CONVERSION APPRAISAL UPDATE REPORT
MUTUAL HOLDING COMPANY STOCK OFFERING
REVERE FEDERAL SAVINGS
REVERE, MASSACHUSETTS
DATED AS OF:
NOVEMBER 6, 1998
PREPARED BY:
RP FINANCIAL, LC.
1700 NORTH MOORE STREET
SUITE 2210
Arlington, Virginia 22209
RP FINANCIAL, LC.
- -------------------------------------------
Financial Services Industry Consultants
November 6, 1998
Board of Directors
Revere, MHC
Revere Federal Savings
310 Broadway
Revere, Massachusetts 02051
Gentlemen:
We have completed and hereby provide an updated appraisal ("Update") of the
estimated pro forma market value of the common stock which is to be offered in
connection with the mutual-to-stock conversion transaction described below. This
Update is furnished pursuant to the requirements of 563b.7 and has been prepared
in accordance with the "Guidelines for Appraisal Reports for the Valuation of
Savings and Loan Associations Converting from Mutual to Stock Form of
Organization" ("Valuation Guidelines") of the Office of Thrift Supervision
("OTS"), including the most recent revisions as of October 21, 1994, and
applicable regulatory interpretations thereof. As in the preparation of our
original appraisal dated August 21, 1998 ("Original Appraisal") and the first
updated appraisal dated October 30, 1998 ("First Update"), we believe the data
and information used herein is reliable; however, we cannot guarantee the
accuracy and completeness of such information.
Description of Reorganization
- -----------------------------
We understand that the Board of Directors of Revere, MHC, Revere,
Massachusetts (the "MHC") and the Board of Directors of Revere Federal Savings,
Revere, Massachusetts ("Revere Federal" or the "Bank") recently adopted a stock
issuance plan. Pursuant to the stock issuance plan, the Bank will reorganize
into what is called a "two-tier" mutual holding company structure. It is a
two-tier structure because it will have two levels of holding companies: a
"mid-tier" stock holding company and a "top-tier" mutual holding company. Under
the terms of the stock issuance plan: (i) the MHC will form RFS Bancorp, Inc.
("RFS Bancorp" or the "Holding Company") as a federal corporation; (ii) the MHC
will contribute 100 percent of the Bank's outstanding stock to the Holding
Company; and (iii) the Holding Company will issue shares of common stock to the
public and the MHC. The number of shares of common stock sold to the public will
equal 47 percent of the shares issued in the offering, and the number of shares
issued to the MHC will equal 53 percent of the shares issued in the offering.
It is anticipated that the public shares will be issued to the Bank's
Eligible Account Holders, the ESOP, Supplemental Eligible Account Holders and
Other Members. Any shares that are not sold in the Subscription offering may be
offered in the Community offering.
The aggregate amount of stock sold by the Holding Company cannot exceed the
appraised value of the Bank. Immediately following the offering, the primary
assets of the Holding Company will be the capital stock of the Bank and the net
offering proceeds remaining after contributing proceeds to the Bank in exchange
for 100 percent of the capital stock of the Bank. The Holding Company will
contribute at least 85 percent of the net offering proceeds in exchange for the
Bank's capital stock. The remaining net offering proceeds, retained at the
Holding Company, will be used to fund a loan to the ESOP with the remainder to
be used as general working capital.
RP Financial, LC.
Board of Directors
November 6, 1998
Page 2
Appraisal Update
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This Update reflects the following noteworthy items: a review of stock
market conditions since the date of the First Update, along with updated stock
prices as of November 6, 1998. Pro forma market value is defined as the price at
which Revere Federal's stock immediately upon completion of the offering would
change hands between a willing buyer and a willing seller, neither being under
any compulsion to buy or sell and both having reasonable knowledge of relevant
facts.
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
common stock. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change from time to time, no assurance can be given that persons who purchase
shares of common stock in the offering will thereafter be able to buy or sell
such shares at prices related to the foregoing valuation of the pro forma market
value thereof. RP Financial is not a seller of securities within the meaning of
any federal and state securities laws and any report prepared by RP Financial
shall not be used as an offer or solicitation with respect to the purchase or
sale of any securities. RP Financial maintains a policy which prohibits the
company, its principals or employees from purchasing stock of its client
institutions.
Discussion of Relevant Considerations
- -------------------------------------
1. Stock Market Conditions
-----------------------
In the short period since the date of the First Update, the
performance of the overall stock market has improved as stocks generally have
gained back ground lost in the early Fall of 1998. The market has continued to
respond to two successive rate cuts from the Fed and from a favorable release of
unemployment data during the most recent week -- both of which have been
interpreted by the markets generally as being bullish for stocks. The DJIA has
enjoyed a string of seven increases out of the past 10 trading days. As of
November 6, 1998, the DJIA closed at 8975.46, an increase of 4.4 percent since
the date of the First Update. More importantly, the SNL MHC index has realized a
string of nine increases out of the past 10 trading days, and as of November 6,
1998, the SNL MHC index closed at 872.2, an increase of 6.1 percent since the
date of the First Update.
As shown in Table 1 below, consistent with the SNL index, the pricing
measures for all publicly-traded SAIF-insured thrifts increased since the date
of the First Update. Comparatively, the Peer Group's pricing measures
(publicly-traded MHC institutions on a fully converted basis) also increased
since the date of the First Update. As in the Original Appraisal and First
Update, the Peer Group maintained a lower P/B ratio and a higher core P/E
multiple relative to the comparative averages for all publicly-traded
SAIF-insured thrifts. The Peer Group pricing data shown in Table 1 reflect
implied pricing ratios on a fully-converted basis. Since the date of the First
Update, 18 of the Peer Group companies had higher market prices as of November
6, 1998.
RP Financial, LC.
Board of Directors
November 6, 1998
Page 3
Table 1
Revere Federal Savings
Average Pricing Characteristics
At Oct. 30, At Nov. 6, %
1998 1998 Change
----------- ---------- ------
Peer Group of MHCs (Fully Converted Basis)
Price/Earnings (x) 19.02x 19.55x 2.6%
Price/Core Earnings (x) 19.97 20.60 3.2
Price/Book (%) 83.66% 85.49% 2.2
Price/Assets (%) 18.75 19.51 4.1
Avg. Mkt. Capitalization ($Mil) $220.94 $235.89 6.8
SAIF-Insured Thrifts
Price/Earnings (x) 17.45x 17.58x 0.7%
Price/Core Earnings (x) 17.93 18.25 1.8
Price/Book (%) 126.24% 128.99% 2.2
Price/Assets (%) 16.02 16.24 1.4
Avg. Mkt. Capitalization ($Mil) $145.23 $151.57 4.4
Recent Conversions(1)
Price/Core Earnings (x) 17.86x 16.96x (5.0%)
Price/Book (%) 69.74% 66.25% (5.0)
(1) Ratios based on conversions completed for prior three months.
The "new issue" market is separate and distinct from the market for
seasoned issues like the Peer Group companies. Accordingly, as discussed in the
Original Appraisal and First Update, RP Financial has considered the pro forma
pricing and trading level of recently converted companies in this Update.
Between the date of the Original Appraisal and the First Update, market interest
for converting thrifts dropped considerably. Since the First Update, although no
significant new information is available regarding new issues, we concluded that
the general increase in the Peer Group and the market overall portends greater
interest in new issues -- warranting a reduction in the discount for market
conditions that was applied in the First Update. Since the date of the First
Update, the two new mutual holding companies (Sound Bancorp and West Essex
Bancorp) have increased slightly in price. However, the current market prices of
Sound Bancorp and West Essex Bancorp continue to trade at pro forma P/B ratios
(fully converted basis) of 67.43 percent and 63.57 percent, respectively, which
represents a sizeable discount to the Peer Group averages overall and which
continue to reflect the weakness in the new issue market.
Summary of Adjustments
Substantially all the factors considered in this Update are the same
as the First Update and, accordingly, there are no changes in the majority of
valuation parameters. The general market for thrift stocks has increased as
indicated by the increase in the SNL Thrift Index and the SNL MHC Index since
the date of the First Update, and the two publicly traded mutual holding
companies which have recently issued stock have also recovered slightly.
Accordingly, we believe the valuation adjustment for marketing of the issue
should be
RP Financial, LC.
Board of Directors
November 6, 1998
Page 4
changed from the significant downward adjustment as set forth in the First
Update to just a moderate downward adjustment.
Table 2
Revere Federal Savings
Valuation Adjustments
Previous Current Change in
Key Valuation Parameters Valuation Adjustment Valuation Adjustment
- ------------------------ -------------------- --------------------
Financial Condition No Adjustment No Change
Profitability, Growth and Viability of Earnings Moderate Downward No Change
Asset Growth No Adjustment No Change
Primary Market Area No Adjustment No Change
Dividends Slight Downward No Change
Liquidity of the Shares Slight Downward No Change
Marketing of the Issue Significant Downward Moderate Downward
Management No Adjustment No Change
Effect of Government Regul. & Reg. Reform No Adjustment No Change
Overall, taking into account the foregoing factors, we believe that an
increase in the Bank's valuation ratios on a fully converted basis are
appropriate. Our valuation conclusion continues to reflect the weaker market for
thrift issues since the date of the Original Appraisal but, also we believe,
reflects the recent recovery in the market for thrift issues since the First
Update.
Valuation Approaches
- --------------------
In applying the accepted valuation methodology promulgated by the OTS,
i.e., the pro forma market value approach, we considered the three key pricing
ratios in valuing Revere Federal's to-be-issued stock -- price/earnings ("P/E"),
price/book ("P/B"), and price/assets ("P/A") approaches -- all performed on a
pro forma basis including the effects of the conversion proceeds. In computing
the pro forma impact of the conversion and the related pricing ratios, the
valuation parameters for reinvestment rate, offering expenses and stock benefit
plan assumptions utilized in the Original Appraisal and First Update did not
change in this update. The effective tax rate was reduced from 41 percent to 39
percent to match the offering documents. Thrift industry stock price information
is presented in Exhibit 1, while the pro assumptions for Revere Federal's
offering (full conversion basis and minority offering basis) are summarized in
Exhibits 2 and 4.
Consistent with the Original Appraisal and First Update, this Update
continues to be based primarily on fundamental analysis techniques applied to
the Peer Group, including the P/E approach, the P/B approach and the P/A
approach. Also consistent with the First Update, this updated appraisal also
incorporates a technical analysis of recently completed stock conversions,
including principally the P/B approach which (as discussed in the Original
Appraisal and First Update) is the most meaningful pricing ratio as the pro
forma P/E ratios reflect an assumed reinvestment rate and do not yet reflect the
actual use of proceeds.
Based on the foregoing, we have concluded that the pro forma market value
range of Revere Federal's stock is subject to an increase. Therefore, as of
November 6, 1998, RP Financial concluded that the pro forma market value of
Revere Federal's stock as a mutual holding company on a fully-converted basis is
equal to
RP Financial, LC.
Board of Directors
November 6, 1998
Page 5
$7,500,000 which represents an increase from the midpoint valuation of
$6,250,000 concluded in the First Update. This increase is attributable to the
increase in pricing for thrifts and MHCs generally. The change in pricing ratios
tracks generally to the changes in the pricing ratios for the Peer Group (fully
converted basis) since the Original Appraisal. For example:
o P/TB Ratios Since Original Appraisal. The valuation conclusion
represents a 10.7 percent reduction in P/TB ratios since the Original
Appraisal versus a reduction in the Peer Group P/TB ratios of 8.9
percent (from 95.14 percent at August 21, 1998 to 86.64 percent
currently) and a reduction in the newly converted thrifts of 27.9
percent (from 91.9 percent at August 21, 1998 to 66.25 percent
currently); and,
o P/CORE Ratios Since Original Appraisal. The valuation conclusion
represents a 10.0 percent reduction in P/CORE ratios since the
Original Appraisal versus a change in the Peer Group P/CORE ratios of
0.6 percent (from 20.38 times at August 21, 1998 to 20.60 times
currently) and a reduction in the newly converted thrifts of 23.9
percent (from 22.28 times at August 21, 1998 to 16.96 times
currently).
The Bank has adopted Statement of Position ("SOP" 93-6) which will cause
earnings per share computations to be based on shares issued and outstanding
excluding shares owned by an ESOP where there is not a commitment to release
such shares. For the purpose of preparing the pro forma pricing tables and
exhibits, we have reflected all shares issued in the offering including shares
purchased by the ESOP as outstanding to capture the full dilutive impact of such
stock to the Bank's shareholders. However, we have considered the impact of the
Bank's adoption of SOP 93-6 in the determination of Revere Federal's pro forma
value.
1. P/E Approach. In applying the P/E approach, RP Financial's
valuation conclusions were based on the Bank's and the Peer Group's recurring or
"core" earnings estimates. Revere Federal's reported earnings for the twelve
months ended September 30, 1998 equaled $291,000. In the First Update, no
adjustments were made to the Bank's reported earnings, and similarly, no
adjustments were made in this Update. Exhibit 6 provides the adjustments applied
to the Peer Group's earnings in the calculation of core earnings.
Based on Revere Federal's reported earnings, and incorporating the
impact of the pro forma assumptions discussed previously, the Bank's core P/E
multiple at the $7.500 million midpoint value (full conversion) equaled 17.87
times (versus the 15.79 times midpoint valuation in the First Update).
Comparatively, the Peer Group posted an average core P/E multiple of 20.60 times
(fully converted basis), which indicated a discount of 13.3 percent in the
Bank's core P/E multiple (versus a discount of 20.9 percent as indicated in the
First Update). In addition, the pro forma P/CORE multiple at the midpoint of
17.87 is discounted by just 2.4 percent relative to the average of the current
P/CORE multiples of Sound Bancorp and West Essex Bancorp (of 18.32 percent) as
of November 6, 1998. (We consider this discount to be reasonable in light of the
smaller, less liquid nature of Revere's offering relative to the two recent
MHCs). The implied conversion pricing ratios relative to the Peer Group's
pricing ratios are indicated in Table 3, and the updated pro forma calculations
are detailed in Exhibits 2 and 3.
2. P/B Approach. P/B ratios have generally served as a useful
benchmark in the valuation of thrift stocks, with the greater determinant of
long term value being earnings. Based on the midpoint value, Revere Federal's
pro forma full conversion P/B ratio was 59.31 percent (versus the 54.13 percent
midpoint valuation in the First Update). Relative to the average P/B ratio
indicated for the Peer Group of 85.29 percent (fully converted basis), Revere
Federal's updated valuation reflected a 30.5 percent discount relative to the
Peer Group (versus the 36.2 percent discount applied in the First Update). In
addition, the pro forma P/TB ratio at the
TABLE 3
PUBLIC MARKET PRICING
REVERE FS&LA OF REVERE, MA AND THE COMPARABLES
AS OF NOVEMBER 6, 1998
Market Per Share Data
Captialization -------------- Pricing Ratios(3)
---------------- Core Book -----------------
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E
-------- ------ ------ ----- ---
($) ($Mil) ($) ($) (X)
Revere FS&LA of Revere, MA
- --------------------------
Superrange ............................................ 10.00 $ 9.92 0.47 14.87 21.34
Range Maximum ......................................... 10.00 8.63 0.51 15.79 19.57
Range Midpoint ........................................ 10.00 7.50 0.56 16.86 17.87
Range Minimum ......................................... 10.00 6.38 0.63 18.30 15.99
SAIF-Insured Thrifts(7)
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Averages .............................................. 16.33 151.57 0.91 13.26 17.58
Medians ............................................... -- -- -- -- 16.98
All Non-MHC State of MA(7)
- --------------------------
Averages .............................................. 16.82 108.94 0.88 14.77 15.72
Medians ............................................... -- -- -- -- 12.73
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
Averages .............................................. 14.24 235.89 0.71 16.43 19.55
Medians ............................................... -- -- -- -- 18.97
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
ALLB Alliance Bank MHC of PA (19.9) ................... 13.63 46.61 0.89 18.90 15.31
BCSB BCSB Bankcorp MHC of MD (38.6) ................... 10.13 62.22 0.52 12.65 19.48
BRKL Brookline Bncp MHC of MA (47.0) .................. 12.63 368.49 0.69 15.25 17.79
FFFL Fidelity Bcsh MHC of FL (47.9) ................... 23.00 167.67 1.20 23.42 16.31
SBFL Fingr Lakes Fin.MHC of NY (33.1) ................. 11.50 41.29 0.43 12.94 23.47
GBNK Gaston Fed Bncp MHC of NC (47.0) ................. 14.44 65.15 0.50 15.76 27.25
HARS Harris Fin. MHC of PA (24.9) ..................... 16.75 645.34 0.68 16.26 20.68
JXSB Jcksnville SB,MHC of IL (45.6) ................... 13.25 26.24 0.50 15.93 18.93
LFED Leeds Fed Bksr MHC of MD (36.3) .................. 15.00 83.58 0.86 17.41 17.44
LIBB Liberty Bancorp MHC of NJ (47) ................... 9.75 38.03 0.51 13.20 19.12
NBCP Niagara Bancorp of NY MHC (45.4) ................. 11.38 339.20 0.61 14.12 24.74
NWSB Northwest Bcrp MHC of PA (30.8) .................. 12.00 579.22 0.66 12.09 17.91
PBHC Pathfinder BC MHC of NY (45.2) ................... 10.75 29.93 0.60 13.64 15.81
PBCT Peoples Bank, MHC of CT (41.2) ................... 28.50 2164.32 1.32 26.93 15.08
PHSB Ppls Home SB, MHC of PA (45.0) ................... 14.63 41.71 0.75 17.83 18.29
PLSK Pulaski SB, MHC of NJ (47.0) ..................... 11.38 24.64 0.63 15.76 18.97
SKBOD Skibo Fin Corp MHC of PA (45.0) ................. 12.13 42.95 0.51 14.32 26.37
SFFS Sound Bancorp MHC of NY (44.1) ................... 10.00 52.13 0.78 14.83 12.82
WAYN Wayne Svgs Bks MHC of OH (48.2) .................. 21.25 53.93 0.94 19.43 21.04
WCFB Wbstr Cty FSB MHC of IA (45.6) ................... 17.00 39.03 0.85 18.56 20.00
WEBK West Essex MHC of NJ (42.2) ...................... 10.00 42.07 0.42 15.73 23.81
Dividends(4)
Pricing Ratios(3) ----------------------------
----------------- Amount/ Payout
P/B P/A P/TB P/CORE Share Yield Ratio(5)
--- --- ---- ------ ----- ----- --------
Revere FS&LA of Revere, MA
- --------------------------
Superrange ............................................ 67.26 10.15 67.26 21.34 0.00 0.00 0.00
Range Maximum ......................................... 63.31 8.93 63.31 19.57 0.00 0.00 0.00
Range Midpoint ........................................ 59.31 7.84 59.31 17.87 0.00 0.00 0.00
Range Minimum ......................................... 54.64 6.74 54.64 15.99 0.00 0.00 0.00
SAIF-Insured Thrifts(7)
- -----------------------
Averages .............................................. 128.99 16.24 134.50 18.25 0.33 2.03 33.76
Medians ............................................... 118.14 14.92 121.79 17.85 -- -- --
All Non-MHC State of MA(7)
- --------------------------
Averages .............................................. 113.57 9.28 115.77 19.66 0.30 1.74 33.36
Medians ............................................... 141.59 14.83 149.02 14.30 -- -- --
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
Averages .............................................. 85.49 19.51 86.64 20.60 0.32 1.94 34.73
Medians ............................................... 83.18 18.99 84.71 19.48 -- -- --
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
ALLB Alliance Bank MHC of PA (19.9) ................... 72.12 14.84 72.12 15.31 0.36 2.64 40.45
BCSB BCSB Bankcorp MHC of MD (38.6) ................... 80.08 20.28 80.08 19.48 0.00 0.00 0.00
BRKL Brookline Bncp MHC of MA (47.0) .................. 82.82 36.67 82.82 18.30 0.20 1.58 28.99
FFFL Fidelity Bcsh MHC of FL (47.9) ................... 98.21 10.83 99.70 91.17 1.00 4.35 NM
SBFL Fingr Lakes Fin.MHC of NY (33.1) ................. 88.87 13.79 88.87 26.74 0.24 2.09 55.81
GBNK Gaston Fed Bncp MHC of NC (47.0) ................. 91.62 28.01 91.62 28.88 0.20 1.39 40.00
HARS Harris Fin. MHC of PA (24.9) ..................... 103.01 22.60 106.01 24.63 0.22 1.31 32.35
JXSB Jcksnville SB,MHC of IL (45.6) ................... 83.18 14.59 83.18 26.50 0.30 2.26 60.00
LFED Leeds Fed Bksr MHC of MD (36.3) .................. 86.16 23.85 86.16 17.44 0.56 3.73 65.12
LIBB Liberty Bancorp MHC of NJ (47) ................... 73.86 14.31 73.86 19.12 0.00 0.00 0.00
NBCP Niagara Bancorp of NY MHC (45.4) ................. 80.59 21.32 80.59 18.66 0.12 1.05 19.67
NWSB Northwest Bcrp MHC of PA (30.8) .................. 99.26 19.78 103.18 18.18 0.16 1.33 24.24
PBHC Pathfinder BC MHC of NY (45.2) ................... 78.81 14.08 86.69 17.92 0.20 1.86 33.33
PBCT Peoples Bank, MHC of CT (41.2) ................... 105.83 20.03 113.59 21.59 0.92 3.23 69.70
PHSB Ppls Home SB, MHC of PA (45.0) ................... 82.05 16.14 82.05 19.51 0.28 1.91 37.33
PLSK Pulaski SB, MHC of NJ (47.0) ..................... 72.21 12.14 72.21 18.06 0.30 2.64 47.62
SKBOD Skibo Fin Corp MHC of PA (45.0) ................. 84.71 24.99 84.71 23.78 0.20 1.65 39.22
SFFS Sound Bancorp MHC of NY (44.1) ................... 67.43 17.42 67.43 12.82 0.00 0.00 0.00
WAYN Wayne Svgs Bks MHC of OH (48.2) .................. 109.37 18.99 109.37 22.61 0.62 2.92 65.96
WCFB Wbstr Cty FSB MHC of IA (45.6) ................... 91.59 33.36 91.59 20.00 0.80 4.71 NM
WEBK West Essex MHC of NJ (42.2) ...................... 63.57 11.77 63.57 23.81 0.00 0.00 0.00
Financial Characteristics(6)
------------------------------------------------------------------
Reported Core
Total Equity/ NPAs/ -------------- --------------
Assets Assets Assets ROA ROE ROA ROE
------ ------ ------ --- --- --- ---
($Mil) (%) (%) (%) (%) (%) (%)
Revere FS&LA of Revere, MA
- --------------------------
Superrange ............................................ 98 15.09 0.20 0.48 3.15 0.48 3.15
Range Maximum ......................................... 97 14.10 0.21 0.46 3.23 0.46 3.23
Range Midpoint ........................................ 96 13.22 0.21 0.44 3.32 0.44 3.32
Range Minimum ......................................... 95 12.33 0.21 0.42 3.42 0.42 3.42
SAIF-Insured Thrifts(7)
- -----------------------
Averages .............................................. 1,127 13.66 0.60 0.90 7.72 0.86 7.26
Medians ............................................... -- -- -- -- -- -- --
All Non-MHC State of MA(7)
- --------------------------
Averages .............................................. 1,175 8.20 0.27 0.63 7.09 0.51 5.66
Medians ............................................... -- -- -- -- -- -- --
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
Averages .............................................. 1,171 22.91 0.57 1.06 4.70 1.02 4.44
Medians ............................................... -- -- -- -- -- -- --
Publicly-Traded MHC Institutions, Full Conversion Basis
- -------------------------------------------------------
ALLB Alliance Bank MHC of PA (19.9) ................... 314 20.57 0.89 1.01 4.77 1.01 4.77
BCSB BCSB Bankcorp MHC of MD (38.6) ................... 307 25.32 0.34 1.04 4.11 1.04 4.11
BRKL Brookline Bncp MHC of MA (47.0) .................. 1,005 44.28 0.33 2.27 5.82 2.21 5.66
FFFL Fidelity Bcsh MHC of FL (47.9) ................... 1,549 11.02 0.27 0.80 6.14 0.68 5.22
SBFL Fingr Lakes Fin.MHC of NY (33.1) ................. 299 15.51 0.50 0.64 3.84 0.56 3.37
GBNK Gaston Fed Bncp MHC of NC (47.0) ................. 233 30.57 0.50 1.02 4.34 0.97 4.10
HARS Harris Fin. MHC of PA (24.9) ..................... 2,855 21.94 0.65 1.16 5.05 0.97 4.24
JXSB Jcksnville SB,MHC of IL (45.6) ................... 180 17.54 0.79 0.77 4.44 0.55 3.17
LFED Leeds Fed Bksr MHC of MD (36.3) .................. 350 27.68 0.83 1.41 4.99 1.41 4.99
LIBB Liberty Bancorp MHC of NJ (47) ................... 266 19.37 0.38 0.74 3.89 0.74 3.89
NBCP Niagara Bancorp of NY MHC (45.4) ................. 1,591 26.45 0.26 0.94 4.01 1.25 5.32
NWSB Northwest Bcrp MHC of PA (30.8) .................. 2,928 19.93 0.52 1.22 5.64 1.20 5.56
PBHC Pathfinder BC MHC of NY (45.2) ................... 213 17.87 1.40 0.90 5.05 0.80 4.45
PBCT Peoples Bank, MHC of CT (41.2) ................... 10,807 18.92 0.59 1.44 7.24 1.01 5.06
PHSB Ppls Home SB, MHC of PA (45.0) ................... 258 19.67 0.21 0.94 4.54 0.88 4.26
PLSK Pulaski SB, MHC of NJ (47.0) ..................... 203 16.82 0.62 0.66 3.87 0.69 4.06
SKBOD Skibo Fin Corp MHC of PA (45.0) ................. 172 29.51 0.59 0.94 3.21 1.05 3.56
SFFS Sound Bancorp MHC of NY (44.1) ................... 299 25.84 0.52 1.36 5.26 1.36 5.26
WAYN Wayne Svgs Bks MHC of OH (48.2) .................. 284 17.37 NA 0.91 5.26 0.85 4.89
WCFB Wbstr Cty FSB MHC of IA (45.6) ................... 117 36.42 0.07 1.70 4.62 1.70 4.62
WEBK West Essex MHC of NJ (42.2) ...................... 357 18.52 1.10 0.49 2.67 0.49 2.67
- ------
(1) Current stock price of minority stock. Average of High/Low or Bid/Ask price
per share.
(2) EPS (estimated core earnings) is based on reported trailing twelve month
data, adjusted to omit non-operating gains and losses (including the SAIF
assessment) on a tax effected basis. ??? data reflects additional earnings
from reinvestment of proceeds of second step conversion.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB =
Price to Tangible Book; and P/CORE = Price to Core Earnings. Ratios are pro
forma assuming a second step conversion.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
estimated core earnings (earnings adjusted to reflect second step
conversion).
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month earnings and average equity and assets
balances.
(7) Excludes from averages and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
(8) Figures estimated by RP Financial to reflect a second step conversion of
the MHC to full stock form.
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been
obtained from sources we believe are reliable, but we cannot guarantee
the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Board of Directors
November 6, 1998
Page 7
midpoint of 59.31 is discounted by 9.5 percent relative to the average of the
current trading prices of Sound Bancorp and West Essex Bancorp (of 65.50
percent) as of November 6, 1998. (We consider this discount to be reasonable in
light of the smaller, less liquid nature of Revere's offering relative to the
two recent MHCs).
3. P/A Approach. While generally less emphasized than the other
pricing ratios, the P/A ratio is an indicator of franchise value and investors
typically place significantly greater weight on book value and earnings. At the
$7.500 million midpoint of the valuation range, Revere Federal's P/A ratio
equaled 7.84 percent versus the Peer Group's average P/A ratio (fully converted
basis) of 19.51 percent.
Summary
- -------
Based on the foregoing, we have concluded that Revere Federal's
estimated pro forma market value should be increased from the level in the First
Update. Accordingly, it is our opinion, as of November 6, 1998, the estimated
aggregate pro forma market value of the offering shares in a full stock
conversion was $7,500,000 at the midpoint, equal to 750,000 shares offered at a
per share value of $10.00. Pursuant to conversion guidelines, the 15 percent
offering range indicates a minimum offering value of $6,375,000, and a maximum
offering value of $8,625,000. Based on the $10.00 per share offering price
determined by the Board, this valuation range equates to an offering of 637,500
shares at the minimum to 862,500 shares at the maximum. In the event that the
appraised value is subject to an increase, up to 991,875 shares may be sold in
the offering at an issue price of $10.00 per share, for an aggregate market
value of $9,918,750, without a resolicitation.
The Board of Directors has established a public offering range such
that the public ownership of the Holding Company will constitute a 47 percent
ownership interest. Accordingly, the offering range to the public of the
minority stock will range from $2,996,250 at the minimum, to $3,525,000 at the
midpoint, $4,053,750 at the maximum and $4,661,812 at the supermaximum of the
valuation range, all based on a $10.00 per share offering price. The pro forma
valuation calculations relative to the Peer Group (fully converted basis) are
shown in Table 3 and are detailed in Exhibit 2 and Exhibit 3; the pro forma
valuation calculations relative to the Peer Group based on reported financials
are shown in Table 4 and are detailed in Exhibits 4 and 5.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ William E. Pommerening
William E. Pommerening
Chief Executive Officer
/s/ James J. Oren
James J. Oren
Senior Vice President
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
TABLE 4
PUBLIC MARKET PRICING
REVERE FS&LA OF REVERE, MA AND THE COMPARABLES
AS OF NOVEMBER 6, 1998
Market Per Share Data
Captialization ------------------
----------------- Core Book Pricing Ratios(3)
Price/ Market 12-Mth Value/ --------------
Share(1) Value EPS(2) Share P/E P/B
-------- ------ ------ ----- --- ---
($) ($Mil) ($) ($) (X) (%)
Revere FS&LA of Revere, MA
- --------------------------
Superrange .................................. 10.00 $ 4.66 0.37 10.10 27.35 98.98
Range Maximum ............................... 10.00 4.05 0.41 11.01 24.54 90.79
Range Midpoint .............................. 10.00 3.53 0.46 12.06 21.94 82.90
Range Minimum ............................... 10.00 3.00 0.52 13.48 19.19 74.17
SAIF-Insured Thrifts ........................ 16.33 151.57 0.91 13.26 17.58 128.99
Special Selection Grouping (8) .............. 14.24 84.59 0.50 9.20 23.83 159.39
State of MA ................................. 18.28 82.70 1.21 13.34 14.25 147.10
Comparable Group
- ----------------
Special Comparative Group (8)
- -----------------------------
ALLB Alliance Bank MHC of PA (19.9) ......... 13.63 8.86 0.60 9.24 22.72 147.51
BCSB BCSB Bankcorp MHC of MD (38.6) ......... 10.13 23.92 0.36 7.28 28.14 139.15
BRKL Brookline Bncp MHC of MA (47.0) ........ 12.63 172.72 0.51 9.47 23.83 133.37
CMSV Commty. Svgs, MHC of FL (48.5)(7) ...... 22.88 56.51 0.93 16.29 22.65 140.45
FFFL Fidelity Bcsh MHC of FL (47.9) ......... 23.00 74.98 0.92 13.28 20.00 173.19
SBFL Fingr Lakes Fin.MHC of NY (33.1) ....... 11.50 13.57 0.23 6.28 NM 183.12
FFSX First FSB MHC Sxld of IA (46.3)(7) ..... 22.25 29.21 1.17 14.77 18.54 150.64
GBNK Gaston Fed Bncp MHC of NC (47.0) ....... 14.44 30.51 0.30 9.14 NM 157.99
HARS Harris Fin. MHC of PA (24.9) ........... 16.75 141.40 0.38 5.65 NM 296.46
JXSB Jcksnville SB,MHC of IL (45.6) ......... 13.25 11.51 0.30 9.41 26.50 140.81
LFED Leeds Fed Bksr MHC of MD (36.3) ........ 15.00 28.25 0.64 9.49 23.44 158.06
LIBB Liberty Bancorp MHC of NJ (47) ......... 9.75 17.88 0.37 8.76 26.35 111.30
NBCP Niagara Bancorp of NY MHC (45.4) ....... 11.38 153.65 0.45 8.76 NM 129.91
NWSB Northwest Bcrp MHC of PA (30.8) ........ 12.00 173.26 0.44 4.65 26.67 258.06
PBHC Pathfinder BC MHC of NY (45.2) ......... 10.75 13.75 0.45 8.61 20.28 124.85
PBCT Peoples Bank, MHC of CT (41.2) ......... 28.50 787.54 1.00 13.36 17.07 213.32
PHSB Ppls Home SB, MHC of PA (45.0) ......... 14.63 18.17 0.53 10.62 25.22 137.76
PULB Pulaski Bk, SB MHC of MO (29.8)(7) ..... 19.25 12.01 0.78 11.70 20.26 164.53
PLSK Pulaski SB, MHC of NJ (47.0) ........... 11.38 11.27 0.48 10.68 25.29 106.55
SKBOD Skibo Fin Corp MHC of PA (45.0) ....... 12.13 12.55 0.29 7.09 NM 171.09
SFFS Sound Bancorp MHC of NY (44.1) ......... 10.00 22.99 0.63 10.02 15.87 99.80
WAYN Wayne Svgs Bks MHC of OH (48.2) ........ 21.25 25.44 0.66 9.94 29.11 213.78
WCFB Wbstr Cty FSB MHC of IA (45.6) ......... 17.00 16.35 0.63 10.75 26.98 158.14
WEBK West Essex MHC of NJ (42.2) ............ 10.00 17.73 0.27 10.76 NM 92.94
Dividends(4)
Pricing Ratios(3) --------------------------
-------------------------- Amount/ Payout
P/A P/TB P/CORE Share Yield Ratio(5)
--- ---- ------ ----- ----- --------
Revere FS&LA of Revere, MA
- --------------------------
Superrange .................................. 10.66 98.98 27.35 0.00 0.00 0.00 93 10.77
Range Maximum ............................... 9.33 90.79 24.54 0.00 0.00 0.00 92 10.27
Range Midpoint .............................. 8.15 82.90 21.94 0.00 0.00 0.00 92 9.83
Range Minimum ............................... 6.96 74.17 19.19 0.00 0.00 0.00 92 9.39
SAIF-Insured Thrifts ........................ 16.24 134.50 18.25 0.33 2.03 33.76 1,127 13.66
Special Selection Grouping (8) .............. 21.27 165.43 24.97 0.32 1.94 13.85 1,039 14.16
State of MA ................................. 15.43 152.07 16.09 0.39 2.09 29.96 629 11.37
Comparable Group
- ----------------
Special Comparative Group (8)
- -----------------------------
ALLB Alliance Bank MHC of PA (19.9) ......... 15.95 147.51 22.72 0.36 2.64 11.91 280 10.81
BCSB BCSB Bankcorp MHC of MD (38.6) ......... 22.64 139.15 28.14 0.00 0.00 0.00 274 16.27
BRKL Brookline Bncp MHC of MA (47.0) ........ 43.99 133.37 24.76 0.20 1.58 18.43 835 32.99
CMSV Commty. Svgs, MHC of FL (48.5)(7) ...... 15.24 140.45 24.60 0.90 3.93 NM 766 10.85
FFFL Fidelity Bcsh MHC of FL (47.9) ......... 10.65 178.29 25.00 1.00 4.35 NM 1,468 6.15
SBFL Fingr Lakes Fin.MHC of NY (33.1) ....... 14.91 183.12 NM 0.24 2.09 NM 275 8.14
FFSX First FSB MHC Sxld of IA (46.3)(7) ..... 11.48 186.97 19.02 0.48 2.16 18.93 552 7.62
GBNK Gaston Fed Bncp MHC of NC (47.0) ....... 32.05 157.99 NM 0.20 1.39 31.32 203 20.28
HARS Harris Fin. MHC of PA (24.9) ........... 23.52 326.51 NM 0.22 1.31 14.38 2,421 7.93
JXSB Jcksnville SB,MHC of IL (45.6) ......... 15.20 140.81 NM 0.30 2.26 NM 166 10.80
LFED Leeds Fed Bksr MHC of MD (36.3) ........ 25.75 158.06 23.44 0.56 3.73 NM 303 16.29
LIBB Liberty Bancorp MHC of NJ (47) ......... 15.31 111.30 26.35 0.00 0.00 0.00 248 13.75
NBCP Niagara Bancorp of NY MHC (45.4) ....... 23.66 129.91 25.29 0.12 1.05 12.10 1,431 18.22
NWSB Northwest Bcrp MHC of PA (30.8) ........ 21.95 287.08 27.27 0.16 1.33 11.20 2,563 8.50
PBHC Pathfinder BC MHC of NY (45.2) ......... 14.85 146.26 23.89 0.20 1.86 20.78 198 11.89
PBCT Peoples Bank, MHC of CT (41.2) ......... 19.01 254.69 28.50 0.92 3.23 NM 9,619 8.91
PHSB Ppls Home SB, MHC of PA (45.0) ......... 17.04 137.76 27.60 0.28 1.91 23.77 237 12.37
PULB Pulaski Bk, SB MHC of MO (29.8)(7) ..... 22.08 164.53 24.68 1.10 5.71 NM 184 13.42
PLSK Pulaski SB, MHC of NJ (47.0) ........... 12.54 106.55 23.71 0.30 2.64 29.35 191 11.77
SKBOD Skibo Fin Corp MHC of PA (45.0) ....... 28.74 171.09 NM 0.20 1.65 20.69 146 16.80
SFFS Sound Bancorp MHC of NY (44.1) ......... 19.02 99.80 15.87 0.00 0.00 0.00 274 19.05
WAYN Wayne Svgs Bks MHC of OH (48.2) ........ 20.37 213.78 NM 0.62 2.92 NM 259 9.53
WCFB Wbstr Cty FSB MHC of IA (45.6) ......... 37.01 158.14 26.98 0.80 4.71 NM 97 23.41
WEBK West Essex MHC of NJ (42.2) ............ 12.48 92.94 NM 0.00 0.00 0.00 336 13.43
Financial Characteristics(6)
-----------------------------------------------
Reported Core
NPAs/ -------------- --------------
Assets ROA ROE ROA ROE
------ --- --- --- ---
(%) (%) (%) (%) (%)
Revere FS&LA of Revere, MA
Superrange .................................. 0.21 0.39 3.62 0.39 3.62
Range Maximum ............................... 0.22 0.38 3.70 0.38 3.70
Range Midpoint .............................. 0.22 0.37 3.78 0.37 3.78
Range Minimum ............................... 0.22 0.36 3.86 0.36 3.86
SAIF-Insured Thrifts ........................ 0.60 0.90 7.72 0.86 7.??
Special Selection Grouping (8) .............. 0.57 0.83 6.49 0.78 5.88
State of MA ................................. 0.37 1.17 12.13 1.06 10.67
Comparable Group
Special Comparative Group (8)
ALLB Alliance Bank MHC of PA (19.9) ......... 0.89 0.73 6.67 0.73 6.67
BCSB BCSB Bankcorp MHC of MD (38.6) ......... 0.34 0.80 4.95 0.80 4.95
BRKL Brookline Bncp MHC of MA (47.0) ........ 0.33 2.07 8.28 2.00 7.97
CMSV Commty. Svgs, MHC of FL (48.5)(7) ...... 0.27 0.70 6.35 0.65 5.85
FFFL Fidelity Bcsh MHC of FL (47.9) ......... 0.27 0.65 8.98 0.52 7.18
SBFL Fingr Lakes Fin.MHC of NY (33.1) ....... 0.50 0.41 4.75 0.33 3.76
FFSX First FSB MHC Sxld of IA (46.3)(7) ..... 0.34 0.68 8.43 0.66 8.22
GBNK Gaston Fed Bncp MHC of NC (47.0) ....... 0.50 0.73 5.92 0.66 5.39
HARS Harris Fin. MHC of PA (24.9) ........... 0.65 0.80 9.83 0.57 7.05
JXSB Jcksnville SB,MHC of IL (45.6) ......... 0.79 0.57 5.41 0.34 3.24
LFED Leeds Fed Bksr MHC of MD (36.3) ........ 0.83 1.13 6.89 1.13 6.89
LIBB Liberty Bancorp MHC of NJ (47) ......... 0.38 0.57 4.26 0.57 4.26
NBCP Niagara Bancorp of NY MHC (45.4) ....... 0.26 0.69 4.92 1.04 7.38
NWSB Northwest Bcrp MHC of PA (30.8) ........ 0.52 0.92 10.14 0.90 9.91
PBHC Pathfinder BC MHC of NY (45.2) ......... 1.40 0.74 6.28 0.63 5.33
PBCT Peoples Bank, MHC of CT (41.2) ......... 0.59 1.22 13.50 0.73 8.08
PHSB Ppls Home SB, MHC of PA (45.0) ......... 0.21 0.72 5.58 0.66 5.10
PULB Pulaski Bk, SB MHC of MO (29.8)(7) ..... 0.98 1.11 8.38 0.91 6.88
PLSK Pulaski SB, MHC of NJ (47.0) ........... 0.62 0.51 4.32 0.54 4.61
SKBOD Skibo Fin Corp MHC of PA (45.0) ....... 0.59 0.57 3.38 0.68 4.08
SFFS Sound Bancorp MHC of NY (44.1) ......... 0.52 1.20 6.29 1.20 6.29
WAYN Wayne Svgs Bks MHC of OH (48.2) ........ NA 0.71 7.52 0.64 6.80
WCFB Wbstr Cty FSB MHC of IA (45.6) ......... 0.07 1.40 5.95 1.40 5.95
WEBK West Essex MHC of NJ (42.2) ............ 1.10 0.34 2.51 0.34 2.51
- ------
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB =
Price to tangible book value; and P/CORE = Price to estimated core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month earnings and average equity and assets balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes MHC Institutions;
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBITS
RP Financial, LC.
LIST OF EXHIBITS
Exhibit
Number Description
------- -----------
1 Stock Prices: As of November 6, 1998
2 Pro Forma Analysis Sheet: Fully Converted Basis
3 Pro Forma Effect of Conversion Proceeds: Fully Converted Basis
4 Pro Forma Analysis Sheet: Minority Stock Offering
5 Pro Forma Effect of Conversion Proceeds: Minority Stock Offering
6 Peer Group Core Earnings Analysis
7 Firm Qualifications Statement
EXHIBIT 1
Stock Prices: As of November 6, 1998
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
---------------------------------------------
SAIF-Insured Thrifts(274) 16.51 7,778 159.2 22.96 13.75 16.12 2.26 -7.91 -14.84
NYSE Traded Companies(7) 30.61 42,346 1,495.2 44.18 22.62 28.68 9.75 -21.66 -24.52
AMEX Traded Companies(22) 14.45 3,367 46.4 20.86 12.51 14.02 2.68 -12.19 -19.17
NASDAQ Listed OTC Companies(245) 16.31 7,248 133.6 22.58 13.62 15.98 2.03 -7.15 -14.19
California Companies(17) 21.32 14,436 527.8 30.40 16.52 20.12 6.48 -17.84 -21.95
Florida Companies(5) 11.74 30,056 344.6 20.58 8.56 11.28 3.76 -27.31 -32.08
Mid-Atlantic Companies(52) 16.28 11,579 186.4 23.28 13.32 15.73 3.58 -9.08 -16.44
Mid-West Companies(130) 16.15 5,671 113.3 22.10 13.86 15.86 1.78 -6.91 -14.06
New England Companies(7) 17.86 8,258 200.3 25.09 13.19 17.41 1.00 -11.04 -15.80
North-West Companies(11) 17.39 11,373 247.8 22.62 13.86 17.25 1.48 -0.87 -2.76
South-East Companies(41) 16.61 4,622 99.6 23.01 13.71 16.35 1.30 -4.04 -11.98
South-West Companies(6) 13.06 2,743 43.1 19.23 11.80 13.30 -2.13 -13.71 -24.76
Western Companies (Excl CA)(5) 16.25 2,133 37.1 22.05 14.44 15.85 3.05 -6.17 -18.10
Thrift Strategy(233) 16.01 5,189 93.9 22.13 13.55 15.69 1.95 -7.49 -14.24
Mortgage Banker Strategy(24) 20.72 22,735 588.4 29.06 16.01 20.09 2.72 -8.60 -18.58
Real Estate Strategy(7) 16.57 8,453 111.6 24.59 13.62 15.46 6.65 -7.28 -11.08
Diversified Strategy(7) 19.53 48,273 1,070.5 28.45 13.19 18.78 6.21 -20.00 -24.30
Retail Banking Strategy(3) 16.63 5,223 104.1 25.69 13.85 15.88 3.55 -11.11 -24.35
Companies Issuing Dividends(231) 17.08 7,754 169.1 23.52 14.28 16.69 2.28 -7.43 -14.63
Companies Without Dividends(43) 13.18 7,916 101.9 19.72 10.67 12.86 2.15 -10.77 -16.10
Equity/Assets less than 6%(16) 16.55 20,211 345.0 25.01 11.98 15.89 3.32 -17.09 -23.77
Equity/Assets 6-12%(124) 17.88 8,553 215.7 24.96 14.57 17.40 2.62 -7.60 -16.45
Equity/Assets greater than 12%(134) 15.24 5,550 84.6 20.87 13.21 14.98 1.81 -7.06 -12.27
Actively Traded Companies(28) 23.90 29,804 809.7 32.49 18.84 23.25 2.73 -9.24 -17.45
Market Value Below $20 Million(62) 12.40 1,194 13.9 17.90 11.02 12.22 1.36 -14.75 -20.40
Holding Company Structure(247) 16.79 7,686 162.7 23.37 14.00 16.39 2.33 -8.29 -14.95
Assets Over $1 Billion(55) 20.63 25,967 586.7 28.74 15.44 19.79 4.12 -7.72 -15.15
Assets $500 Million-$1 Billion(37) 18.19 5,662 95.3 25.13 14.92 17.62 3.37 -8.72 -15.77
Assets $250-$500 Million(63) 16.72 3,684 57.4 22.82 14.28 16.38 2.51 -2.97 -9.96
Assets less than $250 Million(119) 13.92 1,697 23.1 19.60 12.33 13.79 0.92 -10.15 -16.77
Goodwill Companies(112) 17.29 13,975 266.9 24.41 13.83 16.68 3.46 -8.47 -15.97
Non-Goodwill Companies(160) 15.91 3,458 84.4 21.88 13.65 15.67 1.50 -7.59 -14.03
Acquirors of FSLIC Cases(7) 33.29 33,613 1,497.2 43.53 26.84 32.34 1.67 -10.43 -15.15
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
---------------------------------------------
SAIF-Insured Thrifts(274) 1.00 0.94 13.56 13.09 123.64
NYSE Traded Companies(7) 2.09 1.80 19.18 18.53 242.79
AMEX Traded Companies(22) 0.83 0.80 14.50 14.20 118.98
NASDAQ Listed OTC Companies(245) 0.98 0.93 13.33 12.84 120.88
California Companies(17) 1.63 1.48 17.06 16.32 235.48
Florida Companies(5) 0.66 0.45 9.41 8.62 103.68
Mid-Atlantic Companies(52) 1.09 1.03 13.19 12.42 142.11
Mid-West Companies(130) 0.90 0.87 13.42 13.10 109.50
New England Companies(7) 1.26 1.13 13.94 13.33 187.82
North-West Companies(11) 0.99 0.92 13.25 12.05 104.05
South-East Companies(41) 0.95 0.90 13.42 13.21 96.56
South-West Companies(6) 0.96 0.93 12.74 12.34 157.37
Western Companies (Excl CA)(5) 0.96 0.94 16.05 15.22 103.87
Thrift Strategy(233) 0.94 0.90 13.69 13.31 115.18
Mortgage Banker Strategy(24) 1.23 1.18 13.55 12.10 185.99
Real Estate Strategy(7) 1.47 1.34 12.12 11.73 169.68
Diversified Strategy(7) 0.98 0.67 10.32 9.95 124.95
Retail Banking Strategy(3) 2.95 2.35 14.38 13.24 212.83
Companies Issuing Dividends(231) 1.05 0.98 13.82 13.34 122.40
Companies Without Dividends(43) 0.71 0.71 12.08 11.65 130.82
Equity/Assets less than 6%(16) 1.26 1.25 11.02 9.86 231.87
Equity/Assets 6-12%(124) 1.17 1.06 13.19 12.46 155.56
Equity/Assets greater than 12%(134) 0.81 0.79 14.20 14.05 81.11
Actively Traded Companies(28) 1.51 1.57 14.98 13.89 189.58
Market Value Below $20 Million(62) 0.76 0.69 12.65 12.54 94.82
Holding Company Structure(247) 1.00 0.95 13.75 13.26 124.55
Assets Over $1 Billion(55) 1.33 1.28 13.85 12.56 184.93
Assets $500 Million-$1 Billion(37) 1.09 1.02 13.57 12.96 140.05
Assets $250-$500 Million(63) 1.06 0.99 14.11 13.72 123.70
Assets less than $250 Million(119) 0.78 0.73 13.16 13.08 89.32
Goodwill Companies(112) 1.08 1.02 13.32 12.19 145.76
Non-Goodwill Companies(160) 0.93 0.89 13.80 13.80 108.53
Acquirors of FSLIC Cases(7) 2.97 2.83 21.52 20.53 252.04
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1996 or 1997.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHC)
--------------------------------------------
BIF-Insured Thrifts(56) 18.35 12,242 289.8 25.03 14.25 17.55 4.16 -5.94 -15.05
NYSE Traded Companies(5) 32.21 52,915 1,595.3 38.25 24.35 30.15 7.71 22.28 2.53
AMEX Traded Companies(5) 15.68 2,452 40.9 23.20 13.05 15.08 5.58 -14.35 -16.76
NASDAQ Listed OTC Companies(46) 16.99 8,476 161.0 23.65 13.16 16.32 3.55 -8.36 -16.98
California Companies(1) 16.44 7,610 125.1 24.00 9.00 15.25 7.80 -18.33 -14.60
Mid-Atlantic Companies(21) 20.79 21,457 576.4 26.50 15.31 19.91 4.13 2.59 -11.03
New England Companies(29) 17.86 7,289 133.5 24.96 14.19 16.98 4.87 -6.16 -13.59
North-West Companies(2) 13.22 5,865 78.2 19.13 12.22 13.25 -0.08 -25.40 -26.98
South-East Companies(3) 11.21 2,611 25.3 20.67 11.08 11.23 -0.25 -40.98 -45.33
Thrift Strategy(44) 18.39 8,308 210.3 24.88 14.38 17.64 3.86 -4.99 -13.89
Mortgage Banker Strategy(6) 19.92 28,158 680.3 27.80 15.58 18.74 6.00 -9.48 -21.36
Real Estate Strategy(2) 12.82 7,761 98.9 19.19 8.88 12.47 1.32 -14.90 -17.34
Diversified Strategy(4) 18.44 35,860 696.8 25.50 13.44 17.34 6.28 -5.53 -16.26
Companies Issuing Dividends(48) 18.85 11,696 254.2 25.76 14.75 18.05 4.31 -6.38 -15.99
Companies Without Dividends(8) 15.68 15,178 481.2 21.13 11.55 14.88 3.35 -3.56 -10.00
Equity/Assets less than 6%(3) 17.02 5,981 105.4 24.13 12.83 16.96 0.02 3.39 -14.67
Equity/Assets 6-12%(35) 18.88 11,846 264.6 25.64 14.44 17.85 5.70 -7.37 -14.20
Equity/Assets greater than 12%(18) 17.62 14,071 368.4 24.08 14.15 17.11 2.07 -4.98 -16.66
Converted Last 3 Mths (no MHC)(1) 9.50 5,357 50.9 10.25 8.88 10.00 -5.00 -5.00 -5.00
Actively Traded Companies(14) 22.88 20,220 481.7 30.78 18.25 22.07 3.15 -5.92 -14.95
Market Value Below $20 Million(6) 12.44 1,451 16.1 20.80 10.51 12.19 1.57 -21.71 -32.43
Holding Company Structure(43) 18.29 9,624 198.3 24.78 14.27 17.55 4.06 -4.24 -13.78
Assets Over $1 Billion(16) 25.33 33,062 862.1 31.80 18.26 24.01 5.98 5.13 -6.12
Assets $500 Million-$1 Billion(11) 20.14 5,781 97.1 27.17 15.72 19.25 4.15 -7.04 -14.74
Assets $250-$500 Million(15) 14.66 3,890 53.0 20.79 12.23 13.98 4.79 -7.85 -15.73
Assets less than $250 Million(14) 13.54 1,981 23.6 20.81 11.13 13.23 1.57 -15.26 -24.10
Goodwill Companies(28) 18.90 19,691 481.3 26.17 14.21 17.81 5.92 -4.31 -15.70
Non-Goodwill Companies(28) 17.86 5,622 119.6 24.03 14.29 17.32 2.59 -7.39 -14.46
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. BIF-Insured Thrifts(no MHC)
--------------------------------------------
BIF-Insured Thrifts(56) 1.25 1.20 13.10 12.55 124.73
NYSE Traded Companies(5) 1.93 1.93 21.83 19.18 134.82
AMEX Traded Companies(5) 1.23 1.16 12.69 12.33 114.60
NASDAQ Listed OTC Companies(46) 1.17 1.11 12.09 11.77 124.73
California Companies(1) 1.81 1.81 14.00 13.97 134.21
Mid-Atlantic Companies(21) 1.16 1.20 14.65 13.81 123.89
New England Companies(29) 1.37 1.22 12.42 11.98 133.13
North-West Companies(2) 1.17 1.08 9.82 9.82 93.47
South-East Companies(3) 0.63 0.87 11.04 10.85 74.90
Thrift Strategy(44) 1.21 1.18 13.72 13.25 122.17
Mortgage Banker Strategy(6) 1.52 1.25 11.89 11.18 147.61
Real Estate Strategy(2) 1.29 1.27 9.57 9.56 91.37
Diversified Strategy(4) 1.20 1.22 9.56 7.98 135.28
Companies Issuing Dividends(48) 1.29 1.22 13.03 12.63 130.15
Companies Without Dividends(8) 1.05 1.08 13.46 12.11 95.60
Equity/Assets less than 6%(3) 1.39 0.98 7.77 7.62 164.50
Equity/Assets 6-12%(35) 1.35 1.23 12.36 11.85 143.87
Equity/Assets greater than 12%(18) 1.03 1.17 15.39 14.70 82.80
Converted Last 3 Mths (no MHC)(1) 0.25 0.56 14.34 14.34 52.66
Actively Traded Companies(14) 1.86 1.68 15.33 14.57 155.08
Market Value Below $20 Million(6) 0.94 0.97 11.50 11.24 147.22
Holding Company Structure(43) 1.20 1.19 13.27 12.94 119.18
Assets Over $1 Billion(16) 1.64 1.60 14.76 13.36 140.30
Assets $500 Million-$1 Billion(11) 1.49 1.25 13.88 13.63 156.56
Assets $250-$500 Million(15) 1.07 1.03 12.10 11.89 106.58
Assets less than $250 Million(14) 0.87 0.90 11.87 11.73 108.01
Goodwill Companies(28) 1.31 1.18 13.05 11.88 139.99
Non-Goodwill Companies(28) 1.19 1.21 13.14 13.14 111.17
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1996 or 1997.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. MHC Institutions
---------------------------------
SAIF-Insured Thrifts(21) 13.80 9,308 45.6 21.28 10.91 13.25 4.12 -11.64 -13.35
BIF-Insured Thrifts(3) 16.88 32,213 318.3 28.09 12.52 16.06 2.46 -15.00 -19.15
NASDAQ Listed OTC Companies(24) 14.24 12,580 84.6 22.25 11.14 13.66 3.88 -12.12 -14.18
Florida Companies(2) 23.00 6,802 75.0 35.38 18.75 23.56 -2.38 -17.86 -29.23
Mid-Atlantic Companies(14) 12.07 10,938 46.9 19.82 9.53 11.64 3.54 -16.64 -17.57
Mid-West Companies(5) 17.17 2,170 17.8 25.75 14.25 16.17 5.22 -19.54 -22.71
New England Companies(2) 20.57 46,621 480.1 29.56 14.54 19.28 4.33 5.21 0.65
South-East Companies(1) 14.44 4,497 30.5 18.06 10.00 13.13 9.98 44.40 44.40
Thrift Strategy(22) 13.36 8,739 44.6 20.96 10.73 12.93 3.28 -11.92 -13.52
Mortgage Banker Strategy(1) 16.75 33,992 141.4 27.88 11.00 15.56 7.65 -12.21 -15.74
Diversified Strategy(1) 28.50 64,147 787.5 41.13 19.19 25.56 11.50 -15.88 -25.00
Companies Issuing Dividends(20) 15.25 14,397 99.6 24.86 11.80 14.55 4.53 -14.90 -17.44
Companies Without Dividends(4) 9.97 4,857 20.6 11.15 8.35 9.86 1.13 -0.30 -0.30
Equity/Assets 6-12%(12) 16.20 16,789 126.2 28.83 12.97 15.42 4.74 -26.86 -30.95
Equity/Assets >12%(12) 12.46 8,754 46.8 16.27 9.48 12.05 3.10 1.28 1.07
Holding Company Structure(5) 12.63 8,818 46.7 18.99 10.23 12.10 2.71 -9.63 -10.87
Assets Over $1 Billion(5) 18.33 36,312 266.2 27.88 13.29 17.51 4.25 -10.57 -14.25
Assets $500 Million-$1 Billion(3) 12.63 29,095 172.7 17.98 9.88 13.00 -2.85 26.30 26.30
Assets $250-$500 Million(7) 13.07 4,293 20.1 21.45 10.92 12.15 6.69 -17.44 -19.04
Assets less than $250 Million(9) 12.92 2,934 16.5 19.97 10.16 12.64 2.03 -13.24 -14.93
Goodwill Companies(8) 15.88 23,551 176.1 24.47 12.21 15.43 1.93 -15.46 -18.57
Non-Goodwill Companies(15) 13.69 7,240 40.1 21.99 10.77 12.98 5.23 -11.25 -12.90
MHC Institutions(24) 14.24 12,580 84.6 22.25 11.14 13.66 3.88 -12.12 -14.18
MHC Converted Last 3 Months(2) 10.00 4,705 20.4 10.13 8.46 9.88 1.28 0.00 0.00
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
---------------------------------
SAIF-Insured Thrifts(21) 0.52 0.47 9.03 8.95 74.10
BIF-Insured Thrifts(3) 0.83 0.63 10.24 9.10 90.15
NASDAQ Listed OTC Companies(24) 0.56 0.50 9.20 8.97 76.39
Florida Companies(2) 1.15 0.92 13.28 12.90 215.87
Mid-Atlantic Companies(14) 0.45 0.44 8.42 8.26 66.23
Mid-West Companies(5) 0.62 0.53 10.03 10.03 79.13
New England Companies(2) 1.10 0.76 11.42 10.33 89.34
South-East Companies(1) 0.33 0.30 9.14 9.14 45.06
Thrift Strategy(22) 0.50 0.48 9.17 9.06 72.79
Mortgage Banker Strategy(1) 0.53 0.38 5.65 5.13 71.21
Diversified Strategy(1) 1.67 1.00 13.36 11.19 149.96
Companies Issuing Dividends(20) 0.60 0.52 9.20 8.92 80.18
Companies Without Dividends(4) 0.41 0.41 9.20 9.20 60.29
Equity/Assets 6-12%(12) 0.69 0.55 9.11 8.63 100.90
Equity/Assets >12%(12) 0.44 0.45 9.29 9.29 54.11
Holding Company Structure(5) 0.51 0.51 9.22 8.97 68.21
Assets Over $1 Billion(5) 0.82 0.64 9.14 8.43 107.96
Assets $500 Million-$1 Billion(3) 0.53 0.51 9.47 9.47 28.71
Assets $250-$500 Million(7) 0.50 0.48 9.00 9.00 71.81
Assets less than $250 Million(9) 0.45 0.42 9.38 9.23 66.63
Goodwill Companies(8) 0.71 0.55 9.08 8.40 98.43
Non-Goodwill Companies(15) 0.48 0.46 9.20 9.20 66.36
MHC Institutions(24) 0.56 0.50 9.20 8.97 76.39
MHC Converted Last 3 Months(2) 0.45 0.45 10.39 10.39 66.37
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1996 or 1997.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC institutions, market value reflects share price multiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NYSE Traded Companies
---------------------
BYS Bay State Bancorp of MA* 24.38 2,535 61.8 32.63 19.25 23.50 3.74 21.90 21.90
CFB Commercial Federal Corp. of NE 23.19 60,391 1,400.5 38.19 19.63 22.69 2.20 -30.42 -34.79
DME Dime Bancorp, Inc. of NY* 26.81 112,027 3,003.4 32.69 18.19 23.81 12.60 8.59 -11.37
DSL Downey Financial Corp. of CA 25.63 28,132 721.0 35.00 17.75 23.44 9.34 -0.54 -5.35
FED FirstFed Fin. Corp. of CA 18.44 21,188 390.7 26.94 14.13 16.38 12.58 -0.49 -4.85
GSB Golden State Bancorp of CA(8) 19.50 128,549 2,506.7 21.75 11.94 19.19 1.62 N.A. N.A.
GDW Golden West Fin. Corp. of CA 94.69 57,172 5,413.6 114.25 72.38 90.69 4.41 7.07 -3.19
GPT GreenPoint Fin. Corp. of NY* 36.81 95,123 3,501.5 42.63 25.19 32.81 12.19 7.19 1.46
JSB JSB Financial, Inc. of NY* 53.38 9,759 520.9 59.69 45.00 52.44 1.79 9.63 6.63
OCN Ocwen Financial Corp. of FL 13.75 60,794 835.9 30.38 6.00 12.00 14.58 -48.66 -45.95
SIB Staten Island Bancorp of NY* 19.69 45,130 888.6 23.63 14.13 18.19 8.25 64.08 -5.97
WES Westcorp Inc. of Orange CA 7.94 26,397 209.6 20.31 5.81 6.88 15.41 -56.94 -52.96
AMEX Traded Companies
---------------------
ANA Acadiana Bancshares, Inc of LA 18.19 2,279 41.5 25.63 15.00 17.19 5.82 -21.76 -22.20
ANE Alliance Bncp of New Eng of CT* 12.88 2,292 29.5 16.08 9.13 10.00 28.80 12.00 17.09
BKC American Bank of Waterbury CT* 22.00 4,703 103.5 32.56 17.88 21.63 1.71 -4.35 -9.76
BFD BostonFed Bancorp of MA 18.63 5,368 100.0 24.88 14.00 18.06 3.16 -7.45 -14.85
CNY Carver Bancorp, Inc. of NY 9.25 2,314 21.4 17.13 8.50 9.00 2.78 -28.85 -43.08
CBK Citizens First Fin.Corp. of IL 15.06 2,526 38.0 22.38 14.00 15.00 0.40 -18.59 -25.63
EFC EFC Bancorp Inc of IL 11.19 7,491 83.8 14.94 9.06 11.25 -0.53 11.90 11.90
EBI Equality Bancorp, Inc. of MO 11.94 2,520 30.1 16.00 11.63 12.00 -0.50 19.40 -17.66
ESX Essex Bancorp of Norfolk VA(8) 1.88 1,059 2.0 6.00 1.38 2.13 -11.74 -65.82 -52.28
FCB Falmouth Bancorp, Inc. of MA* 15.50 1,402 21.7 23.88 13.00 15.38 0.78 -23.00 -24.39
FAB FirstFed America Bancorp of MA 15.00 7,858 117.9 23.25 10.75 14.63 2.53 -27.04 -31.44
GAF GA Financial Corp. of PA 16.00 7,143 114.3 22.25 11.38 14.00 14.29 -15.25 -15.25
HBS Haywood Bancshares, Inc. of NC* 17.25 1,250 21.6 24.00 17.25 17.25 0.00 -15.85 -23.33
KNK Kankakee Bancorp, Inc. of IL 26.00 1,373 35.7 37.75 24.25 24.50 6.12 -18.11 -31.13
KYF Kentucky First Bancorp of KY 13.00 1,241 16.1 15.88 12.13 12.50 4.00 -4.62 -12.99
NBN Northeast Bancorp of ME* 10.75 2,614 28.1 19.50 8.00 11.13 -3.41 -40.54 -43.42
NEP Northeast PA Fin. Corp of PA 12.50 6,427 80.3 16.00 8.94 11.38 9.84 25.00 25.00
PDB Piedmont Bancorp, Inc. of NC 9.06 2,688 24.4 11.38 9.00 9.13 -0.77 -16.73 -16.73
SSB Scotland Bancorp, Inc. of NC(8) 11.25 1,914 21.5 11.25 8.13 11.13 1.08 4.07 13.18
SZB SouthFirst Bancshares of AL 16.00 967 15.5 22.75 14.88 15.69 1.98 -15.25 -29.67
SRN Southern Banc Company of AL 12.75 1,230 15.7 19.13 12.38 12.75 0.00 -25.57 -28.17
SSM Stone Street Bancorp of NC 15.38 1,843 28.3 22.50 14.00 15.00 2.53 -21.13 -30.69
TSH Teche Holding Company of LA 14.75 3,095 45.7 23.13 13.13 15.13 -2.51 -32.18 -35.16
FTF Texarkana Fst. Fin. Corp of AR 23.00 1,676 38.5 30.63 20.00 21.75 5.75 -10.68 -8.00
THR Three Rivers Fin. Corp. of MI 14.63 862 12.6 21.36 13.64 15.13 -3.30 -16.92 -26.00
WSB Washington SB, FSB of MD 4.25 4,424 18.8 9.50 3.75 4.25 0.00 -45.16 -53.09
WFI Winton Financial Corp. of OH 12.38 4,014 49.7 20.63 9.81 12.13 2.06 25.30 21.49
NASDAQ Listed OTC Companies
---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 38.75 1,096 42.5 45.50 22.22 38.75 0.00 70.11 32.30
FBER 1st Bergen Bancorp of NJ(8) 22.50 2,585 58.2 22.63 14.50 22.50 0.00 18.42 17.62
AFED AFSALA Bancorp, Inc. of NY(8) 17.75 1,319 23.4 20.75 12.25 15.75 12.70 -5.33 -7.79
ALBK ALBANK Fin. Corp. of Albany NY(8) 65.50 13,384 876.7 74.63 40.94 61.13 7.15 47.19 27.33
AMFC AMB Financial Corp. of IN 14.00 870 12.2 19.38 11.13 12.63 10.85 -14.53 -11.84
ASBP ASB Financial Corp. of OH 11.88 1,655 19.7 16.75 9.81 11.81 0.59 -9.52 -10.34
ABBK Abington Bancorp of MA* 15.75 3,532 55.6 22.25 12.50 14.75 6.78 -11.27 -25.00
AABC Access Anytime Bancorp of NM 7.50 1,228 9.2 13.00 6.63 8.00 -6.25 -23.08 -31.82
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NYSE Traded Companies
---------------------
BYS Bay State Bancorp of MA* 1.05 1.05 23.66 23.66 114.26
CFB Commercial Federal Corp. of NE 0.98 1.34 15.12 12.08 183.53
DME Dime Bancorp, Inc. of NY* 1.76 0.78 11.96 9.88 189.62
DSL Downey Financial Corp. of CA 2.03 2.10 16.31 16.14 207.31
FED FirstFed Fin. Corp. of CA 1.52 1.41 11.79 11.73 180.61
GSB Golden State Bancorp of CA(8) 1.14 1.20 8.74 7.33 140.93
GDW Golden West Fin. Corp. of CA 7.28 7.15 52.23 52.23 688.85
GPT GreenPoint Fin. Corp. of NY* 1.61 1.65 18.84 8.08 143.11
JSB JSB Financial, Inc. of NY* 4.68 5.26 38.94 38.94 160.21
OCN Ocwen Financial Corp. of FL 0.45 0.04 7.03 6.43 57.66
SIB Staten Island Bancorp of NY* 0.56 0.91 15.75 15.35 66.89
WES Westcorp Inc. of Orange CA 0.28 -1.26 12.59 12.56 138.79
AMEX Traded Companies
---------------------
ANA Acadiana Bancshares, Inc of LA 1.29 1.21 19.26 19.26 130.82
ANE Alliance Bncp of New Eng of CT* 1.07 0.61 7.59 7.42 109.95
BKC American Bank of Waterbury CT* 2.21 1.92 13.07 12.73 137.84
BFD BostonFed Bancorp of MA 1.33 1.06 15.38 14.84 197.13
CNY Carver Bancorp, Inc. of NY 0.46 0.40 15.51 15.00 184.69
CBK Citizens First Fin.Corp. of IL 0.78 0.44 15.52 15.52 111.27
EFC EFC Bancorp Inc of IL -0.44 0.53 12.56 12.56 53.08
EBI Equality Bancorp, Inc. of MO 0.50 -0.11 10.40 10.40 112.13
ESX Essex Bancorp of Norfolk VA(8) -0.44 -0.44 0.04 -0.08 202.45
FCB Falmouth Bancorp, Inc. of MA* 0.84 0.61 15.86 15.86 80.45
FAB FirstFed America Bancorp of MA 0.86 0.69 14.15 14.15 164.51
GAF GA Financial Corp. of PA 1.20 1.18 15.45 15.32 114.64
HBS Haywood Bancshares, Inc. of NC* 1.12 1.76 17.68 17.12 121.37
KNK Kankakee Bancorp, Inc. of IL 1.95 1.86 29.05 24.90 295.09
KYF Kentucky First Bancorp of KY 0.74 0.73 11.61 11.61 66.11
NBN Northeast Bancorp of ME* 0.91 0.90 9.23 8.50 123.39
NEP Northeast PA Fin. Corp of PA -0.20 0.45 13.22 13.22 74.34
PDB Piedmont Bancorp, Inc. of NC 0.61 0.59 8.04 8.04 48.56
SSB Scotland Bancorp, Inc. of NC(8) 0.44 0.44 7.96 7.96 31.91
SZB SouthFirst Bancshares of AL 0.66 0.59 16.75 16.34 168.54
SRN Southern Banc Company of AL 0.44 0.44 15.10 14.99 85.44
SSM Stone Street Bancorp of NC 0.82 0.82 16.64 16.64 60.91
TSH Teche Holding Company of LA 1.24 1.22 18.44 18.44 133.26
FTF Texarkana Fst. Fin. Corp of AR 1.97 1.91 16.36 16.36 113.04
THR Three Rivers Fin. Corp. of MI 0.95 0.86 14.72 14.67 114.72
WSB Washington SB, FSB of MD 0.40 0.28 5.43 5.43 62.00
WFI Winton Financial Corp. of OH 1.06 0.80 6.49 6.38 89.33
NASDAQ Listed OTC Companies
---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 1.73 1.17 22.26 21.87 244.52
FBER 1st Bergen Bancorp of NJ(8) 0.83 0.83 14.07 14.07 118.47
AFED AFSALA Bancorp, Inc. of NY(8) 0.77 0.84 14.46 14.46 126.84
ALBK ALBANK Fin. Corp. of Albany NY(8) 3.45 3.44 29.39 23.60 310.58
AMFC AMB Financial Corp. of IN 0.37 0.69 15.26 15.26 136.40
ASBP ASB Financial Corp. of OH 0.65 0.64 8.76 8.76 70.35
ABBK Abington Bancorp of MA* 1.28 0.97 9.85 8.98 154.65
AABC Access Anytime Bancorp of NM 0.23 0.12 7.68 7.68 96.47
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
AFBC Advance Fin. Bancorp of WV 14.38 1,031 14.8 20.88 12.38 12.50 15.04 -18.99 -17.26
ALBC Albion Banc Corp. of Albion NY 8.25 752 6.2 14.17 7.63 8.00 3.13 -15.38 -38.11
ABCL Alliance Bancorp, Inc. of IL 19.13 11,457 219.2 29.25 15.00 19.13 0.00 -28.49 -27.81
ALLB Alliance Bank MHC of PA (19.9) 13.63 3,274 8.9 39.00 12.50 12.75 6.90 -56.03 -56.03
AHCI Ambanc Holding Co., Inc. of NY* 16.13 4,105 66.2 20.00 12.00 15.50 4.06 -4.44 -13.97
ASBI Ameriana Bancorp of IN 17.25 3,253 56.1 22.00 17.25 18.00 -4.17 -15.85 -13.23
ABCW Anchor Bancorp Wisconsin of WI 19.75 17,059 336.9 23.88 14.63 21.50 -8.14 29.51 8.58
ANDB Andover Bancorp, Inc. of MA* 32.50 6,483 210.7 39.88 25.56 31.25 4.00 5.18 0.93
ASFC Astoria Financial Corp. of NY 48.13 26,593 1,279.9 62.50 30.13 43.00 11.93 -12.98 -13.67
AVND Avondale Fin. Corp. of IL(8) 12.88 2,903 37.4 18.19 8.38 12.44 3.54 -24.81 -20.74
BCSB BCSB Bankcorp MHC of MD (38.6) 10.13 6,117 23.9 12.63 9.25 10.06 0.70 1.30 1.30
BKCT Bancorp Connecticut of CT* 17.00 5,114 86.9 25.00 14.75 14.75 15.25 -10.53 -19.05
BPLS Bank Plus Corp. of CA 3.81 19,387 73.9 16.13 2.28 4.06 -6.16 -68.09 -69.83
BNKU Bank United Corp. of TX 41.00 31,583 1,294.9 56.00 25.50 39.84 2.91 -6.82 -16.22
BWFC Bank West Fin. Corp. of MI 9.25 2,624 24.3 17.50 8.75 9.38 -1.39 -37.63 -42.65
BANC BankAtlantic Bancorp of FL 8.75 37,097 324.6 17.00 6.50 8.50 2.94 -36.08 -47.76
BKUNA BankUnited Fin. Corp. of FL 8.69 17,786 154.6 18.50 6.56 9.06 -4.08 -34.42 -43.61
BVCC Bay View Capital Corp. of CA 19.00 19,586 372.1 38.00 12.50 17.25 10.14 -37.70 -47.59
FSNJ Bayonne Banchsares of NJ(8) 15.63 9,120 142.5 17.38 10.00 14.94 4.62 23.75 16.82
BFSB Bedford Bancshares, Inc. of VA 14.75 2,298 33.9 17.38 10.50 15.00 -1.67 8.22 -13.24
BFFC Big Foot Fin. Corp. of IL 13.50 2,513 33.9 23.94 12.75 13.38 0.90 -26.55 -35.71
BYFC Broadway Fin. Corp. of CA 8.50 933 7.9 12.73 6.75 7.75 9.68 -29.05 -30.73
BRKL Brookline Bncp MHC of MA(47.0) 12.63 29,095 172.7 17.98 9.88 13.00 -2.85 26.30 26.30
CBES CBES Bancorp, Inc. of MO 17.00 940 16.0 26.00 14.44 15.88 7.05 -16.58 -23.60
CITZ CFS Bancorp, Inc. of IN 10.00 22,727 227.3 11.44 8.31 9.88 1.21 0.00 0.00
CFSB CFSB Bancorp of Lansing MI 24.25 8,166 198.0 28.75 18.86 25.00 -3.00 25.06 1.63
CKFB CKF Bancorp of Danville KY 15.38 844 13.0 21.25 15.00 15.25 0.85 -14.56 -16.86
CNSB CNS Bancorp, Inc. of MO 12.25 1,492 18.3 21.50 12.25 13.00 -5.77 -28.99 -40.24
CNYF CNY Financial Corp of NY* 9.50 5,357 50.9 10.25 8.88 10.00 -5.00 -5.00 -5.00
CSBF CSB Financial Group Inc of IL 9.88 821 8.1 14.00 9.00 9.88 0.00 -20.58 -26.81
CBCI Calumet Bancorp of Chicago IL(8) 30.25 3,146 95.2 39.00 26.00 30.13 0.40 -9.70 -9.02
CAFI Camco Fin. Corp. of OH 15.75 5,481 86.3 20.67 14.88 15.75 0.00 2.14 -7.35
CMRN Cameron Fin. Corp. of MO 16.50 2,434 40.2 22.19 14.50 15.38 7.28 -15.38 -19.51
CFNC Carolina Fincorp of NC* 8.00 1,906 15.2 18.88 8.00 8.13 -1.60 -54.29 -56.76
CASB Cascade Financial Corp. of WA 13.00 4,309 56.0 16.00 9.80 13.50 -3.70 16.07 22.64
CATB Catskill Fin. Corp. of NY* 13.50 4,358 58.8 18.88 11.75 13.94 -3.16 -24.92 -28.50
CAVB Cavalry Bancorp of TN 19.88 7,538 149.9 25.25 18.50 19.50 1.95 98.80 98.80
CNIT Cenit Bancorp of Norfolk VA 19.13 4,997 95.6 28.58 16.50 19.50 -1.90 -14.33 -27.81
CEBK Central Co-Op. Bank of MA* 17.25 1,965 33.9 33.50 17.00 18.63 -7.41 -27.37 -39.47
CENB Century Bancorp, Inc. of NC(8) 13.50 1,271 17.2 39.00 12.00 13.13 2.82 -50.00 -52.21
COFI Charter One Financial of OH 29.06 132,541 3,851.6 34.64 18.25 27.44 5.90 3.64 -3.33
CVAL Chester Valley Bancorp of PA 28.00 2,449 68.6 35.24 24.76 29.50 -5.08 13.09 0.50
CLAS Classic Bancshares, Inc. of KY 15.00 1,300 19.5 21.50 12.00 13.50 11.11 -4.76 -10.45
CBSA Coastal Bancorp of Houston TX 18.75 7,362 138.0 26.67 14.50 19.00 -1.32 -6.62 -19.35
CFCP Coastal Fin. Corp. of SC 18.50 6,256 115.7 20.50 14.72 19.00 -2.63 2.78 0.65
CFKY Columbia Financial of KY 13.06 2,671 34.9 17.13 11.63 13.00 0.46 30.60 30.60
CMSB Commonwealth Bancorp Inc of PA 15.34 14,764 226.5 24.25 10.63 14.25 7.65 -17.08 -22.84
CMSV Commty. Svgs, MHC of FL (48.5)(8) 22.88 5,100 56.5 40.75 17.56 22.38 2.23 -37.32 -35.33
CFTP Community Fed. Bancorp of MS 14.75 4,398 64.9 21.00 14.25 14.75 0.00 -12.62 -27.16
CFFC Community Fin. Corp. of VA 12.25 2,569 31.5 16.38 11.00 11.81 3.73 5.97 -11.30
CIBI Community Inv. Bancorp of OH 11.50 1,243 14.3 15.25 9.83 12.25 -6.12 9.52 6.78
COOP Cooperative Bancshares of NC 13.13 3,043 40.0 25.00 12.50 13.00 1.00 -21.61 -46.41
CRZY Crazy Woman Creek Bncorp of WY 15.50 888 13.8 20.00 11.94 13.50 14.81 2.92 3.33
CRSB Crusader Holding Corp of PA 11.88 3,835 45.6 17.86 10.63 12.13 -2.06 N.A. N.A.
DNFC D&N Financial Corp. of MI 21.00 9,164 192.4 29.75 15.94 19.25 9.09 -8.18 -20.75
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
AFBC Advance Fin. Bancorp of WV 0.82 0.71 14.48 14.48 110.75
ALBC Albion Banc Corp. of Albion NY 0.51 0.48 8.37 8.37 98.56
ABCL Alliance Bancorp, Inc. of IL 1.01 1.24 15.77 15.64 180.52
ALLB Alliance Bank MHC of PA (19.9) 0.60 0.60 9.24 9.24 85.48
AHCI Ambanc Holding Co., Inc. of NY* 0.44 0.55 14.64 14.64 135.02
ASBI Ameriana Bancorp of IN 1.17 0.98 14.03 13.78 115.37
ABCW Anchor Bancorp Wisconsin of WI 1.29 1.12 7.67 7.55 120.62
ANDB Andover Bancorp, Inc. of MA* 2.43 2.37 17.61 17.61 214.77
ASFC Astoria Financial Corp. of NY 3.24 2.97 34.25 24.92 478.06
AVND Avondale Fin. Corp. of IL(8) -1.80 -1.23 14.98 14.98 179.17
BCSB BCSB Bankcorp MHC of MD (38.6) 0.36 0.36 7.28 7.28 44.74
BKCT Bancorp Connecticut of CT* 1.27 1.07 9.58 9.58 96.83
BPLS Bank Plus Corp. of CA 0.39 0.59 9.55 8.77 221.09
BNKU Bank United Corp. of TX 3.62 3.32 21.67 19.78 432.67
BWFC Bank West Fin. Corp. of MI 0.32 0.33 8.87 8.87 69.16
BANC BankAtlantic Bancorp of FL 0.71 0.32 6.88 5.32 101.26
BKUNA BankUnited Fin. Corp. of FL 0.44 0.21 10.29 8.60 201.51
BVCC Bay View Capital Corp. of CA 0.84 1.34 19.45 12.52 281.96
FSNJ Bayonne Banchsares of NJ(8) 0.51 0.51 10.51 10.51 76.78
BFSB Bedford Bancshares, Inc. of VA 0.77 0.76 9.02 9.02 68.02
BFFC Big Foot Fin. Corp. of IL 0.47 0.35 15.16 15.16 87.79
BYFC Broadway Fin. Corp. of CA 0.62 0.38 14.01 14.01 147.53
BRKL Brookline Bncp MHC of MA(47.0) 0.53 0.51 9.47 9.47 28.71
CBES CBES Bancorp, Inc. of MO 1.09 0.71 18.21 18.21 156.26
CITZ CFS Bancorp, Inc. of IN 0.36 0.40 10.88 10.88 62.51
CFSB CFSB Bancorp of Lansing MI 1.43 1.28 8.31 8.31 106.22
CKFB CKF Bancorp of Danville KY 0.96 0.86 15.97 15.97 74.47
CNSB CNS Bancorp, Inc. of MO 0.58 0.46 14.73 14.73 64.31
CNYF CNY Financial Corp of NY* 0.25 0.56 14.34 14.34 52.66
CSBF CSB Financial Group Inc of IL 0.44 0.43 13.34 12.59 57.51
CBCI Calumet Bancorp of Chicago IL(8) 3.04 3.06 27.73 27.73 156.38
CAFI Camco Fin. Corp. of OH 1.23 0.89 10.62 9.98 107.32
CMRN Cameron Fin. Corp. of MO 1.01 0.99 18.02 18.02 90.71
CFNC Carolina Fincorp of NC* 0.56 0.63 8.07 8.07 59.76
CASB Cascade Financial Corp. of WA 0.87 0.73 7.57 7.57 106.86
CATB Catskill Fin. Corp. of NY* 0.89 0.87 15.56 15.56 72.22
CAVB Cavalry Bancorp of TN 0.70 0.51 13.53 13.53 46.93
CNIT Cenit Bancorp of Norfolk VA 1.27 1.17 10.32 9.56 130.45
CEBK Central Co-Op. Bank of MA* 1.58 1.18 18.94 17.25 194.33
CENB Century Bancorp, Inc. of NC(8) 0.95 0.94 14.74 14.74 76.21
COFI Charter One Financial of OH 1.42 1.81 11.34 10.70 149.70
CVAL Chester Valley Bancorp of PA 1.42 1.31 13.47 13.47 155.63
CLAS Classic Bancshares, Inc. of KY 0.75 0.95 15.78 13.57 106.14
CBSA Coastal Bancorp of Houston TX 2.10 2.15 15.58 13.57 404.85
CFCP Coastal Fin. Corp. of SC 1.07 0.86 5.81 5.81 98.61
CFKY Columbia Financial of KY 0.28 0.28 14.12 14.12 44.10
CMSB Commonwealth Bancorp Inc of PA 0.82 0.53 12.93 10.14 154.28
CMSV Commty. Svgs, MHC of FL (48.5)(8) 1.01 0.93 16.29 16.29 150.10
CFTP Community Fed. Bancorp of MS 0.66 0.57 13.33 13.33 59.86
CFFC Community Fin. Corp. of VA 0.71 0.68 10.05 10.01 71.32
CIBI Community Inv. Bancorp of OH 0.70 0.70 8.19 8.19 91.68
COOP Cooperative Bancshares of NC 0.78 0.72 10.23 10.23 127.97
CRZY Crazy Woman Creek Bncorp of WY 0.83 0.83 16.22 16.22 69.23
CRSB Crusader Holding Corp of PA 0.97 0.89 6.06 5.74 52.68
DNFC D&N Financial Corp. of MI 1.71 1.38 12.22 11.37 218.06
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
DCBI Delphos Citizens Bancorp of OH 19.00 1,756 33.4 24.25 15.38 17.50 8.57 8.57 -8.43
DCOM Dime Community Bancorp of NY* 25.25 11,714 295.8 29.31 15.00 23.94 5.47 11.58 6.32
ESBF ESB Financial Corp of PA 16.00 5,665 90.6 20.00 15.06 16.00 0.00 -4.88 -8.57
EGLB Eagle BancGroup of IL 20.00 1,097 21.9 21.13 14.00 19.94 0.30 6.67 5.93
EBSI Eagle Bancshares of Tucker GA 18.75 5,806 108.9 27.25 17.00 18.25 2.74 1.35 -14.77
ETFS East Texas Fin. Serv. of TX 10.50 1,539 16.2 16.25 10.50 10.50 0.00 -18.73 -33.67
ESBK Elmira Svgs Bank (The) of NY* 22.00 727 16.0 32.25 16.25 21.00 4.76 -24.89 -26.67
EMLD Emerald Financial Corp. of OH 11.38 10,297 117.2 16.00 9.06 10.75 5.86 23.03 2.89
EFBC Empire Federal Bancorp of MT 12.88 2,480 31.9 18.00 10.63 12.75 1.02 -24.24 -24.81
EFBI Enterprise Fed. Bancorp of OH(8) 47.50 2,211 105.0 47.50 25.00 43.50 9.20 86.27 50.79
EQSB Equitable FSB of Wheaton MD 21.75 1,228 26.7 34.00 16.13 22.00 -1.14 -2.60 -17.92
FCBF FCB Fin. Corp. of Neenah WI 28.44 3,857 109.7 34.00 22.00 24.50 16.08 2.49 -3.59
FFDF FFD Financial Corp. of OH 15.50 1,445 22.4 24.00 15.00 16.00 -3.13 -17.33 -13.89
FFLC FFLC Bancorp of Leesburg FL 16.28 3,694 60.1 23.50 15.00 15.88 2.52 -23.03 -25.15
FFWC FFW Corporation of Wabash IN 15.50 1,458 22.6 21.50 14.00 15.00 3.33 -4.62 -18.42
FFYF FFY Financial Corp. of OH 30.25 4,011 121.3 36.88 26.25 31.00 -2.42 1.68 -8.69
FMCO FMS Financial Corp. of NJ 10.00 7,220 72.2 16.67 8.88 10.00 0.00 0.00 -15.47
FFHH FSF Financial Corp. of MN 15.38 2,898 44.6 21.25 13.38 15.00 2.53 -20.88 -26.55
FBCI Fidelity Bancorp of Chicago IL 22.25 2,833 63.0 26.00 16.00 20.75 7.23 -9.18 -13.19
FSBI Fidelity Bancorp, Inc. of PA 17.50 1,974 34.5 28.00 16.50 17.00 2.94 -8.85 -24.57
FFFL Fidelity Bcsh MHC of FL (47.9) 23.00 6,802 75.0 35.38 18.75 23.56 -2.38 -17.86 -29.23
FFED Fidelity Fed. Bancorp of IN 4.50 3,127 14.1 10.50 3.75 4.88 -7.79 -53.85 -56.35
FFOH Fidelity Financial of OH 13.63 5,602 76.4 19.88 11.88 13.56 0.52 -9.91 -12.06
FIBC Financial Bancorp, Inc. of NY(8) 37.69 1,709 64.4 37.69 22.00 36.50 3.26 56.20 56.20
SBFL Fingr Lakes Fin.MHC OF NY(33.1 11.50 3,570 13.6 24.75 9.00 10.00 15.00 -21.39 -28.13
FBSI First Bancshares, Inc. of MO 13.00 2,214 28.8 17.50 12.50 13.25 -1.89 2.93 -16.83
FBBC First Bell Bancorp of PA 15.63 6,229 97.4 21.63 12.88 14.50 7.79 -9.39 -17.74
FSTC First Citizens Corp of GA 28.00 2,795 78.3 35.50 22.00 28.00 0.00 3.05 -17.65
FCME First Coastal Corp. of ME* 9.50 1,361 12.9 15.63 8.00 9.88 -3.85 -29.63 -36.16
FDEF First Defiance Fin.Corp. of OH 14.63 8,158 119.4 16.25 11.13 14.25 2.67 -4.88 -8.56
FESX First Essex Bancorp of MA* 17.75 7,564 134.3 26.13 13.75 16.88 5.15 -10.71 -23.66
FFSX First FSB MHC Sxld of IA(46.3)(8) 22.25 2,845 29.2 39.00 20.00 20.00 11.25 -32.06 -29.92
FFES First Fed of E. Hartford CT 25.50 2,749 70.1 42.25 20.50 25.50 0.00 -30.14 -31.54
BDJI First Fed. Bancorp. of MN 15.00 998 15.0 22.00 13.50 13.50 11.11 -8.65 -31.82
FFBH First Fed. Bancshares of AR 20.13 4,871 98.1 30.25 16.00 19.25 4.57 -6.37 -15.24
FTFC First Fed. Capital Corp. of WI 16.13 18,472 298.0 18.38 11.88 15.25 5.77 22.85 -4.78
FFKY First Fed. Fin. Corp. of KY 27.50 4,130 113.6 28.75 20.50 25.75 6.80 27.91 20.88
FFBZ First Federal Bancorp of OH 11.88 3,151 37.4 14.50 9.63 12.00 -1.00 23.36 12.50
FFCH First Fin. Holdings Inc. of SC 19.63 13,659 268.1 27.00 14.50 19.25 1.97 -4.85 -26.09
FFHS First Franklin Corp. of OH 13.50 1,704 23.0 20.83 12.50 13.50 0.00 -16.51 -35.19
FGHC First Georgia Hold. Corp of GA 8.50 4,799 40.8 15.75 5.33 8.75 -2.86 52.33 34.28
FFSL First Independence Corp. of KS 10.50 959 10.1 15.63 9.75 10.25 2.44 -27.59 -25.00
FISB First Indiana Corp. of IN 22.13 12,708 281.2 30.00 17.38 18.75 18.03 7.85 -12.22
FKAN First Kansas Financial of KS 10.13 1,554 15.7 12.50 9.00 10.06 0.70 1.30 1.30
FKFS First Keystone Fin. Corp of PA 16.00 2,329 37.3 21.75 11.75 15.38 4.03 -0.37 -10.51
FLKY First Lancaster Bncshrs of KY 13.06 959 12.5 16.13 12.00 12.75 2.43 -17.08 -18.07
FLFC First Liberty Fin. Corp. of GA 21.34 13,369 285.3 25.50 17.00 19.88 7.34 13.33 0.05
CASH First Midwest Fin., Inc. of IA 16.38 2,614 42.8 24.88 15.38 15.50 5.68 -16.81 -27.20
FMBD First Mutual Bancorp Inc of IL(8) 17.38 3,531 61.4 25.00 14.75 17.00 2.24 -12.84 -30.48
FMSB First Mutual SB of Bellevue WA* 12.81 4,245 54.4 19.00 11.94 12.50 2.48 -29.81 -30.76
FNGB First Northern Cap. Corp of WI 12.38 8,802 109.0 14.00 9.50 11.50 7.65 -9.96 -11.57
FWWB First Savings Bancorp of WA 22.00 11,699 257.4 25.97 19.38 22.00 0.00 3.53 -12.00
FSFF First SecurityFed Fin of IL 13.88 6,408 88.9 17.25 10.69 14.00 -0.86 -8.62 -11.87
FSLA First Source Bancorp of NJ 8.63 31,839 274.8 13.93 6.75 8.63 0.00 -14.47 -38.05
SOPN First Svgs Bancorp of NC 23.00 3,714 85.4 26.00 20.88 22.75 1.10 -3.16 -9.80
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
DCBI Delphos Citizens Bancorp of OH 0.94 0.94 14.83 14.83 66.00
DCOM Dime Community Bancorp of NY* 1.22 1.18 15.37 13.37 148.85
ESBF ESB Financial Corp of PA 1.03 1.03 12.01 10.72 166.91
EGLB Eagle BancGroup of IL 0.65 0.13 18.16 18.16 160.85
EBSI Eagle Bancshares of Tucker GA 1.49 1.45 13.36 13.36 192.94
ETFS East Texas Fin. Serv. of TX 0.41 0.35 13.77 13.77 79.66
ESBK Elmira Svgs Bank (The) of NY* 1.48 1.75 20.57 20.57 319.81
EMLD Emerald Financial Corp. of OH 0.67 0.61 5.10 5.04 59.96
EFBC Empire Federal Bancorp of MT 0.64 0.64 15.62 15.62 43.12
EFBI Enterprise Fed. Bancorp of OH(8) 1.03 0.88 16.47 16.06 165.37
EQSB Equitable FSB of Wheaton MD 2.60 1.52 15.83 15.83 293.04
FCBF FCB Fin. Corp. of Neenah WI 1.51 1.12 19.42 19.42 134.24
FFDF FFD Financial Corp. of OH 0.68 0.48 10.95 10.95 62.95
FFLC FFLC Bancorp of Leesburg FL 1.13 1.13 14.30 14.30 114.30
FFWC FFW Corporation of Wabash IN 1.30 1.14 13.12 12.07 139.45
FFYF FFY Financial Corp. of OH 1.93 1.89 21.00 21.00 162.49
FMCO FMS Financial Corp. of NJ 0.73 0.73 5.67 5.63 93.31
FFHH FSF Financial Corp. of MN 1.05 0.96 14.70 14.44 143.66
FBCI Fidelity Bancorp of Chicago IL 0.33 1.04 18.77 18.74 177.09
FSBI Fidelity Bancorp, Inc. of PA 1.45 1.42 14.23 14.23 200.70
FFFL Fidelity Bcsh MHC of FL (47.9) 1.15 0.92 13.28 12.90 215.87
FFED Fidelity Fed. Bancorp of IN -0.22 -0.18 2.40 2.40 63.01
FFOH Fidelity Financial of OH 0.84 0.80 11.93 10.66 94.27
FIBC Financial Bancorp, Inc. of NY(8) 1.76 1.70 17.07 17.01 186.43
SBFL Fingr Lakes Fin.MHC OF NY(33.1 0.29 0.23 6.28 6.28 77.15
FBSI First Bancshares, Inc. of MO 0.83 0.83 11.00 10.55 77.77
FBBC First Bell Bancorp of PA 1.23 1.22 11.90 11.90 120.46
FSTC First Citizens Corp of GA 2.20 1.99 12.72 10.17 126.02
FCME First Coastal Corp. of ME* 0.90 0.81 11.29 11.29 126.17
FDEF First Defiance Fin.Corp. of OH 0.66 0.63 12.66 12.66 71.36
FESX First Essex Bancorp of MA* 1.41 1.27 12.68 9.36 164.12
FFSX First FSB MHC Sxld of IA(46.3)(8) 1.20 1.17 14.77 11.90 193.88
FFES First Fed of E. Hartford CT 2.16 2.28 26.89 26.89 361.11
BDJI First Fed. Bancorp. of MN 0.81 0.82 12.71 12.71 121.56
FFBH First Fed. Bancshares of AR 1.14 1.13 17.46 17.46 118.69
FTFC First Fed. Capital Corp. of WI 1.02 0.70 6.43 6.12 85.77
FFKY First Fed. Fin. Corp. of KY 1.53 1.47 13.24 12.57 99.19
FFBZ First Federal Bancorp of OH 0.54 0.51 5.23 5.23 65.81
FFCH First Fin. Holdings Inc. of SC 1.21 1.19 9.16 9.16 134.69
FFHS First Franklin Corp. of OH 1.10 0.92 12.24 12.20 136.08
FGHC First Georgia Hold. Corp of GA 0.41 0.41 3.07 2.87 37.68
FFSL First Independence Corp. of KS 0.94 0.94 12.62 12.62 129.65
FISB First Indiana Corp. of IN 1.50 0.97 12.83 12.70 136.82
FKAN First Kansas Financial of KS 0.46 0.45 13.46 13.28 68.21
FKFS First Keystone Fin. Corp of PA 1.18 1.05 10.91 10.91 167.87
FLKY First Lancaster Bncshrs of KY 0.53 0.53 14.73 14.73 56.04
FLFC First Liberty Fin. Corp. of GA 0.68 0.75 8.78 8.03 113.08
CASH First Midwest Fin., Inc. of IA 1.09 0.98 16.41 14.65 161.15
FMBD First Mutual Bancorp Inc of IL(8) 0.46 0.30 15.88 12.45 105.17
FMSB First Mutual SB of Bellevue WA* 1.20 1.01 8.02 8.02 110.92
FNGB First Northern Cap. Corp of WI 0.77 0.70 8.57 8.57 80.71
FWWB First Savings Bancorp of WA 1.12 1.04 12.84 11.90 98.65
FSFF First SecurityFed Fin of IL 0.53 0.79 14.05 14.01 51.66
FSLA First Source Bancorp of NJ 0.44 0.41 8.28 8.02 39.64
SOPN First Svgs Bancorp of NC 1.42 1.42 18.72 18.72 81.90
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
FBNW FirstBank Corp of Clarkston WA 16.25 1,984 32.2 23.75 13.25 15.88 2.33 -4.41 -13.93
FFDB FirstFed Bancorp, Inc. of AL 9.25 2,434 22.5 15.94 9.25 9.75 -5.13 -15.91 -14.43
FSPT FirstSpartan Fin. Corp. of SC 34.63 4,209 145.8 47.25 24.50 34.38 0.73 -8.72 -13.96
FLAG Flag Financial Corp of GA 12.00 5,175 62.1 19.38 11.00 12.88 -6.83 -9.43 -16.26
FLGS Flagstar Bancorp, Inc of MI 26.75 13,670 365.7 28.38 17.75 24.00 11.46 43.59 35.10
FFIC Flushing Fin. Corp. of NY* 16.00 11,337 181.4 19.92 12.00 15.31 4.51 6.67 0.50
FBHC Fort Bend Holding Corp. of TX(8) 24.50 1,866 45.7 28.00 16.63 21.25 15.29 22.50 12.64
FTSB Fort Thomas Fin. Corp. of KY 11.38 1,474 16.8 15.75 10.25 11.00 3.45 -18.71 -26.01
FKKY Frankfort First Bancorp of KY 15.50 1,584 24.6 19.50 13.63 15.38 0.78 -18.42 -12.08
FTNB Fulton Bancorp, Inc. of MO 16.50 1,719 28.4 24.00 15.25 15.50 6.45 -17.50 -25.44
GUPB GFSB Bancorp, Inc of Gallup NM 13.63 1,166 15.9 17.00 13.00 14.25 -4.35 2.25 -3.20
GSLA GS Financial Corp. of LA 13.75 3,267 44.9 21.00 10.38 13.50 1.85 -21.70 -34.52
GOSB GSB Financial Corp. of NY* 13.69 2,212 30.3 18.94 8.31 13.00 5.31 -13.08 -24.20
GBNK Gaston Fed Bncp MHC of NC(47.0 14.44 4,497 30.5 18.06 10.00 13.13 9.98 44.40 44.40
GFCO Glenway Financial Corp. of OH 19.00 2,283 43.4 24.25 15.00 19.50 -2.56 24.59 1.33
GTPS Great American Bancorp of IL 16.50 1,371 22.6 23.00 15.00 17.00 -2.94 -12.00 -13.16
PEDE Great Pee Dee Bancorp of SC 12.75 2,202 28.1 17.38 10.63 13.00 -1.92 27.50 -20.95
GSFC Green Street Fin. Corp. of NC 13.25 4,083 54.1 18.81 11.25 12.88 2.87 -27.91 -27.40
GFED Guaranty Fed Bancshares of MO 12.44 5,917 73.6 14.34 10.13 12.50 -0.48 -2.96 -3.42
HCBBE HCB Bancshares of Camden AR 8.75 2,645 23.1 16.13 8.38 9.25 -5.41 -35.19 -39.66
HEMT HF Bancorp of Hemet CA 16.75 6,391 107.0 18.25 12.00 16.75 0.00 4.69 -4.29
HFFC HF Financial Corp. of SD 14.00 4,284 60.0 24.17 12.13 14.00 0.00 -16.02 -20.77
HMNF HMN Financial, Inc. of MN 14.00 5,376 75.3 21.67 11.00 13.38 4.63 -16.82 -35.39
HALL Hallmark Capital Corp. of WI 12.75 2,939 37.5 18.00 9.50 12.38 2.99 -13.56 -25.00
HRBF Harbor Federal Bancorp of MD 21.75 1,863 40.5 23.41 17.00 20.50 6.10 11.25 -5.27
HARB Harbor Florida Bancshrs of FL 11.25 30,910 347.7 13.50 8.75 10.94 2.83 5.63 2.09
HFSA Hardin Bancorp of Hardin MO 18.50 816 15.1 20.00 14.25 18.13 2.04 2.78 1.37
HARL Harleysville SB of PA 29.13 1,675 48.8 35.00 27.50 29.13 0.00 -3.32 5.93
HFGI Harrington Fin. Group of IN 8.88 3,205 28.5 13.25 8.00 8.25 7.64 -32.98 -31.69
HARS Harris Fin. MHC of PA (24.9) 16.75 33,992 141.4 27.88 11.00 15.56 7.65 -12.21 -15.74
HFFB Harrodsburg 1st Fin Bcrp of KY 14.44 1,930 27.9 18.00 14.00 14.50 -0.41 -13.79 -13.79
HHFC Harvest Home Fin. Corp. of OH 13.75 879 12.1 16.75 11.75 12.00 14.58 0.00 -12.70
HAVN Haven Bancorp of Woodhaven NY 17.00 8,851 150.5 28.75 10.50 13.88 22.48 -19.05 -24.44
HTHR Hawthorne Fin. Corp. of CA 15.25 3,170 48.3 24.00 12.00 15.38 -0.85 -16.44 -24.24
HMLK Hemlock Fed. Fin. Corp. of IL 14.25 1,878 26.8 19.00 13.13 14.50 -1.72 -16.81 -16.81
HBSC Heritage Bancorp, Inc of SC 18.50 4,629 85.6 22.38 14.00 17.88 3.47 23.33 23.33
HFWA Heritage Financial Corp of WA 12.31 9,776 120.3 15.94 9.63 10.94 12.52 23.10 23.10
HCBC High Country Bancorp of CO 10.75 1,323 14.2 15.50 10.25 10.50 2.38 7.50 -30.65
HBNK Highland Bancorp of CA 35.50 2,179 77.4 43.50 32.00 34.00 4.41 10.94 8.40
HIFS Hingham Inst. for Sav. of MA* 17.00 1,964 33.4 24.67 15.00 16.75 1.49 -10.53 -11.32
HBEI Home Bancorp of Elgin IL(8) 14.00 6,659 93.2 19.13 10.50 14.13 -0.92 -20.00 -21.70
HBFW Home Bancorp of Fort Wayne IN 27.25 2,351 64.1 37.63 24.00 26.63 2.33 13.54 -7.63
HCFC Home City Fin. Corp. of OH 13.00 905 11.8 22.75 11.00 13.75 -5.45 -22.39 -29.73
HOMF Home Fed Bancorp of Seymour IN 24.00 5,142 123.4 33.75 20.50 23.75 1.05 -5.25 -7.69
HWEN Home Financial Bancorp of IN 6.50 903 5.9 9.75 6.50 6.50 0.00 -22.43 -29.73
HLFC Home Loan Financial Corp of OH 13.38 2,248 30.1 16.75 11.45 12.56 6.53 33.80 33.80
HPBC Home Port Bancorp, Inc. of MA* 23.75 1,842 43.7 27.63 19.13 20.13 17.98 4.40 2.68
HSTD Homestead Bancorp, Inc. of LA 8.25 1,478 12.2 9.31 3.41 8.00 3.13 -17.50 43.48
HFBC HopFed Bancorp of KY 18.00 4,034 72.6 21.88 15.25 17.50 2.86 80.00 80.00
HZFS Horizon Fin'l. Services of IA 12.50 880 11.0 16.88 11.00 14.13 -11.54 8.70 4.17
HRZB Horizon Financial Corp. of WA* 13.63 7,484 102.0 19.25 12.50 14.00 -2.64 -20.99 -23.21
HRBT Hudson River Bancorp Inc of NY 10.50 17,854 187.5 13.69 8.88 10.31 1.84 5.00 5.00
ITLA ITLA Capital Corp of CA* 16.44 7,610 125.1 24.00 9.00 15.25 7.80 -18.33 -14.60
ICBC Independence Comm Bnk Cp of NY 13.69 76,044 1,041.0 19.13 11.00 13.69 0.00 36.90 36.90
IFSB Independence FSB of DC 12.25 1,281 15.7 21.63 11.75 12.50 -2.00 -14.04 -27.94
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
FBNW FirstBank Corp of Clarkston WA 0.97 0.55 15.32 15.32 98.00
FFDB FirstFed Bancorp, Inc. of AL 0.66 0.66 7.31 6.75 73.91
FSPT FirstSpartan Fin. Corp. of SC 1.71 1.61 28.57 28.57 126.02
FLAG Flag Financial Corp of GA 0.39 0.27 4.26 4.26 47.92
FLGS Flagstar Bancorp, Inc of MI 2.20 2.20 10.44 10.16 188.24
FFIC Flushing Fin. Corp. of NY* 0.86 0.88 12.10 11.65 100.84
FBHC Fort Bend Holding Corp. of TX(8) 1.11 0.73 12.19 11.53 170.60
FTSB Fort Thomas Fin. Corp. of KY 0.80 0.80 11.05 11.05 68.76
FKKY Frankfort First Bancorp of KY 1.02 1.02 14.08 14.08 85.06
FTNB Fulton Bancorp, Inc. of MO 0.66 0.51 14.83 14.83 64.05
GUPB GFSB Bancorp, Inc of Gallup NM 0.75 0.75 12.19 12.19 105.67
GSLA GS Financial Corp. of LA 0.46 0.40 16.01 16.01 44.43
GOSB GSB Financial Corp. of NY* 0.27 0.46 14.24 14.24 59.65
GBNK Gaston Fed Bncp MHC of NC(47.0 0.33 0.30 9.14 9.14 45.06
GFCO Glenway Financial Corp. of OH 1.18 1.18 12.80 12.70 132.87
GTPS Great American Bancorp of IL 0.76 0.76 16.97 16.97 108.76
PEDE Great Pee Dee Bancorp of SC 0.59 0.59 14.29 14.29 31.06
GSFC Green Street Fin. Corp. of NC 0.69 0.69 14.81 14.81 42.44
GFED Guaranty Fed Bancshares of MO 0.52 0.52 10.84 10.84 46.74
HCBBE HCB Bancshares of Camden AR 0.25 0.25 14.45 14.28 83.79
HEMT HF Bancorp of Hemet CA -0.03 0.04 13.13 11.33 165.80
HFFC HF Financial Corp. of SD 1.42 1.22 12.86 12.86 130.87
HMNF HMN Financial, Inc. of MN 0.97 0.68 13.17 12.08 134.89
HALL Hallmark Capital Corp. of WI 0.95 0.89 11.38 11.38 149.16
HRBF Harbor Federal Bancorp of MD 0.98 0.95 15.89 15.89 124.37
HARB Harbor Florida Bancshrs of FL 0.56 0.53 8.53 8.45 43.69
HFSA Hardin Bancorp of Hardin MO 1.09 0.88 16.78 16.78 162.99
HARL Harleysville SB of PA 2.08 2.08 15.14 15.14 236.05
HFGI Harrington Fin. Group of IN -1.52 -0.41 5.98 5.98 176.57
HARS Harris Fin. MHC of PA (24.9) 0.53 0.38 5.65 5.13 71.21
HFFB Harrodsburg 1st Fin Bcrp of KY 0.77 0.77 14.99 14.99 56.49
HHFC Harvest Home Fin. Corp. of OH 0.63 0.63 11.73 11.73 103.39
HAVN Haven Bancorp of Woodhaven NY 0.98 0.94 13.84 13.26 262.40
HTHR Hawthorne Fin. Corp. of CA 3.11 3.40 15.06 15.06 378.97
HMLK Hemlock Fed. Fin. Corp. of IL 0.87 0.86 15.50 15.50 102.38
HBSC Heritage Bancorp, Inc of SC 0.76 0.76 20.46 20.46 65.00
HFWA Heritage Financial Corp of WA 0.44 0.27 9.74 8.87 42.75
HCBC High Country Bancorp of CO 0.55 0.55 13.82 13.82 76.03
HBNK Highland Bancorp of CA 3.73 3.25 19.11 19.11 272.91
HIFS Hingham Inst. for Sav. of MA* 1.46 1.44 11.91 11.91 125.68
HBEI Home Bancorp of Elgin IL(8) 0.39 0.39 14.01 14.01 57.98
HBFW Home Bancorp of Fort Wayne IN 1.26 1.23 18.27 18.27 153.25
HCFC Home City Fin. Corp. of OH 1.05 1.05 12.18 12.18 89.24
HOMF Home Fed Bancorp of Seymour IN 2.05 1.56 13.51 13.18 140.53
HWEN Home Financial Bancorp of IN 0.43 0.33 8.31 8.31 47.13
HLFC Home Loan Financial Corp of OH 0.49 0.49 14.21 14.21 37.67
HPBC Home Port Bancorp, Inc. of MA* 1.84 2.08 12.71 12.71 143.23
HSTD Homestead Bancorp, Inc. of LA 0.36 0.36 10.40 10.40 48.02
HFBC HopFed Bancorp of KY 0.72 0.72 14.46 14.46 54.00
HZFS Horizon Fin'l. Services of IA 0.67 0.80 9.65 9.65 102.21
HRZB Horizon Financial Corp. of WA* 1.13 1.14 11.63 11.63 76.03
HRBT Hudson River Bancorp Inc of NY 0.41 0.47 12.20 12.20 45.63
ITLA ITLA Capital Corp of CA* 1.81 1.81 14.00 13.97 134.21
ICBC Independence Comm Bnk Cp of NY -0.53 0.45 12.63 11.93 62.94
IFSB Independence FSB of DC 4.18 3.32 16.53 15.10 207.60
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
INBI Industrial Bancorp of OH 19.63 4,999 98.1 25.00 16.25 19.00 3.32 9.06 10.59
IWBK Interwest Bancorp of WA 25.75 15,651 403.0 31.33 17.75 26.56 -3.05 0.66 2.30
IPSW Ipswich SB of Ipswich MA* 12.50 2,392 29.9 20.75 10.75 13.00 -3.85 4.17 -24.24
JXVL Jacksonville Bancorp of TX 14.94 2,422 36.2 23.25 14.38 14.75 1.29 -22.39 -35.74
JXSB Jcksnville SB,MHC of IL (45.6) 13.25 1,908 11.5 25.50 13.25 14.25 -7.02 -25.01 -33.75
JSBA Jefferson Svgs Bancorp of MO 16.13 10,030 161.8 31.88 11.00 16.13 0.00 -25.84 -21.32
KSBK KSB Bancorp of Kingfield ME* 13.75 1,261 17.3 22.50 12.00 13.00 5.77 -10.60 -38.89
KFBI Klamath First Bancorp of OR 17.88 9,917 177.3 23.06 14.00 18.25 -2.03 -14.37 -16.84
LSBI LSB Fin. Corp. of Lafayette IN 29.50 933 27.5 32.00 23.81 29.50 0.00 23.90 8.70
LVSB Lakeview Financial of NJ 19.63 4,880 95.8 28.75 13.50 18.50 6.11 -23.02 -23.02
LARK Landmark Bancshares, Inc of KS 20.75 1,549 32.1 29.25 19.50 21.38 -2.95 -11.70 -16.60
LARL Laurel Capital Group of PA 19.00 2,206 41.9 23.50 16.50 19.00 0.00 7.53 -12.32
LSBX Lawrence Savings Bank of MA* 13.50 4,331 58.5 19.31 9.63 12.75 5.88 -5.26 -17.58
LFED Leeds Fed Bksr MHC of MD (36.3 15.00 5,196 28.2 23.50 11.75 14.25 5.26 -29.41 -31.03
LXMO Lexington B&L Fin. Corp. of MO 11.50 1,009 11.6 17.88 11.38 11.75 -2.13 -32.11 -35.21
LIBB Liberty Bancorp MHC of NJ (47) 9.75 3,901 17.9 11.69 7.25 9.63 1.25 -2.50 -2.50
LFCO Life Financial Corp of CA(8) 5.88 6,562 38.6 25.38 2.25 4.00 47.00 -67.78 -53.44
LFBI Little Falls Bancorp of NJ 16.13 2,478 40.0 22.25 11.50 15.38 4.88 -13.42 -21.32
LOGN Logansport Fin. Corp. of IN 15.00 1,199 18.0 19.63 13.50 14.25 5.26 -4.76 -16.67
MAFB MAF Bancorp, Inc. of IL 25.25 22,393 565.4 28.83 19.38 24.50 3.06 14.36 7.08
MBLF MBLA Financial Corp. of MO 19.00 1,247 23.7 30.63 18.25 20.25 -6.17 -26.21 -37.70
MECH MECH Financial Inc of CT* 26.81 5,295 142.0 31.81 20.63 24.25 10.56 3.87 2.88
MFBC MFB Corp. of Mishawaka IN 21.00 1,474 31.0 30.38 18.00 20.75 1.20 -6.67 -30.88
MSBF MSB Financial, Inc of MI 15.00 1,333 20.0 17.73 13.75 15.25 -1.64 -8.31 -13.14
MARN Marion Capital Holdings of IN 23.25 1,619 37.6 29.50 21.00 22.13 5.06 -15.45 -14.30
MRKF Market Fin. Corp. of OH 12.38 1,336 16.5 20.25 10.00 11.00 12.55 -18.18 -20.79
MASB MassBank Corp. of Reading MA* 39.00 3,554 138.6 54.25 29.50 36.50 6.85 -13.33 -18.12
MFLR Mayflower Co-Op. Bank of MA* 24.25 900 21.8 27.50 17.00 21.00 15.48 -7.62 -9.35
MDBK Medford Bancorp, Inc. of MA* 16.75 8,717 146.0 22.13 13.50 15.50 8.06 -4.99 -14.67
MWBX MetroWest Bank of MA* 7.00 14,258 99.8 9.50 5.75 6.63 5.58 -13.90 -22.22
METF Metropolitan Fin. Corp. of OH 10.75 7,051 75.8 18.88 9.00 10.25 4.88 -20.37 -30.65
MIFC Mid Iowa Financial Corp. of IA(8) 13.75 1,735 23.9 14.00 10.13 13.50 1.85 32.47 19.57
MCBN Mid-Coast Bancorp of ME 8.25 713 5.9 14.00 7.50 9.00 -8.33 -12.79 -17.50
MWBI Midwest Bancshares, Inc. of IA 13.00 1,071 13.9 19.50 10.75 12.00 8.33 -23.89 -28.77
MFFC Milton Fed. Fin. Corp. of OH 14.00 2,237 31.3 17.00 12.31 14.38 -2.64 -10.43 -8.97
MBSP Mitchell Bancorp, Inc. of NC(8) 15.38 931 14.3 18.50 14.00 15.75 -2.35 -9.53 -9.53
MBBC Monterey Bay Bancorp of CA 12.44 3,923 48.8 21.40 10.75 11.00 13.09 -17.07 -20.26
MONT Montgomery Fin. Corp. of IN 10.50 1,642 17.2 13.63 9.75 11.00 -4.55 -16.00 -18.48
MSBK Mutual SB, FSB of Bay City MI 7.50 4,290 32.2 14.13 5.75 7.75 -3.23 -46.43 -42.31
MYST Mystic Financial of MA* 12.38 2,574 31.9 18.56 9.75 13.63 -9.17 23.80 23.80
NHTB NH Thrift Bancshares of NH 17.75 2,095 37.2 22.00 12.00 17.00 4.41 -19.32 -13.41
NSLB NS&L Bancorp, Inc of Neosho MO 13.00 686 8.9 19.25 13.00 13.50 -3.70 -30.67 -31.14
NSSY NSS Bancorp of CT(8)* 50.00 2,378 118.9 58.75 35.00 46.63 7.23 33.33 32.45
NMSB Newmil Bancorp, Inc. of CT* 12.63 3,837 48.5 14.63 10.00 12.00 5.25 -4.68 -2.85
NBCP Niagara Bancorp of NY MHC(45.4* 11.38 29,756 153.7 17.00 8.50 11.00 3.45 13.80 13.80
NBSI North Bancshares of Chicago IL 12.00 1,271 15.3 18.83 11.00 12.00 0.00 -33.33 -32.89
FFFD North Central Bancshares of IA 17.69 3,104 54.9 24.88 15.00 16.75 5.61 -1.72 -11.02
NEIB Northeast Indiana Bncrp of IN 16.50 1,815 29.9 20.68 14.89 18.00 -8.33 -13.57 -17.95
NWSB Northwest Bcrp MHC of PA (30.8 12.00 46,865 173.3 18.00 9.00 11.88 1.01 -20.69 -15.07
NWEQ Northwest Equity Corp. of WI 18.00 825 14.9 22.25 15.63 17.75 1.41 0.00 -13.25
NTMG Nutmeg FS&LA of CT 12.00 1,077 12.9 13.00 8.72 13.00 -7.69 33.33 14.29
OHSL OHSL Financial Corp. of OH 14.00 2,496 34.9 18.38 12.88 14.63 -4.31 1.82 3.70
OCFC Ocean Fin. Corp. of NJ 14.94 14,757 220.5 20.00 12.00 14.50 3.03 -20.32 -19.81
OTFC Oregon Trail Fin. Corp. of OR 13.25 3,950 52.3 18.50 11.00 13.38 -0.97 -17.85 -23.76
OFCP Ottawa Financial Corp. of MI 23.00 5,717 131.5 30.91 18.88 21.00 9.52 -10.44 -25.59
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
INBI Industrial Bancorp of OH 1.12 1.12 12.44 12.44 77.75
IWBK Interwest Bancorp of WA 1.29 1.09 11.00 10.07 156.44
IPSW Ipswich SB of Ipswich MA* 1.10 0.93 5.74 5.74 104.29
JXVL Jacksonville Bancorp of TX 1.30 1.30 14.48 14.48 100.20
JXSB Jcksnville SB,MHC of IL (45.6) 0.50 0.30 9.41 9.41 87.16
JSBA Jefferson Svgs Bancorp of MO 0.98 0.87 11.84 9.50 123.81
KSBK KSB Bancorp of Kingfield ME* 1.33 1.33 9.54 8.30 122.63
KFBI Klamath First Bancorp of OR 0.96 0.93 14.63 13.48 103.99
LSBI LSB Fin. Corp. of Lafayette IN 1.89 1.62 19.70 19.70 234.33
LVSB Lakeview Financial of NJ 1.94 0.83 11.60 7.78 121.69
LARK Landmark Bancshares, Inc of KS 1.58 1.33 19.35 19.35 148.05
LARL Laurel Capital Group of PA 1.40 1.44 11.13 11.13 100.35
LSBX Lawrence Savings Bank of MA* 2.12 2.09 9.61 9.61 79.63
LFED Leeds Fed Bksr MHC of MD (36.3 0.64 0.64 9.49 9.49 58.26
LXMO Lexington B&L Fin. Corp. of MO 0.62 0.62 15.17 14.15 94.45
LIBB Liberty Bancorp MHC of NJ (47) 0.37 0.37 8.76 8.76 63.69
LFCO Life Financial Corp of CA(8) 1.78 1.87 9.38 9.38 57.96
LFBI Little Falls Bancorp of NJ 0.78 0.77 15.00 13.95 137.49
LOGN Logansport Fin. Corp. of IN 1.08 1.09 13.51 13.51 77.14
MAFB MAF Bancorp, Inc. of IL 1.70 1.62 12.56 11.24 161.03
MBLF MBLA Financial Corp. of MO 1.51 1.49 22.33 22.33 162.97
MECH MECH Financial Inc of CT* 1.62 1.61 17.51 17.51 180.30
MFBC MFB Corp. of Mishawaka IN 1.52 1.56 20.95 20.95 210.33
MSBF MSB Financial, Inc of MI 0.91 0.77 10.13 10.13 61.37
MARN Marion Capital Holdings of IN 1.35 1.35 22.01 21.53 121.50
MRKF Market Fin. Corp. of OH 0.41 0.41 11.29 11.29 40.87
MASB MassBank Corp. of Reading MA* 3.06 2.64 31.05 30.66 262.93
MFLR Mayflower Co-Op. Bank of MA* 1.67 1.45 14.67 14.46 158.85
MDBK Medford Bancorp, Inc. of MA* 1.39 1.31 11.83 11.24 130.10
MWBX MetroWest Bank of MA* 0.55 0.54 3.49 3.49 46.93
METF Metropolitan Fin. Corp. of OH 0.93 0.80 5.61 5.20 150.18
MIFC Mid Iowa Financial Corp. of IA(8) 0.79 0.78 7.73 7.72 77.83
MCBN Mid-Coast Bancorp of ME 0.61 0.53 7.35 7.35 91.60
MWBI Midwest Bancshares, Inc. of IA 1.27 1.10 11.04 11.04 149.94
MFFC Milton Fed. Fin. Corp. of OH 0.67 0.54 11.75 11.75 105.17
MBSP Mitchell Bancorp, Inc. of NC(8) 0.47 0.47 15.72 15.72 40.07
MBBC Monterey Bay Bancorp of CA 0.33 0.33 11.97 10.95 111.19
MONT Montgomery Fin. Corp. of IN 0.62 0.62 12.27 12.27 72.68
MSBK Mutual SB, FSB of Bay City MI -1.79 -0.58 8.27 8.27 136.57
MYST Mystic Financial of MA* 0.62 0.58 13.33 13.33 75.15
NHTB NH Thrift Bancshares of NH 1.38 1.28 12.60 11.01 154.81
NSLB NS&L Bancorp, Inc of Neosho MO 0.60 0.59 16.87 16.76 91.32
NSSY NSS Bancorp of CT(8)* 2.18 1.92 23.19 22.62 274.11
NMSB Newmil Bancorp, Inc. of CT* 0.81 0.62 9.01 9.01 96.37
NBCP Niagara Bancorp of NY MHC(45.4* 0.30 0.45 8.76 8.76 48.09
NBSI North Bancshares of Chicago IL 0.36 0.31 10.43 10.43 98.30
FFFD North Central Bancshares of IA 1.42 1.40 16.02 13.93 107.83
NEIB Northeast Indiana Bncrp of IN 1.27 1.27 14.61 14.61 111.99
NWSB Northwest Bcrp MHC of PA (30.8 0.45 0.44 4.65 4.18 54.68
NWEQ Northwest Equity Corp. of WI 1.51 1.37 14.54 14.54 120.14
NTMG Nutmeg FS&LA of CT 0.87 0.46 6.31 6.31 104.10
OHSL OHSL Financial Corp. of OH 0.83 0.77 10.76 10.76 99.30
OCFC Ocean Fin. Corp. of NJ 0.93 0.93 14.29 14.22 104.24
OTFC Oregon Trail Fin. Corp. of OR 0.83 0.83 15.82 15.82 69.51
OFCP Ottawa Financial Corp. of MI 1.38 1.23 13.23 10.85 160.90
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
PFFB PFF Bancorp of Pomona CA 16.13 15,440 249.0 21.13 11.94 14.69 9.80 -16.77 -18.86
PSFI PS Financial of Chicago IL 10.63 2,019 21.5 22.38 8.50 10.38 2.41 -38.84 -52.50
PSBI PSB Bancorp Inc. of PA* 7.69 3,101 23.8 11.27 6.25 7.63 0.79 -20.88 -31.77
PVFC PVF Capital Corp. of OH 13.50 3,991 53.9 18.83 10.00 11.13 21.29 0.00 0.30
PBCI Pamrapo Bancorp, Inc. of NJ 23.38 2,843 66.5 32.38 22.13 23.75 -1.56 -6.48 -14.20
PFED Park Bancorp of Chicago IL 14.63 2,418 35.4 19.75 13.25 14.63 0.00 -19.31 -21.47
PVSA Parkvale Financial Corp of PA 20.75 6,381 132.4 28.00 19.60 21.00 -1.19 -9.39 -24.27
PBHC Pathfinder BC MHC of NY (45.2)* 10.75 2,736 13.7 26.13 9.88 11.63 -7.57 -42.91 -46.25
PEEK Peekskill Fin. Corp. of NY 13.63 2,860 39.0 18.25 12.00 13.63 0.00 -20.99 -18.63
PFSB PennFed Fin. Services of NJ 13.63 9,236 125.9 19.00 10.25 13.81 -1.30 -12.06 -20.43
PWBK Pennwood Bancorp, Inc. of PA 11.13 697 7.8 17.44 9.00 10.88 2.30 -21.89 -24.85
PBKB People's Bancshares of MA* 20.81 3,317 69.0 27.75 15.00 20.75 0.29 8.10 -8.53
TSBS Peoples Bancorp Inc of NJ(8)* 11.00 36,373 400.1 11.83 6.97 10.13 8.59 18.53 -7.02
PFDC Peoples Bancorp of Auburn IN 19.88 3,281 65.2 25.00 19.88 20.00 -0.60 -14.79 -9.64
PBCT Peoples Bank, MHC of CT (41.2)* 28.50 64,147 787.5 41.13 19.19 25.56 11.50 -15.88 -25.00
PFFC Peoples Fin. Corp. of OH 11.00 1,352 14.9 18.50 10.00 11.00 0.00 -19.30 -27.30
PHBK Peoples Heritage Fin Grp of ME* 19.81 87,784 1,739.0 26.50 13.81 18.00 10.06 -3.79 -13.87
PSFC Peoples Sidney Fin. Corp of OH 17.00 1,785 30.3 24.38 15.00 16.38 3.79 -5.56 -4.92
PERM Permanent Bancorp, Inc. of IN 12.50 4,249 53.1 18.25 10.94 12.00 4.17 -3.85 -19.67
PCBC Perry Co. Fin. Corp. of MO 19.75 828 16.4 25.00 18.00 19.75 0.00 -16.84 -18.15
PHFC Pittsburgh Home Fin Corp of PA 14.50 1,872 27.1 20.81 12.13 12.63 14.81 -22.67 -19.44
PFSL Pocahontas Bancorp of AR 9.06 6,685 60.6 11.43 6.75 8.81 2.84 4.14 -18.08
PTRS Potters Financial Corp of OH 14.00 951 13.3 22.25 13.00 14.00 0.00 -11.11 -30.00
PHSB Ppls Home SB, MHC of PA (45.0) 14.63 2,760 18.2 22.13 11.50 13.75 6.40 -20.40 -22.51
PRBC Prestige Bancorp of PA 13.25 1,000 13.3 22.07 12.50 13.00 1.92 -15.34 -23.81
PFNC Progress Financial Corp. of PA 13.88 5,192 72.1 21.67 11.50 14.19 -2.18 -2.87 -11.65
PROV Provident Fin. Holdings of CA 16.25 4,625 75.2 24.25 14.00 15.50 4.84 -19.75 -25.73
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 19.25 2,106 12.0 51.00 16.00 19.38 -0.67 -35.58 -38.66
PLSK Pulaski SB, MHC of NJ (47.0) 11.38 2,108 11.3 20.50 10.13 10.75 5.86 -40.11 -40.88
PULS Pulse Bancorp of S. River NJ(8) 28.06 3,190 89.5 30.50 23.00 26.00 7.92 11.13 7.39
QCFB QCF Bancorp of Virginia MN 25.25 1,321 33.4 31.75 25.00 26.00 -2.88 -6.48 -15.13
QCBC Quaker City Bancorp of CA 16.00 5,799 92.8 21.25 11.75 15.00 6.67 -1.84 -5.88
QCSB Queens County Bancorp of NY* 29.91 21,419 640.6 31.42 22.88 29.81 0.34 22.08 10.78
RARB Raritan Bancorp of Raritan NJ(8)* 35.00 2,456 86.0 37.00 24.75 34.06 2.76 22.25 25.00
RELY Reliance Bancorp, Inc. of NY 27.00 8,984 242.6 42.25 21.50 24.75 9.09 -19.11 -26.29
RELI Reliance Bancshares Inc of WI(8) 9.63 2,396 23.1 10.13 8.06 9.38 2.67 11.59 1.37
RCBK Richmond County Fin Corp of NY 15.38 26,424 406.4 19.75 11.31 14.63 5.13 53.80 53.80
RIVR River Valley Bancorp of IN 15.00 1,190 17.9 20.75 13.25 13.88 8.07 -14.29 -20.00
RVSB Riverview Bancorp of WA 12.75 6,186 78.9 19.13 11.25 12.13 5.11 -10.53 -28.17
RSLN Roslyn Bancorp, Inc. of NY* 17.88 41,400 740.2 30.50 13.31 17.13 4.38 -18.95 -23.10
SCCB S. Carolina Comm. Bnshrs of SC 13.50 580 7.8 24.00 13.50 13.50 0.00 -40.00 -40.00
SFED SFS Bancorp of Schenectady NY(8) 21.75 1,208 26.3 27.88 19.75 22.00 -1.14 -1.72 -19.08
SGVB SGV Bancorp of W. Covina CA 13.50 2,219 30.0 18.81 11.75 13.00 3.85 -25.54 -23.94
SISB SIS Bancorp, Inc. of MA(8)* 44.50 7,171 319.1 52.63 29.50 39.75 11.95 28.99 10.72
SWCB Sandwich Bancorp of MA(8)* 55.88 2,043 114.2 64.50 37.00 53.75 3.96 37.98 27.00
SKAN Skaneateles Bancorp Inc of NY* 13.75 1,447 19.9 22.25 12.63 13.88 -0.94 -32.37 -37.87
SKBOD Skibo Fin Corp MHC of PA(45.0) 12.13 3,450 12.6 14.00 6.75 12.00 1.08 -2.33 -2.96
SOBI Sobieski Bancorp of S. Bend IN 14.50 764 11.1 24.25 13.88 14.50 0.00 -23.68 -28.85
SFFS Sound Bancorp MHC of NY (44.1) 10.00 5,212 23.0 10.13 8.50 10.00 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* 8.38 4,676 39.2 19.13 8.00 8.31 0.84 -52.79 -55.89
SBAN SouthBanc Shares Inc. of SC 20.00 4,306 86.1 23.76 15.00 18.00 11.11 6.61 -5.93
SCBS Southern Commun. Bncshrs of AL 13.00 1,137 14.8 20.75 12.00 13.00 0.00 -27.78 -28.77
SMBC Southern Missouri Bncrp of MO 16.75 1,484 24.9 23.25 15.75 16.63 0.72 -11.84 -18.29
SVRN Sovereign Bancorp, Inc. of PA 14.44 163,725 2,364.2 22.19 9.00 13.13 9.98 -9.98 -16.48
STFR St. Francis Cap. Corp. of WI 40.88 4,788 195.7 50.75 34.50 40.88 0.00 4.15 -19.05
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
PFFB PFF Bancorp of Pomona CA 1.11 1.06 14.96 14.80 197.19
PSFI PS Financial of Chicago IL 0.42 0.73 11.27 11.27 42.10
PSBI PSB Bancorp Inc. of PA* 0.37 0.37 9.41 9.41 47.49
PVFC PVF Capital Corp. of OH 1.23 1.15 7.82 7.82 108.56
PBCI Pamrapo Bancorp, Inc. of NJ 1.59 1.53 17.40 17.32 139.72
PFED Park Bancorp of Chicago IL 0.70 0.71 16.55 16.55 81.39
PVSA Parkvale Financial Corp of PA 1.79 1.76 13.16 13.10 176.04
PBHC Pathfinder BC MHC of NY (45.2)* 0.53 0.45 8.61 7.35 72.40
PEEK Peekskill Fin. Corp. of NY 0.65 0.66 15.11 15.11 70.05
PFSB PennFed Fin. Services of NJ 1.23 1.16 11.30 9.90 169.60
PWBK Pennwood Bancorp, Inc. of PA 0.40 0.44 11.42 11.42 66.11
PBKB People's Bancshares of MA* 1.66 0.63 9.79 9.37 258.78
TSBS Peoples Bancorp Inc of NJ(8)* 0.28 0.27 9.41 9.13 23.99
PFDC Peoples Bancorp of Auburn IN 1.31 1.31 13.88 13.88 92.75
PBCT Peoples Bank, MHC of CT (41.2)* 1.67 1.00 13.36 11.19 149.96
PFFC Peoples Fin. Corp. of OH 0.71 0.33 10.89 10.89 62.80
PHBK Peoples Heritage Fin Grp of ME* 0.76 1.02 8.24 6.85 111.27
PSFC Peoples Sidney Fin. Corp of OH 0.69 0.69 10.99 10.99 59.33
PERM Permanent Bancorp, Inc. of IN 0.62 0.59 10.23 8.35 119.26
PCBC Perry Co. Fin. Corp. of MO 1.01 1.00 20.02 20.02 108.41
PHFC Pittsburgh Home Fin Corp of PA 1.15 1.02 13.80 13.65 199.00
PFSL Pocahontas Bancorp of AR 0.40 0.40 8.74 8.47 60.52
PTRS Potters Financial Corp of OH 0.99 0.89 11.50 11.50 134.75
PHSB Ppls Home SB, MHC of PA (45.0) 0.58 0.53 10.62 10.62 85.84
PRBC Prestige Bancorp of PA 0.71 0.69 15.26 15.26 169.98
PFNC Progress Financial Corp. of PA 0.77 0.69 8.03 7.17 116.01
PROV Provident Fin. Holdings of CA 1.11 0.40 18.11 18.11 181.76
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 0.95 0.78 11.70 11.70 87.19
PLSK Pulaski SB, MHC of NJ (47.0) 0.45 0.48 10.68 10.68 90.76
PULS Pulse Bancorp of S. River NJ(8) 1.74 1.74 14.39 14.39 170.56
QCFB QCF Bancorp of Virginia MN 2.01 1.95 19.93 19.93 113.92
QCBC Quaker City Bancorp of CA 1.30 1.21 13.66 13.66 154.08
QCSB Queens County Bancorp of NY* 1.18 1.16 6.91 6.91 79.68
RARB Raritan Bancorp of Raritan NJ(8)* 1.71 1.65 13.67 13.53 176.53
RELY Reliance Bancorp, Inc. of NY 2.09 2.07 20.65 14.22 277.51
RELI Reliance Bancshares Inc of WI(8) 0.24 0.23 9.34 9.34 17.65
RCBK Richmond County Fin Corp of NY 0.27 0.73 12.48 12.44 64.06
RIVR River Valley Bancorp of IN 1.07 0.94 15.54 15.34 114.02
RVSB Riverview Bancorp of WA 0.72 0.68 10.02 9.71 43.42
RSLN Roslyn Bancorp, Inc. of NY* 1.11 1.06 14.36 14.29 93.07
SCCB S. Carolina Comm. Bnshrs of SC 0.70 0.70 16.23 16.23 82.74
SFED SFS Bancorp of Schenectady NY(8) 0.95 0.92 18.14 18.14 147.43
SGVB SGV Bancorp of W. Covina CA 0.78 0.76 13.93 13.76 204.14
SISB SIS Bancorp, Inc. of MA(8)* 1.68 2.09 18.34 18.34 256.82
SWCB Sandwich Bancorp of MA(8)* 2.45 2.32 21.81 21.20 259.92
SKAN Skaneateles Bancorp Inc of NY* 1.08 1.00 12.96 12.68 187.65
SKBOD Skibo Fin Corp MHC of PA(45.0) 0.24 0.29 7.09 7.09 42.20
SOBI Sobieski Bancorp of S. Bend IN 0.71 0.69 16.84 16.84 121.07
SFFS Sound Bancorp MHC of NY (44.1) 0.63 0.63 10.02 10.02 52.59
SSFC South Street Fin. Corp. of NC* 0.22 0.22 7.37 7.37 43.56
SBAN SouthBanc Shares Inc. of SC 0.62 0.66 17.72 17.72 85.38
SCBS Southern Commun. Bncshrs of AL 0.75 0.75 10.36 10.36 59.74
SMBC Southern Missouri Bncrp of MO 0.72 0.75 16.25 16.25 105.07
SVRN Sovereign Bancorp, Inc. of PA 0.53 0.66 6.34 5.59 115.12
STFR St. Francis Cap. Corp. of WI 2.68 2.60 27.35 24.47 366.50
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IA (continued)
Weekly Thrift Market Line - Part One
Prices As Of November 6, 1998
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
SPBC St. Paul Bancorp, Inc. of IL 21.06 40,598 855.0 27.06 16.81 20.56 2.43 -13.83 -19.77
SFFC StateFed Financial Corp. of IA 9.50 1,566 14.9 15.00 9.00 11.88 -20.03 -29.63 -35.59
SFIN Statewide Fin. Corp. of NJ 16.25 4,397 71.5 26.69 15.25 15.50 4.84 -26.14 -32.29
STSA Sterling Financial Corp. of WA 17.25 7,606 131.2 27.63 14.00 16.38 5.31 -23.33 -20.69
ROSE T R Financial Corp. of NY* 33.25 17,630 586.2 44.75 19.88 32.75 1.53 0.76 0.00
THRD TF Financial Corp. of PA 19.75 3,192 63.0 30.00 16.13 18.50 6.76 -17.71 -34.17
THTL Thistle Group Holdings of PA 9.00 9,000 81.0 10.06 7.63 9.00 0.00 -10.00 -10.00
TSBK Timberland Bancorp of WA 14.00 6,282 87.9 18.50 10.75 13.38 4.63 40.00 40.00
TRIC Tri-County Bancorp of WY 12.50 1,167 14.6 16.50 11.25 12.75 -1.96 -11.54 -16.67
TWIN Twin City Bancorp, Inc. of TN 13.75 1,241 17.1 15.50 12.75 13.25 3.77 -3.51 -11.29
USAB USABancshares, Inc of PA* 7.63 2,002 15.3 13.31 6.19 7.25 5.24 21.50 1.73
UCBC Union Community Bancorp of IN 12.13 3,042 36.9 15.81 10.63 12.00 1.08 21.30 -17.09
UCFC United Community Fin. of OH 14.00 33,465 468.5 17.94 13.00 14.00 0.00 40.00 40.00
UBMT United Fin. Corp. of MT 24.25 1,698 41.2 31.50 21.75 24.25 0.00 N.A. N.A.
UTBI United Tenn. Bancshares of TN 12.38 1,455 18.0 16.00 9.88 11.63 6.45 23.80 23.80
WHGB WHG Bancshares of MD 12.00 1,389 16.7 19.00 10.13 10.75 11.63 -22.88 -36.00
WSFS WSFS Financial Corp. of DE* 17.75 12,233 217.1 23.88 12.75 17.13 3.62 -2.10 -11.25
WVFC WVS Financial Corp. of PA 14.88 3,615 53.8 20.13 14.75 15.38 -3.25 -7.00 -15.60
WRNB Warren Bancorp of Peabody MA* 9.19 7,911 72.7 14.38 8.75 9.69 -5.16 -11.46 -20.09
WSBI Warwick Community Bncrp of NY* 14.38 6,607 95.0 18.00 10.38 12.75 12.78 43.80 -17.26
WFSL Washington Federal, Inc. of WA 26.75 51,446 1,376.2 30.13 22.25 26.69 0.22 -8.77 -6.40
WAYN Wayne Svgs Bks MHC of OH (48.2 21.25 2,487 25.4 30.00 17.00 18.25 16.44 -16.54 -19.39
WCFB Wbstr Cty FSB MHC of IA (45.6) 17.00 2,114 16.4 21.75 12.50 16.00 6.25 -17.07 -15.00
WBST Webster Financial Corp. of CT 27.88 37,943 1,057.9 36.25 18.88 24.69 12.92 -13.90 -16.15
WEFC Wells Fin. Corp. of Wells MN 16.75 1,652 27.7 22.00 15.25 16.50 1.52 -8.22 -6.32
WEBK West Essex MHC of NJ (42.2) 10.00 4,197 17.7 10.13 8.41 9.75 2.56 0.00 0.00
WCBI WestCo Bancorp, Inc. of IL(8) 34.00 2,405 81.8 34.00 26.00 32.25 5.43 23.64 24.77
WSTR WesterFed Fin. Corp. of MT 18.25 5,589 102.0 26.75 17.00 18.25 0.00 -23.58 -28.43
WOFC Western Ohio Fin. Corp. of OH 21.75 2,298 50.0 27.50 19.75 22.63 -3.89 -17.92 -19.08
WEHO Westwood Hmstd Fin Corp of OH 10.50 2,436 25.6 18.13 10.00 10.00 5.00 -35.38 -38.24
FFWD Wood Bancorp of OH 13.25 2,669 35.4 27.00 12.25 13.00 1.92 -10.47 -29.52
YFCB Yonkers Fin. Corp. of NY 14.00 2,726 38.2 20.25 13.00 14.19 -1.34 -29.11 -27.27
YFED York Financial Corp. of PA 18.38 9,416 173.1 25.95 14.88 20.00 -8.10 -11.08 -25.04
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
SPBC St. Paul Bancorp, Inc. of IL 1.22 1.17 10.79 10.75 112.44
SFFC StateFed Financial Corp. of IA 0.65 0.65 10.27 10.27 57.34
SFIN Statewide Fin. Corp. of NJ 1.21 1.16 14.51 14.49 149.34
STSA Sterling Financial Corp. of WA 0.92 1.32 14.72 6.49 273.76
ROSE T R Financial Corp. of NY* 2.36 1.98 15.10 15.10 237.29
THRD TF Financial Corp. of PA 1.23 1.10 16.46 14.08 218.09
THTL Thistle Group Holdings of PA 0.53 0.53 10.79 10.79 38.81
TSBK Timberland Bancorp of WA 0.71 0.66 13.55 13.55 41.88
TRIC Tri-County Bancorp of WY 0.79 0.75 12.44 12.44 74.31
TWIN Twin City Bancorp, Inc. of TN 0.89 0.72 11.29 11.29 89.13
USAB USABancshares, Inc of PA* 0.26 0.32 6.55 6.51 67.28
UCBC Union Community Bancorp of IN 0.47 0.47 14.22 14.22 35.53
UCFC United Community Fin. of OH 0.58 0.58 12.47 12.47 38.59
UBMT United Fin. Corp. of MT 1.35 1.32 17.83 17.23 120.93
UTBI United Tenn. Bancshares of TN 0.71 0.71 13.83 13.83 51.16
WHGB WHG Bancshares of MD 0.46 0.46 14.52 14.52 95.01
WSFS WSFS Financial Corp. of DE* 1.42 1.37 7.77 7.74 130.44
WVFC WVS Financial Corp. of PA 0.97 1.05 9.12 9.12 82.17
WRNB Warren Bancorp of Peabody MA* 0.76 0.72 5.14 5.14 48.52
WSBI Warwick Community Bncrp of NY* 0.19 0.64 13.04 13.04 62.12
WFSL Washington Federal, Inc. of WA 2.17 2.10 14.91 13.87 109.57
WAYN Wayne Svgs Bks MHC of OH (48.2 0.73 0.66 9.94 9.94 104.30
WCFB Wbstr Cty FSB MHC of IA (45.6) 0.63 0.63 10.75 10.75 45.93
WBST Webster Financial Corp. of CT 1.58 1.61 14.91 12.78 241.51
WEFC Wells Fin. Corp. of Wells MN 1.46 1.33 15.25 15.25 112.52
WEBK West Essex MHC of NJ (42.2) 0.27 0.27 10.76 10.76 80.14
WCBI WestCo Bancorp, Inc. of IL(8) 1.87 1.86 19.95 19.95 132.43
WSTR WesterFed Fin. Corp. of MT 1.29 1.26 19.94 16.38 178.85
WOFC Western Ohio Fin. Corp. of OH 0.12 0.10 22.57 21.11 155.48
WEHO Westwood Hmstd Fin Corp of OH 0.41 0.57 10.21 10.21 52.33
FFWD Wood Bancorp of OH 0.89 0.72 8.45 8.45 62.25
YFCB Yonkers Fin. Corp. of NY 1.09 0.99 15.17 15.17 147.31
YFED York Financial Corp. of PA 1.06 0.84 11.60 11.60 130.55
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- --------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
----------------------------------------------
SAIF-Insured Thrifts(274) 13.61 13.32 0.91 7.83 5.76 0.87 7.37 0.61 138.74
NYSE Traded Companies(7) 8.58 8.11 0.76 10.15 5.81 0.49 7.54 0.75 156.04
AMEX Traded Companies(22) 13.69 13.56 0.73 5.86 5.53 0.76 5.63 0.49 184.75
NASDAQ Listed OTC Companies(245) 13.74 13.44 0.93 7.94 5.78 0.89 7.52 0.61 135.47
California Companies(17) 7.64 7.30 0.62 8.74 7.35 0.52 7.80 1.38 99.17
Florida Companies(5) 11.23 10.50 0.88 8.75 5.67 0.59 5.23 0.46 163.09
Mid-Atlantic Companies(52) 11.21 10.81 0.83 9.09 6.67 0.84 8.64 0.59 111.71
Mid-West Companies(130) 14.23 14.01 0.91 7.01 5.22 0.88 6.82 0.56 142.87
New England Companies(7) 7.46 7.15 0.72 9.97 7.06 0.62 8.45 0.66 132.66
North-West Companies(11) 17.27 16.48 1.16 8.38 5.59 1.04 7.63 0.37 233.88
South-East Companies(41) 17.24 17.07 1.09 8.20 5.47 1.04 7.73 0.63 151.21
South-West Companies(6) 11.02 10.92 0.69 7.19 6.48 0.65 6.88 0.52 72.35
Western Companies (Excl CA)(5) 16.85 16.35 0.99 6.29 5.89 0.97 6.16 0.35 144.03
Thrift Strategy(233) 14.60 14.36 0.92 7.33 5.64 0.89 7.01 0.57 141.71
Mortgage Banker Strategy(24) 7.61 6.85 0.73 9.57 4.77 0.66 8.95 0.73 129.21
Real Estate Strategy(7) 7.34 7.11 0.92 12.47 8.78 0.83 11.35 1.31 114.12
Diversified Strategy(7) 8.71 8.36 0.81 10.10 4.78 0.52 7.23 0.58 108.22
Retail Banking Strategy(3) 6.78 6.24 1.41 20.74 21.13 1.13 16.57 0.91 64.52
Companies Issuing Dividends(231) 13.85 13.55 0.95 8.01 5.95 0.90 7.46 0.58 140.09
Companies Without Dividends(43) 12.22 11.95 0.64 6.82 4.68 0.67 6.87 0.77 131.07
Equity/Assets less than 6%(16) 4.79 4.33 0.54 10.68 6.08 0.55 10.98 1.12 104.52
Equity/Assets 6-12%(124) 8.70 8.29 0.81 9.57 6.37 0.73 8.60 0.65 133.29
Equity/Assets greater than 12%(134) 19.20 19.03 1.04 5.89 5.16 1.03 5.81 0.50 147.63
Actively Traded Companies(28) 8.94 8.40 0.90 10.70 5.41 0.91 11.31 0.78 137.64
Market Value Below $20 Million(62) 14.62 14.52 0.84 6.05 6.01 0.78 5.48 0.67 135.86
Holding Company Structure(247) 13.60 13.31 0.90 7.75 5.71 0.87 7.36 0.62 135.05
Assets Over $1 Billion(55) 9.23 8.59 0.79 10.25 6.21 0.77 9.73 0.82 113.42
Assets $500 Million-$1 Billion(37) 10.39 9.96 0.86 8.20 5.04 0.80 7.92 0.44 159.95
Assets $250-$500 Million(63) 13.85 13.56 0.94 8.23 6.36 0.91 7.68 0.57 160.18
Assets less than $250 Million(119) 16.57 16.48 0.96 6.37 5.48 0.91 5.93 0.58 133.97
Goodwill Companies(112) 10.68 9.99 0.84 9.25 6.21 0.79 8.56 0.66 131.81
Non-Goodwill Companies(160) 15.73 15.73 0.95 6.74 5.44 0.91 6.47 0.56 144.83
Acquirors of FSLIC Cases(7) 9.57 8.97 1.28 14.56 11.48 1.22 13.98 0.78 62.20
Asset Quality Pricing Ratios Dividend Data(6)
Ratios ----------------------------------------- -----------------------
------------ Price/ Price/ Ind. Divi-
Resvs/ Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Loans Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
----------------------------------------------
SAIF-Insured Thrifts(274) 0.79 17.18 126.77 15.86 132.42 17.93 0.33 2.04 32.76
NYSE Traded Companies(7) 1.38 17.96 151.15 13.09 161.05 13.96 0.21 0.87 19.42
AMEX Traded Companies(22) 0.78 16.73 102.79 13.76 104.23 18.54 0.33 2.26 32.93
NASDAQ Listed OTC Companies(245) 0.77 17.21 128.25 16.12 134.16 17.96 0.34 2.05 33.15
California Companies(17) 1.28 14.26 112.42 8.58 118.59 13.01 0.15 0.74 15.98
Florida Companies(5) 0.95 16.64 130.59 15.36 145.27 20.99 0.14 1.13 18.47
Mid-Atlantic Companies(52) 0.91 16.07 126.24 13.27 134.70 17.64 0.32 1.92 31.64
Mid-West Companies(130) 0.66 17.63 126.28 16.52 129.64 18.20 0.35 2.15 33.40
New England Companies(7) 1.02 14.44 136.04 9.88 144.02 17.62 0.39 2.17 30.27
North-West Companies(11) 0.80 18.62 136.18 20.60 156.18 19.45 0.32 1.74 31.76
South-East Companies(41) 0.77 18.57 136.71 20.16 140.71 18.98 0.39 2.39 39.53
South-West Companies(6) 0.56 16.05 101.85 10.68 105.41 12.80 0.26 1.83 28.50
Western Companies (Excl CA)(5) 0.90 17.23 100.27 16.72 105.20 17.55 0.56 3.38 58.51
Thrift Strategy(233) 0.73 17.47 121.00 16.43 124.97 18.07 0.35 2.15 34.34
Mortgage Banker Strategy(24) 0.97 16.42 163.64 12.50 186.07 19.40 0.26 1.37 25.53
Real Estate Strategy(7) 1.62 11.63 137.49 10.25 140.29 12.52 0.18 0.91 11.58
Diversified Strategy(7) 1.08 20.45 193.08 16.46 202.43 18.54 0.40 1.99 40.52
Retail Banking Strategy(3) 0.63 7.61 122.98 7.77 132.91 9.45 0.23 1.50 8.84
Companies Issuing Dividends(231) 0.75 17.22 128.10 16.28 133.50 18.06 0.39 2.39 38.28
Companies Without Dividends(43) 0.98 16.94 119.06 13.44 126.18 16.97 0.00 0.00 0.00
Equity/Assets less than 6%(16) 0.95 13.82 160.96 7.92 179.34 13.47 0.15 0.71 10.08
Equity/Assets 6-12%(124) 0.87 15.45 142.23 12.14 150.78 17.18 0.32 1.81 27.77
Equity/Assets greater than 12%(134) 0.69 19.16 108.39 20.24 109.84 19.15 0.37 2.42 40.77
Actively Traded Companies(28) 0.92 16.77 167.37 14.58 183.49 16.56 0.44 1.94 33.41
Market Value Below $20 Million(62) 0.66 17.60 101.66 14.31 102.32 18.82 0.31 2.41 38.03
Holding Company Structure(247) 0.77 17.29 127.34 15.92 133.06 17.92 0.34 2.07 33.24
Assets Over $1 Billion(55) 0.98 16.35 151.93 13.39 167.96 17.18 0.31 1.51 25.44
Assets $500 Million-$1 Billion(37) 0.85 15.48 144.07 14.07 152.39 17.55 0.37 1.91 30.33
Assets $250-$500 Million(63) 0.78 16.44 122.09 16.20 125.70 16.88 0.32 1.84 30.04
Assets less than $250 Million(119) 0.67 18.45 111.68 17.42 112.55 18.92 0.34 2.43 38.87
Goodwill Companies(112) 0.90 16.58 137.60 13.75 150.85 17.48 0.33 1.82 28.41
Non-Goodwill Companies(160) 0.70 17.64 117.42 17.24 117.42 18.29 0.34 2.20 35.91
Acquirors of FSLIC Cases(7) 0.62 13.22 144.71 14.00 155.21 12.80 0.47 1.99 24.69
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ----------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
---------------------------------------------
BIF-Insured Thrifts(56) 11.89 11.51 1.06 10.58 6.78 1.06 9.98 0.57 194.30 1.25
NYSE Traded Companies(5) 17.61 15.76 1.39 9.67 5.37 1.49 8.93 1.08 83.51 0.90
AMEX Traded Companies(5) 11.63 11.34 1.09 10.80 7.75 1.01 9.63 0.83 136.15 1.17
NASDAQ Listed OTC Companies(46) 11.23 11.01 1.02 10.67 6.84 1.01 10.15 0.49 214.78 1.31
California Companies(1) 10.43 10.41 1.43 13.81 11.01 1.43 13.81 0.00 0.00 1.90
Mid-Atlantic Companies(21) 14.39 13.80 0.96 8.27 5.06 1.07 8.37 0.79 128.74 1.13
New England Companies(29) 9.81 9.52 1.13 12.72 7.89 1.03 11.38 0.48 252.40 1.41
North-West Companies(2) 11.26 11.26 1.31 12.46 8.83 1.24 11.32 0.04 0.00 1.13
South-East Companies(3) 15.00 14.84 0.77 4.38 5.37 0.98 5.79 0.32 159.18 0.52
Thrift Strategy(44) 12.82 12.49 1.04 9.69 6.49 1.06 9.24 0.58 190.81 1.19
Mortgage Banker Strategy(6) 8.55 8.09 1.07 13.24 7.90 0.91 10.77 0.33 264.90 1.15
Real Estate Strategy(2) 10.51 10.50 1.52 14.41 9.64 1.48 14.02 0.90 116.78 1.73
Diversified Strategy(4) 7.03 5.93 0.97 14.59 6.59 1.04 15.46 0.85 151.28 1.98
Companies Issuing Dividends(48) 11.26 10.99 1.05 10.82 6.75 1.04 10.04 0.49 195.04 1.23
Companies Without Dividends(8) 15.26 14.31 1.09 9.31 6.96 1.17 9.64 1.02 190.72 1.39
Equity/Assets less than 6%(3) 5.08 5.02 1.00 19.27 8.26 0.78 14.33 0.94 113.96 1.66
Equity/Assets 6-12%(35) 8.73 8.39 1.03 11.90 7.32 0.96 10.93 0.55 200.35 1.36
Equity/Assets greater than 12%(18) 18.85 18.34 1.12 6.66 5.55 1.29 7.46 0.57 194.57 0.97
Converted Last 3 Mths (no MHC)(1) 27.23 27.23 0.47 1.74 2.63 1.06 3.91 1.28 74.83 1.43
Actively Traded Companies(14) 10.45 9.99 1.36 13.70 8.36 1.28 12.12 0.39 221.94 1.07
Market Value Below $20 Million(6) 8.88 8.68 0.75 8.16 7.36 0.78 8.47 0.76 231.68 1.21
Holding Company Structure(43) 12.62 12.38 1.05 9.84 6.46 1.08 9.54 0.48 212.59 1.26
Assets Over $1 Billion(16) 11.26 10.27 1.22 12.15 6.44 1.25 11.79 0.63 181.05 1.25
Assets $500 Million-$1 Billion(11) 9.34 9.20 1.06 12.24 7.36 0.94 10.09 0.48 219.98 1.34
Assets $250-$500 Million(15) 12.82 12.70 1.09 10.61 7.40 1.10 9.96 0.62 172.92 1.49
Assets less than $250 Million(14) 13.09 12.97 0.86 7.93 6.21 0.89 7.98 0.52 218.08 0.95
Goodwill Companies(28) 10.21 9.40 0.99 11.09 7.01 0.95 9.99 0.75 162.48 1.25
Non-Goodwill Companies(28) 13.39 13.39 1.12 10.13 6.58 1.16 9.97 0.43 224.61 1.25
Pricing Ratios Dividend Data(6)
---------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
---------------------------------------------
BIF-Insured Thrifts(56) 14.83 142.25 15.87 146.71 16.41 0.38 1.97 29.45
NYSE Traded Companies(5) 18.18 156.94 24.79 159.94 19.33 0.42 1.07 20.54
AMEX Traded Companies(5) 13.53 129.96 13.97 134.27 15.95 0.41 2.43 32.02
NASDAQ Listed OTC Companies(46) 14.64 141.95 15.01 146.94 16.17 0.37 2.02 30.27
California Companies(1) 9.08 117.43 12.25 117.68 9.08 0.00 0.00 0.00
Mid-Atlantic Companies(21) 17.84 135.12 18.75 136.56 19.50 0.36 1.48 29.40
New England Companies(29) 13.70 152.90 14.02 159.96 15.22 0.40 2.16 29.31
North-West Companies(2) 11.37 138.46 14.74 138.46 12.32 0.32 2.39 27.80
South-East Companies(3) 14.84 103.47 15.61 104.53 11.25 0.41 3.75 48.21
Thrift Strategy(44) 15.20 133.60 16.36 134.27 17.10 0.39 2.02 30.59
Mortgage Banker Strategy(6) 13.01 166.16 13.57 180.30 13.97 0.33 1.63 21.23
Real Estate Strategy(2) 10.59 148.11 15.60 148.24 10.92 0.18 1.96 23.68
Diversified Strategy(4) 17.05 202.95 14.08 236.05 15.45 0.37 2.02 35.35
Companies Issuing Dividends(48) 14.34 147.79 15.81 154.24 16.34 0.45 2.33 35.20
Companies Without Dividends(8) 17.46 113.12 16.17 101.50 16.80 0.00 0.00 0.00
Equity/Assets less than 6%(3) 12.13 219.59 11.21 223.06 13.20 0.35 1.87 22.93
Equity/Assets 6-12%(35) 14.49 152.29 13.88 160.77 15.80 0.42 2.11 31.13
Equity/Assets greater than 12%(18) 16.34 110.87 20.32 106.03 17.96 0.30 1.72 27.31
Converted Last 3 Mths (no MHC)(1) 0.00 66.25 18.04 66.25 16.96 0.00 0.00 0.00
Actively Traded Companies(14) 13.01 159.71 15.63 173.03 12.95 0.55 2.36 31.36
Market Value Below $20 Million(6) 15.35 109.49 9.61 113.59 14.16 0.23 1.62 21.68
Holding Company Structure(43) 15.23 137.92 16.46 143.41 17.01 0.40 2.07 32.38
Assets Over $1 Billion(16) 16.43 169.66 19.25 182.13 16.79 0.48 1.80 31.70
Assets $500 Million-$1 Billion(11) 12.70 155.93 13.58 159.82 16.20 0.54 2.64 37.47
Assets $250-$500 Million(15) 13.08 130.94 15.18 132.74 15.66 0.27 1.87 24.92
Assets less than $250 Million(14) 15.96 118.31 14.25 120.30 16.94 0.28 1.87 26.46
Goodwill Companies(28) 15.27 149.52 14.27 159.34 16.09 0.36 1.82 26.96
Non-Goodwill Companies(28) 14.37 135.53 17.29 135.53 16.69 0.39 2.10 31.85
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. MHC Institutions
---------------------------------
SAIF-Insured Thrifts(21) 14.35 14.25 0.82 6.20 3.71 0.78 5.70 0.54 136.51 0.87
BIF-Insured Thrifts(3) 13.01 11.94 0.89 8.23 4.48 0.80 6.93 0.75 136.84 1.13
NASDAQ Listed OTC Companies(24) 14.16 13.92 0.83 6.49 3.82 0.78 5.88 0.57 136.56 0.91
Florida Companies(2) 6.15 5.98 0.65 8.98 5.00 0.52 7.18 0.27 78.51 0.34
Mid-Atlantic Companies(14) 13.23 12.99 0.72 5.77 3.71 0.72 5.63 0.63 91.52 0.87
Mid-West Companies(5) 14.58 14.58 0.89 6.29 3.64 0.79 5.33 0.43 297.10 0.54
New England Companies(2) 20.95 20.22 1.65 10.89 5.03 1.36 8.03 0.46 322.57 2.02
South-East Companies(1) 20.28 20.28 0.73 5.92 2.29 0.66 5.39 0.50 132.06 0.96
Thrift Strategy(22) 14.76 14.61 0.81 5.95 3.74 0.80 5.70 0.56 138.46 0.87
Mortgage Banker Strategy(1) 7.93 7.20 0.80 9.83 3.16 0.57 7.05 0.65 60.95 0.96
Diversified Strategy(1) 8.91 7.46 1.22 13.50 5.86 0.73 8.08 0.59 177.88 1.64
Companies Issuing Dividends(20) 13.81 13.52 0.86 6.96 3.75 0.79 6.20 0.56 152.21 0.92
Companies Without Dividends(4) 15.63 15.63 0.73 4.50 4.09 0.73 4.50 0.59 73.94 0.84
Equity/Assets 6-12%(12) 9.44 8.95 0.73 7.74 4.08 0.59 6.26 0.69 83.98 0.81
Equity/Assets greater than 12%(12) 18.44 18.44 0.93 5.36 3.58 0.95 5.52 0.47 179.58 0.99
Holding Company Structure(5) 14.49 14.14 0.78 5.85 4.22 0.82 6.01 0.64 96.29 0.66
Assets Over $1 Billion(5) 9.94 9.30 0.86 9.47 4.08 0.75 7.92 0.46 126.66 0.96
Assets $500 Million-$1 Billion(3) 32.99 32.99 2.07 8.28 4.20 2.00 7.97 0.33 467.25 2.39
Assets $250-$500 Million(7) 13.36 13.36 0.76 5.65 3.88 0.74 5.41 0.70 64.94 0.78
Assets less than $250 Million(9) 15.13 14.92 0.73 5.14 3.55 0.69 4.75 0.57 155.13 0.80
Goodwill Companies(8) 10.44 9.73 0.78 8.03 4.14 0.64 6.43 0.70 87.04 0.94
Non-Goodwill Companies(15) 15.78 15.78 0.83 5.68 3.46 0.83 5.55 0.50 170.80 0.90
MHC Institutions(24) 14.16 13.92 0.83 6.49 3.82 0.78 5.88 0.57 136.56 0.91
MHC Converted Last 3 Months(2) 16.24 16.24 0.77 4.40 4.50 0.77 4.40 0.81 63.36 1.19
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
---------------------------------
SAIF-Insured Thrifts(21) 24.62 159.95 21.62 163.51 24.71 0.30 1.92 34.20
BIF-Insured Thrifts(3) 18.67 156.03 19.17 176.95 25.89 0.41 2.05 44.28
NASDAQ Listed OTC Companies(24) 23.83 159.39 21.27 165.43 24.97 0.32 1.94 36.21
Florida Companies(2) 20.00 173.19 10.65 178.29 25.00 1.00 4.35 0.00
Mid-Atlantic Companies(14) 23.78 154.04 19.17 159.79 24.43 0.19 1.44 29.98
Mid-West Companies(5) 27.53 170.91 24.20 170.91 26.98 0.57 3.30 60.00
New England Companies(2) 20.45 173.35 31.50 194.03 26.63 0.56 2.41 46.41
South-East Companies(1) 0.00 157.99 32.05 157.99 0.00 0.20 1.39 60.61
Thrift Strategy(22) 24.31 149.34 21.27 152.26 24.69 0.29 1.90 34.35
Mortgage Banker Strategy(1) 0.00 296.46 23.52 326.51 0.00 0.22 1.31 41.51
Diversified Strategy(1) 17.07 213.32 19.01 254.69 28.50 0.92 3.23 55.09
Companies Issuing Dividends(20) 23.93 170.82 22.19 178.29 25.38 0.39 2.39 49.38
Companies Without Dividends(4) 23.45 110.80 17.36 110.80 23.45 0.00 0.00 0.00
Equity/Assets 6-12%(12) 23.45 185.77 16.89 198.46 25.18 0.43 2.46 50.94
Equity/Assets greater than 12%(12) 24.26 135.41 25.24 135.41 24.81 0.21 1.46 23.33
Holding Company Structure(5) 22.90 135.93 18.64 140.21 22.85 0.19 1.17 19.43
Assets Over $1 Billion(5) 21.24 214.19 19.76 235.30 26.52 0.48 2.26 43.04
Assets $500 Million-$1 Billion(3) 23.83 133.37 43.99 133.37 24.76 0.20 1.58 37.74
Assets $250-$500 Million(7) 23.86 147.77 18.73 147.77 22.54 0.25 1.63 15.00
Assets less than $250 Million(9) 25.11 138.56 21.59 141.24 25.71 0.29 2.05 45.55
Goodwill Companies(8) 22.43 185.43 17.87 203.56 26.56 0.36 1.73 28.32
Non-Goodwill Companies(15) 25.49 149.95 23.27 149.95 25.11 0.32 2.20 46.66
MHC Institutions(24) 23.83 159.39 21.27 165.43 24.97 0.32 1.94 36.21
MHC Converted Last 3 Months(2) 15.87 96.37 15.75 96.37 15.87 0.00 0.00 0.00
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NYSE Traded Companies
---------------------
BYS Bay State Bancorp of MA* 20.71 20.71 0.92 4.44 4.31 0.92 4.44 0.56 150.03 0.99
CFB Commercial Federal Corp. of NE 8.24 6.58 0.69 9.70 4.23 0.94 13.27 0.77 85.15 0.83
DME Dime Bancorp, Inc. of NY* 6.31 5.21 0.93 15.56 6.56 0.41 6.90 0.97 54.49 0.69
DSL Downey Financial Corp. of CA 7.87 7.79 0.98 13.22 7.92 1.01 13.67 0.75 70.52 0.58
FED FirstFed Fin. Corp. of CA 6.53 6.49 0.80 13.92 8.24 0.74 12.91 0.73 312.44 2.92
GSB Golden State Bancorp of CA(8) 6.20 5.20 0.81 13.04 5.85 0.85 13.73 0.68 162.74 1.78
GDW Golden West Fin. Corp. of CA 7.58 7.58 1.06 14.87 7.69 1.04 14.60 NA NA 0.86
GPT GreenPoint Fin. Corp. of NY* 13.16 5.65 1.16 11.12 4.37 1.19 11.40 2.27 36.31 1.11
JSB JSB Financial, Inc. of NY* 24.31 24.31 2.92 12.14 8.77 3.28 13.64 NA NA 0.52
OCN Ocwen Financial Corp. of FL 12.19 11.15 0.87 6.99 3.27 0.08 0.62 NA NA 1.50
SIB Staten Island Bancorp of NY* 23.55 22.95 1.02 5.10 2.84 1.65 8.29 0.53 93.20 1.20
WES Westcorp Inc. of Orange CA 9.07 9.05 0.20 2.19 3.53 -0.89 -9.85 NA NA 1.57
AMEX Traded Companies
---------------------
ANA Acadiana Bancshares, Inc of LA 14.72 14.72 1.04 6.50 7.09 0.98 6.09 NA NA NA
ANE Alliance Bncp of New Eng of CT* 6.90 6.75 0.99 13.13 8.31 0.56 7.48 0.44 276.36 1.76
BKC American Bank of Waterbury CT* 9.48 9.24 1.61 17.87 10.05 1.40 15.52 1.45 71.20 1.73
BFD BostonFed Bancorp of MA 7.80 7.53 0.71 8.64 7.14 0.57 6.89 NA NA 0.86
CNY Carver Bancorp, Inc. of NY 8.40 8.12 0.25 3.02 4.97 0.22 2.63 NA NA 1.26
CBK Citizens First Fin.Corp. of IL 13.95 13.95 0.71 5.12 5.18 0.40 2.89 0.67 54.73 0.45
EFC EFC Bancorp Inc of IL 23.66 23.66 -0.78 -5.19 -3.93 0.94 6.26 0.53 57.48 0.42
EBI Equality Bancorp, Inc. of MO 9.27 9.27 0.49 5.35 4.19 -0.11 -1.18 NA NA NA
ESX Essex Bancorp of Norfolk VA(8) 0.02 -0.04 -0.24 NM -23.40 -0.24 NM 1.26 76.64 1.11
FCB Falmouth Bancorp, Inc. of MA* 19.71 19.71 1.13 5.09 5.42 0.82 3.70 NA NA 0.67
FAB FirstFed America Bancorp of MA 8.60 8.60 0.56 5.53 5.73 0.45 4.44 0.27 324.40 1.33
GAF GA Financial Corp. of PA 13.48 13.36 1.06 7.57 7.50 1.04 7.44 0.23 79.89 0.47
HBS Haywood Bancshares, Inc. of NC* 14.57 14.11 0.92 6.39 6.49 1.45 10.05 0.60 82.40 0.66
KNK Kankakee Bancorp, Inc. of IL 9.84 8.44 0.71 6.89 7.50 0.68 6.57 0.97 61.91 0.98
KYF Kentucky First Bancorp of KY 17.56 17.56 1.08 6.34 5.69 1.06 6.25 0.17 272.34 0.78
NBN Northeast Bancorp of ME* 7.48 6.89 0.83 11.52 8.47 0.82 11.39 0.81 114.63 1.05
NEP Northeast PA Fin. Corp of PA 17.78 17.78 -0.28 -1.52 -1.60 0.63 3.42 0.23 182.16 0.72
PDB Piedmont Bancorp, Inc. of NC 16.56 16.56 1.28 7.79 6.73 1.23 7.54 0.68 116.45 0.97
SSB Scotland Bancorp, Inc. of NC(8) 24.95 24.95 1.33 4.93 3.91 1.33 4.93 NA NA 0.57
SZB SouthFirst Bancshares of AL 9.94 9.70 0.47 4.21 4.13 0.42 3.76 1.56 29.78 0.75
SRN Southern Banc Company of AL 17.67 17.54 0.51 2.96 3.45 0.51 2.96 0.01 690.91 0.18
SSM Stone Street Bancorp of NC 27.32 27.32 1.39 4.89 5.33 1.39 4.89 0.03 NA 0.64
TSH Teche Holding Company of LA 13.84 13.84 0.94 6.94 8.41 0.93 6.83 NA NA 1.01
FTF Texarkana Fst. Fin. Corp of AR 14.47 14.47 1.79 11.92 8.57 1.73 11.56 0.18 287.39 0.64
THR Three Rivers Fin. Corp. of MI 12.83 12.79 0.85 6.31 6.49 0.77 5.71 0.83 59.56 0.78
WSB Washington SB, FSB of MD 8.76 8.76 0.66 7.69 9.41 0.46 5.38 NA NA 0.99
WFI Winton Financial Corp. of OH 7.27 7.14 1.19 16.33 8.56 0.90 12.33 NA NA NA
NASDAQ Listed OTC Companies
---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 9.10 8.94 0.73 8.09 4.46 0.49 5.47 1.89 30.48 0.77
FBER 1st Bergen Bancorp of NJ(8) 11.88 11.88 0.72 5.76 3.69 0.72 5.76 0.87 121.69 2.43
AFED AFSALA Bancorp, Inc. of NY(8) 11.40 11.40 0.62 5.01 4.34 0.68 5.47 0.33 205.73 1.42
ALBK ALBANK Fin. Corp. of Albany NY(8) 9.46 7.60 1.14 12.53 5.27 1.14 12.49 0.78 93.99 1.05
AMFC AMB Financial Corp. of IN 11.19 11.19 0.30 2.25 2.64 0.56 4.19 0.28 149.09 0.53
ASBP ASB Financial Corp. of OH 12.45 12.45 0.94 6.35 5.47 0.93 6.26 0.34 191.18 0.98
ABBK Abington Bancorp of MA* 6.37 5.81 0.86 12.84 8.13 0.65 9.73 0.14 353.60 0.77
AABC Access Anytime Bancorp of NM 7.96 7.96 0.25 3.06 3.07 0.13 1.60 0.34 120.10 0.58
AFBC Advance Fin. Bancorp of WV 13.07 13.07 0.78 5.32 5.70 0.67 4.61 0.47 88.35 0.49
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NYSE Traded Companies
---------------------
BYS Bay State Bancorp of MA* 23.22 103.04 21.34 103.04 23.22 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 23.66 153.37 12.64 191.97 17.31 0.22 0.95 22.45
DME Dime Bancorp, Inc. of NY* 15.23 224.16 14.14 271.36 NM 0.20 0.75 11.36
DSL Downey Financial Corp. of CA 12.63 157.14 12.36 158.80 12.20 0.32 1.25 15.76
FED FirstFed Fin. Corp. of CA 12.13 156.40 10.21 157.20 13.08 0.00 0.00 0.00
GSB Golden State Bancorp of CA(8) 17.11 223.11 13.84 266.03 16.25 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 13.01 181.29 13.75 181.29 13.24 0.50 0.53 6.87
GPT GreenPoint Fin. Corp. of NY* 22.86 195.38 25.72 NM 22.31 0.00 0.00 0.00
JSB JSB Financial, Inc. of NY* 11.41 137.08 33.32 137.08 10.15 1.60 3.00 34.19
OCN Ocwen Financial Corp. of FL NM 195.59 23.85 213.84 NM 0.00 0.00 0.00
SIB Staten Island Bancorp of NY* NM 125.02 29.44 128.27 21.64 0.32 1.63 57.14
WES Westcorp Inc. of Orange CA 28.36 63.07 5.72 63.22 NM 0.20 2.52 71.43
AMEX Traded Companies
---------------------
ANA Acadiana Bancshares, Inc of LA 14.10 94.44 13.90 94.44 15.03 0.44 2.42 34.11
ANE Alliance Bncp of New Eng of CT* 12.04 169.70 11.71 173.58 21.11 0.20 1.55 18.69
BKC American Bank of Waterbury CT* 9.95 168.32 15.96 172.82 11.46 0.80 3.64 36.20
BFD BostonFed Bancorp of MA 14.01 121.13 9.45 125.54 17.58 0.40 2.15 30.08
CNY Carver Bancorp, Inc. of NY 20.11 59.64 5.01 61.67 23.13 0.00 0.00 0.00
CBK Citizens First Fin.Corp. of IL 19.31 97.04 13.53 97.04 NM 0.00 0.00 0.00
EFC EFC Bancorp Inc of IL NM 89.09 21.08 89.09 21.11 0.00 0.00 NM
EBI Equality Bancorp, Inc. of MO 23.88 114.81 10.65 114.81 NM 0.24 2.01 48.00
ESX Essex Bancorp of Norfolk VA(8) NM NM 0.93 NM NM 0.00 0.00 NM
FCB Falmouth Bancorp, Inc. of MA* 18.45 97.73 19.27 97.73 25.41 0.24 1.55 28.57
FAB FirstFed America Bancorp of MA 17.44 106.01 9.12 106.01 21.74 0.20 1.33 23.26
GAF GA Financial Corp. of PA 13.33 103.56 13.96 104.44 13.56 0.56 3.50 46.67
HBS Haywood Bancshares, Inc. of NC* 15.40 97.57 14.21 100.76 9.80 0.60 3.48 53.57
KNK Kankakee Bancorp, Inc. of IL 13.33 89.50 8.81 104.42 13.98 0.48 1.85 24.62
KYF Kentucky First Bancorp of KY 17.57 111.97 19.66 111.97 17.81 0.50 3.85 67.57
NBN Northeast Bancorp of ME* 11.81 116.47 8.71 126.47 11.94 0.21 1.95 23.08
NEP Northeast PA Fin. Corp of PA NM 94.55 16.81 94.55 27.78 0.00 0.00 NM
PDB Piedmont Bancorp, Inc. of NC 14.85 112.69 18.66 112.69 15.36 0.48 5.30 NM
SSB Scotland Bancorp, Inc. of NC(8) 25.57 141.33 35.26 141.33 25.57 0.20 1.78 45.45
SZB SouthFirst Bancshares of AL 24.24 95.52 9.49 97.92 27.12 0.60 3.75 NM
SRN Southern Banc Company of AL 28.98 84.44 14.92 85.06 28.98 0.35 2.75 NM
SSM Stone Street Bancorp of NC 18.76 92.43 25.25 92.43 18.76 0.46 2.99 56.10
TSH Teche Holding Company of LA 11.90 79.99 11.07 79.99 12.09 0.50 3.39 40.32
FTF Texarkana Fst. Fin. Corp of AR 11.68 140.59 20.35 140.59 12.04 0.64 2.78 32.49
THR Three Rivers Fin. Corp. of MI 15.40 99.39 12.75 99.73 17.01 0.40 2.73 42.11
WSB Washington SB, FSB of MD 10.63 78.27 6.85 78.27 15.18 0.10 2.35 25.00
WFI Winton Financial Corp. of OH 11.68 190.76 13.86 194.04 15.48 0.25 2.02 23.58
NASDAQ Listed OTC Companies
---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 22.40 174.08 15.85 177.18 NM 0.27 0.70 15.61
FBER 1st Bergen Bancorp of NJ(8) 27.11 159.91 18.99 159.91 27.11 0.28 1.24 33.73
AFED AFSALA Bancorp, Inc. of NY(8) 23.05 122.75 13.99 122.75 21.13 0.28 1.58 36.36
ALBK ALBANK Fin. Corp. of Albany NY(8) 18.99 222.86 21.09 277.54 19.04 0.84 1.28 24.35
AMFC AMB Financial Corp. of IN NM 91.74 10.26 91.74 20.29 0.32 2.29 NM
ASBP ASB Financial Corp. of OH 18.28 135.62 16.89 135.62 18.56 0.40 3.37 61.54
ABBK Abington Bancorp of MA* 12.30 159.90 10.18 175.39 16.24 0.20 1.27 15.63
AABC Access Anytime Bancorp of NM NM 97.66 7.77 97.66 NM 0.00 0.00 0.00
AFBC Advance Fin. Bancorp of WV 17.54 99.31 12.98 99.31 20.25 0.32 2.23 39.02
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
ALBC Albion Banc Corp. of Albion NY 8.49 8.49 0.54 6.24 6.18 0.50 5.88 0.47 72.86 0.44
ABCL Alliance Bancorp, Inc. of IL 8.74 8.66 0.75 8.29 5.28 0.92 10.18 0.17 175.47 0.45
ALLB Alliance Bank MHC of PA (19.9) 10.81 10.81 0.73 6.67 4.40 0.73 6.67 0.89 54.73 0.91
AHCI Ambanc Holding Co., Inc. of NY* 10.84 10.84 0.34 3.00 2.73 0.42 3.75 0.61 123.86 1.26
ASBI Ameriana Bancorp of IN 12.16 11.94 0.98 8.54 6.78 0.82 7.15 0.56 54.99 0.43
ABCW Anchor Bancorp Wisconsin of WI 6.36 6.26 1.11 17.39 6.53 0.97 15.09 NA NA 1.22
ANDB Andover Bancorp, Inc. of MA* 8.20 8.20 1.19 14.70 7.48 1.16 14.34 0.31 238.74 0.99
ASFC Astoria Financial Corp. of NY 7.16 5.21 0.80 10.43 6.73 0.74 9.56 0.37 81.42 0.76
AVND Avondale Fin. Corp. of IL(8) 8.36 8.36 -0.91 -11.02 -13.98 -0.62 -7.53 1.29 84.31 2.96
BCSB BCSB Bankcorp MHC of MD (38.6) 16.27 16.27 0.80 4.95 3.55 0.80 4.95 0.34 88.87 0.56
BKCT Bancorp Connecticut of CT* 9.89 9.89 1.43 13.91 7.47 1.21 11.72 0.61 181.32 2.10
BPLS Bank Plus Corp. of CA 4.32 3.97 0.19 4.16 10.24 0.28 6.30 1.75 69.27 1.79
BNKU Bank United Corp. of TX 5.01 4.57 0.89 17.76 8.83 0.81 16.29 0.62 55.77 0.44
BWFC Bank West Fin. Corp. of MI 12.83 12.83 0.49 3.63 3.46 0.51 3.74 0.57 28.07 0.23
BANC BankAtlantic Bancorp of FL 6.79 5.25 0.83 13.30 8.11 0.37 5.99 0.83 101.92 1.20
BKUNA BankUnited Fin. Corp. of FL 5.11 4.27 0.28 6.60 5.06 0.13 3.15 0.46 37.03 0.21
BVCC Bay View Capital Corp. of CA 6.90 4.44 0.36 5.41 4.42 0.57 8.63 NA NA 1.06
FSNJ Bayonne Banchsares of NJ(8) 13.69 13.69 0.73 5.33 3.26 0.73 5.33 0.71 62.50 0.96
BFSB Bedford Bancshares, Inc. of VA 13.26 13.26 1.23 8.87 5.22 1.21 8.76 0.21 232.62 0.60
BFFC Big Foot Fin. Corp. of IL 17.27 17.27 0.55 3.12 3.48 0.41 2.32 0.16 87.72 0.26
BYFC Broadway Fin. Corp. of CA 9.50 9.50 0.45 4.56 7.29 0.28 2.79 1.15 68.56 0.97
BRKL Brookline Bncp MHC of MA(47.0) 32.99 32.99 2.07 8.28 4.20 2.00 7.97 0.33 467.25 2.39
CBES CBES Bancorp, Inc. of MO 11.65 11.65 0.85 5.95 6.41 0.55 3.88 NA NA 0.54
CITZ CFS Bancorp, Inc. of IN 17.41 17.41 0.58 3.31 3.60 0.64 3.68 0.67 42.30 0.81
CFSB CFSB Bancorp of Lansing MI 7.82 7.82 1.37 17.55 5.90 1.22 15.71 0.19 304.47 0.62
CKFB CKF Bancorp of Danville KY 21.44 21.44 1.30 5.93 6.24 1.17 5.32 0.84 26.94 0.25
CNSB CNS Bancorp, Inc. of MO 22.90 22.90 0.89 3.67 4.73 0.70 2.91 0.23 184.72 0.61
CNYF CNY Financial Corp of NY* 27.23 27.23 0.47 1.74 2.63 1.06 3.91 1.28 74.83 1.43
CSBF CSB Financial Group Inc of IL 23.20 21.89 0.76 3.28 4.45 0.74 3.20 1.13 34.83 0.69
CBCI Calumet Bancorp of Chicago IL(8) 17.73 17.73 1.95 11.64 10.05 1.96 11.72 1.22 99.48 1.57
CAFI Camco Fin. Corp. of OH 9.90 9.30 1.26 13.00 7.81 0.91 9.41 0.72 39.75 0.34
CMRN Cameron Fin. Corp. of MO 19.87 19.87 1.14 5.47 6.12 1.12 5.36 1.06 67.46 0.87
CFNC Carolina Fincorp of NC* 13.50 13.50 0.93 4.48 7.00 1.05 5.04 0.13 303.47 0.51
CASB Cascade Financial Corp. of WA 7.08 7.08 0.86 12.32 6.69 0.72 10.34 0.48 193.12 1.08
CATB Catskill Fin. Corp. of NY* 21.55 21.55 1.29 5.56 6.59 1.26 5.43 0.20 302.80 1.40
CAVB Cavalry Bancorp of TN 28.83 28.83 1.59 6.34 3.52 1.16 4.62 NA NA NA
CNIT Cenit Bancorp of Norfolk VA 7.91 7.33 0.90 12.59 6.64 0.83 11.60 0.19 316.10 0.75
CEBK Central Co-Op. Bank of MA* 9.75 8.88 0.85 8.64 9.16 0.63 6.45 0.40 188.70 1.00
CENB Century Bancorp, Inc. of NC(8) 19.34 19.34 1.20 4.68 7.04 1.18 4.63 0.47 119.57 0.78
COFI Charter One Financial of OH 7.58 7.15 1.00 13.71 4.89 1.28 17.47 0.40 142.90 0.82
CVAL Chester Valley Bancorp of PA 8.66 8.66 0.99 11.50 5.07 0.92 10.61 0.31 283.81 1.22
CLAS Classic Bancshares, Inc. of KY 14.87 12.79 0.73 4.88 5.00 0.93 6.18 0.29 216.16 0.92
CBSA Coastal Bancorp of Houston TX 3.85 3.35 0.52 14.57 11.20 0.54 14.92 NA NA 0.71
CFCP Coastal Fin. Corp. of SC 5.89 5.89 1.21 19.85 5.78 0.97 15.96 0.48 188.30 1.31
CFKY Columbia Financial of KY 32.02 32.02 0.64 2.94 2.14 0.64 2.94 0.21 122.95 0.48
CMSB Commonwealth Bancorp Inc of PA 8.38 6.57 0.52 5.85 5.35 0.34 3.78 0.46 91.32 0.66
CMSV Commty. Svgs, MHC of FL (48.5)(8) 10.85 10.85 0.70 6.35 4.41 0.65 5.85 0.27 133.22 0.52
CFTP Community Fed. Bancorp of MS 22.27 22.27 1.24 4.91 4.47 1.07 4.24 0.28 78.26 0.41
CFFC Community Fin. Corp. of VA 14.09 14.04 1.00 7.33 5.80 0.96 7.02 1.30 48.66 0.71
CIBI Community Inv. Bancorp of OH 8.93 8.93 0.86 8.07 6.09 0.86 8.07 NA NA NA
COOP Cooperative Bancshares of NC 7.99 7.99 0.63 8.10 5.94 0.58 7.48 0.86 32.97 0.35
CRZY Crazy Woman Creek Bncorp of WY 23.43 23.43 1.24 5.15 5.35 1.24 5.15 NA NA NA
CRSB Crusader Holding Corp of PA 11.50 10.90 2.28 32.12 8.16 2.09 29.47 0.67 63.39 0.50
DNFC D&N Financial Corp. of MI 5.60 5.21 0.84 15.34 8.14 0.68 12.38 0.50 109.80 0.83
DCBI Delphos Citizens Bancorp of OH 22.47 22.47 1.48 5.93 4.95 1.48 5.93 NA NA NA
DCOM Dime Community Bancorp of NY* 10.33 8.98 0.91 7.69 4.83 0.88 7.44 0.33 209.19 1.17
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
ALBC Albion Banc Corp. of Albion NY 16.18 98.57 8.37 98.57 17.19 0.12 1.45 23.53
ABCL Alliance Bancorp, Inc. of IL 18.94 121.31 10.60 122.31 15.43 0.44 2.30 43.56
ALLB Alliance Bank MHC of PA (19.9) 22.72 147.51 15.95 147.51 22.72 0.36 2.64 60.00
AHCI Ambanc Holding Co., Inc. of NY* NM 110.18 11.95 110.18 29.33 0.24 1.49 54.55
ASBI Ameriana Bancorp of IN 14.74 122.95 14.95 125.18 17.60 0.64 3.71 54.70
ABCW Anchor Bancorp Wisconsin of WI 15.31 257.50 16.37 261.59 17.63 0.20 1.01 15.50
ANDB Andover Bancorp, Inc. of MA* 13.37 184.55 15.13 184.55 13.71 0.72 2.22 29.63
ASFC Astoria Financial Corp. of NY 14.85 140.53 10.07 193.14 16.21 0.80 1.66 24.69
AVND Avondale Fin. Corp. of IL(8) NM 85.98 7.19 85.98 NM 0.00 0.00 NM
BCSB BCSB Bankcorp MHC of MD (38.6) 28.14 139.15 22.64 139.15 28.14 0.00 0.00 0.00
BKCT Bancorp Connecticut of CT* 13.39 177.45 17.56 177.45 15.89 0.54 3.18 42.52
BPLS Bank Plus Corp. of CA 9.77 39.90 1.72 43.44 6.46 0.00 0.00 0.00
BNKU Bank United Corp. of TX 11.33 189.20 9.48 207.28 12.35 0.64 1.56 17.68
BWFC Bank West Fin. Corp. of MI 28.91 104.28 13.37 104.28 28.03 0.24 2.59 NM
BANC BankAtlantic Bancorp of FL 12.32 127.18 8.64 164.47 27.34 0.10 1.14 14.08
BKUNA BankUnited Fin. Corp. of FL 19.75 84.45 4.31 101.05 NM 0.00 0.00 0.00
BVCC Bay View Capital Corp. of CA 22.62 97.69 6.74 151.76 14.18 0.40 2.11 47.62
FSNJ Bayonne Banchsares of NJ(8) NM 148.72 20.36 148.72 NM 0.25 1.60 49.02
BFSB Bedford Bancshares, Inc. of VA 19.16 163.53 21.68 163.53 19.41 0.32 2.17 41.56
BFFC Big Foot Fin. Corp. of IL 28.72 89.05 15.38 89.05 NM 0.00 0.00 0.00
BYFC Broadway Fin. Corp. of CA 13.71 60.67 5.76 60.67 22.37 0.20 2.35 32.26
BRKL Brookline Bncp MHC of MA(47.0) 23.83 133.37 43.99 133.37 24.76 0.20 1.58 37.74
CBES CBES Bancorp, Inc. of MO 15.60 93.36 10.88 93.36 23.94 0.48 2.82 44.04
CITZ CFS Bancorp, Inc. of IN 27.78 91.91 16.00 91.91 25.00 0.32 3.20 NM
CFSB CFSB Bancorp of Lansing MI 16.96 291.82 22.83 291.82 18.95 0.52 2.14 36.36
CKFB CKF Bancorp of Danville KY 16.02 96.31 20.65 96.31 17.88 0.54 3.51 56.25
CNSB CNS Bancorp, Inc. of MO 21.12 83.16 19.05 83.16 26.63 0.30 2.45 51.72
CNYF CNY Financial Corp of NY* NM 66.25 18.04 66.25 16.96 0.00 0.00 0.00
CSBF CSB Financial Group Inc of IL 22.45 74.06 17.18 78.47 22.98 0.00 0.00 0.00
CBCI Calumet Bancorp of Chicago IL(8) 9.95 109.09 19.34 109.09 9.89 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 12.80 148.31 14.68 157.82 17.70 0.41 2.60 33.33
CMRN Cameron Fin. Corp. of MO 16.34 91.56 18.19 91.56 16.67 0.28 1.70 27.72
CFNC Carolina Fincorp of NC* 14.29 99.13 13.39 99.13 12.70 0.24 3.00 42.86
CASB Cascade Financial Corp. of WA 14.94 171.73 12.17 171.73 17.81 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 15.17 86.76 18.69 86.76 15.52 0.37 2.74 41.57
CAVB Cavalry Bancorp of TN 28.40 146.93 42.36 146.93 NM 0.20 1.01 28.57
CNIT Cenit Bancorp of Norfolk VA 15.06 185.37 14.66 200.10 16.35 0.44 2.30 34.65
CEBK Central Co-Op. Bank of MA* 10.92 91.08 8.88 100.00 14.62 0.32 1.86 20.25
CENB Century Bancorp, Inc. of NC(8) 14.21 91.59 17.71 91.59 14.36 0.68 5.04 71.58
COFI Charter One Financial of OH 20.46 256.26 19.41 271.59 16.06 0.56 1.93 39.44
CVAL Chester Valley Bancorp of PA 19.72 207.87 17.99 207.87 21.37 0.44 1.57 30.99
CLAS Classic Bancshares, Inc. of KY 20.00 95.06 14.13 110.54 15.79 0.32 2.13 42.67
CBSA Coastal Bancorp of Houston TX 8.93 120.35 4.63 138.17 8.72 0.32 1.71 15.24
CFCP Coastal Fin. Corp. of SC 17.29 318.42 18.76 318.42 21.51 0.28 1.51 26.17
CFKY Columbia Financial of KY NM 92.49 29.61 92.49 NM 0.28 2.14 NM
CMSB Commonwealth Bancorp Inc of PA 18.71 118.64 9.94 151.28 28.94 0.32 2.09 39.02
CMSV Commty. Svgs, MHC of FL (48.5)(8) 22.65 140.45 15.24 140.45 24.60 0.90 3.93 NM
CFTP Community Fed. Bancorp of MS 22.35 110.65 24.64 110.65 25.88 0.32 2.17 48.48
CFFC Community Fin. Corp. of VA 17.25 121.89 17.18 122.38 18.01 0.32 2.61 45.07
CIBI Community Inv. Bancorp of OH 16.43 140.42 12.54 140.42 16.43 0.24 2.09 34.29
COOP Cooperative Bancshares of NC 16.83 128.35 10.26 128.35 18.24 0.00 0.00 0.00
CRZY Crazy Woman Creek Bncorp of WY 18.67 95.56 22.39 95.56 18.67 0.40 2.58 48.19
CRSB Crusader Holding Corp of PA 12.25 196.04 22.55 206.97 13.35 0.00 0.00 0.00
DNFC D&N Financial Corp. of MI 12.28 171.85 9.63 184.70 15.22 0.20 0.95 11.70
DCBI Delphos Citizens Bancorp of OH 20.21 128.12 28.79 128.12 20.21 0.24 1.26 25.53
DCOM Dime Community Bancorp of NY* 20.70 164.28 16.96 188.86 21.40 0.48 1.90 39.34
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
ESBF ESB Financial Corp of PA 7.20 6.42 0.69 9.08 6.44 0.69 9.08 0.60 83.44 1.34
EGLB Eagle BancGroup of IL 11.29 11.29 0.41 3.49 3.25 0.08 0.70 1.08 52.94 0.81
EBSI Eagle Bancshares of Tucker GA 6.92 6.92 0.88 11.78 7.95 0.85 11.46 1.20 49.97 0.78
ETFS East Texas Fin. Serv. of TX 17.29 17.29 0.53 3.02 3.90 0.45 2.58 0.41 46.61 0.38
ESBK Elmira Svgs Bank (The) of NY* 6.43 6.43 0.47 7.39 6.73 0.55 8.73 0.75 90.35 0.86
EMLD Emerald Financial Corp. of OH 8.51 8.41 1.13 14.11 5.89 1.03 12.84 0.33 NA NA
EFBC Empire Federal Bancorp of MT 36.22 36.22 1.45 3.95 4.97 1.45 3.95 0.01 NA 0.41
EFBI Enterprise Fed. Bancorp of OH(8) 9.96 9.71 0.78 6.96 2.17 0.67 5.95 NA NA 0.32
EQSB Equitable FSB of Wheaton MD 5.40 5.40 0.95 18.23 11.95 0.55 10.66 0.29 NA NA
FCBF FCB Fin. Corp. of Neenah WI 14.47 14.47 1.24 8.45 5.31 0.92 6.26 0.22 327.68 0.98
FFDF FFD Financial Corp. of OH 17.39 17.39 1.07 4.76 4.39 0.75 3.36 0.09 329.27 0.38
FFLC FFLC Bancorp of Leesburg FL 12.51 12.51 1.03 7.97 6.94 1.03 7.97 0.19 276.11 0.60
FFWC FFW Corporation of Wabash IN 9.41 8.66 0.99 10.40 8.39 0.87 9.12 0.43 112.60 0.70
FFYF FFY Financial Corp. of OH 12.92 12.92 1.24 9.26 6.38 1.21 9.06 0.51 82.43 0.56
FMCO FMS Financial Corp. of NJ 6.08 6.03 0.85 13.59 7.30 0.85 13.59 NA NA 1.09
FFHH FSF Financial Corp. of MN 10.23 10.05 0.75 7.05 6.83 0.68 6.44 0.19 127.62 0.36
FBCI Fidelity Bancorp of Chicago IL 10.60 10.58 0.19 1.80 1.48 0.60 5.67 0.24 45.86 0.14
FSBI Fidelity Bancorp, Inc. of PA 7.09 7.09 0.74 10.76 8.29 0.72 10.54 0.17 330.68 1.05
FFFL Fidelity Bcsh MHC of FL (47.9) 6.15 5.98 0.65 8.98 5.00 0.52 7.18 0.27 78.51 0.34
FFED Fidelity Fed. Bancorp of IN 3.81 3.81 -0.32 -5.38 -4.89 -0.26 -4.40 0.40 384.49 1.91
FFOH Fidelity Financial of OH 12.66 11.31 0.88 7.11 6.16 0.84 6.77 NA NA 0.40
FIBC Financial Bancorp, Inc. of NY(8) 9.16 9.12 0.95 10.72 4.67 0.92 10.35 NA NA NA
SBFL Fingr Lakes Fin.MHC OF NY(33.1 8.14 8.14 0.41 4.75 2.52 0.33 3.76 0.50 90.60 0.89
FBSI First Bancshares, Inc. of MO 14.14 13.57 1.10 7.90 6.38 1.10 7.90 1.24 24.67 0.36
FBBC First Bell Bancorp of PA 9.88 9.88 1.09 10.34 7.87 1.08 10.26 0.08 121.66 0.14
FSTC First Citizens Corp of GA 10.09 8.07 1.91 19.64 7.86 1.73 17.77 1.17 86.37 1.39
FCME First Coastal Corp. of ME* 8.95 8.95 0.80 8.29 9.47 0.72 7.47 0.24 650.60 2.55
FDEF First Defiance Fin.Corp. of OH 17.74 17.74 0.94 4.96 4.51 0.90 4.74 0.29 171.18 0.62
FESX First Essex Bancorp of MA* 7.73 5.70 0.85 11.56 7.94 0.77 10.41 0.53 173.68 1.50
FFSX First FSB MHC Sxld of IA(46.3)(8) 7.62 6.14 0.68 8.43 5.39 0.66 8.22 0.34 138.99 0.65
FFES First Fed of E. Hartford CT 7.45 7.45 0.60 8.60 8.47 0.64 9.07 0.28 101.38 1.36
BDJI First Fed. Bancorp. of MN 10.46 10.46 0.70 6.62 5.40 0.71 6.70 0.18 202.30 0.78
FFBH First Fed. Bancshares of AR 14.71 14.71 1.00 6.71 5.66 0.99 6.65 0.85 20.75 0.23
FTFC First Fed. Capital Corp. of WI 7.50 7.14 1.20 17.20 6.32 0.82 11.80 NA NA NA
FFKY First Fed. Fin. Corp. of KY 13.35 12.67 1.61 11.89 5.56 1.54 11.42 0.53 84.73 0.52
FFBZ First Federal Bancorp of OH 7.95 7.95 0.82 10.74 4.55 0.78 10.14 0.54 190.00 1.19
FFCH First Fin. Holdings Inc. of SC 6.80 6.80 0.91 14.12 6.16 0.90 13.89 0.71 97.86 0.81
FFHS First Franklin Corp. of OH 8.99 8.97 0.81 8.84 8.15 0.67 7.39 0.66 69.48 0.71
FGHC First Georgia Hold. Corp of GA 8.15 7.62 1.17 14.29 4.82 1.17 14.29 1.65 37.32 0.71
FFSL First Independence Corp. of KS 9.73 9.73 0.75 7.72 8.95 0.75 7.72 1.07 49.47 0.70
FISB First Indiana Corp. of IN 9.38 9.28 1.14 12.20 6.78 0.74 7.89 1.11 127.56 1.65
FKAN First Kansas Financial of KS 19.73 19.47 0.67 3.42 4.54 0.66 3.34 0.05 327.59 0.43
FKFS First Keystone Fin. Corp of PA 6.50 6.50 0.74 11.05 7.38 0.66 9.83 1.30 32.19 0.86
FLKY First Lancaster Bncshrs of KY 26.28 26.28 1.03 3.61 4.06 1.03 3.61 1.60 23.31 0.42
FLFC First Liberty Fin. Corp. of GA 7.76 7.10 0.68 9.04 3.19 0.75 9.97 0.77 132.28 1.51
CASH First Midwest Fin., Inc. of IA 10.18 9.09 0.71 6.60 6.65 0.64 5.93 1.94 37.96 1.19
FMBD First Mutual Bancorp Inc of IL(8) 15.10 11.84 0.42 2.95 2.65 0.27 1.93 0.34 115.35 0.50
FMSB First Mutual SB of Bellevue WA* 7.23 7.23 1.08 14.96 9.37 0.91 12.59 0.05 NA 1.39
FNGB First Northern Cap. Corp of WI 10.62 10.62 1.00 9.10 6.22 0.91 8.27 0.08 578.49 0.55
FWWB First Savings Bancorp of WA 13.02 12.06 1.20 8.69 5.09 1.11 8.07 0.43 164.95 1.03
FSFF First SecurityFed Fin of IL 27.20 27.12 1.13 5.03 3.82 1.69 7.50 0.34 170.99 0.94
FSLA First Source Bancorp of NJ 20.89 20.23 1.22 8.46 5.10 1.14 7.88 0.30 184.63 1.03
SOPN First Svgs Bancorp of NC 22.86 22.86 1.76 7.70 6.17 1.76 7.70 0.09 220.74 0.28
FBNW FirstBank Corp of Clarkston WA 15.63 15.63 1.08 7.37 5.97 0.61 4.18 0.39 160.81 0.78
FFDB FirstFed Bancorp, Inc. of AL 9.89 9.13 0.90 9.30 7.14 0.90 9.30 1.41 41.95 0.90
FSPT FirstSpartan Fin. Corp. of SC 22.67 22.67 1.42 5.64 4.94 1.34 5.31 0.36 125.28 0.55
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
ESBF ESB Financial Corp of PA 15.53 133.22 9.59 149.25 15.53 0.36 2.25 34.95
EGLB Eagle BancGroup of IL NM 110.13 12.43 110.13 NM 0.00 0.00 0.00
EBSI Eagle Bancshares of Tucker GA 12.58 140.34 9.72 140.34 12.93 0.64 3.41 42.95
ETFS East Texas Fin. Serv. of TX 25.61 76.25 13.18 76.25 NM 0.20 1.90 48.78
ESBK Elmira Svgs Bank (The) of NY* 14.86 106.95 6.88 106.95 12.57 0.64 2.91 43.24
EMLD Emerald Financial Corp. of OH 16.99 223.14 18.98 225.79 18.66 0.16 1.41 23.88
EFBC Empire Federal Bancorp of MT 20.13 82.46 29.87 82.46 20.13 0.34 2.64 53.13
EFBI Enterprise Fed. Bancorp of OH(8) NM 288.40 28.72 295.77 NM 1.00 2.11 NM
EQSB Equitable FSB of Wheaton MD 8.37 137.40 7.42 137.40 14.31 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 18.83 146.45 21.19 146.45 25.39 0.88 3.09 58.28
FFDF FFD Financial Corp. of OH 22.79 141.55 24.62 141.55 NM 0.30 1.94 44.12
FFLC FFLC Bancorp of Leesburg FL 14.41 113.85 14.24 113.85 14.41 0.36 2.21 31.86
FFWC FFW Corporation of Wabash IN 11.92 118.14 11.12 128.42 13.60 0.42 2.71 32.31
FFYF FFY Financial Corp. of OH 15.67 144.05 18.62 144.05 16.01 0.90 2.98 46.63
FMCO FMS Financial Corp. of NJ 13.70 176.37 10.72 177.62 13.70 0.12 1.20 16.44
FFHH FSF Financial Corp. of MN 14.65 104.63 10.71 106.51 16.02 0.50 3.25 47.62
FBCI Fidelity Bancorp of Chicago IL NM 118.54 12.56 118.73 21.39 0.40 1.80 NM
FSBI Fidelity Bancorp, Inc. of PA 12.07 122.98 8.72 122.98 12.32 0.36 2.06 24.83
FFFL Fidelity Bcsh MHC of FL (47.9) 20.00 173.19 10.65 178.29 25.00 1.00 4.35 NM
FFED Fidelity Fed. Bancorp of IN NM 187.50 7.14 187.50 NM 0.00 0.00 NM
FFOH Fidelity Financial of OH 16.23 114.25 14.46 127.86 17.04 0.32 2.35 38.10
FIBC Financial Bancorp, Inc. of NY(8) 21.41 220.80 20.22 221.58 22.17 0.50 1.33 28.41
SBFL Fingr Lakes Fin.MHC OF NY(33.1 NM 183.12 14.91 183.12 NM 0.24 2.09 NM
FBSI First Bancshares, Inc. of MO 15.66 118.18 16.72 123.22 15.66 0.12 0.92 14.46
FBBC First Bell Bancorp of PA 12.71 131.34 12.98 131.34 12.81 0.40 2.56 32.52
FSTC First Citizens Corp of GA 12.73 220.13 22.22 275.32 14.07 0.36 1.29 16.36
FCME First Coastal Corp. of ME* 10.56 84.15 7.53 84.15 11.73 0.00 0.00 0.00
FDEF First Defiance Fin.Corp. of OH 22.17 115.56 20.50 115.56 23.22 0.36 2.46 54.55
FESX First Essex Bancorp of MA* 12.59 139.98 10.82 189.64 13.98 0.56 3.15 39.72
FFSX First FSB MHC Sxld of IA(46.3)(8) 18.54 150.64 11.48 186.97 19.02 0.48 2.16 40.00
FFES First Fed of E. Hartford CT 11.81 94.83 7.06 94.83 11.18 0.68 2.67 31.48
BDJI First Fed. Bancorp. of MN 18.52 118.02 12.34 118.02 18.29 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 17.66 115.29 16.96 115.29 17.81 0.28 1.39 24.56
FTFC First Fed. Capital Corp. of WI 15.81 250.86 18.81 263.56 23.04 0.28 1.74 27.45
FFKY First Fed. Fin. Corp. of KY 17.97 207.70 27.72 218.77 18.71 0.60 2.18 39.22
FFBZ First Federal Bancorp of OH 22.00 227.15 18.05 227.15 23.29 0.16 1.35 29.63
FFCH First Fin. Holdings Inc. of SC 16.22 214.30 14.57 214.30 16.50 0.48 2.45 39.67
FFHS First Franklin Corp. of OH 12.27 110.29 9.92 110.66 14.67 0.30 2.22 27.27
FGHC First Georgia Hold. Corp of GA 20.73 276.87 22.56 296.17 20.73 0.00 0.00 0.00
FFSL First Independence Corp. of KS 11.17 83.20 8.10 83.20 11.17 0.30 2.86 31.91
FISB First Indiana Corp. of IN 14.75 172.49 16.17 174.25 22.81 0.48 2.17 32.00
FKAN First Kansas Financial of KS 22.02 75.26 14.85 76.28 22.51 0.00 0.00 0.00
FKFS First Keystone Fin. Corp of PA 13.56 146.65 9.53 146.65 15.24 0.20 1.25 16.95
FLKY First Lancaster Bncshrs of KY 24.64 88.66 23.30 88.66 24.64 0.60 4.59 NM
FLFC First Liberty Fin. Corp. of GA NM 243.05 18.87 265.75 28.45 0.30 1.41 44.12
CASH First Midwest Fin., Inc. of IA 15.03 99.82 10.16 111.81 16.71 0.48 2.93 44.04
FMBD First Mutual Bancorp Inc of IL(8) NM 109.45 16.53 139.60 NM 0.32 1.84 69.57
FMSB First Mutual SB of Bellevue WA* 10.68 159.73 11.55 159.73 12.68 0.20 1.56 16.67
FNGB First Northern Cap. Corp of WI 16.08 144.46 15.34 144.46 17.69 0.36 2.91 46.75
FWWB First Savings Bancorp of WA 19.64 171.34 22.30 184.87 21.15 0.36 1.64 32.14
FSFF First SecurityFed Fin of IL 26.19 98.79 26.87 99.07 17.57 0.00 0.00 0.00
FSLA First Source Bancorp of NJ 19.61 104.23 21.77 107.61 21.05 0.18 2.09 40.91
SOPN First Svgs Bancorp of NC 16.20 122.86 28.08 122.86 16.20 1.00 4.35 70.42
FBNW FirstBank Corp of Clarkston WA 16.75 106.07 16.58 106.07 29.55 0.36 2.22 37.11
FFDB FirstFed Bancorp, Inc. of AL 14.02 126.54 12.52 137.04 14.02 0.28 3.03 42.42
FSPT FirstSpartan Fin. Corp. of SC 20.25 121.21 27.48 121.21 21.51 0.80 2.31 46.78
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
FLAG Flag Financial Corp of GA 8.89 8.89 0.88 9.49 3.25 0.61 6.57 1.33 65.46 1.22
FLGS Flagstar Bancorp, Inc of MI 5.55 5.40 1.41 23.50 8.22 1.41 23.50 2.26 20.60 0.53
FFIC Flushing Fin. Corp. of NY* 12.00 11.55 0.91 7.10 5.38 0.93 7.26 0.22 262.60 0.95
FBHC Fort Bend Holding Corp. of TX(8) 7.15 6.76 0.66 10.00 4.53 0.43 6.58 NA NA NA
FTSB Fort Thomas Fin. Corp. of KY 16.07 16.07 1.18 7.42 7.03 1.18 7.42 1.93 30.61 0.65
FKKY Frankfort First Bancorp of KY 16.55 16.55 1.21 7.18 6.58 1.21 7.18 0.15 50.76 0.08
FTNB Fulton Bancorp, Inc. of MO 23.15 23.15 1.07 4.44 4.00 0.82 3.43 0.51 171.86 1.05
GUPB GFSB Bancorp, Inc of Gallup NM 11.54 11.54 0.78 6.14 5.50 0.78 6.14 0.70 44.69 0.51
GSLA GS Financial Corp. of LA 36.03 36.03 1.14 2.73 3.35 0.99 2.38 0.12 260.11 0.74
GOSB GSB Financial Corp. of NY* 23.87 23.87 0.49 1.84 1.97 0.83 3.13 0.07 NA NA
GBNK Gaston Fed Bncp MHC of NC(47.0 20.28 20.28 0.73 5.92 2.29 0.66 5.39 0.50 132.06 0.96
GFCO Glenway Financial Corp. of OH 9.63 9.56 0.90 9.53 6.21 0.90 9.53 0.32 119.55 0.45
GTPS Great American Bancorp of IL 15.60 15.60 0.72 3.89 4.61 0.72 3.89 0.12 331.46 0.47
PEDE Great Pee Dee Bancorp of SC 46.01 46.01 1.89 4.14 4.63 1.89 4.14 0.48 107.27 0.62
GSFC Green Street Fin. Corp. of NC 34.90 34.90 1.59 4.49 5.21 1.59 4.49 0.07 216.10 0.19
GFED Guaranty Fed Bancshares of MO 23.19 23.19 1.26 5.10 4.18 1.26 5.10 0.29 278.91 0.99
HCBBE HCB Bancshares of Camden AR 17.25 17.04 0.33 1.99 2.86 0.33 1.99 0.44 150.91 1.38
HEMT HF Bancorp of Hemet CA 7.92 6.83 -0.02 -0.23 -0.18 0.02 0.31 NA NA NA
HFFC HF Financial Corp. of SD 9.83 9.83 1.06 10.98 10.14 0.91 9.44 0.93 151.01 1.74
HMNF HMN Financial, Inc. of MN 9.76 8.96 0.79 6.41 6.93 0.56 4.49 0.10 405.75 0.62
HALL Hallmark Capital Corp. of WI 7.63 7.63 0.66 8.86 7.45 0.62 8.30 0.37 NA NA
HRBF Harbor Federal Bancorp of MD 12.78 12.78 0.79 6.25 4.51 0.77 6.05 0.69 33.35 0.34
HARB Harbor Florida Bancshrs of FL 19.52 19.34 1.39 8.87 4.98 1.32 8.40 0.37 237.31 1.23
HFSA Hardin Bancorp of Hardin MO 10.30 10.30 0.72 6.61 5.89 0.58 5.34 0.15 144.56 0.41
HARL Harleysville SB of PA 6.41 6.41 0.97 14.71 7.14 0.97 14.71 NA NA 0.79
HFGI Harrington Fin. Group of IN 3.39 3.39 -0.91 -21.02 -17.12 -0.25 -5.67 0.16 57.76 0.27
HARS Harris Fin. MHC of PA (24.9) 7.93 7.20 0.80 9.83 3.16 0.57 7.05 0.65 60.95 0.96
HFFB Harrodsburg 1st Fin Bcrp of KY 26.54 26.54 1.36 5.09 5.33 1.36 5.09 0.55 66.83 0.48
HHFC Harvest Home Fin. Corp. of OH 11.35 11.35 0.62 5.35 4.58 0.62 5.35 0.09 144.19 0.25
HAVN Haven Bancorp of Woodhaven NY 5.27 5.05 0.42 7.51 5.76 0.40 7.20 0.40 147.03 1.01
HTHR Hawthorne Fin. Corp. of CA 3.97 3.97 1.00 22.67 20.39 1.09 24.78 5.28 22.92 1.31
HMLK Hemlock Fed. Fin. Corp. of IL 15.14 15.14 0.92 5.35 6.11 0.91 5.29 NA NA 0.82
HBSC Heritage Bancorp, Inc of SC 31.48 31.48 1.12 5.60 4.11 1.12 5.60 0.44 57.25 0.38
HFWA Heritage Financial Corp of WA 22.78 20.75 1.16 5.53 3.57 0.71 3.40 0.10 886.55 1.25
HCBC High Country Bancorp of CO 18.18 18.18 0.84 5.51 5.12 0.84 5.51 0.41 181.40 0.91
HBNK Highland Bancorp of CA 7.00 7.00 1.46 19.23 10.51 1.27 16.75 1.65 96.78 2.01
HIFS Hingham Inst. for Sav. of MA* 9.48 9.48 1.24 13.00 8.59 1.22 12.82 0.20 340.32 0.86
HBEI Home Bancorp of Elgin IL(8) 24.16 24.16 0.71 2.74 2.79 0.71 2.74 0.24 122.58 0.34
HBFW Home Bancorp of Fort Wayne IN 11.92 11.92 0.85 6.84 4.62 0.83 6.68 0.10 402.90 0.43
HCFC Home City Fin. Corp. of OH 13.65 13.65 1.26 7.45 8.08 1.26 7.45 NA NA 0.65
HOMF Home Fed Bancorp of Seymour IN 9.61 9.38 1.48 16.28 8.54 1.13 12.39 0.72 83.53 0.72
HWEN Home Financial Bancorp of IN 17.63 17.63 0.92 5.28 6.62 0.70 4.05 NA NA 0.91
HLFC Home Loan Financial Corp of OH 37.72 37.72 1.50 4.75 3.66 1.50 4.75 0.06 NA NA
HPBC Home Port Bancorp, Inc. of MA* 8.87 8.87 1.46 15.19 7.75 1.65 17.18 0.11 NA 1.41
HSTD Homestead Bancorp, Inc. of LA 21.66 21.66 0.75 3.46 4.36 0.75 3.46 0.27 119.47 0.69
HFBC HopFed Bancorp of KY 26.78 26.78 1.22 8.52 4.00 1.22 8.52 0.11 107.86 0.23
HZFS Horizon Fin'l. Services of IA 9.44 9.44 0.66 6.84 5.36 0.79 8.16 1.03 37.74 0.62
HRZB Horizon Financial Corp. of WA* 15.30 15.30 1.55 9.96 8.29 1.56 10.05 0.03 NA 0.87
HRBT Hudson River Bancorp Inc of NY 26.74 26.74 0.90 3.36 3.90 1.03 3.85 NA NA 2.20
ITLA ITLA Capital Corp of CA* 10.43 10.41 1.43 13.81 11.01 1.43 13.81 NA NA 1.90
ICBC Independence Comm Bnk Cp of NY 20.07 18.95 -0.81 -4.22 -3.87 0.68 3.58 0.69 116.06 1.29
IFSB Independence FSB of DC 7.96 7.27 1.98 26.14 34.12 1.57 20.76 1.32 19.24 0.42
INBI Industrial Bancorp of OH 16.00 16.00 1.50 9.13 5.71 1.50 9.13 0.35 138.50 0.55
IWBK Interwest Bancorp of WA 7.03 6.44 0.82 11.73 5.01 0.70 9.91 0.64 83.89 0.90
IPSW Ipswich SB of Ipswich MA* 5.50 5.50 1.14 21.03 8.80 0.97 17.78 0.71 99.04 0.91
JXVL Jacksonville Bancorp of TX 14.45 14.45 1.34 9.15 8.70 1.34 9.15 0.62 78.01 0.63
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
FLAG Flag Financial Corp of GA NM 281.69 25.04 281.69 NM 0.24 2.00 61.54
FLGS Flagstar Bancorp, Inc of MI 12.16 256.23 14.21 263.29 12.16 0.32 1.20 14.55
FFIC Flushing Fin. Corp. of NY* 18.60 132.23 15.87 137.34 18.18 0.24 1.50 27.91
FBHC Fort Bend Holding Corp. of TX(8) 22.07 200.98 14.36 212.49 NM 0.40 1.63 36.04
FTSB Fort Thomas Fin. Corp. of KY 14.23 102.99 16.55 102.99 14.23 0.25 2.20 31.25
FKKY Frankfort First Bancorp of KY 15.20 110.09 18.22 110.09 15.20 0.80 5.16 NM
FTNB Fulton Bancorp, Inc. of MO 25.00 111.26 25.76 111.26 NM 0.30 1.82 45.45
GUPB GFSB Bancorp, Inc of Gallup NM 18.17 111.81 12.90 111.81 18.17 0.30 2.20 40.00
GSLA GS Financial Corp. of LA 29.89 85.88 30.95 85.88 NM 0.28 2.04 60.87
GOSB GSB Financial Corp. of NY* NM 96.14 22.95 96.14 29.76 0.12 0.88 44.44
GBNK Gaston Fed Bncp MHC of NC(47.0 NM 157.99 32.05 157.99 NM 0.20 1.39 60.61
GFCO Glenway Financial Corp. of OH 16.10 148.44 14.30 149.61 16.10 0.44 2.32 37.29
GTPS Great American Bancorp of IL 21.71 97.23 15.17 97.23 21.71 0.44 2.67 57.89
PEDE Great Pee Dee Bancorp of SC 21.61 89.22 41.05 89.22 21.61 0.36 2.82 61.02
GSFC Green Street Fin. Corp. of NC 19.20 89.47 31.22 89.47 19.20 0.48 3.62 69.57
GFED Guaranty Fed Bancshares of MO 23.92 114.76 26.62 114.76 23.92 0.32 2.57 61.54
HCBBE HCB Bancshares of Camden AR NM 60.55 10.44 61.27 NM 0.24 2.74 NM
HEMT HF Bancorp of Hemet CA NM 127.57 10.10 147.84 NM 0.00 0.00 NM
HFFC HF Financial Corp. of SD 9.86 108.86 10.70 108.86 11.48 0.36 2.57 25.35
HMNF HMN Financial, Inc. of MN 14.43 106.30 10.38 115.89 20.59 0.24 1.71 24.74
HALL Hallmark Capital Corp. of WI 13.42 112.04 8.55 112.04 14.33 0.00 0.00 0.00
HRBF Harbor Federal Bancorp of MD 22.19 136.88 17.49 136.88 22.89 0.52 2.39 53.06
HARB Harbor Florida Bancshrs of FL 20.09 131.89 25.75 133.14 21.23 0.26 2.31 46.43
HFSA Hardin Bancorp of Hardin MO 16.97 110.25 11.35 110.25 21.02 0.60 3.24 55.05
HARL Harleysville SB of PA 14.00 192.40 12.34 192.40 14.00 0.48 1.65 23.08
HFGI Harrington Fin. Group of IN NM 148.49 5.03 148.49 NM 0.12 1.35 NM
HARS Harris Fin. MHC of PA (24.9) NM 296.46 23.52 326.51 NM 0.22 1.31 41.51
HFFB Harrodsburg 1st Fin Bcrp of KY 18.75 96.33 25.56 96.33 18.75 0.40 2.77 51.95
HHFC Harvest Home Fin. Corp. of OH 21.83 117.22 13.30 117.22 21.83 0.44 3.20 69.84
HAVN Haven Bancorp of Woodhaven NY 17.35 122.83 6.48 128.21 18.09 0.30 1.76 30.61
HTHR Hawthorne Fin. Corp. of CA 4.90 101.26 4.02 101.26 4.49 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL 16.38 91.94 13.92 91.94 16.57 0.32 2.25 36.78
HBSC Heritage Bancorp, Inc of SC 24.34 90.42 28.46 90.42 24.34 0.30 1.62 39.47
HFWA Heritage Financial Corp of WA 27.98 126.39 28.80 138.78 NM 0.18 1.46 40.91
HCBC High Country Bancorp of CO 19.55 77.79 14.14 77.79 19.55 0.40 3.72 72.73
HBNK Highland Bancorp of CA 9.52 185.77 13.01 185.77 10.92 0.50 1.41 13.40
HIFS Hingham Inst. for Sav. of MA* 11.64 142.74 13.53 142.74 11.81 0.27 1.59 18.49
HBEI Home Bancorp of Elgin IL(8) NM 99.93 24.15 99.93 NM 0.40 2.86 NM
HBFW Home Bancorp of Fort Wayne IN 21.63 149.15 17.78 149.15 22.15 0.32 1.17 25.40
HCFC Home City Fin. Corp. of OH 12.38 106.73 14.57 106.73 12.38 0.36 2.77 34.29
HOMF Home Fed Bancorp of Seymour IN 11.71 177.65 17.08 182.09 15.38 0.40 1.67 19.51
HWEN Home Financial Bancorp of IN 15.12 78.22 13.79 78.22 19.70 0.10 1.54 23.26
HLFC Home Loan Financial Corp of OH 27.31 94.16 35.52 94.16 27.31 0.20 1.49 40.82
HPBC Home Port Bancorp, Inc. of MA* 12.91 186.86 16.58 186.86 11.42 0.80 3.37 43.48
HSTD Homestead Bancorp, Inc. of LA 22.92 79.33 17.18 79.33 22.92 0.20 2.42 55.56
HFBC HopFed Bancorp of KY 25.00 124.48 33.33 124.48 25.00 0.30 1.67 41.67
HZFS Horizon Fin'l. Services of IA 18.66 129.53 12.23 129.53 15.63 0.18 1.44 26.87
HRZB Horizon Financial Corp. of WA* 12.06 117.20 17.93 117.20 11.96 0.44 3.23 38.94
HRBT Hudson River Bancorp Inc of NY 25.61 86.07 23.01 86.07 22.34 0.00 0.00 0.00
ITLA ITLA Capital Corp of CA* 9.08 117.43 12.25 117.68 9.08 0.00 0.00 0.00
ICBC Independence Comm Bnk Cp of NY NM 108.39 21.75 114.75 NM 0.12 0.88 NM
IFSB Independence FSB of DC 2.93 74.11 5.90 81.13 3.69 0.25 2.04 5.98
INBI Industrial Bancorp of OH 17.53 157.80 25.25 157.80 17.53 0.60 3.06 53.57
IWBK Interwest Bancorp of WA 19.96 234.09 16.46 255.71 23.62 0.56 2.17 43.41
IPSW Ipswich SB of Ipswich MA* 11.36 217.77 11.99 217.77 13.44 0.16 1.28 14.55
JXVL Jacksonville Bancorp of TX 11.49 103.18 14.91 103.18 11.49 0.50 3.35 38.46
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- -------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
JXSB Jcksnville SB,MHC of IL (45.6) 10.80 10.80 0.57 5.41 3.77 0.34 3.24 0.79 59.47 0.59
JSBA Jefferson Svgs Bancorp of MO 9.56 7.67 0.78 8.70 6.08 0.69 7.72 0.74 72.40 0.73
KSBK KSB Bancorp of Kingfield ME* 7.78 6.77 1.08 13.94 9.67 1.08 13.94 NA NA 1.15
KFBI Klamath First Bancorp of OR 14.07 12.96 0.95 6.55 5.37 0.92 6.34 NA NA 0.29
LSBI LSB Fin. Corp. of Lafayette IN 8.41 8.41 0.85 9.93 6.41 0.73 8.51 NA NA 0.79
LVSB Lakeview Financial of NJ 9.53 6.39 1.75 16.93 9.88 0.75 7.24 0.56 135.74 1.54
LARK Landmark Bancshares, Inc of KS 13.07 13.07 1.06 7.68 7.61 0.90 6.47 0.25 196.35 0.66
LARL Laurel Capital Group of PA 11.09 11.09 1.43 13.36 7.37 1.47 13.74 0.27 309.56 1.19
LSBX Lawrence Savings Bank of MA* 12.07 12.07 2.58 24.91 15.70 2.54 24.56 0.27 357.94 1.76
LFED Leeds Fed Bksr MHC of MD (36.3 16.29 16.29 1.13 6.89 4.27 1.13 6.89 0.83 28.70 0.38
LXMO Lexington B&L Fin. Corp. of MO 16.06 14.98 0.78 3.83 5.39 0.78 3.83 0.48 130.50 0.95
LIBB Liberty Bancorp MHC of NJ (47) 13.75 13.75 0.57 4.26 3.79 0.57 4.26 0.38 80.19 0.44
LFCO Life Financial Corp of CA(8) 16.18 16.18 3.00 20.55 30.27 3.15 21.59 2.27 20.25 0.75
LFBI Little Falls Bancorp of NJ 10.91 10.15 0.57 5.18 4.84 0.56 5.11 NA NA NA
LOGN Logansport Fin. Corp. of IN 17.51 17.51 1.46 7.83 7.20 1.47 7.90 0.24 112.44 0.36
MAFB MAF Bancorp, Inc. of IL 7.80 6.98 1.09 14.00 6.73 1.04 13.34 0.52 83.69 0.54
MBLF MBLA Financial Corp. of MO 13.70 13.70 0.86 6.67 7.95 0.85 6.58 0.45 74.68 0.50
MECH MECH Financial Inc of CT* 9.71 9.71 0.96 9.69 6.04 0.96 9.63 0.51 259.89 2.05
MFBC MFB Corp. of Mishawaka IN 9.96 9.96 0.79 6.78 7.24 0.81 6.96 0.04 372.13 0.18
MSBF MSB Financial, Inc of MI 16.51 16.51 1.53 9.21 6.07 1.30 7.79 1.51 33.14 0.54
MARN Marion Capital Holdings of IN 18.12 17.72 1.14 5.69 5.81 1.14 5.69 0.82 129.18 1.23
MRKF Market Fin. Corp. of OH 27.62 27.62 0.98 3.00 3.31 0.98 3.00 0.31 30.41 0.16
MASB MassBank Corp. of Reading MA* 11.81 11.66 1.17 10.24 7.85 1.01 8.83 0.16 166.21 0.82
MFLR Mayflower Co-Op. Bank of MA* 9.24 9.10 1.13 11.81 6.89 0.98 10.25 0.61 134.79 1.54
MDBK Medford Bancorp, Inc. of MA* 9.09 8.64 1.08 11.89 8.30 1.01 11.21 0.17 360.57 1.18
MWBX MetroWest Bank of MA* 7.44 7.44 1.24 16.82 7.86 1.21 16.51 0.46 345.13 2.28
METF Metropolitan Fin. Corp. of OH 3.74 3.46 0.70 18.02 8.65 0.61 15.50 1.45 42.45 0.77
MIFC Mid Iowa Financial Corp. of IA(8) 9.93 9.92 1.02 10.90 5.75 1.01 10.76 0.14 161.58 0.43
MCBN Mid-Coast Bancorp of ME 8.02 8.02 0.70 8.30 7.39 0.61 7.21 0.69 79.42 0.70
MWBI Midwest Bancshares, Inc. of IA 7.36 7.36 0.88 12.32 9.77 0.76 10.67 0.54 54.65 0.49
MFFC Milton Fed. Fin. Corp. of OH 11.17 11.17 0.67 5.75 4.79 0.54 4.64 0.41 70.20 0.39
MBSP Mitchell Bancorp, Inc. of NC(8) 39.23 39.23 1.23 3.03 3.06 1.23 3.03 1.54 34.72 0.72
MBBC Monterey Bay Bancorp of CA 10.77 9.85 0.31 2.74 2.65 0.31 2.74 0.55 112.07 1.08
MONT Montgomery Fin. Corp. of IN 16.88 16.88 0.92 5.12 5.90 0.92 5.12 NA NA 0.19
MSBK Mutual SB, FSB of Bay City MI 6.06 6.06 -1.22 -21.64 -23.87 -0.39 -7.01 0.10 312.68 0.55
MYST Mystic Financial of MA* 17.74 17.74 0.82 5.37 5.01 0.77 5.03 0.12 540.93 0.88
NHTB NH Thrift Bancshares of NH 8.14 7.11 0.90 11.39 7.77 0.84 10.56 1.00 95.48 1.21
NSLB NS&L Bancorp, Inc of Neosho MO 18.47 18.35 0.68 3.55 4.62 0.67 3.49 0.19 41.67 0.14
NSSY NSS Bancorp of CT(8)* 8.46 8.25 0.79 9.48 4.36 0.69 8.35 0.63 131.72 1.27
NMSB Newmil Bancorp, Inc. of CT* 9.35 9.35 0.87 9.34 6.41 0.67 7.15 0.75 179.97 2.87
NBCP Niagara Bancorp of NY MHC(45.4* 18.22 18.22 0.69 4.92 2.64 1.04 7.38 0.26 199.97 1.06
NBSI North Bancshares of Chicago IL 10.61 10.61 0.37 3.13 3.00 0.32 2.69 NA NA 0.26
FFFD North Central Bancshares of IA 14.86 12.92 1.32 8.91 8.03 1.31 8.79 0.19 424.53 1.03
NEIB Northeast Indiana Bncrp of IN 13.05 13.05 1.19 8.56 7.70 1.19 8.56 0.41 159.71 0.73
NWSB Northwest Bcrp MHC of PA (30.8 8.50 7.64 0.92 10.14 3.75 0.90 9.91 0.52 116.00 0.79
NWEQ Northwest Equity Corp. of WI 12.10 12.10 1.27 10.71 8.39 1.15 9.72 1.71 28.61 0.60
NTMG Nutmeg FS&LA of CT 6.06 6.06 0.84 14.08 7.25 0.44 7.44 1.30 35.79 0.53
OHSL OHSL Financial Corp. of OH 10.84 10.84 0.86 7.94 5.93 0.80 7.37 NA NA NA
OCFC Ocean Fin. Corp. of NJ 13.71 13.64 0.91 6.22 6.22 0.91 6.22 0.41 113.75 0.80
OTFC Oregon Trail Fin. Corp. of OR 22.76 22.76 1.15 5.28 6.26 1.15 5.28 0.20 181.83 0.60
OFCP Ottawa Financial Corp. of MI 8.22 6.74 0.89 10.38 6.00 0.79 9.25 0.50 79.48 0.46
PFFB PFF Bancorp of Pomona CA 7.59 7.51 0.60 6.81 6.88 0.57 6.50 1.03 82.38 1.32
PSFI PS Financial of Chicago IL 26.77 26.77 1.00 3.18 3.95 1.73 5.53 0.41 50.85 0.37
PSBI PSB Bancorp Inc. of PA* 19.81 19.81 0.78 3.93 4.81 0.78 3.93 1.46 16.02 0.46
PVFC PVF Capital Corp. of OH 7.20 7.20 1.22 17.04 9.11 1.14 15.93 0.96 64.83 0.72
PBCI Pamrapo Bancorp, Inc. of NJ 12.45 12.40 1.18 9.26 6.80 1.13 8.91 1.56 38.29 1.03
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
JXSB Jcksnville SB,MHC of IL (45.6) 26.50 140.81 15.20 140.81 NM 0.30 2.26 60.00
JSBA Jefferson Svgs Bancorp of MO 16.46 136.23 13.03 169.79 18.54 0.28 1.74 28.57
KSBK KSB Bancorp of Kingfield ME* 10.34 144.13 11.21 165.66 10.34 0.24 1.75 18.05
KFBI Klamath First Bancorp of OR 18.63 122.21 17.19 132.64 19.23 0.36 2.01 37.50
LSBI LSB Fin. Corp. of Lafayette IN 15.61 149.75 12.59 149.75 18.21 0.40 1.36 21.16
LVSB Lakeview Financial of NJ 10.12 169.22 16.13 252.31 23.65 0.25 1.27 12.89
LARK Landmark Bancshares, Inc of KS 13.13 107.24 14.02 107.24 15.60 0.60 2.89 37.97
LARL Laurel Capital Group of PA 13.57 170.71 18.93 170.71 13.19 0.60 3.16 42.86
LSBX Lawrence Savings Bank of MA* 6.37 140.48 16.95 140.48 6.46 0.00 0.00 0.00
LFED Leeds Fed Bksr MHC of MD (36.3 23.44 158.06 25.75 158.06 23.44 0.56 3.73 NM
LXMO Lexington B&L Fin. Corp. of MO 18.55 75.81 12.18 81.27 18.55 0.30 2.61 48.39
LIBB Liberty Bancorp MHC of NJ (47) 26.35 111.30 15.31 111.30 26.35 0.00 0.00 0.00
LFCO Life Financial Corp of CA(8) 3.30 62.69 10.14 62.69 3.14 0.00 0.00 0.00
LFBI Little Falls Bancorp of NJ 20.68 107.53 11.73 115.63 20.95 0.24 1.49 30.77
LOGN Logansport Fin. Corp. of IN 13.89 111.03 19.45 111.03 13.76 0.44 2.93 40.74
MAFB MAF Bancorp, Inc. of IL 14.85 201.04 15.68 224.64 15.59 0.28 1.11 16.47
MBLF MBLA Financial Corp. of MO 12.58 85.09 11.66 85.09 12.75 0.60 3.16 39.74
MECH MECH Financial Inc of CT* 16.55 153.11 14.87 153.11 16.65 0.60 2.24 37.04
MFBC MFB Corp. of Mishawaka IN 13.82 100.24 9.98 100.24 13.46 0.34 1.62 22.37
MSBF MSB Financial, Inc of MI 16.48 148.08 24.44 148.08 19.48 0.30 2.00 32.97
MARN Marion Capital Holdings of IN 17.22 105.63 19.14 107.99 17.22 0.88 3.78 65.19
MRKF Market Fin. Corp. of OH NM 109.65 30.29 109.65 NM 0.28 2.26 68.29
MASB MassBank Corp. of Reading MA* 12.75 125.60 14.83 127.20 14.77 1.08 2.77 35.29
MFLR Mayflower Co-Op. Bank of MA* 14.52 165.30 15.27 167.70 16.72 0.80 3.30 47.90
MDBK Medford Bancorp, Inc. of MA* 12.05 141.59 12.87 149.02 12.79 0.40 2.39 28.78
MWBX MetroWest Bank of MA* 12.73 200.57 14.92 200.57 12.96 0.20 2.86 36.36
METF Metropolitan Fin. Corp. of OH 11.56 191.62 7.16 206.73 13.44 0.00 0.00 0.00
MIFC Mid Iowa Financial Corp. of IA(8) 17.41 177.88 17.67 178.11 17.63 0.08 0.58 10.13
MCBN Mid-Coast Bancorp of ME 13.52 112.24 9.01 112.24 15.57 0.20 2.42 32.79
MWBI Midwest Bancshares, Inc. of IA 10.24 117.75 8.67 117.75 11.82 0.36 2.77 28.35
MFFC Milton Fed. Fin. Corp. of OH 20.90 119.15 13.31 119.15 25.93 0.60 4.29 NM
MBSP Mitchell Bancorp, Inc. of NC(8) NM 97.84 38.38 97.84 NM 0.80 5.20 NM
MBBC Monterey Bay Bancorp of CA NM 103.93 11.19 113.61 NM 0.12 0.96 36.36
MONT Montgomery Fin. Corp. of IN 16.94 85.57 14.45 85.57 16.94 0.22 2.10 35.48
MSBK Mutual SB, FSB of Bay City MI NM 90.69 5.49 90.69 NM 0.00 0.00 NM
MYST Mystic Financial of MA* 19.97 92.87 16.47 92.87 21.34 0.20 1.62 32.26
NHTB NH Thrift Bancshares of NH 12.86 140.87 11.47 161.22 13.87 0.60 3.38 43.48
NSLB NS&L Bancorp, Inc of Neosho MO 21.67 77.06 14.24 77.57 22.03 0.50 3.85 NM
NSSY NSS Bancorp of CT(8)* 22.94 215.61 18.24 221.04 26.04 0.52 1.04 23.85
NMSB Newmil Bancorp, Inc. of CT* 15.59 140.18 13.11 140.18 20.37 0.36 2.85 44.44
NBCP Niagara Bancorp of NY MHC(45.4* NM 129.91 23.66 129.91 25.29 0.12 1.05 40.00
NBSI North Bancshares of Chicago IL NM 115.05 12.21 115.05 NM 0.40 3.33 NM
FFFD North Central Bancshares of IA 12.46 110.42 16.41 126.99 12.64 0.32 1.81 22.54
NEIB Northeast Indiana Bncrp of IN 12.99 112.94 14.73 112.94 12.99 0.36 2.18 28.35
NWSB Northwest Bcrp MHC of PA (30.8 26.67 258.06 21.95 287.08 27.27 0.16 1.33 35.56
NWEQ Northwest Equity Corp. of WI 11.92 123.80 14.98 123.80 13.14 0.68 3.78 45.03
NTMG Nutmeg FS&LA of CT 13.79 190.17 11.53 190.17 26.09 0.20 1.67 22.99
OHSL OHSL Financial Corp. of OH 16.87 130.11 14.10 130.11 18.18 0.50 3.57 60.24
OCFC Ocean Fin. Corp. of NJ 16.06 104.55 14.33 105.06 16.06 0.48 3.21 51.61
OTFC Oregon Trail Fin. Corp. of OR 15.96 83.75 19.06 83.75 15.96 0.24 1.81 28.92
OFCP Ottawa Financial Corp. of MI 16.67 173.85 14.29 211.98 18.70 0.40 1.74 28.99
PFFB PFF Bancorp of Pomona CA 14.53 107.82 8.18 108.99 15.22 0.00 0.00 0.00
PSFI PS Financial of Chicago IL 25.31 94.32 25.25 94.32 14.56 0.52 4.89 NM
PSBI PSB Bancorp Inc. of PA* 20.78 81.72 16.19 81.72 20.78 0.00 0.00 0.00
PVFC PVF Capital Corp. of OH 10.98 172.63 12.44 172.63 11.74 0.00 0.00 0.00
PBCI Pamrapo Bancorp, Inc. of NJ 14.70 134.37 16.73 134.99 15.28 1.12 4.79 70.44
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ----------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
PFED Park Bancorp of Chicago IL 20.33 20.33 0.92 4.28 4.78 0.93 4.34 0.07 390.63 0.67
PVSA Parkvale Financial Corp of PA 7.48 7.44 1.08 13.97 8.63 1.06 13.74 0.43 272.64 1.51
PBHC Pathfinder BC MHC of NY (45.2)* 11.89 10.15 0.74 6.28 4.93 0.63 5.33 1.40 32.66 0.69
PEEK Peekskill Fin. Corp. of NY 21.57 21.57 0.98 4.06 4.77 1.00 4.12 0.75 46.50 1.32
PFSB PennFed Fin. Services of NJ 6.66 5.84 0.76 11.00 9.02 0.72 10.38 0.46 39.60 0.26
PWBK Pennwood Bancorp, Inc. of PA 17.27 17.27 0.59 3.29 3.59 0.65 3.62 1.44 58.95 1.15
PBKB People's Bancshares of MA* 3.78 3.62 0.73 17.53 7.98 0.28 6.65 NA NA 0.92
TSBS Peoples Bancorp Inc of NJ(8)* 39.22 38.06 1.30 5.03 2.55 1.25 4.85 0.84 55.53 0.84
PFDC Peoples Bancorp of Auburn IN 14.96 14.96 1.45 9.60 6.59 1.45 9.60 NA NA 0.35
PBCT Peoples Bank, MHC of CT (41.2)* 8.91 7.46 1.22 13.50 5.86 0.73 8.08 0.59 177.88 1.64
PFFC Peoples Fin. Corp. of OH 17.34 17.34 1.15 6.30 6.45 0.53 2.93 NA NA 0.30
PHBK Peoples Heritage Fin Grp of ME* 7.41 6.16 0.94 12.97 3.84 1.26 17.41 NA NA 1.28
PSFC Peoples Sidney Fin. Corp of OH 18.52 18.52 1.18 4.96 4.06 1.18 4.96 0.91 44.42 0.45
PERM Permanent Bancorp, Inc. of IN 8.58 7.00 0.59 6.31 4.96 0.56 6.00 0.18 223.89 0.75
PCBC Perry Co. Fin. Corp. of MO 18.47 18.47 0.98 5.17 5.11 0.97 5.12 NA NA 0.16
PHFC Pittsburgh Home Fin Corp of PA 6.93 6.86 0.70 8.13 7.93 0.62 7.21 1.20 38.73 0.81
PFSL Pocahontas Bancorp of AR 14.44 14.00 0.68 7.04 4.42 0.68 7.04 0.26 159.98 0.88
PTRS Potters Financial Corp of OH 8.53 8.53 0.76 8.64 7.07 0.68 7.77 0.32 541.52 2.35
PHSB Ppls Home SB, MHC of PA (45.0) 12.37 12.37 0.72 5.58 3.96 0.66 5.10 0.21 252.66 1.29
PRBC Prestige Bancorp of PA 8.98 8.98 0.46 4.55 5.36 0.44 4.42 0.40 72.32 0.41
PFNC Progress Financial Corp. of PA 6.92 6.18 0.82 14.39 5.55 0.74 12.90 NA NA 1.19
PROV Provident Fin. Holdings of CA 9.96 9.96 0.68 6.05 6.83 0.24 2.18 0.67 112.01 0.88
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 13.42 13.42 1.11 8.38 4.94 0.91 6.88 0.98 39.77 0.51
PLSK Pulaski SB, MHC of NJ (47.0) 11.77 11.77 0.51 4.32 3.95 0.54 4.61 0.62 85.06 0.97
PULS Pulse Bancorp of S. River NJ(8) 8.44 8.44 1.04 12.60 6.20 1.04 12.60 NA NA 1.27
QCFB QCF Bancorp of Virginia MN 17.49 17.49 1.72 9.92 7.96 1.67 9.62 0.08 NA 1.92
QCBC Quaker City Bancorp of CA 8.87 8.87 0.87 10.00 8.13 0.81 9.31 0.83 103.46 1.07
QCSB Queens County Bancorp of NY* 8.67 8.67 1.54 15.23 3.95 1.52 14.97 0.44 125.66 0.63
RARB Raritan Bancorp of Raritan NJ(8)* 7.74 7.66 1.00 13.30 4.89 0.96 12.83 0.30 294.38 1.23
RELY Reliance Bancorp, Inc. of NY 7.44 5.12 0.82 10.05 7.74 0.81 9.95 0.40 90.40 0.92
RELI Reliance Bancshares Inc of WI(8) 52.92 52.92 1.28 2.56 2.49 1.22 2.45 0.47 85.79 0.65
RCBK Richmond County Fin Corp of NY 19.48 19.42 0.52 2.99 1.76 1.40 8.08 0.24 191.44 1.01
RIVR River Valley Bancorp of IN 13.63 13.45 0.93 7.10 7.13 0.82 6.23 0.55 158.30 1.03
RVSB Riverview Bancorp of WA 23.08 22.36 1.69 8.33 5.65 1.60 7.87 0.28 137.60 0.63
RSLN Roslyn Bancorp, Inc. of NY* 15.43 15.35 1.29 7.43 6.21 1.23 7.10 0.16 412.78 1.89
SCCB S. Carolina Comm. Bnshrs of SC 19.62 19.62 0.88 3.88 5.19 0.88 3.88 1.87 32.63 0.81
SFED SFS Bancorp of Schenectady NY(8) 12.30 12.30 0.66 5.30 4.37 0.64 5.13 NA NA 0.63
SGVB SGV Bancorp of W. Covina CA 6.82 6.74 0.42 5.55 5.78 0.41 5.41 0.79 40.46 0.46
SISB SIS Bancorp, Inc. of MA(8)* 7.14 7.14 0.73 10.11 3.78 0.91 12.58 0.26 488.24 2.66
SWCB Sandwich Bancorp of MA(8)* 8.39 8.16 0.97 11.94 4.38 0.92 11.31 0.57 138.76 1.16
SKAN Skaneateles Bancorp Inc of NY* 6.91 6.76 0.60 8.67 7.85 0.56 8.03 1.58 64.65 1.29
SKBOD Skibo Fin Corp MHC of PA(45.0) 16.80 16.80 0.57 3.38 1.98 0.68 4.08 0.59 64.19 0.80
SOBI Sobieski Bancorp of S. Bend IN 13.91 13.91 0.62 4.31 4.90 0.60 4.19 0.08 315.79 0.31
SFFS Sound Bancorp MHC of NY (44.1) 19.05 19.05 1.20 6.29 6.30 1.20 6.29 0.52 72.34 0.77
SSFC South Street Fin. Corp. of NC* 16.92 16.92 0.45 2.28 2.63 0.45 2.28 0.23 91.68 0.40
SBAN SouthBanc Shares Inc. of SC 20.75 20.75 0.86 6.72 3.10 0.91 7.16 0.37 153.09 0.99
SCBS Southern Commun. Bncshrs of AL 17.34 17.34 1.21 7.33 5.77 1.21 7.33 0.19 602.29 1.69
SMBC Southern Missouri Bncrp of MO 15.47 15.47 0.67 4.11 4.30 0.70 4.29 1.49 55.70 1.08
SVRN Sovereign Bancorp, Inc. of PA 5.51 4.86 0.57 11.75 3.67 0.70 14.63 NA NA 1.18
STFR St. Francis Cap. Corp. of WI 7.46 6.68 0.77 9.82 6.56 0.75 9.53 NA NA 0.85
SPBC St. Paul Bancorp, Inc. of IL 9.60 9.56 1.08 11.84 5.79 1.04 11.36 NA NA 0.88
SFFC StateFed Financial Corp. of IA 17.91 17.91 1.15 6.51 6.84 1.15 6.51 1.55 14.83 0.30
SFIN Statewide Fin. Corp. of NJ 9.72 9.70 0.79 8.16 7.45 0.75 7.83 0.47 95.71 0.89
STSA Sterling Financial Corp. of WA 5.38 2.37 0.36 6.67 5.33 0.51 9.57 0.57 118.79 1.06
ROSE T R Financial Corp. of NY* 6.36 6.36 1.05 16.77 7.10 0.88 14.07 0.49 76.53 0.65
THRD TF Financial Corp. of PA 7.55 6.46 0.60 7.06 6.23 0.54 6.31 0.30 99.86 0.92
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
PFED Park Bancorp of Chicago IL 20.90 88.40 17.98 88.40 20.61 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 11.59 157.67 11.79 158.40 11.79 0.48 2.31 26.82
PBHC Pathfinder BC MHC of NY (45.2)* 20.28 124.85 14.85 146.26 23.89 0.20 1.86 37.74
PEEK Peekskill Fin. Corp. of NY 20.97 90.21 19.46 90.21 20.65 0.36 2.64 55.38
PFSB PennFed Fin. Services of NJ 11.08 120.62 8.04 137.68 11.75 0.16 1.17 13.01
PWBK Pennwood Bancorp, Inc. of PA 27.83 97.46 16.84 97.46 25.30 0.28 2.52 70.00
PBKB People's Bancshares of MA* 12.54 212.56 8.04 222.09 NM 0.76 3.65 45.78
TSBS Peoples Bancorp Inc of NJ(8)* NM 116.90 45.85 120.48 NM 0.10 0.91 35.71
PFDC Peoples Bancorp of Auburn IN 15.18 143.23 21.43 143.23 15.18 0.48 2.41 36.64
PBCT Peoples Bank, MHC of CT (41.2)* 17.07 213.32 19.01 254.69 28.50 0.92 3.23 55.09
PFFC Peoples Fin. Corp. of OH 15.49 101.01 17.52 101.01 NM 0.60 5.45 NM
PHBK Peoples Heritage Fin Grp of ME* 26.07 240.41 17.80 289.20 19.42 0.44 2.22 57.89
PSFC Peoples Sidney Fin. Corp of OH 24.64 154.69 28.65 154.69 24.64 0.28 1.65 40.58
PERM Permanent Bancorp, Inc. of IN 20.16 122.19 10.48 149.70 21.19 0.24 1.92 38.71
PCBC Perry Co. Fin. Corp. of MO 19.55 98.65 18.22 98.65 19.75 0.50 2.53 49.50
PHFC Pittsburgh Home Fin Corp of PA 12.61 105.07 7.29 106.23 14.22 0.24 1.66 20.87
PFSL Pocahontas Bancorp of AR 22.65 103.66 14.97 106.97 22.65 0.24 2.65 60.00
PTRS Potters Financial Corp of OH 14.14 121.74 10.39 121.74 15.73 0.28 2.00 28.28
PHSB Ppls Home SB, MHC of PA (45.0) 25.22 137.76 17.04 137.76 27.60 0.28 1.91 48.28
PRBC Prestige Bancorp of PA 18.66 86.83 7.80 86.83 19.20 0.20 1.51 28.17
PFNC Progress Financial Corp. of PA 18.03 172.85 11.96 193.58 20.12 0.16 1.15 20.78
PROV Provident Fin. Holdings of CA 14.64 89.73 8.94 89.73 NM 0.00 0.00 0.00
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 20.26 164.53 22.08 164.53 24.68 1.10 5.71 NM
PLSK Pulaski SB, MHC of NJ (47.0) 25.29 106.55 12.54 106.55 23.71 0.30 2.64 66.67
PULS Pulse Bancorp of S. River NJ(8) 16.13 195.00 16.45 195.00 16.13 0.80 2.85 45.98
QCFB QCF Bancorp of Virginia MN 12.56 126.69 22.16 126.69 12.95 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 12.31 117.13 10.38 117.13 13.22 0.00 0.00 0.00
QCSB Queens County Bancorp of NY* 25.35 NM 37.54 NM 25.78 0.80 2.67 67.80
RARB Raritan Bancorp of Raritan NJ(8)* 20.47 256.04 19.83 258.68 21.21 0.60 1.71 35.09
RELY Reliance Bancorp, Inc. of NY 12.92 130.75 9.73 189.87 13.04 0.72 2.67 34.45
RELI Reliance Bancshares Inc of WI(8) NM 103.10 54.56 103.10 NM 0.00 0.00 0.00
RCBK Richmond County Fin Corp of NY NM 123.24 24.01 123.63 21.07 0.24 1.56 NM
RIVR River Valley Bancorp of IN 14.02 96.53 13.16 97.78 15.96 0.22 1.47 20.56
RVSB Riverview Bancorp of WA 17.71 127.25 29.36 131.31 18.75 0.24 1.88 33.33
RSLN Roslyn Bancorp, Inc. of NY* 16.11 124.51 19.21 125.12 16.87 0.40 2.24 36.04
SCCB S. Carolina Comm. Bnshrs of SC 19.29 83.18 16.32 83.18 19.29 0.64 4.74 NM
SFED SFS Bancorp of Schenectady NY(8) 22.89 119.90 14.75 119.90 23.64 0.32 1.47 33.68
SGVB SGV Bancorp of W. Covina CA 17.31 96.91 6.61 98.11 17.76 0.00 0.00 0.00
SISB SIS Bancorp, Inc. of MA(8)* 26.49 242.64 17.33 242.64 21.29 0.64 1.44 38.10
SWCB Sandwich Bancorp of MA(8)* 22.81 256.21 21.50 263.58 24.09 1.40 2.51 57.14
SKAN Skaneateles Bancorp Inc of NY* 12.73 106.10 7.33 108.44 13.75 0.28 2.04 25.93
SKBOD Skibo Fin Corp MHC of PA(45.0) NM 171.09 28.74 171.09 NM 0.20 1.65 NM
SOBI Sobieski Bancorp of S. Bend IN 20.42 86.10 11.98 86.10 21.01 0.32 2.21 45.07
SFFS Sound Bancorp MHC of NY (44.1) 15.87 99.80 19.02 99.80 15.87 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* NM 113.70 19.24 113.70 NM 0.40 4.77 NM
SBAN SouthBanc Shares Inc. of SC NM 112.87 23.42 112.87 NM 0.48 2.40 NM
SCBS Southern Commun. Bncshrs of AL 17.33 125.48 21.76 125.48 17.33 0.30 2.31 40.00
SMBC Southern Missouri Bncrp of MO 23.26 103.08 15.94 103.08 22.33 0.50 2.99 69.44
SVRN Sovereign Bancorp, Inc. of PA 27.25 227.76 12.54 258.32 21.88 0.08 0.55 15.09
STFR St. Francis Cap. Corp. of WI 15.25 149.47 11.15 167.06 15.72 0.64 1.57 23.88
SPBC St. Paul Bancorp, Inc. of IL 17.26 195.18 18.73 195.91 18.00 0.60 2.85 49.18
SFFC StateFed Financial Corp. of IA 14.62 92.50 16.57 92.50 14.62 0.20 2.11 30.77
SFIN Statewide Fin. Corp. of NJ 13.43 111.99 10.88 112.15 14.01 0.52 3.20 42.98
STSA Sterling Financial Corp. of WA 18.75 117.19 6.30 265.79 13.07 0.00 0.00 0.00
ROSE T R Financial Corp. of NY* 14.09 220.20 14.01 220.20 16.79 0.88 2.65 37.29
THRD TF Financial Corp. of PA 16.06 119.99 9.06 140.27 17.95 0.48 2.43 39.02
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IB (continued)
Weekly Thrift Market Line - Part Two
Prices As Of November 6, 1998
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ----------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
THTL Thistle Group Holdings of PA 27.80 27.80 1.37 4.91 5.89 1.37 4.91 0.22 98.57 0.76
TSBK Timberland Bancorp of WA 32.35 32.35 1.80 9.17 5.07 1.68 8.53 NA NA 0.86
TRIC Tri-County Bancorp of WY 16.74 16.74 1.05 6.57 6.32 0.99 6.24 0.03 NA 0.94
TWIN Twin City Bancorp, Inc. of TN 12.67 12.67 1.02 7.92 6.47 0.82 6.41 0.37 27.12 0.14
USAB USABancshares, Inc of PA* 9.74 9.68 0.59 6.21 3.41 0.73 7.64 1.08 49.32 0.90
UCBC Union Community Bancorp of IN 40.02 40.02 1.44 5.52 3.87 1.44 5.52 0.33 99.15 0.40
UCFC United Community Fin. of OH 32.31 32.31 1.50 4.65 4.14 1.50 4.65 0.51 72.00 0.95
UBMT United Fin. Corp. of MT 14.74 14.25 1.12 7.57 5.57 1.09 7.40 0.42 156.46 1.02
UTBI United Tenn. Bancshares of TN 27.03 27.03 1.36 9.53 5.74 1.36 9.53 0.57 148.60 1.27
WHGB WHG Bancshares of MD 15.28 15.28 0.58 3.18 3.83 0.58 3.18 0.65 41.31 0.46
WSFS WSFS Financial Corp. of DE* 5.96 5.93 1.13 19.24 8.00 1.09 18.56 1.17 128.88 3.15
WVFC WVS Financial Corp. of PA 11.10 11.10 1.20 10.72 6.52 1.30 11.60 NA NA 1.19
WRNB Warren Bancorp of Peabody MA* 10.59 10.59 1.61 15.02 8.27 1.52 14.23 0.90 116.78 1.56
WSBI Warwick Community Bncrp of NY* 20.99 20.99 0.32 1.46 1.32 1.08 4.93 0.69 67.04 0.80
WFSL Washington Federal, Inc. of WA 13.61 12.66 1.98 14.88 8.11 1.91 14.40 0.52 81.10 0.57
WAYN Wayne Svgs Bks MHC of OH (48.2 9.53 9.53 0.71 7.52 3.44 0.64 6.80 NA NA 0.35
WCFB Wbstr Cty FSB MHC of IA (45.6) 23.41 23.41 1.40 5.95 3.71 1.40 5.95 0.07 534.72 0.69
WBST Webster Financial Corp. of CT 6.17 5.29 0.75 13.27 5.67 0.77 13.52 0.39 159.51 1.14
WEFC Wells Fin. Corp. of Wells MN 13.55 13.55 1.22 8.42 8.72 1.11 7.67 NA NA NA
WEBK West Essex MHC of NJ (42.2) 13.43 13.43 0.34 2.51 2.70 0.34 2.51 1.10 54.38 1.60
WCBI WestCo Bancorp, Inc. of IL(8) 15.06 15.06 1.42 9.21 5.50 1.41 9.16 0.56 50.90 0.36
WSTR WesterFed Fin. Corp. of MT 11.15 9.16 0.71 6.63 7.07 0.69 6.47 0.52 94.24 0.74
WOFC Western Ohio Fin. Corp. of OH 14.52 13.58 0.07 0.51 0.55 0.06 0.43 1.29 74.24 1.36
WEHO Westwood Hmstd Fin Corp of OH 19.51 19.51 0.76 3.32 3.90 1.05 4.62 0.29 82.74 0.26
FFWD Wood Bancorp of OH 13.57 13.57 1.43 11.15 6.72 1.16 9.02 0.16 243.12 0.48
YFCB Yonkers Fin. Corp. of NY 10.30 10.30 0.89 6.80 7.79 0.80 6.18 0.28 123.06 0.66
YFED York Financial Corp. of PA 8.89 8.89 0.84 9.54 5.77 0.66 7.56 2.25 31.83 0.90
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
THTL Thistle Group Holdings of PA 16.98 83.41 23.19 83.41 16.98 0.20 2.22 37.74
TSBK Timberland Bancorp of WA 19.72 103.32 33.43 103.32 21.21 0.24 1.71 33.80
TRIC Tri-County Bancorp of WY 15.82 100.48 16.82 100.48 16.67 0.44 3.52 55.70
TWIN Twin City Bancorp, Inc. of TN 15.45 121.79 15.43 121.79 19.10 0.40 2.91 44.94
USAB USABancshares, Inc of PA* 29.35 116.49 11.34 117.20 23.84 0.00 0.00 0.00
UCBC Union Community Bancorp of IN 25.81 85.30 34.14 85.30 25.81 0.38 3.13 NM
UCFC United Community Fin. of OH 24.14 112.27 36.28 112.27 24.14 0.00 0.00 0.00
UBMT United Fin. Corp. of MT 17.96 136.01 20.05 140.74 18.37 1.00 4.12 74.07
UTBI United Tenn. Bancshares of TN 17.44 89.52 24.20 89.52 17.44 0.00 0.00 0.00
WHGB WHG Bancshares of MD 26.09 82.64 12.63 82.64 26.09 0.32 2.67 69.57
WSFS WSFS Financial Corp. of DE* 12.50 228.44 13.61 229.33 12.96 0.12 0.68 8.45
WVFC WVS Financial Corp. of PA 15.34 163.16 18.11 163.16 14.17 0.60 4.03 61.86
WRNB Warren Bancorp of Peabody MA* 12.09 178.79 18.94 178.79 12.76 0.36 3.92 47.37
WSBI Warwick Community Bncrp of NY* NM 110.28 23.15 110.28 22.47 0.16 1.11 NM
WFSL Washington Federal, Inc. of WA 12.33 179.41 24.41 192.86 12.74 0.92 3.44 42.40
WAYN Wayne Svgs Bks MHC of OH (48.2 29.11 213.78 20.37 213.78 NM 0.62 2.92 NM
WCFB Wbstr Cty FSB MHC of IA (45.6) 26.98 158.14 37.01 158.14 26.98 0.80 4.71 NM
WBST Webster Financial Corp. of CT 17.65 186.99 11.54 218.15 17.32 0.44 1.58 27.85
WEFC Wells Fin. Corp. of Wells MN 11.47 109.84 14.89 109.84 12.59 0.60 3.58 41.10
WEBK West Essex MHC of NJ (42.2) NM 92.94 12.48 92.94 NM 0.00 0.00 0.00
WCBI WestCo Bancorp, Inc. of IL(8) 18.18 170.43 25.67 170.43 18.28 0.68 2.00 36.36
WSTR WesterFed Fin. Corp. of MT 14.15 91.52 10.20 111.42 14.48 0.54 2.96 41.86
WOFC Western Ohio Fin. Corp. of OH NM 96.37 13.99 103.03 NM 1.00 4.60 NM
WEHO Westwood Hmstd Fin Corp of OH 25.61 102.84 20.06 102.84 18.42 0.40 3.81 NM
FFWD Wood Bancorp of OH 14.89 156.80 21.29 156.80 18.40 0.36 2.72 40.45
YFCB Yonkers Fin. Corp. of NY 12.84 92.29 9.50 92.29 14.14 0.32 2.29 29.36
YFED York Financial Corp. of PA 17.34 158.45 14.08 158.45 21.88 0.50 2.72 47.17
EXHIBIT 2
Pro Forma Analysis Sheet: Fully Converted Basis
EXHIBIT 2
PRO FORMA ANALYSIS SHEET
Revere Federal Savings Bank
Prices as of November 6, 1998
Peer Group Massachusetts Companies SAIF-Insured Institutions
Subject @ --------------- ----------------------- --------------------------
Price Multiple Symbol Midpoint Mean Median Mean Median Mean Median
-------------- ------ -------- ---- ------ ---- ------ ---- ------
Price/Reported Earnings Multiple = P/E 17.87 x 19.55x 18.97x 15.72x 12.73x 17.58x 16.98x
Price/Core Earnings Multiple = P/CE 17.87 x 20.60x 19.48x 19.66x 14.30x 18.25x 17.85x
Price/Book Ratio = P/B 59.31% 85.49% 83.18% 113.57% 141.59% 128.99% 118.14%
Price/Tangible Book Ratio = P/TB 59.31% 86.64% 84.71% 115.77% 149.02% 134.50% 121.79%
Price/Assets Ratio = P/A 7.84% 19.51% 18.99% 9.28% 14.83% 16.24% 14.92%
Valuation Parameters
--------------------
Pre-Conv. Reported Earnings(Y) $291,000 ESOP Stock Purchases (E) 8.00% (5)
Pre-Conversion Core Earnings $291,000 Cost of ESOP Borrowings (S) 0.00% (4)
Pre-Conversion Book Value (B) $6,484,000 ESOP Amortization (T) 10.00 years
Pre-Conv. Tang. Book Value (B) $6,484,000 RRP Amount (M) 4.00%
Pre-Conversion Assets (A) $89,468,000 RRP Vesting (N) 5.00 years (5)
Reinvestment Rate (2)(R) 3.28% Percentage Sold (PCT) 100.00%
Est. Conversion Expenses (3)(X) 5.85%
Tax rate (TAX) 39.00%
Calculation of Pro Forma Value After Conversion
-----------------------------------------------
1. V= P/E * (Y) V= $7,500,000
--------------------------------------------------------------
1 - P/E * PCT * ((1-X-E-M-F)*R - (1-TAX)*E/T - (1-TAX)*M/N)
2. V= P/B * (B+Z) V= $7,500,000
---------------------------
1 - P/B * PCT * (1-X-E-M-F)
3. V= P/A * (A+Z) V= $7,500,000
---------------------------
1 - P/A * PCT * (1-X-E-M-F)
Aggregate
Shares Sold to Price Per Gross Offering Total Shares Market Value
Conclusion Public Share Proceeds Issued of Stock Issued
----------- ------ ----- -------- ------ ---------------
Minimum 637,500 10.00 $6,375,000 637,500 6,375,000
Midpoint 750,000 10.00 7,500,000 750,000 7,500,000
Maximum 862,500 10.00 8,625,000 862,500 8,625,000
Supermaximum 991,875 10.00 9,918,750 991,875 9,918,750
- ----------
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.37 percent, and a tax rate of
39.00 percent.
(3) Offering expenses shown at estimated midpoint value.
(4) No cost is applicable since holding company will fund the ESOP loan.
(5) ESOP and MRP amortize over 10 years and 5 years, respectively; amortization
tax effected at 39.00 percent.
EXHIBIT 3
Pro Forma Effect of Conversion Proceeds: Fully Converted Basis
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Revere Federal Savings
At the Minimum
1. Offering Proceeds $6,375,000
Less: Estimated Offering Expenses 425,952
----------
Net Conversion Proceeds $5,949,048
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $5,949,048
Less: Non-Cash Stock Purchases (1) 765,000
----------
Net Proceeds Reinvested $5,184,048
Estimated net incremental rate of return 3.28%
----------
Earnings Increase $ 169,814
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 31,110
Less: Recognition Plan Vesting (4) 31,110
----------
Net Earnings Increase $ 107,594
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended Sept. 30, 1998 (reported) $291,000 $107,594 $398,594
12 Months ended Sept. 30, 1998 (core) $291,000 $107,594 $398,594
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $6,484,000 $5,184,048 $11,668,048
Sept. 30, 1998 (Tangible) $6,484,000 $5,184,048 $11,668,048
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $89,468,000 $5,184,048 $94,652,048
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 39.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
39.00 percent.
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Revere Federal Savings
At the Midpoint
1. Offering Proceeds $7,500,000
Less: Estimated Offering Expenses 438,473
----------
Net Conversion Proceeds $7,061,527
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $7,061,527
Less: Non-Cash Stock Purchases (1) 900,000
----------
Net Proceeds Reinvested $6,161,527
Estimated net incremental rate of return 3.28%
----------
Earnings Increase $ 201,833
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 36,600
Less: Recognition Plan Vesting (4) 36,600
----------
Net Earnings Increase $ 128,633
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended Sept. 30, 1998 (reported) $291,000 $128,633 $419,633
12 Months ended Sept. 30, 1998 (core) $291,000 $128,633 $419,633
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $ 6,484,000 $6,161,527 $12,645,527
Sept. 30, 1998 (Tangible) $ 6,484,000 $6,161,527 $12,645,527
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $89,468,000 $6,161,527 $95,629,527
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 39.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
39.00 percent.
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Revere Federal Savings
At the Maximum
1. Offering Proceeds $8,625,000
Less: Estimated Offering Expenses 450,994
----------
Net Conversion Proceeds $8,174,006
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $8,174,006
Less: Non-Cash Stock Purchases (1) 1,035,000
----------
Net Proceeds Reinvested $7,139,006
Estimated net incremental rate of return 3.28%
----------
Earnings Increase $ 233,852
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 42,090
Less: Recognition Plan Vesting (4) 42,090
----------
Net Earnings Increase $ 149,672
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended Sept. 30, 1998 (reported) $291,000 $149,672 $440,672
12 Months ended Sept. 30, 1998 (core) $291,000 $149,672 $440,672
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $ 6,484,000 $7,139,006 $13,623,006
Sept. 30, 1998 (Tangible) $ 6,484,000 $7,139,006 $13,623,006
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $89,468,000 $7,139,006 $96,607,006
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 39.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
39.00 percent.
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Revere Federal Savings
At the Supermaximum Value
1. Offering Proceeds $9,918,750
Less: Estimated Offering Expenses 465,366
----------
Net Conversion Proceeds $9,453,384
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $9,453,384
Less: Non-Cash Stock Purchases (1) 1,190,250
----------
Net Proceeds Reinvested $8,263,134
Estimated net incremental rate of return 3.28%
----------
Earnings Increase $ 270,675
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 48,404
Less: Recognition Plan Vesting (4) 48,404
----------
Net Earnings Increase $ 173,868
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended Sept. 30, 1998 (reported) $291,000 $173,868 $464,868
12 Months ended Sept. 30, 1998 (core) $291,000 $173,868 $464,868
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $ 6,484,000 $8,263,134 $14,747,134
Sept. 30, 1998 (Tangible) $ 6,484,000 $8,263,134 $14,747,134
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $89,468,000 $8,263,134 $97,731,134
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 39.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
39.00 percent.
EXHIBIT 4
Pro Forma Analysis Sheet: Minority Stock Offering
EXHIBIT 4
PRO FORMA ANALYSIS SHEET
Revere Federal Savings Bank
Prices as of November 6, 1998
Subject @ Peer Group Massachusetts Companies SAIF-Insured Institutions
------------------- ------------------------ --------------------------
Price Multiple Symbol Midpoint Mean Median Mean Median Mean Median
-------------- ------ -------- ---- ------ ---- ------ ---- ------
Price/Reported Earnings Multiple = P/E 21.94x 23.83x 25.22x 15.72x 12.73x 17.58x 16.98x
Price/Core Earnings Multiple = P/CE 21.94x 24.97x 25.15x 19.66x 14.30x 18.25x 17.85x
Price/Book Ratio = P/B 82.90% 159.39% 147.51% 113.57% 141.59% 128.99% 118.14%
Price/Tangible Book Ratio = P/TB 82.90% 165.43% 147.51% 115.77% 149.02% 134.50% 121.79%
Price/Assets Ratio = P/A 8.15% 21.27% 19.02% 9.28% 14.83% 16.24% 14.92%
Valuation Parameters
--------------------
Pre-Conv. Reported Earnings(Y) $289,002 ESOP Stock Purchases (E) 8.00% (5)
Pre-Conversion Core Earnings $289,002 Cost of ESOP Borrowings (S) 0.00% (4)
Pre-Conversion Book Value (B) $6,384,000 ESOP Amortization (T) 10.00 years
Pre-Conv. Tang. Book Value (B) $6,384,000 RRP Amount (M) 4.00%
Pre-Conversion Assets (A) $89,368,000 RRP Vesting (N) 5.00 years (5)
Reinvestment Rate (2)(R) 3.28% Percentage Sold (PCT) 47.00%
Est. Conversion Expenses (3)(X) 12.44%
Tax rate (TAX) 39.00%
Calculation of Pro Forma Value After Conversion
1. V= P/E * (Y) V= $7,500,000
--------------------------------------------------------------
1 - P/E * PCT * ((1-X-E-M-F)*R - (1-TAX)*E/T - (1-TAX)*M/N)
2. V= P/B * (B+Z) V= $7,500,000
---------------------------
1 - P/B * PCT * (1-X-E-M-F)
3. V= P/A * (A+Z) V= $7,500,000
---------------------------
1 - P/A * PCT * (1-X-E-M-F)
Aggregate
Shares Issued to Shares Sold to Price Per Gross Offering Total Shares Market Value Full Value
Conclusion MHC Public Share Proceeds Issued of Stock Issued Total Shares
----------- --- ------ ----- -------- ------ --------------- ------------
Minimum 337,875 299,625 10.00 $2,996,250 299,625 2,996,250 637,500
Midpoint 397,500 352,500 10.00 3,525,000 352,500 3,525,000 750,000
Maximum 457,125 405,375 10.00 4,053,750 405,375 4,053,750 862,500
Supermaximum 525,694 466,181 10.00 4,661,813 466,181 4,661,813 991,875
- ----------
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.37 percent, and a tax rate of
39.00 percent.
(3) Offering expenses shown at estimated midpoint value.
(4) No cost is applicable since holding company will fund the ESOP loan.
(5) ESOP and MRP amortize over 10 years and 5 years, respectively; amortization
tax effected at 39.00 percent.
EXHIBIT 5
Pro Forma Effect of Conversion Proceeds: Minority Stock Offering
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Revere Federal Savings
At the Minimum
1. Offering Proceeds $2,996,250
Less: Estimated Offering Expenses 425,952
----------
Net Conversion Proceeds $2,570,298
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $2,570,298
Less: Non-Cash Stock Purchases (1) 359,550
Net Proceeds Reinvested $2,210,748
Estimated net incremental rate of return 3.28%
----------
Earnings Increase $ 72,417
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 14,622
Less: Recognition Plan Vesting (4) 14,622
----------
Net Earnings Increase $ 43,174
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended Sept. 30, 1998 (reported, tax-effected) $289,002 $43,174 $332,176
12 Months ended Sept. 30, 1998 (core, tax-effected) $289,002 $43,174 $332,176
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $6,384,000 $2,210,748 $8,594,748
Sept. 30, 1998 (Tangible) $6,384,000 $2,210,748 $8,594,748
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $89,368,000 $2,210,748 $91,578,748
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 39.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
39.00 percent.
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Revere Federal Savings
At the Midpoint
1. Offering Proceeds $3,525,000
Less: Estimated Offering Expenses 438,473
----------
Net Conversion Proceeds $3,086,527
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $3,086,527
Less: Non-Cash Stock Purchases (1) 423,000
Net Proceeds Reinvested $2,663,527
Estimated net incremental rate of return 3.28%
----------
Earnings Increase $ 87,249
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 17,202
Less: Recognition Plan Vesting (4) 17,202
----------
Net Earnings Increase $ 52,845
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended Sept. 30, 1998 (reported, tax-effected) $289,002 $52,845 $341,847
12 Months ended Sept. 30, 1998 (core, tax-effected) $289,002 $52,845 $341,847
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $6,384,000 $2,663,527 $9,047,527
Sept. 30, 1998 (Tangible) $6,384,000 $2,663,527 $9,047,527
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $89,368,000 $2,663,527 $92,031,527
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 39.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
39.00 percent.
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Revere Federal Savings
At the Maximum
1. Offering Proceeds $4,053,750
Less: Estimated Offering Expenses 450,994
----------
Net Conversion Proceeds $3,602,756
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $3,602,756
Less: Non-Cash Stock Purchases (1) 486,450
Net Proceeds Reinvested $3,116,306
Estimated net incremental rate of return 3.28%
----------
Earnings Increase $ 102,081
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 19,782
Less: Recognition Plan Vesting (4) 19,782
----------
Net Earnings Increase $ 62,516
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended Sept. 30, 1998 (reported, tax-effected) $289,002 $62,516 $351,518
12 Months ended Sept. 30, 1998 (core, tax-effected) $289,002 $62,516 $351,518
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $6,384,000 $3,116,306 $9,500,306
Sept. 30, 1998 (Tangible) $6,384,000 $3,116,306 $9,500,306
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $89,368,000 $3,116,306 $92,484,306
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 39.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
39.00 percent.
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Revere Federal Savings
At the Supermaximum Value
1. Offering Proceeds $4,661,813
Less: Estimated Offering Expenses 465,366
----------
Net Conversion Proceeds $4,196,447
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $4,196,447
Less: Non-Cash Stock Purchases (1) 559,418
Net Proceeds Reinvested $3,637,029
Estimated net incremental rate of return 3.28%
----------
Earnings Increase $ 119,138
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 22,750
Less: Recognition Plan Vesting (4) 22,750
----------
Net Earnings Increase $ 73,639
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended Sept. 30, 1998 (reported, tax-effected) $289,002 $73,639 $362,641
12 Months ended Sept. 30, 1998 (core, tax-effected) $289,002 $73,639 $362,641
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $6,384,000 $3,637,029 $10,021,029
Sept. 30, 1998 (Tangible) $6,384,000 $3,637,029 $10,021,029
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
Sept. 30, 1998 $89,368,000 $3,637,029 $93,005,029
(1) Includes ESOP and MRP stock purchases equal to 8.0 and 4.0 percent of the
offering, respectively.
(2) ESOP stock purchases are internally financed by a loan from the holding
company.
(3) ESOP borrowings are amortized over 10 years, amortization expense is
tax-effected at a 39.00 percent rate.
(4) MRP is amortized over 5 years, and amortization expense is tax effected at
39.00 percent.
EXHIBIT 6
Peer Group Core Earnings Analysis
CORE EARNINGS ANALYSIS
COMPARABLE INSTITUTION ANALYSIS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1998
NET INCOME LESS: NET TAX EFFECT
TO COMMON GAINS (LOSS) @34%
------------ -------------- ------------
($000) ($000) ($000)
Comparable Group
ALLB Alliance Bank MHC of PA (19.9) ......... 1,977 0 0
BCSB BCSB Bankcorp MHC of MD (38.6)(P)....... -- -- --
BRKL Brookline Bncp MHC of MA (47.0)(1)...... 15,539 -1,246 424
FFFL Fidelity Bcsh MHC of FL (47.9)(1) ...... 7,805 -2,311 786
SBFL Fingr Lakes Fin.MHC OF NY (33.1) ....... 1,032 -325 111
GBNK Gaston Fed Bncp MHC of NC (47.0)(1). 1,487 -236 80
HARS Harris Fin. MHC of PA (24.9) ........... 17,877 -7,629 2,594
JXSB Jcksnville SB,MHC of IL (45.6) ......... 947 -570 194
LFED Leeds Fed Bksr MHC of MD (36.3)(1)...... 3,307 -2 1
LIBB Liberty Bancorp MHC of NJ (47)(4) ...... 728 0 0
NBCP Niagara Bancorp of NY MHC (45.4) ....... 8,933 6,616 -2,249
NWSB Northwest Bcrp MHC of PA (30.8)(1) ..... 21,322 -1,131 385
PBHC Pathfinder BC MHC of NY (45.2)(1) ...... 1,460 -366 124
PBCT Peoples Bank, MHC of CT (41.2) ......... 107,000 -65,300 22,202
PHSB Ppls Home SB, MHC of PA (45.0) ......... 1,596 -203 69
PLSK Pulaski SB, MHC of NJ (47.0) ........... 949 111 -38
SKBOD Skibo Fin Corp MHC of PA (45.0)(1)..... 826 260 -88
SFFS Sound Bancorp MHC of NY (44.1)(P) ...... -- -- --
WAYN Wayne Svgs Bks MHC of OH (48.2)(1)...... 1,822 -270 92
WCFB Wbstr Cty FSB MHC of IA (45.6)(1) ...... 1,332 0 0
ESTIMATED
LESS: EXTD CORE INCOME ESTIMATED
ITEMS TO COMMON SHARES CORE EPS
------------ ------------- -------- ----------
($000) ($000) ($000) ($)
Comparable Group
ALLB Alliance Bank MHC of PA (19.9) ......... 0 1,977 3,274 0.60
BCSB BCSB Bankcorp MHC of MD (38.6)(P)....... -- -- 6,117 0.36
BRKL Brookline Bncp MHC of MA (47.0)(1)...... 0 14,717 29,095 0.51
FFFL Fidelity Bcsh MHC of FL (47.9)(1) ...... 0 6,280 6,802 0.92
SBFL Fingr Lakes Fin.MHC OF NY (33.1) ....... 0 818 3,570 0.23
GBNK Gaston Fed Bncp MHC of NC (47.0)(1). 0 1,331 4,497 0.30
HARS Harris Fin. MHC of PA (24.9) ........... 0 12,842 33,992 0.38
JXSB Jcksnville SB,MHC of IL (45.6) ......... 0 571 1,908 0.30
LFED Leeds Fed Bksr MHC of MD (36.3)(1)...... 0 3,306 5,196 0.64
LIBB Liberty Bancorp MHC of NJ (47)(4) ...... 0 728 3,901 0.37
NBCP Niagara Bancorp of NY MHC (45.4) ....... 0 13,300 29,756 0.45
NWSB Northwest Bcrp MHC of PA (30.8)(1) ..... 0 20,576 46,865 0.44
PBHC Pathfinder BC MHC of NY (45.2)(1) ...... 0 1,218 2,736 0.45
PBCT Peoples Bank, MHC of CT (41.2) ......... 0 63,902 64,147 1.00
PHSB Ppls Home SB, MHC of PA (45.0) ......... 0 1,462 2,760 0.53
PLSK Pulaski SB, MHC of NJ (47.0) ........... 0 1,022 2,108 0.48
SKBOD Skibo Fin Corp MHC of PA (45.0)(1)..... 0 998 3,450 0.29
SFFS Sound Bancorp MHC of NY (44.1)(P) ...... -- -- 5,212 0.63
WAYN Wayne Svgs Bks MHC of OH (48.2)(1). 0 1,644 2,487 0.66
WCFB Wbstr Cty FSB MHC of IA (45.6)(1) ...... 0 1,332 2,114 0.63
- ----------
(P) Pro forma financial data reflective of new conversion.
(1) Financial information is for the quarter ending June 30, 1998.
(4) Figures are for two quarters of financial data, EPS figures are annualized.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBIT 7
Firm Qualifications Statement
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
FIRM QUALIFICATION STATEMENT
RP Financial provides financial and management consulting and valuation services
to the financial services industry nationwide, particularly federally-insured
financial institutions. RP Financial establishes long-term client relationships
through its wide array of services, emphasis on quality and timeliness, hands-on
involvement by our principals and senior consulting staff, and careful
structuring of strategic plans and transactions. RP Financial's staff draws from
backgrounds in consulting, regulatory agencies and investment banking, thereby
providing our clients with considerable resources.
STRATEGIC AND CAPITAL PLANNING
RP Financial's strategic and capital planning services are designed to provide
effective workable plans with quantifiable results. Through a program known as
SAFE (Strategic Alternatives Financial Evaluations), RP Financial analyzes
strategic options to enhance shareholder value or other established objectives.
Our planning services involve conducting situation analyses; establishing
mission statements, strategic goals and objectives; and identifying strategies
for enhancement of franchise value, capital management and planning, earnings
improvement and operational issues. Strategy development typically includes the
following areas: capital formation and management, asset/liability targets,
profitability, return on equity and market value of stock. Our proprietary
financial simulation model provides the basis for evaluating the financial
impact of alternative strategies and assessing the feasibility/compatibility of
such strategies with regulations and/or other guidelines.
MERGER AND ACQUISITION SERVICES
RP Financial's merger and acquisition (M&A) services include targeting
candidates and potential acquirors, assessing acquisition merit, conducting
detailed due diligence, negotiating and structuring transactions, preparing
merger business plans and financial simulations, rendering fairness opinions and
assisting in implementing post-acquisition strategies. Through our financial
simulations, comprehensive in-house data bases, valuation expertise and
regulatory knowledge, RP Financial's M&A consulting focuses on structuring
transactions to enhance shareholder returns.
VALUATION SERVICES
RP Financial's extensive valuation practice includes valuations for a variety of
purposes including mergers and acquisitions, mutual-to-stock conversions, ESOPs,
subsidiary companies, mark-to-market transactions, loan and servicing
portfolios, non-traded securities, core deposits, FAS 107 (fair market value
disclosure), FAS 122 (loan servicing rights) and FAS 123 (stock options). Our
principals and staff are highly experienced in performing valuation appraisals
which conform with regulatory guidelines and appraisal industry standards. RP
Financial is the nation's leading valuation firm for mutual-to-stock conversions
of thrift institutions.
OTHER CONSULTING SERVICES AND DATA BASES
RP Financial offers a variety of other services including branching strategies,
feasibility studies and special research studies, which are complemented by our
quantitative and computer skills. RP Financial's consulting services are aided
by its in-house data base resources for commercial banks and savings
institutions and proprietary valuation and financial simulation models.
YEAR 2000 SERVICES
RP Financial, through a relationship with a computer research and development
company with a proprietary methodology, offers Year 2000 advisory and conversion
services to financial institutions which are more cost effective and less
disruptive than most other providers of such service.
RP Financial's Key Personnel (Years of Relevant Experience)
Ronald S. Riggins, Managing Director (18)
William E. Pommerening, Managing Director (14)
Gregory E. Dunn, Senior Vice President (16)
James P. Hennessey, Senior Vice President (13)
James J. Oren, Senior Vice President (11)