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CONVERSION VALUATION APPRAISAL REPORT
SEACOAST FINANCIAL SERVICES CORPORATION
PROPOSED HOLDING COMPANY FOR
COMPASS BANK FOR SAVINGS
New Bedford, Massachusetts
Dated As Of:
May 8, 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
May 8, 1998
Board of Trustees
The 1855 Bancorp and
Board of Directors
Compass Bank for Savings
791 Purchase Street
New Bedford, Massachusetts 02740-6300
Gentlemen:
At your request, we have completed and hereby provide an independent
appraisal ("Appraisal") of the estimated pro forma market value of the common
stock which is to be issued in connection with the mutual-to-stock conversion
transaction and subsequent acquisition, as described below.
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 Office of Thrift Supervision
("OTS"), including the most recent revisions as of October 21, 1994, and
applicable interpretations thereof. Such Valuation Guidelines are relied upon by
the Massachusetts Division of Banks (the "Division"), the Federal Deposit
Insurance Corporation (FDIC) and the Federal Reserve Board ("FRB") in evaluating
conversion appraisals in the absence of such specific written valuation
guidelines separately issued by the respective agencies.
Description of Reorganization
- -----------------------------
We understand that the Board of Trustees of The 1855 Bancorp, a
Massachusetts-chartered mutual holding company (the "MHC"), and the Board of
Directors of Compass Bank for Savings ("Compass" or the "Bank"), a wholly-owned
state-chartered state savings bank subsidiary of the MHC, have adopted a Plan of
Conversion, incorporated herein by reference, in which the MHC will be combined
with the Bank simultaneously with the MHC's conversion to stock form and
reorganization as a subsidiary of a newly-formed stock corporation, to be known
as "Seacoast Financial Services Corporation" ("Seacoast" or the "Company").
Seacoast will offer shares of Common Stock ("Conversion Shares") for sale in the
Subscription Offering, the concurrent Community Offering and, if necessary, in a
Syndicated Community Offering, based on the appraised value. The Conversion
Shares are first being offered in the Subscription Offering with nontransferable
subscription rights being granted to Eligible Account Holders, Supplemental
Eligible Account Holders, the ESOP, Employees, Officers, Trustees and Directors.
Board of Directors
May 8, 1998
Page 2
Acquisition of Sandwich Bancorp, Inc.
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Pursuant to the Amended and Restated Affiliation and Merger Agreement
(the "Agreement"), dated March 22, 1998, The 1855 Bancorp agreed to acquire
Sandwich Bancorp, Inc., Sandwich, Massachusetts ("Sandwich Bancorp"), the bank
holding company for Sandwich Co-operative Bank, a Massachusetts-chartered
co-operative bank ("Sandwich"). Sandwich Bancorp is a Massachusetts corporation
that was organized in June 1997 to acquire all the capital stock of Sandwich
upon consummation of the reorganization of Sandwich into holding company form.
Sandwich Bancorp is a publicly-traded company whose stock is listed on the
NASDAQ National Market System under the ticker symbol "SWCB". Pursuant to the
Agreement, at the effective time of the merger, each share of common stock of
Sandwich Bancorp issued and outstanding, shall by virtue of the merger be
converted into the right to receive Seacoast common stock. The number of shares
of Seacoast common stock a Sandwich Bancorp stockholder will receive will be
determined by the application of an exchange ratio (the "Exchange Ratio" based
upon the trading price of Seacoast's common stock (the "Seacoast Trading Price")
10 days following the closing of the conversion. If the Seacoast Trading Price
is between $10.00 and $13.50, the Exchange Ratio will be between 6.4000 and
4.7407 (determined by dividing $64.00 by the Seacoast Trading Price). If the
Seacoast Trading Price is between $13.51 and $15.00, the Exchange Ratio will be
fixed at 4.7407. If the Seacoast Trading Price exceeds $15.00, the Exchange
Ratio will be less than 4.7407, (determined by dividing $71.11 by the Seacoast
Trading Price). If the Seacoast Trading Price is equal to or less than $10.00
per share, the Exchange Ratio will be 6.4000. The number of Exchange Shares
issuable in exchange for each outstanding Sandwich Bancorp stock option will be
determined by subtracting the per share exercise price of such option from the
value of the Exchange Shares receivable by Sandwich Bancorp stockholders in
exchange for each outstanding share of Sandwich Bancorp common stock, and
dividing the result by the Seacoast Trading Price. As of March 31, 1998,
Sandwich Bancorp had 1,945,756 shares of common stock issued and outstanding and
143,282 stock options outstanding, of which 103,574 shares subject to option
were exercisable (all options become fully vested upon a change of control).
Cash will be paid in lieu of fractional shares.
It is anticipated that the merger will be accounted for as a pooling of
interests and that certain financial adjustments will be made concurrent with
the merger. The transaction is expected to constitute a tax-free reorganization
under the Internal Revenue Code, so that Sandwich Bancorp shareholders who
receive Seacoast's common stock will not recognize gain or loss in connection
with the exchange.
RP Financial, LC.
- -----------------
RP Financial, LC. ("RP Financial") is a financial consulting firm
serving the financial services industry nationwide that, among other things,
specializes in financial valuations and analyses of business enterprises and
securities, including the pro forma valuation for savings institutions
converting from mutual-to-stock form. The background and experience of RP
Financial is detailed in Exhibit V-1. We believe that, except for the fee we
will receive for our appraisal and assisting in the preparation of the
post-conversion business plan, we are independent of Compass, Seacoast and
Sandwich Bancorp and the other parties engaged by Compass, Seacoast or Sandwich
Bancorp to assist in the transaction.
Board of Directors
May 8, 1998
Page 3
Valuation Methodology
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In preparing our appraisal, we have reviewed the Application for
Approval of Conversion, including the Proxy Statement, as filed with the FDIC,
the Division and the FRB and the Form S-1 registration statement as filed with
the Securities Exchange Commission ("SEC"). We have conducted a financial
analysis of Compass that has included a review of its audited financial
information for the last five fiscal years and more recent unaudited information
and internal financial reports and due diligence related discussions with
Compass' management; Arthur Andersen LLP, Compass' independent auditor; Foley,
Hoag & Eliot LLP, Compass' conversion counsel; and Ryan Beck & Co., Inc., the
financial and marketing advisor in connection with Seacoast's stock offering.
Additionally, we have conducted an analysis of Sandwich Bancorp, including a
review of financial documents and discussions with Sandwich Bancorp's
management. All conclusions set forth in the appraisal were reached
independently from such discussions. In addition, where appropriate, we have
considered information based on other available published sources that we
believe are reliable. While we believe the information and data gathered from
all these sources are reliable, we cannot guarantee the accuracy and
completeness of such information.
We have investigated the competitive environment within which Compass
operates and have assessed Compass' relative strengths and weaknesses,
incorporating the merger with Sandwich Bancorp. We have kept abreast of the
changing regulatory and legislative environment for financial institutions and
analyzed the potential impact on Seacoast and the industry as a whole. We have
analyzed the potential effects of the stock conversion and simultaneous merger
on Seacoast's operating characteristics and financial performance as they relate
to the pro forma market value. We have reviewed the overall conditions in the
primary market area as set forth in demographic, economic and competitive
information prepared by CACI, SNL Securities and other third party private and
governmental sources. We have compared Compass' and Seacoast's financial
performance and condition, incorporating the merger with Sandwich Bancorp, with
selected publicly-traded thrifts and thrift holding companies in accordance with
the Valuation Guidelines, as well as all publicly-traded thrifts and thrift
holding companies. We have reviewed the current conditions in the securities
markets in general and in the market for thrift stocks in particular, including
the market for existing thrift issues and the market for initial public
offerings by thrifts and thrift holding companies. We have excluded from such
analyses publicly-traded mutual holding companies and thrifts subject to
announced or rumored acquisition and/or other unusual characteristics due to
pricing distortions.
Our Appraisal is based on Compass' representation that the information
contained in the regulatory applications and additional information furnished to
us by Compass and its other advisors are truthful, accurate and complete. We did
not independently verify the financial statements and other information provided
by Compass or Sandwich Bancorp, or their respective independent auditors, legal
counsel and other authorized agents, nor did we independently value the assets
or liabilities of the MHC, Compass or Sandwich Bancorp. Our valuation was also
predicated on the merger with Sandwich Bancorp being completed in a manner
consistent with the Agreement. The pro forma valuation considers Seacoast only
as a going concern and should not be considered as an indication of the
liquidation value.
Board of Directors
May 8, 1998
Page 4
Our appraised value is predicated on a continuation of the current
operating environment for Seacoast and for all thrifts and their holding
companies. Changes in the local, state and national economy, the legislative and
regulatory environment for financial institutions, the stock market, interest
rates, and other external forces (such as natural disasters or significant world
events) may occur from time to time, often with great unpredictability and may
materially impact the value of thrift stocks as a whole or Seacoast's values
alone. It is our understanding that there are no current plans for selling
control of the Seacoast following Conversion. To the extent that such factors
can be foreseen, they have been factored into our analysis.
The estimated pro forma market value is defined as the price at which
the Seacoast's Common Stock, immediately upon completion of the conversion
offering, would change hands between a willing buyer and a willing seller,
neither being under any compulsion to buy or sell and both having reasonable
knowledge of relevant facts.
Valuation Conclusion
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It is our opinion that, as of May 8, 1998, the pro forma offering value
of Seacoast's conversion is $290 million, taking into account the potential
range of exchange ratios in the subsequent acquisition of Sandwich Bancorp as
set forth in the Merger Agreement. Accordingly, the conversion offering range of
value, based on a $10.00 per share value, is as follows:
Price/
Dollar Amount Shares Share
------------- ------ -----
(000) ($)
Minimum $246,500,000 24,650,000 $10.00
Midpoint 290,000,000 29,000,000 10.00
Maximum 333,500,000 33,500,000 10.00
Supermaximum 383,525,000 38,352,500 10.00
The total market of all shares issued, including both offering shares
and shares issued in the merger, is dependent upon the trading price of Seacoast
10 days following completion of the conversion offering. The following table
reflects the pro forma market value of all shares, both conversion and merger
shares, reflecting an exchange ratio of 6.4000, reflecting a Seacoast trading
price of $10.00 per share, and 4.7407, reflecting a Seacoast trading price of
$15.00 per share, both representing collars in the exchange ratio set forth in
the Merger Agreement, based on the conversion offering valuation range.
Board of Directors
May 8, 1998
Page 5
6.4000 Exchange Ratio(1) 4.7407 Exchange Ratio(2)
------------------------ ------------------------
Total Total Total Total
Market Value Shares Issued Market Value Shares Issued
------------ ------------- ------------ -------------
Minimum $371,936,730 37,193,673 $339,600,590 33,960,059
Midpoint 415,436,730 41,543,673 383,100,590 38,310,059
Maximum 458,937,730 45,893,673 426,600,590 42,660,059
Supermaximum 508,961,730 50,896,173 476,625,590 47,662,559
(1) Reflects 12,543,673 Seacoast shares issued to Sandwich Bancorp shareholders
at $10.00 per share.
(2) Reflects 9,310,059 Seacoast shares issued to Sandwich Bancorp shareholders
at $15.00 per share.
Limiting Factors and Considerations
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Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
Common Stock. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change from time to time, no assurance can be given that persons who purchase
shares of common stock in the Conversion will thereafter be able to buy or sell
such shares at prices related to the foregoing valuation of the estimated pro
forma market value thereof.
RP Financial's valuation was determined based on the financial
condition and operations of Compass and Sandwich Bancorp as of February 28,
1998, and March 31, 1998, respectively, the date of the financial data included
in Seacoast's prospectus, and structure of the merger as set forth in the
Agreement.
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 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 Compass' and/or Sandwich Bancorp's financial
performance and condition, management policies, current conditions in the equity
markets for thrift shares and structure and pro forma impact of the merger.
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
Board of Directors
May 8, 1998
Page 6
interest rates. Should any such new developments or changes be material, in our
opinion, to the valuation of the shares, appropriate adjustments to the
estimated pro forma market value will be made. The reasons for any such
adjustments will be explained in the update at the date of the release of the
update.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ Ronald S. Riggins
Ronald S. Riggins
President
/s/ James P. Hennessey
James P. Hennessey
Senior Vice President
RP Financial, LC.
TABLE OF CONTENTS
SEACOAST FINANCIAL SERVICES CORPORATION
COMPASS BANK FOR SAVINGS
PAGE
DESCRIPTION NUMBER
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CHAPTER ONE OVERVIEW AND FINANCIAL ANALYSIS
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Introduction 1.1
Plan of Conversion and Holding Company Reorganization 1.2
Acquisition of Sandwich Bancorp, Inc. 1.2
Strategic Discussion 1.4
Balance Sheet Trends 1.8
Income and Expense Trends 1.14
Interest Rate Risk Management 1.18
Lending Activities and Strategy 1.19
Asset Quality 1.23
Funding Strategy 1.24
Subsidiary Activities 1.25
Year 2000 Plan 1.26
Environmental Issues 1.26
Legal Proceedings 1.26
CHAPTER TWO MARKET AREA
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Market Area Demographics 2.2
Economy 2.4
Market Area Deposit Characteristics and Competition 2.6
CHAPTER THREE PEER GROUP ANALYSIS
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Selection of Peer Group 3.1
Financial Condition 3.6
Income and Expense Trends 3.9
Loan Portfolio Composition 3.12
Credit Risk 3.12
Interest Rate Risk 3.15
Market Area and Competitive Characteristics 3.15
RP Financial, LC.
TABLE OF CONTENTS
SEACOAST FINANCIAL SERVICES CORPORATION
COMPASS BANK FOR SAVINGS
(continued)
PAGE
DESCRIPTION NUMBER
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CHAPTER FOUR VALUATION ANALYSIS
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Introduction 4.1
Appraisal Guidelines 4.1
RP Financial Approach to the Valuation 4.1
Valuation Analysis 4.2
1. Financial Condition 4.3
2. Profitability, Growth and Viability of Earnings 4.4
3. Asset Growth 4.5
4. Primary Market Area 4.5
5. Dividends 4.6
6. Liquidity of the Shares 4.7
7. Marketing of the Issue 4.7
A. The Public Market 4.7
B. The New Issue Market 4.14
C. The Acquisition Market 4.17
8. Management 4.17
9. Effect of Government Regulation and Regulatory Reform 4.18
Summary of Adjustments 4.18
Valuation Approaches 4.18
1. Price-to-Book ("P/B") 4.21
2. Price-to-Earnings ("P/E") 4.22
3. Price-to-Assets ("P/A") 4.23
Comparison to Recent Conversions 4.23
Valuation Conclusion 4.23
RP Financial, LC.
LIST OF TABLES
SEACOAST FINANCIAL SERVICES CORPORATION
COMPASS BANK FOR SAVINGS
TABLE
NUMBER DESCRIPTION PAGE
------ ----------- ----
1.1 Historical Balance Sheets 1.9
1.2 Historical Income Statements 1.15
2.1 Summary Demographic Data 2.3
2.2 Market Area Unemployment Trends 2.6
2.3 Deposit Summary 2.7
3.1 Peer Group of Publicly-Traded Thrifts 3.3
3.2 Balance Sheet Composition and Growth Rates 3.7
3.3 Income as a Percent of Average Assets and Yields, Costs, Spreads 3.10
3.4 Loan Portfolio Composition and Related Information 3.13
3.5 Credit Risk Measures and Related Information 3.14
3.6 Interest Rate Risk Measures and Net Interest Income Volatility 3.16
4.1 Pricing Characteristics and After-Market Trends (Recent Conversions) 4.15
4.2 Market Pricing Comparatives 4.16
4.3 Public Market Pricing (6.4000 exchange ratio) 4.25
4.4 Public Market Pricing (4.7407 exchange ratio) 4.27
RP Financial, LC.
Page 1.1
I. OVERVIEW AND FINANCIAL ANALYSIS
Introduction
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Compass Bank for Savings ("Compass" or the "Bank") is a state-chartered
stock savings bank headquartered in New Bedford, Massachusetts (Bristol County).
Compass conducts operations out of its main office in New Bedford,
Massachusetts, and a total of 23 branch offices, including 14 in Bristol County,
5 in Dukes County (Martha's Vineyard Island) and 4 in Plymouth County, all of
which are situated in southeastern Massachusetts. Additionally, the Bank
operates two limited service offices in area high schools, and a network of 25
branches and remote automated teller machines ("ATMs"). Compass was organized in
1855 and has operated in southeastern Massachusetts since that time. The Bank is
a member of the Federal Home Loan Bank ("FHLB") system. The Bank's deposits are
insured up to the regulatory maximums by the Bank Insurance Fund ("BIF") and, as
a result of a prior acquisition, the Savings Association Insurance Fund
("SAIF"), both administered by the Federal Deposit Insurance Corporation
("FDIC").
In 1994, the Bank completed a reorganization from a mutual savings bank
to a stock savings bank concurrent with a reorganization as a
Massachusetts-chartered mutual holding company. Pursuant to the reorganization,
Compass transferred substantially all of its assets and liabilities to a
newly-formed stock savings bank in exchange for 100 percent of the stock savings
bank's common stock issued to The 1855 Bancorp ("The 1855 Bancorp" or the
"MHC"). No shares were issued publicly at the time of the reorganization. The
purpose of the reorganization into the mutual holding company form was to
facilitate the acquisition of Martha's Vineyard National Bank ("MVNB") at the
end of calendar 1994 as well as possible other future acquisitions.
Subsequently, the MHC has engaged in a very limited level of activity other than
ownership of the Bank. The MHC's principal assets consist of fixed assets,
investment in subsidiaries (primarily the Bank), and a small balance of cash.
The analysis set forth herein relates to the MHC on a consolidated basis with
Compass.
As of February 28, 1998, the MHC on a consolidated basis had $1.1
billion in assets, $951.4 million in deposits and a surplus (i.e., equity) of
$103.1 million, or 9.02 percent of total
RP Financial, LC.
Page 1.2
assets. Tangible equity was $101.5 million, or 8.88 percent of total assets,
after excluding intangible assets of $1.6 million. For the twelve months ended
February 28, 1998, the MHC reported net income of $12.5 million, equal to
approximately 1.14 percent of average assets.
As described more fully herein, the MHC is converting to stock form and
shortly following the completion of the stock offering will acquire Sandwich
Bancorp, Inc. ("Sandwich Bancorp") by means of a share exchange. This conversion
valuation appraisal takes into account the pro forma impact of the Sandwich
Bancorp merger. Seacoast Financial Services Corporation ("Seacoast" or "the
Company") will be the resulting bank holding company for the merged
state-chartered stock savings bank.
Plan of Conversion and Holding Company Reorganization
- -----------------------------------------------------
Seacoast was organized in April 1998 in conjunction with the proposed
mutual-to-stock conversion of the MHC. In the course of the conversion, Seacoast
will acquire all of the capital stock that the MHC will issue upon conversion
from mutual-to-stock form. Going forward, Seacoast will own 100 percent of the
Bank's stock, and the Bank will be Seacoast's sole subsidiary. At this time, no
other major activities are contemplated for Seacoast other than the ownership of
the Bank. Seacoast plans to retain up to 50 percent of the net proceeds from the
sale of common stock and to use the remaining proceeds to purchase all of the
then to be issued and outstanding capital stock of the Bank. Prior to the
completion of the conversion, The 1855 Bancorp will change its name on an
interim basis to Seacoast, Inc., and after the conversion will change its name
to Seacoast Financial Services Corporation.
Acquisition of Sandwich Bancorp, Inc.
- -------------------------------------
Pursuant to the Amended and Restated Affiliation and Merger Agreement
(the "Agreement"), dated March 22, 1998, The 1855 Bancorp agreed to acquire
Sandwich Bancorp, Inc., Sandwich, Massachusetts ("Sandwich Bancorp"), the bank
holding company for Sandwich Co-operative Bank ("Sandwich"), a
Massachusetts-chartered co-operative bank. Sandwich Bancorp is a Massachusetts
corporation that was organized in June 1997 to acquire all the capital stock of
Sandwich pursuant to the bank holding company reorganization. Sandwich Bancorp
is a publicly-traded company whose stock is listed on the NASDAQ National Market
System under
RP Financial, LC.
Page 1.3
the ticker symbol "SWCB". As of March 31, 1998, Sandwich Bancorp reported
consolidated assets of $526.5 million, deposits of $426.7 million, and
stockholders' equity of $42.6 million, or 8.08 percent of total assets.
Sandwich is a state-chartered co-operative bank operating through an
administrative office in Sandwich, Massachusetts, and a total of 11 retail
branch offices in Barnstable County (i.e., Cape Cod) and southern Plymouth
County. The deposits of Sandwich are insured to regulatory maximums by BIF and
the SAIF, and Sandwich is a member of the FHLB system.
Upon completion of the merger, Seacoast will continue to be
headquartered in New Bedford, Massachusetts, with 36 banking offices in
southeastern Massachusetts. As described more fully herein, both institutions
share many characteristics, i.e., a community bank strategy emphasizing a local
orientation, and utilizing primarily retail deposits to fund local lending.
Compass has a more diversified lending operation and loan portfolio than
Sandwich Bancorp, particularly in the areas of consumer lending (primarily
indirect auto loans) as well as commercial and industrial ("C&I") lending.
Sandwich Bancorp currently has a more leveraged capital position than Seacoast
will have on a pro forma basis. The merger is expected to enhance Compass'
ability to offer full service banking services on Cape Cod and southern Plymouth
County and facilitate asset growth by offering loans and other products in an
expanded area.
Pursuant to the Agreement, at the effective time of the merger, each
share of common stock of Sandwich Bancorp issued and outstanding, shall by
virtue of the merger be converted into the right to receive Seacoast common
stock by means of an exchange ratio (the "Exchange Ratio") based upon the
trading price of Seacoast's common stock following the completion of the
offering (the "Seacoast Trading Price"). If the Seacoast Trading Price is
between $10.00 and $13.50, the Exchange Ratio will be between 6.4000 and 4.7407
(determined by dividing $64.00 by the Seacoast Trading Price). If the Seacoast
Trading Price is between $13.51 and $15.00, the Exchange Ratio will be fixed at
4.7407. If the Seacoast Trading Price exceeds $15.00, the Exchange Ratio will be
less than 4.7407 (determined by dividing $71.11 by the Seacoast Trading Price).
If the Seacoast Trading Price is equal to or less than $10.00 per share, the
Exchange Ratio will be 6.4000. The number of Exchange Shares issuable in
exchange for each outstanding Sandwich Bancorp stock option will be determined
by subtracting the per share exercise price of such option from the value of the
Exchange Shares receivable by Sandwich Bancorp
RP Financial, LC.
Page 1.4
stockholders in exchange for each outstanding share of Sandwich Bancorp common
stock, and dividing the result by the Seacoast Trading Price. As of March 31,
1998, Sandwich Bancorp had 1,945,756 shares of common stock issued and
outstanding and 143,282 stock options outstanding, of which 103,574 shares
subject to option were exercisable (all become fully vested upon acquisition).
Cash will be paid in lieu of fractional shares.
As described more fully herein, the merger is anticipated to be
accounted for as a pooling of interests. At the time of the merger, certain
merger expenses will be recognized, approximating $4.0 million on an after-tax
basis, to reflect the following: (1) certain financial advisory, legal and other
expenses in connection with the merger; (2) expenses related to payouts on
Sandwich Bancorp management contracts; and (3) expenses related to converting
data processing to a single system. Merger synergies are expected to primarily
consist of the elimination of duplicative personnel, primarily in management,
and the related pre-tax cost savings, estimated to approximate $1.5 million in
the first year following the merger and $1.8 million and $2.0 million in the
second and third years, respectively.
There will be a 15 member Board of Directors of Seacoast, comprised of
12 directors from Compass and 3 directors from Sandwich Bancorp. The senior
management team of the merged institution is expected to consist of 9
individuals, all of whom are currently employed by Compass.
Strategic Discussion
- --------------------
Seacoast, Inc.
--------------
Seacoast, Inc. (reflects the interim name change of The 1855 Bancorp),
is the mutual holding company for Compass, a well-capitalized community-oriented
savings institution operating in southeastern Massachusetts. Since substantially
all of the consolidated operations consist of the activities of Compass, the
balance of the analysis will describe the operations of Compass, although the
financial data reflects the consolidated financial data of the MHC and Compass.
The Bank's current operations and strategic direction have been
significantly influenced by certain events over the last two decades. In
particular, during the early 1980s,
RP Financial, LC.
Page 1.5
the Bank experienced diminished profitability as interest rates and the cost of
funds increased rapidly while interest income on long-term fixed rate loans and
investments increased relatively slowly. Additionally, during this same time
frame, the local economy in southeastern Massachusetts was under pressure as the
traditional manufacturing employers continued to decline and the benefit from
the increase in national defense spending and the growth of hi-tech industries
in the Boston area was not felt.
As a result of the foregoing, management sought to emphasize
shorter term and adjustable rate loans with the objective of minimizing the
Bank's interest rate risk exposure. Additionally, the Bank has been cognizant of
maintaining credit quality, particularly as it has began to focus on higher
risk-weight lending.
In recent periods, the Bank has sought to emphasize a community
bank operating strategy, emphasizing service, its local orientation and a
relatively broad array of products and services. Compass has implemented a
three-prong lending strategy which has focused on: (1) residential mortgage
lending; (2) commercial lending, including commercial and multi-family mortgage
loans as well as commercial and industrial loans; and (3) consumer loans,
including primarily auto loans originated indirectly through a network of
approximately 80 dealers located in Massachusetts and Rhode Island. As a result,
as of February 28, 1998, 1-4 family residential mortgage loans comprised
approximately 43.0 percent of total loans, while commercial mortgage and C&I
loans totaled approximately 20.7 percent of total loans, and consumer loans
comprised approximately 30.0 percent of total loans. The Bank has pursued loan
diversification with the objective of enhancing yields and overall earnings
levels while also improving the interest sensitivity of assets.
The majority of the balance of interest-earning assets ("IEA") are
invested in U.S. Treasury and agency obligations, corporate securities and
mortgage-backed securities ("MBS"). The majority of the Bank's investment
portfolio is classified as available for sale ("AFS") and the maturity of most
of the securities in the portfolio averages five years or less.
In conjunction with the community bank operating strategy, Compass
has sought to actively grow and expand its franchise, both through internal and
external means. Compass has grown internally by offering competitive rates and a
wide array of products and services.
RP Financial, LC.
Page 1.6
However, a significant portion of the Bank's growth has been generated through
two acquisitions. The first acquisition involved the purchase of approximately
$57 million of deposits and two office facilities from the failed Plymouth
Federal Savings Bank ("Plymouth Federal") from the Resolution Trust Corporation
("RTC") in March 1994. Additionally, the Bank acquired MVNB, a commercial bank
with 5 locations on the Island of Martha's Vineyard, with total assets of
approximately $129 million in December 1994.
Sandwich Bancorp
----------------
Sandwich, a wholly-owned subsidiary of Sandwich Bancorp, was organized
as a Massachusetts co-operative bank in 1885 and has operated on Cape Cod and
Plymouth County since that time. Sandwich serves Barnstable County (Cape Cod)
and southern Plymouth County through a network of 11 branch offices. Sandwich's
market is contiguous to the Compass market and there is little overlap in the
respective branch office networks. Sandwich is also a community-oriented banking
institution, with a focus on mortgage lending, particularly residential mortgage
loans. The deposit and customer base composition of Sandwich is highly
comparable to those of Compass.
Merged Bank
-----------
The business plan of Seacoast, inclusive of the acquired operations of
Sandwich Bancorp, are expected to continue to focus on products and services
which have facilitated growth to date. Specifically, the largest business
segment will continue to consist of traditional deposit products and retail
banking services, with funds deployed primarily in residential mortgage loans,
and, to a lesser extent, commercial and consumer loans. The acquisition of
Sandwich Bancorp is expected to enhance Seacoast's ability to compete and grow.
The merger will result in the immediate leverage of the post-conversion capital,
owing to the relatively leveraged capital position of Sandwich Bancorp. While
Seacoast and Compass will continue to maintain a strong capital level following
the conversion and acquisition, management efforts over the near term following
the conversion will largely be focused on enhancing efficiency, including the
integration of Sandwich Bancorp into Seacoast's operations, continuing to manage
interest rate risk, maintaining good asset quality and pursuing retail growth in
southeastern Massachusetts.
RP Financial, LC.
Page 1.7
Stock Conversion
----------------
The stock conversion is intended to accomplish several objectives:
provide the opportunity for stock ownership to employees, depositors and
management; provide a mechanism to attract and retain competent staff; and
provide the funds, form of consideration and the capital necessary to complete
stock acquisitions. The capital from the stock conversion will be used to
support the growth through existing branches as well as through other
acquisitions, revenue diversification activities, reduction of interest rate
risk and provide a capital cushion to safeguard against contingencies such as
credit losses or an adverse interest rate environment. As disclosed in
Seacoast's prospectus, the proceeds from the stock conversion are anticipated to
be invested as follows.
o Seacoast Bancorp. Seacoast will retain up to 50 percent of the
net conversion proceeds. Seacoast funds are expected to be
invested initially into short- and intermediate-term investment
securities with laddered maturities extending up to five to seven
years. Over time, Seacoast funds may be utilized for various
corporate purposes, possibly including the payment of
regular/special cash dividends, acquisitions, infusing additional
equity into the Bank and/or repurchases of common stock, however
no specific plans currently exist.
o Compass. At least 50 percent of the net conversion proceeds will
be infused into the Bank in exchange for all of the Bank's
newly-issued stock. The increase in capital will be less, as the
amount to be borrowed by the ESOP from a third party to fund an 8
percent stock purchase will be deducted from capital. Cash
proceeds (i.e., net proceeds less deposits withdrawn to fund
stock purchases) infused into the Bank are anticipated to become
part of general operating funds, and are expected to initially be
invested in short-term investments and/or used to repay borrowed
funds as they mature. Over the longer term, the proceeds are
expected to be partially redeployed into loans.
Seacoast's business plan initially calls for consolidating the
operations of Sandwich Bancorp into those of Seacoast, partially deploying the
conversion proceeds into loans, and pursuing moderate growth through the
expanded branch network. Over the longer term, management will continue to
review growth opportunities including internal growth, branching and
acquisitions of branches or other institutions. In this regard, current plans
call for the Bank to establish one to two new branch offices per year during
each of the next three years.
RP Financial, LC.
Page 1.8
Balance Sheet Trends
- --------------------
Growth Trends
-------------
Table 1.1 shows the Bank's historical balance sheets from October 31,
1993 to February 28, 1998, and the Bank's pro forma balance sheet at February
28, 1998 giving effect to the Sandwich Bancorp merger (but before incorporating
the capital to be raised in conversion and merger expenses). The following
paragraphs describe the historical balance sheet changes for Compass on a
pre-acquisition basis. The pro forma balance sheet impact of the acquisition of
Sandwich Bancorp will be discussed at the end of this section. Additionally, the
foregoing analysis describes the consolidated operations of the MHC but is
referenced to as Compass since the substantial majority of assets and
liabilities are attributable to the Bank.
Over the last 5 years, Compass' asset base increased at a compounded
annual rate of approximately 10.9 percent. The Bank's growth has been fostered
through the 1994 acquisition of Plymouth Federal branches, and the 1995
acquisition of MVNB. Excluding growth through acquisition, the Bank's internal
growth has been relatively limited as a result of the competition and the
limited population growth in the Bank's markets. Over this period, asset growth
was largely attributable to loan portfolio growth, which increased from $451.1
million, or 63.92 percent of assets, as of October 31, 1993, to $846.4 million,
or 74.01 percent, as of February 28, 1998. The 14.8 percent annual growth rate
of loans was partially funded internally through a reduction in the proportion
of investment securities.
The Bank's loan portfolio has undergone significant change over the
last five fiscal years, as the proportion of residential mortgage loans
diminished in conjunction with the increased emphasis on commercial and consumer
(primarily indirect auto loans) lending. In particular, the proportion of
commercial loans was bolstered with the 1995 acquisition of MVNB. Most of the
lending and branch-related staff of MVNB were retained following the
acquisition, including the managing officer, who became a Compass Executive Vice
President in charge of the commercial loan department. The consumer loan
portfolio has also increased substantially, from $93.8 million in 1993 to $250.5
million currently, largely as a result of growth in the indirect auto loan
portfolio. In this regard, management has intensified efforts to recruit new
dealer relationships and to expand the volume of loan referrals from existing
dealer relationships.
RP Financial, LC.
Page 1.9
The Bank's assets are funded through a combination of deposits,
borrowings and retained earnings. Although deposits realized the most
significant growth in dollar terms, largely due to acquisitions, borrowings
increased most rapidly on a percentage basis due to the relatively favorable
cost and to lengthen liabilities duration. Additionally, Compass has utilized
FHLB advances in connection with originating affordable housing loans.
Equity has increased steadily since the end of fiscal 1993, reflecting
the Bank's strengthening earnings. Equity has generally been maintained in the
7.5 to 9.0 percent range the last 5 years, and, as of February 28, 1998, the
equity/assets ratio approximated 9.0 percent.
Loans Receivable
----------------
The increased ratio of loans to assets in recent years reflects
management's preference for lending to enhance asset yields and to capitalize on
certain market niches. Currently, 1-4 family mortgage loans comprise the largest
segment of the loan portfolio, equal to 43.0 percent, a much lower ratio than 5
years earlier. The residential mortgage loan portfolio consists primarily of
adjustable rate mortgage loans ("ARMs") and shorter term fixed rate mortgage
loans (i.e., maturities of less than 15 years). It is the Bank's current
practice to sell long term fixed rate loans into the secondary market on a
servicing retained basis for interest rate risk management and fee income
purposes.
The Bank also maintains a large portfolio of consumer loans, comprised
primarily of indirect auto loans. Overall, consumer loans totaled $250.5
million, or 29.6 percent of total loans, as of February 28, 1998. The Bank
intends to continue to expand the indirect auto loan portfolio through new
dealer relationships and increased volume with existing dealers. Compass has
recently established a finance company operating subsidiary, which is licensed
to conduct business in Rhode Island, as a means of expanding its indirect
lending business into other nearby areas.
The last major segment of the loan portfolio consists of commercial
mortgages and C&I loans, which together comprised approximately 20.7 percent of
total loans. The increase in the commercial mortgage portfolio has been
facilitated by loans and staff from the MVNB acquisition.
RP Financial, LC.
Page 1.10
Investment and Mortgage-Backed Securities
-----------------------------------------
The intent of the Bank's investment policy is to provide adequate
liquidity, to generate a favorable return on excess investable funds and to
support the overall credit and interest rate risk objectives of the Bank. In
recent periods, the Bank has sought to minimize the level of investment
securities in favor of higher yielding loans. The Bank anticipates initially
reinvesting the net conversion proceeds into investments with short-term
maturities, pending longer-term deployment into other investments and loans.
Compass anticipates that the future composition of the liquidity portfolio will
consist of similar types of investment securities as are currently held.
As of February 28, 1998, the Bank's portfolio of cash and cash
equivalents totaled $43.3 million, equal to 3.78 percent of assets. Investment
securities available for sale ("AFS") totaled $195.6 million, equal to 17.1
percent of assets, while the balance of securities held to maturity ("HTM") was
much lower, equal to $12.3 million, or 1.1 percent of assets, as of February 28,
1998 (see Exhibit I-4). Overall, HTM and AFS investment securities equaled 18.2
percent of total assets as of February 28, 1998, which reflects a significant
decline since the end of fiscal 1993 given the lending emphasis. The majority of
the Bank's investments are classified as AFS although there is a small portfolio
of U.S. agency securities classified as HTM. Management's current investment
strategy is to purchase securities with maturities no longer than ten years and
generally possessing maturities of five years or less.
The largest component of the investment portfolio consisted of U.S.
Government and agency obligations with a balance of $110.5 million, $12.3
million of which was classified as HTM. Corporate debt obligations totaled $46.6
million, and consisted of finance bonds, industrial revenue bonds, utility bonds
and bank and trust company bonds. Compass' investment policy restricts
investment in bonds to securities rated "A" or better by a nationally recognized
rating agency. Mortgage-backed securities totaled $44.6 million, as of February
28, 1998, and consisted of securities guaranteed by GNMA, FHLMC or FNMA. The
Bank also has invested in a mutual fund which invests in various investment
grade securities.
Marketable equity securities consist of $8.5 million of common stocks
and $1.0 million of preferred stocks. Stocks are generally acquired for
long-term investment purposes. As of February 28, 1998, Compass' portfolio of
common stocks included 90,000 shares
RP Financial, LC.
Page 1.11
of Sandwich Bancorp common stock with a market value of approximately $5.2
million, which represented 4.6 percent of the Sandwich Bancorp shares
outstanding.
Funding Structure
-----------------
Deposits are comprised of a large base of savings and transaction
accounts (or "core" deposits) with the balance of funds consisting of CDs.
Growth of the Bank's deposit base has been significantly enhanced by the $57
million Plymouth Federal acquisition in 1994 and the $100 million MVNB
acquisition in 1995. Since the end of fiscal 1995, deposit balances have
increased at a 4.4 percent compounded annual growth rate, underscoring the
moderate growth nature of the local market. As future prospects for in-market
deposit growth are expected to remain moderate, the Bank has been intensifying
cross-selling strategy to stimulate deposit growth from existing customers.
Additionally, the Bank expects to continue to evaluate other acquisition
opportunities.
Borrowings have been increasingly utilized since the end of fiscal
1993, primarily FHLB advances and short-term repurchase agreements, as Compass
has sought to avail itself to favorably priced long term funds, including
special borrowing programs to assist low-to-moderate income home buyers. Compass
may use additional borrowings for interest rate risk or leveraging purposes
provided the spreads justify such funding.
Capital
-------
Earnings since the end of fiscal 1993 have led to annual equity growth
of 11.3 percent. As a result of the Plymouth Federal acquisition in 1994, a $2.6
million core deposit intangible was created, which is being amortized over 10
years on a straight-line basis. The balance of the core deposit intangible
equaled $1.591 million as of February 28, 1998. The Bank maintained capital
surpluses relative to all of its regulatory capital requirements at February 28,
1998, as summarized in the table below. The addition of conversion proceeds will
serve to further strengthen Compass' capital position.
RP Financial, LC.
Page 1.12
Required Actual
Capital Capital Excess
------- ------- ------
($000) ($000) ($000)
Tier I Leverage Capital Ratio $45,007 $95,742 $50,735
Risk-Based Capital: Tier I 30,970 95,742 64,772
Risk-Based Capital: Total 61,939 105,543 43,604
Source: Prospectus.
Acquisition of Sandwich Bancorp
-------------------------------
Since year end 1993, Sandwich Bancorp's total assets have grown at a
12.1 percent compounded annual rate, facilitated through four branch deposit
acquisitions since 1992 and rapid growth in borrowings. Asset growth has been
dominated by loan growth and, to a lesser extent, investment and mortgage-backed
securities. As a result, the loans/deposit ratio has increased from 74.3 percent
at December 31, 1993, to 86.6 percent at March 31, 1998. Sandwich Bancorp's
equity/assets ratio has declined modestly over the last five years as asset
growth exceeded equity growth, reflecting moderate profitability and a
relatively high dividend payout ratio.
Sandwich Bancorp has been predominantly a permanent 1-4 family lender,
with such loans representing 60 to 70 percent of loans over the last 5 years.
Moreover, the proportion of residential loans has been increasing while
commercial and consumer loans have been declining. Sandwich Bancorp also
maintains a relatively large balance of construction and land development loans.
Sandwich Bancorp's loan growth has been facilitated with affiliations with
correspondent loan brokers.
Since the acquisition will be accounted for as a "pooling of
interests," Sandwich Bancorp's balance sheet and income statement will simply be
added to Compass' balance sheet, before reflecting previously referenced merger
expenses. The pro forma pre-conversion impact of the Sandwich Bancorp
acquisition (based on Sandwich Bancorp financial data as of March 31, 1998)
would have increased Compass' total assets to $1.7 billion, total deposits to
$1.4 billion and equity to $145.7 million, or 8.72 percent of assets. The
post-merger balance sheet composition does not change significantly as the
proportion of loans, investments, deposits
RP Financial, LC.
Page 1.13
borrowed funds for Sandwich Bancorp compares relatively closely to Compass' on a
pre-conversion basis.
Income and Expense Trends
- -------------------------
Table 1.2 shows the Bank's historical income statements for the fiscal
years from 1993 through 1997 and for the twelve months ended February 28, 1998,
as well as the Bank's pro forma income statement for the twelve months ended
February 28, 1998 reflecting the merger (incorporates the Sandwich Bancorp
results through March 31, 1998). The following paragraphs describe the
historical income statements of Compass on a pre-merger basis. The pro forma
income statement impact of the merger with Sandwich Bancorp is discussed at the
end of this section.
Overall, Compass' net income before extraordinary items ranged from a
low of $5.4 million, equal to 0.71 percent of average assets, in fiscal 1994, to
a high of $12.5 million, equal to 1.14 percent of average assets, for the most
recent twelve months ended February 28, 1998. Factors leading to consistent
earnings and profitability growth include a stable net interest margin, a
moderating level of loan loss provisions, stronger levels of non-interest
operating income and a moderating operating expense ratio, notwithstanding the
growth in the aggregate level of operating costs.
Net Interest Income
-------------------
Compass' ratio of net interest income to average assets declined
between fiscal 1993 and 1994, from 3.99 percent to 3.62 percent, respectively,
partially as a result of an unfavorable interest rate environment and the cash
received in the Plymouth Federal acquisition. Subsequently, net interest income
increased in dollar terms, commensurate with the growth of the Bank,
representing 3.50 to 3.80 percent of average assets. The recent stability of the
net interest income ratio is reflective of the relatively stable interest rate
environment coupled with the Bank's strategy of limiting interest rate risk
exposure.
Compass' spreads and margins have increased modestly since fiscal 1995,
reflecting the increasing proportion of higher yielding loans (see Exhibit I-5).
Specifically, Compass' fiscal 1995 interest rate spread of 3.33 percent
increased to 3.47 percent and 3.48 percent in
RP Financial, LC.
Page 1.14
fiscal 1996 and fiscal 1997, respectively. For the four months ended February
28, 1998, Compass' spread equaled 3.47 percent.
Non-Interest Income
-------------------
Other income has shown a gradual upward trend since fiscal 1993, from
$2.6 million, or 0.37 percent of average assets, to $5.7 million, or 0.52
percent of average assets, for the twelve months ended February 28, 1998. The
increase in non-interest income over the last five fiscal years is attributable
to several factors: increased fee generating commercial lending and depository
activities; growth of ATM fees as the ATM network expanded; and increased
service fee structure.
Operating Expenses
------------------
Operating expenses have increased in dollar terms since fiscal 1994,
although the operating expense ratio has diminished due to faster asset growth.
For the twelve months ended February 28, 1998, operating expenses totaled $25.0
million, equal to 2.29 percent of average assets.
Operating expenses increased significantly between fiscal 1993 and
fiscal 1995 as a result of the Plymouth Federal and MVNB acquisitions.
Subsequently, operating expenses have increased more slowly as the Bank has
focused on limiting operating expense growth. Operating expenses are expected to
increase following the conversion as a result of the leveraged ESOP amortization
expense; public company legal, accounting and printing/mailing costs; and
expansion of fixed assets. The Bank has preliminary plans to build a new
executive office facility in downtown New Bedford at a cost estimated to range
up to $15 million, which will result in significant new depreciation and
property tax expenses. Management is hopeful that the new facility can be
constructed and occupied within 24 to 30 months. Also, Compass is targeting to
open one to two additional branch offices per year into the foreseeable future.
Other Real Estate Owned Expense
-------------------------------
Other real estate owned ("OREO") expense reflects a decline over the
last five years as a result of improving asset quality, including a diminishing
OREO level. Specifically, OREO expense has declined from $1.5 million, 0.22
percent of average assets, in fiscal 1993, to $519,000, 0.05 percent of average
assets, for the twelve months ended February 28, 1998.
RP Financial, LC.
Page 1.15
Loan Loss Provisions
--------------------
As a result of improving economic conditions locally and a reduction in
non-performing assets, the level of loan loss provisions declined to $1.6
million, or 0.15 percent of average assets, for the twelve months ended February
28, 1998. Going forward, the Bank intends to continue to evaluate the adequacy
of general valuation allowances ("GVAs"), establishing additional loan loss
provisions in accordance with the Bank's asset classification and loss reserve
policies. Currently, the Bank is accruing $375,000 of loan loss provisions
quarterly.
Non-Operating Items
-------------------
Non-operating income and expenses have typically had a limited impact
on Compass' net income, and such items totaled $575,000, equal to 5 basis points
on average assets, for the twelve months ended February 28, 1998. The majority
of Compass' non-operating items consisted of gains on the sale of loans, which
has increased in recent periods as loan origination volumes (and sales) have
increased.
Taxes
-----
The Bank's tax rate has ranged from approximately 37.6 to 43.4 percent
over the last 5 years. Currently, the Bank is engaged in a tax planning strategy
to reduce state income taxes, utilizing a real estate investment trust ("REIT")
subsidiary. Specifically, Compass formed Compass Preferred Capital Corporation
to hold approximately $150 million of the Bank's real estate loans. Under
current state tax laws, REIT income is subject to a 60 percent dividend
exclusion, which is estimated to marginally reduce the Bank's effective state
and federal tax rate. While additional loans may be transferred to the REIT in
the future, the amount is limited by certain limitations in the Massachusetts
tax code. The Bank recognizes that a change in tax laws may eliminate such tax
benefits, although no change in the relevant tax laws is known to be underway at
this time.
Pro Forma Earnings Impact of Sandwich Bancorp Merger
----------------------------------------------------
Sandwich Bancorp's earnings reflects steady growth over the last five
fiscal years, both in terms of reported earnings and earnings as a percent of
average assets. The earnings growth is principally attributable to improvements
in all areas of core operations, including increases in the net interest margin
and non-interest income as well as a diminishing operating
RP Financial, LC.
Page 1.16
expense ratio. Overall, Sandwich Bancorp's profitability ratios have increased
from 0.52 percent of average assets in fiscal 1993 to 0.98 percent of average
assets in fiscal 1997. Sandwich Bancorp's profitability in every year has been
partially dependent on the gains on sale of loans. The relatively low levels of
non-performing assets in recent periods has kept provisions for loan losses to
moderate levels. Sandwich Bancorp's return on equity has increased from
approximately 5 percent in fiscal 1993 to 12.5 percent in fiscal 1997.
On a pro forma basis, the Sandwich Bancorp merger is projected to
impact Compass' income statement in several ways. There are certain
non-recurring merger expenses anticipated concurrent with the merger, including
financial advisory fees, data processing costs and the expense of change of
control provisions in Sandwich Bancorp management contracts. Overall, total
acquisition-related expenses are projected to equal $5.0 million on a pre-tax
basis ($4.0 million after-tax), most of which will be incurred at the time of,
or shortly following, the merger. The impact of the conversion and the one-time
merger costs are captured in the pro forma adjustments set forth in the
valuation analysis in Chapter IV. On a pro forma basis, net interest income as a
percent of average assets is expected to be similar (3.79 percent of average
assets on a stand-alone basis and 3.70 percent for the merged Bank);
non-interest operating income is subject to a slight decrease (from 0.52 percent
of average assets to 0.51 percent for the merged Bank); and the operating
expense ratio is inflated from 2.29 to 2.33 percent of average assets. On a pro
forma basis (before the impact of the conversion offering), core profitability
declines from 1.14 to 1.09 percent of average assets. Compass estimates pre-tax
cost savings in the range of $1.5 million in the first year following the
acquisition increasing to $1.8 million and $2.0 million in the second and third
years following the acquisition, respectively.
Interest Rate Risk Management
- -----------------------------
Compass' February 28, 1998 Net Interest Income ("NII") analysis shows
that NII would decline by approximately 8.22 percent over a 12 month period,
pursuant to a 200 basis point instantaneous and permanent increase in interest
rates, relative to base case levels (i.e., no change in market interest rates),
and by 4.73 percent over a 24 month period. Further, the NII would remain
substantially unchanged over a 12 month period assuming a 200 basis point
decrease in rates (see Exhibit I-7 for details).
RP Financial, LC.
Page 1.17
The foregoing NII analysis indicates a modestly liability sensitive
position, although Compass has been relatively successful in minimizing interest
rate risk exposure. Furthermore, the Bank's one year cumulative gap ratio
equaled negative 8.40 percent of assets, which reflects a modest level of
interest rate risk exposure (see Exhibit I-8 for details). Compass manages
interest rate risk primarily from the asset side of the balance sheet, by
focusing asset investments on shorter term or adjustable rate loans as well as
short to intermediate term investment securities. Additionally, the Bank sells
the substantial majority of the longer term fixed rate residential mortgage
loans originated which eliminates the risk related to holding such assets while
also providing a source of non-interest fee and loan servicing income.
Strategies undertaken with respect to liabilities include attempting to market
longer term CDs and locking in long-term borrowings when such funds are
attractively priced and can be reinvested at a favorable spread. Additionally,
Compass seeks to maintain a strong capital ratio which provides for a favorable
level of interest-earning assets relative to interest-bearing liabilities while
also seeking to maintain strong credit quality.
Based on interest rate risk analyses prepared by Sandwich Bancorp,
Sandwich Bancorp's interest rate risk exposure appears to be relatively
comparable to the Bank's exposure levels. Specifically, Sandwich Bancorp's
analysis shows that as of the end of fiscal 1997, Sandwich Bancorp's negative
gap equaled 3.51 percent of assets in the one year or less period.
The completion of the Bank's conversion should further facilitate
management efforts to further control interest rate risk, as the conversion
proceeds can be reinvested to enhance core earnings and as the Bank's ratio of
interest-earning assets to interest-bearing liabilities is improved.
Lending Activities and Strategy
- -------------------------------
Throughout most of its history, Compass' lending strategy focused on
permanent residential mortgage lending. Most recently, however, Compass has
implemented a three-prong lending strategy which focused on: (1) residential
mortgage lending; (2) commercial lending, including commercial and multi-family
mortgage loans as well as commercial and industrial loans; and (3) consumer
loans, including primarily auto loans originated indirectly through a network of
approximately 80 dealers located in Massachusetts and Rhode Island.
RP Financial, LC.
Page 1.18
The Bank has pursued loan diversification with the objective of enhancing yields
and overall earnings levels while also improving the interest sensitivity of
assets. The Bank's lending strategy is evidenced in financial data reflecting
the loan portfolio composition and lending activity set forth in Exhibits I-10
and I-11.
The Bank's lending strategy and the loan portfolio composition are not
expected to change substantially as a result of the conversion or the
acquisition. Accordingly, it is expected that future loans originated by the
Bank will continue to consist of a mixture of residential, commercial and
consumer loans secured by properties and/or to borrowers in southeastern
Massachusetts and Rhode Island.
Consistent with its community bank strategy, Compass offers a broad
array of 1-4 family mortgage loan programs including fixed and adjustable rate
loans with varying terms and maturities as well as bi-weekly payment loans. As
of February 28, 1998, residential mortgage loans equaled $364.2 million, or 43.0
percent of total loans. Compass originates both fixed rate and adjustable rate
1-4 family loans; the Bank's general philosophy is to seek to originate
adjustable rate loans and/or shorter-term fixed rate loans for portfolio (10
year maturities or less) and sell longer-term fixed rate loans through various
secondary market conduits (primarily FHLMC) on a servicing-retained basis.
The Bank originates one-to-four family loans up to a loan-to-value
("LTV") ratio of 95.0 percent, with private mortgage insurance ("PMI") being
required for loans in excess of a 80.0 percent LTV ratio. The substantial
portion of 1-4 family mortgage loans originated by Compass are secured by
residences proximate to the markets served by the retail branches.
As a complement to the 1-4 family permanent mortgage lending
activities, the Bank also offers home equity loans, including fixed rate
amortizing term loans as well as variable rate lines of credit. The majority of
the home equity loans extended by the Bank are to first mortgage borrowers of
Compass.
Commercial lending has become an increasingly important part of
Compass' lending activities over the last decade, both internally and through
the 1994 MVNB acquisition. As a result, the balance of commercial and
multi-family mortgage loans has increased to $120.7 million, or 14.26 percent of
total loans, and C&I loans equaled $54.0 million, equal to 6.38
RP Financial, LC.
Page 1.19
percent of loans. The addition of Sandwich will not change the portfolio
composition dramatically with respect to commercial loans but the retail
presence on the Cape is expected to facilitate the Bank's efforts to originate
commercial loans in Barnstable County.
Commercial loans are almost always made to local borrowers and/or
secured by local properties. Commercial real estate/multi-family loans are
generally extended up to a 75 percent LTV ratio and require a debt-coverage
ratio of at least 1.2 times. C&I loans are carefully underwritten with a
thorough financial analysis of the borrowers business and cash flow performed to
ensure that credit risk is limited. Additionally, personal guarantees are
required on most of the commercial loans originated by Compass.
The consumer loan portfolio consists primarily of automobile loans,
supplemented by student loans, unsecured personal loans (made primarily to
customers of the Bank), and passbook loans. Auto loans originated indirectly
constitute approximately 90 percent of the consumer loan portfolio. As of
February 28, 1998, consumer loans totaled $250.5 million, equal to 29.59 percent
of total loans.
Automobile loans are originated through relationships with
approximately 80 automobile dealerships in southeastern Massachusetts and Rhode
Island. The Bank is continuing to build the base of dealer relationships as part
of its long term efforts to expand the portfolio. Auto loans are secured by both
new and late model used cars and are originated in a procedure whereby Bank
personnel process and underwrite the loans to Bank standards using information
provided by the dealers. All borrower information is confirmed by the Bank
before an automobile loan is approved. The Bank originates similar levels of
loans secured by used and new automobiles. Compass intends to continue to expand
the automobile loan portfolio over the next several years.
The balance of the loan portfolio is secured by construction and land
loans, which totaled $41.2 million, equal to 4.87 percent of loans.
Construction/permanent loans are made to owners and are converted to permanent
loans at the end of the construction phase. Loans to builders are also made by
the Bank and comprise a lesser proportion of the construction loan origination
volume. Construction loans typically require payment of interest only during the
construction period and are extended for up to one year. The Bank originates
construction loans up to a LTV ratio of 90 percent, with the rate offered on
builder loans typically exceeding the Bank's 1-4
RP Financial, LC.
Page 1.20
family loan rate. The number of loans extended to builders at one time is
dependent upon the financial strength and credit history of the builder. The
origination of construction loans is expected to remain an active lending area
for the Bank given the prior success and profitability of the program. The Bank
also originates commercial construction loans, typically for the purpose of
constructing an owner-occupied structure.
On a more limited basis, the Bank originates land loans. Land loans
extended by Compass are both to individuals as well as developers of small
residential subdivisions.
Exhibit I-10B shows loan portfolio information for Sandwich Bancorp as
of March 31, 1998, as well as the loan portfolio composition for Compass as of
February 28, 1998, and the two institutions on a pro forma merged basis. The
data reflects that Sandwich Bancorp has more heavily emphasized 1-4 family
residential mortgage lending as well as construction and land development
lending. Sandwich Bancorp maintains approximately the same proportion of
commercial/multi-family mortgage loans as Compass, while Sandwich Bancorp has
not heavily emphasized non-mortgage lending. In this regard, non-mortgage loans
extended by Sandwich Bancorp have primarily been made to existing customers
whereas Compass has been actively soliciting new customers and seeking to
increase the balance of indirect loans.
Exhibit I-11 reflects loan origination activity for Compass for the
last three fiscal years and the four months ended February 28, 1998. The data
reflects that non-mortgage loans have recently comprised over half of total
volume, reflecting the emphasis on higher yields and shorter duration. Overall,
loan volumes have been subject to increase since fiscal 1995, and totaled $441.2
million for the 12 months ended February 28, 1998. Most loans are originated
internally, although Compass will occasionally purchase participation interests
in loans originated by other local lenders (primarily commercial real estate or
C&I loans). Loan sales totaled $33.2 million in fiscal 1997 and $21.3 million
during the first four months of fiscal 1998, and primarily consist of the sale
of long-term fixed rate loans to the secondary market.
The Sandwich Bancorp merger is expected to enhance loan origination
capacity, as a result of the expanded retail presence in Barnstable and southern
Plymouth Counties. Compass currently originates loans on a decentralized basis
through four regional offices (New Bedford, Fall River, Plymouth and Martha's
Vineyard) in order to compete more effectively with other
RP Financial, LC.
Page 1.21
community banks and mortgage brokers and bankers. Compass anticipates opening a
fifth office in Barnstable County on a post-acquisition basis to complement
expanded retail branch network. Additionally, Sandwich originates loans through
loan correspondents and Compass may retain these correspondent relationships on
a post-acquisition basis.
Asset Quality
- -------------
As shown in Exhibit I-12, Compass' level of non-performing assets
("NPAs") has generally been improved over the last five fiscal years,
notwithstanding the increase in higher risk-weight loans, including indirect
auto loans and commercial mortgage and non-mortgage loans. As of February 28,
1998, non-performing assets consisted of $9.9 million of non-accruing loans and
$1.2 million of OREO. Overall, NPAs equaled $11.1 million, equal to 0.97 percent
of assets, as of February 28, 1998. Valuation allowances were equal to 1.27
percent and 96.55 percent of total loans and NPAs, respectively.
Exhibit I-12B shows past due loans and real estate owned for Sandwich
Bancorp as of March 31, 1998, as well as the past due loans and real estate
owned for Compass on a pro forma basis incorporating the Sandwich Bancorp
merger. Sandwich Bancorp maintains comparatively stronger asset quality ratios,
with NPAs equal to 0.60 percent of assets. On a merged basis, Compass will
report pro forma non performing loans equal to $12.7 million, total pro forma
NPAs equal to $14.3 million, and an NPA to assets ratio of 0.85 percent.
Valuation allowances will equal 1.22 percent and 104.22 percent of total loans
and NPAs, respectively.
The Bank's emphasis on high risk-weight lending facilitated earnings
growth since fiscal 1993, but it has also increased credit risk exposure as
well. The moderate level of NPAs may reflect the relatively favorable economic
conditions currently. Several other credit related risk factors of note include:
(1) the Bank's reserve coverage ratio is low relative to industry averages both
in relation to NPAs and to total loans, particularly given the risk profile of
the loan portfolio; (2) the limited seasoning of the Bank's newer loans,
particularly given the types of lending dominating recent growth; and (3) the
Bank maintains some large credit concentrations which may increase the Bank's
exposure, particularly in the commercial arena. These factors are mitigated
somewhat by Compass' favorable loan loss experience.
RP Financial, LC.
Page 1.22
Funding Strategy
- ----------------
Deposits have consistently been the Bank's primary source of funds and,
at February 28, 1998, deposits accounted for more than 90 percent of
interest-bearing liabilities. Exhibits I-13 and I-13B provide data pertaining to
the deposit composition for Compass as of February 28, 1998, Sandwich as of
March 31, 1998 as well as both institutions on a pro forma merged basis. The
Bank's deposit composition has consistently reflected a relatively large
concentration in transaction and savings accounts, averaging $446.1 million, or
47.3 percent of average deposits for the four months ended February 28, 1998.
The ratio of transaction and savings accounts reflects a modest reduction from
the average ratio of 51.1 percent reported for fiscal 1995, although the
absolute balance of these accounts increased modestly.
The remainder of the Bank's deposit base consists of CDs, primarily
short-term CDs (maturities of less than one year). For the four months ended
February 28, 1998, the CD portfolio averaged $497.3 million, or 52.7 percent of
average deposits. Jumbo CDs (balances of $100,000 or more) amounted to $86.4
million, or 17.10 percent of CDs and 9.08 percent of total deposits.
Sandwich Bancorp has a similar retail deposit structure with the one
significant difference being the higher proportion of NOW accounts. Sandwich
Bancorp's money market accounts comprised the largest segment of non-CD
balances, equaling $104.5 million, or 24.74 percent of total deposits. Overall,
Sandwich Bancorp's deposits will marginally reduce Compass' deposit costs.
Borrowings have been utilized by Compass on a limited basis in recent
periods, primarily as a means of extending the duration of liabilities in view
of customer resistance to locking up long term funds in CDs. Overall, FHLB
advances totaled $66.9 million while other short term borrowings equaled $11.4
million. Likewise, Sandwich had approximately $47.6 million with most maturing
within two years although there was a limited amount of long-term borrowings.
Anticipated deposit growth, the offering proceeds and internal cash flows should
adequately address most of the Bank's funding needs in the foreseeable future.
Compass may use additional borrowings for interest rate risk or leveraging
purposes provided the spreads justify such funding.
RP Financial, LC.
Page 1.23
Subsidiary Activities
- ---------------------
Compass Bank Securities Corporation. Compass Bank Securities
Corporation ("CBS Corporation"), is a wholly-owned subsidiary of Compass
established in 1990 as a Massachusetts security corporation, engages exclusively
in buying, selling and holding investment securities on its own behalf and not
as a broker. The income earned on CBS Corporation's investment securities is
subject to a significantly lower rate of state tax than that assessed on income
earned on investment securities maintained at Compass. At February 28, 1998, CBS
Corporation had total assets of $134.2 million, primarily cash and investment
securities.
Compass Credit Corporation. Compass Credit Corporation ("CC
Corporation") is a wholly-owned subsidiary of Compass established in 1997 as a
Massachusetts corporation for the purpose of buying, selling and origination
auto loans. CC Corporation is a licensed lender in Rhode Island. At February 28,
1998, CC Corporation had total assets of $15.7 million, which was primarily in
cash and auto loans.
Buffinton Brook Realty Corporation. Buffinton Brook Realty Corporation
("BBR Corporation") is a wholly-owned subsidiary of Compass established in 1977
as a Massachusetts corporation for the purpose of purchasing and holding real
estate. At February 28, 1998, BBR Corporation had total assets of $142,596 which
consisted solely of cash.
Compass Preferred Capital Corporation. Compass Preferred Capital
Corporation ("Compass Preferred") is a wholly-owned subsidiary of Compass. It
was established to engage in real estate business activities (including the
acquisition and holding of securities and mortgage loans) that enable it to be
taxed as a "real estate investment trust" under federal and Massachusetts tax
laws. Upon formation of Compass Preferred, Compass transferred to Compass
Preferred approximately $157 million of originated mortgage loans.
The 1855 Corporation. The 1855 Corporation ("1855 Corporation") is a
wholly-owned subsidiary of Compass established in 1971 as a Massachusetts
corporation principally engaged in the acquisition and holding of real estate
which is used for banking purposes. At February 28, 1998, 1855 Corporation had
total assets of $7.3 million, of which $2.5 million consisted of real estate
used for banking purposes and $4.0 million consisted of investment in
subsidiaries.
RP Financial, LC.
Page 1.24
Purchase Corporation. Purchase Corporation is a wholly-owned subsidiary
of The 1855 Corporation established in 1981 as a Massachusetts corporation used
for the purpose of acquiring, managing and developing real estate as well as
purchasing equipment and making investments. At February 28, 1998, Purchase
Corporation had total assets of $2.4 million, of which $2.3 million consisted of
cash and $90,000 consisted of real estate holdings.
North Front Street, Inc. North Front Street, Inc. ("NFS Inc.") is a
wholly-owned subsidiary of The 1855 Corporation established in 1991 as a
Massachusetts corporation principally engaged to acquire, manage, develop,
rehabilitate, lease, finance hold and make real estate investments. At February
28, 1998, NFS Inc. had total assets of $1.1 million which consisted solely of
cash.
Year 2000 Plan
- --------------
Compass began addressing the Year 2000 ("Y2K") issue in the fall of
1996 when it formed the Y2K project team which subsequently developed the Y2K
action plan approved by the Board December 1997. Compass believes the Y2K action
plan is in conformity with the Federal Financial Institutions Examination
Council ("FFIEC") Year 2000 Statement of May 5, 1997. The final cost to ensure
Y2K readiness is estimated to be in the range of $0.5 to $1.0 million.
Environmental Issues
- --------------------
There are no known outstanding environmental issues with respect to
Compass' office properties or properties in which the Bank maintains a lien
interest which, in management's judgment, would have a material adverse impact
on financial condition or operations.
Legal Proceedings
- -----------------
Compass and Sandwich Bancorp are not currently involved in any legal
proceedings other than routine legal proceedings that occur in the ordinary
course of business, which, in aggregate, involve amounts that are believed to be
material to the financial condition of the Bank.
RP Financial, LC.
Page 2.1
II. MARKET AREA
Compass conducts operations out of its main office in New Bedford,
Massachusetts, and a total of 23 branch offices including 14 in Bristol County,
5 in Dukes County (Martha's Vineyard Island) and two in Bristol County, all of
which are situated in southeastern Massachusetts. Additionally, the Bank
operates two limited service offices in area high schools, and a network of 25
branch and remote automated teller machines ("ATMs"). Sandwich operates through
its main office in Sandwich, Massachusetts and ten branch offices, which
includes 9 offices in Barnstable County and two offices in Plymouth County.
Sandwich's offices are located generally in markets contiguous and complimentary
to those served by Compass. Following the acquisition, Sandwich will be merged
with and into Compass and Sandwich's branches will operate as branches of
Compass (Exhibit II-1 provides information regarding the branch offices).
Sandwich's administrative operations will be merged with those of the Bank.
The Bank's markets in southeast Massachusetts has a long history of
economic prominence in the state and nation. The region made its early fortunes
in whaling and fishing. As the whaling trade died out in the 1840s,
manufacturing became the dominant industry with textile and shoe manufacturing
being the preeminent industries. The area went through a long period of general
decline from the 1920's into the early 1980s as manufacturing and the textile
industries moved to other areas while the region was largely bypassed by the
defense and high technology industries which became increasingly important in
the Boston area. In the 1980s, strong economic growth returned to southeast
Massachusetts fostered by improved highways and inexpensive housing costs. The
region's unemployment rate fell from 9.2 percent in 1983 to 4.3 percent in 1988,
reflecting strong growth in the retail/wholesale trade sectors, services, and
the construction industry. Subsequently, the recession of the early 1990s wiped
out all the economic gains of the previous decade and the region's unemployment
rose to 12 percent in 1990.
Southeast Massachusetts economic base is still dominated by
manufacturing with concentrations remaining in the historic textile and shoe
industries and significant electronics and jewelry production. Despite steep
losses before and throughout the 1983-1991 period, manufacturing still accounts
for 23 percent of all employment in the region, compared with the
RP Financial, LC.
Page 2.2
statewide average of 17.2 percent. Manufacturing ranges from over 50 percent of
total private employment in Attleboro, 35 percent in Fall River, 33 percent in
New Bedford and 23 percent in Taunton. Manufacturing employment is supplemented
by the tourism, agriculture and fishing industries and New Bedford remains a
large seaport.
The following sections analyze the market area's historical and
forecasted demographic growth trends, economy, and the competitive environment
to help determine the growth potential that exists for the Bank. The ability of
the market area to provide growth opportunities for Compass is an important
consideration that is reflected in the Bank's pro forma market value analysis.
Market Area Demographics
- ------------------------
Demographic trends in the Bank's market are an important indicator of
future growth potential. The following sections evaluate several key demographic
factors impacting Compass, including trends in population, number of households
and household income distribution data for the primary market areas (see Table
2.1). Examined are figures for the U.S. overall, the State of Massachusetts and
the Bank's primary markets (i.e., the four county market in southeastern
Massachusetts where Compass and Sandwich maintain a retail presence). Compass'
markets have experienced uneven growth as demographic growth in Bristol County
has been comparatively modest while relatively strong in Barnstable and Dukes
Counties (i.e., Cape Cod and Martha's Vineyard). Specifically, the data shows
that between 1990 and 1997, the population of Bristol County, where Compass
maintains 14 offices and nearly 60 percent of the Bank's total deposits
(inclusive of the Sandwich acquisition), increased at a slow 0.2 percent annual
rate. Conversely, the population of outlying areas, where the Bank maintains a
relatively smaller proportionate market share, has realized more favorable
growth trends. For example, in Plymouth County, the population growth rate
equaled 0.8 percent on an annual basis while the population of Barnstable
County, where the majority of Sandwich's operations are located, have increased
at rates in excess of the state and national average. Population growth trends
observed above are projected to continue over the next five year period, with
areas such as Cape Cod, Martha's Vineyard and Nantucket (the "Cape and Islands")
as well as portions of Plymouth County projected to experience the most
favorable growth trends.
RP Financial, LC.
Page 2.3
Table 2.1
Compass Bank for Savings
Summary Demographic Data
Growth Rate Growth Rate
Population (000) 1990 1997 2002 1990-97 1997-2002
- ---------------- ---- ---- ---- ------- ---------
United States 248,710 267,805 281,209 1.1% 1.0%
Massachusetts 6,016 6,113 6,181 0.2% 0.2%
Barnstable County 187 205 218 1.4% 1.2%
Bristol County 506 515 521 0.2% 0.2%
Dukes County 12 14 15 2.3% 2.0%
Plymouth County 435 461 479 0.8% 0.8%
Households (000)
- ----------------
United States 91,947 99,020 104,001 1.1% 1.0%
Massachusetts 2,247 2,316 2,368 0.4% 0.4%
Barnstable County 78 86 93 1.6% 1.4%
Bristol County 188 193 198 0.4% 0.4%
Dukes County 5 6 7 2.5% 2.1%
Plymouth County 150 161 169 1.1% 1.0%
Median Household Income ($)
- ---------------------------
United States $29,199 $36,961 $42,042 3.4% 2.6%
Massachusetts 36,286 42,084 45,253 2.1% 1.5%
Barnstable County 31,702 34,745 36,749 1.3% 1.1%
Bristol County 31,500 37,028 41,897 2.3% 2.5%
Dukes County 28,781 35,843 37,917 3.2% 1.1%
Plymouth County 42,428 45,884 51,011 1.1% 2.1%
Per Capita Income ($)
- ---------------------
United States $13,179 $18,100 - 4.6% N/A
Massachusetts 16,241 20,310 - 3.2% N/A
Barnstable County 16,249 18,311 - 1.7% N/A
Bristol County 13,557 16,729 - 3.0% N/A
Dukes County 15,598 20,123 - 3.7% N/A
Plymouth County 16,555 19,340 - 2.2% N/A
1997 Age Distribution (%) 0-14 Years 15-24 Years 25-44 Years 45-64 Years 65+ Years Median Age
- ------------------------- ---------- ----------- ----------- ----------- --------- ----------
United States 21.7 13.6 31.4 20.5 12.7 34.8
Massachusetts 20.2 12.8 33.2 20.4 13.4 35.4
Barnstable County 19.1 9.9 27.7 22.2 21.0 40.7
Bristol County 20.9 13.3 31.3 20.4 14.1 35.3
Dukes County 20.3 9.9 29.4 25.0 15.3 40.2
Plymouth County 22.5 12.7 31.8 21.6 11.5 34.7
Less Than $15,000 to $25,000 to $50,000 to $100,000 to
1997 HH Income Dist. (%) $15,000 $25,000 $50,000 $100,000 $150,000 $150,000+
- ------------------------ ----------- ---------- ---------- ---------- --------- ---------
United States 17.7 14.4 33.5 26.5 5.4 2.6
Massachusetts 16.4 11.3 31.2 31.4 6.7 3.0
Barnstable County 18.6 15.9 35.2 24.9 3.9 1.5
Bristol County 20.2 12.2 33.9 28.1 4.2 1.4
Dukes County 16.9 13.7 38.4 21.9 5.6 3.5
Plymouth County 13.8 10.0 30.7 35.8 7.2 2.6
Source: CACI.
RP Financial, LC.
Page 2.4
Median household and per capita income levels in the primary market
area reflect the distinct socioeconomic markets served by the Bank. Post-Merger
Compass will serve a broad market spectrum of the population ranging from
relatively affluent white collar professionals, particularly in Plymouth County,
to a lower income blue collar customer base in the New Bedford and Fall River
areas. For example, in 1997, Bristol County reported a median household income
of $37,028, which was below the state average and approximately equivalent to
the national average. In contrast, the median household income in Plymouth
County equaled $45,884, which exceeded both the state and national averages.
Economy
- -------
As discussed earlier, the regional economy of southeastern
Massachusetts is still dominated by manufacturing. Large employers in the New
Bedford/Fall River areas include Titleist and Footjoy Worldwide in Fairhaven
employing 1500 workers and Polaroid in New Bedford employing in excess of 800
workers. The economy of Barnstable County (Cape Cod), where Sandwich conducts
the majority of its operations, remains highly dependent upon the tourism
industry but such dependence has lessened over the last decade as the number of
permanent residents has increased.
Textile and Apparel Industry
----------------------------
Southeastern Massachusetts (the "Southeast Region") is home to the
largest concentration of textile and apparel manufacturers in the state. In
1991, there were 4,921 people employed in the production of textiles in the
Southeast, representing an 11.4 percent decrease from the 1988 level of 5,557.
Textile manufacturers in the Southeast Region tend to specialize in narrow niche
markets. Examples include: Globe Manufacturing Company of Fall River, which
produces rubber thread and spandex fiber; Bacon Felt of Taunton, which produces
felt to be used in a variety of medical and industrial applications; and Albany
International in Mansfield, which produces fabrics with many military and
industrial applications. Quaker Fabrics of Fall River, employing nearly 1,400
workers, makes textile fabrics used in furniture upholstery, car interiors and
military camouflage uniforms.
RP Financial, LC.
Page 2.5
Marine Science and Electronics
------------------------------
The Southeast Region and adjacent Cape Cod are home to one of the
largest concentrations of marine science firms in the world. While the marine
science industry currently accounts for modest levels of employment, future
growth will be fueled by the existence of the region's network of research
institutions such as the Woods Hole Oceanographic Institute, the marine science
program at the University of Massachusetts at Dartmouth, the marine engineering
program at the Massachusetts Maritime Academy, the Newport Naval Underwater
Systems Center and the marine science program at the University of Rhode Island.
Fishing
-------
The Southeast Region continues to be one of the nation's premier
fishing centers. While total employment in the fisheries industry has declined
over the last decade, southeastern Massachusetts is still home to major fishing
fleets and the Port of New Bedford.
Jewelry and Silver Plating
--------------------------
Approximately 4,500 people are employed in the jewelry and silver
plating industry in the region. Swank, Inc., with facilities in Attleboro and
Taunton, employ over 1,000 people in the production of men's and women's
jewelry.
Food Processing and Distribution
--------------------------------
The largest employer in the food processing industry is Ocean Spray
Cranberries with approximately 2,500 workers. The Brockton area contains a
substantial concentration of supermarket headquarters, food distribution and
packaging firms.
Table 2.2 displays unemployment trends for the markets served by the
Bank. Overall, unemployment rates in the Bank's markets, with the exception of
Plymouth County, are in excess of the state and national averages. Importantly,
the February unemployment data reflects the high off-season unemployment on Cape
Code and Martha's Vineyard.
RP Financial, LC.
Page 2.6
Table 2.2
Compass Bank for Savings
Market Area Unemployment Trends
February 1997 February 1998
Region Unemployment Unemployment
------ ------------ ------------
United States 5.7% 5.0%
Massachusetts 4.6 3.8
Barnstable County 9.1 8.0
Bristol County 7.9 6.6
Dukes County 9.9 8.7
Plymouth County 5.0 4.3
Source: U.S. Bureau of Labor Statistics.
Market Area Deposit Characteristics and Competition
- ---------------------------------------------------
Table 2.3 displays deposit market trends in the market area from June
30, 1995 to June 30, 1997, the latest date for which complete branch deposit
data is publicly available. The large volume of economic activity in the market
area, coupled with the relative proximity to the Boston metropolitan area,
results in a significant level of competition, particularly from several
superregional banks including Fleet and Bank Boston. Thus, from a competitive
standpoint, Compass is seeking to emphasize its local orientation in
southeastern Massachusetts including the Cape and Islands. At the same time, the
acquisition will enhance Compass' ability to compete with the many larger
companies in its markets through an expanded retail network, particularly in
Barnstable County.
Deposit growth in the market area was generally moderate over the
period from 1995 to 1997, equaling 1.4 percent in Bristol County and 3.8 percent
in Barnstable County. Importantly, the deposit growth rates of both Compass and
Sandwich in their largest markets exceeded the market average, resulting in a
modest increase to their respective market shares. Overall, Compass maintains an
approximate 13 percent share of the deposit market in Bristol County and 29
percent of the market in Dukes County. Sandwich maintains a 10 percent share of
the market in Barnstable County and in Plymouth County, the only area where the
Compass/Sandwich branch network overlap, Compass will maintain a relatively
small 3 percent share of the market on a pro forma basis following the Merger.
Also notable is the significant competition posed by credit unions which hold a
23 percent and 22 percent market share in Bristol and Plymouth Counties,
respectively.
RP Financial, LC.
Page 2.7
Table 2.3
Compass Bank for Savings
Deposit Summary
As of June 30,
-------------------------------------------------------------------
1995 1997
------------------------------- ---------------------------------- Deposit
Market # of Market # of Growth Rate
Deposits Share Branches Deposits Share Branches 1995-1997
-------- ------- -------- -------- ----- -------- ---------
(Dollars in Thousands) (%)
State of Massachusetts $111,284,908 100.0% 1,925 $124,563,749 100.0% 2,218 5.8%
Commercial Banks 60,145,213 54.0% 1,011 69,913,023 56.1% 942 7.8%
Savings Institutions 41,641,360 37.4% 914 44,136,419 35.4% 957 3.0%
Credit Unions 9,498,335 8.5% NA 10,514,307 8.4% 319 5.2%
Barnstable County $ 3,137,611 100.0% 102 $ 3,378,910 100.0% 104 3.8%
Commercial Banks 1,490,596 47.5% 59 1,523,553 45.1% 58 1.1%
Savings Institutions 1,645,229 52.4% 43 1,853,585 54.9% 45 6.1%
Credit Unions 1,786 0.1% NA 1,772 0.1% 1 -0.4%
Compass Bank (1) - 0.0% - - 0.0% -
Compass Bank (2) 0.0% 0.0%
Sandwich Co-op (1) 305,101 18.5% 9 337,539 18.2% 9 5.2%
Sandwich Co-op (2) 9.7% 10.0%
Pro Forma (1) 305,101 18.5% 9 337,539 18.2% 9 5.2%
Pro Forma (2) 9.7% 10.0%
Bristol County $ 6,098,661 100.0% 151 $ 6,265,181 100.0% 191 1.4%
Commercial Banks 2,472,638 40.5% 79 1,881,374 30.0% 68 -12.8%
Savings Institutions 2,697,947 44.2% 72 3,335,960 53.2% 84 11.2%
Credit Unions 928,076 15.2% NA 1,047,847 16.7% 39 6.3%
Compass Bank (1) 685,284 25.4% 14 780,831 23.4% 14 6.7%
Compass Bank (2) 11.2% 12.5%
Sandwich Co-op (1) - 0.0% - - 0.0% -
Sandwich Co-op (2) 0.0% 0.0%
Pro Forma (1) 685,284 25.4% 13 780,831 23.4% 14 6.7%
Pro Forma (2) 11.2% 12.5%
Dukes County $ 277,783 100.0% 13 $ 296,698 100.0% 3 3.3%
Commercial Banks 43,585 15.7% 3 45,645 15.4% 3 2.3%
Savings Institutions 234,198 84.3% 10 251,053 84.6% 10 3.5%
Credit Unions - 0.0% NA - 0.0% NA
Compass Bank (1) 85,288 36.4% 5 84,717 33.7% 5 -0.3%
Compass Bank (2) 30.7% 28.6%
Sandwich Co-op (1) - 0.0% - - 0.0% -
Sandwich Co-op (2) 0.0% 0.0%
Pro Forma (1) 85,288 36.4% 5 84,717 33.7% 5 -0.3%
Pro Forma (2) 30.7% 28.6%
Plymouth County $ 4,450,296 100.0% 137 $ 4,791,549 100.0% 148 3.8%
Commercial Banks 1,300,198 29.2% 59 1,404,710 29.3% 57 3.9%
Savings Institutions 2,180,787 49.0% 78 2,340,833 48.9% 79 3.6%
Credit Unions 969,311 21.8% NA 1,046,006 21.8% 12 3.9%
Compass Bank (1) 50,401 2.3% 2 59,969 2.6% 3 9.1%
Compass Bank (2) 1.1% 1.3%
Sandwich Co-op (1) 75,407 3.5% 3 65,697 2.8% 2 -6.7%
Sandwich Co-op (2) 1.7% 1.4%
Pro Forma (1) 125,808 5.8% 5 125,666 5.4% 5 -0.1%
Pro Forma (2) 2.8% 2.6%
(1) Percent of thrift deposits.
(2) Percent of total deposits.
Source: FDIC, OTS, SNL Securities.
RP Financial, LC.
Page 3.1
III. PEER GROUP ANALYSIS
This chapter presents an analysis of Compass' operations versus a group
of comparable savings institutions (the "Peer Group") selected from the universe
of all publicly-traded savings institutions in a manner consistent with the
regulatory valuation guidelines. The basis of the pro forma market valuation of
Compass is derived from the pricing ratios of the Peer Group institutions,
incorporating valuation adjustments to account for key differences relative to
the Peer Group. Since no Peer Group can be exactly comparable to Compass, key
areas examined for differences are: financial condition; profitability, growth
and viability of earnings; assets growth; primary market area; dividends;
liquidity of the shares; marketing of the issue; management; and effect of
government regulations and regulatory reform. The following Peer Group selection
criteria and comparative analysis relative to Compass considered the pro forma
impact of the Sandwich Bancorp merger as set forth in the merger agreement.
Selection of Peer Group
- -----------------------
The Peer Group selection process is governed by the general parameters
set forth in the regulatory valuation guidelines. Accordingly, the Peer Group is
comprised of only those publicly-traded savings institutions whose common stock
is either listed on a national exchange (NYSE or AMEX) or NASDAQ, since the
stock trading activity is regularly reported and generally more frequent than
non-publicly traded and closely-held institutions. Non-listed institutions are
inappropriate since the trading activity for thinly-traded or closely-held
stocks is typically highly irregular in terms of frequency and price and thus
may not be a reliable indicator of market value. We have also excluded from the
Peer Group those companies under acquisition or subject to rumored acquisition,
mutual holding companies and recent conversions, since their pricing ratios are
subject to unusual distortion and/or have limited trading history. A recent
listing of the universe of all publicly-traded savings institutions is included
as Exhibit III-1.
Ideally, the Peer Group, which must have at least 10 members to comply
with the regulatory valuation guidelines, should be comprised of locally or
regionally-based institutions with comparable resources, strategies and
financial characteristics. Since there are approximately 400 publicly-traded
institutions nationally, it is typically the case that the Peer
RP Financial, LC.
Page 3.2
Group will be comprised of institutions with relatively comparable rather than
identical characteristics. To the extent that differences exist between the
converting institution and the Peer Group, valuation adjustments are applied to
account for the differences.
In deriving Compass' Peer Group, the following selection criteria
resulted in a reasonably comparable group of New England savings institutions
not subject to acquisition or in MHC form: total assets ranging from $500
million to $5 billion, equity/assets over 6 percent and generally strong core
profitability. A total of 13 institutions met the foregoing criteria but only 11
were included in the Peer Group. SIS Bancorp was excluded since the full impact
of the recent completed, relatively large acquisition of Glastonbury Bank &
Trust was not reflected in trailing 12 month financial results. NSS Bancorp was
excluded due to the perceived impact of the current proxy fight on current
pricing ratios. Table 3.1 shows the general characteristics of each of the 11
Peer Group companies and Exhibit III-3 provides summary demographic and deposit
market share data for the primary market areas served by each of the Peer Group
companies.
While there are expectedly some differences relative to Compass (merged
basis), we believe that the Peer Group companies, on average, provide a good
basis for valuation subject to valuation adjustments. The following sections
present a comparison of Compass' financial condition, income and expense trends,
loan composition, interest rate and credit risk (on a merged basis) versus the
Peer Group as of the most recent publicly available date. A brief introduction
to each Peer Group member appears below, in descending asset size corresponding
with Table 3.1, along with a brief comparison to Compass.
Andover Bancorp of MA. Andover Bancorp, with a total of $1.3 billion of
assets, operates through 12 offices in Massachusetts and New Hampshire.
Andover Bancorp maintains a similar ratio of loans/assets but a smaller
proportion of non-mortgage loans, as operations are focused on mortgage
banking. Net earnings levels are similar although Andover Bancorp's more
traditional asset composition is reflected in lower asset yields and
operating expenses.
First Essex Bancorp of MA. First Essex, with $1.2 billion of assets,
operates 15 branch offices in Massachusetts and New Hampshire. Although
First Essex maintains a lower proportion of assets in loans, First Essex's
loan portfolio also reflects significant diversification into non-mortgage
commercial and consumer loans. First Essex has also facilitated recent
growth through acquisition.
RP Financial, LC.
Page 3.3
Table 3.1
Peer Group of Publicly-Traded Thrifts
May 8, 1998 (1)
Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Primary Market Strategy(2) Assets Offices Year Date Price Value
- ------ ------------------------------- ------ -------------- ----------- ------ ------- ---- ---- ----- -----
($Mil) ($) ($Mil)
ANDB Andover Bancorp, Inc. of MA (3) OTC MA, NH M.B. $1,323 12 31-Dec May-86 $42.75 $221
FESX First Essex Bancorp of MA (3) OTC MA, NH Div. 1,197 15 31-Dec Aug-87 22.88 172
FAB FirstFed America Bancorp of MA AMEX MA, RI M.B. 1,160 13 31-Mar Jan-97 22.63 197
MDBK Medford Bancorp, Inc. of MA (3) OTC Eastern MA Thrift 1,136 16 31-Dec Mar-86 44.00 200
FFES First Fed of E. Hartford CT OTC Central CT Thrift 983 12 31-Dec Jun-87 40.00 109
BFD BostonFed Bancorp of MA AMEX Boston MA M.B. 975 10 31-Dec Oct-95 24.06 130
MASB MassBank Corp. of Reading MA (3) OTC Eastern MA Thrift 925 15 31-Dec May-86 49.75 178
MECH MECH Financial Inc. of CT (3) OTC Hartford CT Thrift 892 14 31-Dec Jun-96 30.00 159
BKC American Bank of Waterbury CT (3) AMEX Western CT Thrift 639 14 31-Dec Dec-81 30.00 140
MWBX MetroWest Bank of MA (3) OTC Eastern MA Thrift 609 12 31-Dec Oct-86 7.94 113
ABBK Abington Bancorp of MA (3) OTC Southeastern MA M.B. 532 8 31-Dec Jun-86 19.75 70
NOTES: (1) Or most recent date available (M=March, S=September, D=December,
J=June, E=Estimated, and P=Pro Forma).
(2) Operating strategies are: Thrift=Traditional Thrift,
M.B.=Mortgage Banker, R.E.=Real Estate Developer,
Div.=Diversified and Ret.=Retail Banking.
(3) FDIC savings bank institution.
(4) Screening criteria: All New England publicly-traded savings
institutions with assets $500 million to $5 billion. Excludes SIS
Bancorp of MA due to large recently completed bank acquisition
and NSS Bancorp of CT due to current proxy battle.
Source: Corporate offering circulars, data derived from information
published in SNL Securities Quarterly Thrift Report, and
financial reports of publicly-traded thrifts.
RP Financial, LC.
Page 3.4
FirstFed America Bancorp, Inc. of MA. FirstFed America, with assets in
excess of $1.0 billion, is a direct competitor of Compass in several
Massachusetts markets, but also operates branches in Rhode Island. FirstFed
America is primarily a residential lender but also competes with Compass for
commercial and consumer loans in Bristol County to a limited extent. While
FirstFed America reported lower profitability, core profitability was
relatively comparable.
Medford Bancorp, Inc. of MA. Medford Bancorp, with $1.1 billion of assets,
operates through 16 branch offices within the greater Boston metropolitan
area. Medford Bancorp generates a comparable profitability and has pursued
moderate loan portfolio diversification. Medford Bancorp has utilized
borrowed funds to a modestly greater extent.
First FS&LA of East Hartford. First Federal of East Hartford, with slightly
less than $1 billion of total assets, operates 12 offices in the Hartford
metropolitan area. First Federal maintains a greater wholesale orientation
as reflected in a higher level of investments, MBS and borrowed funds. First
Federal's lower profitability is commensurate with the lower credit risk
profile.
BostonFed Bancorp of MA. BostonFed Bancorp, with $975 million of assets,
operates through 10 branches in the greater Boston metropolitan area.
BostonFed Bancorp is primarily a residential mortgage lender and engages in
greater secondary market activities. BostonFed Bancorp's lower profitability
is largely attributable to a higher cost of funding.
MassBank Corp. of MA. MassBank Corp., with a total of $925 million of
assets, operates through 15 offices in eastern Massachusetts. MassBank Corp.
is primarily a residential lender with a comparatively high ratio of
investments and MBS. Earnings are strong, notwithstanding a moderate net
interest margin, as a result of a low operating expense ratio.
MECH Financial, Inc. of CT. MECH Financial, with $892 million in assets,
operates 14 offices in the greater Hartford area. MECH Financial's loan
portfolio diversification primarily reflects an emphasis in income property
lending. MECH Financial's higher profitability, notwithstanding higher loan
loss provisions, reflects greater non-interest operating income.
American Bank of Waterbury. American Bank, with $639 million in assets,
operates 10 branches in western Connecticut. American Bank's loan portfolio
diversification primarily reflects an emphasis in income property lending.
American Bank's stronger profitability reflects a relatively low operating
expense ratio.
RP Financial, LC.
Page 3.5
MetroWest Bank of MA. MetroWest Bank, with $609 million in assets, operates
12 branches in eastern Massachusetts. MetroWest Bank's loan portfolio
diversification primarily reflects an emphasis in income property lending.
MetroWest Bank's strong profitability is attributable, in part, to its low
effective tax rate.
Abington Bancorp of MA. Abington Bancorp, with $532 million in assets,
operates 8 branches in markets south of Boston. Abington Bancorp is
primarily a residential mortgage lender, with an emphasis on mortgage
banking. Abington Bancorp's lower profitability largely reflects a lower net
interest income ratio.
In the aggregate, the Peer Group companies are less highly capitalized
than the two industry groups shown below, with generally comparable core
profitability, resulting in a higher core return on equity ratio. Overall, the
Peer Group's pricing ratios are relatively consistent with Massachusetts thrifts
(since most were included in the Peer Group) but are very distinct relative to
all publicly-traded thrifts, with a book multiple premium and an earnings
multiple discount, largely reflecting the lower capitalization and higher ROE of
the Peer Group.
As of May 8, 1998
-------------------------------------------
Peer Massachusetts All Public
Group Thrifts(1) Thrifts(1)
----- ---------- ----------
Key Financial Ratios
--------------------
Equity/Assets 8.67% 10.87% 13.59%
Core Return on Assets ("ROA")(2) 0.95 1.02 0.91
Core Return on Equity ("ROE")(2) 11.30 10.82 7.91
Key Pricing Ratios (Averages as of 5/31/98)
-------------------------------------------
Price/Book Ratio ("P/B") 191.46% 193.55% 172.79%
Price/Tangible Book Ratio ("P/TB") 198.23 198.42 176.65
Price/Core Earnings Multiple ("P/E")(2) 17.82x 18.81x 21.38x
Price/Assets Ratio ("P/A") 16.44% 20.03% 21.67%
(1) Excludes institutions in MHC form and subject to acquisition.
(2) Excludes non-operating items on an after-tax basis and extraordinary
items.
The following comparative analyses are based on the latest
publicly-available financial information for both Compass and the Peer Group.
For Compass, such information is as of February 28, 1998 and gives effect for
the merger with Sandwich Bancorp with financial data as of March 31, 1998.
Comparative financial data for the Peer Group is generally as of December 31,
1997.
RP Financial, LC.
Page 3.6
Financial Condition
- -------------------
After giving effect to the merger, Compass should maintain an asset
size advantage relative to the Peer Group (approximately $1.7 billion versus the
Peer Group average of $943 million). Compass (incorporating the pooling merger
of Sandwich) experienced modestly lower asset growth the last 12 months relative
to the Peer Group average, 8.7 and 12.3 percent, respectively. The source of
growth was different, as the Peer Group experienced relatively greater growth in
the cash and investments portfolio than loans and MBS while Compass' growth was
primarily in loans and MBS. The loan and MBS portfolios of Compass (merged
basis) increased by nearly 13 percent, largely the result of growth in loans,
closely tracking the Peer Group growth. In contrast, the cash and investments
portfolio increased strongly for the Peer Group, with the Peer Group's 25
percent growth standing in contrast to portfolio shrinkage realized by Compass.
Following conversion, Compass' portfolio of cash and investments will surge
pending longer-term deployment of the offering proceeds into loans.
The Peer Group's deposit growth the last 12 months is roughly 1.5 times
faster than Compass' 8 percent growth rate. Compass relied more heavily on
borrowed funds to support asset growth than the Peer Group over the past 12
months. On a post-conversion basis, Compass' borrowings utilization may diminish
somewhat given the expected infusion of liquid funds. Growth of the Peer Group's
funding liabilities on average was more balanced among deposits and borrowings.
Compass' deposit growth over the next year may be adversely impacted by deposit
withdrawals to fund conversion stock purchases and potential deposit runoff at
Sandwich following acquisition (which has been a characteristic in other
acquisitions).
The Peer Group is comparably capitalized relative to Compass (merged
basis) on both a reported and tangible capital basis, before the conversion
transaction impact, and both Compass and the Peer Group meet the FDICIA
"well-capitalized" standard. Specifically, Compass' current reported and
tangible capital levels of 8.7 and 8.5 percent of assets, respectively, are
comparable to the Peer Group's reported and tangible capital levels of 8.7 and
8.4 percent, respectively. Compass' pro forma capital following conversion is
anticipated to exceed the Peer Group average, providing greater leverage
potential but reducing the pro forma ROE below the Peer Group average. Compass'
tangible equity the past year grew more quickly than the average
RP Financial, LC.
Page 3.7
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.2
Balance Sheet Composition and Growth Rates
Comparable Institution Analysis
As of December 31, 1997
Balance Sheet as a Percent of Assets
----------------------------------------------------------------------------------------
Cash and Borrowed Subd. Net Goodwill Tng Net MEMO:
Investments Loans MBS Deposits Funds Debt Worth & Intang Worth Pref.Stock
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
Compass Bank for Savings
- ------------------------
February 28, 1998 17.5 71.9 6.6 82.5 7.6 0.0 8.7 0.2 8.5 0.0
SAIF-Insured Thrifts 17.9 67.8 10.6 69.8 15.3 0.2 13.1 0.2 12.9 0.0
All Public Companies 18.4 67.0 10.9 70.2 15.2 0.1 12.8 0.3 12.5 0.0
State of MA 19.5 63.8 12.5 72.0 16.9 0.0 9.8 0.2 9.6 0.0
Comparable Group Average 23.4 58.9 14.7 69.7 20.6 0.0 8.7 0.3 8.4 0.0
New England Companies 23.4 58.9 14.7 69.7 20.6 0.0 8.7 0.3 8.4 0.0
Comparable Group
- ----------------
New England Companies
- ---------------------
ABBK Abington Bancorp of MA 11.4 62.2 23.7 61.1 31.2 0.0 6.8 0.6 6.2 0.0
BKC American Bank of Waterbury CT 30.1 56.7 10.7 71.9 18.2 0.0 9.0 0.3 8.7 0.0
ANDB Andover Bancorp, Inc. of MA 11.3 73.5 12.9 71.6 19.6 0.0 8.1 0.0 8.1 0.0
BFD BostonFed Bancorp of MA 11.0 82.2 4.5 63.6 27.0 0.0 8.4 0.3 8.1 0.0
FESX First Essex Bancorp of MA 16.9 59.1 19.3 62.2 28.7 0.0 7.6 0.9 6.7 0.0
FFES First Fed of E. Hartford CT 62.0 19.5 16.8 58.6 34.1 0.0 6.8 0.0 6.8 0.0
FAB FirstFed America Bancorp of MA 5.9 76.5 14.4 60.9 25.7 0.0 11.2 0.0 11.2 0.0
MECH MECH Financial Inc of CT 17.4 64.2 12.5 74.8 14.5 0.0 9.9 0.0 9.9 0.0
MASB MassBank Corp. of Reading MA 33.7 29.2 35.7 87.5 0.1 0.0 11.2 0.2 11.1 0.0
MDBK Medford Bancorp, Inc. of MA 35.9 50.3 10.7 72.4 18.1 0.0 8.9 0.5 8.4 0.0
MWBX MetroWest Bank of MA 22.3 74.2 0.7 82.5 9.1 0.0 7.4 0.0 7.4 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.
------ ----------- ------ -------- -------- -------- ------- -------- -------- --------
Compass Bank for Savings
- ------------------------
February 28, 1998 8.74 -5.39 12.86 6.93 23.49 13.55 14.56 8.54 8.54 14.43
SAIF-Insured Thrifts 12.57 6.45 13.04 8.47 14.26 4.02 3.13 11.40 11.43 23.04
All Public Companies 12.96 8.03 13.32 8.41 14.48 4.87 3.98 11.29 11.11 22.33
State of MA 17.70 9.71 17.00 13.55 20.31 11.60 11.57 8.23 8.51 16.37
Comparable Group Average 12.35 21.47 11.76 10.69 11.44 11.24 11.58 7.59 7.90 17.29
New England Companies 12.35 21.47 11.76 10.69 11.44 11.24 11.58 7.59 7.90 17.29
Comparable Group
- ----------------
New England Companies
- ---------------------
ABBK Abington Bancorp of MA 9.25 45.62 6.99 8.15 12.46 8.27 10.34 NM 5.46 11.87
BKC American Bank of Waterbury CT 14.43 43.04 5.53 14.47 7.38 22.13 23.68 NM 7.66 13.65
ANDB Andover Bancorp, Inc. of MA 9.79 15.46 9.70 14.88 -5.72 11.72 11.72 NM 8.10 15.00
BFD BostonFed Bancorp of MA 18.78 56.59 15.86 44.54 -12.12 -5.49 -8.95 NM NM NM
FESX First Essex Bancorp of MA 12.21 52.39 6.06 7.72 24.95 9.53 12.20 6.17 6.17 12.21
FFES First Fed of E. Hartford CT 2.52 6.40 -2.79 2.95 -0.29 11.33 11.33 7.01 7.01 22.18
FAB FirstFed America Bancorp of MA 19.35 -53.90 35.05 2.49 NM NM NM 8.54 8.54 18.35
MECH MECH Financial Inc of CT 19.51 60.38 10.00 1.91 NM 18.32 18.32 NM 9.57 16.96
MASB MassBank Corp. of Reading MA 4.18 -3.38 8.43 2.73 -16.65 12.50 10.89 NM 10.39 35.67
MDBK Medford Bancorp, Inc. of MA 9.28 -1.37 17.63 3.73 38.61 9.72 11.95 8.65 8.65 15.83
MWBX MetroWest Bank of MA 16.53 14.89 16.91 13.96 54.38 14.36 14.36 NM 7.48 11.17
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.8
Peer Group member, given the various capital strategies employed by the Peer
Group, particularly dividends and stock repurchases.
Compass' interest-earning assets ("IEA") position (including cash and
equivalents) of 96.0 percent of assets compares less favorably to the Peer Group
average of 97.0 percent, before factoring in the conversion proceeds. Compass
maintains a higher proportion of assets in loans, as the Peer Group has engaged
in more extensive wholesale leveraging. As a result, the loans/assets ratio of
71.9 percent for Compass exceeded the Peer Group average of 58.9 percent.
Accordingly, while the asset mix provides the Bank an asset yield advantage,
Compass' credit risk profile and operating expense ratio are comparatively
greater.
Compass' interest-bearing liabilities ("IBL") ratio of 90.1 percent of
assets is relatively comparable to the Peer Group's ratio of 90.3 percent,
reflecting Compass' comparable pre-conversion capitalization. On a
post-conversion basis, Compass can be expected to gain an advantage with the
infusion of new capital and the extent to which deposits are withdrawn to fund
stock purchases. Currently, Compass' funding liabilities are primarily comprised
of deposits, with more limited borrowings utilization than the Peer Group. On a
merged basis, Compass has approximately 52 percent of total deposits in the form
of time deposits, nearly identical to the Peer Group average. Compass maintained
roughly 16 percent of deposits in transaction accounts whereas the Peer Group
average fell just short of 15 percent. Compass' borrowings/assets ratio
approximated 7.6 percent, compared to 20.6 percent for the Peer Group. Compass'
borrowings are expected to remain more limited on a post-conversion basis given
the infusion of a significant amount of cash from the conversion which will
diminish the need for funds initially.
The relationship of interest-earning assets and interest-bearing
liabilities reveals a key element of earnings power. In this regard, Compass'
IEA/IBL ratio of 106.6 percent compares slightly unfavorably to the Peer Group
ratio of 107.4 percent. On a post-conversion basis, Compass can be expected to
gain a distinct advantage in this regard.
The strengthened capital position from conversion, the potential
withdrawal of deposits to purchase conversion stock and the reinvestment of
proceeds should enhance Compass' financial position and earnings power.
RP Financial, LC.
Page 3.9
Income and Expense Trends
- -------------------------
Reported profitability for the past 12 months approximated 1.09 and
0.97 percent of average assets for Compass and the Peer Group, respectively (see
Table 3.3). While profitability was relatively comparable, the components of
core earnings are illustrative of the differences between the Bank and the Peer
Group.
Net Interest Income
-------------------
Compass maintains a higher proportion of loans/assets and greater loan
portfolio diversification, which generate a higher level of net interest income
and non-interest fee income but also result in a higher level of operating costs
and higher credit risk profile. Compass' interest income ratio of 7.47 percent
of average assets was above the Peer Group average of 7.16 percent. The Bank
also maintains a lower cost of funds, 3.76 percent versus 4.02 percent for the
Peer Group, primarily reflecting the Bank's lower borrowings utilization. As a
result, Compass maintains a net interest income ratio advantage over the Peer
Group by approximately 55 basis points. Following reinvestment of the conversion
proceeds, Compass' net interest income ratio can be expected to increase,
although asset yields may be diluted as such funds are initially expected to be
invested into short- to intermediate-term securities.
Provisions for Loan Losses
--------------------------
During the last 12 months, provision for loan losses for Compass and
the Peer Group represented 0.14 percent and 0.25 percent of average assets,
respectively, although the Peer Group median equaled only 0.18 percent of
average assets (the difference between the mean and median was primarily
attributable to one Peer Group member with very high provisions during the last
12 months). Compass' higher credit risk profile suggests that loan loss
provisions may exceed the Peer Group average - this will be discussed in a later
section.
Non-Interest Income
-------------------
Compass generates higher non-interest operating income than the Peer
Group, based on levels of 0.48 percent and 0.43 percent of average assets,
respectively. The majority of Compass' non-interest operating income is
generated from fees on the core deposit base, loan fees, and ATM card fees.
Compass' higher fee income is partially attributable to the Bank's efforts to
generate less traditional sources of revenue and that retail operations comprise
a greater
RP Financial, LC.
Page 3.10
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.3
Income as a Percent of Average Assets and Yields, Costs, Spreads
Comparable Institution Analysis
For the Twelve Months Ended December 31, 1997
Net Interest Income Other Income G&A/Other Exp.
--------------------------- ------------------- ----------------
Loss NII Total
Net Provis. After Loan R.E. Other Other G&A Goodwill
Income Income Expense NII on IEA Provis. Fees Oper. Income Income Expense Amort.
----- ------ ------- ----- ------- ------- ---- ----- ------ ------ ------- -------
Compass Bank for Savings
------------------------
February 28, 1998 1.09 7.47 3.76 3.70 0.14 3.56 0.00 -0.03 0.51 0.48 2.28 0.05
SAIF-Insured Thrifts 0.92 7.40 4.12 3.27 0.13 3.14 0.10 0.01 0.29 0.41 2.18 0.02
All Public Companies 0.94 7.38 4.07 3.32 0.13 3.18 0.10 0.01 0.31 0.42 2.20 0.03
State of MA 1.07 7.09 3.69 3.40 0.09 3.32 0.07 -0.01 0.31 0.37 2.20 0.02
Comparable Group Average 0.97 7.16 4.02 3.15 0.25 2.90 0.07 -0.01 0.37 0.43 2.01 0.03
New England Companies 0.97 7.16 4.02 3.15 0.25 2.90 0.07 -0.01 0.37 0.43 2.01 0.03
Comparable Group
----------------
New England Companies
---------------------
ABBK Abington Bancorp of MA 0.87 7.22 4.00 3.22 0.13 3.10 0.11 0.00 0.70 0.82 2.58 0.09
BKC American Bank of Waterbury CT 1.32 7.21 4.02 3.19 0.30 2.89 0.00 -0.08 0.57 0.50 1.69 0.04
ANDB Andover Bancorp, Inc. of MA 1.05 7.23 4.15 3.08 0.08 3.00 0.17 -0.08 0.26 0.35 1.75 0.00
BFD BostonFed Bancorp of MA 0.75 7.28 3.97 3.31 0.18 3.13 0.13 0.13 0.26 0.53 2.41 0.02
FESX First Essex Bancorp of MA 0.83 7.68 4.46 3.21 0.17 3.04 0.05 -0.05 0.21 0.21 1.91 0.07
FFES First Fed of E. Hartford CT 0.57 6.75 4.46 2.29 0.08 2.21 0.00 0.00 0.16 0.16 1.39 0.00
FAB FirstFed America Bancorp of MA 0.17 7.06 4.22 2.84 0.27 2.56 0.26 0.00 0.20 0.45 2.05 0.00
MECH MECH Financial Inc of CT 1.60 7.02 3.44 3.58 1.11 2.47 0.10 0.00 0.82 0.92 2.77 0.00
MASB MassBank Corp. of Reading MA 1.12 6.67 3.81 2.86 0.03 2.83 0.00 0.00 0.20 0.20 1.36 0.03
MDBK Medford Bancorp, Inc. of MA 1.05 6.97 3.82 3.14 0.01 3.13 0.00 0.00 0.25 0.25 1.61 0.11
MWBX MetroWest Bank of MA 1.33 7.73 3.81 3.92 0.42 3.50 0.00 -0.06 0.39 0.33 2.58 0.00
Non-Op. Items Yields, Costs, and Spreads
-------------- -------------------------
MEMO: MEMO:
Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
------ ------- --------- -------- ------ -------- ---------
Compass Bank for Savings
------------------------
February 28, 1998 0.05 0.00 7.84 4.48 3.36 3,360 38.05
SAIF-Insured Thrifts 0.07 0.00 7.61 4.80 2.81 4,306 36.92
All Public Companies 0.07 0.00 7.61 4.72 2.89 4,254 36.98
State of MA 0.08 0.00 7.34 4.09 3.25 3,920 39.55
Comparable Group Average 0.03 0.00 7.39 4.45 2.94 4,298 40.12
New England Companies 0.03 0.00 7.39 4.45 2.94 4,298 40.12
Comparable Group
----------------
New England Companies
---------------------
ABBK Abington Bancorp of MA 0.15 0.00 7.44 4.34 3.10 3,093 37.96
BKC American Bank of Waterbury CT 0.27 0.00 7.40 4.42 2.98 4,664 31.30
ANDB Andover Bancorp, Inc. of MA 0.03 0.00 7.43 4.55 2.88 4,641 35.56
BFD BostonFed Bancorp of MA 0.12 0.00 7.46 4.40 3.06 3,868 43.83
FESX First Essex Bancorp of MA 0.13 0.00 8.03 4.91 3.12 4,696 40.72
FFES First Fed of E. Hartford CT -0.09 0.00 6.87 4.80 2.08 5,430 35.77
FAB FirstFed America Bancorp of MA -0.56 0.00 7.31 4.94 2.37 4,026 59.89
MECH MECH Financial Inc of CT 0.03 0.00 7.40 3.86 3.55 3,880 NM
MASB MassBank Corp. of Reading MA 0.13 0.00 6.76 4.32 2.45 5,141 37.10
MDBK Medford Bancorp, Inc. of MA 0.06 0.00 7.21 4.22 2.99 4,506 38.91
MWBX MetroWest Bank of MA 0.01 0.00 7.95 4.16 3.79 3,328 NM
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.11
proportion of total assets in comparison to the Peer Group who is more dependent
on wholesale leveraging on average.
Operating Expenses
------------------
Compass maintains a higher operating expense ratio than the Peer Group,
2.28 and 2.01 percent of average assets, respectively (excluding goodwill
amortization and non-operating items). Compass' higher operating expense ratio
is the result of several factors, including: (1) the Peer Group's greater
wholesale leveraging (which requires little marginal overhead expense); (2)
Compass' greater revenue diversification efforts; and (3) Compass' greater
diversification into higher risk weight loans as well as higher asset mix in
loans, which require greater administration. Following the conversion and
acquisition transactions, there are expected to be opposing forces on Compass'
operating expense ratio. First, merger synergies are expected to lead to a
reduction in operating expenses, primarily in terms of compensation and
benefits. Such cost savings are expected to be partially offset by some
consolidating expenditures and related marketing. The Bank's operating expenses
can also be expected to increase with the incorporation of the Employee Stock
Ownership Plan and public company operations and the construction of a new
headquarters facility.
Net Non-Operating Items
-----------------------
Compass reported similar net non-operating income relative to the Peer
Group, 5 and 3 basis points, respectively. Compass' non-operating revenues were
attributable primarily to gains on the sale of loans and investments, comparable
to the Peer Group's sources.
Efficiency Ratio
----------------
Compass operates with a comparable pre-conversion efficiency ratio
(operating expenses, excluding goodwill amortization, as a percent of the sum of
net interest income before loan loss provisions and other operating income)
relative to the Peer Group, equal to 55 and 56 percent, respectively. The
efficiency ratio is another indicator of core earnings strength and the Bank and
the Peer Group have a comparable level of core earnings. Compass' efficiency
ratio is expected to improve on a post-conversion basis with the investment of
the net conversion proceeds and the net impact of potential merger synergies and
public company/stock plan expense.
RP Financial, LC.
Page 3.12
Income Taxes
------------
Compass' effective tax rate of 38.05 percent was slightly below the
Peer Group's average effective tax rate of 40.12 percent. The Bank's effective
tax rate may decline slightly as a result of certain tax planning strategies
which are also available to the Peer Group members.
Loan Portfolio Composition
- --------------------------
Perhaps one of the greatest differences between Compass and the Peer
Group is loan portfolio composition, with Compass having a more diversified loan
portfolio than the Peer Group (see Table 3.4). As noted earlier, Compass
maintains a higher proportion of assets in loans. Compass' loan portfolio also
reflects greater diversification into high risk-weight loans, particularly C&I
loans and consumer loans, 4.60 and 19.44 percent of loans and MBS, respectively,
exceeding the Peer Group averages of 3.77 percent and 2.73 percent,
respectively. The Bank's portfolio of construction and commercial mortgage loans
more closely approximated the Peer Group average, and the proportion of
residential mortgage loans, inclusive of MBS, was below the Peer Group average.
As a result of the foregoing, Compass' risk weighted assets to total assets
ratio of 64.9 percent well exceeded the Peer Group average 54.8 percent.
Overall, the Compass loan portfolio appears to provide the Bank with an
avenue for growth and stronger yield potential than the Peer Group. At the same
time, the level of NPAs coupled with loan portfolio composition leads to
comparatively greater credit risk than for the Peer Group on average.
Although the Peer Group on average is smaller than Compass, the Peer
Group services more loans for others than Compass, largely due to three Peer
Group members. The Peer Group's capitalized mortgage servicing rights represent
44 basis points of the balance serviced for others; in contrast, the Bank's
capitalized portion was de minimus.
Credit Risk
- -----------
Overall, Compass' credit risk exposure appears to be significantly
greater than the Peer Group's, as indicated by the Bank's higher proportion of
assets in loans, greater diversification into higher risk lending, the larger
size of C&I loans, the nature of indirect lending and higher level of
non-performing assets. As shown in Table 3.5, Compass' ratio of non-performing
assets
RP Financial, LC.
Page 3.13
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.4
Loan Portfolio Composition and Related Information
Comparable Institution Analysis
As of December 31, 1997
Portfolio Composition as a Percent of MBS and Loans
--------------------------------------------------------
1-4 Constr. 5+Unit Commerc. RWA/ Serviced Servicing
Institution MBS Family & Land Comm RE Business Consumer Assets For Others Assets
- ----------- ----- ------ ------ ------ ------ -------- ------ ---------- ------
(%) (%) (%) (%) (%) (%) (%) ($000) ($000)
Compass Bank for Savings 8.34 46.55 5.07 13.94 4.60 19.44 64.92 319,640 0
SAIF-Insured Thrifts 14.67 63.10 5.52 11.23 5.97 1.70 53.51 362,432 3,333
All Public Companies 14.92 61.44 4.99 12.89 5.68 1.96 54.12 484,034 4,718
State of MA 18.04 58.50 2.14 16.04 2.48 3.02 59.48 196,039 781
Comparable Group Average 21.11 57.36 2.14 13.22 3.77 2.73 54.80 287,860 1,288
Comparable Group
- ----------------
ABBK Abington Bancorp of MA 26.04 64.12 0.89 4.14 4.14 0.66 51.48 193,534 0
BKC American Bank of Waterbury CT 9.17 59.19 4.95 22.54 0.40 3.73 62.75 1,983 0
ANDB Andover Bancorp, Inc. of MA 17.93 63.68 3.04 12.54 0.89 1.93 59.87 915,878 8,953
BFD BostonFed Bancorp of MA 4.40 84.30 0.98 7.64 2.83 0.10 NA 565,985 1,821
FESX First Essex Bancorp of MA 23.65 37.82 4.96 11.02 13.39 11.18 60.40 36,711 97
FFES First Fed of E. Hartford CT 54.99 33.87 0.61 4.05 5.86 0.88 32.99 12,422 0
FAB FirstFed America Bancorp of MA 15.80 72.61 1.79 3.91 4.46 2.31 54.52 1,264,000 3,230
MECH MECH Financial Inc of CT 19.22 54.82 0.81 18.23 2.70 4.28 61.81 56,957 72
MASB MassBank Corp. of Reading MA 55.24 41.70 0.30 0.58 2.36 0.01 29.42 3,598 0
MDBK Medford Bancorp, Inc. of MA 4.96 68.14 1.30 20.74 3.24 1.62 57.53 547 0
MWBX MetroWest Bank of MA 0.84 50.68 3.94 40.03 1.25 3.27 77.28 114,842 0
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.14
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.5
Credit Risk Measures and Related Information
Comparable Institution Analysis
As of December 31, 1997 or Most Recent Date Available
NPAs & Rsrves/
REO/ 90+Del/ NPLs/ Rsrves/ Rsrves/ NPAs & Net Loan NLCs/
Institution Assets Assets Loans Loans NPLs 90+Del Chargoffs Loans
- ----------- ------ ------ ------ ------ ------ -------- --------- --------
(%) (%) (%) (%) (%) (%) ($000) (%)
Compass Bank for Savings 0.09 0.85 1.05 1.22 116.75 104.27 1,948 0.16
SAIF-Insured Thrifts 0.26 0.69 0.72 0.78 192.46 141.98 305 0.10
All Public Companies 0.25 0.69 0.76 0.87 192.48 147.78 302 0.10
State of MA 0.18 0.49 0.62 1.33 267.23 214.81 77 -0.02
Comparable Group Average 0.20 0.56 0.86 1.33 270.16 214.80 160 0.01
Comparable Group
- ----------------
ABBK Abington Bancorp of MA 0.05 0.14 0.14 0.72 520.00 310.69 0 0.00
BKC American Bank of Waterbury CT 0.25 2.28 3.39 1.54 45.46 40.39 98 0.10
ANDB Andover Bancorp, Inc. of MA 0.02 0.49 0.64 1.24 194.10 184.92 312 -0.01
BFD BostonFed Bancorp of MA 0.02 NA NA 0.84 NA NA 145 0.00
FESX First Essex Bancorp of MA 0.09 0.54 0.78 1.49 192.08 150.53 412 0.23
FFES First Fed of E. Hartford CT 0.01 0.31 1.18 1.32 111.50 85.02 40 0.08
FAB FirstFed America Bancorp of MA 0.05 0.31 0.36 1.16 324.35 275.70 7 0.00
MECH MECH Financial Inc of CT 1.61 0.56 0.69 2.28 329.02 258.21 690 0.47
MASB MassBank Corp. of Reading MA 0.00 0.17 0.56 0.86 152.27 152.27 2 0.00
MDBK Medford Bancorp, Inc. of MA 0.00 0.13 0.24 1.17 498.97 481.96 22 0.02
MWBX MetroWest Bank of MA 0.08 0.70 0.60 2.01 333.84 208.27 33 -0.74
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.15
and accruing loans more than 90 days past due equaled 0.85 percent of assets,
versus a comparative ratio of 0.56 percent for the Peer Group. Similarly,
Compass' non-performing loans to loans ratio was higher than the Peer Group's
ratio (1.05 percent versus 0.86 percent for the Peer Group). Loss reserve ratios
as a percent of problem assets also indicated a potentially higher degree of
credit risk exposure for the Bank, with the Bank and the Peer Group maintaining
loss reserves as a percent of non-performing assets and accruing loans that are
more than 90 days past due of 116.75 percent and 270.16 percent, respectively.
Net loan charge-offs were not a material factor for either the Bank or the Peer
Group during the period covered in Table 3.5.
Interest Rate Risk
- ------------------
Public companies are not required to report interest rate risk in a
standard fashion and many do not specifically quantify their interest rate risk
on a regular basis. Furthermore, the computation of interest rate risk is
predicated on numerous assumptions, many of which are unique among institutions.
As a result, we have sought to measure interest rate risk by evaluating balance
sheet composition and recent quarterly changes in net interest income ratio.
Currently, Compass' asset composition suggests greater interest rate
risk given its higher non-earning assets, resulting in a lower IEA/IBL ratio. As
a result, Compass has greater dependence on the yield-cost spread to sustain the
net interest income ratio. Compass' advantage in terms of post-conversion
capital ratio should diminish the current comparative disadvantage in this
regard.
Compass has maintained a comparable fluctuation in net interest income
ratio during the last 5 quarters, as compared to the Peer Group average,
suggesting comparable interest rate risk exposure. It is expected that the
infusion of stock proceeds will serve to further enhance the stability of
Compass' net interest income ratio.
Market Area and Competitive Characteristics
- -------------------------------------------
As indicated previously, all 11 Peer Group companies are regionally
based, and thus share similar market area and competitive characteristics with
Compass (refer to Exhibit III-3). A few of the Peer Group companies are direct
regional competitors of Compass and seven of the
RP Financial, LC.
Page 3.16
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.6
Interest Rate Risk Measures and Net Interest Income Volatility
Comparable Institution Analysis
As of December 31, 1997 or Most Recent Date Available
Balance Sheet Measures
--------------------------
Non-Earn. Quarterly Change in Net Interest Income
Equity/ IEA/ Assets/ ----------------------------------------------------------
Institution Assets IBL Assets 12/31/97 09/30/97 06/30/97 03/31/97 12/31/96 09/30/96
- ----------- ------ ------ ------ -------- -------- -------- -------- -------- --------
(%) (%) (%) (change in net interest income is annualized in basis points)
Compass Bank for Savings 8.5 106.5 4.0 0 2 -3 -8 3 22
SAIF-Insured Thrifts 12.8 113.4 3.6 -3 -4 2 0 1 3
All Public Companies 12.4 112.7 3.6 -3 -4 1 0 1 3
State of MA 9.2 102.7 4.0 3 -6 -5 6 5 5
Comparable Group Average 8.4 107.5 3.0 -2 -6 -3 9 -1 8
Comparable Group
- ----------------
ABBK Abington Bancorp of MA 6.2 105.4 2.7 -10 1 -7 8 12 11
BKC American Bank of Waterbury CT 8.7 108.2 2.5 -4 -7 -8 -10 9 4
ANDB Andover Bancorp, Inc. of MA 8.1 107.1 2.3 5 -3 -3 9 3 -1
BFD BostonFed Bancorp of MA 8.1 107.8 2.3 0 -1 5 15 -3 10
FESX First Essex Bancorp of MA 6.7 105.0 4.6 14 -16 -10 37 -11 -2
FFES First Fed of E. Hartford CT 6.8 106.0 1.7 1 -11 -6 2 -7 5
FAB FirstFed America Bancorp of MA 11.2 111.6 3.3 -16 -4 17 27 -19 -2
MECH MECH Financial Inc of CT 9.9 105.3 5.9 -16 -13 -13 -9 12 37
MASB MassBank Corp. of Reading MA 11.1 112.6 1.4 3 -2 -0 -1 0 4
MDBK Medford Bancorp, Inc. of MA 8.4 107.1 3.1 -7 -5 -4 3 -3 -1
MWBX MetroWest Bank of MA 7.4 106.1 2.8 10 -0 -4 12 -2 26
NA=Change is greater than 100 basis points during the quarter.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.17
Peer Group members primarily operate within the greater Boston metropolitan
area. In general, the Peer Group members serve urban or suburban markets within
the New England market.
While the Bank's pro forma assets exceed the Peer Group average and
each company individually, the resources of each are generally comparable in a
broad sense, i.e., more than a one or two office institution but substantially
less than the major regional and superregional competition. Both operate
substantial branch office networks and compete in urban/suburban markets with
significantly larger commercial banks. In general, Compass and the Peer Group
are primarily mortgage lenders, although Compass has diversified its lending
operations to a greater degree. Compass maintains a greater primary market area
deposit market share than the Peer Group, although the Bank operates in a
relatively smaller market and is increasingly subject to greater competition
from credit unions.
RP Financial, LC.
Page 4.1
IV. VALUATION ANALYSIS
Introduction
- ------------
This chapter presents the valuation analysis, prepared pursuant to the
regulatory valuation guidelines, and valuation adjustments and assumptions used
to determine the estimated pro forma market value of the common stock to be
issued in conjunction with Compass' conversion transaction.
Appraisal Guidelines
- --------------------
The OTS appraisal guidelines, most recently amended in written form in
October 1994, and applicable interpretations thereof, specify the methodology
for estimating the pro forma market value of an institution pursuant to a
mutual-to-stock conversion. Such valuation guidelines are relied upon by the
Massachusetts Division of Banks and the FDIC in evaluating conversion appraisals
in the absence of such specific guidelines separately issued by the respective
agencies. The valuation methodology provides for: (1) the selection of a peer
group of comparable publicly-traded institutions, excluding those converted for
less than a year, subject to acquisition or in MHC form; (2) a financial and
operational comparison of the subject company to the selected peer group,
identifying key differences and similarities; and (3) a valuation analysis in
which the pro forma market value of the subject company is determined based on
the market pricing of the peer group as of the date of valuation, incorporating
valuation adjustments for key differences. In addition, the pricing
characteristics of recent conversions, both at conversion and in the
aftermarket, must be considered.
RP Financial Approach to the Valuation
- --------------------------------------
RP Financial's valuation analysis complies with the above-referenced
appraisal guidelines. Accordingly, the valuation incorporates a detailed
analysis based on the Peer Group discussed in Chapter III, incorporating
"fundamental analysis" techniques. Additionally, the valuation incorporates a
"technical analysis" of recently completed stock conversions, including closing
pricing and aftermarket trading. It should be noted that such analyses cannot
possibly
RP Financial, LC.
Page 4.2
fully account for all the market forces which impact trading activity and
pricing characteristics of a particular stock on a given day.
The pro forma market value determined herein is a preliminary value for
the to-be-issued stock. Throughout the conversion process, RP Financial will:
(1) review changes in Compass' operations and financial condition (inclusive of
the operations and financial condition of Sandwich Bancorp); (2) monitor
Compass' operations and financial condition relative to the Peer Group to
identify any fundamental changes; (3) monitor the external factors affecting
value including, but not limited to, local and national economic conditions,
interest rates, and the stock market environment, including the market for
thrift stocks; and (4) monitor pending conversion offerings (including those in
the offering phase) both regionally and nationally. If material changes should
occur during the conversion process, RP Financial will prepare updated valuation
reports reflecting such changes and their related impact on value, if any, over
the course of the conversion process. RP Financial will also prepare a final
valuation update at the closing of the conversion offering to determine if the
preliminary range of value continues to be appropriate.
The appraised value determined herein is based on the current market
and operating environment for Compass and for all thrifts. Subsequent changes in
the local and national economy, the legislative and regulatory environment, the
stock market, interest rates, and other external forces (such as natural
disasters or major world events), which may occur from time to time (often with
great unpredictability) may materially impact the market value of all thrift
stocks, including Compass, or Compass' value alone. To the extent a change in
factors impacting Compass' value can be reasonably anticipated and/or
quantified, RP Financial has incorporated the estimated impact into our
analysis.
Valuation Analysis
- ------------------
A fundamental analysis discussing similarities and differences relative
to the Peer Group was presented in Chapter III. The following sections summarize
the key differences between Compass and the Peer Group and how those differences
affect the pro forma valuation. Emphasis is placed on the specific strengths and
weaknesses of Compass relative to the Peer Group in such key areas as financial
condition, profitability, growth and viability of earnings, asset growth,
primary market area, dividends, liquidity of the issue, marketing of the issue,
RP Financial, LC.
Page 4.3
management, and the effect of government regulations and/or regulatory reform.
We have also considered the market for thrift stocks, and in particular new
issues, to assess the impact on value of Compass coming to market at this time.
1. Financial Condition
-------------------
The financial condition of an institution is an important determinant
in pro forma market value, because investors typically look to such factors as
liquidity, capital, asset composition and quality, and funding sources in
assessing investment attractiveness. The similarities and differences in the
financial condition of Compass and the Peer Group are recapped below.
o Overall A/L Composition. Compass currently maintains a similar
reported and tangible capital position, but on a pro forma basis, is
expected to exceed the Peer Group averages, thereby enhancing Compass'
comparative earnings power based on the ratio of IEA/IBL. Compass'
comparatively higher loans/assets indicates higher origination
capacity and asset yields. Immediately following conversion, however,
Compass' proportion of investments is expected to increase, which is
expected to dilute asset yields. The Peer Group has supplemented
deposits with higher borrowings utilization, leveraging their equity,
fixed assets and operating expenses; in contrast, the Bank relies more
heavily on deposits and may seek to reduce the level of existing
borrowings given the increase to post-conversion liquidity.
o Credit Quality. The Bank has a greater level of credit risk exposure
in comparison to the Peer Group, based on the Bank's higher level of
loans/assets and NPAs, greater diversification into higher risk-weight
loans, particularly commercial and consumer loans, and lower reserve
coverage ratio. Furthermore, the Bank's emphasis on commercial loans
has increased the Bank's exposure to large borrowers.
o Balance Sheet Liquidity. While Compass currently maintains a lower
level of cash, investments and mortgage-backed securities than the
Peer Group, such difference is expected to diminish on a
post-conversion basis. The Bank appears to have greater current
borrowings capacity than the Peer Group, as the Bank has a much
smaller balance of borrowed funds.
o Capital. Compass' comparable pre-conversion capital ratio will be
substantially enhanced with the consummation of the conversion,
incorporating the dilutive impact of the merger transaction. The
increase in capital will depress Compass' pro forma return on equity
until the proceeds can be effectively reinvested and leveraged over
time.
On balance, we concluded that no valuation adjustment was warranted for
Compass' financial strength.
RP Financial, LC.
Page 4.4
2. Profitability, Growth and Viability of Earnings
-----------------------------------------------
Earnings are a key factor in determining pro forma market value, as the
level and risk characteristics of an institution's earnings stream and the
prospects and ability to generate future earnings heavily influence the multiple
the investment community will pay for earnings. The major earnings factors
considered in the valuation are described below.
o Reported and Core Earnings. Compass reported comparable profitability
relative to the Peer Group, reflecting the Bank's stronger net
interest income and other operating income ratios, offset by a higher
operating expense ratio. Non-operating income and expenses were
limited for both the Bank and the Peer Group.
o Interest Rate Risk. Compass appears to maintain a relatively
comparable level of interest rate risk exposure. The anticipated
redeployment of stock proceeds into interest-earning assets with
short- to intermediate-term maturities should further moderate
interest rate risk exposure.
o Credit Risk. Loss provisions had a slightly lesser impact on Compass'
earnings in comparison to the Peer Group. In terms of future exposure
to credit quality related losses, however, Compass' higher credit risk
profile and lower reserve coverage ratio may lead to greater earnings
risk in the event of increased delinquencies and adverse economic
cycles.
o Earnings Growth Potential. Compass' post-conversion earnings growth
potential appears to be more limited than the Peer Group since: (1)
the deposits of the merged entity have recently grown more slowly than
the Peer Group; and (2) the potential for the typical deposit runoff
immediately following the merger. The net cash proceeds from
conversion are expected to be gradually deployed into loans; however,
it is anticipated that the yield-cost spread immediately following
conversion will be diminished through the initial reinvestment into
short- to intermediate-term securities. The proceeds reinvestment
benefit will also be impacted by the annual expense of the stock
plans, operations as a public company and leveraged ESOP.
Merger-related synergies are anticipated, estimated to approximate
$1.5 million pre-tax in the first year following the acquisition, $1.8
million in year 2 and $2.0 million in year 3. The estimated synergies
are expected to be largely derived from reductions in compensation and
benefits costs. At the same time, in the short-run, such savings may
initially be offset by expenses related to merging and marketing the
combined Bank. Additionally, Compass is anticipating significant new
investment in fixed assets including up to a $15 million investment in
a new main office facility and one to two new branch offices annually.
o Return on Equity. The higher pro forma capital position will place
Compass at a disadvantage relative to the Peer Group in terms of
return on equity, despite higher pro forma core profitability.
RP Financial, LC.
Page 4.5
Overall, a slight downward valuation adjustment was warranted for
profitability, growth and viability of earnings.
3. Asset Growth
------------
On a merged basis, Compass' asset growth over the past 12 months
compared unfavorably to the Peer Group. In view of the Bank's comparatively
slower deposit growth and potential post-merger deposit runoff, Compass' asset
growth potential appears to remain at a disadvantage. At the same time, Compass'
higher pro forma capitalization implies a greater ability to undertake asset
growth than the Peer Group. While the merger with Sandwich Bancorp will result
in an expanded market and retail operations, there is some risk that current
Sandwich Bancorp customers and/or affiliate relationships may not be retained on
a post-acquisition basis.
On balance, we concluded that no adjustment was appropriate for this
factor.
4. Primary Market Area
--------------------
The general condition of an institution's market area has an impact on
value, as future success is in part dependent upon opportunities for profitable
activities in the local market served. All 11 of the Peer Group companies are
based in southern New England while 7 are based in the Boston metropolitan area
and 2 Peer Group companies operate in many of the same markets as Compass on a
merged basis (FirstFed America Bancorp and Abington Bancorp). Accordingly, the
Peer Group companies are viewed as sharing similar market area and competitive
characteristics with Compass, and, on balance, are subject to similar market
area demographic and economic forces and trends.
Summary demographic and deposit market share data for Compass and Peer
Group is provided in Exhibit III-3. The Peer Group's average asset size
approximates $943 million, which is lower than Compass' pro forma asset base of
approximately $1.7 billion. Both, however, operate substantial branch office
networks, compete with both large superregional banks and smaller
community-oriented financial institutions.
On balance, we concluded that no adjustment was appropriate for
Compass' market area.
RP Financial, LC.
Page 4.6
5. Dividends
---------
While Seacoast has not indicated its intention to commence a cash
dividend at this time, the pro forma capitalization and profitability clearly
position Seacoast to have the capacity to pay cash dividends comparable to the
Peer Group. Historically, thrifts typically have not established dividend
policies at the time of their conversion to stock ownership. Newly converted
institutions, in general, have preferred to gain market seasoning, establish an
earnings track record and fully invest the conversion proceeds before
establishing a dividend policy. However, during the late 1980s and early 1990s,
with negative publicity surrounding the thrift industry, there was a tendency
for more thrifts to initiate moderate dividend policies concurrent with their
conversion as a means of increasing the attractiveness of the stock offering.
Today, fewer institutions are compelled to initially establish dividend policies
at the time of their conversion offering as (1) industry profitability has
improved, (2) the number of problem thrift institutions has declined, and (3)
the stock market cycle for thrift stocks is generally more favorable than in the
early-1990s. At the same time, with ROE ratios under pressure, due to high
equity levels, well-capitalized institutions are subject to increased
competitive pressures to offer dividends. In fact, the dividend payout ratios
are typically higher for the more highly-capitalized thrifts.
As publicly-traded thrifts' capital levels and profitability have
improved and as weakened institutions have been resolved, the proportion of
institutions with cash dividend policies has increased. Ten of the eleven
institutions in the Peer Group presently pay regular cash dividends, with
implied dividend yields ranging from 1.01 percent to 2.53 percent. The average
dividend yield on the stocks of the Peer Group institutions was approximately
1.71 percent as of May 8, 1998, representing an average payout ratio of
approximately 30.65 percent of core earnings. As of May 8, 1998, approximately
84 percent of all publicly-traded full stock thrifts had adopted cash dividend
policies (see Exhibit IV-1), exhibiting an average yield of 1.90 percent and an
average payout ratio of 36.32 percent. The dividend paying thrifts generally
maintain higher than average profitability ratios, facilitating their ability to
pay cash dividends, which supports a market pricing premium on average relative
to non-dividend paying thrifts.
Given Seacoast's capacity to pay a dividend comparable to the Peer
Group based on pro forma capitalization and profitability, and since no
regulatory hurdle exists, we have not made an adjustment for this factor despite
no initial dividend policy. One consideration taken into
RP Financial, LC.
Page 4.7
account, however, was the history of quarterly dividends paid by Sandwich
Bancorp given that no dividend policy has yet been established by Seacoast.
6. Liquidity of the Shares
------------------------
The Peer Group is by definition composed of companies that are traded
in the public markets, all of which trade on the NASDAQ system. Typically, the
number of shares outstanding and market capitalization provides an indication of
how much liquidity there will be in a particular stock. The market
capitalization of the Peer Group companies ranged from $70.4 million to $221.4
million as of May 8, 1998, with an average market value of $153.6 million. The
shares outstanding of the Peer Group members ranged from 2.7 million to 14.2
million, with an average of approximately 5.9 million. The pro forma market
value and number of shares outstanding based on the value herein are expected to
exceed the Peer Group average and each of the Peer Group companies on an
individual basis. Since the liquidity of Seacoast's stock may exceed the Peer
Group for these reasons, although there can be no certainty of such at this
time, we applied a slight upward adjustment for this factor.
7. Marketing of the Issue
----------------------
Three separate markets exist for thrift stocks: (1) the after-market
for public companies, in which trading activity is regular and investment
decisions are made based upon financial condition, earnings, capital, ROE and
dividends; (2) the new issue market in which converting thrifts are evaluated on
the basis of the same factors but on a pro forma basis without the benefit of a
stock trading history and reporting quarterly operating results as a
publicly-held company; and (3) the thrift acquisition market. All three of these
markets were considered in the valuation of Compass' to-be-issued stock.
A. The Public Market
-----------------
The value of publicly-traded thrift stocks is easily measurable, and is
tracked by most investment houses and related organizations. Exhibit IV-1
provides pricing and financial data on all publicly-traded thrifts. In general,
thrift stock values react to market stimuli such as interest rates, inflation,
perceived industry health, projected rates of economic growth, regulatory issues
and stock market conditions in general. Exhibit IV-2 displays historical stock
market
RP Financial, LC.
Page 4.8
trends for various indices and includes historical stock price index values for
thrifts and commercial banks. Exhibit IV-3 displays historical stock price
indices for thrifts only.
In terms of assessing general stock market conditions, the stock market
has generally trended higher over the past year. Profit taking, growing
expectations of a correction and comments by the Federal Reserve Chairman pulled
the market lower in late-February 1997. Following the downturn in late-February,
the market recovered in early-March. Despite increasing expectations of an
interest rate hike by the Federal Reserve, the DJIA closed to a new record high
of 7085.16 on March 11, 1997. However, an upward revision to the January retail
sales figure triggered a one day sell-off in stocks and bonds on March 13, 1997,
as the stronger than expected growth heightened expectations of an interest rate
increase by the Federal Reserve. Unease over higher interest rates,
profitability concerns in the technology sector and litigation concerns for
tobacco stocks pulled the stock market lower in mid-March. As expected, the
Federal Reserve increased the rate on short-term funds by 0.25 percent at its
late-March meeting. Following the rate increase, the sell-off in the stock
market became more severe amid further signs of an accelerating economy. Stocks
bottomed-out on news of a stronger than expected rise in core producer prices
for March, with the DJIA closing at 6391.69 on April 11, 1997, or 9.8 percent
below the all-time high recorded a month ago.
Some favorable first quarter earnings reports and news of a possible
settlement by tobacco companies to resolve the threat of liability lawsuits
provided for a modest recovery in the stock market in mid-April 1997. In
late-April, the release of economic data which indicated mild inflationary
pressures furthered the rally in bond and stock prices. News of a budget
agreement and a favorable ruling for tobacco companies sent the stock market
soaring to record highs in early-May. Mixed economic data and the Federal
Reserve's decision to leave its target for the federal funds rate unchanged at
its May meeting sustained a positive trend in the stock market through the end
of May. Profit worries caused a sell-off in technology stocks in early-June,
while declining interest rates served to stabilize the broader market.
Technology stocks rallied the stock market to new highs in mid-July, as a number
of technology companies posted favorable second quarter earnings. Favorable
inflation data, including second quarter GDP growth slowing to an annual rate of
2.2 percent, versus 4.9 percent in the first quarter, and
RP Financial, LC.
Page 4.9
comments by the Federal Reserve Chairman which indicated that an increase in
interest rates was not imminent, spurred bond and stock prices strongly higher
during the second half of July.
A decline in the July 1997 unemployment rate reversed the positive bond
and stock market trends in early-August, as inflation concerns became more
prominent. A declining dollar against the yen and mark sharpened the decline in
bond prices, with the 30-year U.S. Treasury bond yield increasing from 6.32
percent at the end of July to 6.66 percent as of August 8, 1997. The sell-off in
bonds pulled stock prices lower as well. While bond prices firmed in mid-August,
notable volatility was evident in the stock market. The DJIA moved at least 100
points for five consecutive days from August 18, 1997 through August 21, 1997,
which set a record for volatility. Profit worries among some of the large blue
chip companies and mixed inflation readings were factors contributing to the
roller-coaster performance of the stock market. Despite strengthening bond
prices, stocks traded lower through the end of August. Bond prices moved higher
on inflation data which showed that prices stayed low during the second quarter,
even though second quarter GDP growth was revised upward to an annual rate of
3.6 percent compared to an original estimate of 2.2 percent.
Volatility returned to the stock market in early-September, with the
DJIA posting a record breaking point increase of 257.36 on September 2, 1997.
The rally was sparked by economic data that indicated manufacturing growth
slowed in August, thereby easing investors' inflation worries. However, the
rally was not sustained, as the DJIA pulled back following the one day rally.
The pull back was largely attributed to profit worries, which more than offset
favorable inflation news indicated by a slight increase in the national
unemployment rate for August (4.9 percent in August versus 4.8 percent in July).
Stocks fluctuated in a narrow trading range in mid-September, in anticipation of
third quarter earnings and August economic data. The low inflation reading
indicated by the August consumer price index sent stock and bond prices sharply
higher on September 16, 1997, with the DJIA posting a 175 point increase and the
yield on the 30-year U.S. Treasury bond posting its second largest decline in
the 1990s. Uncertainty over third quarter earnings provided for a mixed stock
market performance towards the end of September, while generally favorable
inflation readings pushed interest rates to their lowest level in two years. The
release of September employment data on October 3, 1997 caused bond and stock
prices to soar in early trading activity, as the September unemployment rate was
RP Financial, LC.
Page 4.10
unchanged at 4.9 percent and fewer jobs than expected were added to the economy
during September. However, most of the initial gains were erased by news of
rising tensions between Iraq and Iran.
Congressional testimony by the Federal Reserve Chairman, in which he
indicated that it would be difficult to maintain the current balance between
tight labor markets and low inflation, caused stock and bond prices to skid in
mid-October 1997. Disappointing third quarter earnings in the technology sector
sharpened the sell-off in the stock market, with the Dow Jones Industrial
Average ("DJIA") posting consecutive losses of more than 1.0 percent on October
16 and 17. Stocks bounced back in early-week trading the following week,
reflecting positive third quarter earnings surprises posted by some of the blue
chip stocks. However, the recovery was abbreviated by global selling pressure,
which was led by the decline in the Hong Kong stock market, as the DJIA posted a
two-day loss approximating 320 points on October 23 and 24, 1997. The sell-off
in the world financial markets turned into a rout on the following Monday, with
a 5.8 percent decline in the Hong Kong stock market fueling the largest ever
point decline in the DJIA. On October 24, the DJIA declined 554 points or 7.2
percent. While the selling was broad based, technology stocks sensitive to Asian
demand experienced some of the sharpest declines. The turmoil in the stock
market provided for a sharp rally in U.S. Treasury bonds, reflecting a flight to
quality by skittish investors. The stock market recovered strongly the day after
the record breaking point decline, as the DJIA surged a record breaking 337
points on October 28. Comparatively, bond prices declined sharply on October 28,
as investors pulled out of the Treasury market to reinvest into the stock
market.
Market conditions remained uneven through the week ended October 31,
1997, which was followed by a soaring stock market on November 3, 1997. The DJIA
posted a 232 point increase on November 3, which was supported by a resurgence
in the Hong Kong market. Following the one day rally, volatility returned to the
stock market through mid-November. The market's uneven performance was largely
attributable to the ongoing influence of the international markets, particularly
the Asian and Latin American markets. In mid-November, the yield on the 30-year
bellwether Treasury issue approached 6.0 percent, its lowest level since
February 1996. Advances in the bond market provided for a generally positive
stock market environment in the second half of November, with bank and
technology issues being among the
RP Financial, LC.
Page 4.11
strongest performers. Renewed confidence that the Asian governments would
control the region's financial problems furthered the stock market rally in
early-December. Despite a sell-off in the bond market caused by the November
unemployment rate dropping to its lowest level since October 1973, the DJIA
showed surprising strength and closed almost 99 points higher on December 5,
1997. Stocks declined the following week, as earnings concerns, particularly in
the technology sector, overshadowed a rally in the bond market. Positive
inflation news and world market turmoil caused investors to dump stocks in favor
of bonds, which served to push the yield on the bellwether 30-year Treasury bond
below 6.0 percent in mid-December. Bond prices were also boosted by the Federal
Reserve's decision to leave interest rates unchanged at its mid-December
meeting, which also provided for a modest recovery in the stock market. In
late-December, investors dumped stocks on earnings concerns, while a flight to
quality pushed bond prices higher. The stock market surged higher at year end,
as worries about South Korea's financial crisis eased.
Led by a rally in the bond market, stocks continued to move higher at
the beginning of 1998. However, turmoil in the Asian markets and the uncertain
outlook for fourth quarter earnings provided for an uneven stock market through
most of January and into early-February. For example, the Dow Jones Industrial
Average ("DJIA") plunged 222 points on January 9, 1998, due to fourth quarter
profit worries and economic turmoil in Southeast Asia. Comparatively, a rally in
the Asian markets propelled the DJIA 201 points higher on February 2, 1998. In
general, a rebound in the Asian markets and favorable fourth quarter earnings
served to the push the stock market higher during the second half of January and
into early-February. In contrast, bond prices edged lower over the same time
period, as the labor market remained tight as indicated by a sharp increase in
labor costs during the fourth quarter of 1997 and a larger than expected
increase in the number of jobs added during December 1997.
Strength primarily in technology stocks pushed the DJIA to a new record
for the first time in six months on February 10, 1998. The rally was sustained
through mid-February, as the DJIA established six consecutive new highs through
February 18, 1998. Strong earnings and expectations that profitability was not
as badly hurt by the Asian crisis as feared served as the basis for the rally in
technology stocks. Stable interest rates and few signs of inflation preserved
the positive market environment through the middle of March. Strong first
quarter earnings
RP Financial, LC.
Page 4.12
results propelled the market to record highs during April, followed by some
profit taking in early May. On May 8, 1998, the DJIA closed at 9055.15, an
increase of 26.3 percent from one year ago.
Similar to the overall stock market, the market for thrift
stocks has generally been favorable during the past twelve months. Stable
interest rates and acquisition activity supported higher thrift prices in
early-March 1997; however, like the stock market in general, the peak in thrift
prices was followed by a sharp sell-off in mid-March. In fact, interest rate
sensitive issues were among the sectors hardest hit by the revised January
retail sales report, as the 30-year bond approached 7.0 percent. Interest rate
sensitive issues continued to experience selling pressure in late-March and
early-April, as signs of a strengthening economy pushed interest rates higher.
The sell-off in thrift stocks culminated on April 11, 1997, as interest rates
increased sharply on news of the higher than expected rise in core producer
prices for March. Thrift prices edged modestly higher in mid-April, reflecting
generally favorable first quarter earnings and a slight decline in interest
rates following the release of economic data which showed that inflation was
low. Favorable inflation data and the budget agreement provided for a more
substantial rally in thrift stocks in late-April and early-May, as interest rate
sensitive issues were bolstered by declining interest rates.
Thrift stocks continued to trend higher through June and early-July
1997, based on the improved interest rate outlook and an overall positive
outlook for the economy. Generally favorable second quarter earnings and the
30-year U.S. Treasury bond yield declining below 6.50 percent served to further
boost thrift prices in mid-July, with the declining interest rate environment
serving to sustain the rally in thrift prices through the end of July. Thrift
prices generally declined during the first half of August, due to higher
interest rates and profit taking. From July 31, 1997 to August 15, 1997, the SNL
Index declined by 3.7 percent. Thrift prices recovered modestly during the
second half of August, as the Federal Reserve left short-term interest rates
unchanged at its August meeting. Thrift stocks participated in the one day stock
market rally on September 2, 1997, as evidenced by a 1.95 percent increase in
the SNL Index. News of NationsBank's proposed acquisition of Barnett Banks for
more than four times its book value appears to have further contributed to the
one day run-up in thrift prices. In contrast to the overall stock market, thrift
prices continued to move higher following the one day rally in the
RP Financial, LC.
Page 4.13
DJIA. Stable interest rates and acquisition news sustained the positive market
for thrift issues. The decline in interest rates following the release of the
August consumer price index in mid-September served to further the rally in
thrift prices. During late-September and early-October, interest rate sensitive
issues in general benefited from the declining interest rate environment and
expectations of strong third quarter earnings.
The upward trend in thrift prices stalled in mid-October 1997, as
interest rates moved higher following warnings by the Federal Reserve Chairman
of inflation creeping back into the economy due to the tight labor markets.
Thrift stocks gyrated in conjunction with the overall market in late-October,
with the SNL index declining by 5.2 percent on October 27 and increasing by 2.4
percent on October 28. Aided by the favorable interest rate climate, thrift
stocks posted further gains in early-November and then retreated modestly in
mid-November. Thrift and bank issues declined on concerns that a slowing U.S.
economy could lead to weaker loan demand and higher delinquency rates. However,
led by the strengthening bond market, thrift and bank issues moved higher during
late-November and early-December. Acquisition news also contributed to the
upturn in bank and thrift prices, as two major bank acquisitions were announced
for relatively high price-to-book multiples. First Union Corp.'s proposed
acquisition of CoreStates Financial ($47 billion in assets) was for 539 percent
of book value, while First American Corporation's proposed acquisition for
Deposit Guaranty Corporation ($6.8 billion in assets) was for 419 percent of
book value. Those deals, along with speculation of possible other major thrift
and bank acquisitions, filtered into the prices of bank and thrift issues in
general. Concern of relatively high valuations somewhat offset the declining
interest rate environment, as thrift issues traded in a narrow range in
mid-December. Thrift prices moved higher at the close of 1997, as interest rates
continued to decline.
The positive trend in thrift prices was not sustained at the beginning
of 1998, as thrift prices moved sharply lower during early-January trading. From
January 2, 1998 to January 9, 1998, the SNL index for all publicly-traded
thrifts declined from 810.5 to 720.2, or 11.1 percent. The sell-off in thrift
stocks was prompted by concerns that the flattening yield curve would put
pressure on earnings, particularly among institutions which maintained high
concentrations of mortgage loans. Thrift prices recovered somewhat during the
second half of January, with the upward trend becoming more pronounced in
early-February.
RP Financial, LC.
Page 4.14
Fourth quarter earnings, which generally met expectations, and acquisition news
led the recovery in thrift prices. The ongoing trend of consolidation was
highlighted by the proposed merger between First Nationwide Holdings, San
Francisco, California ($30.9 billion in assets) and Golden State Bancorp,
Glendale, California ($16.0 billion in assets), which was announced in
early-February. Stable interest rates and acquisitions provided for a
continuation of the rally through the end of the first quarter while two
blockbuster bank mergers including the NationsBank merger with Bank of America
and the NBD Bancorp merger with First Chicago. On May 8, 1998, the SNL Index for
all publicly-traded thrifts closed at 875.0, an increase of 57.6 percent from
one year ago.
B. The New Issue Market
--------------------
In addition to thrift stock market conditions in general, the new issue
market for converting thrifts is also an important consideration in determining
pro forma market value. In general, the market environment for converting thrift
issues was highly receptive throughout 1997, with most converting issues being
oversubscribed and trading higher in initial trading. To date, the positive
market environment for converting thrift issues has been sustained during 1998.
Since early February 1998, standard conversion offerings completed and began
trading have exhibited an average price increase of 47.3 percent on the first
day of trading. As shown in Table 4.1, the average one week change in price for
standard conversion offerings completed during the latest three month period
ending May 8, 1998 equaled positive 58.2 percent. The average pro forma
price/tangible book and core price/earnings ratios of the recent conversions,
excluding second step conversions, was 77.6 percent and 19.8 times,
respectively. The standard conversions that have began trading since the
beginning of February 1998 have all closed at the top of the superrange.
In examining the current pricing characteristics of institutions
completing their conversions during the last three months (see Table 4.2), we
note there exists a considerable difference in pricing ratios compared to the
universe of all publicly-traded thrifts. Specifically, the current median P/B
ratio of the conversions completed in the most recent three month period of
125.4 percent reflects a discount of 27.43 percent from the average P/B ratio of
all publicly-traded thrifts (equal to 172.79 percent), and the average core P/E
ratio of 25.23 times reflects a premium of 18.01 percent from the all public
average core P/E ratio of 21.38 times. The pricing
RP Financial, LC.
Page 4.15
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.2
Market Pricing Comparatives
Prices As of May 8, 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
------- ------- ------- ------- ------- ------- ------- ------- --------
Financial Institution
- --------------------- ($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 23.01 176.52 0.98 13.92 20.51 167.50 21.58 172.96 21.66
All Public Companies 23.63 253.21 1.02 13.87 20.32 172.79 21.67 176.65 21.38
Special Selection Grouping(8) 17.11 257.29 0.52 12.28 25.12 152.88 34.50 154.63 25.23
State of MA 26.99 116.75 1.34 14.33 17.33 193.55 20.03 198.42 18.81
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
BYS Bay State Bancorp of MA 28.88 73.21 1.05 23.66 27.50 122.06 25.28 122.06 27.50
CAVB Cavalry Bancorp of TN 23.50 177.14 0.61 12.53 NM 187.55 51.06 187.55 NM
CFKY Columbia Financial of KY 16.13 43.08 0.08 13.42 NM 120.19 33.99 327.85 NM
EFC EFC Bancorp Inc of IL 14.19 0.00 0.56 12.42 25.34 114.25 27.16 114.25 25.34
FSLA First Source Bancorp of NJ 10.50 333.27 0.41 7.72 25.61 136.01 27.95 136.01 25.61
HARB Harbor Florida Bancshrs of FL 12.31 377.90 0.56 8.01 21.22 153.68 29.66 155.63 21.98
HBSC Heritage Bancorp, Inc of SC 22.06 102.12 0.78 19.41 28.28 113.65 32.72 113.65 28.28
HLFC Home Loan Financial Corp of OH 15.88 35.70 0.60 13.35 26.47 118.95 44.32 118.95 26.47
HFBC HopFed Bancorp of KY 21.88 88.26 0.58 13.26 NM 165.01 37.27 165.01 NM
ICBC Independence Comm Bnk Cp of NY 18.44 1298.38 0.49 12.55 NM 146.93 31.89 156.94 NM
NEP Northeast PA Fin. Corp of PA 15.38 98.85 0.42 12.43 NM 123.73 22.60 123.73 NM
TSBSD Peoples Bancorp Inc of NJ 10.63 385.20 0.15 3.04 NM 349.67 60.16 NM NM
PFSL Pocahontas Bancorp of AR 10.06 67.09 0.47 8.31 21.40 121.06 15.97 121.06 21.40
RCBK Richmond County Fin Corp of NY 19.75 521.87 0.56 11.79 NM 167.51 42.96 167.51 NM
SBAN SouthBanc Shares Inc. of SC(7) 21.63 15.25 0.73 17.01 29.63 127.16 27.78 127.16 29.63
Financial Characteristics(6)
Dividends(4) -------------------------------------------------------
----------------------- Reported Core
Amount/ Payout Total Equity/ NPAs/ ---------------- ---------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------ ------- ------ ------- ------- ------- ------- ------- -------
Financial Institution
- --------------------- ($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.36 1.62 31.23 1,008 13.96 0.69 0.94 7.92 0.89 7.46
All Public Companies 0.37 1.60 31.32 1,387 13.59 0.69 0.96 8.35 0.91 7.91
Special Selection Grouping(8) 0.19 1.67 11.97 760 23.18 0.39 1.07 4.74 1.00 4.46
State of MA 0.42 1.46 30.19 679 10.87 0.49 1.07 11.57 1.02 10.82
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
BYS Bay State Bancorp of MA 0.00 0.00 0.00 290 20.71 0.77 0.92 4.44 0.92 4.44
CAVB Cavalry Bancorp of TN 0.00 0.00 0.00 347 27.23 0.01 1.33 4.87 1.33 4.87
CFKY Columbia Financial of KY 0.00 0.00 0.00 127 28.28 0.05 0.91 3.20 0.17 0.60
EFC EFC Bancorp Inc of IL 0.00 0.00 NM 0 23.77 0.18 1.07 4.51 1.07 4.51
FSLA First Source Bancorp of NJ 0.12 1.14 29.27 1,192 20.55 0.59 1.09 5.31 1.09 5.31
HARB Harbor Florida Bancshrs of FL 1.40 11.37 NM 1,274 19.30 0.47 1.40 7.24 1.35 6.99
HBSC Heritage Bancorp, Inc of SC 0.00 0.00 0.00 312 28.79 0.84 1.16 4.02 1.16 4.02
HLFC Home Loan Financial Corp of OH 0.00 0.00 0.00 81 37.26 0.06 1.67 4.49 1.67 4.49
HFBC HopFed Bancorp of KY 0.00 0.00 0.00 237 22.59 0.06 0.99 4.37 0.99 4.37
ICBC Independence Comm Bnk Cp of NY 0.00 0.00 0.00 4,072 21.70 0.70 0.64 2.95 0.85 3.90
NEP Northeast PA Fin. Corp of PA 0.00 0.00 0.00 437 18.26 0.29 0.62 3.38 0.62 3.38
TSBSD Peoples Bancorp Inc of NJ 0.10 0.94 66.67 640 17.20 0.64 1.21 7.14 0.87 5.10
PFSL Pocahontas Bancorp of AR 0.90 8.95 NM 420 13.19 NA 0.75 5.66 0.75 5.66
RCBK Richmond County Fin Corp of NY 0.20 1.01 35.71 1,215 25.65 NA 1.22 4.75 1.22 4.75
SBAN SouthBanc Shares Inc. of SC(7) 1.40 6.47 NM 117 21.85 0.53 0.94 4.29 0.94 4.29
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB =
Price to tangible book value; and P/CORE = Price to estimated core
earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month earnings and average equity and assets
balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Converted Last 3 Mths (no MHC);
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 4.16
ratios of the better capitalized but lower earning recently converted thrifts
(with resulting lower return on equity measures) suggest that the investment
community has determined to discount their stocks on a book basis until the
earnings improve through redeployment and leveraging of the proceeds over the
longer term.
C. The Acquisition Market
----------------------
Also considered in the valuation was the potential impact on Seacoast's
stock price of recently completed and pending acquisitions of other regional
thrifts. As shown in Exhibit IV-4, there were nine thrifts acquired since 1997
in the Massachusetts market and three acquisitions are currently pending of
Massachusetts thrifts. Seacoast's larger size and relatively high pro forma
capital position may tend to lessen such acquisition speculation, based on
expectations that an acquiror would be reluctant to pay an acquisition premium
for the "excess" capital. At the same time, the fairly active acquisition market
for Massachusetts market may imply a certain degree of acquisition speculation
for Seacoast's stock. To the extent that acquisition speculation may impact the
conversion offering, we have largely taken this into account in selecting
companies which operate in the same market.
Taking these factors and trends into account, primarily recent trends in
the new issue market, market conditions overall and recent trends in the
acquisition market, no adjustment was made for marketing of the issue.
8. Management
----------
Seacoast/Compass executive management appears to have experience and
expertise in the key areas of operations to operate the merged bank as a public
company and there are no apparent vacancies in this regard. At the same time,
the ability to effectively integrate such a large merger and manage the acquired
operations and markets of Sandwich Bancorp can only be proven over time. (See
Exhibit IV-5 for summary resumes of the Board of Directors and executive
management.) The location in New England and the compensation and benefits
available through the stock structure should facilitate Seacoast's/Compass'
ability to attract qualified candidates if such a need should arise. The
financial characteristics and growth of Seacoast/Compass suggest that Compass is
being effectively managed and there appears to be a well-defined organizational
structure.
RP Financial, LC.
Page 4.17
The returns, capital positions, and other operating measures of the
Peer Group companies are indicative of well-managed financial institutions,
which also have generally seasoned Boards and management teams.
On balance, we concluded that no valuation adjustment relative to the
Peer Group was appropriate for this factor.
9. Effect of Government Regulation and Regulatory Reform
-----------------------------------------------------
Currently, there are no significant differences between
Seacoast/Compass and the Peer Group from a regulatory perspective. The majority
of the Peer Group members essentially operate under a similar regulatory scheme
as Compass (i.e., insured financial institution operating under a holding
company structure). On balance, no adjustment to Compass' value was warranted
for this factor.
Summary of Adjustments
- ----------------------
Overall, we believe Seacoast's pro forma market value should be
discounted relative to the Peer Group as follows.
Key Valuation Parameters Valuation Adjustment
------------------------ --------------------
Financial Condition No Adjustment
Profitability, Growth and Viability of Earnings Slight Downward
Asset Growth No Adjustment
Primary Market Area No Adjustment
Dividends No Adjustment
Liquidity of the Shares Slight Upward
Marketing of the Issue No Adjustment
Management No Adjustment
Effect of Government Regulations and Regulatory Reform No Adjustment
Valuation Approaches
- --------------------
In applying the accepted valuation methodology promulgated by the
regulatory agencies, i.e., the pro forma market value approach, we considered
the three key pricing ratios in valuing Seacoast's to-be-issued stock
- --price/earnings ("P/E"), price/book ("P/B"), and price/assets ("P/A") -- all
performed on a pro forma basis including the effects of the conversion proceeds
RP Financial, LC.
Page 4.18
and the acquisition of Sandwich Bancorp. In computing the pro forma impact of
the conversion and merger and the related pricing ratios, we have incorporated
the valuation parameters disclosed in Seacoast's prospectus for offering
expenses, pro forma impact of the merger based on the potential range of
exchange ratios, merger-related costs, reinvestment rate, the effective tax rate
and the leveraged ESOP (see Exhibits IV-6 and IV-7). Each of these parameters
are described more fully below.
o Conversion Expenses. Management has estimated fixed and variable
conversion expenses over the range of value incorporating the
appraised value determined herein, based on the financial arrangements
with the various third parties engaged to assist in completing the
conversion transaction.
o Exchange Shares. The Sandwich merger will occur within 10 days
following the conversion, i.e., once Seacoast's stock has begun to
trade. The Merger Agreement sets forth certain changes in the merger
exchange ratio depending upon the trading price of Seacoast's stock,
as set forth below:
Per Sandwich Bancorp
Seacoast Trading Price Exchange Ratio Share Value
---------------------- -------------- -----------
$15.01 or more Less than 4.7407 $71.11
($71.11/Seacoast Trading Price)
$13.51 - $15.00 4.7407 $64.05 - $71.11
(4.7407 x Seacoast Trading Price)
$10.01 - $13.50 6.3936 - 4.7407 $64.00
($64.00/Seacoast Trading Price)
$10.00 or less 6.4000 $64.00 or less
(6.4000 x Seacoast Trading Price)
We have considered the exchange ratio formula and related collars in
estimating pro forma market value, as the trading price of Seacoast at
the time the exchange ratio will be determined will not be known at
the time the conversion will be consummated. In preparing the pro
forma valuation analyses incorporated herein, we have reflected two
key points of the exchange ratio formula, as established in the Merger
Agreement, which encompasses a range of potential exchange ratios. In
this regard, RP Financial has evaluated the pro forma impact of the
transaction assuming an Exchange Ratio of 6.4000 Seacoast shares
(exchange ratio if the Seacoast Trading Price is $10.00 or lower) for
each Sandwich Bancorp share and 4.7407 Seacoast shares (exchange ratio
if the Seacoast Trading Price is between $13.50 to $15.00 per share).
The number of Exchange Shares issuable in exchange for each
outstanding Sandwich Bancorp stock option will be determined by
subtracting the per share exercise price of such option from the value
of Exchange Shares receivable by Sandwich Bancorp stockholders in
RP Financial, LC.
Page 4.19
exchange for each outstanding share of Sandwich Bancorp common stock,
and dividing the result by the Seacoast Trading Price.
o Merger-Related Costs. Management has estimated the merger-related for
both itself and Sandwich Bancorp in such areas as merger advisory and
legal fees and expenses related to the change of control provisions in
Sandwich Bancorp's management contracts. Certain of these costs will
be expensed just prior to closing the merger and thus will be
reflected on an after-tax basis. Consistent with the prospectus, the
after-tax merger costs have been estimated to total $4.0 million.
o Effective Tax Rate. Compass, in consultation with its outside
auditors, has determined the marginal effective tax rate on the net
reinvestment benefit of the conversion proceeds to be 40 percent based
on the statutory Federal, and state income tax rates.
o Reinvestment Rate. The pro forma section in the prospectus
incorporates a 5.37 percent reinvestment rate, equivalent to yield on
the one-year Treasury bill as of November 1, 1997, the rate utilized
herein. As of February 28, 1998, the one-year Treasury bill yield was
roughly the same at 5.40 percent. The one-year U.S. Treasury rate more
closely approximates the estimated reinvestment yield based on the
anticipated use of proceeds than the 6.12 percent arithmetic average
of the yield on interest-earning assets and cost of deposits over the
most recent fiscal year.
o Stock Benefit Plans. The Employee Stock Ownership Plan ("ESOP")
structure and funding reflects the decisions made by the Board, as set
forth in the prospectus. Specifically, the ESOP is assumed to purchase
8 percent of the stock in conversion at the initial public offering
price, funded by a third party loan bearing an interest rate equal to
the Prime Rate with a term of up to 20 years. While a stock grant
program may be implemented in the future, no decisions have been made
to date regarding amount and timing, and any such plan would require
shareholder approval. Accordingly, the pro forma impact of such a
stock grant program was not incorporated into the valuation.
o Sandwich Bancorp Stock Currently Owned by Compass. The value of the
approximately 90,000 shares of Sandwich Bancorp common stock ($5.175
million as of February 28, 1998) held by Seacoast is eliminated as a
result of the merger transaction pursuant to GAAP accounting. A
$74,000 positive after-tax adjustment to pro forma equity is also
incorporated into the pro forma calculations as a result of the
expected reclassification of a portion of Sandwich Bancorp's
investment portfolio from "held to maturity" to "available for sale".
RP Financial's valuation considered each of the valuation approaches
promulgated in the regulatory valuation guidelines, as described more fully
below.
o P/E Approach. The P/E approach is generally regarded as the best
indicator of long-term value for a stock. Given the earnings
composition and level of core profitability of Compass and the Peer
Group, the P/E approach was carefully considered in this
RP Financial, LC.
Page 4.20
valuation. We considered both reported and estimated core earnings for
the most recent 12 months and the resulting price/earnings ratios.
o P/B Approach. P/B ratios have generally served as a useful benchmark
in the valuation of thrift stocks. Recognizing that the pro forma P/B
ratio will result in a below market ratio due to the pro forma nature
of the P/B computation, RP Financial considered the P/B approach to be
a reliable indicator in the context of pro forma value taking into
account the pricing ratios under the P/E and P/A approaches. We have
also examined the P/B approach to exclude the impact of intangible
assets (i.e., price/tangible book value or "P/TB"), in that the
investment community frequently makes this adjustment in its
evaluation of the stock price level.
o P/A Approach. Investors typically do not place significant weight on
simply the size of total assets as a determinant of market value
without making risk adjustments. Investors generally place greater
weight on book value and earnings for established publicly-traded
institutions. At the same time, the P/A ratio is an indicator of
franchise value, and, in the case of highly capitalized institutions,
high P/A ratios may limit the investment community's willingness to
pay market multiples for earnings or book value when ROE is expected
to be low. This approach, as set forth in the regulatory valuation
guidelines, does not take into account the amount of stock purchases
funded by deposit withdrawals, thus understating the pro forma P/A
ratio.
Based on the application of the three valuation approaches, taking into
consideration the valuation adjustments discussed above, and placing the
greatest weight on the earnings and book approaches, RP Financial concluded that
the pro forma offering value of Seacoast's conversion stock is $290 million at
the midpoint at this time, taking into account the potential range of exchange
ratios in the subsequent acquisition of Sandwich Bancorp. The conversion
offering shares will be issued at a $10.00 per share price. Assuming a 6.4000
times exchange ratio for the Sandwich Bancorp stock, the total pro forma market
value of all shares is equal to $415.4 million based on a $10.00 per share
Seacoast trading price. Assuming a 4.7407 exchange ratio, the pro forma market
value of all Seacoast shares is equal to $383.1 million, reflecting a Seacoast
trading price of $15.00.
1. Price-to-Book ("P/B"). The application of the P/B valuation method
requires calculating Seacoast's pro forma market value by applying a valuation
P/B ratio, derived from the Peer Group's P/B ratio, to Seacoast's pro forma book
value taking into account the acquisition of Sandwich Bancorp in a pooling
merger. In applying the P/B approach, we focused on tangible book value. Based
on the $290 million offering amount and assuming a 6.4000 times
RP Financial, LC.
Page 4.21
exchange ratio, Seacoast's pro forma P/TB ratio was 104.89 percent. In
comparison to the median P/TB ratio for the Peer Group of 206.72 percent,
Seacoast's P/TB ratio was discounted by 49.3 percent. Based on the midpoint
offering amount and a 4.7407 exchange ratio, the P/TB ratio equaled 96.73
percent. RP Financial considered such discounts to be reasonable in light of the
previously referenced valuation adjustments, the nature of the calculation of
the pro forma P/TB ratio which mathematically results in a ratio discounted to
book value, comparatively lower pro forma core ROE and the resulting pricing
ratios under the earnings and assets approaches.
2. Price-to-Earnings ("P/E"). The application of the P/E valuation
method requires calculating Seacoast's pro forma market value by applying a
valuation P/E multiple, derived from the Peer Group's P/E multiple, times the
pro forma earnings base. In applying this technique, we considered both reported
earnings and a recurring earnings base, that is, earnings adjusted to exclude
any one-time non-operating and extraordinary items, plus the estimated after-tax
earnings benefit from reinvestment of net conversion proceeds. Compass' reported
earnings (incorporating Sandwich Bancorp) were $17.467 million for the twelve
months ended February 28, 1998. In deriving core earnings, the adjustments made
to reported pre-tax earnings were the gains on the sale of investments and
loans, which, on a tax effected basis, indicated adjusted earnings of
approximately $16.975 million. Similar types of adjustments were applied to the
Peer Group in the calculation of their core earnings (Note: see Exhibit IV-8).
Based on Compass' reported and estimated core earnings, and
incorporating the impact of the pro forma assumptions discussed previously,
Seacoast's pro forma reported and core P/E multiples incorporating a $290
million offering amount and a 6.4000 times exchange ratio were 16.85 and 17.19
times, respectively. Relative to the Peer Group average, the P/E was comparable
and the P/Core was discounted by 3.5 percent. Incorporating a 4.7407 exchange
ratio for Sandwich, Seacoast's pro forma P/E and P/Core multiples are discounted
by 7.9 percent and 11.2 percent, respectively. Such adjustments reflect the
valuation adjustments outlined previously and the other pricing ratios. We also
considered the potential long-term benefits of the merger with Sandwich Bancorp.
RP Financial also considered the impact of SOP 93-6 in examining the P/E ratios.
RP Financial, LC.
Page 4.22
3. Price-to-Assets ("P/A"). The P/A valuation methodology determines
market value by applying a valuation P/A ratio to Compass' pro forma asset base,
conservatively assuming no deposit withdrawals are made to fund stock purchases.
In all likelihood there will be deposit withdrawals, which results in
understating the pro forma P/A ratio which is computed herein. At the midpoint
of the offering range and assuming a 6.4000 exchange ratio, Seacoast's value
equaled 21.60 percent of pro forma assets, compared to the Peer Group average
P/A ratio of 16.44 percent, which implies a 31.4 percent premium being applied
to Seacoast's pro forma P/A ratio. While generally emphasized less than the P/E
and P/B approaches, the P/A ratio is an indicator of franchise value and, thus,
was considered in the valuation conclusion.
Comparison to Recent Conversions
- --------------------------------
As indicated at the beginning of this chapter, RP Financial's analysis
of recent conversion pricing characteristics at conversion (excluding second
step conversions) and in the aftermarket has been limited to a "technical"
analysis and, thus, the pricing characteristics of recent conversions is not the
primary determinate of value herein. Particular focus was placed on the P/B
approach in this analysis since the P/E multiples do not reflect the actual
impact of reinvestment and the source of the conversion funds (i.e., external
funds vs. deposit withdrawals). The recent conversions (excluding second step
conversions) on average closed their offerings at their supermaximum levels
given the oversubscribed nature of their offerings and prevailing market
conditions at closing, indicating a median price/tangible book ratio of 79.0
percent. On average, the prices of recent conversions appreciated by 58.2
percent during the first week of trading. In comparison, Seacoast's P/TB ratio
at the appraised midpoint reflects a premium relative to the closing ratios
(generally at their supermaximums), but a discount to the aftermarket ratios.
The closing and aftermarket P/TB ratios are not directly comparable in that the
closing ratio reflects the pro forma impact of conversion on equity whereas the
aftermarket ratio reflects only price (with no further impact on equity
capital).
Valuation Conclusion
- --------------------
It is our opinion that, as of May 8, 1998, the pro forma offering value
of Seacoast's conversion is $290 million, taking into account the potential
range of exchange ratios in the
RP Financial, LC.
Page 4.23
subsequent acquisition of Sandwich Bancorp as set forth in the Merger Agreement.
Accordingly, the conversion offering range of value, based on a $10.00 per share
value, is as follows:
Price/
Dollar Amount Shares Share
------------- ------ -----
(000) ($)
Minimum $246,500,000 24,650,000 $10.00
Midpoint 290,000,000 29,000,000 10.00
Maximum 333,500,000 33,500,000 10.00
Supermaximum 383,525,000 38,352,500 10.00
The total market of all shares issued, including both offering shares
and shares issued in the merger, is dependent upon the trading price of Seacoast
10 days following completion of the conversion offering. The following table
reflects the pro forma market value of all shares, both conversion and merger
shares, reflecting an exchange ratio of 6.4000, reflecting a Seacoast trading
price of $10.00 per share, and 4.7407, reflecting a Seacoast trading price of
$15.00 per share, both representing collars in the exchange ratio set forth in
the Merger Agreement, based on the conversion offering valuation range.
6.4000 Exchange Ratio(1) 4.7407 Exchange Ratio(2)
------------------------ ------------------------
Total Total Total Total
Market Value Shares Issued Market Value Shares Issued
------------ ------------- ------------ -------------
Minimum $371,936,730 37,193,673 $339,600,590 33,960,059
Midpoint 415,436,730 41,543,673 383,100,590 38,310,059
Maximum 458,937,730 45,893,673 426,600,590 42,660,059
Supermaximum 508,961,730 50,896,173 476,625,590 47,662,559
(1) Reflects 12,543,673 Seacoast shares issued to Sandwich Bancorp shareholders
at $10.00 per share.
(2) Reflects 9,310,059 Seacoast shares issued to Sandwich Bancorp shareholders
at $15.00 per share.
The comparative pro forma valuation ratios relative to the Peer Group
are shown in Table 4.3 incorporating a 6.4000 exchange ratio and Table 4.4
incorporating a 4.7407 exchange ratio, and the key valuation assumptions are
detailed in Exhibit IV-6. The pro forma calculations for the range are detailed
in Exhibit IV-7, and pro forma regulatory capital levels are presented in
Exhibit IV-9.
RP Financial, LC.
Page 4.24
RP FINANCIAL, LC.
- -------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.3
Public Market Pricing
Compass Bank for Savings and the Comparables
As of May 8, 1998
Market Per Share Data
Capitalization ---------------
----------------- Core Book Pricing Ratios(3)
Price/ Market 12-Mth Value/ ----------------------------------------
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ------ ------ ------ ----- ----- ----- ------ ------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
Compass Bank for Savings
- ------------------------
Superrange 10.00 508.96 0.53 9.51 18.82 105.12 25.34 105.76 19.17
Range Maximum 10.00 458.94 0.56 9.56 17.81 104.63 23.38 105.34 18.16
Range Midpoint 10.00 415.44 0.59 9.60 16.85 104.12 21.60 104.89 17.19
Range Minimum 10.00 371.94 0.63 9.66 15.79 103.49 19.74 104.35 16.13
BIF-Insured Thrifts(7)
- ----------------------
Averages 26.77 636.46 1.25 13.72 19.47 199.25 21.76 196.33 20.07
Medians -- -- -- -- 17.56 195.30 18.57 210.97 19.08
All Non-MHC State of MA(7)
- --------------------------
Averages 27.48 110.84 1.38 14.61 17.33 193.16 19.31 198.30 18.81
Medians -- -- -- -- 17.32 195.30 18.07 207.92 18.23
Comparable Group Averages
- -------------------------
Averages 30.34 153.61 1.66 16.47 16.84 191.46 16.44 198.23 17.82
Medians -- -- -- -- 17.54 189.25 16.99 206.72 18.23
State of MA
- -----------
ABBK Abington Bancorp of MA 19.75 70.39 1.08 10.19 16.06 193.82 13.23 212.82 18.29
AFCB Affiliated Comm BC, Inc of MA(7) 38.50 253.37 1.74 17.18 21.39 244.10 21.94 225.28 22.13
ANDB Andover Bancorp, Inc. of MA 42.75 221.40 2.50 20.68 16.76 206.72 16.74 206.72 17.10
BYS Bay State Bancorp of MA 28.88 73.21 1.05 23.66 27.50 122.06 25.28 122.06 27.50
BFD BostonFed Bancorp of MA 24.06 130.48 1.17 15.05 18.51 159.87 13.39 165.93 20.56
CEBK Central Co-Op. Bank of MA 29.75 58.46 1.30 18.35 20.95 162.13 15.92 179.32 22.88
FCB Falmouth Bancorp, Inc. of MA 20.25 29.46 0.53 16.05 NM 126.17 30.20 126.17 NM
FESX First Essex Bancorp of MA 22.88 172.40 1.15 12.09 17.74 189.25 14.40 215.44 19.90
FAB FirstFed America Bancorp of MA 22.63 197.04 0.63 14.87 NM 152.19 16.99 152.19 NM
HIFS Hingham Inst. for Sav. of MA 35.50 46.29 2.04 16.39 17.40 216.60 20.80 216.60 17.40
HPBC Home Port Bancorp, Inc. of MA 25.88 47.67 1.75 11.92 14.46 217.11 22.83 217.11 14.79
IPSW Ipswich SB of Ipswich MA 19.00 45.41 0.76 4.95 20.43 NM 19.98 NM 25.00
LSBX Lawrence Savings Bank of MA 17.88 77.17 1.86 8.71 9.51 205.28 21.44 205.28 9.61
MASB MassBank Corp. of Reading MA 49.75 178.45 2.62 28.93 17.58 171.97 19.28 174.44 18.99
MFLR Mayflower Co-Op. Bank of MA 25.00 22.48 1.48 14.31 16.03 174.70 17.04 177.30 16.89
MDBK Medford Bancorp, Inc. of MA 44.00 199.76 2.42 22.36 17.53 196.78 17.59 209.13 18.18
MWBX MetroWest Bank of MA 7.94 112.91 0.53 3.15 14.98 252.06 18.54 252.06 14.98
MYST Mystic Financial of MA 16.88 45.76 0.52 13.00 NM 129.85 25.28 129.85 NM
PBKB People's Bancshares of MA 26.88 88.41 0.73 9.16 17.23 293.45 11.59 305.11 NM
SISB SIS Bancorp, Inc. of MA 42.00 292.74 1.87 18.00 NM 233.33 16.89 233.33 22.46
SWCB Sandwich Bancorp of MA(7) 64.00 124.29 2.44 21.63 25.60 295.89 23.96 306.51 26.23
SOSA Somerset Savings Bank of MA(7) 5.13 85.81 0.35 2.14 14.25 239.72 15.90 239.72 14.66
WRNB Warren Bancorp of Peabody MA 27.88 106.84 1.69 10.45 14.67 266.79 28.80 266.79 16.50
Comparable Group
- ----------------
ABBK Abington Bancorp of MA 19.75 70.39 1.08 10.19 16.06 193.82 13.23 212.82 18.29
BKC American Bank of Waterbury CT 30.00 139.56 1.48 12.39 17.54 242.13 21.84 250.42 20.27
ANDB Andover Bancorp, Inc. of MA 42.75 221.40 2.50 20.68 16.76 206.72 16.74 206.72 17.10
BFD BostonFed Bancorp of MA 24.06 130.48 1.17 15.05 18.51 159.87 13.39 165.93 20.56
FESX First Essex Bancorp of MA 22.88 172.40 1.15 12.09 17.74 189.25 14.40 215.44 19.90
FFES First Fed of E. Hartford Ct 40.00 108.52 2.27 24.69 19.51 162.01 11.04 162.01 17.62
FAB FirstFed America Bancorp of MA 22.63 197.04 0.63 14.87 NM 152.19 16.99 152.19 NM
MECH MECH Financial Inc of CT 30.00 158.82 2.44 16.73 12.15 179.32 17.80 179.32 12.30
MASB MassBank Corp. of Reading MA 49.75 178.45 2.62 28.93 17.58 171.97 19.28 174.44 18.99
MDBK Medford Bancorp, Inc. of MA 44.00 199.76 2.42 22.36 17.53 196.78 17.59 209.13 18.18
MWBX MetroWest Bank of MA 7.94 112.91 0.53 3.15 14.98 252.06 18.54 252.06 14.98
Dividends(4) Financial Characteristics(6)
--------------------- -------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ----------- --------- SWCB
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE Memo Exchange Total
------ ----- -------- ------ ------- ------ --- --- --- --- Offering Shares Value
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%) ($Mil) ($Mil) ($Mil)
Compass Bank for Savings
- ------------------------ 0.00 0.00 0.00 2,009 24.11 0.71 1.35 5.58 1.32 5.48 383.53 125.44 508.96
Superrange 0.00 0.00 0.00 1,963 22.34 0.73 1.31 5.87 1.29 5.76 333.50 125.44 458.94
Range Maximum 0.00 0.00 0.00 1,923 20.74 0.74 1.28 6.18 1.26 6.06 290.00 125.44 415.44
Range Midpoint 0.00 0.00 0.00 1,884 19.08 0.76 1.25 6.55 1.22 6.42 246.50 125.44 371.94
Range Minimum
BIF-Insured Thrifts(7)
- ----------------------
Averages 0.43 1.49 31.82 3,289 11.63 0.69 1.04 10.52 1.01 10.13
Medians -- -- -- -- -- -- -- -- -- --
All Non-MHC State of MA(7)
- --------------------------
Averages 0.45 1.53 31.70 640 10.55 0.47 1.08 11.92 1.03 11.14
Medians -- -- -- -- -- -- -- -- -- --
Comparable Group Averages
- -------------------------
Averages 0.55 1.71 30.65 943 8.67 0.56 0.97 11.57 0.95 11.30
Medians -- -- -- -- -- -- -- -- -- --
State of MA
- -----------
ABBK Abington Bancorp of MA 0.20 1.01 18.52 532 6.83 0.14 0.87 12.59 0.77 11.05
AFCB Affiliated Comm BC, Inc of MA(7) 0.60 1.56 34.48 1,155 9.79 0.41 1.08 11.08 1.05 10.71
ANDB Andover Bancorp, Inc. of MA 0.90 2.11 36.00 1,323 8.10 0.49 1.05 13.07 1.03 12.81
BYS Bay State Bancorp of MA 0.00 0.00 0.00 290 20.71 0.77 0.92 4.44 0.92 4.44
BFD BostonFed Bancorp of MA 0.40 1.66 34.19 975 8.37 NA 0.75 8.41 0.68 7.57
CEBK Central Co-Op. Bank of MA 0.32 1.08 24.62 367 9.82 0.42 0.81 8.09 0.74 7.40
FCB Falmouth Bancorp, Inc. of MA 0.24 1.19 45.28 98 23.94 NA 0.98 4.06 0.83 3.42
FESX First Essex Bancorp of MA 0.56 2.45 48.70 1,197 7.61 0.54 0.83 11.19 0.74 9.97
FAB FirstFed America Bancorp of MA 0.00 0.00 0.00 1,160 11.17 0.31 0.17 1.58 0.53 4.99
HIFS Hingham Inst. for Sav. of MA 0.52 1.46 25.49 223 9.60 0.42 1.25 13.09 1.25 13.09
HPBC Home Port Bancorp, Inc. of MA 0.80 3.09 45.71 209 10.52 0.29 1.67 15.70 1.63 15.35
IPSW Ipswich SB of Ipswich MA 0.16 0.84 21.05 227 5.21 0.79 1.18 20.53 0.96 16.78
LSBX Lawrence Savings Bank of MA 0.00 0.00 0.00 360 10.45 0.40 2.31 25.03 2.28 24.77
MASB MassBank Corp. of Reading MA 1.00 2.01 38.17 925 11.21 0.17 1.11 10.51 1.03 9.73
MFLR Mayflower Co-Op. Bank of MA 0.80 3.20 54.05 132 9.75 0.69 1.11 11.52 1.05 10.93
MDBK Medford Bancorp, Inc. of MA 0.80 1.82 33.06 1,136 8.94 0.13 1.05 11.80 1.02 11.37
MWBX MetroWest Bank of MA 0.12 1.51 22.64 609 7.36 0.70 1.33 17.91 1.33 17.91
MYST Mystic Financial of MA 0.20 1.18 38.46 181 19.47 0.25 0.78 4.00 0.78 4.00
PBKB People's Bancshares of MA 0.52 1.93 71.23 763 3.95 0.57 0.82 16.56 0.39 7.75
SISB SIS Bancorp, Inc. of MA 0.64 1.52 34.22 1,734 7.24 0.43 0.65 8.86 0.88 12.10
SWCB Sandwich Bancorp of MA(7) 1.40 2.19 57.38 519 8.10 0.83 0.98 12.12 0.96 11.83
SOSA Somerset Savings Bank of MA(7) 0.00 0.00 0.00 540 6.63 4.58 1.15 18.46 1.12 17.95
WRNB Warren Bancorp of Peabody MA 0.72 2.58 42.60 371 10.79 1.01 2.01 19.49 1.79 17.33
Comparable Group
- ----------------
ABBK Abington Bancorp of MA 0.20 1.01 18.52 532 6.83 0.14 0.87 12.59 0.77 11.05
BKC American Bank of Waterbury CT 0.76 2.53 51.35 639 9.02 2.28 1.33 15.56 1.15 13.47
ANDB Andover Bancorp, Inc. of MA 0.90 2.11 36.00 1,323 8.10 0.49 1.05 13.07 1.03 12.81
BFD BostonFed Bancorp of MA 0.40 1.66 34.19 975 8.37 NA 0.75 8.41 0.68 7.57
FESX First Essex Bancorp of MA 0.56 2.45 48.70 1,197 7.61 0.54 0.83 11.19 0.74 9.97
FFES First Fed of E. Hartford Ct 0.68 1.70 29.96 983 6.82 0.31 0.57 8.78 0.63 9.72
FAB FirstFed America Bancorp of MA 0.00 0.00 0.00 1,160 11.17 0.31 0.17 1.58 0.53 4.99
MECH MECH Financial Inc of CT 0.60 2.00 24.59 892 9.93 0.56 1.60 15.91 1.58 15.72
MASB MassBank Corp. of Reading MA 1.00 2.01 38.17 925 11.21 0.17 1.11 10.51 1.03 9.73
MDBK Medford Bancorp, Inc. of MA 0.80 1.82 33.06 1,136 8.94 0.13 1.05 11.80 1.02 11.37
MWBX MetroWest Bank of MA 0.12 1.51 22.64 609 7.36 0.70 1.33 17.91 1.33 17.91
(1) Average of high/low or bid/ask price per share.
(2) EPS (core basis) is based on actual trailing twelve month data, adjusted to
omit the impact of non-operating items (including the SAIF assessment) on
a tax effected basis, and is shown on a pro forma basis where appropriate.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets;
P/TB = Price to Tangible Book; and P/CORE = Price to Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common and
total assets balances.
(7) Excludes from averages and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 4.25
RP FINANCIAL, LC
- -------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.4
Public Market Pricing
Compass Bank for Savings and the Comparables
As of May 8, 1998
Market Per Share Data
Capitalization ---------------
----------------- 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)
Compass Bank for Savings
- ------------------------
Superrange 10.00 476.63 0.57 10.16 17.63 98.44 23.73 99.94 17.95
Range Maximum 10.00 426.60 0.60 10.28 16.56 97.26 21.73 97.91 16.88
Range Midpoint 10.00 383.10 0.64 10.42 15.53 96.01 19.92 96.73 15.85
Range Minimum 10.00 339.60 0.69 10.58 14.42 94.49 18.03 95.27 14.72
BIF-Insured Thrifts(7)
- ----------------------
Averages 26.77 636.46 1.25 13.72 19.47 199.25 21.76 196.33 20.07
Medians -- -- -- -- 17.56 195.30 18.57 210.97 19.08
All Non-MHC State of MA(7)
- --------------------------
Averages 27.48 110.84 1.38 14.61 17.33 193.16 19.31 198.30 18.81
Medians -- -- -- -- 17.32 195.30 18.07 207.92 18.23
Comparable Group Averages
- -------------------------
Averages 30.34 153.61 1.66 16.47 16.84 191.46 16.44 198.23 17.82
Medians -- -- -- -- 17.54 189.25 16.99 206.72 18.23
State of MA
- -----------
ABBK Abington Bancorp of MA 19.75 70.39 1.08 10.19 16.06 193.82 13.23 212.82 18.29
AFCB Affiliated Comm BC, Inc of MA(7) 38.50 253.37 1.74 17.18 21.39 244.10 21.94 225.28 22.13
ANDB Andover Bancorp, Inc. of MA 42.75 221.40 2.50 20.68 16.76 206.72 16.74 206.72 17.10
BYS Bay State Bancorp of MA 28.88 73.21 1.05 23.66 27.50 122.06 25.28 122.06 27.50
BFD BostonFed Bancorp of MA 24.06 130.48 1.17 15.05 18.51 159.87 13.39 165.93 20.56
CEBK Central Co-Op. Bank of MA 29.75 58.46 1.30 18.35 20.95 162.13 15.92 179.32 22.88
FCB Falmouth Bancorp, Inc. of MA 20.25 29.46 0.53 16.05 NM 126.17 30.20 126.17 NM
FESX First Essex Bancorp of MA 22.88 172.40 1.15 12.09 17.74 189.25 14.40 215.44 19.90
FAB FirstFed America Bancorp of MA 22.63 197.04 0.63 14.87 NM 152.19 16.99 152.19 NM
HIFS Hingham Inst. for Sav. of MA 35.50 46.29 2.04 16.39 17.40 216.60 20.80 216.60 17.40
HPBC Home Port Bancorp, Inc. of MA 25.88 47.67 1.75 11.92 14.46 217.11 22.83 217.11 14.79
IPSW Ipswich SB of Ipswich MA 19.00 45.41 0.76 4.95 20.43 NM 19.98 NM 25.00
LSBX Lawrence Savings Bank of MA 17.88 77.17 1.86 8.71 9.51 205.28 21.44 205.28 9.61
MASB MassBank Corp. of Reading MA 49.75 178.45 2.62 28.93 17.58 171.97 19.28 174.44 18.99
MFLR Mayflower Co-Op. Bank of MA 25.00 22.48 1.48 14.31 16.03 174.70 17.04 177.30 16.89
MDBK Medford Bancorp, Inc. of MA 44.00 199.76 2.42 22.36 17.53 196.78 17.59 209.13 18.18
MWBX MetroWest Bank of MA 7.94 112.91 0.53 3.15 14.98 252.06 18.54 252.06 14.98
MYST Mystic Financial of MA 16.88 45.76 0.52 13.00 NM 129.85 25.28 129.85 NM
PBKB People's Bancshares of MA 26.88 88.41 0.73 9.16 17.23 293.45 11.59 305.11 NM
SISB SIS Bancorp, Inc. of MA 42.00 292.74 1.87 18.00 NM 233.33 16.89 233.33 22.46
SWCB Sandwich Bancorp of MA(7) 64.00 124.29 2.44 21.63 25.60 295.89 23.96 306.51 26.23
SOSA Somerset Savings Bank of MA(7) 5.13 85.81 0.35 2.14 14.25 239.72 15.90 239.72 14.66
WRNB Warren Bancorp of Peabody MA 27.88 106.84 1.69 10.45 14.67 266.79 28.80 266.79 16.50
Comparable Group
- ----------------
ABBK Abington Bancorp of MA 19.75 70.39 1.08 10.19 16.06 193.82 13.23 212.82 18.29
BKC American Bank of Waterbury CT 30.00 139.56 1.48 12.39 17.54 242.13 21.84 250.42 20.27
ANDB Andover Bancorp, Inc. of MA 42.75 221.40 2.50 20.68 16.76 206.72 16.74 206.72 17.10
BFD BostonFed Bancorp of MA 24.06 130.48 1.17 15.05 18.51 159.87 13.39 165.93 20.56
FESX First Essex Bancorp of MA 22.88 172.40 1.15 12.09 17.74 189.25 14.40 215.44 19.90
FFES First Fed of E. Hartford Ct 40.00 108.52 2.27 24.69 19.51 162.01 11.04 162.01 17.62
FAB FirstFed America Bancorp of MA 22.63 197.04 0.63 14.87 NM 152.19 16.99 152.19 NM
MECH MECH Financial Inc of CT 30.00 158.82 2.44 16.73 12.15 179.32 17.80 179.32 12.30
MASB MassBank Corp. of Reading MA 49.75 178.45 2.62 28.93 17.58 171.97 19.28 174.44 18.99
MDBK Medford Bancorp, Inc. of MA 44.00 199.76 2.42 22.36 17.53 196.78 17.59 209.13 18.18
MWBX MetroWest Bank of MA 7.94 112.91 0.53 3.15 14.98 252.06 18.54 252.06 14.98
Dividends(4) Financial Characteristics(6)
--------------------- -------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ----------- --------- SWCB
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE Memo Exchange Total
----- ----- -------- ------ ------ ------ --- --- --- --- Offering Shares Value
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%) ($Mil) ($Mil) ($Mil)
Compass Bank for Savings
- ------------------------
Superrange 0.00 0.00 0.00 2,009 24.11 0.71 1.35 5.58 1.32 5.48 383.53 93.10 476.63
Range Maximum 0.00 0.00 0.00 1,963 22.34 0.73 1.31 5.87 1.29 5.76 333.50 93.10 426.60
Range Midpoint 0.00 0.00 0.00 1,923 20.74 0.74 1.28 6.18 1.26 6.06 290.00 93.10 383.10
Range Minimum 0.00 0.00 0.00 1,884 19.08 0.76 1.25 6.55 1.22 6.42 246.50 93.10 339.60
BIF-Insured Thrifts(7)
- ----------------------
Averages 0.43 1.49 31.82 3,289 11.63 0.69 1.04 10.52 1.01 10.13
Medians -- -- -- -- -- -- -- -- -- --
All Non-MHC State of MA(7)
- --------------------------
Averages 0.45 1.53 31.70 640 10.55 0.47 1.08 11.92 1.03 11.14
Medians -- -- -- -- -- -- -- -- -- --
Comparable Group Averages
- -------------------------
Averages 0.55 1.71 30.65 943 8.67 0.56 0.97 11.57 0.95 11.30
Medians -- -- -- -- -- -- -- -- -- --
State of MA
- -----------
ABBK Abington Bancorp of MA 0.20 1.01 18.52 532 6.83 0.14 0.87 12.59 0.77 11.05
AFCB Affiliated Comm BC, Inc of MA(7) 0.60 1.56 34.48 1,155 9.79 0.41 1.08 11.08 1.05 10.71
ANDB Andover Bancorp, Inc. of MA 0.90 2.11 36.00 1,323 8.10 0.49 1.05 13.07 1.03 12.81
BYS Bay State Bancorp of MA 0.00 0.00 0.00 290 20.71 0.77 0.92 4.44 0.92 4.44
BFD BostonFed Bancorp of MA 0.40 1.66 34.19 975 8.37 NA 0.75 8.41 0.68 7.57
CEBK Central Co-Op. Bank of MA 0.32 1.08 24.62 367 9.82 0.42 0.81 8.09 0.74 7.40
FCB Falmouth Bancorp, Inc. of MA 0.24 1.19 45.28 98 23.94 NA 0.98 4.06 0.83 3.42
FESX First Essex Bancorp of MA 0.56 2.45 48.70 1,197 7.61 0.54 0.83 11.19 0.74 9.97
FAB FirstFed America Bancorp of MA 0.00 0.00 0.00 1,160 11.17 0.31 0.17 1.58 0.53 4.99
HIFS Hingham Inst. for Sav. of MA 0.52 1.46 25.49 223 9.60 0.42 1.25 13.09 1.25 13.09
HPBC Home Port Bancorp, Inc. of MA 0.80 3.09 45.71 209 10.52 0.29 1.67 15.70 1.63 15.35
IPSW Ipswich SB of Ipswich MA 0.16 0.84 21.05 227 5.21 0.79 1.18 20.53 0.96 16.78
LSBX Lawrence Savings Bank of MA 0.00 0.00 0.00 360 10.45 0.40 2.31 25.03 2.28 24.77
MASB MassBank Corp. of Reading MA 1.00 2.01 38.17 925 11.21 0.17 1.11 10.51 1.03 9.73
MFLR Mayflower Co-Op. Bank of MA 0.80 3.20 54.05 132 9.75 0.69 1.11 11.52 1.05 10.93
MDBK Medford Bancorp, Inc. of MA 0.80 1.82 33.06 1,136 8.94 0.13 1.05 11.80 1.02 11.37
MWBX MetroWest Bank of MA 0.12 1.51 22.64 609 7.36 0.70 1.33 17.91 1.33 17.91
MYST Mystic Financial of MA 0.20 1.18 38.46 181 19.47 0.25 0.78 4.00 0.78 4.00
PBKB People's Bancshares of MA 0.52 1.93 71.23 763 3.95 0.57 0.82 16.56 0.39 7.75
SISB SIS Bancorp, Inc. of MA 0.64 1.52 34.22 1,734 7.24 0.43 0.65 8.86 0.88 12.10
SWCB Sandwich Bancorp of MA(7) 1.40 2.19 57.38 519 8.10 0.83 0.98 12.12 0.96 11.83
SOSA Somerset Savings Bank of MA(7) 0.00 0.00 0.00 540 6.63 4.58 1.15 18.46 1.12 17.95
WRNB Warren Bancorp of Peabody MA 0.72 2.58 42.60 371 10.79 1.01 2.01 19.49 1.79 17.33
Comparable Group
- ----------------
ABBK Abington Bancorp of MA 0.20 1.01 18.52 532 6.83 0.14 0.87 12.59 0.77 11.05
BKC American Bank of Waterbury CT 0.76 2.53 51.35 639 9.02 2.28 1.33 15.56 1.15 13.47
ANDB Andover Bancorp, Inc. of MA 0.90 2.11 36.00 1,323 8.10 0.49 1.05 13.07 1.03 12.81
BFD BostonFed Bancorp of MA 0.40 1.66 34.19 975 8.37 NA 0.75 8.41 0.68 7.57
FESX First Essex Bancorp of MA 0.56 2.45 48.70 1,197 7.61 0.54 0.83 11.19 0.74 9.97
FFES First Fed of E. Hartford Ct 0.68 1.70 29.96 983 6.82 0.31 0.57 8.78 0.63 9.72
FAB FirstFed America Bancorp of MA 0.00 0.00 0.00 1,160 11.17 0.31 0.17 1.58 0.53 4.99
MECH MECH Financial Inc of CT 0.60 2.00 24.59 892 9.93 0.56 1.60 15.91 1.58 15.72
MASB MassBank Corp. of Reading MA 1.00 2.01 38.17 925 11.21 0.17 1.11 10.51 1.03 9.73
MDBK Medford Bancorp, Inc. of MA 0.80 1.82 33.06 1,136 8.94 0.13 1.05 11.80 1.02 11.37
MWBX MetroWest Bank of MA 0.12 1.51 22.64 609 7.36 0.70 1.33 17.91 1.33 17.91
(1) Average of high/low or bid/ask price per share.
(2) EPS (core basis) is based on actual trailing twelve month data, adjusted to
omit the impact of non-operating items (including the SAIF assessment) on
a tax effected basis, and is shown on a pro forma basis where appropriate.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets;
P/TB = Price to Tangible Book; and P/CORE = Price to Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common and
total assets balances.
(7) Excludes from averages and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBITS
RP Financial, LC.
LIST OF EXHIBITS
Exhibit
Number Description
------ -----------
I-1 Map of Office Locations
I-2 Compass Bank for Savings Audited Financial Statements
I-3 Key Operating Ratios
I-4 Investment Portfolio Composition
I-5 Yields and Costs
I-6 Allowance for Loan Losses Activity
I-7 Net Interest Income Analysis
I-8 Gap Analysis
I-9 Loan Maturity Schedule
I-10 Loan Portfolio Composition
I-10B Pro Forma Loan Portfolio Composition
I-11 Loan Originations, Purchases, and Sales
I-12 Non-Performing Assets
I-12B Pro Forma Non-Performing Assets
I-13 Deposit Portfolio Composition
I-13B Pro Forma Deposit Portfolio Composition
I-14 Borrowings Portfolio Data
II-1 List of Branch Offices
II-2 Historical Interest Rates
LIST OF EXHIBITS
(continued)
Exhibit
Number Description
------ -----------
III-1 General Characteristics of Publicly-Traded Institutions
III-2 Financial Analysis of Comparable New England Institutions
III-3 Peer Group Market Area Comparative Analysis
IV-1 Stock Prices: May 8, 1998
IV-2 Historical Stock Price Indices
IV-3 Historical Thrift Stock Indices
IV-4 Market Area Acquisition Activity
IV-5 Directors and Senior Management Summary Resumes
IV-6 Pro Forma Analysis Sheet
IV-7 Pro Forma Effect of Conversion Proceeds
IV-8 Peer Group Core Earnings Analysis
IV-9 Pro Forma Regulatory Capital Ratios
V-1 Firm Qualifications Statement
EXHIBIT I-1
Compass Bank for Savings
Map of Office Locations
[GRAPHIC] Map of Office Locations
EXHIBIT I-2
Compass Bank for Savings
Audited Financial Statements
[Incorporated by Reference]
EXHIBIT I-3
Compass Bank for Savings
Key Operating Ratios
Exhibit I-3
Compass Bank for Savings
Key Operating Ratios
Three months ended
March 31, Year ended December 31,
-------------------- -------------------------------------------------
1998(1) 1997(1) 1997 1996 1995 1994 1993
------- ------- ---- ---- ---- ---- ----
Selected Financial Ratios and Other
Data (2):
Performance Ratios:
Return on average assets ........ 0.91% 0.90% 0.98% 0.94% 0.81% 0.69% 0.52%
Return on average equity ........ 11.50 11.06 12.49 11.47 10.21 7.92 5.40
Average equity to
average assets ................ 7.90 8.16 7.84 8.17 7.98 9.06 10.01
Equity to total assets
at end of period .............. 8.08 8.24 8.10 8.32 8.38 8.04 9.49
Net interest rate spread (3) .... 2.75 3.23 3.12 3.38 3.51 3.42 3.54
Net interest margin (4) ......... 3.56 3.78 3.71 3.94 3.98 3.83 3.66
Average interest-earning
assets to average
interest-bearing liabilities .. 121.33 114.86 104.65 104.07 97.36 101.42 102.64
Total non-interest
expense to average assets ..... 2.34 2.59 2.46 2.80 2.93 3.05 3.60
Efficiency ratio (5) ............ 58.10 59.64 57.68 60.53 61.61 69.19 78.88
Regulatory Capital Ratios (6):
Tier 1 leverage capital ........ 7.98 8.08 7.86 8.35 7.94 7.30 8.73
Tier 1 risk-based capital ....... 14.01 13.56 13.61 13.43 13.16 12.34 14.14
Total risk-based capital ........ 15.27 14.81 14.86 14.14 14.16 13.59 15.39
Asset Quality Ratios:
Non-performing loans as
a percent of loans (7) ........ 0.77 1.32 0.97 1.27 1.70 0.81 1.09
Non-performing assets as a percent
of total assets ............... 0.60 1.08 0.81 0.98 1.18 0.74 1.58
Allowance for loan losses as a
percent of loans .............. 1.12 1.13 1.11 1.17 1.34 1.28 1.42
Allowance for loan losses as a
percent of total non-performing
loans ......................... 144.49 87.03 114.51 91.56 78.66 157.78 127.97
Number of Full Service Customer
Facilities ...................... 11 11 11 11 11 11 10
- ------------------------
(1) The data presented at and for the three months ended March 31, 1998 and
1997 were derived from unaudited consolidated financial statements and
reflect, in the opinion of management, all adjustments (consisting only of
normal recurring adjustments) which are necessary to present fairly the
results for such interim periods. Interim results at and for the three
months ended March 31, 1998 are not necessarily indicative of the results
that may be expected for the year ending December 31, 1998.
(2) Asset Quality Ratios and Regulatory Capital Ratios are end-of-period
ratios. With the exception of end-of-period ratios, all ratios are based on
average daily balances during the periods indicated and are annualized
where appropriate.
(3) The net interest rate spread represents the difference between the weighted
average yield on average interest-earning assets and the weighted average
cost of average interest-bearing liabilities.
(4) The net interest margin represents net interest income as a percentage of
average interest-earning assets.
(5) The efficiency ratio represents the ratio of non-interest expenses to the
sum of net interest income and non-interest income.
(6) For definitions and further information relating to Sandwich Bancorp's and
Sandwich Bank's regulatory capital requirements, see "Regulation of
Seacoast Financial and Subsidiary -- Regulatory Capital Requirements" and
"-- Prompt Corrective Action."
(7) Non-performing loans consist of all loans 90 days or more past due and
other loans which have been identified by Sandwich Bank as presenting
uncertainty with respect to the collectibility of interest or principal.
It is Sandwich Bank's policy to cease accruing interest on all such loans.
EXHIBIT I-4
Compass Bank for Savings
Investment Portfolio Composition
Exhibit I-4
Compass Bank for Savings
Investment Portfolio Composition
At October 31,
-----------------------------------------------------------------
At February 28, 1998 1997 1996 1995
----------------------- -------------------- -------------------- --------------------
Amortized Market Amortized Market Amortized Market Amortized Market
cost value cost value cost value cost value
--------- ------ --------- ------ --------- ------ --------- ------
(In thousands)
Securities available for sale:
Debt securities:
U.S. Government and
Agency obligations ............ $ 98,203 $ 98,453 $113,231 $113,496 $111,861 $111,613 $65,336 $65,015
Corporate obligations ............ 46,327 46,550 44,773 44,966 22,632 22,520 6,085 6,051
Mortgage-backed
securities ................... 44,214 44,597 45,652 46,157 64,760 64,650 6,470 6,496
Other bonds and
obligations ................... 6,001 6,001 1,001 1,001 -- -- -- --
--------- --------- -------- -------- -------- -------- ------- -------
Total debt securities ... 194,745 195,601 204,657 205,620 199,253 198,783 77,891 77,562
--------- --------- -------- -------- -------- -------- ------- -------
Marketable equity securities:
Common stocks .................... 5,817 8,450 1,164 2,696 835 1,523 474 788
Preferred stocks ................. 1,000 1,000 1,000 1,000 -- -- 276 276
--------- --------- -------- -------- -------- -------- ------- -------
Total marketable
equity securities .... 6,817 9,450 2,164 3,696 835 1,523 750 1,064
--------- --------- -------- -------- -------- -------- ------- -------
Total securities
available for sale ... $201,562 $205,051 $206,821 $209,316 $200,088 $200,306 $78,641 $78,626
========= ========= ======== ======== ======== ======== ======= =======
Securities held to maturity:
U.S. Government and
Agency obligations ............ $12,322 $12,387 $12,633 $12,694 $11,752 $11,744 $ 85,936 $ 85,678
Corporate obligations ............ -- -- -- -- -- -- 36,540 36,284
Mortgage-backed
securities .................... -- -- -- -- -- -- 29,329 29,299
Other bonds and
obligations ................... -- -- -- -- -- -- 2,000 1,997
--------- --------- -------- -------- -------- -------- ------- -------
Total securities held
to maturity .......... $12,322 $12,387 $12,633 $12,694 $11,752 $11,744 $153,805 $153,258
========= ========= ======== ======== ======== ======== ======= =======
Restricted equity securities:
Federal Home Loan Bank
of Boston stock ............... $4,726 $4,726 $4,726 $4,726 $4,215 $4,215 $3,829 $3,829
Massachusetts Savings Bank
Life Insurance Company stock .. 251 251 251 251 251 251 251 251
Depositors Insurance Fund ........ 179 179 179 179 179 179 179 179
--------- --------- -------- -------- -------- -------- ------- -------
Total restricted equity
securities ........... $5,156 $5,156 $5,156 $5,156 $4,645 $4,645 $4,259 $4,259
========= ========= ======== ======== ======== ======== ======= =======
EXHIBIT I-5
Compass Bank for Savings
Yields and Costs
Exhibit I-5
Compass Bank for Savings
Yields and Costs
Four months ended February 28,
------------------------------------------------------------------------------
1998 1997
---------------------------------------- ------------------------------------
Average Average Average Average
balance Interest yield/cost balance Interest yield/cost
------- -------- ---------- ------- -------- ----------
(Dollars in thousands)
Assets:
Interest-earning assets:
Short-term investments ........................ $ 21,555 $ 491 6.83% $ 19,869 $ 441 6.66%
Debt securities (1) ........................... 212,419 4,371 6.17 204,820 4,103 6.01
Equity securities (1) ......................... 9,402 141 4.50 6,908 116 5.04
Mortgage loans (2) ............................ 543,974 15,089 8.32 515,182 14,407 8.39
Commercial loans (2) .......................... 52,676 1,722 9.81 47,792 1,544 9.69
Indirect auto loans (2) ....................... 215,280 5,765 8.03 167,566 4,356 7.80
Other consumer loans (2) ...................... 24,958 744 8.94 22,070 642 8.73
---------- ------- ---------- -------
Total interest-earning assets .............. 1,080,264 28,323 7.87 984,207 25,609 7.81
------- ------- ------- -------
Allowance for loan losses ........................ (10,653) (10,396)
Non-interest earning assets ...................... 57,000 58,856
---------- ----------
Total assets ............................... $1,126,611 $1,032,667
========== ==========
Liabilities and Surplus:
Interest-bearing liabilities:
NOW accounts .................................. $ 78,896 $ 379 1.44% $ 70,345 $ 337 1.44%
Savings accounts .............................. 167,480 1,430 2.56 170,645 1,453 2.55
Money market savings accounts ................. 144,731 1,318 2.73 136,233 1,273 2.80
Certificate of deposit accounts ............... 497,269 9,444 5.70 451,794 8,392 5.57
---------- ------- ---------- -------
Total deposits ............................. 888,376 12,571 4.25 829,017 11,455 4.15
Borrowed funds:
Short-term borrowings (3) .................. 10,988 180 4.91 3,909 78 5.99
FHLB advances .............................. 60,417 1,313 6.52 49,139 1,080 6.59
---------- ------- ---------- -------
Total borrowings ........................ 71,405 1,493 6.27 53,048 1,158 6.55
---------- ------- ---------- -------
Total interest-bearing liabilities ... 959,781 14,064 4.40 882,065 12,613 4.29
------- ------- ------- -------
Non-interest bearing demand
checking accounts ............................. 55,037 53,542
Other liabilities ................................ 9,697 8,695
---------- ----------
Total liabilities ....................... 1,024,515 944,302
Surplus .......................................... 102,096 88,365
---------- ----------
Total liabilities and surplus ........... $1,126,611 $1,032,667
========== ==========
Net interest income/
interest rate spread (4) ...................... $14,259 3.47% $12,996 3.52%
======= ======= ======= =======
Net interest margin (5) .......................... 3.96% 3.96%
======= =======
Ratio of interest-earning assets
to interest-bearing liabilities ............... 112.55% 111.58%
======= =======
- ----------------------
(footnotes begin on following page)
EXHIBIT I-6
Compass Bank for Savings
Allowance for Loan Losses Activity
Exhibit I-6
Compass Bank for Savings
Allowance for Loan Losses Activity
Four months
ended Year ended October 31,
February 28, ------------------------------------------------------
1998 1997 1996 1995 1994 1993
-------- -------- -------- -------- -------- -------
(In thousands)
Balance at beginning of period ............................. $10,642 $10,334 $ 9,850 $ 7,002 $ 6,000 $ 5,395
Provision (credit) for loan losses ......................... 183 1,865 1,166 (351) 2,524 3,838
Acquired allowance ......................................... -- -- -- 3,541 -- --
Charge-offs:
Mortgage loans:
Residential .......................................... 44 137 130 721 1,033 725
Commercial ........................................... -- 761 250 150 661 1,988
Home equity lines of credit .......................... -- -- 121 -- -- --
Construction ......................................... -- -- -- -- -- --
Commercial loans ........................................ -- 442 134 51 33 317
Indirect auto loans ..................................... 150 546 373 227 191 279
Other consumer loans .................................... 21 48 63 83 93 134
------- ------- ------- ------- ------- -------
Total charge-offs ...................... 215 1,934 1,071 1,232 2,011 3,443
------- ------- ------- ------- ------- -------
Recoveries:
Mortgage loans:
Residential .......................................... 24 30 17 271 335 80
Commercial ........................................... 10 117 174 485 34 23
Home equity lines of credit .......................... -- -- -- -- -- --
Construction ......................................... -- -- -- -- -- --
Commercial loans ........................................ 38 57 96 2 28 30
Indirect auto loans ..................................... 36 144 70 93 69 57
Other consumer loans .................................... 29 29 32 39 23 20
------- ------- ------- ------- ------- -------
Total recoveries ....................... 137 377 389 890 489 210
------- ------- ------- ------- ------- -------
Net charge-offs ............................................ (78) (1,557) (682) (342) (1,522) (3,233)
------- ------- ------- ------- ------- -------
Balance at end of period ................................... $10,747 $10,642 $10,334 $ 9,850 $ 7,002 $ 6,000
======= ======= ======= ======= ======= =======
EXHIBIT I-7
Compass Bank for Savings
Net Interest Income Analysis
Exhibit I-7
Compass Bank for Savings
Net Interest Income Analysis
Percentage Change in Estimated
Net Interest Income Over:
-----------------------------------
12 months 24 months
--------------- ----------------
200 basis point increase in rates (8.22)% (4.73)%
200 basis point decrease in rates (0.03)% (4.45)%
EXHIBIT I-8
Compass Bank for Savings
Gap Analysis
Exhibit I-8
Compass Bank for Savings
Gap Analysis
More More More More More
than than than than than
three six one three five More
Up to months months year to years years than
Three to six to one three to five to ten ten
months months year years years years years Total
---------------------------------------------------------------------------------------
(Dollars in thousands)
Interest-earning assets (1):
Short-term investments $ 15,973 $ -- $ -- $ -- $ -- $ -- $ -- $ 15,973
Debt securities (4) 34,744 20,632 29,036 83,102 32,776 6,346 207,066
Loans held for sale 8,519 -- -- -- -- -- -- 8,519
Mortgage loans (2) 36,472 47,083 106,017 194,043 83,767 43,205 31,345 541,932
Commercial loans 22,583 4,663 11,162 10,880 2,494 1,991 201 53,974
Indirect auto loans 24,878 23,432 41,826 106,081 28,130 672 0 225,019
Other consumer loans 2,782 1,838 2,602 7,519 4,041 6,073 605 25,460
--------- ---------- --------- -------- -------- -------- -------- ---------
Total interest-earning assets 145,951 97,648 190,643 401,625 151,208 58,287 1,077,943
--------- ---------- --------- -------- -------- -------- -------- ---------
Interest-bearing liabilities:
NOW and money market savings accounts 7,068 3,927 33,755 59,271 26,301 44,749 48,676 223,747
Savings accounts 15,195 8,442 10,130 33,767 25,325 33,767 42,208 168,834
Certificate of deposit accounts 170,496 137,058 120,791 68,508 8,526 -- -- 505,379
Borrowed funds 15,666 4,492 3,304 16,038 22,785 8,955 7,313 78,553
--------- ---------- --------- ------- -------- -------- -------- ---------
Total interest-bearing liabilities 208,425 153,919 167,980 177,584 82,937 87,471 98,197 976,513
--------- ---------- --------- -------- -------- -------- -------- ---------
Interest sensitivity gap (3) $(62,474) $ (56,271) $ 22,663 $224,041 $ 68,271 $(65,615) $ 101,431
========= ========== ========= ======== ========= ======== ======== =========
Cumulative interest sensitivity gap $(62,474) $(118,745) $(96,082) $127,959 $196,230 $101,431
========= ========== ========= ======== ========= ======== ========
Cumulative interest sensitivity gap
as percentage of total assets (5.46%) (10.38%) (8.40%) 11.19% 17.16% 14.61% 8.87%
Cumulative interest sensitivity gap
as a percentage of total interest-earning
assets (5.80%) (11.02%) (8.91%) 11.87% 18.20% 15.50% 9.41%
Cumulative interest-earning assets as a
percentage of cumulative interest-bearing
liabilities 70.03% 67.23% 81.88% 118.08% 124.81% 119.02% 110.39%
- -------------------
(1) Interest-earning assets are included in the period in which the balances
are expected to be redeployed and/or repriced as a result of anticipated
prepayments, scheduled rate adjustments and contractual maturities.
(2) For purposes of the gap analysis, allowances for loan losses, deferred loan
fees, unearned discounts and non-performing loans have been excluded.
(3) The interest sensitivity gaps represent the differences between
interest-earning assets and interest-bearing liabilities, expressed as a
dollar amount.
(4) Debt securities are presented at amortized cost.
EXHIBIT I-9
Compass Bank for Savings
Loan Maturity Schedule
Exhibit I-9
Compass Bank for Savings
Loan Maturity Schedule
At February 28, 1998
------------------------------------------------------------------------------------------
Real estate mortgage loans
----------------------------------------------
Other
Home Indirect consumer Total
Residential Commercial Construction equity Commercial auto loans loans loans
(In thousands)
Amounts due (1):
Within one year .................... $ 107,096 $ 43,197 $ 9,454 $14,059 $35,882 $ 27,812 $ 3,117 $240,617
--------- -------- ------- ------- ------- -------- ------- --------
After one year:
More than one year to three years .. 113,382 58,254 13,085 803 9,198 87,637 4,479 286,838
More than three years to five years. 55,175 15,549 6,819 145 3,962 103,763 5,760 191,173
More than five years to ten years .. 46,839 2,335 9,038 335 4,425 5,807 10,822 79,601
More than ten years ................ 41,681 1,405 2,833 448 507 -- 1,282 48,156
--------- -------- ------- ------- ------- -------- ------- --------
Total due after February 28, 1999 257,077 77,543 31,775 1,731 18,092 197,207 22,343 605,768
--------- -------- ------- ------- ------- -------- ------- --------
Total amount due ................ $ 364,173 $120,740 $41,229 $15,790 $53,974 $225,019 $25,460 $846,385
========= ======== ======= ======= ======= ======== ======= --------
Less:
Allowance for loan losses .......... (10,747)
--------
Net loans ....................... $ 835,638
=========
- ----------
(1) Amounts due are net of unadvanced funds on loans.
EXHIBIT I-10
Compass Bank for Savings
Loan Portfolio Composition
Exhibit I-10
Compass Bank for Savings
Loan Portfolio Composition
At February 28, At October 31,
------------------ ------------------------------------------------------------
1998 1997 1996 1995
------------------ ------------------ ------------------ -----------------
Percent Percent Percent Percent
Amount of total Amount of total Amount of total Amount of total
------ -------- ------ -------- ------ -------- ------ --------
(Dollars in thousands)
Real estate loans:
Residential (one- to four-family) .......... $364,173 43.03% $363,030 44.26% $343,204 45.88% $336,489 49.78%
Commercial (1) ............................. 120,740 14.26 124,059 15.13 128,707 17.20 103,096 15.25
Home equity lines of credit ................ 15,790 1.87 15,133 1.85 17,288 2.31 18,857 2.79
Construction, net .......................... 41,229 4.87 33,894 4.13 25,007 3.34 15,877 2.35
-------- -------- -------- -------- -------- -------- -------- --------
Total real estate loans ............. 541,932 64.03 536,116 65.37 514,206 68.73 474,319 70.17
-------- -------- -------- -------- -------- -------- -------- --------
Commercial loans .............................. 53,974 6.38 51,371 6.26 46,211 6.18 43,402 6.42
-------- -------- -------- -------- -------- -------- -------- --------
Consumer loans:
Indirect auto loans ........................ 256,093 30.26 238,114 29.03 189,865 25.38 159,433 23.58
Other ...................................... 25,460 3.01 24,662 3.01 22,063 2.95 18,764 2.78
-------- -------- -------- -------- -------- -------- -------- --------
Consumer loans ...................... 281,553 262,776 211,928 178,197
Less: unearned discount .................... 31,074 30,066 24,232 19,911
-------- -------- -------- --------
Total consumer loans ................ 250,479 29.59 232,710 28.37 187,696 25.09 158,286 23.41
-------- -------- -------- -------- -------- -------- -------- --------
Total loans ......................... $846,385 100.00% $820,197 100.00% $748,113 100.00% $676,007 100.00%
======== ====== ======== ====== ======== ====== ======== ======
At October 31,
---------------------------------------
1994 1993
------------------ ------------------
Percent Percent
Amount of total Amount of total
------ -------- ------ --------
(Dollars in thousands)
Real estate loans:
Residential (one- to four-family) .......... $268,010 52.56% $251,623 55.78%
Commercial (1) ............................. 67,784 13.30 61,938 13.73
Home equity lines of credit ................ 11,448 2.25 13,016 2.89
Construction, net .......................... 14,844 2.91 13,719 3.04
-------- -------- -------- --------
Total real estate loans ............. 362,086 71.02 340,296 75.44
-------- -------- -------- --------
Commercial loans .............................. 20,763 4.07 17,061 3.78
-------- -------- -------- --------
Consumer loans:
Indirect auto loans ........................ 125,667 24.65 90,159 19.99
Other ...................................... 15,433 3.03 14,120 3.13
-------- -------- -------- --------
Consumer loans ...................... 141,100 104,279
Less: unearned discount .................... 14,081 10,522
-------- --------
Total consumer loans ................ 127,019 24.91 93,757 20.78
-------- -------- -------- --------
Total loans ......................... $509,868 100.00% $451,114 100.00%
======== ====== ======== ======
- ----------------------
(1) In September 1996, Compass reclassified approximately $28.0 in multifamily
loans from residential real estate to commercial real estate. Corresponding
prior-period reclassifications have not been made.
EXHIBIT I-10B
Compass Bank for Savings
Pro Forma Loan Portfolio Composition
Exhibit I-10B
Loan Portfolio Composition
As of February 28, 1998
Compass Sandwich (1) Pro Forma
----------------------- ---------------------- --------------------------
% of % of % of
Amount Portfolio Amount Portfolio Amount Portfolio
($000) (%) ($000) (%) ($000) (%)
Mortgage Loans
One-to-Four Family $ 364,173 43.03% $ 253,398 68.54% $ 617,571 50.78%
Multi-Family and Commercial 120,740 14.27% 64,165 17.36% 184,905 15.20%
Construction and Land 41,229 4.87% 26,077 7.05% 67,306 5.53%
Home Equity 15,790 1.87% 11,583 3.13% 27,373 2.25%
------- ----- ------- ----- ------- -----
Total Mortgage Loans $ 541,932 64.03% $ 355,223 96.08% $ 897,155 73.77%
Non-Mortgage Loans
Consumer Loans (net) $ 250,479 29.59% $ 7,417 2.01% $ 257,896 21.21%
Commercial Loans 53,974 6.38% 7,065 1.91% 61,039 5.02%
------- ----- ------ ----- ------- -----
Total Consumer and Other Loans $ 304,453 35.97% $ 14,482 3.92% $ 318,935 26.23%
Total Loans, Net $ 846,385 100.00% $ 369,705 100.00% $1,216,090 100.00%
(1) Reflects data as of March 31, 1998.
Source: Prospectus for Compass and internal reports for Sandwich.
EXHIBIT I-11
Compass Bank for Savings
Loan Originations, Purchases, and Sales
Exhibit I-11
Compass Bank for Savings
Loan Originations, Purchases, and Sales
Four months
ended February 28, Year ended October 31,
-------------------- ----------------------------
1998 1997 1997 1996 1995
---- ---- ---- ---- ----
(In thousands)
Loans outstanding at beginning of period ....... $820,197 $748,113 $748,113 $676,007 $509,868
Loans originated:
Mortgage loans:
Residential .................................. 43,230 24,528 94,391 104,562 56,184
Commercial real estate ....................... 785 5,118 12,292 21,761 15,502
Construction ................................. 23,233 13,971 52,402 29,966 21,074
Home Equity .................................. 4,377 977 7,996 6,228 3,542
-------- -------- -------- -------- --------
Total mortgage loans ....................... 71,625 44,594 167,081 162,517 96,302
Commercial loans .............................. 20,183 19,150 61,333 53,462 48,370
Indirect auto loans ........................... 56,627 38,308 152,349 120,000 103,093
Other consumer loans .......................... 4,891 3,669 12,877 13,518 10,486
-------- -------- -------- -------- --------
Total loans originated ..................... 153,326 105,721 393,640 349,497 258,251
-------- -------- -------- -------- --------
Purchases of mortgage loans .................... 2,086 500 888 9,209 6,290
-------- -------- -------- -------- --------
Acquisition of Martha's Vineyard
National Bank ................................. -- -- -- -- 104,393
-------- -------- -------- -------- --------
Less:
Principal repayments .......................... 107,145 94,001 283,993 246,962 177,046
Loans sold .................................... 21,299 6,873 33,184 36,137 18,734
Transfers to other real estate owned .......... 565 1,109 3,333 2,430 5,783
Principal charged-off ......................... 215 374 1,934 1,071 1,232
-------- -------- -------- -------- --------
Loans outstanding at end of period ............. $846,385 $751,977 $820,197 $748,113 $676,007
======== ======== ======== ======== ========
EXHIBIT I-12
Compass Bank for Savings
Non-Performing Assets
Exhibit I-12
Compass Bank for Savings
Non-Performing Assets
At February 28, At October 31,
--------------- ------------------------------------------------------
1998 1997 1996 1995 1994 1993
-------- -------- -------- -------- -------- -------
(Dollars in thousands)
Non-accrual loans (1):
Mortgage loans:
Residential .......................................... $ 1,192 $ 1,531 $ 2,330 $ 3,123 $ 6,827 $ 7,106
Commercial real estate ............................... 8,040 8,501 6,835 4,115 6,997 2,573
Construction ......................................... -- 148 147 107 269 --
Home equity .......................................... -- -- -- 63 -- --
Commercial loan ......................................... 653 745 1,014 1,098 1,078 227
Indirect auto loans ..................................... -- -- -- -- -- --
Other consumer loans .................................... -- -- -- -- -- --
------- ------- ------- ------- ------- -------
Total non-accrual loans .............................. 9,885 10,925 10,326 8,506 15,171 9,906
Other real estate owned .................................... 1,246 1,707 2,598 3,918 5,798 6,961
------- ------- ------- ------- ------- -------
Total non-performing assets .......................... $11,131 $12,632 $12,924 $12,424 $20,969 $16,867
------- ------- ------- ------- ------- -------
Restructured loans (2) ..................................... $ 559 $ 130 $ 4,267 $ 3,119 -- $10,953
------- ------- ------- ------- ------- -------
Allowance for loan losses as a percent of total loans ...... 1.27% 1.30% 1.38% 1.46% 1.37% 1.33%
Allowance for loan losses as a percent of total
non-performing loans (3) ................................ 108.72% 97.41% 100.08% 115.80 46.15% 60.57%
Non-performing loans as a percent of total loans ........... 1.17% 1.33% 1.38% 1.26% 2.98% 2.20%
Non-performing assets as a percent of total assets ......... .97% 1.14% 1.26% 1.26% 2.65% 2.39%
- ----------
(1) Non-accrual loans include all loans 90 days or more past due and other loans
which have been identified by Compass as presenting uncertainty with respect to
the collectibility of interest or principal.
(2) Restructured loans represent performing loans for which concessions (such as
reductions of interest rates to below market terms and/or extension of repayment
terms) have been granted due to a borrower's financial condition.
(3) Non-performing loans are comprised of non-accrual loans.
EXHIBIT I-12B
Compass Bank for Savings
Pro Forma Non-Performing Assets
Exhibit I-12B
Pro Forma Non-Performing Assets
As of February 28, 1998
Compass Sandwich
Bank Bancorp Pro Forma
---- ------- ---------
Non-Accrual Loans
Mortgage Loans $ 9,232 $ 2,631 $11,863
Other Loans 653 230 883
-------- ------- -------
Total Non-Accrual Loans $ 9,885 $ 2,861 $12,746
Other Real Estate Owned 1,246 280 1,526
-------- ------- -------
Total Non-Performing Assets $ 11,131 $ 3,141 $14,272
ALLs as a Percent of Total Loans 1.27% 1.12% 1.22%
ALLs as a Percent of Total Non-Performing Loans 108.72% 144.49% 116.75%
ALLs as a Percent of Total NPAs 96.55% 131.61% 104.27%
Non-Performing Loans as a Percent of Total Loans 1.17% 0.77% 1.05%
Non-Performing Assets as a Percent of Total Assets 0.97% 0.60% 0.85%
Source: Prospectus for Compass and March 31, 1998 10Q for Sandwich.
EXHIBIT I-13
Compass Bank for Savings
Deposit Portfolio Composition
Exhibit I-13
Compass Bank for Savings
Deposit Portfolio Composition
Four months ended February 28, 1998 Year ended October 31, 1997
------------------------------------- --------------------------------
Percent Percent
of total Weighted of total Weighted
Average average average Average average average
balance deposits rate balance deposits rate
------- -------- -------- ------- -------- --------
(Dollars in thousands)
NOW accounts $ 78,896 8.36% 1.44% $ 72,837 8.02% 1.46%
Savings accounts 167,480 17.75 2.56 171,157 18.86 2.59
Money market savings accounts 144,731 15.34 2.73 140,413 15.47 2.82
Non-interest-bearing demand checking accounts 55,037 5.83 -- 56,284 6.20 --
-------- ------ -------- ------
Total transaction deposit accounts 446,144 47.29 2.10 440,691 48.55 2.15
-------- ------ -------- ------
Certificate of deposit accounts:
Six months or less 143,876 15.25 5.43 122,934 13.54 5.39
Over six months through 12 months 215,817 22.88 5.71 209,668 23.10 5.70
Over 12 months through 24 months 56,006 5.94 5.70 52,157 5.75 5.83
Over 24 months 81,570 8.65 6.13 82,183 9.05 6.12
-------- ------ ---- -------- ------ ----
Total certificates of deposit accounts 497,269 52.71 5.70 466,942 51.45 5.71
-------- ------ -------- ------
Total average deposits $943,413 100.00% 4.00% $907,633 100.00% 3.98%
======== ====== ======== ======
Year ended October 31, 1996 Year ended October 31, 1995
---------------------------------------- --------------------------------
Percent Percent
of total Weighted of total Weighted
Average average average Average average average
balance deposits rate balance deposits rate
------- ------- ------- ------- ------- -------
(Dollars in thousands)
NOW accounts $ 68,156 7.84% 1.48% $ 61,366 7.71% 1.76%
Savings accounts 176,311 20.28 2.64 173,700 21.83 2.94
Money market savings accounts 136,322 15.68 2.85 129,920 16.33 3.01
Non-interest-bearing demand checking accounts 53,684 6.17 -- 41,824 5.26 --
-------- ------ -------- ------
Total transaction deposit accounts 434,473 49.97 2.20 406,810 51.14 2.48
-------- ------ -------- ------
Certificate of deposit accounts:
Six months or less 113,341 13.04 5.24 92,578 11.64 5.36
Over six months through 12 months 167,178 19.23 5.81 151,403 19.03 5.63
Over 12 months through 24 months 63,617 7.32 6.21 55,963 7.03 5.50
Over 24 months 90,794 10.44 6.01 88,764 11.16 5.85
-------- ------ -------- ------
Total certificates of deposit accounts 434,930 50.03 5.76 388,708 48.86 5.60
-------- ------ -------- ------
Total average deposits $869,403 100.00% 3.98% $795,518 100.00% 4.00%
======== ====== ======== ======
EXHIBIT I-13B
Compass Bank for Savings
Pro Forma Deposit Portfolio Composition
Exhibit I-13B
Savings Account Information
As of February 28, 1998
Compass (1) Sandwich (2) Pro Forma
----------------------- --------------------- ---------------------
% of % of % of
Amount Portfolio Amount Portfolio Amount Portfolio
($000) (%) ($000) (%) ($000) (%)
Transaction and Savings Accounts:
Non-Interest $ 55,037 5.83% $ 38,506 9.12% $ 93,543 6.85%
Passbook 167,480 17.75% 27,087 6.42% 194,567 14.25%
Money Market 144,731 15.34% 104,481 24.74% 249,212 18.25%
NOW Accounts 78,896 8.36% 40,513 9.59% 119,409 8.74%
--------- ------- -------- ----- ---------- ------
Total Transaction Accounts $ 446,144 47.29% $210,587 49.87% $ 656,731 48.09%
Certificates of Deposit $ 497,269 52.71% $211,645 50.13% $ 708,914 51.91%
--------- ------- -------- ------ ---------- ------
TOTAL $ 943,413 100.00% $422,232 100.00% $1,365,645 100.00%
(1) Reflects average balances for the four months ended February 28, 1998.
(2) Data reflects average balances for the three months ended March 31, 1998.
Source: Prospectus for Compass and internal management reports for Sandwich.
EXHIBIT I-14
Compass Bank for Savings
Borrowings Portfolio Data
Exhibit I-14
Compass Bank for Savings
Borrowings Portfolio Data
Four months ended
February 28, Year ended October 31,
-------------------- ------------------------------
1998 1997 1997 1996 1995
---- ---- ---- ---- ----
(Dollars in thousands)
Short term borrowings:
Securities sold under agreements to repurchase:
Average balance outstanding $ 9,601 $ 1,910 $ 3,923 $ 120 -
Maximum amount outstanding at any month end
during the period 10,884 2,165 9,533 1,925 -
Balance outstanding at end of period 9,335 2,136 9,533 1,925 -
Weighted average interest rate during the period 4.68% 4.44% 4.70% 4.09% -
Weighted average interest rate at end of period 4.75% 4.75% 4.75% 4.75% -
Treasury Tax and Loan Notes:
Average balance outstanding $ 1,237 $ 1,247 $ 1,163 $ 1,078 $ 1,205
Maximum amount outstanding at any month end
during the period 2,071 2,104 2,117 2,175 2,190
Balance outstanding at end of period 2,047 82 164 2,000 1,501
Weighted average interest rate during the period 5.42% 5.12% 5.00% 4.90% 5.30%
Weighted average interest rate at end of period 5.30% 5.10% 5.41% 5.10% 5.56%
Total short term borrowings:
Average balance outstanding $10,838 $ 3,157 $ 5,086 $ 1,198 $ 1,205
Maximum amount outstanding at any month end
during the period 11,712 4,022 9,742 3,925 2,190
Balance outstanding at end of period 11,382 2,218 9,697 3,925 1,501
Weighted average interest rate during the period 4.76% 4.71% 4.77% 4.82% 5.30%
Weighted average interest rate at end of period 5.30% 5.10% 5.41% 5.10% 5.56%
EXHIBIT II-1
Compass Bank for Savings
List of Branch Offices
Exhibit II-1
List of Branch Offices
Net Book Value
of Property &
Lease Leasehold Deposits
Owned/ Expiration Improvements at
Location Leased Date at 2/28/98 2/28/98
-------- ------ ---- ---------- -------
(In Thousands)
Compass
- -------
Executive Office:
791 Purchase Street Owned -- $1,252 $189,470
New Bedford, MA 02740
Main Office:
572 Pleasant Street Owned -- 476
New Bedford, MA 02740
Branch Offices:
1238 Kempton Street Owned -- 570 32,538
New Bedford, MA 02740
2136 Acushnet Avenue Owned -- 353 108,559
New Bedford, MA 02745
440 Mt. Pleasant Street Land Leased 2002 142 43,482
New Bedford, MA 02746
585 Allen Street Owned -- 235 98,817
New Bedford, MA 02740
58 County Street Owned -- 371 26,458
New Bedford, MA 02744
125 Huttleston Avenue Owned -- 815 65,112
Fairhaven, MA 02719
88 North Dartmouth Mall Leased 2001 74 44,944
Dartmouth, MA 02747
141 North Main Street Owned -- 438 38,547
Fall River, MA 02720
63 South Main Street Leased 2001 21 20,134
Assonet, MA 02702
430 Wm. S. Canning Blvd. Leased 2003 173 40,178
Fall River, MA 02721
54 County Street Owned -- 428 25,963
Somerset, MA 02726
Exhibit II-1 (continued)
List of Branch Offices
Net Book Value
of Property &
Lease Leasehold Deposits
Owned/ Expiration Improvements at
Location Leased Date at 2/28/98 2/28/98
-------- ------ ---- ---------- -------
(In Thousands)
Compass
- -------
Branch Office (continued):
620 G.A.R. Highway Owned -- $878 $25,367
Swansea, MA 02777
782 Main Road Leased 2001 5 37,473
Westport, MA 02790
32 Court Street Owned -- 784 46,786
Plymouth, MA 02360
160 North Main Street Leased 2005 277 9,745
Carver, MA 02330
715 State Road Leased 2000 101 5,837
Manomet, MA 02360
75 Main Street Owned -- 882 44,663
Vineyard Haven, MA 02568
517 South Road Owned -- 137 5,874
Chilmark, MA 02535
19 Main Street Leased 2003 467 8,840
Edgartown, MA 02539
260 Edgartown Road Owned -- 111 8,991
Edgartown, MA 02539
Oak Bluffs Avenue Owned -- 133 14,150
Oak Bluffs, MA 02557
Under Construction:
Pilgrim Hill Road 54 --
Plymouth, MA
786 Main Road Owned -- 512 --
Westport, MA
Exhibit II-1 (continued)
List of Branch Offices
Net Book Value
of Property &
Lease Leasehold Deposits
Owned/ Expiration Improvements at
Location Leased Date at 2/28/98 2/28/98
-------- ------ ---- ---------- -------
(In Thousands)
Compass
- -------
Limited Service Banking Offices & Training Facilities:
New Bedford High School Agreement w/respective -- N/A
230 Hathaway Boulevard school departments
New Bedford, MA
BMC Durfee High School No Lease - no rental payments -- N/A
360 Elsbree Street
Fall River, MA
Exhibit II-1 (continued)
List of Branch Offices
Net Book Value
of Property &
Lease Leasehold Deposits
Owned/ Expiration Improvements at
Location Leased Date at 12/31/97 12/31/97
-------- ------ ---- ----------- --------
(In Thousands)
Sandwich
- --------
Main Office:
100 Old Kings Hwy. Leased 2017 $490 $95,809
Sandwich, MA
Branch Offices:
50 Cohasset Avenue Leased 2017 60 33,678
Buzzards Bay, MA
30 Barlows Landing Road Owned -- 260 41,199
Pocasset, MA
261 Main Street Leased 2017 59 37,785
Wareham, MA
331 Cotuit Road Leased 2001 192 29,913
South Sandwich, MA
2277 Route 3A Owned -- 487 30,299
Cedarville, MA
895 Main Street Owned -- 455 22,963
Chatham, MA
310 Gifford Street Owned -- 448 31,757
Falmouth, MA
North Street & Bassett Lane Owned -- 415 34,867
Hyannis, MA
51 Main Street Owned -- 686 27,871
Orleans, MA
90 Route 6A (Servicing Office) Owned -- 1,007 N/A
Sandwich, MA
1029 Route 28 Leased 1999 82 45,024
South Yarmouth, MA
EXHIBIT II-2
Historical Interest Rates
Exhibit II-2
Historical Interest Rates(1)
Prime 90 Day One Year 30 Year
Year/Qtr. Ended Rate T-Bill T-Bill T-Bond
- --------------- ---- ------ ------ ------
1991: Quarter 1 8.75% 5.92% 6.24% 8.26%
Quarter 2 8.50% 5.72% 6.35% 8.43%
Quarter 3 8.00% 5.22% 5.38% 7.80%
Quarter 4 6.50% 3.95% 4.10% 7.47%
1992: Quarter 1 6.50% 4.15% 4.53% 7.97%
Quarter 2 6.50% 3.65% 4.06% 7.79%
Quarter 3 6.00% 2.75% 3.06% 7.38%
Quarter 4 6.00% 3.15% 3.59% 7.40%
1993: Quarter 1 6.00% 2.95% 3.18% 6.93%
Quarter 2 6.00% 3.09% 3.45% 6.67%
Quarter 3 6.00% 2.97% 3.36% 6.03%
Quarter 4 6.00% 3.06% 3.59% 6.34%
1994: Quarter 1 6.25% 3.56% 4.44% 7.09%
Quarter 2 7.25% 4.22% 5.49% 7.61%
Quarter 3 7.75% 4.79% 5.94% 7.82%
Quarter 4 8.50% 5.71% 7.21% 7.88%
1995: Quarter 1 9.00% 5.86% 6.47% 7.43%
Quarter 2 9.00% 5.57% 5.63% 6.63%
Quarter 3 8.75% 5.42% 5.68% 6.51%
Quarter 4 8.50% 5.09% 5.14% 5.96%
1996: Quarter 1 8.25% 5.14% 5.38% 6.67%
Quarter 2 8.25% 5.16% 5.68% 6.87%
Quarter 3 8.25% 5.03% 5.69% 6.92%
Quarter 4 8.25% 5.18% 5.49% 6.64%
1997: Quarter 1 8.50% 5.32% 6.00% 7.10%
Quarter 2 8.50% 5.17% 5.66% 6.78%
Quarter 3 8.50% 5.10% 5.44% 6.40%
Quarter 4 8.50% 5.34% 5.48% 5.92%
1998: Quarter 1 8.50% 5.12% 5.39% 5.93%
May 8, 1998 8.50% 5.17% 5.34% 5.88%
(1) End of period data.
Source: SNL Securities.
EXHIBIT III-1
General Characteristics of Publicly-Traded Institutions
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
California Companies
--------------------
AHM Ahmanson and Co. H.F. of CA NYSE Nationwide M.B. 46,679 371 12-31 10/72 75.69 8,306
GDW Golden West Fin. Corp. of CA NYSE Nationwide M.B. 39,590 249 12-31 05/59 104.00 5,948
GSB Golden State Bancorp of CA NYSE California Div. 16,029 178 06-30 10/83 38.88 1,996
DSL Downey Financial Corp. of CA NYSE Southern CA Thrift 5,836 85 12-31 01/71 32.69 918
BPLS Bank Plus Corp. of CA OTC Los Angeles CA R.E. 4,168 37 12-31 / 13.13 254
FED FirstFed Fin. Corp. of CA NYSE Los Angeles CA R.E. 4,160 24 12-31 12/83 49.81 528
WES Westcorp Inc. of Orange CA NYSE California Div. 3,729 26 12-31 05/86 14.81 390
BVCC Bay View Capital Corp. of CA OTC San Francisco CA M.B. 3,246 37 12-31 05/86 31.63 642
PFFB PFF Bancorp of Pomona CA OTC Southern CA Thrift 2,766 23 03-31 03/96 20.75 354
HEMT HF Bancorp of Hemet CA OTC Southern CA Thrift 1,063 19 06-30 06/95 15.50 98
ITLA ITLA Capital Corp of CA (3) OTC Los Angeles CA R.E. 1,016 6 12-31 10/95 23.00 181
REDF RedFed Bancorp of Redlands CA OTC Southern CA Thrift 1,010 14 12-31 04/94 20.13 149
HTHR Hawthorne Fin. Corp. of CA OTC Southern CA Thrift 928 6 12-31 / 20.50 65
QCBC Quaker City Bancorp of CA OTC Los Angeles CA R.E. 852 8 06-30 12/93 24.63 115
PROV Provident Fin. Holdings of CA OTC Southern CA M.B. 724 10 06-30 06/96 24.00 112
HBNK Highland Bancorp of CA OTC Los Angeles CA R.E. 550 7 12-31 / 42.50 99
LFCO Life Financial Corp of CA OTC Southern CA Thrift 412 5 12-31 / 22.25 146
MBBC Monterey Bay Bancorp of CA OTC West Central CA Thrift 408 7 12-31 02/95 22.50 73
SGVB SGV Bancorp of W. Covina CA OTC Los Angeles CA Thrift 408 8 06-30 06/95 18.75 44
BYFC Broadway Fin. Corp. of CA OTC Los Angeles CA Thrift 125 3 12-31 01/96 12.50 11
Florida Companies
-----------------
OCN Ocwen Financial Corp. of FL NYSE Southeast FL Div. 3,069 1 12-31 / 23.00 1,396
BANC BankAtlantic Bancorp of FL OTC Southeastern FL M.B. 3,064 60 12-31 11/83 13.88 458
BKUNA BankUnited Fin. Corp. of FL OTC Miami FL Thrift 3,029 16 09-30 12/85 17.00 242
FFPB First Palm Beach Bancorp of FL OTC Southeast FL Thrift 1,821 47 09-30 09/93 36.25 183
HARB Harbor Florida Bancshrs of FL OTC Eastern FL Thrift 1,274 P 23 09-30 03/98 12.31 378
FFFL Fidelity Bcsh MHC of FL (47.7) OTC Southeast FL Thrift 1,220 20 12-31 01/94 30.50 207
CMSV Commty. Svgs, MHC of FL (48.5) OTC Southeast FL Thrift 720 21 12-31 10/94 38.00 194
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Florida Companies (continued)
-----------------------------
FFLC FFLC Bancorp of Leesburg FL OTC Central FL Thrift 400 9 12-31 01/94 20.38 76
Mid-Atlantic Companies
----------------------
DME Dime Bancorp, Inc. of NY (3) NYSE NY,NJ,FL M.B. 21,848 91 12-31 08/86 29.63 3,385
SVRN Sovereign Bancorp, Inc. of PA OTC PA,NJ,DE M.B. 14,336 150 12-31 08/86 18.81 2,500
GPT GreenPoint Fin. Corp. of NY (3) NYSE New York City NY Thrift 13,083 74 12-31 01/94 41.50 3,513
ASFC Astoria Financial Corp. of NY OTC New York City NY Thrift 10,528 61 12-31 11/93 57.63 1,519
LISB Long Island Bancorp, Inc of NY OTC Long Island NY M.B. 6,073 35 09-30 04/94 65.00 1,556
ALBK ALBANK Fin. Corp. of Albany NY OTC Upstate NY,MA,VT Thrift 4,083 108 12-31 04/92 51.50 662
ICBC Independence Comm Bnk Cp of NY OTC New York City Thrift 4,072 P 34 March 03/98 18.44 1,298
ROSE T R Financial Corp. of NY (3) OTC New York City NY Thrift 3,843 15 12-31 06/93 35.00 614
RSLN Roslyn Bancorp, Inc. of NY (3) OTC Long Island NY M.B. 3,601 8 12-31 01/97 30.00 1,285
NBCP Niagara Bancorp of NY MHC(45.4 (3) OTC Northern NY Thrift 3,145 P 15 12/31 04/98 16.69 497
SIB Staten Island Bancorp of NY (3) NYSE New York City NY Thrift 2,651 16 12-31 12/97 23.13 1,044
CMSB Commonwealth Bancorp Inc of PA OTC Philadelphia PA M.B. 2,269 56 12-31 06/96 23.56 383
NWSB Northwest Bcrp MHC of PA (30.7 OTC Northwest PA Thrift 2,249 67 06-30 11/94 17.63 826
RELY Reliance Bancorp, Inc. of NY OTC New York City NY Thrift 2,243 30 06-30 03/94 38.50 371
HARS Harris Fin. MHC of PA (24.3) OTC Harrisburg PA M.B. 2,201 33 12-31 01/94 26.88 912
HAVN Haven Bancorp of Woodhaven NY OTC New York City NY Thrift 1,975 33 12-31 09/93 25.75 228
QCSB Queens County Bancorp of NY (3) OTC New York City NY Thrift 1,603 11 12-31 11/93 43.25 645
JSB JSB Financial, Inc. of NY (3) NYSE New York City NY Thrift 1,531 S 13 12-31 06/90 54.19 536
WSFS WSFS Financial Corp. of DE (3) OTC Wilmington Div. 1,515 16 12-31 11/86 21.81 272
OCFC Ocean Fin. Corp. of NJ OTC Eastern NJ Thrift 1,511 10 12-31 07/96 37.75 296
DIME Dime Community Bancorp of NY (3) OTC New York City NY Thrift 1,488 15 06-30 06/96 27.75 345
PFSB PennFed Fin. Services of NJ OTC Northern NJ Thrift 1,476 18 06-30 07/94 17.81 172
RCBK Richmond County Fin Corp of NY OTC New York City Thrift 1,215 P 13 June 02/98 19.75 522
FSLA First Source Bancorp of NJ OTC Eastern NJ Thrift 1,192 P 17 12-31 04/98 10.50 333
YFED York Financial Corp. of PA OTC PA,MD Thrift 1,182 22 06-30 02/84 24.00 214
MFSL Maryland Fed. Bancorp of MD OTC Southern MD Thrift 1,175 S 27 02-28 06/87 39.50 257
FFIC Flushing Fin. Corp. of NY (3) OTC New York City NY Thrift 1,088 7 12-31 11/95 26.25 205
PVSA Parkvale Financial Corp of PA OTC Southwestern PA Thrift 1,019 29 06-30 07/87 32.00 165
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-Atlantic Companies (continued)
----------------------------------
ESBF ESB Financial Corp of PA OTC Western PA Thrift 911 11 12-31 06/90 20.50 108
PSBK Progressive Bank, Inc. of NY (3) OTC Southeast NY Thrift 883 17 12-31 08/84 42.50 164
GAF GA Financial Corp. of PA AMEX Pittsburgh PA Thrift 784 13 12-31 03/96 20.00 152
MBB MSB Bancorp of Middletown NY (3) AMEX Southeastern NY Thrift 765 16 12-31 09/92 33.50 95
IBSF IBS Financial Corp. of NJ OTC Southwest NJ Thrift 728 10 09-30 10/94 17.63 193
FBBC First Bell Bancorp of PA OTC Pittsburgh PA Thrift 676 7 12-31 06/95 20.50 134
SFIN Statewide Fin. Corp. of NJ OTC Northern NJ Thrift 675 16 12-31 10/95 23.50 106
TSBSD Peoples Bancorp Inc of NJ (3) OTC Central NJ Thrift 640 14 12-31 04/98 10.63 385
FMCO FMS Financial Corp. of NJ OTC Southern NJ Thrift 628 20 12-31 12/88 46.00 110
FSNJ Bayonne Banchsares of NJ OTC Northern NJ Thrift 611 4 03-31 08/97 16.31 148
THRD TF Financial Corp. of PA OTC PA, NJ Thrift 597 14 12-31 07/94 27.25 87
PULS Pulse Bancorp of S. River NJ OTC Central NJ Thrift 539 4 09-30 09/86 27.50 86
FSPG First Home Bancorp of NJ OTC NJ,DE Thrift 538 10 12-31 04/87 32.50 88
AHCI Ambanc Holding Co., Inc. of NY (3) OTC East-Central NY Thrift 510 12 12-31 12/95 18.94 82
PFNC Progress Financial Corp. of PA OTC Southeastern PA Thrift 493 10 12-31 07/83 19.25 81
LVSB Lakeview Financial of NJ OTC Northern NJ Thrift 473 8 07-31 12/93 24.00 93
NEP Northeast PA Fin. Corp of PA AMEX Northeast PA Thrift 437 P 10 DEC 04/98 15.38 99
CNY Carver Bancorp, Inc. of NY AMEX New York, NY Thrift 416 7 03-31 10/94 15.38 36
RARB Raritan Bancorp of Raritan NJ (3) OTC Central NJ Thrift 408 6 12-31 03/87 28.75 68
FSBI Fidelity Bancorp, Inc. of PA OTC Southwestern PA Thrift 393 8 09-30 06/88 25.63 50
FKFS First Keystone Fin. Corp of PA OTC Philadelphia PA Thrift 379 5 09-30 01/95 20.75 50
PBCI Pamrapo Bancorp, Inc. of NJ OTC Northern NJ Thrift 377 10 12-31 11/89 29.00 82
SHEN First Shenango Bancorp of PA OTC Western PA Thrift 375 4 12-31 04/93 44.75 93
FOBC Fed One Bancorp of Wheeling WV OTC Northern WV,OH Thrift 367 11 12-31 01/95 36.75 88
WSBI Warwick Community Bncrp of NY (3) OTC Southeast NY Thrift 350 P 4 05-31 12/97 17.25 114
HARL Harleysville SB of PA OTC Southeastern PA Thrift 348 4 09-30 08/87 33.00 55
YFCB Yonkers Fin. Corp. of NY OTC Yonkers NY Thrift 332 4 09-30 04/96 19.25 58
LFBI Little Falls Bancorp of NJ OTC New Jersey Thrift 329 6 12-31 01/96 20.25 50
CVAL Chester Valley Bancorp of PA OTC Southeastern PA Thrift 326 7 06-30 03/87 33.00 72
EQSB Equitable FSB of Wheaton MD OTC Central MD Thrift 322 4 09-30 09/93 33.25 40
FIBC Financial Bancorp, Inc. of NY OTC New York City NY Thrift 308 5 09-30 08/94 26.00 44
PHFC Pittsburgh Home Fin Corp of PA OTC Pittsburgh PA Thrift 300 9 09-30 04/96 18.50 36
CATB Catskill Fin. Corp. of NY (3) OTC Albany NY Thrift 295 4 09-30 04/96 18.00 80
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-Atlantic Companies (continued)
----------------------------------
WVFC WVS Financial Corp. of PA OTC Pittsburgh PA Thrift 292 5 06-30 11/93 39.13 71
LFED Leeds Fed Bksr MHC of MD (36.3 OTC Baltimore MD Thrift 291 1 06-30 05/94 20.75 108
FBER 1st Bergen Bancorp of NJ OTC Northern NJ Thrift 290 4 12-31 04/96 19.38 53
WYNE Wayne Bancorp, Inc. of NJ OTC Northern NJ Thrift 270 5 12-31 06/96 32.00 64
WSB Washington SB, FSB of MD AMEX Southeastern MD Thrift 266 5 12-31 / 7.88 35
ALLB Alliance Bank MHC of PA (19.9) OTC Southeast PA Thrift 260 7 12-31 03/95 33.50 110
SKAN Skaneateles Bancorp Inc of NY (3) OTC Northwest NY Thrift 256 9 12-31 06/86 18.88 27
IFSB Independence FSB of DC OTC Washington DC Ret. 252 S 2 12-31 06/85 20.50 26
SBFL SB Fngr Lakes MHC of NY (33.1) OTC Western NY Thrift 248 5 12-31 11/94 20.00 71
HRBF Harbor Federal Bancorp of MD OTC Baltimore MD Thrift 234 9 03-31 08/94 24.75 42
ESBK Elmira Svgs Bank (The) of NY (3) OTC NY,PA Thrift 231 6 12-31 03/85 30.00 22
PHSB Ppls Home SB, MHC of PA (45.0) OTC Western PA Thrift 218 9 12-31 07/97 20.88 58
LARL Laurel Capital Group of PA OTC Southwestern PA Thrift 213 6 06-30 02/87 21.25 46
PBHC Pathfinder BC MHC of NY (46.1) (3) OTC Upstate NY Thrift 197 5 12-31 11/95 24.00 68
PEEK Peekskill Fin. Corp. of NY OTC Southeast NY Thrift 184 3 06-30 12/95 17.25 52
PLSK Pulaski SB, MHC of NJ (46.0) OTC New Jersey Thrift 182 6 12-31 04/97 19.00 40
SFED SFS Bancorp of Schenectady NY OTC Eastern NY Thrift 174 4 12-31 06/95 25.00 30
AFED AFSALA Bancorp, Inc. of NY OTC Central NY Thrift 160 5 09-30 10/96 19.00 26
SKBO First Carnegie MHC of PA(45.0) OTC Western PA Thrift 144 3 03-31 04/97 20.25 47
PRBC Prestige Bancorp of PA OTC Southwestern PA Thrift 143 4 12-31 06/96 24.25 22
CFKY Columbia Financial of KY *** NorthCentral KY Thrift 127 P 5 12-31 04/98 16.13 43
TPNZ Tappan Zee Fin., Inc. of NY OTC Southeast NY Thrift 125 S 1 03-31 10/95 20.38 30
GOSB GSB Financial Corp. of NY (3) OTC Southeast NY Thrift 116 2 09-30 07/97 17.56 39
AFBC Advance Fin. Bancorp of WV OTC Northern Neck WV Thrift 108 2 06-30 01/97 18.13 20
WHGB WHG Bancshares of MD OTC Baltimore MD Thrift 101 5 09-30 04/96 17.75 25
USAB USABancshares, Inc of PA (3) OTC Philadelphia PA Thrift 89 1 12-31 / 13.50 10
SHSB SHS Bancorp, Inc. of PA OTC Pittsburgh, PA Thrift 89 3 12-31 10/97 17.75 15
ALBC Albion Banc Corp. of Albion NY OTC Western NY Thrift 72 2 09-30 07/93 11.00 8
PWBK Pennwood Bancorp, Inc. of PA OTC Pittsburgh PA Thrift 47 3 06-30 07/96 19.50 11
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies
------------------
COFI Charter One Financial of OH OTC OH,MI,NY Div. 19,760 221 12-31 01/88 68.13 4,365
CFB Commercial Federal Corp. of NE NYSE NE,CO,KS,OK,IA M.B. 7,189 108 06-30 12/84 35.13 1,416
SPBC St. Paul Bancorp, Inc. of IL OTC Chicago IL Div. 4,557 52 12-31 05/87 24.88 854
CTZN CitFed Bancorp of Dayton OH OTC Dayton OH M.B. 3,460 35 03-31 01/92 50.50 657
MAFB MAF Bancorp, Inc. of IL OTC Chicago IL Thrift 3,458 21 12-31 01/90 38.75 582
ABCW Anchor Bancorp Wisconsin of WI OTC Wisconsin M.B. 1,941 35 03-31 07/92 43.38 389
FLGS Flagstar Bancorp, Inc of MI OTC MI Thrift 1,901 19 12/31 / 27.00 369
DNFC D&N Financial Corp. of MI OTC Northern MI Ret. 1,815 37 12-31 02/85 27.75 253
FISB First Indiana Corp. of IN OTC Central IN M.B. 1,613 26 12-31 08/83 24.38 311
STFR St. Francis Cap. Corp. of WI OTC Milwaukee WI Thrift 1,598 23 09-30 06/93 43.25 226
FTFC First Fed. Capital Corp. of WI OTC Southern WI M.B. 1,544 49 12-31 11/89 35.00 324
ABCL Alliance Bancorp, Inc. of IL OTC Chicago IL M.B. 1,364 14 12-31 07/92 28.00 225
JSBA Jefferson Svgs Bancorp of MO OTC St. Louis MO,TX Thrift 1,238 32 12-31 04/93 30.75 308
METF Metropolitan Fin. Corp. of OH OTC Northeast OH Thrift 925 15 12-31 / 16.25 115
OFCP Ottawa Financial Corp. of MI OTC Western MI Thrift 886 26 12-31 08/94 29.06 154
CFSB CFSB Bancorp of Lansing MI OTC Central MI Thrift 853 17 12-31 06/90 27.75 207
GSBC Great Southern Bancorp of MO OTC Southwest MO Thrift 750 25 06-30 12/89 25.88 209
NASB North American SB, FSB of MO OTC KS,MO M.B. 734 7 09-30 09/85 64.00 143
HOMF Home Fed Bancorp of Seymour IN OTC Southern IN Thrift 709 16 06-30 01/88 32.00 164
HMNF HMN Financial, Inc. of MN OTC Southeast MN Thrift 691 7 12-31 06/94 27.38 113
SFSL Security First Corp. of OH OTC Northeastern OH R.E. 678 14 03-31 01/88 24.75 187
FNGB First Northern Cap. Corp of WI OTC Northeast WI Thrift 668 19 12-31 12/83 13.75 123
MSBK Mutual SB, FSB of Bay City MI OTC Michigan M.B. 645 22 12-31 07/92 12.13 52
FFYF FFY Financial Corp. of OH OTC Youngstown OH Thrift 615 10 06-30 06/93 34.38 139
EMLD Emerald Financial Corp. of OH OTC Cleveland OH Thrift 604 14 12-31 / 28.75 148
HFFC HF Financial Corp. of SD OTC South Dakota Thrift 581 19 06-30 04/92 35.00 103
FDEF First Defiance Fin.Corp. of OH OTC Northwest OH Thrift 580 10 12-31 10/95 15.25 124
HFGI Harrington Fin. Group of IN OTC Eastern IN Thrift 545 4 06-30 / 11.50 38
AVND Avondale Fin. Corp. of IL OTC Chicago IL Ret. 542 5 12-31 04/95 17.00 57
FFOH Fidelity Financial of OH OTC Cincinnati OH Thrift 535 12 12-31 03/96 17.88 100
CAFI Camco Fin. Corp. of OH OTC Eastern OH M.B. 521 11 12-31 / 29.88 96
FCBF FCB Fin. Corp. of Neenah WI OTC Eastern WI Thrift 520 13 03-31 09/93 32.50 126
FBCI Fidelity Bancorp of Chicago IL OTC Chicago IL Thrift 490 5 09-30 12/93 24.75 70
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
CBCI Calumet Bancorp of Chicago IL OTC Chicago IL Thrift 487 5 12-31 02/92 37.50 118
FFSX First FSB MHC Sxld of IA(46.1) OTC Western IA Thrift 459 13 06-30 07/92 38.00 108
SFSB SuburbFed Fin. Corp. of IL OTC IL,IN Thrift 438 12 12-31 03/92 47.50 60
PERM Permanent Bancorp, Inc. of IN OTC Southwest IN Thrift 420 11 03-31 04/94 16.63 70
HALL Hallmark Capital Corp. of WI OTC Milwaukee WI Thrift 414 3 06-30 01/94 15.50 45
CASH First Midwest Fin., Inc. of OH OTC IA,SD R.E. 408 12 09-30 09/93 23.75 64
FFHH FSF Financial Corp. of MN OTC Southern MN Thrift 403 11 09-30 10/94 20.38 60
PVFC PVF Capital Corp. of OH OTC Cleveland OH R.E. 396 9 06-30 12/92 27.63 73
PMFI Perpetual Midwest Fin. of IA OTC EastCentral IA Thrift 392 5 06-30 03/94 30.31 59
FMBD First Mutual Bancorp Inc of IL OTC Central IL Thrift 391 14 12-31 07/95 18.38 65
ASBI Ameriana Bancorp of IN OTC Eastern IN,OH Thrift 391 8 12-31 03/87 20.75 67
FFKY First Fed. Fin. Corp. of KY OTC Central KY Thrift 388 8 06-30 07/87 26.31 109
CBSB Charter Financial Inc. of IL OTC Southern IL Thrift 382 8 09-30 12/95 34.75 145
WOFC Western Ohio Fin. Corp. of OH OTC Western OH Thrift 372 10 12-31 07/94 26.63 63
SWBI Southwest Bancshares of IL OTC Chicago IL Thrift 368 6 12-31 06/92 32.75 91
INBI Industrial Bancorp of OH OTC Northern OH Thrift 364 10 12-31 08/95 22.25 113
HBEI Home Bancorp of Elgin IL OTC Northern IL Thrift 353 4 12-31 09/96 17.63 121
HBFW Home Bancorp of Fort Wayne IN OTC Northeast IN Thrift 350 9 09-30 03/95 34.25 81
KNK Kankakee Bancorp, Inc. of IL AMEX Illinois Thrift 343 9 12-31 01/93 35.88 49
WFI Winton Financial Corp. of OH AMEX Cincinnati OH R.E. 324 S 5 09-30 08/88 19.06 77
WCBI WestCo Bancorp, Inc. of IL OTC Chicago IL Thrift 316 1 12-31 06/92 29.25 72
FSFF First SecurityFed Fin of IL OTC Chicago, IL Thrift 316 5 12-31 10/97 16.75 107
GFCO Glenway Financial Corp. of OH OTC Cincinnati OH Thrift 305 5 06-30 11/90 20.25 46
EFBI Enterprise Fed. Bancorp of OH OTC Cincinnati OH Thrift 301 5 09-30 10/94 29.00 58
PFDC Peoples Bancorp of Auburn IN OTC Northeastern IN Thrift 294 7 09-30 07/87 22.00 74
CBK Citizens First Fin.Corp. of IL AMEX Central IL Thrift 274 7 12-31 05/96 20.25 51
MFBC MFB Corp. of Mishawaka IN OTC Northern IN Thrift 264 5 09-30 03/94 26.63 44
FBCV 1st Bancorp of Vincennes IN OTC Southwestern IN M.B. 256 2 06-30 04/87 31.00 34
WAYN Wayne Svgs Bks MHC of OH (47.8 OTC Central OH Thrift 255 6 03-31 06/93 30.00 68
CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 242 8 06-30 12/93 22.25 42
OHSL OHSL Financial Corp. of OH OTC Cincinnati, OH Thrift 239 5 12-31 02/93 16.75 42
HFBC HopFed Bancorp of KY OTC Southwest KY Thrift 237 P 5 09-30 02/98 21.88 88
LARK Landmark Bancshares, Inc of KS OTC Central KS Thrift 234 5 09-30 03/94 26.88 45
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
GFED Guaranty Fed Bancshares of MO OTC Southwest MO Thrift 231 4 06-30 12/97 13.13 82
FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 231 7 12-31 01/88 28.75 34
EBI Equality Bancorp, Inc. of MO AMEX St Louis Thrift 229 3 03-31 12/97 15.06 37
MBLF MBLA Financial Corp. of MO OTC Northeast MO Thrift 224 2 06-30 06/93 25.00 32
MFFC Milton Fed. Fin. Corp. of OH OTC Southwest OH Thrift 219 3 09-30 10/94 15.75 35
BFFC Big Foot Fin. Corp. of IL OTC Chicago IL Thrift 216 3 06-30 12/96 21.44 54
FFED Fidelity Fed. Bancorp of IN OTC Southwestern IN Thrift 216 4 06-30 08/87 7.88 25
FFFD North Central Bancshares of IA OTC Central IA Thrift 215 S 4 12-31 03/96 24.75 81
CMRN Cameron Fin. Corp. of MO OTC Northwest MO Thrift 211 3 09-30 04/95 21.50 55
FFBZ First Federal Bancorp of OH OTC Eastern OH Thrift 209 6 09-30 07/92 24.00 38
LSBI LSB Fin. Corp. of Lafayette IN OTC Central IN Thrift 207 4 12-31 02/95 32.50 30
WEFC Wells Fin. Corp. of Wells MN OTC Southcentral MN Thrift 201 8 12-31 04/95 21.50 42
NEIB Northeast Indiana Bncrp of IN OTC Northeast IN Thrift 199 3 12-31 06/95 21.50 37
MARN Marion Capital Holdings of IN OTC Central IN Thrift 192 2 06-30 03/93 28.50 51
FFWC FFW Corporation of Wabash IN OTC Central IN Thrift 191 4 06-30 04/93 18.50 27
PULB Pulaski Bk,SB MHC of MO (29.8) OTC St. Louis MO Thrift 179 S 5 09-30 05/94 46.75 98
PFED Park Bancorp of Chicago IL OTC Chicago IL Thrift 177 3 12-31 08/96 19.13 45
HMLK Hemlock Fed. Fin. Corp. of IL OTC Chicago IL Thrift 177 3 12-31 04/97 18.88 38
EGLB Eagle BancGroup of IL OTC Central IL Thrift 171 3 12-31 07/96 20.38 24
BWFC Bank West Fin. Corp. of MI OTC Southeast MI Thrift 170 3 06-30 03/95 14.13 37
JXSB Jcksnville SB,MHC of IL (45.6) OTC Central IL Thrift 168 4 12-31 04/95 23.25 44
FFWD Wood Bancorp of OH OTC Northern OH Thrift 167 7 06-30 08/93 18.50 49
FBSI First Bancshares, Inc. of MO OTC Southcentral MO Thrift 162 6 06-30 12/93 13.50 30
SMBC Southern Missouri Bncrp of MO OTC Southeast MO Thrift 160 8 06-30 04/94 20.50 33
QCFB QCF Bancorp of Virginia MN OTC Northeast MN Thrift 153 2 06-30 04/95 30.25 42
MWBI Midwest Bancshares, Inc. of IA OTC Southeast IA Thrift 148 4 12-31 11/92 17.00 17
GTPS Great American Bancorp of IL OTC East Central IL Thrift 142 3 12-31 06/95 20.75 33
RIVR River Valley Bancorp of IN OTC Southeast IN Thrift 137 6 12-31 12/96 20.25 24
MIFC Mid Iowa Financial Corp. of IA OTC Central IA Thrift 135 7 09-30 10/92 12.13 21
WEHO Westwood Hmstd Fin Corp of OH OTC Cincinnati OH Thrift 134 2 12-31 09/96 14.69 42
FKKY Frankfort First Bancorp of KY OTC Frankfort KY Thrift 133 3 06-30 07/95 17.00 28
CLAS Classic Bancshares, Inc. of KY OTC Eastern KY Thrift 132 S 3 03-31 12/95 18.50 24
UCBC Union Community Bancorp of IN OTC W.Central IN Thrift 132 1 12-31 12/97 15.50 47
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
NBSI North Bancshares of Chicago IL OTC Chicago IL Thrift 123 2 12-31 12/93 17.38 22
PTRS Potters Financial Corp of OH OTC Northeast OH Thrift 123 4 12-31 12/93 19.50 19
BDJI First Fed. Bancorp. of MN OTC Northern MN Thrift 119 5 09-30 04/95 20.25 20
HFSA Hardin Bancorp of Hardin MO OTC Western MO Thrift 115 3 03-31 09/95 19.00 16
FFSL First Independence Corp. of KS OTC Southeast KS Thrift 114 2 09-30 10/93 14.00 13
ASBP ASB Financial Corp. of OH OTC Southern OH Thrift 113 1 06-30 05/95 14.25 23
CBES CBES Bancorp, Inc. of MO OTC Western MO Thrift 111 2 06-30 09/96 22.80 21
HFFB Harrodsburg 1st Fin Bcrp of KY OTC Central KY Thrift 109 2 09-30 10/95 17.69 35
FTNB Fulton Bancorp, Inc. of MO OTC Central MO Thrift 108 2 06-30 10/96 22.50 39
DCBI Delphos Citizens Bancorp of OH OTC Northwest OH Thrift 108 1 09-30 11/96 22.00 42
PSFC Peoples Sidney Fin. Corp of OH OTC WestCentral OH Thrift 106 1 06-30 04/97 18.94 34
MONT Montgomery Fin. Corp. of IN OTC Westcentral IN Thrift 106 4 06-30 07/97 13.00 21
FTSB Fort Thomas Fin. Corp. of KY OTC Northern KY Thrift 100 2 09-30 06/95 15.25 22
AMFC AMB Financial Corp. of IN OTC Northwest IN Thrift 100 4 12-31 04/96 18.88 18
NWEQ Northwest Equity Corp. of WI OTC Northwest WI Thrift 100 3 03-31 10/94 20.63 17
CNSB CNS Bancorp, Inc. of MO OTC Central MO Thrift 98 5 12-31 06/96 17.88 30
THR Three Rivers Fin. Corp. of MI AMEX Southwest MI Thrift 97 4 06-30 08/95 19.38 16
CIBI Community Inv. Bancorp of OH OTC NorthCentral OH Thrift 96 3 06-30 02/95 20.75 18
WCFB Wbstr Cty FSB MHC of IA (45.2) OTC Central IA Thrift 95 1 12-31 08/94 20.88 44
HHFC Harvest Home Fin. Corp. of OH OTC Southwest OH Thrift 93 3 09-30 10/94 16.50 15
LXMO Lexington B&L Fin. Corp. of MO OTC West Central MO Thrift 92 1 09-30 06/96 16.50 18
FFDF FFD Financial Corp. of OH OTC Northeast OH Thrift 92 1 06-30 04/96 22.88 33
HZFS Horizon Fin'l. Services of IA OTC Central IA Thrift 89 3 06-30 06/94 15.75 14
SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 89 2 06-30 01/94 14.50 23
PSFI PS Financial of Chicago IL OTC Chicago IL Thrift 88 1 12-31 11/96 14.50 30
SOBI Sobieski Bancorp of S. Bend IN OTC Northern IN Thrift 88 3 06-30 03/95 19.13 15
KYF Kentucky First Bancorp of KY AMEX Central KY Thrift 86 2 06-30 08/95 15.00 19
LOGN Logansport Fin. Corp. of IN OTC Northern IN Thrift 86 1 12-31 06/95 17.50 22
PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 85 1 09-30 02/95 23.50 19
PFFC Peoples Fin. Corp. of OH OTC Northeast OH Thrift 82 2 09-30 09/96 15.63 22
HLFC Home Loan Financial Corp of OH OTC Central Ohio Thrift 81 P 0 03/98 15.88 36
MSBF MSB Financial, Inc of MI OTC Southcentral MI Thrift 77 2 06-30 02/95 18.00 22
HCFC Home City Fin. Corp. of OH OTC Southwest OH Thrift 72 1 06-30 12/96 21.00 19
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
CKFB CKF Bancorp of Danville KY OTC Central KY Thrift 63 1 12-31 01/95 19.13 16
NSLB NS&L Bancorp, Inc of Neosho MO OTC Southwest MO Thrift 58 2 09-30 06/95 17.81 12
MRKF Market Fin. Corp. of OH OTC Cincinnati OH Thrift 57 2 09-30 03/97 15.00 20
FLKY First Lancaster Bncshrs of KY OTC Central KY Thrift 50 1 06-30 07/96 15.75 15
CSBF CSB Financial Group Inc of IL OTC Centralia IL Thrift 49 S 2 09-30 10/95 13.63 11
RELI Reliance Bancshares Inc of WI OTC Milwaukee WI Thrift 45 1 06-30 04/96 8.75 21
HWEN Home Financial Bancorp of IN OTC Central IN Thrift 44 1 06-30 07/96 9.25 9
JOAC Joachim Bancorp, Inc. of MO OTC Eastern MO Thrift 34 1 03-31 12/95 16.75 12
EFC EFC Bancorp Inc of IL AMEX Southeast IL Thrift 0 P 6 DEC 04/98 14.19 0
New England Companies
---------------------
PBCT Peoples Bank, MHC of CT (40.1) (3) OTC Southwestern CT Div. 8,184 111 12-31 07/88 38.00 2,435
WBST Webster Financial Corp. of CT OTC Central CT Thrift 7,020 84 12-31 12/86 32.69 896
PHBK Peoples Heritage Fin Grp of ME (3) OTC ME,NH,MA Div. 6,795 141 12-31 12/86 48.25 1,343
SISB SIS Bancorp, Inc. of MA (3) OTC Central MA Div. 1,734 25 12-31 02/95 42.00 293
BRKL Brookline Bncp MHC of MA(47.0) OTC Brookline Thrift 1,451 P 5 08-31 03/98 17.19 500
ANDB Andover Bancorp, Inc. of MA (3) OTC MA,NH M.B. 1,323 12 12-31 05/86 42.75 221
FESX First Essex Bancorp of MA (3) OTC MA,NH Div. 1,197 15 12-31 08/87 22.88 172
FAB FirstFed America Bancorp of MA AMEX MA,RI M.B. 1,160 13 03-31 01/97 22.63 197
AFCB Affiliated Comm BC, Inc of MA OTC MA Thrift 1,155 12 12-31 10/95 38.50 253
MDBK Medford Bancorp, Inc. of MA (3) OTC Eastern MA Thrift 1,136 16 12-31 03/86 44.00 200
FFES First Fed of E. Hartford CT OTC Central CT Thrift 983 12 12-31 06/87 40.00 109
BFD BostonFed Bancorp of MA AMEX Boston MA M.B. 975 10 12-31 10/95 24.06 130
DIBK Dime Financial Corp. of CT (3) OTC Central CT Thrift 958 11 12-31 07/86 34.00 176
MASB MassBank Corp. of Reading MA (3) OTC Eastern MA Thrift 925 15 12-31 05/86 49.75 178
MECH MECH Financial Inc of CT (3) OTC Hartford CT Thrift 892 14 12-31 06/96 30.00 159
PBKB People's Bancshares of MA (3) OTC Southeastern MA Thrift 763 14 12-31 10/86 26.88 88
NSSY NSS Bancorp of CT (3) OTC Southwest CT Thrift 671 S 8 12-31 06/94 43.00 105
BKC American Bank of Waterbury CT (3) AMEX Western CT Thrift 639 14 12-31 12/81 30.00 140
MWBX MetroWest Bank of MA (3) OTC Eastern MA Thrift 609 12 12-31 10/86 7.94 113
SOSA Somerset Savings Bank of MA (3) OTC Eastern MA R.E. 540 5 12-31 07/86 5.13 86
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
New England Companies (continued)
---------------------------------
ABBK Abington Bancorp of MA (3) OTC Southeastern MA M.B. 532 8 12-31 06/86 19.75 70
SWCB Sandwich Bancorp of MA (3) OTC Southeastern MA Thrift 519 11 12-31 07/86 64.00 124
BKCT Bancorp Connecticut of CT (3) OTC Central CT Thrift 443 3 12-31 07/86 20.13 103
WRNB Warren Bancorp of Peabody MA (3) OTC Eastern MA R.E. 371 6 12-31 07/86 27.88 107
CEBK Central Co-Op. Bank of MA (3) OTC Eastern MA Thrift 367 8 03-31 10/86 29.75 58
LSBX Lawrence Savings Bank of MA (3) OTC Northeastern MA Thrift 360 5 12-31 05/86 17.88 77
NMSB Newmil Bancorp, Inc. of CT (3) OTC Western CT Thrift 356 15 06-30 02/86 13.81 53
NHTB NH Thrift Bancshares of NH OTC Central NH Thrift 318 10 12-31 05/86 20.00 42
BYS Bay State Bancorp of MA (3) NYSE Brookline Thrift 290 P 0 DEC 03/98 28.88 73
NBN Northeast Bancorp of ME (3) AMEX Eastern ME Thrift 279 11 06-30 08/87 17.75 39
ANE Alliance Bancorp of NE, of CT (3) AMEX Northern CT Thrift 247 7 12-31 12/86 24.00 39
IPSW Ipswich SB of Ipswich MA (3) OTC Northwest MA Thrift 227 6 12-31 05/93 19.00 45
HIFS Hingham Inst. for Sav. of MA (3) OTC Eastern MA Thrift 223 5 12-31 12/88 35.50 46
HPBC Home Port Bancorp, Inc. of MA (3) OTC Southeastern MA Thrift 209 2 12-31 08/88 25.88 48
MYST Mystic Financial of MA (3) OTC Medford Thrift 181 P 3 06-30 01/98 16.88 46
KSBK KSB Bancorp of Kingfield ME (3) OTC Western ME M.B. 150 S 8 12-31 06/93 18.25 23
FCME First Coastal Corp. of ME (3) OTC Southern ME Thrift 146 7 12-31 / 13.63 19
MFLR Mayflower Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 132 4 04-30 12/87 25.00 22
NTMG Nutmeg FS&LA of CT OTC Eastern CT M.B. 105 S 3 12-31 / 11.00 11
FCB Falmouth Bancorp, Inc. of MA (3) AMEX Southeast MA Thrift 98 2 09-30 03/96 20.25 29
MCBN Mid-Coast Bancorp of ME OTC Eastern ME Thrift 63 2 03-31 11/89 12.13 9
North-West Companies
--------------------
WAMU Washington Mutual, Inc. of WA (3) OTC CA,WA,FL,OR,UT Div. 96,981 914 12-31 03/83 69.88 18,021
WFSL Washington Federal, Inc. of WA OTC Western US Thrift 5,713 104 09-30 11/82 27.75 1,454
IWBK Interwest Bancorp of WA OTC Western WA Div. 1,982 39 09-30 / 44.38 374
STSA Sterling Financial Corp. of WA OTC WA,OR M.B. 1,876 41 12-31 / 27.13 206
FWWB First Savings Bancorp of WA OTC Central WA Thrift 1,099 S 20 03-31 11/95 24.88 253
KFBI Klamath First Bancorp of OR OTC Southern OR Thrift 975 33 09-30 10/95 21.38 214
HRZB Horizon Financial Corp. of WA (3) OTC Northwest WA Thrift 533 12 03-31 08/86 18.00 135
FMSB First Mutual SB of Bellevue WA (3) OTC Western WA M.B. 451 S 8 12-31 12/85 17.75 74
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
North-West Companies (continued)
--------------------------------
CASB Cascade Financial Corp. of WA OTC Seattle WA Thrift 423 11 06-30 09/92 17.75 60
OTFC Oregon Trail Fin. Corp. of OR OTC Baker City Thrift 369 S 7 03-31 10/97 17.38 75
HFWA Heritage Financial Corp of WA OTC NW Washington Thrift 311 P 10 06-30 01/98 15.88 155
TSBK Timberland Bancorp of WA OTC Grays Harbor Thrift 269 P 5 06-30 01/98 18.25 121
RVSB Riverview Bancorp of WA OTC Southwest WA Thrift 263 9 03-31 10/97 18.31 113
FBNW FirstBank Corp of Clarkston WA OTC West. WA/East ID Thrift 183 5 03-31 07/97 23.00 46
EFBC Empire Federal Bancorp of MT OTC Southern MT Thrift 110 3 12-31 01/97 17.00 44
South-East Companies
--------------------
BNKU Bank United Corp. of TX OTC TX,AZ Thrift 12,523 71 09-30 08/96 50.50 1,596
FFCH First Fin. Holdings Inc. of SC OTC Charleston SC Div. 1,793 34 09-30 11/83 24.00 325
FLFC First Liberty Fin. Corp. of GA OTC Georgia M.B. 1,275 31 09-30 12/83 24.50 285
EBSI Eagle Bancshares of Tucker GA OTC Atlanta GA Thrift 934 14 03-31 04/86 22.75 130
HFNC HFNC Financial Corp. of NC OTC Charlotte NC Thrift 911 10 06-30 12/95 13.31 229
CNIT Cenit Bancorp of Norfolk VA OTC Southeastern VA Thrift 718 19 12-31 08/92 26.50 132
VABF Va. Beach Fed. Fin. Corp of VA OTC Southeast VA M.B. 616 14 12-31 11/80 18.63 93
CFCP Coastal Fin. Corp. of SC OTC South Carolina Thrift 564 9 09-30 09/90 22.00 103
FFBH First Fed. Bancshares of AR OTC Northern AR Thrift 550 13 12-31 05/96 27.75 136
FSPT FirstSpartan Fin. Corp. of SC OTC Northwestern SC Thrift 495 7 06-30 07/97 45.50 202
PFSL Pocahontas Bancorp of AR OTC Northeast AR Thrift 420 P 6 09-30 04/98 10.06 67
TSH Teche Holding Company of LA AMEX Southern LA Thrift 409 9 09-30 04/95 20.25 70
COOP Cooperative Bancshares of NC OTC Eastern NC Thrift 369 16 12-31 08/91 18.00 54
CAVB Cavalry Bancorp of TN OTC Murfreesburg Thrift 347 P 0 Sept 03/98 23.50 177
FSTC First Citizens Corp of GA OTC Western GA M.B. 337 S 9 03-31 03/86 31.75 88
HBSC Heritage Bancorp, Inc of SC OTC Laurens Thrift 312 P 4 Sept 04/98 22.06 102
UFRM United FSB of Rocky Mount NC OTC Eastern NC M.B. 304 13 12-31 07/80 18.25 60
SOPN First Svgs Bancorp of NC OTC Central NC Thrift 301 5 06-30 01/94 24.00 89
ANA Acadiana Bancshares, Inc of LA AMEX Southern LA Thrift 277 5 12-31 07/96 23.75 61
FLAG Flag Financial Corp of GA OTC Western GA M.B. 248 4 12-31 12/86 19.00 39
SSFC South Street Fin. Corp. of NC (3) OTC South Central NC Thrift 229 2 09-30 10/96 10.13 47
CFTP Community Fed. Bancorp of MS OTC Northeast MS Thrift 229 2 09-30 03/96 17.75 80
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
South-East Companies (continued)
--------------------------------
HCBB HCB Bancshares of Camden AR OTC Southern AR Thrift 205 7 06-30 05/97 15.63 41
ESX Essex Bancorp of Norfolk VA AMEX VA,NC M.B. 195 4 12-31 07/90 4.06 4
CFFC Community Fin. Corp. of VA OTC Central VA Thrift 183 4 03-31 03/88 16.25 42
FTF Texarkana Fst. Fin. Corp of AR AMEX Southwest AR Thrift 180 5 09-30 07/95 28.31 50
GSFC Green Street Fin. Corp. of NC OTC Southern NC Thrift 180 3 09-30 04/96 16.75 72
FFDB FirstFed Bancorp, Inc. of AL OTC Central AL Thrift 179 8 03-31 11/91 25.00 29
FGHC First Georgia Hold. Corp of GA OTC Southeastern GA Thrift 166 7 09-30 02/87 13.50 41
SZB SouthFirst Bancshares of AL AMEX Central AL Thrift 165 2 09-30 02/95 19.88 19
HBS Haywood Bancshares, Inc. of NC (3) AMEX Northwest NC Thrift 153 4 12-31 12/87 22.88 29
BFSB Bedford Bancshares, Inc. of VA OTC Southern VA Thrift 137 3 09-30 08/94 28.75 33
GSLA GS Financial Corp. of LA OTC New Orleans LA Thrift 131 3 12-31 04/97 20.00 69
PDB Piedmont Bancorp, Inc. of NC AMEX Central NC Thrift 130 1 06-30 12/95 10.31 28
CCFH CCF Holding Company of GA OTC Atlanta GA Thrift 125 5 12-31 07/95 23.25 21
SBAN SouthBanc Shares Inc. of SC OTC Northwest SC Thrift 117 P 6 09-30 04/98 21.63 33
CFNC Carolina Fincorp of NC (3) OTC Southcentral NC Thrift 115 4 06-30 11/96 18.13 34
TWIN Twin City Bancorp, Inc. of TN OTC Northeast TN Thrift 109 3 12-31 01/95 14.50 18
SSM Stone Street Bancorp of NC AMEX Central NC Thrift 108 2 12-31 04/96 19.88 38
SRN Southern Banc Company of AL AMEX Northeast AL Thrift 106 S 4 06-30 10/95 16.50 20
CENB Century Bancorp, Inc. of NC OTC Charlotte NC Thrift 102 1 06-30 12/96 19.75 24
PEDE Great Pee Dee Bancorp of SC OTC Northeast SC Thrift 79 P 1 06-30 12/97 16.00 35
UTBI United Tenn. Bancshares of TN OTC Eastern TN Thrift 77 P 2 12-31 01/98 15.38 22
SCBS Southern Commun. Bncshrs of AL OTC NorthCentral AL Thrift 71 S 1 09-30 12/96 16.75 19
SSB Scotland Bancorp, Inc. of NC AMEX S. Central NC Thrift 61 2 09-30 04/96 8.88 17
SCCB S. Carolina Comm. Bnshrs of SC OTC Central SC Thrift 45 3 06-30 07/94 21.25 12
MBSP Mitchell Bancorp, Inc. of NC OTC Western NC Thrift 36 1 06-30 07/96 16.88 16
South-West Companies
--------------------
CBSA Coastal Bancorp of Houston TX OTC Houston TX M.B. 2,911 37 12-31 / 38.38 193
FBHC Fort Bend Holding Corp. of TX OTC Eastcentral TX M.B. 303 6 03-31 06/93 28.00 47
JXVL Jacksonville Bancorp of TX OTC East Central TX Thrift 235 6 09-30 04/96 21.00 51
ETFS East Texas Fin. Serv. of TX OTC Northeast TX Thrift 120 2 09-30 01/95 16.13 25
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Characteristics of Publicly-Traded Thrifts
May 13, 1998(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
South-West Companies (continued)
--------------------------------
GUPB GFSB Bancorp, Inc of Gallup NM OTC Northwest NM Thrift 115 1 06-30 06/95 17.00 20
AABC Access Anytime Bancorp of NM OTC Eastern NM Thrift 107 3 12-31 08/86 12.00 15
Western Companies (Excl CA)
---------------------------
FFBA First Colorado Bancorp of CO OTC Colorado Thrift 1,555 27 12-31 01/96 29.19 491
WSTR WesterFed Fin. Corp. of MT OTC Montana Thrift 1,035 36 06-30 01/94 25.69 143
UBMT United Fin. Corp. of MT OTC Central MT Thrift 96 4 12-31 09/86 28.75 35
TRIC Tri-County Bancorp of WY OTC Southeastern WY Thrift 90 2 12-31 09/93 15.25 18
HCBC High Country Bancorp of CO OTC Salida Thrift 87 2 12-31 12/97 15.00 20
CRZY Crazy Woman Creek Bncorp of WY OTC Northeast WY Thrift 61 1 09-30 03/96 19.00 18
Other Areas
-----------
NOTES: (1) Or most recent date available (M=March, S=September, D=December,
J=June, E=Estimated, and P=Pro Forma)
(2) Operating strategies are: Thrift=Traditional Thrift,
M.B.=Mortgage Banker, R.E.=Real Estate Developer,
Div.=Diversified, and Ret.=Retail Banking.
(3) FDIC savings bank.
Source: Corporate offering circulars, SNL Securities Quarterly Thrift
Report, and financial reports of publicly Traded Thrifts.
Date of Last Update: 05/13/98
EXHIBIT III-2
Financial Analysis of Comparable New England Thrifts
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Market Pricing Comparatives
Prices As of May 8, 1998
Market Per Share Data
Capitalization --------------- Pricing Ratios(3) Dividends(4)
--------------- Core Book -------------------------------------- ----------------------
Price/ Market 12-Mth Value/ Amount/ Payout
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5)
-------- ------- ------- ------- ------- ------- ------- ------- ------ ------ ------ -------
Financial Institution ($) ($Mil) ($) ($) (X) (%) (%) (%) (x) ($) (%) (%)
- ---------------------
SAIF-Insured Thrifts 23.01 176.52 0.98 13.92 20.51 167.50 21.58 172.96 21.66 0.36 1.62 31.23
All Public Companies 23.63 253.21 1.02 13.87 20.32 172.79 21.67 176.65 21.38 0.37 1.60 31.32
State of MA 26.99 116.75 1.34 14.33 17.33 193.55 20.03 198.42 18.81 0.42 1.46 30.19
Comparable Group Average 32.21 160.55 1.79 17.04 16.73 194.70 16.41 200.87 17.87 0.55 1.66 29.85
New England Companies 32.21 160.55 1.79 17.04 16.73 194.70 16.41 200.87 17.87 0.55 1.66 29.85
Comparable Group
- ----------------
New England Companies
- ---------------------
ABBK Abington Bancorp of MA 19.75 70.39 1.08 10.19 16.06 193.82 13.23 212.82 18.29 0.20 1.01 18.52
BKC American Bank of Waterbury CT 30.00 139.56 1.48 12.39 17.54 242.13 21.84 250.42 20.27 0.76 2.53 51.35
ANDB Andover Bancorp, Inc. of MA 42.75 221.40 2.50 20.68 16.76 206.72 16.74 206.72 17.10 0.90 2.11 36.00
BFD BostonFed Bancorp of MA 24.06 130.48 1.17 15.05 18.51 159.87 13.39 165.93 20.56 0.40 1.66 34.19
FESX First Essex Bancorp of MA 22.88 172.40 1.15 12.09 17.74 189.25 14.40 215.44 19.90 0.56 2.45 48.70
FFES First Fed of E. Hartford CT 40.00 108.52 2.27 24.69 19.51 162.01 11.04 162.01 17.62 0.68 1.70 29.96
FAB FirstFed America Bancorp of MA 22.63 197.04 0.63 14.87 NM 152.19 16.99 152.19 NM 0.00 0.00 0.00
MECH MECH Financial Inc of CT 30.00 158.82 2.44 16.73 12.15 179.32 17.80 179.32 12.30 0.60 2.00 24.59
MASB MassBank Corp. of Reading MA 49.75 178.45 2.62 28.93 17.58 171.97 19.28 174.44 18.99 1.00 2.01 38.17
MDBK Medford Bancorp, Inc. of MA 44.00 199.76 2.42 22.36 17.53 196.78 17.59 209.13 18.18 0.80 1.82 33.06
MWBX MetroWest Bank of MA 7.94 112.91 0.53 3.15 14.98 252.06 18.54 252.06 14.98 0.12 1.51 22.64
NSSY NSS Bancorp of CT 43.00 104.66 3.12 22.43 15.64 191.71 15.60 197.52 13.78 0.52 1.21 16.67
SISB SIS Bancorp, Inc. of MA 42.00 292.74 1.87 18.00 NM 233.33 16.89 233.33 22.46 0.64 1.52 34.22
Financial Characteristics(6)
-----------------------------------------------------
Reported Core
Total Equity/ NPAs/ -------------- ----------------
Assets Assets Assets ROA ROE ROA ROE
------ ------- ------ ------ ------- ------- -------
Financial Institution ($Mil) (%) (%) (%) (%) (%) (%)
- ---------------------
SAIF-Insured Thrifts 1,008 13.96 0.69 0.94 7.92 0.89 7.46
All Public Companies 1,387 13.59 0.69 0.96 8.35 0.91 7.91
State of MA 679 10.87 0.49 1.07 11.57 1.02 10.82
Comparable Group Average 983 8.52 0.55 0.95 11.50 0.97 11.66
New England Companies 983 8.52 0.55 0.95 11.50 0.97 11.66
Comparable Group
- ----------------
New England Companies
- ---------------------
ABBK Abington Bancorp of MA 532 6.83 0.14 0.87 12.59 0.77 11.05
BKC American Bank of Waterbury CT 639 9.02 2.28 1.33 15.56 1.15 13.47
ANDB Andover Bancorp, Inc. of MA 1,323 8.10 0.49 1.05 13.07 1.03 12.81
BFD BostonFed Bancorp of MA 975 8.37 NA 0.75 8.41 0.68 7.57
FESX First Essex Bancorp of MA 1,197 7.61 0.54 0.83 11.19 0.74 9.97
FFES First Fed of E. Hartford CT 983 6.82 0.31 0.57 8.78 0.63 9.72
FAB FirstFed America Bancorp of MA 1,160 11.17 0.31 0.17 1.58 0.53 4.99
MECH MECH Financial Inc of CT 892 9.93 0.56 1.60 15.91 1.58 15.72
MASB MassBank Corp. of Reading MA 925 11.21 0.17 1.11 10.51 1.03 9.73
MDBK Medford Bancorp, Inc. of MA 1,136 8.94 0.13 1.05 11.80 1.02 11.37
MWBX MetroWest Bank of MA 609 7.36 0.70 1.33 17.91 1.33 17.91
NSSY NSS Bancorp of CT 671 8.14 NA 1.05 13.40 1.19 15.20
SISB SIS Bancorp, Inc. of MA 1,734 7.24 0.43 0.65 8.86 0.88 12.10
(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.
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBIT III-3
Peer Group Market Area Comparative Analysis
Exhibit III-3
Peer Group Market Area Comparative Analysis
Per Capita Income
Population Proj. ----------------------- Deposit
------------- Pop. 1990-97 1997-2002 Median % State Market
Institution County 1990 1997 2002 % Change % Change Age Amount Average Share(1)
- ----------- ------ ---- ---- ---- -------- --------- ------ ------ ------- --------
(000) (000)
Andover Bancorp Inc of MA Essex 670 691 706 3.2% 2.1% 36.0 21,025 103.5% 7.2%
First Essex Bancorp of MA Essex 670 691 706 3.2% 2.1% 36.0 21,025 103.5% 5.0%
FirstFed America Bancorp of MA Bristol 506 515 521 1.7% 1.2% 35.3 16,729 82.4% 9.8%
Medford Bancorp Inc of MA Middlesex 1,398 1,418 1,431 1.4% 0.9% 35.6 23,587 116.1% 3.8%
First Fed of East Hartford of CT Hartford 852 828 812 -2.8% -1.9% 36.9 19,111 119.1% 2.5%
BostonFed Bancorp of MA Middlesex 1,398 1,418 1,431 1.4% 0.9% 35.6 23,587 116.1% 1.5%
MassBank Corp of MA Middlesex 1,398 1,418 1,431 1.4% 0.9% 35.6 23,587 116.1% 3.8%
MECH Financial Inc of CT Hartford 852 828 812 -2.8% -1.9% 36.9 19,111 119.1% 3.5%
American Bank of Waterbury CT New Haven 804 793 786 -1.4% -1.0% 36.5 18,751 116.9% 2.5%
Abington Bancorp of MA Plymouth 435 461 479 5.9% 3.8% 34.7 19,340 95.2% 3.2%
Metrowest Bank of MA Middlesex 1,398 1,418 1,431 1.4% 0.9% 35.6 23,587 116.1% 1.8%
----- ----- ----- ---- ---- ----- ------- ------ ----
Averages: 944 953 959 1.1% 0.7% 35.9 20,858 109.5% 4.1%
Medians: 852 828 812 1.4% 0.9% 35.6 21,025 116.1% 3.5%
Compass Bank for Savings Bristol 506 515 521 1.7% 1.2% 35.3 16,729 82.4% 12.5%
Sandwich Barnstable 187 205 218 9.9% 6.2% 40.7 18,311 90.2% 9.9%
(1) Total institution deposits in headquarters county as percent of total
county deposits.
Sources: CACI, Inc, SNL Securities
EXHIBIT IV-1
Stock Prices:
As of May 8, 1998
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- % Change From
Shares Market 52 Week (1) -----------------------
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(295) 22.90 6,415 182.1 25.07 15.54 23.04 -0.42 51.65 7.01
NYSE Traded Companies(8) 43.24 37,199 1,765.9 47.88 26.60 44.00 -2.39 57.52 5.42
AMEX Traded Companies(22) 18.66 3,045 57.2 21.06 13.93 18.73 -0.48 39.42 6.19
NASDAQ Listed OTC Companies(264) 22.79 5,956 154.0 24.89 15.40 22.92 -0.37 52.54 6.90
California Companies(19) 29.85 13,767 643.3 32.59 18.89 29.77 0.11 51.35 6.67
Florida Companies(6) 20.47 24,570 455.6 24.29 14.23 21.23 -2.87 54.43 -4.49
Mid-Atlantic Companies(59) 24.35 9,323 215.8 26.27 15.81 24.69 -1.00 61.53 10.30
Mid-West Companies(136) 22.26 4,071 123.2 24.42 15.13 22.35 -0.29 48.64 5.84
New England Companies(8) 23.22 6,863 199.0 24.97 13.96 23.65 -1.30 67.81 6.10
North-West Companies(11) 23.16 10,658 272.8 24.39 17.31 23.05 0.76 53.41 20.51
South-East Companies(44) 21.23 4,544 117.5 23.95 15.51 21.44 -0.78 44.26 4.87
South-West Companies(6) 20.90 2,287 60.9 21.70 13.43 19.90 5.04 63.57 6.42
Western Companies (Excl CA)(6) 20.74 2,050 46.9 21.93 15.19 20.83 -0.52 46.38 7.72
Thrift Strategy(247) 21.65 4,597 110.8 23.77 15.06 21.79 -0.40 49.13 6.70
Mortgage Banker Strategy(30) 30.66 16,818 594.8 33.18 18.78 30.91 -0.72 63.71 5.20
Real Estate Strategy(8) 28.64 6,618 172.8 29.69 15.32 27.81 1.95 85.06 29.66
Diversified Strategy(7) 33.20 34,555 1,283.8 37.88 22.41 33.98 -2.49 45.03 -1.87
Retail Banking Strategy(3) 21.75 4,580 112.1 23.29 12.35 22.27 -1.30 82.65 9.97
Companies Issuing Dividends(248) 23.42 6,237 187.7 25.73 15.83 23.61 -0.58 49.59 4.94
Companies Without Dividends(47) 20.16 7,343 152.3 21.64 13.98 20.04 0.40 62.44 17.89
Equity/Assets less than 6%(21) 25.18 16,627 423.3 27.78 14.81 25.32 -0.71 74.25 6.29
Equity/Assets 6-12%(129) 25.97 6,685 244.7 28.19 16.25 26.18 -0.45 59.90 6.58
Equity/Assets greater than 12%(145) 19.98 4,750 95.2 22.06 15.04 20.07 -0.35 41.51 7.48
Converted Last 3 Mths (no MHC)(13) 16.67 16,124 262.0 17.62 13.93 16.78 -0.68 84.89 56.38
Actively Traded Companies(34) 31.64 20,632 775.9 34.47 19.79 31.97 -0.81 62.87 3.56
Market Value Below $20 Million(40) 16.52 934 15.1 18.44 12.30 16.53 0.05 40.71 2.79
Holding Company Structure(268) 22.97 6,396 185.9 25.20 15.70 23.12 -0.43 49.80 7.14
Assets Over $1 Billion(57) 31.22 22,627 734.6 34.11 20.33 31.80 -1.85 57.81 7.55
Assets $500 Million-$1 Billion(42) 25.64 5,364 123.2 28.02 15.96 25.74 -0.23 60.28 6.69
Assets $250-$500 Million(69) 23.40 3,348 73.1 25.34 15.63 23.42 -0.02 61.52 11.56
Assets less than $250 Million(127) 18.36 1,670 30.0 20.29 13.40 18.39 -0.10 41.40 4.63
Goodwill Companies(118) 26.19 11,634 323.7 28.66 16.98 26.47 -0.91 57.73 7.03
Non-Goodwill Companies(175) 20.88 3,167 94.2 22.89 14.60 20.93 -0.10 47.90 6.54
Acquirors of FSLIC Cases(8) 40.14 30,418 1,638.3 42.86 25.28 41.01 -1.98 67.79 7.98
Current Per Share Financials
---------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts (no MHC)
---------------------------------------------
SAIF-Insured Thrifts(295) 1.05 1.00 14.15 13.71 127.43
NYSE Traded Companies(8) 2.40 1.92 19.18 18.89 277.24
AMEX Traded Companies(22) 0.80 0.77 13.72 13.55 105.35
NASDAQ Listed OTC Companies(264) 1.04 1.00 14.06 13.64 125.95
California Companies(19) 1.52 1.38 16.77 16.36 230.17
Florida Companies(6) 0.99 0.67 11.17 10.72 144.16
Mid-Atlantic Companies(59) 1.17 1.12 14.37 13.43 145.05
Mid-West Companies(136) 0.99 0.96 14.20 13.92 114.24
New England Companies(8) 1.05 1.15 13.48 12.92 182.61
North-West Companies(11) 1.04 0.97 13.14 12.71 110.38
South-East Companies(44) 0.91 0.85 13.37 13.19 97.84
South-West Companies(6) 1.24 1.21 13.60 12.97 187.24
Western Companies (Excl CA)(6) 0.88 0.88 15.96 15.24 94.14
Thrift Strategy(247) 0.99 0.96 14.17 13.77 115.70
Mortgage Banker Strategy(30) 1.50 1.38 14.45 13.68 200.09
Real Estate Strategy(8) 1.54 1.41 13.87 13.45 201.19
Diversified Strategy(7) 1.60 1.26 13.04 12.71 166.95
Retail Banking Strategy(3) -0.37 -0.45 12.93 12.38 186.07
Companies Issuing Dividends(248) 1.12 1.06 14.29 13.85 127.35
Companies Without Dividends(47) 0.67 0.70 13.40 13.00 127.83
Equity/Assets less than 6%(21) 1.08 1.16 11.11 10.47 228.25
Equity/Assets 6-12%(129) 1.29 1.19 14.08 13.41 163.53
Equity/Assets greater than 12%(145) 0.84 0.81 14.63 14.43 82.75
Converted Last 3 Mths (no MHC)(13) 0.53 0.51 12.10 11.32 51.80
Actively Traded Companies(34) 1.55 1.63 14.83 14.39 181.98
Market Value Below $20 Million(40) 0.79 0.74 13.11 13.05 91.69
Holding Company Structure(268) 1.04 0.99 14.32 13.88 126.62
Assets Over $1 Billion(57) 1.51 1.43 15.17 13.93 202.53
Assets $500 Million-$1 Billion(42) 1.20 1.15 13.79 13.39 155.53
Assets $250-$500 Million(69) 1.08 1.03 14.58 14.21 127.67
Assets less than $250 Million(127) 0.79 0.76 13.63 13.49 87.50
Goodwill Companies(118) 1.27 1.19 14.34 13.30 162.63
Non-Goodwill Companies(175) 0.91 0.88 14.00 13.95 106.01
Acquirors of FSLIC Cases(8) 2.29 2.13 19.32 18.66 250.78
(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-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 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(59) 26.80 15,444 650.1 29.04 17.16 27.10 -0.90 63.84 7.05
NYSE Traded Companies(5) 37.11 63,480 2,119.5 38.99 26.45 37.70 -1.28 61.54 7.76
AMEX Traded Companies(6) 22.98 2,243 55.3 24.79 13.36 22.85 0.83 73.30 12.48
NASDAQ Listed OTC Companies(48) 26.26 12,871 597.2 28.54 16.49 26.55 -1.00 63.42 5.51
California Companies(1) 23.00 7,852 180.6 23.00 14.00 22.50 2.22 64.29 19.48
Mid-Atlantic Companies(21) 26.63 22,162 666.9 28.37 17.60 27.09 -1.50 64.70 5.98
New England Companies(31) 27.20 4,563 139.7 29.61 16.44 27.45 -0.68 71.51 10.27
North-West Companies(3) 35.21 89,844 6,076.6 38.12 25.92 35.23 0.67 39.30 2.29
South-East Companies(3) 17.05 2,593 36.5 20.96 13.34 17.17 -1.73 11.30 -15.67
Thrift Strategy(45) 25.21 8,253 235.5 27.36 16.25 25.52 -1.01 63.99 7.54
Mortgage Banker Strategy(6) 26.36 28,541 843.1 28.79 15.32 26.71 -0.99 69.89 0.72
Real Estate Strategy(3) 25.44 5,842 143.7 25.63 14.75 24.75 2.74 70.65 20.35
Diversified Strategy(5) 40.96 62,538 4,020.2 44.49 27.75 41.44 -1.30 52.68 5.27
Companies Issuing Dividends(51) 27.99 17,199 736.0 30.32 17.65 28.27 -0.69 63.04 6.05
Companies Without Dividends(8) 18.81 3,664 73.3 20.45 13.83 19.22 -2.32 69.25 13.73
Equity/Assets less than 6%(4) 34.39 69,008 4,606.7 36.83 21.11 34.49 0.27 90.74 12.97
Equity/Assets 6-12%(39) 27.94 10,834 360.3 30.20 16.71 28.23 -0.85 67.42 6.06
Equity/Assets greater than 12%(16) 22.49 11,851 276.6 24.65 17.13 22.83 -1.30 49.52 7.66
Converted Last 3 Mths (no MHC)(2) 19.76 19,386 229.2 22.23 16.72 20.38 -2.42 81.34 17.13
Actively Traded Companies(17) 36.94 32,349 1,754.9 39.54 23.38 37.50 -1.24 64.50 8.54
Market Value Below $20 Million(2) 13.57 1,046 14.2 15.63 7.72 14.50 -6.32 67.32 13.30
Holding Company Structure(47) 26.58 14,046 647.9 28.90 17.42 26.91 -0.97 60.69 7.15
Assets Over $1 Billion(17) 36.78 39,984 1,898.5 39.00 24.13 37.35 -1.35 60.31 9.59
Assets $500 Million-$1 Billion(15) 25.49 8,506 145.5 27.66 14.96 25.96 -1.47 72.01 4.92
Assets $250-$500 Million(12) 21.39 3,571 72.9 23.47 14.22 21.34 0.43 64.32 4.43
Assets less than $250 Million(15) 20.71 1,757 33.3 23.14 13.08 20.84 -1.06 62.02 7.66
Goodwill Companies(31) 29.14 25,658 1,157.4 31.26 17.86 29.40 -0.88 70.67 8.07
Non-Goodwill Companies(27) 24.30 5,334 145.4 26.60 15.99 24.59 -0.81 57.50 4.54
Current Per Share Financials
---------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(59) 1.31 1.29 13.89 13.36 140.82
NYSE Traded Companies(5) 1.53 1.53 19.42 17.09 139.86
AMEX Traded Companies(6) 1.15 1.01 13.43 12.98 120.73
NASDAQ Listed OTC Companies(48) 1.32 1.30 13.21 12.83 143.79
California Companies(1) 1.59 1.59 12.65 12.61 129.38
Mid-Atlantic Companies(21) 1.05 1.05 14.20 13.51 128.47
New England Companies(31) 1.54 1.46 13.91 13.43 151.59
North-West Companies(3) 1.14 1.49 12.94 12.48 185.20
South-East Companies(3) 0.89 0.88 13.04 12.85 77.88
Thrift Strategy(45) 1.26 1.19 14.13 13.69 129.79
Mortgage Banker Strategy(6) 1.31 1.31 12.19 11.61 151.19
Real Estate Strategy(3) 1.75 1.64 11.55 11.53 113.10
Diversified Strategy(5) 1.58 1.86 14.85 13.42 229.89
Companies Issuing Dividends(51) 1.38 1.35 14.03 13.42 147.72
Companies Without Dividends(8) 0.86 0.85 12.93 12.91 94.48
Equity/Assets less than 6%(4) 1.27 1.29 10.30 9.86 206.17
Equity/Assets 6-12%(39) 1.52 1.48 13.55 12.89 161.23
Equity/Assets greater than 12%(16) 0.88 0.87 15.49 15.23 81.10
Converted Last 3 Mths (no MHC)(2) 0.63 0.60 13.35 13.20 65.97
Actively Traded Companies(17) 1.93 1.86 17.37 16.44 194.98
Market Value Below $20 Million(2) 0.31 0.31 9.12 9.06 114.88
Holding Company Structure(47) 1.30 1.27 14.19 13.78 135.25
Assets Over $1 Billion(17) 1.59 1.66 16.46 15.25 177.25
Assets $500 Million-$1 Billion(15) 1.50 1.37 13.16 12.85 147.10
Assets $250-$500 Million(12) 1.17 1.13 12.48 12.21 113.63
Assets less than $250 Million(15) 0.98 0.93 12.57 12.46 117.08
Goodwill Companies(31) 1.37 1.36 14.03 12.98 163.74
Non-Goodwill Companies(27) 1.26 1.22 13.36 13.36 118.03
(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-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 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(16) 25.11 10,004 77.6 27.45 13.51 25.33 -0.94 104.39 14.85
BIF-Insured Thrifts(3) 26.23 32,223 391.9 28.09 15.63 26.75 -1.68 105.27 28.97
NASDAQ Listed OTC Companies(19) 25.30 13,707 130.0 27.56 13.86 25.57 -1.07 104.54 17.20
Florida Companies(2) 34.25 5,940 96.1 38.07 20.25 34.00 0.67 70.75 0.63
Mid-Atlantic Companies(10) 21.96 13,256 86.9 24.13 10.83 22.22 -1.17 129.89 19.26
Mid-West Companies(5) 28.03 2,278 28.8 29.88 15.58 28.50 -1.51 74.32 10.95
New England Companies(2) 27.60 46,589 582.1 29.56 19.21 28.02 -1.40 72.00 35.95
Thrift Strategy(17) 24.41 9,294 74.5 26.69 13.78 24.68 -1.12 94.75 17.15
Mortgage Banker Strategy(1) 26.88 33,942 219.6 27.88 6.58 26.75 0.49 293.56 35.21
Diversified Strategy(1) 38.00 64,083 929.2 41.13 22.42 38.66 -1.71 72.10 0.00
Companies Issuing Dividends(17) 26.35 11,742 117.5 28.81 13.58 26.64 -1.17 108.93 10.67
Companies Without Dividends(2) 16.94 29,426 230.2 17.49 16.16 16.98 -0.21 69.40 69.40
Equity/Assets 6-12%(12) 28.23 14,627 147.8 31.03 13.76 28.48 -0.88 122.95 12.70
Equity/Assets >12%(7) 19.44 11,868 94.4 20.60 14.07 19.75 -1.44 67.72 26.20
Holding Company Structure(3) 23.56 11,615 92.9 25.38 13.83 24.19 -2.19 105.05 30.12
Assets Over $1 Billion(6) 24.48 35,083 326.8 26.23 14.53 24.60 -0.37 118.38 32.10
Assets $500 Million-$1 Billion(1) 38.00 5,095 93.9 40.75 21.75 37.50 1.33 78.82 7.41
Assets $250-$500 Million(4) 30.56 3,387 35.7 32.97 15.52 31.00 -1.37 91.35 6.65
Assets less than $250 Million(8) 21.18 2,513 20.4 23.72 11.22 21.59 -1.83 103.88 11.85
Goodwill Companies(6) 29.17 26,219 261.8 31.25 13.97 29.55 -1.24 135.59 15.59
Non-Goodwill Companies(13) 23.37 7,451 64.1 25.71 13.81 23.58 -0.98 89.01 18.01
MHC Institutions(19) 25.30 13,707 130.0 27.56 13.86 25.57 -1.07 104.54 17.20
MHC Converted Last 3 Months(2) 16.94 29,426 230.2 17.49 16.16 16.98 -0.21 69.40 69.40
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(16) 0.64 0.61 9.84 9.76 88.32
BIF-Insured Thrifts(3) 0.89 0.67 10.71 10.26 100.97
NASDAQ Listed OTC Companies(19) 0.68 0.62 9.99 9.84 90.42
Florida Companies(2) 1.00 0.92 14.42 14.38 160.60
Mid-Atlantic Companies(10) 0.52 0.51 8.65 8.41 72.08
Mid-West Companies(5) 0.80 0.75 11.20 11.17 102.01
New England Companies(2) 0.92 0.61 9.82 9.79 88.80
Thrift Strategy(17) 0.64 0.62 10.21 10.09 89.69
Mortgage Banker Strategy(1) 0.52 0.45 5.27 4.70 64.85
Diversified Strategy(1) 1.44 0.83 11.08 11.02 127.71
Companies Issuing Dividends(17) 0.70 0.63 9.91 9.74 92.00
Companies Without Dividends(2) 0.49 0.49 10.64 10.64 77.79
Equity/Assets 6-12%(12) 0.75 0.65 9.79 9.57 102.45
Equity/Assets >12%(7) 0.55 0.55 10.39 10.39 66.36
Holding Company Structure(3) 0.69 0.65 10.58 10.16 96.06
Assets Over $1 Billion(6) 0.72 0.59 9.16 8.96 96.00
Assets $500 Million-$1 Billion(1) 1.05 0.97 15.95 15.95 141.34
Assets $250-$500 Million(4) 0.83 0.80 10.83 10.80 102.69
Assets less than $250 Million(8) 0.51 0.49 9.36 9.18 71.37
Goodwill Companies(6) 0.86 0.72 9.39 8.96 108.65
Non-Goodwill Companies(13) 0.59 0.57 10.28 10.28 81.31
MHC Institutions(19) 0.68 0.62 9.99 9.84 90.42
MHC Converted Last 3 Months(2) 0.49 0.49 10.64 10.64 77.79
(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-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 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
- ---------------------
AHM Ahmanson and Co. H.F. of CA(8) 75.69 109,737 8,306.0 81.25 39.38 76.75 -1.38 90.42 13.07
CFB Commercial Federal Corp. of NE 35.13 40,306 1,415.9 38.19 21.42 36.56 -3.91 59.10 -1.21
DME Dime Bancorp, Inc. of NY* 29.63 114,258 3,385.5 32.06 16.63 31.06 -4.60 78.17 -2.05
DSL Downey Financial Corp. of CA 32.69 28,094 918.4 34.47 18.21 34.75 -5.93 85.53 20.72
FED FirstFed Fin. Corp. of CA 49.81 10,592 527.6 49.81 24.88 46.81 6.41 100.20 28.54
GSB Golden State Bancorp of CA(8) 38.88 51,328 1,995.6 41.81 23.75 39.00 -0.31 58.69 3.85
GDW Golden West Fin. Corp. of CA 104.00 57,190 5,947.8 110.94 65.88 105.56 -1.48 55.81 6.33
GPT GreenPoint Fin. Corp. of NY* 41.50 84,649 3,512.9 41.69 29.34 40.19 3.26 44.65 14.39
JSB JSB Financial, Inc. of NY* 54.19 9,883 535.6 58.56 41.00 56.50 -4.09 30.58 8.25
OCN Ocwen Financial Corp. of FL 23.00 60,709 1,396.3 30.38 14.50 25.63 -10.26 58.62 -9.59
SIB Staten Island Bancorp of NY* 23.13 45,130 1,043.9 23.63 18.81 23.06 0.30 92.75 10.46
WES Westcorp Inc. of Orange CA 14.81 26,301 389.5 23.50 14.69 14.69 0.82 -14.14 -12.26
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 23.75 2,575 61.2 25.63 18.25 23.00 3.26 31.00 1.58
ANE Alliance Bancorp of NE, of CT* 24.00 1,636 39.3 24.00 11.44 22.50 6.67 109.79 45.45
BKC American Bank of Waterbury CT* 30.00 4,652 139.6 32.56 16.06 31.00 -3.23 86.80 23.05
BFD BostonFed Bancorp of MA 24.06 5,423 130.5 24.88 15.00 24.38 -1.31 59.02 9.96
CNY Carver Bancorp, Inc. of NY 15.38 2,314 35.6 17.13 9.13 15.00 2.53 61.89 -5.35
CBK Citizens First Fin.Corp. of IL 20.25 2,536 51.4 22.38 14.88 20.50 -1.22 36.09 0.00
EFC EFC Bancorp Inc of IL 14.19 0 0.0 14.94 14.13 14.69 -3.40 41.90 41.90
EBI Equality Bancorp, Inc. of MO 15.06 2,486 37.4 16.00 12.50 14.75 2.10 50.60 3.86
ESX Essex Bancorp of Norfolk VA(8) 4.06 1,059 4.3 7.94 1.00 4.25 -4.47 194.20 3.05
FCB Falmouth Bancorp, Inc. of MA* 20.25 1,455 29.5 23.88 14.50 20.75 -2.41 39.66 -1.22
FAB FirstFed America Bancorp of MA 22.63 8,707 197.0 23.25 14.19 23.00 -1.61 56.07 3.43
GAF GA Financial Corp. of PA 20.00 7,595 151.9 22.25 15.75 20.00 0.00 25.94 5.93
HBS Haywood Bancshares, Inc. of NC* 22.88 1,250 28.6 24.00 15.63 22.50 1.69 41.85 1.69
KNK Kankakee Bancorp, Inc. of IL 35.88 1,378 49.4 37.75 27.00 35.63 0.70 32.25 -4.95
KYF Kentucky First Bancorp of KY 15.00 1,298 19.5 15.50 10.56 15.00 0.00 36.36 0.40
MBB MSB Bancorp of Middletown NY(8)* 33.50 2,844 95.3 37.63 17.50 35.00 -4.29 87.36 -10.98
NBN Northeast Bancorp of ME* 17.75 2,223 39.5 19.50 9.17 17.50 1.43 88.43 -6.58
NEP Northeast PA Fin. Corp of PA 15.38 6,427 98.8 16.00 15.25 15.44 -0.39 53.80 53.80
PDB Piedmont Bancorp, Inc. of NC 10.31 2,751 28.4 11.63 10.00 10.50 -1.81 -4.09 -5.24
SSB Scotland Bancorp, Inc. of NC 8.88 1,914 17.0 19.25 8.81 9.00 -1.33 -42.71 -10.66
SZB SouthFirst Bancshares of AL 19.88 976 19.4 22.75 14.38 19.75 0.66 38.25 -12.62
SRN Southern Banc Company of AL 16.50 1,230 20.3 19.13 14.38 16.50 0.00 14.74 -7.04
SSM Stone Street Bancorp of NC 19.88 1,898 37.7 27.25 19.25 20.00 -0.60 -22.43 -10.41
TSH Teche Holding Company of LA 20.25 3,438 69.6 23.50 16.75 20.88 -3.02 20.90 -10.99
FTF Texarkana Fst. Fin. Corp of AR 28.31 1,759 49.8 29.50 17.13 27.88 1.54 66.53 13.24
THR Three Rivers Fin. Corp. of MI 19.38 825 16.0 23.50 14.13 19.50 -0.62 37.15 -10.90
WSB Washington SB, FSB of MD 7.88 4,406 34.7 9.50 4.88 8.00 -1.50 57.60 -13.02
WFI Winton Financial Corp. of OH 19.06 4,014 76.5 20.63 6.25 19.88 -4.12 177.03 87.05
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 31.00 1,090 33.8 34.50 18.41 30.00 3.33 60.04 5.84
FBER 1st Bergen Bancorp of NJ 19.38 2,729 52.9 20.75 13.50 19.13 1.31 37.15 1.31
AFED AFSALA Bancorp, Inc. of NY(8) 19.00 1,383 26.3 20.75 13.50 19.16 -0.84 40.74 -1.30
ALBK ALBANK Fin. Corp. of Albany NY 51.50 12,853 661.9 54.50 36.75 52.75 -2.37 32.90 0.12
AMFC AMB Financial Corp. of IN 18.88 964 18.2 19.38 14.00 19.38 -2.58 32.49 18.89
ASBP ASB Financial Corp. of OH 14.25 1,635 23.3 14.75 11.75 14.75 -3.39 21.28 7.55
ABBK Abington Bancorp of MA* 19.75 3,564 70.4 22.25 10.75 20.00 -1.25 83.72 -5.95
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA(8) 3.46 3.04 17.46 14.91 425.37
CFB Commercial Federal Corp. of NE 1.69 1.66 11.37 10.26 178.37
DME Dime Bancorp, Inc. of NY* 1.07 1.07 11.51 9.44 191.22
DSL Downey Financial Corp. of CA 1.61 1.55 15.32 15.13 207.72
FED FirstFed Fin. Corp. of CA 2.18 2.14 21.03 20.86 392.76
GSB Golden State Bancorp of CA(8) 1.84 2.21 18.85 17.01 312.29
GDW Golden West Fin. Corp. of CA 6.19 6.10 47.18 47.18 692.26
GPT GreenPoint Fin. Corp. of NY* 1.74 1.69 15.00 8.18 154.56
JSB JSB Financial, Inc. of NY* 2.97 2.64 35.96 35.96 154.92
OCN Ocwen Financial Corp. of FL 1.30 0.37 6.91 6.66 50.56
SIB Staten Island Bancorp of NY* 0.32 0.70 15.20 14.79 58.75
WES Westcorp Inc. of Orange CA 1.40 -0.28 13.26 13.23 141.78
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 1.14 1.11 17.31 17.31 107.60
ANE Alliance Bancorp of NE, of CT* 1.23 0.86 11.49 11.17 151.06
BKC American Bank of Waterbury CT* 1.71 1.48 12.39 11.98 137.36
BFD BostonFed Bancorp of MA 1.30 1.17 15.05 14.50 179.73
CNY Carver Bancorp, Inc. of NY -0.20 0.03 15.24 14.66 179.67
CBK Citizens First Fin.Corp. of IL 0.74 0.50 14.97 14.97 107.89
EFC EFC Bancorp Inc of IL 0.56 0.56 12.42 12.42 52.24
EBI Equality Bancorp, Inc. of MO 0.46 0.10 10.31 10.31 92.23
ESX Essex Bancorp of Norfolk VA(8) -0.28 -0.27 0.03 -0.15 184.22
FCB Falmouth Bancorp, Inc. of MA* 0.63 0.53 16.05 16.05 67.05
FAB FirstFed America Bancorp of MA 0.20 0.63 14.87 14.87 133.17
GAF GA Financial Corp. of PA 1.10 1.03 15.29 15.15 103.22
HBS Haywood Bancshares, Inc. of NC* 1.50 1.50 17.74 17.16 122.78
KNK Kankakee Bancorp, Inc. of IL 2.19 2.14 27.45 25.88 249.21
KYF Kentucky First Bancorp of KY 0.77 0.76 11.32 11.32 66.49
MBB MSB Bancorp of Middletown NY(8)* 0.40 1.11 21.92 11.66 269.12
NBN Northeast Bancorp of ME* 0.70 0.68 9.46 8.53 125.39
NEP Northeast PA Fin. Corp of PA 0.42 0.42 12.43 12.43 68.06
PDB Piedmont Bancorp, Inc. of NC 0.54 0.54 7.66 7.66 47.32
SSB Scotland Bancorp, Inc. of NC 0.58 0.58 7.73 7.73 32.12
SZB SouthFirst Bancshares of AL 0.63 0.64 16.39 15.98 169.45
SRN Southern Banc Company of AL 0.41 0.41 14.74 14.61 86.31
SSM Stone Street Bancorp of NC 0.81 0.81 16.37 16.37 56.95
TSH Teche Holding Company of LA 1.13 1.08 16.09 16.09 118.85
FTF Texarkana Fst. Fin. Corp of AR 1.72 1.68 15.53 15.53 102.48
THR Three Rivers Fin. Corp. of MI 1.00 0.95 15.91 15.86 118.17
WSB Washington SB, FSB of MD 0.46 0.33 5.23 5.23 60.31
WFI Winton Financial Corp. of OH 0.80 0.66 5.80 5.68 80.84
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 1.81 1.18 21.08 20.71 234.80
FBER 1st Bergen Bancorp of NJ 0.78 0.78 14.39 14.39 106.43
AFED AFSALA Bancorp, Inc. of NY(8) 0.89 0.89 14.52 14.52 115.99
ALBK ALBANK Fin. Corp. of Albany NY 3.38 3.35 27.98 21.73 317.68
AMFC AMB Financial Corp. of IN 1.06 0.67 15.32 15.32 103.52
ASBP ASB Financial Corp. of OH 0.63 0.63 10.70 10.70 69.22
ABBK Abington Bancorp. of MA* 1.23 1.08 10.19 9.28 149.27
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 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)
- ---------------------------------------
ABBK Abington Bancorp of MA* 19.75 3,564 70.4 22.25 10.75 20.00 -1.25 83.72 -5.95
AABC Access Anytime Bancorp of NM 12.00 1,217 14.6 13.00 5.39 11.75 2.13 122.63 9.09
AFBC Advance Fin. Bancorp of WV 18.13 1,084 19.7 20.88 13.50 17.75 2.14 34.30 4.32
AFCB Affiliated Comm BC, Inc of MA(8) 38.50 6,581 253.4 41.88 21.00 38.50 0.00 85.99 1.99
ALBC Albion Banc Corp. of Albion NY 11.00 750 8.3 14.17 6.17 10.50 4.76 76.00 -17.48
ABCL Alliance Bancorp, Inc. of IL 28.00 8,024 224.7 29.25 18.52 28.25 -0.88 51.35 5.66
ALLB Alliance Bank MHC of PA (19.9) 33.50 3,273 21.8 36.38 12.50 33.50 0.00 162.75 8.06
AHCI Ambanc Holding Co., Inc. of NY* 18.94 4,306 81.6 20.00 13.56 18.69 1.34 37.75 1.01
ASBI Ameriana Bancorp of IN 20.75 3,233 67.1 22.00 15.50 20.13 3.08 33.87 4.38
ABCW Anchor Bancorp Wisconsin of WI 43.38 8,963 388.8 46.50 21.25 43.75 -0.85 104.14 19.24
ANDB Andover Bancorp, Inc. of MA* 42.75 5,179 221.4 45.25 27.50 43.50 -1.72 55.45 6.21
ASFC Astoria Financial Corp. of NY 57.63 26,366 1,519.5 62.50 39.75 59.63 -3.35 43.61 3.37
AVND Avondale Fin. Corp. of IL 17.00 3,324 56.5 18.88 13.13 16.19 5.00 22.48 4.62
BKCT Bancorp Connecticut of CT* 20.13 5,096 102.6 25.00 11.25 20.00 0.65 80.86 -4.14
BPLS Bank Plus Corp. of CA 13.13 19,383 254.5 16.13 9.75 13.75 -4.51 31.30 3.96
BNKU Bank United Corp. of TX 50.50 31,596 1,595.6 56.00 31.38 52.50 -3.81 62.90 3.19
BWFC Bank West Fin. Corp. of MI 14.13 2,623 37.1 17.50 8.25 14.13 0.00 72.95 -12.40
BANC BankAtlantic Bancorp of FL 13.88 32,996 458.0 17.00 12.50 14.50 -4.28 11.04 -17.13
BKUNA BankUnited Fin. Corp. of FL 17.00 14,209 241.6 17.13 8.63 16.25 4.62 100.00 10.32
BVCC Bay View Capital Corp. of CA 31.63 20,309 642.4 38.00 22.63 32.25 -1.92 23.75 -12.74
FSNJ Bayonne Banchsares of NJ 16.31 9,050 147.6 17.38 8.01 16.63 -1.92 103.62 21.90
BFSB Bedford Bancshares, Inc. of VA 28.75 1,149 33.0 34.75 19.75 29.00 -0.86 51.32 -15.44
BFFC Big Foot Fin. Corp. of IL 21.44 2,513 53.9 23.94 15.00 20.75 3.33 46.55 2.10
BYFC Broadway Fin. Corp. of CA 12.50 863 10.8 13.75 10.50 12.50 0.00 16.28 -5.66
BRKL Brookline Bncp MHC of MA(47.0) 17.19 29,095 235.1 17.98 16.00 17.38 -1.09 71.90 71.90
CBES CBES Bancorp, Inc. of MO 22.80 940 21.4 26.00 16.00 22.50 1.33 38.18 2.47
CCFH CCF Holding Company of GA 23.25 900 20.9 23.25 14.32 23.00 1.09 57.95 15.50
CFSB CFSB Bancorp of Lansing MI 27.75 7,473 207.4 31.13 13.49 27.50 0.91 105.71 5.71
CKFB CKF Bancorp of Danville KY 19.13 855 16.4 21.25 17.75 19.88 -3.77 -4.35 3.41
CNSB CNS Bancorp, Inc. of MO 17.88 1,653 29.6 21.50 15.50 17.88 0.00 11.75 -12.78
CSBF CSB Financial Group Inc of IL 13.63 840 11.4 14.00 11.75 13.75 -0.87 14.73 0.96
CBCI Calumet Bancorp of Chicago IL 37.50 3,141 117.8 39.00 24.67 36.50 2.74 58.43 12.78
CAFI Camco Fin. Corp. of OH 29.88 3,217 96.1 31.00 16.67 29.38 1.70 79.24 17.18
CMRN Cameron Fin. Corp. of MO 21.50 2,564 55.1 22.19 16.00 22.00 -2.27 28.36 4.88
CAPS Capital Savings Bancorp of MO(8) 22.25 1,891 42.1 25.25 13.13 23.13 -3.80 66.29 -11.88
CFNC Carolina Fincorp of NC* 18.13 1,852 33.6 18.88 14.25 18.13 0.00 27.23 -2.00
CASB Cascade Financial Corp. of WA 17.75 3,395 60.3 17.75 11.60 16.25 9.23 34.47 33.96
CATB Catskill Fin. Corp. of NY* 18.00 4,461 80.3 19.13 15.25 18.25 -1.37 14.29 -4.66
CAVB Cavalry Bancorp of TN 23.50 7,538 177.1 25.25 20.56 24.00 -2.08 135.00 135.00
CNIT Cenit Bancorp of Norfolk VA 26.50 4,977 131.9 28.58 13.58 27.00 -1.85 90.37 0.00
CEBK Central Co-Op. Bank of MA* 29.75 1,965 58.5 33.50 16.50 30.25 -1.65 77.61 4.39
CENB Century Bancorp, Inc. of NC(8) 19.75 1,222 24.1 39.00 19.75 21.00 -5.95 -13.19 -30.09
CBSB Charter Financial Inc. of IL(8) 34.75 4,174 145.0 34.75 17.00 34.75 0.00 97.11 38.28
COFI Charter One Financial of OH 68.13 64,068 4,365.0 72.75 43.93 69.56 -2.06 55.51 7.92
CVAL Chester Valley Bancorp of PA 33.00 2,185 72.1 37.00 16.67 34.00 -2.94 82.32 12.82
CTZN CitFed Bancorp of Dayton OH(8) 50.50 13,003 656.7 58.00 22.50 53.13 -4.95 122.76 29.49
CLAS Classic Bancshares, Inc. of KY 18.50 1,300 24.1 21.50 13.50 19.63 -5.76 37.04 10.45
CBSA Coastal Bancorp of Houston TX 38.38 5,035 193.2 39.00 24.75 36.25 5.88 56.65 10.03
CFCP Coastal Fin. Corp. of SC 22.00 4,674 102.8 27.75 17.81 22.00 0.00 24.79 -10.20
CMSB Commonwealth Bancorp Inc of PA 23.56 16,264 383.2 23.75 14.63 23.50 0.26 59.08 18.51
CMSV Commty. Svgs, MHC of FL (48.5) 38.00 5,095 93.9 40.75 21.75 37.50 1.33 78.82 7.41
CFTP Community Fed. Bancorp of MS 17.75 4,527 80.4 21.00 16.38 18.25 -2.74 -10.13 -12.35
CFFC Community Fin. Corp. of VA 16.25 2,554 41.5 16.25 10.75 16.13 0.74 41.30 17.67
CIBI Community Inv. Bancorp of OH 20.75 890 18.5 22.88 11.54 20.50 1.22 80.43 28.40
COOP Cooperative Bancshares of NC 18.00 2,984 53.7 25.00 10.50 18.31 -1.69 71.43 -26.53
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)
- ---------------------------------------
ABBK Abington Bancorp of MA* 1.23 1.08 10.19 9.28 149.27
AABC Access Anytime Bancorp of NM 1.31 1.22 7.51 7.51 88.10
AFBC Advance Fin. Bancorp of WV 0.84 0.81 15.17 15.17 99.66
AFCB Affiliated Comm BC, Inc of MA(8) 1.80 1.74 17.18 17.09 175.51
ALBC Albion Banc Corp. of Albion NY 0.47 0.45 8.21 8.21 95.63
ABCL Alliance Bancorp, Inc. of IL 1.28 1.42 16.32 16.13 169.97
ALLB Alliance Bank MHC of PA (19.9) 0.62 0.62 8.91 8.91 79.58
AHCI Ambanc Holding Co., Inc. of NY* 0.64 0.52 14.21 14.21 118.54
ASBI Ameriana Bancorp of IN 1.12 0.98 13.74 13.74 120.90
ABCW Anchor Bancorp Wisconsin of WI 2.22 2.05 14.39 14.16 216.58
ANDB Andover Bancorp, Inc. of MA* 2.55 2.50 20.68 20.68 255.41
ASFC Astoria Financial Corp. of NY 2.54 2.36 32.22 22.42 399.32
AVND Avondale Fin. Corp. of IL -3.76 -3.19 13.83 13.83 163.12
BKCT Bancorp Connecticut of CT* 1.16 1.03 9.21 9.21 86.94
BPLS Bank Plus Corp. of CA 0.65 0.73 9.36 8.52 215.02
BNKU Bank United Corp. of TX 2.52 2.21 19.39 18.89 396.36
BWFC Bank West Fin. Corp. of MI 0.43 0.32 8.83 8.83 64.65
BANC BankAtlantic Bancorp of FL 0.84 0.43 6.28 5.48 92.87
BKUNA BankUnited Fin. Corp. of FL 0.38 0.29 9.13 8.10 213.16
BVCC Bay View Capital Corp. of CA 0.69 0.94 8.55 7.10 159.85
FSNJ Bayonne Banchsares of NJ 0.30 0.43 10.63 10.63 67.47
BFSB Bedford Bancshares, Inc. of VA 1.41 1.40 17.30 17.30 119.15
BFFC Big Foot Fin. Corp. of IL 0.51 0.45 15.09 15.09 86.06
BYFC Broadway Fin. Corp. of CA 0.61 0.42 14.93 14.93 144.98
BRKL Brookline Bncp MHC of MA(47.0) 0.39 0.39 8.56 8.56 49.88
CBES CBES Bancorp, Inc. of MO 1.19 1.04 18.66 18.66 118.22
CCFH CCF Holding Company of GA 0.15 -0.25 13.05 13.05 138.92
CFSB CFSB Bancorp of Lansing MI 1.43 1.33 9.04 9.04 114.13
CKFB CKF Bancorp of Danville KY 1.31 0.98 16.10 16.10 73.53
CNSB CNS Bancorp, Inc. of MO 0.52 0.52 14.47 14.47 59.22
CSBF CSB Financial Group Inc of IL 0.29 0.25 13.87 13.09 57.78
CBCI Calumet Bancorp of Chicago IL 2.54 2.56 25.98 25.98 154.93
CAFI Camco Fin. Corp. of OH 1.75 1.42 15.22 14.12 161.83
CMRN Cameron Fin. Corp. of MO 0.94 0.93 17.66 17.66 82.39
CAPS Capital Savings Bancorp of MO(8) 1.25 1.20 12.08 12.08 128.08
CFNC Carolina Fincorp of NC* 0.73 0.70 14.06 14.06 61.91
CASB Cascade Financial Corp. of WA 0.74 0.72 8.63 8.63 124.46
CATB Catskill Fin. Corp. of NY* 0.85 0.85 16.06 16.06 66.05
CAVB Cavalry Bancorp of TN 0.61 0.61 12.53 12.53 46.02
CNIT Cenit Bancorp of Norfolk VA 1.21 1.12 10.03 9.23 144.28
CEBK Central Co-Op. Bank of MA* 1.42 1.30 18.35 16.59 186.82
CENB Century Bancorp, Inc. of NC(8) 1.33 1.34 25.23 25.23 83.70
CBSB Charter Financial Inc. of IL(8) 1.26 1.39 14.24 12.75 91.61
COFI Charter One Financial of OH 1.96 2.87 21.49 20.08 308.43
CVAL Chester Valley Bancorp of PA 1.44 1.37 13.14 13.14 149.04
CTZN CitFed Bancorp of Dayton OH(8) 2.10 2.10 16.14 14.74 266.12
CLAS Classic Bancshares, Inc. of KY 0.82 0.96 15.13 12.85 101.68
CBSA Coastal Bancorp of Houston TX 2.30 2.28 20.82 17.70 578.23
CFCP Coastal Fin. Corp. of SC 1.31 1.13 7.21 7.21 120.64
CMSB Commonwealth Bancorp Inc of PA 1.01 0.77 13.21 10.43 139.49
CMSV Commty. Svgs, MHC of FL (48.5) 1.05 0.97 15.95 15.95 141.34
CFTP Community Fed. Bancorp of MS 0.62 0.62 13.37 13.37 50.51
CFFC Community Fin. Corp. of VA 0.73 0.74 9.76 9.72 71.60
CIBI Community Inv. Bancorp of OH 1.04 1.04 12.48 12.48 107.73
COOP Cooperative Bancshares of NC 0.75 0.74 9.48 9.48 123.70
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 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)
- ---------------------------------------
CRZY Crazy Woman Creek Bncorp of WY 19.00 955 18.1 19.13 13.13 18.13 4.80 40.74 26.67
DNFC D&N Financial Corp. of MI 27.75 9,135 253.5 29.75 15.68 29.50 -5.93 76.98 4.72
DCBI Delphos Citizens Bancorp of OH 22.00 1,904 41.9 24.25 13.50 21.00 4.76 66.04 6.02
DIME Dime Community Bancorp of NY* 27.75 12,440 345.2 28.56 16.88 27.88 -0.47 60.31 16.84
DIBK Dime Financial Corp. of CT(8)* 34.00 5,164 175.6 37.00 19.75 35.25 -3.55 65.85 11.48
ESBF ESB Financial Corp of PA 20.50 5,271 108.1 21.50 12.27 20.50 0.00 67.07 6.49
EGLB Eagle BancGroup of IL 20.38 1,177 24.0 21.13 15.00 20.70 -1.55 31.48 7.94
EBSI Eagle Bancshares of Tucker GA 22.75 5,719 130.1 27.25 15.50 24.63 -7.63 47.92 3.41
ETFS East Texas Fin. Serv. of TX 16.13 1,539 24.8 16.25 11.25 15.00 7.53 43.38 1.90
ESBK Elmira Svgs Bank (The) of NY* 30.00 741 22.2 32.25 18.33 30.00 0.00 61.55 0.00
EMLD Emerald Financial Corp. of OH 28.75 5,131 147.5 32.00 13.00 28.88 -0.45 107.13 29.91
EFBC Empire Federal Bancorp of MT 17.00 2,592 44.1 18.25 13.00 17.00 0.00 30.77 -0.76
EFBI Enterprise Fed. Bancorp of OH 29.00 1,986 57.6 35.00 15.50 29.25 -0.85 87.10 -7.94
EQSB Equitable FSB of Wheaton MD 33.25 1,218 40.5 34.00 16.88 33.63 -1.13 90.33 25.47
FCBF FCB Fin. Corp. of Neenah WI 32.50 3,863 125.5 34.00 20.75 32.25 0.78 51.16 10.17
FFDF FFD Financial Corp. of OH 22.88 1,445 33.1 23.75 13.25 22.88 0.00 66.40 27.11
FFLC FFLC Bancorp of Leesburg FL 20.38 3,747 76.4 23.50 15.90 20.75 -1.78 24.65 -6.30
FFWC FFW Corporation of Wabash IN 18.50 1,450 26.8 21.50 13.00 17.63 4.93 42.31 -2.63
FFYF FFY Financial Corp. of OH 34.38 4,055 139.4 35.38 25.50 35.00 -1.77 32.84 3.77
FMCO FMS Financial Corp. of NJ 46.00 2,395 110.2 50.00 19.00 47.50 -3.16 142.11 29.58
FFHH FSF Financial Corp. of MN 20.38 2,949 60.1 21.25 16.63 21.00 -2.95 22.55 -2.67
FOBC Fed One Bancorp of Wheeling WV(8) 36.75 2,394 88.0 40.63 18.63 37.75 -2.65 96.00 33.64
FBCI Fidelity Bancorp of Chicago IL 24.75 2,822 69.8 26.00 18.50 24.75 0.00 26.92 -3.43
FSBI Fidelity Bancorp, Inc. of PA 25.63 1,952 50.0 27.50 16.00 27.50 -6.80 62.94 10.47
FFFL Fidelity Bcsh MHC of FL (47.7) 30.50 6,785 98.3 35.38 18.75 30.50 0.00 62.67 -6.15
FFED Fidelity Fed. Bancorp of IN 7.88 3,128 24.6 10.50 7.50 7.88 0.00 -7.29 -23.57
FFOH Fidelity Financial of OH 17.88 5,595 100.0 19.88 13.25 18.00 -0.67 30.04 15.35
FIBC Financial Bancorp, Inc. of NY 26.00 1,707 44.4 27.25 16.25 26.13 -0.50 60.00 7.75
FBSI First Bancshares, Inc. of MO 13.50 2,211 29.8 17.50 9.50 13.63 -0.95 37.61 -13.63
FBBC First Bell Bancorp of PA 20.50 6,524 133.7 21.63 14.50 20.75 -1.20 36.67 7.89
SKBO First Carnegie MHC of PA(45.0) 20.25 2,300 21.0 21.00 12.88 20.75 -2.41 50.00 8.00
FSTC First Citizens Corp of GA 31.75 2,765 87.8 35.50 15.50 33.25 -4.51 104.84 -6.62
FCME First Coastal Corp. of ME* 13.63 1,359 18.5 15.75 8.88 14.00 -2.64 45.31 -8.40
FFBA First Colorado Bancorp of CO(8) 29.19 16,827 491.2 30.13 16.25 29.25 -0.21 70.40 22.91
FDEF First Defiance Fin.Corp. of OH 15.25 8,123 123.9 16.25 12.38 15.00 1.67 23.18 -4.69
FESX First Essex Bancorp of MA* 22.88 7,535 172.4 26.13 15.63 23.50 -2.64 43.00 -1.59
FFSX First FSB MHC Sxld of IA(46.1) 38.00 2,834 49.5 39.00 20.75 38.63 -1.63 65.22 19.69
FFES First Fed of E. Hartford CT 40.00 2,713 108.5 42.25 23.50 40.00 0.00 70.21 7.38
BDJI First Fed. Bancorp. of MN 20.25 998 20.2 22.00 12.00 20.25 0.00 64.23 -7.95
FFBH First Fed. Bancshares of AR 27.75 4,896 135.9 30.25 18.88 28.50 -2.63 38.75 16.84
FTFC First Fed. Capital Corp. of WI 35.00 9,258 324.0 35.75 19.50 35.75 -2.10 84.21 3.31
FFKY First Fed. Fin. Corp. of KY 26.31 4,133 108.7 27.50 18.25 25.50 3.18 31.55 15.65
FFBZ First Federal Bancorp of OH 24.00 1,575 37.8 25.75 17.00 24.00 0.00 37.14 13.58
FFCH First Fin. Holdings Inc. of SC 24.00 13,521 324.5 27.00 12.50 24.50 -2.04 86.34 -9.64
FFHS First Franklin Corp. of OH 28.75 1,192 34.3 31.25 17.25 29.13 -1.30 66.67 -8.00
FGHC First Georgia Hold. Corp of GA 13.50 3,052 41.2 13.75 7.00 13.00 3.85 68.75 42.11
FSPG First Home Bancorp of NJ(8) 32.50 2,708 88.0 37.50 18.13 32.56 -0.18 75.68 7.87
FFSL First Independence Corp. of KS 14.00 954 13.4 15.63 10.88 14.38 -2.64 28.68 0.00
FISB First Indiana Corp. of IN 24.38 12,737 310.5 30.00 15.42 24.88 -2.01 57.09 -3.29
FKFS First Keystone Fin. Corp of PA 20.75 2,413 50.1 21.75 11.00 21.00 -1.19 86.43 16.05
FLKY First Lancaster Bncshrs of KY 15.75 953 15.0 16.38 15.00 15.75 0.00 3.28 -1.19
FLFC First Liberty Fin. Corp. of GA 24.50 11,623 284.8 25.25 14.00 25.00 -2.00 68.97 14.86
CASH First Midwest Fin., Inc. of OH 23.75 2,692 63.9 24.88 15.00 23.25 2.15 55.13 5.56
FMBD First Mutual Bancorp Inc of IL 18.38 3,531 64.9 25.00 13.75 18.75 -1.97 31.29 -26.48
FMSB First Mutual SB of Bellevue WA* 17.75 4,166 73.9 20.17 11.06 17.38 2.13 58.34 -4.05
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)
- ---------------------------------------
CRZY Crazy Woman Creek Bncorp of WY 0.75 0.76 15.04 15.04 63.64
DNFC D&N Financial Corp. of MI 1.57 1.40 10.74 10.64 198.72
DCBI Delphos Citizens Bancorp of OH 0.95 0.95 15.16 15.16 56.59
DIME Dime Community Bancorp of NY* 0.95 0.91 14.97 12.94 119.62
DIBK Dime Financial Corp. of CT(8)* 3.24 3.22 15.35 14.95 185.61
ESBF ESB Financial Corp of PA 1.03 1.03 13.00 11.58 172.79
EGLB Eagle BancGroup of IL 0.43 0.31 17.25 17.25 145.40
EBSI Eagle Bancshares of Tucker GA 0.96 0.97 12.80 12.80 163.40
ETFS East Texas Fin. Serv. of TX 0.47 0.44 13.63 13.63 78.03
ESBK Elmira Svgs Bank (The) of NY* 1.18 1.27 19.71 19.71 311.72
EMLD Emerald Financial Corp. of OH 1.20 1.14 9.46 9.33 117.71
EFBC Empire Federal Bancorp of MT 0.61 0.61 15.66 15.66 42.36
EFBI Enterprise Fed. Bancorp of OH 1.11 1.00 16.31 16.30 151.69
EQSB Equitable FSB of Wheaton MD 1.89 1.87 13.73 13.73 264.11
FCBF FCB Fin. Corp. of Neenah WI 1.25 0.92 18.97 18.97 134.59
FFDF FFD Financial Corp. of OH 1.11 0.53 15.38 15.38 63.92
FFLC FFLC Bancorp of Leesburg FL 1.00 0.95 13.73 13.73 106.82
FFWC FFW Corporation of Wabash IN 1.23 1.21 12.54 11.43 131.93
FFYF FFY Financial Corp. of OH 1.91 1.89 20.61 20.61 151.60
FMCO FMS Financial Corp. of NJ 2.29 2.29 16.25 16.05 262.38
FFHH FSF Financial Corp. of MN 1.07 1.05 14.90 14.90 136.61
FOBC Fed One Bancorp of Wheeling WV(8) 1.35 1.34 16.95 16.24 153.21
FBCI Fidelity Bancorp of Chicago IL 0.38 1.09 18.17 18.13 173.52
FSBI Fidelity Bancorp, Inc. of PA 1.42 1.38 13.77 13.77 201.37
FFFL Fidelity Bcsh MHC of FL (47.7) 0.95 0.86 12.88 12.81 179.85
FFED Fidelity Fed. Bancorp of IN 0.56 0.52 5.02 5.02 69.00
FFOH Fidelity Financial of OH 0.87 0.84 11.49 10.12 95.64
FIBC Financial Bancorp, Inc. of NY 1.53 1.63 16.13 16.06 180.58
FBSI First Bancshares, Inc. of MO 0.85 0.81 10.52 10.52 73.06
FBBC First Bell Bancorp of PA 1.16 1.14 11.19 11.19 103.57
SKBO First Carnegie MHC of PA(45.0) 0.41 0.46 10.74 10.74 62.46
FSTC First Citizens Corp of GA 2.15 1.92 12.34 9.73 121.95
FCME First Coastal Corp. of ME* 0.93 0.75 10.90 10.90 107.73
FFBA First Colorado Bancorp of CO(8) 1.18 1.12 12.44 12.19 92.43
FDEF First Defiance Fin.Corp. of OH 0.67 0.65 13.16 13.16 71.37
FESX First Essex Bancorp of MA* 1.29 1.15 12.09 10.62 158.92
FFSX First FSB MHC Sxld of IA(46.1) 1.19 1.15 14.34 14.23 161.94
FFES First Fed of E. Hartford CT 2.05 2.27 24.69 24.69 362.24
BDJI First Fed. Bancorp. of MN 0.73 0.73 12.12 12.12 119.08
FFBH First Fed. Bancshares of AR 1.12 1.07 16.93 16.93 112.26
FTFC First Fed. Capital Corp. of WI 1.88 1.48 11.81 11.17 166.81
FFKY First Fed. Fin. Corp. of KY 1.49 1.47 12.85 12.15 93.96
FFBZ First Federal Bancorp of OH 1.22 1.22 10.09 10.08 132.60
FFCH First Fin. Holdings Inc. of SC 1.08 1.06 8.54 8.54 132.63
FFHS First Franklin Corp. of OH 1.42 1.30 17.81 17.72 193.38
FGHC First Georgia Hold. Corp of GA 0.58 0.48 4.53 4.20 54.52
FSPG First Home Bancorp of NJ(8) 1.75 1.71 13.81 13.61 198.60
FFSL First Independence Corp. of KS 0.76 0.76 11.91 11.91 119.15
FISB First Indiana Corp. of IN 1.39 1.13 12.02 11.88 126.67
FKFS First Keystone Fin. Corp of PA 1.12 1.01 10.38 10.38 156.87
FLKY First Lancaster Bncshrs of KY 0.53 0.53 14.92 14.92 52.34
FLFC First Liberty Fin. Corp. of GA 0.82 0.85 8.33 7.57 109.73
CASH First Midwest Fin., Inc. of OH 1.37 1.28 16.39 14.62 151.41
FMBD First Mutual Bancorp Inc of IL 0.28 0.23 15.35 11.77 110.86
FMSB First Mutual SB of Bellevue WA* 1.05 1.03 7.35 7.35 108.29
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 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)
---------------------------------------
FNGB First Northern Cap. Corp of WI 13.75 8,917 122.6 14.00 9.25 13.63 0.88 48.65 -1.79
FFPB First Palm Beach Bancorp of FL 36.25 5,058 183.4 44.94 27.88 37.75 -3.97 29.46 -15.95
FWWB First Savings Bancorp of WA 24.88 10,156 252.7 28.56 20.75 26.63 -6.57 15.72 -9.53
FSFF First SecurityFed Fin of IL 16.75 6,408 107.3 16.88 14.50 16.25 3.08 67.50 6.35
SHEN First Shenango Bancorp of PA(8) 44.75 2,069 92.6 46.25 24.00 46.00 -2.72 84.54 20.95
FSLA First Source Bancorp of NJ 10.50 31,740 333.3 13.93 5.23 10.56 -0.57 89.19 -24.62
SOPN First Svgs Bancorp of NC 24.00 3,710 89.0 26.00 19.38 23.25 3.23 23.84 -5.88
FBNW FirstBank Corp of Clarkston WA 23.00 1,984 45.6 23.50 15.50 22.13 3.93 130.00 21.82
FFDB FirstFed Bancorp, Inc. of AL 25.00 1,155 28.9 25.50 16.00 24.25 3.09 56.25 15.58
FSPT FirstSpartan Fin. Corp. of SC 45.50 4,430 201.6 47.25 35.00 45.75 -0.55 127.50 13.04
FLAG Flag Financial Corp of GA 19.00 2,037 38.7 21.50 11.88 19.75 -3.80 58.33 -11.63
FLGS Flagstar Bancorp, Inc of MI 27.00 13,670 369.1 28.38 13.50 27.88 -3.16 94.52 36.36
FFIC Flushing Fin. Corp. of NY* 26.25 7,828 205.5 28.00 18.75 26.75 -1.87 37.22 9.92
FBHC Fort Bend Holding Corp. of TX(8) 28.00 1,668 46.7 28.00 13.25 28.00 0.00 111.32 28.74
FTSB Fort Thomas Fin. Corp. of KY 15.25 1,474 22.5 15.63 9.25 15.25 0.00 45.24 -0.85
FKKY Frankfort First Bancorp of KY 17.00 1,619 27.5 24.50 15.75 16.88 0.71 -16.05 -3.57
FTNB Fulton Bancorp, Inc. of MO 22.50 1,719 38.7 26.50 18.25 23.00 -2.17 20.00 1.67
GUPB GFSB Bancorp, Inc of Gallup NM 17.00 1,201 20.4 17.00 11.50 15.50 9.68 47.83 20.74
GSLA GS Financial Corp. of LA 20.00 3,439 68.8 21.00 13.88 19.75 1.27 42.86 -4.76
GOSB GSB Financial Corp. of NY* 17.56 2,248 39.5 18.94 14.25 17.50 0.34 75.60 -2.77
GFCO Glenway Financial Corp. of OH 20.25 2,281 46.2 21.25 10.50 19.50 3.85 84.09 8.00
GTPS Great American Bancorp of IL 20.75 1,588 33.0 23.00 15.50 22.00 -5.68 30.18 9.21
PEDE Great Pee Dee Bancorp of SC 16.00 2,202 35.2 16.25 14.75 16.25 -1.54 60.00 -0.81
GSBC Great Southern Bancorp of MO 25.88 8,066 208.7 26.38 16.00 26.00 -0.46 53.32 5.63
GSFC Green Street Fin. Corp. of NC 16.75 4,298 72.0 20.75 16.69 16.75 0.00 -4.29 -8.22
GFED Guaranty Fed Bancshares of MO 13.13 6,226 81.7 14.44 8.03 13.25 -0.91 67.69 1.94
HCBB HCB Bancshares of Camden AR 15.63 2,645 41.3 16.13 12.63 16.00 -2.31 22.59 7.79
HEMT HF Bancorp of Hemet CA 15.50 6,312 97.8 18.25 13.31 17.00 -8.82 6.90 -11.43
HFFC HF Financial Corp. of SD 35.00 2,935 102.7 35.63 19.25 35.63 -1.77 79.49 32.08
HFNC HFNC Financial Corp. of NC 13.31 17,193 228.8 18.13 12.94 13.25 0.45 -21.71 -8.21
HMNF HMN Financial, Inc. of MN 27.38 4,144 113.5 32.50 20.50 27.69 -1.12 38.63 -15.75
HALL Hallmark Capital Corp. of WI 15.50 2,934 45.5 18.00 8.88 15.13 2.45 74.55 -8.82
HRBF Harbor Federal Bancorp of MD 24.75 1,693 41.9 25.75 17.00 25.75 -3.88 42.41 -1.98
HARB Harbor Florida Bancshrs of FL 12.31 30,699 377.9 12.81 5.95 12.50 -1.52 102.80 11.71
HFSA Hardin Bancorp of Hardin MO 19.00 824 15.7 19.50 13.50 18.88 0.64 38.18 4.11
HARL Harleysville SB of PA 33.00 1,672 55.2 33.00 21.50 32.25 2.33 53.49 20.00
HFGI Harrington Fin. Group of IN 11.50 3,311 38.1 13.75 10.75 11.50 0.00 3.32 -11.54
HARS Harris Fin. MHC of PA (24.3) 26.88 33,942 219.6 27.88 6.58 26.75 0.49 293.56 35.21
HFFB Harrodsburg 1st Fin Bcrp of KY 17.69 1,986 35.1 18.00 14.75 17.00 4.06 18.88 5.61
HHFC Harvest Home Fin. Corp. of OH 16.50 891 14.7 16.75 10.50 16.75 -1.49 43.48 4.76
HAVN Haven Bancorp of Woodhaven NY 25.75 8,836 227.5 28.75 16.69 26.00 -0.96 52.55 14.44
HTHR Hawthorne Fin. Corp. of CA 20.50 3,164 64.9 24.00 9.25 20.50 0.00 121.62 1.84
HMLK Hemlock Fed. Fin. Corp. of IL 18.88 2,000 37.8 19.00 12.88 19.00 -0.63 45.90 10.22
HBSC Heritage Bancorp, Inc of SC 22.06 4,629 102.1 22.38 21.75 21.88 0.82 47.07 47.07
HFWA Heritage Financial Corp of WA 15.88 9,749 154.8 15.94 13.00 15.63 1.60 58.80 58.80
HCBC High Country Bancorp of CO 15.00 1,323 19.8 15.50 14.44 14.88 0.81 50.00 -3.23
HBNK Highland Bancorp of CA 42.50 2,323 98.7 43.50 20.50 41.00 3.66 97.67 29.77
HIFS Hingham Inst. for Sav. of MA* 35.50 1,304 46.3 37.00 18.00 35.25 0.71 97.22 23.48
HBEI Home Bancorp of Elgin IL 17.63 6,856 120.9 19.31 15.38 17.50 0.74 13.74 -1.40
HBFW Home Bancorp of Fort Wayne IN 34.25 2,358 80.8 37.63 20.13 34.63 -1.10 70.14 16.10
HCFC Home City Fin. Corp. of OH 21.00 905 19.0 22.75 13.13 21.00 0.00 59.21 13.51
HOMF Home Fed Bancorp of Seymour IN 32.00 5,113 163.6 33.75 16.83 31.50 1.59 90.14 23.08
HWEN Home Financial Bancorp of IN 9.25 929 8.6 9.75 7.38 9.00 2.78 19.35 0.00
HLFC Home Loan Financial Corp of OH 15.88 2,248 35.7 16.75 15.25 16.56 -4.11 58.80 58.80
HPBC Home Port Bancorp, Inc. of MA* 25.88 1,842 47.7 27.63 17.50 26.00 -0.46 38.03 11.89
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
FNGB First Northern Cap. Corp of WI 0.68 0.64 8.28 8.28 74.88
FFPB First Palm Beach Bancorp of FL 1.86 1.43 22.94 22.43 360.04
FWWB First Savings Bancorp of WA 1.25 1.17 14.80 13.67 108.17
FSFF First SecurityFed Fin of IL 0.28 0.55 14.34 14.29 49.29
SHEN First Shenango Bancorp of PA(8) 2.22 2.21 23.13 23.13 181.23
FSLA First Source Bancorp of NJ 0.41 0.41 7.72 7.72 37.57
SOPN First Svgs Bancorp of NC 1.35 1.35 18.46 18.46 81.08
FBNW FirstBank Corp of Clarkston WA 0.48 0.24 14.95 14.95 92.39
FFDB FirstFed Bancorp, Inc. of AL 1.48 1.48 15.00 13.77 154.80
FSPT FirstSpartan Fin. Corp. of SC 1.33 1.33 29.52 29.52 111.81
FLAG Flag Financial Corp of GA 1.00 0.69 10.83 10.83 121.74
FLGS Flagstar Bancorp, Inc of MI 1.68 1.26 9.26 8.93 139.07
FFIC Flushing Fin. Corp. of NY* 1.09 1.10 17.43 16.74 139.05
FBHC Fort Bend Holding Corp. of TX(8) 1.41 1.04 12.29 11.52 181.49
FTSB Fort Thomas Fin. Corp. of KY 0.80 0.80 10.72 10.72 67.76
FKKY Frankfort First Bancorp of KY 0.14 0.59 13.92 13.92 82.03
FTNB Fulton Bancorp, Inc. of MO 0.75 0.60 15.06 15.06 62.82
GUPB GFSB Bancorp, Inc of Gallup NM 0.72 0.72 11.94 11.94 95.54
GSLA GS Financial Corp. of LA 0.49 0.48 16.30 16.30 38.21
GOSB GSB Financial Corp. of NY* 0.34 0.31 14.66 14.66 51.55
GFCO Glenway Financial Corp. of OH 1.05 1.05 12.41 12.28 133.55
GTPS Great American Bancorp of IL 0.55 0.55 17.82 17.82 89.41
PEDE Great Pee Dee Bancorp of SC 0.56 0.56 13.51 13.51 35.68
GSBC Great Southern Bancorp of MO 1.66 1.53 8.13 8.07 93.04
GSFC Green Street Fin. Corp. of NC 0.66 0.66 14.73 14.73 41.81
GFED Guaranty Fed Bancshares of MO 0.33 0.32 11.17 11.17 37.04
HCBB HCB Bancshares of Camden AR 0.22 0.22 14.45 13.94 77.48
HEMT HF Bancorp of Hemet CA 0.06 0.35 13.25 11.14 168.45
HFFC HF Financial Corp. of SD 2.08 1.93 18.95 18.95 197.84
HFNC HFNC Financial Corp. of NC 0.63 0.48 9.66 9.66 52.97
HMNF HMN Financial, Inc. of MN 1.35 1.07 20.38 18.92 166.80
HALL Hallmark Capital Corp. of WI 0.94 0.92 10.74 10.74 140.94
HRBF Harbor Federal Bancorp of MD 0.96 0.92 17.23 17.23 137.96
HARB Harbor Florida Bancshrs of FL 0.58 0.56 8.01 7.91 41.50
HFSA Hardin Bancorp of Hardin MO 0.99 0.90 15.89 15.89 140.09
HARL Harleysville SB of PA 2.05 2.06 14.18 14.18 208.06
HFGI Harrington Fin. Group of IN 0.30 0.31 7.36 7.36 164.51
HARS Harris Fin. MHC of PA (24.3) 0.52 0.45 5.27 4.70 64.85
HFFB Harrodsburg 1st Fin Bcrp of KY 0.74 0.74 14.66 14.66 54.84
HHFC Harvest Home Fin. Corp. of OH 0.67 0.66 11.62 11.62 104.54
HAVN Haven Bancorp of Woodhaven NY 1.25 1.27 12.77 12.74 223.50
HTHR Hawthorne Fin. Corp. of CA 2.46 2.95 13.38 13.38 293.36
HMLK Hemlock Fed. Fin. Corp. of IL 0.47 0.80 15.21 15.21 88.34
HBSC Heritage Bancorp, Inc of SC 0.78 0.78 19.41 19.41 67.43
HFWA Heritage Financial Corp of WA 0.49 0.49 9.34 9.34 31.95
HCBC High Country Bancorp of CO 0.47 0.47 13.48 13.48 65.86
HBNK Highland Bancorp of CA 2.64 2.03 17.87 17.87 236.61
HIFS Hingham Inst. for Sav. of MA* 2.04 2.04 16.39 16.39 170.69
HBEI Home Bancorp of Elgin IL 0.41 0.41 13.89 13.89 51.43
HBFW Home Bancorp of Fort Wayne IN 1.23 1.22 18.04 18.04 148.45
HCFC Home City Fin. Corp. of OH 0.98 0.99 15.47 15.47 79.40
HOMF Home Fed Bancorp of Seymour IN 1.84 1.62 12.21 11.87 138.75
HWEN Home Financial Bancorp of IN 0.36 0.26 7.95 7.95 46.83
HLFC Home Loan Financial Corp of OH 0.60 0.60 13.35 13.35 35.83
HPBC Home Port Bancorp, Inc. of MA* 1.79 1.75 11.92 11.92 113.36
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 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)
- ---------------------------------------
HFBC HopFed Bancorp of KY 21.88 4,034 88.3 21.88 16.00 21.50 1.77 118.80 118.80
HZFS Horizon Fin'l. Services of IA 15.75 880 13.9 16.75 8.50 15.88 -0.82 85.29 31.25
HRZB Horizon Financial Corp. of WA* 18.00 7,478 134.6 19.25 14.50 17.88 0.67 26.32 1.41
IBSF IBS Financial Corp. of NJ(8) 17.63 10,944 192.9 21.19 14.25 18.75 -5.97 21.59 -0.34
ITLA ITLA Capital Corp of CA* 23.00 7,852 180.6 23.00 14.00 22.50 2.22 64.29 19.48
ICBC Independence Comm Bnk Cp of NY 18.44 70,411 1,298.4 19.13 17.25 18.75 -1.65 84.40 84.40
IFSB Independence FSB of DC 20.50 1,281 26.3 21.25 8.25 21.13 -2.98 148.48 20.59
INBI Industrial Bancorp of OH 22.25 5,078 113.0 25.00 12.00 21.75 2.30 78.00 25.35
IWBK Interwest Bancorp of WA 44.38 8,419 373.6 45.13 29.75 44.13 0.57 51.73 17.56
IPSW Ipswich SB of Ipswich MA* 19.00 2,390 45.4 20.75 7.38 18.25 4.11 149.02 15.15
JXVL Jacksonville Bancorp of TX 21.00 2,444 51.3 23.25 14.25 21.00 0.00 47.37 -9.68
JXSB Jcksnville SB,MHC of IL (45.6) 23.25 1,908 13.5 25.50 10.83 23.25 0.00 117.90 16.25
JSBA Jefferson Svgs Bancorp of MO 30.75 10,015 308.0 31.00 14.00 30.00 2.50 121.54 50.00
JOAC Joachim Bancorp, Inc. of MO(8) 16.75 722 12.1 16.75 14.25 16.63 0.72 14.49 4.69
KSBK KSB Bancorp of Kingfield ME* 18.25 1,259 23.0 22.50 9.17 18.38 -0.71 65.91 -18.89
KFBI Klamath First Bancorp of OR 21.38 9,994 213.7 24.25 18.06 21.75 -1.70 18.78 -0.56
LSBI LSB Fin. Corp. of Lafayette IN 32.50 916 29.8 33.00 19.29 32.50 0.00 68.48 14.04
LVSB Lakeview Financial of NJ 24.00 3,882 93.2 26.56 14.31 24.25 -1.03 66.20 -5.88
LARK Landmark Bancshares, Inc of KS 26.88 1,665 44.8 29.25 19.25 27.00 -0.44 39.64 8.04
LARL Laurel Capital Group of PA 21.25 2,187 46.5 23.50 13.42 21.50 -1.16 48.29 -1.94
LSBX Lawrence Savings Bank of MA* 17.88 4,316 77.2 19.31 9.13 18.06 -1.00 93.30 9.16
LFED Leeds Fed Bksr MHC of MD (36.3 20.75 5,182 39.1 23.50 11.83 20.88 -0.62 66.00 -4.60
LXMO Lexington B&L Fin. Corp. of MO 16.50 1,121 18.5 17.88 14.13 16.75 -1.49 16.77 -7.04
LFCO Life Financial Corp of CA(8) 22.25 6,547 145.7 25.38 10.75 24.25 -8.25 N.A. 76.17
LFBI Little Falls Bancorp of NJ 20.25 2,478 50.2 22.25 13.00 21.25 -4.71 55.77 -1.22
LOGN Logansport Fin. Corp. of IN 17.50 1,261 22.1 19.63 13.25 18.00 -2.78 32.08 -2.78
LISB Long Island Bancorp, Inc of NY(8) 65.00 23,934 1,555.7 67.63 34.13 67.63 -3.89 91.85 30.97
MAFB MAF Bancorp, Inc. of IL 38.75 15,030 582.4 43.25 26.58 39.88 -2.83 41.79 9.53
MBLF MBLA Financial Corp. of MO 25.00 1,270 31.8 30.63 20.50 26.38 -5.23 19.73 -18.03
MECH MECH Financial Inc of CT* 30.00 5,294 158.8 31.50 17.25 30.00 0.00 64.38 15.12
MFBC MFB Corp. of Mishawaka IN 26.63 1,652 44.0 30.38 19.00 26.38 0.95 40.16 -12.34
MSBF MSB Financial, Inc of MI 18.00 1,231 22.2 19.50 10.50 18.00 0.00 71.43 -5.26
MARN Marion Capital Holdings of IN 28.50 1,782 50.8 29.50 21.75 28.13 1.32 31.03 5.05
MRKF Market Fin. Corp. of OH 15.00 1,336 20.0 20.25 12.38 16.00 -6.25 18.76 -4.03
MFSL Maryland Fed. Bancorp of MD(8) 39.50 6,501 256.8 39.88 18.38 39.25 0.64 116.44 12.86
MASB MassBank Corp. of Reading MA* 49.75 3,587 178.5 54.25 30.56 52.00 -4.33 62.79 4.45
MFLR Mayflower Co-Op. Bank of MA* 25.00 899 22.5 27.50 15.75 26.50 -5.66 56.25 -6.54
MDBK Medford Bancorp, Inc. of MA* 44.00 4,540 199.8 44.25 25.50 43.50 1.15 77.78 12.10
MWBX MetroWest Bank of MA* 7.94 14,220 112.9 9.50 4.69 8.25 -3.76 67.16 -11.78
METF Metropolitan Fin. Corp. of OH 16.25 7,051 114.6 18.88 6.25 16.75 -2.99 150.00 4.84
MIFC Mid Iowa Financial Corp. of IA 12.13 1,724 20.9 12.75 7.50 12.00 1.08 64.36 5.48
MCBN Mid-Coast Bancorp of ME 12.13 711 8.6 14.00 6.50 11.75 3.23 96.60 21.30
MWBI Midwest Bancshares, Inc. of IA 17.00 1,028 17.5 19.50 9.83 16.00 6.25 68.65 -6.85
MFFC Milton Fed. Fin. Corp. of OH 15.75 2,237 35.2 17.00 13.25 16.00 -1.56 17.71 2.41
MBSP Mitchell Bancorp, Inc. of NC 16.88 931 15.7 18.00 16.25 16.88 0.00 3.88 -0.71
MBBC Monterey Bay Bancorp of CA 22.50 3,230 72.7 26.75 15.75 22.63 -0.57 40.10 15.38
MONT Montgomery Fin. Corp. of IN 13.00 1,653 21.5 13.63 11.00 13.13 -0.99 30.00 0.93
MSBK Mutual SB, FSB of Bay City MI 12.13 4,290 52.0 14.63 7.38 12.38 -2.02 67.31 -6.69
MYST Mystic Financial of MA* 16.88 2,711 45.8 18.56 14.44 17.00 -0.71 68.80 68.80
NHTB NH Thrift Bancshares of NH 20.00 2,088 41.8 22.75 14.13 20.75 -3.61 37.93 -2.44
NSLB NS&L Bancorp, Inc of Neosho MO 17.81 686 12.2 19.50 16.50 17.50 1.77 7.94 -5.67
NSSY NSS Bancorp of CT* 43.00 2,434 104.7 47.75 24.63 43.75 -1.71 72.00 13.91
NMSB Newmil Bancorp, Inc. of CT* 13.81 3,839 53.0 14.63 8.88 13.25 4.23 49.30 6.23
NBCP Niagara Bancorp of NY MHC(45.4* 16.69 29,756 225.3 17.00 16.31 16.58 0.66 66.90 66.90
NASB North American SB, FSB of MO 64.00 2,240 143.4 71.00 42.50 65.50 -2.29 50.59 20.46
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HFBC HopFed Bancorp of KY 0.58 0.58 13.26 13.26 58.70
HZFS Horizon Fin'l. Services of IA 0.81 0.64 10.25 10.25 100.87
HRZB Horizon Financial Corp. of WA* 1.09 1.07 11.35 11.35 71.24
IBSF IBS Financial Corp. of NJ(8) 0.53 0.53 11.80 11.80 66.54
ITLA ITLA Capital Corp of CA* 1.59 1.59 12.65 12.61 129.38
ICBC Independence Comm Bnk Cp of NY 0.37 0.49 12.55 11.75 57.83
IFSB Independence FSB of DC 1.09 0.45 14.23 12.67 196.38
INBI Industrial Bancorp of OH 1.01 1.01 11.99 11.99 71.69
IWBK Interwest Bancorp of WA 2.44 2.12 15.84 15.58 235.46
IPSW Ipswich SB of Ipswich MA* 0.93 0.76 4.95 4.95 95.08
JXVL Jacksonville Bancorp of TX 1.38 1.38 14.09 14.09 96.32
JXSB Jcksnville SB,MHC of IL (45.6) 0.51 0.41 9.17 9.17 88.07
JSBA Jefferson Svgs Bancorp of MO 1.02 0.95 11.61 9.23 123.62
JOAC Joachim Bancorp, Inc. of MO(8) 0.37 0.37 13.71 13.71 47.41
KSBK KSB Bancorp of Kingfield ME* 1.20 1.20 8.75 8.32 118.87
KFBI Klamath First Bancorp of OR 0.88 0.88 14.71 13.44 97.58
LSBI LSB Fin. Corp. of Lafayette IN 1.71 1.54 19.36 19.36 225.53
LVSB Lakeview Financial of NJ 1.82 1.14 11.75 9.64 121.76
LARK Landmark Bancshares, Inc of KS 1.48 1.34 19.77 19.77 140.32
LARL Laurel Capital Group of PA 1.34 1.34 10.31 10.31 97.57
LSBX Lawrence Savings Bank of MA* 1.88 1.86 8.71 8.71 83.38
LFED Leeds Fed Bksr MHC of MD (36.3 0.66 0.66 9.35 9.35 56.23
LXMO Lexington B&L Fin. Corp. of MO 0.65 0.65 15.12 14.18 82.47
LFCO Life Financial Corp of CA(8) 1.94 2.03 8.37 8.37 62.90
LFBI Little Falls Bancorp of NJ 0.75 0.72 15.45 14.30 132.58
LOGN Logansport Fin. Corp. of IN 0.98 1.01 13.12 13.12 68.29
LISB Long Island Bancorp, Inc of NY(8) 2.12 1.74 23.28 23.08 253.72
MAFB MAF Bancorp, Inc. of IL 2.52 2.49 17.53 15.44 230.05
MBLF MBLA Financial Corp. of MO 1.41 1.43 22.32 22.32 176.03
MECH MECH Financial Inc of CT* 2.47 2.44 16.73 16.73 168.56
MFBC MFB Corp. of Mishawaka IN 1.23 1.22 20.30 20.30 159.87
MSBF MSB Financial, Inc of MI 0.91 0.84 10.61 10.61 62.91
MARN Marion Capital Holdings of IN 1.58 1.58 22.37 21.89 107.66
MRKF Market Fin. Corp. of OH 0.43 0.43 15.13 15.13 42.54
MFSL Maryland Fed. Bancorp of MD(8) 1.14 1.60 15.34 15.16 180.74
MASB MassBank Corp. of Reading MA* 2.83 2.62 28.93 28.52 257.99
MFLR Mayflower Co-Op. Bank of MA* 1.56 1.48 14.31 14.10 146.73
MDBK Medford Bancorp, Inc. of MA* 2.51 2.42 22.36 21.04 250.13
MWBX MetroWest Bank of MA* 0.53 0.53 3.15 3.15 42.82
METF Metropolitan Fin. Corp. of OH 0.82 0.77 5.20 4.78 131.18
MIFC Mid Iowa Financial Corp. of IA 0.89 0.97 7.35 7.34 78.51
MCBN Mid-Coast Bancorp of ME 0.64 0.60 7.34 7.34 88.09
MWBI Midwest Bancshares, Inc. of IA 1.23 1.09 10.38 10.38 143.70
MFFC Milton Fed. Fin. Corp. of OH 0.57 0.55 11.59 11.59 97.88
MBSP Mitchell Bancorp, Inc. of NC 0.56 0.56 15.56 15.56 38.78
MBBC Monterey Bay Bancorp of CA 0.55 0.50 14.84 13.84 126.35
MONT Montgomery Fin. Corp. of IN 0.44 0.44 11.89 11.89 63.93
MSBK Mutual SB, FSB of Bay City MI -2.13 -0.75 7.64 7.64 150.29
MYST Mystic Financial of MA* 0.52 0.52 13.00 13.00 66.76
NHTB NH Thrift Bancshares of NH 1.33 1.21 12.24 10.59 152.29
NSLB NS&L Bancorp, Inc of Neosho MO 0.62 0.61 16.64 16.51 84.29
NSSY NSS Bancorp of CT* 2.75 3.12 22.43 21.77 275.57
NMSB Newmil Bancorp, Inc. of CT* 0.72 0.72 8.63 8.63 92.61
NBCP Niagara Bancorp of NY MHC(45.4* 0.58 0.58 12.71 12.71 105.69
NASB North American SB, FSB of MO 5.40 4.39 27.83 27.01 327.72
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 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)
- ---------------------------------------
NBSI North Bancshares of Chicago IL 17.38 1,280 22.2 18.83 12.83 17.63 -1.42 33.28 -2.80
FFFD North Central Bancshares of IA 24.75 3,266 80.8 24.88 15.13 24.50 1.02 58.35 24.50
NEIB Northeast Indiana Bncrp of IN 21.50 1,732 37.2 22.75 13.50 21.75 -1.15 59.26 -2.85
NWSB Northwest Bcrp MHC of PA (30.7 17.63 46,838 253.0 18.00 7.13 17.73 -0.56 143.17 24.77
NWEQ Northwest Equity Corp. of WI 20.63 839 17.3 22.25 14.25 21.13 -2.37 47.36 -0.58
NTMG Nutmeg FS&LA of CT 11.00 986 10.8 11.38 5.53 11.00 0.00 86.13 4.76
OHSL OHSL Financial Corp. of OH 16.75 2,490 41.7 18.38 11.63 17.00 -1.47 42.55 24.07
OCFC Ocean Fin. Corp. of NJ 37.75 7,853 296.5 40.00 30.88 39.50 -4.43 22.25 1.34
OTFC Oregon Trail Fin. Corp. of OR 17.38 4,333 75.3 18.50 15.63 17.63 -1.42 73.80 0.00
OFCP Ottawa Financial Corp. of MI 29.06 5,313 154.4 34.00 18.86 28.75 1.08 49.10 -14.53
PFFB PFF Bancorp of Pomona CA 20.75 17,067 354.1 21.50 14.75 20.63 0.58 40.68 4.38
PSFI PS Financial of Chicago IL 14.50 2,074 30.1 22.38 13.44 14.63 -0.89 6.38 -35.21
PVFC PVF Capital Corp. of OH 27.63 2,659 73.5 28.25 15.68 27.63 0.00 76.21 36.85
PBCI Pamrapo Bancorp, Inc. of NJ 29.00 2,843 82.4 29.00 19.25 28.75 0.87 50.65 6.42
PFED Park Bancorp of Chicago IL 19.13 2,333 44.6 19.75 14.50 19.50 -1.90 29.69 2.68
PVSA Parkvale Financial Corp of PA 32.00 5,150 164.8 34.25 21.40 33.25 -3.76 52.38 -6.57
PBHC Pathfinder BC MHC of NY (46.1)* 24.00 2,831 21.2 26.13 8.17 25.00 -4.00 176.82 20.00
PEEK Peekskill Fin. Corp. of NY 17.25 3,017 52.0 18.25 13.50 17.25 0.00 27.78 2.99
PFSB PennFed Fin. Services of NJ 17.81 9,647 171.8 19.00 12.06 18.13 -1.77 44.68 3.97
PWBK Pennwood Bancorp, Inc. of PA 19.50 551 10.7 23.25 14.25 19.50 0.00 30.00 -1.27
PBKB People's Bancshares of MA* 26.88 3,289 88.4 27.75 12.81 27.25 -1.36 100.90 18.15
TSBSD Peoples Bancorp Inc of NJ* 10.63 36,237 385.2 11.83 4.81 10.75 -1.12 118.28 -10.14
PFDC Peoples Bancorp of Auburn IN 22.00 3,378 74.3 25.00 14.50 21.38 2.90 49.97 0.00
PBCT Peoples Bank, MHC of CT (40.1)* 38.00 64,083 929.2 41.13 22.42 38.66 -1.71 72.10 0.00
PFFC Peoples Fin. Corp. of OH 15.63 1,417 22.1 19.00 12.75 15.00 4.20 4.20 3.30
PHBK Peoples Heritage Fin Grp of ME* 48.25 27,831 1,342.8 53.00 31.88 48.75 -1.03 49.61 4.89
PSFC Peoples Sidney Fin. Corp of OH 18.94 1,785 33.8 19.75 12.88 19.00 -0.32 40.30 5.93
PERM Permanent Bancorp, Inc. of IN 16.63 4,206 69.9 18.25 11.25 17.25 -3.59 42.99 6.88
PMFI Perpetual Midwest Fin. of IA(8) 30.31 1,950 59.1 32.38 18.75 32.00 -5.28 57.45 3.62
PCBC Perry Co. Fin. Corp. of MO 23.50 828 19.5 25.00 19.00 23.25 1.08 23.68 -2.61
PHFC Pittsburgh Home Fin Corp of PA 18.50 1,969 36.4 20.81 14.38 18.00 2.78 22.27 2.78
PFSL Pocahontas Bancorp of AR 10.06 6,669 67.1 11.43 4.41 9.94 1.21 128.12 -9.04
PTRS Potters Financial Corp of OH 19.50 973 19.0 22.25 10.00 19.50 0.00 92.50 -2.50
PHSB Ppls Home SB, MHC of PA (45.0) 20.88 2,760 25.9 22.13 13.63 21.75 -4.00 108.80 10.59
PRBC Prestige Bancorp of PA 24.25 915 22.2 25.38 15.50 23.88 1.55 50.34 21.25
PFNC Progress Financial Corp. of PA 19.25 4,201 80.9 22.75 7.68 20.00 -3.75 146.79 16.67
PSBK Progressive Bank, Inc. of NY(8)* 42.50 3,856 163.9 44.50 24.25 41.50 2.41 77.08 11.11
PROV Provident Fin. Holdings of CA 24.00 4,674 112.2 24.25 15.63 23.50 2.13 53.55 9.69
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 46.75 2,097 29.2 51.00 17.38 46.00 1.63 156.16 48.98
PLSK Pulaski SB, MHC of NJ (46.0) 19.00 2,108 18.1 24.50 11.88 19.00 0.00 59.93 -1.30
PULS Pulse Bancorp of S. River NJ 27.50 3,111 85.6 29.75 18.13 27.25 0.92 51.68 5.24
QCFB QCF Bancorp of Virginia MN 30.25 1,382 41.8 31.75 19.50 30.25 0.00 55.13 1.68
QCBC Quaker City Bancorp of CA 24.63 4,665 114.9 24.63 15.20 22.38 10.05 57.88 15.91
QCSB Queens County Bancorp of NY* 43.25 14,922 645.4 47.13 27.17 46.00 -5.98 61.68 6.79
RARB Raritan Bancorp of Raritan NJ* 28.75 2,372 68.2 29.25 17.50 28.00 2.68 62.71 2.68
REDF RedFed Bancorp of Redlands CA(8) 20.13 7,388 148.7 21.13 13.88 20.13 0.00 46.40 1.26
RELY Reliance Bancorp, Inc. of NY 38.50 9,628 370.7 42.25 24.13 39.19 -1.76 58.76 5.11
RELI Reliance Bancshares Inc of WI 8.75 2,371 20.7 10.13 7.13 8.75 0.00 14.68 -7.89
RCBK Richmond County Fin Corp of NY 19.75 26,424 521.9 19.75 15.69 19.56 0.97 97.50 97.50
RIVR River Valley Bancorp of IN 20.25 1,190 24.1 20.25 14.25 20.00 1.25 42.11 8.00
RVSB Riverview Bancorp of WA 18.31 6,154 112.7 19.13 7.49 17.38 5.35 101.87 3.15
RSLN Roslyn Bancorp, Inc. of NY* 30.00 42,822 1,284.7 30.50 16.81 29.94 0.20 77.73 29.03
SCCB S. Carolina Comm. Bnshrs of SC 21.25 583 12.4 25.25 17.50 21.88 -2.88 21.43 -5.56
SBFL SB Fngr Lakes MHC of NY (33.1) 20.00 3,570 23.6 24.75 7.38 20.25 -1.23 171.00 25.00
SFED SFS Bancorp of Schenectady NY 25.00 1,208 30.2 27.25 16.50 25.50 -1.96 50.97 -6.99
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)
- ---------------------------------------
NBSI North Bancshares of Chicago IL 0.50 0.47 12.96 12.96 96.08
FFFD North Central Bancshares of IA 1.16 1.16 15.10 15.10 65.87
NEIB Northeast Indiana Bncrp of IN 1.27 1.27 15.76 15.76 115.11
NWSB Northwest Bcrp MHC of PA (30.7 0.41 0.42 4.44 3.94 48.01
NWEQ Northwest Equity Corp. of WI 1.22 1.17 13.77 13.77 118.66
NTMG Nutmeg FS&LA of CT 0.67 0.40 6.26 6.26 106.64
OHSL OHSL Financial Corp. of OH 0.81 0.77 10.45 10.45 95.95
OCFC Ocean Fin. Corp. of NJ 1.78 1.77 27.45 27.45 192.40
OTFC Oregon Trail Fin. Corp. of OR 0.63 0.64 10.64 10.64 85.17
OFCP Ottawa Financial Corp. of MI 1.42 1.35 14.37 11.69 166.73
PFFB PFF Bancorp of Pomona CA 0.83 0.79 15.72 15.57 162.06
PSFI PS Financial of Chicago IL 0.44 0.76 11.14 11.14 42.39
PVFC PVF Capital Corp. of OH 1.90 1.79 10.85 10.85 149.01
PBCI Pamrapo Bancorp, Inc. of NJ 1.78 1.70 17.07 16.96 132.51
PFED Park Bancorp of Chicago IL 0.66 0.71 16.55 16.55 75.85
PVSA Parkvale Financial Corp of PA 2.06 2.06 15.66 15.57 197.89
PBHC Pathfinder BC MHC of NY (46.1)* 0.65 0.59 8.33 7.06 69.51
PEEK Peekskill Fin. Corp. of NY 0.66 0.66 15.41 15.41 61.06
PFSB PennFed Fin. Services of NJ 1.11 1.10 10.64 9.12 152.95
PWBK Pennwood Bancorp, Inc. of PA 0.83 0.96 15.41 15.41 85.68
PBKB People's Bancshares of MA* 1.56 0.73 9.16 8.81 231.96
TSBSD Peoples Bancorp Inc of NJ* 0.21 0.15 3.04 2.74 17.67
PFDC Peoples Bancorp of Auburn IN 1.27 1.27 13.30 13.30 87.12
PBCT Peoples Bank, MHC of CT (40.1)* 1.44 0.83 11.08 11.02 127.71
PFFC Peoples Fin. Corp. of OH 0.56 0.55 10.97 10.97 58.20
PHBK Peoples Heritage Fin Grp of ME* 2.64 2.62 17.07 12.83 244.16
PSFC Peoples Sidney Fin. Corp of OH 0.64 0.64 14.72 14.72 59.52
PERM Permanent Bancorp, Inc. of IN 0.63 0.62 9.98 9.86 99.81
PMFI Perpetual Midwest Fin. of IA(8) 0.99 0.88 17.94 17.94 201.07
PCBC Perry Co. Fin. Corp. of MO 1.07 1.07 19.75 19.75 102.69
PHFC Pittsburgh Home Fin Corp of PA 1.07 0.92 12.52 12.37 152.19
PFSL Pocahontas Bancorp of AR 0.47 0.47 8.31 8.31 62.99
PTRS Potters Financial Corp of OH 1.23 1.21 11.31 11.31 126.04
PHSB Ppls Home SB, MHC of PA (45.0) 0.59 0.56 10.37 10.37 78.89
PRBC Prestige Bancorp of PA 0.86 0.84 17.08 17.08 156.57
PFNC Progress Financial Corp. of PA 0.92 0.70 5.98 5.02 117.45
PSBK Progressive Bank, Inc. of NY(8)* 2.24 2.19 20.35 18.45 229.12
PROV Provident Fin. Holdings of CA 1.05 0.55 17.92 17.92 154.83
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 1.03 0.90 11.38 11.38 85.56
PLSK Pulaski SB, MHC of NJ (46.0) 0.53 0.53 10.29 10.29 86.21
PULS Pulse Bancorp of S. River NJ 1.83 1.86 14.21 14.21 173.36
QCFB QCF Bancorp of Virginia MN 1.80 1.80 19.41 19.41 110.47
QCBC Quaker City Bancorp of CA 1.27 1.22 15.76 15.76 182.67
QCSB Queens County Bancorp of NY* 1.56 1.54 11.43 11.43 107.44
RARB Raritan Bancorp of Raritan NJ* 1.65 1.62 13.02 12.83 172.14
REDF RedFed Bancorp of Redlands CA(8) 1.41 1.45 11.40 11.36 136.67
RELY Reliance Bancorp, Inc. of NY 1.88 1.98 19.93 13.57 232.98
RELI Reliance Bancshares Inc of WI 0.21 0.22 9.41 9.41 18.79
RCBK Richmond County Fin Corp of NY 0.56 0.56 11.79 11.79 45.97
RIVR River Valley Bancorp of IN 1.10 0.92 15.12 14.91 115.17
RVSB Riverview Bancorp of WA 0.54 0.52 9.71 9.37 42.74
RSLN Roslyn Bancorp, Inc. of NY* 0.78 0.96 14.67 14.61 84.09
SCCB S. Carolina Comm. Bnshrs of SC 0.79 0.79 16.00 16.00 77.34
SBFL SB Fngr Lakes MHC of NY (33.1) 0.24 0.21 6.07 6.07 69.39
SFED SFS Bancorp of Schenectady NY 0.88 0.85 17.74 17.74 144.39
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of May 8, 1998
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 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)
- ---------------------------------------
SGVB SGV Bancorp of W. Covina CA 18.75 2,345 44.0 19.38 12.38 18.53 1.19 53.06 5.63
SHSB SHS Bancorp, Inc. of PA 17.75 820 14.6 18.00 14.75 17.00 4.41 77.50 5.97
SISB SIS Bancorp, Inc. of MA* 42.00 6,970 292.7 44.50 27.00 42.50 -1.18 57.72 4.50
SWCB Sandwich Bancorp of MA(8)* 64.00 1,942 124.3 64.50 30.25 64.00 0.00 106.45 45.45
SFSL Security First Corp. of OH(8) 24.75 7,571 187.4 27.88 12.33 25.88 -4.37 100.73 18.53
SKAN Skaneateles Bancorp Inc of NY* 18.88 1,440 27.2 22.25 12.33 18.88 0.00 53.12 -14.69
SOBI Sobieski Bancorp of S. Bend IN 19.13 764 14.6 24.25 14.50 19.50 -1.90 31.93 -6.13
SOSA Somerset Savings Bank of MA(8)* 5.13 16,727 85.8 5.94 2.50 5.25 -2.29 88.60 2.60
SSFC South Street Fin. Corp. of NC* 10.13 4,676 47.4 20.00 10.13 10.88 -6.89 -35.19 -46.68
SBAN SouthBanc Shares Inc. of SC(8) 21.63 1,509 15.2 23.76 9.21 21.75 -0.55 122.30 1.74
SCBS Southern Commun. Bncshrs of AL 16.75 1,137 19.0 20.75 13.75 16.75 0.00 19.64 -8.22
SMBC Southern Missouri Bncrp of MO 20.50 1,612 33.0 23.25 15.50 21.00 -2.38 30.16 0.00
SWBI Southwest Bancshares of IL(8) 32.75 2,788 91.3 34.25 18.88 32.50 0.77 70.13 10.08
SVRN Sovereign Bancorp, Inc. of PA 18.81 132,914 2,500.1 22.19 10.42 19.00 -1.00 80.52 8.79
STFR St. Francis Cap. Corp. of WI 43.25 5,223 225.9 50.75 29.25 43.75 -1.14 47.86 -14.36
SPBC St. Paul Bancorp, Inc. of IL 24.88 34,311 853.7 28.50 19.08 25.38 -1.97 32.13 -5.22
SFFC StateFed Financial Corp. of IA 14.50 1,563 22.7 15.00 9.00 14.50 0.00 61.11 -1.69
SFIN Statewide Fin. Corp. of NJ 23.50 4,509 106.0 26.69 15.63 24.63 -4.59 46.88 -2.08
STSA Sterling Financial Corp. of WA 27.13 7,596 206.1 27.63 16.25 26.25 3.35 66.95 24.74
SFSB SuburbFed Fin. Corp. of IL(8) 47.50 1,270 60.3 50.00 23.25 47.25 0.53 104.30 -5.00
ROSE T R Financial Corp. of NY* 35.00 17,530 613.6 37.88 19.00 36.81 -4.92 81.25 5.26
THRD TF Financial Corp. of PA 27.25 3,189 86.9 30.00 17.00 27.88 -2.26 60.29 -9.17
TPNZ Tappan Zee Fin., Inc. of NY(8) 20.38 1,478 30.1 22.63 15.44 20.38 0.00 31.99 8.69
TSBK Timberland Bancorp of WA 18.25 6,613 120.7 18.50 14.50 18.25 0.00 82.50 82.50
TRIC Tri-County Bancorp of WY 15.25 1,167 17.8 16.50 9.63 16.50 -7.58 58.36 1.67
TWIN Twin City Bancorp, Inc. of TN 14.50 1,269 18.4 15.50 12.00 14.63 -0.89 13.02 -6.45
USAB USABancshares, Inc of PA* 13.50 732 9.9 15.50 6.56 15.00 -10.00 89.34 35.00
UCBC Union Community Bancorp of IN 15.50 3,042 47.2 15.81 13.94 15.38 0.78 55.00 5.95
UFRM United FSB of Rocky Mount NC(8) 18.25 3,263 59.5 21.00 9.75 18.25 0.00 62.22 -7.03
UBMT United Fin. Corp. of MT 28.75 1,223 35.2 31.50 19.00 29.00 -0.86 49.35 12.75
UTBI United Tenn. Bancshares of TN 15.38 1,455 22.4 16.00 13.63 16.00 -3.87 53.80 53.80
VABF Va. Beach Fed. Fin. Corp of VA 18.63 4,981 92.8 20.88 10.75 18.25 2.08 75.26 1.36
WHGB WHG Bancshares of MD 17.75 1,389 24.7 19.00 13.75 18.50 -4.05 24.56 -5.33
WSFS WSFS Financial Corp. of DE* 21.81 12,464 271.8 23.88 12.06 22.00 -0.86 79.80 9.05
WVFC WVS Financial Corp. of PA 39.13 1,808 70.7 40.25 23.50 39.50 -0.94 44.23 11.01
WRNB Warren Bancorp of Peabody MA* 27.88 3,832 106.8 28.25 15.50 27.00 3.26 77.02 21.22
WSBI Warwick Community Bncrp of NY* 17.25 6,607 114.0 18.00 15.38 17.50 -1.43 72.50 -0.75
WFSL Washington Federal, Inc. of WA 27.75 52,405 1,454.2 30.29 22.39 27.94 -0.68 23.94 -2.90
WAMU Washington Mutual, Inc. of WA* 69.88 257,88818,021.2 74.94 52.19 70.44 -0.80 33.26 9.51
WYNE Wayne Bancorp, Inc. of NJ 32.00 2,013 64.4 32.00 16.25 32.00 0.00 89.57 19.63
WAYN Wayne Svgs Bks MHC of OH (47.8 30.00 2,258 32.3 33.00 17.00 31.00 -3.23 71.43 3.45
WCFB Wbstr Cty FSB MHC of IA (45.2) 20.88 2,112 19.8 22.00 13.75 21.13 -1.18 42.72 4.40
WBST Webster Financial Corp. of CT 32.69 27,411 896.1 36.25 18.88 34.69 -5.77 68.68 -1.68
WEFC Wells Fin. Corp. of Wells MN 21.50 1,959 42.1 21.75 14.00 21.00 2.38 53.57 20.25
WCBI WestCo Bancorp, Inc. of IL 29.25 2,462 72.0 29.75 23.25 29.75 -1.68 25.81 7.34
WSTR WesterFed Fin. Corp. of MT 25.69 5,584 143.5 27.00 19.75 25.63 0.23 33.45 0.75
WOFC Western Ohio Fin. Corp. of OH 26.63 2,352 62.6 29.25 21.00 26.25 1.45 23.86 -0.93
WEHO Westwood Hmstd Fin Corp of OH 14.69 2,843 41.8 18.13 12.75 14.63 0.41 15.22 -13.59
FFWD Wood Bancorp of OH 18.50 2,662 49.2 27.00 8.47 18.50 0.00 118.42 -1.60
YFCB Yonkers Fin. Corp. of NY 19.25 3,016 58.1 22.00 14.63 19.19 0.31 27.23 0.00
YFED York Financial Corp. of PA 24.00 8,924 214.2 27.25 14.90 24.75 -3.03 65.52 -6.80
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
SGVB SGV Bancorp of W. Covina CA 0.57 0.66 13.13 12.94 173.91
SHSB SHS Bancorp, Inc. of PA 0.81 0.81 14.65 14.65 108.01
SISB SIS Bancorp, Inc. of MA* 1.37 1.87 18.00 18.00 248.73
SWCB Sandwich Bancorp of MA(8)* 2.50 2.44 21.63 20.88 267.09
SFSL Security First Corp. of OH(8) 1.19 1.19 8.38 8.26 89.54
SKAN Skaneateles Bancorp Inc of NY* 1.15 1.12 12.27 11.94 177.85
SOBI Sobieski Bancorp of S. Bend IN 0.65 0.65 16.49 16.49 114.60
SOSA Somerset Savings Bank of MA(8)* 0.36 0.35 2.14 2.14 32.26
SSFC South Street Fin. Corp. of NC* 0.43 0.44 7.32 7.32 48.94
SBAN SouthBanc Shares Inc. of SC(8) 0.73 0.73 17.01 17.01 77.85
SCBS Southern Commun. Bncshrs of AL 0.70 0.70 12.73 12.73 62.34
SMBC Southern Missouri Bncrp of MO 0.85 0.81 16.47 16.47 99.21
SWBI Southwest Bancshares of IL(8) 1.47 1.48 15.79 15.79 132.10
SVRN Sovereign Bancorp, Inc. of PA 0.43 0.59 5.13 4.26 107.86
STFR St. Francis Cap. Corp. of WI 2.37 2.27 25.30 22.56 305.89
SPBC St. Paul Bancorp, Inc. of IL 1.43 1.43 12.18 12.15 132.82
SFFC StateFed Financial Corp. of IA 0.70 0.70 10.01 10.01 56.69
SFIN Statewide Fin. Corp. of NJ 1.24 1.23 14.39 14.37 149.77
STSA Sterling Financial Corp. of WA 1.14 1.04 13.54 12.52 247.01
SFSB SuburbFed Fin. Corp. of IL(8) 2.20 1.77 23.23 23.17 345.25
ROSE T R Financial Corp. of NY* 1.98 1.77 13.75 13.75 219.23
THRD TF Financial Corp. of PA 1.53 1.30 15.71 13.11 187.22
TPNZ Tappan Zee Fin., Inc. of NY(8) 0.70 0.69 14.46 14.46 84.29
TSBK Timberland Bancorp of WA 0.75 0.75 12.38 12.38 40.65
TRIC Tri-County Bancorp of WY 0.77 0.79 11.85 11.85 77.12
TWIN Twin City Bancorp, Inc. of TN 0.85 0.70 11.04 11.04 85.65
USAB USABancshares, Inc of PA* -0.31 -0.14 7.33 7.22 122.03
UCBC Union Community Bancorp of IN 0.39 0.39 14.10 14.10 43.41
UFRM United FSB of Rocky Mount NC(8) 0.55 0.36 6.74 6.74 93.21
UBMT United Fin. Corp. of MT 1.11 1.11 20.16 20.16 78.71
UTBI United Tenn. Bancshares of TN 0.66 0.66 12.95 12.95 52.89
VABF Va. Beach Fed. Fin. Corp of VA 0.82 0.66 8.86 8.86 123.71
WHGB WHG Bancshares of MD 0.54 0.55 14.34 14.34 72.95
WSFS WSFS Financial Corp. of DE* 1.31 1.30 6.96 6.92 121.57
WVFC WVS Financial Corp. of PA 2.06 2.08 17.22 17.22 161.52
WRNB Warren Bancorp of Peabody MA* 1.90 1.69 10.45 10.45 96.81
WSBI Warwick Community Bncrp of NY* 0.55 0.55 12.60 12.60 53.02
WFSL Washington Federal, Inc. of WA 2.06 2.04 14.06 12.97 109.02
WAMU Washington Mutual, Inc. of WA* 1.28 2.38 20.13 18.75 376.06
WYNE Wayne Bancorp, Inc. of NJ 0.97 0.97 16.86 16.86 134.15
WAYN Wayne Svgs Bks MHC of OH (47.8 0.84 0.78 10.71 10.71 112.99
WCFB Wbstr Cty FSB MHC of IA (45.2) 0.65 0.65 10.58 10.58 45.04
WBST Webster Financial Corp. of CT 1.15 1.75 13.94 12.16 256.09
WEFC Wells Fin. Corp. of Wells MN 1.13 1.10 15.13 15.13 102.83
WCBI WestCo Bancorp, Inc. of IL 1.91 1.78 19.73 19.73 128.33
WSTR WesterFed Fin. Corp. of MT 1.30 1.26 19.28 15.67 185.37
WOFC Western Ohio Fin. Corp. of OH 0.06 0.14 23.21 21.69 158.16
WEHO Westwood Hmstd Fin Corp of OH 0.31 0.49 10.60 10.60 47.22
FFWD Wood Bancorp of OH 0.89 0.80 8.01 8.01 62.56
YFCB Yonkers Fin. Corp. of NY 1.03 1.01 14.90 14.90 110.01
YFED York Financial Corp. of PA 1.25 1.04 11.74 11.74 132.48
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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(295) 14.05 13.74 0.95 7.97 4.38 0.90 7.50 0.70 141.48 0.78
NYSE Traded Companies(8) 8.16 7.94 1.18 14.93 5.86 0.63 9.42 0.90 109.72 1.35
AMEX Traded Companies(22) 14.66 14.56 0.89 6.19 4.20 0.85 5.71 0.58 137.02 0.70
NASDAQ Listed OTC Companies(264) 14.08 13.83 0.94 7.97 4.36 0.91 7.64 0.71 140.00 0.77
California Companies(19) 7.87 7.62 0.63 8.66 4.96 0.53 7.83 1.25 80.86 1.25
Florida Companies(6) 10.54 10.17 1.18 12.16 4.78 0.71 6.96 0.58 113.51 0.79
Mid-Atlantic Companies(59) 11.59 10.85 0.86 8.48 4.61 0.82 8.09 0.78 114.82 0.90
Mid-West Companies(136) 14.84 14.64 0.96 7.49 4.17 0.93 7.22 0.59 147.85 0.66
New England Companies(8) 7.72 7.42 0.62 8.84 4.71 0.66 9.18 0.76 116.96 1.01
North-West Companies(11) 16.92 16.57 1.16 8.70 4.27 1.11 8.12 0.62 309.83 0.77
South-East Companies(44) 17.52 17.37 1.08 7.58 4.27 1.03 7.04 0.92 109.15 0.79
South-West Companies(6) 11.34 11.24 0.98 10.36 6.13 0.95 10.01 0.37 146.44 0.61
Western Companies (Excl CA)(6) 19.10 18.71 1.04 5.92 4.21 1.04 5.93 0.35 224.77 0.88
Thrift Strategy(247) 15.16 14.86 0.97 7.51 4.46 0.94 7.20 0.64 146.76 0.73
Mortgage Banker Strategy(30) 7.67 7.21 0.77 10.29 3.98 0.70 9.59 1.13 103.49 0.95
Real Estate Strategy(8) 7.31 7.06 0.89 12.21 5.36 0.80 11.12 1.26 105.82 1.49
Diversified Strategy(7) 8.72 8.54 1.29 15.32 5.62 0.78 10.50 0.65 158.58 1.07
Retail Banking Strategy(3) 7.04 6.76 -0.23 -0.07 -3.71 -0.26 -1.00 1.12 66.31 1.16
Companies Issuing Dividends(248) 13.90 13.64 0.99 8.35 4.67 0.94 7.79 0.71 136.02 0.75
Companies Without Dividends(47) 14.85 14.28 0.70 5.95 2.86 0.68 6.00 0.68 172.74 0.92
Equity/Assets less than 6%(21) 4.99 4.70 0.51 10.43 3.68 0.55 11.13 0.72 130.31 0.96
Equity/Assets 6-12%(129) 8.86 8.51 0.84 9.94 4.83 0.77 9.06 0.84 125.36 0.88
Equity/Assets greater than 12%(145) 19.70 19.43 1.09 5.96 4.10 1.06 5.68 0.58 156.15 0.66
Converted Last 3 Mths (no MHC)(13) 23.88 22.25 1.07 4.56 3.34 1.02 4.40 0.33 215.59 0.76
Actively Traded Companies(34) 9.43 9.18 0.96 10.93 4.42 0.99 11.70 0.72 152.44 0.99
Market Value Below $20 Million(40) 16.04 15.96 0.96 6.58 4.85 0.90 6.06 0.84 116.10 0.69
Holding Company Structure(268) 14.31 13.99 0.95 7.80 4.38 0.90 7.36 0.69 142.18 0.77
Assets Over $1 Billion(57) 8.96 8.35 0.88 10.99 4.70 0.80 10.09 0.83 114.63 0.98
Assets $500 Million-$1 Billion(42) 9.70 9.43 0.84 8.98 3.95 0.79 8.74 0.65 172.69 0.93
Assets $250-$500 Million(69) 13.09 12.82 0.94 8.16 4.51 0.90 7.72 0.72 143.64 0.77
Assets less than $250 Million(127) 18.02 17.80 1.01 6.31 4.32 0.97 5.94 0.67 139.32 0.65
Goodwill Companies(118) 10.26 9.62 0.89 9.85 4.69 0.82 9.05 0.84 116.43 0.88
Non-Goodwill Companies(175) 16.30 16.19 0.98 6.82 4.19 0.94 6.56 0.62 157.32 0.72
Acquirors of FSLIC Cases(8) 8.68 8.26 1.00 12.16 5.64 0.92 11.02 0.93 54.99 0.59
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. SAIF-Insured Thrifts (no MHCs)
- --------------------------------------------
SAIF-Insured Thrifts(295) 20.51 164.54 21.04 170.22 21.66 0.36 1.62 30.65
NYSE Traded Companies(8) 18.17 237.36 19.85 245.83 20.64 0.21 0.57 9.21
AMEX Traded Companies(22) 19.98 141.76 19.77 143.22 20.78 0.31 1.69 33.25
NASDAQ Listed OTC Companies(264) 20.62 164.90 21.13 170.03 21.74 0.36 1.65 31.18
California Companies(19) 18.45 159.36 12.86 163.30 21.19 0.18 0.58 13.09
Florida Companies(6) 19.06 200.03 21.20 212.36 22.93 0.43 2.63 17.11
Mid-Atlantic Companies(59) 20.14 169.54 18.49 179.81 21.08 0.36 1.39 29.75
Mid-West Companies(136) 20.49 161.26 21.63 165.24 21.54 0.35 1.63 31.32
New England Companies(8) 19.48 173.28 13.06 182.68 20.19 0.36 1.56 29.10
North-West Companies(11) 22.60 176.38 26.77 182.31 23.36 0.32 1.32 32.07
South-East Companies(44) 21.85 166.69 25.44 171.07 23.11 0.42 2.20 39.54
South-West Companies(6) 16.17 150.78 16.11 157.28 16.37 0.29 1.29 27.43
Western Companies (Excl CA)(6) 22.70 128.43 24.56 134.57 22.65 0.46 2.03 35.94
Thrift Strategy(247) 20.81 156.31 21.80 161.06 21.66 0.36 1.73 32.32
Mortgage Banker Strategy(30) 19.28 208.03 16.36 222.48 22.25 0.32 1.05 22.46
Real Estate Strategy(8) 19.18 214.20 15.43 219.95 20.75 0.25 0.81 14.88
Diversified Strategy(7) 17.22 254.51 22.28 261.21 21.18 0.48 1.34 28.24
Retail Banking Strategy(3) 18.24 175.12 11.61 181.84 19.82 0.15 0.65 17.84
Companies Issuing Dividends(248) 20.43 166.14 21.08 171.36 21.70 0.42 1.93 36.76
Companies Without Dividends(47) 21.09 156.19 20.83 164.31 21.36 0.00 0.00 0.00
Equity/Assets less than 6%(21) 19.30 219.33 11.82 222.91 20.44 0.18 0.66 17.12
Equity/Assets 6-12%(129) 19.14 188.03 16.21 197.59 20.92 0.38 1.48 27.64
Equity/Assets greater than 12%(145) 22.07 137.80 26.42 140.86 22.59 0.36 1.87 35.54
Converted Last 3 Mths (no MHC)(13) 24.72 139.04 33.13 157.34 24.85 0.22 1.87 6.50
Actively Traded Companies(34) 19.11 214.26 19.38 221.40 19.84 0.45 1.48 30.02
Market Value Below $20 Million(40) 20.91 128.82 19.83 129.28 22.30 0.30 1.78 33.34
Holding Company Structure(268) 20.76 163.21 21.28 168.80 21.85 0.36 1.63 31.17
Assets Over $1 Billion(57) 19.65 206.78 17.95 224.34 20.83 0.39 1.33 23.49
Assets $500 Million-$1 Billion(42) 19.37 192.59 17.61 198.82 20.62 0.39 1.49 32.05
Assets $250-$500 Million(69) 19.97 167.04 20.66 169.23 21.36 0.35 1.51 25.54
Assets less than $250 Million(127) 21.58 137.62 23.61 140.21 22.51 0.33 1.84 36.12
Goodwill Companies(118) 19.52 188.31 18.00 201.52 21.11 0.38 1.50 26.28
Non-Goodwill Companies(175) 21.05 150.43 22.85 151.70 21.93 0.34 1.72 33.86
Acquirors of FSLIC Cases(8) 18.12 205.87 17.25 217.61 18.82 0.47 1.59 27.29
(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-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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(59) 11.68 11.33 1.05 10.61 4.89 1.03 10.33 0.68 177.59 1.31
NYSE Traded Companies(5) 17.10 15.86 1.05 8.02 3.66 1.17 8.98 1.51 62.92 1.00
AMEX Traded Companies(6) 12.51 12.17 1.01 9.73 4.89 0.88 8.43 1.42 71.37 1.23
NASDAQ Listed OTC Companies(48) 10.96 10.72 1.06 11.00 5.03 1.03 10.70 0.55 196.81 1.36
California Companies(1) 9.78 9.75 1.42 13.26 6.91 1.42 13.26 1.31 102.95 1.63
Mid-Atlantic Companies(21) 13.81 13.26 0.91 7.96 3.62 0.93 8.12 0.80 129.87 1.22
New England Companies(31) 9.93 9.68 1.13 12.70 5.71 1.06 11.78 0.67 192.98 1.48
North-West Companies(3) 9.36 9.24 1.03 11.65 4.60 1.16 14.23 0.31 399.42 1.01
South-East Companies(3) 17.37 17.21 1.12 5.90 4.94 1.11 5.85 0.29 180.87 0.51
Thrift Strategy(45) 12.79 12.47 1.06 9.79 4.82 1.02 9.25 0.67 167.43 1.23
Mortgage Banker Strategy(6) 8.76 8.40 0.94 12.07 5.15 0.96 11.93 0.41 304.65 1.20
Real Estate Strategy(3) 10.29 10.27 1.72 16.37 6.86 1.60 15.30 1.16 105.13 1.63
Diversified Strategy(5) 6.58 5.97 0.87 13.28 4.44 0.98 15.27 0.81 150.64 1.95
Companies Issuing Dividends(51) 11.09 10.70 1.06 11.02 4.97 1.04 10.69 0.68 180.20 1.29
Companies Without Dividends(8) 15.61 15.59 0.97 7.87 4.39 0.96 7.89 0.68 159.77 1.46
Equity/Assets less than 6%(4) 5.06 4.92 0.90 16.76 4.63 0.84 15.63 0.88 97.83 1.55
Equity/Assets 6-12%(39) 8.61 8.24 1.05 12.18 5.48 1.02 11.78 0.78 189.59 1.42
Equity/Assets greater than 12%(16) 19.84 19.52 1.08 5.74 3.72 1.09 5.92 0.37 171.69 1.00
Converted Last 3 Mths (no MHC)(2) 18.96 18.11 1.07 5.79 2.81 0.89 4.77 0.71 86.68 0.98
Actively Traded Companies(17) 9.86 9.43 1.22 13.18 5.65 1.16 12.63 0.53 164.89 1.11
Market Value Below $20 Million(2) 8.06 8.02 0.22 2.31 2.26 0.25 2.64 0.54 225.73 1.74
Holding Company Structure(47) 12.71 12.44 1.06 10.02 4.82 1.04 9.75 0.59 178.34 1.30
Assets Over $1 Billion(17) 10.82 10.11 1.04 10.95 4.41 1.11 11.73 0.79 159.81 1.39
Assets $500 Million-$1 Billion(15) 10.16 9.84 1.15 12.41 5.61 1.03 10.95 0.64 155.46 1.28
Assets $250-$500 Million(12) 12.38 12.21 1.16 11.26 5.53 1.12 10.79 0.70 206.46 1.47
Assets less than $250 Million(15) 13.10 13.01 0.91 8.50 4.46 0.86 7.95 0.56 185.71 1.10
Goodwill Companies(31) 9.70 9.01 0.92 10.57 4.65 0.92 10.44 0.87 145.23 1.30
Non-Goodwill Companies(27) 13.38 13.38 1.19 10.89 5.20 1.14 10.44 0.48 215.95 1.34
Pricing Ratios Dividend Data(6)
----------------------------------------- ------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts (no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(59) 19.10 196.08 21.48 191.60 19.86 0.43 1.52 30.09
NYSE Traded Companies(5) 24.32 191.80 28.39 185.76 25.07 0.54 1.28 27.34
AMEX Traded Companies(6) 19.42 178.76 20.14 186.57 22.38 0.40 1.67 33.76
NASDAQ Listed OTC Companies(48) 18.48 198.65 20.85 192.84 18.98 0.43 1.53 29.91
California Companies(1) 14.47 181.82 17.78 182.39 14.47 0.00 0.00 0.00
Mid-Atlantic Companies(21) 22.71 194.90 25.61 186.92 21.88 0.41 1.29 33.23
New England Companies(31) 17.35 198.61 18.82 200.87 18.85 0.45 1.58 28.82
North-West Companies(3) 16.71 249.08 20.08 200.04 21.14 0.61 1.76 29.71
South-East Companies(3) 21.22 132.10 22.87 133.56 21.39 0.41 2.63 36.44
Thrift Strategy(45) 19.59 181.26 22.27 177.94 20.02 0.42 1.58 31.45
Mortgage Banker Strategy(6) 18.53 218.76 18.81 233.27 19.10 0.32 1.09 23.11
Real Estate Strategy(3) 14.57 224.31 23.29 224.59 15.48 0.36 1.29 18.95
Diversified Strategy(5) 17.55 273.15 17.51 254.65 21.38 0.68 1.61 33.15
Companies Issuing Dividends(51) 19.36 202.69 21.39 198.00 20.11 0.50 1.74 34.19
Companies Without Dividends(8) 16.53 153.58 22.12 154.06 17.44 0.00 0.00 0.00
Equity/Assets less than 6%(4) 18.10 317.99 17.02 310.14 23.71 0.50 1.26 19.90
Equity/Assets 6-12%(39) 18.30 204.47 17.98 206.02 19.03 0.47 1.58 30.53
Equity/Assets greater than 12%(16) 22.26 155.92 30.05 145.99 21.76 0.34 1.45 31.23
Converted Last 3 Mths (no MHC)(2) 27.50 235.87 42.72 122.06 27.50 0.05 0.47 23.81
Actively Traded Companies(17) 17.70 221.82 20.05 216.83 19.49 0.69 1.79 31.65
Market Value Below $20 Million(2) 14.66 154.61 11.86 156.01 18.17 0.00 0.00 0.00
Holding Company Structure(47) 18.93 190.38 22.45 184.15 19.57 0.44 1.53 30.14
Assets Over $1 Billion(17) 20.76 223.94 22.96 216.48 21.51 0.62 1.55 34.53
Assets $500 Million-$1 Billion(15) 17.48 216.60 21.93 207.06 16.49 0.45 1.69 32.07
Assets $250-$500 Million(12) 18.77 182.30 20.60 186.07 19.49 0.29 1.36 24.90
Assets less than $250 Million(15) 18.80 161.39 20.23 163.28 20.29 0.33 1.49 28.23
Goodwill Companies(31) 19.08 215.19 20.10 209.16 20.16 0.44 1.41 29.44
Non-Goodwill Companies(27) 18.72 177.66 22.78 177.66 19.20 0.44 1.69 31.91
(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-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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(16) 12.27 12.14 0.80 6.98 2.50 0.77 6.66 0.55 149.57 0.89
BIF-Insured Thrifts(3) 10.90 10.27 0.90 8.89 3.32 0.70 6.68 0.82 110.30 1.18
NASDAQ Listed OTC Companies(19) 12.04 11.83 0.82 7.30 2.64 0.76 6.67 0.59 142.64 0.94
Florida Companies(2) 9.22 9.20 0.70 7.24 2.94 0.64 6.61 0.39 83.08 0.49
Mid-Atlantic Companies(10) 12.02 11.65 0.78 6.98 2.43 0.76 6.76 0.67 126.05 0.90
Mid-West Companies(5) 13.06 13.04 0.89 7.16 2.81 0.84 6.67 0.39 201.03 0.60
New England Companies(2) 12.92 12.90 0.98 9.21 3.03 0.73 6.28 0.72 197.54 2.14
Thrift Strategy(17) 12.50 12.31 0.79 6.67 2.61 0.76 6.42 0.58 146.47 0.88
Mortgage Banker Strategy(1) 8.13 7.25 0.88 10.74 1.93 0.76 9.30 0.66 60.87 0.99
Diversified Strategy(1) 8.68 8.63 1.18 13.87 3.79 0.68 8.00 0.66 166.94 1.76
Companies Issuing Dividends(17) 11.72 11.48 0.83 7.64 2.61 0.77 6.93 0.59 137.79 0.83
Companies Without Dividends(2) 14.59 14.59 0.67 4.56 2.87 0.67 4.56 0.62 179.00 1.80
Equity/Assets 6-12%(12) 9.76 9.43 0.77 8.08 2.55 0.69 7.11 0.69 95.25 0.84
Equity/Assets >12%(7) 16.61 16.61 0.90 5.74 2.81 0.91 5.77 0.42 229.52 1.13
Holding Company Structure(3) 11.16 10.55 0.75 6.96 2.99 0.71 6.51 0.90 81.97 0.89
Assets Over $1 Billion(6) 10.40 10.07 0.83 8.51 2.82 0.72 7.21 0.60 125.54 1.26
Assets $500 Million-$1 Billion(1) 11.28 11.28 0.77 6.80 2.76 0.71 6.29 0.42 88.29 0.59
Assets $250-$500 Million(4) 11.54 11.52 0.88 7.81 2.74 0.86 7.59 0.54 230.39 0.60
Assets less than $250 Million(8) 13.84 13.58 0.78 6.04 2.41 0.75 5.73 0.64 127.45 0.86
Goodwill Companies(6) 9.01 8.36 0.89 9.81 2.83 0.76 8.33 0.65 104.19 0.86
Non-Goodwill Companies(13) 13.56 13.56 0.78 6.04 2.54 0.76 5.83 0.56 163.61 0.99
MHC Institutions(19) 12.04 11.83 0.82 7.30 2.64 0.76 6.67 0.59 142.64 0.94
MHC Converted Last 3 Months(2) 14.59 14.59 0.67 4.56 2.87 0.67 4.56 0.62 179.00 1.80
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(16) 0.00 233.15 31.20 233.43 0.00 0.43 1.65 48.28
BIF-Insured Thrifts(3) 27.58 254.13 26.69 272.03 28.78 0.35 1.01 29.70
NASDAQ Listed OTC Companies(19) 27.58 237.35 30.45 241.15 28.78 0.41 1.54 43.99
Florida Companies(2) 0.00 237.52 21.92 238.17 0.00 0.90 2.66 0.00
Mid-Atlantic Companies(10) 28.78 220.77 31.72 228.17 28.78 0.26 1.17 42.58
Mid-West Companies(5) 0.00 249.00 30.69 249.51 0.00 0.55 2.11 57.66
New England Companies(2) 26.39 271.89 32.11 272.82 0.00 0.42 1.11 29.17
Thrift Strategy(17) 28.78 229.80 29.80 233.74 28.78 0.40 1.54 42.84
Mortgage Banker Strategy(1) 0.00 0.00 41.45 0.00 0.00 0.22 0.82 42.31
Diversified Strategy(1) 26.39 342.96 29.75 344.83 0.00 0.84 2.21 58.33
Companies Issuing Dividends(17) 26.39 248.31 31.11 252.70 0.00 0.46 1.73 51.99
Companies Without Dividends(2) 28.78 166.07 25.13 166.07 28.78 0.00 0.00 0.00
Equity/Assets 6-12%(12) 26.39 268.77 29.64 275.10 0.00 0.46 1.55 50.90
Equity/Assets >12%(7) 28.78 190.22 32.07 190.22 28.78 0.32 1.53 28.46
Holding Company Structure(3) 28.78 233.18 25.62 250.46 28.78 0.27 0.97 34.86
Assets Over $1 Billion(6) 27.58 227.97 29.19 228.76 28.78 0.35 1.15 27.93
Assets $500 Million-$1 Billion(1) 0.00 238.24 26.89 238.24 0.00 0.90 2.37 0.00
Assets $250-$500 Million(4) 0.00 255.68 32.25 256.36 0.00 0.51 1.78 57.40
Assets less than $250 Million(8) 0.00 234.72 31.01 242.12 0.00 0.34 1.62 52.01
Goodwill Companies(6) 26.39 283.22 30.48 297.48 0.00 0.47 1.50 42.15
Non-Goodwill Companies(13) 28.78 220.67 30.43 220.67 28.78 0.39 1.56 45.14
MHC Institutions(19) 27.58 237.35 30.45 241.15 28.78 0.41 1.54 43.99
MHC Converted Last 3 Months(2) 28.78 166.07 25.13 166.07 28.78 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-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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
- ---------------------
AHM Ahmanson and Co. H.F. of CA(8) 4.10 3.51 0.79 19.64 4.57 0.70 17.25 NA NA 1.32
BYS Bay State Bancorp of MA* 20.71 20.71 0.92 4.44 3.64 0.92 4.44 0.77 110.27 1.10
CFB Commercial Federal Corp. of NE 6.37 5.75 0.97 15.97 4.81 0.95 15.69 0.83 79.52 0.88
DME Dime Bancorp, Inc. of NY* 6.02 4.94 0.62 11.11 3.61 0.62 11.11 1.03 48.09 0.66
DSL Downey Financial Corp. of CA 7.38 7.28 0.80 11.04 4.93 0.77 10.63 0.85 63.98 0.59
FED FirstFed Fin. Corp. of CA 5.35 5.31 0.56 11.24 4.38 0.55 11.04 0.89 236.92 2.68
GSB Golden State Bancorp of CA(8) 6.04 5.45 0.60 10.47 4.73 0.72 12.58 0.99 92.79 1.22
GDW Golden West Fin. Corp. of CA 6.82 6.82 0.91 14.13 5.95 0.90 13.92 1.02 58.45 0.72
GPT GreenPoint Fin. Corp. of NY* 9.70 5.29 1.11 10.83 4.19 1.08 10.52 2.73 30.41 1.22
JSB JSB Financial, Inc. of NY* 23.21 23.21 1.92 8.59 5.48 1.71 7.64 NA NA 0.56
OCN Ocwen Financial Corp. of FL 13.67 13.17 2.83 26.10 5.65 0.81 7.43 NA NA NA
SIB Staten Island Bancorp of NY* 25.87 25.17 0.70 5.11 1.38 1.53 11.18 NA NA 1.44
WES Westcorp Inc. of Orange CA 9.35 9.33 1.03 11.08 9.45 -0.21 -2.22 NA NA 1.88
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 16.09 16.09 1.09 6.38 4.80 1.06 6.21 NA NA NA
ANE Alliance Bancorp of NE, of CT* 7.61 7.39 0.84 11.87 5.13 0.59 8.30 1.60 75.91 1.91
BKC American Bank of Waterbury CT* 9.02 8.72 1.33 15.56 5.70 1.15 13.47 2.28 40.39 1.54
BFD BostonFed Bancorp of MA 8.37 8.07 0.75 8.41 5.40 0.68 7.57 NA NA 0.84
CNY Carver Bancorp, Inc. of NY 8.48 8.16 -0.11 -1.33 -1.30 0.02 0.20 1.67 41.11 1.15
CBK Citizens First Fin.Corp. of IL 13.88 13.88 0.69 4.82 3.65 0.47 3.26 0.69 44.35 0.36
EFC EFC Bancorp Inc of IL 23.77 23.77 1.07 4.51 3.95 1.07 4.51 0.18 138.59 0.34
EBI Equality Bancorp, Inc. of MO 11.18 11.18 0.53 7.30 3.05 0.12 1.59 0.39 31.69 0.25
ESX Essex Bancorp of Norfolk VA(8) 0.02 -0.08 -0.16 NM -6.90 -0.15 NM 1.69 71.25 1.33
FCB Falmouth Bancorp, Inc. of MA* 23.94 23.94 0.98 4.06 3.11 0.83 3.42 NA NA 0.83
FAB FirstFed America Bancorp of MA 11.17 11.17 0.17 1.58 0.88 0.53 4.99 0.31 275.70 1.16
GAF GA Financial Corp. of PA 14.81 14.68 1.15 7.13 5.50 1.07 6.68 0.21 81.02 0.42
HBS Haywood Bancshares, Inc. of NC* 14.45 13.98 1.28 8.84 6.56 1.28 8.84 0.54 89.14 0.64
KNK Kankakee Bancorp, Inc. of IL 11.01 10.38 0.88 8.04 6.10 0.86 7.86 1.12 55.72 0.98
KYF Kentucky First Bancorp of KY 17.03 17.03 1.14 6.80 5.13 1.12 6.71 0.13 348.65 0.77
MBB MSB Bancorp of Middletown NY(8)* 8.15 4.33 0.14 1.82 1.19 0.40 5.04 1.61 22.76 0.71
NBN Northeast Bancorp of ME* 7.54 6.80 0.60 8.33 3.94 0.58 8.10 1.24 80.05 1.21
NEP Northeast PA Fin. Corp of PA 18.26 18.26 0.62 3.38 2.73 0.62 3.38 0.29 135.14 0.56
PDB Piedmont Bancorp, Inc. of NC 16.19 16.19 1.19 7.28 5.24 1.19 7.28 0.48 142.37 0.82
SSB Scotland Bancorp, Inc. of NC 24.07 24.07 1.67 5.26 6.53 1.67 5.26 NA NA 0.57
SZB SouthFirst Bancshares of AL 9.67 9.43 0.56 4.44 3.17 0.57 4.51 1.28 37.22 0.78
SRN Southern Banc Company of AL 17.08 16.93 0.48 2.77 2.48 0.48 2.77 NA NA 0.19
SSM Stone Street Bancorp of NC 28.74 28.74 1.45 4.58 4.07 1.45 4.58 0.27 193.22 0.61
TSH Teche Holding Company of LA 13.54 13.54 0.97 7.28 5.58 0.93 6.95 0.38 215.27 0.97
FTF Texarkana Fst. Fin. Corp of AR 15.15 15.15 1.75 11.22 6.08 1.71 10.96 0.23 267.38 0.76
THR Three Rivers Fin. Corp. of MI 13.46 13.42 0.88 6.42 5.16 0.84 6.10 1.08 47.87 0.80
WSB Washington SB, FSB of MD 8.67 8.67 0.77 9.15 5.84 0.55 6.56 NA NA 0.99
WFI Winton Financial Corp. of OH 7.17 7.03 1.05 14.60 4.20 0.86 12.04 NA NA NA
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 8.98 8.82 0.75 8.89 5.84 0.49 5.79 1.71 26.55 0.62
FBER 1st Bergen Bancorp of NJ 13.52 13.52 0.78 5.29 4.02 0.78 5.29 NA NA NA
AFED AFSALA Bancorp, Inc. of NY(8) 12.52 12.52 0.79 5.91 4.68 0.79 5.91 0.30 234.30 1.46
ALBK ALBANK Fin. Corp. of Albany NY 8.81 6.84 1.18 12.97 6.56 1.17 12.85 0.92 78.98 1.05
AMFC AMB Financial Corp. of IN 14.80 14.80 1.07 6.93 5.61 0.68 4.38 0.33 122.66 0.52
ASBP ASB Financial Corp. of OH 15.46 15.46 0.92 5.89 4.42 0.92 5.89 0.14 513.38 1.03
ABBK Abington Bancorp of MA* 6.83 6.22 0.87 12.59 6.23 0.77 11.05 0.14 310.69 0.72
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA(8) 21.88 NM 17.79 NM 24.90 0.88 1.16 25.43
BYS Bay State Bancorp of MA* 27.50 122.06 25.28 122.06 27.50 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 20.79 308.97 19.70 342.40 21.16 0.22 0.63 13.02
DME Dime Bancorp, Inc. of NY* 27.69 257.43 15.50 313.88 27.69 0.20 0.67 18.69
DSL Downey Financial Corp. of CA 20.30 213.38 15.74 216.06 21.09 0.32 0.98 19.88
FED FirstFed Fin. Corp. of CA 22.85 236.85 12.68 238.78 23.28 0.00 0.00 0.00
GSB Golden State Bancorp of CA(8) 21.13 206.26 12.45 228.57 17.59 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 16.80 220.43 15.02 220.43 17.05 0.50 0.48 8.08
GPT GreenPoint Fin. Corp. of NY* 23.85 276.67 26.85 NM 24.56 0.64 1.54 36.78
JSB JSB Financial, Inc. of NY* 18.25 150.70 34.98 150.70 20.53 1.60 2.95 53.87
OCN Ocwen Financial Corp. of FL 17.69 332.85 45.49 345.35 NM 0.00 0.00 0.00
SIB Staten Island Bancorp of NY* NM 152.17 39.37 156.39 NM 0.28 1.21 NM
WES Westcorp Inc. of Orange CA 10.58 111.69 10.45 111.94 NM 0.20 1.35 14.29
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 20.83 137.20 22.07 137.20 21.40 0.44 1.85 38.60
ANE Alliance Bancorp of NE, of CT* 19.51 208.88 15.89 214.86 27.91 0.20 0.83 16.26
BKC American Bank of Waterbury CT* 17.54 242.13 21.84 250.42 20.27 0.76 2.53 44.44
BFD BostonFed Bancorp of MA 18.51 159.87 13.39 165.93 20.56 0.40 1.66 30.77
CNY Carver Bancorp, Inc. of NY NM 100.92 8.56 104.91 NM 0.00 0.00 NM
CBK Citizens First Fin.Corp. of IL 27.36 135.27 18.77 135.27 NM 0.00 0.00 0.00
EFC EFC Bancorp Inc of IL 25.34 114.25 27.16 114.25 25.34 0.00 0.00 0.00
EBI Equality Bancorp, Inc. of MO NM 146.07 16.33 146.07 NM 0.24 1.59 52.17
ESX Essex Bancorp of Norfolk VA(8) NM NM 2.20 NM NM 0.00 0.00 NM
FCB Falmouth Bancorp, Inc. of MA* NM 126.17 30.20 126.17 NM 0.24 1.19 38.10
FAB FirstFed America Bancorp of MA NM 152.19 16.99 152.19 NM 0.00 0.00 0.00
GAF GA Financial Corp. of PA 18.18 130.80 19.38 132.01 19.42 0.56 2.80 50.91
HBS Haywood Bancshares, Inc. of NC* 15.25 128.97 18.63 133.33 15.25 0.60 2.62 40.00
KNK Kankakee Bancorp, Inc. of IL 16.38 130.71 14.40 138.64 16.77 0.48 1.34 21.92
KYF Kentucky First Bancorp of KY 19.48 132.51 22.56 132.51 19.74 0.50 3.33 64.94
MBB MSB Bancorp of Middletown NY(8)* NM 152.83 12.45 287.31 NM 0.56 1.67 NM
NBN Northeast Bancorp of ME* 25.36 187.63 14.16 208.09 26.10 0.21 1.18 30.00
NEP Northeast PA Fin. Corp of PA NM 123.73 22.60 123.73 NM 0.00 0.00 0.00
PDB Piedmont Bancorp, Inc. of NC 19.09 134.60 21.79 134.60 19.09 0.40 3.88 74.07
SSB Scotland Bancorp, Inc. of NC 15.31 114.88 27.65 114.88 15.31 0.20 2.25 34.48
SZB SouthFirst Bancshares of AL NM 121.29 11.73 124.41 NM 0.60 3.02 NM
SRN Southern Banc Company of AL NM 111.94 19.12 112.94 NM 0.35 2.12 NM
SSM Stone Street Bancorp of NC 24.54 121.44 34.91 121.44 24.54 0.46 2.31 56.79
TSH Teche Holding Company of LA 17.92 125.85 17.04 125.85 18.75 0.50 2.47 44.25
FTF Texarkana Fst. Fin. Corp of AR 16.46 182.29 27.62 182.29 16.85 0.56 1.98 32.56
THR Three Rivers Fin. Corp. of MI 19.38 121.81 16.40 122.19 20.40 0.44 2.27 44.00
WSB Washington SB, FSB of MD 17.13 150.67 13.07 150.67 23.88 0.10 1.27 21.74
WFI Winton Financial Corp. of OH 23.83 328.62 23.58 335.56 28.88 0.25 1.31 31.25
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 17.13 147.06 13.20 149.69 26.27 0.27 0.87 14.92
FBER 1st Bergen Bancorp of NJ 24.85 134.68 18.21 134.68 24.85 0.20 1.03 25.64
AFED AFSALA Bancorp, Inc. of NY(8) 21.35 130.85 16.38 130.85 21.35 0.28 1.47 31.46
ALBK ALBANK Fin. Corp. of Albany NY 15.24 184.06 16.21 237.00 15.37 0.72 1.40 21.30
AMFC AMB Financial Corp. of IN 17.81 123.24 18.24 123.24 28.18 0.28 1.48 26.42
ASBP ASB Financial Corp. of OH 22.62 133.18 20.59 133.18 22.62 0.40 2.81 63.49
ABBK Abington Bancorp of MA* 16.06 193.82 13.23 212.82 18.29 0.20 1.01 16.26
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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)
- ---------------------------------------
AABC Access Anytime Bancorp of NM 8.52 8.52 1.50 20.76 10.92 1.40 19.33 0.14 335.63 0.77
AFBC Advance Fin. Bancorp of WV 15.22 15.22 0.87 5.65 4.63 0.84 5.45 1.10 27.69 0.35
AFCB Affiliated Comm BC, Inc of MA(8) 9.79 9.74 1.08 11.08 4.68 1.05 10.71 0.41 186.48 1.24
ALBC Albion Banc Corp. of Albion NY 8.59 8.59 0.52 5.88 4.27 0.49 5.63 0.38 100.00 0.52
ABCL Alliance Bancorp, Inc. of IL 9.60 9.49 0.84 9.10 4.57 0.93 10.10 0.22 156.51 0.56
ALLB Alliance Bank MHC of PA (19.9) 11.20 11.20 0.83 7.17 1.85 0.83 7.17 1.38 41.98 1.02
AHCI Ambanc Holding Co., Inc. of NY* 11.99 11.99 0.56 4.49 3.38 0.45 3.65 0.67 111.94 1.34
ASBI Ameriana Bancorp of IN 11.36 11.36 0.91 8.24 5.40 0.80 7.21 0.50 59.58 0.39
ABCW Anchor Bancorp Wisconsin of WI 6.64 6.54 1.04 16.38 5.12 0.96 15.13 NA NA 1.34
ANDB Andover Bancorp, Inc. of MA* 8.10 8.10 1.05 13.07 5.96 1.03 12.81 0.49 184.92 1.24
ASFC Astoria Financial Corp. of NY 8.07 5.61 0.82 10.36 4.41 0.76 9.62 0.54 67.50 0.85
AVND Avondale Fin. Corp. of IL 8.48 8.48 -2.10 -23.98 -22.12 -1.78 -20.34 1.14 84.08 2.31
BKCT Bancorp Connecticut of CT* 10.59 10.59 1.39 13.30 5.76 1.23 11.81 0.74 151.22 2.06
BPLS Bank Plus Corp. of CA 4.35 3.96 0.35 7.31 4.95 0.39 8.21 1.64 NA NA
BNKU Bank United Corp. of TX 4.89 4.77 0.69 13.68 4.99 0.60 12.00 NA NA 0.44
BWFC Bank West Fin. Corp. of MI 13.66 13.66 0.72 4.94 3.04 0.54 3.67 0.48 32.03 0.22
BANC BankAtlantic Bancorp of FL 6.76 5.90 0.99 16.94 6.05 0.51 8.67 1.17 72.73 1.12
BKUNA BankUnited Fin. Corp. of FL 4.28 3.80 0.28 6.95 2.24 0.21 5.30 0.40 35.26 0.16
BVCC Bay View Capital Corp. of CA 5.35 4.44 0.44 7.40 2.18 0.60 10.09 NA NA 1.22
FSNJ Bayonne Banchsares of NJ 15.76 15.76 0.46 3.99 1.84 0.65 5.73 1.01 48.09 1.27
BFSB Bedford Bancshares, Inc. of VA 14.52 14.52 1.20 8.44 4.90 1.20 8.38 0.43 112.25 0.60
BFFC Big Foot Fin. Corp. of IL 17.53 17.53 0.60 3.46 2.38 0.53 3.05 NA NA 0.28
BYFC Broadway Fin. Corp. of CA 10.30 10.30 0.43 4.13 4.88 0.30 2.84 1.65 51.04 1.00
BRKL Brookline Bncp MHC of MA(47.0) 17.16 17.16 0.78 4.56 2.27 0.78 4.56 0.78 228.13 2.51
CBES CBES Bancorp, Inc. of MO 15.78 15.78 1.11 6.34 5.22 0.97 5.54 NA NA NA
CCFH CCF Holding Company of GA 9.39 9.39 0.13 1.11 0.65 -0.22 -1.85 0.50 106.86 0.68
CFSB CFSB Bancorp of Lansing MI 7.92 7.92 1.27 16.47 5.15 1.18 15.32 0.08 724.89 0.65
CKFB CKF Bancorp of Danville KY 21.90 21.90 1.84 7.79 6.85 1.38 5.83 0.43 48.87 0.23
CNSB CNS Bancorp, Inc. of MO 24.43 24.43 0.88 3.56 2.91 0.88 3.56 0.22 178.34 0.57
CSBF CSB Financial Group Inc of IL 24.00 22.65 0.50 2.01 2.13 0.43 1.73 0.95 39.74 0.66
CBCI Calumet Bancorp of Chicago IL 16.77 16.77 1.61 10.01 6.77 1.62 10.09 1.45 82.15 1.53
CAFI Camco Fin. Corp. of OH 9.40 8.73 1.15 11.99 5.86 0.93 9.73 0.48 53.21 0.30
CMRN Cameron Fin. Corp. of MO 21.43 21.43 1.18 5.29 4.37 1.17 5.23 0.98 82.65 0.94
CAPS Capital Savings Bancorp of MO(8) 9.43 9.43 0.98 11.06 5.62 0.95 10.62 0.41 78.85 0.40
CFNC Carolina Fincorp of NC* 22.71 22.71 1.22 5.24 4.03 1.17 5.02 0.10 365.18 0.50
CASB Cascade Financial Corp. of WA 6.93 6.93 0.66 10.21 4.17 0.64 9.93 0.35 274.48 1.13
CATB Catskill Fin. Corp. of NY* 24.31 24.31 1.34 5.19 4.72 1.34 5.19 0.29 219.08 1.49
CAVB Cavalry Bancorp of TN 27.23 27.23 1.33 4.87 2.60 1.33 4.87 0.01 NA 1.23
CNIT Cenit Bancorp of Norfolk VA 6.95 6.40 0.85 12.05 4.57 0.79 11.16 0.36 145.18 0.72
CEBK Central Co-Op. Bank of MA* 9.82 8.88 0.81 8.09 4.77 0.74 7.40 0.42 185.68 1.08
CENB Century Bancorp, Inc. of NC(8) 30.14 30.14 1.61 5.35 6.73 1.62 5.39 0.58 93.95 0.84
CBSB Charter Financial Inc. of IL(8) 15.54 13.92 1.36 9.12 3.63 1.50 10.06 0.62 90.95 0.76
COFI Charter One Financial of OH 6.97 6.51 0.81 11.84 2.88 1.19 17.33 0.38 151.36 0.87
CVAL Chester Valley Bancorp of PA 8.82 8.82 1.00 11.61 4.36 0.96 11.05 0.24 390.28 1.21
CTZN CitFed Bancorp of Dayton OH(8) 6.06 5.54 0.87 13.86 4.16 0.87 13.86 0.39 136.09 1.01
CLAS Classic Bancshares, Inc. of KY 14.88 12.64 0.81 5.53 4.43 0.95 6.47 0.42 148.74 0.92
CBSA Coastal Bancorp of Houston TX 3.60 3.06 0.40 11.65 5.99 0.39 11.55 NA NA 0.64
CFCP Coastal Fin. Corp. of SC 5.98 5.98 1.22 19.67 5.95 1.06 16.97 0.59 151.67 1.20
CMSB Commonwealth Bancorp Inc of PA 9.47 7.48 0.73 7.51 4.29 0.56 5.73 0.42 90.64 0.64
CMSV Commty. Svgs, MHC of FL (48.5) 11.28 11.28 0.77 6.80 2.76 0.71 6.29 0.42 88.29 0.59
CFTP Community Fed. Bancorp of MS 26.47 26.47 1.32 4.46 3.49 1.32 4.46 0.49 48.59 0.44
CFFC Community Fin. Corp. of VA 13.63 13.58 1.06 7.80 4.49 1.08 7.91 0.44 129.75 0.65
CIBI Community Inv. Bancorp of OH 11.58 11.58 0.97 8.35 5.01 0.97 8.35 0.58 NA NA
COOP Cooperative Bancshares of NC 7.66 7.66 0.63 8.32 4.17 0.62 8.21 0.16 167.34 0.35
CRZY Crazy Woman Creek Bncorp of WY 23.63 23.63 1.28 4.92 3.95 1.30 4.99 0.09 511.11 0.94
DNFC D&N Financial Corp. of MI 5.40 5.35 0.88 15.72 5.66 0.78 14.01 0.56 101.76 0.77
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)
- ---------------------------------------
AABC Access Anytime Bancorp of NM 9.16 159.79 13.62 159.79 9.84 0.00 0.00 0.00
AFBC Advance Fin. Bancorp of WV 21.58 119.51 18.19 119.51 22.38 0.32 1.77 38.10
AFCB Affiliated Comm BC, Inc of MA(8) 21.39 224.10 21.94 225.28 22.13 0.60 1.56 33.33
ALBC Albion Banc Corp. of Albion NY 23.40 133.98 11.50 133.98 24.44 0.12 1.09 25.53
ABCL Alliance Bancorp, Inc. of IL 21.88 171.57 16.47 173.59 19.72 0.44 1.57 34.38
ALLB Alliance Bank MHC of PA (19.9) NM NM 42.10 NM NM 0.36 1.07 58.06
AHCI Ambanc Holding Co., Inc. of NY* 29.59 133.29 15.98 133.29 NM 0.24 1.27 37.50
ASBI Ameriana Bancorp of IN 18.53 151.02 17.16 151.02 21.17 0.64 3.08 57.14
ABCW Anchor Bancorp Wisconsin of WI 19.54 301.46 20.03 306.36 21.16 0.36 0.83 16.22
ANDB Andover Bancorp, Inc. of MA* 16.76 206.72 16.74 206.72 17.10 0.90 2.11 35.29
ASFC Astoria Financial Corp. of NY 22.69 178.86 14.43 257.05 24.42 0.80 1.39 31.50
AVND Avondale Fin. Corp. of IL NM 122.92 10.42 122.92 NM 0.00 0.00 NM
BKCT Bancorp Connecticut of CT* 17.35 218.57 23.15 218.57 19.54 0.54 2.68 46.55
BPLS Bank Plus Corp. of CA 20.20 140.28 6.11 154.11 17.99 0.00 0.00 0.00
BNKU Bank United Corp. of TX 20.04 260.44 12.74 267.34 22.85 0.64 1.27 25.40
BWFC Bank West Fin. Corp. of MI NM 160.02 21.86 160.02 NM 0.24 1.70 55.81
BANC BankAtlantic Bancorp of FL 16.52 221.02 14.95 253.28 NM 0.10 0.72 11.90
BKUNA BankUnited Fin. Corp. of FL NM 186.20 7.98 209.88 NM 0.00 0.00 0.00
BVCC Bay View Capital Corp. of CA NM NM 19.79 NM NM 0.40 1.26 57.97
FSNJ Bayonne Banchsares of NJ NM 153.43 24.17 153.43 NM 0.17 1.04 56.67
BFSB Bedford Bancshares, Inc. of VA 20.39 166.18 24.13 166.18 20.54 0.56 1.95 39.72
BFFC Big Foot Fin. Corp. of IL NM 142.08 24.91 142.08 NM 0.00 0.00 0.00
BYFC Broadway Fin. Corp. of CA 20.49 83.72 8.62 83.72 29.76 0.20 1.60 32.79
BRKL Brookline Bncp MHC of MA(47.0) NM 200.82 34.46 200.82 NM 0.00 0.00 0.00
CBES CBES Bancorp, Inc. of MO 19.16 122.19 19.29 122.19 21.92 0.40 1.75 33.61
CCFH CCF Holding Company of GA NM 178.16 16.74 178.16 NM 0.64 2.75 NM
CFSB CFSB Bancorp of Lansing MI 19.41 306.97 24.31 306.97 20.86 0.52 1.87 36.36
CKFB CKF Bancorp of Danville KY 14.60 118.82 26.02 118.82 19.52 0.50 2.61 38.17
CNSB CNS Bancorp, Inc. of MO NM 123.57 30.19 123.57 NM 0.24 1.34 46.15
CSBF CSB Financial Group Inc of IL NM 98.27 23.59 104.13 NM 0.00 0.00 0.00
CBCI Calumet Bancorp of Chicago IL 14.76 144.34 24.20 144.34 14.65 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 17.07 196.32 18.46 211.61 21.04 0.56 1.87 32.00
CMRN Cameron Fin. Corp. of MO 22.87 121.74 26.10 121.74 23.12 0.28 1.30 29.79
CAPS Capital Savings Bancorp of MO(8) 17.80 184.19 17.37 184.19 18.54 0.24 1.08 19.20
CFNC Carolina Fincorp of NC* 24.84 128.95 29.28 128.95 25.90 0.24 1.32 32.88
CASB Cascade Financial Corp. of WA 23.99 205.68 14.26 205.68 24.65 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 21.18 112.08 27.25 112.08 21.18 0.32 1.78 37.65
CAVB Cavalry Bancorp of TN NM 187.55 51.06 187.55 NM 0.00 0.00 0.00
CNIT Cenit Bancorp of Norfolk VA 21.90 264.21 18.37 287.11 23.66 0.40 1.51 33.06
CEBK Central Co-Op. Bank of MA* 20.95 162.13 15.92 179.32 22.88 0.32 1.08 22.54
CENB Century Bancorp, Inc. of NC(8) 14.85 78.28 23.60 78.28 14.74 0.68 3.44 51.13
CBSB Charter Financial Inc. of IL(8) 27.58 244.03 37.93 272.55 25.00 0.32 0.92 25.40
COFI Charter One Financial of OH NM 317.03 22.09 339.29 23.74 1.12 1.64 57.14
CVAL Chester Valley Bancorp of PA 22.92 251.14 22.14 251.14 24.09 0.44 1.33 30.56
CTZN CitFed Bancorp of Dayton OH(8) 24.05 312.89 18.98 342.61 24.05 0.36 0.71 17.14
CLAS Classic Bancshares, Inc. of KY 22.56 122.27 18.19 143.97 19.27 0.28 1.51 34.15
CBSA Coastal Bancorp of Houston TX 16.69 184.34 6.64 216.84 16.83 0.48 1.25 20.87
CFCP Coastal Fin. Corp. of SC 16.79 305.13 18.24 305.13 19.47 0.36 1.64 27.48
CMSB Commonwealth Bancorp Inc of PA 23.33 178.35 16.89 225.89 NM 0.32 1.36 31.68
CMSV Commty. Svgs, MHC of FL (48.5) NM 238.24 26.89 238.24 NM 0.90 2.37 NM
CFTP Community Fed. Bancorp of MS 28.63 132.76 35.14 132.76 28.63 0.32 1.80 51.61
CFFC Community Fin. Corp. of VA 22.26 166.50 22.70 167.18 21.96 0.28 1.72 38.36
CIBI Community Inv. Bancorp of OH 19.95 166.27 19.26 166.27 19.95 0.32 1.54 30.77
COOP Cooperative Bancshares of NC 24.00 189.87 14.55 189.87 24.32 0.00 0.00 0.00
CRZY Crazy Woman Creek Bncorp of WY 25.33 126.33 29.86 126.33 25.00 0.40 2.11 53.33
DNFC D&N Financial Corp. of MI 17.68 258.38 13.96 260.81 19.82 0.20 0.72 12.74
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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)
- ---------------------------------------
DCBI Delphos Citizens Bancorp of OH 26.79 26.79 1.69 6.10 4.32 1.69 6.10 NA NA 0.12
DIME Dime Community Bancorp of NY* 12.51 10.82 0.89 6.05 3.42 0.85 5.80 0.48 159.03 1.36
DIBK Dime Financial Corp. of CT(8)* 8.27 8.05 1.94 23.88 9.53 1.92 23.73 0.30 433.25 3.30
ESBF ESB Financial Corp of PA 7.52 6.70 0.69 8.90 5.02 0.69 8.90 0.45 117.30 1.41
EGLB Eagle BancGroup of IL 11.86 11.86 0.29 2.43 2.11 0.21 1.75 1.27 41.32 0.77
EBSI Eagle Bancshares of Tucker GA 7.83 7.83 0.66 8.05 4.22 0.67 8.14 1.18 56.90 0.92
ETFS East Texas Fin. Serv. of TX 17.47 17.47 0.63 3.46 2.91 0.59 3.24 0.41 47.58 0.38
ESBK Elmira Svgs Bank (The) of NY* 6.32 6.32 0.39 6.11 3.93 0.42 6.57 0.70 90.95 0.82
EMLD Emerald Financial Corp. of OH 8.04 7.93 1.04 13.47 4.17 0.99 12.79 NA NA NA
EFBC Empire Federal Bancorp of MT 36.97 36.97 1.45 3.93 3.59 1.45 3.93 0.03 645.16 0.44
EFBI Enterprise Fed. Bancorp of OH 10.75 10.75 0.82 6.96 3.83 0.74 6.27 0.01 NA 0.32
EQSB Equitable FSB of Wheaton MD 5.20 5.20 0.75 14.81 5.68 0.75 14.66 NA NA NA
FCBF FCB Fin. Corp. of Neenah WI 14.09 14.09 1.15 7.62 3.85 0.84 5.61 0.26 269.82 0.89
FFDF FFD Financial Corp. of OH 24.06 24.06 1.82 7.45 4.85 0.87 3.56 0.05 642.86 0.42
FFLC FFLC Bancorp of Leesburg FL 12.85 12.85 1.00 7.16 4.91 0.95 6.80 0.31 147.07 0.56
FFWC FFW Corporation of Wabash IN 9.51 8.66 1.03 10.50 6.65 1.01 10.33 0.33 113.70 0.57
FFYF FFY Financial Corp. of OH 13.59 13.59 1.29 9.29 5.56 1.27 9.19 0.53 81.15 0.60
FMCO FMS Financial Corp. of NJ 6.19 6.12 0.96 15.10 4.98 0.96 15.10 0.70 68.15 1.05
FFHH FSF Financial Corp. of MN 10.91 10.91 0.83 7.22 5.25 0.82 7.09 0.18 131.50 0.34
FOBC Fed One Bancorp of Wheeling WV(8) 11.06 10.60 0.91 8.07 3.67 0.91 8.01 0.29 141.57 0.90
FBCI Fidelity Bancorp of Chicago IL 10.47 10.45 0.22 2.12 1.54 0.63 6.08 0.29 33.82 0.12
FSBI Fidelity Bancorp, Inc. of PA 6.84 6.84 0.78 11.24 5.54 0.75 10.93 0.15 349.48 1.04
FFFL Fidelity Bcsh MHC of FL (47.7) 7.16 7.12 0.64 7.67 3.11 0.58 6.94 0.35 77.87 0.38
FFED Fidelity Fed. Bancorp of IN 7.28 7.28 0.73 12.79 7.11 0.68 11.87 0.35 240.48 1.01
FFOH Fidelity Financial of OH 12.01 10.58 0.94 7.26 4.87 0.90 7.01 0.18 174.24 0.39
FIBC Financial Bancorp, Inc. of NY 8.93 8.89 0.92 9.83 5.88 0.98 10.48 2.19 23.74 0.93
FBSI First Bancshares, Inc. of MO 14.40 14.40 1.17 8.22 6.30 1.11 7.83 0.87 33.59 0.36
FBBC First Bell Bancorp of PA 10.80 10.80 1.10 10.13 5.66 1.08 9.96 0.07 156.05 0.13
SKBO First Carnegie MHC of PA(45.0) 17.20 17.20 0.64 4.58 2.02 0.71 5.13 0.78 47.72 0.85
FSTC First Citizens Corp of GA 10.12 7.98 1.96 20.63 6.77 1.75 18.43 1.12 99.21 1.46
FCME First Coastal Corp. of ME* 10.12 10.12 0.85 9.00 6.82 0.68 7.26 0.56 325.79 2.47
FFBA First Colorado Bancorp of CO(8) 13.46 13.19 1.31 9.83 4.04 1.24 9.33 0.18 176.16 0.41
FDEF First Defiance Fin.Corp. of OH 18.44 18.44 0.97 4.77 4.39 0.94 4.62 0.31 158.28 0.62
FESX First Essex Bancorp of MA* 7.61 6.68 0.83 11.19 5.64 0.74 9.97 0.54 150.53 1.49
FFSX First FSB MHC Sxld of IA(46.1) 8.86 8.79 0.73 8.67 3.13 0.71 8.38 0.19 195.85 0.49
FFES First Fed of E. Hartford CT 6.82 6.82 0.57 8.78 5.12 0.63 9.72 0.31 85.02 1.32
BDJI First Fed. Bancorp. of MN 10.18 10.18 0.65 6.01 3.60 0.65 6.01 0.19 198.64 0.79
FFBH First Fed. Bancshares of AR 15.08 15.08 1.03 6.73 4.04 0.99 6.43 NA NA NA
FTFC First Fed. Capital Corp. of WI 7.08 6.70 1.13 17.12 5.37 0.89 13.48 NA NA NA
FFKY First Fed. Fin. Corp. of KY 13.68 12.93 1.63 11.94 5.66 1.61 11.78 0.47 94.14 0.52
FFBZ First Federal Bancorp of OH 7.61 7.60 0.97 12.68 5.08 0.97 12.68 0.46 219.63 1.18
FFCH First Fin. Holdings Inc. of SC 6.44 6.44 0.87 14.12 4.50 0.86 13.86 1.35 48.83 0.82
FFHS First Franklin Corp. of OH 9.21 9.16 0.74 8.28 4.94 0.68 7.58 0.49 92.09 0.68
FGHC First Georgia Hold. Corp of GA 8.31 7.70 1.13 13.71 4.30 0.94 11.35 4.97 12.42 0.71
FSPG First Home Bancorp of NJ(8) 6.95 6.85 0.91 13.59 5.38 0.89 13.28 0.78 85.83 1.29
FFSL First Independence Corp. of KS 10.00 10.00 0.65 6.26 5.43 0.65 6.26 1.44 40.91 0.81
FISB First Indiana Corp. of IN 9.49 9.38 1.16 12.15 5.70 0.94 9.88 1.38 103.15 1.70
FKFS First Keystone Fin. Corp of PA 6.62 6.62 0.80 11.37 5.40 0.72 10.25 1.15 38.88 0.86
FLKY First Lancaster Bncshrs of KY 28.51 28.51 1.16 3.62 3.37 1.16 3.62 3.49 8.62 0.34
FLFC First Liberty Fin. Corp. of GA 7.59 6.90 0.76 10.21 3.35 0.78 10.59 1.00 96.64 1.37
CASH First Midwest Fin., Inc. of OH 10.82 9.66 0.96 8.50 5.77 0.89 7.95 0.74 67.97 0.80
FMBD First Mutual Bancorp Inc of IL 13.85 10.62 0.25 1.76 1.52 0.21 1.45 0.43 85.81 0.47
FMSB First Mutual SB of Bellevue WA* 6.79 6.79 1.03 15.35 5.92 1.01 15.06 0.15 714.97 1.23
FNGB First Northern Cap. Corp of WI 11.06 11.06 0.95 8.43 4.95 0.89 7.93 0.12 405.46 0.54
FFPB First Palm Beach Bancorp of FL 6.37 6.23 0.56 8.55 5.13 0.43 6.57 0.57 NA NA
FWWB First Savings Bancorp of WA 13.68 12.64 1.24 8.47 5.02 1.16 7.93 0.25 263.53 0.97
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)
- ---------------------------------------
DCBI Delphos Citizens Bancorp of OH 23.16 145.12 38.88 145.12 23.16 0.24 1.09 25.26
DIME Dime Community Bancorp of NY* 29.21 185.37 23.20 214.45 NM 0.36 1.30 37.89
DIBK Dime Financial Corp. of CT(8)* 10.49 221.50 18.32 227.42 10.56 0.48 1.41 14.81
ESBF ESB Financial Corp of PA 19.90 157.69 11.86 177.03 19.90 0.36 1.76 34.95
EGLB Eagle BancGroup of IL NM 118.14 14.02 118.14 NM 0.00 0.00 0.00
EBSI Eagle Bancshares of Tucker GA 23.70 177.73 13.92 177.73 23.45 0.60 2.64 62.50
ETFS East Texas Fin. Serv. of TX NM 118.34 20.67 118.34 NM 0.20 1.24 42.55
ESBK Elmira Svgs Bank (The) of NY* 25.42 152.21 9.62 152.21 23.62 0.64 2.13 54.24
EMLD Emerald Financial Corp. of OH 23.96 303.91 24.42 308.15 25.22 0.28 0.97 23.33
EFBC Empire Federal Bancorp of MT 27.87 108.56 40.13 108.56 27.87 0.32 1.88 52.46
EFBI Enterprise Fed. Bancorp of OH 26.13 177.81 19.12 177.91 29.00 1.00 3.45 NM
EQSB Equitable FSB of Wheaton MD 17.59 242.17 12.59 242.17 17.78 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 26.00 171.32 24.15 171.32 NM 0.80 2.46 64.00
FFDF FFD Financial Corp. of OH 20.61 148.76 35.79 148.76 NM 0.30 1.31 27.03
FFLC FFLC Bancorp of Leesburg FL 20.38 148.43 19.08 148.43 21.45 0.36 1.77 36.00
FFWC FFW Corporation of Wabash IN 15.04 147.53 14.02 161.85 15.29 0.36 1.95 29.27
FFYF FFY Financial Corp. of OH 18.00 166.81 22.68 166.81 18.19 0.80 2.33 41.88
FMCO FMS Financial Corp. of NJ 20.09 283.08 17.53 286.60 20.09 0.36 0.78 15.72
FFHH FSF Financial Corp. of MN 19.05 136.78 14.92 136.78 19.41 0.50 2.45 46.73
FOBC Fed One Bancorp of Wheeling WV(8) 27.22 216.81 23.99 226.29 27.43 0.62 1.69 45.93
FBCI Fidelity Bancorp of Chicago IL NM 136.21 14.26 136.51 22.71 0.40 1.62 NM
FSBI Fidelity Bancorp, Inc. of PA 18.05 186.13 12.73 186.13 18.57 0.36 1.40 25.35
FFFL Fidelity Bcsh MHC of FL (47.7) NM 236.80 16.96 238.10 NM 0.90 2.95 NM
FFED Fidelity Fed. Bancorp of IN 14.07 156.97 11.42 156.97 15.15 0.40 5.08 71.43
FFOH Fidelity Financial of OH 20.55 155.61 18.70 176.68 21.29 0.32 1.79 36.78
FIBC Financial Bancorp, Inc. of NY 16.99 161.19 14.40 161.89 15.95 0.50 1.92 32.68
FBSI First Bancshares, Inc. of MO 15.88 128.33 18.48 128.33 16.67 0.12 0.89 14.12
FBBC First Bell Bancorp of PA 17.67 183.20 19.79 183.20 17.98 0.40 1.95 34.48
SKBO First Carnegie MHC of PA(45.0) NM 188.55 32.42 188.55 NM 0.30 1.48 73.17
FSTC First Citizens Corp of GA 14.77 257.29 26.04 326.31 16.54 0.32 1.01 14.88
FCME First Coastal Corp. of ME* 14.66 125.05 12.65 125.05 18.17 0.00 0.00 0.00
FFBA First Colorado Bancorp of CO(8) 24.74 234.65 31.58 239.46 26.06 0.52 1.78 44.07
FDEF First Defiance Fin.Corp. of OH 22.76 115.88 21.37 115.88 23.46 0.36 2.36 53.73
FESX First Essex Bancorp of MA* 17.74 189.25 14.40 215.44 19.90 0.56 2.45 43.41
FFSX First FSB MHC Sxld of IA(46.1) NM 264.99 23.47 267.04 NM 0.48 1.26 40.34
FFES First Fed of E. Hartford CT 19.51 162.01 11.04 162.01 17.62 0.68 1.70 33.17
BDJI First Fed. Bancorp. of MN 27.74 167.08 17.01 167.08 27.74 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 24.78 163.91 24.72 163.91 25.93 0.28 1.01 25.00
FTFC First Fed. Capital Corp. of WI 18.62 296.36 20.98 313.34 23.65 0.56 1.60 29.79
FFKY First Fed. Fin. Corp. of KY 17.66 204.75 28.00 216.54 17.90 0.56 2.13 37.58
FFBZ First Federal Bancorp of OH 19.67 237.86 18.10 238.10 19.67 0.28 1.17 22.95
FFCH First Fin. Holdings Inc. of SC 22.22 281.03 18.10 281.03 22.64 0.42 1.75 38.89
FFHS First Franklin Corp. of OH 20.25 161.43 14.87 162.25 22.12 0.40 1.39 28.17
FGHC First Georgia Hold. Corp of GA 23.28 298.01 24.76 321.43 28.13 0.40 2.96 68.97
FSPG First Home Bancorp of NJ(8) 18.57 235.34 16.36 238.80 19.01 0.40 1.23 22.86
FFSL First Independence Corp. of KS 18.42 117.55 11.75 117.55 18.42 0.30 2.14 39.47
FISB First Indiana Corp. of IN 17.54 202.83 19.25 205.22 21.58 0.48 1.97 34.53
FKFS First Keystone Fin. Corp of PA 18.53 199.90 13.23 199.90 20.54 0.20 0.96 17.86
FLKY First Lancaster Bncshrs of KY 29.72 105.56 30.09 105.56 29.72 0.50 3.17 NM
FLFC First Liberty Fin. Corp. of GA 29.88 294.12 22.33 323.65 28.82 0.29 1.18 35.37
CASH First Midwest Fin., Inc. of OH 17.34 144.91 15.69 162.45 18.55 0.48 2.02 35.04
FMBD First Mutual Bancorp Inc of IL NM 119.74 16.58 156.16 NM 0.32 1.74 NM
FMSB First Mutual SB of Bellevue WA* 16.90 241.50 16.39 241.50 17.23 0.20 1.13 19.05
FNGB First Northern Cap. Corp of WI 20.22 166.06 18.36 166.06 21.48 0.36 2.62 52.94
FFPB First Palm Beach Bancorp of FL 19.49 158.02 10.07 161.61 25.35 0.70 1.93 37.63
FWWB First Savings Bancorp of WA 19.90 168.11 23.00 182.00 21.26 0.36 1.45 28.80
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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)
- ---------------------------------------
FSFF First SecurityFed Fin of IL 29.09 28.99 0.66 4.22 1.67 1.29 8.28 0.45 128.50 0.96
SHEN First Shenango Bancorp of PA(8) 12.76 12.76 1.15 10.18 4.96 1.15 10.14 0.97 83.39 1.27
FSLA First Source Bancorp of NJ 20.55 20.55 1.09 5.31 3.90 1.09 5.31 0.59 98.01 1.03
SOPN First Svgs Bancorp of NC 22.77 22.77 1.75 7.43 5.63 1.75 7.43 NA NA 0.30
FBNW FirstBank Corp of Clarkston WA 16.18 16.18 0.59 4.73 2.09 0.30 2.37 0.73 83.64 0.76
FFDB FirstFed Bancorp, Inc. of AL 9.69 8.90 0.96 9.89 5.92 0.96 9.89 1.42 45.57 0.95
FSPT FirstSpartan Fin. Corp. of SC 26.40 26.40 1.16 6.68 2.92 1.16 6.68 0.35 115.67 0.49
FLAG Flag Financial Corp of GA 8.90 8.90 0.88 9.57 5.26 0.61 6.60 2.98 30.55 1.31
FLGS Flagstar Bancorp, Inc of MI 6.66 6.42 1.38 21.88 6.22 1.03 16.41 3.29 8.79 0.33
FFIC Flushing Fin. Corp. of NY* 12.54 12.04 0.95 6.37 4.15 0.96 6.43 0.31 199.94 1.04
FBHC Fort Bend Holding Corp. of TX(8) 6.77 6.35 0.78 12.28 5.04 0.57 9.06 0.47 114.18 1.02
FTSB Fort Thomas Fin. Corp. of KY 15.82 15.82 1.23 7.55 5.25 1.23 7.55 2.04 23.24 0.52
FKKY Frankfort First Bancorp of KY 16.97 16.97 0.17 0.84 0.82 0.73 3.55 0.10 71.94 0.08
FTNB Fulton Bancorp, Inc. of MO 23.97 23.97 1.26 5.11 3.33 1.01 4.08 1.05 86.26 1.10
GUPB GFSB Bancorp, Inc of Gallup NM 12.50 12.50 0.89 6.08 4.24 0.89 6.08 0.24 132.26 0.58
GSLA GS Financial Corp. of LA 42.66 42.66 1.38 3.88 2.45 1.36 3.80 0.13 246.99 0.76
GOSB GSB Financial Corp. of NY* 28.44 28.44 0.63 3.39 1.94 0.58 3.09 NA NA NA
GFCO Glenway Financial Corp. of OH 9.29 9.20 0.83 8.74 5.19 0.83 8.74 0.09 344.01 0.38
GTPS Great American Bancorp of IL 19.93 19.93 0.63 3.00 2.65 0.63 3.00 0.11 346.45 0.48
PEDE Great Pee Dee Bancorp of SC 37.86 37.86 1.57 4.15 3.50 1.57 4.15 0.45 97.55 0.57
GSBC Great Southern Bancorp of MO 8.74 8.67 1.89 21.59 6.41 1.75 19.90 1.84 114.98 2.48
GSFC Green Street Fin. Corp. of NC 35.23 35.23 1.61 4.50 3.94 1.61 4.50 0.18 78.95 0.19
GFED Guaranty Fed Bancshares of MO 30.16 30.16 1.00 5.77 2.51 0.97 5.59 0.59 152.53 1.14
HCBB HCB Bancshares of Camden AR 18.65 17.99 0.30 2.05 1.41 0.30 2.05 0.23 316.88 1.42
HEMT HF Bancorp of Hemet CA 7.87 6.61 0.04 0.46 0.39 0.22 2.69 NA NA NA
HFFC HF Financial Corp. of SD 9.58 9.58 1.08 11.49 5.94 1.00 10.66 0.49 196.91 1.26
HFNC HFNC Financial Corp. of NC 18.24 18.24 1.23 6.02 4.73 0.93 4.58 0.73 98.43 0.89
HMNF HMN Financial, Inc. of MN 12.22 11.34 0.95 6.79 4.93 0.76 5.39 0.12 327.35 0.61
HALL Hallmark Capital Corp. of WI 7.62 7.62 0.67 9.29 6.06 0.66 9.09 0.11 471.85 0.71
HRBF Harbor Federal Bancorp of MD 12.49 12.49 0.74 5.73 3.88 0.70 5.49 0.53 37.43 0.31
HARB Harbor Florida Bancshrs of FL 19.30 19.06 1.40 7.24 4.71 1.35 6.99 0.47 198.97 1.33
HFSA Hardin Bancorp of Hardin MO 11.34 11.34 0.75 6.03 5.21 0.69 5.48 0.19 110.22 0.40
HARL Harleysville SB of PA 6.82 6.82 1.02 15.57 6.21 1.02 15.64 NA NA 0.79
HFGI Harrington Fin. Group of IN 4.47 4.47 0.19 4.04 2.61 0.20 4.17 0.16 23.48 0.16
HARS Harris Fin. MHC of PA (24.3) 8.13 7.25 0.88 10.74 1.93 0.76 9.30 0.66 60.87 0.99
HFFB Harrodsburg 1st Fin Bcrp of KY 26.73 26.73 1.35 5.05 4.18 1.35 5.05 0.45 70.72 0.41
HHFC Harvest Home Fin. Corp. of OH 11.12 11.12 0.68 5.76 4.06 0.67 5.67 0.03 393.33 0.27
HAVN Haven Bancorp of Woodhaven NY 5.71 5.70 0.62 10.45 4.85 0.63 10.62 0.57 112.56 1.08
HTHR Hawthorne Fin. Corp. of CA 4.56 4.56 0.89 19.29 12.00 1.07 23.14 NA NA 1.46
HMLK Hemlock Fed. Fin. Corp. of IL 17.22 17.22 0.58 3.49 2.49 0.98 5.93 0.23 175.34 0.94
HBSC Heritage Bancorp, Inc of SC 28.79 28.79 1.16 4.02 3.54 1.16 4.02 0.84 42.10 0.45
HFWA Heritage Financial Corp of WA 29.23 29.23 1.53 5.25 3.09 1.53 5.25 0.10 817.44 1.30
HCBC High Country Bancorp of CO 20.47 20.47 0.76 5.23 3.13 0.76 5.23 0.42 177.96 0.93
HBNK Highland Bancorp of CA 7.55 7.55 1.21 16.19 6.21 0.93 12.45 1.95 84.08 2.06
HIFS Hingham Inst. for Sav. of MA* 9.60 9.60 1.25 13.09 5.75 1.25 13.09 0.42 166.84 0.89
HBEI Home Bancorp of Elgin IL 27.01 27.01 0.80 2.90 2.33 0.80 2.90 0.32 93.09 0.36
HBFW Home Bancorp of Fort Wayne IN 12.15 12.15 0.86 6.53 3.59 0.85 6.47 0.08 463.00 0.45
HCFC Home City Fin. Corp. of OH 19.48 19.48 1.27 6.33 4.67 1.29 6.39 0.65 90.76 0.66
HOMF Home Fed Bancorp of Seymour IN 8.80 8.55 1.38 16.20 5.75 1.22 14.26 0.55 101.25 0.67
HWEN Home Financial Bancorp of IN 16.98 16.98 0.81 4.51 3.89 0.59 3.26 NA NA 0.86
HLFC Home Loan Financial Corp of OH 37.26 37.26 1.67 4.49 3.78 1.67 4.49 0.06 460.53 0.33
HPBC Home Port Bancorp, Inc. of MA* 10.52 10.52 1.67 15.70 6.92 1.63 15.35 0.29 430.57 1.49
HFBC HopFed Bancorp of KY 22.59 22.59 0.99 4.37 2.65 0.99 4.37 0.06 115.61 0.23
HZFS Horizon Fin'l. Services of IA 10.16 10.16 0.86 8.39 5.14 0.68 6.63 NA NA NA
HRZB Horizon Financial Corp. of WA* 15.93 15.93 1.57 10.06 6.06 1.54 9.87 0.01 NA 0.83
IBSF IBS Financial Corp. of NJ(8) 17.73 17.73 0.79 4.51 3.01 0.79 4.51 0.11 130.18 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) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FSFF First SecurityFed Fin of IL NM 116.81 33.98 117.21 NM 0.00 0.00 0.00
SHEN First Shenango Bancorp of PA(8) 20.16 193.47 24.69 193.47 20.25 0.60 1.34 27.03
FSLA First Source Bancorp of NJ 25.61 136.01 27.95 136.01 25.61 0.12 1.14 29.27
SOPN First Svgs Bancorp of NC 17.78 130.01 29.60 130.01 17.78 1.00 4.17 74.07
FBNW FirstBank Corp of Clarkston WA NM 153.85 24.89 153.85 NM 0.32 1.39 66.67
FFDB FirstFed Bancorp, Inc. of AL 16.89 166.67 16.15 181.55 16.89 0.50 2.00 33.78
FSPT FirstSpartan Fin. Corp. of SC NM 154.13 40.69 154.13 NM 0.60 1.32 45.11
FLAG Flag Financial Corp of GA 19.00 175.44 15.61 175.44 27.54 0.34 1.79 34.00
FLGS Flagstar Bancorp, Inc of MI 16.07 291.58 19.41 302.35 21.43 0.28 1.04 16.67
FFIC Flushing Fin. Corp. of NY* 24.08 150.60 18.88 156.81 23.86 0.32 1.22 29.36
FBHC Fort Bend Holding Corp. of TX(8) 19.86 227.83 15.43 243.06 26.92 0.40 1.43 28.37
FTSB Fort Thomas Fin. Corp. of KY 19.06 142.26 22.51 142.26 19.06 0.25 1.64 31.25
FKKY Frankfort First Bancorp of KY NM 122.13 20.72 122.13 28.81 0.80 4.71 NM
FTNB Fulton Bancorp, Inc. of MO 30.00 149.40 35.82 149.40 NM 0.24 1.07 32.00
GUPB GFSB Bancorp, Inc of Gallup NM 23.61 142.38 17.79 142.38 23.61 0.27 1.59 37.50
GSLA GS Financial Corp. of LA NM 122.70 52.34 122.70 NM 0.28 1.40 57.14
GOSB GSB Financial Corp. of NY* NM 119.78 34.06 119.78 NM 0.00 0.00 0.00
GFCO Glenway Financial Corp. of OH 19.29 163.17 15.16 164.90 19.29 0.44 2.17 41.90
GTPS Great American Bancorp of IL NM 116.44 23.21 116.44 NM 0.40 1.93 72.73
PEDE Great Pee Dee Bancorp of SC 28.57 118.43 44.84 118.43 28.57 0.30 1.88 53.57
GSBC Great Southern Bancorp of MO 15.59 318.33 27.82 320.69 16.92 0.44 1.70 26.51
GSFC Green Street Fin. Corp. of NC 25.38 113.71 40.06 113.71 25.38 0.44 2.63 66.67
GFED Guaranty Fed Bancshares of MO NM 117.55 35.45 117.55 NM 0.30 2.28 NM
HCBB HCB Bancshares of Camden AR NM 108.17 20.17 112.12 NM 0.20 1.28 NM
HEMT HF Bancorp of Hemet CA NM 116.98 9.20 139.14 NM 0.00 0.00 0.00
HFFC HF Financial Corp. of SD 16.83 184.70 17.69 184.70 18.13 0.42 1.20 20.19
HFNC HFNC Financial Corp. of NC 21.13 137.78 25.13 137.78 27.73 0.32 2.40 50.79
HMNF HMN Financial, Inc. of MN 20.28 134.35 16.41 144.71 25.59 0.24 0.88 17.78
HALL Hallmark Capital Corp. of WI 16.49 144.32 11.00 144.32 16.85 0.00 0.00 0.00
HRBF Harbor Federal Bancorp of MD 25.78 143.64 17.94 143.64 26.90 0.52 2.10 54.17
HARB Harbor Florida Bancshrs of FL 21.22 153.68 29.66 155.63 21.98 1.40 11.37 NM
HFSA Hardin Bancorp of Hardin MO 19.19 119.57 13.56 119.57 21.11 0.52 2.74 52.53
HARL Harleysville SB of PA 16.10 232.72 15.86 232.72 16.02 0.44 1.33 21.46
HFGI Harrington Fin. Group of IN NM 156.25 6.99 156.25 NM 0.12 1.04 40.00
HARS Harris Fin. MHC of PA (24.3) NM NM 41.45 NM NM 0.22 0.82 42.31
HFFB Harrodsburg 1st Fin Bcrp of KY 23.91 120.67 32.26 120.67 23.91 0.40 2.26 54.05
HHFC Harvest Home Fin. Corp. of OH 24.63 142.00 15.78 142.00 25.00 0.44 2.67 65.67
HAVN Haven Bancorp of Woodhaven NY 20.60 201.64 11.52 202.12 20.28 0.30 1.17 24.00
HTHR Hawthorne Fin. Corp. of CA 8.33 153.21 6.99 153.21 6.95 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL NM 124.13 21.37 124.13 23.60 0.28 1.48 59.57
HBSC Heritage Bancorp, Inc of SC 28.28 113.65 32.72 113.65 28.28 0.00 0.00 0.00
HFWA Heritage Financial Corp of WA NM 170.02 49.70 170.02 NM 0.14 0.88 28.57
HCBC High Country Bancorp of CO NM 111.28 22.78 111.28 NM 0.00 0.00 0.00
HBNK Highland Bancorp of CA 16.10 237.83 17.96 237.83 20.94 1.00 2.35 37.88
HIFS Hingham Inst. for Sav. of MA* 17.40 216.60 20.80 216.60 17.40 0.52 1.46 25.49
HBEI Home Bancorp of Elgin IL NM 126.93 34.28 126.93 NM 0.40 2.27 NM
HBFW Home Bancorp of Fort Wayne IN 27.85 189.86 23.07 189.86 28.07 0.20 0.58 16.26
HCFC Home City Fin. Corp. of OH 21.43 135.75 26.45 135.75 21.21 0.36 1.71 36.73
HOMF Home Fed Bancorp of Seymour IN 17.39 262.08 23.06 269.59 19.75 0.40 1.25 21.74
HWEN Home Financial Bancorp of IN 25.69 116.35 19.75 116.35 NM 0.10 1.08 27.78
HLFC Home Loan Financial Corp of OH 26.47 118.95 44.32 118.95 26.47 0.00 0.00 0.00
HPBC Home Port Bancorp, Inc. of MA* 14.46 217.11 22.83 217.11 14.79 0.80 3.09 44.69
HFBC HopFed Bancorp of KY NM 165.01 37.27 165.01 NM 0.00 0.00 0.00
HZFS Horizon Fin'l. Services of IA 19.44 153.66 15.61 153.66 24.61 0.18 1.14 22.22
HRZB Horizon Financial Corp. of WA* 16.51 158.59 25.27 158.59 16.82 0.44 2.44 40.37
IBSF IBS Financial Corp. of NJ(8) NM 149.41 26.50 149.41 NM 0.40 2.27 NM
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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)
- ---------------------------------------
ITLA ITLA Capital Corp of CA* 9.78 9.75 1.42 13.26 6.91 1.42 13.26 1.31 102.95 1.63
ICBC Independence Comm Bnk Cp of NY 21.70 20.32 0.64 2.95 2.01 0.85 3.90 0.70 126.32 1.24
IFSB Independence FSB of DC 7.25 6.45 0.54 8.04 5.32 0.22 3.32 1.66 13.10 0.39
INBI Industrial Bancorp of OH 16.72 16.72 1.49 8.35 4.54 1.49 8.35 0.25 188.24 0.54
IWBK Interwest Bancorp of WA 6.73 6.62 1.10 16.51 5.50 0.96 14.34 0.66 66.76 0.76
IPSW Ipswich SB of Ipswich MA* 5.21 5.21 1.18 20.53 4.89 0.96 16.78 0.79 90.70 0.89
JXVL Jacksonville Bancorp of TX 14.63 14.63 1.49 9.87 6.57 1.49 9.87 0.70 70.27 0.66
JXSB Jcksnville SB,MHC of IL (45.6) 10.41 10.41 0.61 5.69 2.19 0.49 4.57 0.86 54.02 0.61
JSBA Jefferson Svgs Bancorp of MO 9.39 7.47 0.82 9.52 3.32 0.76 8.87 0.80 82.88 0.88
JOAC Joachim Bancorp, Inc. of MO(8) 28.92 28.92 0.76 2.64 2.21 0.76 2.64 0.25 89.29 0.30
KSBK KSB Bancorp of Kingfield ME* 7.36 7.00 1.07 14.93 6.58 1.07 14.93 NA NA 1.10
KFBI Klamath First Bancorp of OR 15.07 13.77 1.09 6.06 4.12 1.09 6.06 0.02 932.65 0.24
LSBI LSB Fin. Corp. of Lafayette IN 8.58 8.58 0.80 9.10 5.26 0.72 8.20 NA NA NA
LVSB Lakeview Financial of NJ 9.65 7.92 1.44 13.78 7.58 0.90 8.63 1.27 57.56 1.42
LARK Landmark Bancshares, Inc of KS 14.09 14.09 1.09 7.60 5.51 0.98 6.88 0.21 217.31 0.63
LARL Laurel Capital Group of PA 10.57 10.57 1.40 13.41 6.31 1.40 13.41 0.37 226.91 1.24
LSBX Lawrence Savings Bank of MA* 10.45 10.45 2.31 25.03 10.51 2.28 24.77 0.40 218.48 1.79
LFED Leeds Fed Bksr MHC of MD (36.3 16.63 16.63 1.20 7.33 3.18 1.20 7.33 0.04 453.33 0.30
LXMO Lexington B&L Fin. Corp. of MO 18.33 17.19 1.10 4.29 3.94 1.10 4.29 0.54 119.11 0.94
LFCO Life Financial Corp of CA(8) 13.31 13.31 5.46 38.04 8.72 5.72 39.80 2.43 43.86 1.76
LFBI Little Falls Bancorp of NJ 11.65 10.79 0.60 4.75 3.70 0.57 4.56 NA NA NA
LOGN Logansport Fin. Corp. of IN 19.21 19.21 1.50 7.75 5.60 1.55 7.99 0.57 46.97 0.37
LISB Long Island Bancorp, Inc of NY(8) 9.18 9.10 0.86 9.45 3.26 0.71 7.76 0.86 62.70 0.91
MAFB MAF Bancorp, Inc. of IL 7.62 6.71 1.14 14.68 6.50 1.13 14.50 0.55 80.77 0.56
MBLF MBLA Financial Corp. of MO 12.68 12.68 0.81 6.31 5.64 0.82 6.40 0.48 62.09 0.51
MECH MECH Financial Inc of CT* 9.93 9.93 1.60 15.91 8.23 1.58 15.72 0.56 258.21 2.28
MFBC MFB Corp. of Mishawaka IN 12.70 12.70 0.83 6.00 4.62 0.82 5.95 NA NA 0.18
MSBF MSB Financial, Inc of MI 16.87 16.87 1.51 8.78 5.06 1.39 8.11 0.74 60.27 0.49
MARN Marion Capital Holdings of IN 20.78 20.33 1.57 7.09 5.54 1.57 7.09 1.43 74.17 1.30
MRKF Market Fin. Corp. of OH 35.57 35.57 1.06 3.30 2.87 1.06 3.30 0.33 27.08 0.17
MFSL Maryland Fed. Bancorp of MD(8) 8.49 8.39 0.65 7.80 2.89 0.91 10.94 0.66 60.90 0.48
MASB MassBank Corp. of Reading MA* 11.21 11.05 1.11 10.51 5.69 1.03 9.73 0.17 152.27 0.86
MFLR Mayflower Co-Op. Bank of MA* 9.75 9.61 1.11 11.52 6.24 1.05 10.93 0.69 124.95 1.49
MDBK Medford Bancorp, Inc. of MA* 8.94 8.41 1.05 11.80 5.70 1.02 11.37 0.13 481.96 1.17
MWBX MetroWest Bank of MA* 7.36 7.36 1.33 17.91 6.68 1.33 17.91 0.70 208.27 2.01
METF Metropolitan Fin. Corp. of OH 3.96 3.64 0.69 17.52 5.05 0.65 16.45 0.91 NA NA
MIFC Mid Iowa Financial Corp. of IA 9.36 9.35 1.22 13.09 7.34 1.33 14.26 0.07 275.00 0.41
MCBN Mid-Coast Bancorp of ME 8.33 8.33 0.76 8.85 5.28 0.71 8.30 1.09 48.53 0.66
MWBI Midwest Bancshares, Inc. of IA 7.22 7.22 0.88 12.54 7.24 0.78 11.11 0.66 43.60 0.50
MFFC Milton Fed. Fin. Corp. of OH 11.84 11.84 0.65 4.83 3.62 0.63 4.66 0.28 85.06 0.36
MBSP Mitchell Bancorp, Inc. of NC 40.12 40.12 1.52 3.59 3.32 1.52 3.59 1.77 29.42 0.64
MBBC Monterey Bay Bancorp of CA 11.75 10.95 0.43 3.81 2.44 0.39 3.47 0.65 62.58 0.63
MONT Montgomery Fin. Corp. of IN 18.60 18.60 0.72 4.29 3.38 0.72 4.29 0.78 22.34 0.19
MSBK Mutual SB, FSB of Bay City MI 5.08 5.08 -1.38 -23.36 -17.56 -0.49 -8.22 0.07 427.08 0.63
MYST Mystic Financial of MA* 19.47 19.47 0.78 4.00 3.08 0.78 4.00 0.25 254.55 0.92
NHTB NH Thrift Bancshares of NH 8.04 6.95 0.91 11.84 6.65 0.83 10.77 0.66 146.88 1.18
NSLB NS&L Bancorp, Inc of Neosho MO 19.74 19.59 0.72 3.62 3.48 0.71 3.56 0.22 38.89 0.14
NSSY NSS Bancorp of CT* 8.14 7.90 1.05 13.40 6.40 1.19 15.20 NA NA 1.33
NMSB Newmil Bancorp, Inc. of CT* 9.32 9.32 0.85 8.56 5.21 0.85 8.56 0.63 215.34 2.87
NBCP Niagara Bancorp of NY MHC(45.4* 12.03 12.03 0.55 4.56 3.48 0.55 4.56 0.46 129.87 1.08
NASB North American SB, FSB of MO 8.49 8.24 1.67 21.16 8.44 1.35 17.20 3.07 27.86 0.99
NBSI North Bancshares of Chicago IL 13.49 13.49 0.53 3.76 2.88 0.50 3.53 NA NA 0.27
FFFD North Central Bancshares of IA 22.92 22.92 1.83 7.49 4.69 1.83 7.49 NA NA 1.04
NEIB Northeast Indiana Bncrp of IN 13.69 13.69 1.21 8.20 5.91 1.21 8.20 0.59 101.79 0.68
NWSB Northwest Bcrp MHC of PA (30.7 9.25 8.21 0.93 9.67 2.33 0.95 9.91 0.69 89.55 0.83
NWEQ Northwest Equity Corp. of WI 11.60 11.60 1.06 9.03 5.91 1.01 8.66 1.35 35.37 0.58
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)
- ---------------------------------------
ITLA ITLA Capital Corp of CA* 14.47 181.82 17.78 182.39 14.47 0.00 0.00 0.00
ICBC Independence Comm Bnk Cp of NY NM 146.93 31.89 156.94 NM 0.00 0.00 0.00
IFSB Independence FSB of DC 18.81 144.06 10.44 161.80 NM 0.25 1.22 22.94
INBI Industrial Bancorp of OH 22.03 185.57 31.04 185.57 22.03 0.60 2.70 59.41
IWBK Interwest Bancorp of WA 18.19 280.18 18.85 284.85 20.93 0.76 1.71 31.15
IPSW Ipswich SB of Ipswich MA* 20.43 NM 19.98 NM 25.00 0.16 0.84 17.20
JXVL Jacksonville Bancorp of TX 15.22 149.04 21.80 149.04 15.22 0.50 2.38 36.23
JXSB Jcksnville SB,MHC of IL (45.6) NM 253.54 26.40 253.54 NM 0.30 1.29 58.82
JSBA Jefferson Svgs Bancorp of MO NM 264.86 24.87 333.15 NM 0.28 0.91 27.45
JOAC Joachim Bancorp, Inc. of MO(8) NM 122.17 35.33 122.17 NM 0.50 2.99 NM
KSBK KSB Bancorp of Kingfield ME* 15.21 208.57 15.35 219.35 15.21 0.10 0.55 8.33
KFBI Klamath First Bancorp of OR 24.30 145.34 21.91 159.08 24.30 0.34 1.59 38.64
LSBI LSB Fin. Corp. of Lafayette IN 19.01 167.87 14.41 167.87 21.10 0.40 1.23 23.39
LVSB Lakeview Financial of NJ 13.19 204.26 19.71 248.96 21.05 0.25 1.04 13.74
LARK Landmark Bancshares, Inc of KS 18.16 135.96 19.16 135.96 20.06 0.60 2.23 40.54
LARL Laurel Capital Group of PA 15.86 206.11 21.78 206.11 15.86 0.52 2.45 38.81
LSBX Lawrence Savings Bank of MA* 9.51 205.28 21.44 205.28 9.61 0.00 0.00 0.00
LFED Leeds Fed Bksr MHC of MD (36.3 NM 221.93 36.90 221.93 NM 0.56 2.70 NM
LXMO Lexington B&L Fin. Corp. of MO 25.38 109.13 20.01 116.36 25.38 0.30 1.82 46.15
LFCO Life Financial Corp of CA(8) 11.47 265.83 35.37 265.83 10.96 0.00 0.00 0.00
LFBI Little Falls Bancorp of NJ 27.00 131.07 15.27 141.61 28.13 0.20 0.99 26.67
LOGN Logansport Fin. Corp. of IN 17.86 133.38 25.63 133.38 17.33 0.40 2.29 40.82
LISB Long Island Bancorp, Inc of NY(8) NM 279.21 25.62 281.63 NM 0.60 0.92 28.30
MAFB MAF Bancorp, Inc. of IL 15.38 221.05 16.84 250.97 15.56 0.42 1.08 16.67
MBLF MBLA Financial Corp. of MO 17.73 112.01 14.20 112.01 17.48 0.40 1.60 28.37
MECH MECH Financial Inc of CT* 12.15 179.32 17.80 179.32 12.30 0.60 2.00 24.29
MFBC MFB Corp. of Mishawaka IN 21.65 131.18 16.66 131.18 21.83 0.34 1.28 27.64
MSBF MSB Financial, Inc of MI 19.78 169.65 28.61 169.65 21.43 0.30 1.67 32.97
MARN Marion Capital Holdings of IN 18.04 127.40 26.47 130.20 18.04 0.88 3.09 55.70
MRKF Market Fin. Corp. of OH NM 99.14 35.26 99.14 NM 0.28 1.87 65.12
MFSL Maryland Fed. Bancorp of MD(8) NM 257.50 21.85 260.55 24.69 0.45 1.14 39.47
MASB MassBank Corp. of Reading MA* 17.58 171.97 19.28 174.44 18.99 1.00 2.01 35.34
MFLR Mayflower Co-Op. Bank of MA* 16.03 174.70 17.04 177.30 16.89 0.80 3.20 51.28
MDBK Medford Bancorp, Inc. of MA* 17.53 196.78 17.59 209.13 18.18 0.80 1.82 31.87
MWBX MetroWest Bank of MA* 14.98 252.06 18.54 252.06 14.98 0.12 1.51 22.64
METF Metropolitan Fin. Corp. of OH 19.82 312.50 12.39 339.96 21.10 0.00 0.00 0.00
MIFC Mid Iowa Financial Corp. of IA 13.63 165.03 15.45 165.26 12.51 0.08 0.66 8.99
MCBN Mid-Coast Bancorp of ME 18.95 165.26 13.77 165.26 20.22 0.17 1.40 26.56
MWBI Midwest Bancshares, Inc. of IA 13.82 163.78 11.83 163.78 15.60 0.24 1.41 19.51
MFFC Milton Fed. Fin. Corp. of OH 27.63 135.89 16.09 135.89 28.64 0.60 3.81 NM
MBSP Mitchell Bancorp, Inc. of NC NM 108.48 43.53 108.48 NM 0.40 2.37 71.43
MBBC Monterey Bay Bancorp of CA NM 151.62 17.81 162.57 NM 0.14 0.62 25.45
MONT Montgomery Fin. Corp. of IN 29.55 109.34 20.33 109.34 29.55 0.22 1.69 50.00
MSBK Mutual SB, FSB of Bay City MI NM 158.77 8.07 158.77 NM 0.00 0.00 NM
MYST Mystic Financial of MA* NM 129.85 25.28 129.85 NM 0.20 1.18 38.46
NHTB NH Thrift Bancshares of NH 15.04 163.40 13.13 188.86 16.53 0.60 3.00 45.11
NSLB NS&L Bancorp, Inc of Neosho MO 28.73 107.03 21.13 107.87 29.20 0.50 2.81 NM
NSSY NSS Bancorp of CT* 15.64 191.71 15.60 197.52 13.78 0.52 1.21 18.91
NMSB Newmil Bancorp, Inc. of CT* 19.18 160.02 14.91 160.02 19.18 0.32 2.32 44.44
NBCP Niagara Bancorp of NY MHC(45.4* 28.78 131.31 15.79 131.31 28.78 0.00 0.00 0.00
NASB North American SB, FSB of MO 11.85 229.97 19.53 236.95 14.58 1.00 1.56 18.52
NBSI North Bancshares of Chicago IL NM 134.10 18.09 134.10 NM 0.40 2.30 NM
FFFD North Central Bancshares of IA 21.34 163.91 37.57 163.91 21.34 0.32 1.29 27.59
NEIB Northeast Indiana Bncrp of IN 16.93 136.42 18.68 136.42 16.93 0.34 1.58 26.77
NWSB Northwest Bcrp MHC of PA (30.7 NM NM 36.72 NM NM 0.16 0.91 39.02
NWEQ Northwest Equity Corp. of WI 16.91 149.82 17.39 149.82 17.63 0.60 2.91 49.18
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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)
- ---------------------------------------
NTMG Nutmeg FS&LA of CT 5.87 5.87 0.68 12.05 6.09 0.40 7.19 1.57 30.83 0.55
OHSL OHSL Financial Corp. of OH 10.89 10.89 0.88 7.90 4.84 0.83 7.51 0.17 126.00 0.32
OCFC Ocean Fin. Corp. of NJ 14.27 14.27 0.98 5.94 4.72 0.97 5.91 0.45 97.91 0.84
OTFC Oregon Trail Fin. Corp. of OR 12.49 12.49 0.93 8.04 3.62 0.94 8.16 0.18 180.70 0.55
OFCP Ottawa Financial Corp. of MI 8.62 7.01 0.87 9.92 4.89 0.83 9.43 0.36 103.46 0.44
PFFB PFF Bancorp of Pomona CA 9.70 9.61 0.54 5.25 4.00 0.52 5.00 1.33 69.73 1.40
PSFI PS Financial of Chicago IL 26.28 26.28 1.12 3.01 3.03 1.94 5.19 0.97 21.91 0.50
PVFC PVF Capital Corp. of OH 7.28 7.28 1.36 19.21 6.88 1.28 18.10 1.06 65.77 0.75
PBCI Pamrapo Bancorp, Inc. of NJ 12.88 12.80 1.37 10.35 6.14 1.31 9.89 1.94 32.66 1.11
PFED Park Bancorp of Chicago IL 21.82 21.82 0.87 3.86 3.45 0.94 4.15 0.10 253.81 0.69
PVSA Parkvale Financial Corp of PA 7.91 7.87 1.08 14.06 6.44 1.08 14.06 0.52 262.03 1.79
PBHC Pathfinder BC MHC of NY (46.1)* 11.98 10.16 0.96 8.24 2.71 0.87 7.48 1.33 34.08 0.70
PEEK Peekskill Fin. Corp. of NY 25.24 25.24 1.08 4.21 3.83 1.08 4.21 0.89 38.25 1.39
PFSB PennFed Fin. Services of NJ 6.96 5.96 0.81 11.02 6.23 0.80 10.92 NA NA 0.26
PWBK Pennwood Bancorp, Inc. of PA 17.99 17.99 0.95 5.12 4.26 1.10 5.92 1.49 34.66 0.80
PBKB People's Bancshares of MA* 3.95 3.80 0.82 16.56 5.80 0.39 7.75 0.57 98.78 1.04
TSBSD Peoples Bancorp Inc of NJ* 17.20 15.51 1.21 7.14 1.98 0.87 5.10 0.64 63.09 0.86
PFDC Peoples Bancorp of Auburn IN 15.27 15.27 1.49 9.80 5.77 1.49 9.80 0.21 144.43 0.36
PBCT Peoples Bank, MHC of CT (40.1)* 8.68 8.63 1.18 13.87 3.79 0.68 8.00 0.66 166.94 1.76
PFFC Peoples Fin. Corp. of OH 18.85 18.85 0.96 5.10 3.58 0.95 5.01 NA NA 0.30
PHBK Peoples Heritage Fin Grp of ME* 6.99 5.25 1.25 16.38 5.47 1.24 16.25 0.91 99.98 1.26
PSFC Peoples Sidney Fin. Corp of OH 24.73 24.73 1.15 5.90 3.38 1.15 5.90 1.13 34.69 0.45
PERM Permanent Bancorp, Inc. of IN 10.00 9.88 0.62 6.56 3.79 0.61 6.46 0.70 70.95 0.97
PMFI Perpetual Midwest Fin. of IA(8) 8.92 8.92 0.49 5.66 3.27 0.43 5.03 0.30 255.13 0.86
PCBC Perry Co. Fin. Corp. of MO 19.23 19.23 1.08 5.70 4.55 1.08 5.70 0.01 277.78 0.17
PHFC Pittsburgh Home Fin Corp of PA 8.23 8.13 0.82 7.69 5.78 0.70 6.61 1.37 34.44 0.79
PFSL Pocahontas Bancorp of AR 13.19 13.19 0.75 5.66 4.67 0.75 5.66 NA NA NA
PTRS Potters Financial Corp of OH 8.97 8.97 1.00 11.18 6.31 0.99 11.00 0.17 NA 2.54
PHSB Ppls Home SB, MHC of PA (45.0) 13.14 13.14 0.77 7.20 2.83 0.73 6.83 0.36 164.84 1.32
PRBC Prestige Bancorp of PA 10.91 10.91 0.60 5.15 3.55 0.58 5.03 0.40 65.18 0.40
PFNC Progress Financial Corp. of PA 5.09 4.27 0.91 17.36 4.78 0.69 13.21 NA NA 1.19
PSBK Progressive Bank, Inc. of NY(8)* 8.88 8.05 0.98 11.46 5.27 0.96 11.21 0.76 142.41 1.70
PROV Provident Fin. Holdings of CA 11.57 11.57 0.77 5.74 4.38 0.40 3.01 NA NA 0.96
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 13.30 13.30 1.21 9.32 2.20 1.06 8.14 0.68 54.63 0.46
PLSK Pulaski SB, MHC of NJ (46.0) 11.94 11.94 0.63 6.25 2.79 0.63 6.25 0.73 67.79 0.93
PULS Pulse Bancorp of S. River NJ 8.20 8.20 1.09 13.62 6.65 1.11 13.84 0.60 61.50 1.41
QCFB QCF Bancorp of Virginia MN 17.57 17.57 1.63 9.27 5.95 1.63 9.27 0.39 214.67 1.95
QCBC Quaker City Bancorp of CA 8.63 8.63 0.73 8.40 5.16 0.70 8.07 1.25 74.34 1.17
QCSB Queens County Bancorp of NY* 10.64 10.64 1.59 12.46 3.61 1.56 12.30 0.55 106.38 0.67
RARB Raritan Bancorp of Raritan NJ* 7.56 7.45 1.01 13.22 5.74 0.99 12.98 0.23 349.74 1.23
REDF RedFed Bancorp of Redlands CA(8) 8.34 8.31 1.11 13.42 7.00 1.14 13.80 1.81 NA NA
RELY Reliance Bancorp, Inc. of NY 8.55 5.82 0.90 10.87 4.88 0.95 11.45 NA NA 0.90
RELI Reliance Bancshares Inc of WI 50.08 50.08 1.08 2.21 2.40 1.13 2.31 NA NA 0.60
RCBK Richmond County Fin Corp of NY 25.65 25.65 1.22 4.75 2.84 1.22 4.75 NA NA 1.17
RIVR River Valley Bancorp of IN 13.13 12.95 0.94 7.53 5.43 0.78 6.30 0.58 145.00 1.03
RVSB Riverview Bancorp of WA 22.72 21.92 1.36 8.59 2.95 1.31 8.27 0.19 186.36 0.60
RSLN Roslyn Bancorp, Inc. of NY* 17.45 17.37 1.02 5.36 2.60 1.26 6.60 0.25 264.59 2.23
SCCB S. Carolina Comm. Bnshrs of SC 20.69 20.69 1.00 4.02 3.72 1.00 4.02 1.53 42.40 0.81
SBFL SB Fngr Lakes MHC of NY (33.1) 8.75 8.75 0.39 4.11 1.20 0.34 3.60 0.27 170.49 0.94
SFED SFS Bancorp of Schenectady NY 12.29 12.29 0.62 4.91 3.52 0.60 4.74 NA NA NA
SGVB SGV Bancorp of W. Covina CA 7.55 7.44 0.33 4.42 3.04 0.39 5.12 1.23 26.58 0.42
SHSB SHS Bancorp, Inc. of PA 13.56 13.56 0.75 5.58 4.56 0.75 5.58 NA NA 0.78
SISB SIS Bancorp, Inc. of MA* 7.24 7.24 0.65 8.86 3.26 0.88 12.10 0.43 300.83 2.70
SWCB Sandwich Bancorp of MA(8)* 8.10 7.82 0.98 12.12 3.91 0.96 11.83 0.83 95.55 1.11
SFSL Security First Corp. of OH(8) 9.36 9.22 1.38 14.76 4.81 1.38 14.76 0.43 176.70 0.84
SKAN Skaneateles Bancorp Inc of NY* 6.90 6.71 0.67 9.76 6.09 0.65 9.51 2.01 49.89 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) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
NTMG Nutmeg FS&LA of CT 16.42 175.72 10.32 175.72 27.50 0.20 1.82 29.85
OHSL OHSL Financial Corp. of OH 20.68 160.29 17.46 160.29 21.75 0.44 2.63 54.32
OCFC Ocean Fin. Corp. of NJ 21.21 137.52 19.62 137.52 21.33 0.96 2.54 53.93
OTFC Oregon Trail Fin. Corp. of OR 27.59 163.35 20.41 163.35 27.16 0.20 1.15 31.75
OFCP Ottawa Financial Corp. of MI 20.46 202.23 17.43 248.59 21.53 0.40 1.38 28.17
PFFB PFF Bancorp of Pomona CA 25.00 132.00 12.80 133.27 26.27 0.00 0.00 0.00
PSFI PS Financial of Chicago IL NM 130.16 34.21 130.16 19.08 0.48 3.31 NM
PVFC PVF Capital Corp. of OH 14.54 254.65 18.54 254.65 15.44 0.00 0.00 0.00
PBCI Pamrapo Bancorp, Inc. of NJ 16.29 169.89 21.89 170.99 17.06 1.12 3.86 62.92
PFED Park Bancorp of Chicago IL 28.98 115.59 25.22 115.59 26.94 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 15.53 204.34 16.17 205.52 15.53 0.60 1.88 29.13
PBHC Pathfinder BC MHC of NY (46.1)* NM 288.12 34.53 339.94 NM 0.20 0.83 30.77
PEEK Peekskill Fin. Corp. of NY 26.14 111.94 28.25 111.94 26.14 0.36 2.09 54.55
PFSB PennFed Fin. Services of NJ 16.05 167.39 11.64 195.29 16.19 0.14 0.79 12.61
PWBK Pennwood Bancorp, Inc. of PA 23.49 126.54 22.76 126.54 20.31 0.36 1.85 43.37
PBKB People's Bancshares of MA* 17.23 293.45 11.59 305.11 NM 0.52 1.93 33.33
TSBSD Peoples Bancorp Inc of NJ* NM 349.67 60.16 NM NM 0.10 0.94 47.62
PFDC Peoples Bancorp of Auburn IN 17.32 165.41 25.25 165.41 17.32 0.44 2.00 34.65
PBCT Peoples Bank, MHC of CT (40.1)* 26.39 342.96 29.75 344.83 NM 0.84 2.21 58.33
PFFC Peoples Fin. Corp. of OH 27.91 142.48 26.86 142.48 28.42 0.60 3.84 NM
PHBK Peoples Heritage Fin Grp of ME* 18.28 282.66 19.76 NM 18.42 0.88 1.82 33.33
PSFC Peoples Sidney Fin. Corp of OH 29.59 128.67 31.82 128.67 29.59 0.28 1.48 43.75
PERM Permanent Bancorp, Inc. of IN 26.40 166.63 16.66 168.66 26.82 0.22 1.32 34.92
PMFI Perpetual Midwest Fin. of IA(8) NM 168.95 15.07 168.95 NM 0.30 0.99 30.30
PCBC Perry Co. Fin. Corp. of MO 21.96 118.99 22.88 118.99 21.96 0.50 2.13 46.73
PHFC Pittsburgh Home Fin Corp of PA 17.29 147.76 12.16 149.56 20.11 0.24 1.30 22.43
PFSL Pocahontas Bancorp of AR 21.40 121.06 15.97 121.06 21.40 0.90 8.95 NM
PTRS Potters Financial Corp of OH 15.85 172.41 15.47 172.41 16.12 0.24 1.23 19.51
PHSB Ppls Home SB, MHC of PA (45.0) NM 201.35 26.47 201.35 NM 0.24 1.15 40.68
PRBC Prestige Bancorp of PA 28.20 141.98 15.49 141.98 28.87 0.20 0.82 23.26
PFNC Progress Financial Corp. of PA 20.92 321.91 16.39 NM 27.50 0.12 0.62 13.04
PSBK Progressive Bank, Inc. of NY(8)* 18.97 208.85 18.55 230.35 19.41 0.80 1.88 35.71
PROV Provident Fin. Holdings of CA 22.86 133.93 15.50 133.93 NM 0.00 0.00 0.00
PULB Pulaski Bk,SB MHC of MO (29.8)(8) NM NM 54.64 NM NM 1.10 2.35 NM
PLSK Pulaski SB, MHC of NJ (46.0) NM 184.65 22.04 184.65 NM 0.30 1.58 56.60
PULS Pulse Bancorp of S. River NJ 15.03 193.53 15.86 193.53 14.78 0.80 2.91 43.72
QCFB QCF Bancorp of Virginia MN 16.81 155.85 27.38 155.85 16.81 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 19.39 156.28 13.48 156.28 20.19 0.00 0.00 0.00
QCSB Queens County Bancorp of NY* 27.72 NM 40.26 NM 28.08 1.00 2.31 64.10
RARB Raritan Bancorp of Raritan NJ* 17.42 220.81 16.70 224.08 17.75 0.60 2.09 36.36
REDF RedFed Bancorp of Redlands CA(8) 14.28 176.58 14.73 177.20 13.88 0.00 0.00 0.00
RELY Reliance Bancorp, Inc. of NY 20.48 193.18 16.53 283.71 19.44 0.72 1.87 38.30
RELI Reliance Bancshares Inc of WI NM 92.99 46.57 92.99 NM 0.00 0.00 0.00
RCBK Richmond County Fin Corp of NY NM 167.51 42.96 167.51 NM 0.20 1.01 35.71
RIVR River Valley Bancorp of IN 18.41 133.93 17.58 135.81 22.01 0.20 0.99 18.18
RVSB Riverview Bancorp of WA NM 188.57 42.84 195.41 NM 0.14 0.76 25.93
RSLN Roslyn Bancorp, Inc. of NY* NM 204.50 35.68 205.34 NM 0.32 1.07 41.03
SCCB S. Carolina Comm. Bnshrs of SC 26.90 132.81 27.48 132.81 26.90 0.64 3.01 NM
SBFL SB Fngr Lakes MHC of NY (33.1) NM 329.49 28.82 329.49 NM 0.24 1.20 NM
SFED SFS Bancorp of Schenectady NY 28.41 140.92 17.31 140.92 29.41 0.32 1.28 36.36
SGVB SGV Bancorp of W. Covina CA NM 142.80 10.78 144.90 28.41 0.00 0.00 0.00
SHSB SHS Bancorp, Inc. of PA 21.91 121.16 16.43 121.16 21.91 0.00 0.00 0.00
SISB SIS Bancorp, Inc. of MA* NM 233.33 16.89 233.33 22.46 0.64 1.52 46.72
SWCB Sandwich Bancorp of MA(8)* 25.60 295.89 23.96 306.51 26.23 1.40 2.19 56.00
SFSL Security First Corp. of OH(8) 20.80 295.35 27.64 299.64 20.80 0.32 1.29 26.89
SKAN Skaneateles Bancorp Inc of NY* 16.42 153.87 10.62 158.12 16.86 0.28 1.48 24.35
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of May 8, 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)
- ---------------------------------------
SOBI Sobieski Bancorp of S. Bend IN 14.39 14.39 0.60 3.91 3.40 0.60 3.91 0.26 87.34 0.29
SOSA Somerset Savings Bank of MA(8)* 6.63 6.63 1.15 18.46 7.02 1.12 17.95 4.58 32.38 1.90
SSFC South Street Fin. Corp. of NC* 14.96 14.96 0.85 3.61 4.24 0.87 3.69 0.22 88.30 0.39
SBAN SouthBanc Shares Inc. of SC(8) 21.85 21.85 0.94 4.29 3.37 0.94 4.29 0.53 126.88 1.02
SCBS Southern Commun. Bncshrs of AL 20.42 20.42 1.15 5.98 4.18 1.15 5.98 2.34 48.64 1.73
SMBC Southern Missouri Bncrp of MO 16.60 16.60 0.85 5.22 4.15 0.81 4.98 0.83 58.44 0.66
SWBI Southwest Bancshares of IL(8) 11.95 11.95 1.09 9.85 4.49 1.10 9.91 0.16 122.22 0.28
SVRN Sovereign Bancorp, Inc. of PA 4.76 3.95 0.48 11.17 2.29 0.66 15.32 NA NA 1.05
STFR St. Francis Cap. Corp. of WI 8.27 7.38 0.78 9.61 5.48 0.75 9.21 NA NA 0.95
SPBC St. Paul Bancorp, Inc. of IL 9.17 9.15 1.09 12.24 5.75 1.09 12.24 0.20 367.36 1.02
SFFC StateFed Financial Corp. of IA 17.66 17.66 1.27 7.20 4.83 1.27 7.20 NA NA NA
SFIN Statewide Fin. Corp. of NJ 9.61 9.59 0.83 8.57 5.28 0.82 8.50 0.44 96.26 0.84
STSA Sterling Financial Corp. of WA 5.48 5.07 0.51 10.91 4.20 0.46 9.95 0.72 68.74 0.83
SFSB SuburbFed Fin. Corp. of IL(8) 6.73 6.71 0.66 10.06 4.63 0.53 8.09 1.00 19.60 0.30
ROSE T R Financial Corp. of NY* 6.27 6.27 0.98 15.70 5.66 0.87 14.04 0.57 65.67 0.69
THRD TF Financial Corp. of PA 8.39 7.00 0.77 7.25 5.61 0.66 6.16 0.30 106.83 0.84
TPNZ Tappan Zee Fin., Inc. of NY(8) 17.16 17.16 0.85 4.86 3.43 0.84 4.79 1.39 39.34 1.18
TSBK Timberland Bancorp of WA 30.46 30.46 1.85 6.06 4.11 1.85 6.06 3.07 19.72 0.94
TRIC Tri-County Bancorp of WY 15.37 15.37 1.02 6.67 5.05 1.05 6.85 NA NA 0.98
TWIN Twin City Bancorp, Inc. of TN 12.89 12.89 1.01 7.87 5.86 0.83 6.48 0.09 131.58 0.16
USAB USABancshares, Inc of PA* 6.01 5.92 -0.41 -4.39 -2.30 -0.18 -1.98 0.51 125.66 1.00
UCBC Union Community Bancorp of IN 32.48 32.48 1.26 5.92 2.52 1.26 5.92 0.07 257.14 0.32
UFRM United FSB of Rocky Mount NC(8) 7.23 7.23 0.64 8.61 3.01 0.42 5.63 0.64 137.38 1.02
UBMT United Fin. Corp. of MT 25.61 25.61 1.31 5.53 3.86 1.31 5.53 0.23 133.33 0.80
UTBI United Tenn. Bancshares of TN 24.48 24.48 1.25 5.10 4.29 1.25 5.10 0.93 74.91 1.29
VABF Va. Beach Fed. Fin. Corp of VA 7.16 7.16 0.67 9.65 4.40 0.54 7.76 1.13 61.96 0.92
WHGB WHG Bancshares of MD 19.66 19.66 0.76 3.59 3.04 0.77 3.65 0.95 19.59 0.24
WSFS WSFS Financial Corp. of DE* 5.73 5.69 1.11 20.40 6.01 1.10 20.25 1.38 117.99 3.31
WVFC WVS Financial Corp. of PA 10.66 10.66 1.31 11.05 5.26 1.32 11.15 0.20 310.17 1.14
WRNB Warren Bancorp of Peabody MA* 10.79 10.79 2.01 19.49 6.81 1.79 17.33 1.01 107.31 1.63
WSBI Warwick Community Bncrp of NY* 23.76 23.76 1.04 4.37 3.19 1.04 4.37 0.52 75.47 0.79
WFSL Washington Federal, Inc. of WA 12.90 11.90 1.87 15.50 7.42 1.85 15.35 0.75 55.29 0.56
WAMU Washington Mutual, Inc. of WA* 5.35 4.99 0.50 9.55 1.83 0.92 17.76 0.78 83.87 0.97
WYNE Wayne Bancorp, Inc. of NJ 12.57 12.57 0.76 5.59 3.03 0.76 5.59 0.90 91.95 1.18
WAYN Wayne Svgs Bks MHC of OH (47.8 9.48 9.48 0.75 8.07 2.80 0.70 7.49 NA NA NA
WCFB Wbstr Cty FSB MHC of IA (45.2) 23.49 23.49 1.46 6.23 3.11 1.46 6.23 0.12 353.21 0.70
WBST Webster Financial Corp. of CT 5.44 4.75 0.54 10.34 3.52 0.82 15.74 0.59 114.77 1.33
WEFC Wells Fin. Corp. of Wells MN 14.71 14.71 1.09 7.67 5.26 1.07 7.46 NA NA NA
WCBI WestCo Bancorp, Inc. of IL 15.37 15.37 1.51 9.79 6.53 1.41 9.12 0.45 62.71 0.37
WSTR WesterFed Fin. Corp. of MT 10.40 8.45 0.81 7.26 5.06 0.78 7.04 0.64 76.69 0.75
WOFC Western Ohio Fin. Corp. of OH 14.68 13.71 0.04 0.26 0.23 0.08 0.61 0.91 115.97 1.44
WEHO Westwood Hmstd Fin Corp of OH 22.45 22.45 0.67 2.33 2.11 1.05 3.68 0.12 178.06 0.23
FFWD Wood Bancorp of OH 12.80 12.80 1.44 11.45 4.81 1.30 10.30 0.35 110.31 0.46
YFCB Yonkers Fin. Corp. of NY 13.54 13.54 1.05 7.10 5.35 1.03 6.96 0.41 87.23 0.77
YFED York Financial Corp. of PA 8.86 8.86 0.96 11.17 5.21 0.80 9.29 2.37 28.49 0.81
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)
- ---------------------------------------
SOBI Sobieski Bancorp of S. Bend IN 29.43 116.01 16.69 116.01 29.43 0.32 1.67 49.23
SOSA Somerset Savings Bank of MA(8)* 14.25 239.72 15.90 239.72 14.66 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* 23.56 138.39 20.70 138.39 23.02 0.40 3.95 NM
SBAN SouthBanc Shares Inc. of SC(8) 29.63 127.16 27.78 127.16 29.63 1.40 6.47 NM
SCBS Southern Commun. Bncshrs of AL 23.93 131.58 26.87 131.58 23.93 0.00 0.00 0.00
SMBC Southern Missouri Bncrp of MO 24.12 124.47 20.66 124.47 25.31 0.50 2.44 58.82
SWBI Southwest Bancshares of IL(8) 22.28 207.41 24.79 207.41 22.13 0.80 2.44 54.42
SVRN Sovereign Bancorp, Inc. of PA NM NM 17.44 NM NM 0.08 0.43 18.60
STFR St. Francis Cap. Corp. of WI 18.25 170.95 14.14 191.71 19.05 0.56 1.29 23.63
SPBC St. Paul Bancorp, Inc. of IL 17.40 204.27 18.73 204.77 17.40 0.40 1.61 27.97
SFFC StateFed Financial Corp. of IA 20.71 144.86 25.58 144.86 20.71 0.20 1.38 28.57
SFIN Statewide Fin. Corp. of NJ 18.95 163.31 15.69 163.54 19.11 0.44 1.87 35.48
STSA Sterling Financial Corp. of WA 23.80 200.37 10.98 216.69 26.09 0.00 0.00 0.00
SFSB SuburbFed Fin. Corp. of IL(8) 21.59 204.48 13.76 205.01 26.84 0.32 0.67 14.55
ROSE T R Financial Corp. of NY* 17.68 254.55 15.96 254.55 19.77 0.72 2.06 36.36
THRD TF Financial Corp. of PA 17.81 173.46 14.56 207.86 20.96 0.48 1.76 31.37
TPNZ Tappan Zee Fin., Inc. of NY(8) 29.11 140.94 24.18 140.94 29.54 0.28 1.37 40.00
TSBK Timberland Bancorp of WA 24.33 147.42 44.90 147.42 24.33 0.24 1.32 32.00
TRIC Tri-County Bancorp of WY 19.81 128.69 19.77 128.69 19.30 0.40 2.62 51.95
TWIN Twin City Bancorp, Inc. of TN 17.06 131.34 16.93 131.34 20.71 0.40 2.76 47.06
USAB USABancshares, Inc of PA* NM 184.17 11.06 186.98 NM 0.00 0.00 NM
UCBC Union Community Bancorp of IN NM 109.93 35.71 109.93 NM 0.30 1.94 NM
UFRM United FSB of Rocky Mount NC(8) NM 270.77 19.58 270.77 NM 0.24 1.32 43.64
UBMT United Fin. Corp. of MT 25.90 142.61 36.53 142.61 25.90 1.00 3.48 NM
UTBI United Tenn. Bancshares of TN 23.30 118.76 29.08 118.76 23.30 1.20 7.80 NM
VABF Va. Beach Fed. Fin. Corp of VA 22.72 210.27 15.06 210.27 28.23 0.24 1.29 29.27
WHGB WHG Bancshares of MD NM 123.78 24.33 123.78 NM 0.32 1.80 59.26
WSFS WSFS Financial Corp. of DE* 16.65 313.36 17.94 315.17 16.78 0.12 0.55 9.16
WVFC WVS Financial Corp. of PA 19.00 227.24 24.23 227.24 18.81 1.20 3.07 58.25
WRNB Warren Bancorp of Peabody MA* 14.67 266.79 28.80 266.79 16.50 0.72 2.58 37.89
WSBI Warwick Community Bncrp of NY* NM 136.90 32.53 136.90 NM 0.00 0.00 0.00
WFSL Washington Federal, Inc. of WA 13.47 197.37 25.45 213.96 13.60 0.88 3.17 42.72
WAMU Washington Mutual, Inc. of WA* NM 347.14 18.58 NM 29.36 1.20 1.72 NM
WYNE Wayne Bancorp, Inc. of NJ NM 189.80 23.85 189.80 NM 0.20 0.63 20.62
WAYN Wayne Svgs Bks MHC of OH (47.8 NM 280.11 26.55 280.11 NM 0.62 2.07 73.81
WCFB Wbstr Cty FSB MHC of IA (45.2) NM 197.35 46.36 197.35 NM 0.80 3.83 NM
WBST Webster Financial Corp. of CT 28.43 234.51 12.77 268.83 18.68 0.44 1.35 38.26
WEFC Wells Fin. Corp. of Wells MN 19.03 142.10 20.91 142.10 19.55 0.60 2.79 53.10
WCBI WestCo Bancorp, Inc. of IL 15.31 148.25 22.79 148.25 16.43 0.68 2.32 35.60
WSTR WesterFed Fin. Corp. of MT 19.76 133.25 13.86 163.94 20.39 0.50 1.95 38.46
WOFC Western Ohio Fin. Corp. of OH NM 114.74 16.84 122.78 NM 1.00 3.76 NM
WEHO Westwood Hmstd Fin Corp of OH NM 138.58 31.11 138.58 29.98 0.36 2.45 NM
FFWD Wood Bancorp of OH 20.79 230.96 29.57 230.96 23.13 0.34 1.84 38.20
YFCB Yonkers Fin. Corp. of NY 18.69 129.19 17.50 129.19 19.06 0.28 1.45 27.18
YFED York Financial Corp. of PA 19.20 204.43 18.12 204.43 23.08 0.52 2.17 41.60
EXHIBIT IV-2
Historical Stock Price Indices
Exhibit IV-2
Historical Stock Price Indices(1)
SNL SNL
NASDAQ Thrift Bank
Year/Qtr. Ended DJIA S&P 500 Composite Index Index
--------------- ---- ------- --------- ----- -----
1991: Quarter 1 2881.1 375.2 482.3 125.5 66.0
Quarter 2 2957.7 371.2 475.9 130.5 82.0
Quarter 3 3018.2 387.9 526.9 141.8 90.7
Quarter 4 3168.0 417.1 586.3 144.7 103.1
1992: Quarter 1 3235.5 403.7 603.8 157.0 113.3
Quarter 2 3318.5 408.1 563.6 173.3 119.7
Quarter 3 3271.7 417.8 583.3 167.0 117.1
Quarter 4 3301.1 435.7 677.0 201.1 136.7
1993: Quarter 1 3435.1 451.7 690.1 228.2 151.4
Quarter 2 3516.1 450.5 704.0 219.8 147.0
Quarter 3 3555.1 458.9 762.8 258.4 154.3
Quarter 4 3754.1 466.5 776.8 252.5 146.2
1994: Quarter 1 3625.1 445.8 743.5 241.6 143.1
Quarter 2 3625.0 444.3 706.0 269.6 152.6
Quarter 3 3843.2 462.6 764.3 279.7 149.2
Quarter 4 3834.4 459.3 752.0 244.7 137.6
1995: Quarter 1 4157.7 500.7 817.2 278.4 152.1
Quarter 2 4556.1 544.8 933.5 313.5 171.7
Quarter 3 4789.1 584.4 1,043.5 362.3 195.3
Quarter 4 5117.1 615.9 1,052.1 376.5 207.6
1996: Quarter 1 5587.1 645.5 1,101.4 382.1 225.1
Quarter 2 5654.6 670.6 1,185.0 387.2 224.7
Quarter 3 5882.2 687.3 1,226.9 429.3 249.2
Quarter 4 6442.5 737.0 1,280.7 483.6 280.1
1997: Quarter 1 6583.5 757.1 1,221.7 527.7 292.5
Quarter 2 7672.8 885.1 1,442.1 624.5 333.3
Quarter 3 7945.3 947.3 1,685.7 737.5 381.7
Quarter 4 7908.3 970.4 1,570.4 814.1 414.9
1998: Quarter 1 8799.8 1101.8 1,835.7 869.3 456.1
May 8, 1998 8906.4 1099.2 1,789.2 872.7 460.9
(1) End of period data.
Sources: SNL Securities; Wall Street Journal.
EXHIBIT IV-3
Historical Thrift Stock Indices
ThriftINVESTOR
Index Values
Index Values Percent Change Since
------------------------------------- --------------------------
04/30/98 1 Month YTD LTM 1 Month YTD LTM
- ---------------------------------------------------------------------------------------------------
All Pub. Traded Thrifts 882.1 869.3 814.1 537.2 1.46 8.35 64.19
MHC Index 1,263.7 1,252.7 1,179.9 587.7 0.88 7.10 115.04
Insurance Indices
- ---------------------------------------------------------------------------------------------------
SAIF Thrifts 827.9 815.9 764,4 484.2 1.48 8.30 70.99
BIF Thrifts 1,067,4 1,052.3 984.4 689.7 1.44 8.44 54.77
Stock Exchange Indices
- ---------------------------------------------------------------------------------------------------
AMEX Thrifts 272.9 264.6 255.4 166.7 3.14 6.86 63.71
NYSE Thrifts 566.1 549.2 521.3 314.7 3.09 8.59 79.86
OTC Thrifts 987.3 979.4 911.5 622.5 0.81 8.31 58.61
Geographic Indices
- ---------------------------------------------------------------------------------------------------
Mid-Atlantic Thrifts 1,911.2 1,833.2 1,735.2 1,077.4 4.25 10.15 77.40
Midwestern Thrifts 1,971.0 1,948.7 1,832.9 1,234.5 1.14 7.53 59.65
New England Thrifts 821.0 809.8 778.3 458.4 1.37 5.48 79.10
Southeastern 786.9 799.9 776.0 499.4 -1.63 1.40 57.57
Southwestern Thrifts 573.4 558.6 533.5 347.5 2.65 7.47 64.98
Western Thrifts 850.3 848.8 778.8 539.7 0.18 9.17 57.55
Asset Size Indices
- ---------------------------------------------------------------------------------------------------
Less than $250M 915.8 907.7 869.9 639.4 0.89 5.27 43.21
$250M to $500M 1,393.0 1,371.7 1,312.3 865.2 1.56 6.15 61.00
$500M to $1B 902.6 892.2 846.8 558.9 1.16 6.58 61.49
$1B to $5B 1,051.7 1,022.5 956.8 593.8 2.86 9.92 77.12
Over $5B 555.5 550.0 512.3 344.1 1.00 8.44 61.45
Comparative Indices
- ---------------------------------------------------------------------------------------------------
Dow Jones Industrials 9,063.4 8,799.6 7,908.3 7,009.0 3.00 14.61 29.31
S&P 1,111.8 1,101.8 970.4 801.3 0.91 14.56 38.74
All SNL indices are market-value weighted; i.e., an institution's effect on an
index is proportionate to that institution's market capitalization. All SNL
thrift indices, except for the SNL MHC Index, began at 100 on March 30, 1984.
The SNL MHC Index began at 201.082 on Dec. 31, 1992, the level of the SNL Thrift
Index on that date. On March 30, 1984, the S&P 500 closed at 159.2 and the Dow
Jones Industrials stood at 1164.9.
Mid-Atlantic: DE, DC, MD, NJ, NY, PA, PR; Midwest: IA, IL, IN, KS, KY, MI, MN,
MO, ND, NE, OH, SD, WI; New England: CT, MA, ME, NH, RI, VT; Southeast: AL, AR,
FL, GA, MS, NC, SC, TN, VA, WV; Southwest: CO, LA, NM, OK, TX, UT; West: AZ, AK,
CA, HI, ID, MT, NV, OR, WA, WY
EXHIBIT IV-4
Market Area Acquisition Activity
Exhibit IV-4
Massachusetts Thrift Merger and Acquisition Activity
1997 to Present
Seller Financials at Announcement
------------------------------------------------------
Total Total YTD YTD NPAs Rsrvs/
Annd Comp Assets Equity ROAA ROAE Assets NPLs
Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) (%)
- --------------------------------------------------------------------------------------------------------------------------------
12/10/97 Pending UST Corp MA Somerset Svgs Bk MA 520,339 6.60 1.15 18.72 5.91 31.60
12/15/97 Pending UST Corp MA Affiliated Cmty Bncp MA 1,128,579 9.71 1.10 11.22 0.34 218.71
02/02/98 Pending 1855 Bancorp MA Sandwich Bancorp MA 518,697 7.84 0.98 12.38 0.56 176.50
09/10/96 05/01/97 Berkshire Cnty SB MA Great Barrington SB MA 274,165 13.93 1.49 10.26 0.63 122.04
11/01/96 02/21/97 Bay State FSB MA Union FS&LA MA 38,797 7.45 -0.16 -2.23 0.59 73.01
05/28/97 10/31/97 South Weymouth SB MA Weymouth SB MA 173,557 8.24 0.62 7.73 0.45 190.73
08/30/96 01/03/97 UST Corp MA Walden Bancorp, Inc. MA 1,051,743 8.07 1.14 12.18 0.91 150.25
11/04/96 03/04/97 Citizens Fin'l Group RI Grove Bank MA 598,507 6.49 0.91 14.35 0.58 128.33
12/15/97 01/01/98 Country Bank for Sav MA Leicester Savings Bk MA 31,249 3.65 -3.44 -74.83 5.75 51.12
10/23/97 02/27/98 Eastern Bank Corp MA Emerald Isle Bncp MA 443,503 6.99 0.88 12.59 0.17 416.26
02/26/97 07/22/97 MASSBANK Corp MA Glendale Co-Op Bank MA 36,947 16.23 0.75 4.73 0.00 NA
08/27/96 01/02/97 Grove Bank MA Greater Boston Bk MA 150,167 7.76 0.37 4.72 1.49 259.68
Average 413,854 8.58 0.48 2.65 1.45 165.29
Median 358,834 7.80 0.90 10.74 0.59 150.25
Deal Terms and Pricing at Announcement
-------------------------------------------------------------
Deal Deal Deal Deal Pr/ Deal Pr/ Deal Pr/ TgBkPr/
Annd Comp Value Pr/Shr Consid. Pr/Bk Tg Bk 4-Qtr Assets CoreDp
Date Date Buyer ST Seller ST ($M) ($) Type (%) (%) EPS (x) (%) (%)
- -------------------------------------------------------------------- --------------------------------------------------------------
12/10/97 Pending UST Corp MA Somerset Svgs Bk MA 95.9 5.63 Stock 273.25 273.25 18.16 18.43 15.19
12/15/97 Pending UST Corp MA Affiliated Cmty Bncp MA 277.0 39.92 Stock 231.02 232.23 22.94 24.54 26.57
02/02/98 Pending 1855 Bancorp MA Sandwich Bancorp MA 132.5 64.00 Cash 295.89 306.51 26.12 25.54 24.38
09/10/96 05/01/97 Berkshire Cnty SB MA Great Barrington SB MA NA NA NA NA NA NA NA NA
11/01/96 02/21/97 Bay State FSB MA Union FS&LA MA NA NA NA NA NA NA NA NA
05/28/97 10/31/97 South Weymouth SB MA Weymouth SB MA NA NA NA NA NA NA NA NA
08/30/96 01/03/97 UST Corp MA Walden Bancorp, Inc. MA 165.9 30.88 Stock 168.90 196.16 16.16 15.77 11.38
11/04/96 03/04/97 Citizens Fin'l Group RI Grove Bank MA 91.8 51.00 Cash NA NA NA NA NA
12/15/97 01/01/98 Country Bank for Sav MA Leicester Savings Bk MA NA NA NA NA NA NA NA NA
10/23/97 02/27/98 Eastern Bank Corp MA Emerald Isle Bncp MA 76.7 33.00 Cash 239.48 239.48 21.02 17.29 14.66
02/26/97 07/22/97 MASSBANK Corp MA Glendale Co-Op Bank MA 7.2 28.00 Cash 115.46 115.46 24.56 19.49 4.22
08/27/96 01/02/97 Grove Bank MA Greater Boston Bk MA 18.0 27.56 Mix 138.62 138.62 9.33 10.77 5.17
Average 108.1 35.00 208.95 214.53 19.76 18.83 14.51
Median 93.8 31.94 231.02 232.23 21.02 18.43 14.66
Source: SNL Securities, LC.
EXHIBIT IV-5
Directors and Senior Management Summary Resumes
SUMMARY DESCRIPTIONS OF DIRECTORS
Manuel G. Camacho is a dentist in private practice in New Bedford,
Massachusetts. He is semi-retired.
David P. Cameron was President of Morse Cutting Tools in New Bedford,
Massachusetts until his retirement.
Kevin G. Champagne has served as President and Chief Executive Officer of
1855 Bancorp since its formation in 1994 and as President and Chief Executive
Officer of Compass since 1994. Prior to 1994, Mr. Champagne was Executive Vice
President/Retail Banking of Compass. He joined Compass' Management Training
Program in 1971.
Howard C. Dyer, Jr. was General Manager, New Bedford Storage Warehouse,
Bedford, Massachusetts, until his retirement.
Glen F. Johnson was a General Manager, Goodyear Tire and Rubber, New
Bedford, Massachusetts, until his retirement.
Thornton P. Klaren, Jr. has previously worked in sales. He is semi-retired.
Louis J. LeBlanc is an attorney in private practice in New Bedford,
Massachusetts.
Richard S. Marchisio is Chairman of the Board of 1855 Bancorp and Compass,
positions he has held since 1994. He was President of Compass from 1984 until
his retirement in 1990. Mr. Marchisio first joined Compass in 1946.
A. William Munro is President of Munro Distributing, Inc., Fall River,
Massachusetts.
Carl Ribeiro is President, Luzo Foodservice Corp., New Bedford,
Massachusetts.
Joseph H. Silverstein was the President of Silverstein's Family Store, a
retail clothing store located in New Bedford, Massachusetts, until his
retirement.
Gerald H. Silvia is the owner of Americana Travel, a travel agency located
in Fall River, Massachusetts.
Upon consummation of the Merger, Mr. Legate (the President and Chief
Executive Officer of Sandwich Bancorp) and two other directors of Sandwich
Bancorp selected by 1855 Bancorp will be appointed as directors of 1855 Bancorp.
Mr. Legate will also be appointed as a director and a member of the Executive
Committee of Compass. Set forth below is certain biographical information with
respect to Mr. Legate.
Frederic D. Legate has served Sandwich Bank in various capacities since
1977 and was appointed its President and Chief Executive Officer in 1981. Mr.
Legate became President and Chief Executive Officer of Sandwich Bancorp, Inc.
upon its formation in 1997. Mr. Legate plans to retire as an executive officer
following consummation of the Merger.
SUMMARY DESCRIPTIONS OF SENIOR MANAGEMENT
Kevin G. Champagne has served as President and Chief Executive Officer of
1855 Bancorp since its formation in 1994 and as President and Chief Executive
Officer of Compass since 1994. Prior to 1994, Mr. Champagne was Executive Vice
President/Retail Banking of Compass. He joined Compass' Management Training
Program in 1971. Mr. Champagne is 48 years old.
Arthur W. Short served as Treasurer of 1855 Bancorp since its formation in
1994 until 1997. He currently serves as Executive Vice President of Compass, a
position he has held since 1993, and as Chief Operating Officer of Compass, a
position he has held since 1997. Prior to 1993, Mr. Short served as Senior Vice
President/Treasurer and Chief Financial Officer of Compass. He joined Compass in
1981. Mr. Short is 57 years old.
John D. Kelleher has served as Executive Vice President of Compass since
1993 and has headed the Lending Division since 1984. Mr. Kelleher joined
Compass' Management Training Program in 1971. Mr. Kelleher is 52 years old.
James E. Lambert has served as Executive Vice President of Compass since
1994. Prior to joining Compass in 1990, Mr. Lambert served as President of
Martha's Vineyard National Bank, which merged with Compass in 1994. Mr. Lambert
is 53 years old.
Francis S. Mascianica, Jr. has served as Senior Vice President/Treasurer
and Chief Financial Officer of Compass since 1997. Mr. Mascianica has held
various positions with Compass since he joined the Bank in 1981. He is 50 years
old.
Carolyn A. Belanger has served as Senior Vice President and head of the
Retail Banking Division of Compass since 1994. Ms. Belanger has held various
positions with Compass since she joined the Bank in 1966. She is 49 years old.
William D. Rigby has served as Senior Vice President since 1994 and Manager
of the Consumer Lending Department of Compass since 1985, when he joined
Compass. He is 50 years old.
Carl W. Taber has served as Senior Vice President since 1993 and head of
Mortgage Lending of Compass since 1984. Mr. Taber joined Compass' Management
Training Program in 1975. He is 44 years old.
Robert J. Camara has served as Senior Vice President and Loan Servicing
Manager of Compass since 1997. He joined Compass in 1987 as Assistant Vice
President and Auditor and became Vice President and Loan Servicing Manager in
1990. Mr. Camara is 41 years old.
EXHIBIT IV-6
Pro Forma Analysis Sheet
PRO FORMA ANALYSIS SHEET
Compass Bank for Savings
Prices as of May 8, 1998
Assumes a 4.7407 Exchange Ratio for SWCB Shares
All Savings
Peer Group Massachusetts Companies Institutions
Subject ------------------- ----------------------- ------------
Price Multiple Symbol @ Midpoint(1) Mean Median Mean Median Mean
- -------------- ------ ------------- ---- ------ ---- ------ ----
Price-earnings ratio = P/E 15.53x 16.84x 17.54x 17.33x 17.32x 20.32x
Price-core earnings ratio = P/CE 15.85x 17.82x 18.23x 18.81x 18.23x 21.38x
Price-book ratio = P/B 96.01% 191.46% 189.25% 193.10% 195.30% 172.79%
Price-tangible book ratio = P/TB 96.73% 198.23% 206.72% 198.30% 207.92% 176.65%
Price-assets ratio = P/A 19.92% 16.44% 16.99% 19.31% 18.07% 21.67%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y) $17,467,000 ESOP Stock Purchases (E) 8.00%(5)
Pre-Conversion Book Value (B) $145,680,000 Cost of ESOP Borrowings (S) 8.50%
Pre-Conv. Tang. Book Value (B) $142,742,000 ESOP Amortization (T) 20.00 years
Pre-Conversion Assets (A) $1,670,088,000 RRP Amount (M) 0.00%
Reinvestment Rate (2)(R) 3.22% RRP Vesting (N) 5.00 years (5)
Est. Conversion Expenses (3)(X) 2.89% SWCB Shares and Acct. Adj. (F) 1.76%
Tax rate (TAX) 40.00% Exchange Shares (SH) 32.10%
Tax Benefit (Z) 0
Percentage Sold (PCT) 100.00%
Calculation of Pro Forma Value After Conversion
1. V = P/E * (Y) V = $383,100,592
----------------------------------------------------
1 - P/E * PCT * ((1-X-M-SH)*R -(1-TAX)*E*S - (1-TAX)*E/T - (1-TAX)*M/N)
2. V = P/B * (B+Z) V= $383,100,592
----------------------------------------------------
1 - P/B * PCT * (1-X-E-M-F-SH)
3. V= P/A * (A+Z) V= $383,100,592
----------------------------------------------------
1 - P/A * PCT * (1-X-E-M-F-SH)
Shares Aggregate
Shares Sold to Price Per Gross Offering Exchange Shares Issued To Total Shares Market Value
Conclusion Public Share Proceeds Issued to SCWB Foundation Issued of Stock Issued
----------- ------ ----- -------------- -------------- ---------- ------ ---------------
Minimum 24,650,000 10.00 $246,500,000 9,310,059 0 33,960,059 339,600,592
Midpoint 29,000,000 10.00 290,000,000 9,310,059 0 38,310,059 383,100,592
Maximum 33,350,000 10.00 333,500,000 9,310,059 0 42,660,059 426,600,592
Supermaximum 38,352,500 10.00 383,525,000 9,310,059 0 47,662,559 476,625,592
- -----------------------
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.37 percent, and a tax rate of
40.00 percent.
(3) Offering expenses shown at estimated midpoint value.
(4) ESOP loan will be funded by a third party loan.
(5) ESOP amortizes over 20 years; amortization expenses tax effected at 40.00
percent.
PRO FORMA ANALYSIS SHEET
Compass Bank for Savings
Prices as of May 8, 1998
Assumes a 6.400 Exchange Ratio for SWCB Shares
All Savings
Peer Group Massachusetts Companies Institutions
Subject -------------------- ----------------------- ------------
Price Multiple Symbol @ Midpoint(1) Mean Median Mean Median Mean
-------------- ------ ------------- ---- ------ ---- ------ ----
Price-earnings ratio = P/E 16.85x 16.84x 17.54x 17.33x 17.32x 20.32x
Price-core earnings ratio = P/CE 15.85x 17.82x 18.23x 18.81x 18.23x 21.38x
Price-book ratio = P/B 104.12% 191.46% 189.25% 193.10% 195.30% 172.79%
Price-tangible book ratio = P/TB 104.89% 198.23% 206.72% 198.30% 207.92% 176.65%
Price-assets ratio = P/A 21.60% 16.44% 16.99% 19.31% 18.07% 21.67%
Valuation Parameters
--------------------
Pre-Conversion Earnings (Y) $17,467,000 ESOP Stock Purchases (E) 8.00%(5)
Pre-Conversion Book Value (B) $145,680,000 Cost of ESOP Borrowings (S) 8.50%
Pre-Conv. Tang. Book Value (B) $142,742,000 ESOP Amortization (T) 20.00 years
Pre-Conversion Assets (A) $1,670,088,000 RRP Amount (M) 0.00%
Reinvestment Rate (2)(R) 3.22% RRP Vesting (N) 5.00 years (5)
Est. Conversion Expenses (3)(X) 2.89% SWCB Shares and Acct. Adj. (F) 1.76%
Tax rate (TAX) 40.00% Exchange Shares (SH) 43.25%
Tax Benefit (Z) 0
Percentage Sold (PCT) 100.00%
Calculation of Pro Forma Value After Conversion
1. V= P/E * (Y) V= $415,436,728
--------------------------------------------------------------------------
1 - P/E * PCT * ((1-X-M-SH)*R - (1-TAX)*E*S - (1-TAX)*E/T - (1-TAX)*M/N)
2. V= P/B * (B+Z) V= $415,436,728
----------------------------------------------------
1 - P/B * PCT * (1-X-E-M-F-SH)
3. V= P/A * (A+Z) V= $415,436,728
----------------------------------------------------
1 - P/A * PCT * (1-X-E-M-F-SH)
Shares Aggregate
Shares Sold to Price Per Gross Offering Exchange Shares Issued To Total Shares Market Value
Conclusion Public Share Proceeds Issued to SCWB Foundation Issued of Stock Issued
----------- ------ ----- -------- -------------- ---------- ------ ---------------
Minimum 24,650,000 10.00 $246,500,000 12,543,673 0 37,193,673 391,936,728
Midpoint 29,000,000 10.00 290,000,000 12,543,673 0 41,543,673 415,436,728
Maximum 33,350,000 10.00 333,500,000 12,543,673 0 45,893,673 458,936,728
Supermaximum 38,352,500 10.00 383,525,000 12,543,673 0 50,896,173 508,961,728
- ------------------------------------------
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.37 percent, and a tax rate of
40.00 percent.
(3) Offering expenses shown at estimated midpoint value.
(4) ESOP loan will be funded by a third party loan.
(5) ESOP amortizes over 20 years; amortization expenses tax effected at 40.00
percent.
EXHIBIT IV-7
Pro Forma Effect of Conversion Proceeds
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Compass Bank for Savings
At the Maximum
1. Offering Proceeds $333,500,000
Less: Estimated Offering Expenses 8,773,700
------------
Net Conversion Proceeds $324,726,300
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $324,726,300
Less: Proceeds Invested in Non-Earning Fixed Assets 0
Less: Non-Cash Stock Purchases (1) 0
------------
Net Proceeds Reinvested $324,726,300
Estimated net incremental rate of return 3.22%
-----
Earnings Increase $10,462,681
Less: Estimated cost of ESOP borrowings (2) 1,360,680
Less: Amortization of ESOP borrowings (3) 800,400
Less: Recognition Plan Vesting 0
------------
Net Earnings Increase $8,301,601
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended February 28, 1998 (reported) $17,467,000 $8,301,601 $25,768,601
12 Months ended February 28, 1998 (core) $16,975,000 $8,301,601 $25,276,601
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
February 28, 1998 $145,680,000 $298,046,300 ($5,101,000) $438,625,300
February 28, 1998 (Tangible) $142,742,000 $298,046,300 ($5,101,000) $435,687,300
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
February 28, 1998 $1,670,088,000 $298,046,300 ($5,101,000) $1,963,033,300
(1) Includes ESOP stock purchases equal to 8.0 percent of the offering.
(2) ESOP stock purchases are externally financed by a loan from a third party.
(3) ESOP borrowings are amortized over 20 years, amortization expense is
tax-effected at a 40.00 percent rate.
(4) Reflects impact of elimination of SWCB shares owned by Compass ($5.175
million) and other accounting adjustments.
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Compass Bank for Savings
At the Midpoint
1. Offering Proceeds $290,000,000
Less: Estimated Offering Expenses 8,373,500
------------
Net Conversion Proceeds $281,626,500
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $281,626,500
Less: Proceeds Invested in Non-Earning Fixed Assets 0
Less: Non-Cash Stock Purchases (1) 0
------------
Net Proceeds Reinvested $281,626,500
Estimated net incremental rate of return 3.22%
-----
Earnings Increase $9,074,006
Less: Estimated cost of ESOP borrowings (2) 1,183,200
Less: Amortization of ESOP borrowings (3) 696,000
Less: Recognition Plan Vesting 0
------------
Net Earnings Increase $7,194,806
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended February 28, 1998 (reported) $17,467,000 $7,194,806 $24,661,806
12 Months ended February 28, 1998 (core) $16,975,000 $7,194,806 $24,169,806
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
February 28, 1998 $145,680,000 $258,426,500 ($5,101,000) $399,005,500
February 28, 1998 (Tangible) $142,742,000 $258,426,500 ($5,101,000) $396,067,500
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
February 28, 1998 $1,670,088,000 $258,426,500 ($5,101,000) $1,923,413,500
(1) Includes ESOP stock purchases equal to 8.0 percent of the offering.
(2) ESOP stock purchases are externally financed by a loan from a third party.
(3) ESOP borrowings are amortized over 20 years, amortization expense is
tax-effected at a 40.00 percent rate.
(4) Reflects impact of elimination of SWCB shares owned by Compass ($5.175
million) and other accounting adjustments.
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Compass Bank for Savings
At the Minimum
1. Offering Proceeds $246,500,000
Less: Estimated Offering Expenses 7,973,300
------------
Net Conversion Proceeds $238,526,700
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $238,526,700
Less: Proceeds Invested in Non-Earning Fixed Assets 0
Less: Non-Cash Stock Purchases (1) 0
------------
Net Proceeds Reinvested $238,526,700
Estimated net incremental rate of return 3.22%
-----
Earnings Increase $7,685,330
Less: Estimated cost of ESOP borrowings (2) 1,005,720
Less: Amortization of ESOP borrowings (3) 591,600
Less: Recognition Plan Vesting 0
------------
Net Earnings Increase $6,088,010
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended February 28, 1998 (reported) $17,467,000 $6,088,010 $23,555,010
12 Months ended February 28, 1998 (core) $16,975,000 $6,088,010 $23,063,010
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
February 28, 1998 $145,680,000 $218,806,700 ($5,101,000) $359,385,700
February 28, 1998 (Tangible) $142,742,000 $218,806,700 ($5,101,000) $356,447,700
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
February 28, 1998 $1,670,088,000 $218,806,700 ($5,101,000) $1,883,793,700
(1) Includes ESOP stock purchases equal to 8.0 percent of the offering.
(2) ESOP stock purchases are externally financed by a loan from a third party.
(3) ESOP borrowings are amortized over 20 years, amortization expense is
tax-effected at a 40.00 percent rate.
(4) Reflects impact of elimination of SWCB shares owned by Compass ($5.175
million) and other accounting adjustments.
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Compass Bank for Savings
At the Supermaximum Value
1. Offering Proceeds $383,525,000
Less: Estimated Offering Expenses 9,233,930
------------
Net Conversion Proceeds $374,291,070
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $374,291,070
Less: Proceeds Invested in Non-Earning Fixed Assets 0
Less: Non-Cash Stock Purchases (1) 0
------------
Net Proceeds Reinvested $374,291,070
Estimated net incremental rate of return 3.22%
-----
Earnings Increase $12,059,658
Less: Estimated cost of ESOP borrowings (2) 1,564,782
Less: Amortization of ESOP borrowings (3) 920,460
Less: Recognition Plan Vesting 0
------------
Net Earnings Increase $9,574,416
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended February 28, 1998 (reported) $17,467,000 $9,574,416 $27,041,416
12 Months ended February 28, 1998 (core) $16,975,000 $9,574,416 $26,549,416
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
February 28, 1998 $145,680,000 $343,609,070 ($5,101,000) $484,188,070
February 28, 1998 (Tangible) $142,742,000 $343,609,070 ($5,101,000) $481,250,070
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
February 28, 1998 $1,670,088,000 $343,609,070 ($5,101,000) $2,008,596,070
(1) Includes ESOP stock purchases equal to 8.0 percent of the offering.
(2) ESOP stock purchases are externally financed by a loan from a third party.
(3) ESOP borrowings are amortized over 20 years, amortization expense is
tax-effected at a 40.00 percent rate.
(4) Reflects impact of elimination of SWCB shares owned by Compass ($5.175
million) and other accounting adjustments.
EXHIBIT IV-8
Peer Group Core Earnings Analysis
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Core Earnings Analysis
Comparable Institution Analysis
For the Twelve Months Ended December 31, 1997
Estimated
Net Income Less: Net Tax Effect Less: Extd Core Income Estimated
to Common Gains(Loss) @ 34% Items to Common Shares Core EPS
---------- ----------- ---------- ---------- ----------- ---------- ---------
($000) ($000) $000) ($000) ($000) ($000) ($)
Comparable Group
- ----------------
ABBK Abington Bancorp of MA 4,378 -776 264 0 3,866 3,564 1.08
BKC American Bank of Waterbury CT 7,940 -1,628 554 0 6,866 4,652 1.48
ANDB Andover Bancorp, Inc. of MA 13,206 -422 143 0 12,927 5,179 2.50
BFD BostonFed Bancorp of MA 7,055 -1,114 379 0 6,320 5,423 1.17
FESX First Essex Bancorp of MA 9,713 -1,537 523 0 8,699 7,535 1.15
FFES First Fed of E. Hartford CT 5,575 893 -304 0 6,164 2,713 2.27
FAB FirstFed America Bancorp of MA 1,718 5,742 -1,952 0 5,508 8,707 0.63
MECH MECH Financial Inc of CT 13,077 -261 89 0 12,905 5,294 2.44
MASB MassBank Corp. of Reading MA 10,167 -1,161 395 0 9,401 3,587 2.62
MDBK Medford Bancorp, Inc. of MA 11,390 -628 214 0 10,976 4,540 2.42
MWBX MetroWest Bank of MA 7,555 -71 24 0 7,508 14,220 0.53
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBIT IV-9
Pro Forma Regulatory Capital Ratios
EXHIBIT IV-9
Pro Forma Regulatory Capital Ratios
Pro Forma Combined for Seacoast Financial and Compass at February 28, 1998 based on
------------------------------------------------------------------------------------------------------
24,650,000 29,000,000 33,350,000 38,352,500
Conversion Shares Conversion Shares Conversion Shares Conversion Shares
sold at $10.00 per share sold at $10.00 per share sold at $10.00 per share sold at $10.00 per share
------------------------ ------------------------ ------------------------ ------------------------
Percent Percent Percent Percent
of of of of
Amount assets (1) Amount assets (1) Amount assets (1) Amount assets (1)
-------- ---------- -------- ---------- -------- ---------- -------- ----------
(Dollars in thousands)
Seacoast Financial -
Tier 1 leverage:
Actual.................... $354,126 18.85% $393,745 20.49% $433,365 22.05% $478,928 23.77%
Requirement............... 75,158 4.00 76,882 4.00 78,606 4.00 80,589 4.00
Excess.................... 278,968 14.85 316,863 16.49 354,759 18.05 398,339 19.77
Tier 1 risk-based capital:
Actual.................... 354,126 32.93 393,745 36.62 433,365 40.30 478,928 44.48
Requirement............... 43,011 4.00 43,011 4.00 43,011 4.00 43,011 4.00
Excess.................... 311,115 28.93 350,734 32.62 390,354 36.30 435,917 40.48
Total risk-based capital:
Actual.................... 367,585 34.18 407,204 37.87 446,824 41.55 492,387 45.73
Requirement............... 86,021 8.00 86,021 8.00 86,021 8.00 86,021 8.00
Excess.................... 281,564 26.18 321,183 29.87 360,803 33.55 406,366 37.73
Compass -
Tier 1 leverage:
Actual.................... 254,074 14.55 275,624 15.59 297,173 16.61 321,956 17.75
Requirement............... 69,843 4.00 70,705 4.00 71,567 4.00 72,559 4.00
Excess.................... 184,230 10.55 204,919 11.59 225,606 12.61 249,397 13.75
Tier 1 risk-based capital:
Actual.................... 254,074 24.16 275,624 26.21 297,173 28.26 321,956 30.61
Requirement............... 42,066 4.00 42,066 4.00 42,066 4.00 42,066 4.00
Excess.................... 212,008 20.16 233,558 22.21 255,107 24.26 279,890 26.61
Total risk-based capital:
Actual.................... 267,241 25.41 288,791 27.46 310,341 29.51 335,123 31.87
Requirement............... 84,133 8.00 84,133 8.00 84,133 8.00 84,133 8.00
Excess.................... 183,108 17.41 204,658 19.46 226,208 21.51 250,990 23.87
- ----------------------
(1) Adjusted total or adjusted risk-weighted assets, as appropriate.
EXHIBIT V-1
RP Financial, LC.
Firm Qualifications Statement
RP Financial, LC.
- ---------------------------------------
Financial Services Industry Consultants FIRM QUALIFICATION STATEMENT
RP Financial provides financial and management consulting and valuation services
to the financial services industry nationwide, particularly federally-insured
financial institutions. RP Financial establishes long-term client relationships
through its wide array of services, emphasis on quality and timeliness, hands-on
involvement by our principals and senior consulting staff, and careful
structuring of strategic plans and transactions. RP Financial's staff draws from
backgrounds in consulting, regulatory agencies and investment banking, thereby
providing our clients with considerable resources.
STRATEGIC AND CAPITAL PLANNING
RP Financial's strategic and capital planning services are designed to provide
effective workable plans with quantifiable results. Through a program known as
SAFE (Strategic Alternatives Financial Evaluations), RP Financial analyzes
strategic options to enhance shareholder value or other established objectives.
Our planning services involve conducting situation analyses; establishing
mission statements, strategic goals and objectives; and identifying strategies
for enhancement of franchise value, capital management and planning, earnings
improvement and operational issues. Strategy development typically includes the
following areas: capital formation and management, asset/liability targets,
profitability, return on equity and market value of stock. Our proprietary
financial simulation model provides the basis for evaluating the financial
impact of alternative strategies and assessing the feasibility/compatibility of
such strategies with regulations and/or other guidelines.
MERGER AND ACQUISITION SERVICES
RP Financial's merger and acquisition (M&A) services include targeting
candidates and potential acquirors, assessing acquisition merit, conducting
detailed due diligence, negotiating and structuring transactions, preparing
merger business plans and financial simulations, rendering fairness opinions and
assisting in implementing post-acquisition strategies. Through our financial
simulations, comprehensive in-house data bases, valuation expertise and
regulatory knowledge, RP Financial's M&A consulting focuses on structuring
transactions to enhance shareholder returns.
VALUATION SERVICES
RP Financial's extensive valuation practice includes valuations for a variety of
purposes including mergers and acquisitions, mutual-to-stock conversions, ESOPs,
subsidiary companies, mark-to-market transactions, loan and servicing
portfolios, non-traded securities, core deposits, FAS 107 (fair market value
disclosure), FAS 122 (loan servicing rights) and FAS 123 (stock options). Our
principals and staff are highly experienced in performing valuation appraisals
which conform with regulatory guidelines and appraisal industry standards. RP
Financial is the nation's leading valuation firm for mutual-to-stock conversions
of thrift institutions.
OTHER CONSULTING SERVICES AND DATA BASES
RP Financial offers a variety of other services including branching strategies,
feasibility studies and special research studies, which are complemented by our
quantitative and computer skills. RP Financial's consulting services are aided
by its in-house data base resources for commercial banks and savings
institutions and proprietary valuation and financial simulation models.
YEAR 2000 SERVICES
RP Financial, through a relationship with a computer research and development
company with a proprietary methodology, offers Year 2000 advisory and conversion
services to financial institutions which are more cost effective and less
disruptive than most other providers of such service.
RP Financial's Key Personnel (Years of Relevant Experience)
Ronald S. Riggins, Managing Director (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)
Exhibit 1-5
Compass Bank for Savings
Yields and Cost
Year Ended October 31,
---------------------------------------------------------------------------------------------------
1997 1996 1995
-------------------------------- ------------------------------ -----------------------------
Average Average Average
Average yield/ Average yield/ Average yield/
balance Interest cost balance Interest cost balance Interest cost
------- -------- ------- ------- -------- ------- ------- -------- -------
(Dollars in thousands)
Assets:
Interest-earning assets:
Short-term investments ...... $ 21,516 $ 1,235 5.74% $ 15,969 $ 947 5.93% $ 17,263 $ 1,257 7.28%
Debt securities (1) ......... 211,304 12,910 6.11 208,665 12,370 5.93 210,680 12,280 5.83
Equity securities (1) ....... 7,290 388 5.32 7,296 386 5.29 8,484 475 5.60
Mortgage loans (2) .......... 523,376 43,977 8.40 498,185 42,162 8.46 451,497 37,813 8.37
Commercial loans (2) ........ 50,361 4,972 9.87 45,283 4,456 9.84 35,610 3,522 9.89
Indirect auto loans (2) ..... 180,600 14,497 8.03 150,070 11,927 7.95 124,850 9,502 7.61
Other consumer loans (2) .... 23,195 2,053 8.85 20,795 1,878 9.03 17,204 1,623 9.43
---------- ------- -------- ------- -------- -------
Total interest-earning
assets ................. 1,017,642 80,032 7.86 946,263 74,126 7.83 865,588 66,472 7.68
------- ------ ------- ------ ------- -----
Allowance for loan losses ..... (10,570) (10,109) (9,811)
Non-interest earning assets ... 59,094 61,480 58,298
--------- -------- --------
Total liabilities
and surplus ............ $1,066,166 $997,634 $914,075
========== ======== ========
Liabilities and Surplus:
Interest-bearing liabilities:
Deposits:
NOW accounts .............. $ 72,837 $ 1,065 1.46% $ 68,156 $ 1,008 1.46% $ 61,366 $ 1,078 1.76%
Savings accounts .......... 171,157 4,434 2.59 176,311 4,660 2.64 173,700 5,107 2.94
Money market savings
accounts ................. 140,413 3,959 2.82 136,322 3,888 2.85 3,916 3.01
Certificate of deposit
accounts ................ 466,942 26,651 5.71 434,930 25,065 5.76 388,708 21,751 5.60
--------- ------- -------- ------- -------- -------
Total deposits .......... 851,349 36,109 4.24 815,719 34,621 4.24 753,694 31,852 4.23
Borrowed funds:
Short-term borrowings (3).. 5,666 283 4.99 1,727 100 5.79 1,326 84 6.33
FHLB advances ............. 51,490 3,439 6.68 37,288 2,524 6.77 39,552 2,603 6.58
--------- ------- --------- ------- -------- -------
Total borrowings ........ 57,156 3,722 6.51 39,015 2,624 6.73 40,878 2,687 6.57
--------- ------- --------- ------- -------- -------
Total interest-bearing
liabilities ............ 908,505 39,831 4.38 854,734 37,245 4.36 794,572 34,539 4.35
------- ------ ------- ------ ------- -----
Non-interest bearing demand
checking accounts ............ 56,284 53,684 41,824
Other liabilities ............. 8,807 8,807 6,845
--------- -------- --------
Total liabilities ....... 973,596 917,225 843,241
Surplus ....................... 92,570 80,409 70,834
--------- -------- --------
Total liabilities and
surplus ................ $1,066,166 $997,634 $914,075
========= ======== ========
Net interest income/interest
rate spread (4) .............. $40,201 3.48% $36,881 3.47% $31,933 3.33%
======== ====== ======= ====== ======= ======
Net interest margin (5) ....... 3.95% 3.90% 3.69%
====== ====== ======
Ratio of interest-earning
assets to interest-bearing
liabilities .................. 112.01% 110.71% 108.94%
====== ====== ======
- -------------------
1) Average balances include unrealized gains on securities available for sale.
Equity securities include marketable equity securities and restricted equity
securities.
2) Loans on non-accrual status are included in the average balances.
--------------------------------------------------------------
CONVERSION APPRAISAL UPDATE REPORT
SEACOAST FINANCIAL SERVICES CORPORATION
PROPOSED HOLDING COMPANY FOR
COMPASS BANK FOR SAVINGS
New Bedford, Massachusetts
Dated As Of:
August 7, 1998
--------------------------------------------------------------
Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
RP FINANCIAL, LC.
- --------------------------------------------------
Financial Services Industry Consultants
August 7, 1998
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
791 Purchase Street
New Bedford, Massachusetts 02740-6300
Members of the Boards:
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 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 Office of Thrift Supervision
("OTS"), including the most recent revisions as of October 21, 1994, and
applicable interpretations thereof. Such Valuation Guidelines are relied upon by
the Massachusetts Division of Banks (the "Division"), the Federal Deposit
Insurance Corporation ("FDIC") and the Federal Reserve Board ("FRB") in
evaluating conversion appraisals in the absence of such specific written
valuation guidelines separately issued by the respective agencies.
Our original appraisal report, dated May 8, 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
- -----------------------------
We understand that the Board of Trustees of The 1855 Bancorp, a
Massachusetts-chartered mutual holding company (the "MHC"), and the Board of
Directors of Compass Bank for Savings ("Compass" or the "Bank"), a wholly-owned
state-chartered stock savings bank subsidiary of the MHC, have adopted a Plan of
Conversion, incorporated herein by reference, in which the MHC will be combined
with the Bank simultaneously with the MHC's conversion to stock form and
reorganization as a subsidiary of a newly-formed stock corporation, to be known
as "Seacoast Financial Services Corporation" ("Seacoast" or the "Company").
Seacoast will offer shares of Common Stock ("Conversion Shares") for sale in the
Subscription Offering, the concurrent Community Offering and, if necessary, in a
Syndicated Community Offering, based on the appraised value. The Conversion
Shares are first being offered in the Subscription Offering with nontransferable
subscription rights being granted to Eligible Account Holders, Supplemental
Eligible Account Holders, the ESOP, Employees, Officers, Trustees and Directors.
- -------------------------------------------------------------------------------
Washington Headquarters
Rosslyn Center
1700 North Moore Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 2
Acquisition of Sandwich Bancorp, Inc.
Pursuant to the Amended and Restated Affiliation and Merger Agreement (the
"Agreement"), dated March 22, 1998, The 1855 Bancorp agreed to acquire Sandwich
Bancorp, Inc., Sandwich, Massachusetts ("Sandwich Bancorp"), the bank holding
company for Sandwich Co-operative Bank, a Massachusetts-chartered co-operative
bank ("Sandwich"). Sandwich Bancorp is a Massachusetts corporation that was
organized in June 1997 to acquire all the capital stock of Sandwich upon
consummation of the reorganization of Sandwich into holding company form.
Sandwich Bancorp is a publicly-traded company whose stock is listed on the
NASDAQ National Market System under the ticker symbol "SWCB". Pursuant to the
Agreement, at the effective time of the merger, each share of common stock of
Sandwich Bancorp issued and outstanding, shall by virtue of the merger be
converted into the right to receive Seacoast common stock. The number of shares
of Seacoast common stock a Sandwich Bancorp stockholder will receive will be
determined by the application of an exchange ratio (the "Exchange Ratio") based
upon the trading price of Seacoast's common stock (the "Seacoast Trading Price")
10 days following the closing of the conversion. If the Seacoast Trading Price
is between $10.00 and $13.50, the Exchange Ratio will be between 6.4000 and
4.7407 (determined by dividing $64.00 by the Seacoast Trading Price). If the
Seacoast Trading Price is between $13.51 and $15.00, the Exchange Ratio will be
fixed at 4.7407. If the Seacoast Trading Price exceeds $15.00, the Exchange
Ratio will be less than 4.7407 (determined by dividing $71.11 by the Seacoast
Trading Price). If the Seacoast Trading Price is equal to or less than $10.00
per share, the Exchange Ratio will be 6.4000. The number of Exchange Shares
issuable in exchange for each outstanding Sandwich Bancorp stock option will be
determined by subtracting the per share exercise price of such option from the
value of the Exchange Shares receivable by Sandwich Bancorp stockholders in
exchange for each outstanding share of Sandwich Bancorp common stock, and
dividing the result by the Seacoast Trading Price. As of June 30, 1998, Sandwich
Bancorp had 2,043,475 shares of common stock issued and outstanding and 45,203
granted stock options outstanding, all of which become fully vested upon a
change of control. Cash will be paid in lieu of fractional shares.
It is anticipated that the merger will be accounted for as a pooling of
interests and that certain financial adjustments will be made concurrent with
the merger. The transaction is expected to constitute a tax-free reorganization
under the Internal Revenue Code, so that Sandwich Bancorp shareholders who
receive Seacoast's common stock will not recognize gain or loss in connection
with the exchange.
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.
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 3
RP Financial's updated valuation was determined based on the financial
condition and operations of the Bank and Sandwich as of May 31, 1998 and June
30, 1998, respectively, the date of the most recent financial data included in
the 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
-----------------
The Original Appraisal was based on financial data as of February 28,
1998 for Compass and March 31, 1998 for Sandwich. This updated appraisal is
based on financial information as of May 31, 1998 for Compass and June 30, 1998
for Sandwich reflecting the updated financial results for each company as set
forth in the amended prospectus. Corresponding to the analysis set forth in the
Original Appraisal, the following paragraphs describe the historical balance
sheet changes for Compass on a pre-acquisition basis. The pro forma balance
sheet impact of the acquisition of Sandwich (but before incorporating the
capital to be raised in the conversion and merger expenses) will be discussed at
the end of this section.
Growth Trends
-------------
Compass's total assets increased by $33 million over the three months
ended May 31, 1998, largely attributable to continued expansion of the loan
portfolio which was funded by an increase in deposits. Capital increased as a
result of interim earnings, although the equity/assets ratio increased only
modestly as the rate of increase in capital was nearly matched by the growth of
total assets.
RP Financial, LC.
Page 4
Table 1
Compass Bank for Savings
Historical Balance Sheets
(Amount and Percent of Assets)
Pro Forma Combined Pro Forma Combined
As of February 28, As of May 31, As of As of
1998 1998 February 28, 1998(1)(3) May 31, 1998(1)(4)
-------------------- ------------------ ----------------------- ---------------------
Amount Pct Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%) ($000) (%)
Total Amount of:
Assets $1,143,559 100.00% $1,176,559 100.00% $1,670,088 100.00% $1,707,572 100.00%
Loans 846,385 74.01% 884,822 75.20% 1,216,090 72.82% 1,245,439 72.94%
Allowances for Loan Losses 10,747 0.94% 10,508 0.89% 14,881 0.89% 14,675 0.86%
Debt Securities
Available for Sale 195,601 17.10% 173,820 14.77% 216,230 12.95% 232,000 13.59%
Held to Maturity/Held for Invest. 12,322 1.08% 13,649 1.16% 96,479 5.78% 78,441 4.59%
Marketable Equity Securities 9,450 0.83% 9,520 0.81% 9,450 0.57% 9,520 0.56%
Deposits 951,449 83.20% 982,351 83.49% 1,378,178 82.52% 1,427,101 83.57%
Borrowed Funds 78,553 6.87% 77,074 6.55% 126,154 7.55% 110,675 6.48%
Surplus 103,118 9.02% 106,510 9.05% 145,680 8.72% 151,066 8.85%
Memo:
Loans/Deposits 88.96% 90.07% 88.24% 87.27%
IEA/IBL (Average) 112.55% 112.62% N/A N/A
Non-Performing Assets/Assets 0.97% 0.93% 0.85% 0.81%
Allow. for Loan Losses as a % of:
Loans Receivable, net 1.27% 1.19% 1.22% 1.18%
Non-Performing Loans 109.72% 110.69% 116.75% 120.44%
Full Service Offices 22 (2) 23 33 34
(1) Pre-conversion basis and before merger transaction expenses; reflects pooling accounting.
(2) A new office not included in the total was opened in May 1998.
(3) Data is as of March 31, 1998 for Sandwich.
(4) Data is as of June 30, 1998 for Sandwich.
Sources: Prospectus.
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 5
Loan Receivable
---------------
The balance of loans receivable increased from $846.4 million, as of
February 28, 1998, to $884.8 million, as of May 31, 1998, equal to 75.20 percent
of total assets. Expansion of the loan portfolio over the three months ended May
31, 1998 has been supported by growth of the indirect auto loan portfolio, which
increased by $24.1 million attributable to ongoing efforts to develop new dealer
relationships and generate additional business through existing relationships.
Other major segments of the loan portfolio also reflect growth over the quarter
ended May 31, 1998, albeit to a lesser extent than the growth realized in the
indirect loan portfolio.
Investments and Mortgage-Backed Securities
------------------------------------------
A portion of the Bank's loan growth was funded through a reduction in
the level of investments and MBS. Specifically, investments classified as
available for sale ("AFS") declined $21.8 million to equal 14.77 percent of
assets. The largest component of the investment portfolio consisted of U.S.
Government and agency obligations with a balance of $94.0 million. Corporate
debt obligations totaled $46.0 million and consisted of finance bonds,
industrial revenue bonds, utility bonds and bank and trust company bonds.
Mortgage-backed securities totaled $41.4 million as of May 31, 1998, and
consisted primarily of agency securities.
Funding Structure
-----------------
Deposit balances increased by $31.1 million over the three months ended
May 31, 1998. Management attributes the increase to the relatively favorable
economic conditions prevailing in Compass' markets, the benefits of which were
partially offset by strong competition including competition from
non-traditional products such as annuities and mutual funds.
Equity
------
After-tax earnings of $3.3 million during the three months ended May
31, 1998, coupled with the impact of a $136,000 upward after-tax adjustment on
"available for sale" securities, resulted in equity growth to $106.5 million. As
a result of interim asset growth, the Bank's equity/assets ratio increased
nominally to 9.05 percent as of May 31, 1998. The Bank maintained capital
surpluses relative to all of its regulatory capital requirements and was a "well
capitalized" institution.
Acquisition of Sandwich
-----------------------
The updated merged balance sheet reflects relatively limited change
from the prior quarter. The pro forma pre-conversion impact of the Sandwich
acquisition increases Compass' total assets to $1.708 billion, with the majority
of the quarterly increase attributable to Compass' asset growth. Compass'
balance sheet composition does not change significantly as the proportion of
loans, investments, deposits, and borrowed funds for Sandwich compares
relatively closely to Compass.
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 6
Income and Expense Trends
-------------------------
Table 2 shows the Bank's historical income statements for twelve months
ended February 28, 1998 as well as updated information for the twelve months
ended May 31, 1998. The Bank's pro forma income statement for the twelve months
ended February 28, 1998 and May 31, 1998 giving effect to the merger has also
been provided. The following paragraphs describe the historical income
statements of Compass on a pre-merger basis. The pro forma income statement
impact of the Sandwich merger through May 31, 1998 is discussed at the end of
this section.
Compass' earnings improved modestly based on updated financial data,
primarily as a result of growth in the net interest margin and increased loan
originations and sales which increased the gains on the sale of loans. Overall,
net income increased from $12.5 million for the twelve months ended February 28,
1998 to $13.2 million for the twelve months ended May 31, 1998. The Bank's
return on average assets ("ROA") increased slightly to 1.13 percent.
Compass's net interest income increased modestly for the most recent
trailing 12 month period, while the ratio as a percent of average assets
decreased slightly to 3.77 percent for the twelve months ended May 31, 1998. The
increase in net interest income is primarily attributable to expansion of
interest-earning assets.
Non-interest income decreased modestly based on updated financial data
through May 31, 1998. Specifically, non-interest income decreased by
approximately $60,000 to equal $5.7 million, or 0.51 percent of average assets.
Compass' operating expenses increased to $25.4 million, equal to 2.27
percent of average assets, versus $25.0 million for the twelve months ended
February 28, 1998. As discussed in the Original Appraisal, operating expenses
are expected to realize further increases following the conversion as a result
of the leveraged ESOP amortization expense and the expense associated with
operating as a public company. Additionally, Compass has plans to build a new
executive office facility in downtown New Bedford at a cost of up to $18
million, which will result in significant new depreciation and property tax
expenses.
Compass' efficiency ratio (operating expenses as a percent of the sum
of net interest income and other operating income) of approximately 54.71
percent for the most recent 12 months reflected a slight decrease from the 54.89
percent ratio reported for the twelve months ended February 28, 1998.
Provisions for loan losses decreased marginally to $1.5 million for the
12 months ended May 31, 1998 versus $1.6 million for the twelve months ended
February 28, 1998.
Non-operating income increased for the trailing twelve months ended May
31, 1998, as lower interest rates fueled increased loan originations, increasing
gains on the sale of loans.
Pro Forma Impact of Sandwich Merger
-----------------------------------
On a pro forma basis, the acquisition of Sandwich is projected to
impact Compass's income statement in several ways. First, there are certain
non-recurring merger expenses anticipated concurrent with the merger;
specifically, such expenses are expected to include
RP Financial, LC.
Page 7
Table 2
Compass Bank for Savings
Historical Income Statements
(Amount and Percent of Assets)(1)
Pro Forma Combined Pro Forma Combined
For the 12 Months For the 12 Months For the Most Recent For the Most Recent
Ended Feb. 28, 1998 Ended May 31, 1998 12 Months Ended(4) 12 Months Ended(5)
-------------------- ------------------ -------------------- -------------------
Amount Pct Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%) ($000) (%)
Interest Income $ 82,746 7.56% $ 84,379 7.55% $119,522 7.47% $121,306 7.43%
Interest Expense (41,282) -3.77% (42,211) -3.78% (60,244) -3.76% (61,398) -3.76%
-------- ------ -------- ------ -------- ------ -------- ------
Net Interest Income $ 41,464 3.79% $ 42,168 3.77% $ 59,278 3.70% $ 59,908 3.67%
Provision for Loan Losses (1,605) -0.15% (1,511) -0.14% (2,303) -0.14% (2,077) -0.13%
-------- ------ -------- ------ -------- ------ -------- ------
Net Interest Income after Provisions $ 39,859 3.64% $ 40,657 3.64% $ 56,975 3.56% $ 57,831 3.54%
Other Income 5,737 0.52% 5,677 0.51% 8,228 0.51% 8,068 0.49%
Other Real Estate Owned Expense (519) -0.05% (364) -0.03% (519) -0.03% (364) -0.02%
Operating Expense (25,029) -2.29% (25,350) -2.27% (37,283) -2.33% (37,817) -2.32%
-------- ------ -------- ------ -------- ------ -------- ------
Net Operating Income $ 20,048 1.83% $ 20,620 1.84% $ 27,401 1.71% $ 27,718 1.70%
Gain on Sale of Loans $ 542 0.05% $ 920 0.05% $ 715 0.04% $ 1,212 0.07%
Gain on Securities 33 0.00% 11 0.00% 80 0.00% 186 0.01%
-------- ------ -------- ------ -------- ------ -------- ------
Total Non-Operating Income/(Expense) $ 575 0.05% $ 931 0.05% $ 795 0.05% $ 1,398 0.09%
Net Income Before Tax $ 20,623 1.88% $ 21,551 1.93% $ 28,196 1.76% $ 29,116 1.78%
Income Taxes (8,149) -0.74% (8,385) -0.75% (10,729) -0.67% (10,942) -0.67%
-------- ------ -------- ------ -------- ------ -------- ------
Net Income (Loss) Before Extraord. Items $ 12,474 1.14% $ 13,166 1.18% $ 17,467 1.09% $ 18,174 1.11%
Cumulative Effect of Change in
Accounting for Income Taxes - 0.00% - 0.00% - 0.00% - 0.00%
-------- ------ -------- ------ -------- ------ -------- ------
Net Income (Loss) $ 12,474 1.14% $ 13,166 1.18% $ 17,467 1.09% $ 18,174 1.11%
Estimated Core Earnings
Net Income $ 12,474 1.14% $ 13,166 1.18% $ 17,467 1.09% $ 18,174 1.11%
Addback(Deduct): Non-Recurring (Inc)/Exp (575) -0.05% (931) -0.08% (795) -0.05% (1,398) -0.09%
Tax Effect 227 0.02% 362 0.03% 303 0.02% 525 0.03%
-------- ------ -------- ------ -------- ------ -------- ------
Estimated Core Income $ 12,126 1.11% $ 12,597 1.13% $ 16,975 1.06% $ 17,301 1.06%
Memo:
Coverage Ratio (2) 165.66% 166.34% 158.99% 158.42%
Efficiency Ratio (3) 53.03% 52.98% 55.23% 55.63%
Effective Tax Rate 39.51% 38.91% 38.05% 37.58%
(1) Ratios are as a percent of average assets.
(2) Net interest income divided by operating expenses.
(3) Operating expenses as a percent of the sum of net interest income and other income (excluding gains on sale).
(4) Reflects the twelve months ended February 28, 1998 for Compass and March 31, 1998 for Sandwich.
(5) Reflects the twelve months ended May 31, 1998 for Compass and June 30, 1998 for Sandwich.
Source: Prospectus.
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 8
financial advisory fees, costs related to data processing, and the expense of
the change of control provisions in the Sandwich management contracts. Overall,
total acquisition-related expenses are projected to equal $5.0 million on a
pre-tax basis ($4.0 million after-tax), most of which will be incurred at the
time of, or shortly following, the merger.
The pro forma income statement impact of the merger is shown in Table
2. The impact of the conversion and the one-time merger costs are captured in
the pro forma adjustments set forth in the valuation analysis. On a pro forma
basis, net interest income as a percent of average assets remains similar (3.77
percent of average assets on a stand-alone basis and 3.67 percent for the merged
bank); non-interest operating income is subject to a slight decrease (from 0.51
percent of average assets to 0.49 percent for the merged Bank); and the
operating expense ratio is inflated from 2.27 percent to 2.32 percent of average
assets. On a pro forma basis (before the impact of the conversion offering), net
income, adjusted for net non-operating items, is subject to a slight decrease
from 1.13 percent to 1.06 percent of average assets. Compass estimates pre-tax
cost savings in the range of $1.5 million in the first year following the
acquisition, increasing to $1.8 million and $2.0 million in the second and third
year following the acquisition, respectively.
2. Peer Group Financial Comparisons
--------------------------------
Consistent with the Peer Group financial comparison set forth in the
Original Appraisal, the comparative analysis reflects Compass incorporating the
impact of the Sandwich merger. Such data were derived from the prospectus and
the analyses set forth in the discussion of recent financial results for
Compass.
Financial Condition
-------------------
In general, the comparative balance sheet ratios for the Bank and the
Peer Group did not vary significantly from the ratios exhibited in the Original
Appraisal. 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 be comparably capitalized relative to
Compass (merged basis) on both a reported and tangible capital basis, before the
conversion transaction impact. Specifically, the Bank's reported and tangible
capital ratios on a merged basis as of May 31, 1998, equaled 8.9 percent and 8.7
percent, respectively. On a post-conversion basis, the Bank's pro forma capital
is anticipated to exceed the Peer Group's 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 pronounced disadvantage in terms of return on equity
("ROE").
The Bank's interest-earning assets ("IEA") position (including cash and
equivalents) has reduced to 95.4 percent, which continues to fall short of the
Peer Group average of 97.1 percent. The Bank also continues to maintain a
comparable ratio of interest-bearing liabilities ("IBL"), equal to 90.1 percent
of assets as of May 31, 1998, relative to the Peer Group's ratio of 90.3
percent, reflecting the Bank's comparable capitalization. The strengthened
capital position
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 9
from conversion, the potential withdrawal of deposits to purchase conversion
stock and the reinvestment of proceeds should enhance Compass' 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 annual rates for the seven months ended May 31, 1998 while the Peer
Group's growth rates are for the most recent trailing twelve month period for
which data is publicly available). In this regard, growth of assets continued to
fall short of the Peer Group asset growth, although loans and MBS increased more
rapidly with the redeployment of funds from cash and investments. Expansion of
deposits was relatively comparable for Compass in comparison to the Peer Group
average, as the Peer Group's faster growth was attributable to the greater
increase in borrowed funds.
Income and Expense Trends
-------------------------
Compass' profitability (merged basis) remained above the Peer Group
average, equal to 1.11 percent of average assets for the twelve months ended May
31, 1998, while the Peer Group's earnings equaled 1.01 percent of average
assets. As described in the Original Appraisal, Compass on a merged basis
maintains a comparative advantage in terms of net interest income and other
operating income, which was only partially offset by its higher operating
expenses.
Neither Compass nor the Peer Group's net interest margin changed
significantly incorporating updated financial data (the net interest margin
equaled 3.67 percent and 3.10 percent of assets for the Bank and Peer Group,
respectively). Compass' advantage, on a merged basis, is the result of both
higher asset yields and a more favorable cost of funds.
The level of loan loss provisions remained relatively stable, with the
Bank reporting loan loss provisions equal to 0.13 percent of average assets,
below the Peer Group average of 0.22 percent of average assets.
Compass continues to generate modestly higher levels of non-interest
income relative to the Peer Group, equal to 0.47 percent and 0.41 percent of
average assets, respectively. Compass continued to maintain a higher operating
expense ratio, equal to 2.27 percent of average assets versus an average of 1.98
percent for the Peer Group. As discussed in the Original Appraisal, Compass'
higher operating expense ratio is the result of several factors including: (1)
the Peer Group's greater wholesale leveraging; (2) Compass' greater revenue
diversification efforts; and (3) Compass' greater diversification into higher
risk weight loans as well as the higher asset mix in loans, which require
greater administration. Following the conversion and acquisition transactions,
there are expected to be opposing forces on Compass' operating expense ratio.
First, merger synergies are expected to lead to a reduction in operating
expenses (primarily compensation and benefits). Such cost savings are expected
to be partially offset by some consolidation expenses and increased marketing,
the cost of the Employee Stock Ownership Plan, the cost of operating as a public
company and the costs related to the construction of a new headquarters
facility.
Taking together the components of core net income through a review of
the efficiency ratio (operating expenses divided by net interest income and
non-interest operating income) indicates a slight advantage for Compass, with an
efficiency ratio of 55.63 percent versus 57.26
RP FINANCIAL, LC.
- --------------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, VA 22209
(703) 528-1700
Table 3
Balance Sheet Composition and Growth Rates
Comparable Institution Analysis
As of March 31, 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
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
Compass Bank
- ------------
May 31, 1998 14.5 72.1 8.8 83.6 6.5 0.0 8.9 0.2 8.7 0.0
SAIF-Insured Thrifts 19.2 66.7 10.5 69.3 15.0 0.2 13.5 0.2 13.2 0.0
All Public Companies 19.7 66.0 10.7 69.7 14.9 0.2 13.2 0.3 13.0 0.0
State of MA 21.3 65.8 10.2 69.7 17.5 0.0 11.4 0.2 11.3 0.0
Comparable Group Average 24.8 57.8 14.5 68.6 21.7 0.0 8.4 0.2 8.2 0.0
New England Companies 24.8 57.8 14.5 68.6 21.7 0.0 8.4 0.2 8.2 0.0
Comparable Group
- ----------------
New England Companies
- ---------------------
ABBK Abington Bancorp of MA 11.1 62.1 23.6 60.6 32.1 0.0 6.3 0.6 5.7 0.0
BKC American Bank of Waterbury CT 29.3 58.9 9.5 72.3 17.5 0.0 9.0 0.3 8.7 0.0
ANDB Andover Bancorp, Inc. of MA 12.3 72.3 13.2 70.4 20.8 0.0 7.9 0.0 7.9 0.0
BFD BostonFed Bancorp of MA 12.0 82.0 3.9 63.1 27.9 0.0 7.9 0.3 7.6 0.0
FESX First Essex Bancorp of MA 23.8 54.1 17.8 58.8 32.4 0.0 7.0 0.8 6.2 0.0
FFES First Fed of E. Hartford CT 61.6 19.9 16.9 58.7 33.8 0.0 6.9 0.0 6.9 0.0
FAB FirstFed America Bancorp of MA 6.3 72.8 17.8 55.3 31.5 0.0 9.9 0.0 9.9 0.0
MECH MECH Financial Inc of CT 23.5 61.7 9.3 72.5 17.1 0.0 9.6 0.0 9.6 0.0
MASB MassBank Corp. of Reading MA 35.0 29.5 34.1 87.1 0.1 0.0 11.5 0.2 11.4 0.0
MDBK Medford Bancorp, Inc. of MA 32.7 51.0 13.0 73.4 16.8 0.0 9.2 0.5 8.7 0.0
MWBX MetroWest Bank of MA 25.2 71.3 0.6 82.9 8.9 0.0 7.2 0.0 7.2 0.0
Balance Sheet Annual Growth Rates
------------------------------------------------------------
Cash and Loans Borrows. Net Tng Net
Assets Investments & MBS Deposits &Subdebt Worth Worth
------ ----------- ------ -------- -------- -------- -------
Compass Bank
- ------------
May 31, 1998 8.68 -25.68 14.64 8.33 7.05 13.47 14.31
SAIF-Insured Thrifts 14.70 9.40 12.91 8.56 16.51 4.90 5.06
All Public Companies 15.00 9.95 13.46 8.47 16.51 5.72 5.66
State of MA 18.47 18.64 17.21 9.89 18.70 11.80 12.25
Comparable Group Average 12.52 18.93 10.04 7.72 9.84 11.42 12.01
New England Companies 12.52 18.93 10.04 7.72 9.84 11.42 12.01
Comparable Group
- ----------------
New England Companies
- ---------------------
ABBK Abington Bancorp of MA 11.74 34.53 8.95 9.01 19.23 2.21 3.70
BKC American Bank of Waterbury CT 10.64 19.33 8.24 7.27 14.36 25.07 26.73
ANDB Andover Bancorp, Inc. of MA 14.54 25.83 13.96 13.28 19.77 12.61 12.61
BFD BostonFed Bancorp of MA 9.63 12.46 9.83 19.49 -5.38 -3.00 -3.17
FESX First Essex Bancorp of MA 12.77 67.50 0.72 7.72 23.44 8.72 11.24
FFES First Fed of E. Hartford CT 1.67 0.22 4.64 1.26 -0.07 12.47 12.47
FAB FirstFed America Bancorp of MA 30.83 -4.50 33.78 -2.14 NM 3.96 3.96
MECH MECH Financial Inc of CT 19.97 NM 0.12 7.32 NM 18.31 18.31
MASB MassBank Corp. of Reading MA 3.14 3.93 2.76 1.86 -16.65 19.03 17.40
MDBK Medford Bancorp, Inc. of MA 6.29 -9.90 17.67 2.88 20.41 11.59 14.16
MWBX MetroWest Bank of MA 16.52 39.92 9.80 17.02 13.41 14.66 14.66
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 Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 11
percent for the Peer Group. Compass' efficiency ratio is expected to improve on
a post-conversion basis with the investment of the net conversion proceeds and
the net impact of potential merger synergies and public company/stock plan
expense.
Non-operating income equaled 0.09 percent of average assets for the
Bank and 0.11 percent of average assets for the Peer Group.
Compass' effective tax rate of 37.58 percent continues to compare
closely to the Peer Group's effective tax rate of 38.09 percent, reflecting the
fully taxable status of both the Bank and the Peer Group.
Other aspects of Compass' operations in comparison to the Peer Group
remained relatively stable. Compass continues to maintain a more diversified
loan portfolio including a greater proportion of high risk-weight loans such as
C&I and consumer loans. Primarily by virtue of the higher ratio of high
risk-weight loans and greater NPAs, Compass continues to maintain greater credit
risk exposure relative to the Peer Group.
The Bank's interest rate risk exposure in relation to the Peer Group
will be moderated with the infusion of the net conversion proceeds.
3. Stock Market Conditions
-----------------------
Since the date of the Original Appraisal, the performance of the
overall stock market has been mixed, and has recently been trending downward.
Stocks traded in a narrow range in early-June 1998, while bond prices moved
higher following remarks by the Federal Reserve Chairman that indicated an
increase in interest rates was not imminent. Anxiety over Asia's financial woes
caused a 207 point one-day sell-off in the Dow Jones Industrial Average ("DJIA")
on June 15, 1998, while bond prices moved higher as investors moved funds out of
stocks and into dollar-denominated U.S. bonds. The rally in the bond market
pushed the 30-year Treasury bond yield down to 5.58 percent on June 15, 1998,
which was the lowest yield recorded since the Treasury Department began issuing
30-year fixed maturity securities in 1977. Stocks rebounded on news that the
U.S. intervened in the currency market to support the yen; however, the upturn
was cut-short by ongoing concerns about Asia's financial problems. In late-June,
money flowing into mutual funds and a rebound in technology stocks provided for
a generally positive stock market environment.
Second quarter earnings dominated stock market activity through most of
July. In general, stocks moved higher during the first half of July on the
strength of some favorable second quarter earnings, particularly among the
financial and technology stocks. Reflecting the positive outlook for earnings
during the balance of 1998, both the DJIA and NASDAQ established new highs in
mid-July. However, the stock market rally was not sustained during the latter
part of July, as stocks declined sharply following warnings by the Federal
Reserve Chairman of relatively high trading levels for stocks in general and
disappointing second quarter earnings posted by some of the blue chip stocks.
Additionally, second quarter economic data released in the last week of July
heightened concerns regarding the future strength of corporate earnings. The
negative psychology carried forward into the first week of August as the DJIA
lost nearly 300 points on August 4 and only posted a modest advance during the
balance of the
RP FINANCIAL, LC.
- --------------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, VA 22209
(703) 528-1700
Table 4
Income as a Percent of Average Assets and Yields, Costs, Spreads
Comparable Institution Analysis
For the Twelve Months Ended March 31, 1998
Net Interest Income Other Income G&A/Other Exp.
---------------------------- ------------------- ----------------
Loss NII Total
Net Provis. After Loan R.E. Other Other G&A Goodwill
Income Income Expense NII on IEA Provis. Fees Oper. Income Income Expense Amort.
------ ------ ------- ------ ------- ------- ---- ----- ------ ------ ------- -------
Compass Bank
- ------------
May 31, 1998 1.11 7.43 3.76 3.67 0.13 3.54 0.00 -0.02 0.49 0.47 2.27 0.05
SAIF-Insured Thrifts 0.91 7.48 4.17 3.31 0.13 3.18 0.10 0.01 0.30 0.42 2.22 0.02
All Public Companies 0.91 7.45 4.10 3.35 0.13 3.22 0.10 0.01 0.31 0.42 2.24 0.03
State of MA 0.93 7.27 3.79 3.48 0.10 3.38 0.05 -0.01 0.28 0.32 2.23 0.02
Comparable Group Average 1.01 7.12 4.02 3.10 0.22 2.88 0.06 -0.01 0.36 0.41 1.98 0.03
New England Companies 1.01 7.12 4.02 3.10 0.22 2.88 0.06 -0.01 0.36 0.41 1.98 0.03
Comparable Group
- ----------------
New England Companies
- ---------------------
ABBK Abington Bancorp of MA 0.87 7.15 4.01 3.14 0.13 3.01 0.10 0.01 0.72 0.83 2.59 0.08
BKC American Bank of Waterbury CT 1.33 7.16 4.03 3.14 0.30 2.84 0.00 -0.04 0.53 0.49 1.68 0.04
ANDB Andover Bancorp, Inc. of MA 1.06 7.21 4.14 3.07 0.05 3.01 0.11 -0.05 0.27 0.33 1.74 0.00
BFD BostonFed Bancorp of MA 0.72 7.19 3.92 3.27 0.17 3.10 0.11 0.04 0.25 0.40 2.37 0.02
FESX First Essex Bancorp of MA 0.84 7.58 4.44 3.14 0.16 2.98 0.04 -0.04 0.20 0.20 1.82 0.06
FFES First Fed of E. Hartford CT 0.58 6.72 4.46 2.26 0.06 2.20 0.00 0.00 0.16 0.17 1.37 0.00
FAB FirstFed America Bancorp of MA 0.62 7.02 4.25 2.77 0.21 2.56 0.21 -0.01 0.21 0.41 2.02 0.00
MECH MECH Financial Inc of CT 1.54 6.95 3.49 3.45 0.90 2.55 0.10 0.01 0.77 0.88 2.66 0.00
MASB MassBank Corp. of Reading MA 1.15 6.65 3.79 2.85 0.03 2.83 0.00 0.00 0.20 0.20 1.36 0.03
MDBK Medford Bancorp, Inc. of MA 1.08 6.97 3.84 3.13 0.01 3.12 0.00 0.00 0.25 0.25 1.59 0.11
MWBX MetroWest Bank of MA 1.29 7.70 3.82 3.89 0.39 3.49 0.00 -0.06 0.37 0.31 2.54 0.00
Non-Op. Items Yields, Costs, and Spreads
-------------- --------------------------
MEMO: MEMO:
Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
------ ------- --------- -------- ------ ---------- --------
Compass Bank
- ------------
May 31, 1998 0.09 0.00 7.66 4.17 3.49 3,457 37.58
SAIF-Insured Thrifts 0.05 0.00 7.61 4.74 2.87 4,300 37.12
All Public Companies 0.03 0.00 7.52 4.63 2.89 4,266 37.28
State of MA -0.12 0.00 7.11 4.07 3.03 4,118 38.66
Comparable Group Average 0.11 0.00 7.34 4.45 2.89 4,417 38.09
New England Companies 0.11 0.00 7.34 4.45 2.89 4,417 38.09
Comparable Group
- ----------------
New England Companies
- ---------------------
ABBK Abington Bancorp of MA 0.20 0.00 7.37 4.35 3.02 3,197 36.70
BKC American Bank of Waterbury CT 0.32 0.00 7.35 4.44 2.90 4,971 31.36
ANDB Andover Bancorp, Inc. of MA 0.04 0.00 7.39 4.54 2.85 4,861 35.22
BFD BostonFed Bancorp of MA 0.17 0.00 7.36 4.32 3.04 3,922 43.94
FESX First Essex Bancorp of MA 0.12 0.00 7.92 4.87 3.05 4,808 40.38
FFES First Fed of E. Hartford CT -0.10 0.00 6.84 4.80 2.04 5,271 35.97
FAB FirstFed America Bancorp of MA 0.15 0.00 7.25 4.93 2.32 4,301 43.66
MECH MECH Financial Inc of CT 0.00 0.00 7.35 3.92 3.43 4,113 NM
MASB MassBank Corp. of Reading MA 0.17 0.00 6.74 4.32 2.42 5,164 36.73
MDBK Medford Bancorp, Inc. of MA 0.09 0.00 7.21 4.25 2.96 4,428 38.80
MWBX MetroWest Bank of MA 0.02 0.00 7.92 4.16 3.76 3,553 NM
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 Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 13
week. On August 7, 1998, the DJIA closed at 8598.02, a decrease of 5.1 percent
since the date of Original Appraisal.
Since the Original Appraisal date, thrift issues have in general
underperformed the overall stock market. Thrift prices drifted lower during the
first half of June, despite lower interest rates and the ongoing trend of
consolidation occurring among banks and thrifts. In late-June, the positive
trend in the overall stock market lifted thrift prices higher as well. Thrift
stocks continued to move higher during the first half of July, reflecting
generally favorable second quarter earnings and the strength of the overall
stock market. Thrift stocks followed the general stock market lower in
late-July, with the sell-off in thrift issues becoming more pronounced following
congressional testimony by the Federal Reserve Chairman that indicated inflation
was more of a concern than a recession. The sell-off continued in the first week
of August as the thrift market followed the major declines posted in the major
indexes. On August 7, 1998, the SNL Index for all publicly-traded thrifts closed
at 740.8, a decline of 15.3 percent since the date of the Original Appraisal,
and 11.4 percent over the prior ten days.
Consistent with the SNL index, the pricing measures for all
publicly-traded thrifts and the Peer Group declined since the date of the
Original Appraisal, and all 11 Peer Group companies were trading at lower prices
as of August 7, 1998. A comparative pricing analysis of all publicly-traded
thrifts, the Peer Group and recent conversions is shown in the table below,
based on market prices as of May 8, 1998 and August 7, 1998.
Average Pricing Characteristics
At May 8, At August 7, %
1998 1998 Change
---- ---- ------
Peer Group
- ----------
Price/Earnings (x) 16.84x 15.63x (7.2)%
Price/Core Earnings (x) 17.82 17.07 (4.2)
Price/Book (%) 191.46% 171.58% (10.4)
Price/Assets (%) 16.44 14.29 (13.1)
Publicly-Traded Thrifts
- -----------------------
Price/Earnings (x) 20.32x 18.92x (6.9)%
Price/Core Earnings (x) 21.38 19.73 (7.7)
Price/Book (%) 172.79% 148.35% (14.1)
Price/Assets (%) 21.67 18.85 (13.0)
Recent Conversions(1)
- ---------------------
Price/Core Earnings (x)(2) 25.23x 23.58x (6.5)%
Price/Book (%) 125.40% 97.17% (22.5)
(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.
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 14
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, market interest for converting thrifts has
diminished. While most of the recent full stock conversions have been
oversubscribed, aftermarket interest for converting issues has been less notable
as implied by the generally lower price increases recorded by the recent
conversions in near term trading activity. The pullback in the new issue market
for converting thrifts has been particularly evident with respect to the
"second-step" conversions, which have tended to trade below their initial
offering prices. As shown in Table 5, the average one week change in price for
conversion offerings completed during the latest three months equaled positive
24.3 percent while the average one week change in price for the three
"second-step" conversions completed during the past three months equaled
negative 6.1 percent. The average pro forma price/tangible book and core
price/earnings ratios of the recent conversions equaled 97.2 percent and 23.58
times, respectively. Importantly, the Bank's conversion pricing characteristics
share some similarities with the second step offerings as a result of the
Exchange Shares issued to Sandwich Bancorp shareholders.
One recent conversion involved a concurrent stock acquisition of a
publicly-traded thrift, similar to Compass' transaction. Specifically, CFS
Bancorp converted July 24, 1998, contemporaneously acquiring SuburbFed Bancorp,
Inc., utilizing its newly-issued stock as the transaction consideration. As of
August 7, 1998, CFS Bancorp was trading at $10.81 per share, 8.1 percent above
its $10.00 issue price per share, which equates to 99.36 percent of pro forma
book value and 27.03 times core earnings.
Shown in Table 6 is a pricing summary of recently completed conversions
which closed in the last three months, based on their closing stock prices as of
August 7, 1998. Relative to the Original Appraisal date, which reflected pricing
ratios as of May 8, 1998, the newly converted companies are trading 22.5 percent
lower on a price-to-book basis, from an average 125.4 percent pro forma P/B
ratio at May 8, 1998 to an average 97.2 percent pro forma P/B ratio at August 7,
1998.
As noted in the Original Appraisal, the pricing ratios of the better
capitalized but lower earning recently converted thrifts suggest that the
investment community has determined to discount their stock price on a book
basis, until the earnings improve through redeployment and leveraging of the
proceeds over the longer term.
Summary of Adjustments
- ----------------------
Based on the foregoing, we have changed one key valuation parameter since
the Original Appraisal, as described more fully below.
RP FINANCIAL, LC.
- --------------------------------------------------
Table 5
Pricing Characteristics and After-Market Trends
Recent Conversions Completed (Last Three Months)
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional Information Pre-Conversion Data Offering Information
Financial Info. Asset Quality
- -----------------------------------------------------------------------------------------------------------------------------------
Conversion Equity/ NPAs/ Res. Gross % of Exp./
Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc.
- ----------- ----- ---- ------ ------ ------ ------ ---- ------ ----- ------
($Mil) (%) (%)(2) (%) ($Mil.) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------------
Standard Conversions
CFS Bancorp, Inc. IN* 07/24/98 CITZ $1,267 7.68% 0.97% 43% $178.5 132% 1.8%
Carnegie Financial Corp. PA 07/13/98 Pink 17 7.05% 3.12% 233% 2.4 132% 10.9%
United Community Financial OH 07/09/98 UCFC 1,049 13.73% 0.98% 59% 334.7 132% 1.3%
PCB Holding Company IN 07/02/98 Pink 22 9.51% 0.00% N.M. 4.0 132% 7.9%
Hudson River Bancorp NY* 07/01/98 HRBT 665 10.13% 2.66% 46% 173.4 132% 1.7%
First Kansas Financial Corp. KS 06/29/98 FKAN 94 7.36% 0.05% 398% 15.5 132% 3.2%
Anson Bancorp, Inc. NC 06/26/98 Pink 21 18.46% 1.25% 37% 5.9 89% 8.3%
Averages - Standard Conversions: $ 448 10.56% 1.29% 136% $102.0 126% 5.0%
Medians - Standard Conversions: $ 94 9.51% 0.98% 53% $ 15.5 132% 3.2%
Second-Step Conversions
Homestead Financial, Inc. LA* 07/20/98 HSTD $ 62 9.72% 0.97% 43% $ 11.2 132% 4.1%
PSB Bancorp PA* 07/17/98 PSBI 134 11.58% 1.97% 9% 16.1 115% 3.0%
Thistle Group Holdings PA 07/14/98 THTL 281 10.41% 0.27% 133% 78.6 100% 1.7%
Averages - 2nd Step Conversions: $ 159 10.57% 1.07% 62% $ 35.3 116% 2.9%
Medians - 2nd Step Conversions: $ 134 10.41% 0.97% 43% $ 16.1 115% 3.0%
Averages - All Conversions: $ 361 10.56% 1.22% 111% $ 82.0 123% 4.4%
Medians - All Conversions: $ 114 9.93% 0.98% 46% $ 15.8 132% 3.1%
- ------------------------------------------------------------------------------------------------------------------------
Institutional Information Contribution to Insider Purchases
Charitable Found
- ------------------------------------------------------------------------------------------------------------------------
Benefit Plans Initial
Conversion % of Recog. Mgmt.& Dividend
Institution State Date Ticker Form Offering ESOP Plans Dirs. Yield
- ----------- ----- ---- ------ ---- -------- ---- ----- ----- -----
(%) (%) (%) (%)(3) (%)
- ------------------------------------------------------------------------------------------------------------------------
Standard Conversions
CFS Bancorp, Inc. IN* 07/24/98 CITZ Stock 1.70% 8.0% 4.0% 3.3% 0.00%
Carnegie Financial Corp. PA 07/13/98 Pink N.A. N.A. 8.0% 4.0% 12.8% 0.00%
United Community Financial OH 07/09/98 UCFC Stock 5.00% 8.0% 4.0% 0.1% 0.00%
PCB Holding Company IN 07/02/98 Pink N.A. N.A. 0.0% 4.0% 6.7% 0.00%
Hudson River Bancorp NY* 07/01/98 HRBT N.A. N.A. 8.0% 4.0% 1.6% 0.00%
First Kansas Financial Corp. KS 06/29/98 FKAN N.A. N.A. 8.0% 4.0% 5.7% 0.00%
Anson Bancorp, Inc. NC 06/26/98 Pink N.A. N.A. 0.0% 4.0% 9.2% 0.00%
Averages - Standard Conversions: N.A. N.A. 5.7% 4.0% 5.6% 0.00%
Medians - Standard Conversions: N.A. N.A. 8.0% 4.0% 5.7% 0.00%
Second-Step Conversions
Homestead Financial, Inc. LA* 07/20/98 HSTD N.A. N.A. 8.0% 4.0% 2.9% 2.00%
PSB Bancorp PA* 07/17/98 PSBI N.A. N.A. 8.0% 4.0% 3.3% 0.00%
Thistle Group Holdings PA 07/14/98 THTL N.A. N.A. 8.0% 4.0% 5.6% 0.00%
Averages - 2nd Step Conversions: N.A. N.A. 8.0% 4.0% 3.9% 0.67%
Medians - 2nd Step Conversions: N.A. N.A. 8.0% 4.0% 3.3% 0.00%
Averages - All Conversions: N.A. N.A. 6.4% 4.0% 5.1% 0.20%
Medians - All Conversions: N.A. N.A. 8.0% 4.0% 4.4% 0.00%
- ----------------------------------------------------------------------------------------------------------------------
Pro Forma Data
Institutional Information --------------------------------------------------------
Pricing Ratios(4) Financial Charac.
- ---------------------------------------------------------- --------------------------------------------------------
Conversion Core
Institution State Date Ticker P/TB P/E(5) P/A ROA TE/A ROE
- ----------- ----- ---- ------ ---- ------ --- --- ---- ---
(%) (x) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------
Standard Conversions
CFS Bancorp, Inc. IN* 07/24/98 CITZ 91.9% 28.0x 16.0% 0.6% 16.3% 3.6%
Carnegie Financial Corp. PA 07/13/98 Pink 79.2% N.M. 12.9% N.M. 16.3% N.M.
United Community Financial OH 07/09/98 UCFC 80.2% 17.4 25.9% 1.5% 32.3% 4.6%
PCB Holding Company IN 07/02/98 Pink 71.0% 22.2 15.6% 0.7% 21.9% 3.2%
Hudson River Bancorp NY* 07/01/98 HRBT 82.0% 21.4 21.9% 0.9% 26.7% 3.3%
First Kansas Financial Corp. KS 06/29/98 FKAN 77.2% 16.3 14.4% 0.9% 18.7% 4.7%
Anson Bancorp, Inc. NC 06/26/98 Pink 64.7% 19.9 22.2% 1.1% 34.3% 3.3%
Averages - Standard Conversions: 78.0% 20.9x 18.4% 1.0% 23.8% 3.8%
Medians - Standard Conversions: 79.2% 20.7x 16.0% 0.9% 21.9% 3.5%
Second-Step Conversions
Homestead Financial, Inc. LA* 07/20/98 HSTD 96.1% 28.2x 20.8% 0.7% 21.7% 3.4%
PSB Bancorp PA* 07/17/98 PSBI 106.3% 27.1 21.1% 0.8% 19.8% 3.9%
Thistle Group Holdings PA 07/14/98 THTL 92.7% 19.0 25.8% 1.4% 27.8% 4.9%
Averages - 2nd Step Conversions: 98.4% 24.8x 22.6% 1.0% 23.1% 4.1%
Medians - 2nd Step Conversions: 96.1% 27.1x 21.1% 0.8% 21.7% 3.9%
Averages - All Conversions: 84.1% 22.2x 19.7% 1.0% 23.6% 3.9%
Medians - All Conversions: 81.1% 21.4x 20.9% 0.9% 21.8% 3.6%
- ---------------------------------------------------------------------------------------------------------------------------------
Post-IPO Pricing Trends
Institutional Information ------------------------------------------------------------
Closing Price:
- ---------------------------------------------------------------------------------------------------------------------------------
Conversion First After After
Institution State Date Ticker IPO Trading % First % First %
- ----------- ----- ---- ------ Price Day Change Week(6) Change Month(7) Change
----- --- ------ ------- ------ -------- ------
- ---------------------------------------------------------- ($) ($) (%) ($) (%) ($) (%)
Standard Conversions
CFS Bancorp, Inc. IN* 07/24/98 CITZ $10.00 $11.44 14.4% $10.81 8.1% $10.81 8.1%
Carnegie Financial Corp. PA 07/13/98 Pink 10.00 11.81 18.1% 10.25 2.5% 10.94 9.4%
United Community Financial OH 07/09/98 UCFC 10.00 15.00 50.0% 16.00 60.0% 15.75 57.5%
PCB Holding Company IN 07/02/98 Pink 10.00 11.50 15.0% 12.12 21.2% 10.88 8.7%
Hudson River Bancorp NY* 07/01/98 HRBT 10.00 12.56 25.6% 13.50 35.0% 13.38 33.8%
First Kansas Financial Corp. KS 06/29/98 FKAN 10.00 12.31 23.1% 12.25 22.5% 11.63 16.3%
Anson Bancorp, Inc. NC 06/26/98 Pink 10.00 12.00 20.0% 12.06 20.6% 12.37 23.7%
Averages - Standard Conversions: $10.00 $12.37 23.7% $12.43 24.3% $12.25 22.5%
Medians - Standard Conversions: $10.00 $12.00 20.0% $12.12 21.2% $11.63 16.3%
Second-Step Conversions
Homestead Financial, Inc. LA* 07/20/98 HSTD $10.00 $ 9.31 -6.9% $ 9.25 -7.5% $ 8.56 -14.4%
PSB Bancorp PA* 07/17/98 PSBI 10.00 9.19 -8.1% 9.13 -8.8% 8.38 -16.3%
Thistle Group Holdings PA 07/14/98 THTL 10.00 9.94 -0.6% 9.81 -1.9% 9.56 -4.4%
Averages - 2nd Step Conversions: $10.00 $ 9.48 -5.2% $ 9.40 -6.1% $ 8.83 -11.7%
Medians - 2nd Step Conversions: $10.00 $ 9.31 -6.9% $ 9.25 -7.5% $ 8.56 -14.4%
Averages - All Conversions: $10.00 $11.51 15.1% $11.52 15.2% $11.22 12.2%
Medians - All Conversions: $10.00 $11.66 16.6% $11.44 14.4% $10.91 -11.7%
Note: * - Appraisal performed by RP Financial; "NT" - Not Traded; "NA" - Not Applicable, Not Available.
(1) Non-OTS regulated thrift. (5) Excludes impact of special SAIF assessment on earnings.
(2) As reported in summary pages of prospectus. (6) Latest price if offering less than one week old.
(3) As reported in prospectus. (7) Latest price if offering more than one week but less than one month old.
(4) Does not take into account the adoption of SOP 93-6.(8) Simultaneously converted to commercial bank charter. August 7, 1998
RP FINANCIAL, LC.
- --------------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, VA 22209
(703) 528-1700
Table 6
Market Pricing Comparatives
Prices As of August 7, 1998
Market Per Share Data
Capitalization --------------- Pricing Ratios(3) Dividends(4)
--------------- Core Book --------------------------------------- -----------------------
Price/ Market 12-Mth Value/ Amount/ Payout
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ------- ------ -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x) ($) (%) (%)
SAIF-Insured Thrifts 18.86 158.13 0.91 13.39 19.11 145.56 18.85 150.11 19.95 0.33 1.78 31.55
All Public Companies 19.23 181.03 0.94 13.34 18.92 148.35 18.85 152.81 19.73 0.34 1.77 31.33
Special Selection Grouping(8) 11.06 163.49 0.47 11.30 21.97 97.17 23.33 97.17 23.58 0.11 1.34 0.00
State of MA 21.99 94.70 1.26 13.94 17.16 169.06 17.89 173.22 18.17 0.41 1.80 30.41
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CITZ CFS Bancorp, Inc. of IN 10.81 245.68 0.40 10.88 NM 99.36 17.29 99.36 27.03 0.00 0.00 0.00
FKAN First Kansas Financial of KS 11.13 17.30 0.61 12.95 18.25 85.95 16.06 85.95 18.25 0.00 0.00 0.00
HSTD Homestead Bancorp, Inc. of LA 8.56 12.65 0.36 10.40 23.78 82.31 17.83 82.31 23.78 0.80 9.35 NM
HRBT Hudson River Bancorp Inc of NY 13.25 229.73 0.47 12.20 NM 108.61 29.04 108.61 28.19 0.00 0.00 0.00
PSBI PSB Bancorp Inc. of PA 8.38 25.99 0.37 9.41 22.65 89.05 17.65 89.05 22.65 0.00 0.00 0.00
THTL Thistle Group Holdings of PA 9.56 86.04 0.53 10.79 18.04 88.60 24.63 88.60 18.04 0.00 0.00 0.00
UCFC United Community Fin. of OH 15.75 527.07 0.58 12.47 27.16 126.30 40.81 126.30 27.16 0.00 0.00 0.00
Financial Characteristics(6)
-------------------------------------------------------
Reported Core
Total Equity/ NPAs/ ---------------- ---------------
Financial Institution Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------ ------- ------- ------- ------- ------- -------
($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 1,060 14.12 0.61 0.93 7.82 0.88 7.36
All Public Companies 1,152 13.85 0.61 0.95 8.26 0.90 7.74
Special Selection Grouping(8) 600 23.49 1.02 0.96 4.05 0.99 4.17
State of MA 622 11.61 0.41 1.16 12.18 1.07 10.92
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CITZ CFS Bancorp, Inc. of IN 1,421 17.41 0.97 0.58 3.31 0.64 3.68
FKAN First Kansas Financial of KS 108 18.69 0.17 0.88 4.71 0.88 4.71
HSTD Homestead Bancorp, Inc. of LA 71 21.66 0.27 0.75 3.46 0.75 3.46
HRBT Hudson River Bancorp Inc of NY 815 26.74 2.57 0.90 3.36 1.03 3.85
PSBI PSB Bancorp Inc. of PA 147 19.81 1.85 0.78 3.93 0.78 3.93
THTL Thistle Group Holdings of PA 349 27.80 0.30 1.37 4.91 1.37 4.91
UCFC United Community Fin. of OH 1,291 32.31 0.98 1.50 4.65 1.50 4.65
(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 Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 17
Previous Current Change in
Key Valuation Parameters Valuation Adjustment Valuation Adjustment
- ------------------------ -------------------- --------------------
Financial Condition No Adjustment No Change
Profitability, Growth and Viability of Earnings Slight Downward No Change
Asset Growth No Adjustment No Change
Primary Market Area No Adjustment No Change
Dividends No Adjustment No Change
Liquidity of the Shares Slight Upward No Change
Marketing of the Issue No Adjustment Slight Downward
Management No Adjustment No Change
Effect of Government Regul. & Reg. Reform No Adjustment No Change
We determined no change in the previous valuation adjustments for
financial condition and profitability were appropriate based on updated
financial information. Likewise, the valuation parameters of asset growth,
primary market area, dividends, liquidity of the shares, management and effect
of government regulation and regulatory reform were unchanged from the previous
valuation.
The general market for thrift stocks moved lower since the date of the
Original Appraisal, as indicated by the decline in the SNL Thrift Index, and the
pricing measures for the Peer Group and for all publicly-traded thrifts. The new
issue market for thrift stocks has also weakened, as reflected by diminished
aftermarket price performance and subscription levels of new issues.
Accordingly, we believe the valuation adjustment for marketing of the issue
should be changed from no adjustment as set forth in the Original Appraisal to a
slight downward adjustment.
Overall, taking into account the foregoing factors, particularly the
reduction in the pricing ratios of thrifts in general and the Peer Group
specifically, as well as the fallback in the pricing ratios of new issues, we
believe that a reduction in the Bank's valuation ratios 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 Compass 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, merger related costs, stock benefit plans, exchange
shares issued to Sandwich Bancorp shareholders, based on a range of Seacoast
trading prices, the impact of Sandwich Bancorp stock held by Compass and the
pooling of interests accounting for the merger was incorporated into the
valuation. Updated information with regard to the use of $20 million of proceeds
for a new main office facility have also been incorporated into the valuation
update. The pro assumptions are summarized in Exhibits 3 and 4.
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 18
Consistent with the Original Appraisal, 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 Seacoast's stock is subject to a decrease. Therefore, as of August 7,
1998, RP Financial concluded that the pro forma offering value of Seacoast's
stock is $240 million at the midpoint at this time, taking into account the
potential range of exchange ratios in the subsequent acquisition of Sandwich
Bancorp. Assuming a 6.4000 times exchange ratio for the Sandwich Bancorp stock,
the total pro forma market value of all shares is equal to $366.9 million based
on a $10.00 per share Seacoast trading price. Assuming a 4.7407 exchange ratio,
the pro forma market value of all Seacoast shares is equal to $334.1 million,
reflecting a Seacoast trading price of $15.00.
1. P/B Approach. The application of the P/B valuation method requires
calculating Seacoast's pro forma market value by applying a valuation P/B ratio,
derived from the Peer Group's P/B ratio, to Seacoast's pro forma book value
taking into account the acquisition of Sandwich Bancorp in a pooling merger. In
applying the P/B approach, we focused on tangible book value. Based on the $240
million offering amount and assuming a 6.4000 times exchange ratio, Seacoast's
pro forma P/TB ratio was 103.09 percent, which reflects a 1.7 percent reduction
from the 104.89 percent ratio set forth in the Original Appraisal. Based on the
midpoint offering amount and a 4.7407 exchange ratio, the P/TB ratio equaled
93.87 percent, which reflects a 3.0 percent reduction from the 96.73 ratio set
forth in the Original Appraisal. The P/B valuation discount has narrowed as the
Peer Group's average book pricing multiple fell to a greater extent than for
Seacoast, which we believe is appropriate in view of the relatively greater
reduction in the P/E ratio, as described below.
In addition to the fundamental analysis applied to the Peer Group,
RP Financial utilized a technical analysis of recently completed conversions as
a proxy for anticipated aftermarket trading in Compass conversion stock. The
recent conversions currently trade at an average P/TB ratio approximating book
value, including CFS Bancorp. While Seacoast's pro forma P/TB ratio appears to
be consistent with the recent conversions trading level, Seacoast is expected to
be more leveraged on a pro forma basis.
2. P/E Approach. The application of the P/E valuation method requires
calculating Seacoast's pro forma market value by applying a valuation P/E
multiple, derived from the Peer Group's P/E multiple, times the pro forma
earnings base. In applying this technique, we considered both reported earnings
and a recurring earnings base, that is, earnings adjusted to exclude any
one-time non-operating and extraordinary items, plus the estimated after-tax
earnings benefit from reinvestment of net conversion proceeds. Compass' reported
earnings (incorporating Sandwich Bancorp) were $18.2 million for the twelve
months ended May 31, 1998. In deriving core earnings, the adjustments made to
reported pre-tax earnings were the
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 19
gains on the sale of investments and loans, which, on a tax effected basis,
indicated adjusted earnings of approximately $17.3 million. Similar types of
adjustments were applied to the Peer Group in the calculation of their core
earnings (Note: see Exhibit 5).
Based on Compass' reported and estimated core earnings, and
incorporating the impact of the pro forma assumptions discussed previously,
Seacoast's pro forma reported and core P/E multiples incorporating a $240
million offering amount and a 6.4000 times exchange ratio were 15.41 and 15.99
times, respectively, which reflects a reduction in the range of 7 to 9 percent
from the midpoint ratios in the Original Appraisal. Incorporating a 4.7407
exchange ratio for Sandwich Bancorp, Seacoast's pro forma P/E and P/Core
multiples are equal to 14.03 times and 14.56 times, respectively, which reflects
a reduction in a range of 8 to 10 percent relative to the ratios set forth in
the Original Appraisal. In deriving the earnings based pricing multiples, we
also considered the potential long-term benefits of the merger with Sandwich
Bancorp. RP Financial also considered the impact of SOP 93-6 in examining the
P/E ratios.
3. P/A Approach. P/A ratios are generally not as reliable an indicator
of market value, as investors appear to place less weight on total assets as a
determinant of market value. Investors place significantly greater weight on
book value and earnings -- which have received greater weight in our valuation
analysis. At the midpoint of the offering range and assuming a 6.4000 exchange
ratio, Seacoast's value equaled 19.15 percent of pro forma assets, compared to
the Peer Group average P/A ratio of 14.29 percent, which implies a 34 percent
premium being applied to Seacoast's pro forma P/A ratio which is slightly higher
than the 31 percent premium in the Original Appraisal. While generally
emphasized less than the P/E and P/B approaches, the P/A ratio is an indicator
of franchise value and, thus, was considered in the valuation conclusion. The
pro forma P/A ratio has been calculated assuming no deposit withdrawals are made
to fund stock purchases. In all likelihood there will be deposit withdrawals,
which results in understating the pro forma P/A ratio which is computed herein.
Summary
- -------
Based on the foregoing, we have concluded that Seacoast's estimated pro
forma market value should be reduced from the Original Appraisal. Accordingly,
it is our opinion, as of August 7, 1998, the pro forma offering value of
Seacoast's conversion is $240 million, taking into account the potential range
of exchange ratios in the subsequent acquisition of Sandwich Bancorp as set
forth in the Merger Agreement. Accordingly, the conversion offering range of
value, based on an offering price of $10.00 per share value, is as follows:
Offering
Dollar Amount Shares Price/Share
------------- ------ -----------
(000) ($)
Minimum $204,000,000 20,400,000 $10.00
Midpoint 240,000,000 24,000,000 10.00
Maximum 276,000,000 27,600,000 10.00
Supermaximum 317,400,000 31,740,000 10.00
Board of Trustees, The 1855 Bancorp
Board of Directors, Compass Bank for Savings
August 7, 1998
Page 20
The total market value of all shares issued, including both offering
shares and shares issued in the merger, is dependent upon the trading price of
Seacoast 10 days following completion of the conversion offering. The following
table reflects the pro forma market value of all shares, both conversion and
merger shares, reflecting an exchange ratio of 6.4000, reflecting a Seacoast 10
day trading price of $10.00 per share, and 4.7407, reflecting a Seacoast 10 day
trading price of $15.00 per share, both representing collars in the exchange
ratio set forth in the Merger Agreement, based on the conversion offering
valuation range.
6.4000 Exchange Ratio(1) 4.7407 Exchange Ratio(2)
------------------------ ------------------------
Total Total Total Total
Market Value Shares Issued Market Value Shares Issued
------------ ------------- ------------ -------------
Minimum $330,862,320 33,086,232 $298,049,282 29,804,928
Midpoint 366,862,320 36,686,232 334,049,282 33,404,928
Maximum 402,862,320 40,286,232 370,049,282 37,004,928
Supermaximum 444,262,320 44,426,232 411,449,282 41,144,928
(1) Reflects 12,686,232 Seacoast shares issued to Sandwich Bancorp
shareholders at a 10 day trading price of $10.00 per share.
(2) Reflects 9,404,928 Seacoast shares issued to Sandwich Bancorp
shareholders at a 10 day trading price of $15.00 per share.
The comparative pro forma valuation ratios relative to the Peer Group are
shown in Table 7 incorporating a 6.4000 exchange ratio and Table 8 incorporating
a 4.7407 exchange ratio, and the key valuation assumptions are detailed in
Exhibit 3. The pro forma calculations for the range are detailed in Exhibit 4.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ Ronald S. Riggins
---------------------
Ronald S. Riggins
President
/s/ James P. Hennessey
----------------------
James P. Hennessey
Senior Vice President
RP FINANCIAL, L.C.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 7
Public Market Pricing
Compass Bank and the Comparables
As of August 7, 1998
Market Per Share Data
Capitalization Core Book Pricing Ratios(3)
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ----- ------ ----- --- --- --- ---- ------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
Compass Bank
Superrange 10.00 444.26 0.58 9.66 17.15 103.49 22.37 104.20 17.75
Range Maximum 10.00 402.86 0.62 9.72 16.26 102.88 20.68 103.66 16.85
Range Midpoint 10.00 366.86 0.65 9.78 15.41 102.25 19.15 103.09 15.99
Range Minimum 10.00 330.86 0.69 9.85 14.48 101.49 17.58 102.41 15.06
BIF-Insured Thrifts(7)
Averages 21.17 298.77 1.13 13.13 17.96 162.72 18.60 166.93 18.58
Medians -- -- -- -- 16.67 160.23 17.45 162.47 17.79
All Non-MHC State of MA(7)
Averages 22.43 89.87 1.31 14.19 16.54 170.27 16.28 174.65 17.53
Medians -- -- -- -- 15.19 160.33 15.72 162.47 17.45
Comparable Group Averages
Averages 26.97 139.64 1.64 16.37 15.63 171.58 14.29 177.67 17.07
Medians -- -- -- -- 15.87 173.27 15.72 182.95 17.45
State of MA
ABBK Abington Bancorp of MA 18.50 65.34 1.06 9.70 14.80 190.72 11.99 209.75 17.45
AFCB Affiliated Comm BC, Inc. of MA(7) 33.56 223.68 1.73 17.40 18.44 192.87 19.61 193.76 19.40
ANDB Andover Bancorp, Inc. of MA 35.94 232.93 2.06 16.95 17.03 212.04 16.81 212.04 17.45
BYS Bay State Bancorp of MA 25.19 63.86 1.05 23.66 23.99 106.47 22.05 106.47 23.99
BFD BostonFed Bancorp of MA 20.63 111.26 1.10 15.06 15.87 136.99 10.79 142.08 18.75
CEBK Central Co-Op. Bank of MA 23.75 46.67 1.20 18.72 15.32 126.87 12.41 139.71 19.79
FCB Falmouth Bancorp, Inc. of MA 18.50 26.92 0.54 16.19 27.21 114.27 25.60 114.27 NM
FESX First Essex Bancorp of MA 22.00 166.36 1.23 12.05 16.18 182.57 12.86 207.16 17.89
FAB FirstFed America Bancorp of MA 17.88 147.90 0.69 15.35 21.80 116.48 11.54 116.48 25.91
HIFS Hingham Inst. For Sav. of MA 27.00 35.21 2.10 16.84 12.86 160.33 15.20 160.33 12.86
HPBC Home Port Bancorp, Inc. of MA 24.50 45.13 1.81 11.98 15.03 204.51 20.00 204.51 13.54
IPSW Ipswich SB of Ipswich MA 15.00 35.85 0.80 5.25 14.15 285.71 15.09 285.71 18.75
LSBX Lawrence Savings Bank of MA 14.38 62.22 1.99 9.14 7.12 157.33 17.52 157.33 7.23
MASB MassBank Corp. of Reading MA 47.75 171.57 2.65 29.80 16.30 160.23 18.46 162.47 18.02
MFLR Mayflower Co-Op. Bank of MA 21.50 19.35 1.49 14.40 12.95 149.31 14.28 151.52 14.43
MDBK Medford Bancorp, Inc. of MA 40.25 179.31 2.50 23.23 15.19 173.27 16.01 182.95 16.10
MWBX MetroWest Bank of MA 7.13 101.62 0.53 3.27 13.20 218.04 15.72 218.04 13.45
MYST Mystic Financial of MA 14.75 39.99 0.48 13.20 28.37 111.74 21.29 111.74 NM
PBKB People's Bancshares of MA 20.25 67.15 0.70 9.56 12.74 211.82 7.77 219.39 28.93
SISB SIS Bancorp, Inc. of MA(7) 46.81 325.89 2.00 18.41 NM 254.26 18.17 254.26 23.41
SWCB Sandwich Bancorp of MA(7) 60.75 124.11 2.35 20.83 24.90 291.65 23.57 301.19 25.85
WRNB Warrent Bancorp of Peabody MA 11.25 88.93 0.83 5.20 14.06 216.35 23.87 216.35 13.55
Comparable Group
ABBK Abington Bancorp of MA 18.50 65.34 1.06 9.70 14.80 190.72 11.99 209.75 17.45
BKC American Bank of Waterbury CT 24.25 113.66 1.47 12.53 13.86 193.54 17.45 199.92 16.50
ANDB Andover Bancorp, Inc. of MA 35.94 232.93 2.06 16.95 17.03 212.04 16.81 212.04 17.45
BFD BostonFed Bancorp of MA 20.63 111.26 1.10 15.06 15.87 136.99 10.79 142.08 18.75
FESX First Essex Bancorp of MA 22.00 166.36 1.23 12.05 16.18 182.57 12.86 207.16 17.89
FFES First Fed of E. Hartford CT 33.00 90.52 2.29 24.99 15.94 132.05 9.13 132.05 14.41
FAB FirstFed America Bancorp of MA 17.88 147.90 0.69 15.35 21.80 116.48 11.54 116.48 25.91
MECH MECH Financial Inc of CT 29.38 155.57 2.49 17.14 11.80 171.41 16.45 171.41 11.80
MASB MassBank Corp. of Reading MA 47.75 171.57 2.65 29.80 16.30 160.23 18.46 162.47 18.02
MDBK Medford Bancorp, Inc of MA 40.25 179.31 2.50 23.23 15.19 173.27 16.01 182.95 16.10
MWBX MetroWest Bank of MA 7.13 101.62 0.53 3.27 13.20 218.04 15.72 218.04 13.45
Dividends(4) Financial Characteristics(6)
------------ ----------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
----- ----- -------- ------ ------ ------ --- --- --- ---
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
Compass Bank
Superrange 0.00 0.00 0.00 1,986 21.62 0.70 1.30 6.03 1.26 5.83
Range Maximum 0.00 0.00 0.00 1,948 20.10 0.71 1.27 6.33 1.23 6.11
Range Midpoint 0.00 0.00 0.00 1,915 18.73 0.72 1.24 6.64 1.20 6.39
Range Minimum 0.00 0.00 0.00 1,883 17.32 0.74 1.21 7.01 1.17 6.74
BIF-Insured Thrifts(7)
Averages 0.39 1.72 30.14 1,633 12.31 0.59 1.06 10.48 1.00 9.70
Medians -- -- -- -- -- -- -- -- -- --
All Non-MHC State of MA(7)
Averages 0.42 1.82 30.99 611 10.47 0.40 1.12 12.36 1.02 11.03
Medians -- -- -- -- -- -- -- -- -- --
Comparable Group Averages
Averages 0.55 1.97 32.96 984 8.41 0.52 1.01 11.91 0.93 11.09
Medians -- -- -- -- -- -- -- -- -- --
State of MA
ABBK Abington Bancorp of MA 0.20 1.08 18.87 545 6.29 0.14 0.86 12.72 0.73 10.78
AFCB Affiliated Comm BC, Inc. of MA(7) 0.60 1.79 34.68 1,141 10.17 0.36 1.09 11.05 1.04 10.50
ANDB Andover Bancorp, Inc. of MA 0.72 2.00 34.95 1,386 7.93 0.38 1.06 13.16 1.04 12.85
BYS Bay State Bancorp of MA 0.00 0.00 0.00 290 20.71 0.71 0.92 4.44 0.92 4.44
BFD BostonFed Bancorp of MA 0.40 1.94 36.36 1,032 7.87 NA 0.72 8.46 0.61 7.16
CEBK Central Co-Op. Bank of MA 0.32 1.35 26.67 376 9.78 0.44 0.86 8.65 0.67 6.70
FCB Falmouth Bancorp, Inc. of MA 0.24 1.30 44.44 105 22.41 0.05 1.02 4.33 0.81 3.44
FESX First Essex Bancorp of MA 0.56 2.55 45.53 1,293 7.05 0.45 0.84 11.62 0.76 10.51
FAB FirstFed America Bancorp of MA 0.20 1.12 28.99 1,282 9.91 0.29 0.62 5.39 0.52 4.54
HIFS Hingham Inst. For Sav. of MA 0.56 2.07 26.67 232 9.48 0.17 1.25 13.13 1.25 13.13
HPBC Home Port Bancorp, Inc. of MA 0.80 3.27 44.20 226 9.78 0.26 1.47 14.04 1.63 15.59
IPSW Ipswich SB of Ipswich MA 0.16 1.07 20.00 238 5.28 0.80 1.24 22.32 0.94 16.84
LSBX Lawrence Savings Bank of MA 0.00 0.00 0.00 355 11.14 0.24 2.46 25.31 2.42 24.94
MASB MassBank Corp. of Reading MA 1.00 2.09 37.74 929 11.52 0.20 1.15 10.58 1.04 9.57
MFLR Mayflower Co-Op. Bank of MA 0.80 3.72 53.69 136 9.56 0.59 1.15 12.01 1.04 10.78
MDBK Medford Bancorp, Inc. of MA 0.80 1.99 32.00 1,120 9.24 0.18 1.08 11.95 1.01 11.28
MWBX MetroWest Bank of MA 0.12 1.68 22.64 647 7.21 0.64 1.30 17.65 1.27 17.32
MYST Mystic Financial of MA 0.20 1.36 41.67 188 19.06 0.08 0.73 5.82 0.67 5.38
PBKB People's Bancshares of MA 0.56 2.77 NM 864 3.67 0.35 0.76 16.93 0.33 7.45
SISB SIS Bancorp, Inc. of MA(7) 0.64 1.37 32.00 1,794 7.14 0.27 0.69 9.61 0.89 12.32
SWCB Sandwich Bancorp of MA(7) 1.40 2.30 59.57 527 8.08 0.36 0.98 12.21 0.95 11.76
WRNB Warrent Bancorp of Peabody MA 0.36 3.20 43.37 373 11.03 1.27 1.73 16.33 1.80 16.94
Comparable Group
ABBK Abington Bancorp of MA 0.20 1.08 18.87 545 6.29 0.14 0.86 12.72 0.73 10.78
BKC American Bank of Waterbury CT 0.76 3.13 51.70 651 9.02 2.10 1.33 15.35 1.11 12.89
ANDB Andover Bancorp, Inc. of MA 0.72 2.00 34.95 1,386 7.93 0.38 1.06 13.16 1.04 12.85
BFD BostonFed Bancorp of MA 0.40 1.94 36.36 1,032 7.87 NA 0.72 8.46 0.61 7.16
FESX First Essex Bancorp of MA 0.56 2.55 45.53 1,293 7.05 0.45 0.84 11.62 0.76 10.51
FFES First Fed of E. Hartford CT 0.68 2.06 29.69 991 6.92 0.33 0.58 8.73 0.64 9.66
FAB FirstFed America Bancorp of MA 0.20 1.12 28.99 1,282 9.91 0.29 0.62 5.39 0.52 4.54
MECH MECH Financial Inc of CT 0.60 2.04 24.10 946 9.59 0.46 1.54 15.45 1.54 15.45
MASB MassBank Corp. of Reading MA 1.00 2.09 37.74 929 11.52 0.20 1.15 10.58 1.04 9.57
MDBK Medford Bancorp, Inc of MA 0.80 1.99 32.00 1,120 9.24 0.18 1.08 11.95 1.01 11.28
MWBX MetroWest Bank of MA 0.12 1.68 22.64 647 7.21 0.64 1.30 17.65 1.27 17.32
SWCB
----
Memo Exchange Total
Offering Shares Value
-------- ------ -----
($Mil) ($Mil) ($Mil)
Compass Bank 317.40 126.86 444.26
Superrange 276.00 126.86 402.86
Range Maximum 240.00 126.86 366.86
Range Midpoint 204.00 126.86 330.86
(1) Average of high/low or bid/ask price per share.
(2) EPS (core basis) is based on actual trailing twelve month data, adjusted to omit the impact of non-operating items
(including the SAIF assessment) on a tax effected basis, and is shown on a pro forma basis where appropriate.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB = Price to Tangible Book; and P/CORE = Price to
Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and total assets balances.
(7) Excludes from averages and medians those companies the subject of actual or rumored acquisition activities or unusual
operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc. calculations. The information 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, L.C.
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 7
Public Market Pricing
Compass Bank and the Comparables
As of August 7, 1998
Market Per Share Data
Capitalization 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)
Compass Bank
Superrange 10.00 411.45 0.63 10.43 15.89 95.84 20.72 96.50 16.44
Range Maximum 10.00 370.05 0.67 10.58 14.93 94.50 19.00 95.22 15.48
Range Midpoint 10.00 334.05 0.71 10.74 14.03 93.10 17.44 93.87 14.56
Range Minimum 10.00 298.05 0.77 10.94 13.05 91.42 15.83 92.26 13.57
BIF-Insured Thrifts(7)
Averages 21.17 298.77 1.13 13.13 17.96 162.72 18.60 166.93 18.58
Medians -- -- -- -- 16.67 160.23 17.45 162.47 17.79
All Non-MHC State of MA(7)
Averages 22.43 89.87 1.31 14.19 16.54 170.27 16.28 174.65 17.53
Medians -- -- -- -- 15.19 160.33 15.72 162.47 17.45
Comparable Group Averages
Averages 26.97 139.64 1.64 16.37 15.63 171.58 14.29 177.67 17.07
Medians -- -- -- -- 15.87 173.27 15.72 182.95 17.45
State of MA
ABBK Abington Bancorp of MA 18.50 65.34 1.06 9.70 14.80 190.72 11.99 209.75 17.45
AFCB Affiliated Comm BC, Inc. of MA(7) 33.56 223.68 1.73 17.40 18.44 192.87 19.61 193.76 19.40
ANDB Andover Bancorp, Inc. of MA 35.94 232.93 2.06 16.95 17.03 212.04 16.81 212.04 17.45
BYS Bay State Bancorp of MA 25.19 63.86 1.05 23.66 23.99 106.47 22.05 106.47 23.99
BFD BostonFed Bancorp of MA 20.63 111.26 1.10 15.06 15.87 136.99 10.79 142.08 18.75
CEBK Central Co-Op. Bank of MA 23.75 46.67 1.20 18.72 15.32 126.87 12.41 139.71 19.79
FCB Falmouth Bancorp, Inc. of MA 18.50 26.92 0.54 16.19 27.21 114.27 25.60 114.27 NM
FESX First Essex Bancorp of MA 22.00 166.36 1.23 12.05 16.18 182.57 12.86 207.16 17.89
FAB FirstFed America Bancorp of MA 17.88 147.90 0.69 15.35 21.80 116.48 11.54 116.48 25.91
HIFS Hingham Inst. For Sav. of MA 27.00 35.21 2.10 16.84 12.86 160.33 15.20 160.33 12.86
HPBC Home Port Bancorp, Inc. of MA 24.50 45.13 1.81 11.98 15.03 204.51 20.00 204.51 13.54
IPSW Ipswich SB of Ipswich MA 15.00 35.85 0.80 5.25 14.15 285.71 15.09 285.71 18.75
LSBX Lawrence Savings Bank of MA 14.38 62.22 1.99 9.14 7.12 157.33 17.52 157.33 7.23
MASB MassBank Corp. of Reading MA 47.75 171.57 2.65 29.80 16.30 160.23 18.46 162.47 18.02
MFLR Mayflower Co-Op. Bank of MA 21.50 19.35 1.49 14.40 12.95 149.31 14.28 151.52 14.43
MDBK Medford Bancorp, Inc. of MA 40.25 179.31 2.50 23.23 15.19 173.27 16.01 182.95 16.10
MWBX MetroWest Bank of MA 7.13 101.62 0.53 3.27 13.20 218.04 15.72 218.04 13.45
MYST Mystic Financial of MA 14.75 39.99 0.48 13.20 28.37 111.74 21.29 111.74 NM
PBKB People's Bancshares of MA 20.25 67.15 0.70 9.56 12.74 211.82 7.77 219.39 28.93
SISB SIS Bancorp, Inc. of MA(7) 46.81 325.89 2.00 18.41 NM 254.26 18.17 254.26 23.41
SWCB Sandwich Bancorp of MA(7) 60.75 124.11 2.35 20.83 24.90 291.65 23.57 301.19 25.85
WRNB Warrent Bancorp of Peabody MA 11.25 88.93 0.83 5.20 14.06 216.35 23.87 216.35 13.55
Comparable Group
ABBK Abington Bancorp of MA 18.50 65.34 1.06 9.70 14.80 190.72 11.99 209.75 17.45
BKC American Bank of Waterbury CT 24.25 113.66 1.47 12.53 13.86 193.54 17.45 199.92 16.50
ANDB Andover Bancorp, Inc. of MA 35.94 232.93 2.06 16.95 17.03 212.04 16.81 212.04 17.45
BFD BostonFed Bancorp of MA 20.63 111.26 1.10 15.06 15.87 136.99 10.79 142.08 18.75
FESX First Essex Bancorp of MA 22.00 166.36 1.23 12.05 16.18 182.57 12.86 207.16 17.89
FFES First Fed of E. Hartford CT 33.00 90.52 2.29 24.99 15.94 132.05 9.13 132.05 14.41
FAB FirstFed America Bancorp of MA 17.88 147.90 0.69 15.35 21.80 116.48 11.54 116.48 25.91
MECH MECH Financial Inc of CT 29.38 155.57 2.49 17.14 11.80 171.41 16.45 171.41 11.80
MASB MassBank Corp. of Reading MA 47.75 171.57 2.65 29.80 16.30 160.23 18.46 162.47 18.02
MDBK Medford Bancorp, Inc of MA 40.25 179.31 2.50 23.23 15.19 173.27 16.01 182.95 16.10
MWBX MetroWest Bank of MA 7.13 101.62 0.53 3.27 13.20 218.04 15.72 218.04 13.45
Dividends(4) Financial Characteristics(6)
------------ ----------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
----- ----- -------- ------ ------ ------ --- --- --- ---
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
Compass Bank
Superrange 0.00 0.00 0.00 1,986 21.62 0.70 1.30 6.03 1.26 5.83
Range Maximum 0.00 0.00 0.00 1,948 20.10 0.71 1.27 6.33 1.23 6.11
Range Midpoint 0.00 0.00 0.00 1,915 18.73 0.72 1.24 6.64 1.20 6.39
Range Minimum 0.00 0.00 0.00 1,883 17.32 0.74 1.21 7.01 1.17 6.74
BIF-Insured Thrifts(7)
Averages 0.39 1.72 30.14 1,633 12.31 0.59 1.06 10.48 1.00 9.70
Medians -- -- -- -- -- -- -- -- -- --
All Non-MHC State of MA(7)
Averages 0.42 1.82 30.99 611 10.47 0.40 1.12 12.36 1.02 11.03
Medians -- -- -- -- -- -- -- -- -- --
Comparable Group Averages
Averages 0.55 1.97 32.96 984 8.41 0.52 1.01 11.91 0.93 11.09
Medians -- -- -- -- -- -- -- -- -- --
State of MA
ABBK Abington Bancorp of MA 0.20 1.08 18.87 545 6.29 0.14 0.86 12.72 0.73 10.78
AFCB Affiliated Comm BC, Inc. of MA(7) 0.60 1.79 34.68 1,141 10.17 0.36 1.09 11.05 1.04 10.50
ANDB Andover Bancorp, Inc. of MA 0.72 2.00 34.95 1,386 7.93 0.38 1.06 13.16 1.04 12.85
BYS Bay State Bancorp of MA 0.00 0.00 0.00 290 20.71 0.71 0.92 4.44 0.92 4.44
BFD BostonFed Bancorp of MA 0.40 1.94 36.36 1,032 7.87 NA 0.72 8.46 0.61 7.16
CEBK Central C o-Op. Bank of MA 0.32 1.35 26.67 376 9.78 0.44 0.86 8.65 0.67 6.70
FCB Falmouth Bancorp, Inc. of MA 0.24 1.30 44.44 105 22.41 0.05 1.02 4.33 0.81 3.44
FESX First Essex Bancorp of MA 0.56 2.55 45.53 1,293 7.05 0.45 0.84 11.62 0.76 10.51
FAB FirstFed America Bancorp of MA 0.20 1.12 28.99 1,282 9.91 0.29 0.62 5.39 0.52 4.54
HIFS Hingham Inst. For Sav. of MA 0.56 2.07 26.67 232 9.48 0.17 1.25 13.13 1.25 13.13
HPBC Home Port Bancorp, Inc. of MA 0.80 3.27 44.20 226 9.78 0.26 1.47 14.04 1.63 15.59
IPSW Ipswich SB of Ipswich MA 0.16 1.07 20.00 238 5.28 0.80 1.24 22.32 0.94 16.84
LSBX Lawrence Savings Bank of MA 0.00 0.00 0.00 355 11.14 0.24 2.46 25.31 2.42 24.94
MASB MassBank Corp. of Reading MA 1.00 2.09 37.74 929 11.52 0.20 1.15 10.58 1.04 9.57
MFLR Mayflower Co-Op. Bank of MA 0.80 3.72 53.69 136 9.56 0.59 1.15 12.01 1.04 10.78
MDBK Medford Bancorp, Inc. of MA 0.80 1.99 32.00 1,120 9.24 0.18 1.08 11.95 1.01 11.28
MWBX MetroWest Bank of MA 0.12 1.68 22.64 647 7.21 0.64 1.30 17.65 1.27 17.32
MYST Mystic Financial of MA 0.20 1.36 41.67 188 19.06 0.08 0.73 5.82 0.67 5.38
PBKB People's Bancshares of MA 0.56 2.77 NM 864 3.67 0.35 0.76 16.93 0.33 7.45
SISB SIS Bancorp, Inc. of MA(7) 0.64 1.37 32.00 1,794 7.14 0.27 0.69 9.61 0.89 12.32
SWCB Sandwich Bancorp of MA(7) 1.40 2.30 59.57 527 8.08 0.36 0.98 12.21 0.95 11.76
WRNB Warrent Bancorp of Peabody MA 0.36 3.20 43.37 373 11.03 1.27 1.73 16.33 1.80 16.94
Comparable Group
ABBK Abington Bancorp of MA 0.20 1.08 18.87 545 6.29 0.14 0.86 12.72 0.73 10.78
BKC American Bank of Waterbury CT 0.76 3.13 51.70 651 9.02 2.10 1.33 15.35 1.11 12.89
ANDB Andover Bancorp, Inc. of MA 0.72 2.00 34.95 1,386 7.93 0.38 1.06 13.16 1.04 12.85
BFD BostonFed Bancorp of MA 0.40 1.94 36.36 1,032 7.87 NA 0.72 8.46 0.61 7.16
FESX First Essex Bancorp of MA 0.56 2.55 45.53 1,293 7.05 0.45 0.84 11.62 0.76 10.51
FFES First Fed of E. Hartford CT 0.68 2.06 29.69 991 6.92 0.33 0.58 8.73 0.64 9.66
FAB FirstFed America Bancorp of MA 0.20 1.12 28.99 1,282 9.91 0.29 0.62 5.39 0.52 4.54
MECH MECH Financial Inc of CT 0.60 2.04 24.10 946 9.59 0.46 1.54 15.45 1.54 15.45
MASB MassBank Corp. of Reading MA 1.00 2.09 37.74 929 11.52 0.20 1.15 10.58 1.04 9.57
MDBK Medford Bancorp, Inc of MA 0.80 1.99 32.00 1,120 9.24 0.18 1.08 11.95 1.01 11.28
MWBX MetroWest Bank of MA 0.12 1.68 22.64 647 7.21 0.64 1.30 17.65 1.27 17.32
SWCB
----
Memo Exchange Total
Offering Shares Value
-------- ------ -----
($Mil) ($Mil) ($Mil)
Compass Bank 317.40 94.05 411.45
Superrange 276.00 94.05 370.05
Range Maximum 240.00 94.05 334.05
Range Midpoint 204.00 94.05 298.05
(1) Average of high/low or bid/ask price per share.
(2) EPS (core basis) is based on actual trailing twelve month data, adjusted to omit the impact of non-operating items
(including the SAIF assessment) on a tax effected basis, and is shown on a pro forma basis where appropriate.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB = Price to Tangible Book; and P/CORE = Price to
Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and total assets balances.
(7) Excludes from averages and medians those companies the subject of actual or rumored acquisition activities or unusual
operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc. calculations. The information 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 August 7, 1998
2 Peer Group Core Earnings Analysis
3 Pro Forma Analysis Sheet
4 Pro Forma Effect of Conversion Proceeds
5 Firm Qualifications Statement
EXHIBIT 1
Stock Prices
As of August 7, 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 August 7, 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(287) 18.95 7,356 165.0 23.52 16.01 19.57 -3.14 16.57 -3.95
NYSE Traded Companies(8) 33.20 39,352 1,507.1 44.71 28.43 34.42 -2.35 5.08 -10.15
AMEX Traded Companies(22) 16.23 3,326 51.5 20.91 15.00 16.76 -2.95 5.36 -7.94
NASDAQ Listed OTC Companies(257) 18.82 6,900 140.8 23.22 15.79 19.45 -3.18 17.87 -3.43
California Companies(18) 24.03 14,596 551.6 30.67 20.36 25.26 -4.97 9.22 -6.53
Florida Companies(6) 18.80 25,422 402.6 24.64 15.95 19.67 -3.73 8.41 -15.52
Mid-Atlantic Companies(57) 19.05 11,083 198.9 23.76 15.88 19.62 -2.76 18.38 -3.62
Mid-West Companies(131) 18.34 5,251 114.4 22.71 15.47 18.89 -3.02 15.88 -4.78
New England Companies(8) 20.20 8,361 220.2 25.13 17.82 21.03 -3.80 16.76 -5.44
North-West Companies(11) 20.15 11,024 254.7 24.19 18.02 20.69 -2.40 16.36 5.94
South-East Companies(44) 18.74 4,225 98.5 23.22 15.59 19.35 -3.03 20.02 -0.56
South-West Companies(6) 15.96 2,788 54.0 19.23 13.24 16.59 -3.26 22.28 -7.49
Western Companies (Excl CA)(6) 18.31 2,142 43.1 22.10 17.13 19.30 -5.06 15.44 -8.40
Thrift Strategy(242) 18.25 5,081 101.0 22.60 15.57 18.83 -3.12 16.17 -3.87
Mortgage Banker Strategy(27) 23.89 20,929 585.9 30.14 19.45 24.94 -3.80 20.34 -7.41
Real Estate Strategy(8) 21.76 8,292 147.1 25.94 15.84 22.37 -3.06 30.87 12.40
Diversified Strategy(7) 24.76 45,528 1,145.8 32.13 21.26 25.51 -1.76 -0.46 -12.74
Retail Banking Strategy(3) 18.63 4,499 96.9 23.42 14.69 19.21 -2.56 20.63 -6.33
Companies Issuing Dividends(238) 19.48 6,939 168.4 24.20 16.40 20.13 -3.10 15.30 -5.80
Companies Without Dividends(49) 16.36 9,368 148.4 20.28 14.15 16.90 -3.34 22.66 4.96
Equity/Assets [less than] 6%(21) 19.57 18,825 385.9 24.91 15.19 20.12 -2.96 23.12 -3.31
Equity/Assets 6-12%(123) 20.92 7,766 216.1 25.83 16.92 21.69 -3.45 20.49 -5.29
Equity/Assets [greater than] 12%(143) 17.20 5,361 90.2 21.38 15.36 17.71 -2.90 12.30 -2.90
Converted Last 3 Mths (no MHC)(6) 11.51 14,346 186.4 12.49 10.30 11.97 -3.67 15.10 25.64
Actively Traded Companies(31) 25.83 26,248 741.0 32.88 22.09 26.99 -3.92 14.85 -10.41
Market Value Below $20 Million(54) 14.31 1,106 15.1 18.15 12.66 14.65 -2.33 8.71 -8.35
Holding Company Structure(258) 19.26 7,236 168.4 23.94 16.32 19.92 -3.28 15.89 -4.02
Assets Over $1 Billion(60) 24.21 24,813 615.3 30.32 20.26 25.07 -3.07 16.46 -4.20
Assets $500 Million-$1 Billion(38) 20.45 6,020 112.5 24.82 16.68 21.12 -3.27 19.39 -3.37
Assets $250-$500 Million(68) 19.51 3,539 63.2 23.91 16.24 20.06 -2.80 22.37 0.30
Assets less than $250 Million(121) 15.78 1,698 26.1 19.81 13.74 16.33 -3.31 12.73 -6.23
Goodwill Companies(114) 20.77 13,370 291.3 25.86 17.10 21.48 -3.20 19.50 -4.41
Non-Goodwill Companies(172) 17.86 3,526 86.0 22.15 15.37 18.44 -3.11 14.79 -3.73
Acquirors of FSLIC Cases(8) 34.44 30,789 1,417.0 43.56 30.07 35.67 -2.35 11.41 -6.65
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
- --------------------------------------------
SAIF-Insured Thrifts(287) 0.98 0.93 13.66 13.26 121.22
NYSE Traded Companies(8) 2.17 1.79 18.39 17.97 250.32
AMEX Traded Companies(22) 0.82 0.78 14.00 13.68 111.25
NASDAQ Listed OTC Companies(257) 0.96 0.92 13.51 13.10 118.81
California Companies(18) 1.47 1.38 16.83 16.08 225.16
Florida Companies(6) 0.97 0.57 11.28 10.75 144.55
Mid-Atlantic Companies(57) 1.00 0.96 13.20 12.48 134.95
Mid-West Companies(131) 0.93 0.89 13.72 13.45 109.03
New England Companies(8) 1.16 1.10 13.19 12.70 179.91
North-West Companies(11) 1.03 0.92 13.32 12.90 103.48
South-East Companies(44) 0.89 0.84 13.32 13.11 95.60
South-West Companies(6) 1.16 1.14 12.46 12.06 151.98
Western Companies (Excl CA)(6) 0.84 0.85 15.03 14.26 90.36
Thrift Strategy(242) 0.94 0.90 13.80 13.46 112.03
Mortgage Banker Strategy(27) 1.24 1.20 13.34 12.31 186.80
Real Estate Strategy(8) 1.38 1.28 12.23 11.83 169.89
Diversified Strategy(7) 1.28 0.86 10.98 10.76 137.28
Retail Banking Strategy(3) 0.40 0.26 13.88 13.36 205.51
Companies Issuing Dividends(238) 1.03 0.96 13.81 13.37 120.10
Companies Without Dividends(49) 0.75 0.77 12.94 12.71 126.62
Equity/Assets [less than] 6%(21) 1.09 1.15 10.29 9.73 209.74
Equity/Assets 6-12%(123) 1.15 1.05 13.32 12.61 154.96
Equity/Assets [greater than] 12%(143) 0.82 0.79 14.43 14.31 80.10
Converted Last 3 Mths (no MHC)(6) 0.47 0.49 11.62 11.62 50.48
Actively Traded Companies(31) 1.52 1.58 14.74 14.11 178.51
Market Value Below $20 Million(54) 0.73 0.66 12.71 12.63 94.31
Holding Company Structure(258) 0.99 0.94 13.87 13.46 121.77
Assets Over $1 Billion(60) 1.37 1.30 14.04 12.93 186.20
Assets $500 Million-$1 Billion(38) 1.01 0.94 13.23 12.75 134.70
Assets $250-$500 Million(68) 1.02 0.98 14.14 13.78 123.39
Assets less than $250 Million(121) 0.77 0.73 13.36 13.29 86.16
Goodwill Companies(114) 1.12 1.04 13.44 12.39 149.56
Non-Goodwill Companies(172) 0.90 0.86 13.81 13.81 103.98
Acquirors of FSLIC Cases(8) 2.35 2.27 20.53 19.72 258.42
(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 August 7, 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) 21.28 12,172 298.4 26.45 17.24 22.16 -4.11 19.34 -6.57
NYSE Traded Companies(5) 32.30 50,883 1,554.9 38.25 27.01 34.11 -5.13 31.51 3.51
AMEX Traded Companies(5) 17.95 2,424 45.7 23.20 14.59 19.34 -6.82 20.27 -6.37
NASDAQ Listed OTC Companies(46) 20.36 8,724 178.9 25.43 16.40 21.07 -3.66 17.78 -7.79
California Companies(1) 19.50 7,697 150.1 24.00 17.38 20.00 -2.50 7.56 1.30
Mid-Atlantic Companies(20) 23.51 21,067 564.2 28.29 18.98 24.46 -3.89 25.26 -4.63
New England Companies(30) 20.99 7,091 146.6 26.29 16.71 21.93 -4.72 21.76 -4.48
North-West Companies(2) 15.25 5,866 89.9 19.71 14.15 15.75 -3.17 3.57 -15.80
South-East Companies(3) 13.50 2,611 30.1 20.96 12.25 13.81 -1.36 -26.70 -34.05
Thrift Strategy(44) 21.44 8,274 209.2 26.65 17.58 22.40 -4.38 19.12 -6.28
Mortgage Banker Strategy(6) 22.31 28,408 737.2 28.00 16.85 23.11 -4.02 19.00 -11.34
Real Estate Strategy(2) 15.38 7,801 119.5 19.19 13.07 15.94 -3.90 17.12 -0.44
Diversified Strategy(4) 20.96 35,891 759.3 25.50 16.25 21.13 -0.62 24.50 -4.97
Companies Issuing Dividends(49) 22.12 13,463 335.0 27.49 17.86 23.05 -4.23 17.51 -8.07
Companies Without Dividends(7) 15.85 3,876 63.1 19.82 13.25 16.41 -3.33 31.11 3.08
Equity/Assets [less than] 6%(4) 20.83 32,946 896.0 26.27 14.91 21.53 -3.36 30.83 -7.02
Equity/Assets 6-12%(34) 23.05 10,285 278.4 28.11 18.16 24.10 -4.86 19.16 -6.91
Equity/Assets [greater than] 12%(18) 18.43 10,702 198.8 23.73 16.24 19.07 -3.01 17.08 -5.89
Converted Last 3 Mths (no MHC)(1) 8.38 3,101 26.0 11.27 6.80 8.63 -2.90 23.24 -25.64
Actively Traded Companies(15) 27.63 19,948 521.0 33.43 21.57 28.45 -2.89 23.23 -4.80
Market Value Below $20 Million(2) 11.29 1,634 18.2 17.32 10.13 11.57 -2.14 -16.05 -31.02
Holding Company Structure(43) 21.31 9,870 214.3 26.29 17.37 22.08 -3.75 19.47 -5.30
Assets Over $1 Billion(18) 28.18 31,772 840.3 33.54 22.11 29.03 -2.59 26.69 -1.90
Assets $500 Million-$1 Billion(10) 22.33 5,803 107.3 27.17 17.78 23.24 -4.45 16.99 -7.40
Assets $250-$500 Million(12) 17.35 3,923 62.5 22.40 14.89 18.23 -5.22 19.41 -11.16
Assets less than $250 Million(16) 16.80 1,945 28.9 22.05 13.87 17.70 -4.61 13.12 -7.37
Goodwill Companies(29) 22.06 18,971 467.6 27.18 17.32 22.91 -3.83 25.58 -5.88
Non-Goodwill Companies(27) 20.49 5,374 129.2 25.73 17.16 21.41 -4.38 13.10 -7.26
Current Per Share Financials
--------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(56) 1.24 1.16 13.32 12.87 126.78
NYSE Traded Companies(5) 1.49 1.46 20.77 18.92 137.03
AMEX Traded Companies(5) 1.18 1.02 12.88 12.47 114.17
NASDAQ Listed OTC Companies(46) 1.22 1.15 12.48 12.20 127.06
California Companies(1) 1.70 1.70 13.37 13.33 131.35
Mid-Atlantic Companies(20) 1.08 1.05 14.53 13.91 125.36
New England Companies(30) 1.40 1.27 12.72 12.32 136.33
North-West Companies(2) 1.07 1.05 9.21 9.21 89.69
South-East Companies(3) 0.88 0.91 13.11 12.92 76.72
Thrift Strategy(44) 1.23 1.15 14.12 13.73 125.77
Mortgage Banker Strategy(6) 1.33 1.23 11.65 10.94 146.79
Real Estate Strategy(2) 1.25 1.27 9.29 9.27 89.24
Diversified Strategy(4) 1.19 1.13 8.30 7.37 125.61
Companies Issuing Dividends(49) 1.29 1.20 13.43 12.91 132.94
Companies Without Dividends(7) 0.93 0.91 12.59 12.58 87.14
Equity/Assets [less than] 6%(4) 1.32 0.96 8.38 7.77 169.05
Equity/Assets 6-12%(34) 1.48 1.40 12.80 12.22 148.50
Equity/Assets [greater than] 12%(18) 0.83 0.82 15.28 15.09 81.18
Converted Last 3 Mths (no MHC)(1) 0.37 0.37 9.41 9.41 47.49
Actively Traded Companies(15) 1.80 1.61 15.97 15.31 166.41
Market Value Below $20 Million(2) 0.75 0.73 12.50 12.50 86.28
Holding Company Structure(43) 1.21 1.14 13.62 13.32 120.88
Assets Over $1 Billion(18) 1.47 1.42 15.06 14.07 142.17
Assets $500 Million-$1 Billion(10) 1.53 1.31 13.43 13.18 153.95
Assets $250-$500 Million(12) 1.10 1.05 12.15 11.89 112.27
Assets less than $250 Million(16) 0.97 0.93 12.39 12.25 108.68
Goodwill Companies(29) 1.29 1.18 13.24 12.35 141.23
Non-Goodwill Companies(27) 1.19 1.15 13.39 13.39 112.33
(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 August 7, 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(19) 17.47 9,397 52.8 24.29 13.77 18.57 -5.73 34.63 -5.23
BIF-Insured Thrifts(3) 19.33 32,239 305.4 28.09 16.19 20.90 -7.43 29.70 -5.83
NASDAQ Listed OTC Companies(22) 17.74 12,824 90.7 24.86 14.13 18.92 -5.98 33.89 -5.32
Florida Companies(2) 26.75 6,802 86.2 35.38 22.25 29.00 -7.76 15.05 -17.69
Mid-Atlantic Companies(12) 15.37 11,884 57.6 22.35 11.61 16.65 -6.92 40.10 -7.25
Mid-West Companies(5) 21.69 2,336 22.5 29.13 16.99 22.50 -3.68 27.05 -12.61
New England Companies(2) 21.77 46,613 458.9 29.56 19.94 22.66 -4.03 19.72 7.51
South-East Companies(1) 13.38 4,497 28.3 18.06 13.25 14.25 -6.11 33.80 33.80
Thrift Strategy(20) 17.00 8,799 51.5 23.79 13.79 18.28 -6.65 29.97 -4.48
Mortgage Banker Strategy(1) 19.00 33,965 155.2 27.88 7.88 18.31 3.77 135.15 -4.43
Diversified Strategy(1) 29.91 64,130 731.4 41.13 26.56 31.06 -3.70 3.14 -21.29
Companies Issuing Dividends(20) 18.42 12,379 90.2 26.03 14.43 19.70 -6.37 35.81 -7.75
Companies Without Dividends(2) 11.66 16,829 95.4 14.35 11.41 11.94 -2.52 16.60 16.60
Equity/Assets 6-12%(12) 20.63 15,523 117.7 30.12 14.95 22.09 -6.72 46.24 -14.39
Equity/Assets [greater than] 12%(10) 14.22 9,524 57.6 18.44 13.13 15.04 -5.08 18.78 5.77
Holding Company Structure(4) 15.43 9,743 57.3 21.21 12.20 16.47 -6.02 32.72 -0.66
Assets Over $1 Billion(5) 20.27 36,299 266.2 27.88 15.51 21.10 -3.51 45.56 -4.90
Assets $500 Million-$1 Billion(3) 22.07 15,968 113.1 28.49 18.78 23.13 -4.52 31.04 16.18
Assets $250-$500 Million(5) 18.28 4,125 24.1 25.98 13.14 19.20 -3.85 42.41 -7.39
Assets less than $250 Million(9) 14.75 2,802 17.0 21.38 12.73 16.33 -9.23 21.98 -9.66
Goodwill Companies(7) 20.88 23,361 177.2 28.59 15.83 22.21 -5.97 43.15 -8.88
Non-Goodwill Companies(15) 16.06 7,150 44.1 22.85 13.21 17.15 -5.99 28.90 -3.40
MHC Institutions(22) 17.74 12,824 90.7 24.86 14.13 18.92 -5.98 33.89 -5.32
MHC Converted Last 3 Months(2) 11.13 5,009 23.5 12.16 11.01 11.44 -2.76 11.30 11.30
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(19) 0.60 0.57 9.23 8.97 80.65
BIF-Insured Thrifts(3) 0.86 0.59 9.88 8.83 85.18
NASDAQ Listed OTC Companies(22) 0.64 0.57 9.33 8.95 81.33
Florida Companies(2) 1.07 0.92 13.01 12.62 194.16
Mid-Atlantic Companies(12) 0.52 0.50 8.18 7.99 65.37
Mid-West Companies(5) 0.76 0.71 11.06 10.31 109.81
New England Companies(2) 0.98 0.64 11.25 10.31 85.38
South-East Companies(1) 0.43 0.43 8.56 8.56 38.07
Thrift Strategy(20) 0.60 0.57 9.33 9.04 78.75
Mortgage Banker Strategy(1) 0.55 0.45 5.41 4.86 66.55
Diversified Strategy(1) 1.49 0.80 13.17 11.28 142.67
Companies Issuing Dividends(20) 0.65 0.57 9.44 9.02 84.52
Companies Without Dividends(2) 0.59 0.58 8.31 8.31 52.63
Equity/Assets 6-12%(12) 0.73 0.61 9.39 8.70 105.72
Equity/Assets [greater than] 12%(10) 0.53 0.53 9.24 9.24 51.52
Holding Company Structure(4) 0.63 0.58 8.65 8.34 69.78
Assets Over $1 Billion(5) 0.81 0.61 8.89 8.23 99.68
Assets $500 Million-$1 Billion(3) 0.81 0.82 11.92 10.41 114.68
Assets $250-$500 Million(5) 0.53 0.51 8.33 8.33 72.12
Assets less than $250 Million(9) 0.56 0.53 9.57 9.41 67.29
Goodwill Companies(7) 0.81 0.66 9.44 8.36 110.02
Non-Goodwill Companies(15) 0.55 0.52 9.26 9.26 65.89
MHC Institutions(22) 0.64 0.57 9.33 8.95 81.33
MHC Converted Last 3 Months(2) 0.52 0.52 7.79 7.79 53.22
(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 August 7, 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
- ---------------------
AHM Ahmanson and Co. H.F. of CA(8) 62.25 112,748 7,018.6 82.81 49.63 66.06 -5.77 21.46 -7.01
BYS Bay State Bancorp of MA* 25.19 2,535 63.9 32.63 24.75 26.50 -4.94 25.95 25.95
CFB Commercial Federal Corp. of NE 26.81 42,056 1,127.5 38.19 26.29 28.13 -4.69 -0.85 -24.61
DME Dime Bancorp, Inc. of NY* 28.50 113,533 3,235.7 32.69 18.63 29.75 -4.20 42.07 -5.79
DSL Downey Financial Corp. of CA 32.00 28,105 899.4 35.00 20.48 32.50 -1.54 50.16 18.17
FED FirstFed Fin. Corp. of CA 20.81 21,215 441.5 26.94 15.94 21.75 -4.32 27.05 7.38
GSB Golden State Bancorp of CA(8) 24.13 55,485 1,338.9 41.81 24.00 28.00 -13.82 -19.57 -35.55
GDW Golden West Fin. Corp. of CA 87.94 57,591 5,064.6 114.25 78.94 92.38 -4.81 6.35 -10.09
GPT GreenPoint Fin. Corp. of NY* 37.13 83,383 3,096.0 42.63 29.34 39.88 -6.90 12.72 2.34
JSB JSB Financial, Inc. of NY* 51.31 9,833 504.5 59.69 43.50 54.19 -5.31 15.30 2.50
OCN Ocwen Financial Corp. of FL 19.63 60,772 1,193.0 30.38 18.00 20.25 -3.06 -10.77 -22.84
SIB Staten Island Bancorp of NY* 19.38 45,130 874.6 23.63 18.81 20.25 -4.30 61.50 -7.45
WES Westcorp Inc. of Orange CA 12.00 26,374 316.5 23.50 10.94 11.50 4.35 -41.46 -28.91
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 22.00 2,505 55.1 25.63 21.38 22.00 0.00 0.55 -5.90
ANE Alliance Bncp of New Eng of CT* 12.50 2,493 31.2 16.08 10.00 13.06 -4.29 13.64 13.64
BKC American Bank of Waterbury CT* 24.25 4,687 113.7 32.56 17.88 27.00 -10.19 28.04 -0.53
BFD BostonFed Bancorp of MA 20.63 5,393 111.3 24.88 18.75 22.13 -6.78 3.46 -5.71
CNY Carver Bancorp, Inc. of NY 12.13 2,314 28.1 17.13 11.88 12.13 0.00 -2.96 -25.35
CBK Citizens First Fin.Corp. of IL 17.63 2,536 44.7 22.38 16.00 17.50 0.74 4.44 -12.94
EFC EFC Bancorp Inc of IL 12.00 6,937 83.2 14.94 11.75 12.75 -5.88 20.00 20.00
EBI Equality Bancorp, Inc. of MO 13.06 2,486 32.5 16.00 12.50 13.38 -2.39 30.60 -9.93
ESX Essex Bancorp of Norfolk VA(8) 2.81 1,059 3.0 7.94 1.56 3.13 -10.22 80.13 -28.68
FCB Falmouth Bancorp, Inc. of MA* 18.50 1,455 26.9 23.88 16.88 20.00 -7.50 6.44 -9.76
FAB FirstFed America Bancorp of MA 17.88 8,272 147.9 23.25 17.75 18.75 -4.64 -4.03 -18.28
GAF GA Financial Corp. of PA 15.50 7,220 111.9 22.25 15.19 17.31 -10.46 -10.82 -17.90
HBS Haywood Bancshares, Inc. of NC* 20.50 1,250 25.6 24.00 18.50 21.50 -4.65 10.81 -8.89
KNK Kankakee Bancorp, Inc. of IL 31.13 1,380 43.0 37.75 29.00 32.50 -4.22 5.53 -17.54
KYF Kentucky First Bancorp of KY 14.38 1,240 17.8 15.88 12.19 13.88 3.60 16.82 -3.75
NBN Northeast Bancorp of ME* 14.00 2,237 31.3 19.50 9.67 15.13 -7.47 42.42 -26.32
NEP Northeast PA Fin. Corp of PA 13.38 6,427 86.0 16.00 13.25 13.88 -3.60 33.80 33.80
PDB Piedmont Bancorp, Inc. of NC 10.00 2,751 27.5 11.63 9.50 9.63 3.84 -9.58 -8.09
SSB Scotland Bancorp, Inc. of NC 9.00 1,914 17.2 19.25 8.13 9.75 -7.69 -47.06 -9.46
SZB SouthFirst Bancshares of AL 17.38 967 16.8 22.75 15.88 17.88 -2.80 2.24 -23.60
SRN Southern Banc Company of AL 15.38 1,230 18.9 19.13 15.38 15.50 -0.77 -2.35 -13.35
SSM Stone Street Bancorp of NC 17.63 1,843 32.5 22.50 17.63 18.38 -4.08 -18.94 -20.55
TSH Teche Holding Company of LA 17.13 3,439 58.9 23.50 17.13 18.25 -6.14 -6.80 -24.70
FTF Texarkana Fst. Fin. Corp of AR 27.50 1,738 47.8 30.63 22.25 27.63 -0.47 19.57 10.00
THR Three Rivers Fin. Corp. of MI 16.25 825 13.4 23.50 15.63 17.13 -5.14 2.33 -25.29
WSB Washington SB, FSB of MD 6.19 4,421 27.4 9.50 5.88 6.25 -0.96 -5.64 -31.68
WFI Winton Financial Corp. of OH 14.63 4,014 58.7 20.63 7.88 15.25 -4.07 81.51 43.57
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 45.00 1,090 49.1 45.00 21.59 43.50 3.45 102.52 53.64
FBER 1st Bergen Bancorp of NJ 17.88 2,729 48.8 20.75 15.94 19.00 -5.89 -8.31 -6.53
AFED AFSALA Bancorp, Inc. of NY(8) 16.88 1,378 23.3 20.75 15.63 18.38 -8.16 6.30 -12.31
ALBK ALBANK Fin. Corp. of Albany NY(8) 64.75 13,222 856.1 74.63 37.13 69.13 -6.34 68.18 25.87
AMFC AMB Financial Corp. of IN 16.63 916 15.2 19.38 14.50 16.63 0.00 10.87 4.72
ASBP ASB Financial Corp. of OH 12.31 1,635 20.1 16.75 12.25 13.38 -8.00 0.49 -7.09
ABBK Abington Bancorp of MA* 18.50 3,532 65.3 22.25 13.88 19.25 -3.90 24.33 -11.90
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA(8) 3.50 3.30 26.34 19.38 483.55
BYS Bay State Bancorp of MA* 1.05 1.05 23.66 23.66 114.26
CFB Commercial Federal Corp. of NE 1.49 1.76 14.63 12.79 211.60
DME Dime Bancorp, Inc. of NY* 1.29 1.04 11.45 9.37 193.99
DSL Downey Financial Corp. of CA 1.80 1.84 15.87 15.69 208.93
FED FirstFed Fin. Corp. of CA 1.23 1.19 10.96 10.88 191.72
GSB Golden State Bancorp of CA(8) 1.89 2.04 17.44 15.73 288.89
GDW Golden West Fin. Corp. of CA 6.48 6.50 48.88 48.88 688.81
GPT GreenPoint Fin. Corp. of NY* 1.70 1.76 15.34 8.56 158.64
JSB JSB Financial, Inc. of NY* 2.99 2.66 37.88 37.88 159.05
OCN Ocwen Financial Corp. of FL 1.39 0.27 7.36 6.98 56.29
SIB Staten Island Bancorp of NY* 0.43 0.79 15.51 15.11 59.19
WES Westcorp Inc. of Orange CA 0.63 -0.84 12.62 12.59 144.57
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 1.17 1.10 17.97 17.97 117.17
ANE Alliance Bncp of New Eng of CT* 0.87 0.51 7.91 7.72 99.21
BKC American Bank of Waterbury CT* 1.75 1.47 12.53 12.13 138.94
BFD BostonFed Bancorp of MA 1.30 1.10 15.06 14.52 191.28
CNY Carver Bancorp, Inc. of NY 0.45 0.40 15.36 14.82 189.05
CBK Citizens First Fin.Corp. of IL 0.78 0.49 15.27 15.27 110.35
EFC EFC Bancorp Inc of IL 0.56 0.56 12.42 12.42 52.24
EBI Equality Bancorp, Inc. of MO 0.50 0.03 10.39 10.39 102.80
ESX Essex Bancorp of Norfolk VA(8) -0.20 -0.19 0.03 -0.14 182.29
FCB Falmouth Bancorp, Inc. of MA* 0.68 0.54 16.19 16.19 72.26
FAB FirstFed America Bancorp of MA 0.82 0.69 15.35 15.35 154.96
GAF GA Financial Corp. of PA 1.16 1.09 15.87 15.73 113.31
HBS Haywood Bancshares, Inc. of NC* 1.76 1.76 18.06 17.49 121.60
KNK Kankakee Bancorp, Inc. of IL 2.20 2.14 27.92 23.23 289.48
KYF Kentucky First Bancorp of KY 0.79 0.78 11.24 11.24 65.97
NBN Northeast Bancorp of ME* 0.82 0.81 9.72 8.83 138.86
NEP Northeast PA Fin. Corp of PA -0.60 0.37 13.07 13.07 68.99
PDB Piedmont Bancorp, Inc. of NC 0.57 0.57 7.77 7.77 48.28
SSB Scotland Bancorp, Inc. of NC 0.50 0.50 7.91 7.91 32.02
SZB SouthFirst Bancshares of AL 0.70 0.65 16.91 16.49 167.82
SRN Southern Banc Company of AL 0.42 0.42 14.95 14.84 85.95
SSM Stone Street Bancorp of NC 0.80 0.80 16.85 16.85 60.21
TSH Teche Holding Company of LA 1.09 1.08 16.38 16.38 118.43
FTF Texarkana Fst. Fin. Corp of AR 1.79 1.76 16.19 16.19 106.32
THR Three Rivers Fin. Corp. of MI 1.01 0.94 16.08 16.02 118.86
WSB Washington SB, FSB of MD 0.44 0.30 5.21 5.21 61.87
WFI Winton Financial Corp. of OH 0.80 0.66 5.80 5.68 80.84
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 1.82 1.24 21.48 21.13 238.13
FBER 1st Bergen Bancorp of NJ 0.78 0.78 13.54 13.54 115.82
AFED AFSALA Bancorp, Inc. of NY(8) 0.87 0.89 14.61 14.61 120.41
ALBK ALBANK Fin. Corp. of Albany NY(8) 3.32 3.29 27.74 21.70 309.29
AMFC AMB Financial Corp. of IN 1.05 0.60 15.54 15.54 110.17
ASBP ASB Financial Corp. of OH 0.66 0.65 10.68 10.68 70.28
ABBK Abington Bancorp of MA* 1.25 1.06 9.70 8.82 154.28
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 August 7, 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)
- ---------------------------------------
AABC Access Anytime Bancorp of NM 10.50 1,217 12.8 13.00 6.37 10.75 -2.33 61.54 -4.55
AFBC Advance Fin. Bancorp of WV 16.38 1,074 17.6 20.88 15.25 16.75 -2.21 7.41 -5.75
AFCB Affiliated Comm BC, Inc of MA(8) 33.56 6,665 223.7 41.88 24.63 35.25 -4.79 32.91 -11.10
ALBC Albion Banc Corp. of Albion NY 8.75 752 6.6 14.17 7.75 8.75 0.00 11.04 -34.36
ABCL Alliance Bancorp, Inc. of IL 23.88 11,435 273.1 29.25 20.58 23.25 2.71 15.08 -9.89
ALLB Alliance Bank MHC of PA (19.9) 21.50 3,273 14.0 39.00 15.13 25.50 -15.69 42.10 -30.65
AHCI Ambanc Holding Co., Inc. of NY* 15.88 4,258 67.6 20.00 14.13 17.50 -9.26 -1.55 -15.31
ASBI Ameriana Bancorp of IN 17.75 3,252 57.7 22.00 17.75 19.63 -9.58 -6.58 -10.71
ABCW Anchor Bancorp Wisconsin of WI 45.00 8,920 401.4 46.50 25.25 46.25 -2.70 73.08 23.69
ANDB Andover Bancorp, Inc. of MA* 35.94 6,481 232.9 39.88 23.70 35.75 0.53 44.92 11.61
ASFC Astoria Financial Corp. of NY 49.63 26,531 1,316.7 62.50 45.38 50.13 -1.00 3.40 -10.98
AVND Avondale Fin. Corp. of IL 14.63 3,060 44.8 18.88 14.13 16.75 -12.66 -0.81 -9.97
BCSB BCSB Bankcorp MHC of MD (38.6) 11.63 6,117 27.5 12.63 11.38 11.63 0.00 16.30 16.30
BKCT Bancorp Connecticut of CT* 16.75 5,113 85.6 25.00 13.63 18.00 -6.94 17.54 -20.24
BPLS Bank Plus Corp. of CA 10.63 19,387 206.1 16.13 9.50 10.81 -1.67 -9.53 -15.84
BNKU Bank United Corp. of TX 43.38 31,596 1,370.6 56.00 35.88 44.63 -2.80 11.57 -11.36
BWFC Bank West Fin. Corp. of MI 11.63 2,624 30.5 17.50 9.92 14.00 -16.93 15.38 -27.90
BANC BankAtlantic Bancorp of FL 10.75 36,676 394.3 17.00 10.69 11.25 -4.44 -35.36 -35.82
BKUNA BankUnited Fin. Corp. of FL 12.19 15,468 188.6 18.50 10.88 12.75 -4.39 10.82 -20.90
BVCC Bay View Capital Corp. of CA 24.25 20,276 491.7 38.00 24.25 27.69 -12.42 -6.73 -33.10
FSNJ Bayonne Banchsares of NJ 16.25 9,094 147.8 17.38 10.91 16.75 -2.99 48.95 21.45
BFSB Bedford Bancshares, Inc. of VA 14.31 2,298 32.9 17.38 11.50 15.00 -4.60 15.59 -15.82
BFFC Big Foot Fin. Corp. of IL 16.00 2,513 40.2 23.94 16.00 16.50 -3.03 -8.57 -23.81
BYFC Broadway Fin. Corp. of CA 9.72 933 9.1 12.73 9.72 11.00 -11.64 0.00 -20.78
BRKL Brookline Bncp MHC of MA(47.0) 13.63 29,095 186.4 17.98 13.31 14.25 -4.35 36.30 36.30
CBES CBES Bancorp, Inc. of MO 19.00 940 17.9 26.00 17.25 19.84 -4.23 8.57 -14.61
CCFH CCF Holding Company of GA 20.50 897 18.4 24.00 15.00 21.00 -2.38 31.66 1.84
CITZ CFS Bancorp, Inc. of IN 10.81 22,727 245.7 11.44 10.38 10.94 -1.19 8.10 8.10
CFSB CFSB Bancorp of Lansing MI 24.00 8,167 196.0 28.75 15.76 25.13 -4.50 46.70 0.59
CKFB CKF Bancorp of Danville KY 18.13 843 15.3 21.25 17.75 19.00 -4.58 -9.35 -2.00
CNSB CNS Bancorp, Inc. of MO 15.75 1,645 25.9 21.50 15.75 16.50 -4.55 -7.35 -23.17
CSBF CSB Financial Group Inc of IL 10.63 840 8.9 14.00 10.63 11.63 -8.60 -11.42 -21.26
CBCI Calumet Bancorp of Chicago IL 30.25 3,145 95.1 39.00 27.00 31.50 -3.97 9.68 -9.02
CAFI Camco Fin. Corp. of OH 16.75 5,468 91.6 20.67 11.83 18.00 -6.94 33.15 -1.47
CMRN Cameron Fin. Corp. of MO 16.75 2,563 42.9 22.19 16.75 18.50 -9.46 -2.90 -18.29
CFNC Carolina Fincorp of NC* 10.44 1,906 19.9 18.88 9.63 10.38 0.58 -39.93 -43.57
CASB Cascade Financial Corp. of WA 15.13 4,266 64.5 16.00 9.60 15.25 -0.79 36.31 42.74
CATB Catskill Fin. Corp. of NY* 16.38 4,486 73.5 19.13 16.00 16.75 -2.21 0.80 -13.24
CAVB Cavalry Bancorp of TN 20.50 7,538 154.5 25.25 19.88 20.50 0.00 105.00 105.00
CNIT Cenit Bancorp of Norfolk VA 22.00 4,977 109.5 28.58 16.42 24.00 -8.33 28.13 -16.98
CEBK Central Co-Op. Bank of MA* 23.75 1,965 46.7 33.50 18.88 23.50 1.06 21.79 -16.67
CENB Century Bancorp, Inc. of NC(8) 13.75 1,271 17.5 39.00 13.75 15.25 -9.84 -47.78 -51.33
COFI Charter One Financial of OH 30.13 127,635 3,845.6 36.38 24.76 32.56 -7.46 15.04 -4.53
CVAL Chester Valley Bancorp of PA 29.00 2,185 63.4 37.00 20.71 31.50 -7.94 26.86 -0.85
CLAS Classic Bancshares, Inc. of KY 16.25 1,300 21.1 21.50 13.88 17.13 -5.14 10.17 -2.99
CBSA Coastal Bancorp of Houston TX 23.25 7,563 175.8 26.67 18.75 24.81 -6.29 13.86 0.00
CFCP Coastal Fin. Corp. of SC 19.00 6,248 118.7 20.50 14.72 20.50 -7.32 -0.68 3.37
CFKY Columbia Financial of KY 14.00 2,671 37.4 17.13 13.69 14.50 -3.45 40.00 40.00
CMSB Commonwealth Bancorp Inc of PA 18.63 15,474 288.3 24.25 16.75 18.75 -0.64 10.83 -6.29
CMSV Commty. Svgs, MHC of FL (48.5)(8) 32.38 5,100 80.0 40.75 25.50 36.00 -10.06 25.75 -8.48
CFTP Community Fed. Bancorp of MS 16.75 4,398 73.7 21.00 16.38 16.75 0.00 -5.63 -17.28
CFFC Community Fin. Corp. of VA 13.75 2,559 35.2 16.38 10.75 14.00 -1.79 20.83 -0.43
CIBI Community Inv. Bancorp of OH 14.50 1,335 19.4 15.25 9.83 14.50 0.00 43.56 34.63
COOP Cooperative Bancshares of NC 15.50 3,027 46.9 25.00 12.25 16.88 -8.18 26.53 -36.73
CRZY Crazy Woman Creek Bncorp of WY 16.38 939 15.4 20.00 13.75 17.38 -5.75 18.01 9.20
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)
- ---------------------------------------
AABC Access Anytime Bancorp of NM 1.28 1.19 7.58 7.58 93.71
AFBC Advance Fin. Bancorp of WV 0.89 0.84 14.52 14.52 103.04
AFCB Affiliated Comm BC, Inc of MA(8) 1.82 1.73 17.40 17.32 171.16
ALBC Albion Banc Corp. of Albion NY 0.45 0.42 8.28 8.28 96.94
ABCL Alliance Bancorp, Inc. of IL 1.09 1.11 11.55 11.42 134.42
ALLB Alliance Bank MHC of PA (19.9) 0.62 0.62 8.93 8.93 83.33
AHCI Ambanc Holding Co., Inc. of NY* 0.60 0.48 14.27 14.27 122.08
ASBI Ameriana Bancorp of IN 1.16 0.99 13.90 13.64 119.46
ABCW Anchor Bancorp Wisconsin of WI 2.30 2.05 14.34 14.12 224.14
ANDB Andover Bancorp, Inc. of MA* 2.11 2.06 16.95 16.95 213.78
ASFC Astoria Financial Corp. of NY 2.73 2.51 32.67 23.12 410.67
AVND Avondale Fin. Corp. of IL -1.53 -1.10 15.07 15.07 198.25
BCSB BCSB Bankcorp MHC of MD (38.6) 0.36 0.36 7.28 7.28 44.74
BKCT Bancorp Connecticut of CT* 1.22 1.05 9.42 9.42 93.83
BPLS Bank Plus Corp. of CA 0.62 0.72 9.57 8.76 217.68
BNKU Bank United Corp. of TX 3.29 3.13 20.67 18.68 414.91
BWFC Bank West Fin. Corp. of MI 0.41 0.33 8.93 8.93 68.73
BANC BankAtlantic Bancorp of FL 0.73 0.31 5.92 4.96 96.15
BKUNA BankUnited Fin. Corp. of FL 0.42 0.32 9.43 8.18 215.09
BVCC Bay View Capital Corp. of CA 0.68 1.06 19.17 12.27 263.44
FSNJ Bayonne Banchsares of NJ 0.48 0.48 10.85 10.85 71.04
BFSB Bedford Bancshares, Inc. of VA 0.72 0.72 8.86 8.86 66.64
BFFC Big Foot Fin. Corp. of IL 0.44 0.38 15.24 15.24 83.36
BYFC Broadway Fin. Corp. of CA 0.69 0.48 15.08 15.08 148.83
BRKL Brookline Bncp MHC of MA(47.0) 0.47 0.47 9.33 9.33 28.09
CBES CBES Bancorp, Inc. of MO 1.17 0.97 17.63 17.63 123.86
CCFH CCF Holding Company of GA 0.18 -0.16 12.91 12.91 159.49
CITZ CFS Bancorp, Inc. of IN 0.36 0.40 10.88 10.88 62.51
CFSB CFSB Bancorp of Lansing MI 1.37 1.25 8.00 8.00 103.60
CKFB CKF Bancorp of Danville KY 1.36 1.03 15.84 15.84 74.22
CNSB CNS Bancorp, Inc. of MO 0.54 0.50 14.63 14.63 59.28
CSBF CSB Financial Group Inc of IL 0.29 0.25 13.22 12.47 57.12
CBCI Calumet Bancorp of Chicago IL 3.25 3.26 27.27 27.27 155.89
CAFI Camco Fin. Corp. of OH 1.18 0.89 10.42 9.77 105.26
CMRN Cameron Fin. Corp. of MO 0.95 0.93 17.91 17.91 86.18
CFNC Carolina Fincorp of NC* 0.55 0.63 13.89 13.89 62.16
CASB Cascade Financial Corp. of WA 0.73 0.69 7.14 7.14 102.31
CATB Catskill Fin. Corp. of NY* 0.85 0.84 15.45 15.45 65.97
CAVB Cavalry Bancorp of TN 0.62 0.43 13.23 13.23 46.54
CNIT Cenit Bancorp of Norfolk VA 1.29 1.20 10.15 9.36 147.56
CEBK Central Co-Op. Bank of MA* 1.55 1.20 18.72 17.00 191.38
CENB Century Bancorp, Inc. of NC(8) 1.06 1.06 14.58 14.58 82.12
COFI Charter One Financial of OH 1.14 1.57 11.23 10.54 152.44
CVAL Chester Valley Bancorp of PA 1.52 1.38 13.64 13.64 157.38
CLAS Classic Bancshares, Inc. of KY 0.78 0.98 15.70 13.46 100.86
CBSA Coastal Bancorp of Houston TX 1.89 1.94 14.61 12.60 392.20
CFCP Coastal Fin. Corp. of SC 1.03 0.85 5.63 5.63 93.35
CFKY Columbia Financial of KY 0.44 0.43 13.42 13.42 47.46
CMSB Commonwealth Bancorp Inc of PA 1.00 0.75 14.10 11.27 154.48
CMSV Commty. Svgs, MHC of FL (48.5)(8) 1.03 0.95 16.11 16.11 149.14
CFTP Community Fed. Bancorp of MS 0.59 0.56 13.28 13.28 56.12
CFFC Community Fin. Corp. of VA 0.71 0.71 9.97 9.93 71.86
CIBI Community Inv. Bancorp of OH 0.68 0.68 8.37 8.37 76.21
COOP Cooperative Bancshares of NC 0.75 0.68 9.62 9.62 126.01
CRZY Crazy Woman Creek Bncorp of WY 0.79 0.79 15.49 15.49 65.69
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 One
Prices As Of August 7, 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)
- ---------------------------------------
DNFC D&N Financial Corp. of MI 24.50 9,157 224.3 29.75 16.93 25.50 -3.92 40.89 -7.55
DCBI Delphos Citizens Bancorp of OH 16.00 1,848 29.6 24.25 15.75 17.00 -5.88 0.00 -22.89
DCOM Dime Community Bancorp of NY* 24.13 12,177 293.8 29.31 18.56 23.38 3.21 26.60 1.60
DIBK Dime Financial Corp. of CT(8)* 32.63 5,294 172.7 37.00 25.75 33.63 -2.97 23.13 6.98
ESBF ESB Financial Corp of PA 18.38 5,751 105.7 20.00 14.21 18.50 -0.65 23.44 5.03
EGLB Eagle BancGroup of IL 18.75 1,177 22.1 21.13 16.50 19.00 -1.32 12.14 -0.69
EBSI Eagle Bancshares of Tucker GA 24.06 5,735 138.0 27.25 16.13 25.75 -6.56 39.48 9.36
ETFS East Texas Fin. Serv. of TX 14.06 1,539 21.6 16.25 12.35 13.75 2.25 13.85 -11.18
ESBK Elmira Svgs Bank (The) of NY* 27.00 727 19.6 32.25 21.67 27.63 -2.28 19.36 -10.00
EMLD Emerald Financial Corp. of OH 12.50 10,274 128.4 16.00 6.75 12.63 -1.03 86.85 13.02
EFBC Empire Federal Bancorp of MT 14.31 2,592 37.1 18.25 14.13 15.00 -4.60 -7.68 -16.46
EFBI Enterprise Fed. Bancorp of OH 28.13 2,211 62.2 35.00 19.50 28.25 -0.42 38.91 -10.70
EQSB Equitable FSB of Wheaton MD 29.25 1,223 35.8 34.00 18.75 28.75 1.74 50.93 10.38
FCBF FCB Fin. Corp. of Neenah WI 30.00 3,867 116.0 34.00 26.50 29.75 0.84 11.03 1.69
FFDF FFD Financial Corp. of OH 18.50 1,445 26.7 24.00 14.75 19.38 -4.54 23.33 2.78
FFLC FFLC Bancorp of Leesburg FL 18.88 3,742 70.6 23.50 16.65 19.50 -3.18 7.09 -13.20
FFWC FFW Corporation of Wabash IN 18.00 1,458 26.2 21.50 14.00 19.50 -7.69 25.17 -5.26
FFYF FFY Financial Corp. of OH 35.00 4,011 140.4 35.38 26.88 33.88 3.31 27.27 5.64
FMCO FMS Financial Corp. of NJ 13.63 7,203 98.2 16.67 8.33 14.75 -7.59 57.21 15.22
FFHH FSF Financial Corp. of MN 17.63 2,933 51.7 21.25 17.00 17.75 -0.68 -0.68 -15.81
FOBC Fed One Bancorp of Wheeling WV(8) 39.75 2,402 95.5 45.50 20.00 41.50 -4.22 80.68 44.55
FBCI Fidelity Bancorp of Chicago IL 23.50 2,833 66.6 26.00 20.75 22.31 5.33 9.30 -8.31
FSBI Fidelity Bancorp, Inc. of PA 20.75 1,966 40.8 28.00 16.80 22.00 -5.68 23.51 -10.56
FFFL Fidelity Bcsh MHC of FL (47.7) 26.75 6,802 86.2 35.38 22.25 29.00 -7.76 15.05 -17.69
FFED Fidelity Fed. Bancorp of IN 5.88 3,127 18.4 10.50 5.88 6.00 -2.00 -33.78 -42.97
FFOH Fidelity Financial of OH 14.75 5,598 82.6 19.88 12.50 14.63 0.82 -9.23 -4.84
FIBC Financial Bancorp, Inc. of NY(8) 36.25 1,707 61.9 37.63 19.50 37.63 -3.67 79.01 50.23
FBSI First Bancshares, Inc. of MO 13.06 2,211 28.9 17.50 11.00 13.13 -0.53 7.67 -16.44
FBBC First Bell Bancorp of PA 17.38 6,525 113.4 21.63 15.63 18.00 -3.44 6.11 -8.53
SKBO First Carnegie MHC of PA(45.0) 14.38 2,300 14.9 21.00 13.38 16.38 -12.21 6.52 -23.31
FSTC First Citizens Corp of GA 28.00 2,765 77.4 35.50 19.67 29.00 -3.45 37.73 -17.65
FCME First Coastal Corp. of ME* 12.13 1,361 16.5 15.75 10.63 12.75 -4.86 7.82 -18.48
FFBA First Colorado Bancorp of CO(8) 25.50 16,895 430.8 30.13 17.38 26.56 -3.99 38.74 7.37
FDEF First Defiance Fin.Corp. of OH 13.63 8,123 110.7 16.25 13.50 13.88 -1.80 -9.50 -14.81
FESX First Essex Bancorp of MA* 22.00 7,562 166.4 26.13 16.50 21.63 1.71 29.41 -5.38
FFSX First FSB MHC Sxld of IA(46.1) 30.50 2,840 39.7 39.00 24.25 32.00 -4.69 25.77 -3.94
FFES First Fed of E. Hartford CT 33.00 2,743 90.5 42.25 31.00 34.75 -5.04 5.60 -11.41
BDJI First Fed. Bancorp. of MN 17.50 998 17.5 22.00 14.00 18.50 -5.41 26.54 -20.45
FFBH First Fed. Bancshares of AR 22.75 4,871 110.8 30.25 20.50 23.63 -3.72 6.41 -4.21
FTFC First Fed. Capital Corp. of WI 16.00 18,519 296.3 18.38 11.88 16.00 0.00 31.90 -5.55
FFKY First Fed. Fin. Corp. of KY 27.63 4,130 114.1 28.75 20.50 27.63 0.00 27.03 21.45
FFBZ First Federal Bancorp of OH 11.00 3,151 34.7 14.50 9.00 12.00 -8.33 22.22 4.17
FFCH First Fin. Holdings Inc. of SC 20.88 13,587 283.7 27.00 15.50 21.25 -1.74 28.97 -21.39
FFHS First Franklin Corp. of OH 12.50 1,783 22.3 20.83 12.50 15.50 -19.35 -6.23 -39.99
FGHC First Georgia Hold. Corp of GA 12.50 4,799 60.0 15.75 4.71 12.13 3.05 165.39 97.47
FFSL First Independence Corp. of KS 12.25 957 11.7 15.63 12.25 12.63 -3.01 -5.77 -12.50
FISB First Indiana Corp. of IN 23.44 12,781 299.6 30.00 17.08 26.25 -10.70 29.29 -7.02
FKAN First Kansas Financial of KS 11.13 1,554 17.3 12.50 11.06 11.50 -3.22 11.30 11.30
FKFS First Keystone Fin. Corp of PA 16.00 2,413 38.6 21.75 13.13 16.50 -3.03 24.22 -10.51
FLKY First Lancaster Bncshrs of KY 13.75 947 13.0 16.38 13.19 13.50 1.85 -9.84 -13.74
FLFC First Liberty Fin. Corp. of GA 21.25 11,622 247.0 25.50 14.50 23.00 -7.61 38.62 -0.38
CASH First Midwest Fin., Inc. of OH 21.38 2,614 55.9 24.88 17.25 22.50 -4.98 23.94 -4.98
FMBD First Mutual Bancorp Inc of IL(8) 17.63 3,531 62.3 25.00 15.00 17.25 2.20 10.19 -29.48
FMSB First Mutual SB of Bellevue WA* 15.00 4,244 63.7 20.17 13.42 15.75 -4.76 7.14 -18.92
FNGB First Northern Cap. Corp of WI 13.25 8,859 117.4 14.00 12.38 13.25 0.00 6.00 -5.36
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)
- ---------------------------------------
DNFC D&N Financial Corp. of MI 1.63 1.44 11.10 11.01 203.95
DCBI Delphos Citizens Bancorp of OH 0.93 0.93 15.21 15.21 60.94
DCOM Dime Community Bancorp of NY* 0.96 0.90 15.55 13.52 129.52
DIBK Dime Financial Corp. of CT(8)* 2.94 2.92 15.57 15.20 191.99
ESBF ESB Financial Corp of PA 1.02 1.01 11.83 10.56 164.41
EGLB Eagle BancGroup of IL 0.50 0.25 17.56 17.56 153.11
EBSI Eagle Bancshares of Tucker GA 1.26 1.26 13.03 13.03 200.43
ETFS East Texas Fin. Serv. of TX 0.45 0.41 13.70 13.70 78.59
ESBK Elmira Svgs Bank (The) of NY* 1.39 1.47 19.63 19.63 315.97
EMLD Emerald Financial Corp. of OH 0.64 0.59 4.95 4.89 59.94
EFBC Empire Federal Bancorp of MT 0.62 0.62 15.68 15.68 42.67
EFBI Enterprise Fed. Bancorp of OH 1.03 0.88 16.47 16.06 165.37
EQSB Equitable FSB of Wheaton MD 1.85 1.79 14.20 14.20 273.97
FCBF FCB Fin. Corp. of Neenah WI 1.51 1.12 19.37 19.37 133.90
FFDF FFD Financial Corp. of OH 1.09 0.49 15.43 15.43 69.28
FFLC FFLC Bancorp of Leesburg FL 1.01 0.95 13.88 13.88 109.21
FFWC FFW Corporation of Wabash IN 1.26 1.22 13.06 11.98 136.29
FFYF FFY Financial Corp. of OH 1.93 1.90 20.82 20.82 158.98
FMCO FMS Financial Corp. of NJ 0.75 0.75 5.52 5.47 92.83
FFHH FSF Financial Corp. of MN 1.10 1.07 14.57 14.57 140.15
FOBC Fed One Bancorp of Wheeling WV(8) 1.29 1.28 17.21 16.52 153.07
FBCI Fidelity Bancorp of Chicago IL 0.36 1.07 18.44 18.41 170.96
FSBI Fidelity Bancorp, Inc. of PA 1.42 1.40 14.01 14.01 204.94
FFFL Fidelity Bcsh MHC of FL (47.7) 1.07 0.92 13.01 12.62 194.16
FFED Fidelity Fed. Bancorp of IN -0.25 -0.19 4.28 4.28 63.14
FFOH Fidelity Financial of OH 0.87 0.84 11.64 10.31 96.54
FIBC Financial Bancorp, Inc. of NY(8) 1.62 1.58 16.43 16.36 181.66
FBSI First Bancshares, Inc. of MO 0.83 0.81 10.80 10.35 80.48
FBBC First Bell Bancorp of PA 1.15 1.11 11.43 11.43 101.86
SKBO First Carnegie MHC of PA(45.0) 0.42 0.50 10.86 10.86 64.41
FSTC First Citizens Corp of GA 2.22 2.01 12.85 10.28 127.39
FCME First Coastal Corp. of ME* 0.94 0.82 11.10 11.10 110.39
FFBA First Colorado Bancorp of CO(8) 1.18 1.12 12.39 12.14 92.06
FDEF First Defiance Fin.Corp. of OH 0.66 0.63 12.54 12.54 71.09
FESX First Essex Bancorp of MA* 1.36 1.23 12.05 10.62 171.03
FFSX First FSB MHC Sxld of IA(46.1) 1.16 1.17 14.51 11.48 201.27
FFES First Fed of E. Hartford CT 2.07 2.29 24.99 24.99 361.28
BDJI First Fed. Bancorp. of MN 0.77 0.77 12.35 12.35 113.39
FFBH First Fed. Bancshares of AR 1.11 1.05 17.29 17.29 117.10
FTFC First Fed. Capital Corp. of WI 1.00 0.76 6.12 5.81 85.35
FFKY First Fed. Fin. Corp. of KY 1.52 1.48 13.02 12.33 98.56
FFBZ First Federal Bancorp of OH 0.58 0.58 5.12 5.11 67.19
FFCH First Fin. Holdings Inc. of SC 1.12 1.08 8.70 8.70 136.76
FFHS First Franklin Corp. of OH 1.05 0.91 12.04 11.99 130.31
FGHC First Georgia Hold. Corp of GA 0.38 0.38 2.96 2.76 36.57
FFSL First Independence Corp. of KS 0.79 0.79 12.07 12.07 130.09
FISB First Indiana Corp. of IN 1.41 1.07 12.23 12.09 132.07
FKAN First Kansas Financial of KS 0.61 0.61 12.95 12.95 69.29
FKFS First Keystone Fin. Corp of PA 1.13 1.00 10.64 10.64 159.62
FLKY First Lancaster Bncshrs of KY 0.51 0.51 14.91 14.91 55.97
FLFC First Liberty Fin. Corp. of GA 0.85 0.89 8.57 7.84 116.59
CASH First Midwest Fin., Inc. of OH 1.10 0.99 16.33 14.54 155.31
FMBD First Mutual Bancorp Inc of IL(8) 0.37 0.29 15.64 12.11 110.52
FMSB First Mutual SB of Bellevue WA* 1.03 1.01 7.22 7.22 106.30
FNGB First Northern Cap. Corp of WI 0.71 0.66 8.48 8.48 76.42
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 August 7, 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)
- ---------------------------------------
FFPB First Palm Beach Bancorp of FL 39.38 5,136 202.3 44.94 32.25 42.25 -6.79 16.47 -8.69
FWWB First Savings Bancorp of WA 22.88 10,948 250.5 25.97 21.14 23.63 -3.17 4.33 -8.48
FSFF First SecurityFed Fin of IL 15.50 6,408 99.3 17.25 14.50 16.00 -3.13 55.00 -1.59
FSLA First Source Bancorp of NJ 9.44 31,740 299.6 13.93 6.39 9.38 0.64 40.06 -32.23
SOPN First Svgs Bancorp of NC 23.50 3,710 87.2 26.00 20.00 23.25 1.08 8.05 -7.84
FBNW FirstBank Corp of Clarkston WA 19.25 1,984 38.2 23.75 16.00 20.25 -4.94 2.67 1.96
FFDB FirstFed Bancorp, Inc. of AL 28.94 1,201 34.8 29.00 16.53 29.00 -0.21 75.08 33.80
FSPT FirstSpartan Fin. Corp. of SC 37.75 4,253 160.6 47.25 35.00 41.00 -7.93 5.59 -6.21
FLAG Flag Financial Corp of GA 17.13 4,574 78.4 19.38 9.50 18.25 -6.14 77.15 19.54
FLGS Flagstar Bancorp, Inc of MI 27.25 13,670 372.5 28.38 17.75 24.88 9.53 42.45 37.63
FFIC Flushing Fin. Corp. of NY* 24.00 7,810 187.4 29.88 20.00 25.00 -4.00 16.34 0.50
FBHC Fort Bend Holding Corp. of TX(8) 20.00 1,817 36.3 28.00 15.38 20.50 -2.44 25.00 -8.05
FTSB Fort Thomas Fin. Corp. of KY 13.13 1,474 19.4 15.75 10.50 14.75 -10.98 19.36 -14.63
FKKY Frankfort First Bancorp of KY 13.88 1,619 22.5 22.94 13.75 14.50 -4.28 -24.97 -21.27
FTNB Fulton Bancorp, Inc. of MO 17.38 1,701 29.6 26.50 16.75 20.00 -13.10 -14.17 -21.46
GUPB GFSB Bancorp, Inc of Gallup NM 14.50 1,201 17.4 17.00 12.33 15.50 -6.45 14.44 2.98
GSLA GS Financial Corp. of LA 14.25 3,350 47.7 21.00 13.38 14.63 -2.60 -8.83 -32.14
GOSB GSB Financial Corp. of NY* 14.00 2,248 31.5 18.94 13.75 15.63 -10.43 -3.45 -22.48
GBNK Gaston Fed Bncp MHC of NC(47.0 13.38 4,497 28.3 18.06 13.25 14.25 -6.11 33.80 33.80
GFCO Glenway Financial Corp. of OH 22.00 2,282 50.2 24.25 12.25 22.63 -2.78 62.96 17.33
GTPS Great American Bancorp of IL 21.75 1,588 34.5 23.00 16.88 21.75 0.00 24.29 14.47
PEDE Great Pee Dee Bancorp of SC 13.75 2,202 30.3 17.38 13.25 13.50 1.85 37.50 -14.76
GSFC Green Street Fin. Corp. of NC 14.38 4,083 58.7 20.75 13.75 14.50 -0.83 -17.26 -21.21
GFED Guaranty Fed Bancshares of MO 12.94 6,228 80.6 14.44 9.45 13.00 -0.46 36.93 0.47
HCBB HCB Bancshares of Camden AR 13.25 2,645 35.0 16.13 12.81 14.13 -6.23 -4.54 -8.62
HEMT HF Bancorp of Hemet CA 16.50 6,369 105.1 18.25 14.75 17.25 -4.35 6.45 -5.71
HFFC HF Financial Corp. of SD 21.88 4,395 96.2 24.17 14.58 21.25 2.96 47.54 23.83
HFNC HFNC Financial Corp. of NC(8) 12.13 17,193 208.6 16.81 11.25 12.75 -4.86 -26.48 -16.34
HMNF HMN Financial, Inc. of MN 15.00 5,430 81.5 21.67 14.75 15.25 -1.64 -9.09 -30.78
HALL Hallmark Capital Corp. of WI 14.13 2,934 41.5 18.00 10.63 14.75 -4.20 21.50 -16.88
HRBF Harbor Federal Bancorp of MD 18.63 1,863 34.7 23.41 17.27 20.00 -6.85 2.48 -18.86
HARB Harbor Florida Bancshrs of FL 11.94 30,740 367.0 13.50 7.24 12.00 -0.50 62.23 8.35
HFSA Hardin Bancorp of Hardin MO 17.00 816 13.9 20.00 16.50 17.75 -4.23 1.49 -6.85
HARL Harleysville SB of PA 31.00 1,675 51.9 35.00 25.00 31.50 -1.59 24.00 12.73
HFGI Harrington Fin. Group of IN 10.50 3,276 34.4 13.75 10.13 10.50 0.00 -8.70 -19.23
HARS Harris Fin. MHC of PA (24.3) 19.00 33,965 155.2 27.88 7.88 18.31 3.77 135.15 -4.43
HFFB Harrodsburg 1st Fin Bcrp of KY 15.38 1,947 29.9 18.00 14.88 15.94 -3.51 0.00 -8.18
HHFC Harvest Home Fin. Corp. of OH 14.50 891 12.9 16.75 11.75 15.25 -4.92 13.73 -7.94
HAVN Haven Bancorp of Woodhaven NY 19.00 8,849 168.1 28.75 18.13 21.31 -10.84 3.37 -15.56
HTHR Hawthorne Fin. Corp. of CA 17.00 3,164 53.8 24.00 15.00 18.25 -6.85 9.68 -15.55
HMLK Hemlock Fed. Fin. Corp. of IL 17.50 2,000 35.0 19.00 15.06 17.00 2.94 14.75 2.16
HBSC Heritage Bancorp, Inc of SC 19.25 4,629 89.1 22.38 18.75 19.50 -1.28 28.33 28.33
HFWA Heritage Financial Corp of WA 12.88 9,755 125.6 15.94 12.63 13.44 -4.17 28.80 28.80
HCBC High Country Bancorp of CO 14.00 1,323 18.5 15.50 13.50 14.38 -2.64 40.00 -9.68
HBNK Highland Bancorp of CA 42.13 2,329 98.1 43.50 25.50 42.56 -1.01 62.04 28.64
HIFS Hingham Inst. for Sav. of MA* 27.00 1,304 35.2 37.00 23.06 29.50 -8.47 16.13 -6.09
HBEI Home Bancorp of Elgin IL(8) 14.50 6,856 99.4 19.13 14.13 15.50 -6.45 -20.55 -18.90
HBFW Home Bancorp of Fort Wayne IN 27.88 2,351 65.5 37.63 21.25 28.00 -0.43 28.90 -5.49
HCFC Home City Fin. Corp. of OH 15.00 905 13.6 22.75 14.31 15.00 0.00 0.00 -18.92
HOMF Home Fed Bancorp of Seymour IN 27.50 5,139 141.3 33.75 19.83 28.50 -3.51 35.27 5.77
HWEN Home Financial Bancorp of IN 8.75 929 8.1 9.75 7.44 8.50 2.94 12.04 -5.41
HLFC Home Loan Financial Corp of OH 14.88 2,248 33.5 16.75 14.00 15.00 -0.80 48.80 48.80
HPBC Home Port Bancorp, Inc. of MA* 24.50 1,842 45.1 27.63 19.50 25.00 -2.00 18.07 5.92
HSTD Homestead Bancorp, Inc. of LA 8.56 1,478 12.7 9.31 3.41 9.00 -4.89 -14.40 48.87
HFBC HopFed Bancorp of KY 16.63 4,034 67.1 21.88 16.00 17.63 -5.67 66.30 66.30
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)
- ---------------------------------------
FFPB First Palm Beach Bancorp of FL 1.79 1.14 22.79 22.30 348.79
FWWB First Savings Bancorp of WA 1.32 1.23 15.09 13.98 115.95
FSFF First SecurityFed Fin of IL 0.46 0.72 14.59 14.55 50.45
FSLA First Source Bancorp of NJ 0.41 0.41 7.72 7.72 37.57
SOPN First Svgs Bancorp of NC 1.40 1.40 18.61 18.61 80.81
FBNW FirstBank Corp of Clarkston WA 0.86 0.52 15.13 15.13 92.50
FFDB FirstFed Bancorp, Inc. of AL 1.38 1.38 14.68 13.53 151.10
FSPT FirstSpartan Fin. Corp. of SC 1.52 1.51 29.87 29.87 113.62
FLAG Flag Financial Corp of GA 0.44 0.31 4.82 4.82 54.22
FLGS Flagstar Bancorp, Inc of MI 1.83 1.83 9.77 9.46 187.56
FFIC Flushing Fin. Corp. of NY* 1.14 1.14 17.56 16.89 138.09
FBHC Fort Bend Holding Corp. of TX(8) 1.11 0.79 11.78 11.09 174.25
FTSB Fort Thomas Fin. Corp. of KY 0.82 0.82 10.87 10.87 68.93
FKKY Frankfort First Bancorp of KY 0.20 0.65 13.96 13.96 82.34
FTNB Fulton Bancorp, Inc. of MO 0.75 0.58 15.06 15.06 64.45
GUPB GFSB Bancorp, Inc of Gallup NM 0.79 0.79 12.14 12.14 98.40
GSLA GS Financial Corp. of LA 0.56 0.50 16.08 16.08 38.63
GOSB GSB Financial Corp. of NY* 0.39 0.37 14.88 14.88 52.87
GBNK Gaston Fed Bncp MHC of NC(47.0 0.43 0.43 8.56 8.56 38.07
GFCO Glenway Financial Corp. of OH 1.11 1.12 12.60 12.49 131.66
GTPS Great American Bancorp of IL 0.58 0.58 16.88 16.88 92.09
PEDE Great Pee Dee Bancorp of SC 0.33 0.33 14.19 14.19 31.45
GSFC Green Street Fin. Corp. of NC 0.66 0.66 14.81 14.81 41.39
GFED Guaranty Fed Bancshares of MO 0.39 0.38 11.21 11.21 39.56
HCBB HCB Bancshares of Camden AR 0.25 0.25 14.45 14.28 83.79
HEMT HF Bancorp of Hemet CA -0.07 0.21 13.15 11.16 167.33
HFFC HF Financial Corp. of SD 1.41 1.31 12.60 12.60 129.58
HFNC HFNC Financial Corp. of NC(8) 0.70 0.48 9.82 9.82 56.97
HMNF HMN Financial, Inc. of MN 1.06 0.75 15.65 14.55 134.83
HALL Hallmark Capital Corp. of WI 0.95 0.90 11.02 11.02 143.47
HRBF Harbor Federal Bancorp of MD 0.90 0.86 15.74 15.74 124.07
HARB Harbor Florida Bancshrs of FL 0.47 0.45 8.28 8.19 41.78
HFSA Hardin Bancorp of Hardin MO 1.07 0.92 16.52 16.52 148.47
HARL Harleysville SB of PA 2.08 2.08 14.63 14.63 219.46
HFGI Harrington Fin. Group of IN -0.03 0.08 7.47 7.47 168.84
HARS Harris Fin. MHC of PA (24.3) 0.55 0.45 5.41 4.86 66.55
HFFB Harrodsburg 1st Fin Bcrp of KY 0.76 0.76 14.79 14.79 55.89
HHFC Harvest Home Fin. Corp. of OH 0.63 0.62 11.57 11.57 102.00
HAVN Haven Bancorp of Woodhaven NY 1.12 1.11 12.89 12.86 228.02
HTHR Hawthorne Fin. Corp. of CA 2.81 3.29 14.07 14.07 330.88
HMLK Hemlock Fed. Fin. Corp. of IL 0.85 0.85 15.47 15.47 95.51
HBSC Heritage Bancorp, Inc of SC 0.78 0.78 19.41 19.41 67.43
HFWA Heritage Financial Corp of WA 0.37 0.19 9.53 9.53 33.09
HCBC High Country Bancorp of CO 0.53 0.53 13.64 13.64 69.73
HBNK Highland Bancorp of CA 2.90 2.53 18.71 18.71 238.59
HIFS Hingham Inst. for Sav. of MA* 2.10 2.10 16.84 16.84 177.69
HBEI Home Bancorp of Elgin IL(8) 0.36 0.36 13.95 13.95 53.82
HBFW Home Bancorp of Fort Wayne IN 1.25 1.22 18.03 18.03 149.86
HCFC Home City Fin. Corp. of OH 1.02 1.02 15.68 15.68 84.39
HOMF Home Fed Bancorp of Seymour IN 1.95 1.58 12.65 12.31 137.54
HWEN Home Financial Bancorp of IN 0.42 0.33 8.03 8.03 44.64
HLFC Home Loan Financial Corp of OH 0.37 0.37 13.82 13.82 35.49
HPBC Home Port Bancorp, Inc. of MA* 1.63 1.81 11.98 11.98 122.53
HSTD Homestead Bancorp, Inc. of LA 0.36 0.36 10.40 10.40 48.02
HFBC HopFed Bancorp of KY 0.65 0.65 14.26 14.26 54.89
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 August 7, 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)
- ---------------------------------------
HZFS Horizon Fin'l. Services of IA 15.38 880 13.5 16.88 9.44 15.38 0.00 62.92 28.17
HRZB Horizon Financial Corp. of WA* 15.50 7,488 116.1 19.25 14.88 15.75 -1.59 0.00 -12.68
HRBT Hudson River Bancorp Inc of NY 13.25 17,854 229.7 13.69 12.56 13.38 -0.97 32.50 32.50
IBSF IBS Financial Corp. of NJ(8) 16.38 10,962 179.6 21.19 15.13 16.69 -1.86 4.80 -7.41
ITLA ITLA Capital Corp of CA* 19.50 7,697 150.1 24.00 17.38 20.00 -2.50 7.56 1.30
ICBC Independence Comm Bnk Cp of NY 14.63 76,044 1,112.5 19.13 14.50 14.50 0.90 46.30 46.30
IFSB Independence FSB of DC 16.75 1,281 21.5 21.63 13.00 15.38 8.91 21.82 -1.47
INBI Industrial Bancorp of OH 19.00 5,015 95.3 25.00 14.38 19.75 -3.80 29.34 7.04
IWBK Interwest Bancorp of WA 43.06 10,445 449.8 47.00 37.00 45.00 -4.31 7.30 14.07
IPSW Ipswich SB of Ipswich MA* 15.00 2,390 35.9 20.75 11.13 16.50 -9.09 23.66 -9.09
JXVL Jacksonville Bancorp of TX 17.50 2,422 42.4 23.25 16.38 18.13 -3.47 7.69 -24.73
JXSB Jcksnville SB,MHC of IL (45.6) 16.25 1,908 9.4 25.50 11.08 17.25 -5.80 46.66 -18.75
JSBA Jefferson Svgs Bancorp of MO 25.00 10,020 250.5 31.88 15.38 24.75 1.01 57.43 21.95
KSBK KSB Bancorp of Kingfield ME* 16.50 1,259 20.8 22.50 12.50 18.38 -10.23 14.74 -26.67
KFBI Klamath First Bancorp of OR 17.38 9,917 172.4 24.25 17.38 17.75 -2.08 -7.31 -19.16
LSBI LSB Fin. Corp. of Lafayette IN 31.00 954 29.6 32.00 19.52 31.00 0.00 55.00 14.22
LVSB Lakeview Financial of NJ 24.00 4,978 119.5 28.75 16.13 25.00 -4.00 44.93 -5.88
LARK Landmark Bancshares, Inc of KS 22.38 1,549 34.7 29.25 21.25 24.88 -10.05 1.13 -10.05
LARL Laurel Capital Group of PA 20.00 2,187 43.7 23.50 14.25 20.00 0.00 39.57 -7.71
LSBX Lawrence Savings Bank of MA* 14.38 4,327 62.2 19.31 10.94 15.00 -4.13 21.04 -12.21
LFED Leeds Fed Bksr MHC of MD (36.3 18.25 5,182 34.4 23.50 13.92 18.25 0.00 28.79 -16.09
LXMO Lexington B&L Fin. Corp. of MO 15.50 1,009 15.6 17.88 15.16 15.25 1.64 -3.91 -12.68
LIBB Liberty Bancorp MHC of NJ (47) 10.63 3,901 19.5 11.69 10.63 11.25 -5.51 6.30 6.30
LFCO Life Financial Corp of CA(8) 12.00 6,556 78.7 25.38 10.75 14.38 -16.55 -29.95 -4.99
LFBI Little Falls Bancorp of NJ 20.00 2,478 49.6 22.25 16.75 20.13 -0.65 14.29 -2.44
LOGN Logansport Fin. Corp. of IN 15.00 1,262 18.9 19.63 13.63 15.00 0.00 9.09 -16.67
LISB Long Island Bancorp, Inc of NY(8) 56.50 24,183 1,366.3 67.63 38.38 57.31 -1.41 43.04 13.84
MAFB MAF Bancorp, Inc. of IL 22.75 22,577 513.6 28.83 20.33 23.06 -1.34 5.81 -3.52
MBLF MBLA Financial Corp. of MO 20.50 1,251 25.6 30.63 20.25 21.00 -2.38 -12.77 -32.79
MECH MECH Financial Inc of CT* 29.38 5,295 155.6 31.81 21.63 30.38 -3.29 35.83 12.74
MFBC MFB Corp. of Mishawaka IN 24.00 1,590 38.2 30.38 20.00 25.00 -4.00 17.07 -21.00
MSBF MSB Financial, Inc of MI 14.00 1,338 18.7 17.73 11.82 16.63 -15.81 8.02 -18.93
MARN Marion Capital Holdings of IN 24.63 1,704 42.0 29.50 22.00 25.50 -3.41 7.09 -9.21
MRKF Market Fin. Corp. of OH 13.00 1,336 17.4 20.25 12.75 13.38 -2.84 -9.60 -16.83
MFSL Maryland Fed. Bancorp of MD(8) 40.88 6,572 268.7 42.25 21.50 41.50 -1.49 69.91 16.80
MASB MassBank Corp. of Reading MA* 47.75 3,593 171.6 54.25 37.88 47.75 0.00 22.72 0.25
MFLR Mayflower Co-Op. Bank of MA* 21.50 900 19.4 27.50 17.50 23.50 -8.51 19.44 -19.63
MDBK Medford Bancorp, Inc. of MA* 40.25 4,455 179.3 44.25 29.75 41.75 -3.59 33.59 2.55
MWBX MetroWest Bank of MA* 7.13 14,252 101.6 9.50 6.19 7.50 -4.93 5.63 -20.78
METF Metropolitan Fin. Corp. of OH 13.63 7,051 96.1 18.88 9.00 15.00 -9.13 41.54 -12.06
MIFC Mid Iowa Financial Corp. of IA 10.75 1,735 18.7 12.75 9.00 11.13 -3.41 11.63 -6.52
MCBN Mid-Coast Bancorp of ME 10.50 712 7.5 14.00 8.33 11.75 -10.64 26.05 5.00
MWBI Midwest Bancshares, Inc. of IA 14.00 1,051 14.7 19.50 11.29 14.00 0.00 19.97 -23.29
MFFC Milton Fed. Fin. Corp. of OH 13.50 2,237 30.2 17.00 13.50 14.25 -5.26 -0.95 -12.22
MBSP Mitchell Bancorp, Inc. of NC 16.50 931 15.4 18.00 16.50 16.75 -1.49 -1.49 -2.94
MBBC Monterey Bay Bancorp of CA 16.38 3,958 64.8 21.40 13.00 20.00 -18.10 26.00 5.00
MONT Montgomery Fin. Corp. of IN 11.25 1,653 18.6 13.63 11.25 12.00 -6.25 -9.13 -12.66
MSBK Mutual SB, FSB of Bay City MI 9.50 4,290 40.8 14.63 9.50 10.06 -5.57 -12.68 -26.92
MYST Mystic Financial of MA* 14.75 2,711 40.0 18.56 14.00 14.63 0.82 47.50 47.50
NHTB NH Thrift Bancshares of NH 17.25 2,091 36.1 22.75 16.31 17.50 -1.43 5.31 -15.85
NSLB NS&L Bancorp, Inc of Neosho MO 18.13 686 12.4 19.50 16.63 18.25 -0.66 9.02 -3.97
NSSY NSS Bancorp of CT(8)* 51.00 2,395 122.1 58.75 33.13 53.25 -4.23 51.11 35.10
NMSB Newmil Bancorp, Inc. of CT* 11.38 3,834 43.6 14.63 11.38 12.50 -8.96 -9.90 -12.46
NBCP Niagara Bancorp of NY MHC(45.4* 12.69 29,756 171.3 17.00 12.19 12.63 0.48 26.90 26.90
NBSI North Bancshares of Chicago IL 12.88 1,265 16.3 18.83 12.88 13.25 -2.79 -13.15 -27.96
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)
- ---------------------------------------
HZFS Horizon Fin'l. Services of IA 0.90 0.69 9.60 9.60 105.35
HRZB Horizon Financial Corp. of WA* 1.10 1.09 11.20 11.20 73.07
HRBT Hudson River Bancorp Inc of NY 0.41 0.47 12.20 12.20 45.63
IBSF IBS Financial Corp. of NJ(8) 0.55 0.55 11.91 11.91 68.61
ITLA ITLA Capital Corp of CA* 1.70 1.70 13.37 13.33 131.35
ICBC Independence Comm Bnk Cp of NY 0.29 0.32 12.48 11.75 68.68
IFSB Independence FSB of DC 1.09 0.45 15.46 13.99 214.32
INBI Industrial Bancorp of OH 1.05 1.05 12.29 12.29 74.58
IWBK Interwest Bancorp of WA 1.93 1.64 13.53 13.32 200.19
IPSW Ipswich SB of Ipswich MA* 1.06 0.80 5.25 5.25 99.40
JXVL Jacksonville Bancorp of TX 1.37 1.37 14.29 14.29 97.01
JXSB Jcksnville SB,MHC of IL (45.6) 0.51 0.33 9.23 9.23 88.91
JSBA Jefferson Svgs Bancorp of MO 0.98 0.87 11.85 9.51 123.94
KSBK KSB Bancorp of Kingfield ME* 1.20 1.20 9.56 8.31 122.83
KFBI Klamath First Bancorp of OR 0.86 0.86 15.05 13.81 100.25
LSBI LSB Fin. Corp. of Lafayette IN 1.73 1.55 19.06 19.06 226.48
LVSB Lakeview Financial of NJ 1.76 0.88 12.11 8.26 124.48
LARK Landmark Bancshares, Inc of KS 1.49 1.31 19.61 19.61 138.90
LARL Laurel Capital Group of PA 1.39 1.36 10.54 10.54 99.12
LSBX Lawrence Savings Bank of MA* 2.02 1.99 9.14 9.14 82.06
LFED Leeds Fed Bksr MHC of MD (36.3 0.66 0.66 9.52 9.52 57.70
LXMO Lexington B&L Fin. Corp. of MO 0.62 0.62 15.19 14.25 84.31
LIBB Liberty Bancorp MHC of NJ (47) 0.69 0.69 8.30 8.30 61.70
LFCO Life Financial Corp of CA(8) 2.16 2.25 8.93 8.93 59.06
LFBI Little Falls Bancorp of NJ 0.75 0.72 14.63 13.51 143.44
LOGN Logansport Fin. Corp. of IN 1.00 1.02 13.30 13.30 70.52
LISB Long Island Bancorp, Inc of NY(8) 2.17 1.75 23.31 23.11 260.34
MAFB MAF Bancorp, Inc. of IL 1.68 1.63 12.04 10.68 155.52
MBLF MBLA Financial Corp. of MO 1.54 1.53 22.38 22.38 165.83
MECH MECH Financial Inc of CT* 2.49 2.49 17.14 17.14 178.65
MFBC MFB Corp. of Mishawaka IN 1.37 1.34 21.52 21.52 182.79
MSBF MSB Financial, Inc of MI 0.97 0.86 10.77 10.77 64.51
MARN Marion Capital Holdings of IN 1.37 1.37 22.30 21.83 108.53
MRKF Market Fin. Corp. of OH 0.48 0.48 15.25 15.25 43.23
MFSL Maryland Fed. Bancorp of MD(8) 1.13 1.59 15.89 15.74 181.38
MASB MassBank Corp. of Reading MA* 2.93 2.65 29.80 29.39 258.68
MFLR Mayflower Co-Op. Bank of MA* 1.66 1.49 14.40 14.19 150.58
MDBK Medford Bancorp, Inc. of MA* 2.65 2.50 23.23 22.00 251.48
MWBX MetroWest Bank of MA* 0.54 0.53 3.27 3.27 45.37
METF Metropolitan Fin. Corp. of OH 0.93 0.82 5.42 5.01 140.36
MIFC Mid Iowa Financial Corp. of IA 0.88 0.96 7.50 7.49 84.75
MCBN Mid-Coast Bancorp of ME 0.67 0.62 7.50 7.50 88.50
MWBI Midwest Bancshares, Inc. of IA 1.26 1.10 10.40 10.40 150.96
MFFC Milton Fed. Fin. Corp. of OH 0.63 0.56 11.50 11.50 101.35
MBSP Mitchell Bancorp, Inc. of NC 0.54 0.54 15.60 15.60 39.67
MBBC Monterey Bay Bancorp of CA 0.55 0.51 14.87 13.91 127.33
MONT Montgomery Fin. Corp. of IN 0.50 0.50 12.05 12.05 66.02
MSBK Mutual SB, FSB of Bay City MI -2.01 -0.71 7.76 7.76 153.06
MYST Mystic Financial of MA* 0.52 0.48 13.20 13.20 69.27
NHTB NH Thrift Bancshares of NH 1.36 1.26 12.41 10.78 153.32
NSLB NS&L Bancorp, Inc of Neosho MO 0.59 0.59 16.74 16.62 89.13
NSSY NSS Bancorp of CT(8)* 2.83 3.20 22.87 22.26 281.78
NMSB Newmil Bancorp, Inc. of CT* 0.74 0.74 8.60 8.60 96.58
NBCP Niagara Bancorp of NY MHC(45.4* 0.48 0.46 8.31 8.31 43.56
NBSI North Bancshares of Chicago IL 0.44 0.42 10.73 10.73 93.66
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 August 7, 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)
- ---------------------------------------
FFFD North Central Bancshares of IA 19.00 3,126 59.4 24.88 16.50 19.88 -4.43 13.03 -4.43
NEIB Northeast Indiana Bncrp of IN 21.75 1,650 35.9 22.75 16.75 22.00 -1.14 20.83 -1.72
NWSB Northwest Bcrp MHC of PA (30.7 13.00 46,841 186.6 18.00 8.69 14.50 -10.34 47.56 -8.00
NWEQ Northwest Equity Corp. of WI 18.13 825 15.0 22.25 15.25 20.00 -9.35 18.89 -12.63
NTMG Nutmeg FS&LA of CT 12.50 989 12.4 12.50 7.69 12.00 4.17 66.67 19.05
OHSL OHSL Financial Corp. of OH 16.50 2,490 41.1 18.38 11.63 15.75 4.76 34.69 22.22
OCFC Ocean Fin. Corp. of NJ 18.50 15,534 287.4 20.00 16.53 18.56 -0.32 7.25 -0.70
OTFC Oregon Trail Fin. Corp. of OR 14.88 4,695 69.9 18.50 14.50 15.00 -0.80 48.80 -14.38
OFCP Ottawa Financial Corp. of MI 27.75 5,317 147.5 34.00 22.96 27.50 0.91 20.86 -18.38
PFFB PFF Bancorp of Pomona CA 17.63 16,214 285.9 21.50 17.63 18.13 -2.76 -9.59 -11.32
PSFI PS Financial of Chicago IL 12.00 2,074 24.9 22.38 11.25 12.38 -3.07 -17.98 -46.38
PSBI PSB Bancorp Inc. of PA* 8.38 3,101 26.0 11.27 6.80 8.63 -2.90 23.24 -25.64
PVFC PVF Capital Corp. of OH 25.25 2,660 67.2 28.25 19.00 25.25 0.00 21.69 25.06
PBCI Pamrapo Bancorp, Inc. of NJ 27.88 2,843 79.3 32.38 20.50 28.56 -2.38 34.36 2.31
PFED Park Bancorp of Chicago IL 18.00 2,333 42.0 19.75 16.38 18.06 -0.33 9.09 -3.38
PVSA Parkvale Financial Corp of PA 33.00 5,173 170.7 35.00 22.40 34.25 -3.65 47.32 -3.65
PBHC Pathfinder BC MHC of NY (46.1)* 15.38 2,831 13.6 26.13 9.83 19.00 -19.05 59.05 -23.10
PEEK Peekskill Fin. Corp. of NY 16.38 2,896 47.4 18.25 16.00 17.25 -5.04 0.80 -2.21
PFSB PennFed Fin. Services of NJ 15.50 9,386 145.5 19.00 14.38 15.00 3.33 3.75 -9.52
PWBK Pennwood Bancorp, Inc. of PA 11.50 734 8.4 17.44 11.50 11.50 0.00 -1.12 -22.35
PBKB People's Bancshares of MA* 20.25 3,316 67.1 27.75 15.75 20.75 -2.41 20.90 -10.99
TSBS Peoples Bancorp Inc of NJ* 8.88 36,325 322.6 11.83 6.41 9.38 -5.33 54.43 -24.94
PFDC Peoples Bancorp of Auburn IN 21.25 3,357 71.3 25.00 15.67 21.75 -2.30 23.76 -3.41
PBCT Peoples Bank, MHC of CT (40.1)* 29.91 64,130 731.4 41.13 26.56 31.06 -3.70 3.14 -21.29
PFFC Peoples Fin. Corp. of OH 12.00 1,417 17.0 19.00 11.38 12.13 -1.07 -28.36 -20.69
PHBK Peoples Heritage Fin Grp of ME* 21.31 87,565 1,866.0 26.50 18.13 22.63 -5.83 7.41 -7.35
PSFC Peoples Sidney Fin. Corp of OH 20.50 1,785 36.6 24.38 15.50 20.75 -1.20 24.24 14.65
PERM Permanent Bancorp, Inc. of IN 14.00 4,102 57.4 18.25 11.38 14.94 -6.29 10.85 -10.03
PCBC Perry Co. Fin. Corp. of MO 22.00 828 18.2 25.00 20.50 22.63 -2.78 7.32 -8.83
PHFC Pittsburgh Home Fin Corp of PA 16.00 1,969 31.5 20.81 15.63 16.25 -1.54 -5.88 -11.11
PFSL Pocahontas Bancorp of AR 8.75 6,685 58.5 11.43 5.53 9.38 -6.72 58.23 -20.89
PTRS Potters Financial Corp of OH 15.50 951 14.7 22.25 12.00 15.50 0.00 28.52 -22.50
PHSB Ppls Home SB, MHC of PA (45.0) 16.38 2,760 20.3 22.13 13.63 19.00 -13.79 17.00 -13.24
PRBC Prestige Bancorp of PA 16.13 1,052 17.0 22.07 13.91 17.00 -5.12 15.96 -7.25
PFNC Progress Financial Corp. of PA 17.50 5,246 91.8 21.67 11.57 18.63 -6.07 37.80 11.39
PROV Provident Fin. Holdings of CA 20.38 4,854 98.9 24.25 19.00 20.13 1.24 7.60 -6.86
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 31.38 2,106 19.6 51.00 20.50 34.00 -7.71 53.07 0.00
PLSK Pulaski SB, MHC of NJ (46.0) 14.63 2,108 13.9 24.50 13.50 15.75 -7.11 9.34 -24.00
PULS Pulse Bancorp of S. River NJ(8) 29.88 3,120 93.2 30.50 20.50 30.38 -1.65 42.29 14.35
QCFB QCF Bancorp of Virginia MN 30.50 1,365 41.6 31.75 23.50 30.50 0.00 28.42 2.52
QCBC Quaker City Bancorp of CA 17.50 5,827 102.0 21.25 15.80 18.50 -5.41 9.38 2.94
QCSB Queens County Bancorp of NY* 42.13 14,922 628.7 47.13 34.00 44.25 -4.79 21.83 4.02
RARB Raritan Bancorp of Raritan NJ* 29.00 2,373 68.8 30.25 22.25 29.75 -2.52 20.83 3.57
RELY Reliance Bancorp, Inc. of NY 32.00 9,565 306.1 42.25 28.75 33.75 -5.19 9.40 -12.64
RELI Reliance Bancshares Inc of WI(8) 9.50 2,371 22.5 10.13 8.06 9.50 0.00 13.37 0.00
RCBK Richmond County Fin Corp of NY 15.97 26,424 422.0 19.75 14.88 16.25 -1.72 59.70 59.70
RIVR River Valley Bancorp of IN 18.00 1,190 21.4 20.75 15.50 18.25 -1.37 16.13 -4.00
RVSB Riverview Bancorp of WA 15.38 6,186 95.1 19.13 9.76 16.00 -3.87 52.88 -13.35
RSLN Roslyn Bancorp, Inc. of NY* 19.44 41,400 804.8 30.50 18.94 19.75 -1.57 -19.20 -16.39
SCCB S. Carolina Comm. Bnshrs of SC 21.50 580 12.5 24.50 21.06 21.38 0.56 2.38 -4.44
SBFL SB Fngr Lakes MHC of NY (33.1) 17.00 3,570 20.1 24.75 9.13 17.63 -3.57 86.20 6.25
SFED SFS Bancorp of Schenectady NY(8) 27.38 1,208 33.1 27.50 18.88 20.00 36.90 43.88 1.86
SGVB SGV Bancorp of W. Covina CA 15.63 2,348 36.7 19.38 15.00 16.50 -5.27 0.84 -11.94
SISB SIS Bancorp, Inc. of MA(8)* 46.81 6,962 325.9 52.63 29.25 49.25 -4.95 56.03 16.47
SWCB Sandwich Bancorp of MA(8)* 60.75 2,043 124.1 64.50 32.00 62.63 -3.00 77.37 38.07
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)
- ---------------------------------------
FFFD North Central Bancshares of IA 1.21 1.21 16.42 14.29 106.47
NEIB Northeast Indiana Bncrp of IN 1.36 1.36 16.20 16.20 121.40
NWSB Northwest Bcrp MHC of PA (30.7 0.44 0.44 4.55 4.07 51.44
NWEQ Northwest Equity Corp. of WI 1.36 1.27 13.96 13.96 119.68
NTMG Nutmeg FS&LA of CT 0.57 0.40 6.58 6.58 112.78
OHSL OHSL Financial Corp. of OH 0.82 0.77 10.64 10.64 100.87
OCFC Ocean Fin. Corp. of NJ 0.90 0.90 13.90 13.90 97.75
OTFC Oregon Trail Fin. Corp. of OR 0.67 0.67 14.33 14.33 56.06
OFCP Ottawa Financial Corp. of MI 1.44 1.33 14.55 11.92 172.18
PFFB PFF Bancorp of Pomona CA 0.99 0.93 15.68 15.52 173.45
PSFI PS Financial of Chicago IL 0.44 0.74 11.24 11.24 40.42
PSBI PSB Bancorp Inc. of PA* 0.37 0.37 9.41 9.41 47.49
PVFC PVF Capital Corp. of OH 1.94 1.83 11.34 11.34 157.49
PBCI Pamrapo Bancorp, Inc. of NJ 1.73 1.67 17.20 17.11 134.17
PFED Park Bancorp of Chicago IL 0.69 0.74 16.84 16.84 84.59
PVSA Parkvale Financial Corp of PA 2.10 2.10 15.95 15.87 204.04
PBHC Pathfinder BC MHC of NY (46.1)* 0.62 0.50 8.15 6.91 69.30
PEEK Peekskill Fin. Corp. of NY 0.66 0.67 15.54 15.54 67.63
PFSB PennFed Fin. Services of NJ 1.18 1.15 11.26 9.76 156.52
PWBK Pennwood Bancorp, Inc. of PA 0.50 0.60 11.59 11.59 63.21
PBKB People's Bancshares of MA* 1.59 0.70 9.56 9.23 260.50
TSBS Peoples Bancorp Inc of NJ* 0.37 0.37 8.73 9.03 36.02
PFDC Peoples Bancorp of Auburn IN 1.30 1.30 13.51 13.51 89.56
PBCT Peoples Bank, MHC of CT (40.1)* 1.49 0.80 13.17 11.28 142.67
PFFC Peoples Fin. Corp. of OH 0.75 0.29 11.11 11.11 58.02
PHBK Peoples Heritage Fin Grp of ME* 0.87 0.87 5.60 4.26 83.48
PSFC Peoples Sidney Fin. Corp of OH 0.71 0.71 14.87 14.87 59.12
PERM Permanent Bancorp, Inc. of IN 0.64 0.62 10.41 10.29 107.05
PCBC Perry Co. Fin. Corp. of MO 1.04 1.03 19.69 19.69 103.96
PHFC Pittsburgh Home Fin Corp of PA 1.12 0.95 12.77 12.62 171.82
PFSL Pocahontas Bancorp of AR 0.36 0.35 8.70 8.70 59.94
PTRS Potters Financial Corp of OH 1.01 0.98 11.40 11.40 130.90
PHSB Ppls Home SB, MHC of PA (45.0) 0.63 0.56 10.33 10.33 80.94
PRBC Prestige Bancorp of PA 0.70 0.68 15.00 15.00 152.64
PFNC Progress Financial Corp. of PA 0.75 0.67 5.35 4.75 97.04
PROV Provident Fin. Holdings of CA 1.02 0.50 17.47 17.47 157.51
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 (46.0) 0.55 0.55 10.44 10.44 90.50
PULS Pulse Bancorp of S. River NJ(8) 1.81 1.83 14.43 14.43 173.08
QCFB QCF Bancorp of Virginia MN 1.90 1.88 19.98 19.98 112.89
QCBC Quaker City Bancorp of CA 1.08 1.05 12.92 12.92 147.59
QCSB Queens County Bancorp of NY* 1.50 1.48 11.36 11.36 108.73
RARB Raritan Bancorp of Raritan NJ* 1.66 1.63 13.31 13.14 176.49
RELY Reliance Bancorp, Inc. of NY 1.95 2.05 20.26 13.98 227.89
RELI Reliance Bancshares Inc of WI(8) 0.20 0.20 9.31 9.31 18.63
RCBK Richmond County Fin Corp of NY 0.09 0.74 12.21 12.16 55.40
RIVR River Valley Bancorp of IN 1.08 0.96 15.35 15.14 112.48
RVSB Riverview Bancorp of WA 0.63 0.61 9.87 9.55 44.16
RSLN Roslyn Bancorp, Inc. of NY* 1.07 1.02 15.01 14.94 89.53
SCCB S. Carolina Comm. Bnshrs of SC 0.80 0.80 16.27 16.27 79.84
SBFL SB Fngr Lakes MHC of NY (33.1) 0.26 0.22 6.10 6.10 70.26
SFED SFS Bancorp of Schenectady NY(8) 0.92 0.89 17.95 17.95 145.22
SGVB SGV Bancorp of W. Covina CA 0.66 0.75 13.47 13.30 170.81
SISB SIS Bancorp, Inc. of MA(8)* 1.56 2.00 18.41 18.41 257.68
SWCB Sandwich Bancorp of MA(8)* 2.44 2.35 20.83 20.17 257.72
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 August 7, 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)
- ---------------------------------------
SFSL Security First Corp. of OH(8) 24.69 7,555 186.5 27.88 16.00 25.75 -4.12 59.29 18.25
SKAN Skaneateles Bancorp Inc of NY* 16.19 1,445 23.4 22.25 14.50 18.50 -12.49 9.76 -26.84
SOBI Sobieski Bancorp of S. Bend IN 17.00 764 13.0 24.25 16.25 17.38 -2.19 3.79 -16.58
SSFC South Street Fin. Corp. of NC* 9.56 4,676 44.7 20.00 8.63 9.56 0.00 -50.97 -49.68
SBAN SouthBanc Shares Inc. of SC 18.88 1,509 13.3 23.76 13.68 20.13 -6.21 37.21 -11.19
SCBS Southern Commun. Bncshrs of AL 16.00 1,137 18.2 20.75 14.00 15.50 3.23 3.23 -12.33
SMBC Southern Missouri Bncrp of MO 21.00 1,484 31.2 23.25 17.00 21.00 0.00 21.74 2.44
SVRN Sovereign Bancorp, Inc. of PA 15.88 152,393 2,420.0 22.19 12.24 16.03 -0.94 20.49 -8.16
STFR St. Francis Cap. Corp. of WI 39.88 5,111 203.8 50.75 33.88 40.25 -0.92 10.78 -21.03
SPBC St. Paul Bancorp, Inc. of IL 22.88 34,357 786.1 28.50 21.38 22.50 1.69 -1.84 -12.84
SFFC StateFed Financial Corp. of IA 13.13 1,566 20.6 15.00 10.75 13.00 1.00 19.36 -10.98
SFIN Statewide Fin. Corp. of NJ 21.13 4,519 95.5 26.69 18.63 21.13 0.00 11.56 -11.96
STSA Sterling Financial Corp. of WA 21.75 7,606 165.4 27.63 17.63 21.56 0.88 21.64 0.00
ROSE T R Financial Corp. of NY* 37.44 17,529 656.3 44.75 26.00 37.75 -0.82 35.85 12.60
THRD TF Financial Corp. of PA 23.63 3,189 75.4 30.00 19.13 24.50 -3.55 22.37 -21.23
TPNZ Tappan Zee Fin., Inc. of NY(8) 18.75 1,478 27.7 22.63 16.63 19.50 -3.85 6.35 0.00
THTL Thistle Group Holdings of PA 9.56 9,000 86.0 10.06 9.56 10.00 -4.40 -4.40 -4.40
TSBK Timberland Bancorp of WA 14.75 6,613 97.5 18.50 14.25 14.75 0.00 47.50 47.50
TRIC Tri-County Bancorp of WY 12.31 1,167 14.4 16.50 11.38 13.00 -5.31 8.17 -17.93
TWIN Twin City Bancorp, Inc. of TN 13.63 1,260 17.2 15.50 13.00 13.50 0.96 4.85 -12.06
USAB USABancshares, Inc of PA* 16.50 1,502 24.8 17.75 7.75 16.50 0.00 83.33 65.00
UCBC Union Community Bancorp of IN 14.50 3,042 44.1 15.81 13.88 13.88 4.47 45.00 -0.89
UCFC United Community Fin. of OH 15.75 33,465 527.1 17.94 14.81 17.00 -7.35 57.50 57.50
UFRM United FSB of Rocky Mount NC(8) 18.19 3,283 59.7 21.00 10.50 18.25 -0.33 48.49 -7.34
UBMT United Fin. Corp. of MT 27.25 1,698 46.3 31.50 25.63 28.00 -2.68 N.A. N.A.
UTBI United Tenn. Bancshares of TN 12.25 1,455 17.8 16.00 12.25 13.75 -10.91 22.50 22.50
WHGB WHG Bancshares of MD 13.75 1,389 19.1 19.00 13.50 14.75 -6.78 -9.12 -26.67
WSFS WSFS Financial Corp. of DE* 19.56 12,545 245.4 23.88 14.13 19.13 2.25 36.69 -2.20
WVFC WVS Financial Corp. of PA 15.13 3,617 54.7 20.13 13.19 15.75 -3.94 10.52 -14.18
WRNB Warren Bancorp of Peabody MA* 11.25 7,905 88.9 14.38 8.75 11.88 -5.30 26.69 -2.17
WSBI Warwick Community Bncrp of NY* 14.88 6,607 98.3 18.00 14.50 15.50 -4.00 48.80 -14.38
WFSL Washington Federal, Inc. of WA 25.38 52,447 1,331.1 30.29 23.98 26.00 -2.38 -2.46 -11.20
WYNE Wayne Bancorp, Inc. of NJ 35.00 2,013 70.5 37.06 21.00 35.00 0.00 53.85 30.84
WAYN Wayne Svgs Bks MHC of OH (47.8 23.00 2,484 24.7 30.00 16.14 23.00 0.00 38.64 -12.75
WCFB Wbstr Cty FSB MHC of IA (45.2) 17.00 2,112 16.2 22.00 16.50 17.75 -4.23 -2.86 -15.00
WBST Webster Financial Corp. of CT 29.63 38,327 1,135.6 36.25 24.92 30.31 -2.24 14.23 -10.89
WEFC Wells Fin. Corp. of Wells MN 18.88 1,879 35.5 22.00 15.75 20.88 -9.58 16.18 5.59
WCBI WestCo Bancorp, Inc. of IL 27.38 2,486 68.1 30.50 25.50 29.50 -7.19 5.31 0.48
WSTR WesterFed Fin. Corp. of MT 21.63 5,585 120.8 27.00 21.38 23.75 -8.93 -4.42 -15.18
WOFC Western Ohio Fin. Corp. of OH 23.00 2,352 54.1 29.25 23.00 23.75 -3.16 0.52 -14.43
WEHO Westwood Hmstd Fin Corp of OH 12.38 2,559 31.7 18.13 11.88 12.50 -0.96 -19.51 -27.18
FFWD Wood Bancorp of OH 17.00 2,664 45.3 27.00 12.20 17.00 0.00 33.86 -9.57
YFCB Yonkers Fin. Corp. of NY 16.31 2,772 45.2 22.00 16.31 17.25 -5.45 -7.49 -15.27
YFED York Financial Corp. of PA 18.75 8,924 167.3 27.25 16.81 20.38 -8.00 -12.38 -27.18
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)
- ---------------------------------------
SFSL Security First Corp. of OH(8) 1.23 1.23 8.56 8.44 90.73
SKAN Skaneateles Bancorp Inc of NY* 1.11 1.09 12.44 12.12 178.27
SOBI Sobieski Bancorp of S. Bend IN 0.64 0.64 16.58 16.58 117.60
SSFC South Street Fin. Corp. of NC* 0.32 0.33 7.37 7.37 46.40
SBAN SouthBanc Shares Inc. of SC 0.73 0.73 17.01 17.01 77.85
SCBS Southern Commun. Bncshrs of AL 0.70 0.70 10.10 10.10 63.72
SMBC Southern Missouri Bncrp of MO 0.70 0.66 16.45 16.45 98.09
SVRN Sovereign Bancorp, Inc. of PA 0.40 0.61 5.85 5.02 118.75
STFR St. Francis Cap. Corp. of WI 2.54 2.44 25.80 23.05 322.42
SPBC St. Paul Bancorp, Inc. of IL 1.44 1.41 12.46 12.41 133.40
SFFC StateFed Financial Corp. of IA 0.70 0.70 10.16 10.16 57.31
SFIN Statewide Fin. Corp. of NJ 1.22 1.21 14.59 14.56 148.39
STSA Sterling Financial Corp. of WA 1.26 1.10 13.91 12.96 248.25
ROSE T R Financial Corp. of NY* 2.09 1.85 14.05 14.05 228.52
THRD TF Financial Corp. of PA 1.47 1.24 15.99 13.46 200.52
TPNZ Tappan Zee Fin., Inc. of NY(8) 0.75 0.70 14.75 14.75 87.51
THTL Thistle Group Holdings of PA 0.53 0.53 10.79 10.79 38.81
TSBK Timberland Bancorp of WA 0.58 0.55 12.70 12.70 39.54
TRIC Tri-County Bancorp of WY 0.77 0.80 12.03 12.03 76.49
TWIN Twin City Bancorp, Inc. of TN 0.88 0.73 11.17 11.17 87.59
USAB USABancshares, Inc of PA* 0.09 0.16 8.53 8.48 68.27
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
UFRM United FSB of Rocky Mount NC(8) 0.53 0.35 6.98 6.98 93.10
UBMT United Fin. Corp. of MT 0.80 0.80 14.52 14.52 56.69
UTBI United Tenn. Bancshares of TN 0.57 0.57 13.92 13.92 51.58
WHGB WHG Bancshares of MD 0.48 0.49 14.37 14.37 85.29
WSFS WSFS Financial Corp. of DE* 1.34 1.30 7.26 7.22 122.32
WVFC WVS Financial Corp. of PA 1.02 1.03 9.05 9.05 82.34
WRNB Warren Bancorp of Peabody MA* 0.80 0.83 5.20 5.20 47.13
WSBI Warwick Community Bncrp of NY* 0.31 0.30 12.94 12.94 56.13
WFSL Washington Federal, Inc. of WA 2.09 2.05 14.41 13.33 107.42
WYNE Wayne Bancorp, Inc. of NJ 0.92 0.92 17.15 17.15 135.13
WAYN Wayne Svgs Bks MHC of OH (47.8 0.74 0.68 9.83 9.83 104.57
WCFB Wbstr Cty FSB MHC of IA (45.2) 0.64 0.64 10.68 10.68 44.47
WBST Webster Financial Corp. of CT 1.36 1.37 10.43 9.20 197.22
WEFC Wells Fin. Corp. of Wells MN 1.23 1.17 16.10 16.10 111.46
WCBI WestCo Bancorp, Inc. of IL 1.93 1.77 19.82 19.82 128.37
WSTR WesterFed Fin. Corp. of MT 1.33 1.33 19.46 15.60 183.20
WOFC Western Ohio Fin. Corp. of OH 0.11 0.15 22.78 21.31 155.37
WEHO Westwood Hmstd Fin Corp of OH 0.32 0.51 11.67 11.67 50.75
FFWD Wood Bancorp of OH 0.89 0.76 8.18 8.18 61.94
YFCB Yonkers Fin. Corp. of NY 1.09 1.06 16.36 16.36 124.05
YFED York Financial Corp. of PA 1.16 0.94 11.97 11.97 136.46
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 August 7, 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(287) 14.13 13.89 0.93 7.86 4.95 0.88 7.40 0.62 143.95 0.79
NYSE Traded Companies(8) 8.19 7.91 1.09 13.43 6.13 0.56 8.64 0.80 95.86 1.14
AMEX Traded Companies(22) 14.43 14.29 0.84 6.07 4.89 0.83 5.73 0.47 168.60 0.73
NASDAQ Listed OTC Companies(257) 14.26 14.00 0.93 7.88 4.93 0.89 7.51 0.63 143.40 0.79
California Companies(18) 7.96 7.60 0.61 8.60 5.82 0.54 8.07 1.51 85.38 1.15
Florida Companies(6) 10.45 10.01 1.13 12.14 5.19 0.60 6.54 0.49 118.73 0.73
Mid-Atlantic Companies(57) 11.62 11.25 0.79 7.98 5.08 0.81 7.90 0.70 115.03 0.91
Mid-West Companies(131) 14.71 14.51 0.95 7.34 4.80 0.91 7.03 0.56 141.21 0.69
New England Companies(8) 7.48 7.20 0.70 9.56 5.80 0.64 8.82 0.62 130.49 0.99
North-West Companies(11) 18.22 17.88 1.17 9.40 4.92 1.04 8.34 0.34 252.22 0.81
South-East Companies(44) 17.91 17.77 1.06 7.63 4.53 1.01 7.16 0.59 169.02 0.78
South-West Companies(6) 11.26 11.16 0.98 10.40 7.36 0.95 10.16 0.29 222.78 0.55
Western Companies (Excl CA)(6) 19.02 18.60 1.04 6.03 4.79 1.05 6.09 0.42 180.38 0.94
Thrift Strategy(242) 15.20 14.99 0.95 7.44 5.04 0.92 7.11 0.59 147.31 0.74
Mortgage Banker Strategy(27) 7.54 6.96 0.74 9.73 4.15 0.67 9.27 0.70 129.07 0.96
Real Estate Strategy(8) 7.37 7.13 0.87 12.11 6.16 0.80 11.26 1.25 88.18 1.31
Diversified Strategy(7) 8.61 8.39 1.19 13.89 5.38 0.66 9.00 0.64 137.78 1.15
Retail Banking Strategy(3) 6.75 6.51 0.20 4.45 0.90 0.14 3.35 1.05 71.52 1.35
Companies Issuing Dividends(238) 14.04 13.78 0.97 8.07 5.15 0.91 7.49 0.57 147.40 0.77
Companies Without Dividends(49) 14.57 14.41 0.76 6.87 4.00 0.76 6.94 0.85 126.57 0.89
Equity/Assets [less than] 6%(21) 5.02 4.76 0.55 11.05 4.51 0.59 11.77 1.22 90.79 0.75
Equity/Assets 6-12%(123) 8.83 8.45 0.81 9.41 5.38 0.73 8.49 0.62 141.14 0.89
Equity/Assets [greater than] 12%(143) 19.90 19.77 1.08 6.10 4.66 1.05 5.85 0.55 152.48 0.70
Converted Last 3 Mths (no MHC)(6) 24.10 24.10 1.00 4.07 4.22 1.03 4.21 0.88 85.45 0.93
Actively Traded Companies(31) 9.68 9.35 0.98 10.88 5.15 0.99 11.55 0.84 131.18 0.93
Market Value Below $20 Million(54) 15.30 15.23 0.88 6.03 5.11 0.81 5.46 0.63 132.19 0.67
Holding Company Structure(258) 14.18 13.94 0.94 7.84 4.99 0.89 7.39 0.63 138.60 0.78
Assets Over $1 Billion(60) 9.23 8.67 0.85 10.77 5.46 0.79 10.05 0.83 114.20 0.93
Assets $500 Million-$1 Billion(38) 10.75 10.40 0.87 8.49 4.27 0.79 7.95 0.60 144.78 0.89
Assets $250-$500 Million(68) 13.52 13.29 0.93 8.07 5.11 0.90 7.67 0.48 160.82 0.77
Assets less than $250 Million(121) 17.71 17.63 0.99 6.22 4.84 0.94 5.86 0.61 148.12 0.70
Goodwill Companies(114) 10.30 9.65 0.86 9.58 5.29 0.80 8.85 0.64 112.92 0.83
Non-Goodwill Companies(172) 16.49 16.49 0.97 6.83 4.76 0.93 6.52 0.61 162.01 0.76
Acquirors of FSLIC Cases(8) 8.98 8.50 1.00 11.70 6.64 0.95 11.20 0.86 59.31 0.62
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- - ------ ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. SAIF-Insured Thrifts (no MHCs)
- ----------------------------------------------
SAIF-Insured Thrifts(287) 18.83 142.97 18.43 147.42 19.62 0.33 1.77 30.93
NYSE Traded Companies(8) 16.57 186.08 15.80 193.55 15.91 0.21 0.68 12.00
AMEX Traded Companies(22) 19.01 120.54 16.82 122.47 19.32 0.32 1.99 32.14
NASDAQ Listed OTC Companies(257) 18.89 143.88 18.64 148.49 19.73 0.33 1.78 31.37
California Companies(18) 17.43 135.38 10.50 143.25 16.78 0.15 0.58 13.05
Florida Companies(6) 20.66 171.76 18.15 184.23 23.20 0.24 1.13 23.96
Mid-Atlantic Companies(57) 18.23 148.54 15.82 153.62 19.76 0.31 1.61 30.34
Mid-West Companies(131) 18.69 139.49 18.68 142.85 19.45 0.33 1.85 30.85
New England Companies(8) 17.96 162.65 11.53 171.81 18.56 0.39 1.94 32.77
North-West Companies(11) 20.31 154.85 23.90 159.69 21.25 0.33 1.56 32.33
South-East Companies(44) 20.63 143.68 23.36 147.36 21.33 0.39 2.23 38.97
South-West Companies(6) 12.91 128.44 13.56 133.52 12.98 0.20 1.27 23.78
Western Companies (Excl CA)(6) 19.85 121.91 24.20 127.41 19.70 0.53 2.83 50.49
Thrift Strategy(242) 19.05 135.86 19.07 138.99 19.66 0.34 1.88 32.24
Mortgage Banker Strategy(27) 17.65 183.66 14.31 201.87 20.12 0.25 1.13 24.72
Real Estate Strategy(8) 16.50 181.06 13.31 185.79 17.59 0.18 0.73 13.16
Diversified Strategy(7) 19.41 228.66 19.48 235.01 20.25 0.43 1.67 33.58
Retail Banking Strategy(3) 15.20 142.05 9.07 146.44 17.01 0.15 0.77 17.60
Companies Issuing Dividends(238) 18.86 145.54 18.58 150.25 19.74 0.40 2.14 37.50
Companies Without Dividends(49) 18.67 130.36 17.72 133.62 18.88 0.00 0.00 0.00
Equity/Assets [less than] 6%(21) 17.15 198.07 10.08 202.44 17.13 0.13 0.60 11.60
Equity/Assets 6-12%(123) 17.95 161.08 14.19 170.01 18.92 0.34 1.65 27.77
Equity/Assets [greater than] 12%(143) 19.97 120.08 23.21 121.27 20.63 0.35 2.04 36.59
Converted Last 3 Mths (no MHC)(6) 21.80 98.52 24.28 98.52 23.74 0.13 1.56 0.00
Actively Traded Companies(31) 16.47 187.41 17.24 198.03 17.68 0.43 1.73 31.01
Market Value Below $20 Million(54) 19.20 115.91 16.94 116.44 20.22 0.34 2.37 36.90
Holding Company Structure(258) 18.86 143.19 18.58 147.57 19.67 0.34 1.78 31.51
Assets Over $1 Billion(60) 18.12 177.44 15.33 192.22 19.22 0.32 1.28 24.52
Assets $500 Million-$1 Billion(38) 17.33 166.33 16.48 174.48 19.61 0.33 1.52 29.10
Assets $250-$500 Million(68) 18.93 143.64 18.10 143.97 19.22 0.32 1.57 28.05
Assets less than $250 Million(121) 19.61 119.42 20.62 120.08 20.06 0.34 2.18 36.61
Goodwill Companies(114) 18.16 162.77 15.58 174.74 19.03 0.34 1.55 26.19
Non-Goodwill Companies(172) 19.27 130.99 20.21 130.99 19.95 0.33 1.92 34.19
Acquirors of FSLIC Cases(8) 15.36 162.83 14.51 172.29 15.29 0.47 1.85 27.06
(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 August 7, 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) 12.25 11.95 1.06 10.57 5.86 1.02 9.90 0.58 221.50 1.26
NYSE Traded Companies(5) 17.26 16.06 1.09 8.14 4.26 1.17 8.39 1.22 73.58 0.96
AMEX Traded Companies(5) 12.25 11.93 1.07 10.32 6.46 0.91 8.61 0.83 123.38 1.17
NASDAQ Listed OTC Companies(46) 11.65 11.47 1.05 10.89 5.98 1.01 10.23 0.48 248.84 1.30
California Companies(1) 10.18 10.15 1.43 13.50 8.72 1.43 13.50 0.00 0.00 1.75
Mid-Atlantic Companies(20) 14.66 14.27 0.92 7.99 4.40 0.92 7.91 0.77 131.94 1.15
New England Companies(30) 9.93 9.66 1.14 12.85 6.79 1.05 11.55 0.52 263.63 1.41
North-West Companies(2) 11.06 11.06 1.28 12.54 6.98 1.27 12.35 0.07 989.94 1.07
South-East Companies(3) 17.69 17.54 1.01 5.73 5.73 1.06 5.96 0.25 149.91 0.51
Thrift Strategy(44) 13.28 13.04 1.04 9.71 5.73 1.00 9.01 0.57 207.55 1.19
Mortgage Banker Strategy(6) 8.58 8.12 0.99 12.21 6.13 0.93 11.33 0.38 374.33 1.15
Real Estate Strategy(2) 10.61 10.59 1.58 14.91 7.91 1.61 15.22 1.27 83.50 1.69
Diversified Strategy(4) 6.56 5.74 1.06 16.15 5.71 1.02 15.57 0.88 159.54 2.05
Companies Issuing Dividends(49) 11.76 11.43 1.06 10.87 5.84 1.01 10.09 0.57 216.60 1.24
Companies Without Dividends(7) 15.35 15.33 1.03 8.64 5.96 1.03 8.63 0.63 252.52 1.33
Equity/Assets [less than[ 6%(4) 5.20 4.89 0.96 18.04 6.57 0.73 13.54 0.87 105.20 1.48
Equity/Assets 6-12%(34) 8.76 8.38 1.12 12.71 6.71 1.06 12.04 0.65 242.20 1.41
Equity/Assets [greater than] 12%(18) 19.62 19.49 0.98 5.34 4.29 1.00 5.51 0.38 214.30 0.93
Converted Last 3 Mths (no MHC)(1) 19.81 19.81 0.78 3.93 4.42 0.78 3.93 1.85 11.66 0.41
Actively Traded Companies(15) 10.20 9.80 1.27 13.45 6.89 1.18 12.08 0.43 210.06 1.08
Market Value Below $20 Million(2) 16.20 16.20 0.89 6.47 6.51 0.90 6.19 0.20 438.49 1.52
Holding Company Structure(43) 13.20 12.99 1.06 9.94 5.66 1.03 9.40 0.45 226.56 1.28
Assets Over $1 Billion(18) 12.18 11.54 1.12 11.00 5.19 1.11 10.74 0.71 155.72 1.27
Assets $500 Million-$1 Billion(10) 9.29 9.15 1.12 12.86 6.86 1.00 10.84 0.57 190.31 1.32
Assets $250-$500 Million(12) 12.20 12.05 1.12 10.98 6.52 1.08 10.60 0.65 244.13 1.46
Assets less than $250 Million(16) 13.82 13.70 0.92 8.69 5.53 0.88 8.05 0.42 278.13 1.04
Goodwill Companies(29) 10.80 10.22 0.97 10.59 5.79 0.93 9.70 0.78 157.45 1.25
Non-Goodwill Companies(27) 13.69 13.69 1.15 10.55 5.92 1.11 10.09 0.40 285.55 1.26
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- -------- ------- -------- -------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts (no MHCs)
- ----------------------------------------------
BIF-Insured Thrifts(56) 17.59 161.12 18.28 164.08 18.39 0.39 1.74 30.01
NYSE Traded Companies(5) 21.27 171.57 25.03 168.59 23.26 0.55 1.44 36.22
AMEX Traded Companies(5) 16.83 144.67 16.52 150.37 17.48 0.40 2.09 32.28
NASDAQ Listed OTC Companies(46) 17.31 161.86 17.69 165.35 17.82 0.37 1.74 28.98
California Companies(1) 11.47 145.85 14.85 146.29 11.47 0.00 0.00 0.00
Mid-Atlantic Companies(20) 20.62 158.15 21.16 158.67 21.26 0.40 1.43 31.97
New England Companies(30) 15.92 169.62 16.27 174.78 16.99 0.41 1.86 29.00
North-West Companies(2) 14.33 173.07 17.66 173.07 14.54 0.32 2.09 29.71
South-East Companies(3) 20.17 106.13 18.09 107.36 19.06 0.41 3.14 38.86
Thrift Strategy(44) 17.92 152.00 18.66 152.23 18.67 0.42 1.83 31.49
Mortgage Banker Strategy(6) 16.73 193.59 15.46 210.40 18.33 0.29 1.25 20.86
Real Estate Strategy(2) 12.77 181.10 19.36 181.32 12.51 0.18 1.60 22.50
Diversified Strategy(4) 18.42 226.00 18.13 239.04 19.14 0.37 1.74 33.57
Companies Issuing Dividends(49) 17.82 166.03 18.16 169.58 18.67 0.46 2.02 34.78
Companies Without Dividends(7) 15.63 130.92 19.10 131.14 16.03 0.00 0.00 0.00
Equity/Assets [less than] 6%(4) 15.89 253.97 13.39 270.05 22.53 0.26 1.29 18.69
Equity/Assets 6-12%(34) 15.97 173.91 16.19 176.13 16.67 0.46 1.91 31.31
Equity/Assets [greater than] 12%(18) 21.54 120.57 22.86 122.47 20.95 0.31 1.57 30.37
Converted Last 3 Mths (no MHC)(1) 22.65 89.05 17.65 89.05 22.65 0.00 0.00 0.00
Actively Traded Companies(15) 15.74 176.96 18.05 186.31 18.25 0.58 2.06 32.83
Market Value Below $20 Million(2) 15.94 92.22 13.89 92.22 15.68 0.12 1.15 21.82
Holding Company Structure(43) 18.06 153.97 19.19 157.90 18.65 0.40 1.79 31.68
Assets Over $1 Billion(18) 19.63 180.29 21.42 184.83 20.90 0.52 1.67 36.22
Assets $500 Million-$1 Billion(10) 15.41 174.43 15.26 178.83 17.20 0.49 2.14 31.89
Assets $250-$500 Million(12) 15.69 153.16 17.21 155.97 16.38 0.26 1.60 24.77
Assets less than $250 Million(16) 18.15 143.64 17.47 145.95 17.57 0.32 1.73 26.58
Goodwill Companies(29) 17.16 166.45 16.97 172.74 19.46 0.38 1.60 28.35
Non-Goodwill Companies(27) 18.03 155.78 19.60 155.78 17.11 0.41 1.88 31.74
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995. Percent change figures are actual year-to-date and
are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based on trailing twelve month common earnings and
average common equity and assets balances; ROI (return on investment) is current EPS divided by 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 August 7, 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(19) 13.95 13.75 0.90 7.09 3.47 0.87 6.72 0.50 144.11 0.82
BIF-Insured Thrifts(3) 13.36 12.32 1.06 8.99 4.27 0.81 6.33 0.75 135.34 1.15
NASDAQ Listed OTC Companies(22) 13.86 13.53 0.93 7.38 3.59 0.86 6.66 0.53 142.79 0.87
Florida Companies(2) 6.70 6.50 0.66 8.52 4.00 0.57 7.32 0.32 75.42 0.36
Mid-Atlantic Companies(12) 12.88 12.59 0.85 7.00 3.52 0.82 6.63 0.56 136.46 0.81
Mid-West Companies(5) 12.75 12.38 0.86 6.93 3.48 0.79 6.30 0.45 150.76 0.58
New England Companies(2) 21.22 20.56 1.55 11.15 4.21 1.28 8.04 0.65 203.93 2.05
South-East Companies(1) 22.48 22.48 1.13 5.02 3.21 1.13 5.02 0.50 132.06 0.96
Thrift Strategy(20) 14.44 14.19 0.92 6.84 3.55 0.88 6.50 0.52 146.59 0.82
Mortgage Banker Strategy(1) 8.13 7.30 0.88 10.96 2.89 0.72 8.96 0.66 60.54 0.97
Diversified Strategy(1) 9.23 7.91 1.18 13.45 4.98 0.63 7.22 0.70 156.79 1.72
Companies Issuing Dividends(20) 13.59 13.23 0.91 7.41 3.42 0.84 6.63 0.55 142.74 0.88
Companies Without Dividends(2) 16.26 16.26 1.11 7.04 5.14 1.09 6.92 0.37 143.28 0.79
Equity/Assets 6-12%(12) 9.33 8.73 0.76 8.16 3.42 0.65 6.88 0.65 87.97 0.80
Equity/Assets >12%(10) 19.40 19.40 1.13 6.42 3.80 1.13 6.39 0.39 209.81 0.95
Holding Company Structure(4) 13.42 12.98 0.96 7.39 4.38 0.89 6.80 0.63 94.03 0.64
Assets Over $1 Billion(5) 10.40 9.74 0.96 9.77 3.81 0.79 7.84 0.49 126.63 0.99
Assets $500 Million-$1 Billion(3) 20.21 19.46 1.30 8.58 3.63 1.30 8.61 0.47 194.69 1.51
Assets $250-$500 Million(5) 12.31 12.31 0.78 6.27 2.87 0.76 6.01 0.46 177.65 0.59
Assets less than $250 Million(9) 15.41 15.18 0.91 6.28 3.90 0.86 5.84 0.62 118.14 0.81
Goodwill Companies(7) 9.74 8.80 0.87 9.15 3.74 0.73 7.60 0.61 95.59 0.81
Non-Goodwill Companies(15) 16.08 16.08 0.96 6.42 3.51 0.93 6.15 0.49 168.21 0.90
MHC Institutions(22) 13.86 13.53 0.93 7.38 3.59 0.86 6.66 0.53 142.79 0.87
MHC Converted Last 3 Months(2) 14.86 14.86 0.96 6.63 4.79 0.96 6.63 0.46 76.09 0.52
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(19) 25.78 187.70 25.21 193.67 26.79 0.35 1.86 41.18
BIF-Insured Thrifts(3) 23.77 189.51 24.10 213.48 27.59 0.35 1.37 29.54
NASDAQ Listed OTC Companies(22) 25.28 187.99 25.04 196.80 26.86 0.35 1.78 38.85
Florida Companies(2) 25.00 205.61 13.78 211.97 29.08 0.90 3.36 0.00
Mid-Atlantic Companies(12) 25.21 187.02 24.06 193.16 26.40 0.22 1.31 33.71
Mid-West Companies(5) 26.43 194.85 23.41 208.72 26.32 0.55 2.71 50.10
New England Companies(2) 24.54 186.60 34.74 205.62 29.00 0.52 2.14 49.46
South-East Companies(1) 0.00 156.31 35.15 156.31 0.00 0.20 1.49 46.51
Thrift Strategy(20) 25.75 185.81 25.07 193.00 26.86 0.33 1.76 37.41
Mortgage Banker Strategy(1) 0.00 0.00 28.55 0.00 0.00 0.22 1.16 40.00
Diversified Strategy(1) 20.07 227.11 20.96 265.16 0.00 0.84 2.81 56.38
Companies Issuing Dividends(20) 26.15 193.59 25.25 203.44 28.06 0.39 1.98 44.83
Companies Without Dividends(2) 20.92 140.39 23.18 140.39 21.50 0.00 0.00 0.00
Equity/Assets 6-12%(12) 25.39 218.70 21.12 235.44 27.82 0.42 1.92 47.23
Equity/Assets [greater than] 12%(10) 25.18 153.87 29.83 153.87 26.32 0.26 1.61 29.28
Holding Company Structure(4) 22.22 175.87 22.64 184.33 21.50 0.21 1.00 10.75
Assets Over $1 Billion(5) 25.26 217.78 23.54 237.31 28.74 0.42 1.71 33.18
Assets $500 Million-$1 Billion(3) 27.65 178.14 31.84 205.88 27.53 0.34 1.52 41.97
Assets $250-$500 Million(5) 27.65 220.98 25.92 220.98 27.65 0.36 1.77 29.03
Assets less than $250 Million(9) 23.87 154.93 23.73 159.16 25.32 0.30 1.90 44.00
Goodwill Companies(7) 25.14 212.85 21.70 240.76 28.23 0.40 1.63 34.40
Non-Goodwill Companies(15) 25.38 176.51 26.84 176.51 26.35 0.32 1.86 41.82
MHC Institutions(22) 25.28 187.99 25.04 196.80 26.86 0.35 1.78 38.85
MHC Converted Last 3 Months(2) 15.41 143.91 21.61 143.91 15.41 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 August 7, 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
- ---------------------
AHM Ahmanson and Co. H.F. of CA(8) 5.45 4.01 0.81 18.46 5.62 0.76 17.41 1.72 52.05 1.33
BYS Bay State Bancorp of MA* 20.71 20.71 0.92 4.44 4.17 0.92 4.44 0.71 122.32 1.06
CFB Commercial Federal Corp. of NE 6.91 6.04 0.81 12.90 5.56 0.96 15.24 0.78 86.50 0.88
DME Dime Bancorp, Inc. of NY* 5.90 4.83 0.72 12.67 4.53 0.58 10.22 1.03 50.85 0.69
DSL Downey Financial Corp. of CA 7.60 7.51 0.87 12.03 5.63 0.89 12.30 0.84 65.10 0.60
FED FirstFed Fin. Corp. of CA 5.72 5.67 0.63 12.25 5.91 0.61 11.85 0.84 NA NA
GSB Golden State Bancorp of CA(8) 6.04 5.44 0.66 11.63 7.83 0.71 12.55 0.86 100.48 1.12
GDW Golden West Fin. Corp. of CA 7.10 7.10 0.95 14.36 7.37 0.95 14.41 0.97 63.20 0.86
GPT GreenPoint Fin. Corp. of NY* 9.67 5.40 1.07 10.71 4.58 1.11 11.08 2.54 33.98 1.22
JSB JSB Financial, Inc. of NY* 23.82 23.82 1.88 7.89 5.83 1.67 7.02 NA NA 0.55
OCN Ocwen Financial Corp. of FL 13.08 12.40 2.84 24.09 7.08 0.55 4.68 NA NA NA
SIB Staten Island Bancorp of NY* 26.20 25.53 0.86 5.00 2.22 1.59 9.19 0.61 87.17 1.27
WES Westcorp Inc. of Orange CA 8.73 8.71 0.45 4.96 5.25 -0.60 -6.61 0.58 168.62 2.22
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 15.34 15.34 1.07 6.43 5.32 1.00 6.04 NA NA NA
ANE Alliance Bncp of New Eng of CT* 7.97 7.78 0.89 12.20 6.96 0.52 7.15 0.53 229.26 1.84
BKC American Bank of Waterbury CT* 9.02 8.73 1.33 15.35 7.22 1.11 12.89 2.10 42.28 1.50
BFD BostonFed Bancorp of MA 7.87 7.59 0.72 8.46 6.30 0.61 7.16 NA NA 0.84
CNY Carver Bancorp, Inc. of NY 8.12 7.84 0.25 2.99 3.71 0.22 2.65 NA NA 1.28
CBK Citizens First Fin.Corp. of IL 13.84 13.84 0.72 5.13 4.42 0.45 3.22 0.71 47.08 0.41
EFC EFC Bancorp Inc of IL 23.77 23.77 1.07 4.51 4.67 1.07 4.51 0.46 57.60 0.45
EBI Equality Bancorp, Inc. of MO 10.11 10.11 0.55 6.80 3.83 0.03 0.41 0.34 43.44 0.34
ESX Essex Bancorp of Norfolk VA(8) 0.02 -0.08 -0.11 NM -7.12 -0.11 NM 1.26 76.64 1.11
FCB Falmouth Bancorp, Inc. of MA* 22.41 22.41 1.02 4.33 3.68 0.81 3.44 0.05 NA 0.74
FAB FirstFed America Bancorp of MA 9.91 9.91 0.62 5.39 4.59 0.52 4.54 0.29 293.25 1.24
GAF GA Financial Corp. of PA 14.01 13.88 1.09 7.25 7.48 1.03 6.81 0.24 75.96 0.46
HBS Haywood Bancshares, Inc. of NC* 14.85 14.38 1.46 10.18 8.59 1.46 10.18 0.37 131.68 0.65
KNK Kankakee Bancorp, Inc. of IL 9.64 8.02 0.86 8.00 7.07 0.84 7.78 1.12 53.91 0.97
KYF Kentucky First Bancorp of KY 17.04 17.04 1.13 6.76 5.49 1.11 6.68 0.18 263.19 0.76
NBN Northeast Bancorp of ME* 7.00 6.36 0.67 9.52 5.86 0.66 9.41 1.08 90.28 1.12
NEP Northeast PA Fin. Corp of PA 18.94 18.94 -0.93 -6.80 -4.48 0.57 4.19 0.22 178.76 0.64
PDB Piedmont Bancorp, Inc. of NC 16.09 16.09 1.24 7.56 5.70 1.24 7.56 0.71 102.48 0.89
SSB Scotland Bancorp, Inc. of NC 24.70 24.70 1.47 5.01 5.56 1.47 5.01 NA NA 0.57
SZB SouthFirst Bancshares of AL 10.08 9.83 0.55 4.66 4.03 0.51 4.33 NA NA 0.74
SRN Southern Banc Company of AL 17.39 17.27 0.49 2.86 2.73 0.49 2.86 NA NA 0.19
SSM Stone Street Bancorp of NC 27.99 27.99 1.38 4.56 4.54 1.38 4.56 NA NA 0.64
TSH Teche Holding Company of LA 13.83 13.83 0.93 6.90 6.36 0.92 6.84 0.20 413.82 0.98
FTF Texarkana Fst. Fin. Corp of AR 15.23 15.23 1.76 11.38 6.51 1.73 11.19 0.12 445.58 0.67
THR Three Rivers Fin. Corp. of MI 13.53 13.48 0.88 6.44 6.22 0.81 5.99 1.00 48.12 0.74
WSB Washington SB, FSB of MD 8.42 8.42 0.73 8.64 7.11 0.50 5.89 NA NA 1.02
WFI Winton Financial Corp. of OH 7.17 7.03 1.05 14.60 5.47 0.86 12.04 NA NA NA
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 9.02 8.87 0.75 8.78 4.04 0.51 5.98 1.66 27.44 0.62
FBER 1st Bergen Bancorp of NJ 11.69 11.69 0.75 5.40 4.36 0.75 5.40 0.95 104.08 2.38
AFED AFSALA Bancorp, Inc. of NY(8) 12.13 12.13 0.75 5.80 5.15 0.77 5.93 0.37 185.39 1.46
ALBK ALBANK Fin. Corp. of Albany NY(8) 8.97 7.02 1.16 12.73 5.13 1.15 12.62 0.85 84.14 1.04
AMFC AMB Financial Corp. of IN 14.11 14.11 1.02 6.89 6.31 0.58 3.93 0.19 214.55 0.52
ASBP ASB Financial Corp. of OH 15.20 15.20 0.96 6.17 5.36 0.94 6.08 0.14 513.38 1.03
ABBK Abington Bancorp of MA* 6.29 5.72 0.86 12.72 6.76 0.73 10.78 0.14 353.60 0.77
AABC Access Anytime Bancorp of NM 8.09 8.09 1.45 18.31 12.19 1.35 17.02 0.08 535.05 0.67
Pricing Ratios Dividend Data(6)
--------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA(8) 17.79 236.33 12.87 321.21 18.86 0.88 1.41 25.14
BYS Bay State Bancorp of MA* 23.99 106.47 22.05 106.47 23.99 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 17.99 183.25 12.67 209.62 15.23 0.22 0.82 14.77
DME Dime Bancorp, Inc. of NY* 22.09 248.91 14.69 304.16 27.40 0.20 0.70 15.50
DSL Downey Financial Corp. of CA 17.78 201.64 15.32 203.95 17.39 0.32 1.00 17.78
FED FirstFed Fin. Corp. of CA 16.92 189.87 10.85 191.27 17.49 0.00 0.00 0.00
GSB Golden State Bancorp of CA(8) 12.77 138.36 8.35 153.40 11.83 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 13.57 179.91 12.77 179.91 13.53 0.50 0.57 7.72
GPT GreenPoint Fin. Corp. of NY* 21.84 242.05 23.41 NM 21.10 0.64 1.72 37.65
JSB JSB Financial, Inc. of NY* 17.16 135.45 32.26 135.45 19.29 1.60 3.12 53.51
OCN Ocwen Financial Corp. of FL 14.12 266.71 34.87 281.23 NM 0.00 0.00 0.00
SIB Staten Island Bancorp of NY* NM 124.95 32.74 128.26 24.53 0.32 1.65 74.42
WES Westcorp Inc. of Orange CA 19.05 95.09 8.30 95.31 NM 0.20 1.67 31.75
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares, Inc of LA 18.80 122.43 18.78 122.43 20.00 0.44 2.00 37.61
ANE Alliance Bncp of New Eng of CT* 14.37 158.03 12.60 161.92 24.51 0.20 1.60 22.99
BKC American Bank of Waterbury CT* 13.86 193.54 17.45 199.92 16.50 0.76 3.13 43.43
BFD BostonFed Bancorp of MA 15.87 136.99 10.79 142.08 18.75 0.40 1.94 30.77
CNY Carver Bancorp, Inc. of NY 26.96 78.97 6.42 81.85 NM 0.00 0.00 0.00
CBK Citizens First Fin.Corp. of IL 22.60 115.46 15.98 115.46 NM 0.00 0.00 0.00
EFC EFC Bancorp Inc of IL 21.43 96.62 22.97 96.62 21.43 0.00 0.00 0.00
EBI Equality Bancorp, Inc. of MO 26.12 125.70 12.70 125.70 NM 0.24 1.84 48.00
ESX Essex Bancorp of Norfolk VA(8) NM NM 1.54 NM NM 0.00 0.00 NM
FCB Falmouth Bancorp, Inc. of MA* 27.21 114.27 25.60 114.27 NM 0.24 1.30 35.29
FAB FirstFed America Bancorp of MA 21.80 116.48 11.54 116.48 25.91 0.20 1.12 24.39
GAF GA Financial Corp. of PA 13.36 97.67 13.68 98.54 14.22 0.56 3.61 48.28
HBS Haywood Bancshares, Inc. of NC* 11.65 113.51 16.86 117.21 11.65 0.60 2.93 34.09
KNK Kankakee Bancorp, Inc. of IL 14.15 111.50 10.75 134.01 14.55 0.48 1.54 21.82
KYF Kentucky First Bancorp of KY 18.20 127.94 21.80 127.94 18.44 0.50 3.48 63.29
NBN Northeast Bancorp of ME* 17.07 144.03 10.08 158.55 17.28 0.21 1.50 25.61
NEP Northeast PA Fin. Corp of PA NM 102.37 19.39 102.37 NM 0.00 0.00 NM
PDB Piedmont Bancorp, Inc. of NC 17.54 128.70 20.71 128.70 17.54 0.48 4.80 NM
SSB Scotland Bancorp, Inc. of NC 18.00 113.78 28.11 113.78 18.00 0.20 2.22 40.00
SZB SouthFirst Bancshares of AL 24.83 102.78 10.36 105.40 26.74 0.60 3.45 NM
SRN Southern Banc Company of AL NM 102.88 17.89 103.64 NM 0.35 2.28 NM
SSM Stone Street Bancorp of NC 22.04 104.63 29.28 104.63 22.04 0.46 2.61 57.50
TSH Teche Holding Company of LA 15.72 104.58 14.46 104.58 15.86 0.50 2.92 45.87
FTF Texarkana Fst. Fin. Corp of AR 15.36 169.86 25.87 169.86 15.63 0.56 2.04 31.28
THR Three Rivers Fin. Corp. of MI 16.09 101.06 13.67 101.44 17.29 0.44 2.71 43.56
WSB Washington SB, FSB of MD 14.07 118.81 10.00 118.81 20.63 0.10 1.62 22.73
WFI Winton Financial Corp. of OH 18.29 252.24 18.10 257.57 22.17 0.25 1.71 31.25
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN(8) 24.73 209.50 18.90 212.97 NM 0.27 0.60 14.84
FBER 1st Bergen Bancorp of NJ 22.92 132.05 15.44 132.05 22.92 0.20 1.12 25.64
AFED AFSALA Bancorp, Inc. of NY(8) 19.40 115.54 14.02 115.54 18.97 0.28 1.66 32.18
ALBK ALBANK Fin. Corp. of Albany NY(8) 19.50 233.42 20.94 298.39 19.68 0.84 1.30 25.30
AMFC AMB Financial Corp. of IN 15.84 107.01 15.09 107.01 27.72 0.28 1.68 26.67
ASBP ASB Financial Corp. of OH 18.65 115.26 17.52 115.26 18.94 0.40 3.25 60.61
ABBK Abington Bancorp of MA* 14.80 190.72 11.99 209.75 17.45 0.20 1.08 16.00
AABC Access Anytime Bancorp of NM 8.20 138.52 11.20 138.52 8.82 0.00 0.00 0.00
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 7, 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)
- ---------------------------------------
AFBC Advance Fin. Bancorp of WV 14.09 14.09 0.90 5.94 5.43 0.85 5.61 0.60 51.29 0.35
AFCB Affiliated Comm BC, Inc of MA(8) 10.17 10.12 1.09 11.05 5.42 1.04 10.50 0.36 220.69 1.28
ALBC Albion Banc Corp. of Albion NY 8.54 8.54 0.48 5.58 5.14 0.45 5.20 0.47 72.86 0.45
ABCL Alliance Bancorp, Inc. of IL 8.59 8.50 0.89 9.74 4.56 0.91 9.92 NA NA 0.47
ALLB Alliance Bank MHC of PA (19.9) 10.72 10.72 0.80 7.09 2.88 0.80 7.09 1.06 45.21 0.88
AHCI Ambanc Holding Co., Inc. of NY* 11.69 11.69 0.51 4.18 3.78 0.41 3.34 0.62 122.28 1.37
ASBI Ameriana Bancorp of IN 11.64 11.42 0.96 8.54 6.54 0.82 7.28 0.47 64.16 0.41
ABCW Anchor Bancorp Wisconsin of WI 6.40 6.30 1.06 16.55 5.11 0.94 14.75 NA NA 1.29
ANDB Andover Bancorp, Inc. of MA* 7.93 7.93 1.06 13.16 5.87 1.04 12.85 0.38 195.38 1.00
ASFC Astoria Financial Corp. of NY 7.96 5.63 0.81 10.32 5.50 0.75 9.49 0.45 72.22 0.77
AVND Avondale Fin. Corp. of IL 7.60 7.60 -0.78 -9.51 -10.46 -0.56 -6.84 1.25 84.71 2.83
BCSB BCSB Bankcorp MHC of MD (38.6) 16.27 16.27 0.80 4.95 3.10 0.80 4.95 0.43 82.78 0.56
BKCT Bancorp Connecticut of CT* 10.04 10.04 1.43 13.71 7.28 1.23 11.80 0.61 181.32 2.10
BPLS Bank Plus Corp. of CA 4.40 4.02 0.31 6.79 5.83 0.36 7.89 1.75 NA NA
BNKU Bank United Corp. of TX 4.98 4.50 0.87 17.22 7.58 0.82 16.38 NA NA 0.46
BWFC Bank West Fin. Corp. of MI 12.99 12.99 0.66 4.68 3.53 0.53 3.76 0.44 35.64 0.23
BANC BankAtlantic Bancorp of FL 6.16 5.16 0.90 15.08 6.79 0.38 6.40 0.81 100.62 1.12
BKUNA BankUnited Fin. Corp. of FL 4.38 3.80 0.28 6.84 3.45 0.21 5.21 0.44 32.93 0.19
BVCC Bay View Capital Corp. of CA 7.28 4.66 0.39 6.08 2.80 0.60 9.47 NA NA 1.05
FSNJ Bayonne Banchsares of NJ 15.27 15.27 0.72 5.61 2.95 0.72 5.61 0.56 75.74 0.92
BFSB Bedford Bancshares, Inc. of VA 13.30 13.30 1.19 8.45 5.03 1.19 8.45 0.21 232.62 0.60
BFFC Big Foot Fin. Corp. of IL 18.28 18.28 0.52 2.95 2.75 0.45 2.55 0.09 150.75 0.28
BYFC Broadway Fin. Corp. of CA 10.13 10.13 0.48 4.65 7.10 0.33 3.23 1.22 69.07 1.01
BRKL Brookline Bncp MHC of MA(47.0) 33.21 33.21 1.92 8.85 3.45 1.92 8.85 0.60 251.07 2.37
CBES CBES Bancorp, Inc. of MO 14.23 14.23 1.04 6.29 6.16 0.86 5.22 NA NA 0.58
CCFH CCF Holding Company of GA 8.09 8.09 0.14 1.36 0.88 -0.13 -1.21 0.41 123.98 0.67
CITZ CFS Bancorp, Inc. of IN 17.41 17.41 0.58 3.31 3.33 0.64 3.68 0.97 42.69 1.01
CFSB CFSB Bancorp of Lansing MI 7.72 7.72 1.32 17.10 5.71 1.20 15.61 0.21 275.17 0.64
CKFB CKF Bancorp of Danville KY 21.34 21.34 1.87 8.18 7.50 1.42 6.19 0.45 NA NA
CNSB CNS Bancorp, Inc. of MO 24.68 24.68 0.91 3.68 3.43 0.84 3.41 0.07 569.23 0.57
CSBF CSB Financial Group Inc of IL 23.14 21.83 0.51 2.19 2.73 0.44 1.89 0.99 38.40 0.66
CBCI Calumet Bancorp of Chicago IL 17.49 17.49 2.08 12.70 10.74 2.09 12.74 1.21 99.71 1.56
CAFI Camco Fin. Corp. of OH 9.90 9.28 1.26 13.08 7.04 0.95 9.87 0.68 43.07 0.35
CMRN Cameron Fin. Corp. of MO 20.78 20.78 1.16 5.38 5.67 1.13 5.26 0.81 95.78 0.94
CFNC Carolina Fincorp of NC* 22.35 22.35 0.92 4.05 5.27 1.06 4.64 0.15 226.37 0.49
CASB Cascade Financial Corp. of WA 6.98 6.98 0.77 11.72 4.82 0.73 11.08 0.54 171.37 1.07
CATB Catskill Fin. Corp. of NY* 23.42 23.42 1.33 5.33 5.19 1.31 5.27 0.22 282.65 1.43
CAVB Cavalry Bancorp of TN 28.43 28.43 1.48 7.18 3.02 1.02 4.98 0.05 NA 1.26
CNIT Cenit Bancorp of Norfolk VA 6.88 6.34 0.90 12.81 5.86 0.84 11.92 0.36 145.18 0.72
CEBK Central Co-Op. Bank of MA* 9.78 8.88 0.86 8.65 6.53 0.67 6.70 0.44 173.54 1.02
CENB Century Bancorp, Inc. of NC(8) 17.75 17.75 1.33 4.81 7.71 1.33 4.81 0.37 144.73 0.82
COFI Charter One Financial of OH 7.37 6.91 0.88 12.53 3.78 1.21 17.25 0.38 148.17 0.84
CVAL Chester Valley Bancorp of PA 8.67 8.67 1.02 11.89 5.24 0.93 10.80 0.24 390.28 1.21
CLAS Classic Bancshares, Inc. of KY 15.57 13.35 0.77 5.13 4.80 0.97 6.44 0.43 147.86 0.91
CBSA Coastal Bancorp of Houston TX 3.73 3.21 0.49 13.93 8.13 0.50 14.30 NA NA 0.62
CFCP Coastal Fin. Corp. of SC 6.03 6.03 1.22 19.88 5.42 1.01 16.41 0.91 98.94 1.22
CFKY Columbia Financial of KY 28.28 28.28 0.93 3.28 3.14 0.91 3.20 NA NA 0.49
CMSB Commonwealth Bancorp Inc of PA 9.13 7.30 0.67 7.17 5.37 0.51 5.38 0.41 97.65 0.66
CMSV Commty. Svgs, MHC of FL (48.5)(8) 10.80 10.80 0.74 6.58 3.18 0.68 6.07 0.26 134.87 0.55
CFTP Community Fed. Bancorp of MS 23.66 23.66 1.20 4.37 3.52 1.14 4.15 0.28 78.26 0.41
CFFC Community Fin. Corp. of VA 13.87 13.82 1.02 7.44 5.16 1.02 7.44 0.51 119.08 0.68
CIBI Community Inv. Bancorp of OH 10.98 10.98 0.94 8.14 4.69 0.94 8.14 0.56 98.23 0.66
COOP Cooperative Bancshares of NC 7.63 7.63 0.63 8.22 4.84 0.57 7.46 0.08 330.28 0.34
CRZY Crazy Woman Creek Bncorp of WY 23.58 23.58 1.28 5.18 4.82 1.28 5.18 0.13 355.84 0.92
DNFC D&N Financial Corp. of MI 5.44 5.40 0.87 15.81 6.65 0.77 13.97 0.50 113.36 0.83
DCBI Delphos Citizens Bancorp of OH 24.96 24.96 1.58 5.87 5.81 1.58 5.87 NA NA NA
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)
- ---------------------------------------
AFBC Advance Fin. Bancorp of WV 18.40 112.81 15.90 112.81 19.50 0.32 1.95 35.96
AFCB Affiliated Comm BC, Inc of MA(8) 18.44 192.87 19.61 193.76 19.40 0.60 1.79 32.97
ALBC Albion Banc Corp. of Albion NY 19.44 105.68 9.03 105.68 20.83 0.12 1.37 26.67
ABCL Alliance Bancorp, Inc. of IL 21.91 206.75 17.77 209.11 21.51 0.44 1.84 40.37
ALLB Alliance Bank MHC of PA (19.9) NM 240.76 25.80 240.76 NM 0.36 1.67 58.06
AHCI Ambanc Holding Co., Inc. of NY* 26.47 111.28 13.01 111.28 NM 0.24 1.51 40.00
ASBI Ameriana Bancorp of IN 15.30 127.70 14.86 130.13 17.93 0.64 3.61 55.17
ABCW Anchor Bancorp Wisconsin of WI 19.57 313.81 20.08 318.70 21.95 0.40 0.89 17.39
ANDB Andover Bancorp, Inc. of MA* 17.03 212.04 16.81 212.04 17.45 0.72 2.00 34.12
ASFC Astoria Financial Corp. of NY 18.18 151.91 12.09 214.66 19.77 0.80 1.61 29.30
AVND Avondale Fin. Corp. of IL NM 97.08 7.38 97.08 NM 0.00 0.00 NM
BCSB BCSB Bankcorp MHC of MD (38.6) NM 159.75 25.99 159.75 NM 0.00 0.00 0.00
BKCT Bancorp Connecticut of CT* 13.73 177.81 17.85 177.81 15.95 0.54 3.22 44.26
BPLS Bank Plus Corp. of CA 17.15 111.08 4.88 121.35 14.76 0.00 0.00 0.00
BNKU Bank United Corp. of TX 13.19 209.87 10.46 232.23 13.86 0.64 1.48 19.45
BWFC Bank West Fin. Corp. of MI 28.37 130.24 16.92 130.24 NM 0.24 2.06 58.54
BANC BankAtlantic Bancorp of FL 14.73 181.59 11.18 216.73 NM 0.10 0.93 13.70
BKUNA BankUnited Fin. Corp. of FL 29.02 129.27 5.67 149.02 NM 0.00 0.00 0.00
BVCC Bay View Capital Corp. of CA NM 126.50 9.21 197.64 22.88 0.40 1.65 58.82
FSNJ Bayonne Banchsares of NJ NM 149.77 22.87 149.77 NM 0.25 1.54 52.08
BFSB Bedford Bancshares, Inc. of VA 19.88 161.51 21.47 161.51 19.88 0.32 2.24 44.44
BFFC Big Foot Fin. Corp. of IL NM 104.99 19.19 104.99 NM 0.00 0.00 0.00
BYFC Broadway Fin. Corp. of CA 14.09 64.46 6.53 64.46 20.25 0.19 1.95 27.54
BRKL Brookline Bncp MHC of MA(47.0) 29.00 146.09 48.52 146.09 29.00 0.20 1.47 42.55
CBES CBES Bancorp, Inc. of MO 16.24 107.77 15.34 107.77 19.59 0.48 2.53 41.03
CCFH CCF Holding Company of GA NM 158.79 12.85 158.79 NM 0.64 3.12 NM
CITZ CFS Bancorp, Inc. of IN NM 99.36 17.29 99.36 27.03 0.00 0.00 0.00
CFSB CFSB Bancorp of Lansing MI 17.52 300.00 23.17 300.00 19.20 0.52 2.17 37.96
CKFB CKF Bancorp of Danville KY 13.33 114.46 24.43 114.46 17.60 0.54 2.98 39.71
CNSB CNS Bancorp, Inc. of MO 29.17 107.66 26.57 107.66 NM 0.24 1.52 44.44
CSBF CSB Financial Group Inc of IL NM 80.41 18.61 85.24 NM 0.00 0.00 0.00
CBCI Calumet Bancorp of Chicago IL 9.31 110.93 19.40 110.93 9.28 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 14.19 160.75 15.91 171.44 18.82 0.39 2.33 33.05
CMRN Cameron Fin. Corp. of MO 17.63 93.52 19.44 93.52 18.01 0.28 1.67 29.47
CFNC Carolina Fincorp of NC* 18.98 75.16 16.80 75.16 16.57 0.24 2.30 43.64
CASB Cascade Financial Corp. of WA 20.73 211.90 14.79 211.90 21.93 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 19.27 106.02 24.83 106.02 19.50 0.32 1.95 37.65
CAVB Cavalry Bancorp of TN NM 154.95 44.05 154.95 NM 0.20 0.98 32.26
CNIT Cenit Bancorp of Norfolk VA 17.05 216.75 14.91 235.04 18.33 0.40 1.82 31.01
CEBK Central Co-Op. Bank of MA* 15.32 126.87 12.41 139.71 19.79 0.32 1.35 20.65
CENB Century Bancorp, Inc. of NC(8) 12.97 94.31 16.74 94.31 12.97 0.68 4.95 64.15
COFI Charter One Financial of OH 26.43 268.30 19.77 285.86 19.19 0.56 1.86 49.12
CVAL Chester Valley Bancorp of PA 19.08 212.61 18.43 212.61 21.01 0.44 1.52 28.95
CLAS Classic Bancshares, Inc. of KY 20.83 103.50 16.11 120.73 16.58 0.32 1.97 41.03
CBSA Coastal Bancorp of Houston TX 12.30 159.14 5.93 184.52 11.98 0.00 0.00 0.00
CFCP Coastal Fin. Corp. of SC 18.45 337.48 20.35 337.48 22.35 0.28 1.47 27.18
CFKY Columbia Financial of KY NM 104.32 29.50 104.32 NM 0.28 2.00 63.64
CMSB Commonwealth Bancorp Inc of PA 18.63 132.13 12.06 165.31 24.84 0.32 1.72 32.00
CMSV Commty. Svgs, MHC of FL (48.5)(8) NM 200.99 21.71 200.99 NM 0.90 2.78 NM
CFTP Community Fed. Bancorp of MS 28.39 126.13 29.85 126.13 29.91 0.32 1.91 54.24
CFFC Community Fin. Corp. of VA 19.37 137.91 19.13 138.47 19.37 0.28 2.04 39.44
CIBI Community Inv. Bancorp of OH 21.32 173.24 19.03 173.24 21.32 0.24 1.66 35.29
COOP Cooperative Bancshares of NC 20.67 161.12 12.30 161.12 22.79 0.00 0.00 0.00
CRZY Crazy Woman Creek Bncorp of WY 20.73 105.75 24.94 105.75 20.73 0.40 2.44 50.63
DNFC D&N Financial Corp. of MI 15.03 220.72 12.01 222.52 17.01 0.20 0.82 12.27
DCBI Delphos Citizens Bancorp of OH 17.20 105.19 26.26 105.19 17.20 0.24 1.50 25.81
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 August 7, 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)
- ---------------------------------------
DCOM Dime Community Bancorp of NY* 12.01 10.44 0.83 6.19 3.98 0.78 5.80 0.39 189.26 1.27
DIBK Dime Financial Corp. of CT(8)* 8.11 7.92 1.70 21.03 9.01 1.69 20.89 NA NA 3.15
ESBF ESB Financial Corp of PA 7.20 6.42 0.70 9.13 5.55 0.69 9.04 0.44 116.49 1.37
EGLB Eagle BancGroup of IL 11.47 11.47 0.34 2.87 2.67 0.17 1.43 0.73 75.47 0.82
EBSI Eagle Bancshares of Tucker GA 6.50 6.50 0.78 10.10 5.24 0.78 10.10 0.95 59.71 0.74
ETFS East Texas Fin. Serv. of TX 17.43 17.43 0.60 3.31 3.20 0.54 3.01 0.41 46.61 0.38
ESBK Elmira Svgs Bank (The) of NY* 6.21 6.21 0.44 7.04 5.15 0.47 7.45 0.68 97.63 0.85
EMLD Emerald Financial Corp. of OH 8.26 8.16 1.09 13.91 5.12 1.01 12.83 0.30 86.50 0.32
EFBC Empire Federal Bancorp of MT 36.75 36.75 1.47 3.98 4.33 1.47 3.98 0.01 NA 0.43
EFBI Enterprise Fed. Bancorp of OH 9.96 9.71 0.78 6.96 3.66 0.67 5.95 0.01 NA 0.29
EQSB Equitable FSB of Wheaton MD 5.18 5.18 0.72 14.02 6.32 0.69 13.56 NA NA NA
FCBF FCB Fin. Corp. of Neenah WI 14.47 14.47 1.24 8.47 5.03 0.92 6.28 0.26 266.59 0.91
FFDF FFD Financial Corp. of OH 22.27 22.27 1.73 7.25 5.89 0.78 3.26 0.08 329.27 0.40
FFLC FFLC Bancorp of Leesburg FL 12.71 12.71 0.98 7.27 5.35 0.92 6.83 0.26 192.43 0.59
FFWC FFW Corporation of Wabash IN 9.58 8.79 1.01 10.46 7.00 0.98 10.12 NA NA NA
FFYF FFY Financial Corp. of OH 13.10 13.10 1.28 9.36 5.51 1.26 9.21 0.51 82.43 0.56
FMCO FMS Financial Corp. of NJ 5.95 5.89 0.90 14.40 5.50 0.90 14.40 0.70 68.77 1.07
FFHH FSF Financial Corp. of MN 10.40 10.40 0.83 7.46 6.24 0.81 7.26 0.20 123.88 0.37
FOBC Fed One Bancorp of Wheeling WV(8) 11.24 10.79 0.86 7.69 3.25 0.86 7.63 0.36 111.72 0.90
FBCI Fidelity Bancorp of Chicago IL 10.79 10.77 0.21 1.99 1.53 0.62 5.92 0.24 45.86 0.14
FSBI Fidelity Bancorp, Inc. of PA 6.84 6.84 0.75 10.93 6.84 0.74 10.78 0.08 658.57 1.05
FFFL Fidelity Bcsh MHC of FL (47.7) 6.70 6.50 0.66 8.52 4.00 0.57 7.32 0.32 75.42 0.36
FFED Fidelity Fed. Bancorp of IN 6.78 6.78 -0.34 -5.64 -4.25 -0.26 -4.29 0.38 613.16 2.77
FFOH Fidelity Financial of OH 12.06 10.68 0.92 7.30 5.90 0.89 7.05 NA NA NA
FIBC Financial Bancorp, Inc. of NY(8) 9.04 9.01 0.94 10.24 4.47 0.92 9.99 NA NA NA
FBSI First Bancshares, Inc. of MO 13.42 12.86 1.11 7.98 6.36 1.08 7.79 0.87 33.59 0.36
FBBC First Bell Bancorp of PA 11.22 11.22 1.09 10.37 6.62 1.05 10.01 0.05 191.03 0.13
SKBO First Carnegie MHC of PA(45.0) 16.86 16.86 0.65 4.26 2.92 0.77 5.08 0.77 47.99 0.80
FSTC First Citizens Corp of GA 10.09 8.07 1.90 19.61 7.93 1.72 17.76 1.12 99.21 1.46
FCME First Coastal Corp. of ME* 10.06 10.06 0.85 8.88 7.75 0.74 7.75 0.24 650.60 2.55
FFBA First Colorado Bancorp of CO(8) 13.46 13.19 1.31 9.87 4.63 1.24 9.36 0.20 158.86 0.42
FDEF First Defiance Fin.Corp. of OH 17.64 17.64 0.95 4.82 4.84 0.90 4.60 0.31 156.70 0.61
FESX First Essex Bancorp of MA* 7.05 6.21 0.84 11.62 6.18 0.76 10.51 0.45 191.23 1.48
FFSX First FSB MHC Sxld of IA(46.1) 7.21 5.70 0.68 8.30 3.80 0.69 8.38 0.34 138.30 0.64
FFES First Fed of E. Hartford CT 6.92 6.92 0.58 8.73 6.27 0.64 9.66 0.33 84.42 1.30
BDJI First Fed. Bancorp. of MN 10.89 10.89 0.68 6.36 4.40 0.68 6.36 0.18 202.30 0.78
FFBH First Fed. Bancshares of AR 14.77 14.77 0.99 6.58 4.88 0.94 6.22 0.86 NA NA
FTFC First Fed. Capital Corp. of WI 7.17 6.81 1.19 17.61 6.25 0.90 13.38 0.23 212.49 0.75
FFKY First Fed. Fin. Corp. of KY 13.21 12.51 1.63 12.01 5.50 1.59 11.69 0.53 84.57 0.52
FFBZ First Federal Bancorp of OH 7.62 7.61 0.90 11.79 5.27 0.90 11.79 0.54 190.00 1.19
FFCH First Fin. Holdings Inc. of SC 6.36 6.36 0.88 14.12 5.36 0.85 13.62 1.26 51.68 0.80
FFHS First Franklin Corp. of OH 9.24 9.20 0.82 9.01 8.40 0.71 7.80 0.90 49.39 0.69
FGHC First Georgia Hold. Corp of GA 8.09 7.55 1.13 13.67 3.04 1.13 13.67 1.65 37.32 0.71
FFSL First Independence Corp. of KS 9.28 9.28 0.66 6.58 6.45 0.66 6.58 0.56 95.21 0.72
FISB First Indiana Corp. of IN 9.26 9.15 1.15 12.08 6.02 0.87 9.17 NA NA 1.65
FKAN First Kansas Financial of KS 18.69 18.69 0.88 4.71 5.48 0.88 4.71 0.17 111.18 0.38
FKFS First Keystone Fin. Corp of PA 6.67 6.67 0.77 11.25 7.06 0.68 9.96 1.34 34.27 0.89
FLKY First Lancaster Bncshrs of KY 26.64 26.64 1.03 3.44 3.71 1.03 3.44 1.70 18.91 0.36
FLFC First Liberty Fin. Corp. of GA 7.35 6.72 0.77 10.35 4.00 0.80 10.84 0.82 114.75 1.38
CASH First Midwest Fin., Inc. of OH 10.51 9.36 0.73 6.66 5.14 0.66 5.99 NA NA NA
FMBD First Mutual Bancorp Inc of IL(8) 14.15 10.96 0.32 2.39 2.10 0.25 1.87 0.33 115.88 0.48
FMSB First Mutual SB of Bellevue WA* 6.79 6.79 1.01 15.06 6.87 0.99 14.77 0.11 989.94 1.26
FNGB First Northern Cap. Corp of WI 11.10 11.10 0.97 8.62 5.36 0.90 8.01 0.12 400.84 0.54
FFPB First Palm Beach Bancorp of FL 6.53 6.39 0.53 8.19 4.55 0.34 5.22 0.51 59.41 0.50
FWWB First Savings Bancorp of WA 13.01 12.06 1.20 8.71 5.77 1.12 8.12 0.23 301.38 1.03
FSFF First SecurityFed Fin of IL 28.92 28.84 1.03 5.32 2.97 1.61 8.33 0.37 158.47 0.96
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)
- ---------------------------------------
DCOM Dime Community Bancorp of NY* 25.14 155.18 18.63 178.48 26.81 0.40 1.66 41.67
DIBK Dime Financial Corp. of CT(8)* 11.10 209.57 17.00 214.67 11.17 0.48 1.47 16.33
ESBF ESB Financial Corp of PA 18.02 155.37 11.18 174.05 18.20 0.36 1.96 35.29
EGLB Eagle BancGroup of IL NM 106.78 12.25 106.78 NM 0.00 0.00 0.00
EBSI Eagle Bancshares of Tucker GA 19.10 184.65 12.00 184.65 19.10 0.64 2.66 50.79
ETFS East Texas Fin. Serv. of TX NM 102.63 17.89 102.63 NM 0.20 1.42 44.44
ESBK Elmira Svgs Bank (The) of NY* 19.42 137.54 8.55 137.54 18.37 0.64 2.37 46.04
EMLD Emerald Financial Corp. of OH 19.53 252.53 20.85 255.62 21.19 0.14 1.12 21.88
EFBC Empire Federal Bancorp of MT 23.08 91.26 33.54 91.26 23.08 0.32 2.24 51.61
EFBI Enterprise Fed. Bancorp of OH 27.31 170.80 17.01 175.16 NM 1.00 3.55 NM
EQSB Equitable FSB of Wheaton MD 15.81 205.99 10.68 205.99 16.34 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI 19.87 154.88 22.40 154.88 26.79 0.88 2.93 58.28
FFDF FFD Financial Corp. of OH 16.97 119.90 26.70 119.90 NM 0.30 1.62 27.52
FFLC FFLC Bancorp of Leesburg FL 18.69 136.02 17.29 136.02 19.87 0.36 1.91 35.64
FFWC FFW Corporation of Wabash IN 14.29 137.83 13.21 150.25 14.75 0.42 2.33 33.33
FFYF FFY Financial Corp. of OH 18.13 168.11 22.02 168.11 18.42 0.80 2.29 41.45
FMCO FMS Financial Corp. of NJ 18.17 246.92 14.68 249.18 18.17 0.12 0.88 16.00
FFHH FSF Financial Corp. of MN 16.03 121.00 12.58 121.00 16.48 0.50 2.84 45.45
FOBC Fed One Bancorp of Wheeling WV(8) NM 230.97 25.97 240.62 NM 0.62 1.56 48.06
FBCI Fidelity Bancorp of Chicago IL NM 127.44 13.75 127.65 21.96 0.40 1.70 NM
FSBI Fidelity Bancorp, Inc. of PA 14.61 148.11 10.12 148.11 14.82 0.36 1.73 25.35
FFFL Fidelity Bcsh MHC of FL (47.7) 25.00 205.61 13.78 211.97 29.08 0.90 3.36 NM
FFED Fidelity Fed. Bancorp of IN NM 137.38 9.31 137.38 NM 0.20 3.40 NM
FFOH Fidelity Financial of OH 16.95 126.72 15.28 143.06 17.56 0.32 2.17 36.78
FIBC Financial Bancorp, Inc. of NY(8) 22.38 220.63 19.95 221.58 22.94 0.50 1.38 30.86
FBSI First Bancshares, Inc. of MO 15.73 120.93 16.23 126.18 16.12 0.12 0.92 14.46
FBBC First Bell Bancorp of PA 15.11 152.06 17.06 152.06 15.66 0.40 2.30 34.78
SKBO First Carnegie MHC of PA(45.0) NM 132.41 22.33 132.41 28.76 0.30 2.09 71.43
FSTC First Citizens Corp of GA 12.61 217.90 21.98 272.37 13.93 0.32 1.14 14.41
FCME First Coastal Corp. of ME* 12.90 109.28 10.99 109.28 14.79 0.00 0.00 0.00
FFBA First Colorado Bancorp of CO(8) 21.61 205.81 27.70 210.05 22.77 0.52 2.04 44.07
FDEF First Defiance Fin.Corp. of OH 20.65 108.69 19.17 108.69 21.63 0.36 2.64 54.55
FESX First Essex Bancorp of MA* 16.18 182.57 12.86 207.16 17.89 0.56 2.55 41.18
FFSX First FSB MHC Sxld of IA(46.1) 26.29 210.20 15.15 265.68 26.07 0.48 1.57 41.38
FFES First Fed of E. Hartford CT 15.94 132.05 9.13 132.05 14.41 0.68 2.06 32.85
BDJI First Fed. Bancorp. of MN 22.73 141.70 15.43 141.70 22.73 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 20.50 131.58 19.43 131.58 21.67 0.28 1.23 25.23
FTFC First Fed. Capital Corp. of WI 16.00 261.44 18.75 275.39 21.05 0.28 1.75 28.00
FFKY First Fed. Fin. Corp. of KY 18.18 212.21 28.03 224.09 18.67 0.56 2.03 36.84
FFBZ First Federal Bancorp of OH 18.97 214.84 16.37 215.26 18.97 0.14 1.27 24.14
FFCH First Fin. Holdings Inc. of SC 18.64 240.00 15.27 240.00 19.33 0.42 2.01 37.50
FFHS First Franklin Corp. of OH 11.90 103.82 9.59 104.25 13.74 0.30 2.40 28.57
FGHC First Georgia Hold. Corp of GA NM NM 34.18 NM NM 0.00 0.00 0.00
FFSL First Independence Corp. of KS 15.51 101.49 9.42 101.49 15.51 0.30 2.45 37.97
FISB First Indiana Corp. of IN 16.62 191.66 17.75 193.88 21.91 0.48 2.05 34.04
FKAN First Kansas Financial of KS 18.25 85.95 16.06 85.95 18.25 0.00 0.00 0.00
FKFS First Keystone Fin. Corp of PA 14.16 150.38 10.02 150.38 16.00 0.20 1.25 17.70
FLKY First Lancaster Bncshrs of KY 26.96 92.22 24.57 92.22 26.96 0.60 4.36 NM
FLFC First Liberty Fin. Corp. of GA 25.00 247.96 18.23 271.05 23.88 0.30 1.41 35.29
CASH First Midwest Fin., Inc. of OH 19.44 130.92 13.77 147.04 21.60 0.48 2.25 43.64
FMBD First Mutual Bancorp Inc of IL(8) NM 112.72 15.95 145.58 NM 0.32 1.82 NM
FMSB First Mutual SB of Bellevue WA* 14.56 207.76 14.11 207.76 14.85 0.20 1.33 19.42
FNGB First Northern Cap. Corp of WI 18.66 156.25 17.34 156.25 20.08 0.36 2.72 50.70
FFPB First Palm Beach Bancorp of FL 22.00 172.80 11.29 176.59 NM 0.70 1.78 39.11
FWWB First Savings Bancorp of WA 17.33 151.62 19.73 163.66 18.60 0.33 1.44 25.00
FSFF First SecurityFed Fin of IL NM 106.24 30.72 106.53 21.53 0.00 0.00 0.00
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 7, 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)
- ---------------------------------------
FSLA First Source Bancorp of NJ 20.55 20.55 1.09 5.31 4.34 1.09 5.31 0.47 115.69 1.04
SOPN First Svgs Bancorp of NC 23.03 23.03 1.78 7.65 5.96 1.78 7.65 0.16 125.31 0.30
FBNW FirstBank Corp of Clarkston WA 16.36 16.36 1.03 7.72 4.47 0.62 4.67 0.39 160.81 0.78
FFDB FirstFed Bancorp, Inc. of AL 9.72 8.95 0.93 9.58 4.77 0.93 9.58 1.32 46.08 0.93
FSPT FirstSpartan Fin. Corp. of SC 26.29 26.29 1.33 6.94 4.03 1.32 6.89 0.38 111.34 0.51
FLAG Flag Financial Corp of GA 8.89 8.89 0.87 9.46 2.57 0.62 6.67 0.99 91.47 1.30
FLGS Flagstar Bancorp, Inc of MI 5.21 5.04 1.30 21.55 6.72 1.30 21.55 2.32 11.78 0.31
FFIC Flushing Fin. Corp. of NY* 12.72 12.23 0.93 6.62 4.75 0.93 6.62 0.31 196.12 1.00
FBHC Fort Bend Holding Corp. of TX(8) 6.76 6.36 0.65 10.16 5.55 0.46 7.23 NA NA NA
FTSB Fort Thomas Fin. Corp. of KY 15.77 15.77 1.23 7.71 6.25 1.23 7.71 2.22 19.86 0.49
FKKY Frankfort First Bancorp of KY 16.95 16.95 0.25 1.31 1.44 0.80 4.26 NA NA 0.08
FTNB Fulton Bancorp, Inc. of MO 23.37 23.37 1.22 5.01 4.32 0.95 3.88 0.70 126.01 1.06
GUPB GFSB Bancorp, Inc of Gallup NM 12.34 12.34 0.91 6.67 5.45 0.91 6.67 0.37 86.67 0.54
GSLA GS Financial Corp. of LA 41.63 41.63 1.44 3.79 3.93 1.29 3.39 0.13 264.81 0.77
GOSB GSB Financial Corp. of NY* 28.14 28.14 0.73 3.54 2.79 0.69 3.36 0.09 NA NA
GBNK Gaston Fed Bncp MHC of NC(47.0) 22.48 22.48 1.13 5.02 3.21 1.13 5.02 0.50 132.06 0.96
GFCO Glenway Financial Corp. of OH 9.57 9.49 0.86 9.12 5.05 0.87 9.20 0.19 184.71 0.41
GTPS Great American Bancorp of IL 18.33 18.33 0.66 3.24 2.67 0.66 3.24 0.08 484.87 0.47
PEDE Great Pee Dee Bancorp of SC 45.12 45.12 1.05 2.33 2.40 1.05 2.33 0.73 65.48 0.59
GSFC Green Street Fin. Corp. of NC 35.78 35.78 1.60 4.49 4.59 1.60 4.49 0.07 216.10 0.19
GFED Guaranty Fed Bancshares of MO 28.34 28.34 1.12 5.49 3.01 1.09 5.34 0.35 241.97 1.05
HCBB HCB Bancshares of Camden AR 17.25 17.04 0.33 1.99 1.89 0.33 1.99 NA NA 1.38
HEMT HF Bancorp of Hemet CA 7.86 6.67 -0.04 -0.54 -0.42 0.13 1.62 NA NA NA
HFFC HF Financial Corp. of SD 9.72 9.72 1.09 11.50 6.44 1.01 10.69 0.53 239.17 1.62
HFNC HFNC Financial Corp. of NC(8) 17.24 17.24 1.34 7.36 5.77 0.92 5.05 0.53 131.75 0.86
HMNF HMN Financial, Inc. of MN 11.61 10.79 0.92 6.94 7.07 0.65 4.91 0.09 449.77 0.61
HALL Hallmark Capital Corp. of WI 7.68 7.68 0.67 9.13 6.72 0.64 8.65 0.33 163.10 0.82
HRBF Harbor Federal Bancorp of MD 12.69 12.69 0.75 5.86 4.83 0.72 5.60 0.42 50.26 0.33
HARB Harbor Florida Bancshrs of FL 19.82 19.60 1.25 11.35 3.94 1.20 10.87 0.43 208.24 1.27
HFSA Hardin Bancorp of Hardin MO 11.13 11.13 0.77 6.54 6.29 0.66 5.62 NA NA NA
HARL Harleysville SB of PA 6.67 6.67 1.01 15.25 6.71 1.01 15.25 NA NA 0.79
HFGI Harrington Fin. Group of IN 4.42 4.42 -0.02 -0.40 -0.29 0.05 1.06 0.18 40.45 0.22
HARS Harris Fin. MHC of PA (24.3) 8.13 7.30 0.88 10.96 2.89 0.72 8.96 0.66 60.54 0.97
HFFB Harrodsburg 1st Fin Bcrp of KY 26.46 26.46 1.36 5.08 4.94 1.36 5.08 0.44 79.96 0.45
HHFC Harvest Home Fin. Corp. of OH 11.34 11.34 0.63 5.42 4.34 0.62 5.34 0.23 56.81 0.27
HAVN Haven Bancorp of Woodhaven NY 5.65 5.64 0.53 9.13 5.89 0.53 9.05 0.45 132.08 0.97
HTHR Hawthorne Fin. Corp. of CA 4.25 4.25 0.97 21.97 16.53 1.14 25.72 6.04 22.28 1.46
HMLK Hemlock Fed. Fin. Corp. of IL 16.20 16.20 0.99 5.53 4.86 0.99 5.53 0.16 248.40 0.94
HBSC Heritage Bancorp, Inc of SC 28.79 28.79 1.16 4.02 4.05 1.16 4.02 0.49 46.93 0.38
HFWA Heritage Financial Corp of WA 28.80 28.80 1.11 5.92 2.87 0.57 3.04 0.12 761.93 1.28
HCBC High Country Bancorp of CO 19.56 19.56 0.84 5.87 3.79 0.84 5.87 0.45 167.06 0.94
HBNK Highland Bancorp of CA 7.84 7.84 1.30 17.04 6.88 1.13 14.86 1.84 88.38 2.06
HIFS Hingham Inst. for Sav. of MA* 9.48 9.48 1.25 13.13 7.78 1.25 13.13 0.17 396.87 0.90
HBEI Home Bancorp of Elgin IL(8) 25.92 25.92 0.70 2.57 2.48 0.70 2.57 0.28 107.27 0.35
HBFW Home Bancorp of Fort Wayne IN 12.03 12.03 0.86 6.72 4.48 0.84 6.56 0.10 402.90 0.43
HCFC Home City Fin. Corp. of OH 18.58 18.58 1.29 6.57 6.80 1.29 6.57 NA NA 0.63
HOMF Home Fed Bancorp of Seymour IN 9.20 8.95 1.45 16.58 7.09 1.17 13.44 0.59 100.21 0.71
HWEN Home Financial Bancorp of IN 17.99 17.99 0.94 5.32 4.80 0.74 4.18 1.32 53.55 0.86
HLFC Home Loan Financial Corp of OH 38.94 38.94 1.30 5.70 2.49 1.30 5.70 NA NA NA
HPBC Home Port Bancorp, Inc. of MA* 9.78 9.78 1.47 14.04 6.65 1.63 15.59 0.26 453.64 1.38
HSTD Homestead Bancorp, Inc. of LA 21.66 21.66 0.75 3.46 4.21 0.75 3.46 0.27 158.33 0.83
HFBC HopFed Bancorp of KY 25.98 25.98 1.12 10.32 3.91 1.12 10.32 0.15 70.97 0.23
HZFS Horizon Fin'l. Services of IA 9.11 9.11 0.91 9.24 5.85 0.70 7.08 0.92 45.20 0.69
HRZB Horizon Financial Corp. of WA* 15.33 15.33 1.56 10.02 7.10 1.54 9.93 0.02 NA 0.88
HRBT Hudson River Bancorp Inc of NY 26.74 26.74 0.90 3.36 3.09 1.03 3.85 2.57 47.68 1.62
IBSF IBS Financial Corp. of NJ(8) 17.36 17.36 0.82 4.70 3.36 0.82 4.70 NA NA 0.45
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)
- ---------------------------------------
FSLA First Source Bancorp of NJ 23.02 122.28 25.13 122.28 23.02 0.18 1.91 43.90
SOPN First Svgs Bancorp of NC 16.79 126.28 29.08 126.28 16.79 1.00 4.26 71.43
FBNW FirstBank Corp of Clarkston WA 22.38 127.23 20.81 127.23 NM 0.32 1.66 37.21
FFDB FirstFed Bancorp, Inc. of AL 20.97 197.14 19.15 213.90 20.97 0.56 1.94 40.58
FSPT FirstSpartan Fin. Corp. of SC 24.84 126.38 33.22 126.38 25.00 0.60 1.59 39.47
FLAG Flag Financial Corp of GA NM NM 31.59 NM NM 0.24 1.40 54.55
FLGS Flagstar Bancorp, Inc of MI 14.89 278.92 14.53 288.05 14.89 0.28 1.03 15.30
FFIC Flushing Fin. Corp. of NY* 21.05 136.67 17.38 142.10 21.05 0.32 1.33 28.07
FBHC Fort Bend Holding Corp. of TX(8) 18.02 169.78 11.48 180.34 25.32 0.40 2.00 36.04
FTSB Fort Thomas Fin. Corp. of KY 16.01 120.79 19.05 120.79 16.01 0.25 1.90 30.49
FKKY Frankfort First Bancorp of KY NM 99.43 16.86 99.43 21.35 0.80 5.76 NM
FTNB Fulton Bancorp, Inc. of MO 23.17 115.41 26.97 115.41 29.97 0.24 1.38 32.00
GUPB GFSB Bancorp, Inc of Gallup NM 18.35 119.44 14.74 119.44 18.35 0.30 2.07 37.97
GSLA GS Financial Corp. of LA 25.45 88.62 36.89 88.62 28.50 0.28 1.96 50.00
GOSB GSB Financial Corp. of NY* NM 94.09 26.48 94.09 NM 0.12 0.86 30.77
GBNK Gaston Fed Bncp MHC of NC(47.0 NM 156.31 35.15 156.31 NM 0.20 1.49 46.51
GFCO Glenway Financial Corp. of OH 19.82 174.60 16.71 176.14 19.64 0.44 2.00 39.64
GTPS Great American Bancorp of IL NM 128.85 23.62 128.85 NM 0.44 2.02 NM
PEDE Great Pee Dee Bancorp of SC NM 96.90 43.72 96.90 NM 0.36 2.62 NM
GSFC Green Street Fin. Corp. of NC 21.79 97.10 34.74 97.10 21.79 0.48 3.34 72.73
GFED Guaranty Fed Bancshares of MO NM 115.43 32.71 115.43 NM 0.00 0.00 0.00
HCBB HCB Bancshares of Camden AR NM 91.70 15.81 92.79 NM 0.20 1.51 NM
HEMT HF Bancorp of Hemet CA NM 125.48 9.86 147.85 NM 0.00 0.00 NM
HFFC HF Financial Corp. of SD 15.52 173.65 16.89 173.65 16.70 0.28 1.28 19.86
HFNC HFNC Financial Corp. of NC(8) 17.33 123.52 21.29 123.52 25.27 0.32 2.64 45.71
HMNF HMN Financial, Inc. of MN 14.15 95.85 11.13 103.09 20.00 0.16 1.07 15.09
HALL Hallmark Capital Corp. of WI 14.87 128.22 9.85 128.22 15.70 0.00 0.00 0.00
HRBF Harbor Federal Bancorp of MD 20.70 118.36 15.02 118.36 21.66 0.47 2.52 52.22
HARB Harbor Florida Bancshrs of FL 25.40 144.20 28.58 145.79 26.53 0.26 2.18 55.32
HFSA Hardin Bancorp of Hardin MO 15.89 102.91 11.45 102.91 18.48 0.56 3.29 52.34
HARL Harleysville SB of PA 14.90 211.89 14.13 211.89 14.90 0.44 1.42 21.15
HFGI Harrington Fin. Group of IN NM 140.56 6.22 140.56 NM 0.12 1.14 NM
HARS Harris Fin. MHC of PA (24.3) NM NM 28.55 NM NM 0.22 1.16 40.00
HFFB Harrodsburg 1st Fin Bcrp of KY 20.24 103.99 27.52 103.99 20.24 0.40 2.60 52.63
HHFC Harvest Home Fin. Corp. of OH 23.02 125.32 14.22 125.32 23.39 0.44 3.03 69.84
HAVN Haven Bancorp of Woodhaven NY 16.96 147.40 8.33 147.74 17.12 0.30 1.58 26.79
HTHR Hawthorne Fin. Corp. of CA 6.05 120.82 5.14 120.82 5.17 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL 20.59 113.12 18.32 113.12 20.59 0.32 1.83 37.65
HBSC Heritage Bancorp, Inc of SC 24.68 99.18 28.55 99.18 24.68 0.00 0.00 0.00
HFWA Heritage Financial Corp of WA NM 135.15 38.92 135.15 NM 0.16 1.24 43.24
HCBC High Country Bancorp of CO 26.42 102.64 20.08 102.64 26.42 0.30 2.14 56.60
HBNK Highland Bancorp of CA 14.53 225.17 17.66 225.17 16.65 0.50 1.19 17.24
HIFS Hingham Inst. for Sav. of MA* 12.86 160.33 15.20 160.33 12.86 0.56 2.07 26.67
HBEI Home Bancorp of Elgin IL(8) NM 103.94 26.94 103.94 NM 0.40 2.76 NM
HBFW Home Bancorp of Fort Wayne IN 22.30 154.63 18.60 154.63 22.85 0.32 1.15 25.60
HCFC Home City Fin. Corp. of OH 14.71 95.66 17.77 95.66 14.71 0.36 2.40 35.29
HOMF Home Fed Bancorp of Seymour IN 14.10 217.39 19.99 223.40 17.41 0.40 1.45 20.51
HWEN Home Financial Bancorp of IN 20.83 108.97 19.60 108.97 26.52 0.10 1.14 23.81
HLFC Home Loan Financial Corp of OH NM 107.67 41.93 107.67 NM 0.00 0.00 0.00
HPBC Home Port Bancorp, Inc. of MA* 15.03 204.51 20.00 204.51 13.54 0.80 3.27 49.08
HSTD Homestead Bancorp, Inc. of LA 23.78 82.31 17.83 82.31 23.78 0.80 9.35 NM
HFBC HopFed Bancorp of KY 25.58 116.62 30.30 116.62 25.58 0.00 0.00 0.00
HZFS Horizon Fin'l. Services of IA 17.09 160.21 14.60 160.21 22.29 0.18 1.17 20.00
HRZB Horizon Financial Corp. of WA* 14.09 138.39 21.21 138.39 14.22 0.44 2.84 40.00
HRBT Hudson River Bancorp Inc of NY NM 108.61 29.04 108.61 28.19 0.00 0.00 0.00
IBSF IBS Financial Corp. of NJ(8) 29.78 137.53 23.87 137.53 29.78 0.40 2.44 72.73
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 August 7, 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)
- ---------------------------------------
ITLA ITLA Capital Corp of CA* 10.18 10.15 1.43 13.50 8.72 1.43 13.50 NA NA 1.75
ICBC Independence Comm Bnk Cp of NY 18.17 17.11 0.42 2.32 1.98 0.47 2.56 0.60 NA NA
IFSB Independence FSB of DC 7.21 6.53 0.51 7.05 6.51 0.21 2.91 1.41 16.50 0.40
INBI Industrial Bancorp of OH 16.48 16.48 1.49 8.59 5.53 1.49 8.59 0.30 159.91 0.54
IWBK Interwest Bancorp of WA 6.76 6.65 1.04 15.56 4.48 0.88 13.23 0.67 80.89 0.88
IPSW Ipswich SB of Ipswich MA* 5.28 5.28 1.24 22.32 7.07 0.94 16.84 0.80 92.60 0.94
JXVL Jacksonville Bancorp of TX 14.73 14.73 1.45 9.79 7.83 1.45 9.79 NA NA NA
JXSB Jcksnville SB,MHC of IL (45.6) 10.38 10.38 0.59 5.64 3.14 0.38 3.65 0.86 54.02 0.61
JSBA Jefferson Svgs Bancorp of MO 9.56 7.67 0.78 8.69 3.92 0.69 7.71 0.66 96.80 0.88
KSBK KSB Bancorp of Kingfield ME* 7.78 6.77 0.98 12.55 7.27 0.98 12.55 NA NA 1.14
KFBI Klamath First Bancorp of OR 15.01 13.78 0.98 5.90 4.95 0.98 5.90 0.05 356.52 0.26
LSBI LSB Fin. Corp. of Lafayette IN 8.42 8.42 0.82 9.44 5.58 0.74 8.46 NA NA NA
LVSB Lakeview Financial of NJ 9.73 6.64 1.69 16.30 7.33 0.84 8.15 0.96 70.27 1.47
LARK Landmark Bancshares, Inc of KS 14.12 14.12 1.08 7.66 6.66 0.95 6.73 0.25 196.35 0.66
LARL Laurel Capital Group of PA 10.63 10.63 1.43 13.75 6.95 1.40 13.45 0.37 226.91 1.24
LSBX Lawrence Savings Bank of MA* 11.14 11.14 2.46 25.31 14.05 2.42 24.94 0.24 389.46 1.74
LFED Leeds Fed Bksr MHC of MD (36.3 16.50 16.50 1.18 7.20 3.62 1.18 7.20 0.03 560.82 0.29
LXMO Lexington B&L Fin. Corp. of MO 18.02 16.90 0.95 4.19 4.00 0.95 4.19 0.48 130.50 0.95
LIBB Liberty Bancorp MHC of NJ (47) 13.45 13.45 1.12 8.31 6.49 1.12 8.31 0.48 69.39 0.47
LFCO Life Financial Corp of CA(8) 15.12 15.12 4.90 32.78 18.00 5.10 34.14 2.09 17.41 0.47
LFBI Little Falls Bancorp of NJ 10.20 9.42 0.58 4.85 3.75 0.55 4.66 0.43 78.51 0.81
LOGN Logansport Fin. Corp. of IN 18.86 18.86 1.49 7.78 6.67 1.52 7.94 0.26 103.45 0.36
LISB Long Island Bancorp, Inc of NY(8) 8.95 8.88 0.87 9.64 3.84 0.70 7.77 NA NA 0.91
MAFB MAF Bancorp, Inc. of IL 7.74 6.87 1.12 14.46 7.38 1.09 14.03 0.54 81.33 0.55
MBLF MBLA Financial Corp. of MO 13.50 13.50 0.88 6.81 7.51 0.87 6.76 0.55 59.37 0.50
MECH MECH Financial Inc of CT* 9.59 9.59 1.54 15.45 8.48 1.54 15.45 0.46 296.39 2.14
MFBC MFB Corp. of Mishawaka IN 11.77 11.77 0.84 6.44 5.71 0.82 6.30 0.11 131.25 0.18
MSBF MSB Financial, Inc of MI 16.70 16.70 1.55 9.28 6.93 1.38 8.23 0.79 62.16 0.53
MARN Marion Capital Holdings of IN 20.55 20.11 1.33 6.13 5.56 1.33 6.13 1.02 105.99 1.25
MRKF Market Fin. Corp. of OH 35.28 35.28 1.13 3.21 3.69 1.13 3.21 0.39 24.64 0.16
MFSL Maryland Fed. Bancorp of MD(8) 8.76 8.68 0.62 7.11 2.76 0.88 10.01 0.65 61.91 0.49
MASB MassBank Corp. of Reading MA* 11.52 11.36 1.15 10.58 6.14 1.04 9.57 0.20 131.93 0.84
MFLR Mayflower Co-Op. Bank of MA* 9.56 9.42 1.15 12.01 7.72 1.04 10.78 0.59 144.01 1.49
MDBK Medford Bancorp, Inc. of MA* 9.24 8.75 1.08 11.95 6.58 1.01 11.28 0.18 338.34 1.19
MWBX MetroWest Bank of MA* 7.21 7.21 1.30 17.65 7.57 1.27 17.32 0.64 236.24 2.16
METF Metropolitan Fin. Corp. of OH 3.86 3.57 0.74 18.94 6.82 0.66 16.70 1.45 42.45 0.77
MIFC Mid Iowa Financial Corp. of IA 8.85 8.84 1.16 12.57 8.19 1.26 13.71 NA NA NA
MCBN Mid-Coast Bancorp of ME 8.47 8.47 0.78 9.15 6.38 0.72 8.47 0.58 95.07 0.68
MWBI Midwest Bancshares, Inc. of IA 6.89 6.89 0.89 12.79 9.00 0.78 11.17 0.66 43.79 0.48
MFFC Milton Fed. Fin. Corp. of OH 11.35 11.35 0.68 5.39 4.67 0.61 4.79 0.41 67.74 0.40
MBSP Mitchell Bancorp, Inc. of NC 39.32 39.32 1.44 3.47 3.27 1.44 3.47 1.54 34.72 0.72
MBBC Monterey Bay Bancorp of CA 11.68 10.92 0.42 3.72 3.36 0.39 3.45 0.35 131.09 0.67
MONT Montgomery Fin. Corp. of IN 18.25 18.25 0.80 4.71 4.44 0.80 4.71 1.06 15.75 0.19
MSBK Mutual SB, FSB of Bay City MI 5.07 5.07 -1.31 -22.89 -21.16 -0.46 -8.09 0.09 312.66 0.54
MYST Mystic Financial of MA* 19.06 19.06 0.73 5.82 3.53 0.67 5.38 0.08 824.00 0.90
NHTB NH Thrift Bancshares of NH 8.09 7.03 0.90 11.47 7.88 0.83 10.62 0.76 126.05 1.20
NSLB NS&L Bancorp, Inc of Neosho MO 18.78 18.65 0.68 3.49 3.25 0.68 3.49 0.11 73.53 0.14
NSSY NSS Bancorp of CT(8)* 8.12 7.90 1.00 12.37 5.55 1.14 13.99 0.83 100.49 1.31
NMSB Newmil Bancorp, Inc. of CT* 8.90 8.90 0.84 8.77 6.50 0.84 8.77 0.46 297.15 2.98
NBCP Niagara Bancorp of NY MHC(45.4* 19.08 19.08 1.10 5.78 3.78 1.06 5.54 0.25 217.16 1.10
NBSI North Bancshares of Chicago IL 11.46 11.46 0.46 3.43 3.42 0.44 3.28 NA NA 0.27
FFFD North Central Bancshares of IA 15.42 13.42 1.14 7.37 6.37 1.14 7.37 NA NA 1.03
NEIB Northeast Indiana Bncrp of IN 13.34 13.34 1.19 8.35 6.25 1.19 8.35 NA NA 0.73
NWSB Northwest Bcrp MHC of PA (30.7 8.85 7.91 0.95 10.14 3.38 0.95 10.14 0.50 123.26 0.82
NWEQ Northwest Equity Corp. of WI 11.66 11.66 1.15 9.96 7.50 1.08 9.30 1.57 31.29 0.61
NTMG Nutmeg FS&LA of CT 5.83 5.83 0.51 8.66 4.56 0.35 6.08 1.36 34.45 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)
- ---------------------------------------
ITLA ITLA Capital Corp of CA* 11.47 145.85 14.85 146.29 11.47 0.00 0.00 0.00
ICBC Independence Comm Bnk Cp of NY NM 117.23 21.30 124.51 NM 0.00 0.00 0.00
IFSB Independence FSB of DC 15.37 108.34 7.82 119.73 NM 0.25 1.49 22.94
INBI Industrial Bancorp of OH 18.10 154.60 25.48 154.60 18.10 0.60 3.16 57.14
IWBK Interwest Bancorp of WA 22.31 318.26 21.51 323.27 26.26 0.80 1.86 41.45
IPSW Ipswich SB of Ipswich MA* 14.15 285.71 15.09 285.71 18.75 0.16 1.07 15.09
JXVL Jacksonville Bancorp of TX 12.77 122.46 18.04 122.46 12.77 0.50 2.86 36.50
JXSB Jcksnville SB,MHC of IL (45.6) NM 176.06 18.28 176.06 NM 0.30 1.85 58.82
JSBA Jefferson Svgs Bancorp of MO 25.51 210.97 20.17 262.88 28.74 0.28 1.12 28.57
KSBK KSB Bancorp of Kingfield ME* 13.75 172.59 13.43 198.56 13.75 0.10 0.61 8.33
KFBI Klamath First Bancorp of OR 20.21 115.48 17.34 125.85 20.21 0.36 2.07 41.86
LSBI LSB Fin. Corp. of Lafayette IN 17.92 162.64 13.69 162.64 20.00 0.40 1.29 23.12
LVSB Lakeview Financial of NJ 13.64 198.18 19.28 290.56 27.27 0.25 1.04 14.20
LARK Landmark Bancshares, Inc of KS 15.02 114.13 16.11 114.13 17.08 0.60 2.68 40.27
LARL Laurel Capital Group of PA 14.39 189.75 20.18 189.75 14.71 0.60 3.00 43.17
LSBX Lawrence Savings Bank of MA* 7.12 157.33 17.52 157.33 7.23 0.00 0.00 0.00
LFED Leeds Fed Bksr MHC of MD (36.3 27.65 191.70 31.63 191.70 27.65 0.56 3.07 NM
LXMO Lexington B&L Fin. Corp. of MO 25.00 102.04 18.38 108.77 25.00 0.30 1.94 48.39
LIBB Liberty Bancorp MHC of NJ (47) 15.41 128.07 17.23 128.07 15.41 0.00 0.00 0.00
LFCO Life Financial Corp of CA(8) 5.56 134.38 20.32 134.38 5.33 0.00 0.00 0.00
LFBI Little Falls Bancorp of NJ 26.67 136.71 13.94 148.04 27.78 0.24 1.20 32.00
LOGN Logansport Fin. Corp. of IN 15.00 112.78 21.27 112.78 14.71 0.44 2.93 44.00
LISB Long Island Bancorp, Inc of NY(8) 26.04 242.39 21.70 244.48 NM 0.80 1.42 36.87
MAFB MAF Bancorp, Inc. of IL 13.54 188.95 14.63 213.01 13.96 0.28 1.23 16.67
MBLF MBLA Financial Corp. of MO 13.31 91.60 12.36 91.60 13.40 0.60 2.93 38.96
MECH MECH Financial Inc of CT* 11.80 171.41 16.45 171.41 11.80 0.60 2.04 24.10
MFBC MFB Corp. of Mishawaka IN 17.52 111.52 13.13 111.52 17.91 0.34 1.42 24.82
MSBF MSB Financial, Inc of MI 14.43 129.99 21.70 129.99 16.28 0.27 1.93 27.84
MARN Marion Capital Holdings of IN 17.98 110.45 22.69 112.83 17.98 0.88 3.57 64.23
MRKF Market Fin. Corp. of OH 27.08 85.25 30.07 85.25 27.08 0.28 2.15 58.33
MFSL Maryland Fed. Bancorp of MD(8) NM 257.27 22.54 259.72 25.71 0.45 1.10 39.82
MASB MassBank Corp. of Reading MA* 16.30 160.23 18.46 162.47 18.02 1.00 2.09 34.13
MFLR Mayflower Co-Op. Bank of MA* 12.95 149.31 14.28 151.52 14.43 0.80 3.72 48.19
MDBK Medford Bancorp, Inc. of MA* 15.19 173.27 16.01 182.95 16.10 0.80 1.99 30.19
MWBX MetroWest Bank of MA* 13.20 218.04 15.72 218.04 13.45 0.12 1.68 22.22
METF Metropolitan Fin. Corp. of OH 14.66 251.48 9.71 272.06 16.62 0.00 0.00 0.00
MIFC Mid Iowa Financial Corp. of IA 12.22 143.33 12.68 143.52 11.20 0.08 0.74 9.09
MCBN Mid-Coast Bancorp of ME 15.67 140.00 11.86 140.00 16.94 0.20 1.90 29.85
MWBI Midwest Bancshares, Inc. of IA 11.11 134.62 9.27 134.62 12.73 0.32 2.29 25.40
MFFC Milton Fed. Fin. Corp. of OH 21.43 117.39 13.32 117.39 24.11 0.60 4.44 NM
MBSP Mitchell Bancorp, Inc. of NC NM 105.77 41.59 105.77 NM 0.40 2.42 74.07
MBBC Monterey Bay Bancorp of CA 29.78 110.15 12.86 117.76 NM 0.12 0.73 21.82
MONT Montgomery Fin. Corp. of IN 22.50 93.36 17.04 93.36 22.50 0.22 1.96 44.00
MSBK Mutual SB, FSB of Bay City MI NM 122.42 6.21 122.42 NM 0.00 0.00 NM
MYST Mystic Financial of MA* 28.37 111.74 21.29 111.74 NM 0.20 1.36 38.46
NHTB NH Thrift Bancshares of NH 12.68 139.00 11.25 160.02 13.69 0.60 3.48 44.12
NSLB NS&L Bancorp, Inc of Neosho MO NM 108.30 20.34 109.09 NM 0.50 2.76 NM
NSSY NSS Bancorp of CT(8)* 18.02 223.00 18.10 229.11 15.94 0.52 1.02 18.37
NMSB Newmil Bancorp, Inc. of CT* 15.38 132.33 11.78 132.33 15.38 0.32 2.81 43.24
NBCP Niagara Bancorp of NY MHC(45.4* 26.44 152.71 29.13 152.71 27.59 0.00 0.00 0.00
NBSI North Bancshares of Chicago IL 29.27 120.04 13.75 120.04 NM 0.40 3.11 NM
FFFD North Central Bancshares of IA 15.70 115.71 17.85 132.96 15.70 0.32 1.68 26.45
NEIB Northeast Indiana Bncrp of IN 15.99 134.26 17.92 134.26 15.99 0.34 1.56 25.00
NWSB Northwest Bcrp MHC of PA (30.7 29.55 285.71 25.27 319.41 29.55 0.16 1.23 36.36
NWEQ Northwest Equity Corp. of WI 13.33 129.87 15.15 129.87 14.28 0.64 3.53 47.06
NTMG Nutmeg FS&LA of CT 21.93 189.97 11.08 189.97 NM 0.20 1.60 35.09
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 August 7, 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)
- ---------------------------------------
OHSL OHSL Financial Corp. of OH 10.55 10.55 0.86 7.92 4.97 0.81 7.44 0.17 126.00 0.32
OCFC Ocean Fin. Corp. of NJ 14.22 14.22 0.95 6.13 4.86 0.95 6.13 0.40 114.22 0.80
OTFC Oregon Trail Fin. Corp. of OR 25.56 25.56 1.20 7.06 4.50 1.20 7.06 0.15 248.13 0.57
OFCP Ottawa Financial Corp. of MI 8.45 6.92 0.87 10.06 5.19 0.81 9.29 0.36 104.99 0.44
PFFB PFF Bancorp of Pomona CA 9.04 8.95 0.60 6.07 5.62 0.56 5.70 1.06 79.87 1.36
PSFI PS Financial of Chicago IL 27.81 27.81 1.10 3.19 3.67 1.85 5.37 2.36 8.79 0.42
PSBI PSB Bancorp Inc. of PA* 19.81 19.81 0.78 3.93 4.42 0.78 3.93 1.85 11.66 0.41
PVFC PVF Capital Corp. of OH 7.20 7.20 1.34 18.73 7.68 1.26 17.66 0.69 95.38 0.74
PBCI Pamrapo Bancorp, Inc. of NJ 12.82 12.75 1.32 10.26 6.21 1.27 9.91 1.67 34.85 1.02
PFED Park Bancorp of Chicago IL 19.91 19.91 0.89 4.10 3.83 0.96 4.39 0.10 253.81 0.69
PVSA Parkvale Financial Corp of PA 7.82 7.78 1.08 13.97 6.36 1.08 13.97 0.43 279.67 1.56
PBHC Pathfinder BC MHC of NY (46.1)* 11.76 9.97 0.91 7.74 4.03 0.73 6.24 1.30 32.06 0.63
PEEK Peekskill Fin. Corp. of NY 22.98 22.98 1.03 4.11 4.03 1.05 4.17 0.79 43.03 1.41
PFSB PennFed Fin. Services of NJ 7.19 6.24 0.80 11.08 7.61 0.78 10.80 0.44 40.82 0.25
PWBK Pennwood Bancorp, Inc. of PA 18.34 18.34 0.77 4.19 4.35 0.92 5.03 1.60 44.68 1.09
PBKB People's Bancshares of MA* 3.67 3.54 0.76 16.93 7.85 0.33 7.45 0.35 149.48 0.88
TSBS Peoples Bancorp Inc of NJ* 24.24 25.07 1.03 4.24 4.17 1.03 4.24 NA NA 0.90
PFDC Peoples Bancorp of Auburn IN 15.08 15.08 1.50 9.86 6.12 1.50 9.86 0.18 172.98 0.36
PBCT Peoples Bank, MHC of CT (40.1)* 9.23 7.91 1.18 13.45 4.98 0.63 7.22 0.70 156.79 1.72
PFFC Peoples Fin. Corp. of OH 19.15 19.15 1.29 6.79 6.25 0.50 2.63 0.01 NA 0.30
PHBK Peoples Heritage Fin Grp of ME* 6.71 5.10 1.22 16.57 4.08 1.22 16.57 NA NA 1.25
PSFC Peoples Sidney Fin. Corp of OH 25.15 25.15 1.24 5.56 3.46 1.24 5.56 1.10 35.55 0.44
PERM Permanent Bancorp, Inc. of IN 9.72 9.61 0.61 6.42 4.57 0.59 6.22 0.25 180.51 0.87
PCBC Perry Co. Fin. Corp. of MO 18.94 18.94 1.03 5.46 4.73 1.02 5.41 NA NA 0.16
PHFC Pittsburgh Home Fin Corp of PA 7.43 7.34 0.79 8.24 7.00 0.67 6.99 1.24 33.90 0.75
PFSL Pocahontas Bancorp of AR 14.51 14.51 0.62 7.76 4.11 0.61 7.54 NA NA NA
PTRS Potters Financial Corp of OH 8.71 8.71 0.80 9.05 6.52 0.78 8.78 0.32 541.52 2.35
PHSB Ppls Home SB, MHC of PA (45.0) 12.76 12.76 0.81 7.30 3.85 0.72 6.49 0.32 173.78 1.31
PRBC Prestige Bancorp of PA 9.83 9.83 0.52 4.79 4.34 0.51 4.66 0.35 79.16 0.41
PFNC Progress Financial Corp. of PA 5.51 4.89 0.84 15.86 4.29 0.75 14.16 NA NA NA
PROV Provident Fin. Holdings of CA 11.09 11.09 0.74 5.81 5.00 0.36 2.85 NA NA 0.89
PULB Pulaski Bk,SB MHC of MO (29.8)(8) 13.42 13.42 1.11 8.38 3.03 0.91 6.88 NA NA NA
PLSK Pulaski SB, MHC of NJ (46.0) 11.54 11.54 0.63 5.86 3.76 0.63 5.86 0.63 82.57 0.97
PULS Pulse Bancorp of S. River NJ(8) 8.34 8.34 1.07 13.16 6.06 1.08 13.31 0.46 78.83 1.33
QCFB QCF Bancorp of Virginia MN 17.70 17.70 1.68 9.63 6.23 1.66 9.53 1.22 67.47 1.92
QCBC Quaker City Bancorp of CA 8.75 8.75 0.76 8.74 6.17 0.74 8.50 1.11 80.77 1.13
QCSB Queens County Bancorp of NY* 10.45 10.45 1.47 12.54 3.56 1.45 12.37 0.55 106.38 0.67
RARB Raritan Bancorp of Raritan NJ* 7.54 7.45 0.99 13.02 5.72 0.97 12.78 0.43 186.77 1.14
RELY Reliance Bancorp, Inc. of NY 8.89 6.13 0.90 10.70 6.09 0.95 11.25 NA NA 0.91
RELI Reliance Bancshares Inc of WI(8) 49.97 49.97 1.03 2.11 2.11 1.03 2.11 NA NA 0.60
RCBK Richmond County Fin Corp of NY 22.04 21.95 0.19 1.11 0.56 1.53 9.09 0.37 124.25 1.12
RIVR River Valley Bancorp of IN 13.65 13.46 0.93 7.27 6.00 0.83 6.46 0.62 133.21 1.00
RVSB Riverview Bancorp of WA 22.35 21.63 1.53 8.47 4.10 1.48 8.20 0.28 136.88 0.63
RSLN Roslyn Bancorp, Inc. of NY* 16.77 16.69 1.32 7.11 5.50 1.26 6.78 0.23 281.89 2.01
SCCB S. Carolina Comm. Bnshrs of SC 20.38 20.38 1.01 4.23 3.72 1.01 4.23 1.26 50.34 0.82
SBFL SB Fngr Lakes MHC of NY (33.1) 8.68 8.68 0.40 4.39 1.53 0.34 3.72 0.32 141.95 0.89
SFED SFS Bancorp of Schenectady NY(8) 12.36 12.36 0.64 5.13 3.36 0.62 4.96 NA NA NA
SGVB SGV Bancorp of W. Covina CA 7.89 7.79 0.38 5.10 4.22 0.43 5.80 NA NA 0.48
SISB SIS Bancorp, Inc. of MA(8)* 7.14 7.14 0.69 9.61 3.33 0.89 12.32 0.27 471.43 2.63
SWCB Sandwich Bancorp of MA(8)* 8.08 7.83 0.98 12.21 4.02 0.95 11.76 0.36 220.94 1.16
SFSL Security First Corp. of OH(8) 9.43 9.30 1.39 14.89 4.98 1.39 14.89 0.42 178.44 0.82
SKAN Skaneateles Bancorp Inc of NY* 6.98 6.80 0.64 9.27 6.86 0.63 9.10 1.74 57.15 1.23
SOBI Sobieski Bancorp of S. Bend IN 14.10 14.10 0.58 3.93 3.76 0.58 3.93 0.29 77.82 0.28
SSFC South Street Fin. Corp. of NC* 15.88 15.88 0.64 2.97 3.35 0.66 3.06 0.23 91.68 0.40
SBAN SouthBanc Shares Inc. of SC 21.85 21.85 0.94 4.29 3.87 0.94 4.29 0.06 853.16 1.02
SCBS Southern Commun. Bncshrs of AL 15.85 15.85 1.10 6.93 4.38 1.10 6.93 0.36 308.46 1.70
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)
- ---------------------------------------
OHSL OHSL Financial Corp. of OH 20.12 155.08 16.36 155.08 21.43 0.50 3.03 60.98
OCFC Ocean Fin. Corp. of NJ 20.56 133.09 18.93 133.09 20.56 0.48 2.59 53.33
OTFC Oregon Trail Fin. Corp. of OR 22.21 103.84 26.54 103.84 22.21 0.20 1.34 29.85
OFCP Ottawa Financial Corp. of MI 19.27 190.72 16.12 232.80 20.86 0.40 1.44 27.78
PFFB PFF Bancorp of Pomona CA 17.81 112.44 10.16 113.60 18.96 0.00 0.00 0.00
PSFI PS Financial of Chicago IL 27.27 106.76 29.69 106.76 16.22 0.48 4.00 NM
PSBI PSB Bancorp Inc. of PA* 22.65 89.05 17.65 89.05 22.65 0.00 0.00 0.00
PVFC PVF Capital Corp. of OH 13.02 222.66 16.03 222.66 13.80 0.00 0.00 0.00
PBCI Pamrapo Bancorp, Inc. of NJ 16.12 162.09 20.78 162.95 16.69 1.12 4.02 64.74
PFED Park Bancorp of Chicago IL 26.09 106.89 21.28 106.89 24.32 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 15.71 206.90 16.17 207.94 15.71 0.60 1.82 28.57
PBHC Pathfinder BC MHC of NY (46.1)* 24.81 188.71 22.19 222.58 NM 0.20 1.30 32.26
PEEK Peekskill Fin. Corp. of NY 24.82 105.41 24.22 105.41 24.45 0.36 2.20 54.55
PFSB PennFed Fin. Services of NJ 13.14 137.66 9.90 158.81 13.48 0.14 0.90 11.86
PWBK Pennwood Bancorp, Inc. of PA 23.00 99.22 18.19 99.22 19.17 0.28 2.43 56.00
PBKB People's Bancshares of MA* 12.74 211.82 7.77 219.39 28.93 0.56 2.77 35.22
TSBS Peoples Bancorp Inc of NJ* 24.00 101.72 24.65 98.34 24.00 0.10 1.13 27.03
PFDC Peoples Bancorp of Auburn IN 16.35 157.29 23.73 157.29 16.35 0.44 2.07 33.85
PBCT Peoples Bank, MHC of CT (40.1)* 20.07 227.11 20.96 265.16 NM 0.84 2.81 56.38
PFFC Peoples Fin. Corp. of OH 16.00 108.01 20.68 108.01 NM 0.60 5.00 NM
PHBK Peoples Heritage Fin Grp of ME* 24.49 NM 25.53 NM 24.49 0.44 2.06 50.57
PSFC Peoples Sidney Fin. Corp of OH 28.87 137.86 34.68 137.86 28.87 0.28 1.37 39.44
PERM Permanent Bancorp, Inc. of IN 21.88 134.49 13.08 136.05 22.58 0.24 1.71 37.50
PCBC Perry Co. Fin. Corp. of MO 21.15 111.73 21.16 111.73 21.36 0.50 2.27 48.08
PHFC Pittsburgh Home Fin Corp of PA 14.29 125.29 9.31 126.78 16.84 0.24 1.50 21.43
PFSL Pocahontas Bancorp of AR 24.31 100.57 14.60 100.57 25.00 0.24 2.74 66.67
PTRS Potters Financial Corp of OH 15.35 135.96 11.84 135.96 15.82 0.24 1.55 23.76
PHSB Ppls Home SB, MHC of PA (45.0) 26.00 158.57 20.24 158.57 29.25 0.28 1.71 44.44
PRBC Prestige Bancorp of PA 23.04 107.53 10.57 107.53 23.72 0.17 1.05 24.29
PFNC Progress Financial Corp. of PA 23.33 327.10 18.03 NM 26.12 0.15 0.86 20.00
PROV Provident Fin. Holdings of CA 19.98 116.66 12.94 116.66 NM 0.00 0.00 0.00
PULB Pulaski Bk,SB MHC of MO (29.8)(8) NM 268.21 35.99 268.21 NM 1.10 3.51 NM
PLSK Pulaski SB, MHC of NJ (46.0) 26.60 140.13 16.17 140.13 26.60 0.30 2.05 54.55
PULS Pulse Bancorp of S. River NJ(8) 16.51 207.07 17.26 207.07 16.33 0.80 2.68 44.20
QCFB QCF Bancorp of Virginia MN 16.05 152.65 27.02 152.65 16.22 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 16.20 135.45 11.86 135.45 16.67 0.00 0.00 0.00
QCSB Queens County Bancorp of NY* 28.09 NM 38.75 NM 28.47 1.00 2.37 66.67
RARB Raritan Bancorp of Raritan NJ* 17.47 217.88 16.43 220.70 17.79 0.60 2.07 36.14
RELY Reliance Bancorp, Inc. of NY 16.41 157.95 14.04 228.90 15.61 0.72 2.25 36.92
RELI Reliance Bancshares Inc of WI(8) NM 102.04 50.99 102.04 NM 0.00 0.00 0.00
RCBK Richmond County Fin Corp of NY NM 130.79 28.83 131.33 21.58 0.24 1.50 NM
RIVR River Valley Bancorp of IN 16.67 117.26 16.00 118.89 18.75 0.22 1.22 20.37
RVSB Riverview Bancorp of WA 24.41 155.83 34.83 161.05 25.21 0.24 1.56 38.10
RSLN Roslyn Bancorp, Inc. of NY* 18.17 129.51 21.71 130.12 19.06 0.34 1.75 31.78
SCCB S. Carolina Comm. Bnshrs of SC 26.88 132.15 26.93 132.15 26.88 0.64 2.98 NM
SBFL SB Fngr Lakes MHC of NY (33.1) NM 278.69 24.20 278.69 NM 0.24 1.41 NM
SFED SFS Bancorp of Schenectady NY(8) 29.76 152.53 18.85 152.53 NM 0.32 1.17 34.78
SGVB SGV Bancorp of W. Covina CA 23.68 116.04 9.15 117.52 20.84 0.00 0.00 0.00
SISB SIS Bancorp, Inc. of MA(8)* NM 254.26 18.17 254.26 23.41 0.64 1.37 41.03
SWCB Sandwich Bancorp of MA(8)* 24.90 291.65 23.57 301.19 25.85 1.40 2.30 57.38
SFSL Security First Corp. of OH(8) 20.07 288.43 27.21 292.54 20.07 0.36 1.46 29.27
SKAN Skaneateles Bancorp Inc of NY* 14.59 130.14 9.08 133.58 14.85 0.28 1.73 25.23
SOBI Sobieski Bancorp of S. Bend IN 26.56 102.53 14.46 102.53 26.56 0.32 1.88 50.00
SSFC South Street Fin. Corp. of NC* 29.88 129.72 20.60 129.72 28.97 0.40 4.18 NM
SBAN SouthBanc Shares Inc. of SC 25.86 110.99 24.25 110.99 25.86 0.48 2.54 65.75
SCBS Southern Commun. Bncshrs of AL 22.86 158.42 25.11 158.42 22.86 0.30 1.88 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 August 7, 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)
- ---------------------------------------
SMBC Southern Missouri Bncrp of MO 16.77 16.77 0.70 4.27 3.33 0.66 4.02 1.49 55.77 1.08
SVRN Sovereign Bancorp, Inc. of PA 4.93 4.23 0.45 9.93 2.52 0.68 15.14 NA NA 1.07
STFR St. Francis Cap. Corp. of WI 8.00 7.15 0.80 9.98 6.37 0.77 9.59 0.19 219.19 0.88
SPBC St. Paul Bancorp, Inc. of IL 9.34 9.30 1.09 12.10 6.29 1.06 11.85 0.31 239.56 1.03
SFFC StateFed Financial Corp. of IA 17.73 17.73 1.25 7.09 5.33 1.25 7.09 NA NA NA
SFIN Statewide Fin. Corp. of NJ 9.83 9.81 0.81 8.48 5.77 0.80 8.41 0.51 84.18 0.87
STSA Sterling Financial Corp. of WA 5.60 5.22 0.54 10.94 5.79 0.47 9.55 0.52 128.59 1.09
ROSE T R Financial Corp. of NY* 6.15 6.15 0.99 15.97 5.58 0.88 14.13 0.53 70.17 0.68
THRD TF Financial Corp. of PA 7.97 6.71 0.74 7.44 6.22 0.63 6.28 0.30 106.83 0.84
TPNZ Tappan Zee Fin., Inc. of NY(8) 16.86 16.86 0.88 5.18 4.00 0.83 4.83 NA NA 1.23
THTL Thistle Group Holdings of PA 27.80 27.80 1.37 4.91 5.54 1.37 4.91 0.30 94.11 0.80
TSBK Timberland Bancorp of WA 32.12 32.12 1.63 10.60 3.93 1.55 10.05 NA NA 0.91
TRIC Tri-County Bancorp of WY 15.73 15.73 1.01 6.58 6.26 1.05 6.84 NA NA 1.01
TWIN Twin City Bancorp, Inc. of TN 12.75 12.75 1.03 8.01 6.46 0.86 6.64 0.10 102.83 0.14
USAB USABancshares, Inc of PA* 12.49 12.42 0.20 2.00 0.55 0.35 3.56 0.22 265.63 0.99
UCBC Union Community Bancorp of IN 40.02 40.02 1.44 5.52 3.24 1.44 5.52 0.45 51.96 0.30
UCFC United Community Fin. of OH 32.31 32.31 1.50 4.65 3.68 1.50 4.65 0.98 58.70 0.94
UFRM United FSB of Rocky Mount NC(8) 7.50 7.50 0.60 8.13 2.91 0.40 5.37 1.16 83.92 1.15
UBMT United Fin. Corp. of MT 25.61 25.61 1.31 5.53 2.94 1.31 5.53 0.60 101.19 1.07
UTBI United Tenn. Bancshares of TN 26.99 26.99 1.01 6.08 4.65 1.01 6.08 0.59 142.44 1.31
WHGB WHG Bancshares of MD 16.85 16.85 0.64 3.27 3.49 0.66 3.34 1.06 24.18 0.39
WSFS WSFS Financial Corp. of DE* 5.94 5.90 1.12 20.24 6.85 1.08 19.64 1.30 127.85 3.41
WVFC WVS Financial Corp. of PA 10.99 10.99 1.28 11.10 6.74 1.29 11.21 NA NA NA
WRNB Warren Bancorp of Peabody MA* 11.03 11.03 1.73 16.33 7.11 1.80 16.94 1.27 83.50 1.62
WSBI Warwick Community Bncrp of NY* 23.05 23.05 0.55 2.40 2.08 0.53 2.32 0.52 75.47 0.79
WFSL Washington Federal, Inc. of WA 13.41 12.41 1.92 15.33 8.23 1.88 15.04 0.70 60.38 0.57
WYNE Wayne Bancorp, Inc. of NJ 12.69 12.69 0.70 5.37 2.63 0.70 5.37 0.80 103.99 1.18
WAYN Wayne Svgs Bks MHC of OH (47.8 9.40 9.40 0.72 7.72 3.22 0.66 7.09 0.48 57.50 0.35
WCFB Wbstr Cty FSB MHC of IA (45.2) 24.02 24.02 1.43 6.08 3.76 1.43 6.08 0.12 353.21 0.70
WBST Webster Financial Corp. of CT 5.29 4.66 0.79 15.08 4.59 0.80 15.19 0.41 149.68 1.14
WEFC Wells Fin. Corp. of Wells MN 14.44 14.44 1.13 7.89 6.51 1.08 7.51 NA NA NA
WCBI WestCo Bancorp, Inc. of IL 15.44 15.44 1.53 9.93 7.05 1.41 9.10 0.44 63.73 0.37
WSTR WesterFed Fin. Corp. of MT 10.62 8.52 0.75 7.02 6.15 0.75 7.02 0.49 97.44 0.74
WOFC Western Ohio Fin. Corp. of OH 14.66 13.72 0.07 0.48 0.48 0.09 0.65 0.91 115.97 1.44
WEHO Westwood Hmstd Fin Corp of OH 23.00 23.00 0.61 2.28 2.58 0.97 3.64 0.19 119.15 0.25
FFWD Wood Bancorp of OH 13.21 13.21 1.44 11.32 5.24 1.23 9.67 0.35 110.31 0.46
YFCB Yonkers Fin. Corp. of NY 13.19 13.19 0.97 6.85 6.68 0.94 6.66 0.15 208.94 0.61
YFED York Financial Corp. of PA 8.77 8.77 0.88 10.11 6.19 0.71 8.20 2.37 28.49 0.81
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)
- ---------------------------------------
SMBC Southern Missouri Bncrp of MO NM 127.66 21.41 127.66 NM 0.50 2.38 71.43
SVRN Sovereign Bancorp, Inc. of PA NM 271.45 13.37 316.33 26.03 0.08 0.50 20.00
STFR St. Francis Cap. Corp. of WI 15.70 154.57 12.37 173.02 16.34 0.56 1.40 22.05
SPBC St. Paul Bancorp, Inc. of IL 15.89 183.63 17.15 184.37 16.23 0.60 2.62 41.67
SFFC StateFed Financial Corp. of IA 18.76 129.23 22.91 129.23 18.76 0.20 1.52 28.57
SFIN Statewide Fin. Corp. of NJ 17.32 144.83 14.24 145.12 17.46 0.44 2.08 36.07
STSA Sterling Financial Corp. of WA 17.26 156.36 8.76 167.82 19.77 0.00 0.00 0.00
ROSE T R Financial Corp. of NY* 17.91 266.48 16.38 266.48 20.24 0.80 2.14 38.28
THRD TF Financial Corp. of PA 16.07 147.78 11.78 175.56 19.06 0.48 2.03 32.65
TPNZ Tappan Zee Fin., Inc. of NY(8) 25.00 127.12 21.43 127.12 26.79 0.28 1.49 37.33
THTL Thistle Group Holdings of PA 18.04 88.60 24.63 88.60 18.04 0.00 0.00 0.00
TSBK Timberland Bancorp of WA 25.43 116.14 37.30 116.14 26.82 0.24 1.63 41.38
TRIC Tri-County Bancorp of WY 15.99 102.33 16.09 102.33 15.39 0.44 3.57 57.14
TWIN Twin City Bancorp, Inc. of TN 15.49 122.02 15.56 122.02 18.67 0.40 2.93 45.45
USAB USABancshares, Inc of PA* NM 193.43 24.17 194.58 NM 0.00 0.00 0.00
UCBC Union Community Bancorp of IN NM 101.97 40.81 101.97 NM 0.34 2.34 72.34
UCFC United Community Fin. of OH 27.16 126.30 40.81 126.30 27.16 0.00 0.00 0.00
UFRM United FSB of Rocky Mount NC(8) NM 260.60 19.54 260.60 NM 0.24 1.32 45.28
UBMT United Fin. Corp. of MT NM 187.67 48.07 187.67 NM 1.00 3.67 NM
UTBI United Tenn. Bancshares of TN 21.49 88.00 23.75 88.00 21.49 0.00 0.00 0.00
WHGB WHG Bancshares of MD 28.65 95.69 16.12 95.69 28.06 0.32 2.33 66.67
WSFS WSFS Financial Corp. of DE* 14.60 269.42 15.99 270.91 15.05 0.12 0.61 8.96
WVFC WVS Financial Corp. of PA 14.83 167.18 18.38 167.18 14.69 0.60 3.97 58.82
WRNB Warren Bancorp of Peabody MA* 14.06 216.35 23.87 216.35 13.55 0.36 3.20 45.00
WSBI Warwick Community Bncrp of NY* NM 114.99 26.51 114.99 NM 0.00 0.00 0.00
WFSL Washington Federal, Inc. of WA 12.14 176.13 23.63 190.40 12.38 0.92 3.62 44.02
WYNE Wayne Bancorp, Inc. of NJ NM 204.08 25.90 204.08 NM 0.20 0.57 21.74
WAYN Wayne Svgs Bks MHC of OH (47.8 NM 233.98 21.99 233.98 NM 0.62 2.70 NM
WCFB Wbstr Cty FSB MHC of IA (45.2) 26.56 159.18 38.23 159.18 26.56 0.80 4.71 NM
WBST Webster Financial Corp. of CT 21.79 284.08 15.02 322.07 21.63 0.44 1.48 32.35
WEFC Wells Fin. Corp. of Wells MN 15.35 117.27 16.94 117.27 16.14 0.60 3.18 48.78
WCBI WestCo Bancorp, Inc. of IL 14.19 138.14 21.33 138.14 15.47 0.68 2.48 35.23
WSTR WesterFed Fin. Corp. of MT 16.26 111.15 11.81 138.65 16.26 0.50 2.31 37.59
WOFC Western Ohio Fin. Corp. of OH NM 100.97 14.80 107.93 NM 1.00 4.35 NM
WEHO Westwood Hmstd Fin Corp of OH NM 106.08 24.39 106.08 24.27 0.40 3.23 NM
FFWD Wood Bancorp of OH 19.10 207.82 27.45 207.82 22.37 0.36 2.12 40.45
YFCB Yonkers Fin. Corp. of NY 14.96 99.69 13.15 99.69 15.39 0.28 1.72 25.69
YFED York Financial Corp. of PA 16.16 156.64 13.74 156.64 19.95 0.52 2.77 44.83
EXHIBIT 2
Peer Group Core Earnings Analysis
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Core Earnings Analysis
Comparable Institution Analysis
For the Twelve Months Ended March 31, 1998
Estimated
Net Income Less: Net Tax Effect Less: Extd Core Income Estimated
to Common Gains(Loss) @ 34% Items to Common Shares Core EPS
---------- ----------- ---------- ---------- ---------- ---------- -------
($000) ($000) ($000) ($000) ($000) ($000) ($)
Comparable Group
- ----------------
ABBK Abington Bancorp of MA 4,462 -1,018 346 0 3,790 3,564 1.06
BKC American Bank of Waterbury CT 8,212 -1,977 672 0 6,907 4,687 1.47
ANDB Andover Bancorp, Inc. of MA 13,700 -543 185 0 13,342 6,481 2.06
BFD BostonFed Bancorp of MA 7,030 -1,639 557 0 5,948 5,393 1.10
FESX First Essex Bancorp of MA 10,264 -1,422 483 0 9,325 7,562 1.23
FFES First Fed of E. Hartford CT 5,675 937 -319 0 6,293 2,743 2.29
FAB FirstFed America Bancorp of MA 6,820 -1,657 563 0 5,726 8,272 0.69
MECH MECH Financial Inc of CT 13,201 -4 1 0 13,198 5,295 2.49
MASB MassBank Corp. of Reading MA 10,528 -1,545 525 0 9,508 3,593 2.65
MDBK Medford Bancorp, Inc. of MA 11,807 -1,034 352 0 11,125 4,455 2.50
MWBX MetroWest Bank of MA 7,673 -137 47 0 7,583 14,252 0.53
Source: Audited and unaudited financial statements, corporate reports and offering circulars, and RP Financial, LC.
calculations. The information provided in this table has been obtained from sources we believe are reliable, but we cannot
guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBIT 3
Pro Forma Analysis Sheet
PRO FORMA ANALYSIS SHEET
Compass Bank for Savings
Prices as of August 7, 1998
Assumes a 6.4000 Exchange Ratio for SWCB Shares
All Savings
Peer Group Massachusetts Companies Institutions
Subject ------------------ ----------------------- ----------------
Price Multiple Symbol @ Midpoint(1) Mean Median Mean Median Mean
- -------------- ------ ------------- ---- ------ ---- ------ ----
Price-earnings ratio = P/E 15.41x 15.63x 15.87x 16.54x 15.19x 18.92x
Price-core earnings ratio = P/CE 15.99x 17.07x 17.45x 17.53x 17.45x 19.73x
Price-book ratio = P/B 102.25% 171.58% 173.27% 170.27% 160.33% 148.35%
Price-tangible book ratio = P/TB 103.09% 177.67% 182.95% 174.65% 162.47% 152.81%
Price-assets ratio = P/A 19.15% 14.29% 16.28% 16.28% 15.72% 18.85%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y) $18,174,000 ESOP Stock Purchases (E) 8.00% (5)
Pre-Conversion Book Value (B) $151,066,000 Cost of ESOP Borrowings (S) 0.00%
Pre-Conv. Tang. Book Value (B) $148,128,000 ESOP Amortization (T) 20.00 years
Pre-Conversion Assets (A) $1,707,572,000 RRP Amount (M) 0.00%
Reinvestment Rate (2)(R) 3.22% RRP Vesting (N) 5.00 years (5)
Est. Conversion Expenses (3)(X) 3.30% SWCB Shares and Acct. Adj. (F) 2.15%
Tax rate (TAX) 40.00% Exchange Shares (SH) 52.86%
Funds Invested into Fixed Assets (FA) 8.33%
Tax Benefit (Z) 0
Percentage Sold (PCT) 100.00%
Calculation of Pro Forma Value After Conversion
1. V= P/E * (Y) V= $366,862,317
-----------------------------------------------------------
1 - P/E * PCT * ((1-X-M-SH)*R - (1-TAX)*E/T)
`
2. V= P/B * (B+Z) V= $366,862,317
---------------------------------
1 - P/B * PCT * (1-X-E-M-F-SH)
3. V= P/A * (A+Z) V= $366,862,317
---------------------------------
1 - P/A * PCT * (1-X-E-M-F-SH)
Shares Aggregate
Shares Sold to Price Per Gross Offering Exchange Shares Issued To Total Shares Market Value
Conclusion Public Share Proceeds Issued to SCWB Foundation Issued of Stock Issued
- ----------- ------ ----- -------- -------------- ---------- ------ ---------------
Minimum 20,400,000 10.00 $204,000,000 12,686,232 0 33,086,232 330,862,317
Midpoint 24,000,000 10.00 240,000,000 12,686,232 0 36,686,232 366,862,317
Maximum 27,600,000 10.00 276,000,000 12,686,232 0 40,286,232 402,862,317
Supermaximum 31,740,000 10.00 317,400,000 12,686,232 0 44,426,232 444,262,317
- ----------------------------------------------------------------------------
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.37 percent, and a tax rate of 40.00 percent.
(3) Offering expenses shown at estimated midpoint value.
(4) ESOP loan will be funded internally by Seacoast.
(5) ESOP amortizes over 20 years; amortization expenses tax effected at 40.00 percent.
PRO FORMA ANALYSIS SHEET
Compass Bank for Savings
Prices as of August 7, 1998
Assumes a 4.7407 Exchange Ratio for SWCB Shares
All Savings
Peer Group Massachusetts Companies Institutions
Subject --------------------- ------------------------ ------------
Price Multiple Symbol @ Midpoint(1) Mean Median Mean Median Mean
- -------------- ------ ------------- ---- ------ ---- ------ ----
Price-earnings ratio = P/E 14.03 x 15.63x 15.87x 16.54x 15.19x 18.92x
Price-core earnings ratio = P/CE 14.56 x 17.07x 17.45x 17.53x 17.45x 19.73x
Price-book ratio = P/B 93.10% 171.58% 173.27% 170.27% 160.33% 148.35%
Price-tangible book ratio = P/TB 93.87% 177.67% 182.95% 174.65% 162.47% 152.81%
Price-assets ratio = P/A 17.44% 14.29% 16.28% 16.28% 15.72% 18.85%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y) $18,174,000 ESOP Stock Purchases (E) 8.00% (5)
Pre-Conversion Book Value (B) $151,066,000 Cost of ESOP Borrowings (S) 0.00%
Pre-Conv. Tang. Book Value (B) $148,128,000 ESOP Amortization (T) 20.00 years
Pre-Conversion Assets (A) $1,707,572,000 RRP Amount (M) 0.00%
Reinvestment Rate (2)(R) 3.22% RRP Vesting (N) 5.00 years (5)
Est. Conversion Expenses (3)(X) 3.30% SWCB Shares and Acct. Adj. (F) 2.15%
Tax rate (TAX) 40.00% Exchange Shares (SH) 39.19%
Funds Invested into Fixed Assets (FA) 8.33%
Tax Benefit (Z) 0
Percentage Sold (PCT) 100.00%
Calculation of Pro Forma Value After Conversion
1. V= P/E * (Y) V= $334,049,282
------------------------------------------------
1 - P/E * PCT * ((1-X-M-SH)*R - (1-TAX)*E/T) `
2. V= P/B * (B+Z) V= $334,049,282
------------------------------
1 - P/B * PCT * (1-X-E-M-F-SH)
3. V= P/A * (A+Z) V= $334,049,282
------------------------------
1 - P/A * PCT * (1-X-E-M-F-SH)
Shares Aggregate
Shares Sold Price Per Gross Offering Exchange Shares Issued To Total Shares Market Value
Conclusion to Public Share Proceeds Issued to SCWB Foundation Issued of Stock Issued
- ----------- ------ ----- -------- -------------- ---------- ------ ---------------
Minimum 20,400,000 10.00 $204,000,000 9,404,928 0 29,804,928 298,049,282
Midpoint 24,000,000 10.00 240,000,000 9,404,928 0 33,404,928 334,049,282
Maximum 27,600,000 10.00 276,000,000 9,404,928 0 37,004,928 370,049,282
Supermaximum 31,740,000 10.00 317,400,000 9,404,928 0 41,144,928 411,449,282
- ------------------------------------------------
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.37 percent, and a tax rate of 40.00 percent.
(3) Offering expenses shown at estimated midpoint value.
(4) ESOP loan will be funded internally by Seacoast.
(5) ESOP amortizes over 20 years; amortization expenses tax effected at 40.00 percent.
EXHIBIT 4
Pro Forma Effect of Conversion Proceeds
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Compass Bank for Savings
At the Maximum
1. Offering Proceeds $276,000,000
Less: Estimated Offering Expenses 8,244,700
------------
Net Conversion Proceeds $267,755,300
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $267,755,300
Less: Proceeds Invested in Non-Earning Fixed Assets 20,000,000
Less: Non-Cash Stock Purchases (1) 22,080,000
------------
Net Proceeds Reinvested $225,675,300
Estimated net incremental rate of return 3.22%
------------
Earnings Increase $7,271,258
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 662,400
Less: Recognition Plan Vesting 0
-
Net Earnings Increase $6,608,858
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- -----------
12 Months ended May 31, 1998 (reported) $18,174,000 $6,608,858 $24,782,858
12 Months ended May 31, 1998 (core) $17,301,000 $6,608,858 $23,909,858
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- -----------
May 31, 1998 $151,066,000 $245,675,300 ($5,158,000) $391,583,300
May 31, 1998 (Tangible) $148,128,000 $245,675,300 ($5,158,000) $388,645,300
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- -----------
May 31, 1998 $1,707,572,000 $245,675,300 ($5,158,000) $1,948,089,300
(1) Includes ESOP stock purchases equal to 8.0 percent of the offering.
(2) ESOP loan will be funded internally by Seacoast.
(3) ESOP borrowings are amortized over 20 years, amortization expense is tax-effected at a 40.00 percent rate.
(4) Reflects impact of elimination of SWCB shares owned by Compass.
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Compass Bank for Savings
At the Midpoint
1. Offering Proceeds $240,000,000
Less: Estimated Offering Expenses 7,913,500
------------
Net Conversion Proceeds $232,086,500
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $232,086,500
Less: Proceeds Invested in Non-Earning Fixed Assets 20,000,000
Less: Non-Cash Stock Purchases (1) 19,200,000
------------
Net Proceeds Reinvested $192,886,500
Estimated net incremental rate of return 3.22%
------------
Earnings Increase $6,214,803
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 576,000
Less: Recognition Plan Vesting 0
-
Net Earnings Increase $5,638,803
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- -----------
12 Months ended May 31, 1998 (reported) $18,174,000 $5,638,803 $23,812,803
12 Months ended May 31, 1998 (core) $17,301,000 $5,638,803 $22,939,803
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- -----------
May 31, 1998 $151,066,000 $212,886,500 ($5,158,000) $358,794,500
May 31, 1998 (Tangible) $148,128,000 $212,886,500 ($5,158,000) $355,856,500
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- -----------
May 31, 1998 $1,707,572,000 $212,886,500 ($5,158,000) $1,915,300,500
(1) Includes ESOP stock purchases equal to 8.0 percent of the offering.
(2) ESOP loan will be funded internally by Seacoast.
(3) ESOP borrowings are amortized over 20 years, amortization expense is tax-effected at a 40.00 percent rate.
(4) Reflects impact of elimination of SWCB shares owned by Compass.
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Compass Bank for Savings
At the Minimum
1. Offering Proceeds $204,000,000
Less: Estimated Offering Expenses 7,582,300
------------
Net Conversion Proceeds $196,417,700
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $196,417,700
Less: Proceeds Invested in Non-Earning Fixed Assets 20,000,000
Less: Non-Cash Stock Purchases (1) 16,320,000
-----------
Net Proceeds Reinvested $160,097,700
Estimated net incremental rate of return 3.22%
-----------
Earnings Increase $5,158,348
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 489,600
Less: Recognition Plan Vesting 0
-
Net Earnings Increase $4,668,748
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended May 31, 1998 (reported) $18,174,000 $4,668,748 $22,842,748
12 Months ended May 31, 1998 (core) $17,301,000 $4,668,748 $21,969,748
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
May 31, 1998 $151,066,000 $180,097,700 ($5,158,000) $326,005,700
May 31, 1998 (Tangible) $148,128,000 $180,097,700 ($5,158,000) $323,067,700
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- ----------
May 31, 1998 $1,707,572,000 $180,097,700 ($5,158,000) $1,882,511,700
(1) Includes ESOP stock purchases equal to 8.0 percent of the offering.
(2) ESOP loan will be funded internally by Seacoast.
(3) ESOP borrowings are amortized over 20 years, amortization expense is tax-effected at a 40.00 percent rate.
(4) Reflects impact of elimination of SWCB shares owned by Compass.
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Compass Bank for Savings
At the Supermaximum Value
1. Offering Proceeds $317,400,000
Less: Estimated Offering Expenses 8,625,580
------------
Net Conversion Proceeds $308,774,420
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $308,774,420
Less: Proceeds Invested in Non-Earning Fixed Assets 20,000,000
Less: Non-Cash Stock Purchases (1) 25,392,000
------------
Net Proceeds Reinvested $263,382,420
Estimated net incremental rate of return 3.22%
------------
Earnings Increase $8,486,182
Less: Estimated cost of ESOP borrowings (2) 0
Less: Amortization of ESOP borrowings (3) 761,760
Less: Recognition Plan Vesting 0
-
Net Earnings Increase $7,724,422
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- -----------
12 Months ended May 31, 1998 (reported) $18,174,000 $7,724,422 $25,898,422
12 Months ended May 31, 1998 (core) $17,301,000 $7,724,422 $25,025,422
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- -----------
May 31, 1998 $151,066,000 $283,382,420 ($5,158,000) $429,290,420
May 31, 1998 (Tangible) $148,128,000 $283,382,420 ($5,158,000) $426,352,420
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Other Adjust. (4) Conversion
---------- -------- ----------------- -----------
May 31, 1998 $1,707,572,000 $283,382,420 ($5,158,000) $1,985,796,420
(1) Includes ESOP stock purchases equal to 8.0 percent of the offering.
(2) ESOP loan will be funded internally by Seacoast.
(3) ESOP borrowings are amortized over 20 years, amortization expense is tax-effected at a 40.00 percent rate.
(4) Reflects impact of elimination of SWCB shares owned by Compass.
EXHIBIT 5
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