Exhibit 99.5
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| PRO FORMA VALUATION UPDATE REPORT |
| MUTUAL HOLDING COMPANY STOCK OFFERING |
| |
| |
| |
| |
| WILLOW GROVE BANK |
| Maple Glen, Pennsylvania |
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| Dated As Of: |
| October 30, 1998 |
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Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
RP Financial, LC
- ---------------------------------------------
Financial Services Industry Consultants
' October 30, 1998
Board of Directors
Willow Grove Bank
Welsh and Norristown Roads
Maple Glen, Pennsylvania 19002-8030
Members of the Board:
We have completed and hereby provide an updated independent appraisal
of the estimated pro forma market value of the Common Stock in connection with
the mutual-to-stock conversion transaction described below.
This Appraisal is furnished pursuant to the conversion regulations
promulgated by the Office of Thrift Supervision ("OTS"). This Appraisal has been
prepared in accordance with the written valuation guidelines promulgated by the
OTS, most recently updated as of October 21, 1994. Specifically, this Appraisal
has been prepared in accordance with the "Guidelines for Appraisal Reports for
the Valuation of Savings and Loan Associations Converting from Mutual to Stock
Form of Organization" of the OTS, as successor to the Federal Home Loan Bank
Board ("FHLBB"), dated as of October 21, 1994; and applicable regulatory
interpretations thereof.
Our original appraisal report, dated September 4, 1998 (the "Original
Appraisal"), is incorporated herein by reference. As in the preparation of our
Original Appraisal, we believe the data and information used herein is reliable;
however, we cannot guarantee the accuracy and completeness of such information.
Description of Reorganization and Stock Issuance Plan
We understand that the Board of Directors of Willow Grove Bank, Maple
Glen, Pennsylvania ("Willow Grove" or the "Bank") has adopted a Plan of
Conversion, incorporated herein by reference, in which the Bank will reorganize
from the mutual form of organization to the mutual holding company form of
organization. In the reorganization process, to become effective concurrent with
the completion of the stock sale, Willow Grove will become a wholly-owned
subsidiary of Willow Grove Bancorp, Inc. (the "Holding Company"), a Delaware
Corporation, and Willow Grove Bancorp, Inc. will issue a majority of its common
stock to Willow Grove, MHC (the "MHC"), and sell a minority of its common stock
to the public. The above structure reflects 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. The number of shares of common stock sold to the public
will approximate 56 percent of the shares issued in the offering, and the number
of shares issued to the MHC will approximate 44 percent of the shares issued in
the offering. In addition, the Holding Company intends to donate to a charitable
foundation, immediately following the Conversion, authorized but unissued shares
of the Holding Company stock equal to 4 percent of the number of shares sold in
the offering.
- --------------------------------------------------------------------------------
Washington Headquarters
Rosslyn Center
1700 North Moore Street, Suie 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788
Board of Directors
Willow Grove Bank
October 30, 1998
Page 2
Limiting Factors and Considerations
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
Common Stock. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change time to time, no assurance can be given that persons who purchase shares
of common stock in the Conversion will thereafter be able to buy or sell such
shares at prices related to the foregoing valuation of the estimated pro forma
market value thereof.
RP Financial's updated valuation was determined based on the financial
condition and operations of the Bank as of September 30, 1998, the date of the
most recent financial data included in the Holding Company's Prospectus.
RP Financial is not a seller of securities within the meaning of any
federal and state securities laws and any report prepared by RP Financial shall
not be used as an offer or solicitation with respect to the purchase or sale of
any securities. RP Financial maintains a policy which prohibits RP Financial,
its principals or employees from purchasing stock of its client financial
institutions.
This valuation will be updated as provided for in the conversion
regulations and guidelines. These updates will consider, among other things, any
developments or changes in the Bank's financial performance and condition,
management policies, and current conditions in the equity markets for thrift
shares. These updates may also consider changes in other external factors which
impact value including, but not limited to: various changes in the legislative
and regulatory environment for financial institutions, the stock market and the
market for thrift stocks, and interest rates. Should any such new developments
or changes be material, in our opinion, to the valuation of the shares,
appropriate adjustments to the estimated pro forma market value will be made.
The reasons for any such adjustments will be explained in the update at the date
of the release of the update.
Discussion of Relevant Considerations
1. Financial Results
Table 1 presents summary balance sheet and income statement details for
the twelve months ended June 30, 1998 and updated unaudited financial
information through September 30, 1998. The overall composition of Willow
Grove's updated balance sheet was comparable to the June 30, 1998 data, with the
Bank experiencing modest asset growth during the quarter. Updated reported
earnings for the trailing twelve months ended June 30, 1998 also increased
modestly on both a reported and core earnings basis.
Growth Trends
Willow Grove's total assets decreased by $6.7 million over the three
months ended September 30, 1998, to equal $398.7 million. The recent shrinkage
contrasts with long-term growth trends and is primarily the result the sale of
loans classified as AFS; the proceeds from
Board of Directors
Willow Grove Bank
October 30, 1998
Page 3
Table 1
Willow Grove Bank
Recent Financial Data
June 30, 1998 At September 30, 1998
----------------------- -----------------------
(% of (% of
Amount Assets) Amount Assets)
------ ------- ------ -------
($000) (%) ($000) (%)
Balance Sheet Data
Total Assets $405,373 100.00% $398,723 100.00%
Cash & Cash Equivalents 18,291 4.51% 25,854 6.48%
Investment Securities - HTM 0 0.00% 0 0.00%
Investment Securities - AFS 48,111 11.87% 36,338 9.11%
Loans Available for Sale 12,152 3.00% 5,661 1.42%
Loans Receivable (net) 315,705 77.88% 320,529 80.39%
Goodwill 2,360 0.58% 2,258 0.57%
Real Estate Held for Investment 0 0.00% 0 0.00%
Deposits 340,793 84.07% 342,955 86.01%
Borrowed Funds 21,000 5.18% 14,000 3.51%
Total Equity 35,945 8.87% 37,125 9.31%
Total Tangible Equity 33,584 8.28% 34,868 8.74%
12 Months Ended 12 Months Ended
June 30, 1998 September 30, 1998
----------------------------- -------------------------
(% of Avg. (% of Avg.
Amount Assets) Amount Assets)
------ ------- ------ -------
($000) (%) ($000) (%)
Summary Income Statement
Interest Income $28,604 7.60% $29,366 7.71%
Interest Expense (15,097) -4.01% (15,385) -4.04%
------- ----- ------- -----
Net Interest Income $13,507 3.59% $13,981 3.67%
Provision for Loan Losses (993) -0.26% (993) -0.26%
------- ----- ------- -----
Net Interest Income After Provisions $12,514 3.33% $12,988 3.41%
Other Operating Income 820 0.22% 893 0.23%
Community Enrichment Program Expense (373) -0.10% (381) -0.10%
Operating Expense (8,289) -2.20% (8,578) -2.25%
------- ----- ------- -----
Net Operating Income $ 4,672 1.24% $ 4,922 1.29%
Net Gain (Loss) on Sale of Land (24) -0.01% (24) -0.01%
Net Gain (Loss) on Sale of AFS Securities (105) -0.03% (50) -0.01%
Net Gain (Loss) on Sale of AFS Loans 69 0.02% 86 0.02%
Directors Retirement Program Expense (800) -0.21% (827) -0.22%
------- ----- ------- -----
Total Non-Operating Income/(Expense) (860) -0.23% (815) -0.21%
Net Income Before Tax 3,812 1.01% 4,108 1.08%
Income Taxes (1,367) -0.36% (1,492) -0.39%
------- ----- ------- -----
Net Income/(Loss) $ 2,445 0.65% $ 2,616 0.69%
Estimated Core Earnings
Net Income $ 2,445 0.65% $ 2,616 0.69%
Addback (Deduct): Non-Recurring (Inc)/Exp 860 0.23% 815 0.21%
Tax Effect (1) (308) -0.08% (296) -0.08%
------- ----- ------- ----
Estimated Core Net Income $ 2,997 0.80% $ 3,135 0.82%
Memo:
Expense Coverage Ratio (2) 155.93% 156.06%
Efficiency Ratio (3) 60.46% 60.23%
Effective Tax Rate 35.86% 36.32%
(1) Reflects effective tax rate for each period.
(2) Net interest income divided by operating expenses plus community enrichment
program expense.
(3) Operating expenses plus community enrichment program expense as a percent
of the sum of net interest income and other operating income (excluding
gains on sale).
Source: Willow Grove's audited and unaudited financial statements.
Board of Directors
Willow Grove Bank
October 30, 1998
Page 4
the sale of loans were utilized to repay borrowed funds which declined by $7.0
million. Capital increased as a result of interim earnings while the capital
ratio increased both as a result of retained earnings and due to the modest
reduction of total assets.
Loan Receivable
The balance of loans receivable increased from $315.7 million as of
June 30, 1998, to $320.5 million as of September 30, 1998. Growth is primarily
the result of an increase in residential mortgage loans although the Bank will
be seeking to emphasize commercial lending more heavily in the future. As
discussed previously, the balance of residential mortgage loans classified as
available for sale decreased by approximately $6.5 million due to sales.
Investments and Mortgage-Backed Securities
It is management's preference to deploy the majority of the Bank's
assets into loans while maintaining cash and investments at moderate levels,
primarily for liquidity purposes. Over the three months ended September 30,
1998, Willow Grove's cash balances increased to $25.9 million, equal to 6.48
percent of assets, while the balance of investment securities decreased modestly
to equal $36.3 million, or 9.11 percent of assets. The composition of the
investment portfolio remains substantially unchanged comprised of U.S. Agency
securities (primarily callable securities), mortgage-backed securities including
CMOs and equity securities (including a mutual fund investing in ARM mortgage
loans).
Funding Structure
Retail deposits continue to meet the substantial portion of Willow
Grove's funding needs, and the deposit balance increased by $2.2 million to
equal $343.0 million, or 86.01 percent of total assets. As discussed in the
Original Appraisal, Willow Grove's deposits have been increasing as the Bank has
been seeking to fund loan growth. Deposit growth has been facilitated by
favorable local economic conditions and Willow Grove's position as a
locally-headquartered institution. The level of borrowed funds decreased as
excess liquidity was applied to repay outstanding borrowings.
Equity
After-tax earnings of $1.0 million during the three months ended
September 30, 1998, coupled with the impact of a small upward equity adjustment
on the available for sale portfolio resulted in equity growth to $37.1 million.
Tangible capital equaled $34.9 million, or 8.74 percent as of September 30,
1998. The Bank maintained capital surpluses relative to all of its regulatory
capital requirements and was a "well capitalized" institution.
Income and Expense Trends
Table 1 also shows the Bank's historical income statements for
twelve months ended June 30, 1998 and updated information as of September 30,
1998. Willow Grove's earnings increased modestly based on updated financial
data, with earnings growth principally attributable to expansion of the net
interest margin, and growth in the level of other non-interest operating income.
Overall, net income increased from $2.4 million for the twelve months ended June
30,
Board of Directors
Willow Grove Bank
October 30, 1998
Page 5
1998 to $2.6 million for the twelve months ended September 30, 1998. The
Bank's return on average assets ("ROA") increased slightly to 0.69 percent.
Willow Grove's net interest income increased modestly for the most
recent trailing 12 month period both in dollar terms and as a percent of average
assets. Specifically, net interest income increased to $14.0 million while the
net interest margin as a percent of assets increased from 359 basis points for
the twelve months ended June 30, 1998, to 367 basis points for the twelve months
ended September 30, 1998.
Non-interest income increased modestly based on updated financial
data through September 30, 1998. Specifically, non-interest income increased by
approximately $73,000 to equal $893,000, primarily as a result of increased
business volumes including loan originations.
Willow Grove's operating expenses increased to $8.6 million, equal
to 2.25 percent of average assets, versus $2.20 million for the twelve months
ended June 30, 1998. The increase reflects in part, increased business volumes
and the larger average size of the balance sheet for the twelve months ended
September 30, 1998.
Willow Grove continues to accrue for discretionary contributions to
the Community Enrichment Program which equaled $381,000, or 0.10 percent of
assets. In conjunction with the mutual holding company reorganization and
minority stock offering, the Bank will be establishing the Willow Grove
Foundation with Holding Company stock equal to 4 percent of the shares offered.
While the Willow Grove Foundation will be committed to the same types of
community projects and charities as the Community Enrichment Program, the Board
believes it may likely to continue to fund the Community Enrichment Program,
albeit at lower levels, in order to supplement the giving by the Foundation.
Willow Grove's efficiency ratio (operating expenses as a percent of
the sum of net interest income and other operating income) of approximately 60.2
percent for the most recent 12 months reflected a decrease from the 60.5 percent
ratio reported for the twelve months ended June 30, 1998, with the increase
largely reflecting growth in the net interest margin.
Provisions for loan losses remained unchanged incorporating updated
financial information and totaled $993,000, equal to 0.26 percent of average
assets.
Net non-operating expenses increased to equal $815,000 for the
twelve months ended September 30, 1998, equal to 0.21 percent of assets, and
primarily consisted of costs related to the establishment of the directors
retirement program.
2. Peer Group Financial Comparisons
Tables 2 and 3 present updated financial characteristics and operating
results for Willow Grove, the Peer Group and all publicly-traded savings
institutions. Willow Grove's ratios are based on financial data through June 30,
1998 while the Peer Group's ratios are based on financial data through September
30, 1998.
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 2
Balance Sheet Composition and Growth Rates
Comparable Institution Analysis
As of June 30, 1998
Balance Sheet as a Percent of Assets
----------------------------------------------------------------------------------------
Cash and Borrowed Subd. Net Goodwill Tng Net MEMO:
Investments Loans MBS Deposits Funds Debt Worth & Intang Worth Pref.Stock
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
Willow Grove Bank
- -----------------
September 30, 1998 11.1 81.8 4.5 86.0 3.5 0.0 9.3 0.6 8.7 0.0
SAIF-Insured Thrifts 18.9 67.3 10.4 68.7 15.9 0.1 13.4 0.3 13.2 0.0
All Public Companies 19.4 66.7 10.5 69.2 15.7 0.1 13.2 0.3 12.9 0.0
State of PA 26.1 57.6 13.3 66.3 21.1 0.0 9.8 0.3 9.5 0.0
Comparable Group Average 24.1 59.4 13.1 74.5 9.2 0.1 13.6 0.3 13.3 0.0
Mid-Atlantic Companies 25.6 55.1 14.1 75.3 9.4 0.0 11.7 0.3 11.4 0.0
Mid-West Companies 18.8 70.5 7.5 81.7 2.6 0.0 14.5 0.0 14.5 0.0
New England Companies 31.7 62.5 1.7 64.5 12.0 0.8 21.2 0.6 20.6 0.0
Other Comparative Companies 15.3 65.4 16.3 69.0 15.1 0.0 13.2 0.1 13.1 0.0
Comparable Group
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Florida Companies
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FFFL Fidelity Bcsh MHC of FL (47.9) 7.1 62.2 27.0 69.0 21.2 0.0 6.2 0.2 6.0 0.0
Mid-Atlantic Companies
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ALLB Alliance Bank MHC of PA (19.9) 37.7 54.5 4.7 77.0 11.9 0.0 10.7 0.0 10.7 0.0
BCSB BCSB Bankcorp MHC of MD (38.6)(3) 33.7 53.6 10.9 69.5 0.0 0.0 8.0 0.0 8.0 0.0
SBFL Fingr Lakes Fin.MHC OF NY(33.1 26.4 51.5 18.2 72.6 17.9 0.0 8.5 0.0 8.5 0.0
SKBO First Carnegie MHC of PA (45.0) 14.5 47.0 35.3 52.6 28.2 0.0 16.8 0.0 16.8 0.0
HARS Harris Fin. MHC of PA (24.9) 56.1 40.5 0.1 48.4 41.3 0.0 8.1 0.8 7.3 0.0
LFED Leeds Fed Bksr MHC of MD (36.3 29.6 63.1 4.9 81.0 0.2 0.0 16.3 0.0 16.3 0.0
LIBB Liberty Bancorp MHC of NJ (47) 12.9 65.2 20.5 81.8 0.0 0.0 13.1 0.0 13.1 0.0
NBCP Niagara Bancorp of NY MHC(45.4 23.3 50.6 21.5 74.1 4.3 0.0 19.0 0.0 19.0 0.0
NWSB Northwest Bcrp MHC of PA (30.8 21.5 74.4 1.3 78.9 11.3 0.0 8.5 0.9 7.6 0.0
PBHC Pathfinder BC MHC of NY (45.2) 16.6 65.6 10.0 79.5 7.6 0.0 11.9 1.7 10.1 0.0
PHSB Ppls Home SB, MHC of PA (45.0) 21.2 42.4 33.4 78.1 8.3 0.0 12.7 0.0 12.7 0.0
PLSK Pulaski SB, MHC of NJ (47.0) 14.2 53.0 29.8 87.2 0.3 0.0 11.8 0.0 11.8 0.0
Mid-West Companies
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JXSB Jcksnville SB,MHC of IL (45.6) 14.2 74.4 7.1 87.2 0.1 0.0 10.5 0.0 10.5 0.0
WAYN Wayne Svgs Bks MHC of OH (48.2 13.8 79.6 2.7 83.8 6.2 0.0 9.5 0.0 9.5 0.0
WCFB Wbstr Cty FSB MHC of IA (45.6) 28.3 57.4 12.8 74.2 1.4 0.0 23.4 0.0 23.4 0.0
New England Companies
- ---------------------
BRKL Brookline Bncp MHC of MA(47.0) 36.8 61.9 0.1 56.0 9.4 0.0 33.0 0.0 33.0 0.0
PBCT Peoples Bank, MHC of CT (41.2) 26.6 63.2 3.2 73.0 14.6 1.6 9.4 1.3 8.1 0.0
South-East Companies
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GBNK Gaston Fed Bncp MHC of NC(47.0 23.5 68.6 5.6 69.0 9.1 0.0 20.3 0.0 20.3 0.0
Balance Sheet Annual Growth Rates Regulatory Capital
------------------------------------------------------------ -------------------------
Cash and Loans Borrows. Net Tng Net
Assets Investments & MBS Deposits &Subdebt Worth Worth Tangible Core Reg.Cap.
------ ----------- ------ -------- -------- -------- ------- -------- -------- --------
Willow Grove Bank
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September 30, 1998 9.74 69.83 5.31 8.44 79.63 9.49 11.64 0.00 0.00 0.00
SAIF-Insured Thrifts 14.49 11.65 12.13 9.30 12.59 3.31 3.10 11.69 11.71 24.02
All Public Companies 14.40 10.41 12.68 9.22 12.21 3.97 3.56 11.72 11.56 23.57
State of PA 20.17 26.82 15.31 9.54 27.80 5.65 5.40 8.94 9.30 20.54
Comparable Group Average 16.09 21.33 10.96 5.93 -5.24 8.43 5.30 11.68 12.01 23.70
Mid-Atlantic Companies 16.41 6.74 12.16 5.54 -5.60 7.56 4.91 10.97 10.64 22.59
Mid-West Companies 2.96 34.42 -1.74 2.28 -18.55 4.24 4.24 16.52 14.51 28.57
New England Companies 19.04 38.73 10.86 7.42 9.31 28.45 10.92 7.90 15.51 22.78
Other Comparative Companies 31.12 78.53 23.55 12.04 NM 7.94 5.62 11.60 11.60 22.91
Comparable Group
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Florida Companies
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FFFL Fidelity Bcsh MHC of FL (47.9) 46.94 78.53 44.33 29.94 NM 7.94 5.62 7.60 7.60 15.20
Mid-Atlantic Companies
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ALLB Alliance Bank MHC of PA (19.9) 13.55 27.57 7.33 13.64 21.53 4.84 4.84 NM 10.79 26.12
BCSB BCSB Bankcorp MHC of MD (38.6)(3) 55.91 NM 11.59 0.48 NM 9.55 NM 7.71 7.71 16.58
SBFL Fingr Lakes Fin.MHC OF NY(33.1 18.72 8.91 22.19 7.51 NM 5.22 5.22 8.41 8.41 19.12
SKBO First Carnegie MHC of PA (45.0) -1.04 -6.34 -0.36 -1.66 -3.17 1.08 1.08 16.80 16.80 52.20
HARS Harris Fin. MHC of PA (24.9) 13.76 20.65 6.35 -3.13 38.65 15.31 19.13 7.10 7.10 12.99
LFED Leeds Fed Bksr MHC of MD (36.3 5.48 2.70 5.34 5.45 -14.81 5.49 5.49 15.80 15.80 33.26
LIBB Liberty Bancorp MHC of NJ (47) 18.08 NM 7.37 6.86 -100.00 NM NM 9.47 9.47 23.98
NBCP Niagara Bancorp of NY MHC(45.4 17.23 -2.11 24.94 0.11 NM NM NM 19.10 19.10 35.63
NWSB Northwest Bcrp MHC of PA (30.8 22.53 26.66 21.28 23.26 29.65 9.77 4.76 NM 7.82 15.91
PBHC Pathfinder BC MHC of NY (45.2) 3.77 -24.17 11.80 -0.77 76.33 5.18 -10.22 8.34 8.34 14.22
PHSB Ppls Home SB, MHC of PA (45.0) 5.58 -9.41 10.44 -2.06 NM NM NM NM NM NM
PLSK Pulaski SB, MHC of NJ (47.0) 5.88 9.83 5.09 9.55 -90.51 5.15 5.15 11.83 11.83 28.08
Mid-West Companies
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JXSB Jcksnville SB,MHC of IL (45.6) 4.30 81.50 -2.85 3.79 -37.02 4.77 4.77 NM 10.49 15.70
WAYN Wayne Svgs Bks MHC of OH (48.2 2.03 -4.37 2.17 2.16 -0.07 5.15 5.15 9.63 9.63 17.50
WCFB Wbstr Cty FSB MHC of IA (45.6) 2.53 26.12 -4.55 0.89 NM 2.80 2.80 23.41 23.41 52.50
New England Companies
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BRKL Brookline Bncp MHC of MA(47.0) 22.38 61.78 7.09 -4.06 20.06 NM NM NM 23.11 33.46
PBCT Peoples Bank, MHC of CT (41.2) 15.70 15.68 14.63 18.91 -1.44 28.45 10.92 7.90 7.90 12.10
South-East Companies
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GBNK Gaston Fed Bncp MHC of NC(47.0 15.29 NM 2.76 -5.86 NM NM NM 15.59 15.59 30.61
(3) Growth rates have been annualized from available financial information.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3
Income as a Percent of Average Assets and Yields, Costs, Spreads
Comparable Institution Analysis
For the Twelve Months Ended June 30, 1998
Net Interest Income Other Income
----------------------------- --------------------
Loss NII Total
Net Provis. After Loan R.E. Other Other
Income Income Expense NII on IEA Provis. Fees Oper. Income Income
------ ------ ------- ------ ------- -------- ---- ----- ------ ------
Willow Grove Bank
- -----------------
September 30, 1998 0.69 7.71 4.04 3.67 0.26 3.41 0.00 0.00 0.23 0.23
SAIF-Insured Thrifts 0.91 7.37 4.13 3.25 0.12 3.11 0.10 0.01 0.32 0.42
All Public Companies 0.94 7.38 4.07 3.31 0.12 3.15 0.10 0.00 0.33 0.43
State of PA 0.85 7.30 4.15 3.15 0.15 3.00 0.06 0.00 0.36 0.42
Comparable Group Average 0.86 7.12 3.93 3.19 0.12 3.07 0.16 0.00 0.26 0.42
Mid-Atlantic Companies 0.74 7.08 3.98 3.10 0.10 3.00 0.06 0.00 0.22 0.28
Mid-West Companies 0.90 7.44 4.09 3.35 0.07 3.28 0.07 0.00 0.26 0.32
New England Companies 1.65 7.06 3.43 3.63 0.26 3.37 0.92 0.00 0.46 1.38
Other Comparable Companies 0.69 6.88 3.92 2.96 0.12 2.83 0.06 0.01 0.30 0.00
Comparable Group
- ----------------
Florida Companies
- -----------------
FFFL Fidelity Bcsh MHC of FL (47.9) 0.64 7.09 4.39 2.70 0.00 2.70 0.03 0.01 0.38 0.42
Mid-Atlantic Companies
- ----------------------
ALLB Alliance Bank MHC of PA (19.9) 0.77 7.25 3.86 3.39 0.07 3.32 0.00 0.01 0.23 0.24
BCSB BCSB Bankcorp MHC of MD (38.6)(3) 0.83 6.97 3.56 3.41 0.11 3.30 0.06 0.00 0.13 0.19
SBFL Fingr Lakes Fin.MHC OF NY(33.1 0.41 7.20 4.26 2.94 0.06 2.88 0.03 -0.07 0.23 0.20
SKBO First Carnegie MHC of PA (45.0) 0.56 6.84 4.19 2.66 0.03 2.63 0.00 0.00 0.05 0.05
HARS Harris Fin. MHC of PA (24.9) 0.83 7.10 4.71 2.38 0.08 2.31 0.07 0.04 0.24 0.35
LFED Leeds Fed Bksr MHC of MD (36.3 1.13 6.93 4.15 2.78 0.07 2.71 0.00 0.00 0.12 0.12
LIBB Liberty Bancorp MHC of NJ (47)(3) 0.49 6.13 3.84 2.29 0.02 2.26 0.08 0.00 0.10 0.19
NBCP Niagara Bancorp of NY MHC(45.4 0.64 7.00 3.76 3.24 0.14 3.10 0.16 0.00 0.40 0.56
NWSB Northwest Bcrp MHC of PA (30.8 0.93 7.66 4.17 3.49 0.18 3.31 0.14 -0.01 0.17 0.31
PBHC Pathfinder BC MHC of NY (45.2) 0.75 7.35 3.63 3.72 0.14 3.58 0.03 0.00 0.42 0.44
PHSB Ppls Home SB, MHC of PA (45.0) 0.80 7.12 3.70 3.42 0.20 3.23 0.00 0.00 0.35 0.35
PLSK Pulaski SB, MHC of NJ (47.0) 0.54 7.23 4.18 3.05 0.07 2.98 0.07 0.00 0.05 0.12
Mid-West Companies
- ------------------
JXSB Jcksnville SB,MHC of IL (45.6) 0.60 7.68 4.33 3.34 0.17 3.17 0.20 0.00 0.29 0.49
WAYN Wayne Svgs Bks MHC of OH (48.2 0.71 7.55 4.35 3.20 0.02 3.17 0.00 0.00 0.25 0.25
WCFB Wbstr Cty FSB MHC of IA (45.6) 1.40 7.10 3.58 3.52 0.02 3.50 0.00 -0.01 0.24 0.23
New England Companies
- ---------------------
BRKL Brookline Bncp MHC of MA(47.0) 2.09 7.62 3.50 4.12 0.01 4.10 0.01 0.01 0.15 0.17
PBCT Peoples Bank, MHC of CT (41.2) 1.22 6.50 3.36 3.14 0.51 2.63 1.83 -0.02 0.78 2.58
South-East Companies
- --------------------
GBNK Gaston Fed Bncp MHC of NC(47.0 0.73 6.66 3.45 3.21 0.24 2.97 0.09 0.00 0.21 0.30
G&A/Other Exp. Non-Op. Items Yields, Costs, and Spreads
---------------- -------------- --------------------------
MEMO: MEMO:
G&A Goodwill Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Expense Amort. Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
------- ------- ------- ------- --------- -------- ------ ---------- ---------
Willow Grove Bank
- -----------------
September 30, 1998 2.25 0.11 -0.21 0.00 7.96 4.52 3.44 3,658 36.32
SAIF-Insured Thrifts 2.18 0.03 0.06 0.00 7.50 4.74 2.75 4,252 36.89
All Public Companies 2.21 0.03 0.06 0.00 7.45 4.64 2.81 4,225 37.11
State of PA 2.16 0.03 0.05 0.00 7.34 4.60 2.74 4,746 35.86
Comparable Group Average 2.25 0.03 0.11 0.00 7.00 4.36 2.64 4,207 35.15
Mid-Atlantic Companies 2.17 0.03 0.01 0.00 6.73 4.19 2.55 4,326 33.38
Mid-West Companies 2.30 0.00 0.15 0.00 7.68 4.85 2.84 3,079 37.58
New England Companies 2.64 0.03 0.53 0.00 7.38 4.26 3.12 5,587 36.35
Other Comparable Companies 2.22 0.02 0.15 0.00 7.09 4.73 2.36 3,869 38.23
Comparable Group
- ----------------
Florida Companies
- -----------------
FFFL Fidelity Bcsh MHC of FL (47.9) 2.17 0.03 0.19 0.00 7.35 4.88 2.47 4,183 41.28
Mid-Atlantic Companies
- ----------------------
ALLB Alliance Bank MHC of PA (19.9) 2.41 0.00 0.00 0.00 7.50 4.37 3.13 3,700 33.58
BCSB BCSB Bankcorp MHC of MD (38.6)(3) 2.15 0.01 0.00 0.00 6.76 4.35 2.41 4,219 NM
SBFL Fingr Lakes Fin.MHC OF NY(33.1 2.52 0.00 0.12 0.00 7.47 4.73 2.74 2,936 39.81
SKBO First Carnegie MHC of PA (45.0) 1.88 0.00 -0.18 0.00 7.07 5.14 1.93 7,663 65.46
HARS Harris Fin. MHC of PA (24.9) 1.76 0.11 0.22 0.00 7.36 5.21 2.15 4,168 36.07
LFED Leeds Fed Bksr MHC of MD (36.3 1.06 0.00 0.00 0.00 7.08 5.09 1.98 10,439 36.42
LIBB Liberty Bancorp MHC of NJ (47)(3) 1.69 0.00 0.00 0.00 0.00 0.00 0.00 5,804 NM
NBCP Niagara Bancorp of NY MHC(45.4 2.22 0.00 -0.48 0.00 7.30 4.41 2.88 3,606 33.86
NWSB Northwest Bcrp MHC of PA (30.8 2.09 0.08 0.05 0.00 7.89 4.65 3.24 2,980 37.87
PBHC Pathfinder BC MHC of NY (45.2) 3.06 0.16 0.19 0.00 7.92 4.16 3.76 2,751 31.15
PHSB Ppls Home SB, MHC of PA (45.0) 2.76 0.00 0.10 0.00 7.34 4.30 3.04 2,983 12.72
PLSK Pulaski SB, MHC of NJ (47.0) 2.15 0.00 -0.07 0.00 7.45 4.77 2.68 3,995 38.97
Mid-West Companies
- ------------------
JXSB Jcksnville SB,MHC of IL (45.6) 2.96 0.00 0.33 0.00 8.01 4.94 3.07 2,021 41.57
WAYN Wayne Svgs Bks MHC of OH (48.2 2.45 0.00 0.11 0.00 7.83 4.84 2.99 2,594 33.99
WCFB Wbstr Cty FSB MHC of IA (45.6) 1.50 0.00 0.00 0.00 7.21 4.76 2.45 4,624 37.20
New England Companies
- ---------------------
BRKL Brookline Bncp MHC of MA(47.0) 1.17 0.00 0.17 0.00 7.72 4.77 2.95 8,524 36.16
PBCT Peoples Bank, MHC of CT (41.2) 4.12 0.07 0.89 0.00 7.04 3.75 3.29 2,650 36.55
South-East Companies
- --------------------
GBNK Gaston Fed Bncp MHC of NC(47.0 2.26 0.00 0.12 0.00 6.82 4.57 2.25 3,555 35.18
(3) Income and expense information has been annualized from available financial
information.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
Board of Directors
Willow Grove Bank
October 30, 1998
Page 8
Financial Condition
In general, the comparative balance sheet ratios for the Bank and
the Peer Group did not vary significantly from the ratios examined in the
earlier appraisal analyses. Relative to the Peer Group, the Bank's
interest-earning asset composition continued to reflect a higher level of loans
and a lower level of MBS and cash and investments.
The Peer Group continues to maintain a higher ratio of capital
relative to Willow Grove on a pre-conversion basis. Willow Grove's net worth
base of 9.3 percent was below the Peer Group's average net worth ratio 13.6
percent; however, with the addition of stock proceeds, the Bank's pro forma
capital position (consolidated with the holding company) is expected to increase
to levels more closely approximating but still below the Peer Group average. As
discussed in the Original Appraisal, the Bank's higher pro forma capital will
provide greater leverage potential than the Peer Group, although in the
intermediate term the higher capital will lead to a disadvantage in terms of
return on equity ("ROE").
Willow Grove's funding liabilities continue to reflect a strategy
which is more dependent upon retail deposits as deposits equaled 86.0 percent
versus 73.3 percent for the Peer Group on average while the Peer Group relied on
a comparatively higher level of borrowed funds (3.5 percent for the Bank versus
10.2 percent of assets on average for the Peer Group).
The Bank's interest-earning assets ("IEA") position (including cash
and equivalents) has increased slightly to 97.4 percent, which continues to
exceed the Peer Group average of 96.6 percent. The Bank also continues to
maintain a higher ratio of interest-bearing liabilities ("IBL"), equal to 89.5
percent of assets as of September 30, 1998, relative to the Peer Group's ratio
of 83.5 percent, reflecting the Bank's lower capitalization. The strengthened
capital position from conversion, the potential withdrawal of deposits to
purchase conversion stock and the reinvestment of proceeds should enhance Willow
Grove's financial position and earnings power.
Updated growth rates for the Bank and the Peer Group suggest little
change relative to the trends noted in the Original Appraisal (the Bank's growth
rates are annualized rates for the fifteen months ended September 30, 1998 while
the Peer Group's growth rates are for the twelve months ended June 30, 1998. In
this regard, growth of assets fell short of the Peer Group average, partially
due to recent loan sales by Willow Grove. The Bank's asset growth was funded
primarily with deposits as the high rate of borrowings growth has been realized
from a modest beginning level.
Capital growth rates posted by the Bank and the Peer Group equaled
positive 9.94 percent and 7.91 percent, respectively, as the impact of stronger
reported earnings of the peer Group were offset by the payment of dividends.
Following the increase in capital realized from the stock offering proceeds,
Willow Grove's rate of capital growth may be diminished modestly as the enhanced
earnings levels are offset by the sharply increase equity in the ROE equation.
Income and Expense Trends
Willow Grove's profitability remained below the Peer Group average,
equal to 0.69 percent of average assets for the twelve months ended September
30, 1998, while the Peer
Board of Directors
Willow Grove Bank
October 30, 1998
Page 9
Group's earnings equaled 0.85 percent of average assets. The relatively higher
returns posted by the Peer Group continue to be primarily attributable to the
Bank's lower level of non-interest income and higher loan loss provisions.
Additionally, Willow Grove has incurred a higher level of non-operating expenses
which also suppressed the Bank's earnings levels in comparison to the Peer
Group.
Neither Willow Grove nor the Peer Group's net interest margin
changed significantly incorporating updated financial data (the net interest
margin equaled 3.67 percent and 3.16 percent of assets for the Bank and Peer
Group, respectively). Willow Grove's advantage is the result of higher asset
yields as interest costs as a percent of average assets exceeded the Peer Group
average.
Loan loss provisions for Willow Grove remain in excess of the Peer
Group average (0.26 percent for Willow Grove versus an average of 0.11 percent
for the Peer Group). The Bank's higher provisions reflect the growth in high
risk weight lending as well as expansion of the loan portfolio balance.
Willow Grove continues to generate modestly lower levels of
non-interest income relative to the Peer Group, equal to 0.23 percent and 0.40
percent of average assets, respectively. Willow Grove continued to maintain a
comparable level of operating expenses (2.25 percent of assets for Willow Grove
versus an average of 2.23 percent for the Peer Group). In the future, Willow
Grove expects that operating costs may diminish as there were several unusual
expenditures in trailing twelve month earnings which may not recur to the same
extent in the future.
Non-operating expenses for the Bank continue to well exceed the
Peer Group average, totaling 0.21 percent, while the Peer Group reported
non-operating income equal to 0.09 percent of average assets. Non-operating
expenses for Willow Grove continued to primarily consist of the $827,000 expense
related to the funding of the Directors Retirement Program.
Willow Grove's effective tax rate of 36.32 percent continues to
compare closely to the Peer Group's effective tax rate of 36.99 percent,
reflecting the fully taxable status of both the Bank and the Peer Group.
3. Stock Market Conditions
Since the date of the Original Appraisal, the performance of the
overall stock market has been volatile although the broad market indices reflect
an upward trend in recent weeks. Notable volatility was evident in the stock
market in early-September, reflecting uncertainty about President Clinton's
future and financial troubles abroad. The stock market recovered somewhat in
mid-September, reflecting a rebound in financial markets around the world.
Congressional testimony by the Federal Reserve Chairman sparked a 257 point
increase in the DJIA on September 23, 1998, as he suggested that short-term
interest rates could be cut soon. However, the rally was not sustained, as
stocks declined the following day on news of Wall Street's bailout of a major
hedge fund. The market continued to experience significant volatility in early
October but rebounded substantially in mid-October following the Fed's decision
to cut the discount rate and targeted federal funds rate by an additional 25
basis points. On October 30,
Board of Directors
Willow Grove Bank
October 30, 1998
Page 10
1998, the DJIA closed at 8592.1, an increase of 12.5 percent since the date of
the Original Appraisal.
Since the date of the Original Appraisal, the market for thrift issues
has generally underperformed the overall stock market. Like the stock market in
general, investor uncertainty provided for significant day-to-day fluctuations
in thrift prices during early-September. Bargain hunting and speculation of an
interest rate cut by the Federal Reserve provided for a modest rebound in thrift
prices in mid-September. However, the upturn was not sustained into
late-September, as the outlook for thrift stocks was dampened somewhat by
expectations of less favorable earnings growth in the thrift sector due to
spread compression resulting from the flat yield curve. Although thrift stocks
benefited from the Fed's cut in interest rates in mid-October, thrift stocks as
well as the stocks of MHC's did not recover to the same extent as the broader
market. On October 30, 1998, the SNL Index for all publicly-traded thrifts
closed at 676.3, an increase of 8.6 percent since the date of the Original
Appraisal. Over the corresponding time frame, the SNL Index for publicly-traded
MHCs has increased modestly by 5.3 percent. Importantly, since the MHC index is
weighted by market capitalization, price appreciation in several of the largest
companies (including Peoples Bank of CT) accounts for most of the appreciation
of the MHC index.
The average pricing measures for all publicly-traded SAIF-insured
thrifts and the Peer Group have trailed the broad market indices reflecting that
the rally has been concentrated more in the issues with the greatest market
capitalization and market liquidity. Since the date of the Original Appraisal,
the Peer Group's earnings based pricing measures have increased slightly (by 1.7
percent) while the pro forma fully converted P/B ratios have declined. The
decline in the P/B measures partially reflects the incorporation of the
ownership dilution attributable to waived dividends and mutual holding company
assets into the pro forma P/B calculation by RP Financial. A comparative pricing
analysis of all publicly-traded SAIF-insured thrifts, the Peer Group and recent
conversions is shown in the table below, based on market prices as of September
4, 1998 and October 30, 1998.
Board of Directors
Willow Grove Bank
October 30, 1998
Page 11
Average Pricing Characteristics
At Sept. 4, At Oct. 30, %
1998 1998 Change
---- ---- ------
Peer Group (Fully Converted Basis)
Price/Earnings (x) 18.71x 19.02x 1.7%
Price/Core Earnings (x) 19.66 19.97 1.6
Price/Book (%) 87.35% 83.66% (4.2)
Price/Tangible Book (%) 88.69 84.78 (4.4)
Price/Assets (%) 18.94 18.75 (1.0)
Publicly-Traded SAIF-Insured Thrifts
Price/Earnings (x) 17.48x 17.45x (0.2)%
Price/Core Earnings (x) 18.12 17.93 (1.0)
Price/Book (%) 126.92% 126.24% (0.5)
Price/Tangible Book (%) 131.27 131.58 0.2
Price/Assets (%) 16.12 16.02 (0.6)
Recent Conversions(1)
Price/Core Earnings (x)(2) 20.32x 17.86x (12.7)%
Price/Book (%) 84.01% 69.74 (17.0)
(1) Ratios based on conversions completed for prior three months.
(2) Companies with P/E multiples of greater than 30x have been excluded from the
average.
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, RP Financial has considered the pro forma pricing and
trading level of recently converted companies in this updated appraisal. Since
the date of the Original Appraisal, the market for new issues has weakened,
notwithstanding the improvement in the broader market overall. The average pro
forma price/tangible book of the recent conversions equaled 69.74 percent as of
October 30, 1998, which reflects a 17.0 percent decline. The average pro forma
price/core earnings multiple equaled 17.86 times which reflects a 12.7 percent
reduction between the date of the Original Appraisal and October 30, 1998. The
meaningfulness of this data is diminished somewhat by the fact that the current
group of companies converted over the last three months has diminished to one.
At the same time, there have been two recently completed stock offerings by
mutual holding companies as noted below.
Since the date of the Original Appraisal, two mutual holding
company offerings have been completed involving companies which were
subsequently publicly traded. The companies are Sound Bancorp and West Essex
Bancorp which converted at a pro forma P/B ratio (fully converted basis) of 67.4
percent and 63.6 percent, respectively. Sound Bancorp sold to just above the
minimum of its valuation range while West Essex Bancorp sold to between the
minimum and midpoint, which is in contrast to the oversubscriptions prevailing
earlier in the year. The aftermarket price performance of these two recent
mutual holding company transactions also reflects the weakness in the new issue
market as both companies traded down in
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4
Market Pricing Comparatives
Prices As of October 30, 1998
Market
Capitalization Per Share Data Pricing Ratios(3)
--------------- --------------- --------------------------------------
Core Book
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
------- ----- ------- ------- ------- ------- ------- ------- --------
Financial Institution ($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
- ---------------------
SAIF-Insured Thrifts 15.93 145.23 0.91 13.27 17.45 126.24 16.02 131.58 17.93
All Public Companies 16.18 165.64 0.95 13.19 17.02 128.28 15.99 133.37 17.68
Special Selection Grouping(8) 10.00 53.57 0.56 14.34 0.00 69.74 18.99 69.74 17.86
State of PA 15.03 142.90 0.87 11.01 17.94 144.91 14.40 151.59 18.64
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CNYF CNY Financial Corp of NY 10.00 53.57 0.56 14.34 NM 69.74 18.99 69.74 17.86
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ---------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------ ------- ------ ------- ------- ------- ------- ------- -------
Financial Institution ($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
- ---------------------
SAIF-Insured Thrifts 0.33 2.07 33.36 1,108 13.79 0.64 0.91 7.84 0.87 7.41
All Public Companies 0.34 2.06 32.75 1,200 13.52 0.63 0.94 8.27 0.90 7.79
Special Selection Grouping(8) 0.00 0.00 0.00 282 27.23 1.28 0.47 1.74 1.06 3.91
State of PA 0.30 1.87 27.96 1,317 10.81 0.70 0.85 9.31 0.86 9.15
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CNYF CNY Financial Corp of NY 0.00 0.00 0.00 282 27.23 1.28 0.47 1.74 1.06 3.91
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis. (3) P/E = Price to earnings; P/B = Price to book; P/A =
Price to assets; P/TB = Price to tangible book value; and P/CORE = Price to
estimated core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month earnings and average equity and assets
balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Converted Last 3 Mths (no MHC);
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
Board of Directors
Willow Grove Bank
October 30, 1998
Page 13
the aftermarket initially and remain at or below their IPO price currently. Key
characteristics of these two offerings are set forth in the schedule below.
In evaluating MHC offerings we considered recent fundamental
characteristics such as market capitalization, market area and financial
condition and recent operating results. In comparison, Willow Grove's market
capitalization is expected to be comparable (fully converted basis), the market
area served is relatively comparable, and the ROE is comparable to better.
At IPO(1) Price
---------------------------- 10/30/98 Change
Mutual Holding Company Price P/B P/E Price Since IPO
- ---------------------- ----- --- --- ----- ---------
($) (%) (x)
Sound Bancorp $10.00 67.4% 12.8x $10.00 0.0%
West Essex Bancorp 10.00 63.6 23.8 9.75 (2.5)
(1) Reflects fully-converted pricing ratios.
Summary of Adjustments
- ----------------------
Based on the foregoing, we have changed one key valuation parameter
since the First Update, as described more fully below.
Previous Current Change in
Key Valuation Parameters Valuation Adjustment Valuation Adjustment
- ------------------------ -------------------- --------------------
Financial Condition Slight Downward No Change
Profitability, Growth and Viability of Earnings Slight Downward No Change
Asset Growth No Adjustment No Change
Primary Market Area Slight Upward No Change
Dividends Slight Downward No Change
Liquidity of the Shares No Adjustment No Change
Marketing of the Issue Moderate Downward Significant Downward
Management No Adjustment No Change
Effect of Government Regul. & Reg. Reform No Adjustment No Change
There were no material changes in the updated financial conditions or
earnings of the Bank and the Peer Group of public MHCs, and the differences
between the Bank's and the Peer Group remained the same as discussed in the
Original Appraisal. Thus, the valuation adjustments for financial condition and
profitability, growth, and viability of earnings remain unchanged from those
applied in the Original Appraisal. The factors concerning the valuation
parameters of primary market area, dividends, liquidity of the shares,
management and effect of government regulation and regulatory reform did not
change since the Original Appraisal date. Accordingly, those parameters were not
discussed further in this update.
Board of Directors
Willow Grove Bank
October 30, 1998
Page 14
The general market for thrift stocks has been flat although the SNL
Thrift Index has appreciated owing to a rally in the higher capitalization
issues. We note that the average pricing ratios for all publicly-traded
SAIF-insured institutions has diminished slightly. Additionally, the two
publicly traded mutual holding companies which have recently issued stock (Sound
Bancorp and West Essex Bancorp) traded down initially in the after-market.
Accordingly, we believe the valuation adjustment for marketing of the issue
should be changed from the moderate downward adjustment as set forth in the
Original Appraisal to a significant downward adjustment.
Overall, taking into account the foregoing factors, particularly the
reduction in P/B ratios of the Peer Group as well as the performance of the two
recent mutual holding company conversions, we believe that a reduction in the
Bank's valuation ratios on a fully converted basis are appropriate.
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 Willow Grove 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, updated
information consistent with the prospectus for the effective tax rate, offering
expenses, reinvestment rate, stock benefit plans and the amount of stock
contributed to the Foundation utilized in the Original Appraisal did not change
in this update. The pro assumptions are summarized in Exhibits 2 and 3.
Consistent with the Original Appraisal and First Update, this updated
appraisal 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. The 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) 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 Willow Grove's stock is subject to a decrease. Therefore, as of
October 30, 1998, RP Financial concluded that the pro forma market value of
Willow Grove's stock as a mutual holding company on a fully-converted basis,
taking into account the dilutive impact of the 4 percent contribution to a
charitable foundation subsequent to the completion of the offering, is equal to
$41,080,000, which represents a 4.8 percent decrease from the midpoint valuation
of $43,160,000 concluded in the Original Appraisal.
1. P/B Approach. P/B ratios are a useful benchmark in the valuation
of thrift stocks. Based on the midpoint value, Willow Grove's pro forma full
conversion P/TB ratio was 59.55 percent (versus the 62.17 percent midpoint
valuation in the Original Appraisal). Relative to the average P/TB ratio
indicated for the Peer Group of 84.78 percent (fully converted basis), Willow
Grove's updated valuation reflected a 26.7 percent discount relative to the Peer
Group (versus
Board of Directors
Willow Grove Bank
October 30, 1998
Page 15
the 29.9 percent discount applied in the Original Appraisal). The lower discount
is warranted by the change to RP Financial's data base which now explicitly
incorporates the dilution attributable to the dividend waiver by the MHC's of
the Peer Group. Importantly, the pro forma P/TB at the midpoint of 59.55 percent
is discounted only modestly from the fully converted ratios of Sound Bancorp and
West Essex Bancorp, which equaled 67.43 percent and 62.46 percent, respectively
as of October 30, 1998.
2. 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, which eliminated the effects of one-time
non-recurring items from the earnings of each. Willow Grove's core earnings for
the twelve months ended September 30, 1998 equaled $3.135 million (see Table 1).
Based on Willow Grove's core earnings, and incorporating the impact of the pro
forma assumptions discussed previously, the Bank's core P/E multiple at the
$39.5 million midpoint value (full conversion) equaled 11.07 times (versus the
11.52 times midpoint valuation in the Original Appraisal). Comparatively, the
Peer Group posted an average core P/E multiple of 19.97 times (fully converted
basis), which indicated a discount of 42.3 percent in the Bank's core P/E
multiple (versus a discount of 41.4 percent as indicated in the Original
Appraisal). The implied conversion pricing ratios relative to the Peer Group's
pricing ratios are indicated in Table 5, and the updated pro forma calculations
are detailed in Exhibits 2 and 3.
3. P/A Approach. P/A ratios are generally not as a reliable
indicator of market value, as investors do not place significant weight on total
assets as a determinant of market value. Investors typically place significantly
greater weight on book value and earnings -- which have received greater weight
in our valuation analysis. At the $39.5 million midpoint of the valuation range,
Willow Grove exhibited a pro forma P/A ratio of 9.49 percent. In comparison to
the Peer Group's average P/A ratio of 18.75 percent (fully converted basis),
Willow Grove's P/A ratio indicated a discount of 49.4 percent (versus a discount
of 48.4 percent at the fully-converted midpoint valuation in the Original
Appraisal).
Summary
Based on the foregoing, we have concluded that Willow Grove's estimated
pro forma market value should be reduced from the level in the Original
Appraisal. Accordingly, it is our opinion, as of October 30, 1998, the estimated
aggregate pro forma market value of the offering shares in a full stock
conversion, taking into account the dilutive impact of the 4 percent
contribution to a charitable foundation subsequent to the completion of the
offering, was $39,500,000 at the midpoint, equal to 3,950,000 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 $33,575,000, and a maximum
offering value of $45,425,000. Based on the $10.00 per share offering price
determined by the Board, this valuation range equates to an offering of
3,357,500 shares at the minimum to 4,542,500 shares at the maximum. In the event
that the appraised value is subject to an increase, up to 5,223,875 shares may
be sold in the offering at an issue price of $10.00 per share, for an aggregate
market value of $52,238,750, without a
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Public Market Pricing
Willow Grove Bank and the Comparables
As of October 30, 1998
Market
Capitalization Per Share Data
---------------- --------------
Core Book Pricing Ratios(3)
Price/ Market 12-Mth Value/ --------------------------------------
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ------- ------ ------ ----- ------ ----- ------ ------
($) ($Mil) ($) ($) (X) (%) (%) ($) (X)
Willow Grove Bank
- -----------------
Superrange 10.00 54.33 0.66 15.14 15.26 66.06 12.24 67.93 13.78
Range Maximum 10.00 47.24 0.73 16.16 13.74 61.87 10.79 63.76 12.37
Range Midpoint 10.00 41.08 0.81 17.34 12.34 57.67 9.49 59.55 11.07
Range Minimum 10.00 34.92 0.92 18.94 10.83 52.81 8.16 54.68 9.69
SAIF-Insured Thrifts(7)
- -----------------------
Average 15.93 145.23 0.91 13.27 17.45 126.24 16.02 131.58 17.16
Medians --- --- --- --- 16.67 114.33 14.91 115.21 17.62
All Non-MHC State of PA(7)
- --------------------------
Average 16.19 172.49 1.01 12.01 16.00 140.21 13.38 146.29 17.16
Medians --- --- --- --- 15.68 119.47 12.23 134.74 16.52
Publicly-Traded MHC Institutions,
Full Coversion Basis
- ---------------------------------
Average 13.66 220.94 0.70 16.14 19.02 83.66 18.75 84.78 19.97
Medians --- --- --- --- 18.81 84.31 17.42 83.92 19.47
Publicly-Traded MHC Institutions,
Full Coversion Basis
- ---------------------------------
ALLB Alliance Bank MHC of PA (19.9) 12.75 43.75 0.88 18.08 14.49 70.52 14.11 70.52 14.49
BCSB BCSB Bankcorp MHC of MD (38.6) 10.06 61.79 0.52 12.62 19.35 79.71 20.15 79.71 19.35
BRKL Brookline Bncp MHC of MA(47.0) 13.00 379.26 0.69 15.42 18.31 84.31 37.56 84.31 18.84
FFFL Fidelity Bcsh MHC of FL (47.9) 23.56 171.73 1.21 23.69 16.59 99.45 11.08 100.99 19.47
SBFL Fingr Lakes Fin.MHC OF NY(33.1 10.00 35.93 0.40 11.91 21.74 83.96 12.86 83.96 25.00
GBNK Gaston Fed Bncp MHC of NC(47.0 13.13 59.27 0.48 15.16 25.75 86.61 25.77 86.61 27.35
HARS Harris Fin. MHC of PA (24.9) 15.56 600.85 0.71 15.38 19.45 101.17 22.01 104.43 21.92
JXSB Jcksnville SB,MHC of IL (45.6) 14.25 28.14 0.55 16.39 19.52 86.94 15.28 86.94 25.91
LFED Leeds Fed Bksr MHC of MD (36.3 14.25 79.40 0.85 16.98 16.76 83.92 22.81 83.92 16.76
LIBB Liberty Bancorp MHC of NJ (47) 9.63 37.57 0.45 12.98 21.40 74.19 13.79 74.19 21.40
NBCP Niagara Bancorp of NY MHC(45.4 11.00 327.89 0.56 13.78 26.19 79.83 21.86 79.83 19.64
NWSB Northwest Bcrp MHC of PA (30.8 11.88 574.56 0.66 12.03 17.73 98.75 19.63 102.68 18.00
PBHC Pathfinder BC MHC of NY (45.2) 11.63 32.33 0.62 14.05 16.86 82.78 15.14 90.79 18.76
PBCT Peoples Bank, MHC of CT (41.2) 25.56 1940.21 1.13 25.32 14.36 100.95 19.08 107.58 22.62
PHSB Ppls Home SB, MHC of PA (45.0) 13.75 39.28 0.78 17.19 16.57 79.99 15.90 79.99 17.63
PLSK Pulaski SB, MHC of NJ (47.0) 10.75 23.28 0.65 15.31 17.62 70.22 11.72 70.22 16.54
SKBOD Skibo Fin Corp MHC of PA(45.0) 12.00 28.36 0.60 16.19 22.64 74.12 17.79 74.12 20.00
SFFS Sound Bancorp MHC of NY (44.1) 10.00 52.13 0.78 14.83 12.82 67.43 17.42 67.43 12.82
WAYN Wayne Svgs Bks MHC of OH (48.2 18.25 46.32 0.90 18.06 18.81 101.05 16.51 101.05 20.28
WCFB Wbstr Cty FSB MHC of IA (45.6) 16.00 36.75 0.83 18.06 19.28 88.59 31.73 88.59 19.28
WEBK West Essex MHC of NJ (42.2) 9.75 41.02 0.42 15.16 23.21 62.46 11.49 62.46 23.21
Dividends(4) Financial Characteristics(6)
------------------------ ------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ----------- ------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ----- -------- ------ ------ ------ --- --- --- ---
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
Willow Grove Bank
- -----------------
Superrange 0.00 0.00 0.00 444 18.53 0.39 0.80 4.33 0.89 4.79
Range Maximum 0.00 0.00 0.00 438 17.43 0.39 0.78 4.50 0.87 5.00
Range Midpoint 0.00 0.00 0.00 433 16.46 0.40 0.77 4.67 0.86 5.21
Range Minimum 0.00 0.00 0.00 428 15.46 0.40 0.75 4.87 0.84 5.45
SAIF-Insured Thrifts(7)
- -----------------------
Average 0.33 2.07 33.36 1,108 13.79 0.64 0.91 7.84 0.87 7.41
Medians --- --- --- --- --- --- --- --- --- ---
All Non-MHC State of PA(7)
- --------------------------
Average 0.33 2.02 33.06 1,479 10.30 0.65 0.88 10.15 0.89 9.97
Medians --- --- --- --- --- --- --- --- --- ---
Publicly-Traded MHC Institutions,
Full Coversion Basis
- ---------------------------------
Average 0.32 2.07 34.44 1,128 22.50 0.57 1.05 4.76 1.01 4.50
Medians --- --- --- --- --- --- --- --- --- ---
Publicly-Traded MHC Institutions,
Full Coversion Basis
- ---------------------------------
ALLB Alliance Bank MHC of PA (19.9) 0.36 2.82 40.91 310 20.02 1.06 1.03 4.91 1.03 4.91
BCSB BCSB Bankcorp MHC of MD (38.6) 0.00 0.00 0.00 307 25.28 0.34 1.04 4.12 1.04 4.12
BRKL Brookline Bncp MHC of MA(47.0) 0.20 1.54 28.99 1,010 44.55 0.60 2.26 5.74 2.19 5.58
FFFL Fidelity Bcsh MHC of FL (47.9) 1.00 4.24 NM 1,551 11.14 0.27 0.80 6.11 0.68 5.20
SBFL Fingr Lakes Fin.MHC OF NY(33.1 0.24 2.40 60.00 279 15.32 0.32 0.63 3.90 0.55 3.39
GBNK Gaston Fed Bncp MHC of NC(47.0 0.20 1.52 41.67 230 29.75 0.50 1.00 4.40 0.94 4.14
HARS Harris Fin. MHC of PA (24.9) 0.22 1.41 30.99 2,730 21.75 0.66 1.19 5.30 1.06 4.71
JXSB Jcksnville SB,MHC of IL (45.6) 0.30 2.11 54.55 184 17.57 0.68 0.79 4.51 0.60 3.40
LFED Leeds Fed Bksr MHC of MD (36.3 0.56 3.93 65.88 348 27.19 0.83 1.40 5.06 1.40 5.06
LIBB Liberty Bancorp MHC of NJ (47) 0.00 0.00 0.00 272 18.58 0.35 0.64 3.47 0.64 3.47
NBCP Niagara Bancorp of NY MHC(45.4 0.12 1.09 21.43 1,500 27.38 0.29 0.90 4.05 1.20 5.41
NWSB Northwest Bcrp MHC of PA (30.8 0.16 1.35 24.24 2,927 19.88 0.50 1.22 5.66 1.21 5.58
PBHC Pathfinder BC MHC of NY (45.2) 0.20 1.72 32.26 214 18.28 1.30 0.91 4.97 0.82 4.46
PBCT Peoples Bank, MHC of CT (41.2) 0.92 3.60 NM 10,169 18.90 0.59 1.43 7.43 0.91 4.71
PHSB Ppls Home SB, MHC of PA (45.0) 0.28 2.04 35.90 247 19.87 0.21 1.00 5.08 0.94 4.78
PLSK Pulaski SB, MHC of NJ (47.0) 0.30 2.79 46.15 199 16.69 0.63 0.68 4.05 0.72 4.31
SKBOD Skibo Fin Corp MHC of PA(45.0) 0.30 2.50 50.00 159 24.00 0.59 0.78 3.27 0.89 3.70
SFFS Sound Bancorp MHC of NY (44.1) 0.00 0.00 0.00 299 25.84 0.52 1.36 5.26 1.36 5.26
WAYN Wayne Svgs Bks MHC of OH (48.2 0.62 3.40 68.89 281 16.34 0.49 0.89 5.44 0.82 5.04
WCFB Wbstr Cty FSB MHC of IA (45.6) 0.80 5.00 NM 116 35.81 0.07 1.68 4.64 1.68 4.64
WEBK West Essex MHC of NJ (42.2) 0.00 0.00 0.00 357 18.40 1.10 0.50 2.69 0.50 2.69
(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. Public MHC 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 to full stock form.
(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.
Board of Directors
Willow Grove Bank
October 30, 1998
Page 17
resolicitation. The total shares issued and aggregate market value of
the shares increases following the contribution of 4 percent of the shares to a
charitable foundation, as follows:
Total Aggregate
Shares Issued(1) Market Value(1)(2)
---------------- ------------------
Minimum 3,491,800 $34,918,000
Midpoint 4,108,000 41,080,000
Maximum 4,724,200 47,242,000
Supermaximum 5,432,830 54,328,000
(3) Includes offering shares plus 4 percent shares contributed to a charitable
foundation.
(4) Based on a $10.00 per share price.
The Board of Directors has established a public offering range such
that the public ownership of the Holding Company will constitute a 44 percent
ownership interest prior to the issuance of shares to the Foundation.
Accordingly, the offering range to the public of the minority stock will range
from $14,875,000 at the minimum, to $17,500,000 at the midpoint, $20,125,000 at
the maximum and $23,143,750 at the supermaximum of the valuation range, all
based on a $10.00 per share offering price. Based on the public offering range,
and inclusive of the shares issued to the Foundation, the public ownership of
the shares will represent 45.31 percent of the shares issued in the
reorganization, with the MHC owning the majority of the shares. The pro forma
valuation calculations relative to the Peer Group (fully converted basis) are
shown in Table 5 and are detailed in Exhibit 2 and Exhibit 3; the pro forma
valuation calculations relative to the Peer Group based on reported financials
are shown in Table 6 and are detailed in Exhibits 4 and 5.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ Ronald S. Riggins
----------------------------
Ronald S. Riggins
President
/s/ James P. Hennessey
----------------------------
James P. Hennessey
Senior Vice President
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 6
Public Market Pricing
Willow Grove Bank and the Comparables
As of October 30, 1998
Market Per Share Data
Capitalization ---------------- Pricing Ratios(3)
-------------- Core Book -----------------------------------
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ------ ------ ------ --- --- --- ---- ------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
Willow Grove Bank
-----------------
Superrange 10.00 24.07 0.57 10.69 17.57 93.52 12.71 97.39 15.61
Range Maximum 10.00 20.93 0.64 11.72 15.57 85.32 11.12 89.03 13.80
Range Midpoint 10.00 18.20 0.73 12.90 13.77 77.50 9.72 81.03 12.18
Range Minimum 10.00 15.47 0.84 14.50 11.90 68.96 8.31 72.25 10.51
SAIF-Insured Thrifts 15.93 145.23 0.91 13.27 17.45 126.24 16.02 131.58 17.93
All Public Companies 16.18 165.64 0.95 13.19 17.02 128.28 15.99 133.37 17.68
Special Selection Grouping(8) 13.66 79.68 0.50 9.32 23.18 151.16 20.29 156.77 24.58
State of PA 15.03 142.90 0.87 11.01 17.94 144.91 14.40 151.59 18.64
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
ALLB Alliance Bank MHC of PA (19.9) 12.75 8.29 0.61 9.05 20.90 140.88 15.04 140.88 20.90
BCSB BCSB Bankcorp MHC of MD (38.6) 10.06 23.75 0.36 7.28 27.94 138.19 22.49 138.19 27.94
BRKL Brookline Bncp MHC of MA(47.0) 13.00 177.78 0.51 9.47 24.53 137.28 45.28 137.28 25.49
CMSV Commty. Svgs, MHC of FL (48.5)(7) 22.38 55.28 0.93 16.29 22.16 137.38 14.91 137.38 24.06
FFFL Fidelity Bcsh MHC of FL (47.9) 23.56 76.81 0.92 13.28 20.49 177.41 10.91 182.64 25.61
SBFL Fingr Lakes Fin.MHC OF NY(33.1 10.00 11.80 0.22 6.12 NM 163.40 13.82 163.40 NM
FFSX First FSB MHC Sxld of IA(46.3)(7) 20.00 26.26 1.17 14.77 16.67 135.41 10.32 168.07 17.09
GBNK Gaston Fed Bncp MHC of NC(47.0 13.13 27.74 0.30 9.14 NM 143.65 29.14 143.65 NM
HARS Harris Fin. MHC of PA (24.9) 15.56 131.36 0.44 5.56 28.81 279.86 22.74 309.96 NM
JXSB Jcksnville SB,MHC of IL (45.6) 14.25 12.38 0.33 9.38 27.40 151.92 16.02 151.92 NM
LFED Leeds Fed Bksr MHC of MD (36.3 14.25 26.83 0.64 9.49 22.27 150.16 24.46 150.16 22.27
LIBB Liberty Bancorp MHC of NJ (47) 9.63 17.66 0.32 8.59 NM 112.11 14.71 112.11 NM
NBCP Niagara Bancorp of NY MHC(45.4 11.00 148.52 0.40 8.60 NM 127.91 24.33 127.91 27.50
NWSB Northwest Bcrp MHC of PA (30.8 11.88 171.52 0.44 4.65 26.40 255.48 21.73 284.21 27.00
PBHC Pathfinder BC MHC of NY (45.2) 11.63 14.87 0.45 8.61 21.94 135.08 16.06 158.23 25.84
PBCT Peoples Bank, MHC of CT (41.2) 25.56 706.30 0.83 13.37 15.98 191.17 18.01 221.68 NM
PHSB Ppls Home SB, MHC of PA (45.0) 13.75 17.08 0.58 10.41 21.83 132.08 16.74 132.08 23.71
PULB Pulaski Bk,SB MHC of MO (29.8)(7) 19.38 12.09 0.78 11.70 20.40 165.64 22.23 165.64 24.85
PLSK Pulaski SB, MHC of NJ (47.0) 10.75 10.64 0.51 10.53 22.87 102.09 12.07 102.09 21.08
SKBOD Skibo Fin Corp MHC of PA(45.0) 12.00 12.42 0.43 10.63 NM 112.89 18.96 112.89 27.91
SFFS Sound Bancorp MHC of NY (44.1) 10.00 22.99 0.63 10.02 15.87 99.80 19.02 99.80 15.87
WAYN Wayne Svgs Bks MHC of OH (48.2 18.25 21.85 0.66 9.94 25.00 183.60 17.49 183.60 27.65
WCFB Wbstr Cty FSB MHC of IA (45.6) 16.00 15.39 0.63 10.75 25.40 148.84 34.84 148.84 25.40
WEBK West Essex MHC of NJ (42.2) 9.75 17.29 0.27 10.76 NM 90.61 12.17 90.61 NM
Dividends(4) Financial Characteristics(6)
----------------------- -----------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ---------------- --------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
----- ----- -------- ------ ------ ------ --- --- --- ---
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
Financial Institution
- ----------------
Willow Grove Bank
Superrange 0.00 0.00 0.00 418 13.59 0.41 0.72 5.32 0.81 5.99
Range Maximum 0.00 0.00 0.00 416 13.03 0.41 0.71 5.48 0.81 6.18
Range Midpoint 0.00 0.00 0.00 413 12.54 0.41 0.71 5.63 0.80 6.36
Range Minimum 0.00 0.00 0.00 411 12.05 0.42 0.71 5.79 0.79 6.56
SAIF-Insured Thrifts 0.33 2.07 33.36 1,108 13.79 0.64 0.91 7.84 0.87 7.41
All Public Companies 0.34 2.06 32.75 1,200 13.52 0.63 0.94 8.27 0.90 7.79
Special Selection Grouping(8) 0.32 2.07 14.30 1,005 14.21 0.57 0.84 6.58 0.78 5.97
State of PA 0.30 1.87 27.96 1,317 10.81 0.70 0.85 9.31 0.86 9.15
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
ALLB Alliance Bank MHC of PA (19.9) 0.36 2.82 11.72 278 10.68 1.06 0.77 6.88 0.77 6.88
BCSB BCSB Bankcorp MHC of MD (38.6) 0.00 0.00 0.00 274 16.27 0.34 0.80 4.95 0.80 4.95
BRKL Brookline Bncp MHC of MA(47.0) 0.20 1.54 18.43 835 32.99 0.60 2.07 8.28 2.00 7.97
CMSV Commty. Svgs, MHC of FL (48.5)(7) 0.90 4.02 NM 766 10.85 0.27 0.70 6.35 0.65 5.85
FFFL Fidelity Bcsh MHC of FL (47.9) 1.00 4.24 NM 1,468 6.15 0.27 0.65 8.98 0.52 7.18
SBFL Fingr Lakes Fin.MHC OF NY(33.1 0.24 2.40 NM 258 8.46 0.32 0.42 4.65 0.33 3.65
FFSX First FSB MHC Sxld of IA(46.3)(7) 0.48 2.40 18.93 552 7.62 0.46 0.68 8.43 0.66 8.22
GBNK Gaston Fed Bncp MHC of NC(47.0 0.20 1.52 31.32 203 20.28 0.50 0.73 5.92 0.66 5.39
HARS Harris Fin. MHC of PA (24.9) 0.22 1.41 12.42 2,326 8.13 0.66 0.84 10.33 0.68 8.41
JXSB Jcksnville SB,MHC of IL (45.6) 0.30 2.11 NM 170 10.54 0.68 0.59 5.68 0.38 3.60
LFED Leeds Fed Bksr MHC of MD (36.3 0.56 3.93 NM 303 16.29 0.83 1.13 6.89 1.13 6.89
LIBB Liberty Bancorp MHC of NJ (47) 0.00 0.00 0.00 255 13.12 0.35 0.49 3.73 0.49 3.73
NBCP Niagara Bancorp of NY MHC(45.4 0.12 1.09 13.61 1,345 19.02 0.29 0.63 5.03 0.96 7.74
NWSB Northwest Bcrp MHC of PA (30.8 0.16 1.35 11.20 2,563 8.50 0.50 0.92 10.14 0.90 9.91
PBHC Pathfinder BC MHC of NY (45.2) 0.20 1.72 20.78 198 11.89 1.30 0.74 6.28 0.63 5.33
PBCT Peoples Bank, MHC of CT (41.2) 0.92 3.60 NM 9,105 9.42 0.59 1.22 13.58 0.63 7.05
PHSB Ppls Home SB, MHC of PA (45.0) 0.28 2.04 21.72 227 12.67 0.21 0.80 6.62 0.73 6.09
PULB Pulaski Bk,SB MHC of MO (29.8)(7) 1.10 5.68 NM 184 13.42 NA 1.11 8.38 0.91 6.88
PLSK Pulaski SB, MHC of NJ (47.0) 0.30 2.79 27.63 188 11.82 0.63 0.54 4.57 0.59 4.96
SKBOD Skibo Fin Corp MHC of PA(45.0) 0.30 2.50 31.40 146 16.79 0.59 0.57 3.37 0.68 4.03
SFFS Sound Bancorp MHC of NY (44.1) 0.00 0.00 0.00 274 19.05 0.52 1.20 6.29 1.20 6.29
WAYN Wayne Svgs Bks MHC of OH (48.2 0.62 3.40 NM 259 9.53 0.49 0.71 7.52 0.64 6.80
WCFB Wbstr Cty FSB MHC of IA (45.6) 0.80 5.00 NM 97 23.41 0.07 1.40 5.95 1.40 5.95
WEBK West Essex MHC of NJ (42.2) 0.00 0.00 0.00 336 13.43 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
LIST OF EXHIBITS
Exhibit
Number Description
- ------ -----------
1 Stock Prices: As of October 30, 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 Effects: Minority Stock Offering
6 Firm Qualifications Statement
EXHIBIT 1
Stock Prices
As of October 30, 1998
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit IV-1
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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) 16.12 7,781 152.4 22.98 13.77 15.79 2.22 -7.77 -16.65
NYSE Traded Companies(7) 28.68 42,346 1,412.1 44.18 22.62 28.88 0.70 -25.56 -30.74
AMEX Traded Companies(22) 14.02 3,363 44.6 20.96 12.60 14.11 -0.50 -14.14 -21.73
NASDAQ Listed OTC Companies(245) 15.98 7,252 128.4 22.60 13.64 15.59 2.51 -6.72 -15.82
California Companies(17) 20.12 14,445 499.1 30.40 16.52 20.17 0.72 -21.53 -26.66
Florida Companies(5) 11.28 30,056 320.6 20.58 8.56 11.42 -0.70 -28.92 -34.20
Mid-Atlantic Companies(52) 15.73 11,570 175.7 23.31 13.34 15.42 2.01 -10.37 -19.24
Mid-West Companies(130) 15.86 5,672 109.6 22.14 13.90 15.52 2.27 -6.31 -15.56
New England Companies(7) 17.41 8,257 182.1 25.16 13.19 16.54 5.60 -9.58 -15.88
North-West Companies(11) 17.25 11,460 248.2 22.62 13.86 16.67 4.17 -0.53 -4.26
South-East Companies(41) 16.35 4,622 97.3 23.01 13.73 15.89 2.57 -2.66 -13.18
South-West Companies(6) 13.30 2,743 43.6 19.23 11.80 13.35 1.52 -7.91 -22.91
Western Companies (Excl CA)(5) 15.85 2,133 36.8 22.05 14.44 15.75 -0.34 -9.47 -21.42
Thrift Strategy(233) 15.69 5,193 90.8 22.16 13.57 15.30 2.55 -7.34 -15.88
Mortgage Banker Strategy(24) 20.09 22,735 560.3 29.06 16.00 19.89 1.15 -6.57 -20.19
Real Estate Strategy(7) 15.46 8,453 102.9 24.59 13.62 16.29 -5.90 -13.33 -17.24
Diversified Strategy(7) 18.78 48,273 1,010.2 28.45 13.19 18.37 4.27 -19.84 -27.41
Retail Banking Strategy(3) 15.88 5,223 96.2 25.69 13.85 15.75 0.66 -11.36 -26.91
Companies Issuing Dividends(230) 16.72 7,787 162.8 23.59 14.33 16.38 2.22 -7.59 -16.36
Companies Without Dividends(44) 12.80 7,748 94.5 19.61 10.66 12.49 2.26 -8.84 -18.34
Equity/Assets <6%(18) 16.61 21,380 361.8 26.00 12.63 15.97 2.49 -16.26 -25.20
Equity/Assets 6-12%(119) 17.35 8,362 202.8 24.90 14.56 16.96 2.78 -7.22 -18.36
Equity/Assets >12%(137) 15.01 5,449 81.0 20.94 13.25 14.76 1.71 -7.10 -14.03
Actively Traded Companies(28) 23.25 29,799 770.5 32.49 18.84 22.51 3.42 -8.73 -19.49
Market Value Below $20 Million(61) 12.17 1,193 13.6 17.94 11.03 12.00 1.91 -14.45 -21.54
Holding Company Structure(247) 16.39 7,690 155.4 23.40 14.03 16.06 2.21 -8.29 -16.80
Assets Over $1 Billion(56) 19.76 25,579 549.6 28.73 15.48 19.41 1.58 -9.02 -18.47
Assets $500 Million-$1 Billion(35) 17.89 5,743 94.3 25.45 15.06 17.24 3.96 -8.34 -17.46
Assets $250-$500 Million(64) 16.23 3,699 55.8 22.65 14.17 15.97 1.68 -3.36 -12.56
Assets less than $250 Million(119) 13.79 1,696 23.0 19.64 12.37 13.53 2.30 -9.18 -17.54
Goodwill Companies(111) 16.70 14,083 255.6 24.46 13.87 16.40 1.74 -9.09 -18.60
Non-Goodwill Companies(161) 15.67 3,460 82.0 21.90 13.67 15.32 2.54 -7.16 -15.36
Acquirors of FSLIC Cases(7) 32.34 33,613 1,443.7 43.53 26.88 32.44 -1.26 -8.02 -16.58
Current Per Share Financials
-----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- ------ ------ ----- ------- -----
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
SAIF-Insured Thrifts(274) 0.99 0.94 13.56 13.10 122.31
NYSE Traded Companies(7) 2.04 1.72 18.18 17.83 237.16
AMEX Traded Companies(22) 0.84 0.81 14.58 14.28 119.54
NASDAQ Listed OTC Companies(245) 0.98 0.93 13.35 12.87 119.50
California Companies(17) 1.55 1.42 17.16 16.40 232.97
Florida Companies(5) 0.65 0.44 9.37 8.58 103.48
Mid-Atlantic Companies(52) 1.07 1.03 13.14 12.36 140.55
Mid-West Companies(130) 0.91 0.87 13.49 13.20 108.22
New England Companies(7) 1.21 1.11 13.81 13.19 187.81
North-West Companies(11) 0.96 0.90 12.75 11.60 99.70
South-East Companies(41) 0.94 0.90 13.44 13.23 95.93
South-West Companies(6) 1.16 1.13 12.71 12.31 157.12
Western Companies (Excl CA)(5) 0.96 0.96 15.94 15.09 104.65
Thrift Strategy(233) 0.94 0.91 13.73 13.35 113.89
Mortgage Banker Strategy(24) 1.21 1.17 13.34 11.96 184.95
Real Estate Strategy(7) 1.38 1.27 12.23 11.84 169.37
Diversified Strategy(7) 0.95 0.64 9.92 9.67 121.53
Retail Banking Strategy(3) 2.93 2.39 14.04 13.28 207.36
Companies Issuing Dividends(230) 1.05 0.98 13.83 13.36 121.30
Companies Without Dividends(44) 0.70 0.73 12.09 11.67 127.97
Equity/Assets <6%(18) 1.17 1.27 11.42 10.29 230.68
Equity/Assets 6-12%(119) 1.19 1.07 12.98 12.26 152.14
Equity/Assets >12%(137) 0.80 0.79 14.35 14.20 82.13
Actively Traded Companies(28) 1.46 1.53 14.58 13.55 188.08
Market Value Below $20 Million(61) 0.78 0.71 12.76 12.64 94.34
Holding Company Structure(247) 1.00 0.95 13.77 13.29 123.12
Assets Over $1 Billion(56) 1.30 1.27 13.79 12.50 182.51
Assets $500 Million-$1 Billion(35) 1.15 1.05 13.63 13.10 137.12
Assets $250-$500 Million(64) 1.01 0.96 13.89 13.52 122.31
Assets less than $250 Million(119) 0.79 0.74 13.27 13.19 88.76
Goodwill Companies(111) 1.08 1.01 13.21 12.10 144.23
Non-Goodwill Companies(161) 0.93 0.89 13.88 13.88 107.58
Acquirors of FSLIC Cases(7) 2.93 2.77 20.61 19.93 244.71
(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 IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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) 17.55 12,244 267.8 25.03 14.25 17.44 0.65 -7.24 -18.44
NYSE Traded Companies(5) 30.15 52,930 1,436.9 38.25 24.35 29.68 1.53 15.19 -4.35
AMEX Traded Companies(5) 15.08 2,452 39.4 23.20 13.05 15.20 -0.11 -16.91 -22.02
NASDAQ Listed OTC Companies(46) 16.32 8,476 153.1 23.64 13.16 16.22 0.63 -8.79 -19.72
California Companies(1) 15.25 7,610 116.1 24.00 9.00 14.13 7.93 -23.29 -20.78
Mid-Atlantic Companies(21) 19.91 21,461 530.4 26.49 15.31 19.50 1.73 1.10 -14.48
New England Companies(29) 16.98 7,289 124.2 24.96 14.19 17.06 -0.05 -7.61 -17.52
North-West Companies(2) 13.25 5,865 78.9 19.13 12.22 13.60 -2.29 -22.70 -26.78
South-East Companies(3) 11.23 2,611 25.3 20.67 11.08 11.38 -0.68 -41.07 -45.22
Thrift Strategy(44) 17.64 8,310 196.1 24.87 14.38 17.46 1.13 -6.32 -17.14
Mortgage Banker Strategy(6) 18.74 28,158 616.8 27.80 15.58 19.12 -2.78 -10.88 -25.83
Real Estate Strategy(2) 12.47 7,761 96.4 19.19 8.88 12.01 3.00 -13.19 -18.26
Diversified Strategy(4) 17.34 35,860 639.1 25.50 13.44 17.44 -0.44 -8.17 -21.16
Companies Issuing Dividends(48) 18.08 13,759 305.1 25.82 14.74 18.00 0.39 -7.80 -19.60
Companies Without Dividends(8) 14.69 4,098 67.3 20.75 11.60 14.42 2.03 -4.22 -12.20
Equity/Assets <6%(2) 16.88 2,855 50.0 24.25 12.88 16.75 0.61 6.61 -15.00
Equity/Assets 6-12%(36) 18.37 14,476 335.4 26.30 14.80 18.31 0.25 -8.95 -19.02
Equity/Assets >12%(18) 16.08 9,147 166.0 22.73 13.38 15.88 1.39 -5.64 -17.75
Converted Last 3 Mths (no MHC)(1) 10.00 5,357 53.6 10.00 8.88 9.88 1.21 0.00 0.00
Actively Traded Companies(14) 22.07 20,226 441.0 30.78 18.25 22.15 -0.87 -6.41 -17.55
Market Value Below $20 Million(6) 13.38 1,360 15.7 21.68 11.24 13.26 1.28 -16.07 -31.12
Holding Company Structure(43) 17.55 9,626 188.3 24.77 14.27 17.38 0.87 -5.38 -17.09
Assets Over $1 Billion(16) 24.01 33,067 791.7 31.80 18.26 23.65 1.25 2.58 -11.20
Assets $500 Million-$1 Billion(11) 19.25 5,781 93.0 27.17 15.72 18.81 3.47 -6.69 -18.12
Assets $250-$500 Million(15) 13.98 3,890 50.7 20.77 12.23 14.31 -2.04 -10.99 -19.89
Assets less than $250 Million(14) 13.23 1,981 23.4 20.81 11.13 13.14 1.07 -14.31 -24.94
Goodwill Companies(28) 17.81 19,691 437.4 26.17 14.21 17.81 -0.28 -6.64 -20.71
Non-Goodwill Companies(28) 17.32 5,624 117.0 24.02 14.29 17.11 1.47 -7.76 -16.43
Current Per Share Financials
-----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- ------ ------ ----- ------- -----
($) ($) ($) ($) ($)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(56) 1.23 1.17 12.99 12.53 124.00
NYSE Traded Companies(5) 1.87 1.94 20.67 19.00 132.39
AMEX Traded Companies(5) 1.13 1.05 12.99 12.62 115.89
NASDAQ Listed OTC Companies(46) 1.16 1.09 12.05 11.73 123.96
California Companies(1) 1.81 1.81 14.00 13.97 134.21
Mid-Atlantic Companies(21) 1.13 1.17 14.37 13.77 121.90
New England Companies(29) 1.35 1.19 12.42 11.97 133.24
North-West Companies(2) 1.16 1.05 9.72 9.72 92.41
South-East Companies(3) 0.63 0.87 11.04 10.85 74.90
Thrift Strategy(44) 1.19 1.15 13.59 13.23 121.18
Mortgage Banker Strategy(6) 1.49 1.28 11.88 11.16 147.12
Real Estate Strategy(2) 1.31 1.31 9.50 9.49 91.01
Diversified Strategy(4) 1.18 1.18 9.48 7.87 137.31
Companies Issuing Dividends(48) 1.24 1.17 12.93 12.38 127.62
Companies Without Dividends(8) 1.15 1.17 13.31 13.30 104.56
Equity/Assets <6%(2) 1.38 0.75 7.62 7.41 178.23
Equity/Assets 6-12%(36) 1.34 1.23 12.20 11.53 144.12
Equity/Assets >12%(18) 0.99 1.11 15.10 15.02 79.74
Converted Last 3 Mths (no MHC)(1) 0.25 0.56 14.34 14.34 52.66
Actively Traded Companies(14) 1.84 1.68 15.19 14.42 154.89
Market Value Below $20 Million(6) 1.03 1.02 11.68 11.43 142.24
Holding Company Structure(43) 1.19 1.17 13.31 12.97 118.62
Assets Over $1 Billion(16) 1.59 1.58 14.43 13.34 138.69
Assets $500 Million-$1 Billion(11) 1.45 1.19 13.69 13.44 157.36
Assets $250-$500 Million(15) 1.06 1.02 12.10 11.89 106.06
Assets less than $250 Million(14) 0.88 0.88 11.92 11.78 107.13
Goodwill Companies(28) 1.27 1.15 12.84 11.86 139.33
Non-Goodwill Companies(28) 1.18 1.19 13.12 13.12 110.37
(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 IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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) 13.25 9,244 44.6 21.68 11.13 12.85 3.35 -16.02 -18.18
BIF-Insured Thrifts(3) 16.06 32,213 289.9 28.09 12.52 15.13 6.43 -13.88 -21.53
NASDAQ Listed OTC Companies(24) 13.66 12,525 79.7 22.60 11.33 13.17 3.79 -15.71 -18.65
Florida Companies(2) 23.56 6,802 76.8 35.38 18.75 22.75 3.56 -14.33 -27.51
Mid-Atlantic Companies(14) 11.64 10,856 45.4 20.34 9.79 11.19 4.20 -20.70 -22.38
Mid-West Companies(5) 16.17 2,169 16.5 25.75 14.33 15.83 2.31 -21.99 -26.51
New England Companies(2) 19.28 46,621 442.0 29.56 14.54 18.41 4.18 4.47 -1.37
South-East Companies(1) 13.13 4,497 27.7 18.06 10.00 12.88 1.94 31.30 31.30
Thrift Strategy(22) 12.93 8,679 44.0 21.35 10.93 12.51 3.64 -15.38 -17.75
Mortgage Banker Strategy(1) 15.56 33,992 131.4 27.88 11.00 14.88 4.57 -16.66 -21.73
Diversified Strategy(1) 25.56 64,147 706.3 41.13 19.19 24.13 5.93 -21.06 -32.74
Companies Issuing Dividends(20) 14.55 14,330 93.6 25.31 12.03 13.98 4.44 -19.08 -22.71
Companies Without Dividends(4) 9.86 4,857 20.4 11.10 8.35 9.77 1.05 -1.40 -1.40
Equity/Assets 6-12%(12) 15.42 16,789 116.6 28.88 13.02 14.81 4.27 -27.69 -33.98
Equity/Assets >12%(12) 12.05 8,650 46.1 16.89 9.79 11.68 3.35 -4.82 -4.72
Holding Company Structure(5) 12.10 8,818 45.2 18.96 10.23 11.65 4.29 -9.41 -13.26
Assets Over $1 Billion(5) 17.51 36,312 246.9 27.88 13.29 16.40 7.99 -12.71 -17.58
Assets $500 Million-$1 Billion(3) 13.00 29,095 177.8 17.98 9.88 12.69 2.44 30.00 30.00
Assets $250-$500 Million(8) 11.84 4,244 18.8 20.20 10.49 11.81 0.49 -18.83 -20.90
Assets less than $250 Million(8) 13.07 2,632 15.8 22.22 11.09 12.50 4.75 -20.82 -23.80
Goodwill Companies(8) 15.43 23,551 163.1 24.46 12.21 14.76 4.41 -15.14 -20.24
Non-Goodwill Companies(15) 12.98 7,151 39.1 22.57 11.07 12.58 3.55 -17.22 -19.24
MHC Institutions(24) 13.66 12,525 79.7 22.60 11.33 13.17 3.79 -15.71 -18.65
MHC Converted Last 3 Months(2) 9.88 4,705 20.1 10.03 8.46 9.91 -0.26 -1.25 -1.25
Current Per Share Financials
-----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- ------ ------ ----- ------- -----
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 0.53 0.49 9.17 9.09 74.71
BIF-Insured Thrifts(3) 0.80 0.56 10.19 9.16 86.52
NASDAQ Listed OTC Companies(24) 0.56 0.50 9.32 9.10 76.40
Florida Companies(2) 1.15 0.92 13.28 12.90 215.87
Mid-Atlantic Companies(14) 0.45 0.45 8.59 8.43 66.68
Mid-West Companies(5) 0.63 0.54 10.02 10.02 79.75
New England Companies(2) 1.07 0.67 11.42 10.50 85.33
South-East Companies(1) 0.33 0.30 9.14 9.14 45.06
Thrift Strategy(22) 0.51 0.48 9.30 9.19 73.37
Mortgage Banker Strategy(1) 0.54 0.44 5.56 5.02 68.42
Diversified Strategy(1) 1.60 0.83 13.37 11.53 141.94
Companies Issuing Dividends(20) 0.60 0.52 9.35 9.09 80.09
Companies Without Dividends(4) 0.40 0.40 9.16 9.16 60.73
Equity/Assets 6-12%(12) 0.69 0.54 9.05 8.60 99.28
Equity/Assets >12%(12) 0.45 0.46 9.56 9.56 55.60
Holding Company Structure(5) 0.49 0.49 9.15 8.90 68.00
Assets Over $1 Billion(5) 0.80 0.61 9.09 8.45 105.22
Assets $500 Million-$1 Billion(3) 0.53 0.51 9.47 9.47 28.71
Assets $250-$500 Million(8) 0.48 0.46 8.91 8.91 70.33
Assets less than $250 Million(8) 0.50 0.46 9.92 9.74 69.55
Goodwill Companies(8) 0.70 0.53 9.07 8.43 96.88
Non-Goodwill Companies(15) 0.49 0.47 9.39 9.39 67.20
MHC Institutions(24) 0.56 0.50 9.32 9.10 76.40
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 IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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* 23.50 2,535 59.6 32.63 19.25 23.13 1.60 17.50 17.50
CFB Commercial Federal Corp. of NE 22.69 60,391 1,370.3 38.19 19.63 23.25 -2.41 -27.69 -36.19
DME Dime Bancorp, Inc. of NY* 23.81 112,027 2,667.4 32.69 18.19 24.19 -1.57 -2.58 -21.29
DSL Downey Financial Corp. of CA 23.44 28,132 659.4 35.00 17.75 26.25 -10.70 -5.10 -13.44
FED FirstFed Fin. Corp. of CA 16.38 21,188 347.1 26.94 14.13 17.50 -6.40 -8.18 -15.48
GSB Golden State Bancorp of CA(8) 19.19 128,549 2,466.9 21.75 11.94 17.75 8.11 N.A. N.A.
GDW Golden West Fin. Corp. of CA 90.69 57,172 5,184.9 114.25 72.38 88.81 2.12 6.14 -7.28
GPT GreenPoint Fin. Corp. of NY* 32.81 95,123 3,121.0 42.63 25.19 31.31 4.79 1.05 -9.56
JSB JSB Financial, Inc. of NY* 52.44 9,833 515.6 59.69 45.00 51.88 1.08 8.39 4.75
OCN Ocwen Financial Corp. of FL 12.00 60,794 729.5 30.38 6.00 11.63 3.18 -55.96 -52.83
SIB Staten Island Bancorp of NY* 18.19 45,130 820.9 23.63 14.13 17.88 1.73 51.58 -13.13
WES Westcorp Inc. of Orange CA 6.88 26,397 181.6 20.31 5.81 5.81 18.42 -62.57 -59.24
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
- --------------------- ------ ------ ----- ------- -----
($) ($) ($) ($) ($)
NYSE Traded Companies
- ---------------------
BYS Bay State Bancorp of MA* 1.05 1.05 23.66 23.66 114.26
CFB Commercial Federal Corp. of NE 1.01 1.23 10.65 9.44 146.59
DME Dime Bancorp, Inc. of NY* 1.58 0.96 11.88 9.77 186.69
DSL Downey Financial Corp. of CA 2.03 2.10 16.31 16.14 207.31
FED FirstFed Fin. Corp. of CA 1.39 1.31 11.34 11.27 189.28
GSB Golden State Bancorp of CA(8) 1.14 1.20 8.74 7.33 140.93
GDW Golden West Fin. Corp. of CA 7.05 6.89 51.14 51.14 683.33
GPT GreenPoint Fin. Corp. of NY* 1.53 1.57 13.41 7.59 135.13
JSB JSB Financial, Inc. of NY* 4.65 5.22 38.65 38.65 159.00
OCN Ocwen Financial Corp. of FL 0.45 0.04 7.03 6.43 57.66
SIB Staten Island Bancorp of NY* 0.56 0.91 15.75 15.35 66.89
WES Westcorp Inc. of Orange CA 0.28 1.26 12.59 12.56 138.79
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 1998
Market Capitalization Price Change Data
----------------------------- ------------------------------------------------
52 Week (1) % Change From
Shares Market ------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- -------- ------ ---------- ---- --- ---- ---- ------ -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 17.19 2,279 39.2 25.63 15.00 17.50 -1.77 -24.87 -26.48
ANE Alliance Bncp of New Eng of CT* 10.00 2,292 22.9 16.08 9.13 9.88 1.21 -9.75 -9.09
BKC American Bank of Waterbury CT* 21.63 4,703 101.7 32.56 17.88 22.38 -3.35 -2.66 -11.28
BFD BostonFed Bancorp of MA 18.06 5,368 96.9 24.88 14.00 17.88 1.01 -10.81 -17.46
CNY Carver Bancorp, Inc. of NY 9.00 2,314 20.8 17.13 8.50 9.13 -1.42 -28.00 -44.62
CBK Citizens First Fin.Corp. of IL 15.00 2,526 37.9 22.38 14.00 15.00 0.00 -19.18 -25.93
EFC EFC Bancorp Inc of IL 11.25 7,491 84.3 14.94 9.06 10.69 5.24 12.50 12.50
EBI Equality Bancorp, Inc. of MO 12.00 2,518 30.2 16.00 11.63 12.00 0.00 20.00 -17.24
ESX Essex Bancorp of Norfolk VA(8) 2.13 1,059 2.3 6.00 1.38 2.06 3.40 -61.27 -45.94
FCB Falmouth Bancorp, Inc. of MA* 15.38 1,402 21.6 23.88 13.00 15.25 0.85 -24.98 -24.98
FAB FirstFed America Bancorp of MA 14.63 7,858 115.0 23.25 10.75 14.75 -0.81 -25.92 -33.14
GAF GA Financial Corp. of PA 14.00 7,143 100.0 22.25 11.38 15.00 -6.67 -25.85 -25.85
HBS Haywood Bancshares, Inc. of NC* 17.25 1,250 21.6 24.00 17.25 17.75 -2.82 -17.86 -23.33
KNK Kankakee Bancorp, Inc. of IL 24.50 1,373 33.6 37.75 24.25 25.50 -3.92 -21.92 -35.10
KYF Kentucky First Bancorp of KY 12.50 1,241 15.5 15.88 12.13 12.25 2.04 -9.09 -16.33
NBN Northeast Bancorp of ME* 11.13 2,614 29.1 19.50 8.00 10.75 3.53 -29.33 -41.42
NEP Northeast PA Fin. Corp of PA 11.38 6,427 73.1 16.00 8.94 11.25 1.16 13.80 13.80
PDB Piedmont Bancorp, Inc. of NC 9.13 2,688 24.5 11.38 9.00 9.38 -2.67 -17.00 -16.08
SSB Scotland Bancorp, Inc. of NC(8) 11.13 1,914 21.3 11.19 8.13 11.19 -0.54 4.70 11.97
SZB SouthFirst Bancshares of AL 15.69 967 15.2 22.75 14.88 15.63 0.38 -19.54 -31.03
SRN Southern Banc Company of AL 12.75 1,230 15.7 19.13 12.75 12.88 -1.01 -26.09 -28.17
SSM Stone Street Bancorp of NC 15.00 1,843 27.6 22.50 14.00 14.63 2.53 -23.08 -32.40
TSH Teche Holding Company of LA 15.13 3,095 46.8 23.13 13.13 14.88 1.68 -25.28 -33.49
FTF Texarkana Fst. Fin. Corp of AR 21.75 1,676 36.5 30.63 20.00 21.75 0.00 -16.35 -13.00
THR Three Rivers Fin. Corp. of MI 15.13 783 11.8 23.50 15.00 15.50 -2.39 -14.76 -30.44
WSB Washington SB, FSB of MD 4.25 4,421 18.8 9.50 3.75 4.31 -1.39 -43.33 -53.09
WFI Winton Financial Corp. of OH 12.13 4,014 48.7 20.63 9.81 12.38 -2.02 22.03 19.04
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
- --------------------- ------ ------ ----- ------- -----
($) ($) ($) ($) ($)
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* 1.01 0.49 8.59 8.40 110.07
BKC American Bank of Waterbury CT* 1.82 1.53 12.61 12.23 145.77
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 0.56 0.01 10.40 10.40 108.56
ESX Essex Bancorp of Norfolk VA(8) -0.44 -0.44 0.04 -0.08 202.45
FCB Falmouth Bancorp, Inc. of MA* 0.78 0.59 16.86 16.86 78.83
FAB FirstFed America Bancorp of MA 0.87 0.71 14.84 14.84 167.44
GAF GA Financial Corp. of PA 1.14 1.06 15.11 14.97 117.36
HBS Haywood Bancshares, Inc. of NC* 1.12 1.76 17.68 17.12 121.37
KNK Kankakee Bancorp, Inc. of IL 2.10 2.01 28.57 24.41 292.74
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 1.89 1.84 16.83 16.83 113.10
THR Three Rivers Fin. Corp. of MI 1.05 0.94 16.20 16.15 126.29
WSB Washington SB, FSB of MD 0.44 0.30 5.21 5.21 61.87
WFI Winton Financial Corp. of OH 1.06 0.80 6.49 6.38 89.33
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 38.75 1,096 42.5 45.50 22.22 38.75 0.00 71.92 32.30
FBER 1st Bergen Bancorp of NJ(8) 22.50 2,585 58.2 22.63 14.50 22.50 0.00 21.62 17.62
AFED AFSALA Bancorp, Inc. of NY(8) 15.75 1,319 20.8 20.75 12.25 13.75 14.55 -16.00 -18.18
ALBK ALBANK Fin. Corp. of Albany NY(8) 61.13 13,384 818.2 74.63 40.94 60.25 1.46 34.35 18.84
AMFC AMB Financial Corp. of IN 12.63 916 11.6 19.38 11.13 11.88 6.31 -22.89 -20.47
ASBP ASB Financial Corp. of OH 11.81 1,655 19.5 16.75 9.81 11.88 -0.59 -9.15 -10.87
ABBK Abington Bancorp of MA* 14.75 3,532 52.1 22.25 12.50 15.13 -2.51 -13.89 -29.76
AABC Access Anytime Bancorp of NM 8.00 1,228 9.8 13.00 6.63 7.00 14.29 -2.56 -27.27
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
- --------------------- ------ ------ ----- ------- -----
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 1.74 1.22 21.77 21.35 237.36
FBER 1st Bergen Bancorp of NJ(8) 0.82 0.82 13.50 13.50 116.35
AFED AFSALA Bancorp, Inc. of NY(8) 0.77 0.84 14.46 14.46 126.84
ALBK ALBANK Fin. Corp. of Albany NY(8) 3.34 3.32 28.35 22.45 308.64
AMFC AMB Financial Corp. of IN 0.94 0.61 15.41 15.41 121.55
ASBP ASB Financial Corp. of OH 0.65 0.64 8.76 8.76 70.35
ABBK Abington Bancorp of MA* 1.28 0.97 9.85 8.98 154.65
AABC Access Anytime Bancorp of NM 1.22 1.11 7.55 7.55 95.21
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 1998
Market Capitalization Price Change Data
----------------------------- ------------------------------------------------
52 Week (1) % Change From
Shares Market ------------- -----------------------
Price/ Outst- Capital- Last Last 52 Wks Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week Ago(2) 1997(2)
- --------------------- -------- ------ ---------- ---- --- ---- ---- ------ -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
AFBC Advance Fin. Bancorp of WV 12.50 1,031 12.9 20.88 12.38 13.38 -6.58 -28.57 -28.08
ALBC Albion Banc Corp. of Albion NY 8.00 752 6.0 14.17 7.63 7.75 3.23 -17.95 -39.98
ABCL Alliance Bancorp, Inc. of IL 19.13 11,457 219.2 29.25 15.00 18.13 5.52 -23.48 -27.81
ALLB Alliance Bank MHC of PA (19.9) 12.75 3,274 8.3 39.00 12.75 13.25 -3.77 -57.14 -58.87
AHCI Ambanc Holding Co., Inc. of NY* 15.50 4,105 63.6 20.00 12.00 13.50 14.81 0.00 -17.33
ASBI Ameriana Bancorp of IN 18.00 3,253 58.6 22.00 17.50 18.00 0.00 -11.11 -9.46
ABCW Anchor Bancorp Wisconsin of WI 21.50 17,059 366.8 23.88 14.50 22.63 -4.99 46.96 18.20
ANDB Andover Bancorp, Inc. of MA* 31.25 6,483 202.6 39.88 25.56 30.75 1.63 7.02 -2.95
ASFC Astoria Financial Corp. of NY 43.00 26,593 1,143.5 62.50 30.13 41.63 3.29 -17.70 -22.87
AVND Avondale Fin. Corp. of IL(8) 12.44 2,903 36.1 18.19 8.38 13.13 -5.26 -25.73 -23.45
BCSB BCSB Bankcorp MHC of MD (38.6) 10.06 6,117 23.8 12.63 9.25 10.00 0.60 0.60 0.60
BKCT Bancorp Connecticut of CT* 14.75 5,114 75.4 25.00 14.75 17.00 -13.24 -23.89 -29.76
BPLS Bank Plus Corp. of CA 4.06 19,387 78.7 16.13 2.28 4.94 -17.81 -66.17 -67.85
BNKU Bank United Corp. of TX 39.84 31,583 1,258.3 56.00 25.50 36.38 9.51 -4.00 -18.59
BWFC Bank West Fin. Corp. of MI 9.38 2,624 24.6 17.50 8.75 9.23 1.63 -32.18 -41.85
BANC BankAtlantic Bancorp of FL 8.50 37,097 315.3 17.00 6.50 9.63 -11.73 -37.04 -49.25
BKUNA BankUnited Fin. Corp. of FL 9.06 17,786 161.1 18.50 6.56 8.44 7.35 -30.31 -41.21
BVCC Bay View Capital Corp. of CA 17.25 19,586 337.9 38.00 12.50 17.38 -0.75 -42.98 -52.41
FSNJ Bayonne Banchsares of NJ(8) 14.94 9,120 136.3 17.38 10.00 15.00 -0.40 24.50 11.66
BFSB Bedford Bancshares, Inc. of VA 15.00 2,298 34.5 17.38 10.50 12.00 25.00 21.16 -11.76
BFFC Big Foot Fin. Corp. of IL 13.38 2,513 33.6 23.94 12.75 13.50 -0.89 -26.68 -36.29
BYFC Broadway Fin. Corp. of CA 7.75 933 7.2 12.73 6.75 6.75 14.81 -35.63 -36.84
BRKL Brookline Bncp MHC of MA(47.0) 13.00 29,095 177.8 17.98 9.88 12.69 2.44 30.00 30.00
CBES CBES Bancorp, Inc. of MO 15.88 940 14.9 26.00 14.44 15.88 0.00 -18.56 -28.63
CITZ CFS Bancorp, Inc. of IN 9.88 22,727 224.5 11.44 8.31 9.75 1.33 -1.20 -1.20
CFSB CFSB Bancorp of Lansing MI 25.00 8,166 204.2 28.75 18.79 22.88 9.27 29.94 4.78
CKFB CKF Bancorp of Danville KY 15.25 843 12.9 21.25 15.00 15.25 0.00 -14.08 -17.57
CNSB CNS Bancorp, Inc. of MO 13.00 1,492 19.4 21.50 12.75 13.00 0.00 -24.64 -36.59
CNYF CNY Financial Corp of NY* 10.00 5,357 53.6 10.00 8.88 9.88 1.21 0.00 0.00
CSBF CSB Financial Group Inc of IL 9.88 821 8.1 14.00 9.00 10.50 -5.90 -20.96 -26.81
CBCI Calumet Bancorp of Chicago IL(8) 30.13 3,146 94.8 39.00 26.00 29.75 1.28 -9.16 -9.38
CAFI Camco Fin. Corp. of OH 15.75 5,481 86.3 20.67 14.88 15.38 2.41 2.74 -7.35
CMRN Cameron Fin. Corp. of MO 15.38 2,434 37.4 22.19 14.50 15.50 -0.77 -17.97 -24.98
CFNC Carolina Fincorp of NC* 8.13 1,906 15.5 18.88 8.00 8.00 1.63 -52.18 -56.05
CASB Cascade Financial Corp. of WA 13.50 4,309 58.2 16.00 9.80 12.00 12.50 29.81 27.36
CATB Catskill Fin. Corp. of NY* 13.94 4,358 60.8 18.88 11.75 13.63 2.27 -20.34 -26.17
CAVB Cavalry Bancorp of TN 19.50 7,538 147.0 25.25 18.50 18.81 3.67 95.00 95.00
CNIT Cenit Bancorp of Norfolk VA 19.50 4,997 97.4 28.58 16.50 17.50 11.43 -10.18 -26.42
CEBK Central Co-Op. Bank of MA* 18.63 1,965 36.6 33.50 17.00 19.88 -6.29 -19.00 -34.63
CENB Century Bancorp, Inc. of NC(8) 13.13 1,271 16.7 39.00 12.00 14.00 -6.21 -53.11 -53.52
COFI Charter One Financial of OH 27.44 132,541 3,636.9 34.64 18.25 26.81 2.35 -0.22 -8.72
CVAL Chester Valley Bancorp of PA 29.50 2,444 72.1 35.24 24.76 27.88 5.81 19.14 5.89
CLAS Classic Bancshares, Inc. of KY 13.50 1,300 17.6 21.50 12.00 14.88 -9.27 -14.29 -19.40
CBSA Coastal Bancorp of Houston TX 19.00 7,362 139.9 26.67 14.50 20.00 -5.00 0.90 -18.28
CFCP Coastal Fin. Corp. of SC 19.00 6,256 118.9 20.50 14.72 18.13 4.80 3.37 3.37
CFKY Columbia Financial of KY 13.00 2,671 34.7 17.13 11.63 12.88 0.93 30.00 30.00
CMSB Commonwealth Bancorp Inc of PA 14.25 14,764 210.4 24.25 10.63 13.81 3.19 -21.10 -28.32
CMSV Commty. Svgs, MHC of FL (48.5)(8) 22.38 5,100 55.3 40.75 17.56 20.75 7.86 -36.96 -36.74
CFTP Community Fed. Bancorp of MS 14.75 4,398 64.9 21.00 14.25 14.50 1.72 -11.30 -27.16
CFFC Community Fin. Corp. of VA 11.81 2,569 30.3 16.38 11.00 12.25 -3.59 4.98 -14.48
CIBI Community Inv. Bancorp of OH 12.25 1,243 15.2 15.25 9.83 11.50 6.52 22.50 13.74
COOP Cooperative Bancshares of NC 13.00 3,043 39.6 25.00 12.50 13.00 0.00 -20.00 -46.94
CRZY Crazy Woman Creek Bncorp of WY 13.50 888 12.0 20.00 11.94 13.13 2.82 -10.00 -10.00
CRSB Crusader Holding Corp of PA 12.13 3,833 46.5 17.86 10.63 11.13 8.98 N.A. N.A.
DNFC D&N Financial Corp. of MI 19.25 9,164 176.4 29.75 15.94 19.00 1.32 -15.31 -27.36
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) 0.61 0.61 9.05 9.05 84.76
AHCI Ambanc Holding Co., Inc. of NY* 0.51 0.52 14.22 14.22 137.73
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 3.15 2.71 33.56 24.05 435.29
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 3.50 3.29 21.20 19.25 414.65
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 0.74 1.26 20.11 13.04 292.05
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 1.12 0.80 17.93 17.93 131.76
CITZ CFS Bancorp, Inc. of IN 0.36 0.40 10.88 10.88 62.51
CFSB CFSB Bancorp of Lansing MI 1.42 1.28 8.08 8.08 103.82
CKFB CKF Bancorp of Danville KY 0.98 0.98 16.06 16.06 74.45
CNSB CNS Bancorp, Inc. of MO 0.58 0.50 16.27 16.27 65.68
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 0.82 0.73 7.29 7.29 103.08
CATB Catskill Fin. Corp. of NY* 0.88 0.87 15.65 15.65 71.03
CAVB Cavalry Bancorp of TN 0.68 0.50 13.37 13.37 45.08
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 1.27 1.67 11.16 10.51 149.49
CVAL Chester Valley Bancorp of PA 1.33 1.25 13.03 13.03 154.26
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 0.22 0.22 14.03 14.03 44.54
CMSB Commonwealth Bancorp Inc of PA 0.90 0.64 13.53 10.66 160.41
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 0.71 0.71 8.32 8.32 82.49
COOP Cooperative Bancshares of NC 0.79 0.72 9.95 9.95 125.22
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 52.71
DNFC D&N Financial Corp. of MI 1.67 1.46 11.54 11.45 207.12
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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 17.50 1,756 30.7 24.25 15.38 17.50 0.00 2.94 -15.66
DCOM Dime Community Bancorp of NY* 23.94 11,714 280.4 29.31 15.00 23.00 4.09 13.30 0.80
ESBF ESB Financial Corp of PA 16.00 5,665 90.6 20.00 15.06 16.00 0.00 0.57 -8.57
EGLB Eagle BancGroup of IL 19.94 1,177 23.5 21.13 14.00 18.06 10.41 6.35 5.61
EBSI Eagle Bancshares of Tucker GA 18.25 5,806 106.0 27.25 17.00 18.00 1.39 0.00 -17.05
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* 21.00 727 15.3 32.25 16.25 20.75 1.20 -22.62 -30.00
EMLD Emerald Financial Corp. of OH 10.75 10,297 110.7 16.00 9.00 10.50 2.38 19.44 -2.80
EFBC Empire Federal Bancorp of MT 12.75 2,480 31.6 18.00 10.63 12.69 0.47 -21.54 -25.57
EFBI Enterprise Fed. Bancorp of OH(8) 43.50 2,211 96.2 43.50 25.00 42.13 3.25 74.00 38.10
EQSB Equitable FSB of Wheaton MD 22.00 1,223 26.9 34.00 16.13 19.13 15.00 -1.12 -16.98
FCBF FCB Fin. Corp. of Neenah WI 24.50 3,857 94.5 34.00 22.00 24.75 -1.01 -10.91 -16.95
FFDF FFD Financial Corp. of OH 16.00 1,445 23.1 24.00 15.00 16.00 0.00 -14.67 -11.11
FFLC FFLC Bancorp of Leesburg FL 15.88 3,694 58.7 23.50 15.00 16.75 -5.19 -23.84 -26.99
FFWC FFW Corporation of Wabash IN 15.00 1,458 21.9 21.50 14.00 14.63 2.53 -4.03 -21.05
FFYF FFY Financial Corp. of OH 31.00 4,011 124.3 36.88 26.25 28.00 10.71 7.83 -6.43
FMCO FMS Financial Corp. of NJ 10.00 7,220 72.2 16.67 8.88 10.00 0.00 5.26 -15.47
FFHH FSF Financial Corp. of MN 15.00 2,898 43.5 21.25 13.38 14.75 1.69 -21.05 -28.37
FBCI Fidelity Bancorp of Chicago IL 20.75 2,833 58.8 26.00 16.00 19.50 6.41 -14.01 -19.04
FSBI Fidelity Bancorp, Inc. of PA 17.00 1,974 33.6 28.00 16.50 16.88 0.71 -11.46 -26.72
FFFL Fidelity Bcsh MHC of FL (47.9) 23.56 6,802 76.8 35.38 18.75 22.75 3.56 -14.33 -27.51
FFED Fidelity Fed. Bancorp of IN 4.88 3,127 15.3 10.50 3.75 5.00 -2.40 -49.95 -52.67
FFOH Fidelity Financial of OH 13.56 5,602 76.0 19.88 11.88 13.88 -2.31 -11.08 -12.52
FIBC Financial Bancorp, Inc. of NY(8) 36.50 1,709 62.4 37.63 22.00 35.25 3.55 61.29 51.26
SBFL Fingr Lakes Fin.MHC OF NY(33.1 10.00 3,570 11.8 24.75 9.00 9.63 3.84 -31.65 -37.50
FBSI First Bancshares, Inc. of MO 13.25 2,214 29.3 17.50 12.50 12.75 3.92 8.70 -15.23
FBBC First Bell Bancorp of PA 14.50 6,229 90.3 21.63 12.88 14.25 1.75 -13.43 -23.68
FSTC First Citizens Corp of GA 28.00 2,795 78.3 35.50 22.00 28.13 -0.46 10.54 -17.65
FCME First Coastal Corp. of ME* 9.88 1,361 13.4 15.63 8.00 8.44 17.06 -20.96 -33.60
FDEF First Defiance Fin.Corp. of OH 14.25 8,158 116.3 16.25 11.13 12.63 12.83 -7.35 -10.94
FESX First Essex Bancorp of MA* 16.88 7,564 127.7 26.13 13.75 16.50 2.30 -15.09 -27.40
FFSX First FSB MHC Sxld of IA(46.3)(8) 20.00 2,845 26.3 39.00 20.00 20.25 -1.23 -37.98 -37.01
FFES First Fed of E. Hartford CT 25.50 2,743 69.9 42.25 20.50 24.56 3.83 -28.43 -31.54
BDJI First Fed. Bancorp. of MN 13.50 998 13.5 22.00 13.50 13.50 0.00 -17.78 -38.64
FFBH First Fed. Bancshares of AR 19.25 4,871 93.8 30.25 16.00 17.75 8.45 -8.33 -18.95
FTFC First Fed. Capital Corp. of WI 15.25 18,472 281.7 18.38 11.88 14.75 3.39 11.89 -9.98
FFKY First Fed. Fin. Corp. of KY 25.75 4,130 106.3 28.75 20.50 25.50 0.98 21.18 13.19
FFBZ First Federal Bancorp of OH 12.00 3,151 37.8 14.50 9.63 10.38 15.61 24.61 13.64
FFCH First Fin. Holdings Inc. of SC 19.25 13,659 262.9 27.00 14.50 19.00 1.32 4.05 -27.52
FFHS First Franklin Corp. of OH 13.50 1,704 23.0 20.83 12.50 13.50 0.00 -11.94 -35.19
FGHC First Georgia Hold. Corp of GA 8.75 4,799 42.0 15.75 5.33 8.50 2.94 61.44 38.23
FFSL First Independence Corp. of KS 10.25 959 9.8 15.63 9.75 9.75 5.13 -30.51 -26.79
FISB First Indiana Corp. of IN 18.75 12,708 238.3 30.00 17.38 19.00 -1.32 -9.99 -25.62
FKAN First Kansas Financial of KS 10.06 1,554 15.6 12.50 9.00 10.00 0.60 0.60 0.60
FKFS First Keystone Fin. Corp of PA 15.38 2,413 37.1 21.75 11.75 15.00 2.53 4.70 -13.98
FLKY First Lancaster Bncshrs of KY 12.75 959 12.2 16.13 12.00 12.25 4.08 -20.31 -20.01
FLFC First Liberty Fin. Corp. of GA 19.88 13,369 265.8 25.50 17.00 18.94 4.96 14.71 -6.80
CASH First Midwest Fin., Inc. of IA 15.50 2,614 40.5 24.88 15.38 16.50 -6.06 -23.46 -31.11
FMBD First Mutual Bancorp Inc of IL(8) 17.00 3,531 60.0 25.00 14.75 16.88 0.71 -3.57 -32.00
FMSB First Mutual SB of Bellevue WA* 12.50 4,245 53.1 19.00 11.94 14.00 -10.71 -30.25 -32.43
FNGB First Northern Cap. Corp of WI 11.50 8,802 101.2 14.00 9.50 10.25 12.20 -15.63 -17.86
FWWB First Savings Bancorp of WA 22.00 11,699 257.4 25.97 19.38 22.63 -2.78 2.42 -12.00
FSFF First SecurityFed Fin of IL 14.00 6,408 89.7 17.25 10.69 14.13 -0.92 40.00 -11.11
FSLA First Source Bancorp of NJ 8.63 31,740 273.9 13.93 6.75 8.31 3.85 -19.57 -38.05
SOPN First Svgs Bancorp of NC 22.75 3,711 84.4 26.00 20.88 23.25 -2.15 3.41 -10.78
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 0.96 0.96 15.62 15.62 64.68
DCOM Dime Community Bancorp of NY* 1.12 1.09 15.91 13.86 138.63
ESBF ESB Financial Corp of PA 1.03 1.03 12.01 10.72 166.91
EGLB Eagle BancGroup of IL 0.52 0.18 17.82 17.82 147.91
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 1.56 19.97 19.97 318.74
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 1.86 1.76 14.67 14.67 286.64
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 1.10 1.04 14.91 14.91 142.88
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 -0.25 -0.19 4.28 4.28 63.14
FFOH Fidelity Financial of OH 0.85 0.82 11.78 10.48 94.95
FIBC Financial Bancorp, Inc. of NY(8) 1.69 1.64 16.81 16.74 199.53
SBFL Fingr Lakes Fin.MHC OF NY(33.1 0.28 0.22 6.12 6.12 72.38
FBSI First Bancshares, Inc. of MO 0.83 0.83 11.00 10.55 77.77
FBBC First Bell Bancorp of PA 1.21 1.20 12.34 12.34 121.47
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* 1.39 1.19 12.40 9.00 173.82
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 2.13 2.30 25.73 25.73 357.42
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 1.16 1.11 8.90 8.90 137.21
FFHS First Franklin Corp. of OH 1.10 0.95 12.72 12.67 139.48
FGHC First Georgia Hold. Corp of GA 0.41 0.41 3.07 2.87 37.68
FFSL First Independence Corp. of KS 0.88 0.88 12.32 12.32 128.64
FISB First Indiana Corp. of IN 1.47 1.04 12.61 12.47 137.77
FKAN First Kansas Financial of KS 0.46 0.45 13.46 13.28 68.21
FKFS First Keystone Fin. Corp of PA 1.14 1.01 10.53 10.53 162.03
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) 0.39 0.30 15.72 12.23 107.49
FMSB First Mutual SB of Bellevue WA* 1.20 1.01 8.02 8.02 110.92
FNGB First Northern Cap. Corp of WI 0.74 0.69 8.54 8.54 78.43
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 0.36 0.35 8.17 7.91 38.47
SOPN First Svgs Bancorp of NC 1.42 1.42 18.73 18.73 81.96
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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 15.88 1,984 31.5 23.75 13.25 15.75 0.83 -3.05 -15.89
FFDB FirstFed Bancorp, Inc. of AL 9.75 2,434 23.7 15.94 9.75 9.75 0.00 -11.36 -9.81
FSPT FirstSpartan Fin. Corp. of SC 34.38 4,209 144.7 47.25 24.50 31.25 10.02 -3.51 -14.58
FLAG Flag Financial Corp of GA 12.88 5,175 66.7 19.38 11.00 12.00 7.33 15.31 -10.12
FLGS Flagstar Bancorp, Inc of MI 24.00 13,670 328.1 28.38 17.75 23.63 1.57 29.73 21.21
FFIC Flushing Fin. Corp. of NY* 15.31 11,337 173.6 19.92 12.00 15.00 2.07 9.36 -3.83
FBHC Fort Bend Holding Corp. of TX(8) 21.25 1,866 39.7 28.00 16.63 20.00 6.25 6.25 -2.30
FTSB Fort Thomas Fin. Corp. of KY 11.00 1,474 16.2 15.75 10.25 11.00 0.00 -17.79 -28.48
FKKY Frankfort First Bancorp of KY 15.38 1,584 24.4 19.50 13.63 14.25 7.93 -19.05 -12.76
FTNB Fulton Bancorp, Inc. of MO 15.50 1,719 26.6 24.00 15.50 16.00 -3.13 -23.00 -29.96
GUPB GFSB Bancorp, Inc of Gallup NM 14.25 1,166 16.6 17.00 13.00 14.25 0.00 0.56 1.21
GSLA GS Financial Corp. of LA 13.50 3,267 44.1 21.00 10.38 12.75 5.88 -20.02 -35.71
GOSB GSB Financial Corp. of NY* 13.00 2,212 28.8 18.94 8.31 13.00 0.00 -13.33 -28.02
GBNK Gaston Fed Bncp MHC of NC(47.0 13.13 4,497 27.7 18.06 10.00 12.88 1.94 31.30 31.30
GFCO Glenway Financial Corp. of OH 19.50 2,283 44.5 24.25 15.00 19.00 2.63 20.00 4.00
GTPS Great American Bancorp of IL 17.00 1,371 23.3 23.00 15.00 16.00 6.25 -10.53 -10.53
PEDE Great Pee Dee Bancorp of SC 13.00 2,202 28.6 17.38 10.63 12.38 5.01 30.00 -19.40
GSFC Green Street Fin. Corp. of NC 12.88 4,083 52.6 18.81 11.25 13.50 -4.59 -27.44 -29.42
GFED Guaranty Fed Bancshares of MO 12.50 5,917 74.0 14.34 10.13 10.38 20.42 6.11 -2.95
HCBBE HCB Bancshares of Camden AR 9.25 2,645 24.5 16.13 8.38 8.63 7.18 -29.55 -36.21
HEMT HF Bancorp of Hemet CA 16.75 6,391 107.0 18.25 12.00 16.00 4.69 6.35 -4.29
HFFC HF Financial Corp. of SD 14.00 4,284 60.0 24.17 12.13 14.00 0.00 -16.82 -20.77
HMNF HMN Financial, Inc. of MN 13.38 5,430 72.7 21.67 11.00 11.88 12.63 -18.06 -38.26
HALL Hallmark Capital Corp. of WI 12.38 2,939 36.4 18.00 9.50 11.88 4.21 -9.96 -27.18
HRBF Harbor Federal Bancorp of MD 20.50 1,863 38.2 23.41 17.00 20.00 2.50 15.62 -10.71
HARB Harbor Florida Bancshrs of FL 10.94 30,910 338.2 13.50 8.75 10.63 2.92 2.53 -0.73
HFSA Hardin Bancorp of Hardin MO 18.13 816 14.8 20.00 14.25 16.00 13.31 0.72 -0.66
HARL Harleysville SB of PA 29.13 1,675 48.8 35.00 27.50 29.13 0.00 -0.41 5.93
HFGI Harrington Fin. Group of IN 8.25 3,205 26.4 13.25 8.13 8.50 -2.94 -32.65 -36.54
HARS Harris Fin. MHC of PA (24.9) 15.56 33,992 131.4 27.88 11.00 14.88 4.57 -16.66 -21.73
HFFB Harrodsburg 1st Fin Bcrp of KY 14.50 1,930 28.0 18.00 14.00 14.50 0.00 -12.12 -13.43
HHFC Harvest Home Fin. Corp. of OH 12.00 879 10.5 16.75 11.75 12.00 0.00 -17.24 -23.81
HAVN Haven Bancorp of Woodhaven NY 13.88 8,851 122.9 28.75 10.50 13.69 1.39 -35.83 -38.31
HTHR Hawthorne Fin. Corp. of CA 15.38 3,170 48.8 24.00 12.00 15.13 1.65 -12.76 -23.60
HMLK Hemlock Fed. Fin. Corp. of IL 14.50 1,878 27.2 19.00 13.13 13.88 4.47 -14.71 -15.35
HBSC Heritage Bancorp, Inc of SC 17.88 4,629 82.8 22.38 14.00 17.25 3.65 19.20 19.20
HFWA Heritage Financial Corp of WA 10.94 9,656 105.6 15.94 9.63 10.38 5.39 9.40 9.40
HCBC High Country Bancorp of CO 10.50 1,323 13.9 15.50 10.25 11.75 -10.64 5.00 -32.26
HBNK Highland Bancorp of CA 34.00 2,179 74.1 43.50 32.00 36.13 -5.90 6.25 3.82
HIFS Hingham Inst. for Sav. of MA* 16.75 1,964 32.9 24.67 15.00 17.25 -2.90 -11.84 -12.62
HBEI Home Bancorp of Elgin IL(8) 14.13 6,659 94.1 19.13 10.50 12.75 10.82 -18.70 -20.97
HBFW Home Bancorp of Fort Wayne IN 26.63 2,351 62.6 37.63 24.00 26.63 0.00 10.96 -9.73
HCFC Home City Fin. Corp. of OH 13.75 905 12.4 22.75 11.00 12.50 10.00 -11.29 -25.68
HOMF Home Fed Bancorp of Seymour IN 23.75 5,142 122.1 33.75 20.50 23.75 0.00 -2.38 -8.65
HWEN Home Financial Bancorp of IN 6.50 929 6.0 9.75 6.50 6.50 0.00 -20.63 -29.73
HLFC Home Loan Financial Corp of OH 12.56 2,248 28.2 16.75 11.45 12.06 4.15 25.60 25.60
HPBC Home Port Bancorp, Inc. of MA* 20.13 1,842 37.1 27.63 19.13 19.88 1.26 -13.42 -12.97
HSTD Homestead Bancorp, Inc. of LA 8.00 1,478 11.8 9.31 3.41 7.88 1.52 -20.00 39.13
HFBC HopFed Bancorp of KY 17.50 4,034 70.6 21.88 15.25 17.06 2.58 75.00 75.00
HZFS Horizon Fin'l. Services of IA 14.13 880 12.4 16.88 11.00 14.25 -0.84 26.95 17.75
HRZB Horizon Financial Corp. of WA* 14.00 7,484 104.8 19.25 12.50 13.19 6.14 -15.15 -21.13
HRBT Hudson River Bancorp Inc of NY 10.31 17,854 184.1 13.69 8.88 10.06 2.49 3.10 3.10
ITLA ITLA Capital Corp of CA* 15.25 7,610 116.1 24.00 9.00 14.13 7.93 -23.29 -20.78
ICBC Independence Comm Bnk Cp of NY 13.69 76,044 1,041.0 19.13 11.00 13.25 3.32 36.90 36.90
IFSB Independence FSB of DC 12.50 1,281 16.0 21.63 11.75 12.50 0.00 -7.41 -26.47
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 1.79 1.74 29.88 29.88 122.93
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* 0.84 0.84 12.33 11.87 96.31
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 1.00 1.00 14.33 14.33 84.90
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* 0.42 0.40 14.54 14.54 58.36
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 0.74 0.74 19.77 19.77 108.20
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 0.48 0.47 11.95 11.95 43.95
HCBBE HCB Bancshares of Camden AR 0.25 0.25 14.45 14.28 83.79
HEMT HF Bancorp of Hemet CA 0.02 0.10 13.11 11.21 163.64
HFFC HF Financial Corp. of SD 1.51 1.31 13.21 13.21 133.07
HMNF HMN Financial, Inc. of MN 0.96 0.68 13.04 11.96 133.55
HALL Hallmark Capital Corp. of WI 0.95 0.89 11.38 11.38 149.16
HRBF Harbor Federal Bancorp of MD 0.94 0.91 15.94 15.94 126.53
HARB Harbor Florida Bancshrs of FL 0.53 0.50 8.37 8.27 42.67
HFSA Hardin Bancorp of Hardin MO 1.01 0.88 16.51 16.51 163.38
HARL Harleysville SB of PA 2.08 2.08 15.14 15.14 236.05
HFGI Harrington Fin. Group of IN -0.58 -0.21 7.07 7.07 151.14
HARS Harris Fin. MHC of PA (24.9) 0.54 0.44 5.56 5.02 68.42
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 1.00 1.06 13.33 12.74 255.93
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 0.42 0.24 9.72 8.83 43.07
HCBC High Country Bancorp of CO 0.55 0.55 13.82 13.82 76.03
HBNK Highland Bancorp of CA 3.36 2.96 20.70 20.70 263.15
HIFS Hingham Inst. for Sav. of MA* 1.44 1.42 11.48 11.48 121.77
HBEI Home Bancorp of Elgin IL(8) 0.37 0.37 14.42 14.42 55.21
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 1.04 11.96 11.96 86.23
HOMF Home Fed Bancorp of Seymour IN 2.02 1.58 13.02 12.69 139.94
HWEN Home Financial Bancorp of IN 0.42 0.32 8.08 8.08 45.81
HLFC Home Loan Financial Corp of OH 0.41 0.41 14.04 14.04 36.44
HPBC Home Port Bancorp, Inc. of MA* 1.72 1.97 12.32 12.32 141.40
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* 1.12 1.09 11.41 11.41 73.90
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 IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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 19.00 4,999 95.0 25.00 16.25 18.50 2.70 8.39 7.04
IWBK Interwest Bancorp of WA 26.56 15,651 415.7 31.33 17.75 26.00 2.15 6.24 5.52
IPSW Ipswich SB of Ipswich MA* 13.00 2,392 31.1 20.75 10.75 13.00 0.00 4.00 -21.21
JXVL Jacksonville Bancorp of TX 14.75 2,422 35.7 23.25 14.38 15.00 -1.67 -19.75 -36.56
JXSB Jcksnville SB,MHC of IL (45.6) 14.25 1,908 12.4 25.50 13.50 13.50 5.56 -19.35 -28.75
JSBA Jefferson Svgs Bancorp of MO 16.13 10,030 161.8 31.88 11.00 15.50 4.06 -22.27 -21.32
KSBK KSB Bancorp of Kingfield ME* 13.00 1,261 16.4 22.50 12.00 13.38 -2.84 -7.14 -42.22
KFBI Klamath First Bancorp of OR 18.25 9,917 181.0 23.06 14.00 17.88 2.07 -19.35 -15.12
LSBI LSB Fin. Corp. of Lafayette IN 29.50 933 27.5 32.00 23.81 28.50 3.51 20.85 8.70
LVSB Lakeview Financial of NJ 18.50 4,880 90.3 28.75 13.50 17.44 6.08 -24.12 -27.45
LARK Landmark Bancshares, Inc of KS 21.38 1,549 33.1 29.25 19.50 21.00 1.81 -8.04 -14.07
LARL Laurel Capital Group of PA 19.00 2,206 41.9 23.50 16.50 17.38 9.32 10.66 -12.32
LSBX Lawrence Savings Bank of MA* 12.75 4,331 55.2 19.31 9.63 13.50 -5.56 -8.14 -22.16
LFED Leeds Fed Bksr MHC of MD (36.3 14.25 5,196 26.8 23.50 11.75 14.50 -1.72 -33.47 -34.48
LXMO Lexington B&L Fin. Corp. of MO 11.75 1,009 11.9 17.88 11.75 11.75 0.00 -28.79 -33.80
LIBB Liberty Bancorp MHC of NJ (47) 9.63 3,901 17.7 11.69 7.25 9.25 4.11 -3.70 -3.70
LFCO Life Financial Corp of CA(8) 4.00 6,562 26.2 25.38 2.25 4.13 -3.15 -75.95 -68.33
LFBI Little Falls Bancorp of NJ 15.38 2,478 38.1 22.25 11.50 14.50 6.07 -16.86 -24.98
LOGN Logansport Fin. Corp. of IN 14.25 1,262 18.0 19.63 13.50 13.75 3.64 -9.52 -20.83
MAFB MAF Bancorp, Inc. of IL 24.50 22,393 548.6 28.83 19.38 23.00 6.52 15.73 3.90
MBLF MBLA Financial Corp. of MO 20.25 1,247 25.3 30.63 18.25 20.50 -1.22 -21.36 -33.61
MECH MECH Financial Inc of CT* 24.25 5,295 128.4 31.81 20.63 24.13 0.50 1.04 -6.95
MFBC MFB Corp. of Mishawaka IN 20.75 1,474 30.6 30.38 18.00 20.00 3.75 -8.79 -31.70
MSBF MSB Financial, Inc of MI 15.25 1,338 20.4 17.73 13.75 14.00 8.93 -6.78 -11.70
MARN Marion Capital Holdings of IN 22.13 1,619 35.8 29.50 21.00 22.63 -2.21 -17.67 -18.43
MRKF Market Fin. Corp. of OH 11.00 1,336 14.7 20.25 10.00 11.00 0.00 -26.67 -29.62
MASB MassBank Corp. of Reading MA* 36.50 3,554 129.7 54.25 29.50 35.50 2.82 -13.61 -23.37
MFLR Mayflower Co-Op. Bank of MA* 21.00 900 18.9 27.50 17.00 21.00 0.00 -10.64 -21.50
MDBK Medford Bancorp, Inc. of MA* 15.50 8,717 135.1 22.13 13.50 17.38 -10.82 -11.43 -21.04
MWBX MetroWest Bank of MA* 6.63 14,258 94.5 9.50 5.75 6.13 8.16 -18.45 -26.33
METF Metropolitan Fin. Corp. of OH 10.25 7,051 72.3 18.88 9.00 10.13 1.18 -13.72 -33.87
MIFC Mid Iowa Financial Corp. of IA(8) 13.50 1,735 23.4 14.00 10.13 13.44 0.45 30.06 17.39
MCBN Mid-Coast Bancorp of ME 9.00 713 6.4 14.00 7.50 8.00 12.50 -3.64 -10.00
MWBI Midwest Bancshares, Inc. of IA 12.00 1,071 12.9 19.50 10.75 12.00 0.00 -26.92 -34.25
MFFC Milton Fed. Fin. Corp. of OH 14.38 2,237 32.2 17.00 12.31 13.00 10.62 -8.00 -6.50
MBSP Mitchell Bancorp, Inc. of NC(8) 15.75 931 14.7 18.50 14.00 14.00 12.50 -7.35 -7.35
MBBC Monterey Bay Bancorp of CA 11.00 3,923 43.2 21.40 10.75 11.63 -5.42 -28.57 -29.49
MONT Montgomery Fin. Corp. of IN 11.00 1,653 18.2 13.63 9.75 10.50 4.76 -13.73 -14.60
MSBK Mutual SB, FSB of Bay City MI 7.75 4,290 33.2 14.13 5.75 7.25 6.90 -38.00 -40.38
MYST Mystic Financial of MA* 13.63 2,574 35.1 18.56 9.75 12.25 11.27 36.30 36.30
NHTB NH Thrift Bancshares of NH 17.00 2,095 35.6 22.50 12.00 17.50 -2.86 -25.27 -17.07
NSLB NS&L Bancorp, Inc of Neosho MO 13.50 686 9.3 19.25 13.25 13.25 1.89 -27.03 -28.50
NSSY NSS Bancorp of CT(8)* 46.63 2,378 110.9 58.75 35.00 46.00 1.37 31.35 23.52
NMSB Newmil Bancorp, Inc. of CT* 12.00 3,837 46.0 14.63 10.00 13.00 -7.69 -7.69 -7.69
NBCP Niagara Bancorp of NY MHC(45.4* 11.00 29,756 148.5 17.00 8.50 10.00 10.00 10.00 10.00
NBSI North Bancshares of Chicago IL 12.00 1,271 15.3 18.83 11.00 11.00 9.09 -30.76 -32.89
FFFD North Central Bancshares of IA 16.75 3,104 52.0 24.88 15.00 16.75 0.00 -7.61 -15.74
NEIB Northeast Indiana Bncrp of IN 18.00 1,650 29.7 22.75 16.38 16.88 6.64 -7.69 -18.66
NWSB Northwest Bcrp MHC of PA (30.8 11.88 46,865 171.5 18.00 9.00 10.25 15.90 -21.48 -15.92
NWEQ Northwest Equity Corp. of WI 17.75 825 14.6 22.25 15.63 17.00 4.41 2.90 -14.46
NTMG Nutmeg FS&LA of CT 13.00 1,077 14.0 13.00 8.72 12.00 8.33 45.90 23.81
OHSL OHSL Financial Corp. of OH 14.63 2,496 36.5 18.38 12.88 14.63 0.00 4.50 8.37
OCFC Ocean Fin. Corp. of NJ 14.50 14,757 214.0 20.00 12.00 14.25 1.75 -22.29 -22.17
OTFC Oregon Trail Fin. Corp. of OR 13.38 4,695 62.8 18.50 11.00 13.00 2.92 -17.66 -23.01
OFCP Ottawa Financial Corp. of MI 21.00 5,717 120.1 30.91 18.88 20.00 5.00 -12.83 -32.06
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 1.07 1.07 12.23 12.23 76.58
IWBK Interwest Bancorp of WA 1.29 1.09 9.03 8.89 133.60
IPSW Ipswich SB of Ipswich MA* 1.09 0.87 5.45 5.45 97.68
JXVL Jacksonville Bancorp of TX 1.30 1.30 14.48 14.48 100.20
JXSB Jcksnville SB,MHC of IL (45.6) 0.52 0.33 9.38 9.38 88.96
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 0.90 0.89 14.22 13.03 101.71
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 1.38 1.42 10.66 10.66 100.17
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) 0.32 0.32 8.59 8.59 65.46
LFCO Life Financial Corp of CA(8) 2.10 2.19 9.10 9.10 72.00
LFBI Little Falls Bancorp of NJ 0.76 0.76 14.90 13.82 141.79
LOGN Logansport Fin. Corp. of IN 1.02 1.03 13.46 13.46 71.52
MAFB MAF Bancorp, Inc. of IL 1.67 1.60 12.50 11.16 159.41
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 1.46 1.42 22.46 22.46 197.38
MSBF MSB Financial, Inc of MI 0.91 0.79 9.95 9.95 59.77
MARN Marion Capital Holdings of IN 1.44 1.44 23.26 22.76 119.80
MRKF Market Fin. Corp. of OH 0.46 0.46 11.78 11.78 40.16
MASB MassBank Corp. of Reading MA* 3.03 2.61 30.77 30.37 261.58
MFLR Mayflower Co-Op. Bank of MA* 1.67 1.45 14.67 14.46 158.85
MDBK Medford Bancorp, Inc. of MA* 1.37 1.30 11.64 11.05 130.24
MWBX MetroWest Bank of MA* 0.54 0.54 3.39 3.39 46.18
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 1.35 1.08 10.64 10.64 148.89
MFFC Milton Fed. Fin. Corp. of OH 0.67 0.54 11.64 11.64 105.10
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 0.59 0.59 12.14 12.14 70.88
MSBK Mutual SB, FSB of Bay City MI -1.91 -0.65 7.94 7.94 143.08
MYST Mystic Financial of MA* 0.62 0.58 14.04 14.04 77.33
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* 0.78 0.61 8.71 8.71 95.80
NBCP Niagara Bancorp of NY MHC(45.4* 0.26 0.40 8.60 8.60 45.21
NBSI North Bancshares of Chicago IL 0.36 0.32 10.50 10.50 97.02
FFFD North Central Bancshares of IA 1.43 1.41 15.85 13.73 106.68
NEIB Northeast Indiana Bncrp of IN 1.40 1.40 16.07 16.07 123.19
NWSB Northwest Bcrp MHC of PA (30.8 0.45 0.44 4.65 4.18 54.68
NWEQ Northwest Equity Corp. of WI 1.44 1.34 14.25 14.25 116.91
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 0.69 0.69 14.47 14.47 54.62
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 IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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 14.69 15,440 226.8 21.13 11.94 13.38 9.79 -23.21 -26.11
PSFI PS Financial of Chicago IL 10.38 2,019 21.0 22.38 8.50 10.00 3.80 -40.89 -53.62
PSBI PSB Bancorp Inc. of PA* 7.63 3,101 23.7 11.27 6.25 7.50 1.73 -23.01 -32.30
PVFC PVF Capital Corp. of OH 11.13 3,991 44.4 18.83 10.00 11.25 -1.07 -17.56 -17.31
PBCI Pamrapo Bancorp, Inc. of NJ 23.75 2,843 67.5 32.38 22.13 23.00 3.26 -5.00 -12.84
PFED Park Bancorp of Chicago IL 14.63 2,418 35.4 19.75 13.25 14.38 1.74 -17.02 -21.47
PVSA Parkvale Financial Corp of PA 21.00 6,381 134.0 28.00 19.60 21.75 -3.45 -6.25 -23.36
PBHC Pathfinder BC MHC of NY (45.2)* 11.63 2,736 14.9 26.13 9.88 11.25 3.38 -30.57 -41.85
PEEK Peekskill Fin. Corp. of NY 13.63 2,860 39.0 18.25 12.00 13.06 4.36 -17.39 -18.63
PFSB PennFed Fin. Services of NJ 13.81 9,230 127.5 19.00 10.25 12.63 9.34 -9.08 -19.38
PWBK Pennwood Bancorp, Inc. of PA 10.88 697 7.6 17.44 9.00 9.88 10.12 -23.65 -26.54
PBKB People's Bancshares of MA* 20.75 3,317 68.8 27.75 15.00 20.50 1.22 9.21 -8.79
TSBS Peoples Bancorp Inc of NJ(8)* 10.13 36,373 368.5 11.83 6.97 10.00 1.30 10.23 -14.37
PFDC Peoples Bancorp of Auburn IN 20.00 3,357 67.1 25.00 19.88 20.13 -0.65 -6.24 -9.09
PBCT Peoples Bank, MHC of CT (41.2)* 25.56 64,147 706.3 41.13 19.19 24.13 5.93 -21.06 -32.74
PFFC Peoples Fin. Corp. of OH 11.00 1,352 14.9 18.50 10.00 10.00 10.00 -15.38 -27.30
PHBK Peoples Heritage Fin Grp of ME* 18.00 87,784 1,580.1 26.50 13.81 17.56 2.51 -7.98 -21.74
PSFC Peoples Sidney Fin. Corp of OH 16.38 1,785 29.2 24.38 15.00 16.50 -0.73 -6.40 -8.39
PERM Permanent Bancorp, Inc. of IN 12.00 4,249 51.0 18.25 10.94 12.00 0.00 -5.88 -22.88
PCBC Perry Co. Fin. Corp. of MO 19.75 828 16.4 25.00 18.00 20.75 -4.82 -5.95 -18.15
PHFC Pittsburgh Home Fin Corp of PA 12.63 1,969 24.9 20.81 12.13 13.25 -4.68 -32.64 -29.83
PFSL Pocahontas Bancorp of AR 8.81 6,685 58.9 11.43 6.75 9.00 -2.11 -2.87 -20.34
PTRS Potters Financial Corp of OH 14.00 951 13.3 22.25 13.00 13.00 7.69 4.17 -30.00
PHSB Ppls Home SB, MHC of PA (45.0) 13.75 2,760 17.1 22.13 11.50 12.13 13.36 -22.54 -27.17
PRBC Prestige Bancorp of PA 13.00 1,000 13.0 22.07 12.50 13.50 -3.70 -20.25 -25.24
PFNC Progress Financial Corp. of PA 14.19 5,192 73.7 21.67 11.50 12.38 14.62 -0.70 -9.68
PROV Provident Fin. Holdings of CA 15.50 4,625 71.7 24.25 14.00 15.50 0.00 -22.50 -29.16
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 19.38 2,106 12.1 51.00 16.00 19.00 2.00 -34.59 -38.24
PLSK Pulaski SB, MHC of NJ (47.0) 10.75 2,108 10.6 21.00 10.13 10.50 2.38 -41.89 -44.16
PULS Pulse Bancorp of S. River NJ(8) 26.00 3,190 82.9 30.50 23.00 26.00 0.00 4.00 -0.50
QCFB QCF Bancorp of Virginia MN 26.00 1,321 34.3 31.75 25.00 26.00 0.00 -3.70 -12.61
QCBC Quaker City Bancorp of CA 15.00 5,799 87.0 21.25 11.75 15.31 -2.02 -6.25 -11.76
QCSB Queens County Bancorp of NY* 29.81 21,419 638.5 31.42 22.88 30.00 -0.63 24.21 10.41
RARB Raritan Bancorp of Raritan NJ(8)* 34.06 2,456 83.7 34.75 24.75 34.00 0.18 21.64 21.64
RELY Reliance Bancorp, Inc. of NY 24.75 8,984 222.4 42.25 21.50 24.75 0.00 -22.37 -32.43
RELI Reliance Bancshares Inc of WI(8) 9.38 2,396 22.5 10.13 8.06 9.00 4.22 13.70 -1.26
RCBK Richmond County Fin Corp of NY 14.63 26,424 386.6 19.75 11.31 14.81 -1.22 46.30 46.30
RIVR River Valley Bancorp of IN 13.88 1,190 16.5 20.75 13.25 13.38 3.74 -15.88 -25.97
RVSB Riverview Bancorp of WA 12.13 6,186 75.0 19.13 11.25 12.38 -2.02 -9.34 -31.66
RSLN Roslyn Bancorp, Inc. of NY* 17.13 41,400 709.2 30.50 13.31 17.25 -0.70 -18.43 -26.32
SCCB S. Carolina Comm. Bnshrs of SC 13.50 580 7.8 24.00 13.50 16.00 -15.63 -40.34 -40.00
SFED SFS Bancorp of Schenectady NY(8) 22.00 1,208 26.6 27.88 19.75 24.25 -9.28 0.00 -18.15
SGVB SGV Bancorp of W. Covina CA 13.00 2,348 30.5 18.81 11.75 12.00 8.33 -27.78 -26.76
SISB SIS Bancorp, Inc. of MA(8)* 39.75 7,171 285.0 52.63 29.50 38.13 4.25 16.71 -1.09
SWCB Sandwich Bancorp of MA(8)* 53.75 2,043 109.8 64.50 37.00 54.50 -1.38 41.45 22.16
SKAN Skaneateles Bancorp Inc of NY* 13.88 1,445 20.1 22.25 12.63 13.38 3.74 -33.90 -37.28
SKBOD Skibo Fin Corp MHC of PA(45.0) 12.00 2,300 12.4 21.00 10.13 11.25 6.67 -38.87 -36.00
SOBI Sobieski Bancorp of S. Bend IN 14.50 764 11.1 24.25 13.88 14.50 0.00 -21.62 -28.85
SFFS Sound Bancorp MHC of NY (44.1) 10.00 5,212 23.0 10.00 8.50 9.75 2.56 0.00 0.00
SSFC South Street Fin. Corp. of NC* 8.31 4,676 38.9 19.13 8.00 8.38 -0.84 -53.18 -56.26
SBAN SouthBanc Shares Inc. of SC 18.00 4,306 77.5 23.76 15.00 17.84 0.90 1.64 -15.33
SCBS Southern Commun. Bncshrs of AL 13.00 1,137 14.8 20.75 12.00 13.00 0.00 -29.73 -28.77
SMBC Southern Missouri Bncrp of MO 16.63 1,484 24.7 23.25 15.75 16.50 0.79 -6.31 -18.88
SVRN Sovereign Bancorp, Inc. of PA 13.13 163,725 2,149.7 22.19 9.00 13.25 -0.91 -10.62 -24.06
STFR St. Francis Cap. Corp. of WI 40.88 4,788 195.7 50.75 34.50 36.13 13.15 11.24 -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 1.08 1.00 15.67 15.51 194.81
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 1.65 1.59 17.30 17.21 138.68
PFED Park Bancorp of Chicago IL 0.70 0.71 16.55 16.55 81.39
PVSA Parkvale Financial Corp of PA 1.74 1.74 13.17 13.11 171.66
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 1.21 1.18 11.24 9.77 168.14
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)* 0.23 0.20 9.38 9.10 24.01
PFDC Peoples Bancorp of Auburn IN 1.28 1.28 13.57 13.57 90.65
PBCT Peoples Bank, MHC of CT (41.2)* 1.60 0.83 13.37 11.53 141.94
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 1.09 0.97 13.12 12.98 189.20
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) 0.63 0.58 10.41 10.41 82.15
PRBC Prestige Bancorp of PA 0.70 0.68 15.93 15.93 164.66
PFNC Progress Financial Corp. of PA 0.77 0.69 8.03 7.17 116.01
PROV Provident Fin. Holdings of CA 1.09 0.44 18.73 18.73 176.43
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) 0.47 0.51 10.53 10.53 89.08
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 1.14 1.12 13.32 13.32 153.04
QCSB Queens County Bancorp of NY* 1.11 1.09 7.92 7.92 80.08
RARB Raritan Bancorp of Raritan NJ(8)* 1.62 1.62 12.96 12.81 176.96
RELY Reliance Bancorp, Inc. of NY 2.08 2.19 21.69 15.13 276.68
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 0.76 12.44 12.39 60.39
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 0.63 0.62 13.73 13.56 173.91
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* 1.09 1.06 12.69 12.39 184.59
SKBOD Skibo Fin Corp MHC of PA(45.0) 0.36 0.43 10.63 10.63 63.30
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 IV-1 (continued)
Weekly Thrift Market Line - Part One
Prices As Of October 30, 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 20.56 40,598 834.7 27.06 16.81 20.94 -1.81 -10.61 -21.68
SFFC StateFed Financial Corp. of IA 11.88 1,566 18.6 15.00 9.00 11.63 2.15 -12.39 -19.46
SFIN Statewide Fin. Corp. of NJ 15.50 4,397 68.2 26.69 15.25 16.63 -6.79 -28.34 -35.42
STSA Sterling Financial Corp. of WA 16.38 7,606 124.6 27.63 14.00 15.25 7.41 -22.92 -24.69
ROSE T R Financial Corp. of NY* 32.75 17,630 577.4 44.75 19.88 29.63 10.53 3.97 -1.50
THRD TF Financial Corp. of PA 18.50 3,192 59.1 30.00 16.13 17.25 7.25 -20.87 -38.33
THTL Thistle Group Holdings of PA 9.00 9,000 81.0 10.06 7.63 9.13 -1.42 -10.00 -10.00
TSBK Timberland Bancorp of WA 13.38 6,613 88.5 18.50 10.75 12.00 11.50 33.80 33.80
TRIC Tri-County Bancorp of WY 12.75 1,167 14.9 16.50 11.25 12.75 0.00 -8.14 -15.00
TWIN Twin City Bancorp, Inc. of TN 13.25 1,241 16.4 15.50 12.75 13.13 0.91 -8.62 -14.52
USAB USABancshares, Inc of PA* 7.25 2,002 14.5 13.31 6.19 8.00 -9.38 17.12 -3.33
UCBC Union Community Bancorp of IN 12.00 3,042 36.5 15.81 10.63 12.50 -4.00 20.00 -17.98
UCFC United Community Fin. of OH 14.00 33,465 468.5 17.94 13.00 14.25 -1.75 40.00 40.00
UBMT United Fin. Corp. of MT 24.25 1,698 41.2 31.50 21.75 23.00 5.43 N.A. N.A.
UTBI United Tenn. Bancshares of TN 11.63 1,455 16.9 16.00 9.88 10.88 6.89 16.30 16.30
WHGB WHG Bancshares of MD 10.75 1,389 14.9 19.00 10.13 10.25 4.88 -31.22 -42.67
WSFS WSFS Financial Corp. of DE* 17.13 12,233 209.6 23.88 12.75 18.25 -6.14 -1.44 -14.35
WVFC WVS Financial Corp. of PA 15.38 3,615 55.6 20.13 14.75 15.19 1.25 -3.87 -12.76
WRNB Warren Bancorp of Peabody MA* 9.69 7,911 76.7 14.38 8.75 9.88 -1.92 -3.10 -15.74
WSBI Warwick Community Bncrp of NY* 12.75 6,607 84.2 18.00 10.38 12.50 2.00 27.50 -26.64
WFSL Washington Federal, Inc. of WA 26.69 51,446 1,373.1 30.13 22.25 25.81 3.41 -2.95 -6.61
WAYN Wayne Svgs Bks MHC of OH (48.2 18.25 2,486 21.8 30.00 17.00 18.00 1.39 -22.80 -30.77
WCFB Wbstr Cty FSB MHC of IA (45.6) 16.00 2,114 15.4 21.75 12.50 16.00 0.00 -23.81 -20.00
WBST Webster Financial Corp. of CT 24.69 37,943 936.8 36.25 18.88 21.06 17.24 -18.89 -25.74
WEFC Wells Fin. Corp. of Wells MN 16.50 1,652 27.3 22.00 15.25 18.00 -8.33 -5.71 -7.72
WEBK West Essex MHC of NJ (42.2) 9.75 4,197 17.3 10.06 8.41 10.06 -3.08 -2.50 -2.50
WCBI WestCo Bancorp, Inc. of IL(8) 32.25 2,405 77.6 32.50 26.00 30.00 7.50 17.27 18.35
WSTR WesterFed Fin. Corp. of MT 18.25 5,589 102.0 26.75 17.00 18.13 0.66 -24.74 -28.43
WOFC Western Ohio Fin. Corp. of OH 22.63 2,298 52.0 27.50 19.75 21.00 7.76 -6.68 -15.81
WEHO Westwood Hmstd Fin Corp of OH 10.00 2,436 24.4 18.13 10.00 10.38 -3.66 -36.51 -41.18
FFWD Wood Bancorp of OH 13.00 2,669 34.7 27.00 12.25 13.75 -5.45 -10.96 -30.85
YFCB Yonkers Fin. Corp. of NY 14.19 2,726 38.7 20.25 13.00 14.25 -0.42 -29.05 -26.29
YFED York Financial Corp. of PA 20.00 8,968 179.4 27.25 15.63 21.88 -8.59 -6.10 -22.33
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 0.89 1.30 13.90 5.47 273.04
ROSE T R Financial Corp. of NY* 2.21 1.88 14.53 14.53 233.45
THRD TF Financial Corp. of PA 1.39 1.12 16.18 13.73 215.94
THTL Thistle Group Holdings of PA 0.53 0.53 10.79 10.79 38.81
TSBK Timberland Bancorp of WA 0.67 0.63 12.87 12.87 39.79
TRIC Tri-County Bancorp of WY 0.76 0.78 12.20 12.20 74.16
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* 1.39 1.34 7.80 7.77 126.84
WVFC WVS Financial Corp. of PA 0.97 1.05 9.12 9.12 82.17
WRNB Warren Bancorp of Peabody MA* 0.80 0.80 5.01 5.01 47.80
WSBI Warwick Community Bncrp of NY* 0.19 0.64 13.04 13.04 62.12
WFSL Washington Federal, Inc. of WA 2.16 2.10 15.02 13.95 108.05
WAYN Wayne Svgs Bks MHC of OH (48.2) 0.73 0.66 9.94 9.94 104.35
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 1.30 1.46 14.45 12.25 242.18
WEFC Wells Fin. Corp. of Wells MN 1.45 1.35 17.55 17.55 114.21
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) 1.96 1.84 20.86 20.86 133.18
WSTR WesterFed Fin. Corp. of MT 1.30 1.30 19.63 16.00 182.88
WOFC Western Ohio Fin. Corp. of OH 0.12 0.10 22.57 21.11 155.48
WEHO Westwood Hmstd Fin Corp of OH 0.38 0.61 10.68 10.68 51.86
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 1.12 0.88 12.18 12.18 137.07
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(274) 13.75 13.47 0.92 7.95 5.93 0.88 7.52 0.65 139.77 0.78
NYSE Traded Companies(7) 8.31 7.98 0.76 10.42 6.20 0.47 7.67 2.28 120.17 1.35
AMEX Traded Companies(22) 13.68 13.55 0.74 5.97 5.77 0.77 5.70 0.64 152.06 0.76
NASDAQ Listed OTC Companies(245) 13.91 13.60 0.93 8.06 5.94 0.90 7.68 0.62 139.33 0.77
California Companies(17) 7.80 7.45 0.60 8.47 7.40 0.51 7.66 1.53 97.96 1.29
Florida Companies(5) 11.24 10.51 0.88 9.01 5.78 0.58 5.47 1.75 126.64 0.90
Mid-Atlantic Companies(52) 11.24 10.82 0.83 9.06 6.76 0.85 8.83 0.66 100.19 0.89
Mid-West Companies(130) 14.46 14.25 0.92 7.17 5.43 0.89 6.89 0.55 141.65 0.66
New England Companies(7) 7.44 7.12 0.72 9.86 6.93 0.62 8.56 0.66 129.84 1.01
North-West Companies(11) 17.55 16.79 1.18 8.71 5.42 1.06 8.05 0.59 224.74 0.80
South-East Companies(41) 17.31 17.14 1.09 8.19 5.52 1.03 7.73 0.63 156.92 0.77
South-West Companies(6) 11.01 10.91 0.91 9.94 8.86 0.87 9.62 0.45 176.09 0.58
Western Companies (Excl CA)(5) 16.71 16.21 0.98 6.28 6.01 0.98 6.28 0.37 196.99 0.92
Thrift Strategy(233) 14.78 14.53 0.93 7.46 5.82 0.91 7.15 0.59 142.75 0.73
Mortgage Banker Strategy(24) 7.55 6.84 0.74 9.67 4.86 0.66 9.12 0.71 135.97 0.98
Real Estate Strategy(7) 7.36 7.13 0.88 12.00 8.91 0.80 11.05 1.31 116.26 1.73
Diversified Strategy(7) 8.60 8.32 0.84 10.66 4.88 0.53 7.71 2.16 83.96 1.05
Retail Banking Strategy(3) 6.77 6.40 1.42 20.90 21.06 1.16 17.22 0.91 64.52 0.63
Companies Issuing Dividends(230) 13.98 13.69 0.96 8.13 6.11 0.91 7.57 0.59 137.95 0.75
Companies Without Dividends(44) 12.48 12.22 0.66 6.94 4.93 0.71 7.25 0.96 150.29 0.96
Equity/Assets <6%(18) 5.07 4.63 0.52 10.51 5.55 0.58 11.56 1.10 116.82 0.96
Equity/Assets 6-12%(119) 8.71 8.31 0.85 10.00 6.83 0.75 8.92 0.67 136.17 0.86
Equity/Assets >12%(137) 19.25 19.08 1.03 5.86 5.21 1.02 5.78 0.59 145.19 0.69
Actively Traded Companies(28) 8.82 8.31 0.89 10.76 5.35 0.91 11.52 0.78 135.43 0.92
Market Value Below $20 Million(61) 14.81 14.71 0.86 6.29 6.37 0.80 5.70 0.64 154.13 0.67
Holding Company Structure(247) 13.76 13.47 0.91 7.84 5.84 0.87 7.45 0.67 135.62 0.77
Assets Over $1 Billion(56) 9.27 8.63 0.79 10.34 6.36 0.78 9.97 0.97 112.02 0.98
Assets $500 Million-$1 Billion(35) 10.64 10.24 0.92 9.12 5.82 0.83 8.39 0.44 171.94 0.86
Assets $250-$500 Million(64) 13.86 13.58 0.91 7.86 6.13 0.90 7.55 0.64 141.99 0.75
Assets less than $250 Million(119) 16.78 16.69 0.97 6.50 5.65 0.93 6.06 0.59 141.67 0.68
Goodwill Companies(111) 10.70 10.01 0.85 9.35 6.36 0.80 8.74 0.76 129.34 0.90
Non-Goodwill Companies(161) 15.93 15.93 0.96 6.90 5.64 0.92 6.61 0.58 147.73 0.69
Acquirors of FSLIC Cases(7) 9.44 8.97 1.28 14.97 11.49 1.21 14.23 0.79 62.47 0.62
Pricing Ratios Dividend Data(6)
---------------------------------------- -------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ------ ------ --------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(274) 17.09 124.46 15.70 129.92 17.59 0.33 2.07 32.54
NYSE Traded Companies(7) 18.32 150.65 12.41 158.28 13.82 0.21 0.97 19.34
AMEX Traded Companies(22) 16.11 99.60 13.34 101.01 17.91 0.33 2.33 32.54
NASDAQ Listed OTC Companies(245) 17.14 125.97 16.00 131.73 17.64 0.34 2.07 32.93
California Companies(17) 14.13 104.91 8.13 110.59 12.99 0.15 0.82 15.46
Florida Companies(5) 18.78 124.81 14.65 139.02 20.83 0.14 1.16 19.00
Mid-Atlantic Companies(52) 15.72 123.29 12.98 131.28 16.97 0.32 1.99 31.83
Mid-West Companies(130) 17.37 123.41 16.41 126.48 17.84 0.35 2.19 33.53
New England Companies(7) 14.77 135.62 9.79 143.40 17.74 0.39 2.19 31.16
North-West Companies(11) 19.04 142.62 21.20 164.12 19.93 0.32 1.76 32.90
South-East Companies(41) 19.00 135.87 19.99 139.89 18.98 0.39 2.42 39.61
South-West Companies(6) 14.31 104.59 10.90 108.20 11.60 0.26 1.82 28.50
Western Companies (Excl CA)(5) 16.83 98.54 16.11 103.70 16.82 0.48 2.70 44.34
Thrift Strategy(233) 17.31 118.59 16.29 122.46 17.77 0.35 2.17 34.00
222 Mortgage Banker Strategy(24) 16.65 163.76 12.37 186.39 18.56 0.26 1.41 25.67
Real Estate Strategy(7) 11.45 126.79 9.52 129.54 12.13 0.18 0.95 11.79
Diversified Strategy(7) 21.15 195.37 16.05 201.47 18.93 0.40 2.08 41.58
Retail Banking Strategy(3) 7.26 121.22 7.66 125.45 8.47 0.23 1.52 8.98
Companies Issuing Dividends(230) 17.10 126.28 16.14 131.33 17.76 0.39 2.44 38.37
Companies Without Dividends(44) 17.06 114.22 13.26 122.02 16.46 0.00 0.00 0.00
Equity/Assets <6%(18) 13.82 150.45 7.83 169.63 12.78 0.16 0.77 11.01
Equity/Assets 6-12%(119) 15.30 142.15 12.14 150.21 16.73 0.32 1.87 27.97
Equity/Assets >12%(137) 19.07 105.79 19.82 107.17 18.99 0.37 2.41 40.03
Actively Traded Companies(28) 16.94 167.91 14.46 184.48 16.50 0.44 1.97 34.68
Market Value Below $20 Million(61) 17.30 98.61 14.08 99.25 18.36 0.30 2.40 36.63
Holding Company Structure(247) 17.20 124.89 15.77 130.40 17.59 0.34 2.11 33.37
Assets Over $1 Billion(56) 16.52 147.83 13.07 163.32 16.59 0.32 1.60 25.87
Assets $500 Million-$1 Billion(35) 15.09 141.92 14.09 149.89 17.08 0.37 1.96 29.92
Assets $250-$500 Million(64) 16.70 120.33 15.92 123.75 16.99 0.32 1.87 30.26
Assets less than $250 Million(119) 18.13 110.06 17.34 110.92 18.54 0.34 2.42 38.19
Goodwill Companies(111) 16.52 135.01 13.48 147.91 17.01 0.33 1.87 28.15
Non-Goodwill Companies(161) 17.52 115.27 17.12 115.27 18.03 0.34 2.21 35.67
Acquirors of FSLIC Cases(7) 12.93 152.62 14.40 161.28 12.94 0.47 1.98 24.65
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and
assets balances; 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 IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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) 11.93 11.60 1.06 10.51 6.96 1.05 9.89 0.55 208.67 1.23
NYSE Traded Companies(5) 16.97 15.76 1.36 9.51 5.54 1.50 9.36 0.88 129.40 0.91
AMEX Traded Companies(5) 11.98 11.68 1.02 10.09 7.65 0.93 8.79 0.85 124.37 1.19
NASDAQ Listed OTC Companies(46) 11.30 11.09 1.03 10.68 7.05 1.01 10.08 0.48 228.50 1.28
California Companies(1) 10.43 10.41 1.43 13.81 11.87 1.43 13.81 0.00 0.00 1.90
Mid-Atlantic Companies(21) 14.44 14.00 0.96 8.21 5.19 1.06 8.34 0.75 140.68 1.09
New England Companies(29) 9.84 9.55 1.13 12.61 8.11 1.02 11.24 0.46 277.29 1.41
North-West Companies(2) 11.34 11.34 1.32 12.49 8.80 1.22 11.18 0.04 0.00 1.07
South-East Companies(3) 15.00 14.84 0.77 4.38 5.34 0.98 5.79 0.32 159.18 0.52
Thrift Strategy(44) 12.88 12.62 1.04 9.59 6.62 1.05 9.04 0.58 200.68 1.16
Mortgage Banker Strategy(6) 8.56 8.10 1.06 13.08 8.23 0.93 11.10 0.17 335.04 1.13
Real Estate Strategy(2) 10.46 10.45 1.58 14.95 10.06 1.58 14.95 0.00 0.00 1.73
Diversified Strategy(4) 6.90 5.82 0.97 14.71 6.86 1.02 15.40 0.81 162.87 2.01
Companies Issuing Dividends(48) 11.42 11.04 1.05 10.65 6.84 1.03 9.86 0.51 206.41 1.21
Companies Without Dividends(8) 14.64 14.63 1.10 9.75 7.60 1.17 10.01 0.74 219.64 1.37
Equity/Assets <6%(2) 4.68 4.60 0.96 19.71 8.19 0.62 12.06 0.71 99.04 0.92
Equity/Assets 6-12%(36) 8.59 8.14 1.03 12.11 7.55 0.96 11.22 0.64 200.17 1.42
Equity/Assets >12%(18) 19.05 18.95 1.12 6.42 5.71 1.27 7.12 0.40 230.15 0.92
Converted Last 3 Mths (no MHC)(1) 27.23 27.23 0.47 1.74 2.50 1.06 3.91 1.28 74.83 1.43
Actively Traded Companies(14) 10.39 9.93 1.36 13.75 8.53 1.30 12.38 0.24 260.22 1.07
Market Value Below $20 Million(6) 9.24 9.04 0.83 8.70 7.47 0.84 8.70 0.58 243.74 1.25
Holding Company Structure(43) 12.77 12.53 1.06 9.80 6.68 1.08 9.45 0.46 229.96 1.24
Assets Over $1 Billion(16) 11.21 10.43 1.21 11.95 6.63 1.24 11.76 0.56 198.28 1.26
Assets $500 Million-$1 Billion(11) 9.17 9.03 1.03 12.04 7.44 0.90 9.77 0.48 194.26 1.34
Assets $250-$500 Million(15) 12.88 12.75 1.10 10.59 7.68 1.11 10.00 0.60 198.01 1.47
Assets less than $250 Million(14) 13.30 13.18 0.87 8.02 6.33 0.87 7.84 0.52 235.72 0.90
Goodwill Companies(28) 10.13 9.45 0.97 10.92 7.23 0.94 9.89 0.75 166.51 1.26
Non-Goodwill Companies(28) 13.52 13.52 1.14 10.14 6.73 1.15 9.88 0.39 245.08 1.21
Pricing Ratios Dividend Data(6)
---------------------------------------- -------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ------ ------ --------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(56) 14.58 138.03 15.38 141.17 16.10 0.37 2.03 29.77
NYSE Traded Companies(5) 17.54 159.12 23.56 149.30 19.62 0.55 1.52 29.21
AMEX Traded Companies(5) 13.83 119.46 13.33 123.77 16.56 0.41 2.52 34.24
NASDAQ Listed OTC Companies(46) 14.36 137.72 14.64 142.54 15.57 0.35 2.04 29.27
California Companies(1) 8.43 108.93 11.36 109.16 8.43 0.00 0.00 0.00
Mid-Atlantic Companies(21) 17.72 133.14 18.27 131.17 19.06 0.39 1.63 31.15
New England Companies(29) 13.34 146.41 13.42 153.29 14.93 0.37 2.18 28.67
North-West Companies(2) 11.46 139.28 15.11 139.28 12.61 0.32 2.37 27.98
South-East Companies(3) 14.96 103.69 15.63 104.75 11.35 0.41 3.75 48.21
Thrift Strategy(44) 15.07 130.41 15.91 129.64 16.65 0.41 2.14 31.78
Mortgage Banker Strategy(6) 12.51 156.51 12.85 169.63 15.25 0.21 1.33 16.51
Real Estate Strategy(2) 10.27 151.17 15.82 151.29 10.27 0.18 1.86 22.50
Diversified Strategy(4) 16.05 191.40 13.13 223.60 14.87 0.37 2.15 35.61
Companies Issuing Dividends(48) 14.40 143.67 15.54 147.54 16.23 0.44 2.41 35.57
Companies Without Dividends(8) 15.59 108.42 14.52 108.54 15.43 0.00 0.00 0.00
Equity/Assets <6%(2) 12.21 225.24 10.66 229.99 14.94 0.46 2.45 30.23
Equity/Assets 6-12%(36) 14.13 150.82 13.49 155.67 15.79 0.40 2.12 30.39
Equity/Assets >12%(18) 16.16 104.46 19.50 105.14 16.83 0.31 1.82 28.37
Converted Last 3 Mths (no MHC)(1) 0.00 69.74 18.99 69.74 17.86 0.00 0.00 0.00
Actively Traded Companies(14) 12.69 155.76 15.28 168.60 13.70 0.49 2.22 28.96
Market Value Below $20 Million(6) 14.99 113.92 10.44 117.77 14.25 0.32 1.94 25.34
Holding Company Structure(43) 14.97 131.91 15.98 137.17 16.35 0.38 2.08 31.39
Assets Over $1 Billion(16) 16.09 164.95 18.48 172.50 17.00 0.47 1.86 33.43
Assets $500 Million-$1 Billion(11) 12.53 152.20 13.04 156.06 16.19 0.53 2.70 37.35
Assets $250-$500 Million(15) 12.68 124.12 14.60 125.93 15.15 0.27 1.96 25.21
Assets less than $250 Million(14) 15.93 116.93 14.18 118.81 16.02 0.28 1.91 25.43
Goodwill Companies(28) 14.80 143.17 13.54 150.08 16.06 0.38 1.99 29.24
Non-Goodwill Companies(28) 14.36 133.29 17.02 133.29 16.13 0.36 2.08 30.27
(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 IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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) 14.34 14.24 0.83 6.29 3.91 0.79 5.84 0.54 123.18 0.87
BIF-Insured Thrifts(3) 13.44 12.43 0.86 8.30 4.39 0.74 6.70 0.73 132.70 1.11
NASDAQ Listed OTC Companies(24) 14.21 13.98 0.84 6.58 3.98 0.78 5.97 0.57 124.54 0.91
Florida Companies(2) 6.15 5.98 0.65 8.98 4.88 0.52 7.18 0.27 78.51 0.34
Mid-Atlantic Companies(14) 13.29 13.05 0.73 5.87 3.87 0.73 5.81 0.62 94.13 0.86
Mid-West Companies(5) 14.49 14.49 0.90 6.38 3.86 0.81 5.45 0.41 219.34 0.55
New England Companies(2) 21.20 20.55 1.65 10.93 5.17 1.31 7.51 0.60 214.48 2.01
South-East Companies(1) 20.28 20.28 0.73 5.92 2.51 0.66 5.39 0.50 132.06 0.96
Thrift Strategy(22) 14.78 14.64 0.82 6.01 3.88 0.80 5.78 0.56 125.10 0.86
Mortgage Banker Strategy(1) 8.13 7.34 0.84 10.33 3.47 0.68 8.41 0.66 60.54 0.97
Diversified Strategy(1) 9.42 8.12 1.22 13.58 6.26 0.63 7.05 0.59 177.88 1.64
Companies Issuing Dividends(20) 13.92 13.63 0.87 7.10 3.97 0.80 6.34 0.56 136.28 0.92
Companies Without Dividends(4) 15.47 15.47 0.71 4.37 3.99 0.71 4.37 0.58 74.64 0.85
Equity/Assets 6-12%(12) 9.51 9.03 0.74 7.86 4.26 0.61 6.38 0.65 86.53 0.81
Equity/Assets >12%(12) 18.48 18.48 0.92 5.41 3.72 0.95 5.59 0.49 159.10 0.99
Holding Company Structure(5) 14.52 14.18 0.75 5.77 4.11 0.78 5.98 0.59 86.74 0.66
Assets Over $1 Billion(5) 10.24 9.62 0.85 9.61 4.15 0.74 8.06 0.46 125.67 0.97
Assets $500 Million-$1 Billion(3) 32.99 32.99 2.07 8.28 4.08 2.00 7.97 0.60 251.07 2.37
Assets $250-$500 Million(8) 13.35 13.35 0.73 5.43 4.01 0.71 5.21 0.63 71.58 0.74
Assets less than $250 Million(8) 15.34 15.10 0.77 5.48 3.80 0.72 5.05 0.57 166.19 0.85
Goodwill Companies(8) 10.54 9.85 0.79 8.11 4.19 0.64 6.48 0.68 87.93 0.94
Non-Goodwill Companies(15) 15.82 15.82 0.83 5.78 3.68 0.83 5.67 0.51 148.27 0.90
MHC Institutions(24) 14.21 13.98 0.84 6.58 3.98 0.78 5.97 0.57 124.54 0.91
MHC Converted Last 3 Months(2) 16.24 16.24 0.77 4.40 4.53 0.77 4.40 0.81 63.36 1.19
Pricing Ratios Dividend Data(6)
---------------------------------------- -------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------ ------ ------ -------- ------ ------ --------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 23.82 151.12 20.42 154.68 24.24 0.31 2.06 33.30
BIF-Insured Thrifts(3) 18.96 151.39 19.47 169.27 26.67 0.41 2.14 47.13
NASDAQ Listed OTC Companies(24) 23.18 151.16 20.29 156.77 24.58 0.32 2.07 36.07
Florida Companies(2) 20.49 177.41 10.91 182.64 25.61 1.00 4.24 0.00
Mid-Atlantic Companies(14) 23.20 145.75 18.17 151.61 24.00 0.20 1.58 29.77
Mid-West Companies(5) 25.93 161.45 22.78 161.45 26.52 0.57 3.50 57.69
New England Companies(2) 20.25 164.22 31.64 179.48 25.49 0.56 2.57 47.62
South-East Companies(1) 0.00 143.65 29.14 143.65 0.00 0.20 1.52 60.61
Thrift Strategy(22) 23.30 142.28 20.28 145.29 24.58 0.30 2.02 34.06
Mortgage Banker Strategy(1) 28.81 279.86 22.74 309.96 0.00 0.22 1.41 40.74
Diversified Strategy(1) 15.98 191.17 18.01 221.68 0.00 0.92 3.60 57.50
Companies Issuing Dividends(20) 23.37 160.81 21.04 167.73 25.03 0.40 2.56 49.18
Companies Without Dividends(4) 21.91 110.18 17.09 110.18 21.91 0.00 0.00 0.00
Equity/Assets 6-12%(12) 23.31 178.09 16.39 189.86 24.68 0.43 2.58 50.30
Equity/Assets >12%(12) 22.97 126.68 23.83 126.68 24.51 0.22 1.60 23.62
Holding Company Structure(5) 20.94 131.70 18.32 136.33 24.22 0.19 1.24 20.97
Assets Over $1 Billion(5) 22.92 206.37 19.54 225.28 26.70 0.48 2.34 44.99
Assets $500 Million-$1 Billion(3) 24.53 137.28 45.28 137.28 25.49 0.20 1.54 37.74
Assets $250-$500 Million(8) 22.40 134.84 17.40 134.84 22.93 0.22 1.57 11.80
Assets less than $250 Million(8) 23.89 132.36 20.55 135.67 24.79 0.34 2.53 52.86
Goodwill Companies(8) 23.59 181.11 17.73 197.93 26.60 0.36 1.76 28.59
Non-Goodwill Companies(15) 23.77 138.98 21.76 138.98 24.66 0.33 2.40 46.18
MHC Institutions(24) 23.18 151.16 20.29 156.77 24.58 0.32 2.07 36.07
MHC Converted Last 3 Months(2) 15.87 95.21 15.59 95.21 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 IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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 4.47 0.92 4.44 0.56 150.03 0.99
CFB Commercial Federal Corp. of NE 7.27 6.44 0.78 11.91 4.45 0.96 14.50 0.78 86.50 0.88
DME Dime Bancorp, Inc. of NY* 6.36 5.23 0.85 14.62 6.64 0.52 8.88 NA NA 0.69
DSL Downey Financial Corp. of CA 7.87 7.79 0.98 13.22 8.66 1.01 13.67 0.75 70.52 0.58
FED FirstFed Fin. Corp. of CA 5.99 5.95 0.72 13.26 8.49 0.68 12.50 0.73 312.44 2.92
GSB Golden State Bancorp of CA(8) 6.20 5.20 0.81 13.04 5.94 0.85 13.73 0.68 162.74 1.78
GDW Golden West Fin. Corp. of CA 7.48 7.48 1.02 14.92 7.77 1.00 14.59 NA NA 0.86
GPT GreenPoint Fin. Corp. of NY* 9.92 5.62 1.11 11.26 4.66 1.14 11.55 2.27 36.31 1.11
JSB JSB Financial, Inc. of NY* 24.31 24.31 2.92 12.15 8.87 3.28 13.64 0.16 238.05 0.54
OCN Ocwen Financial Corp. of FL 12.19 11.15 0.87 6.99 3.75 0.08 0.62 6.87 11.20 1.31
SIB Staten Island Bancorp of NY* 23.55 22.95 1.02 5.10 3.08 1.65 8.29 0.53 93.20 1.20
WES Westcorp Inc. of Orange CA 9.07 9.05 0.20 2.19 4.07 -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 7.50 0.98 6.09 NA NA NA
ANE Alliance Bncp of New Eng of CT* 7.80 7.63 0.94 12.50 10.10 0.46 6.06 0.53 229.26 1.84
BKC American Bank of Waterbury CT* 8.65 8.39 1.34 15.31 8.41 1.13 12.87 1.45 71.20 1.73
BFD BostonFed Bancorp of MA 7.80 7.53 0.71 8.64 7.36 0.57 6.89 NA NA 0.86
CNY Carver Bancorp, Inc. of NY 8.40 8.12 0.25 3.02 5.11 0.22 2.63 2.21 36.35 1.28
CBK Citizens First Fin.Corp. of IL 13.95 13.95 0.71 5.12 5.20 0.40 2.89 0.67 54.73 0.45
EFC EFC Bancorp Inc of IL 23.66 23.66 -0.78 -5.19 -3.91 0.94 6.26 0.53 57.48 0.42
EBI Equality Bancorp, Inc. of MO 9.58 9.58 0.59 6.72 4.67 0.01 0.12 0.36 37.97 0.37
ESX Essex Bancorp of Norfolk VA(8) 0.02 -0.04 -0.24 NM -20.66 -0.24 NM 1.26 76.64 1.11
FCB Falmouth Bancorp, Inc. of MA* 21.39 21.39 1.09 4.72 5.07 0.82 3.57 NA NA 0.65
FAB FirstFed America Bancorp of MA 8.86 8.86 0.59 5.48 5.95 0.48 4.47 0.27 324.40 1.33
GAF GA Financial Corp. of PA 12.87 12.76 1.02 7.15 8.14 0.95 6.65 0.31 60.77 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 9.76 8.34 0.79 7.49 8.57 0.76 7.17 1.12 53.91 0.97
KYF Kentucky First Bancorp of KY 17.56 17.56 1.08 6.34 5.92 1.06 6.25 0.17 272.34 0.78
NBN Northeast Bancorp of ME* 7.48 6.89 0.83 11.52 8.18 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 -1.76 0.63 3.42 0.23 182.16 0.72
PDB Piedmont Bancorp, Inc. of NC 16.56 16.56 1.28 7.79 6.68 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 3.95 1.33 4.93 NA NA 0.57
SZB SouthFirst Bancshares of AL 9.94 9.70 0.47 4.21 4.21 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 5.47 1.39 4.89 0.03 NA 0.64
TSH Teche Holding Company of LA 13.84 13.84 0.94 6.94 8.20 0.93 6.83 NA NA 1.01
FTF Texarkana Fst. Fin. Corp of AR 14.88 14.88 1.75 11.48 8.69 1.70 11.18 NA NA 0.64
THR Three Rivers Fin. Corp. of MI 12.83 12.79 0.85 6.34 6.94 0.76 5.67 0.83 59.56 0.78
WSB Washington SB, FSB of MD 8.42 8.42 0.73 8.64 10.35 0.50 5.89 NA NA 1.02
WFI Winton Financial Corp. of OH 7.27 7.14 1.19 16.33 8.74 0.90 12.33 NA NA NA
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 9.17 8.99 0.73 8.28 4.49 0.51 5.81 1.84 30.69 0.77
FBER 1st Bergen Bancorp of NJ(8) 11.60 11.60 0.72 5.57 3.64 0.72 5.57 0.96 111.28 2.41
AFED AFSALA Bancorp, Inc. of NY(8) 11.40 11.40 0.62 5.01 4.89 0.68 5.47 0.33 205.73 1.42
ALBK ALBANK Fin. Corp. of Albany NY(8) 9.19 7.27 1.14 12.55 5.46 1.13 12.48 0.78 93.99 1.05
AMFC AMB Financial Corp. of IN 12.68 12.68 0.84 5.95 7.44 0.54 3.86 0.19 214.55 0.52
ASBP ASB Financial Corp. of OH 12.45 12.45 0.94 6.35 5.50 0.93 6.26 0.34 191.18 0.98
ABBK Abington Bancorp of MA* 6.37 5.81 0.86 12.84 8.68 0.65 9.73 0.14 353.60 0.77
AABC Access Anytime Bancorp of NM 7.93 7.93 1.37 16.80 15.25 1.24 15.29 0.08 535.05 0.67
AFBC Advance Fin. Bancorp of WV 13.07 13.07 0.78 5.32 6.56 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* 22.38 99.32 20.57 99.32 22.38 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 22.47 213.05 15.48 240.36 18.45 0.22 0.97 21.78
DME Dime Bancorp, Inc. of NY* 15.07 200.42 12.75 243.71 24.80 0.20 0.84 12.66
DSL Downey Financial Corp. of CA 11.55 143.72 11.31 145.23 11.16 0.32 1.37 15.76
FED FirstFed Fin. Corp. of CA 11.78 144.44 8.65 145.34 12.50 0.00 0.00 0.00
GSB Golden State Bancorp of CA(8) 16.83 219.57 13.62 261.80 15.99 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 12.86 177.34 13.27 177.34 13.16 0.50 0.55 7.09
GPT GreenPoint Fin. Corp. of NY* 21.44 244.67 24.28 NM 20.90 0.64 1.95 41.83
JSB JSB Financial, Inc. of NY* 11.28 135.68 32.98 135.68 10.05 1.60 3.05 34.41
OCN Ocwen Financial Corp. of FL 26.67 170.70 20.81 186.63 NM 0.00 0.00 0.00
SIB Staten Island Bancorp of NY* NM 115.49 27.19 118.50 19.99 0.32 1.76 57.14
WES Westcorp Inc. of Orange CA 24.57 54.65 4.96 54.78 NM 0.20 2.91 71.43
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 13.33 89.25 13.14 89.25 14.21 0.44 2.56 34.11
ANE Alliance Bncp of New Eng of CT* 9.90 116.41 9.09 119.05 20.41 0.20 2.00 19.80
BKC American Bank of Waterbury CT* 11.88 171.53 14.84 176.86 14.14 0.80 3.70 43.96
BFD BostonFed Bancorp of MA 13.58 117.43 9.16 121.70 17.04 0.40 2.21 30.08
CNY Carver Bancorp, Inc. of NY 19.57 58.03 4.87 60.00 22.50 0.00 0.00 0.00
CBK Citizens First Fin.Corp. of IL 19.23 96.65 13.48 96.65 NM 0.00 0.00 0.00
EFC EFC Bancorp Inc of IL NM 89.57 21.19 89.57 21.23 0.00 0.00 NM
EBI Equality Bancorp, Inc. of MO 21.43 115.38 11.05 115.38 NM 0.24 2.00 42.86
ESX Essex Bancorp of Norfolk VA(8) NM NM 1.05 NM NM 0.00 0.00 NM
FCB Falmouth Bancorp, Inc. of MA* 19.72 91.22 19.51 91.22 26.07 0.24 1.56 30.77
FAB FirstFed America Bancorp of MA 16.82 98.58 8.74 98.58 20.61 0.20 1.37 22.99
GAF GA Financial Corp. of PA 12.28 92.65 11.93 93.52 13.21 0.56 4.00 49.12
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 11.67 85.75 8.37 100.37 12.19 0.48 1.96 22.86
KYF Kentucky First Bancorp of KY 16.89 107.67 18.91 107.67 17.12 0.50 4.00 67.57
NBN Northeast Bancorp of ME* 12.23 120.59 9.02 130.94 12.37 0.21 1.89 23.08
NEP Northeast PA Fin. Corp of PA NM 86.08 15.31 86.08 25.29 0.00 0.00 NM
PDB Piedmont Bancorp, Inc. of NC 14.97 113.56 18.80 113.56 15.47 0.48 5.26 NM
SSB Scotland Bancorp, Inc. of NC(8) 25.30 139.82 34.88 139.82 25.30 0.20 1.80 45.45
SZB SouthFirst Bancshares of AL 23.77 93.67 9.31 96.02 26.59 0.60 3.82 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 18.29 90.14 24.63 90.14 18.29 0.46 3.07 56.10
TSH Teche Holding Company of LA 12.20 82.05 11.35 82.05 12.40 0.50 3.30 40.32
FTF Texarkana Fst. Fin. Corp of AR 11.51 129.23 19.23 129.23 11.82 0.64 2.94 33.86
THR Three Rivers Fin. Corp. of MI 14.41 93.40 11.98 93.68 16.10 0.44 2.91 41.90
WSB Washington SB, FSB of MD 9.66 81.57 6.87 81.57 14.17 0.10 2.35 22.73
WFI Winton Financial Corp. of OH 11.44 186.90 13.58 190.13 15.16 0.25 2.06 23.58
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 22.27 178.00 16.33 181.50 NM 0.27 0.70 15.52
FBER 1st Bergen Bancorp of NJ(8) 27.44 166.67 19.34 166.67 27.44 0.28 1.24 34.15
AFED AFSALA Bancorp, Inc. of NY(8) 20.45 108.92 12.42 108.92 18.75 0.28 1.78 36.36
ALBK ALBANK Fin. Corp. of Albany NY(8) 18.30 215.63 19.81 272.29 18.41 0.84 1.37 25.15
AMFC AMB Financial Corp. of IN 13.44 81.96 10.39 81.96 20.70 0.32 2.53 34.04
ASBP ASB Financial Corp. of OH 18.17 134.82 16.79 134.82 18.45 0.40 3.39 61.54
ABBK Abington Bancorp of MA* 11.52 149.75 9.54 164.25 15.21 0.20 1.36 15.63
AABC Access Anytime Bancorp of NM 6.56 105.96 8.40 105.96 7.21 0.00 0.00 0.00
AFBC Advance Fin. Bancorp of WV 15.24 86.33 11.29 86.33 17.61 0.32 2.56 39.02
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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 6.38 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) 10.68 10.68 0.77 6.88 4.78 0.77 6.88 1.06 45.21 0.88
AHCI Ambanc Holding Co., Inc. of NY* 10.32 10.32 0.40 3.45 3.29 0.41 3.52 0.60 120.40 1.26
ASBI Ameriana Bancorp of IN 12.16 11.94 0.98 8.54 6.50 0.82 7.15 0.56 54.99 0.43
ABCW Anchor Bancorp Wisconsin of WI 6.36 6.26 1.11 17.39 6.00 0.97 15.09 0.58 180.99 1.29
ANDB Andover Bancorp, Inc. of MA* 8.20 8.20 1.19 14.70 7.78 1.16 14.34 0.31 238.74 0.99
ASFC Astoria Financial Corp. of NY 7.71 5.53 0.86 10.97 7.33 0.74 9.44 0.37 81.02 0.76
AVND Avondale Fin. Corp. of IL(8) 8.36 8.36 -0.91 -11.02 -14.47 -0.62 -7.53 1.25 84.71 2.83
BCSB BCSB Bankcorp MHC of MD (38.6) 16.27 16.27 0.80 4.95 3.58 0.80 4.95 0.34 88.87 0.56
BKCT Bancorp Connecticut of CT* 9.89 9.89 1.43 13.91 8.61 1.21 11.72 0.61 181.32 2.10
BPLS Bank Plus Corp. of CA 4.32 3.97 0.19 4.16 9.61 0.28 6.30 1.75 69.27 1.79
BNKU Bank United Corp. of TX 5.11 4.64 0.89 17.72 8.79 0.84 16.66 NA NA 0.44
BWFC Bank West Fin. Corp. of MI 12.83 12.83 0.49 3.63 3.41 0.51 3.74 0.57 28.07 0.23
BANC BankAtlantic Bancorp of FL 6.79 5.25 0.83 13.30 8.35 0.37 5.99 0.81 100.62 1.12
BKUNA BankUnited Fin. Corp. of FL 5.11 4.27 0.28 6.60 4.86 0.13 3.15 0.46 37.03 0.21
BVCC Bay View Capital Corp. of CA 6.89 4.46 0.35 5.42 4.29 0.60 9.23 NA NA 1.06
FSNJ Bayonne Banchsares of NJ(8) 13.69 13.69 0.73 5.33 3.41 0.73 5.33 0.44 96.50 0.92
BFSB Bedford Bancshares, Inc. of VA 13.26 13.26 1.23 8.87 5.13 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 3.51 0.41 2.32 0.16 87.72 0.26
BYFC Broadway Fin. Corp. of CA 9.50 9.50 0.45 4.56 8.00 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 4.08 2.00 7.97 0.60 251.07 2.37
CBES CBES Bancorp, Inc. of MO 13.61 13.61 0.94 6.07 7.05 0.67 4.33 0.59 91.39 0.58
CITZ CFS Bancorp, Inc. of IN 17.41 17.41 0.58 3.31 3.64 0.64 3.68 0.67 42.30 0.81
CFSB CFSB Bancorp of Lansing MI 7.78 7.78 1.36 17.60 5.68 1.23 15.86 0.21 275.17 0.64
CKFB CKF Bancorp of Danville KY 21.57 21.57 1.34 5.95 6.43 1.34 5.95 0.54 40.24 0.24
CNSB CNS Bancorp, Inc. of MO 24.77 24.77 0.88 3.59 4.46 0.76 3.10 0.06 606.56 0.57
CNYF CNY Financial Corp of NY* 27.23 27.23 0.47 1.74 2.50 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 10.09 1.96 11.72 1.21 99.71 1.56
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 6.57 1.12 5.36 1.06 67.46 0.87
CFNC Carolina Fincorp of NC* 13.50 13.50 0.93 4.48 6.89 1.05 5.04 0.13 303.47 0.51
CASB Cascade Financial Corp. of WA 7.07 7.07 0.84 12.44 6.07 0.75 11.08 0.48 193.12 1.08
CATB Catskill Fin. Corp. of NY* 22.03 22.03 1.30 5.45 6.31 1.29 5.38 0.22 282.65 1.43
CAVB Cavalry Bancorp of TN 29.66 29.66 1.48 5.11 3.49 1.09 3.76 NA NA NA
CNIT Cenit Bancorp of Norfolk VA 7.91 7.33 0.90 12.59 6.51 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 8.48 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 7.24 1.18 4.63 0.47 119.57 0.78
COFI Charter One Financial of OH 7.47 7.03 0.95 13.28 4.63 1.25 17.47 0.40 142.90 0.82
CVAL Chester Valley Bancorp of PA 8.45 8.45 0.96 11.19 4.51 0.90 10.51 0.33 274.00 1.23
CLAS Classic Bancshares, Inc. of KY 14.87 12.79 0.73 4.88 5.56 0.93 6.18 0.29 216.16 0.92
CBSA Coastal Bancorp of Houston TX 3.85 3.35 0.52 14.57 11.05 0.54 14.92 NA NA 0.71
CFCP Coastal Fin. Corp. of SC 5.89 5.89 1.21 19.85 5.63 0.97 15.96 0.48 188.30 1.31
CFKY Columbia Financial of KY 31.50 31.50 0.48 2.32 1.69 0.48 2.32 0.40 63.42 0.48
CMSB Commonwealth Bancorp Inc of PA 8.43 6.65 0.57 6.24 6.32 0.41 4.44 0.46 91.32 0.66
CMSV Commty. Svgs, MHC of FL (48.5)(8) 10.85 10.85 0.70 6.35 4.51 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 6.01 0.96 7.02 1.30 48.66 0.71
CIBI Community Inv. Bancorp of OH 10.09 10.09 0.91 8.05 5.80 0.91 8.05 0.67 81.36 0.67
COOP Cooperative Bancshares of NC 7.95 7.95 0.65 8.45 6.08 0.59 7.70 0.08 330.28 0.34
CRZY Crazy Woman Creek Bncorp of WY 23.43 23.43 1.24 5.15 6.15 1.24 5.15 0.13 355.84 0.92
CRSB Crusader Holding Corp of PA 11.50 10.89 2.27 32.12 8.00 2.09 29.47 0.96 44.19 0.50
DNFC D&N Financial Corp. of MI 5.57 5.53 0.86 15.65 8.68 0.75 13.68 0.50 109.80 0.83
DCBI Delphos Citizens Bancorp of OH 24.15 24.15 1.54 5.87 5.49 1.54 5.87 NA NA NA
DCOM Dime Community Bancorp of NY* 11.48 10.00 0.89 6.98 4.68 0.86 6.80 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 15.69 95.58 8.12 95.58 16.67 0.12 1.50 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) 20.90 140.88 15.04 140.88 20.90 0.36 2.82 59.02
AHCI Ambanc Holding Co., Inc. of NY* NM 109.00 11.25 109.00 29.81 0.24 1.55 47.06
ASBI Ameriana Bancorp of IN 15.38 128.30 15.60 130.62 18.37 0.64 3.56 54.70
ABCW Anchor Bancorp Wisconsin of WI 16.67 280.31 17.82 284.77 19.20 0.20 0.93 15.50
ANDB Andover Bancorp, Inc. of MA* 12.86 177.46 14.55 177.46 13.19 0.00 0.00 0.00
ASFC Astoria Financial Corp. of NY 13.65 128.13 9.88 178.79 15.87 0.80 1.86 25.40
AVND Avondale Fin. Corp. of IL(8) NM 83.04 6.94 83.04 NM 0.00 0.00 NM
BCSB BCSB Bankcorp MHC of MD (38.6) 27.94 138.19 22.49 138.19 27.94 0.00 0.00 0.00
BKCT Bancorp Connecticut of CT* 11.61 153.97 15.23 153.97 13.79 0.54 3.66 42.52
BPLS Bank Plus Corp. of CA 10.41 42.51 1.84 46.29 6.88 0.00 0.00 0.00
BNKU Bank United Corp. of TX 11.38 187.92 9.61 206.96 12.11 0.64 1.61 18.29
BWFC Bank West Fin. Corp. of MI 29.31 105.75 13.56 105.75 28.42 0.24 2.56 NM
BANC BankAtlantic Bancorp of FL 11.97 123.55 8.39 159.77 26.56 0.10 1.18 14.08
BKUNA BankUnited Fin. Corp. of FL 20.59 88.05 4.50 105.35 NM 0.00 0.00 0.00
BVCC Bay View Capital Corp. of CA 23.31 85.78 5.91 132.29 13.69 0.40 2.32 54.05
FSNJ Bayonne Banchsares of NJ(8) 29.29 142.15 19.46 142.15 29.29 0.25 1.67 49.02
BFSB Bedford Bancshares, Inc. of VA 19.48 166.30 22.05 166.30 19.74 0.32 2.13 41.56
BFFC Big Foot Fin. Corp. of IL 28.47 88.26 15.24 88.26 NM 0.00 0.00 0.00
BYFC Broadway Fin. Corp. of CA 12.50 55.32 5.25 55.32 20.39 0.20 2.58 32.26
BRKL Brookline Bncp MHC of MA(47.0) 24.53 137.28 45.28 137.28 25.49 0.20 1.54 37.74
CBES CBES Bancorp, Inc. of MO 14.18 88.57 12.05 88.57 19.85 0.48 3.02 42.86
CITZ CFS Bancorp, Inc. of IN 27.44 90.81 15.81 90.81 24.70 0.32 3.24 NM
CFSB CFSB Bancorp of Lansing MI 17.61 309.41 24.08 309.41 19.53 0.52 2.08 36.62
CKFB CKF Bancorp of Danville KY 15.56 94.96 20.48 94.96 15.56 0.54 3.54 55.10
CNSB CNS Bancorp, Inc. of MO 22.41 79.90 19.79 79.90 26.00 0.30 2.31 51.72
CNYF CNY Financial Corp of NY* NM 69.74 18.99 69.74 17.86 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) 9.91 108.65 19.27 108.65 9.85 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 15.23 85.35 16.96 85.35 15.54 0.28 1.82 27.72
CFNC Carolina Fincorp of NC* 14.52 100.74 13.60 100.74 12.90 0.24 2.95 42.86
CASB Cascade Financial Corp. of WA 16.46 185.19 13.10 185.19 18.49 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 15.84 89.07 19.63 89.07 16.02 0.37 2.65 42.05
CAVB Cavalry Bancorp of TN 28.68 145.85 43.26 145.85 NM 0.20 1.03 29.41
CNIT Cenit Bancorp of Norfolk VA 15.35 188.95 14.95 203.97 16.67 0.44 2.26 34.65
CEBK Central Co-Op. Bank of MA* 11.79 98.36 9.59 108.00 15.79 0.32 1.72 20.25
CENB Century Bancorp, Inc. of NC(8) 13.82 89.08 17.23 89.08 13.97 0.68 5.18 71.58
COFI Charter One Financial of OH 21.61 245.88 18.36 261.08 16.43 0.56 2.04 44.09
CVAL Chester Valley Bancorp of PA 22.18 226.40 19.12 226.40 23.60 0.44 1.49 33.08
CLAS Classic Bancshares, Inc. of KY 18.00 85.55 12.72 99.48 14.21 0.32 2.37 42.67
CBSA Coastal Bancorp of Houston TX 9.05 121.95 4.69 140.01 8.84 0.32 1.68 15.24
CFCP Coastal Fin. Corp. of SC 17.76 327.02 19.27 327.02 22.09 0.28 1.47 26.17
CFKY Columbia Financial of KY NM 92.66 29.19 92.66 NM 0.28 2.15 NM
CMSB Commonwealth Bancorp Inc of PA 15.83 105.32 8.88 133.68 22.27 0.32 2.25 35.56
CMSV Commty. Svgs, MHC of FL (48.5)(8) 22.16 137.38 14.91 137.38 24.06 0.90 4.02 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 16.63 117.51 16.56 117.98 17.37 0.32 2.71 45.07
CIBI Community Inv. Bancorp of OH 17.25 147.24 14.85 147.24 17.25 0.24 1.96 33.80
COOP Cooperative Bancshares of NC 16.46 130.65 10.38 130.65 18.06 0.00 0.00 0.00
CRZY Crazy Woman Creek Bncorp of WY 16.27 83.23 19.50 83.23 16.27 0.40 2.96 48.19
CRSB Crusader Holding Corp of PA 12.51 200.17 23.01 211.32 13.63 0.00 0.00 0.00
DNFC D&N Financial Corp. of MI 11.53 166.81 9.29 168.12 13.18 0.20 1.04 11.98
DCBI Delphos Citizens Bancorp of OH 18.23 112.04 27.06 112.04 18.23 0.24 1.37 25.00
DCOM Dime Community Bancorp of NY* 21.38 150.47 17.27 172.73 21.96 0.48 2.01 42.86
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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 12.05 12.05 0.35 2.97 2.61 0.12 1.03 0.73 75.47 0.82
EBSI Eagle Bancshares of Tucker GA 6.92 6.92 0.88 11.78 8.16 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* 6.27 6.27 0.47 7.45 7.05 0.49 7.85 0.83 80.50 0.85
EMLD Emerald Financial Corp. of OH 8.51 8.41 1.13 14.11 6.23 1.03 12.84 0.33 NA NA
EFBC Empire Federal Bancorp of MT 36.22 36.22 1.45 3.95 5.02 1.45 3.95 0.01 NA 0.41
EFBI Enterprise Fed. Bancorp of OH(8) 9.96 9.71 0.78 6.96 2.37 0.67 5.95 0.06 333.77 0.30
EQSB Equitable FSB of Wheaton MD 5.12 5.12 0.70 13.60 8.45 0.66 12.87 0.31 52.60 0.25
FCBF FCB Fin. Corp. of Neenah WI 14.47 14.47 1.24 8.45 6.16 0.92 6.26 0.22 327.68 0.98
FFDF FFD Financial Corp. of OH 17.39 17.39 1.07 4.76 4.25 0.75 3.36 0.09 329.27 0.38
FFLC FFLC Bancorp of Leesburg FL 12.51 12.51 1.03 7.97 7.12 1.03 7.97 0.19 276.11 0.60
FFWC FFW Corporation of Wabash IN 9.41 8.66 0.99 10.40 8.67 0.87 9.12 0.43 112.60 0.70
FFYF FFY Financial Corp. of OH 12.92 12.92 1.24 9.26 6.23 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 10.44 10.44 0.80 7.37 7.33 0.76 6.97 0.20 123.88 0.37
FBCI Fidelity Bancorp of Chicago IL 10.60 10.58 0.19 1.80 1.59 0.60 5.67 0.24 45.86 0.14
FSBI Fidelity Bancorp, Inc. of PA 7.09 7.09 0.74 10.76 8.53 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 4.88 0.52 7.18 0.27 78.51 0.34
FFED Fidelity Fed. Bancorp of IN 6.78 6.78 -0.34 -5.64 -5.12 -0.26 -4.29 0.40 389.90 1.91
FFOH Fidelity Financial of OH 12.41 11.04 0.89 7.17 6.27 0.86 6.91 0.26 121.33 0.40
FIBC Financial Bancorp, Inc. of NY(8) 8.42 8.39 0.94 10.50 4.63 0.91 10.19 1.92 25.63 0.87
SBFL Fingr Lakes Fin.MHC OF NY(33.1 8.46 8.46 0.42 4.65 2.80 0.33 3.65 0.32 141.95 0.89
FBSI First Bancshares, Inc. of MO 14.14 13.57 1.10 7.90 6.26 1.10 7.90 1.24 24.67 0.36
FBBC First Bell Bancorp of PA 10.16 10.16 1.08 10.29 8.34 1.07 10.20 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 9.11 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 4.63 0.90 4.74 0.29 171.18 0.62
FESX First Essex Bancorp of MA* 7.13 5.18 0.84 11.62 8.23 0.72 9.95 0.45 191.26 1.48
FFSX First FSB MHC Sxld of IA(46.3)(8) 7.62 6.14 0.68 8.43 6.00 0.66 8.22 0.46 102.36 0.64
FFES First Fed of E. Hartford CT 7.20 7.20 0.59 8.73 8.35 0.64 9.42 0.33 84.42 1.30
BDJI First Fed. Bancorp. of MN 10.46 10.46 0.70 6.62 6.00 0.71 6.70 0.18 202.30 0.78
FFBH First Fed. Bancshares of AR 14.71 14.71 1.00 6.71 5.92 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 6.69 0.82 11.80 NA NA NA
FFKY First Fed. Fin. Corp. of KY 13.35 12.67 1.61 11.89 5.94 1.54 11.42 0.53 84.57 0.52
FFBZ First Federal Bancorp of OH 7.95 7.95 0.82 10.74 4.50 0.78 10.14 0.54 190.00 1.19
FFCH First Fin. Holdings Inc. of SC 6.49 6.49 0.89 14.09 6.03 0.85 13.49 0.71 97.86 0.81
FFHS First Franklin Corp. of OH 9.12 9.08 0.81 8.86 8.15 0.70 7.66 NA NA 0.71
FGHC First Georgia Hold. Corp of GA 8.15 7.62 1.17 14.29 4.69 1.17 14.29 1.65 37.32 0.71
FFSL First Independence Corp. of KS 9.58 9.58 0.72 7.30 8.59 0.72 7.30 0.56 95.21 0.72
FISB First Indiana Corp. of IN 9.15 9.05 1.15 12.22 7.84 0.81 8.65 NA NA 1.65
FKAN First Kansas Financial of KS 19.73 19.47 0.67 3.42 4.57 0.66 3.34 0.05 327.59 0.43
FKFS First Keystone Fin. Corp of PA 6.50 6.50 0.74 11.06 7.41 0.66 9.80 1.22 36.94 0.87
FLKY First Lancaster Bncshrs of KY 26.28 26.28 1.03 3.61 4.16 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 3.42 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 7.03 0.64 5.93 1.94 37.96 1.19
FMBD First Mutual Bancorp Inc of IL(8) 14.62 11.38 0.35 2.53 2.29 0.27 1.94 NA NA NA
FMSB First Mutual SB of Bellevue WA* 7.23 7.23 1.08 14.96 9.60 0.91 12.59 0.06 NA 1.26
FNGB First Northern Cap. Corp of WI 10.89 10.89 0.98 8.83 6.43 0.91 8.23 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 3.79 1.69 7.50 0.34 170.99 0.94
FSLA First Source Bancorp of NJ 21.24 20.56 1.04 8.63 4.17 1.01 8.39 0.35 159.84 1.04
SOPN First Svgs Bancorp of NC 22.85 22.85 1.76 7.70 6.24 1.76 7.70 0.18 109.36 0.29
FBNW FirstBank Corp of Clarkston WA 15.63 15.63 1.08 7.37 6.11 0.61 4.18 0.39 160.81 0.78
FFDB FirstFed Bancorp, Inc. of AL 9.89 9.13 0.90 9.30 6.77 0.90 9.30 1.41 41.95 0.90
FSPT FirstSpartan Fin. Corp. of SC 24.31 24.31 1.41 6.67 5.21 1.37 6.48 NA NA 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 111.90 13.48 111.90 NM 0.00 0.00 0.00
EBSI Eagle Bancshares of Tucker GA 12.25 136.60 9.46 136.60 12.59 0.64 3.51 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* 14.19 105.16 6.59 105.16 13.46 0.64 3.05 43.24
EMLD Emerald Financial Corp. of OH 16.04 210.78 17.93 213.29 17.62 0.16 1.49 23.88
EFBC Empire Federal Bancorp of MT 19.92 81.63 29.57 81.63 19.92 0.34 2.67 53.13
EFBI Enterprise Fed. Bancorp of OH(8) NM 264.12 26.30 270.86 NM 1.00 2.30 NM
EQSB Equitable FSB of Wheaton MD 11.83 149.97 7.68 149.97 12.50 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 16.23 126.16 18.25 126.16 21.88 0.88 3.59 58.28
FFDF FFD Financial Corp. of OH 23.53 146.12 25.42 146.12 NM 0.30 1.88 44.12
FFLC FFLC Bancorp of Leesburg FL 14.05 111.05 13.89 111.05 14.05 0.36 2.27 31.86
FFWC FFW Corporation of Wabash IN 11.54 114.33 10.76 124.28 13.16 0.42 2.80 32.31
FFYF FFY Financial Corp. of OH 16.06 147.62 19.08 147.62 16.40 0.90 2.90 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 13.64 100.60 10.50 100.60 14.42 0.50 3.33 45.45
FBCI Fidelity Bancorp of Chicago IL NM 110.55 11.72 110.73 19.95 0.40 1.93 NM
FSBI Fidelity Bancorp, Inc. of PA 11.72 119.47 8.47 119.47 11.97 0.36 2.12 24.83
FFFL Fidelity Bcsh MHC of FL (47.9) 20.49 177.41 10.91 182.64 25.61 1.00 4.24 NM
FFED Fidelity Fed. Bancorp of IN NM 114.02 7.73 114.02 NM 0.00 0.00 NM
FFOH Fidelity Financial of OH 15.95 115.11 14.28 129.39 16.54 0.32 2.36 37.65
FIBC Financial Bancorp, Inc. of NY(8) 21.60 217.13 18.29 218.04 22.26 0.50 1.37 29.59
SBFL Fingr Lakes Fin.MHC OF NY(33.1 NM 163.40 13.82 163.40 NM 0.24 2.40 NM
FBSI First Bancshares, Inc. of MO 15.96 120.45 17.04 125.59 15.96 0.12 0.91 14.46
FBBC First Bell Bancorp of PA 11.98 117.50 11.94 117.50 12.08 0.40 2.76 33.06
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* 10.98 87.51 7.83 87.51 12.20 0.00 0.00 0.00
FDEF First Defiance Fin.Corp. of OH 21.59 112.56 19.97 112.56 22.62 0.36 2.53 54.55
FESX First Essex Bancorp of MA* 12.14 136.13 9.71 187.56 14.18 0.56 3.32 40.29
FFSX First FSB MHC Sxld of IA(46.3)(8) 16.67 135.41 10.32 168.07 17.09 0.48 2.40 40.00
FFES First Fed of E. Hartford CT 11.97 99.11 7.13 99.11 11.09 0.68 2.67 31.92
BDJI First Fed. Bancorp. of MN 16.67 106.22 11.11 106.22 16.46 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 16.89 110.25 16.22 110.25 17.04 0.28 1.45 24.56
FTFC First Fed. Capital Corp. of WI 14.95 237.17 17.78 249.18 21.79 0.28 1.84 27.45
FFKY First Fed. Fin. Corp. of KY 16.83 194.49 25.96 204.85 17.52 0.60 2.33 39.22
FFBZ First Federal Bancorp of OH 22.22 229.45 18.23 229.45 23.53 0.16 1.33 29.63
FFCH First Fin. Holdings Inc. of SC 16.59 216.29 14.03 216.29 17.34 0.48 2.49 41.38
FFHS First Franklin Corp. of OH 12.27 106.13 9.68 106.55 14.21 0.30 2.22 27.27
FGHC First Georgia Hold. Corp of GA 21.34 285.02 23.22 304.88 21.34 0.00 0.00 0.00
FFSL First Independence Corp. of KS 11.65 83.20 7.97 83.20 11.65 0.30 2.93 34.09
FISB First Indiana Corp. of IN 12.76 148.69 13.61 150.36 18.03 0.48 2.56 32.65
FKAN First Kansas Financial of KS 21.87 74.74 14.75 75.75 22.36 0.00 0.00 0.00
FKFS First Keystone Fin. Corp of PA 13.49 146.06 9.49 146.06 15.23 0.20 1.30 17.54
FLKY First Lancaster Bncshrs of KY 24.06 86.56 22.75 86.56 24.06 0.60 4.71 NM
FLFC First Liberty Fin. Corp. of GA 29.24 226.42 17.58 247.57 26.51 0.30 1.51 44.12
CASH First Midwest Fin., Inc. of IA 14.22 94.45 9.62 105.80 15.82 0.48 3.10 44.04
FMBD First Mutual Bancorp Inc of IL(8) NM 108.14 15.82 139.00 NM 0.32 1.88 NM
FMSB First Mutual SB of Bellevue WA* 10.42 155.86 11.27 155.86 12.38 0.20 1.60 16.67
FNGB First Northern Cap. Corp of WI 15.54 134.66 14.66 134.66 16.67 0.36 3.13 48.65
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 26.42 99.64 27.10 99.93 17.72 0.00 0.00 0.00
FSLA First Source Bancorp of NJ 23.97 105.63 22.43 109.10 24.66 0.18 2.09 50.00
SOPN First Svgs Bancorp of NC 16.02 121.46 27.76 121.46 16.02 1.00 4.40 70.42
FBNW FirstBank Corp of Clarkston WA 16.37 103.66 16.20 103.66 28.87 0.36 2.27 37.11
FFDB FirstFed Bancorp, Inc. of AL 14.77 133.38 13.19 144.44 14.77 0.28 2.87 42.42
FSPT FirstSpartan Fin. Corp. of SC 19.21 115.06 27.97 115.06 19.76 0.80 2.33 44.69
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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 3.03 0.61 6.57 1.33 65.46 1.22
FLGS Flagstar Bancorp, Inc of MI 5.55 5.40 1.41 23.50 9.17 1.41 23.50 2.26 20.60 0.53
FFIC Flushing Fin. Corp. of NY* 12.80 12.32 0.94 6.97 5.49 0.94 6.97 0.22 262.60 0.95
FBHC Fort Bend Holding Corp. of TX(8) 7.15 6.76 0.66 10.00 5.22 0.43 6.58 0.41 123.80 0.90
FTSB Fort Thomas Fin. Corp. of KY 16.07 16.07 1.18 7.42 7.27 1.18 7.42 1.93 30.61 0.65
FKKY Frankfort First Bancorp of KY 16.88 16.88 1.19 7.03 6.50 1.19 7.03 NA NA 0.08
FTNB Fulton Bancorp, Inc. of MO 23.15 23.15 1.07 4.44 4.26 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 5.26 0.78 6.14 0.70 44.69 0.51
GSLA GS Financial Corp. of LA 36.03 36.03 1.14 2.73 3.41 0.99 2.38 0.12 260.11 0.74
GOSB GSB Financial Corp. of NY* 24.91 24.91 0.73 3.23 3.23 0.70 3.08 0.09 156.52 0.24
GBNK Gaston Fed Bncp MHC of NC(47.0 20.28 20.28 0.73 5.92 2.51 0.66 5.39 0.50 132.06 0.96
GFCO Glenway Financial Corp. of OH 9.63 9.56 0.90 9.53 6.05 0.90 9.53 0.32 119.55 0.45
GTPS Great American Bancorp of IL 18.27 18.27 0.71 3.62 4.35 0.71 3.62 0.12 331.46 0.47
PEDE Great Pee Dee Bancorp of SC 46.01 46.01 1.89 4.14 4.54 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 5.36 1.59 4.49 0.07 216.10 0.19
GFED Guaranty Fed Bancshares of MO 27.19 27.19 1.24 5.36 3.84 1.21 5.25 0.50 168.80 1.05
HCBBE HCB Bancshares of Camden AR 17.25 17.04 0.33 1.99 2.70 0.33 1.99 0.44 150.91 1.38
HEMT HF Bancorp of Hemet CA 8.01 6.85 0.01 0.15 0.12 0.06 0.77 NA NA NA
HFFC HF Financial Corp. of SD 9.93 9.93 1.13 11.77 10.79 0.98 10.21 0.93 151.01 1.74
HMNF HMN Financial, Inc. of MN 9.76 8.96 0.79 6.41 7.17 0.56 4.54 0.09 449.77 0.61
HALL Hallmark Capital Corp. of WI 7.63 7.63 0.66 8.86 7.67 0.62 8.30 0.37 NA NA
HRBF Harbor Federal Bancorp of MD 12.60 12.60 0.77 6.06 4.59 0.75 5.87 0.69 33.35 0.34
HARB Harbor Florida Bancshrs of FL 19.62 19.38 1.37 10.17 4.84 1.29 9.60 0.43 208.24 1.27
HFSA Hardin Bancorp of Hardin MO 10.11 10.11 0.69 6.15 5.57 0.60 5.36 NA NA NA
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 4.68 4.68 -0.36 -7.64 -7.03 -0.13 -2.77 0.15 58.96 0.27
HARS Harris Fin. MHC of PA (24.9) 8.13 7.34 0.84 10.33 3.47 0.68 8.41 0.66 60.54 0.97
HFFB Harrodsburg 1st Fin Bcrp of KY 26.54 26.54 1.36 5.09 5.31 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 5.25 0.62 5.35 0.09 144.19 0.25
HAVN Haven Bancorp of Woodhaven NY 5.21 4.98 0.45 7.89 7.20 0.48 8.37 0.45 132.08 0.97
HTHR Hawthorne Fin. Corp. of CA 3.97 3.97 1.00 22.67 20.22 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 6.00 0.91 5.29 NA NA 0.82
HBSC Heritage Bancorp, Inc of SC 31.48 31.48 1.12 5.60 4.25 1.12 5.60 0.44 57.25 0.38
HFWA Heritage Financial Corp of WA 22.57 20.50 1.10 4.34 3.84 0.63 2.48 0.11 760.09 1.28
HCBC High Country Bancorp of CO 18.18 18.18 0.84 5.51 5.24 0.84 5.51 0.41 181.40 0.91
HBNK Highland Bancorp of CA 7.87 7.87 1.36 17.65 9.88 1.19 15.55 1.65 96.78 2.01
HIFS Hingham Inst. for Sav. of MA* 9.43 9.43 1.25 13.19 8.60 1.24 13.00 0.20 340.32 0.86
HBEI Home Bancorp of Elgin IL(8) 26.12 26.12 0.69 2.59 2.62 0.69 2.59 0.24 122.58 0.34
HBFW Home Bancorp of Fort Wayne IN 11.92 11.92 0.85 6.84 4.73 0.83 6.68 0.10 402.90 0.43
HCFC Home City Fin. Corp. of OH 13.87 13.87 1.30 7.09 7.64 1.28 7.02 0.59 97.81 0.63
HOMF Home Fed Bancorp of Seymour IN 9.30 9.07 1.48 16.64 8.51 1.16 13.01 0.59 100.21 0.71
HWEN Home Financial Bancorp of IN 17.64 17.64 0.92 5.30 6.46 0.70 4.04 1.10 68.52 0.93
HLFC Home Loan Financial Corp of OH 38.53 38.53 1.34 4.88 3.26 1.34 4.88 0.06 NA NA
HPBC Home Port Bancorp, Inc. of MA* 8.71 8.71 1.45 14.51 8.54 1.66 16.62 0.26 453.64 1.38
HSTD Homestead Bancorp, Inc. of LA 21.66 21.66 0.75 3.46 4.50 0.75 3.46 0.27 119.47 0.69
HFBC HopFed Bancorp of KY 26.78 26.78 1.22 8.52 4.11 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 4.74 0.79 8.16 1.03 37.74 0.62
HRZB Horizon Financial Corp. of WA* 15.44 15.44 1.56 10.03 8.00 1.52 9.76 0.02 NA 0.88
HRBT Hudson River Bancorp Inc of NY 26.74 26.74 0.90 3.36 3.98 1.03 3.85 NA NA 2.20
ITLA ITLA Capital Corp of CA* 10.43 10.41 1.43 13.81 11.87 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 33.44 1.57 20.76 1.32 19.24 0.42
INBI Industrial Bancorp of OH 15.97 15.97 1.47 8.74 5.63 1.47 8.74 0.35 138.50 0.55
IWBK Interwest Bancorp of WA 6.76 6.65 1.04 15.58 4.86 0.88 13.16 0.64 83.89 0.90
IPSW Ipswich SB of Ipswich MA* 5.58 5.58 1.20 21.89 8.38 0.95 17.47 0.71 99.04 0.91
JXVL Jacksonville Bancorp of TX 14.45 14.45 1.34 9.15 8.81 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 302.35 26.88 302.35 NM 0.24 1.86 61.54
FLGS Flagstar Bancorp, Inc of MI 10.91 229.89 12.75 236.22 10.91 0.32 1.33 14.55
FFIC Flushing Fin. Corp. of NY* 18.23 124.17 15.90 128.98 18.23 0.24 1.57 28.57
FBHC Fort Bend Holding Corp. of TX(8) 19.14 174.32 12.46 184.30 29.11 0.40 1.88 36.04
FTSB Fort Thomas Fin. Corp. of KY 13.75 99.55 16.00 99.55 13.75 0.25 2.27 31.25
FKKY Frankfort First Bancorp of KY 15.38 107.33 18.12 107.33 15.38 0.80 5.20 NM
FTNB Fulton Bancorp, Inc. of MO 23.48 104.52 24.20 104.52 NM 0.30 1.94 45.45
GUPB GFSB Bancorp, Inc of Gallup NM 19.00 116.90 13.49 116.90 19.00 0.30 2.11 40.00
GSLA GS Financial Corp. of LA 29.35 84.32 30.38 84.32 NM 0.28 2.07 60.87
GOSB GSB Financial Corp. of NY* NM 89.41 22.28 89.41 NM 0.12 0.92 28.57
GBNK Gaston Fed Bncp MHC of NC(47.0 NM 143.65 29.14 143.65 NM 0.20 1.52 60.61
GFCO Glenway Financial Corp. of OH 16.53 152.34 14.68 153.54 16.53 0.44 2.26 37.29
GTPS Great American Bancorp of IL 22.97 85.99 15.71 85.99 22.97 0.44 2.59 59.46
PEDE Great Pee Dee Bancorp of SC 22.03 90.97 41.85 90.97 22.03 0.36 2.77 61.02
GSFC Green Street Fin. Corp. of NC 18.67 86.97 30.35 86.97 18.67 0.48 3.73 69.57
GFED Guaranty Fed Bancshares of MO 26.04 104.60 28.44 104.60 26.60 0.32 2.56 66.67
HCBBE HCB Bancshares of Camden AR NM 64.01 11.04 64.78 NM 0.24 2.59 NM
HEMT HF Bancorp of Hemet CA NM 127.77 10.24 149.42 NM 0.00 0.00 0.00
HFFC HF Financial Corp. of SD 9.27 105.98 10.52 105.98 10.69 0.36 2.57 23.84
HMNF HMN Financial, Inc. of MN 13.94 102.61 10.02 111.87 19.68 0.24 1.79 25.00
HALL Hallmark Capital Corp. of WI 13.03 108.79 8.30 108.79 13.91 0.00 0.00 0.00
HRBF Harbor Federal Bancorp of MD 21.81 128.61 16.20 128.61 22.53 0.52 2.54 55.32
HARB Harbor Florida Bancshrs of FL 20.64 130.70 25.64 132.29 21.88 0.26 2.38 49.06
HFSA Hardin Bancorp of Hardin MO 17.95 109.81 11.10 109.81 20.60 0.60 3.31 59.41
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 116.69 5.46 116.69 NM 0.12 1.45 NM
HARS Harris Fin. MHC of PA (24.9) 28.81 279.86 22.74 309.96 NM 0.22 1.41 40.74
HFFB Harrodsburg 1st Fin Bcrp of KY 18.83 96.73 25.67 96.73 18.83 0.40 2.76 51.95
HHFC Harvest Home Fin. Corp. of OH 19.05 102.30 11.61 102.30 19.05 0.44 3.67 69.84
HAVN Haven Bancorp of Woodhaven NY 13.88 104.13 5.42 108.95 13.09 0.30 2.16 30.00
HTHR Hawthorne Fin. Corp. of CA 4.95 102.12 4.06 102.12 4.52 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL 16.67 93.55 14.16 93.55 16.86 0.32 2.21 36.78
HBSC Heritage Bancorp, Inc of SC 23.53 87.39 27.51 87.39 23.53 0.30 1.68 39.47
HFWA Heritage Financial Corp of WA 26.05 112.55 25.40 123.90 NM 0.18 1.65 42.86
HCBC High Country Bancorp of CO 19.09 75.98 13.81 75.98 19.09 0.00 0.00 0.00
HBNK Highland Bancorp of CA 10.12 164.25 12.92 164.25 11.49 0.50 1.47 14.88
HIFS Hingham Inst. for Sav. of MA* 11.63 145.91 13.76 145.91 11.80 0.27 1.61 18.75
HBEI Home Bancorp of Elgin IL(8) NM 97.99 25.59 97.99 NM 0.40 2.83 NM
HBFW Home Bancorp of Fort Wayne IN 21.13 145.76 17.38 145.76 21.65 0.32 1.20 25.40
HCFC Home City Fin. Corp. of OH 13.10 114.97 15.95 114.97 13.22 0.36 2.62 34.29
HOMF Home Fed Bancorp of Seymour IN 11.76 182.41 16.97 187.16 15.03 0.40 1.68 19.80
HWEN Home Financial Bancorp of IN 15.48 80.45 14.19 80.45 20.31 0.10 1.54 23.81
HLFC Home Loan Financial Corp of OH NM 89.46 34.47 89.46 NM 0.20 1.59 48.78
HPBC Home Port Bancorp, Inc. of MA* 11.70 163.39 14.24 163.39 10.22 0.80 3.97 46.51
HSTD Homestead Bancorp, Inc. of LA 22.22 76.92 16.66 76.92 22.22 0.20 2.50 55.56
HFBC HopFed Bancorp of KY 24.31 121.02 32.41 121.02 24.31 0.30 1.71 41.67
HZFS Horizon Fin'l. Services of IA 21.09 146.42 13.82 146.42 17.66 0.18 1.27 26.87
HRZB Horizon Financial Corp. of WA* 12.50 122.70 18.94 122.70 12.84 0.44 3.14 39.29
HRBT Hudson River Bancorp Inc of NY 25.15 84.51 22.59 84.51 21.94 0.00 0.00 0.00
ITLA ITLA Capital Corp of CA* 8.43 108.93 11.36 109.16 8.43 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 2.99 75.62 6.02 82.78 3.77 0.25 2.00 5.98
INBI Industrial Bancorp of OH 17.76 155.36 24.81 155.36 17.76 0.60 3.16 56.07
IWBK Interwest Bancorp of WA 20.59 294.13 19.88 298.76 24.37 0.56 2.11 43.41
IPSW Ipswich SB of Ipswich MA* 11.93 238.53 13.31 238.53 14.94 0.16 1.23 14.68
JXVL Jacksonville Bancorp of TX 11.35 101.86 14.72 101.86 11.35 0.50 3.39 38.46
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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) 10.54 10.54 0.59 5.68 3.65 0.38 3.60 0.68 65.11 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 10.23 1.08 13.94 NA NA 1.15
KFBI Klamath First Bancorp of OR 13.98 12.81 0.95 6.16 4.93 0.94 6.10 0.05 351.18 0.26
LSBI LSB Fin. Corp. of Lafayette IN 8.41 8.41 0.85 9.93 6.41 0.73 8.51 1.20 58.59 0.80
LVSB Lakeview Financial of NJ 9.53 6.39 1.75 16.93 10.49 0.75 7.24 NA NA 1.54
LARK Landmark Bancshares, Inc of KS 13.07 13.07 1.06 7.68 7.39 0.90 6.47 0.25 196.35 0.66
LARL Laurel Capital Group of PA 10.64 10.64 1.42 13.54 7.26 1.46 13.94 0.27 309.56 1.19
LSBX Lawrence Savings Bank of MA* 12.07 12.07 2.58 24.91 16.63 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 4.49 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 5.28 0.78 3.83 0.48 130.50 0.95
LIBB Liberty Bancorp MHC of NJ (47) 13.12 13.12 0.49 3.73 3.32 0.49 3.73 0.35 82.98 0.45
LFCO Life Financial Corp of CA(8) 12.64 12.64 3.91 26.05 NM 4.08 27.17 2.27 20.25 0.75
LFBI Little Falls Bancorp of NJ 10.51 9.75 0.57 4.98 4.94 0.57 4.98 0.33 108.65 0.82
LOGN Logansport Fin. Corp. of IN 18.82 18.82 1.48 7.80 7.16 1.50 7.88 0.26 103.45 0.36
MAFB MAF Bancorp, Inc. of IL 7.84 7.00 1.09 14.00 6.82 1.04 13.41 0.53 82.75 0.54
MBLF MBLA Financial Corp. of MO 13.70 13.70 0.86 6.67 7.46 0.85 6.58 0.45 74.68 0.50
MECH MECH Financial Inc of CT* 9.71 9.71 0.96 9.69 6.68 0.96 9.63 0.51 259.89 2.05
MFBC MFB Corp. of Mishawaka IN 11.38 11.38 0.80 6.40 7.04 0.78 6.22 NA NA 0.18
MSBF MSB Financial, Inc of MI 16.65 16.65 1.57 9.35 5.97 1.36 8.12 0.79 62.16 0.53
MARN Marion Capital Holdings of IN 19.42 19.00 1.25 5.96 6.51 1.25 5.96 1.02 105.99 1.25
MRKF Market Fin. Corp. of OH 29.33 29.33 1.09 3.20 4.18 1.09 3.20 0.39 24.64 0.16
MASB MassBank Corp. of Reading MA* 11.76 11.61 1.16 10.41 8.30 1.00 8.97 0.16 166.21 0.82
MFLR Mayflower Co-Op. Bank of MA* 9.24 9.10 1.13 11.81 7.95 0.98 10.25 0.61 134.79 1.54
MDBK Medford Bancorp, Inc. of MA* 8.94 8.48 1.07 11.88 8.84 1.02 11.27 0.17 360.57 1.18
MWBX MetroWest Bank of MA* 7.34 7.34 1.26 17.03 8.14 1.26 17.03 NA NA 2.28
METF Metropolitan Fin. Corp. of OH 3.74 3.46 0.70 18.02 9.07 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 5.85 1.01 10.76 0.14 161.58 0.43
MCBN Mid-Coast Bancorp of ME 8.02 8.02 0.70 8.30 6.78 0.61 7.21 0.69 79.42 0.70
MWBI Midwest Bancshares, Inc. of IA 7.15 7.15 0.95 13.51 11.25 0.76 10.81 0.54 54.65 0.49
MFFC Milton Fed. Fin. Corp. of OH 11.08 11.08 0.69 5.75 4.66 0.55 4.64 0.41 67.74 0.40
MBSP Mitchell Bancorp, Inc. of NC(8) 39.23 39.23 1.23 3.03 2.98 1.23 3.03 1.54 34.72 0.72
MBBC Monterey Bay Bancorp of CA 10.77 9.85 0.31 2.74 3.00 0.31 2.74 0.55 112.07 1.08
MONT Montgomery Fin. Corp. of IN 17.13 17.13 0.91 4.95 5.36 0.91 4.95 0.78 20.37 0.19
MSBK Mutual SB, FSB of Bay City MI 5.55 5.55 -1.26 -22.42 -24.65 -0.43 -7.63 0.10 312.68 0.55
MYST Mystic Financial of MA* 18.16 18.16 0.83 4.44 4.55 0.77 4.15 0.08 824.00 0.88
NHTB NH Thrift Bancshares of NH 8.14 7.11 0.90 11.39 8.12 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 4.44 0.67 3.49 0.19 41.67 0.14
NSSY NSS Bancorp of CT(8)* 8.46 8.25 0.79 9.48 4.68 0.69 8.35 0.63 131.72 1.27
NMSB Newmil Bancorp, Inc. of CT* 9.09 9.09 0.86 9.14 6.50 0.68 7.15 0.75 179.97 2.87
NBCP Niagara Bancorp of NY MHC(45.4* 19.02 19.02 0.63 5.03 2.36 0.96 7.74 0.29 188.17 1.07
NBSI North Bancshares of Chicago IL 10.82 10.82 0.38 2.98 3.00 0.34 2.65 NA NA 0.26
FFFD North Central Bancshares of IA 14.86 12.87 1.34 8.83 8.54 1.32 8.71 0.19 424.53 1.03
NEIB Northeast Indiana Bncrp of IN 13.04 13.04 1.19 8.58 7.78 1.19 8.58 0.41 159.71 0.73
NWSB Northwest Bcrp MHC of PA (30.8 8.50 7.64 0.92 10.14 3.79 0.90 9.91 0.50 123.26 0.82
NWEQ Northwest Equity Corp. of WI 12.19 12.19 1.22 10.37 8.11 1.13 9.65 1.73 28.33 0.60
NTMG Nutmeg FS&LA of CT 6.06 6.06 0.84 14.08 6.69 0.44 7.44 1.30 35.79 0.53
OHSL OHSL Financial Corp. of OH 10.84 10.84 0.86 7.94 5.67 0.80 7.37 NA NA NA
OCFC Ocean Fin. Corp. of NJ 13.71 13.64 0.91 6.22 6.41 0.91 6.22 0.41 113.75 0.80
OTFC Oregon Trail Fin. Corp. of OR 26.49 26.49 1.19 6.01 5.16 1.19 6.01 0.18 206.22 0.57
OFCP Ottawa Financial Corp. of MI 8.22 6.74 0.89 10.38 6.57 0.79 9.25 0.50 79.48 0.46
PFFB PFF Bancorp of Pomona CA 8.04 7.96 0.60 6.42 7.35 0.56 5.94 NA NA 1.32
PSFI PS Financial of Chicago IL 26.77 26.77 1.00 3.18 4.05 1.73 5.53 0.41 50.85 0.37
PSBI PSB Bancorp Inc. of PA* 19.81 19.81 0.78 3.93 4.85 0.78 3.93 1.46 16.02 0.46
PVFC PVF Capital Corp. of OH 7.20 7.20 1.22 17.04 11.05 1.14 15.93 0.96 64.83 0.72
PBCI Pamrapo Bancorp, Inc. of NJ 12.47 12.41 1.24 9.69 6.95 1.19 9.34 1.66 35.55 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) 27.40 151.92 16.02 151.92 NM 0.30 2.11 57.69
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* 9.77 136.27 10.60 156.63 9.77 0.24 1.85 18.05
KFBI Klamath First Bancorp of OR 20.28 128.34 17.94 140.06 20.51 0.36 1.97 40.00
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 9.54 159.48 15.20 237.79 22.29 0.25 1.35 12.89
LARK Landmark Bancshares, Inc of KS 13.53 110.49 14.44 110.49 16.08 0.60 2.81 37.97
LARL Laurel Capital Group of PA 13.77 178.24 18.97 178.24 13.38 0.60 3.16 43.48
LSBX Lawrence Savings Bank of MA* 6.01 132.67 16.01 132.67 6.10 0.00 0.00 0.00
LFED Leeds Fed Bksr MHC of MD (36.3 22.27 150.16 24.46 150.16 22.27 0.56 3.93 NM
LXMO Lexington B&L Fin. Corp. of MO 18.95 77.46 12.44 83.04 18.95 0.30 2.55 48.39
LIBB Liberty Bancorp MHC of NJ (47) NM 112.11 14.71 112.11 NM 0.00 0.00 0.00
LFCO Life Financial Corp of CA(8) 1.90 43.96 5.56 43.96 1.83 0.00 0.00 0.00
LFBI Little Falls Bancorp of NJ 20.24 103.22 10.85 111.29 20.24 0.24 1.56 31.58
LOGN Logansport Fin. Corp. of IN 13.97 105.87 19.92 105.87 13.83 0.44 3.09 43.14
MAFB MAF Bancorp, Inc. of IL 14.67 196.00 15.37 219.53 15.31 0.28 1.14 16.77
MBLF MBLA Financial Corp. of MO 13.41 90.69 12.43 90.69 13.59 0.60 2.96 39.74
MECH MECH Financial Inc of CT* 14.97 138.49 13.45 138.49 15.06 0.60 2.47 37.04
MFBC MFB Corp. of Mishawaka IN 14.21 92.39 10.51 92.39 14.61 0.34 1.64 23.29
MSBF MSB Financial, Inc of MI 16.76 153.27 25.51 153.27 19.30 0.30 1.97 32.97
MARN Marion Capital Holdings of IN 15.37 95.14 18.47 97.23 15.37 0.88 3.98 61.11
MRKF Market Fin. Corp. of OH 23.91 93.38 27.39 93.38 23.91 0.28 2.55 60.87
MASB MassBank Corp. of Reading MA* 12.05 118.62 13.95 120.18 13.98 1.00 2.74 33.00
MFLR Mayflower Co-Op. Bank of MA* 12.57 143.15 13.22 145.23 14.48 0.80 3.81 47.90
MDBK Medford Bancorp, Inc. of MA* 11.31 133.16 11.90 140.27 11.92 0.40 2.58 29.20
MWBX MetroWest Bank of MA* 12.28 195.58 14.36 195.58 12.28 0.20 3.02 37.04
METF Metropolitan Fin. Corp. of OH 11.02 182.71 6.83 197.12 12.81 0.00 0.00 0.00
MIFC Mid Iowa Financial Corp. of IA(8) 17.09 174.64 17.35 174.87 17.31 0.08 0.59 10.13
MCBN Mid-Coast Bancorp of ME 14.75 122.45 9.83 122.45 16.98 0.20 2.22 32.79
MWBI Midwest Bancshares, Inc. of IA 8.89 112.78 8.06 112.78 11.11 0.36 3.00 26.67
MFFC Milton Fed. Fin. Corp. of OH 21.46 123.54 13.68 123.54 26.63 0.60 4.17 NM
MBSP Mitchell Bancorp, Inc. of NC(8) NM 100.19 39.31 100.19 NM 0.80 5.08 NM
MBBC Monterey Bay Bancorp of CA NM 91.90 9.89 100.46 NM 0.12 1.09 36.36
MONT Montgomery Fin. Corp. of IN 18.64 90.61 15.52 90.61 18.64 0.22 2.00 37.29
MSBK Mutual SB, FSB of Bay City MI NM 97.61 5.42 97.61 NM 0.00 0.00 NM
MYST Mystic Financial of MA* 21.98 97.08 17.63 97.08 23.50 0.20 1.47 32.26
NHTB NH Thrift Bancshares of NH 12.32 134.92 10.98 154.41 13.28 0.60 3.53 43.48
NSLB NS&L Bancorp, Inc of Neosho MO 22.50 80.02 14.78 80.55 22.88 0.50 3.70 NM
NSSY NSS Bancorp of CT(8)* 21.39 201.08 17.01 206.15 24.29 0.52 1.12 23.85
NMSB Newmil Bancorp, Inc. of CT* 15.38 137.77 12.53 137.77 19.67 0.36 3.00 46.15
NBCP Niagara Bancorp of NY MHC(45.4* NM 127.91 24.33 127.91 27.50 0.12 1.09 46.15
NBSI North Bancshares of Chicago IL NM 114.29 12.37 114.29 NM 0.40 3.33 NM
FFFD North Central Bancshares of IA 11.71 105.68 15.70 122.00 11.88 0.32 1.91 22.38
NEIB Northeast Indiana Bncrp of IN 12.86 112.01 14.61 112.01 12.86 0.40 2.22 28.57
NWSB Northwest Bcrp MHC of PA (30.8 26.40 255.48 21.73 284.21 27.00 0.16 1.35 35.56
NWEQ Northwest Equity Corp. of WI 12.33 124.56 15.18 124.56 13.25 0.68 3.83 47.22
NTMG Nutmeg FS&LA of CT 14.94 206.02 12.49 206.02 28.26 0.20 1.54 22.99
OHSL OHSL Financial Corp. of OH 17.63 135.97 14.73 135.97 19.00 0.50 3.42 60.24
OCFC Ocean Fin. Corp. of NJ 15.59 101.47 13.91 101.97 15.59 0.48 3.31 51.61
OTFC Oregon Trail Fin. Corp. of OR 19.39 92.47 24.50 92.47 19.39 0.24 1.79 34.78
OFCP Ottawa Financial Corp. of MI 15.22 158.73 13.05 193.55 17.07 0.40 1.90 28.99
PFFB PFF Bancorp of Pomona CA 13.60 93.75 7.54 94.71 14.69 0.00 0.00 0.00
PSFI PS Financial of Chicago IL 24.71 92.10 24.66 92.10 14.22 0.52 5.01 NM
PSBI PSB Bancorp Inc. of PA* 20.62 81.08 16.07 81.08 20.62 0.00 0.00 0.00
PVFC PVF Capital Corp. of OH 9.05 142.33 10.25 142.33 9.68 0.00 0.00 0.00
PBCI Pamrapo Bancorp, Inc. of NJ 14.39 137.28 17.13 138.00 14.94 1.12 4.72 67.88
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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 7.67 7.64 1.07 13.88 8.29 1.07 13.88 NA NA 1.51
PBHC Pathfinder BC MHC of NY (45.2)* 11.89 10.15 0.74 6.28 4.56 0.63 5.33 1.30 32.05 0.63
PEEK Peekskill Fin. Corp. of NY 21.57 21.57 0.98 4.06 4.77 1.00 4.12 0.79 43.03 1.41
PFSB PennFed Fin. Services of NJ 6.68 5.81 0.78 10.97 8.76 0.76 10.70 0.44 40.82 0.25
PWBK Pennwood Bancorp, Inc. of PA 17.27 17.27 0.59 3.29 3.68 0.65 3.62 1.44 58.95 1.15
PBKB People's Bancshares of MA* 3.78 3.62 0.73 17.53 8.00 0.28 6.65 NA NA 0.92
TSBS Peoples Bancorp Inc of NJ(8)* 39.07 37.90 1.14 5.37 2.27 0.99 4.67 NA NA NA
PFDC Peoples Bancorp of Auburn IN 14.97 14.97 1.45 9.60 6.40 1.45 9.60 0.18 172.98 0.36
PBCT Peoples Bank, MHC of CT (41.2)* 9.42 8.12 1.22 13.58 6.26 0.63 7.05 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 0.15 151.61 0.30
PHBK Peoples Heritage Fin Grp of ME* 7.41 6.16 0.94 12.97 4.22 1.26 17.41 NA NA 1.28
PSFC Peoples Sidney Fin. Corp of OH 18.52 18.52 1.18 4.96 4.21 1.18 4.96 0.91 44.42 0.45
PERM Permanent Bancorp, Inc. of IN 8.58 7.00 0.59 6.31 5.17 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 8.10 8.63 0.62 7.21 1.24 33.90 0.75
PFSL Pocahontas Bancorp of AR 14.44 14.00 0.68 7.04 4.54 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) 12.67 12.67 0.80 6.62 4.58 0.73 6.09 0.21 252.66 1.29
PRBC Prestige Bancorp of PA 9.67 9.67 0.47 4.49 5.38 0.46 4.36 0.35 79.16 0.41
PFNC Progress Financial Corp. of PA 6.92 6.18 0.82 14.39 5.43 0.74 12.90 NA NA 1.19
PROV Provident Fin. Holdings of CA 10.62 10.62 0.71 5.91 7.03 0.29 2.39 NA NA 0.88
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 13.42 13.42 1.11 8.38 4.90 0.91 6.88 NA NA 0.51
PLSK Pulaski SB, MHC of NJ (47.0) 11.82 11.82 0.54 4.57 4.37 0.59 4.96 0.63 82.57 0.97
PULS Pulse Bancorp of S. River NJ(8) 8.44 8.44 1.04 12.60 6.69 1.04 12.60 0.46 78.83 1.33
QCFB QCF Bancorp of Virginia MN 17.49 17.49 1.72 9.92 7.73 1.67 9.62 0.08 NA 1.92
QCBC Quaker City Bancorp of CA 8.70 8.70 0.78 8.98 7.60 0.76 8.83 0.83 NA NA
QCSB Queens County Bancorp of NY* 9.89 9.89 1.50 13.88 3.72 1.47 13.63 0.44 125.66 0.63
RARB Raritan Bancorp of Raritan NJ(8)* 7.32 7.24 0.97 12.89 4.76 0.97 12.89 0.44 180.63 1.14
RELY Reliance Bancorp, Inc. of NY 7.84 5.47 0.86 10.25 8.40 0.90 10.79 0.40 90.40 0.92
RELI Reliance Bancshares Inc of WI(8) 52.92 52.92 1.28 2.56 2.56 1.22 2.45 0.47 85.79 0.65
RCBK Richmond County Fin Corp of NY 20.60 20.52 0.55 4.13 1.85 1.55 11.64 NA NA 1.01
RIVR River Valley Bancorp of IN 13.63 13.45 0.93 7.10 7.71 0.82 6.23 0.55 158.30 1.03
RVSB Riverview Bancorp of WA 23.08 22.36 1.69 8.33 5.94 1.60 7.87 0.28 137.60 0.63
RSLN Roslyn Bancorp, Inc. of NY* 15.43 15.35 1.29 7.43 6.48 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 4.32 0.64 5.13 0.84 56.89 0.60
SGVB SGV Bancorp of W. Covina CA 7.89 7.80 0.36 4.77 4.85 0.36 4.70 1.12 31.15 0.48
SISB SIS Bancorp, Inc. of MA(8)* 7.14 7.14 0.73 10.11 4.23 0.91 12.58 0.26 488.24 2.66
SWCB Sandwich Bancorp of MA(8)* 8.39 8.16 0.97 11.94 4.56 0.92 11.31 0.57 138.76 1.16
SKAN Skaneateles Bancorp Inc of NY* 6.87 6.71 0.62 8.92 7.85 0.60 8.67 1.74 57.15 1.23
SKBOD Skibo Fin Corp MHC of PA(45.0) 16.79 16.79 0.57 3.37 3.00 0.68 4.03 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 2.65 0.45 2.28 0.23 91.68 0.40
SBAN SouthBanc Shares Inc. of SC 20.75 20.75 0.86 6.72 3.44 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 4.33 0.70 4.29 1.49 55.70 1.08
SVRN Sovereign Bancorp, Inc. of PA 5.51 4.86 0.57 11.75 4.04 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 5.93 1.04 11.36 NA NA 0.88
SFFC StateFed Financial Corp. of IA 17.91 17.91 1.15 6.51 5.47 1.15 6.51 1.55 14.83 0.30
SFIN Statewide Fin. Corp. of NJ 9.72 9.70 0.79 8.16 7.81 0.75 7.83 0.47 95.71 0.89
STSA Sterling Financial Corp. of WA 5.09 2.00 0.36 7.02 5.43 0.53 10.26 NA NA 1.06
ROSE T R Financial Corp. of NY* 6.22 6.22 1.01 16.31 6.75 0.86 13.87 0.49 76.54 0.65
THRD TF Financial Corp. of PA 7.49 6.36 0.70 7.48 7.51 0.56 6.02 0.30 99.71 0.86
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 12.07 159.45 12.23 160.18 12.07 0.48 2.29 27.59
PBHC Pathfinder BC MHC of NY (45.2)* 21.94 135.08 16.06 158.23 25.84 0.20 1.72 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 11.41 122.86 8.21 141.35 11.70 0.16 1.16 13.22
PWBK Pennwood Bancorp, Inc. of PA 27.20 95.27 16.46 95.27 24.73 0.28 2.57 70.00
PBKB People's Bancshares of MA* 12.50 211.95 8.02 221.45 NM 0.76 3.66 45.78
TSBS Peoples Bancorp Inc of NJ(8)* NM 108.00 42.19 111.32 NM 0.10 0.99 43.48
PFDC Peoples Bancorp of Auburn IN 15.63 147.38 22.06 147.38 15.63 0.48 2.40 37.50
PBCT Peoples Bank, MHC of CT (41.2)* 15.98 191.17 18.01 221.68 NM 0.92 3.60 57.50
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* 23.68 218.45 16.18 262.77 17.65 0.44 2.44 57.89
PSFC Peoples Sidney Fin. Corp of OH 23.74 149.04 27.61 149.04 23.74 0.28 1.71 40.58
PERM Permanent Bancorp, Inc. of IN 19.35 117.30 10.06 143.71 20.34 0.24 2.00 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 11.59 96.27 6.68 97.30 13.02 0.24 1.90 22.02
PFSL Pocahontas Bancorp of AR 22.03 100.80 14.56 104.01 22.03 0.24 2.72 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) 21.83 132.08 16.74 132.08 23.71 0.28 2.04 44.44
PRBC Prestige Bancorp of PA 18.57 81.61 7.90 81.61 19.12 0.20 1.54 28.57
PFNC Progress Financial Corp. of PA 18.43 176.71 12.23 197.91 20.57 0.16 1.13 20.78
PROV Provident Fin. Holdings of CA 14.22 82.75 8.79 82.75 NM 0.00 0.00 0.00
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 20.40 165.64 22.23 165.64 24.85 1.10 5.68 NM
PLSK Pulaski SB, MHC of NJ (47.0) 22.87 102.09 12.07 102.09 21.08 0.30 2.79 63.83
PULS Pulse Bancorp of S. River NJ(8) 14.94 180.68 15.24 180.68 14.94 0.80 3.08 45.98
QCFB QCF Bancorp of Virginia MN 12.94 130.46 22.82 130.46 13.33 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 13.16 112.61 9.80 112.61 13.39 0.00 0.00 0.00
QCSB Queens County Bancorp of NY* 26.86 NM 37.23 NM 27.35 0.80 2.68 72.07
RARB Raritan Bancorp of Raritan NJ(8)* 21.02 262.81 19.25 265.89 21.02 0.60 1.76 37.04
RELY Reliance Bancorp, Inc. of NY 11.90 114.11 8.95 163.58 11.30 0.72 2.91 34.62
RELI Reliance Bancshares Inc of WI(8) NM 100.43 53.14 100.43 NM 0.00 0.00 0.00
RCBK Richmond County Fin Corp of NY NM 117.60 24.23 118.08 19.25 0.24 1.64 NM
RIVR River Valley Bancorp of IN 12.97 89.32 12.17 90.48 14.77 0.22 1.59 20.56
RVSB Riverview Bancorp of WA 16.85 121.06 27.94 124.92 17.84 0.24 1.98 33.33
RSLN Roslyn Bancorp, Inc. of NY* 15.43 119.29 18.41 119.87 16.16 0.40 2.34 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) 23.16 121.28 14.92 121.28 23.91 0.32 1.45 33.68
SGVB SGV Bancorp of W. Covina CA 20.63 94.68 7.48 95.87 20.97 0.00 0.00 0.00
SISB SIS Bancorp, Inc. of MA(8)* 23.66 216.74 15.48 216.74 19.02 0.64 1.61 38.10
SWCB Sandwich Bancorp of MA(8)* 21.94 246.45 20.68 253.54 23.17 1.40 2.60 57.14
SKAN Skaneateles Bancorp Inc of NY* 12.73 109.38 7.52 112.03 13.09 0.28 2.02 25.69
SKBOD Skibo Fin Corp MHC of PA(45.0) NM 112.89 18.96 112.89 27.91 0.30 2.50 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 112.75 19.08 112.75 NM 0.40 4.81 NM
SBAN SouthBanc Shares Inc. of SC 29.03 101.58 21.08 101.58 27.27 0.48 2.67 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 23.10 102.34 15.83 102.34 22.17 0.50 3.01 69.44
SVRN Sovereign Bancorp, Inc. of PA 24.77 207.10 11.41 234.88 19.89 0.08 0.61 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 16.85 190.55 18.29 191.26 17.57 0.60 2.92 49.18
SFFC StateFed Financial Corp. of IA 18.28 115.68 20.72 115.68 18.28 0.20 1.68 30.77
SFIN Statewide Fin. Corp. of NJ 12.81 106.82 10.38 106.97 13.36 0.52 3.35 42.98
STSA Sterling Financial Corp. of WA 18.40 117.84 6.00 299.45 12.60 0.00 0.00 0.00
ROSE T R Financial Corp. of NY* 14.82 225.40 14.03 225.40 17.42 0.88 2.69 39.82
THRD TF Financial Corp. of PA 13.31 114.34 8.57 134.74 16.52 0.48 2.59 34.53
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of October 30, 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 32.34 32.34 1.79 9.12 5.01 1.69 8.57 3.10 21.28 0.91
TRIC Tri-County Bancorp of WY 16.45 16.45 1.00 6.40 5.96 1.03 6.57 NA NA 1.01
TWIN Twin City Bancorp, Inc. of TN 12.67 12.67 1.02 7.92 6.72 0.82 6.41 0.37 27.12 0.14
USAB USABancshares, Inc of PA* 9.74 9.68 0.59 6.21 3.59 0.73 7.64 1.08 49.32 0.90
UCBC Union Community Bancorp of IN 40.02 40.02 1.44 5.52 3.92 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 6.10 1.36 9.53 0.57 148.60 1.27
WHGB WHG Bancshares of MD 15.28 15.28 0.58 3.18 4.28 0.58 3.18 0.65 41.31 0.46
WSFS WSFS Financial Corp. of DE* 6.15 6.13 1.12 19.55 8.11 1.08 18.85 1.17 134.48 3.28
WVFC WVS Financial Corp. of PA 11.10 11.10 1.20 10.72 6.31 1.30 11.60 NA NA 1.19
WRNB Warren Bancorp of Peabody MA* 10.48 10.48 1.72 16.10 8.26 1.72 16.10 NA NA 1.56
WSBI Warwick Community Bncrp of NY* 20.99 20.99 0.32 1.46 1.49 1.08 4.93 0.35 106.03 0.71
WFSL Washington Federal, Inc. of WA 13.90 12.91 1.96 15.10 8.09 1.90 14.69 0.52 81.10 0.57
WAYN Wayne Svgs Bks MHC of OH (48.2 9.53 9.53 0.71 7.52 4.00 0.64 6.80 0.49 58.18 0.36
WCFB Wbstr Cty FSB MHC of IA (45.6) 23.41 23.41 1.40 5.95 3.94 1.40 5.95 0.07 534.72 0.69
WBST Webster Financial Corp. of CT 5.97 5.06 0.68 12.38 5.27 0.76 13.90 0.39 159.51 1.14
WEFC Wells Fin. Corp. of Wells MN 15.37 15.37 1.19 8.16 8.79 1.11 7.60 NA NA NA
WEBK West Essex MHC of NJ (42.2) 13.43 13.43 0.34 2.51 2.77 0.34 2.51 1.10 54.38 1.60
WCBI WestCo Bancorp, Inc. of IL(8) 15.66 15.66 1.50 9.68 6.08 1.40 9.09 0.56 50.90 0.36
WSTR WesterFed Fin. Corp. of MT 10.73 8.75 0.72 6.77 7.12 0.72 6.77 0.52 94.24 0.74
WOFC Western Ohio Fin. Corp. of OH 14.52 13.58 0.07 0.51 0.53 0.06 0.43 1.29 74.24 1.36
WEHO Westwood Hmstd Fin Corp of OH 20.59 20.59 0.69 2.80 3.80 1.11 4.50 0.29 82.74 0.26
FFWD Wood Bancorp of OH 13.57 13.57 1.43 11.15 6.85 1.16 9.02 0.16 243.12 0.48
YFCB Yonkers Fin. Corp. of NY 10.30 10.30 0.89 6.80 7.68 0.80 6.18 0.15 208.94 0.61
YFED York Financial Corp. of PA 8.89 8.89 0.84 9.60 5.60 0.66 7.54 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 19.97 103.96 33.63 103.96 21.24 0.24 1.79 35.82
TRIC Tri-County Bancorp of WY 16.78 104.51 17.19 104.51 16.35 0.44 3.45 57.89
TWIN Twin City Bancorp, Inc. of TN 14.89 117.36 14.87 117.36 18.40 0.40 3.02 44.94
USAB USABancshares, Inc of PA* 27.88 110.69 10.78 111.37 22.66 0.00 0.00 0.00
UCBC Union Community Bancorp of IN 25.53 84.39 33.77 84.39 25.53 0.38 3.17 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 16.38 84.09 22.73 84.09 16.38 0.00 0.00 0.00
WHGB WHG Bancshares of MD 23.37 74.04 11.31 74.04 23.37 0.32 2.98 69.57
WSFS WSFS Financial Corp. of DE* 12.32 219.62 13.51 220.46 12.78 0.12 0.70 8.63
WVFC WVS Financial Corp. of PA 15.86 168.64 18.72 168.64 14.65 0.60 3.90 61.86
WRNB Warren Bancorp of Peabody MA* 12.11 193.41 20.27 193.41 12.11 0.36 3.72 45.00
WSBI Warwick Community Bncrp of NY* NM 97.78 20.52 97.78 19.92 0.16 1.25 NM
WFSL Washington Federal, Inc. of WA 12.36 177.70 24.70 191.33 12.71 0.92 3.45 42.59
WAYN Wayne Svgs Bks MHC of OH (48.2 25.00 183.60 17.49 183.60 27.65 0.62 3.40 NM
WCFB Wbstr Cty FSB MHC of IA (45.6) 25.40 148.84 34.84 148.84 25.40 0.80 5.00 NM
WBST Webster Financial Corp. of CT 18.99 170.87 10.19 201.55 16.91 0.44 1.78 33.85
WEFC Wells Fin. Corp. of Wells MN 11.38 94.02 14.45 94.02 12.22 0.60 3.64 41.38
WEBK West Essex MHC of NJ (42.2) NM 90.61 12.17 90.61 NM 0.00 0.00 0.00
WCBI WestCo Bancorp, Inc. of IL(8) 16.45 154.60 24.22 154.60 17.53 0.68 2.11 34.69
WSTR WesterFed Fin. Corp. of MT 14.04 92.97 9.98 114.06 14.04 0.54 2.96 41.54
WOFC Western Ohio Fin. Corp. of OH NM 100.27 14.55 107.20 NM 1.00 4.42 NM
WEHO Westwood Hmstd Fin Corp of OH 26.32 93.63 19.28 93.63 16.39 0.40 4.00 NM
FFWD Wood Bancorp of OH 14.61 153.85 20.88 153.85 18.06 0.36 2.77 40.45
YFCB Yonkers Fin. Corp. of NY 13.02 93.54 9.63 93.54 14.33 0.32 2.26 29.36
YFED York Financial Corp. of PA 17.86 164.20 14.59 164.20 22.73 0.52 2.60 46.43
EXHIBIT 2
Pro Forma Analysis Sheet
Fully Converted Basis
EXHIBIT 2
PRO FORMA ANALYSIS SHEET
Willow Grove Bank
Prices as of October 30, 1998
Peer Group Pennsylvania SAIF-Insured
----------------- ------------------ -----------------
Price Multiple Symbol Subject(1) Mean Median Mean Median Mean Median
- -------------- ------ ----------- ---- ------ ---- ------ ---- ------
Price-earnings ratio P/E 12.34x 19.02x 18.81x 16.00x 15.68x 17.45x 16.67x
Price-book ratio = P/B 57.67% 83.66% 84.31% 140.21% 119.47% 126.24% 114.33%
Price-assets ratio = P/A 9.49% 18.75% 17.42% 13.38% 12.23% 16.02% 14.91%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y) $2,616,000 ESOP Stock Purchases (E) 8.00% (5)
Pre-Conversion Book Value (B) $37,125,000 Cost of ESOP Borrowings (S) 0.00% (4)
Pre-Conv. Tang. Book Value (B) $34,868,000 ESOP Amortization (T) 10.00 years
Pre-Conversion Assets (A) $398,723,000 RRP Amount (M) 4.00%
Reinvestment Rate (2)(R) 3.28% RRP Vesting (N) 5.00 years (5)
Est. Conversion Expenses (3)(X) 3.00% Foundation (F) 4.00%
Tax rate (TAX) 39.00% Tax Benefit (Z) 537,200
Tax rate on Foundation Contribution 34.00% Percentage Sold (PCT) 100.00%
Calculation of Pro Forma Value After Conversion
- -----------------------------------------------
1. V= P/E * (Y) V= $41,080,001
-----------------------------------------------------------
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= $41,080,002
---------------------------
1 - P/B * PCT * (1-X-E-M-F)
3. V= P/A * (A+Z) V= $41,080,000
---------------------------
1 - P/A * PCT * (1-X-E-M-F)
Shares Aggregate
Shares Sold to Price Per Gross Offering Issued To Total Shares Market Value
Conclusion Public Share Proceeds Foundation Issued of Stock Issued
- ----------- -------------- --------- -------------- ---------- ------------ ---------------
Minimum 3,357,500 10.00 $33,575,000 134,300 3,491,800 34,918,000
Midpoint 3,950,000 10.00 39,500,000 158,000 4,108,000 41,080,000
Maximum 4,542,500 10.00 45,425,000 181,700 4,724,200 47,242,000
Supermaximum 5,223,875 10.00 52,238,750 208,955 5,432,830 54,328,300
- ---------------------------------------------------------------------
(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
expenses 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
Willow Grove Bank
At the Minimum
1. Offering Proceeds $33,575,000
Less: Estimated Offering Expenses 1,007,250
-----------
Net Conversion Proceeds $32,567,750
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $32,567,750
Less: Cash Contribution to Foundation 0
Less: Non-Cash Stock Purchases (1) 4,029,000
-----------
Net Proceeds Reinvested $28,538,750
Estimated net incremental rate of return 3.28%
-----------
Earnings Increase $ 934,844
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 163,846
Less: Recognition Plan Vesting (4) 163,846
-----------
Net Earnings Increase $ 607,152
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1998 (reported) $2,616,000 $607,152 $3,223,152
12 Months ended September 30, 1998 (core) $2,997,000 $607,152 $3,604,152
Before Net Cash Tax Benefit (5) After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $37,125,000 $28,538,750 $456,620 $66,120,370
September 30, 1998 (Tangible) $34,868,000 $28,538,750 $456,620 $63,863,370
Before Net Cash Tax Benefit (5) After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $398,723,000 $28,538,750 $456,620 $427,718,370
(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.
(5) Reflects tax benefit of stock contribution to the Foundation.
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Willow Grove Bank
At the Midpoint
1. Offering Proceeds $39,500,000
Less: Estimated Offering Expenses 1,185,000
-----------
Net Conversion Proceeds $38,315,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $38,315,000
Less: Cash Contribution to Foundation 0
Less: Non-Cash Stock Purchases (1) 4,740,000
-----------
Net Proceeds Reinvested $33,575,000
Estimated net incremental rate of return 3.28%
-----------
Earnings Increase $ 1,099,816
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 192,760
Less: Recognition Plan Vesting (4) 192,760
-----------
Net Earnings Increase $ 714,296
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1998 (reported) $2,616,000 $714,296 $3,330,296
12 Months ended September 30, 1998 (core) $2,997,000 $714,296 $3,711,296
Before Net Cash Tax Benefit (5) After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $37,125,000 $33,575,000 $537,200 $71,237,200
September 30, 1998 (Tangible) $34,868,000 $33,575,000 $537,200 $68,980,200
Before Net Cash Tax Benefit (5) After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $398,723,000 $33,575,000 $537,200 $432,835,200
(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.
(5) Reflects tax benefit of stock contribution to the Foundation.
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Willow Grove Bank
At the Maximum
1. Offering Proceeds $45,425,000
Less: Estimated Offering Expenses 1,362,750
-----------
Net Conversion Proceeds $44,062,250
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $44,062,250
Less: Cash Contribution to Foundation 0
Less: Non-Cash Stock Purchases (1) 5,451,000
-----------
Net Proceeds Reinvested $38,611,250
Estimated net incremental rate of return 3.28%
-----------
Earnings Increase $ 1,264,789
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 221,674
Less: Recognition Plan Vesting (4) 221,674
-----------
Net Earnings Increase $ 821,441
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1998 (reported) $2,616,000 $821,441 $3,437,441
12 Months ended September 30, 1998 (core) $2,997,000 $821,441 $3,818,441
Before Net Cash Tax Benefit (5) After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $37,125,000 $38,611,250 $617,780 $76,354,030
September 30, 1998 (Tangible) $34,868,000 $38,611,250 $617,780 $74,097,030
Before Net Cash Tax Benefit (5) After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $398,723,000 $38,611,250 $617,780 $437,952,030
(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.
(5) Reflects tax benefit of stock contribution to the Foundation.
Exhibit 3
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Willow Grove Bank
At the Supermaximum Value
1. Offering Proceeds $52,238,750
Less: Estimated Offering Expenses 1,567,163
-----------
Net Conversion Proceeds $50,671,588
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $50,671,588
Less: Cash Contribution to Foundation 0
Less: Non-Cash Stock Purchases (1) 6,268,650
-----------
Net Proceeds Reinvested $44,402,938
Estimated net incremental rate of return 3.28%
-----------
Earnings Increase $ 1,454,507
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 254,925
Less: Recognition Plan Vesting (4) 254,925
-----------
Net Earnings Increase $ 944,657
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1998 (reported) $2,616,000 $944,657 $3,560,657
12 Months ended September 30, 1998 (core) $2,997,000 $944,657 $3,941,657
Before Net Cash Tax Benefit (5) After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $37,125,000 $44,402,938 $710,447 $82,238,385
September 30, 1998 (Tangible) $34,868,000 $44,402,938 $710,447 $79,981,385
Before Net Cash Tax Benefit (5) After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $398,723,000 $44,402,938 $710,447 $443,836,385
(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.
(5) Reflects tax benefit of stock contribution to the Foundation.
EXHIBIT 4
Pro Forma Analysis Sheet
Minority Stock Offering
EXHIBIT 4
PRO FORMA ANALYSIS SHEET
Willow Grove Bank
Prices as of October 30, 1998
Peer Group Pennsylvania SAIF-Insured
------------------- ----------------- -------------------
Price Multiple Symbol Subject (1) Mean Median Mean Median Mean Mean
- -------------- ------ ----------- ---- ------ ---- ------ ---- ----
Price-earnings ratio P/E 13.77x 23.18x 22.87x 16.00x 15.68x 17.45x 16.67x
Price-book ratio = P/B 77.50% 151.16% 144.86% 140.21% 119.47% 126.24% 114.33%
Price-assets ratio = P/A 9.72% 20.29% 17.75% 13.38% 12.23% 16.02% 14.91%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y) $2,616,000 ESOP Stock Purchases (E) 8.00% (5)
Pre-Conversion Book Value (B) $37,125,000 Cost of ESOP Borrowings (S) 0.00% (4)
Pre-Conv. Tang. Book Value (B) $34,868,000 ESOP Amortization (T) 10.00 years
Pre-Conversion Assets (A) $398,723,000 RRP Amount (M) 4.00%
Reinvestment Rate (2)(R) 3.28% RRP Vesting (N) 5.00 years (5)
Est. Conversion Expenses (3)(X) 5.11% Foundation (F) 4.00%
Tax rate (TAX) 39.00% Tax Benefit (Z) 92,820
Tax rate on Foundation Contribution 34.00% Percentage Sold (PCT) 44.30%
Calculation of Pro Forma Value After Conversion
- -----------------------------------------------
1. V= P/E * (Y) V= $40,100,052
---------------------------------------
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= $39,713,502
--------------------------
1 - P/B * PCT * (1-X-E-M-F)
3. V= P/A * (A+Z) V= $40,154,096
--------------------------
1 - P/A * PCT * (1-X-E-M-F)
Shares Aggregate
Shares Issued Shares Sold to Price Per Gross Offering Issued To Total Shares Market Value
Conclusion To MHC Public Share Proceeds Foundation Issued of Stock Issued
- ----------- ------ ------ ----- -------- ---------- ------ ---------------
Minimum 1,870,000| 1,487,500 10.00 $14,875,000 59,500 1,547,000 15,470,000
Midpoint 2,200,000| 1,750,000 10.00 17,500,000 70,000 1,820,000 18,200,000
Maximum 2,530,000| 2,012,500 10.00 20,125,000 80,500 2,093,000 20,930,000
Supermaximum 2,909,500| 2,314,375 10.00 23,143,750 92,575 2,406,950 24,069,500
- ----------
(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
expenses tax effected at 39.00 percent.
EXHIBIT 5
Pro Forma Effects
Minority Stock Offering
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Willow Grove Bank
At the Minimum
1. Offering Proceeds $14,875,000
Less: Estimated Offering Expenses 863,563
-----------
Net Conversion Proceeds $14,011,437
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $14,011,437
Less: Cash Contribution to Foundation 0
Less: Non-Cash Stock Purchases (1) 1,785,000
-----------
Net Proceeds Reinvested $12,226,437
Estimated net incremental rate of return 3.28%
-----------
Earnings Increase $ 400,501
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 72,590
Less: Recognition Plan Vesting (4) 72,590
-----------
Net Earnings Increase $ 255,321
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1998 (reported) $2,616,000 $255,321 $2,871,321
12 Months ended September 30, 1998 (core) $2,997,000 $255,321 $3,252,321
Before Net Cash Tax Benefit (5) After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $37,125,000 $12,226,437 $202,300 $49,553,737
September 30, 1998 (Tangible) $34,868,000 $12,226,437 $202,300 $47,296,737
Before Net Cash Tax Benefit (5) After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $398,723,000 $12,226,437 $202,300 $411,151,737
(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.
(5) Reflects tax benefit of stock contribution to the Foundation.
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Willow Grove Bank
At the Midpoint
1. Offering Proceeds $17,500,000
Less: Estimated Offering Expenses 893,750
-----------
Net Conversion Proceeds $16,606,250
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $16,606,250
Less: Cash Contribution to Foundation 0
Less: Non-Cash Stock Purchases (1) 2,100,000
-----------
Net Proceeds Reinvested $14,506,250
Estimated net incremental rate of return 3.28%
-----------
Earnings Increase $ 475,181
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 85,400
Less: Recognition Plan Vesting (4) 85,400
-----------
Net Earnings Increase $ 304,381
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1998 (reported) $2,616,000 $304,381 $2,920,381
12 Months ended September 30, 1998 (core) $2,997,000 $304,381 $3,301,381
Before Net Cash Tax Benefit (5) After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $37,125,000 $14,506,250 $238,000 $51,869,250
September 30, 1998 (Tangible) $34,868,000 $14,506,250 $238,000 $49,612,250
Before Net Cash Tax Benefit (5) After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $398,723,000 $14,506,250 $238,000 $413,467,250
(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.
(5) Reflects tax benefit of stock contribution to the Foundation.
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Willow Grove Bank
At the Maximum
1. Offering Proceeds $20,125,000
Less: Estimated Offering Expenses 923,938
-----------
Net Conversion Proceeds $19,201,062
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $19,201,062
Less: Cash Contribution to Foundation 0
Less: Non-Cash Stock Purchases (1) 2,415,000
-----------
Net Proceeds Reinvested $16,786,062
Estimated net incremental rate of return 3.28%
-----------
Earnings Increase $ 549,861
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 98,210
Less: Recognition Plan Vesting (4) 98,210
-----------
Net Earnings Increase $ 353,441
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1998 (reported) $2,616,000 $353,441 $2,969,441
12 Months ended September 30, 1998 (core) $2,997,000 $353,441 $3,350,441
Before Net Cash Tax Benefit(5) After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $37,125,000 $16,786,062 $273,700 $54,184,762
September 30, 1998 (Tangible) $34,868,000 $16,786,062 $273,700 $51,927,762
Before Net Cash Tax Benefit (5) After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- --------------- ----------
September 30, 1998 $398,723,000 $16,786,062 $273,700 $415,782,762
(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.
(5) Reflects tax benefit of stock contribution to the Foundation.
Exhibit 5
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Willow Grove Bank
At the Supermaximum Value
1. Offering Proceeds $23,143,750
Less: Estimated Offering Expenses 958,653
-----------
Net Conversion Proceeds $22,185,097
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $22,185,097
Less: Cash Contribution to Foundation 0
Less: Non-Cash Stock Purchases (1) 2,777,250
-----------
Net Proceeds Reinvested $19,407,847
Estimated net incremental rate of return 3.28%
------------
Earnings Increase $ 635,743
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 112,942
Less: Recognition Plan Vesting (4) 112,942
-----------
Net Earnings Increase $ 409,860
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1998 (reported) $2,616,000 $409,860 $3,025,860
12 Months ended September 30, 1998 (core) $2,997,000 $409,860 $3,406,860
Before Net Cash Tax Benefit (5) After
4. Pro Forma Net Worth Conversion Proceeds Of Contribution Conversion
---------- -------- ---------------- ----------
September 30, 1998 $37,125,000 $19,407,847 $314,755 $56,847,602
September 30, 1998 (Tangible) $34,868,000 $19,407,847 $314,755 $54,590,602
Before Net Cash Tax Benefit (5) After
5. Pro Forma Assets Conversion Proceeds Of Contribution Conversion
---------- -------- ---------------- ----------
September 30, 1998 $398,723,000 $19,407,847 $314,755 $418,445,602
(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.
(5) Reflects tax benefit of stock contribution to the Foundation.
EXHIBIT 6
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)
- --------------------------------------------------------------------------------
Washington Headquarters
Rosslyn Center
1700 North Moore Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788