25 12.63 26.25
FTNB Fulton Bancorp Inc. MO 10.00 12.50 25.00 12.88 28.75 14.75 47.50
DCBI Delphos Citizens Bancorp Inc. OH 10.00 12.13 21.25 12.13 21.25 12.06 20.63
CFNC Carolina Fincorp Inc. NC 10.00 13.00 30.00 13.00 30.00 13.63 36.25
PSFI PS Financial Inc. IL 10.00 11.64 16.41 11.69 16.88 12.50 25.00
WFSG Wilshire Financial Services OR NA 14.25 NA 14.75 NA 16.63 NA
RIVR River Valley Bancorp IN 10.00 13.69 36.88 13.88 38.75 15.00 50.00
BFFC Big Foot Financial Corp. IL 10.00 12.31 23.13 12.50 25.00 13.88 38.75
SCBS Southern Community Bancshares AL 10.00 13.00 30.00 13.75 37.50 13.50 35.00
CENB Century Bancorp Inc. NC 50.00 62.63 25.25 66.00 32.00 65.13 30.25
HCFC Home City Financial Corp. OH 10.00 NA NA 12.50 25.00 13.50 35.00
AFBC Advance Financial Bancorp WV 10.00 12.88 28.75 12.94 29.38 14.00 40.00
RSLN Roslyn Bancorp Inc. NY 10.00 15.00 50.00 15.94 59.38 16.00 60.00
FAB FirstFed America Bancorp Inc. MA 10.00 13.63 36.25 14.13 41.25 14.88 48.75
EFBC Empire Federal Bancorp Inc. MT 10.00 13.25 32.50 13.50 35.00 13.75 37.50
MRKF Market Financial Corporation OH 10.00 12.94 29.38 12.25 22.50 12.63 26.25
GSLA GS Financial Corp. LA 10.00 13.38 33.75 13.75 37.50 14.00 40.00
HMLK Hemlock Federal Financial Corp IL 10.00 12.88 28.75 12.88 28.75 13.00 30.00
PLSK Pulaski Savings Bank, MHC NJ 10.00 11.50 15.00 12.00 20.00 11.86 18.59
SKBO First Carnegie Deposit, MHC PA 10.00 11.63 16.25 13.00 30.00 12.88 28.75
NSBC NewSouth Bancorp, Inc. NC 15.00 20.25 35.00 22.00 46.67 23.88 59.17
PSFC Peoples-Sidney Financial Corp. OH 10.00 12.56 25.63 12.88 28.75 13.25 32.50
HCBB HCB Bancshares Inc. AR 10.00 12.63 26.25 12.75 27.50 13.00 30.00
124
EXHIBIT 33
KELLER & COMPANY
Columbus, Ohio
614-766-1426
ACQUISITIONS AND PENDING ACQUISITIONS
COUNTY, CITY OR MARKET AREA OF PIONEER BANK, F.S.B.
NONE
125
EXHIBIT 34
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED MUTUAL HOLDING COMPANIES
AS OF JUNE 4, 1997
PER SHARE
========================================================================
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- --- --- --- --- --- --- --- ---
PFSL Pocahontas FS&LA, MHC AR NASDAQ 19.000 20.000 9.500 7.04 -0.33 14.61 229.15 0.85
CMSV Community Savings, MHC FL NASDAQ 22.250 22.375 10.000 1.14 12.66 15.57 138.66 0.83
FFFL Fidelity Bankshares Inc., MHC FL NASDAQ 18.750 20.000 9.091 -1.32 2.04 12.08 137.00 0.75
HARB Harbor Federal Savings Bk, MH FL NASDAQ 36.250 38.500 11.875 0.69 -4.61 18.30 222.69 1.25
FFSX First Fed SB of Siouxland, MH IA NASDAQ 21.500 35.000 8.239 -6.52 7.50 13.32 163.71 0.46
WCFB Webster City Federal SB, MHC IA NASDAQ 14.750 14.750 8.813 0.85 7.27 10.45 44.36 0.80
JXSB Jacksonville Savings Bank, MH IL NASDAQ 16.250 18.000 10.000 1.56 -1.52 13.26 128.78 0.40
LFED Leeds Federal Savings Bk, MHC MD NASDAQ 18.000 19.000 9.875 1.41 -1.37 13.21 81.60 0.69
GFED Guaranty Federal SB, MHC MO NASDAQ 17.250 17.250 8.000 16.95 46.81 8.68 62.73 0.34
PULB Pulaski Bank, Savings Bk, MHC MO NASDAQ 17.625 20.000 10.500 -3.42 5.22 11.04 84.92 0.95
FSLA First Savings Bank, MHC NJ NASDAQ 24.750 24.750 5.072 15.12 16.47 13.00 141.39 0.37
FSNJ First Savings Bk of NJ, MHC NJ NASDAQ 25.375 25.375 10.750 4.64 5.73 16.18 188.82 0.50
PLSK Pulaski Savings Bank, MHC NJ NASDAQ 12.750 13.500 11.500 7.51 NA NA NA NA
SBFL SB of the Finger Lakes, MHC NY NASDAQ 15.375 17.000 8.125 -0.81 2.50 11.27 119.23 0.40
WAYN Wayne Savings & Loan Co. MHC OH NASDAQ 26.250 27.250 11.255 -2.78 0.96 15.22 166.84 0.89
SKBO First Carnegie Deposit, MHC PA NASDAQ 13.125 13.500 11.625 1.94 NA NA NA NA
GDVS Greater Delaware Valley SB,MH PA NASDAQ 12.875 14.000 9.250 -0.96 17.05 8.37 72.94 0.36
HARS Harris Savings Bank, MHC PA NASDAQ 20.375 22.625 12.750 0.62 -5.23 13.71 173.18 0.58
NWSB Northwest Savings Bank, MHC PA NASDAQ 14.250 15.750 7.375 -3.39 -5.00 8.30 85.45 0.32
PERT Perpetual Bank, MHC SC NASDAQ 26.500 27.750 20.250 -3.64 1.92 19.81 163.28 1.20
RVSB Riverview Savings Bank, MHC WA NASDAQ 20.250 24.000 8.828 1.25 22.05 10.36 92.86 0.20
ALL MUTUAL HOLDING COMPANIES
AVERAGE 19.690 21.446 10.127 1.80 6.85 12.99 131.45 0.64
MEDIAN 18.750 20.000 9.875 0.85 2.50 13.21 137.00 0.58
HIGH 36.250 38.500 20.250 16.95 46.81 19.81 229.15 1.25
LOW 12.750 13.500 5.072 -6.52 -5.23 8.30 44.36 0.20
PRICING RATIOS
=======================================
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- --- --- --- ---
PFSL Pocahontas FS&LA, MHC AR NASDAQ 14.73 130.05 8.29 12.75
CMSV Community Savings, MHC FL NASDAQ 27.13 142.90 16.05 17.80
FFFL Fidelity Bankshares Inc., MHC FL NASDAQ 38.27 155.22 13.69 23.73
HARB Harbor Federal Savings Bk, MH FL NASDAQ 18.78 198.09 16.28 14.27
FFSX First Fed SB of Siouxland, MH IA NASDAQ 32.09 161.41 13.13 18.22
WCFB Webster City Federal SB, MHC IA NASDAQ 31.38 141.15 33.25 NA
JXSB Jacksonville Savings Bank, MH IL NASDAQ 50.78 122.55 12.62 23.55
LFED Leeds Federal Savings Bk, MHC MD NASDAQ 28.13 136.26 22.06 20.22
GFED Guaranty Federal SB, MHC MO NASDAQ 57.50 198.73 27.50 35.20
PULB Pulaski Bank, Savings Bk, MHC MO NASDAQ 36.72 159.65 20.75 25.18
FSLA First Savings Bank, MHC NJ NASDAQ 36.40 190.38 17.50 20.63
FSNJ First Savings Bk of NJ, MHC NJ NASDAQ NM 156.83 13.44 56.39
PLSK Pulaski Savings Bank, MHC NJ NASDAQ NA NA NA NA
SBFL SB of the Finger Lakes, MHC NY NASDAQ 192.19 136.42 12.90 109.82
WAYN Wayne Savings & Loan Co. MHC OH NASDAQ 55.85 172.47 15.73 24.31
SKBO First Carnegie Deposit, MHC PA NASDAQ NA NA NA NA
GDVS Greater Delaware Valley SB,MH PA NASDAQ NM 153.82 17.65 53.65
HARS Harris Savings Bank, MHC PA NASDAQ 55.07 148.61 11.77 22.15
NWSB Northwest Savings Bank, MHC PA NASDAQ 25.00 171.69 16.68 16.96
PERT Perpetual Bank, MHC SC NASDAQ 23.45 133.77 16.23 16.99
RVSB Riverview Savings Bank, MHC WA NASDAQ 23.82 195.46 21.81 18.75
ALL MUTUAL HOLDING COMPANIES
AVERAGE 43.96 158.18 17.23 29.48
MEDIAN 32.09 155.22 16.23 21.39
HIGH 192.19 198.73 33.25 109.82
LOW 14.73 122.55 8.29 12.75
126
EXHIBIT 35
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED MUTUAL HOLDING COMPANIES
AS OF JUNE 4, 1997
ASSETS AND EQUITY PROFITABILITY
------------------------------------ --------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ------ ------ ------------ ---- ---- ---- ----
PFSL Pocahontas FS&LA, MHC AR 373,262 23,796 23,796 0.58 0.67 9.54 11.02
CMSV Community Savings, MHC FL 682,314 76,604 76,604 0.64 0.96 5.44 8.19
FFFL Fidelity Bankshares Inc., MHC FL 926,891 81,755 81,076 0.39 0.61 4.04 6.43
HARB Harbor Federal Savings Bk, MHC FL 1,104,924 90,783 87,377 0.93 1.21 11.15 14.59
FFSX First Fed SB of Siouxland, MHC IA 462,829 37,650 37,316 0.43 0.73 5.19 8.87
WCFB Webster City Federal SB, MHC IA 93,160 21,943 21,943 1.01 1.34 4.44 5.85
JXSB Jacksonville Savings Bank, MHC IL 163,830 16,872 16,872 0.28 0.59 2.49 5.20
LFED Leeds Federal Savings Bk, MHC MD 281,899 45,623 45,623 0.80 1.12 4.92 6.93
GFED Guaranty Federal SB, MHC MO 196,034 27,120 27,120 0.50 0.81 3.47 5.68
PULB Pulaski Bank, Savings Bk, MHC MO 177,827 23,114 23,114 0.56 0.83 4.39 6.49
FSLA First Savings Bank, MHC NJ 1,024,715 94,200 83,462 0.51 0.89 5.45 9.56
FSNJ First Savings Bk of NJ, MHC NJ 578,574 49,585 49,585 -0.33 0.21 -4.33 2.78
PLSK Pulaski Savings Bank, MHC NJ 192,501 12,697 NA 0.23 0.58 3.07 7.76
SBFL SB of the Finger Lakes, MHC NY 212,821 20,121 20,121 0.07 0.12 0.72 1.20
WAYN Wayne Savings & Loan Co. MHC OH 250,057 22,811 22,811 0.28 0.65 2.97 6.91
SKBO First Carnegie Deposit, MHC PA 117,814 14,686 14,686 0.86 0.68 7.38 5.83
GDVS Greater Delaware Valley SB,MHC PA 238,686 27,399 27,399 0.02 0.33 0.15 2.76
HARS Harris Savings Bank, MHC PA 1,943,327 153,804 132,694 0.24 0.59 2.66 6.48
NWSB Northwest Savings Bank, MHC PA 1,997,563 194,098 182,275 0.69 1.00 6.92 9.92
PERT Perpetual Bank, MHC SC 245,671 29,806 29,806 0.81 1.15 6.89 9.73
RVSB Riverview Savings Bank, MHC WA 224,385 25,022 22,693 0.92 1.17 8.38 10.66
ALL MUTUAL HOLDING COMPANIES
AVERAGE 547,099 51,880 51,319 0.50 0.77 4.54 7.28
MEDIAN 250,057 27,399 28,603 0.51 0.73 4.44 6.91
HIGH 1,997,563 194,098 182,275 1.01 1.34 11.15 14.59
LOW 93,160 12,697 14,686 -0.33 0.12 -4.33 1.20
KEY FINANCIAL DATA AND RATIOS (continued)
PUBLICLY-TRADED, SAIF INSURED MUTUAL HOLDING COMPANIES
AS OF JUNE 4, 1997
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
Date Exchange Outstg. ($M)
------ -------- --------- ----------
PFSL Pocahontas FS&LA, MHC 04/05/94 NASDAQ 1,628,865 32.58
CMSV Community Savings, MHC 10/24/94 NASDAQ 4,920,612 96.57
FFFL Fidelity Bankshares Inc., MHC 01/07/94 NASDAQ 6,765,653 135.31
HARB Harbor Federal Savings Bk, MHC 01/06/94 NASDAQ 4,961,690 181.72
FFSX First Fed SB of Siouxland, MHC 07/13/92 NASDAQ 2,827,094 63.14
WCFB Webster City Federal SB, MHC 08/15/94 NASDAQ 2,100,000 29.93
JXSB Jacksonville Savings Bank, MHC 04/21/95 NASDAQ 1,272,140 22.90
LFED Leeds Federal Savings Bk, MHC 05/02/94 NASDAQ 3,454,736 62.19
GFED Guaranty Federal SB, MHC 04/10/95 NASDAQ 3,125,000 40.23
PULB Pulaski Bank, Savings Bk, MHC 05/11/94 NASDAQ 2,094,000 40.31
FSLA First Savings Bank, MHC 07/10/92 NASDAQ 7,247,332 152.19
FSNJ First Savings Bk of NJ, MHC 01/09/95 NASDAQ 3,064,131 70.48
PLSK Pulaski Savings Bank, MHC 04/03/97 NASDAQ NA NA
SBFL SB of the Finger Lakes, MHC 11/11/94 NASDAQ 1,785,000 26.78
WAYN Wayne Savings & Loan Co. MHC 06/25/93 NASDAQ 1,498,775 36.72
SKBO First Carnegie Deposit, MHC 04/04/97 NASDAQ NA NA
GDVS Greater Delaware Valley SB,MHC 03/03/95 NASDAQ 3,272,500 42.54
HARS Harris Savings Bank, MHC 01/25/94 NASDAQ 11,221,300 218.82
NWSB Northwest Savings Bank, MHC 11/07/94 NASDAQ 23,376,000 359.41
PERT Perpetual Bank, MHC 10/26/93 NASDAQ 1,504,601 38.37
RVSB Riverview Savings Bank, MHC 10/26/93 NASDAQ 2,416,301 43.49
ALL MUTUAL HOLDING COMPANIES
AVERAGE 4,659,775 89.14
MEDIAN 3,064,131 43.49
HIGH 23,376,000 359.41
LOW 1,272,140 22.90
127
EXHIBIT 36
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PIONEER BANK, A FEDERAL SAVINGS BANK
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: CA CO ID IA KS MN MO MT
NM OR SD TX WA WI WY
IPO Date: <= 12/31/95
Asset size: <= $400,000,000
Total
Cash & 1-4 Fam. Total Net Net Loans Borrowed
Total Invest./ MBS/ Loans/ Loans/ & MBS/ Funds/ Equity/
Assets Assets Assets Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- ---
PIONEER BANK, F.S.B. -- 204,213 10.23 17.16 49.64 68.22 85.38 1.09 10.30
DEFINED PARAMETERS FOR Prior to 4.00- 30.00- 45.00- 60.00- 8.00-
INCLUSION IN COMPARABLE GROUP 12/31/95 <$400,000 35.00 <40.00 75.00 90.00 95.00 <33.00 20.00
JOAC Joachim Bancorp Inc. MO 12/28/95 35,656 30.80 0.24 58.52 66.67 66.91 0.00 28.98
CRZY Crazy Woman Creek Bancorp WY 03/29/96 52,042 32.92 12.20 38.43 53.00 65.20 17.31 27.84
NSLB NS&L Bancorp Inc. MO 06/08/95 58,089 33.27 8.65 48.75 55.06 63.71 5.16 19.92
MIVI Mississippi View Holding Co. MN 03/24/95 69,755 27.24 7.08 47.24 63.12 70.20 0.00 18.26
HZFS Horizon Financial Svcs Corp. IA 06/30/94 78,368 30.83 0.00 42.43 66.26 66.26 16.74 10.50
PCBC Perry County Financial Corp. MO 02/13/95 79,714 NA NA 13.12 15.55 NA 3.14 18.32
SFFC StateFed Financial Corporation IA 01/05/94 85,282 15.44 0.00 51.57 79.29 79.29 22.28 17.60
TRIC Tri-County Bancorp Inc. WY 09/30/93 85,975 36.71 20.20 32.64 41.20 61.40 26.87 15.31
GUPB GFSB Bancorp Inc. NM 06/30/95 86,911 8.97 37.73 33.20 51.81 89.53 18.93 16.30
GFSB GFS Bancorp Inc. IA 01/06/94 88,154 8.66 3.63 57.92 86.31 89.95 21.53 11.57
NWEQ Northwest Equity Corp. WI 10/11/94 96,518 7.55 7.84 56.53 81.06 88.90 22.54 12.25
HFSA Hardin Bancorp Inc. MO 09/29/95 103,354 26.66 18.59 42.57 52.80 71.39 18.38 12.78
FSSB First FS&LA of San Bernardino CA 02/02/93 103,674 16.13 7.60 41.79 70.52 78.12 0.00 4.33
AABC Access Anytime Bancorp, Inc. NM 08/08/86 106,492 9.25 42.21 22.92 45.23 87.44 0.00 6.80
BDJI First Federal Bancorporation MN 04/04/95 107,716 40.91 8.05 24.13 47.70 55.75 11.78 11.17
UBMT United Financial Corp. MT 09/23/86 107,723 42.67 20.64 19.58 33.06 53.70 4.64 22.65
FFSL First Independence Corp. KS 10/08/93 109,230 17.51 16.17 52.44 64.33 80.50 20.60 10.50
ETFS East Texas Financial Services TX 01/10/95 111,689 32.76 18.67 38.30 46.38 65.05 0.00 19.03
128
EXHIBIT 36
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PIONEER BANK, A FEDERAL SAVINGS BANK
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: CA CO ID IA KS MN MO MT
NM OR SD TX WA WI WY
IPO Date: <= 12/31/95
Asset size: <= $400,000,000
Total
Cash & 1-4 Fam. Total Net Net Loans Borrowed
Total Invest./ MBS/ Loans/ Loans/ & MBS/ Funds/ Equity/
Assets Assets Assets Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- ---
BYFC Broadway Financial Corp. CA 01/09/96 118,763 NA NA 45.01 83.20 NA 0.00 11.50
MIFC Mid-Iowa Financial Corp. IA 10/14/92 123,572 28.27 16.77 37.21 52.65 69.42 20.23 9.09
MFCX Marshalltown Financial Corp. IA 03/31/94 127,107 14.44 34.49 42.77 49.15 83.64 0.00 15.61
MWBI Midwest Bancshares Inc. IA 11/12/92 139,006 17.80 20.01 45.34 59.42 79.44 17.27 6.94
QCFB QCF Bancorp Inc. MN 04/03/95 149,637 NA NA 19.26 39.07 NA 10.59 18.09
FBSI First Bancshares Inc. MO 12/22/93 160,048 15.63 0.53 60.46 80.95 81.48 13.84 14.35
SMBC Southern Missouri Bancorp Inc. MO 04/13/94 165,688 19.81 14.58 43.18 63.60 78.18 8.17 15.67
CMRN Cameron Financial Corp MO 04/03/95 197,693 10.78 0.01 56.06 84.78 84.79 12.77 22.96
MWFD Midwest Federal Financial WI 07/08/92 201,070 18.45 3.70 30.35 73.72 77.43 12.31 8.61
WEFC Wells Financial Corp. MN 04/11/95 201,886 8.86 0.00 70.17 89.67 89.67 12.88 14.23
FFFD North Central Bancshares Inc. IA 03/21/96 203,497 13.46 0.00 57.40 83.01 83.01 9.48 24.59
MBLF MBLA Financial Corp. MO 06/24/93 209,783 35.72 8.16 49.18 55.33 63.50 39.05 13.50
LARK Landmark Bancshares Inc. KS 03/28/94 223,799 24.11 9.44 48.95 64.79 74.23 17.29 14.63
CAPS Capital Savings Bancorp Inc. MO 12/29/93 237,915 9.00 10.48 64.84 78.79 89.27 18.91 8.66
FBHC Fort Bend Holding Corp. TX 06/30/93 295,080 NA NA 25.25 47.75 NA 5.53 6.25
SMFC Sho-Me Financial Corp. MO 07/01/94 304,496 9.39 0.87 64.08 87.10 87.96 26.62 9.54
CASB Cascade Financial Corp. WA 09/16/92 352,321 6.79 9.32 48.15 80.90 90.22 26.11 6.17
FFHH FSF Financial Corp. MN 10/07/94 367,312 33.66 0.02 40.41 64.22 64.24 30.34 11.77
129
EXHIBIT 36
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PIONEER BANK, A FEDERAL SAVINGS BANK
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: CA CO ID IA KS MN MO MT
NM OR SD TX WA WI WY
IPO Date: <= 12/31/95
Asset size: <= $400,000,000
Total
Cash & 1-4 Fam. Total Net Net Loans Borrowed
Total Invest./ MBS/ Loans/ Loans/ & MBS/ Funds/ Equity/
Assets Assets Assets Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- ---
PIONEER BANK, -- 204,213 10.23 17.16 49.64 68.22 85.38 1.09 10.30
-----------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to4. 4.00- 30.00- 45.00- 60.00- 8.00-
INCLUSION IN COMPARABLE GROUP 12/31/95 <$400,000 35.00 <40.00 75.00 90.00 95.00 <33.00 20.00
-----------------------------------------------------------------------------------------------------------------------------
CASH First Midwest Financial Inc. IA 09/20/93 370,177 22.02 7.66 31.83 66.49 74.15 23.79 11.59
MCBS Mid Continent Bancshares Inc. KS 06/27/94 371,169 30.04 8.58 45.35 54.42 63.00 25.59 10.04
PMFI Perpetual Midwest Financial IA 03/31/94 397,780 17.49 4.67 32.74 74.65 79.32 16.94 8.49
SGVB SGV Bancorp Inc. CA 06/29/95 399,776 6.04 19.74 56.25 72.10 91.84 21.43 7.27
130
EXHIBIT 37
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PIONEER BANK, A FEDERAL SAVINGS BANK
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
Most Recent Four Quarters
General Parameters:
States: CA CO ID IA KS MN MO MT
NM OR SD TX WA WI WY
IPO Date: <= 12/31/95
Asset size: <= $400,000,000
OPERATING PERFORMANCE
=============================================================================
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin(2) Assets(3) Assets
IPO Date ($000) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- ---
PIONEER BANK,
A FEDERAL SAVINGS BANK -- 204,213 1.15 11.62 4.29 2.57 0.38
-------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.80- 3.00- 3.00- 1.60-
INCLUSION IN COMPARABLE GROUP 12/31/95 <400,000 1.50 18.00 4.60 3.00 <0.75
===================================================================================================================
JOAC Joachim Bancorp Inc. MO 12/28/95 35,656 0.78 2.68 4.13 2.90 0.15
CRZY Crazy Woman Creek Bancorp WY 03/29/96 52,042 1.25 4.20 3.86 2.05 0.14
NSLB NS&L Bancorp Inc. MO 06/08/95 58,089 0.74 3.45 3.16 2.32 0.35
- --------------------------------------------------------------------------------------------------------------------------
MIVI Mississippi View Holding Co. MN 03/24/95 69,755 1.01 5.54 3.80 2.42 0.27
- --------------------------------------------------------------------------------------------------------------------------
HZFS Horizon Financial Svcs Corp. IA 06/30/94 78,368 0.60 5.41 3.44 2.60 0.42
PCBC Perry County Financial Corp. MO 02/13/95 79,714 1.03 5.45 2.85 1.17 0.05
SFFC StateFed Financial Corporation IA 01/05/94 85,282 1.29 6.99 3.64 1.53 0.08
TRIC Tri-County Bancorp Inc. WY 09/30/93 85,975 0.99 6.66 3.28 1.86 0.16
- --------------------------------------------------------------------------------------------------------------------------
GUPB GFSB Bancorp Inc. NM 06/30/95 86,911 0.93 4.89 3.33 1.92 0.07
- --------------------------------------------------------------------------------------------------------------------------
GFSB GFS Bancorp Inc. IA 01/06/94 88,154 1.20 10.24 3.52 1.77 0.14
- --------------------------------------------------------------------------------------------------------------------------
NWEQ Northwest Equity Corp. WI 10/11/94 96,518 0.97 7.47 3.92 2.48 0.42
HFSA Hardin Bancorp Inc. MO 09/29/95 103,354 0.81 5.14 3.02 1.95 0.26
- --------------------------------------------------------------------------------------------------------------------------
FSSB First FS&LA of San Bernardino CA 02/02/93 103,674 -1.18 -24.76 3.54 4.36 0.90
AABC Access Anytime Bancorp, Inc. NM 08/08/86 106,492 -0.23 -4.64 2.69 3.18 0.64
BDJI First Federal Bancorporation MN 04/04/95 107,716 0.65 5.35 3.39 2.71 0.53
UBMT United Financial Corp. MT 09/23/86 107,723 1.34 5.74 3.70 2.09 0.63
ASSET QUALITY
==========================
NPA/ REO/ Reserves/
Assets Assets Assets
(%) (%) (%)
--- --- ---
PIONEER BANK,
A FEDERAL SAVINGS BANK 0.10 NM 0.36
---------------------------------------------------------------
DEFINED PARAMETERS FOR
INCLUSION IN COMPARABLE GROUP <1.00 <0.15 >0.15
===============================================================
JOAC Joachim Bancorp Inc. MO 0.68 0.35 0.21
CRZY Crazy Woman Creek Bancorp WY 0.23 0.00 0.55
NSLB NS&L Bancorp Inc. MO 0.06 0.00 0.07
- ----------------------------------------------------------------------
MIVI Mississippi View Holding Co. MN 0.25 0.05 1.24
- ----------------------------------------------------------------------
HZFS Horizon Financial Svcs Corp. IA 1.02 0.46 0.37
PCBC Perry County Financial Corp. MO 0.05 0.00 0.03
SFFC StateFed Financial Corporation IA 1.89 0.00 0.30
TRIC Tri-County Bancorp Inc. WY 0.05 0.04 0.48
- ----------------------------------------------------------------------
GUPB GFSB Bancorp Inc. NM 0.15 0.00 0.36
- ----------------------------------------------------------------------
GFSB GFS Bancorp Inc. IA 1.54 0.03 0.71
- ----------------------------------------------------------------------
NWEQ Northwest Equity Corp. WI 0.91 0.08 0.50
HFSA Hardin Bancorp Inc. MO 0.37 0.10 0.15
- ----------------------------------------------------------------------
FSSB First FS&LA of San Bernardino CA 2.31 1.28 1.05
AABC Access Anytime Bancorp, Inc. NM 1.59 0.08 0.43
BDJI First Federal Bancorporation MN 0.31 0.21 0.39
UBMT United Financial Corp. MT 0.42 0.39 0.07
131
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PIONEER BANK, A FEDERAL SAVINGS BANK
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
Most Recent Four Quarters
General Parameters:
States: CA CO ID IA KS MN MO MT
NM OR SD TX WA WI WY
IPO Date: <= 12/31/95
Asset size: <= $400,000,000
OPERATING PERFORMANCE
==============================================================================
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin(2) Assets(3) Assets
IPO Date ($000) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- ---
PIONEER BANK,
A FEDERAL SAVINGS BANK -- 204,213 1.15 11.62 4.29 2.57 0.38
------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.80- 3.00- 3.00- 1.60-
INCLUSION IN COMPARABLE GROUP 12/31/95 <400,000 1.50 18.00 4.60 3.00 <0.75
==================================================================================================================
FFSL First Independence Corp. KS 10/08/93 109,230 0.76 6.54 2.91 1.91 0.21
ETFS East Texas Financial Services TX 01/10/95 111,689 0.64 3.42 3.11 2.24 0.21
BYFC Broadway Financial Corp. CA 01/09/96 118,763 0.16 1.32 4.67 4.15 0.30
MIFC Mid-Iowa Financial Corp. IA 10/14/92 123,572 1.19 12.89 3.09 2.24 1.00
MFCX Marshalltown Financial Corp. IA 03/31/94 127,107 0.63 4.04 2.67 1.86 0.07
MWBI Midwest Bancshares Inc. IA 11/12/92 139,006 0.74 10.69 2.93 1.85 0.20
QCFB QCF Bancorp Inc. MN 04/03/95 149,637 1.66 8.76 4.11 1.83 0.45
- --------------------------------------------------------------------------------------------------------------------------
FBSI First Bancshares Inc. MO 12/22/93 160,048 1.12 7.33 3.54 1.89 0.27
SMBC Southern Missouri Bancorp Inc. MO 04/13/94 165,688 1.01 6.29 3.19 1.96 0.35
- --------------------------------------------------------------------------------------------------------------------------
CMRN Cameron Financial Corp MO 04/03/95 197,693 1.38 5.52 4.23 1.74 0.09
MWFD Midwest Federal Financial WI 07/08/92 201,070 1.09 12.42 4.10 2.93 0.83
- --------------------------------------------------------------------------------------------------------------------------
WEFC Wells Financial Corp. MN 04/11/95 201,886 1.01 7.11 3.42 2.05 0.46
- --------------------------------------------------------------------------------------------------------------------------
FFFD North Central Bancshares Inc. IA 03/21/96 203,497 1.97 7.28 4.40 2.10 0.96
MBLF MBLA Financial Corp. MO 06/24/93 209,783 0.85 6.32 2.13 0.71 0.01
- --------------------------------------------------------------------------------------------------------------------------
LARK Landmark Bancshares Inc. KS 03/28/94 223,799 1.04 6.69 3.12 1.62 0.24
- --------------------------------------------------------------------------------------------------------------------------
CAPS Capital Savings Bancorp Inc. MO 12/29/93 237,915 0.92 10.27 3.24 2.14 0.46
ASSET QUALITY
=========================
NPA/ REO/ Reserves
Assets Assets Assets
(%) (%) (%)
--- --- ---
PIONEER BANK,
A FEDERAL SAVINGS BANK 0.10 NM 0.36
---------------------------------------------------------------
DEFINED PARAMETERS FOR
INCLUSION IN COMPARABLE GROUP <1.00 <0.15 >0.15
===============================================================
FFSL First Independence Corp. KS 0.90 0.01 0.63
ETFS East Texas Financial Services TX 0.25 0.07 0.25
BYFC Broadway Financial Corp. CA 2.42 1.03 1.01
MIFC Mid-Iowa Financial Corp. IA 0.13 0.00 0.23
MFCX Marshalltown Financial Corp. IA 0.00 0.00 0.09
MWBI Midwest Bancshares Inc. IA 0.82 0.00 0.50
QCFB QCF Bancorp Inc. MN NA 0.05 NA
- ----------------------------------------------------------------------
FBSI First Bancshares Inc. MO 0.32 0.04 0.29
SMBC Southern Missouri Bancorp Inc. MO 0.61 0.07 0.41
- ----------------------------------------------------------------------
CMRN Cameron Financial Corp MO 0.60 0.00 0.81
MWFD Midwest Federal Financial WI 0.14 0.00 0.75
- ----------------------------------------------------------------------
WEFC Wells Financial Corp. MN 0.30 0.01 0.32
- ----------------------------------------------------------------------
FFFD North Central Bancshares Inc. IA 0.22 0.07 0.99
MBLF MBLA Financial Corp. MO 0.25 0.00 0.27
- ----------------------------------------------------------------------
LARK Landmark Bancshares Inc. KS 0.60 0.00 0.37
- ----------------------------------------------------------------------
CAPS Capital Savings Bancorp Inc. MO 0.26 0.03 0.30
132
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PIONEER BANK, A FEDERAL SAVINGS BANK
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
Most Recent Four Quarters
General Parameters:
States: CA CO ID IA KS MN MO MT
NM OR SD TX WA WI WY
IPO Date: <= 12/31/95
Asset size: <= $400,000,000
OPERATING PERFORMANCE
=============================================================================
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin(2) Assets(3) Assets
IPO Date ($000) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- ---
PIONEER BANK,
A FEDERAL SAVINGS BANK -- 204,213 1.15 11.62 4.29 2.57 0.38
------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.80- 3.00- 3.00- 1.60-
INCLUSION IN COMPARABLE GROUP 12/31/95 <400,000 1.50 18.00 4.60 3.00 <0.75
==================================================================================================================
FBHC Fort Bend Holding Corp. TX 06/30/93 295,080 0.51 7.64 2.87 2.88 0.94
SMFC Sho-Me Financial Corp. MO 07/01/94 304,496 1.08 10.28 3.33 1.91 0.41
CASB Cascade Financial Corp. WA 09/16/92 352,321 0.58 9.43 2.81 2.14 0.29
- --------------------------------------------------------------------------------------------------------------------------
FFHH FSF Financial Corp. MN 10/07/94 367,312 0.82 6.13 3.09 2.04 0.37
CASH First Midwest Financial Inc. IA 09/20/93 370,177 0.97 8.40 3.25 1.91 0.40
- --------------------------------------------------------------------------------------------------------------------------
MCBS Mid Continent Bancshares Inc. KS 06/27/94 371,169 1.17 10.54 2.74 2.67 1.85
PMFI Perpetual Midwest Financial IA 03/31/94 397,780 0.26 2.88 2.78 2.32 0.35
SGVB SGV Bancorp Inc. CA 06/29/95 399,776 0.37 4.26 2.68 2.04 0.23
ASSET QUALITY
==========================
NPA/ REO/ Reserves/
Assets Assets Assets
(%) (%) (%)
--- --- ---
PIONEER BANK,
A FEDERAL SAVINGS BANK 0.10 NM 0.36
--------------------------------------------------------------
DEFINED PARAMETERS FOR
INCLUSION IN COMPARABLE GROUP <1.00 <0.15 >0.15
==============================================================
FBHC Fort Bend Holding Corp. TX NA NA 0.46
SMFC Sho-Me Financial Corp. MO 0.09 0.00 0.61
CASB Cascade Financial Corp. WA 0.59 0.30 0.84
- ---------------------------------------------------------------------
FFHH FSF Financial Corp. MN 0.10 0.02 0.22
CASH First Midwest Financial Inc. IA 0.79 0.02 0.65
- ---------------------------------------------------------------------
MCBS Mid Continent Bancshares Inc. KS 0.19 0.07 0.10
PMFI Perpetual Midwest Financial IA 0.41 0.02 0.71
SGVB SGV Bancorp Inc. CA 0.61 0.18 0.30
(1) Asset quality ratios reflect balance sheet totals at the end of the most recent quarter.
(2) Based on average interest-earning assets.
(3) Net of non-recurring expense.
133
EXHIBIT 38
KELLER & COMPANY
Columbus, Ohio
614-766-1426
FINAL COMPARABLE GROUP
BALANCE SHEET RATIOS
Total
Cash & 1-4 Fam. Total Net Net Loans Borrowed
Total Invest./ MBS/ Loans/ Loans/ & MBS/ Funds/ Equity/
Assets Assets Assets Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- --- --- ---
PIONEER BANK, F.S.B. -- 204,213 10.23 17.16 49.64 68.22 85.38 1.09 10.30
------------------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 4.00- 30.00- 45.00- 60.00- 8.00-
INCLUSION IN COMPARABLE GROUP 12/31/95 <$400,000 35.00 <40.00 75.00 90.00 95.00 <33.00 20.00
==============================================================================================================================
MIVI Mississippi View Holding Co. MN 03/24/95 69,755 27.24 7.08 47.24 63.12 70.20 0.00 18.26
GUPB GFSB Bancorp Inc. NM 06/30/95 86,911 8.97 37.73 33.20 51.81 89.53 18.93 16.30
NWEQ Northwest Equity Corp. WI 10/11/94 96,518 7.55 7.84 56.53 81.06 88.90 22.54 12.25
HFSA Hardin Bancorp Inc. MO 09/29/95 103,354 26.66 18.59 42.57 52.80 71.39 18.38 12.78
FBSI First Bancshares Inc. MO 12/22/93 160,048 15.63 0.53 60.46 80.95 81.48 13.84 14.35
SMBC Southern Missouri Bancorp Inc. MO 04/13/94 165,688 19.81 14.58 43.18 63.60 78.18 8.17 15.67
WEFC Wells Financial Corp. MN 04/11/95 201,886 8.86 0.00 70.17 89.67 89.67 12.88 14.23
LARK Landmark Bancshares Inc. KS 03/28/94 223,799 24.11 9.44 48.95 64.79 74.23 17.29 14.63
FFHH FSF Financial Corp. MN 10/07/94 367,312 33.66 0.02 40.41 64.22 64.24 30.34 11.77
CASH First Midwest Financial Inc. IA 09/20/93 370,177 22.02 7.66 31.83 66.49 74.15 23.79 11.59
AVERAGE 184,545 19.45 10.35 47.45 67.85 78.20 16.62 14.18
MEDIAN 162,868 20.91 7.75 45.21 64.50 76.21 17.84 14.29
HIGH 370,177 33.66 37.73 70.17 89.67 89.67 30.34 18.26
LOW 69,755 7.55 0.00 31.83 51.81 64.24 0.00 11.59
134
EXHIBIT 39
KELLER & COMPANY
Columbus, Ohio
614-766-1426
FINAL COMPARABLE GROUP
OPERATING PERFORMANCE AND ASSET QUALITY RATIOS
Most Recent Four Quarters
OPERATING PERFORMANCE
======================================================
Net Operating Noninterest
Total Core Core Interest Expenses/ Income/
Assets ROAA ROAE Margin(2) Assets(3) Assets
IPO Date ($000) (%) (%) (%) (%) (%)
-------- ------ --- --- --- --- ---
PIONEER BANK, F.S.B. -- 204,213 1.15 11.62 4.29 2.57 0.38
-------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to 0.80- 3.00- 3.00- 1.60-
INCLUSION IN COMPARABLE GROUP 12/31/95 <400,000 1.50 18.00 4.60 3.00 <0.75
-------------------------------------------------------------------------------------------------------------------
MIVI Mississippi View Holding Co. MN 03/24/95 69,755 1.01 5.54 3.80 2.42 0.27
GUPB GFSB Bancorp Inc. NM 06/30/95 86,911 0.93 4.89 3.33 1.92 0.07
NWEQ Northwest Equity Corp. WI 10/11/94 96,518 0.97 7.47 3.92 2.48 0.42
HFSA Hardin Bancorp Inc. MO 09/29/95 103,354 0.81 5.14 3.02 1.95 0.26
FBSI First Bancshares Inc. MO 12/22/93 160,048 1.12 7.33 3.54 1.89 0.27
SMBC Southern Missouri Bancorp Inc. MO 04/13/94 165,688 1.01 6.29 3.19 1.96 0.35
WEFC Wells Financial Corp. MN 04/11/95 201,886 1.01 7.11 3.42 2.05 0.46
LARK Landmark Bancshares Inc. KS 03/28/94 223,799 1.04 6.69 3.12 1.62 0.24
FFHH FSF Financial Corp. MN 10/07/94 367,312 0.82 6.13 3.09 2.04 0.37
CASH First Midwest Financial Inc. IA 09/20/93 370,177 0.97 8.40 3.25 1.91 0.40
AVERAGE 184,545 0.97 6.50 3.37 2.02 0.31
MEDIAN 162,868 0.99 6.49 3.29 1.96 0.31
HIGH 370,177 1.12 8.40 3.92 2.48 0.46
LOW 69,755 0.81 4.89 3.02 1.62 0.07
ASSET QUALITY
==========================
NPA/ REO/ Reserves/
Assets Assets Assets
(%) (%) (%)
--- --- ---
0.10 NM 0.36
PIONEER BANK, F.S.B.
---------------------------------------------------------------
DEFINED PARAMETERS FOR <1.00 <0.15 >0.15
INCLUSION IN COMPARABLE GROUP
---------------------------------------------------------------
MIVI Mississippi View Holding Co. MN 0.25 0.05 1.24
GUPB GFSB Bancorp Inc. NM 0.15 0.00 0.36
NWEQ Northwest Equity Corp. WI 0.91 0.08 0.50
HFSA Hardin Bancorp Inc. MO 0.37 0.10 0.15
FBSI First Bancshares Inc. MO 0.32 0.04 0.29
SMBC Southern Missouri Bancorp Inc. MO 0.61 0.07 0.41
WEFC Wells Financial Corp. MN 0.30 0.01 0.32
LARK Landmark Bancshares Inc. KS 0.60 0.00 0.37
FFHH FSF Financial Corp. MN 0.10 0.02 0.22
CASH First Midwest Financial Inc. IA 0.79 0.02 0.65
AVERAGE 0.44 0.04 0.45
MEDIAN 0.35 0.03 0.37
HIGH 0.91 0.10 1.24
LOW 0.10 0.00 0.15
(1) Asset quality ratios reflect balance sheet totals at the end of the most recent quarter.
(2) Based on average interest-earning assets.
(3) Net of non-recurring expense.
135
Exhibit 40
KELLER & COMPANY
Columbus, Ohio
614-766-1426
COMPARABLE GROUP CHARACTERISTICS AND BALANCE SHEET TOTALS
Most Recent Quarter
----------------------------
Total
Number Conversion Total Int. Earning Net
of (IPO) Assets Assets Loans
Offices Exchange Date ($000) ($000) ($000)
------- -------- ---- ------ ------ ------
SUBJECT
PIONEER BANK, FSB Baker City OR 7 NA NA 204,213 198,500 139,309
COMPARABLE GROUP
FBSI First Bancshares, Inc. Mountain Grove MO 6 NASDAQ 12/22/93 160,048 150,874 129,552
CASH First Midwest Financial, Inc. Storm Lake IA 12 NASDAQ 09/20/93 370,177 357,672 246,140
FFHH FSF Financial Corp. Hutchinson MN 11 NASDAQ 10/07/94 367,312 354,163 235,885
GUPB GFSB Bancorp, Inc. Gallup NM 1 NASDAQ 06/30/95 86,911 83,440 45,026
HFSA Hardin Bancorp, Inc. Hardin MO 3 NASDAQ 09/29/95 103,354 98,510 54,568
LARK Landmark Bancshares, Inc. Dodge City KS 5 NASDAQ 03/28/94 223,799 217,123 144,996
MIVI Mississippi View Holding Company Little Falls MN 1 NASDAQ 03/24/95 69,755 69,075 44,027
NWEQ Northwest Equity Corporation Amery WI 3 NASDAQ 10/11/94 96,518 90,362 78,239
SMBC Southern Missouri Bancorp, Inc. Poplar Bluff MO 8 NASDAQ 04/13/94 165,688 160,076 105,382
WEFC Wells Financial Corp. Wells MN 7 NASDAQ 04/11/95 201,886 199,259 181,037
Average 5.7 184,545 178,055 126,485
Median 5.5 162,868 155,475 117,467
High 12.0 370,177 357,672 246,140
Low 1.0 69,755 69,075 44,027
Most Recent Quarter
-------------------------------
Goodwill
and Total Total
Intang. Deposits Equity
($000) ($000) ($000)
-------- ------ ------
SUBJECT
PIONEER BANK, FSB Baker City OR 0 179,158 21,026
COMPARABLE GROUP
FBSI First Bancshares, Inc. Mountain Grove MO 33 114,242 22,971
CASH First Midwest Financial, Inc. Storm Lake IA 4,940 235,521 42,911
FFHH FSF Financial Corp. Hutchinson MN 0 210,091 43,225
GUPB GFSB Bancorp, Inc. Gallup NM 0 55,285 14,166
HFSA Hardin Bancorp, Inc. Hardin MO 0 70,201 13,210
LARK Landmark Bancshares, Inc. Dodge City KS 0 149,398 32,750
MIVI Mississippi View Holding Company Little Falls MN 0 55,943 12,735
NWEQ Northwest Equity Corporation Amery WI 0 62,440 11,827
SMBC Southern Missouri Bancorp, Inc. Poplar Bluff MO 0 124,309 25,958
WEFC Wells Financial Corp. Wells MN 0 144,938 28,737
Average 497 122,237 24,849
Median 0 119,276 24,465
High 4,940 235,521 43,225
Low 0 55,285 11,827
136
EXHIBIT 41
KELLER & COMPANY
Columbus, Ohio
614-766-1426
COMPARABLE GROUP MARKET AREA COMPARISON
1990 1990 1990
1990-1996 1990 Median Median 1990 High
Population Per Capita Household Housing Median School
1996 Growth Income Income Value Rent Graduates
Population (%) ($) ($) ($) ($) (%)
---------- --- --- --- --- --- ---
SUBJECT
Pioneer Bank, F.S.B. OR 92,754 6.9 10,580 21,841 44,259 296 78.3
COMPARABLE GROUP
FBSI First Bancshares, Inc. MO 66,455 8.9 9,633 19,183 35,705 243 72.4
CASH First Midwest Financial, Inc. IA 20,404 0.4 11,828 25,757 41,400 218 82.1
FFHH FSF Financial Corp. MN 647,520 12.1 21,449 50,202 82,225 416 84.6
GUPB GFSB Bancorp, Inc. NM 66,633 9.8 6,628 17,468 40,700 294 64.5
HFSA Hardin Bancorp, Inc. MO 182,748 4.2 14,828 33,428 65,236 416 71.7
LARK Landmark Bancshares, Inc. KS 68,879 3.9 11,285 25,052 42,479 342 72.3
MIVI Mississippi View Holding Company MN 27,292 4.9 20,083 42,761 64,435 392 77.9
NWEQ Northwest Equity Corporation WI 37,147 6.8 12,167 25,900 53,600 254 78.0
SMBC Southern Missouri Bancorp, Inc. MO 40,498 4.5 10,436 18,056 36,275 183 56.8
WEFC Welles Financial Corp. MN 164,798 6.3 11,473 25,579 50,431 331 78.6
Average 132,237 6.2 12,981 28,339 51,249 309 73.9
Median 66,544 5.6 11,651 25,668 46,455 313 75.2
High 647,520 12.1 21,449 50,202 82,225 416 84.6
Low 20,404 0.4 6,628 17,468 35,705 183 56.8
1990
1990 Below
College Poverty
Graduates Level
(%) (%)
--- ---
SUBJECT
Pioneer Bank, F.S.B. OR 10.1 12.1
COMPARABLE GROUP
FBSI First Bancshares, Inc. MO 10.2 15.5
CASH First Midwest Financial, Inc. IA 15.2 8.7
FFHH FSF Financial Corp. MN 21.4 4.8
GUPB GFSB Bancorp, Inc. NM 7.9 27.4
HFSA Hardin Bancorp, Inc. MO 13.6 14.1
LARK Landmark Bancshares, Inc. KS 14.0 14.1
MIVI Mississippi View Holding Company MN 15.7 4.5
NWEQ Northwest Equity Corporation WI 11.4 11.8
SMBC Southern Missouri Bancorp, Inc. MO 8.6 25.0
WEFC Welles Financial Corp. MN 17.2 4.7
Average 13.5 13.1
Median 13.8 13.0
High 21.4 27.4
Low 7.9 4.5
137
EXHIBIT 42
KELLER & COMPANY
Columbus, Ohio
614-766-1426
BALANCE SHEET
ASSET COMPOSITION - MOST RECENT QUARTER
As a Percent of Total Assets
===========================================================================
Real
Total Cash & Net Loan Loss Estate Goodwill Other High Risk
Assets Invest. MBS Loans Reserves Owned & Intang. Assets R.E. Loans
($000) (%) (%) (%) (%) (%) (%) (%) (%)
------ --- --- --- --- --- --- --- ---
SUBJECT
PIONEER BANK, F.S.B. 204,213 10.23 17.16 68.22 0.36 NM 0.00 4.39 3.35
COMPARABLE GROUP
FBSI First Bancshares Inc. 160,048 15.63 0.53 80.95 0.29 0.04 0.02 2.82 12.16
CASH First Midwest Financial Inc. 370,177 22.02 7.66 66.49 0.65 0.02 1.33 2.48 28.14
FFHH FSF Financial Corp. 367,312 33.66 0.02 64.22 0.22 0.02 0.00 2.07 11.45
GUPB GFSB Bancorp Inc. 86,911 8.97 37.73 51.81 0.36 0.00 0.00 1.50 12.15
HFSA Hardin Bancorp Inc. 103,354 26.66 18.59 52.80 0.15 0.10 0.00 1.85 2.15
LARK Landmark Bancshares Inc. 223,799 24.11 9.44 64.79 0.37 0.00 0.00 1.57 3.47
MIVI Mississippi View Holding Co. 69,755 27.24 7.08 63.12 1.24 0.05 0.00 2.51 3.94
NWEQ Northwest Equity Corp. 96,518 7.55 7.84 81.06 0.50 0.08 0.00 3.46 11.23
SMBC Southern Missouri Bancorp Inc. 165,688 19.81 14.58 63.60 0.41 0.07 0.00 1.93 11.95
WEFC Wells Financial Corp. 201,886 8.86 0.00 89.67 0.32 0.01 0.00 1.41 7.47
Average 184,545 19.45 10.35 67.85 0.45 0.04 0.14 2.16 10.41
Median 162,868 20.91 7.75 64.50 0.36 0.03 0.00 2.00 11.34
High 370,177 33.66 37.73 89.67 1.24 0.10 1.33 3.46 28.14
Low 69,755 7.55 0.00 51.81 0.15 0.00 0.00 1.41 2.15
ALL THRIFTS (330)
Average 1,291,109 17.83 11.37 66.78 0.58 0.58 0.24 2.66 12.94
WESTERN THRIFTS (37)
Average 659,718 17.42 9.06 69.68 0.50 0.50 0.19 2.55 12.46
OREGON THRIFTS (2)
Average 305,833 17.21 8.75 71.03 0.54 0.15 0.07 3.36 10.40
=========================================
Interest Interest Capitalized
Non-Perf. Earning Bearing Loan
Assets Assets Liabilities Servicing
(%) (%) (%) (%)
--- --- --- ---
SUBJECT
PIONEER BANK, F.S.B. 0.10 97.20 85.75 0.00
COMPARABLE GROUP
FBSI First Bancshares Inc. 0.32 94.27 82.10 0.00
CASH First Midwest Financial Inc. 0.79 96.62 87.12 0.00
FFHH FSF Financial Corp. 0.10 96.42 86.72 0.01
GUPB GFSB Bancorp Inc. 0.15 96.01 79.45 0.00
HFSA Hardin Bancorp Inc. 0.37 95.31 82.76 0.00
LARK Landmark Bancshares Inc. 0.60 97.02 83.22 0.00
MIVI Mississippi View Holding Co. 0.25 99.03 80.49 0.00
NWEQ Northwest Equity Corp. 0.91 93.62 86.47 0.00
SMBC Southern Missouri Bancorp Inc. 0.61 96.61 81.52 0.00
WEFC Wells Financial Corp. 0.30 98.70 84.90 0.04
Average 0.44 96.36 83.47 0.00
Median 0.35 96.52 82.99 0.00
High 0.91 99.03 87.12 0.04
Low 0.10 93.62 79.45 0.00
ALL THRIFTS (330)
Average 0.80 94.91 83.56 0.12
WESTERN THRIFTS (37)
Average 0.61 95.66 82.78 0.10
OREGON THRIFTS (2)
Average 0.69 95.60 85.02 0.05
138
EXHIBIT 43
KELLER & COMPANY
Columbus, Ohio
614-766-1426
BALANCE SHEET COMPARISON
LIABILITIES AND EQUITY - MOST RECENT QUARTER
As a Percent of Assets
=================================================================
FASB 115
Total Total Total Total Other Preferred Common Unrealized
Liabilities Equity Deposits Borrowings Liabilities Equity Equity Gain (Loss)
($000) ($000) (%) (%) (%) (%) (%) (%)
------ ------ --- --- --- --- --- ---
SUBJECT
PIONEER BANK, F.S.B. 183,186 21,026 87.73 1.09 0.88 -- -- (0.06)
COMPARABLE GROUP
FBSI First Bancshares Inc. 137,077 22,971 71.38 13.84 0.42 0.00 14.35 (0.02)
CASH First Midwest Financial Inc. 327,266 42,911 63.62 23.79 0.99 0.00 11.59 (0.01)
FFHH FSF Financial Corp. 324,087 43,225 57.20 30.34 0.69 0.00 11.77 (0.18)
GUPB GFSB Bancorp Inc. 72,745 14,166 63.61 18.93 1.16 0.00 16.30 0.35
HFSA Hardin Bancorp Inc. 90,144 13,210 67.92 18.38 0.91 0.00 12.78 (0.23)
LARK Landmark Bancshares Inc. 191,049 32,750 66.76 17.29 1.32 0.00 14.63 0.08
MIVI Mississippi View Holding Co. 57,020 12,735 80.20 0.00 1.54 0.00 18.26 1.22
NWEQ Northwest Equity Corp. 84,691 11,827 64.69 22.54 0.51 0.00 12.25 (0.01)
SMBC Southern Missouri Bancorp Inc. 139,730 25,958 75.03 8.17 1.14 0.00 15.67 (0.11)
WEFC Wells Financial Corp. 173,149 28,737 71.79 12.88 1.10 0.00 14.23 0.15
Average 159,696 24,849 68.22 16.62 0.98 0.00 14.18 0.12
Median 138,404 24,465 67.34 17.84 1.04 0.00 14.29 (0.01)
High 327,266 43,225 80.20 30.34 1.54 0.00 18.26 1.22
Low 57,020 11,827 57.20 0.00 0.42 0.00 11.59 (0.23)
ALL THRIFTS (330)
Average 1,193,670 97,439 71.15 14.52 1.47 0.07 12.79 (0.01)
WESTERN THRIFTS (37)
Average 598,841 60,876 70.08 14.41 1.35 0.02 14.14 (0.01)
OREGON THRIFTS (2)
Average 274,113 31,720 70.10 16.51 1.09 0.00 12.30 (0.07)
========================================================
Reg. Reg. Reg.
Retained Total Tangible Core Tangible Risk-Based
Earnings Equity Equity Capital Capital Capital
(%) (%) (%) (%) (%) (%)
--- --- --- --- --- ---
SUBJECT
PIONEER BANK, F.S.B. 10.36 10.30 10.36 10.24 10.24 21.30
COMPARABLE GROUP
FBSI First Bancshares Inc. 7.99 14.35 14.33 11.70 11.70 19.45
CASH First Midwest Financial Inc. 2.50 11.59 10.40 9.50 9.50 NA
FFHH FSF Financial Corp. 5.26 11.77 11.77 10.60 10.60 22.79
GUPB GFSB Bancorp Inc. 8.15 16.30 16.30 NA NA 36.76
HFSA Hardin Bancorp Inc. 6.48 12.78 12.78 11.19 11.19 31.22
LARK Landmark Bancshares Inc. 8.25 14.63 14.63 12.16 12.16 31.05
MIVI Mississippi View Holding Co. 9.52 18.26 18.26 15.74 15.74 31.72
NWEQ Northwest Equity Corp. 3.95 12.25 12.25 8.12 NA NA
SMBC Southern Missouri Bancorp Inc. 7.19 15.67 15.67 12.61 12.61 25.79
WEFC Wells Financial Corp. 6.52 14.23 14.23 10.57 10.57 18.07
Average 6.58 14.18 14.06 11.35 11.76 27.11
Median 6.85 14.29 14.28 11.19 11.45 28.42
High 9.52 18.26 18.26 15.74 15.74 36.76
Low 2.50 11.59 10.40 8.12 9.50 18.07
ALL THRIFTS (330)
Average 5.95 12.86 12.61 11.20 11.02 22.91
WESTERN THRIFTS (37)
Average 6.72 14.16 13.85 12.05 12.07 23.78
OREGON THRIFTS (2)
Average 6.30 12.30 12.24 11.10 11.10 22.08
139
KELLER & COMPANY EXHIBT 44
Columbus, Ohio
614-766-1426
INCOME AND EXPENSE COMPARISON
TRAILING FOUR QUARTERS
($000)
Net Gain Total Goodwill Net
Interest Interest Interest Provision (Loss) Non-Int. & Intang. Real Est.
Income Expense Income for Loss on Sale Income Amtz. Expense
-------- -------- -------- --------- ------- ------ -------- -------
SUBJECT
PIONEER BANK, F.S.B. 16,082 7,476 8,606 240 0 775 0 0
COMPARABLE GROUP
FBSI First Bancshares Inc. 11,305 6,231 5,074 64 159 431 14 (90)
CASH First Midwest Financial Inc. 27,200 15,874 11,326 100 51 1,474 275 5
FFHH FSF Financial Corp. 25,465 14,952 10,513 90 42 1,369 0 0
GUPB GFSB Bancorp Inc. 5,722 3,141 2,581 21 14 57 0 0
HFSA Hardin Bancorp Inc. 6,684 3,915 2,769 34 (2) 267 0 (5)
LARK Landmark Bancshares Inc. 15,510 9,002 6,508 175 295 546 0 0
MIVI Mississippi View Holding Co. 5,145 2,528 2,617 1 13 187 0 (15)
NWEQ Northwest Equity Corp. 7,287 3,934 3,353 62 62 404 0 (57)
SMBC Southern Missouri Bancorp Inc. 11,348 6,310 5,038 79 40 580 0 (79)
WEFC Wells Financial Corp. 14,847 8,160 6,687 180 73 930 0 0
Average 13,051 7,405 5,647 81 75 625 29 (24)
Median 11,327 6,271 5,056 72 47 489 0 (3)
High 27,200 15,874 11,326 180 295 1,474 275 5
Low 5,145 2,528 2,581 1 (2) 57 0 (90)
ALL THRIFTS (330)
Average 95,204 57,770 37,434 2,889 903 6,889 688 461
WESTERN THRIFTS (37)
Average 49,442 29,722 19,720 668 (48) 4,074 270 (85)
OREGON THRIFTS (2)
Average 23,440 13,326 10,114 838 385 1,751 7 31
INCOME AND EXPENSE COMPARISON (continued)
TRAILING FOUR QUARTERS
($000)
Net Net Inc.
Total Non- Income Before
Non-Int. Recurring Before Income Extraord. Extraord. Net Core
Expense Expense Taxes Taxes Items Items Income Income
-------- -------- -------- --------- ------- ------ -------- -------
SUBJECT
PIONEER BANK, F.S.B. 5,291 1,146 2,704 1,079 1,625 0 1,625 2,368
COMPARABLE GROUP
FBSI First Bancshares Inc. 2,828 640 2,132 764 1,368 0 1,368 1,681
CASH First Midwest Financial Inc. 6,889 1,266 4,596 1,883 2,713 0 2,713 3,503
FFHH FSF Financial Corp. 7,130 1,031 3,673 1,439 2,234 0 2,234 2,878
GUPB GFSB Bancorp Inc. 1,505 250 876 298 578 0 578 731
HFSA Hardin Bancorp Inc. 1,821 441 738 274 464 0 464 752
LARK Landmark Bancshares Inc. 3,427 937 2,811 1,036 1,775 0 1,775 2,193
MIVI Mississippi View Holding Co. 1,687 363 765 291 474 0 474 701
NWEQ Northwest Equity Corp. 2,242 350 1,165 474 691 0 691 878
SMBC Southern Missouri Bancorp Inc. 3,152 779 1,648 499 1,149 0 1,149 1,629
WEFC Wells Financial Corp. 4,074 1,217 2,219 959 1,260 0 1,260 2,003
Average 3,476 727 2,062 792 1,271 0 1,271 1,695
Median 2,990 710 1,890 632 1,205 0 1,205 1,655
High 7,130 1,266 4,596 1,883 2,713 0 2,713 3,503
Low 1,505 250 738 274 464 0 464 701
ALL THRIFTS (330)
Average 25,422 6,181 10,806 3,069 7,736 (8) 7,728 11,120
WESTERN THRIFTS (37)
Average 13,169 2,837 7,086 2,435 4,651 (17) 4,634 6,517
OREGON THRIFTS (2)
Average 6,841 1,304 3,287 1,150 2,137 0 2,137 2,722
140
KELLER & COMPANY EXHIBIT 45
Columbus, Ohio
614-766-1426
INCOME AND EXPENSE COMPARISON
AS A PERCENTAGE OF AVERAGE ASSETS
TRAILING FOUR QUARTERS
Net Gain Total Goodwill Net
Interest Interest Interest Provision (Loss) Non-Int. & Intang. Real Est.
Income Expense Income for Loss on Sale Income Amtz. Expense
(%) (%) (%) (%) (%) (%) (%) (%)
-------- -------- -------- --------- ------- ------ -------- -------
SUBJECT
PIONEER BANK, F.S.B. 7.80 3.63 4.17 0.12 0.00 0.38 0.00 0.00
COMPARABLE GROUP
FBSI First Bancshares Inc. 7.54 4.15 3.38 0.04 0.11 0.29 0.01 (0.06)
CASH First Midwest Financial Inc. 7.56 4.41 3.15 0.03 0.01 0.41 0.08 0.00
FFHH FSF Financial Corp. 7.29 4.28 3.01 0.03 0.01 0.39 0.00 0.00
GUPB GFSB Bancorp Inc. 7.30 4.01 3.29 0.03 0.02 0.07 0.00 0.00
HFSA Hardin Bancorp Inc. 7.16 4.19 2.97 0.04 (0.00) 0.29 0.00 (0.01)
LARK Landmark Bancshares Inc. 7.32 4.25 3.07 0.08 0.14 0.26 0.00 0.00
MIVI Mississippi View Holding Co. 7.39 3.63 3.76 0.00 0.02 0.27 0.00 (0.02)
NWEQ Northwest Equity Corp. 8.05 4.35 3.71 0.07 0.07 0.45 0.00 (0.06)
SMBC Southern Missouri Bancorp Inc. 7.05 3.92 3.13 0.05 0.02 0.36 0.00 (0.05)
WEFC Wells Financial Corp. 7.48 4.11 3.37 0.09 0.04 0.47 0.00 0.00
Average 7.41 4.13 3.28 0.05 0.04 0.32 0.01 (0.02)
Median 7.36 4.17 3.22 0.04 0.02 0.32 0.00 (0.00)
High 8.05 4.41 3.76 0.09 0.14 0.47 0.08 0.00
Low 7.05 3.63 2.97 0.00 (0.00) 0.07 0.00 (0.06)
ALL THRIFTS (330)
Average 7.39 4.11 3.28 0.14 0.08 0.43 0.03 (0.00)
WESTERN THRIFTS (37)
Average 7.42 4.15 3.27 0.10 0.08 0.43 0.02 (0.01)
OREGON THRIFTS (2)
Average 7.59 4.27 3.32 0.17 0.11 0.46 0.01 0.00
INCOME AND EXPENSE COMPARISON (continued)
AS A PERCENTAGE OF AVERAGE ASSETS
TRAILING FOUR QUARTERS
Net Net Inc.
Total Non- Income Before
Non-Int. Recurring Before Income Extraord. Extraord. Net Core
Expense Expense Taxes Taxes Items Items Income Income
(%) (%) (%) (%) (%) (%) (%) (%)
-------- -------- -------- --------- ------- ------ -------- -------
SUBJECT
PIONEER BANK, F.S.B. 2.57 0.56 1.31 0.52 0.79 0.00 0.79 1.15
COMPARABLE GROUP
FBSI First Bancshares Inc. 1.89 0.43 1.42 0.51 0.91 0.00 0.91 1.12
CASH First Midwest Financial Inc. 1.91 0.35 1.28 0.52 0.75 0.00 0.75 0.97
FFHH FSF Financial Corp. 2.04 0.29 1.05 0.41 0.64 0.00 0.64 0.82
GUPB GFSB Bancorp Inc. 1.92 0.32 1.12 0.38 0.74 0.00 0.74 0.93
HFSA Hardin Bancorp Inc. 1.95 0.47 0.79 0.29 0.50 0.00 0.50 0.81
LARK Landmark Bancshares Inc. 1.62 0.44 1.33 0.49 0.84 0.00 0.84 1.04
MIVI Mississippi View Holding Co. 2.42 0.52 1.10 0.42 0.68 0.00 0.68 1.01
NWEQ Northwest Equity Corp. 2.48 0.39 1.29 0.52 0.76 0.00 0.76 0.97
SMBC Southern Missouri Bancorp Inc. 1.96 0.48 1.02 0.31 0.71 0.00 0.71 1.01
WEFC Wells Financial Corp. 2.05 0.61 1.12 0.48 0.64 0.00 0.64 1.01
Average 2.02 0.43 1.15 0.43 0.72 0.00 0.72 0.97
Median 1.95 0.43 1.12 0.45 0.73 0.00 0.73 0.99
High 2.48 0.61 1.42 0.52 0.91 0.00 0.91 1.12
Low 1.62 0.29 0.79 0.29 0.50 0.00 0.50 0.81
ALL THRIFTS (330)
Average 2.33 0.47 0.87 0.33 0.53 (0.00) 0.53 0.78
WESTERN THRIFTS (37)
Average 2.20 0.44 1.02 0.36 0.67 (0.00) 0.67 0.90
OREGON THRIFTS (2)
Average 2.31 0.43 0.98 0.34 0.64 0.00 0.64 0.84
141
EXHIBIT 46
KELLER & COMPANY
Columbus, Ohio
614-766-1426
YIELDS, COSTS AND EARNINGS RATIOS
TRAILING FOUR QUARTERS
Yield on Cost of Net Net
Int. Earning Int. Bearing Interest Interest Core Core
Assets Liabilities Spread Margin * ROAA ROAA ROAE ROAE
(%) (%) (%) (%) (%) (%) (%) (%)
------------ ------------ -------- -------- ---- ---- ---- ----
SUBJECT
PIONEER BANK, F.S.B 8.01 4.16 3.85 4.29 0.79 1.15 7.97 11.62
FBSI First Bancshares Inc. 7.88 5.05 2.83 3.54 0.91 1.12 5.96 7.33
CASH First Midwest Financial Inc. 7.80 5.05 2.75 3.25 0.75 0.97 6.51 8.40
FFHH FSF Financial Corp. 7.50 4.98 2.52 3.09 0.64 0.82 4.76 6.13
GUPB GFSB Bancorp Inc. 7.37 5.03 2.34 3.33 0.74 0.93 3.86 4.89
HFSA Hardin Bancorp Inc. 7.28 5.03 2.25 3.02 0.50 0.81 3.17 5.14
LARK Landmark Bancshares Inc. 7.44 5.15 2.29 3.12 0.84 1.04 5.42 6.69
MIVI Mississippi View Holding Co. 7.48 4.50 2.98 3.80 0.68 1.01 3.74 5.54
NWEQ Northwest Equity Corp. 8.52 4.99 3.53 3.92 0.76 0.97 5.88 7.47
SMBC Southern Missouri Bancorp Inc. 7.18 4.75 2.43 3.19 0.71 1.01 4.44 6.29
WEFC Wells Financial Corp. 7.59 4.85 2.74 3.42 0.64 1.01 4.47 7.11
Average 7.60 4.94 2.67 3.37 0.72 0.97 4.82 6.50
Median 7.49 5.01 2.63 3.29 0.73 0.99 4.62 6.49
High 8.52 5.15 3.53 3.92 0.91 1.12 6.51 8.40
Low 7.18 4.50 2.25 3.02 0.50 0.81 3.17 4.89
ALL THRIFTS (330)
Average 7.68 4.85 2.83 3.41 0.53 0.78 5.16 7.48
WESTERN THRIFTS (37)
Average 7.68 4.96 2.72 3.38 0.67 0.90 5.47 7.44
OREGON THRIFTS (2)
Average 7.89 4.99 2.89 3.45 0.64 0.85 5.27 6.91
* Based on average interest-earning assets.
142
EXHIBIT 47
KELLER & COMPANY
Columbus, Ohio
614-766-1426
DIVIDENDS, RESERVES AND SUPPLEMENTAL DATA
DIVIDENDS
-----------------------------------------
12 Month 12 Month
12 Month Common Current Dividend
Preferred Div./ Dividend Payout
Dividends Share Yield Ratio
($000) ($) (%) (%)
--------- -------- -------- --------
SUBJECT
PIONEER BANK, F.S.B. NA NA NA NA
COMPARABLE GROUP
FBSI First Bancshares Inc. 0 0.20 1.05 16.95
CASH First Midwest Financial Inc. 0 0.34 2.25 34.02
FFHH FSF Financial 0 0.50 3.01 68.49
Corp.
GUPB GFSB Bancorp 0 0.75 2.15 111.94
Inc.
HFSA Hardin Bancorp 0 0.40 2.74 78.43
Inc.
LARK Landmark Bancshares Inc. 0 0.40 2.00 41.67
MIVI Mississippi View Holding Co. 0 0.16 1.07 41.38
NWEQ Northwest Equity Corp. 0 0.43 3.28 35.90
SMBC Southern Missouri Bancorp Inc. 0 0.50 2.94 69.44
WEFC Wells Financial 0 0.00 0.00 0.00
Corp.
Average 0 0.37 2.05 49.82
Median 0 0.40 2.20 41.53
High 0 0.75 3.28 111.94
Low 0 0.00 0.00 0.00
ALL THRIFTS (330)
Average 237 0.39 1.33 45.20
WESTERN THRIFTS (37)
Average 43 0.50 1.82 70.30
OREGON THRIFTS (2)
Average 0 0.61 1.98 85.32
RESERVES AND SUPPLEMENTAL DATA - MOST RECENT PERIOD
-------------------------------------------------------------------------------
Net
Reserves/ Reserves/ Chargeoffs/ Provisions/ 1 Year Total
Gross Non-Perf. Average Net Repricing Effective Assets/
Loans Assets Loans Chargeoffs Gap Tax Rate Employee
(%) (%) (%) (%) (%) (%) ($000)
--------- --------- ----------- ----------- --------- --------- --------
SUBJECT
PIONEER BANK, F.S.B. 0.51 362.50 0.02 750.00 NA 39.90 2,183
COMPARABLE GROUP
FBSI First Bancshares Inc. 0.35 88.44 0.02 285.71 NA 38.29 2,581
CASH First Midwest Financial Inc. 0.97 81.68 0.02 230.77 NA 40.64 3,739
FFHH FSF Financial 0.34 216.04 0.03 157.89 8.82 39.73 4,081
Corp.
GUPB GFSB Bancorp 0.69 NA 0.44 32.65 NA 38.27 NA
Inc.
HFSA Hardin Bancorp 0.29 41.58 0.04 166.67 -9.14 37.29 5,742
Inc.
LARK Landmark Bancshares Inc. 0.57 62.24 0.04 366.67 2.37 40.65 4,973
MIVI Mississippi View Holding Co. 1.93 488.70 0.11 0.00 NA 42.95 3,322
NWEQ Northwest Equity Corp. 0.61 32.36 -0.04 NM -3.88 41.65 2,839
SMBC Southern Missouri Bancorp Inc. 0.64 37.60 0.00 NM NA 31.06 3,853
WEFC Wells Financial 0.36 106.53 0.02 562.50 NA 42.15 NA
Corp.
Average 0.68 128.35 0.07 225.36 -0.46 39.27 3,891
Median 0.59 81.68 0.03 198.72 -0.76 40.19 3,796
High 1.93 488.70 0.44 562.50 8.82 42.95 5,742
Low 0.29 32.36 -0.04 0.00 -9.14 31.06 2,581
ALL THRIFTS (330)
Average 0.64 90.83 0.09 114.79 -2.62 24.71 4,248
WESTERN THRIFTS (37)
Average 0.71 146.48 0.07 174.80 -4.74 31.05 4,023
OREGON THRIFTS (2)
Average 0.75 165.64 0.11 138.52 -10.03 34.72 3,953
143
EXHIBIT 48
KELLER & COMPANY
Columbus, Ohio
614-766-1426
VALUATION ANALYSIS AND CONCLUSIONS
Pioneer Bank, FSB/Oregon Trail Financial Corp.
Stock Prices as of June 4, 1997
Valuation assumptions: Comparable Group All Thrifts
Symbol Value Average Median Average Median
------ -------------- ------- ------- -------- -------
Post conv. price to earnings P/E 14.37 22.34 22.54 30.16 22.64
Post conv. price to book value P/B 67.18% 103.37% 105.08% 130.98% 117.54%
Post conv. price to assets P/A 14.00% 14.93% 14.31% 15.68% 14.28%
Post conv. price to core earnings P/E 10.86 16.09 15.65 20.01 16.00
Pre conversion earnings ($) Y $ 1,625,000 For the twelve months ended March 31, 1997.
Pre conversion book value ($) B $ 21,026,000 At March 31, 1997.
Pre conversion assets ($) A $ 204,213,000 At March 31, 1997.
Pre conversion core earnings ($) $ 2,368,000 For the twelve months ended March 31, 1997.
Conversion expense ($) X $ 883,760
Proceeds not reinvested ($) Z $ 826,000 ESOP
ESOP borrowings ($) E $ 2,648,000
ESOP cost of borrowings, net (%) S 5.23%
ESOP term of borrowings (yrs.) T 10
RRP amount ($) M $ 1,324,000
RRP expense ($) N $ 264,800
Tax rate (%) TAX 38.50%
Investment rate of return, net (%) R 3.64%
Investment rate of return, pretax (%) 5.92%
Formulae to indicate value after conversion:
1. P/E method: Value = P/E(Y-R(X+Z)-ES-(1-TAX)E/T-(1-TAX)N)) = $ 33,098,596
-------------------------------------
1-(P/E)R
2. P/B method: Value = P/B(B-X-E-M) = $ 33,103,184
------------
1-P/B
3. P/A method: Value = P/A(A-X) = $ 33,101,002
--------
1-P/A
VALUATION CORRELATION AND CONCLUSIONS:
Number of Price TOTAL
Shares Per Share VALUE
------ --------- -----
Appraised value - midrange 3,310,000 $10.00 $ 33,100,000
Minimum - 85% of midrange 2,813,500 $10.00 $ 28,135,000
Maximum - 115% of midrange 3,806,500 $10.00 $ 38,065,000
Superrange - 115% of maximum 4,377,475 $10.00 $ 43,774,750
144
EXHIBIT 49
KELLER & COMPANY
Columbus, Ohio
614-766-1426
COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS
Stock Prices as of June 4, 1997
Market Data Pricing Ratios
Book Price/ Price/ Price/
Market Price/ 12 Mo. Value/ Price/ Book Price/ Tang. Core
Value Share EPS Share Earnings Value Assets Bk. Val. Earnings
($M) ($) ($) ($) (X) (%) (%) (%) (%)
------ ------ ------ ------- -------- ------- ------ ------- --------
PIONEER BANK, F.S.B.
Appraised value - midpoint 33.10 10.00 0.70 14.89 14.37 67.18 14.00 67.18 10.86
Minimum of range 28.14 10.00 0.78 15.98 12.80 62.56 12.15 62.56 9.57
Maximum of range 38.07 10.00 0.63 14.07 15.98 71.06 15.77 71.06 12.18
Superrange maximum 43.77 10.00 0.56 13.37 17.72 74.81 17.73 74.81 13.62
ALL THRIFTS (330)
Average 162.79 20.37 0.85 15.94 30.16 130.98 15.68 135.63 20.01
Median 43.17 18.06 0.82 15.15 22.64 117.54 14.28 120.17 16.00
OREGON THRIFTS (2)
Average 149.85 16.81 0.58 11.94 32.54 148.29 18.84 148.29 20.74
Median 149.85 16.81 0.58 11.94 32.54 148.29 18.84 148.29 20.74
COMPARABLE GROUP (10)
Average 26.38 16.60 0.77 16.06 22.34 103.37 14.93 104.76 16.09
Median 24.78 16.31 0.73 15.70 22.54 105.08 14.31 105.29 15.65
COMPARABLE GROUP
FBSI First Bancshares Inc. 21.71 19.00 1.18 19.80 16.10 95.96 13.77 96.11 13.27
CASH First Midwest Financial Inc. 45.24 16.00 0.96 15.18 16.67 105.40 12.22 119.14 12.41
FFHH FSF Financial Corp. 50.91 16.63 0.73 15.87 22.77 104.76 14.01 104.76 18.75
GUPB GFSB Bancorp Inc. 14.98 18.63 0.67 16.88 27.80 110.34 17.98 110.34 20.83
HFSA Hardin Bancorp Inc. 12.57 14.63 0.51 15.37 28.68 95.15 12.16 95.15 18.67
LARK Landmark Bancshares Inc. 36.16 20.00 0.96 18.11 20.83 110.44 16.16 110.44 15.37
MIVI Mississippi View Holding Co. 12.28 15.00 0.58 15.55 25.86 96.46 17.61 96.46 17.94
NWEQ Northwest Equity Corp. 13.59 14.63 0.78 13.82 18.75 105.82 14.08 105.82 13.04
SMBC Southern Missouri Bancorp Inc. 27.84 17.00 0.72 15.85 23.61 107.26 16.81 107.26 15.93
WEFC Wells Financial Corp. 28.56 14.50 0.65 14.20 22.31 102.11 14.54 102.11 14.71
Dividends Financial Ratios
Div./ Dividend Payout Equity/ Core Core
Share Yield Ratio Assets ROAA ROAE
($) (%) (%) (%) (%) (%)
-------------------------- ---------------------------
PIONEER BANK, F.S.B.
Appraised value - midpoint 0.00 0.00 0.00 20.84 0.97 4.68
Minimum of range 0.00 0.00 0.00 19.42 0.95 4.89
Maximum of range 0.00 0.00 0.00 22.20 0.99 4.45
Superrange maximum 0.00 0.00 0.00 23.70 1.00 4.22
ALL THRIFTS (330)
Average 0.50 1.75 63.77 12.92 0.76 7.36
Median 0.34 1.83 37.56 10.50 0.85 7.05
OREGON THRIFTS (2)
Average 0.14 0.79 48.28 13.15 1.29 5.42
Median 0.14 0.79 48.28 13.15 1.29 5.42
COMPARABLE GROUP (10)
Average 0.37 2.05 49.82 14.18 0.97 6.50
Median 0.40 2.20 41.53 14.29 0.99 6.49
COMPARABLE GROUP
FBSI First Bancshares Inc. 0.20 1.05 16.95 14.35 1.12 7.33
CASH First Midwest Financial Inc. 0.34 2.25 34.02 11.59 0.97 8.40
FFHH FSF Financial Corp. 0.50 3.01 68.49 11.77 0.82 6.13
GUPB GFSB Bancorp Inc. 0.75 2.15 111.94 16.30 0.93 4.89
HFSA Hardin Bancorp Inc. 0.40 2.74 78.43 12.78 0.81 5.14
LARK Landmark Bancshares Inc. 0.40 2.00 41.67 14.63 1.04 6.69
MIVI Mississippi View Holding Co. 0.16 1.07 41.38 18.26 1.01 5.54
NWEQ Northwest Equity Corp. 0.43 3.28 35.90 12.25 0.97 7.47
SMBC Southern Missouri Bancorp Inc. 0.50 2.94 69.44 15.67 1.01 6.29
WEFC Wells Financial Corp. 0.00 0.00 0.00 14.23 1.01 7.11
145
EXHIBIT 50
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Pioneer Bank, FSB/Oregon Trail Financial Corp.
At the MINIMUM of the Range
1. Gross Conversion Proceeds
Minimum market value $ 28,135,000
Less: Estimated conversion expenses 815,260
Net conversion proceeds $ 27,319,740
2. Generation of Additional Income
Net conversion proceeds $ 27,319,740
Less: Proceeds not invested (1) 740,000
Total conversion proceeds invested $ 26,579,740
Investment rate 3.64%
Earnings increase - return on proceeds invested $ 967,715
Less: Estimated cost of ESOP borrowings 117,717
Less: Amortization of ESOP borrowings, net of taxes 138,424
Less: RRP expense, net of taxes 138,424
Net earnings increase $ 573,150
3. Comparative Earnings
Regular Core
------------- ---------
Before conversion - 12 months ended 03/31/97 $ 1,625,000 2,368,000
Net earnings increase 573,150 573,150
After conversion $ 2,198,150 2,941,150
4. Comparative Net Worth (2)
Before conversion - 03/31/97 $ 21,026,000
Conversion proceeds 23,943,540
After conversion $ 44,969,540
5. Comparative Net Assets
Before conversion - 03/31/97 $ 204,213,000
Conversion proceeds 27,319,740
After conversion $ 231,532,740
(1) Represents ESOP borrowings and fixed assets.
(2) ESOP borrowings and RRP are omitted from net worth.
146
EXHIBIT 51
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Pioneer Bank, FSB/Oregon Trail Financial Corp.
At the MIDPOINT of the Range
1. Gross Conversion Proceeds
Midpoint market value $ 33,100,000
Less: Estimated conversion expenses 883,760
Net conversion proceeds $ 32,216,240
2. Generation of Additional Income
Net conversion proceeds $ 32,216,240
Less: Proceeds not invested (1) 826,000
Total conversion proceeds invested $ 31,390,240
Investment rate of return 3.64%
Earnings increase - return on proceeds invested $ 1,142,856
Less: Estimated cost of ESOP borrowings 138,490
Less: Amortization of ESOP borrowings, net of taxes 162,852
Less: RRP expense, net of taxes 162,852
Net earnings increase $ 678,661
3. Comparative Earnings
Regular Core
------------- ---------
Before conversion - 12 months ended 03/31/97 $ 1,625,000 2,368,000
Net earnings increase 678,661 678,661
After conversion $ 2,303,661 3,046,661
4. Comparative Net Worth (2)
Before conversion - 03/31/97 $ 21,026,000
Conversion proceeds 28,244,240
After conversion $ 49,270,240
5. Comparative Net Assets
Before conversion - 03/31/97 $ 204,213,000
Conversion proceeds 32,216,240
After conversion $ 236,429,240
(1) Represents ESOP borrowings and fixed assets.
(2) ESOP borrowings and RRP are omitted from net worth.
147
EXHIBIT 52
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Pioneer Bank, FSB/Oregon Trail Financial Corp.
At the MAXIMUM of the Range
1. Gross Conversion Proceeds
Maximum market value $ 38,065,000
Less: Estimated conversion expenses 952,300
Net conversion proceeds $ 37,112,700
2. Generation of Additional Income
Net conversion proceeds $ 37,112,700
Less: Proceeds not invested (1) 1,652,000
Total conversion proceeds invested $ 35,460,700
Investment rate 3.64%
Earnings increase - return on proceeds invested $ 1,291,053
Less: Estimated cost of ESOP borrowings 159,264
Less: Amortization of ESOP borrowings, net of taxes 187,280
Less: RRP expense, net of taxes 187,280
Net earnings increase $ 757,230
3. Comparative Earnings
Regular Core
------------- ---------
Before conversion - 12 months ended 03/31/97 $ 1,625,000 2,368,000
Net earnings increase 757,230 757,230
After conversion $ 2,382,230 3,125,230
4. Comparative Net Worth (2)
Before conversion - 03/31/97 $ 21,026,000
Conversion proceeds 32,544,900
After conversion $ 53,570,900
5. Comparative Net Assets
Before conversion - 03/31/97 $ 204,213,000
Conversion proceeds 37,112,700
After conversion $ 241,325,700
(1) Represents ESOP borrowings and fixed assets.
(2) ESOP borrowings and RRP are omitted from net worth.
148
EXHIBIT 53
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Pioneer Bank, FSB/Oregon Trail Financial Corp.
At the SUPERRANGE Maximum
1. Gross Conversion Proceeds
Superrange market value $ 43,774,750
Less: Estimated conversion expenses 1,031,060
Net conversion proceeds $ 42,743,690
2. Generation of Additional Income
Net conversion proceeds $ 42,743,690
Less: Proceeds not invested (1) 2,664,000
Total conversion proceeds invested $ 40,079,690
Investment rate 3.64%
Earnings increase - return on proceeds invested $ 1,459,221
Less: Estimated cost of ESOP borrowings 183,154
Less: Amortization of ESOP borrowings, net of taxes 215,372
Less: RRP expense, net of taxes 215,372
Net earnings increase $ 845,324
3. Comparative Earnings
Regular Core
------------- ---------
Before conversion - 12 months ended 03/31/97 $ 1,625,000 2,368,000
Net earnings increase 845,324 845,324
After conversion $ 2,470,324 3,213,324
4. Comparative Net Worth (2)
Before conversion - 03/31/97 $ 21,026,000
Conversion proceeds 37,490,720
After conversion $ 58,516,720
5. Comparative Net Assets
Before conversion - 03/31/97 $ 204,213,000
Conversion proceeds 42,743,690
After conversion $ 246,956,690
(1) Represents ESOP borrowings and fixed assets.
(2) ESOP borrowings and RRP are omitted from net worth.
149
EXHIBIT 54
KELLER & COMPANY
Columbus, Ohio
614-766-1426
SUMMARY OF VALUATION PREMIUM OR DISCOUNT
Premium or (discount)
from comparable group.
------------------------
Pioneer Average Median
------- ------- ------
Midpoint:
Price/earnings 14.37 x (35.68)% (36.25)%
Price/book value 67.18 % * (35.01)% (36.07)%
Price/assets 14.00 % (6.25)% (2.16)%
Price/tangible book value 67.18 % (35.87)% (36.19)%
Price/core earnings 10.86 x (32.49)% (30.58)%
Minimum of range:
Price/earnings 12.80 x (42.70)% (43.21)%
Price/book value 62.56 % * (39.48)% (40.46)%
Price/assets 12.15 % (18.63)% (15.08)%
Price/tangible book value 62.56 % (40.28)% (40.58)%
Price/core earnings 9.57 x (40.55)% (38.88)%
Maximum of range:
Price/earnings 15.98 x (28.47)% (29.11)%
Price/book value 71.06 % * (31.26)% (32.38)%
Price/assets 15.77 % 5.62% 10.23%
Price/tangible book value 71.06 % (32.17)% (32.51)%
Price/core earnings 12.18 x (24.31)% (22.17)%
Super maximum of range:
Price/earnings 17.72 x (20.67)% (21.38)%
Price/book value 74.81 % * (27.63)% (28.81)%
Price/assets 17.73 % 18.69% 23.87%
Price/tangible book value 74.81 % (28.59)% (28.95)%
Price/core earnings 13.62 x (15.34)% (12.95)%
* Represents pricing ratio associated with primary valuation method.
150
ALPHABETICAL
EXHIBITS
EXHIBIT A
KELLER & COMPANY, INC.
555 METRO PLACE NORTH
SUITE 524
DUBLIN, OHIO 43017
(614)-766-1426
(614)-766-1459 FAX
PROFILE OF THE FIRM
KELLER & COMPANY, INC. is a full service consulting firm to financial
institutions, serving clients throughout the United States from its office in
Dublin, Ohio. The firm consults primarily in the areas of regulatory and
compliance matters, financial analysis and strategic planning, stock valuations
and appraisals, mergers and acquisitions, mutual to stock conversions,
conversion/mergers and branching. Since its inception in 1985, KELLER & COMPANY
has provided a wide range of consulting services to over 100 financial
institutions including thrifts, banks, mortgage companies and holding companies.
KELLER & COMPANY is an affiliate member of the Community Bankers of America,
Community Bankers Association of Ohio, the Ohio League of Financial
Institutions, and the Tri State League of Financial Institutions.
Each of the firm's senior consultants has over eighteen years front line
experience and accomplishment in various areas of the financial institution and
real estate industries. Each consultant provides to clients distinct and diverse
areas of expertise. Specific services and projects have included financial
institution charter and deposit insurance applications, market studies,
institutional mergers and acquisitions, branch sales and acquisitions,
operations and performance analyses, business plans, strategic planning,
financial projections and modeling, stock valuations, fairness opinions,
conversion appraisals, capital plans, policy development and revision, lending,
underwriting and investment criteria, data processing and management information
systems, and incentive compensation programs.
It is the goal of KELLER & COMPANY to provide specific and ongoing services that
are pertinent and responsive to the needs of the individual client institution
within the changing industry environment, and to offer those services at
reasonable fees on a timely basis. In recent years, KELLER & COMPANY has become
one of the leading consulting firms in the nation.
151
CONSULTANTS IN THE FIRM
MICHAEL R. KELLER has over twenty years experience as a consultant to the
financial institution industry. Immediately following his graduation from
college, he was employed by the Ohio Division of Financial Institutions, working
for two years in the northeastern Ohio district as an examiner of financial
institutions before pursuing graduate studies at the Ohio State University.
Mr. Keller later worked as an associate for a management consulting firm
specializing in services to financial institutions. During his eight years with
the firm, he specialized in mergers and acquisitions, branch acquisitions and
sales, branch feasibility studies, stock valuations, charter applications, and
site selection analyses. By the time of his departure, he had attained the
position of vice president, with experience in almost all facets of banking
operations.
Prior to forming Keller & Company, Mr. Keller also worked as a senior consultant
in a larger consulting firm. In that position, he broadened his activities and
experience, becoming more involved with institutional operations, business and
strategic planning, regulatory policies and procedures, conversion appraisals,
and fairness opinions. Mr. Keller established the firm in November 1985 to
better serve the needs of the financial institution industry.
Mr. Keller graduated from Wooster College with a B.A. in Economics in 1972, and
later received an M.B.A. in Finance in 1976 from the Ohio State University where
he took two courses in corporate stock valuations.
152
Consultants in the Firm (cont.)
JOHN A. SHAFFER has over twenty years experience in banking, finance, real
estate lending, and development.
From 1971 to 1974, Mr. Shaffer was employed by a large real estate investment
trust as a lending officer, specializing in construction and development loans.
By 1974, having gained experience in loan underwriting, management and workout,
he joined Chemical Association of New York and was appointed Vice President for
Loan Administration of Chemical Mortgage Company in Columbus, Ohio. At Chemical,
he managed all commercial and residential loan servicing, administering a
portfolio in excess of $1 billion. His responsibilities also included the
analysis, management and workout of problem commercial loans and properties, and
the structuring, negotiation, acquisition and sale of loan servicing and
mortgage and equity securities.
Mr. Shaffer later formed an independent real estate and financial consulting
firm, serving corporate and institutional clients, and also investing in and
developing real estate. His primary activities have included the planning,
analysis, financing, implementation, and administration of real estate projects,
as well as financial projection and modeling, cost and profit analysis, loan
management, budgeting, cash flow management and project design.
Mr. Shaffer graduated from Syracuse University with a B.S. in Business
Administration, later receiving an M.B.A. in Finance and a Ph.D. in Economics
from New York University.
153
EXHIBIT B
KELLER & COMPANY, INC.
555 METRO PLACE NORTH
SUITE 524
DUBLIN, OHIO 43017
(614)-766-1426
(614)-766-1459 FAX
RB 20
CERTIFICATION
I hereby certify that I have not been the subject of any criminal, civil or
administrative judgments, consents, undertakings or orders, or any past
administrative proceedings (excluding routine or customary audits, inspections
and investigation) issued by any federal or state court, any department, agency,
or commission of the U.S. Government, any state or municipality, any
self-regulatory trade or professional organization, or any foreign government or
governmental entity, which involve:
(i) commission of a felony, fraud, moral turpitude, dishonesty or breach of
trust;
(ii) violation of securities or commodities laws or regulations;
(iii) violation of depository institution laws or regulations;
(iv) violation of housing authority laws or regulations;
(v) violation of the rules, regulations, codes or conduct or ethics of a
self-regulatory trade or professional organization;
(vi) adjudication of bankruptcy or insolvency or appointment of a receiver,
conservator, trustee, referee, or guardian.
I hereby certify that the statements I have made herein are true, complete and
correct to the best of my knowledge and belief.
Conversion Appraiser
June 20, 1997 /s/Michael R. Keller
- ------------------------------ -------------------------------------
Date Michael R. Keller
154
EXHIBIT C
KELLER & COMPANY, INC.
555 METRO PLACE NORTH
SUITE 524
DUBLIN, OHIO 43017
(614)-766-1426
(614)-766-1459 FAX
AFFIDAVIT OF INDEPENDENCE
STATE OF OHIO,
COUNTY OF FRANKLIN, ss:
I, Michael R. Keller, being first duly sworn hereby depose and say that:
The fee which I received directly from the applicant, Oregon Trail Financial
Corp., Baker City, Oregon in the amount of $17,000 for the performance of my
appraisal was not related to the value determined in the appraisal and that the
undersigned appraiser is independent and has fully disclosed any relationships
which may have a material bearing upon the question of my independence; and that
any indemnity agreement with the applicant has been fully disclosed.
Further, affiant sayeth naught.
/s/MICHAEL R. KELLER
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MICHAEL R. KELLER
Sworn to before me and subscribed in my presence this 13th day of June,
1997.
/s/Lori A. Kessen
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NOTARY PUBLIC
[SEAL] LORI A. KESSEN
NOTARY PUBLIC, STATE OF OHIO
MY COMMISSION EXPIRES AUG. 10, 2000
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